Document:

Yayi International Inc.: Exhibit 10.32 - Filed by newsfilecorp.com

Exhibit 10.32

Supplemental Agreement 

(English Translation) 

This Supplementary Agreement has been entered
into by the following parties on June 12, 2009: 

Party A: Taiwan Richlink Enterprise Company Ltd.

Party B: Tianjin Yayi Industrial Co., Ltd. 

Party C: Li Liu 

Whereas, 

Party A and Party B
signed Goat Milk Odor Elimination Technology License Agreement on April 10, 2001
(“Original Agreement”). Under the Original Agreement, Party A agrees to
authorize Party B to use two proprietary technologies regarding physical
treatment of goat milk and chemical treatment of goat milk (“Proprietary
Technologies”) for fee for a period of ten years upon the end of which Party
B shall have the right to continue using such Proprietary Technologies free of
any further charges. The license fee for such Proprietary Technology is RMB 0.2
million Yuan per year, RMB 2 million Yuan in total. Up to the signing date of
this supplementary agreement, Party B has paid RMB 0.2 million Yuan to Party A.

The parties hereby
entered into this supplementary agreement as follows: 

1.   Each party agrees that the total license fee for the Proprietary
Technologies shall be reduced to RMB 1.0 million Yuan; Party C shall, on behalf
of Party B, pay the remaining license fee of RMB 0.8 million Yuan in lump sum to
Party A. Party A agrees to waive Party B’s obligation to pay the remaining
license fee, and hereby irrevocably waives the right to claim the remaining
license fee with respect to the Proprietary Technologies. 

2.   Each party agrees the right to use the Proprietary Technologies
as Party A grants to Party B is exclusive licensing within the mainland China.

3.   Party A represents hereby that, it is the owner of the
intellectual rights with respect to the Proprietary Technologies; it has the
right to license such Proprietary Technologies to Party B; and the licensing to
use the Proprietary Technologies as granted by Party B will not infringe upon
any third party’s intellectual rights or any other rights. 

4.   Party A agrees that Party B and its affiliates and subsidiaries
have the right to use the Proprietary Technologies free of charge and without
any time limitation. 

5.   The formulation,
effectiveness, interpretation, performance and dispute resolution with respect
to the Original Agreement and this supplemental agreement shall be governed by
and interpreted according to the PRC law. 

6.   The Original Agreement
shall govern matters not covered by this supplemental agreement. 

In witness hereof, each party of this supplemental
agreement has caused its authorized representative to execute this supplemental
agreement on the date first appears above. 

Party A: Taiwan Richlink Enterprise Company Ltd. 

(Corporate seal) 

Party B: Tianjin Yayi Industrial Co., Ltd. 

Authorized Representative: /s/ Li Liu           

Corporate seal 

Party C: Li Liu 

Signature: /s/ Li Liu                      

 

2Yayi International Inc.: Exhibit 10.33 - Filed by newsfilecorp.com

Exhibit 10.33 

Supplemental Agreement 

(English Translation) 

This Supplemental
Agreement has been entered into by the following parties on June 12, 2009: 

Party A: Tianjin Mengyang Biological Development Co., Ltd 

Legal Representative: Xiugeng Li 

Party B: Tianjin Yayi Industrial Co., Ltd. 

Legal Representative: Li Liu 

Whereas, 

Party A and Party B
signed the House Property Transfer Contract on January 15, 2007 which provides
that Party A transfers the 7800 square meters, four-story office building
located at the cross of Yun Shan Road and Jin Hai Road, New Jinghai Development
Zone (the “Office Building”), to Party B at the purchase price of RMB29,640,000 yuan; 

Where as, 

Party A and Party B
signed the Factory and Warehouse Leasing Agreement on January 15, 2007, the
Plant Transfer Agreement on September 26, 2008, and the Supplemental Agreement
to the Factory Transfer Agreement on January 20, 2009 which provide that Party A
transfers around 30,165 square meters’ factory buildings and warehouses (under
construction) located at the cross of Yun Shan Road and Jin Hai Road, New
Jinghai Development Zone (the “Factory Buildings”), to Party B at the total
purchase price of RMB90,495,000 yuan. 

The above mentioned House
Property Transfer Contract, Factory and Warehouse Leasing Agreement, Plant
Transfer Agreement, and Supplemental Agreement to the Factory Transfer Agreement
are collectively referred to as “Original Agreements”; whereas the Office
Building and Factory Buildings are collectively referred to as “Transferred Real
Estate”. 

The Parties entered into
this supplemental agreement with respect to the relevant clauses in the Original
Agreements after friendly consultation and pursuant to applicable PRC laws and
regulations (“Supplemental Agreement”). 

1. Construction, Inspection and Transfer of the Transferred Real Estate 

1.1 

Party A shall
construct the Transferred Real Estate strictly according to the Construction
Plan attached to this Supplemental Agreement as Exhibit I. 

1.2 

Party A shall
complete all of the construction work, registration and inspection, and deliver
copies of such registration and inspection documents to Party B before December
31, 2009 pursuant to the Detailed Specifications for the Design and Modification
of the Office Building attached to this Supplemental Agreement as Exhibit II.
The originals of such registration and inspection documents shall be delivered
to Party B within five working days from the date of completion of the
registration and transfer procedures for the Transferred Real Estate. 

1.3 

Within ten
working days from the date of receiving the registration and inspection
documents, Party B shall inspect the Transferred Real Estate; and issue a
written notice of inspection to Party A if the design and quality requirements
under the Original Agreements and this Supplemental Agreement are satisfied.

2. Registration and Transfer of the Transfer Real Estate 

Prior to June 30, 2010, Party A shall transfer the Transferred Real Estate to
Party B, complete the registration of the Transferred Real Estate, and guarantee
that Party B obtains legally valid Certificate of State-owned Land Use Rights
and Certificate of Real Estate Ownership, or alternatively the Certificate of
Real Estate Property Rights combining the above two certificates (“Certificate
of Property Rights”); and Party A guarantees that Party B will be the only right
holder of the Transferred Real Estate. 

3. Payment of the Purchase Consideration

3.1     

Party A and
Party B hereby confirm that, up to the signing date of this Supplemental
Agreement, Party B has paid RMB 28,570,000 Yuan as part of the purchase price
for the Office Building, and RMB 59,404,000 Yuan as part of the purchase price
for the Factory Buildings; the remaining and unpaid purchase price for the
Transferred Real Estate is RMB 32,161,000 Yuan (“Remaining Purchase Price”). 

3.2 

The parties
agree that Party B shall pay 50% of the Remaining Purchase Price within five
working days from the date Party A completes the principal part of the project
(October 30, 2009). 

3.3 

The parties
agree that Party B will pay 25% of the Remaining Purchase Price within five
working days from the date when Party B issues a written notice of inspection to
Party B; and pay another 25% of the Remaining Purchase Price within five working
days from the date when Party B obtains the Certificate of Property Rights
specifying Party B as the only right holder. 

4. Security 

To ensure performance of the Original Agreements and this Supplemental
Agreement, Party A agrees to grant Party B security interest with respect to the
land and all buildings (including buildings under construction) on the land as
specified on the Certificate of Real Estate Property Rights (Jin Zi
#123050903709); Party A shall assist Party B to complete registration of such
security interest within five working days upon signing of this Supplemental
Agreement. 

5. Damages for Breach of Contract 

5.1     

Party A shall
transfer the Transferred Real Estate within the time limit agreed upon by the
parties in this Supplemental Agreement, and ensure that Party B obtains the
Certificate of Property Rights; in case Party A delays performance of any
obligation under this Supplemental Agreement, for every 30 calendar days, Party
A shall pay to Party B 15% of the total purchase price for the Transferred Real
Estate as liquidated damages. 

5.2 

In case
performance of Party A’s obligations under this Supplementary Agreement is
delayed for over 60 calendar days, Party B has the right to terminate the
Original Agreements and this Supplementary Agreement by serving a written
notice; request refunding of all paid purchase price, plus bank interest for the
same period, within ten working days; and request Party A to pay all other
damages incurred by Party B. 

5.3 

In case Party A
fails to refund all or part of the paid purchase price within ten working days
from the date of receiving the written termination notice, Party B is entitled
to exercise the security interest.

 6. Miscellaneous 

6.1    

Party A and
Party B confirm and agree that the Original Agreements and this Supplemental
Agreement shall constitute the whole and effective agreements entered into by
the parties with respect to the Transferred Real Estate; all other written or
oral agreements, understanding, agreement (if any) of the parties shall be void
and not legally binding upon signing of this Supplemental Agreement.

 

6.2

The
Original Agreements shall be binding with respect to all matters not covered in
this Supplemental Agreement; in case of conflict between the Original Agreements
and this Supplemental Agreement, this Supplemental Agreement shall prevail.

6.3

This Supplemental Agreement has two counterparts, with each party holding one
counterpart. Each counterpart has the same legal effect, and shall become
effective upon sealing and signing by authorized representatives of the parties.

2 

In witness hereof, each party of this Supplemental
Agreement has caused its authorized representative to execute this Supplemental
Agreement on the date first appears above. 

Party A: 

Authorized Representative: /s/ Xianggeng Li     

Corporate seal 

Party B: 

Authorized Representative: /s/ Li Liu                  

 Corporate seal 

 

 

 

 

 

 

3

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