Document:

Exhibit 10.11  

ADDENDUM EXPANDING THE PURCHASE AND SALE PROMISE GRANTED BY THE SHAREHOLDERS OF THE COMPANIES MARINES C.A. AND RECÓRCHOLIS S.A. TO SPOUSES DOCTOR
RÉCHER HERNAN VIVANCO CORDOVA AND LUZ AMINTA SIERRA SIERRA DE VIVANCO.

AMOUNT: UNDETERMINED.

In
the city of Guayaquil, Capital of the Province of Guayas, Republic of Ecuador, today, the thirty-first day of January two thousand three, before me DOCTOR PIERO GASTON
AYCART VINCENZINI, Principal Notary number THIRTY of this canton, there appear the shareholders of the company Marines C.A., party of the first part: the company  BALTEK CORPORATION, a U.S. company represented by Engineer José Alberto Sandoval Muñoz, an Ecuadorian citizen, duly
authorized by the Vice President of Operations for Latin America of said company, Mr. Antonio Luis Díaz, also a U.S. citizen; the company MADERAS SECAS
S.A., MASECA, represented by its General Manager and Legal Representative, engineer José Alberto Sandoval Muñoz, an Ecuadorian citizen; and the
company BALMANTA S.A., represented by its Second Manager and Legal representative, engineer Carlos Augusto Naranjo Lindao, an Ecuadorian citizen; on the other hand, as sole shareholder of the company  RECÓRCHOLIS
S.A., there appears the company MARINES C.A., represented by Engineer José Alberto Sandoval
Muñoz; these parties will be hereinafter referred to as the COMMITTED SELLERS. As the party of the second part, there appear the spouses DOCTOR RÉCHER HERNAN VIVANCO
CORDOVA, an Ecuadorian citizen, and LUZ AMINTA SIERRA SIERRA DE VIVANCO, a Colombian citizen, hereinafter the COMMITTED BUYERS. All the deponents are of
legal age, executives, domiciled in the city of Guayaquil, competent to bind themselves and contract, whom know, I certify. Being well informed of the object and results of this instrument, which they
execute as indicated, and with ample and full freedom for its execution, they presented the draft with the following content: MR. NOTARY: In the
Register of Public Instruments in your charge, please include one containing an ADDENDUM EXPANDING AND AMENDING THE PURCHASE AND SALE PROMISE AGREEMENT concerning the shares of capital of the joint
stock companies MARINES S.A. AND RECÓRCHOLIS S.A., pursuant to the clauses and representations indicated below: 

ONE: THE PARTIES.—The following persons participate in its execution: a) the party of the first part, as COMMITTED SELLERS: the
shareholders of MARINES C.A.: BALTEK CORPORATION, represented by Engineer Alberto Sandoval Muñoz, an Ecuadorian citizen, duly authorized by the Vice President of Operations for Latin
America of said company, Mr. Antonio Luis Díaz, also a U.S. citizen; MADERAS SECAS S.A., MASECA, represented by its General Manager Engineer José Alberto Sandoval
Muñoz, and BALMANTA S.A., represented by its SECOND MANAGER, Engineer CARLOS NARANJO LINDAO; and the shareholder of the company RECÓRCHOLIS S.A.: MARINES C.A.,
represented by its General Manager, Engineer JOSÉ SANDOVAL MUÑOZ; b) As the party of the second part, there intervene, as COMMITTED BUYERS:
Mr. Récher Vivanco Cordova and Ms. Luz Sierra Sierra de Vivanco, on their own personal behalf and on behalf of their community of assets. 

TWO: RECITALS: A) By Public Instrument executed before Notary Thirty of Guayaquil, Dr. Piero Aycart Vincenzini, on the eleventh day of December
two thousand two, the parties executed an Agreement for Promise of Purchase and Sale of shares of the companies Marines C.A. and Recórcholis S.A., with all their assets and liabilities,
in which the term for the signing of the final purchase and sale instrument was established to be the thirty-first day of January two thousand three. B) Due to operational issues related to the
course of business, the companies which appear as the COMMITTED SELLERS must transfer the shares under the aforementioned purchase and sale promise to a third-party foreign company, whose name cannot
be determined as of the signing of this public instrument, so that the committed sellers expressly asked the committed buyers to extend the term for the execution of the Instrument containing the
purchase and sale of the shares of Marines C.A. and Recórcholis S.A., although they came to comply with 

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the provisions of the shares purchase and sale agreement signed on the eleventh day of December two thousand two, and to sign the final purchase and sale instrument, so that they execute this
addendum, whose purpose is indicated in the following clause. 

THREE: PURPOSE.—With these recitals, the COMMITTED SELLERS and the COMMITTED BUYERS freely and voluntarily agree to modify the shares
purchase and sale agreement signed on the eleventh day of December two thousand two, in the following terms: A) The extend the term referred to in clause five of the agreement, for the
execution of the Final Purchase and Sale Instrument of the Shares of Marines C.A. and Recórcholis S.A., which may take place by the twenty-eighth day of February two thousand three.
B) They amend clause six of the contract, section a) in the sense that the committed sellers will have to pay an indemnity to the committed buyers in the event of failure to execute the
final purchase and sale instrument of the Shares of Marines C.A. and Recórcholis S.A., by the twenty-eighth day of February two thousand three, in the amount of US$ 600,000.00 (six
hundred thousand U.S. dollars), including the US$ 100,000.00 which the committed buyers delivered when signing the shares purchase and sale agreement signed on the eleventh day of December two
thousand two, and extend to four months the term for the committed buyers to withdraw the shrimp from the pools and be able to sell the harvested product found in warehouses if the execution of the
final purchase and sale does not take place by the twenty-eighth day of February two thousand three, and the term is extended for up to fifteen days after signing the final purchase and sale agreement
for the shares, so that the committed buyers may enjoy the benefit of the discount of US$400,000.00 (FOUR HUNDRED THOUSAND U.S. DOLLARS) from the total selling price for prompt payment. 

FOUR: REPRESENTATION.—BALTEK CORPORATION, represented by Engineer José Alberto Sandoval Muñoz, duly authorized
by the Vice President of Operations for Latin America of said company,
Mr. Antonio Luis Díaz, the company MADERAS SECAS S.A., MASECA, represented by its General Manager engineer JOSÉ ALBERTO SANDOVAL MUÑOZ, and BALMANTA
S.A., represented by its SECOND MANAGER engineer CARLOS AUGUSTO NARANJO LINDAO; and RECÓRCHOLIS S.A., represented by its General Manager, engineer JOSÉ SANDOVAL
MUÑOZ, expressly, freely, and voluntarily declare: A) That the execution of the shares purchase and sale promise signed on the eleventh day of December two thousand two is duly
authorized by the shareholders of the committed sellers, pursuant to the minutes of the general meeting found in the files of each of the companies; b) That the shares held by each of them in
the stock package of Marines S.A. will be transferred due to operating issues of the companies to a foreign company whose corporate name is unknown on this date. B) That the negotiation of the
sale of the shares to this third-party company will include the obligation of such company to sell and/or assign the shares of Marines C.A. and Recórcholis S.A. to
Mr. RÉCHER HERNAN VIVANCO CORDOVA AND LUZ AMINTA SIERRA SIERRA DE VIVANCO, and comply with the terms and conditions found in the public instrument of the shares purchase and sale
promise signed on the eleventh day of December two thousand two and in this public instrument, C) That the signing date of the final instrument of shares purchase and sale of the shares of
Marines C.A. and Recórcholis S.A. by the new company will be by the twenty-eighth day of February two thousand three. D) That, should the new company fail to respect the terms
and conditions contained in the shares purchase and sale promise signed on the eleventh day of December two thousand two or those found in this instrument, or should it fail to sign the final
instrument of purchase and sale by the twenty-eighth day of February two thousand three, they will pay an indemnity to the committed buyers in the amount of US$ 500,000.00 (FIVE HUNDRED THOUSAND U.S.
DOLLARS), and will refund the US$ 100,000.00 (ONE HUNDRED THOUSAND U.S. DOLLARS) delivered as down payment when signing the purchase and sale promise, whereby the committed buyers may claim payment of
said amount from either one of them or from all of them together. Furthermore, they pledge to extend the term to four months from the default of the committed sellers, for the committed buyers to be
able to withdraw the shrimp from the pools and sell the harvested product found in warehouses. In the event of default on the signing of the purchase and sale by the committed buyers, the indemnity
referred to in the Purchase and Sale Promise Instrument under this addendum shall apply. E) That they will deliver to the committed buyers all the legal 

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and corporate documentation supporting the sale to the third-party company, understood, without limitation thereto, as: General Shareholders Meeting of each of the selling companies, except for
Baltek Corporation, expressly authorizing the sale to the third-party company, valid appointments, communications addressed to the legal representative of Marines C.A., signed by the transferror and
the transferee, duly authorized for this purpose, communications addressed to the legal representative of Marines C.A. showing the transfer carried out, notation in the book of shares and
shareholders, certificates of the shares transferred, etc. F) That they are aware of the extension of the term for the execution of the final instrument of purchase and sale of the shares of
Marines C.A. and Recórcholis S.A. and the amendment of the agreement of promise of purchase and sale of shares contained in this instrument arises from an express request of the
committed sellers, since they know that the committed buyers were willing to sign today the final purchase and sale instrument, whereby they have no claim against the latter in this respect. 

In
turn, the committed buyers declare that, being able to execute today the final purchase and sale instrument of the shares of Marines C.A. and Recórcholis S.A. in their favor, under
the terms and conditions of the purchase and sale promise instrument executed on the eleventh day of December two thousand two, they agree to extend the execution term of the final instrument and
amend the terms of the purchase and sale promise instrument according to the content of the following instrument, provided the committed sellers assure that the new company will comply with the sale
of the shares of Marines C.A. and Recórcholis S.A. and with the content of this instrument and of the purchase and sale promise instrument executed on the eleventh day of December two
thousand two. 

Furthermore,
the committed buyers declare that they know and accept that, after the third-party foreign company whose name cannot be determined at this time transfers the shares of Marines C.A. and
Recórcholis S.A. to Récher Hernán Vivanco Córdova and Luz Sierra Sierra de Vivanco, the committed sellers will cease being bound by the
representations, obligations and rights stated for them pursuant to this instrument and that executed on the eleventh day of December two thousand two before notary number thirty of the canton of
Guayaquil, and as of that time, the third-party foreign company will take upon itself and expressly assume all and each of the representations made by the committed sellers in this instrument and in
that executed on the eleventh day of December two thousand two before notary number thirty of the canton of Guayaquil. In all other parts, the parties confirmed all and every one of the terms of the
shares purchase and sale promise signed on the eleventh day of December two thousand two before Notary Thirty of Guayaquil, Dr. Piero Aycart Vincenzini, of which this addendum will be an
integral part. 

FIVE: JURISDICTION.—The contracting parties declare that any dispute arising from the interpretation and performance of this expanding and
amending addendum will be judged and resolved by any of the Civil Judges of Guayaquil by summary oral proceedings. 

Mr. Notary,
please include the backup documents and add the necessary style clauses for the full efficacy and validity of this contract. Signature) Attorney Jacob Cueva González.
License Number Nine Thousand Seven Hundred Fifty-Six of the Bar Association of Guayas. HERE ENDS THE DRAFT WHICH IS ELEVATED TO PUBLIC INSTRUMENT AND WHOSE TEXT IS CONFIRMED BY THE
PARTIES. All the backup documents delivered to me are enclosed with this public instrument. The parties presented to me their identification documents, such as citizen or identity cards and voters'
certificates, as the case may be. After this instrument was read from beginning to end by me, the Notary, aloud to the parties, they approved it and signed with me in this act. I certify. 

[signature]

DR. RÉCHER VIVANCO CORDOVA

C.C.No. 110182983-4

V.C. No. 2540129 

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[signature]

MRS. LUZ SIERRA DE VIVANCO

N.I.C. No. 070325616-4 

For
MADERAS SECAS C.A., MASECA

[signature]

ENG. JOSÉ ALBERTO SANDOVAL MUÑOZv C.C.No. 0902308816

V.C. No. 411199

R.U.C. No. 0990136378001 

For
BALMANTA S.A.

[signature]

ENG. CARLOS NARANJO LINDAO

C.C.No. 0903523843

V.C. No. 74-0053

R.U.C. No. 0990141835001 

For
BALTEK CORPORATION

[signature]

ENG. JOSÉ ALBERTO SANDOVAL MUÑOZ

C.C.No. 0902308816

V.C. No. 411199 

For
MARINES C.A.

[signature]

ENG. JOSÉ ALBERTO SANDOVAL MUÑOZ

C.C.No. 0902308816

V.C. No. 411199

R.U.C. No. 0990552401001 

5Exhibit 10.12  

STOCK PURCHASE AGREEMENT  

        In the city of Guayaquil, on the 17th day of February 2003, a Purchase Agreement is executed for all the shares of the companies MARINES C.A. and
RECORCHOLIS S.A., in accordance with the following clauses: 

ONE: PARTIES: The following persons intervene in its execution: a) The party of the first part, as SELLERS: The Shareholders of MARINES C.A.:
BALTEK CORPORATION, represented by Mr. ANTONIO LUIS DIAZ, in his capacity of Vice President of Operations for Latin America: MADERAS SECAS C.A., MASECA, represented by Engineer JOSE SANDOVAL
MUÑOZ, in his capacity of General Manager, and BALMANTA S.A., represented by Engineer CARLOS NARANJO LINDAO, in his capacity of SECOND MANAGER; and the Shareholder of RECORCHOLIS S.A.:
MARINES C.A., represented by Engineer JOSE SANDOVAL MUÑOZ, in his capacity of General Manager. b) The party of the second part, as BUYER, is the British Virgin Islands company
CONLORANCE INVESTMENTS INC., duly represented by its Special Representative in Ecuador, Attorney Justo Andrés Andrade Macías. c) There also appears in order
to make declarations and contract the obligations indicated below Engineer JOSE SANDOVAL MUÑOZ, in his capacity of General Manager of the companies MARINES C.A. and RECORCHOLIS S.A. 

TWO: BACKGROUND A) Engineer José Sandoval Muñoz, in his capacity of General Manager and Legal Representative of the
companies MARINES C.A. and RECORCHOLIS S.A. declares knowingly and expressly, as follows: 

A. One) Background of MARINES C.A.—MARINES C.A. is an Ecuadorian company domiciled in Guayaquil, with capital of SEVENTEEN THOUSAND SIX
HUNDRED FORTY-EIGHT 00/100 U.S. DOLLARS, represented by forty-four thousand one hundred twenty common registered shares with a par value of forty cents of a dollar each, whose corporate
object is the production, sowing, harvesting, production of larvae in Laboratory, packing and marketing of bioaquatic species, especially shrimp. MARINES C.A. was
constituted with a capital of twelve million sucres, under public instrument executed on August twenty, nineteen hundred eighty-one before the Notary of the canton of Urbina Jado, Attorney
Marcos Díaz Casquete, and recorded with the Commercial Register of Guayaquil on September seventeen, nineteen hundred eighty-one. By public instrument executed on December
one, nineteen hundred ninety-eight, before Notary Nine of Guayaquil, Dr. Gloria Lecaro de Crespo, and recorded with the Commercial Register of Guayaquil on September one, nineteen hundred
ninety-nine, the subscribed capital of the company was increased to four hundred forty-one million two hundred thousand sucres. By public instrument executed on December
eighteen two thousand before Notary Thirty of Guayaquil, Dr. Piero Aycart Vincenzini, recorded with the Commercial Register of Guayaquil on August three, two thousand one, the bylaws of the
company were amended, and the capital was converted to SEVENTEEN THOUSAND SIX HUNDRED FORTY-EIGHT 00/100 US DOLLARS (US$ 17,648.00), represented by Forty-four Thousand One Hundred Twenty
common registered shares of Forty Cents of a Dollar each, which is the capital with which it currently operates and functions. Said shares are subscribed and paid up in full. The only current owners
of the shares are: BALTEK CORPORATION, owner of sixteen thousand two hundred twenty-eight (16,228) shares of forty cents of a dollar each; MADERAS SECAS C.A., MASECA, owner of twelve thousand eight
hundred ninety (12,890) shares of forty cents of a dollar each; and BALMANTA S.A., owner of fifteen thousand two (15,002) shares of forty cents of a dollar each. Among the assets of the company listed
in the inventory added as an integral part of this instrument, there is a shrimp farm made up of nine lots which currently form a single body, with an area of seven hundred
thirty-six point seventy-nine hectares, located in the place called Isla Verde, across from the Gulf of Guayaquil, in the jurisdiction of the parish of Ximena, canton of
Guayaquil; a shrimp packing plant located in lot One-A-Four in Lotización Las Ferias, canton of Durán, with a total area of ten thousand three 

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hundred eighty square meters; and a Larvae Laboratory located in the place named San Pablo, canton of Santa Elena, with an area of fifteen thousand point seventy square meters; all these properties
are located in the Province of Guayas, with the boundaries and title history detailed in the certificates of the Property Registrars of Guayaquil, Durán, and Santa Elena, enclosed as
documents of proof with this public instrument. 

A. Two) BACKGROUND OF RECORCHOLIS S.A.—RECORCHOLIS S.A. is an Ecuadorian joint-stock company domiciled in Guayaquil, with a capital of ONE
THOUSAND 00/100 US DOLLARS represented by One thousand common registered shares with a par value of One Dollar each, whose corporate object is the sowing, harvesting, and marketing of bioaquatic
species, especially shrimp. RECORCHOLIS S.A. was constituted by public instrument certified by the Notary of the canton of Urbina Jado, Attorney Marcos Díaz Casquete, on February
twenty-five, nineteen hundred eighty-one, and was recorded with the Commercial Register of Guayaquil on April ten, nineteen hundred eighty-one. Its initial capital
was fifteen thousand sucres. By public instrument certified by Notary Thirty of the canton of Guayaquil, Dr. Piero Aycart Vincenzini, on November thirty, two thousand, recorded with the
Commercial Register of Guayaquil on April two, two thousand one, said company changed its capital to US dollars and increased it to ONE THOUSAND US DOLLARS (US$1,000.00), divided into one thousand
common registered shares with a par value of One Dollar each. Said shares are subscribed and paid up in full. The only and current owner of all these shares is the company MARINES C.A. By
Interministerial Decision Number Two Hundred, dated November ten, nineteen hundred ninety-three, the Subsecretaries of Fishing and National Defense, granted said company renewal permit for an
additional ten years, to engage in the breeding, cultivation and internal marketing of shrimp on 200 hectares in the place named Isla Moquiñaña (also known as Isla
Escalante), parish of Ximena, canton of Guayaquil, province of Guayas. RECORCHOLIS S.A. is the owner of all the installations, equipment, machinery, supplies, tools, buildings, vehicles, vessels, and
other assets of the company, as listed in the inventory enclosed herewith. 

B) The General Shareholders' Meetings of the companies MADERAS SECAS C.A., MASECA, and BALMANTA S.A., shareholders of MARINES C.A., and of MARINES C.A.,
shareholder of RECORCHOLIS S.A., held on February fourteen, two thousand three, authorize their legal representatives to transfer for consideration all the shares held by said companies in the capital
of MARINES C.A. and RECORCHOLIS S.A., respectively, and to execute this purchase agreement. 

C) By Public Instrument executed before Notary Thirty of Guayaquil, Dr. Piero Aycart Vincenzini, on December eleven, two thousand two, THE
SELLERS, as committed sellers, executed a Commitment Agreement for purchase of shares of the companies MARINES C.A. and RECORCHOLIS S.A. in favor of Messrs. Récher
Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco, establishing, inter alia, as term for the signature of the
final purchase agreement the date January thirty-one, two thousand three. 

D) By Public Instrument executed before Notary Thirty of Guayaquil, Dr. Piero Aycart Vincenzini, on January thirty-one, two thousand
three, THE SELLERS, as committed sellers, executed an Expansion Addendum to the Commitment Agreement for Purchase of shares of the companies MARINES C.A. and RECORCHOLIS S.A., with
Messrs. Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco, establishing an extension of the term for the signing of the final
purchase agreement and transfer of shares; also modified was the content of clause six of the commitment purchase agreement executed on December eleven, two thousand two, concerning the obligation of
the committed sellers (THE SELLERS in this instrument) to pay an indemnity to the committed buyers (the Vivanco spouses) in the event of failure to execute the final purchase agreement within the
established term, which was increased Six Hundred Thousand US Dollars (US$600,000); in addition, it was agreed that the committed sellers (THE SELLERS in this instrument) would sign and transfer the
shares concerned by this assignment and transferred to a third-party foreign company which, in turn, would transfer the shares and with them all assets and liabilities of MARINES C.A. and RECORCHOLIS
S.A. to the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco, respecting the conditions of the sale commitment of 

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December eleven, two thousand two; and the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco declared that they were aware and
accepted that, once the third-party foreign company (THE BUYER in this instrument) would transfer the shares of said companies to the aforementioned spouses, the committed sellers (THE SELLERS in this
instrument) would stop being bound by the declarations, obligations and rights set forth in the selling commitment and in said instrument, and as of that time, the third-party foreign company (THE
BUYER in this instrument) would take upon itself and expressly assume all and every one of said declarations and obligations. 

THREE: PURCHASE OF SHARES.—With these recitals, the SELLERS sign and transfer, granting by sale and perpetual alienation to the BUYER all
common registered shares held by them in the capital of MARINES C.A. and RECORCHOLIS S.A. The assignment and transfer of the shares is carried out as follows: a) The shareholders SELLERS of
MARINES C.A.: BALTEK CORPORATION, represented by Mr. ANTONIO LUIS DIAZ, in his capacity of Vice-President of Operations for Latin America; MADERAS SECAS C.A., MASECA, represented by
Engineer JOSE SANDOVAL MUÑOZ, in his capacity of General Manager; and BALMANTA S.A., represented by Engineer CARLOS NARANJO LINDAO, in his capacity of SECOND MANAGER, assign and
transfer their shares to the BUYER, in
the quantities indicated below: 1) BALTEK CORPORATION transfers sixteen thousand two hundred twenty-eight (16,228) shares of forty cents of a dollar each, contained in stock certificate number
zero zero one; 2) MADERAS SECAS C.A., MASECA transfers twelve thousand eight hundred ninety (12,890) shares of forty cents of a dollar each, contained in stock certificate zero zero three; and
3) BALMANTA S.A. transfers fifteen thousand two (15,002) shares of forty cents of a dollar each, contained in stock certificate number zero zero two; this is equivalent to all the shares making
up the capital of the company MARINES C.A., i.e. Forty-four Thousand One Hundred Twenty (44,120) common registered shares with a par value of forty cents of a dollar each; b) the
shareholder SELLER of RECORCHOLIS S.A.: The company MARINES C.A., represented by Engineer JOSE SANDOVAL MUÑOZ, in his capacity of General Manager, assigns and transfers to the BUYERS
one thousand (1,000) shares of one US dollar, contained in stock certificate number zero zero one, which is equivalent to all the shares making up the capital of RECORCHOLIS S.A., i.e. one thousand
(1,000) common registered shares with a par value of one dollar each. It is noted for the record that the transfer of the shares is carried out through communications addressed to the legal
representative of both companies, the same as the delivery of the corresponding stock certificates, duly endorsed. Furthermore, it is noted for the record that the transfer includes all rights in the
shares sold, including legal and optional reserves, dividends and non-distributed profits, credits against the companies, as well as any liability possibly held by the SELLERS for the
obligations and debts contracted by the companies to date, including debts or liabilities not recorded or posted to the accounting books of MARINES C.A. and RECORCHOLIS S.A., concerning which THE
BUYER expressly assumes full liability and releases THE SELLERS from any liability, so that the BUYER of the shares has full title therein, and in the assets and liabilities corresponding to them. In
turn, THE BUYER declares that it accepts this purchase without any reservation and with full information, because it is suitable for its interests. 

FOUR: PRICE.- The total Price freely agreed upon between the contracting parties for the assignment and transfer of all the shares of MARINES C.A. and
RECORCHOLIS S.A. is ONE MILLION FOUR HUNDRED THOUSAND 00/100 (US$1,400,000.00) US DOLLARS. From this price, THE SELLERS declare that they have received ONE HUNDRED THOUSAND 00/100 (US$100,000.00) US
DOLLARS, by check number two nine one five, drawn against current account number one three nine two eight nine—one with Banco del Pacífico S.A., written to the order of
RECORCHOLIS S.A., which was delivered in December, two thousand two by the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco.
Since this payment of ONE HUNDRED THOUSAND 00/100 (US$100,000) US DOLLARS was made by the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra
Sierra de Vivanco in favor of THE SELLERS and not by THE BUYER, and considering that the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra
de Vivanco must deliver at least the same amount to THE BUYER as part of the future assignment and transfer of the shares hereunder, the parties, in 

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order to offset the mutual credits existing between them and with the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco, the
latter expressly agreed to offset credits in the amount of ONE HUNDRED THOUSAND US DOLLARS, which price is deducted from the total price of this assignment and transfer of shares. For this reason,
when THE BUYER, in turn, assigns and transfers the shares hereunder to the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco,
THE BUYER must, also in said instrument, deduct from the total price of said sale the amount of ONE HUNDRED THOUSAND 00/100 (US$100,000) US DOLLARS. Such being the case, the pending balance of the
total price of the shares which constitute the object of this assignment and transfer is reduced by said amount and established at ONE MILLION THREE HUNDRED THOUSAND 00/100 (US$1,300,000.00) US
DOLLARS, which will be paid as indicated below: a) The amount of ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000.00) US DOLLARS will be paid by February 28, 2003, by certified check, as
arises from the promissory note
representing said credit, issued by THE BUYER in this act; b) the balance, i.e. the amount of ONE MILLION ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000.00) US DOLLARS, in four partial payments
of TWO HUNDRED EIGHTY-SEVEN THOUSAND FIVE HUNDRED 00/100 (US$287,500.00) in capital each, plus annual interest of eight per cent, payable on the maturity of each partial payment together with the
respective capital. The payments will be made by certified check on the dates indicated below: (i) May ten, two thousand three, (ii) November ten, two thousand three, (iii) May
ten, two thousand four, and (iv) November 10, two thousand four. It is noted for the record that, to represent each of the four partial payments, THE BUYER issues a promissory note. The
parties expressly agree that, without prejudice to the above provisions concerning the price, set forth in this clause, if THE BUYER pays to THE SELLERS or to the party designated by them the amount
of NINE HUNDRED THOUSAND 00/100 (US$900,000.00) US DOLLARS in cash or by certified check, whereby said amount includes the ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000) US DOLLARS to be delivered by
THE BUYER by February 28, two thousand three, plus any other amount of money delivered by THE BUYER before March fourteen, two thousand three, the total price of the shares under this
assignment and transfer will be reduced to ONE MILLION 00/100 (US$1,000,000.00) US DOLLARS. Consequently, the total price of the shares will be reduced by FOUR HUNDRED THOUSAND 00/100 (US$400,000.00)
US DOLLARS if THE BUYER pays the amount of NINE HUNDRED THOUSAND 00/100 (US$900,000.00) US DOLLARS in cash or certified check by March 14, 2003. As guarantee of the payment of the balance
outstanding, the parties agree that MARINES C.A. and RECORCHOLIS S.A. grant to THE SELLERS or to the party designated by them a first mortgage on all the real estate and movables permanently allocated
to them for the benefit, use and cultivation of said properties, even if they can be separated without prejudice, owned by said companies, as described in the inventories enclosed with this
instrument. All the costs, expenses, and fees incurred in connection with the mortgage guarantees will be paid by THE BUYER. 

FIVE: DECLARATIONS.—The SELLERS, as sole current shareholders in the capital of MARINES C.A. and RECORCHOLIS S.A. declare: That they do not
offer any type of guarantee and do not assume any type of responsibility in connection with the assignment and sale of the shares hereunder. The BUYER, in turn, declares: a) That it knows and
accepts that THE SELLERS do not offer any guarantee and do not take any responsibility in connection with the assignment and sale of the shares hereunder, including in connection with the situations
originated prior to the execution of this instrument; b) That it knows and accepts to buy the shares subject to this assignment and purchase, as is, i.e. with all defects, obligations,
conditions and limitations they have or may have in the future, for which THE BUYER expressly agrees and takes responsibility; all of the above is motivated by the fact that the assignment and
transfer hereunder is carried out without any type of guarantee from THE SELLERS; c) That it knows, accepts and agrees with the accounting books and other financial and legal information of
MARINES C.A. and RECORCHOLIS S.A., which it has thoroughly reviewed, and declares that it accepts them without any reservation; d) That it expressly releases THE SELLERS from any responsibility
that may arise or intervene in connection with the assignment and sale of the shares hereunder, including in connection with 

4

 

the obligations originating prior to the execution of this instrument; e) That it expressly waives any right it has or may have to claim from THE SELLERS for any reason, either in the past,
present and future; f) That it knows and accepts that, once the transfer of the shares to it is perfected, THE SELLERS will cease being bound by the declarations, obligations, and rights set
forth in the selling commitment, and the expansion addendum thereof, executed with the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra
de Vivanco before Notary Number Thirty of the canton of Guayaquil on December eleven, two thousand two, and on January thirty-one, two thousand three, respectively, and that as of said
time they take upon themselves and expressly assume said declarations and obligations, so that THE SELLERS will be released from any responsibility related to said contracts, all with full knowledge
and acceptance of the spouses Récher Hernán Vivanco Córdova and Luz Aminta Sierra Sierra
de Vivanco. By mutual agreement, THE SELLERS and THE BUYER note for the record that THE BUYER will be the only party responsible for any contingency or obligation of MARINES C.A. and RECORCHOLIS S.A.,
including those originating or arising from a date prior to the execution of this agreement, as well as those unknown at this time and which may become known later on; in light of the above, THE
SELLERS will not be responsible for obligations prior to the execution of this instrument, of any nature, including labor and tax obligations, obligations to the Ecuadorian Social Security Institute,
whether said companies were bound directly or indirectly; in addition, THE BUYER takes responsibility for any indemnity established in favor of Messrs. Récher
Hernán Vivanco Córdova and Luz Aminta Sierra Sierra de Vivanco and all other obligations assumed by THE SELLERS in the commitment to sell the shares of MARINES C.A. and
RECORCHOLIS S.A., executed on December eleven, two thousand two, as well as the expansion addendum executed on January thirty-one, two thousand three. 

SIX: DISPUTES.—The contracting parties declare that any dispute arising from the interpretation and performance of this agreement will be
processed and resolved by arbitrators in equity, by arbitration administered by the Center for Mediation and Arbitration of the Chamber of Commerce of Guayaquil, pursuant to the rules of the
institution and the applicable law. 

SEVEN: DOCUMENTS OF PROOF.—Enclosed with this agreement are all documents of proof referred to in the text of the agreement, especially the
inventory of assets owned by MARINES C.A. and RECORCHOLIS S.A. and the identification documents of the deponents. 

SIGNATURES

For  CONLORANCE INVESTMENTS INC.

[signature]
 ATTY. JUSTO ANDRES ANDRADE MACIAS

C.C. No. 120136935-0

C.V. No. 88-0001

For
MADERAS SECAS C.A., MASECA

[signature]

ENG. JOSE ALBERTO SANDOVAL MUÑOZ

C.C. No. 0902308816

C.V. No. 411199

R.U.C. No. 0990136378001

5

 

For  BALMANTA S.A.  

[signature]
 ENG. CARLOS NARANJO LINDAO

C.C. No. 0903523843

C.V. No. 74-0053

R.U.C. No.

For
BALTEK CORPORATION

[signature]
 MR. ANTONIO LUIS DIAZ

PASSPORT No.

For  MARINES C.A.  

[signature]
 ENG. JOSE ALBERTO SANDOVAL MUÑOZ

C.C. No. 0902308816

C.V. No. 411199

R.U.C. No.

[signature]

ENG. VICENTE OLLAGUE LOYOLA

C.C. No. 0902147842

C.V. No. 75-0055

R.U.C. No. 0902147842001

6

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