Document:

China Information Security Technology, Inc.: Exhibit 10.1 - Prepared by
TNT Filings Inc.

  

 
Exhibit 10.1

 

China Public Security Holdings Limited  

 

 

     Wide Peace International Investments Limited

 

and

 

China Information Security Technology, Inc.

 

 

 

 

 

 

	 	
  
   

AGREEMENT

 

relating to

 

the sale and purchase of the  

100% of the issued share capital  

of Kwong Tai International Technology Limited

	 

 

 

1

CONTENTS 

	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	3
	 	 	 
	2.	SALE AND PURCHASE OF SHARES	7
	 	 	 
	3.	CONSIDERATION	7
	 	 	 
	4.	COMPLETION	8
	 	 	 
	5.	WARRANTIES BY THE VENDOR	8
	 	 	 
	6.	WARRANTIES BY CIST	13
	 	 	 
	7.	WARRANTIES BY THE PURCHASER	13
	 	 	 
	8.	PURCHASER'S RIGHT TO RESCIND	14
	 	 	 
	9.	VENDOR'S COVENANTS	14
	 	 	 
	10.	FURTHER ASSURANCE	16
	 	 	 
	11.	INFORMATION	16
	 	 	 
	12.	ANNOUNCEMENTS	17
	 	 	 
	13.	COSTS	17
	 	 	 
	14.	SUCCESSORS AND ASSIGNMENT	17
	 	 	 
	15.	ENTIRE AGREEMENT	18
	 	 	 
	16.	VARIATIONS	18
	 	 	 
	17.	WAIVER	18
	 	 	 
	18.	AGREEMENT CONTINUES IN FORCE	19
	 	 	 
	19.	SEVERABILITY	19
	 	 	 
	20.	NOTICES	19
	 	 	 
	21.	COUNTERPARTS	20
	 	 	 
	22.	GOVERNING LAW AND JURISDICTION	20
	 	 	 
	23.	LANGUAGE	21
	 	 	 
	SCHEDULE 1	1
	 	 	 
	SCHEDULE 2	2
	 	 	 
	SCHEDULE 3	18
	 	 	 
	SCHEDULE 4	21

2

 

THIS AGREEMENT is made on September 23, 2008.

BETWEEN:

(1)

China Public Security Holdings Limited,  
a company registered in the British Virgin Islands with company number 1005693, whose registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. (" Purchaser ");
 

(2)

Wide Peace International Investments Limited,  
a company registered in British Virgin Islands with company number 1462581, whose registered office is Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. ("Vendor ");
 

(3)    China Information Security Technology, Inc. (“CIST”), a company registered in the State of Nevada of USA with corporation number E0089792008-0, whose principle executive office located at 21st Floor, Everbright Bank Building, Zhuzilin, Futian District, Shenzhen, Guangdong, 518040 People’s Republic of China
 

 

Each a "Party" to this Agreement and together the "Parties".

BACKGROUND

A

Kwong Tai International Technology Limited ("Company") is a company registered in Hong Kong with company number 1223022. The Company holds 100% of the shares of a Shenzhen based company, Shenzhen Zhongtian Technology Development Company Ltd. (“Subsidiary”). Further information relating to the Company is set out in Schedule 1.

B

The Vendor is the legal and beneficial owner of 100% of the Shares in the Company.

C

The Vendor has agreed to sell and the Purchaser has agreed to purchase the Shares for the consideration and upon the terms and conditions set out in this agreement.

D

CIST is the parent company of the Purchaser, who will issue a certain amount of shares as set out in this agreement to the Vendor as part of the consideration for the purchase of the shares in the Company.

IT IS HEREBY AGREED:

1.

DEFINITIONS AND INTERPRETATION

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1.1

In this agreement the following words and expressions will (except where the context otherwise requires) have the following meanings:
 

“Account”  means the Company’s financial statements provided by the Vendor to the Purchaser;

“Account Date”  means June 30, 2008;

"Business Day" means a day other than a Saturday or Sunday on which banks are open for commercial business in Hong Kong;

"Group" means the Company and the Subsidiary from time to time and references to a "member of the Group" or a "Group member" will be construed accordingly;

"Business Intellectual Property" means all Intellectual Property used, or likely or required to be used, by the Company or any member of the Group in, or in connection with, its business;

"Completion"  means the performance of all the obligations of the parties to this agreement set out in clause 4;

“PRC”  means the People’s Republic of China, but excluding Hong Kong, Macao and Taiwan for the purpose of this agreement;

“USA”  means the United States of America;
 

"Completion Date" means October 31, 2008, or such other date being not later than November 30, 2008 as is agreed in writing by the parties;

"Confidential Information" means information (however stored) relating to or connected with the business, customers or financial or other affairs of the Company or any member of the Group details of which are not in the public domain including, without limitation, information concerning or relating to:

(a)

the Business Intellectual Property and any other property of the Company or any member of the Group in the nature of intellectual property;

(b)

any technical processes, future projects, business development or planning, commercial relationships and negotiations; and

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(c)

the marketing of goods or services including, without limitation, customer, client and supplier lists, price lists, sales targets, sales statistics, market share statistics, market research reports and surveys and advertising or other promotional materials and details of contractual arrangements and any other matters concerning the clients or customers of or other persons having dealings with the Company or any member of the Group.

"Consideration" means the consideration for the Shares set out in clause .

"Disclosed"  means fully, fairly and specifically disclosed to the Purchaser in the Disclosure Letter or, for the purposes of clauses  5.7.3 and 8, in writing to the Purchaser, with sufficient clarity and detail to enable the Purchaser to identify clearly and accurately the nature, scope and effect of the matter disclosed;

"Disclosure Letter" means the letter of even date with this agreement from the Vendor to the Purchaser relating to the Warranties together with any documents annexed to it;

"Encumbrance" means a mortgage, charge, pledge, lien, option, restriction, equity, right to acquire, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind or any other type of preferential arrangement (including, without limitation, a title transfer and retention arrangement) having similar effect;   

“GAAP” means the generally accepted accounting principle in the United States of America.

"RMB" means Ren Min Bi, the lawful currency for the time being of People’s Republic of China;
 

"Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China;

"Intellectual Property" includes patents, inventions, know-how, trade secrets and other confidential information, registered designs, copyrights, data, database rights, design rights, rights affording equivalent protection to copyright, database rights and design rights, semiconductor topography rights, trade marks, service marks, logos, domain names, e-mail address names, business names, trade names, moral rights, and all registrations or applications to register any of the aforesaid items, rights under licences, consents, orders, statutes or otherwise in relation to any of the aforesaid items, rights in the nature of any of the aforesaid items, in any country or jurisdiction, rights in the nature of unfair competition rights and rights to sue for passing-off;

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"Shares" means the 100% of the issued and allotted ordinary shares in the capital of the Company;

"Subsidiaries" means all the subsidiaries of the Company at the date hereof;

“Transaction” means the sale and purchase of the Shares under this agreement;

“US$"  means US Dollars, the lawful currency for the time being of the United States of America;

“Warranties" means the representations, warranties and undertakings set out in clause 5, clause 6, clause 7 and Schedule 2 and "Warranty" will mean any of them;

1.2

In this agreement where the context admits:

1.2.1

reference to a statutory provision includes reference to:

1.2.1.1

any order, regulation, statutory instrument or other subsidiary legislation at any time made under it for the time being in force (whenever made);

1.2.1.2

any modification, amendment, consolidation, re-enactment or replacement of it or provision of which it is a modification, amendment, consolidation, re-enactment or replacement except to the extent that any modification, amendment, consolidation, re-enactment or replacement made after the date of this agreement would increase the liability of any of the parties hereto;

1.2.2

reference to a clause, schedule or paragraph is to a clause, schedule or a paragraph of a schedule of or to this agreement respectively;

1.2.3

reference to the parties to this agreement includes their respective successors, permitted assigns and personal representatives;

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1.2.4

reference to any party to this agreement comprising more than one person includes each person constituting that party;

1.2.5

reference to any gender includes the other genders;

1.2.6

reference to persons includes bodies corporate or unincorporated;

1.2.7

reference to any professional firm or company includes any firm or company effectively succeeding to the whole, or substantially the whole, of its practice or business;

1.2.8

the index, headings and any descriptive notes are for ease of reference only and will not affect the construction or interpretation of this agreement;

1.2.9

this agreement incorporates the schedules to it; and

1.2.10

for the purposes of this clause, "control", in relation to a body corporate, means the holding of more than 50% of the voting power at general meetings of that body corporate or being in a position to control the composition of a majority of the board of directors of that body corporate and in relation to a partnership, means the right to a share of more than one-half of the assets, or of more than one-half of the income, of the partnership.

2.

SALE AND PURCHASE OF SHARES  

2.1

The Vendor will sell the Shares with full title guarantee and the Purchaser will, in reliance on the Warranties, purchase the Shares free from all Encumbrances and together with all rights of any nature which are now or which may at any time become attached to them or accrue in respect of them including all dividends and distributions declared paid or made in respect of them on or after the date of this agreement.

3.

CONSIDERATION  

The Consideration payable by the Purchaser for the purchase of the Shares shall consist of:

 

3.1

US$9,900,000 shall be paid in cash with RMB67,617,000, which will be changed into RMB by the exchange rate(1US$ = 6.83RMB)and shall be remitted in full amount to the bank account as designated by the Vendor, payable on or before October 31, 2008;
 

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3.2

1,280,807 new shares equivalent to US$6,600,000 (United States Dollars Six Million Six Hundred Thousand) to be issued by CIST, the parent company of the Purchaser, within 90 days upon the execution of this agreement by delivering to the Vendor and any person(s) as may be designated by the Vendor share certificates representing the new shares issued to the Vendor or his designee pursuant to this Section 3.2;

3.3

The remittance specified in 3.1 shall be made in Hong Kong.

4.

COMPLETION  

4.1

Completion will take place in Hong Kong on the Completion Date when the provisions of Schedule 3 have been complied with.

4.2

The Purchaser will not be obliged to complete the purchase of the Shares under this agreement unless the Vendor complies fully with its obligations under Schedule 3 and unless the purchase of all the Shares is completed simultaneously.

4.3

If Completion does not take place on the Completion Date because the Vendor fails to comply with any of its obligations under Schedule 3, the Purchaser may, by prior written notice to the Vendor:

4.3.1

proceed to Completion to the extent reasonably practicable;

4.3.2

postpone Completion to a date not more than sixty (60)  Business Days after the Completion Date; or

4.3.3

terminate this agreement.

4.4

If the Purchaser postpones Completion to another date in accordance with clause 4.3.2, the provisions of this agreement shall apply as if that other date is the Completion Date.

4.5

If the Purchaser terminates this agreement pursuant to clause 4.3.3 each party's further rights and obligations will cease immediately on termination, but termination will not affect a party's accrued rights and obligations as at the date of termination.

5.

WARRANTIES BY THE VENDOR

5.1

The Vendor warrants and undertakes that, at the date of this agreement, each of the statements set out in Schedule 2 is true, accurate and complete in all respects and not misleading and will be true and accurate in all respects and not misleading at all times after the date of this agreement up to and including the Completion Date.
 

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5.2

In addition to the warranties as set out in Schedule 2, the Vendor further warrants that:

5.2.1

 save and except the liabilities and debts the Vendor has otherwise disclosed to the Purchaser, there are no other liabilities, debts, claims, expenses, charges, costs, outstanding against and payable by the Company to any third party, including those owed to related companies, financial institutions, banks, and other related interests and the Vendor shall fully indemnify and keep indemnified the Purchaser against any such liabilities.

5.2.2

 the Company is not in default of any contracts, agreements or legal obligations pursuant to which it may be subject to any claims, proceedings, action or be liable to any charges, costs, expenses, damages or other liabilities.  

5.2.3

 the Vendor warrants to the Purchaser that there are no outstanding liabilities or debts owed to any of the employees of the Company, nor are any of the employees responsible for any liabilities and debts for which the Company may become liable, and shall indemnify the Purchaser for any expenses, costs, charges (including legal fees), liabilities incurred or claims, proceedings, actions taken against the Purchaser by any third party or employee of the Company for any such liabilities or debts.    

5.3

The Vendor acknowledges that the Purchaser is entering into this agreement in reliance on each Warranty which has also been given as a representation and with the intention of inducing the Purchaser to enter into this agreement and that the Purchaser has been induced to enter into this agreement on the basis of and in full reliance upon them.

5.4

Each of the Warranties is to be construed as a separate and independent warranty and (except where this agreement provides otherwise) will not be limited or restricted by reference to or inference from any other term of this agreement or any other Warranty.

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5.5

The rights and remedies of the Purchaser in respect of any breach of any of the Warranties will survive Completion.

5.6

The Vendor waives and may not enforce any right which it may have in respect of any misrepresentation, inaccuracy or omission in or from any information or advice supplied or given by the Company or its officers or employees in enabling the Vendor to give the Warranties and any representations or to prepare the Disclosure Letter.

5.7

Between the execution of this agreement and Completion the Vendor agrees that it will:

5.7.1

procure that neither the Vendor nor the Company nor any member of the Group will allow or procure any act or omission which would constitute a breach of any of the Warranties;
 

5.7.2

procure that the Company complies with the provisions of Schedule 4; and

5.7.3

immediately disclose in writing to the Purchaser any event or circumstance which may arise or become known to the Vendor which would be a breach of clause  5.7.2 or which constitutes a breach of or is materially inconsistent with any of the Warranties or which might make any of them inaccurate or misleading or which has or is likely to have an adverse effect on the financial position or business prospects of the Company or which is otherwise material to be known by a purchaser for value of the Shares.

5.8

The Warranties will not be deemed in any way modified or discharged by reason of any investigation made or to be made by or on behalf of the Purchaser or by reason of any information relating to the Company of which the Purchaser has knowledge (actual, implied or constructive) except that the Warranties will be qualified by such information as is Disclosed.

5.9

If on or before the Completion Date the Purchaser considers that the Vendor is in breach of any of the Warranties or any other provision of this agreement, the Purchaser may by prior written notice to the Vendor elect to proceed to Completion or terminate this agreement.

5.10

If the Purchaser terminates this agreement pursuant to clause 5.9:

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5.10.1

the Vendor indemnifies the Purchaser against all costs incurred by it relating to the negotiation, preparation, execution or termination of this agreement or the satisfaction of any of the Conditions; and

5.10.2

each party's further rights and obligations will cease immediately on termination, but termination will not affect a party's accrued rights and obligations as at the date of termination.

5.11

If there is any breach or non-fulfilment of any of the Warranties resulting in:

5.11.1

the value of any of the Company's assets being or becoming less than it would have been had the relevant circumstances been as so warranted; or

5.11.2

the Company having incurred or incurring any liability or an increase in a liability which it would not have incurred had the relevant circumstances been as so warranted;

then the Vendor agrees to pay to the Purchaser on demand (at the option of the Purchaser) an amount equal to either:

5.11.3

the reduction in value of the assets or (as the case may be) the liability or increased liability incurred by the Company as a result of such a breach or non-fulfilment of any of the Warranties; or

5.11.4

an amount equal to the reduction caused in the value of the Shares .

5.12

The Vendor agrees to indemnify the Purchaser in full for and against all costs (including legal costs on a full indemnity basis) and expenses incurred by the Purchaser either before or after the commencement of any action in connection with:

5.12.1

the settlement of any claim that any of the Warranties has been breached or is untrue, inaccurate or misleading;

5.12.2

any legal proceedings arising out of or in connection with any claim for breach of Warranty in which judgment is given in favour of the Purchaser; or

5.12.3

the enforcement of any such settlement or judgment.

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5.13

The rights of the Purchaser under clauses 5.11 and 5.12 will be in addition and without prejudice to any other right or remedy available to it under this agreement or otherwise.

5.14

Upon receipt of the 1,280,807 shares issued by CIST as part of the consideration for the Transaction, the Vendor will ensure that the financial performance of the Subsidiary should reach the minimum thresholds in the manner set out in clause 5.15. The Vendor further irrevocably and unconditionally agrees with, confirms and acknowledges to the Purchaser that his receipt and retention of, title to and interest in 710,328 shares issued by CIST are at all times subject to the terms and conditions of this clause 5.

5.15

The Vendor hereby charges, with immediate effect upon his receipt of the 1,280,807 shares issued by CIST to him, and going through any further procedures, 710,328 shares in favour of the Purchaser as a continuing security for the performance of its obligations under this agreement, including those set out in this clause 5, and the Vendor shall ensure that the following requirements are met:

5.15.1

the audited after tax net income of the Subsidiary for 2009, as reflected in its audited accounts prepared in compliance with GAAP, shall not be less than US$2,200,000.
 

5.15.2

the audited after tax net income of the Subsidiary for 2010, as reflected in its    audited accounts prepared in compliance with GAAP, shall not be less than US$2,860,000.

5.16

If the audited after tax net income for 2009 meets the requirements in the manner set out in clause 5.15.1, 355,164 of the 710,328 shares charged in favour of the Purchaser by the Vendor shall be released from such charge. In case, upon issuance of the relevant audited accounts for 2009, the audited after tax net income for 2009 fails to meet the requirements in the manner set out in clause 5.15.1, the Vendor hereby irrevocably and unconditionally waives and foregoes forever, with immediate effect from the issuance of such accounts, any and all title, ownership, right and interest he may have to, in or over 355,164 of such shares, and shall promptly take all such actions and execute all such documents as the Purchaser or CIST may require to transfer title to such shares to another person(s) as the Purchaser or CIST may direct or otherwise deliver all such shares (including any and all certificates and documents of title) into the Purchaser’s or CIST’s possession in such manner as either of them may direct.

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5.17

If the audited after tax net income for 2010 meets the requirements in the manner set out in clause 5.15.2, the remaining 355,164 of the 710,328 shares charged in favour of the Purchaser by The vendor shall be released from such charge. In case, upon issuance of the relevant audited accounts for 2010, the audited after tax net income for 2010 fails to meets the requirements in the manner set out in clause 5.15.2, The Vendor hereby irrevocably and unconditionally waives and foregoes forever, with immediate effect from the issuance of such accounts, any and all title, ownership, rights and interests he may have to, in or over such remaining 355,164 shares, and shall promptly take all such actions and execute all such documents as the Purchaser or CIST may require to transfer title to such shares to another person(s) as the Purchaser or CIST may direct or otherwise deliver all such shares (including any and all certificates and documents of title) into the Purchaser’s or CIST’s possession in such manner as either of them may direct.

5.18

The Vendor undertakes to the Purchaser that, at all times when any part of the shares issued by CIST to the Vendor has not been fully released to the Vendor pursuant to the provisions of clause5.15.1 or 5.15.2 (as the case may be), the Vendor will not create or permit to subsist any Encumbrance over or with respect to such shares nor enter into any agreement, understanding or arrangement to effect or permit the foregoing.

6.

WARRANTIES BY CIST

CIST warrants that:

6.1

It has and shall have full power and authority to enter into and perform this Agreement which constitutes binding obligations on it in accordance with the terms;

6.2

CIST shall, within 90 days as of the execution date of this agreement, issue in aggregate 1,280,807 shares that are free from all encumbrances to the Vendor and its designee(s) as part of the consideration for the Transaction.
 

7.

WARRANTIES BY THE PURCHASER

The Purchaser warrants that:

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7.1

Iit has and shall have full power and authority to enter into and perform this agreement which constitutes binding obligations on it in accordance with the terms;
 

7.2

Its performance of this agreement does not constitute any breach or violation of any contract or agreement to which it is a party;

7.3

It shall pay the Consideration to the Vendor in accordance with the terms set out in clause 3 herein without delay;

7.4

Iit shall procure its parent company CIST to issue, within 90 days as of the execution of this agreement, the 1,280,807 shares in the manner as specified in clause 6.2 to the Vendor and its designee(s);

7.5

It will release or procure the release of those shares charged by the Vendor subject to and in such manner as provided for in clauses 5.16 and 5.17.

8.

PURCHASER'S RIGHT TO RESCIND

If the Vendor discloses any event or circumstance pursuant to clause 5.7.3 or if there is a breach of any of the Warranties or a breach or non-fulfilment of any other term of this agreement by the Vendor, the Purchaser will be entitled, in addition and without prejudice to any other right or remedy available to it, to rescind this agreement without any liability to any other party whereupon the Vendor must indemnify the Purchaser in full for and against all costs and expenses incurred or suffered by the Purchaser (including but not limited to all legal expenses and other professional fees on a full indemnity basis) in connection with the negotiation, preparation and rescission of this agreement.

9.

VENDOR'S COVENANTS

9.1

The Vendor undertakes to and covenants with the Purchaser that (except with the consent in writing of the Purchaser) it will not at any time after Completion:

9.1.1

(except as required by law) disclose or divulge to any person (other than to officers or employees of the Purchaser whose province it is to know the same) or use (other than for the benefit of the Purchaser) any Confidential Information which may be within or have come to its knowledge and it must use all reasonable endeavours to prevent such publication, disclosure or misuse of any Confidential Information;

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9.1.2

do anything to damage the goodwill or reputation of the Company or any member of the Group or of any business carried on by the Company nor any member of the Group or which may lead any person to cease to do business with the Company or any other member of the Group on substantially equivalent terms to those previously offered or not to engage in business with the Company or any member of the Group.

9.2

The Vendor undertakes to and covenants with the Purchaser that it will not, for a period of five years after the date of this agreement, either on its own behalf or jointly with any other person, directly or indirectly:

9.2.1

approach, canvass, solicit or otherwise act with a view to enticing away from or seeking in competition with any business of the Company or any member of the Group any person who at any time during the period of 12 months preceding the Completion Date or at any time after the Completion Date prior to his ceasing to be employed by the Company or any member of the Group is or has been a customer of the Company or any member of the Group and during such period it must not use its knowledge of or influence over any such customer to or for its own benefit or the benefit of any other person carrying on business in competition with the Company or any member of the Group or otherwise use its knowledge of or influence over any such customer to the detriment of the Company or any member of the Group;

9.2.2

seek to contract with or engage (in such a way as adversely to affect the business of the Company or any member of the Group as carried on at the date of this agreement) any person who has been contracted with or engaged to supply or deliver products, goods, materials or services to the Company or any member of the Group at any time during the period of [twelve] months preceding the date of this agreement or, at any time after that, before he ceases to be employed by the Company or any member of the Group;

9.2.3

approach, canvass, solicit, engage or employ or otherwise endeavour to entice away any person who at any time during the period of [six] months preceding the Completion Date or (if later) the date of his ceasing to be employed by the Company or any member of the Group will be or will have been an employee, officer, manager, consultant, sub-contractor or agent of the Company or any member of the Group with a view to the specific knowledge or skills of such person being used by or for the benefit of any person carrying on business in competition with the business carried on by the Company or any member of the Group.

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9.3

Each of the covenants contained in clauses 9.1 and 9.2 will constitute an entirely separate and independent restriction on the Vendor.
 

9.4

References in this clause 9 to the "business of the Company or any member of the Group" (refers to the development and research, producing, sales of various medical information systems thereof as well as relevant technical service) includes the business of the Company and/or any member of the Group that may from time to time be transferred to any company which is a member of the same group as the Purchaser.

9.5

The Vendor agrees and acknowledges that the restrictions contained in this clause  are fair and reasonable and necessary to assure to the Purchaser the full value and benefit of the Shares but, in the event that any such restriction is found to be void or unenforceable but would be valid and effective if some part or parts of the restriction were deleted, such restriction will apply with such deletion as may be necessary to make it valid and effective.

10.

FURTHER ASSURANCE

On and after Completion, the Vendor must, at the request of the Purchaser, do and execute or procure to be done and executed all such acts, deeds, documents and things as may be necessary to give effect to this agreement.

11.

INFORMATION

The Vendor must provide or procure to be provided to the Purchaser all such information in its possession or under its control as the Purchaser will from time to time reasonably require (both before and after the Completion Date) relating to the business and affairs of the Company and/or any member of the Group and in any case where such information is not the exclusive property of the Company and/or any member of the Group will give or procure to be given to the Purchaser, its directors and agents access to such information and will permit the Purchaser to take copies of the same.

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12.

ANNOUNCEMENTS

No announcement, communication or circular concerning this agreement will be made (whether before or after the Completion Date) by or on behalf of the parties to this agreement without the prior approval of the other (such approval not to be unreasonably withheld or delayed) save for:

12.1

Announcements to employees, customers, suppliers and agents of the Company and/or any member of the Group and/or the Purchaser and/or any company which is a member of the same group as the Purchaser in such form as may be reasonably required by the Purchaser; and

12.2

Such announcements as may be required by the law of any relevant jurisdiction or by any securities exchange or regulatory or governmental body to which that party and/or its affiliates are subject.

13.

COSTS

13.1

Subject to the provisions of clause 5.12 and clause 8, each of the parties will bear and pay its own legal, accountancy and other fees and expenses incurred in and incidental to the preparation and implementation of this agreement and of all other documents.

13.2

The cost of all stamp duty and other similar duty payable in respect of the sale and purchase of the Shares will be borne by the Vendor, on the one hand, and the Purchaser, on the other in equal shares.

14.

SUCCESSORS AND ASSIGNMENT

14.1

This agreement will be binding on and inure for the benefit of each party's successors, permitted assigns and personal representatives but will not be assignable except that:

14.1.1

the Purchaser may assign the whole or any part of the benefit of this agreement and the Warranties to any transferee of any shares in the capital of the Company; and
 

14.1.2

the Purchaser may assign its rights under this agreement to any
company of which it is a subsidiary or of which it is a holding company.

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14.2

Except as otherwise expressly provided, all rights and benefits under this agreement are personal to the parties and may not be assigned at law or in equity without the prior written consent of the other parties.

15.

ENTIRE AGREEMENT

15.1

This agreement together with the schedules attached to it and any revisions thereto as may be agreed upon by the parties (“Acquisition Documents”) constitute the entire agreement between the parties with respect to the subject matter of this agreement.

15.2

Except for any misrepresentation or breach of warranty which constitutes fraud:

15.2.1

 the Acquisition Documents supersede and extinguish all previous agreements between the parties relating to the subject matter contained in the Acquisition Documents and any representations and warranties previously given or made other than those contained in the Acquisition Documents;

15.2.2

 each party acknowledges to the other (and executes the Acquisition Documents in reliance on such acknowledgement) that it has not been induced to enter into any such documents by nor relied on any representation or warranty other than the representations and/or warranties contained in such Acquisition Documents.

16.

VARIATIONS

No variation of this agreement or other Acquisition Documents will be valid unless it is in writing and signed by or on behalf of each of the parties to this agreement.

17.

WAIVER

No waiver by the Purchaser of any breach or non-fulfilment by the Vendor of any provisions of this agreement will be deemed to be a waiver of any subsequent or other breach of that or any other provision and no failure to exercise or delay in exercising any right or remedy under this agreement will constitute a waiver of the relevant provision or provisions of this agreement.  No single or partial exercise of any right or remedy under this agreement will preclude or restrict the further exercise of any such right or remedy.  The rights and remedies of the Purchaser provided in this agreement are cumulative and not exclusive of any rights and remedies provided by law.

18

18.

AGREEMENT CONTINUES IN FORCE

This agreement will remain in full force and effect so far as concerns any matter remaining to be performed at Completion even though Completion will have taken place.

19.

SEVERABILITY

The invalidity, illegality or unenforceability of any provisions of this agreement will not affect the continuation in force of the remainder of this agreement.

20.

NOTICES

20.1

Any notice to be given pursuant to the terms of this agreement must be given in writing to the party due to receive such notice at (in the case of a company) its registered office from time to time or at its address set out in this agreement or such other address as may have been notified to the other party in accordance with this clause
20:

China Public Security Holdings Limited  

Address: P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.
 

Contact Person: Jiang Huai Lin

Wide Peace International Investments Limited

Address: Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands

Contact Person: LUO Xiao Yun

China Information Security Technology, Inc.

Address: 21st Floor, Everbright Bank Building, Zhuzilin, Futian District, Shenzhen, Guangdong, 518040 People’s Republic of China

Contact Person: Jiang Huai Lin

20.2

Notice must be delivered:

20.2.1

personally; or

19

20.2.2

sent by first class prepaid recorded delivery or registered post (airmail if overseas); or

20.2.3

by facsimile transmission.

20.3

Notices will be deemed to be given:

20.3.1

in the case of delivery personally - on delivery;  

20.3.2

in the case of posting, at the earliest of:

20.3.2.1

 where there is evidence of receipt - at the time of receipt; and

20.3.2.2

 if sent by airmail - six days after posting; and

20.3.2.3

 otherwise - 48 hours after posting; and

20.3.3

in the case of facsimile transmission - on completion of the transmission provided that the sender has received printed confirmation of transmission.

21.

COUNTERPARTS

This agreement may be executed in any number of counterparts each of which when executed by one or more of the parties to this agreement will constitute an original but all of which will constitute one and the same instrument.

22.

GOVERNING LAW AND DISPUTE RESOLUTION

22.1

This agreement will be governed by and construed in accordance with the laws of Hong Kong.

22.2

The parties agree to negotiate in good faith to resolve any dispute among them regarding this agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days, Section 22.3 shall apply.

22.3

In the event the parties are unable to settle a dispute between them regarding this agreement in accordance with Section 22.2 above, such dispute shall he referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) in effect, which rules are deemed to be incorporated by reference into this Section 22.3. The arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules. The language of the arbitration shall be English.

20

23.

LANGUAGE

This agreement is written in English.  

  

21

 

 
SCHEDULE 1

Part 1  

The Company

	1.	Name of company	Kwong
    Tai International Technology Limited
	 
	2.	Type:	Hong
    Kong Business Company
	 
	3.	Registered number:	1223022
	 
	4.	Place of incorporation:	Hong
    Kong
	 
	5.	Registered office:	
    Workgroup 210-212, 2/F Hong Leong Plaza 33 Lok Yip Road, Fanling NT
	 
	6.	Shareholder (or Member):	Wide
    Peace International Investments Limited (the sole shareholder)
	 
	7.	Authorised share capital and
    description of shares:	One Subscriber Share
    of HK$1.00 each
	 	 				

 
 

1

	
    
    Share Purchase Agreement

 

 
SCHEDULE 2  

The Warranties  

1. 

DISCLOSURE OF INFORMATION 

1.1 

There are fully
and accurately Disclosed all matters which might materially and adversely affect
the present or future value of the Company or which might otherwise reasonably
affect the willingness of the Purchaser to purchase the Shares or to purchase
them for the consideration and upon the terms set out in this agreement. 

1.2 

All information
which has been given by any of the directors or officers or professional
advisers of the Company or the Vendor to any of the directors or officers or
professional advisers of the Purchaser in the course of the negotiations leading
to the signing of this agreement was, when given, true, complete and accurate in
all respects and there is no fact or matter not Disclosed which renders any such
information untrue, inaccurate or misleading. 

1.3 

The facts set out in the
Disclosure Letter, the recitals and Schedule 1 are true, complete and accurate
in all respects and not misleading. 

2. 

CAPACITY AND OWNERSHIP OF
SHARES 

2.1 

The Vendor is
duly incorporated and validly existing under the Hong Kong laws and has full
power and authority and has taken all action necessary to execute and deliver
and to exercise its rights and perform its obligations under this agreement and
each of the Acquisition Documents to be executed on or before Completion which
constitute valid and binding obligations on the Vendor in accordance with their
terms. 

2.2 

The Vendor does
not have any interest, directly or indirectly, in any business other than that
now carried on by the Company which is or is likely to be or become competitive
with the business of the Company. 

2.3 

The Shares described in Schedule
1 constitute the whole of the allotted and issued share capital of the Company
and have been properly allotted and issued. 

2.4 

All necessary consents,
authorizations and approvals of any governmental agency or body required for the
performance of the terms hereof by the Vendor (other than for fulfilment of the
Conditions) have been obtained and made or shall have been obtained or made by
Completion. 

	 	
    2

	
    
    Share Purchase Agreement

2.5 

The Shares shall on Completion
be transferred in accordance with the constitutional documents of the Company
and in accordance with all relevant laws of Hong Kong. 

2.6 

Except those as
disclosed in the Disclosure Letter, there is no Encumbrance on, over or
affecting the Shares or any of them or the shares or interest in the
Subsidiaries or any unissued shares in the capital of the Company and there is
no agreement or commitment to give or create any such Encumbrance or
negotiations which may lead to such an agreement or commitment and no claim has
been made by any person to be entitled to such an Encumbrance. 

2.7 

The Vendor is
entitled to sell and transfer the full legal and beneficial ownership in the
Shares to the Purchaser and such sale will not result in any breach of or
default under any agreement or other obligation binding upon the Vendor or any
of its property. 

2.8 

Other than this
agreement, there is no agreement, arrangement or obligation requiring the
creation, allotment, issue, transfer, redemption or repayment of, or the grant
to any person of the right (whether conditional or not) to require the
allotment, issue, transfer, redemption or repayment of, any shares in the
capital of the Company (including, without limitation, an option or right of
pre-emption or conversion). 

2.9 

There is no
litigation, arbitration, prosecution, administrative or other legal proceedings
or dispute in existence or threatened against the Vendor in respect of the
Shares or the shares in the Subsidiaries or the Vendor's entitlement to dispose
of the Shares or the shares in the Subsidiaries and there are no facts known to
the Vendor which might give rise to any such proceedings or any such dispute.

2.10 

The Company has not exercised
nor purported to exercise or claim any lien over the Shares and no call on the
Shares is outstanding and all the Shares are fully paid up. 

2.11 

Subject to the
approval of the board of directors of the Company and the relevant provisions
(if any) in the constitutional documents of the Company to the contrary, no
consent of any third party is required for the sale of the Shares. 

3. 

REGULATORY COMPLIANCE 

	 	
    3

	
    
    Share Purchase Agreement

3.1 

Each of the
members of the Group have been validly incorporated and established pursuant to
the laws of their respective place of incorporation, all legal and procedural
requirements and all other formalities concerning such incorporation and
establishment have been duly and properly complied with, and each of the members
of the Group is in good standing. 

3.2 

The copies of
the constitutional documents and articles of association and other corporate
documents of each of the members of the Group [attached to the Disclosure
Letter] are true, accurate, and complete in all material respects. Such
constitutional and corporate documents includes copies of all resolutions
(including but not limited to all special resolutions passed by the relevant
member of the Group) and documents required to be incorporated in the
constitutional documents of the relevant member of the Group and fully set out
all rights attaching to each class of the share capital of the relevant member
of the Group other than those under general law. 

3.3 

The register of
members, minute books and other statutory books of each of the members of the
Group have been properly kept and written up and contain a true, accurate and
complete record of all the matters which should be dealt with and no notice or
allegation that any of the same is incorrect or should be rectified has been
received and each of the members of the Group has not received any application
or request for rectification of the register of members and compliance has been
made with all other legal requirements concerning each of the members of the
Group and all issues of shares or other securities thereof. 

3.4 

Each of the
members of the Group is validly existing and is entitled to carry on the
business now conducted by it. 

3.5 

All corporate or
other documents required to be filed or registered in respect of each of the
members of the Group with the relevant authorities in their respective places of
incorporation (including appropriate regulatory bodies) have been duly filed.

3.6 

Each of the
members of the Group has complied in all material respects with all legislation,
rules and regulations applicable to it and obtained all necessary licences,
consents and other permissions and approvals relevant to the business of such
company in its place of incorporation, and to the best knowledge of the Vendor,
each of the members of the Group has complied in all material respects with all
legal requirements existing as of the date hereof in relation to any
transactions to which it is or has been a party. 

    	 	
    4

    	
    
    Share Purchase Agreement

3.7 

All licences,
consents and other permissions and approvals required for or in connection with
the carrying on of the business now being conducted by each of the members of
the Group are in full force and effect and have been duly complied with in all
material respects and, to the best of the Vendor's knowledge, there is no
circumstance which might invalidate any such licence, consent, permission or
approval or render it liable to forfeiture or modification or affect its
renewal. 

4. 

BUSINESS NAME 

The Company does not use any name for any purpose
other than its full corporate name. 

5. 

LICENCES AND CONSENTS 

Each of the Group Members has
obtained all licences, permissions, authorisations and consents required to own
and operate its assets and for the proper carrying on of its business (full
details of which are set out in the Disclosure Letter). All such licences,
permissions, authorisations and consents are in full force and effect, have been
obtained on a permanent and unconditional basis and none of the Group Members
are in breach of any of the terms and conditions attached to those licences,
permissions, authorisations and consents. To the best knowledge of the
Vendor, there are no circumstances which indicate that any of such licences,
permissions, authorisations or consents may be revoked or not renewed in the
ordinary course of events nor are there any circumstances which indicate that
equivalent licences, permissions, authorisations or consents on no less
favourable terms would not be granted to the Group Members following the
acquisition of the Shares by the Purchaser. 

6. 

INSURANCE 

6.1 

Full details of
all insurance policies effected by the Company or by any other person in
relation to any of the Company's assets have been Disclosed and all such details
are true and correct in all respects and all such insurance policies are
currently in full force and effect. 

6.2 

The Company has
not done or omitted to do or suffered anything to be done or not to be done
which has or might render any policies of insurance taken out by it in relation
to any of the Company's assets void or voidable or which would or might result
in an increase in the rate of premiums on the said policies and there are no
claims outstanding and no circumstances which would or might give rise to any
claim under any of such policies of insurance. 

    	 	
    5

    	
    
    Share Purchase Agreement

6.3 

All the assets
of the Company of an insurable nature are and have at all material times been
insured in amounts representing their full replacement or reinstatement value
(with no provision for deduction or excess) against fire and other risks
normally insured against by persons carrying on similar businesses to the
business of the Company. The Company is and has at all material times been
adequately insured against accident, third party and other risks normally or
presently insured against by persons carrying on similar businesses to the
business of the Company. 

7. 

RECORDS 

All the accounts, books, registers,
ledgers and financial and other material records of whatsoever kind of each of
the Group Members are up to date, in its possession or under its control and
have been fully properly and accurately kept and compiled; there are no material
inaccuracies or discrepancies of any kind contained or reflected in such records
and they give and reflect a true and fair view of the financial, contractual and
trading position of each of the Group Members and fixed and current assets and
liabilities (actual and contingent), debtors and creditors. 

8. 

CONFIDENTIAL INFORMATION 

8.1 

None of the
Group Members uses any processes and is not engaged in any activities which
involve the misuse of any confidential information belonging to any third party
or alleged misuse. 

8.2 

None of the Group Members is
aware of any actual or alleged misuse by any person of any of its Confidential
Information. 

8.3 

None of the
Group Members has disclosed to any person any of its Confidential Information
except where such disclosure was properly made in the normal course of the
business of the Group Member and was made subject to an agreement under which
the recipient is obliged to maintain the confidentiality of such Confidential
Information and is restrained from further disclosing or using it other than for
the purposes for which it was disclosed by the Company. 

8.4 

Confidential
Information used by each of the Group Members is kept strictly confidential and
each of the Group Members operates and fully complies with procedures which
maintain such confidentiality, which confidentiality has not been breached. 

    	 	
    6

    	
    
    Share Purchase Agreement

9. 

INTELLECTUAL PROPERTY 

9.1 

None of the
Companies is in possession of any Business Intellectual Property nor is any
Group Member in the process of making any application for registration of any
Business Intellectual Property other than what the Vendor have disclosed to the
Purchaser. 

9.2 

The carrying on
of each of the Group Members' business as presently constitute does not require,
and has not at any time required, any licences or consents (other than licences
for its incorporation) from or the making of royalty or similar payments to any
third partyiaside from
what the vendor has disclosed to the purchaserjand
none of the Group Members is engaged in any activities which infringe any
Intellectual Property or other rights belonging to or vested in any third party.

9.3 

There are no
outstanding claims against the Company for infringement of any Intellectual
Property used (or which has been used) by it and no such claims have been
settled by the giving of any undertakings which remain in force. 

9.4 

None of the Group Companies has
carried on business under any name other than its corporate name. 

9.5 

No claims or
applications have been made against, no notifications (including
"non-threatening letters") have been received by, and no circumstances are known
to the Vendor in respect of the business of each of the Group Members which
(notwithstanding any view taken by the Vendor as to the merits of such claim
application, notification or circumstances) if pursued, granted or acted on
would affect the accuracy of the Warranties set out in this paragraph. 

10. 

EMPLOYEES 

10.1 

None of the
officers or employees of the Group Members has given or received notice
terminating his employment or will be entitled to give notice as a result of the
provisions of this agreement. 

10.2 

Full particulars
of the terms and conditions of employment of all the officers or employees of
the Group Members (including, without limitation, all remuneration, incentives,
bonuses, expenses, profit-sharing arrangements and other payments, share option
schemes and other benefits whatsoever payable) and, where an employee has been
continuously absent from work for more than one month, the reason for the
absence, are set out in the Disclosure Letter. 

    	 	
    7

    	
    
    Share Purchase Agreement

10.3 

There is not in
existence any contract of employment with any director or employee of each of
the Group Members (or any contract for services with any individual) which
cannot be terminated by the Company giving three months' notice or less without
giving rise to the making of a payment in lieu of notice or a claim for damages
or compensation (other than a statutory redundancy payment or statutory
compensation for unfair dismissal) or which is in suspension or has been
terminated but is capable of being revived or enforced or in respect of which
the Group Member has a continuing obligation. 

10.4 

In relation to
each of the present officers or employees of each of the Group Members (and so
far as relevant to each of its former employees), dated as of this agreement,
each of the Group Members has: 

10.4.1 

complied with
all obligations imposed on it by all statutes, regulations and codes of conduct
relevant to the relations between it and its employees; 

10.4.2 

maintained
adequate and suitable records regarding the service of each of its employees;

10.4.3 

complied with
all collective agreements and customs and practices for the time being dealing
with such relations or the conditions of service of its employees; and 

10.4.4 

complied with
all relevant orders and awards made under any statute affecting the conditions
of service of its employees. 

10.5 

None of the
Group Members are involved in any disputes and there are no circumstances which
may result in any dispute involving any of the officers or employees of the
Group Members and none of the provisions of this agreement including the
identity of the Purchaser is likely to lead to any such dispute. 

10.6 

There is not
outstanding any agreement or arrangement to which any of the Group Members is
party for profit sharing or for payment to any of its officers or employees or
former employees of bonuses or for incentive payments or other similar matters.

    	 	
    8

    	
    
    Share Purchase Agreement

10.7 

There is no
agreement or arrangement between any of the Group Members and any of its
employees or officers or former employees or officers with respect to his
employment, his ceasing to be employed or his retirement which is not included
in the written terms of his employment or previous employment. 

10.8 

Since the
Accounts Date, no change has been made in the terms of employment by each of the
Group Members (other than those required by law) of any of the officers or
employees of the Group Members and none of the Group Members is obliged to
increase and has not made provision to increase the total annual remuneration
payable to its officers and employees. 

10.9 

No trade union,
works council, staff association or other body representing employees is
recognised in any way for bargaining, information or consultation purposes in
relation to the employees of each of the Group Members and there is no agreement
or agreements with any such representative body in relation to the employees of
each of the Group Members. 

10.10 

There is no
agreement, arrangement, scheme or obligation (whether legal or moral) for the
payment of any pensions, allowances, lump sums or other like benefits on
redundancy, on retirement or on death or during periods of sickness or
disablement for the benefit of any of the officers or employees of each of the
Group members or former officers or employees or for the benefit of dependants
of such persons. 

10.11 

No amounts due to or in respect
of any of the officers or employees or former employees of each of the Group
Members are in arrears or unpaid. 

10.12 

No monies or
benefits other than in respect of contractual emoluments are payable to any of
the officers or employees of each of the Group Members and there is not at
present a claim, occurrence or state of affairs which may hereafter give rise to
a claim against any of the Group Members arising out of the employment or
termination of employment of any employee or former employee for compensation
for loss of office or employment or otherwise. 

11. 

CONTRACTS 

11.1 

There is not outstanding in
connection with the business of the Company: 

11.1.1 

any agreement or arrangement
between any of the Group Members and any third party which the signature or
performance of this agreement will contravene or under which the third party
will acquire a right of termination or any option as a result of the signature
or performance of this agreement; 

	 	
    9

    	
    
    Share Purchase Agreement

11.1.2 

any agreement or arrangement
between the Company and any other company which is a member of the Group; 

11.1.3 

any agreement or arrangement
entered into by any of the Group Members otherwise than by way of bargain at
arm's length; 

11.1.4 

any sale or
purchase, option or similar agreement, arrangement or obligation affecting any
of the assets of the Group Members or by which any of the Group Members is
bound; 

11.1.5 

any agreement
or contract containing any unusual or onerous terms to be observed or performed
by the any of the Group Members or which the Group Member cannot comply with on
time or without undue or unusual expenditure of money or effort; 

11.1.6 

any agreement
or contract which is unusual, unprofitable (that is to say known to have been
likely to result in a loss to the Group Member on completion of performance) or
of a long-term nature (that is to say incapable of performance in accordance
with its terms within three months after the date on which it was entered into
or undertaken), save as disclosed in the Disclosure Letter hereto; or 

11.1.7 

any agreement
or arrangement which involves or may involve obligations which by reason of
their material nature or magnitude ought to be made known to the Purchaser. 

11.2 

None of the
Group Members nor any party with whom any of the Group Members has entered into
any agreement or contract is in default being a default which would have a
material and adverse effect on the financial or trading position or prospects of
any of the Group Members and to the best knowledge of the Vendor, there are no
circumstances likely to give rise to such a default. 

11.3 

No breach of
contract, event or omission has occurred which would entitle any third party to
terminate any contract to which any of the Group Members is a party or to call
in any money before the date on which payment of such amount would normally or
otherwise be due and none of the Group Members has received notice of intention
to terminate any of such agreements or contracts. 

    	 	
    10

    	
    
    Share Purchase Agreement

11.4 

The Vendor has
no reason to believe that any customer or supplier of any of the Group Members
or other person dealing with any of the Group Members will refuse to continue to
deal with the Group Member or the Purchaser or will deal with it on a smaller
scale than at present as a result of the change of control of the Company to be
effected pursuant to this agreement. 

11.5 

The Disclosure
Letter contains full details of all agreements, arrangements or contracts
(whether oral or in writing) made between each of the Group Members and any
employee or client or customer of each of the Group Members other than in the
ordinary course of business. 

12. 

TRADING 

12.1 

There is not
outstanding any liability or claim against the Company nor are there any
deficiencies or defects or breaches of contract which could result in any claim
being made against any of the Group Members in relation to any goods or services
for which any of the Group Members has been or is or may be or become liable or
responsible in the course of its business and without prejudice to the
generality of the foregoing no dispute exists between any of the Group Members
and any customer, client or supplier of such goods or services nor are there any
circumstances which are believed likely to give rise to any such dispute. 

12.2 

None of the
Group Members is restricted by contract from carrying on any activity in any
part of the world. 

12.3 

Other than in
the ordinary course of business, no offer, tender or the like is outstanding
which is capable of being converted into an obligation of any of the Group
Members by an acceptance or other act of some other person. 

13. 

BORROWINGS 

Except as disclosed in the Accounts
and the Disclosure Letter, none of the Group Companies has outstanding: 

13.1 

any borrowing or
indebtedness in the nature of borrowing including any bank overdrafts,
liabilities under acceptances (otherwise than in respect of normal trade bills)
and acceptance credits other than borrowing or indebtedness arising in the
ordinary course of business; 

    	 	
    11

    	
    
    Share Purchase Agreement

13.2 

any guarantee, indemnity or
undertaking (whether or not legally binding) to procure the solvency of any
person or any similar obligation; or 

13.3 

any Encumbrance or any
obligation (including a conditional obligation) to create an Encumbrance. 

14. 

LITIGATION, OFFENCES AND
COMPLIANCE WITH STATUTES 

14.1 

None of the
Group Members nor any person for whose acts or defaults the Group Members may be
vicariously liable is claimant, defendant or otherwise a party to any
litigation, arbitration or administrative proceedings which are in progress or
are threatened or pending by or against or concerning each of the Group Members
or any of its assets; none of the Group Members is being prosecuted for any
criminal offence and no governmental or official investigation or inquiry
concerning the business or officers of the Group Members or any of its assets is
in progress or pending and there are no circumstances which are likely to give
rise to any such proceedings, investigation or inquiry. 

14.2 

None of the
Group Members nor any of its officers, agents or employees (during the course of
their duties in relation to the business of the Group Members) has committed or
omitted to do any act or thing the commission or omission of which is or could
be in contravention of any statutory obligation or any other applicable law
giving rise to any fine, penalty, default proceedings or other liability in
relation to the business or officers of the Group Members or any of its assets
or any judgment or decision which would materially affect the financial or
trading position or prospects of any of the Group Members. 

14.3 

The Shares were not purchased or
subscribed for by the Vendor with funds derived from criminal proceeds. 

14.4 

To the best of the Vendor's
knowledge, information and belief: 

14.4.1 

none of the assets owned by any
of the Group Members has been acquired with monies representing the proceeds of
crime; 

    	 	
    12

    	
    
    Share Purchase Agreement

14.4.2 

None of the Group Members has
at any time received monies representing criminal proceeds. 

15. 

SUBSIDIARIES 

None of the Group Members has since
its incorporation had any subsidiary or subsidiary undertaking apart and none of
the Group Members is the legal or beneficial owner of any shares of any other
company save as contemplated in this agreement. 

16. 

ADMINISTRATION 

16.1 

Every document
required by any applicable legislation to be filed with any appropriate
regulatory bodies has been duly filed and compliance has been and is being made
by each of the Group Members with any applicable legislation. 

16.2 

The copy of the
constitution documents of each of the Group Members annexed to the Disclosure
Letter is accurate and complete in all respects, includes copies of all
resolutions and documents required to be incorporated in the constitutional
documents of each of the Group Members and fully sets out all rights attaching
to each class of the share capital of the Group Members and the register of
members and other statutory books of each of the Group Members have been
properly kept and contain a true, accurate and complete record of all the
matters which should be dealt with in the constitutional documents of the Group
Members and no notice or allegation that any of the same is incorrect or should
be rectified has been received. 

16.3 

Each of the
Group Members was incorporated in accordance with its constitutional documents
and is validly existing and is entitled to carry on the business now carried on
by it. 

16.4 

All legal requirements in
connection with the formation and conduct of the each of the Group Members have
been observed. 

16.5 

All special resolutions passed
by each of the Group Members have been Disclosed. 

16.6 

The Group Members have not at
any time carried on any business other than the business carried on at the date
hereof. 

16.7 

None of the Group Members have
given any power of attorney or any other authority (express, implied or
ostensible) which is still outstanding or effective to any person to enter into
any contract or commitment or do anything on its behalf (other than any
authority of directors or employees to enter into routine trading contracts in
the normal course of their duties). 

    	 	
    13

    	
    
    Share Purchase Agreement

17. 

INSOLVENCY 

17.1 

No resolution
has been passed nor meeting called to consider such resolution, no petition has
been presented and no order has been made for the winding up of or for the
appointment of a provisional liquidator to any of the Group Members. 

17.2 

No petition has
been presented and no application has been made to court for an administration
order in respect of any of the Group Members and no notice of an intention to
appoint an administrator of any of the Group Members has been given or filed.

17.3 

No liquidator,
administrator, receiver, receiver and manager, administrative receiver or
similar officer has been appointed in relation to any of the Group Members or in
relation to the whole or any part of its assets, rights or revenues. 

17.4 

In relation to each of the Group
Members: 

17.4.1 

no scheme for
the benefit of creditors has been proposed or implemented, whether or not under
the protection of the court and whether or not involving a reorganisation or
rescheduling of debt; and 

17.4.2 

no proceedings have been
commenced under any law, regulation or procedure relating to the reconstruction
or adjustment of debts. 

17.5 

None of the
Group Members has not stopped or suspended payment of its debts, and none of the
Group Members is unable or capable of being deemed unable to pay its debts. 

17.6 

No distress,
execution or other process has been levied on an asset of any of the Group
Members and no unsatisfied judgment, order or award is outstanding against any
of the Group Members. 

17.7 

No action has
been or is being taken by any relevant authority to strike the Group Members off
the appropriate register under the applicable laws (if any) in their respective
places of incorporation. 

    	 	
    14

    	
    
    Share Purchase Agreement

18. 

MONEY LAUNDERING LAWS 

The operations of Company are and
have been conducted at all times in compliance with applicable financial
record-keeping and reporting requirements of the money laundering statutes of
all U.S. and non-U.S. jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental body (collectively, the "Money Laundering Laws")
and no proceeding involving Company or any of the Group Members with respect to
the Money Laundering Laws is pending or, to the knowledge of the Group Members,
threatened. 

19. 

SECURITIES REPRESENTATIONS 

The Vendor understands, acknowledges
and agrees that the offering and sale of the shares of CIST hereunder (the
"Acquisition Shares") to the Shareholders in accordance with this Agreement has
not been registered under the Securities Act or under any state securities laws
or regulations and that the Acquisition Shares are being offered and sold to it
in reliance on an exemption from the registration requirements of United States
federal and state securities laws under Regulation S promulgated under the
Securities Act and that CIST is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of
each of the Shareholders set forth herein in order to determine the
applicability of such exemptions and the suitability of such Shareholders to
acquire the Acquisition Shares. In this regard, each of the Shareholders
represents and warrants as follows: 

19.1 

None of the
Shareholders is a U.S. Person (as defined below) or an affiliate (as defined in
Rule 501(b) under the Securities Act) of CIST. A U.S. Person means any one of
the following: (1) any natural person resident in the United States of America;
(2) any partnership or corporation organized or incorporated under the laws of
the United States of America; (3) any estate of which any executor or
administrator is a U.S. person; (4) any trust of which any trustee is a U.S.
person; (5) any agency or branch of a foreign entity located in the United
States of America; (6) any non-discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a U.S. person; (7) any discretionary account or similar account
(other than an estate or trust) held by a dealer or other fiduciary organized,
incorporated or (if an individual) resident in the United States of America; and
(8) any partnership or corporation if: (a) organized or incorporated under the
laws of any foreign jurisdiction; and (b) formed by a U.S. person principally
for the purpose of investing in securities not registered under the Securities
Act, unless it is organized or incorporated, and owned, by accredited investors
(as defined in Rule 501(a) under the Securities Act) who are not natural
persons, estates or trusts. 

    	 	
    15

    	
    
    Share Purchase Agreement

19.2 

At the time of
the origination of contact concerning this Agreement and the date of the
execution and delivery of this Agreement, each of the Shareholders was outside
of the United States. 

19.3 

Each of the
Shareholders will not, during the period commencing on the date of issuance of
the Acquisition Shares and ending on the first anniversary of such date, or such
shorter period as may be permitted by Regulation S or other applicable
securities law (the "Restricted Period"), offer, sell, pledge or otherwise
transfer the Acquisition Shares in the United States, or to a U.S. Person for
the account or for the benefit of a U.S. Person, or otherwise in a manner that
is not in compliance with Regulation S. At no time shall a Shareholder offer or
sell the Acquisition Shares unless they are registered under the Securities Act
or are exempt from the registration requirements of the Securities Act and any
applicable state or foreign securities laws or regulations. 

19.4 

Each of the
Shareholders will offer, sell, pledge or otherwise transfer the Acquisition
Shares only pursuant to registration under the Securities Act or an available
exemption therein and, in accordance with all applicable state and foreign
securities laws. 

19.5 

Each of the
Shareholders has not in the United States, engaged in, and will not directly or
indirectly engage in, any short selling of or any hedging or similar transaction
with respect to the Acquisition Shares, including without limitation, any put,
call or other option transaction, option writing or equity swap. 

19.6 

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

    	 	
    16

    	
    
    Share Purchase Agreement

19.7 

The transactions
contemplated by this contract have not been prearranged with a buyer located in
the United States or with a U.S. Person, and are not part of a plan or scheme to
evade the registration requirements of the Securities Act. 

19.8 

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

    	 	
    17

    	
    
    Share Purchase Agreement

SCHEDULE 3 

Completion 

1. 

The Vendor must deliver or
procure to be delivered to the Purchaser: 

1.1 

The Vendor will
procure that a meeting of the board of directors and the members of the Company
is convened and held on or before the Completion Date, for the purpose of
passing the following resolutions in reach case to the extent necessary and
appropriate: 

1.1.1 

To approve and give effect to
the transfer of the Shares from the Vendor to the Purchaser pursuant to this
agreement; 

1.1.2 

To approve the entry of the
Purchaser's name in register of members of the Company as the holder of the
Shares; 

1.1.3 

To appoint such directors as
nominated by the Purchaser; 

1.1.4 

To approve the amendment of any
authorized signatories of the Company, including bank authorized signatories as
nominated by the Purchaser, and 

1.1.5 

To deal with
and resolve upon such other matters as the Purchaser may reasonably require for
the purposes of completing the sale and purchase hereunder. 

1.2 

Duly executed instruments of
transfers in respect of the Shares in favour of the Purchaser; 

1.3 

A letter issued
by the Vendor to the Registered Agent of the Company advising of the transfer of
the Shares under this agreement and instructing the Registered Agent to update
the copy of the share register of the Company kept at the registered office of
the Company and that as from Completion the Purchaser shall be the client of
record with respect to the Company; 

1.4 

The duly endorsed share
certificate for the Shares in the name of the Vendor; 

1.5 

The resolutions of the
shareholders and the directors of the Company referenced in paragraph 1.1 above;

    	 	
    18

    	
    
    Share Purchase Agreement

1.6 

Letters of
resignations of directors of the Company, such letters of resignation to be in
any usual form and in each case acknowledging that such persons have no
outstanding claim against the relevant Group Member, whether for compensation
for loss of office or otherwise howsoever arising; 

1.7 

All certificates
of incorporation and certificates of incorporation on change of name for the
Company and the Subsidiaries and all Business Registration Certificates or
Business Licences for the Company and the Subsidiaries, together with all
approvals, permits, certificates and licences issued in relation to the Company
and the Subsidiaries; 

1.8 

The common seal,
company chops finance chops and statutory books (including minute books) and
books of account of the Company and the Subsidiaries made up to the Completion
Date; 

1.9 

Copies of all bank mandates
given by the Company and/or any of the Subsidiaries and forms of cancellation of
such bank mandates duly executed; 

1.10 

Alteration of all bank
authorised signatories to the such persons as nominated by the Purchaser; 

1.11 

Bank statements
dated not earlier than two Business Days before Completion for all bank accounts
of the Company and/or the Subsidiaries together with cash book balances of the
Company and/or the Subsidiaries as at Completion and reconciliation statements
reconciling such balances with the bank statements; 

1.12 

All cheque books in the
possession of or under the control of the Company and/or any of the
Subsidiaries; 

1.13 

All credit cards
in the name of or for the account of the Company and/or any of the Subsidiaries
in the possession of any person resigning from his office or employment on
Completion; 

1.14 

A letter from
any relevant banks and duly executed deeds of release evidencing the release and
discharge of all guarantees and charges of the Company and/or the Subsidiaries
to such banks; 

1.15 

All current insurance policies;

    	 	
    19

    	
    
    Share Purchase Agreement

1.16 

Such waivers,
consents or other documents as the Purchaser may require to enable the full
beneficial ownership of the Shares to vest in the Purchaser or to enable the
Purchaser or its nominees to be registered as holders of the Shares; 

1.17 

A Certificate of Incumbe
ncy in relation to the Company to the satisfaction of the
Purchaser; 

1.18 

Such other documents and things
as the Purchaser may properly and reasonably request to implement this
transaction. 

    	 	
    20

    	
    
    Share Purchase Agreement

SCHEDULE 4 

Operation of the Company pending Completion 

The Vendor covenants with the Purchaser that, in the period
from the date of this agreement to Completion, it will procure that the Company
and each of the Subsidiaries must (unless the Purchaser otherwise agrees in
writing): 

1. 

Continue its business in the ordinary and usual course and so as to maintain the
same as a going concern; 

2. 

Not dispose of
or agree to dispose of or acquire or agree to acquire any assets or stock (other
than in the normal course of business) or assume or incur or agree to assume or
incur a liability, obligation or expense (actual or contingent) except in the
usual course of its business; 

3. 

Not merge or
amalgamate or agree to merge or amalgamate its business with any other company;

4. 

Not enter into
any scheme or arrangement with creditors; 

5. 

Not enter into
any contract, transaction or arrangement with the Vendor; 

6. 

Not pass any
shareholders' resolution; 

7. 

Not create,
allot, issue, acquire, redeem or repay any share or loan capital or agree,
arrange or undertake to do any of those things or acquire or agree to acquire
shares or any other interest in any other company; 

8. 

Not enter into
any long-term contract or any contract or arrangement involving expenditure or
liabilities other than in the ordinary course of business; 

9. 

Not make any
capital commitment or approve or make any capital expenditure in excess of this
amount and/or before the time provided in the relevant budget; 

10. 

Not amend or
terminate any agreement, arrangement or obligation to which it is a party; 

11. 

Not engage in
any transaction except on an arm's-length basis in the ordinary course of
business; 

    	 	
    21

    	
    
    Share Purchase Agreement

12. 

Not increase or
agree to increase the remuneration (including, without limitation, salary,
bonuses, commissions, profits in kind and pension contributions) of any of its
directors or employees or vary the terms of employment of or dismiss any
employee or engage any new employee or agree to provide any gratuitous payment
or benefit to any person; 

13. 

Not amend or
discontinue the Relevant Benefits or communicate to any employee any plan,
proposal or intention to amend, discontinue or exercise any discretion in
relation to any such schemes; 

14. 

Not alter or agree to alter the
terms of any existing borrowing facilities or arrange additional borrowing
facilities; 

15. 

Not create or agree to create
any Encumbrance over any of its assets or make any loans or enter into any
guarantee or stand surety for the obligations of any third party; 

16. 

Not grant any credit except
normal trade credit given in the ordinary course of business; 

17. 

Not declare, make or pay any
dividend or other distribution; 

18. 

Not change its accounting
reference date; 

19. 

Not enter into any litigation or
arbitration proceedings; 

20. 

Except in the
usual course of its business, not compromise, settle, release, discharge or
compound litigation or arbitration proceedings or a liability, claim, action,
demand or dispute, or waive a right in relation to litigation or arbitration
proceedings; 

21. 

Conduct its business in all
material respects in accordance with all applicable legal and administrative
requirements in any jurisdiction; 

22. 

Not cancel or fail to renew by
the due date the insurance policies in force at the date of this agreement nor
do or omit to do anything to render such policies void or voidable. 

    	 	
    22

    	
    
    Share Purchase Agreement

IN WITNESS of which the parties or their duly authorised representatives
have executed this agreement. 

	Signed by	 
	For and on behalf of	 
	China Public Security Holdings Limited	 
	 	 
	 	
    NAME: Jiang Huai Lin
	 	 
	 	 
	 	 
	 	 
	Signed by	 
	For and on behalf of	 
	Wide Peace International Investments	 
	Limited	 
	 	 
	 	
    NAME: LUO Xiao Yun
	 	 
	 	 
	 	 
	 	 
	Signed by	 
	For and on behalf of	 
	China Information Security Technology,
    Inc.	 
	 	 
	 	
    NAME: Jiang Huai Lin

 

    	 	
    23cms-wpi_renewalnotice.htm

    
Back to Form 8-K 

    Exhibit 10.1

    
      DEPARTMENT
OF HEALTH & HUMAN SERVICES

    

    
      Centers
for Medicare & Medicaid Services

    

    
      7500
Security Boulevard

    

    
      Baltimore,
Maryland 21244-1850

    

    
      
        	 

      

       

    

    
      Mr. Heath
Schiesser

    

    
      WELLCARE
PRESCRIPTION INSURANCE, INC.

    

    
      8735
Henderson Rd

    

    
      Tampa, FL
33634

    

    
      

    

    
      RE: 2009
Contract Renewal for Contract S5967

    

    
      

    

    
      Dear Mr.
Schiesser:

    

    
      

    

    
      The
Centers for Medicare and Medicaid Services (CMS) is pleased to inform you that
we are renewing your organization's Medicare Prescription Drug Plan (PDP)
Sponsor contract effective January 1, 2009 through December 31, 2009.  This
renewal is issued based on our approval of your bids and receipt of your signed
2009 Benefit Attestation, This contract renewal includes any applicable addendum
that governs the operation of Employer/Union-Only Group Waiver ("800 Series")
Plans.

    

    
      

    

    
      CMS will
continue to provide Prescription Drug Benefit program information to contracting
organizations through the Health Plan Management System (HPMS) and the CMS Web
site.   It is imperative that you monitor both of these resources
to stay current on program requirements and information.  We further remind
you to ensure that your organization's contact information in HPMS remains
accurate, as that is our primary mechanism for contacting contracted
organizations.

    

    
      

    

    
      We look
forward to continuing to work with you in serving Medicare beneficiaries in your
service area.  If you have any questions, please contact your Account
Manager.

    

    
      

    

    
      Sincerely,

    

    
      

    

    
      

    

    
      /s/ Cynthia
Tudor                         

    

    
      Cynthia
G. Tudor, Ph.D.

    

    
      Director

    

    
      Medicare
Drug Benefit Group

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      ADDENDUM
TO CONTRACTS WITH MEDICARE PART D SPONSORS PURSUANT 

      TO
SECTIONS 1860D-1 THROUGH 1860D-42 OF THE SOCIAL SECURITY ACT FOR 

      THE
OPERATION OF A VOLUNTARY MEDICARE PRESCRIPTION DRUG PLAN

    

    
      

    

    
      The
Centers for Medicare and Medicaid Services (hereinafter referred to as "CMS")
and WellCare
Prescription Insurance, Inc., an organization operating a Voluntary
Medicare Prescription Drug Plan (hereinafter referred to as "the Sponsor")
agree, pursuant to 42 C.F.R. §423.508(a) to amend the contract (S5967) governing
the Sponsor's Part D operations described in Section 1860D-1 through
1860D-42(with the exception of 1860D-22(a) and 1860D-31) of the Social Security
Act (hereinafter referred to as "the Act") to include the provisions stated
below.

    

    
      

    

    
      This
addendum is made pursuant to Subpart L of 42 CFR Part 417, Subpart K of 42 CFR
Part 422, and Subpart K of 42 CFR Part 423.

    

    
      

    

    
      NOTE: For the purposes of
this addendum, "the Sponsor" includes the following: standalone prescription
drug plan (PDP) sponsors, Medicare managed care organizations offering Part D
benefits (MA-PD), and employer group/union-only organizations.  For a PDP
sponsor, this document amends its contract with CMS.  For MA-PD
organizations and employer group/union-only benefit sponsors, this document
amends the Part D addendum to their Medicare managed care contracts with
CMS.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Article
I

    

    
      Medicare
Voluntary Prescription Drug Benefit

    

    
      

    

    
      
        	
                A.

              	
                This
      addendum is in no way intended to supersede or modify 42 CFR, Parts 417,
      422 or 423, except as to any requirements set forth in 42 CFR Part 423
      that are specifically waived or modified for Sponsors offering a
      prescription drug benefit exclusively to Part D eligible individuals
      enrolled in employment-based retiree prescription drug coverage as
      provided in applicable employer/union-only group waiver guidance and/or in
      this addendum.  Failure to reference a regulatory requirement in this
      addendum does not affect the applicability of such requirements to the
      Sponsor and CMS.

              

      

    

    
      

    

    
      
        	
                B.

              	
                In
      the event of a conflict between the employer/union-only group waiver
      guidance issued prior to the execution of the contract and this addendum,
      the provisions of this addendum shall control.  In-the event of any
      conflict between the employer/union-only group waiver guidance issued
      after the execution of the contract and this addendum, the provisions of
      the employer/union-only group guidance shall
  control.

              

      

    

    
      

    

    
      
        	
                C.

              	
                In
      the event of any conflict between the provisions of this addendum and any
      other provision of the contract, the terms of this addendum shall
      control.

              

      

    

    
      

    

    
      Article
II

    

    
      Sponsor
Reimbursement to Pharmacies

    

    
      

    

    
      
        	
                A.

              	
                Effective
      January 1, 2010, Sponsor will issue, mail, or otherwise transmit payment
      with respect to all clean claims submitted by pharmacies (other than
      pharmacies that dispense drugs by mail order only or are located in, or
      contract with, a long-term care facility) within 14"days of receipt of an
      electronically submitted claim or within 30 days of receipt of a claim
      submitted otherwise.

              

      

    

    
      

    

    
      
        	
                B.

              	
                Effective
      January 1, 2010, Sponsor must ensure that a pharmacy located in, or having
      a contract with, a long-term care facility will have not less than 30 days
      (but not more than 90 days) to submit claims to the Sponsor for
      reimbursement.

              

      

    

    
      

    

    
      
        	
                C.

              	
                Effective
      January 1, 2009, if Sponsor uses a standard for reimbursement of
      pharmacies based on the cost of a drug will update such standard not less
      frequently than once every 7 days, beginning with an initial update on
      January 1 of each year, to accurately reflect the market price of
      acquiring the drug.

              

      

    

    
       

      
        
          Article
III

        

        
           Record
Retention and Reporting Requirements

        

         

        
          The
section entitled "RECORD MAINTENANCE AND ACCESS" is amended to include the
following provision: "Sponsor agrees to maintain records and provide access in
accordance with 42 CFR §§ 423.505 (b)(10) and
423.505(i)(2)(ii)."

        

      

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          
            
              Article
IV

            

          

        

      

    

    
      CMS
Notice of Sponsor Contract Non-Renewal

    

    
      

    

    
      Paragraph
1 of the section entitled "QUALIFICATION TO RENEW ADDENDUM" is revised to read
as follows:

    

    
      

    

    
      "1. In
accordance with 42 CFR §423.507, the Sponsor will be determined qualified to
renew this addendum annually only if—

    

    
      
        	
                 
      

              	
                (a)

              	
                The
      Sponsor has not provided CMS with a notice of intention not to renew in
      accordance with Article VII of this addendum, and

              
	 	(b)    	CMS
      has not provided the Sponser with a notice of intention not to
      renew." 

      

    

    
             

    

    
      Article
IV

    

    
      Addendum
Term

    

    
      

    

    
      This
addendum is effective from the date of CMS' authorized representative's
signature and shall remain in effect for as long as the Sponsor remains a Part D
sponsor under contract with CMS.

    

    
      

    

    
      Article
VI

    

    
      Modification
or Termination of Addendum by Mutual Consent

    

    
      

    

    
      This
addendum may be modified or terminated at any time by written mutual consent in
accordance with 42 CFR 423.508.

    

    
      

    

    
      Article
XII

    

    
      Severability

    

    
      

    

    
      Severability
of the addendum shall be in accordance with 42 CFR
§423.504(e).

    

    
      

    

    
      Article
XIII

    

    
      Miscellaneous

    

    
      

    

    
      
        	
                A.
      

              	
                Terms
      not otherwise defined in this addendum shall have the meaning given such
      terms at 42 CFR Part 423 or, as applicable, 42 CFR Part 422 or Part
      417.

              

      

    

    
      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

    

    
      
        	
                B.

              	
                The
      Sponsor agrees that it has not altered in any way the terms of the
      addendum presented for signature by CMS. Sponsor agrees that any
      alterations to the original text the Sponsor may make to this addendum
      shall not be binding on the
parties.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      In
witness whereof, the parties hereby execute this contract
modification

    

    
      

    

    
      FOR THE
SPONSOR

    

    
      

    

    
      

    

    
      	
              Heath
      Schiesser                                    
         

            	
              President &
      CEO                                      
      

            
	
              Printer
      Name

            	
              Title

            
	
               

              /s/ Heath
      Schiesser                             
          

            	
               

              9/5/08                                                         
      

            
	
              Signature

            	
              Date

            
	
               

              WellCare Prescription
      Insurance, Inc. 

            	
               

              8735 Henderson Rd.,
      Tampa, FL 33634

            
	
              Organization

            	
              Address

            

    

    
       

    

    
      

    

    
      FOR THE
CENTERS FOR MEDICARE & MEDICAID SERVICES

    

    
      

    

    
      

    

    
      	
              /s/ Cynthia
      Tudor                                    

            	
              9/15/08                                                      
      

            
	
              
                Cynthia
      Tudor, Ph.D.

              

              
                Director

              

              
                Medicare
      Drug Benefit Group and C
      & D Data Group

              

              
                Center
      for Drug and Health Plan Choice

              

            	
              Date

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