Document:

Exhibit
10.1

MASTER
LOAN AGREEMENT

 

THIS
MASTER LOAN AGREEMENT is entered into as of March 14, 2012 between CoBANK, ACB
("CoBank") and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the "Company").

BACKGROUND

 

CoBank
and the Company are parties to a Master Loan Agreement dated May 3, 2010, as amended (the "Existing Agreement"). Pursuant
to the terms of the Existing Agreement, the parties entered into one or more Supplements thereto. CoBank and the Company now desire
to amend and restate the Existing Agreement and to apply such new agreement to the existing
Supplements, as well as any new Supplements that may be issued thereunder. For that
reason and for valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), CoBank and the Company hereby agree that the Existing Agreement shall be amended and restated to read as
follows:

 

SECTION
1. Supplements. In the event the Company desires to borrow from CoBank and CoBank
is willing to lend to the Company, or in the event CoBank and the Company desire to consolidate any existing loans hereunder, the
parties will enter into a Supplement to this agreement (a "Supplement"). Each
Supplement will set forth the amount of the loan, the purpose of the loan, the interest rate or rate options
applicable to that loan, the repayment terms of the loan, and any other terms and conditions applicable to that particular loan.
Each loan will be governed by the terms and conditions contained in this agreement and in the Supplement relating to the
loan. As of the date hereof, the following Supplements are outstanding hereunder and shall
be governed by the terms and conditions hereof: (A) the Monitored Revolving Credit
Supplement dated November 10, 2011 and numbered RIB051S01O; (B) the Revolving Term Loan Supplement dated November 10, 2011 and
numbered RIB051T05I; and (C) the Revolving Credit Supplement (Letter of Credit) dated
November 10, 2011 and numbered RIB051T06F.

 

SECTION
2. Availability. Loans will be made available on any day on which CoBank and the Federal
Reserve Banks are open for business upon the telephonic or written request of the Company. Requests
for loans must be received no later than 12:00 Noon Company's local time on the date the loan is desired. Loans will be made available
by wire transfer of immediately available funds to such account or accounts as may be authorized by the Company. The Company
shall furnish to CoBank a duly completed and executed copy of a CoBank Delegation and Wire
and Electronic Transfer Authorization Form, and CoBank shall be entitled to rely on
(and shall incur no liability to the Company in acting on) any request or direction furnished in accordance with the terms
thereof.

 

SECTION
3. Repayment. The Company's obligation to repay each loan shall be evidenced by the
promissory note set forth in the Supplement relating to that loan or by such replacement note as CoBank
shall require. CoBank shall maintain a record of all loans, the interest accrued thereon, and all payments made with respect thereto,
and such record shall, absent proof of manifest error, be conclusive evidence of the
outstanding principal and interest on the loans. All payments shall be made by wire transfer
of immediately available funds, by check, or by automated clearing house or other similar cash handling processes as specified
by separate agreement between the Company and CoBank. Wire transfers shall be made to ABA No. 307088754 for advice to and credit
of CoBank (or to such other

account
as CoBank may direct by notice). The Company shall give CoBank telephonic notice no later than
12:00 Noon Company's local time of its intent to pay by wire and funds received after 3:00 p.m. Company's local time shall be credited
on the next business day. Checks shall be mailed to CoBank, Department 167, Denver,
Colorado 80291-0167 (or to such other place as CoBank may direct by notice). Credit for payment by check will not be given until
the later of: (A) the day on which CoBank receives immediately available funds; or
(B) the next business day after receipt of the check.

 

    	 

    	 	

    
 

 

SECTION
4. Capitalization. The Company agrees to acquire equity in CoBank in such amounts
and at such times as CoBank may from time to time require in accordance with its Bylaws and Capital Plan (as each may be amended
from time to time), except that the maximum amount of equity that the Company may
be required to purchase in connection with a loan may not exceed the maximum amount
permitted by the Bylaws at the time the Supplement relating to such loan is entered into or such loan is renewed or refinanced
by CoBank. The rights and obligations of the parties with respect to such equity and any patronage or other distributions made
by CoBank shall be governed by CoBank's Bylaws and Capital Plan (as each may be amended from time to time).

 

SECTION
5. Security. The Company's obligations under this agreement, all Supplements (whenever executed), and all instruments
and documents contemplated hereby or thereby, shall be secured by a statutory first lien on
all equity which the Company may now own or hereafter acquire in CoBank. In addition, the Company's obligations under each Supplement
(whenever executed) and this agreement shall be secured by a first lien (subject only
to exceptions approved in writing by CoBank) pursuant to all security agreements,
mortgages, and deeds of trust executed by the Company in favor of CoBank, whether now
existing or hereafter entered into. As additional security for those obligations: (A) the Company agrees to grant to CoBank, by
means of such instruments and documents as CoBank shall require a first priority lien
on such of its other assets, whether now existing or hereafter acquired, as CoBank may from time to time require; and (B) the Company
agrees to grant to CoBank, by means of such instruments and documents as CoBank shall require, a first priority lien on all realty
which the Company may from time to time acquire after the date hereof.

 

SECTION
6.Conditions Precedent.

 

(A)Conditions
to Initial Supplement. CoBank's obligation to extend credit under the initial
Supplement hereto is subject to the conditions precedent that CoBank receive, in form and content satisfactory to CoBank,
each of the following:

 

This
Agreement, Etc. A duly executed copy of this agreement and all instruments and documents contemplated hereby.

 

(B)Conditions
to Each Supplement. CoBank's obligation to extend credit under each Supplement, including the initial Supplement,
is subject to the conditions precedent that CoBank receive, in form and content satisfactory to CoBank, each of the following:

 

(1)Supplement.
A duly executed copy of the Supplement and all instruments and documents contemplated thereby.

 

(2)Evidence
of Authority. Such certified board resolutions, certificates of incumbency, and other
evidence that CoBank may require that the Supplement, all instruments and documents
executed in connection therewith, and, in the case of initial Supplement hereto, this agreement and
all instruments and documents executed in connection herewith, have been duly authorized and executed.

 

(3)Fees
and Other Charges. All fees and other charges provided for herein or in the Supplement.

 

(4)Evidence
of Perfection, Etc. Such evidence as CoBank may require that CoBank has a duly perfected
first priority lien on all security for the Company's obligations, and that the Company is in compliance with Section 8(D)
hereof.

 

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(C)
Conditions to Each Loan. CoBank's obligation under each Supplement to make any loan
to the Company thereunder is subject to the condition that no "Event of Default" (as defined in Section
11 hereof) or event which with the giving of notice and/or the passage of time would become an Event
of Default hereunder (a "Potential Default"), shall have occurred and be continuing.

 

SECTION
7.Representations and Warranties.

 

(A)This
Agreement. The Company represents and warrants to CoBank that as of the date of this agreement:

 

(1)                  
Compliance. The Company and, to the extent contemplated
hereunder, each "Subsidiary" (as defined below), is in compliance with all of the terms of this agreement, and no Event
of Default or Potential Default exists hereunder.

 

(2)                  
Subsidiaries. The Company has the following "Subsidiary(ies)"
(as defined below): Urethane Soy Systems Company. For purposes hereof, a "Subsidiary"
shall mean a corporation of which shares of stock having ordinary voting power to
elect a majority of the board of directors or other managers of such corporation are
owned, directly or indirectly, by the Company.

 

(B)Each
Supplement. The execution by the Company of each Supplement hereto shall

constitute a representation and warranty to CoBank that:

 

(1)                  
Applications. Each representation and warranty and
all information set forth in any application or other documents submitted in connection
with, or to induce CoBank to enter into, such Supplement, is correct in all material
respects as of the date of the Supplement.

 

(2)                  
Conflicting Agreements, Etc. This agreement, the Supplements, and all security
and other instruments and documents relating hereto and thereto (collectively, at any time, the "Loan
Documents"), do not conflict with, or require the consent of any party to, any other agreement to which
the Company is a party or by which it or its property may be bound or affected, and do not conflict with any provision of
the Company's bylaws, articles of incorporation, or other organizational documents.

 

(3)                  
Compliance. The Company and, to the extent contemplated
hereunder, each Subsidiary, is in compliance with all of the terms of the Loan Documents (including, without limitation, Section
8(A) of this agreement on eligibility to borrow from CoBank).

 

(4)                  
Binding Agreement. The Loan Documents create legal,
valid, and binding obligations of the Company which are enforceable in accordance with
their terms, except to the extent that enforcement may be limited by applicable bankruptcy,
insolvency, or similar laws affecting creditors' rights generally.

 

SECTION
8.Affirmative Covenants. Unless otherwise agreed to in writing by CoBank while this
agreement is in effect, the Company agrees to and with respect to Subsections 8(B) through 8(G) hereof, agrees to cause
each Subsidiary to:

 

(A)                
Eligibility. Maintain its status as an entity eligible to borrow from
CoBank.

 

(B)                 
Corporate Existence, Licenses, Etc. (1) Preserve and
keep in full force and effect its existence and good standing in the jurisdiction of
its incorporation or formation; (2) qualify and remain qualified to transact business in all jurisdictions where such qualification
is required; and (3) obtain and maintain all licenses, certificates, permits, authorizations,
approvals, and the like which are material to the conduct of its business or required by law, rule, regulation, ordinance,
code, order, and the like (collectively, "Laws").

 

 

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(C)                
Compliance with Laws. Comply in all material respects
with all applicable Laws, including, without limitation, all Laws relating to environmental protection and any patron or member
investment program that it may have. In addition, the Company agrees to cause all persons occupying or present
on any of its properties, and to cause each Subsidiary to cause all persons occupying or present on any
of its properties, to comply in all material respects with all environmental protection Laws.

 

(D)                
Insurance. Maintain insurance with insurance companies
or associations acceptable to CoBank in such amounts and covering such risks as are
usually carried by companies engaged in the same or similar business and similarly situated, and make such increases in
the type or amount of coverage as CoBank may request. All such policies insuring any collateral
for the Company's obligations to CoBank shall have mortgagee or lender loss payable
clauses or endorsements in form and content acceptable to CoBank. At CoBank's request,
all policies (or such other proof of compliance with this Subsection as may be satisfactory to CoBank) shall be delivered
to CoBank.

 

(E)Property
Maintenance. Maintain all of its property that is necessary to or useful in the
proper conduct of its business in good working condition, ordinary wear and tear excepted.

 

(F)Books
and Records. Keep adequate records and books of account in which complete entries
will be made in accordance with generally accepted accounting principles ("GAAP") consistently applied.

 

(G)
Inspection. Permit CoBank or its agents, upon reasonable notice and during normal business
hours or at such other times as the parties may agree, to examine its properties, books, and records, and to discuss its
affairs, finances, and accounts, with its respective officers, directors, employees, and independent certified public accountants.

 

(H)Reports
and Notices. Furnish to CoBank:

 

(1)Annual
Financial Statements. As soon as available, but in no event more than90
days after the end of each fiscal year of the Company occurring during the term hereof, annual consolidated
and consolidating financial statements of the Company and its consolidated Subsidiaries, if any,
prepared in accordance with GAAP consistently applied. Such financial statements shall: (a) be audited
by independent certified public accountants selected by the Company and acceptable to CoBank; be accompanied by a report of such
accountants containing an opinion thereon acceptable to CoBank; be prepared in reasonable detail and in comparative form; and (d)
include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flows, and all notes
and schedules relating thereto.

 

(2)                  
Interim Financial Statements. As soon as available,
but in no event more than 30 days after the end of each month, a consolidated balance
sheet of the Company and its consolidated Subsidiaries, if any, as of the end of such
month, a consolidated statement of income for the Company and its consolidated Subsidiaries,
if any, for such period and for the period year to date, and such other interim statements as CoBank may specifically request,
all prepared in reasonable detail and in comparative form in accordance with GAAP consistently
applied and, if required by written notice from CoBank, certified by an authorized
officer or employee of the Company acceptable to CoBank.

 

 

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(3)                  
Notice of Default. Promptly after becoming aware thereof, notice of the occurrence of an Event of Default
or a Potential Default.

 

(4)                  
Notice of Non-Environmental Litigation. Promptly after
the commencement thereof, notice of the commencement of all actions, suits, or proceedings
before any court, arbitrator, or governmental department, commission, board, bureau, agency, or instrumentality affecting the Company
or any Subsidiary which, if determined adversely to the Company or any such Subsidiary, could have a material
adverse effect on the financial condition, properties, profits, or operations of the Company or any such Subsidiary.

 

(5)                  
Notice of Environmental Litigation, Etc. Promptly after
receipt thereof, notice of the receipt of all pleadings, orders, complaints, indictments, or any other communication alleging a
condition that may require the Company or any Subsidiary to undertake or to contribute
to a cleanup or other response under environmental Laws, or which seek penalties,
damages, injunctive relief, or criminal sanctions related to alleged violations of such Laws, or which claim personal injury or
property damage to any person as a result of environmental factors or conditions.

 

(6)                  
Bylaws and Articles. Promptly after any change in the
Company's bylaws or articles of incorporation, or membership and marketing agreement
(or like documents), copies of all such changes, certified by the Company's Secretary.

 

(7)                  
Compliance Certificates. Together with each set of financial statements furnished
to CoBank pursuant to Subsection (H)(2) hereof for a period corresponding to a period for which
one or more of the financial covenants set forth in Section 10 hereof are required to be tested, a certificate
of an officer or employee of the Company acceptable to CoBank setting forth calculations showing
compliance with each of the financial covenants that require compliance at the end of the period for which the statements
are being furnished.

 

(8)                  
Other Information. Such other information regarding the condition or operations,
financial or otherwise, of the Company or any Subsidiary as CoBank may from time to time reasonably
request, including but not limited to copies of all pleadings, notices, and communications referred to in Subsections 8(H)(4)
and (5) above.

 

SECTION
9.Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this agreement is in effect the Company
will not:

 

(A)                
Borrowings. Create, incur, assume, or allow to exist,
directly or indirectly, any indebtedness or liability for borrowed money (including
trade or bankers' acceptances), letters of credit, or the deferred purchase price of
property or services (including capitalized leases), except for: (1) debt to CoBank;
(2) accounts payable to trade creditors incurred in the ordinary course of business; (3) current operating
liabilities (other than for borrowed money) incurred in the ordinary course of business; (4) indebtedness
of the Company under its member or patron investment program, provided, however, that such
indebtedness is expressly stated to be subordinate in right of payment to all obligations of the Company
to CoBank; and (5) debt of the Company to miscellaneous creditors in an amount not to exceed $300,000.00.

 

(B)                 
Liens. Create, incur, assume, or allow to exist any
mortgage, deed of trust, pledge, lien (including the lien of an attachment, judgment,
or execution), security interest, or other encumbrance of any kind upon any of its
property, real or personal (collectively, "Liens"). The forgoing restrictions shall not
apply to: (1) Liens in favor of CoBank; (2) Liens for taxes, assessments, or governmental charges that
are not past due; (3) Liens and deposits under workers' compensation, unemployment insurance, and social
security Laws; (4) Liens and deposits to secure the performance of bids, tenders, contracts (other than contracts for the payment
of money), and like obligations arising in the ordinary course of business as conducted
on the date hereof; (5) Liens imposed by Law in favor of mechanics, materialmen, warehousemen, and like persons that secure obligations
that are not past due; (6) easements, rights-of-way, restrictions, and other similar
encumbrances which, in the aggregate, do not materially interfere with the occupation,
use, and enjoyment of the property or assets encumbered thereby in the normal course of its business or materially impair the value
of the property subject thereto; and (7) Liens in favor of miscellaneous creditors to secure indebtedness permitted hereunder.

 

 

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(C)                
Mergers, Acquisitions, Etc. Merge or consolidate with
any other entity or acquire all or a material part of the assets of any person or
entity, or form or create any new Subsidiary or affiliate, or commence operations under
any other name, organization, or entity, including any joint venture.

 

 

(D)Transfer
of Assets. Sell, transfer, lease, or otherwise dispose of any of its assets, except in the ordinary course
of business.

 

(E)Loans
and Investments. Make any loan or advance to any person or entity, or purchase any capital stock, obligations or other securities
of, make any capital contribution to, or otherwise invest in any person or entity, or form
or create any partnerships or joint ventures except: (1) trade credit extended in the
ordinary course of business; and (2) loans or advances by the Company to Urethane
Soy Systems in an aggregate principal amount not to exceed $8,500,000.00 at any one time outstanding.

 

(F)Contingent
Liabilities. Assume, guarantee, become liable as a surety, endorse, contingently
agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited
to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor
against loss), for or on account of the obligation of any person or entity, except
by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
the Company's business.

 

(G)Change
in Business. Engage in any business activities or operations substantially different
from or unrelated to the Company's present business activities or operations.

 

(H)Dividends,
Etc. Declare or pay any dividends, or make any distribution of assets to the stockholders,
or purchase, redeem, retire or otherwise acquire for value any of its capital stock, or allocate or otherwise set apart any sum
for any of the foregoing, except that in any fiscal year of the Company, the Company
may pay dividends in an amount up to 35% of its consolidated net income for the prior
fiscal year, provided that no Event of Default or Potential Default shall have occurred and be continuing or would result
therefrom.

 

(I)Leases.
Create, incur, assume, or permit to exist any obligation as lessee under operating leases
which should be capitalized in accordance with GAAP for the rental or hire of any real or personal
property, except: (1) leases of soybean oil storage tank space with aggregate annual payments not
to exceed $400,000.00; (2) leases of up to 437 tanker and/or hopper railroad cars under terms and conditions acceptable to CoBank;
(3) Leases of other railroad cars, excluding those allowed in (2) above, with original maturities of less than sixty (60) months
at the Company's discretion; and (4) other leases, excluding those allowed above,
which do not in the aggregate require the Company to make scheduled payments to the lessors in any fiscal year of the company
during the term hereof in excess of $800,000.00.

 

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SECTION
10.Financial Covenants. Unless otherwise agreed to in writing, while this agreement is in effect:

 

(A)Working
Capital. The Company and its consolidated Subsidiaries will have an excess of
consolidated current assets over consolidated current liabilities (both as determined in accordance with GAAP
consistently applied) of not less than: (1) $8,000,000.00 at the end of each fiscal year of the Company;
and (2) $5,500,000.00 at the end of each other period for which financial statements are required
to be furnished pursuant to Section 8(H) hereof, except that in determining consolidated current assets,
any amount available under the Revolving Term Loan Supplement (less the amount that would be considered a current liability under
GAAP if fully advanced) hereto may be included.

 

(B)Debt
Service Coverage Ratio. The Company and its consolidated Subsidiaries will have
at the end of each fiscal year of the Company a "Debt Service Coverage Ratio" (as defined below) for
such year of not less than 1.2 to 1.0. For purposes hereof, the term "Debt Service Coverage Ratio" shall
mean the following (all as calculated on a consolidated basis for the most current year end in accordance
with GAAP consistently applied): (1) net income (after taxes), plus depreciation and amortization,
minus non-cash patronage income, minus extraordinary gains (+ losses), minus gain (+ loss) on
asset sale; divided by (2) all current portion of long term debt for the prior period (previous year-end).

 

SECTION
11.Events of Default. Each of the following shall constitute an "Event of Default" under this agreement:

 

(A)                
Payment Default. The Company should fail to make any
payment to, or to purchase any equity in, CoBank when due.

 

(B)                 
Representations and Warranties. Any representation or
warranty made or deemed made by the Company herein or in any Supplement, application,
agreement, certificate, or other document related to or furnished in connection with
this agreement or any Supplement, shall prove to have been false or misleading in any
material respect on or as of the date made or deemed made.

 

(C)                
Certain Affirmative Covenants. The Company or, to the
extent required hereunder, any Subsidiary should fail to perform or comply with Sections 8(A) through 8(H)(2), 8(H)(6), 8(H)(7)
or any reporting covenant set forth in any Supplement hereto, and such failure continues for 15 days after written notice
thereof shall have been delivered by CoBank to the Company.

 

(D)                
Other Covenants and Agreements. The Company or, to the extent required hereunder,
any Subsidiary should fail to perform or comply with any other covenant or agreement contained
herein or in any other Loan Document or shall use the proceeds of any loan for an unauthorized purpose.

 

(E)Cross-Default.
The Company should, after any applicable grace period, breach or be in default
under the terms of any other agreement between the Company and CoBank, or between the Company
and any affiliate of CoBank, including without limitation Farm Credit Leasing Services Corporation.

 

(F)Other
Indebtedness. The Company or any Subsidiary should fail to pay when due any
indebtedness to any other person or entity for borrowed money or any long-term obligation for the deferred
purchase price of property (including any capitalized lease), or any other event occurs which, under any agreement or instrument
relating to such indebtedness or obligation, has the effect of accelerating or permitting
the acceleration of such indebtedness or obligation, whether or not such indebtedness
or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of
time, or otherwise.

 

 

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(G)Judgments.
A judgment, decree, or order for the payment of money shall be rendered against
the Company or any Subsidiary and either: (1) enforcement proceedings shall have been commenced;
(2) a Lien prohibited under Section 9(B) hereof shall have been obtained; or (3) such judgment,
decree, or order shall continue unsatisfied and in effect for a period of 20 consecutive days without being vacated, discharged,
satisfied, or stayed pending appeal.

 

(H)
Insolvency, Etc. The Company or any Subsidiary shall: (1) become insolvent or shall generally
not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they come due;
or (2) suspend its business operations or a material part thereof or make an assignment for the benefit of
creditors; or (3) apply for, consent to, or acquiesce in the appointment of a trustee, receiver, or other custodian for it or any
of its property or, in the absence of such application, consent, or acquiescence, a trustee, receiver, or other custodian is so
appointed; or (4) commence or have commenced against it any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution, or liquidation Law of any jurisdiction.

 

(I)
Material Adverse Change. Any material adverse change occurs, as reasonably determined
by CoBank, in the Company's financial condition, results of operation, or ability to perform its
obligations hereunder or under any instrument or document contemplated hereby.

 

(J)Revocation
of Guaranty. Any guaranty, suretyship, subordination agreement, maintenance agreement,
or other agreement furnished in connection with the Company's obligations hereunder
and under any Supplement shall, at any time, cease to be in full force and effect, or shall be revoked
or declared null and void, or the validity or enforceability thereof shall be contested by the guarantor, surety or other
maker thereof (the "Guarantor"), or the Guarantor shall deny any further liability
or obligation thereunder, or shall fail to perform its obligations thereunder, or any representation or warranty set forth therein
shall be breached, or the Guarantor shall breach or be in default under the terms of
any other agreement with CoBank (including any loan agreement or security agreement), or a default set forth in Subsections (F)
through (H) hereof shall occur with respect to the Guarantor.

 

SECTION
12.Remedies. Upon the occurrence and during the continuance of an Event of Default
or any Potential Default, CoBank shall have no obligation to continue to extend credit to the Company
and may discontinue doing so at any time without prior notice. For all purposes hereof, the term
"Potential Default" means the occurrence of any event which, with the passage of time or the giving of notice or both
would become an Event of Default. In addition, upon the occurrence and during the continuance of any Event of Default, CoBank
may, upon notice to the Company, terminate any commitment and declare the entire unpaid principal
balance of the loans, all accrued interest thereon, and all other amounts payable under this agreement, all Supplements, and the
other Loan Documents to be immediately due and payable. Upon such a declaration, the unpaid principal balance of the loans and
all such other amounts shall become immediately due and payable, without protest,
presentment, demand, or further notice of any kind, all of which are hereby expressly
waived by the Company. In addition, upon such an acceleration:

 

(A)Enforcement.
CoBank may proceed to protect, exercise, and enforce such rights and remedies
as may be provided by this agreement, any other Loan Document or under Law. Each and every one of such rights and remedies
shall be cumulative and may be exercised from time to time, and no failure on the part of
CoBank to exercise, and no delay in exercising, any right or remedy shall operate as a
waiver thereof, and no single or partial exercise of any right or remedy shall preclude any other or future
exercise thereof, or the exercise of any other right. Without limiting the foregoing, CoBank may hold
and/or set off and apply against the Company's obligation to CoBank the proceeds of any equity in CoBank, any cash collateral
held by CoBank, or any balances held by CoBank for the Company's account (whether or not such balances are then due).

 

 

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(B)Application
of Funds. CoBank may apply all payments received by it to the company's obligations to
CoBank in such order and manner as CoBank may elect in its sole discretion. In addition to the rights and remedies set forth
above: (1) upon the occurrence and during the continuance of an Event of Default, then at
CoBank's option in each instance, the entire indebtedness outstanding hereunder and under all Supplements shall bear interest
from the date of such Event of Default until such Event of Default shall have been waived
or cured in a manner satisfactory to CoBank at 4.00% per annum in excess of the rate(s)
of interest that would otherwise be in effect on that loan; and (2) after the maturity
of any loan (whether as a result of acceleration or otherwise), the unpaid principal balance of such loan (including without
limitation, principal, interest, fees and expenses) shall automatically bear interest at 4.00%
per annum in excess of the rate(s) of interest that would otherwise be in effect on that loan. All interest provided for herein
shall be payable on demand and shall be calculated on the basis of a year consisting of 360 days.

 

SECTION
13. Broken Funding Surcharge. Notwithstanding any provision contained in any Supplement
giving the Company the right to repay any loan prior to the date it would otherwise be due and payable, the Company agrees
to provide three Business Days' prior written notice for any prepayment of a fixed rate balance
and that in the event it repays any fixed rate balance prior to its scheduled due date or prior to the last day of the fixed rate
period applicable thereto (whether such payment is made voluntarily, as a result of an acceleration, or otherwise), the Company
will pay to CoBank a surcharge in an amount equal to the greater of: (A) an amount
which would result in CoBank being made whole (on a present value basis) for the actual or imputed funding losses incurred by CoBank
as a result thereof; or (B) $300.00. Notwithstanding the foregoing, in the event any fixed rate balance is repaid as a result of
the Company refinancing the loan with another lender or by other means, then in lieu of
the foregoing, the Company shall pay to CoBank a surcharge in an amount sufficient (on a present value
basis) to enable CoBank to maintain the yield it would have earned during the fixed rate period on the
amount repaid. Such surcharges will be calculated in accordance with methodology established by CoBank (a copy of which will be
made available to the Company upon request).

 

SECTION
14. Complete Agreement, Amendments. This agreement, all Supplements, and all other
instruments and documents contemplated hereby and thereby, are intended by the parties to be a complete and final expression
of their agreement. No amendment, modification, or waiver of any provision hereof or thereof,
and no consent to any departure by the Company herefrom or therefrom, shall be effective
unless approved by CoBank and contained in a writing signed by or on behalf of CoBank, and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given.
In the event this agreement is amended or restated, each such amendment or restatement shall be applicable to all Supplements
hereto.

 

SECTION
15.Other Types of Credit. From time to time, CoBank may issue letters of credit or
extend other types of credit to or for the account of the Company. In the event the parties desire to do so
under the terms of this agreement, such extensions of credit may be set forth in any Supplement hereto and this agreement
shall be applicable thereto.

 

SECTION
16.Applicable Law. Without giving effect to the principles of conflict of laws and except
to the extent governed by federal law, the Laws of the State of Colorado, without reference to choice
of law doctrine, shall govern this agreement, each Supplement and any other Loan Documents for which
Colorado is specified as the applicable law, and all disputes and matters between the parties to this agreement, including all
disputes and matters whatsoever arising under, in connection with or incident to the lending and/or leasing or other business
relationship between the parties, and the rights and obligations of the parties to this agreement
or any other Loan Documents by and between the parties for which Colorado is specified as the applicable law.

 

    	9

    	 

    
 

 

SECTION
17.Notices. All notices hereunder shall be in writing and shall be deemed to be duly given
upon delivery if personally delivered or sent by telegram or facsimile transmission, or three days after mailing if sent by express,
certified or registered mail, to the parties at the following addresses (or such other address for a party as shall be specified
by like notice):

 

If
to CoBank, as followsIf to the Company, as follows:

 

	For general correspondence purposes:	South Dakota Soybean Processors, LLC
	P.O. Box 5110	Box 500
	Denver, Colorado 80217-5110	Volga, South Dakota 57071
	 	 
	For direct delivery purposes, when desired:	 
	5500 South Quebec Street	 
	Greenwood Village, Colorado 80111-1914	 
	 	 
	Attention: Credit Information Services	Attention:  CEO
	Fax No.: (303)224-6101	Fax No.: (605) 6275869

  

SECTION
18. Taxes and Expenses. To the extent allowed by law, the Company agrees to pay all
reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel retained or employed
by CoBank) incurred by CoBank and any participants from CoBank in connection with the origination, administration, collection,
and enforcement of this agreement and the other Loan Documents, including, without
limitation, all costs and expenses incurred in perfecting, maintaining, determining the priority of, and releasing any security
for the Company's obligations to CoBank, and any stamp, intangible, transfer, or like tax
payable in connection with this agreement or any other Loan Document.

 

SECTION
19. Effectiveness and Severability. This agreement shall continue in effect until: (A)
all indebtedness and obligations of the Company under this agreement, all Supplements, and all other Loan
Documents shall have been paid or satisfied; (B) CoBank has no commitment to extend credit to or for
the account of the Company under any Supplement; and (C) either party sends written notice to the other
terminating this agreement. Any provision of this agreement or any other Loan Document which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof or thereof.

 

SECTION
20. Successors and Assigns. This agreement, each Supplement, and the other Loan Documents shall be binding upon
and inure to the benefit of the Company and CoBank and their respective successors and assigns,
except that the Company may not assign or transfer its rights or obligations under
this agreement, any Supplement or any other Loan Document without the prior written consent of CoBank.

 

SECTION
21. Participations, Etc. From time to time, CoBank may sell to one or more banks, financial
institutions, or other lenders a participation in one or more of the loans or other extensions of credit
made pursuant to this agreement. However, no such participation shall relieve CoBank of any commitment
made to the Company hereunder. In connection with the foregoing, CoBank may disclose information
concerning the Company and its Subsidiaries, if any, to any participant or prospective participant,
provided that such participant or prospective participant agrees to keep such information confidential. Patronage distributions
in the event of a sale of a participation interest shall be governed by CoBank's Bylaws and Capital Plan (as each may be
amended from time to time). A sale of a participation interest may include certain voting
rights of the participants regarding the loans hereunder (including without limitation
the administration, servicing, and enforcement thereof). CoBank agrees to give written
notification to the Company of any sale of a participation interest.

  

SECTION
22. Amendment Fee. In consideration of the amendment, the Company agrees to pay to CoBank on the execution hereof, a
fee in the amount of $7,500.00.

    	10

    	 

    
 

 

 

IN
WITNESS WHEREOF, the parties have caused this agreement to be executed by their duly authorized officers as of the date
shown above.

 

	CoBANK, ACB	 	SOUTH DAKOTA SOYBEAN PROCESSORS,  LLC
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By: 	 /s/ Thomas J. Kersting
	 	 	 	 	 
	Title:	 	 	Title:	 Chief Executive Officer

 

 

    	11v306298_ex10-1 -- Converted by SECPublisher 2.1.1.8, created by BCL Technologies Inc., for SEC Filing

 

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT THIS STOCK PURCHASE AGREEMENT
(the “Agreement”) is dated day of March 12, 2012, by and among Fenghua Fan (the “Buyer”), China Intelligence
Information Systems, Inc.. (the “Company”). China Intelligence Information System Inc. WHEREAS, the Company desire
to sell its common stock to Buyer, and Buyer desires to buy 4,880,000 shares of the Company’s common stock for the consideration
and upon the terms and subject to the conditions hereinafter set forth. NOW, THEREFORE, in consideration of the premises, the
provisions and the respective agreements, stated as follows 1. Purchase and Sale of Stock. 1.1 Agreement to Purchase and Sell.
Upon the terms and subject to the conditions set forth in this Agreement and upon the representations and warranties made herein
by each of the parties to the other, on the Closing Date (as such term is hereinafter defined), Company shall delivery 4,880,000
shares of common stock to Buyer, and Buyer shall pay $1,903,200 (or RMB equivalent, exchange rate of 1:6.30517) to the Company;
the payment shall be paid in two installments that the first $951,600 on March 15, 2012 and the second $951,600 on March 22, 2012.
1.2 Purchase Price. Upon the terms and subject to the conditions set forth in this Agreement, in reliance upon the representations,
warranties, both the Buyer and the Company agree that the Purchase Price is $0.39 per share.

1.3 Payment of Purchase Amount. The Purchase Amount shall be payable on the mutually agreed date within
this agreement by wire transfer of immediately available funds in accordance with the Company's written wire instructions. 1.4
Closing. The closing of the transaction contemplated herein (the "Closing") will be at the office of the Company on or
before March 30, 2012 or at such other place or at such other date and time as the Company and Buyer may mutually agree. Such date
and time of Closing is herein referred to as the "Closing Date." 2. Representations and Warranties of the Company. The
Company, represents and warrants to Buyer as follows: 2.1 Existence and Good Standing. The Company is a limited liability Company
duly registered, validly existing and in good standing under the laws of the State of Nevada. The Company is duly licensed or qualified
to do business and is in good standing under the laws of all other jurisdictions in which the character of the properties owned
or leased by it therein or in which the transaction of its business makes such qualification necessary. 2.2 Corporate Authority.
The Company has all requisite corporate power and authority to own its properties and carry on its business as now conducted. 2.3
Compliance with Law. The Company is not in default with respect to any order of any court, governmental authority or arbitration
board or tribunal to which the Company is a party or is subject, and the Company is not in violation of any laws, ordinances, governmental
rules or regulations to which it is subject. The Company has obtained all licenses, permits and other authorizations and has taken
all actions required by applicable laws or governmental regulations in connection with its business as now conducted. 2.4 Validity
and Effect of Agreements. This Agreement constitutes, and all agreements and documents contemplated hereby when executed and delivered
pursuant hereto will constitute, the valid and legally binding obligations of the Company and Shareholders.

enforceable in accordance with their terms, except that enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application now or hereafter in effect
relating to the enforcement of creditors' rights generally and except that the remedies of specific performance, injunction and
other forms of equitable relief are subject to certain tests of equity jurisdiction, equitable defenses and the discretion of the
court before which any proceeding therefore may be brought. 2.5 Acknowledgment Regarding Buyer's Purchase of Stock. The Company
acknowledges and agrees that the Buyer is acting in the capacity of arm's length purchaser with respect to the Agreement and the
transactions contemplated hereby and thereby and that no Buyer is (i) an officer or director of the Company, (ii) an "affiliate"
of the Company or any of its Subsidiaries (as defined in Rule 144) or (iii) to the knowledge of the Company, a "beneficial
owner" of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange Act
of 1934, as amended (the "1934 Act")). The Company further acknowledges that no Buyer is acting as a financial advisor
or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Agreement and the transactions
contemplated hereby and thereby, and any advice given by the Buyer or any of its representatives or agents in connection with the
Agreement and the transactions contemplated hereby and thereby is merely incidental to the Buyer's purchase of the stock. The Company
further represents to the Buyer that the Company's decision to enter into the Agreement has been based solely on the independent
evaluation by the Company and its representatives. 2.6 No General Solicitation; Placement Agent's Fees. Neither the Company, nor
any of its Subsidiaries or affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities. The Company
shall be responsible for the payment of any placement agent's fees, financial advisory fees, or brokers' commissions (other than
for persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions contemplated hereby.
The Company shall pay, and hold the Buyer harmless against, any liability, loss or expense (including, without limitation, attorney's
fees and out-of-pocket expenses) arising in connection with any such claim.

2.7 SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company
has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the
reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and
financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to
as the "SEC Documents"). The Company has delivered to the Buyer or their respective representatives true, correct and
complete copies of the SEC Documents not available on the EDGAR system. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 2.8 Undisclosed Liabilities.
The Company has no liabilities or obligations whatsoever, whether accrued, absolute, contingent or otherwise, which are not reflected
or provided for in the Financial Statements. 2.9 Absence of Certain Changes or Events Since the Date of the Audited Balance Sheet.
Since the date of the Financial Statements, the Company has not: (A) incurred any liability whatsoever, whether accrued, absolute,
contingent or otherwise, except those liabilities and obligations referred to in Section 2.8 above, and except in connection with
this Agreement and the transactions contemplated hereby;

(B) discharged or satisfied any lien, security interest or encumbrance or paid any obligation or liability
(fixed or contingent), other than in the ordinary course of business and consistent with past practice; (C) mortgaged, pledged
or subjected to any lien, security interest or other encumbrance any of its assets or properties; (D) transferred, leased or otherwise
disposed of any of its assets or properties except for a fair consideration in the ordinary course of business and consistent with
past practice or, except in the ordinary course of business and consistent with past practice, acquired any assets or properties;
(E) canceled or compromised any debt or claim, except in the ordinary course of business and consistent with past practice; (F)
waived or released any rights of material value; (G) made or granted any wage or salary increase applicable to any group or classification
of employees generally, entered into any employment contract with, or made any loan to, or entered into any material transaction
of any other nature with, any officer or employee of the Company; (H) suffered any casualty loss or damage (whether or not such
loss or damage shall have been covered by insurance) which affects in any material respect its ability to conduct business, or
suffered any casualty loss or damage in excess of $25,000.00 and which is not covered by insurance; or

(I) declared any dividends or bonuses, or authorized or affected any amendment or restatement of the articles
of incorporation or by-laws of the Company or taken any steps looking toward the dissolution or liquidation of the Company. Between
the date of this Agreement and the Closing, the Company will not, without prior written notice to Buyer, do any of the things listed
in sub-paragraphs (A) through (I) above. 2.10 Taxes. The Company (i) has duly and timely filed or caused to be filed all federal,
state, local and foreign tax returns (including, without limitation, consolidated and/or combined tax returns) required to be filed
by it prior to the date of this Agreement which relate to the Company or with respect to which the Company or the assets or properties
of the Company are liable or otherwise in any way subject, (ii) has paid or fully accrued for all taxes shown to be due and payable
on such returns (which taxes are all the taxes due and payable under the laws and regulations pursuant to which such returns were
filed), and (iii) has properly accrued for all such taxes accrued in respect of the Company or the assets and properties of the
Company for periods subsequent to the periods covered by such returns. No deficiency in payment of taxes for any period has been
asserted by any taxing body and remains unsettled at the date of this Agreement. Copies of all federal, state, local and foreign
tax returns of the Company have been made available for inspection by Buyer. 2.11 Title to Company Shares. The Company Shares are
duly authorized, validly issued, fully paid and non-assessable and are owned by Shareholders free and clear of all liens, encumbrances,
charges, assessments and adverse claims. The Company Shares are subject to no restrictions with respect to transferability to Buyer
in accordance with the terms of this Agreement. Upon transfer of the Company Shares by Shareholders, Buyer will, as a result, receive
good and marketable title to all of the Company Shares, free and clear of all security interests, liens, encumbrances, charges,
assessments, restrictions and adverse claims.

2.12 Title to Property and Assets. The Company has good and marketable title to all of the properties
and assets reflected in the Balance Sheets. None of such properties or assets is, except as disclosed in said Balance Sheets hereto,
subject to a contract of sale not in the ordinary course of business, or subject to security interests, mortgages, encumbrances,
liens or charges of any kind or character. 2.13 Business Property Rights. The property referred herein, together with (i) all designs,
methods, inventions and know-how related thereto and (ii) all trademarks, trade names, service marks, and copyrights claimed or
used by the Company which have not been registered (collectively "Business Property Rights"), constitute all such proprietary
rights owned or held by the Company. The Company owns or has valid rights to use all such Business Property Rights without conflict
with the rights of others. Except as set forth herein, no person or corporation has made or, to the knowledge of the Company, threatened
to make any claims that the operation of the business of the Company is in violation of or infringes any Business Property Rights
or any other proprietary or trade rights of any third party. To the knowledge of the Company, no third party is in violation of
or is infringing upon any Business Property Rights. 2.14 No Breach or Default. The Company is not in default under any contract
to which it is a party or by which it is bound, nor has any event occurred which, after the giving of notice or the passage of
time or both, would constitute a default under any such contract. Shareholders have no reason to believe that the parties to such
contracts will not fulfill their obligations under such contracts in all material respects or are threatened with insolvency. 2.15
Labor Controversies. The Company is not a party to any collective bargaining agreement. There are not any controversies between
the Company and any of its employees which might reasonably be expected to materially adversely affect the conduct of its business,
or any unresolved labor union grievances or unfair labor practice or labor arbitration proceedings pending or threatened relating
to its business, and there are not any organizational efforts presently being made or threatened involving any of the Company's
employees. The Company has not received notice of any claim that the Company has not complied with any laws relating to the employment
of labor, including any provisions thereof relating to wages, hours, collective bargaining, the payment of social security and
similar taxes, equal employment opportunity, employment discrimination and employment safety, or that the Company is liable for
any arrears of wages or any taxes or penalties for failure to comply with any of the foregoing.

2.16 Litigation. Except as set forth herein, there are
no actions, suits or proceedings with respect to the Company involving claims by or against Shareholders or the Company which
are pending or threatened against Shareholders or the Company, at law or in equity, or before or by any federal, state, municipal
or other governmental department, commission, board, bureau, agency or instrumentality. No basis for any action, suit or proceeding
exists, and there are no orders, judgments, injunctions or decrees of any court or governmental agency with respect to which Shareholders
or the Company has been named or to which Shareholders or the Company is a party, which apply, in whole or in part, to the business
of the Company, or to any of the assets or properties of the Company or the Company Shares or which would result in any material
adverse change in the business or prospects of the Company. 2.17 Bank Information. The wire shall be sent to the Company’s
Bank according to the information below: US Dollar Account China Intelligence Information System INC. ADD: 2470 Saint Rose PKWY
STE 304 Henderson N.V 89074-7775 Bank of America, N.A. ADD: 10459N 28th Drive Phoenix AZ 85051-1597 ACC #: 004682127161 SWIFT:
BOFAUS3N RMB Account BankACC#: 11001079400053009490
Account Name: 2.18 Powers of Attorney. There are no persons holding powers of attorney from the Company. 2.19 No Misrepresentation
or Omission. No representation or warranty by Shareholders in this Article 2 or in any other Article or Section of this Agreement,
or in any

contains or will contain any untrue statement of a material fact or omits or will omit to state a material
fact necessary to make the statements contained therein not misleading or will omit to state a material fact necessary in order
to provide Buyer with accurate information as to the Company. 3. Representations and Warranties of Buyer. Buyer represents and
warrants to the Company as follows: 3.1 Existence and Good Standing. Buyer is a Chinese citizen with his residential place in China.
3.2 Corporate Authority. Buyer has all requisite corporate power and authority to own its properties and carry on its business
as now conducted 3.3 Compliance with Law. Buyer is not in default with respect to any order of any court, governmental authority
or arbitration board or tribunal to which Buyer is a party or is subject, and Buyer is not in violation of any laws, ordinances,
governmental rules or regulations to which it is subject. Buyer has obtained all licenses, permits or other authorizations and
has taken all actions required by applicable laws or governmental regulations in connection with its business as now conducted.
3.4 Authorization; Validity and Effect of Agreements. The execution and delivery of this Agreement and all agreements and documents
contemplated hereby by Buyer, and the consummation by it of the transactions contemplated hereby, have been duly authorized by
all requisite corporate action. This Agreement constitutes, and all agreements and documents contemplated hereby when executed
and delivered pursuant hereto will constitute, the valid and legally binding obligations of Buyer enforceable in accordance with
their terms, except that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent transfer,
moratorium or other similar laws of general application now or hereafter in effect

relating to the enforcement of creditors' rights generally and except that the remedies of specific performance,
injunction and other forms of equitable relief are subject to certain tests of equity jurisdiction, equitable defenses and the
discretion of the court before which any proceeding therefore may be brought. The execution and delivery of this Agreement by Buyer
does not and the consummation of the transactions contemplated hereby will not (i) require the consent of any third party, (ii)
result in the breach of any term or provision of, or constitute a default under, or result in the acceleration of or entitle any
party to accelerate (whether after the giving of notice or the lapse of time or both) any obligation under, or result in the creation
or imposition of any lien, charge, pledge, security interest or other encumbrance upon any part of the property of the Company
pursuant to any provision of, any order, judgment, arbitration award, injunction, decree, indenture, mortgage, lease, license,
lien, or other agreement or instrument to which Buyer is a party or by which it is bound, and (iii) violate or conflict with any
provision of the bylaws or articles of incorporation of Buyer as amended to the date of this Agreement. 3.5 Absence of undisclosed
liabilities. The Buyer has not had nor does it have any indebtedness, loss or liability of any nature whatsoever (other than those
occurred in the normal course of business) whether accrued, absolute or contingent. 3.6 Accredited Investor Status. Such Buyer
is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D. 3.7 Disposition under Rule 144 .
Purchaser understands that: the shares of Stock are restricted securities within the meaning of Rule 144 promulgated under the
1934 Act; that the exemption from registration under Rule 144 will not be available in any event for at least 6 (six) months from
the date of purchase and payment of the Stock. The sale of the Stock will be subject to the stipulations under Rule 144. 4. Other
Covenants and Agreements. 4.1 Company Cooperation. Subject to the terms and conditions of this Agreement, the Company will use
its best efforts to cause its officers, directors, employees, accountants,

consultants, advisors and agents, to take, or cause to be taken, all actions and to do, or cause to be
done, all things necessary, proper or advisable to consummate the transactions contemplated by this Agreement. 4.2 Public Announcements.
Neither the Companys nor Buyer will at any time, without the prior written consent of the other, make any announcement, issue any
press release or make any statement with respect to this Agreement or any of the terms or conditions hereof except as may be necessary
to comply with any law, regulation or order and then only after written notice to the other party of the timing, context and content
of such announcement, press release or statement; provided, however, that subsequent to the Closing the Company may disclose the
consummation of the transaction herein contemplated without the consent of the Buyer. 5. Conditions of Closing. 5.1 Buyer’s
Conditions of Closing. The obligation of Buyer to purchase and pay for the Company Shares shall be subject to and conditioned upon
the satisfaction (or waiver by Buyer) at the Closing of each of the following conditions: (A) All representations and warranties
of the Company contained in this Agreement shall be true and correct at and as of the Closing Date, the Company shall have performed
all agreements and covenants and satisfied all conditions on its part to be performed or satisfied by the Closing Date pursuant
to the terms of this Agreement. (B) There shall have been no material adverse change since the date of the Audited Balance Sheet
in the financial condition, business or affairs of the Company, and the Company shall not have suffered any material loss (whether
or not insured) by reason of physical damage caused by fire, earthquake, accident or other calamity which materially affects the
value of its assets, properties or business. (C) Neither any investigation of the Company by Buyer, nor any supplement or other
document delivered to Buyer as contemplated by this Agreement, shall have revealed

any facts or circumstances which, in the sole and exclusive judgment of Buyer and regardless of the cause
thereof, reflect in an adverse way on the Company or its financial condition, assets, liabilities (absolute, accrued, contingent
or otherwise), reserves, business, operations or prospects. (D) No suit, action, investigation, inquiry or other proceeding by
any governmental body or other person or legal or administrative proceeding shall have been instituted or threatened which questions
the validity or legality of the transactions contemplated hereby. (E) As of the Closing, there shall be no effective injunction,
writ, preliminary restraining order or any order of any nature issued by a court of competent jurisdiction directing that the transactions
provided for herein or any of them not be consummated as so provided or imposing any conditions on the consummation of the transactions
contemplated hereby, which is unduly burdensome on Buyer. (F) As of the Closing, there shall have been no material adverse change
in the amount of issued and outstanding common stock of the Company. 5.2 The Company’s Conditions of Closing. The obligation
of the Company to sell its Shares shall be subject to and conditioned upon the satisfaction (or waiver by the Company) at the Closing
of each of the following conditions: (A) All representations and warranties of Buyer contained in this Agreement shall be true
and correct at and as of the Closing Date and Buyer shall have performed all agreements and covenants and satisfied all conditions
on its part to the performed or satisfied by the Closing Date pursuant to the terms of this Agreement. (B) Buyer shall have effected
payment of the Purchase Amount in accordance with Section 1.1 of this Agreement and according to the bank wire information stipulated
in Section 2.17, by providing the Company a bank confirmation of the wire.

(C) Resolutions of its Board of Directors authorizing execution of this Agreement and the execution, performance
and delivery of all agreements, documents and transactions contemplated hereby; and (D) The incumbency of its officers executing
this Agreement and all agreements and documents contemplated hereby. (E) No suit, action, investigation, inquiry or other proceeding
by any governmental body or other person or legal or administrative proceeding shall have been instituted or threatened which questions
the validity or legality of the transactions contemplated hereby. (F) As of the Closing, there shall be no effective injunction,
writ, preliminary restraining order or any order of any nature issued by a court of competent jurisdiction directing that the transactions
provided for herein or any of them not be consummated as so provided or imposing any conditions on the consummation of the transactions
contemplated hereby, which is unduly burdensome on the Company. 6. Termination. 6.1 Methods of Termination. The transactions contemplated
herein may be terminated and/or abandoned at any time before or after approval thereof by the Company and Buyer, but not later
than the Closing: 6.1.1 By mutual consent of Buyer and the Company, or 6.1.2 By Buyer, if any of the conditions provided for in
Section 5.1 hereof shall not have been met or waived in writing by Buyer at or prior to Closing; or 6.1.3 By the Company, if any
of the conditions provided for in Section 5.2 hereof shall not have been met or waived in writing by the Company at or prior to
Closing.

6.2 Procedure Upon Termination. In the event of termination by Buyer or the Company, as applicable, pursuant
to Section 6.1 hereof, written notice thereof shall forthwith be given to the other party and the transactions contemplated by
this Agreement shall be terminated without further action by Buyer or the Company. If the transactions contemplated by this Agreement
are so terminated: Each party will redeliver all documents, work papers and other material of any other party relating to the transactions
contemplated hereby, whether so obtained before or after the execution of this Agreement, to the party furnishing the same. 7 Miscellaneous.
7.1 Notice. Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered
or mailed by certified or registered mail, return receipt requested. (or to such other address as any party shall specify by written
notice so given), and shall be deemed to have been delivered as of the date so personally delivered or mailed. 7.2 Execution of
Additional Documents. The parties hereto will at any time, and from time to time after the Closing Date, upon request of the other
party, execute, acknowledge and deliver all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and
assurances as may be reasonably required to carry out the intent of this Agreement, and to transfer and vest title to any Company
Shares being transferred hereunder, and to protect the right, title and interest in and enjoyment of all of the Company Shares
sold, granted, assigned, transferred, delivered and conveyed pursuant to this Agreement; provided, however, that this Agreement
shall be effective regardless of whether any such additional documents are executed. 7.3 Binding Effect; Benefits. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors, executors, administrators
and assigns. Notwithstanding anything contained in this Agreement to the

contrary, nothing in this Agreement, expressed or implied, is intended to confer on any person other than
the parties hereto or their respective heirs, successors, executors, administrators and assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement. 7.4 Entire Agreement. This Agreement, together with the Exhibits, Schedules
and other documents contemplated hereby, constitute the final written expression of all of the agreements between the parties,
and is a complete and exclusive statement of those terms. It supersedes all understandings and negotiations concerning the matters
specified herein. Any representations, promises, warranties or statements made by either party that differ in any way from the
terms of this written Agreement and the Exhibits, Schedules and other documents contemplated hereby, shall be given no force or
effect. The parties specifically represent, each to the other, that there are no additional or supplemental agreements between
them related in any way to the matters herein contained unless specifically included or referred to herein. No addition to or modification
of any provision of this Agreement shall be binding upon any party unless made in writing and signed by all parties. 7.5 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada exclusive of the conflict
of law provisions thereof. 7.6 Survival. All of the terms, conditions, warranties and representations contained in this Agreement
shall survive the Closing. 7.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original but all of which shall constitute one and the same instrument. 7.8 Headings. Headings of the Articles and
Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive or interpretive effect
whatsoever.

7.9 Waivers. Either Buyer or the Company may, by written notice to the other, (i) extend the time for
the performance of any of the obligations or other actions of the other under this Agreement; (ii) waive any inaccuracies in the
representations or warranties of the other contained in this Agreement or in any document delivered pursuant to this Agreement;
(iii) waive compliance with any of the conditions or covenants of the other contained in this Agreement; or (iv) waive performance
of any of the obligations of the other under this Agreement. Except as provided in the preceding sentence, no action taken pursuant
to this Agreement, including without limitation any investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained in
this Agreement. The waiver by any party hereto of a breach of any provision hereunder shall not operate or be construed as a waiver
of any prior or subsequent breach of the same or any other provision hereunder. 7.10 Merger of Documents. This Agreement and all
agreements and documents contemplated hereby constitute one agreement and are interdependent upon each other in all respects. 7.11
Incorporation of Exhibits and Schedules. All Exhibits and Schedules attached hereto are by this reference incorporated herein and
made a part hereof for all purposes as if fully set forth herein. 7.12 Severability. If for any reason whatsoever, any one or more
of the provisions of this Agreement shall be held or deemed to be inoperative, unenforceable or invalid as applied to any particular
case or in all cases, such circumstances shall not have the effect of rendering such provision invalid in any other case or of
rendering any of the other provisions of this Agreement inoperative, unenforceable or invalid. 7.13 Assignability. Neither this
Agreement nor any of the parties' rights hereunder shall be assignable by any party hereto without the prior written consent of
the other parties hereto. 7.14 Inconsistent with both Chinese and English Version of the Agreement, its English version shall prevail.

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