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Unassociated Document

     

    
      	 	
              THE
                SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
                SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND,
                ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
                REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
                AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
                REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

            	 

    

     

    USIP.COM,
      INC.

     

    (A
      Nevada
      Corporation)

     

    CONVERTIBLE
      NOTE

    

    DUE
      ON
      MATURITY DATE (AS HEREINAFTER DEFINED)

    

    FOR
      VALUE
      RECEIVED, USIP.COM, INC., a Nevada corporation (the “Company”),
      hereby unconditionally promises to pay to Yun Wang (together with its registered
      assigns, the “Holder”)
      on the
      Maturity Date, the principal sum of THREE MILLION FOUR HUNDRED AND FIFTY
      THOUSAND UNITED STATES DOLLARS (U.S.$3,450,000) and to pay to the Holder
      interest on the unpaid principal amount of this Note as provided in Article
      I
      hereof.
      This is the Convertible Note referred to in the Share Exchange Agreement between
      the Company and Holder dated September 6, 2006. Capitalized terms used but
      not
      otherwise defined herein have the respective meanings given to such terms in
      Article
      IV
      hereof.

    

    

    ARTICLE
      I

    

    PRINCIPAL
      AND INTEREST

    

    Section
      1.1 Principal.
      Subject
      to Section
      5.1
      herein,
      the entire unpaid principal amount of this Note shall be paid on the Maturity
      Date. Promptly following the payment in full of this Note, the Holder shall
      surrender this Note to the Company for cancellation.

    

    Section
      1.2 Interest.
      Interest shall accrue (on a compounded basis) on the daily unpaid principal
      amount of this Note, for each day during the period from and including the
      date
      hereof (the “Commencement
      Date”)
      to but
      excluding the date such Note shall be paid in full, at a rate of prime interest
      rate plus two percent (2%) per annum (the “Interest
      Rate”)
      and
      shall be payable on the Maturity Date.

    

    Section
      1.3 Default
      Interest.
      Without
      duplication of any interest payable under Section
      1.2
      hereof,
      the Company hereby unconditionally promises to pay to the Holder interest
      (computed on a compounded basis) on any principal or interest payable by the
      Company under this Note that shall not be paid in full when due (whether at
      stated maturity, by acceleration, upon prepayment or otherwise), for the period
      from and including the due date of such payment to but excluding the date the
      same is paid in full, at a rate per annum equal to the prime interest rate
      plus
      two percent (2%), which interest shall be payable from time to time on demand
      of
      the Holder. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

    

    PAYMENTS

    

    Section
      2.1 Payments
      Generally.
      All
      payments of principal and interest to be made by the Company in respect of
      this
      Note shall be made in Dollars by delivery to the Holder, at the address the
      Holder provides to the Company, not later than 12:00 noon New York time on
      the
      date on which such payment shall be due. If the due date of any payment in
      respect of this Note would otherwise fall on a day that is not a Business Day,
      such due date shall be extended to the next succeeding Business Day, and
      interest shall be payable on any principal so extended for the period of such
      extension. All payments by the Company under this Note will be made without
      setoff or counterclaim and free and clear of, and without deductions for, any
      taxes, fees or other expenses or claims of any kind.

    

    Section
      2.2 Prepayments.
      At any
      time, and from time to time, the Company may, at its option, prepay this Note
      (in an amount up to but not exceeding the unpaid principal amount hereof and
      any
      accrued interest hereon) in whole or in part without premium or
      penalty.

    

    ARTICLE
      III

    

    EVENTS
      OF DEFAULT

    

    Section
      3.1 Event
      of Default.
      "Event
      of Default",
      wherever used herein, means any one of the following events (whatever the reason
      for such Event of Default and whether it shall be voluntary or involuntary
      or be
      effected by operation of law or pursuant to any judgment, decree or order of
      any
      court or any order, rule or regulation of any administrative or governmental
      body):

    

    (a)
       default
      in the payment of any interest in respect of this Note within ten (10) Business
      Days after it becomes due and payable; or

    

    (b)
       default
      in the payment of the outstanding principal amount of this Note at its Maturity
      Date; or 

     

    (c) the
      entry
      of a decree or order by a court having jurisdiction in the premises adjudging
      the Company a bankrupt or insolvent, or approving as properly filed a petition
      seeking reorganization, arrangement, adjustment or composition of or in respect
      of the Company under Federal bankruptcy law or any other applicable Federal
      or
      state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator
      or other similar official of the Company or of any substantial part of the
      property of the Company, or ordering the winding up or liquidation of the
      affairs of the Company; or

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (e)
       the
      institution by the Company of proceedings to be adjudicated a bankrupt or
      insolvent, or the consent by the Company to the institution of bankruptcy or
      insolvency proceedings against it, or the filing by the Company of a petition
      or
      answer or consent seeking reorganization or relief under Federal bankruptcy
      law
      or any other applicable Federal or state law, or the consent by the Company
      to
      the filing of such petition or to the appointment of a receiver, liquidator,
      assignee, trustee, sequestrator or similar official of the Company or of any
      substantial part of the property of the Company, or the making by the Company
      of
      an assignment for the benefit of creditors, or the admission by the Company
      in
      writing of its inability to pay its debts generally as they become due, or
      the
      taking of corporate action by the Company in furtherance of any such
      action.

    

    Section
      3.2 Acceleration
      of Note.
      If an
      Event of Default occurs and is continuing, then and in every such case the
      Holder may declare the outstanding principal amount of this Note (including
      accrued interest as provided in Article
      I
      hereof)
      to be due and payable immediately, by a notice in writing to the Company, and
      upon any such declaration such principal shall become immediately due and
      payable. Notwithstanding the foregoing, if an Event of Default referenced in
      paragraph (d) or paragraph (e) of Section
      3.1
      occurs,
      the outstanding principal amount of this Note (including accrued interest as
      provided in Article
      I
      hereof)
      shall automatically become due and payable immediately without any declaration
      or other action on the part of the Holder. At any time after the outstanding
      principal amount of this Note shall become immediately due and payable and
      before a judgment or decree for payment of the money due has been obtained,
      the
      Holder, by written notice to the Company, may rescind and annul any acceleration
      and its consequences.

    

    ARTICLE
      IV

    

    DEFINITIONS

    

    Section
      4.1 Definitions.
      The
      following terms shall have the meanings set forth below:

    

    “Business
      Day”
means
      a
      day other than Saturday, Sunday or any day on which banks located in the State
      of New York are authorized or obligated to close.

     

    “Dollars”
and
      “$”
means
      lawful money of the United States of America.

    

    “Share
      Exchange Agreement”
means
      the Share Exchange Agreement dated as of the date hereof between the Company
      and
      Holder.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Maturity
      Date”
      means
      the date which is the sooner of either eighteen (18) months from the date of
      this Note or when the Company raises capital through the sale of its
      Stock.

    

    “Maximum
      Rate”
      means
      the highest non-usurious rate of interest (if any) permitted from day to day
      by
      applicable law.

    

     

    “Note”
means
      this Convertible Promissory Note of the Company issued to the Holder, as
      modified and supplemented and in effect from time to time.

    

    “Person”
means
      any person or entity of any nature whatsoever, specifically including an
      individual, a firm, a company, a corporation, a partnership, a limited liability
      company, a trust or other entity. 

    

    “Stock”
      means
      the Company’s $.0001 par value per share common stock.

    

    

    ARTICLE
      V

    

    CONVERSION

    

    Section
      5.1 Automatic
      Conversion.
      At any
      time during the term of this Note that the Company shall effect a 165.1099:1
      or
      similar reverse stock split, this Note shall automatically, without any action
      by the Holder, convert into 6,244,085 shares of Stock of the Company. As
      promptly as practicable after such occurrence, the Company shall issue and
      deliver to Holder, a certificate of certificates for the full number of shares
      of Stock issuable upon the conversion of this Note in accordance with the
      provisions of this Article V.

     

    

    Section
      5.2  Reservation
      of Stock; Stock to be Fully Paid. The
      Company shall reserve, out of its authorized but unissued shares, sufficient
      Stock to provide for the conversion of the entire Note. The Company covenants
      that all Stock which may be issued upon conversion of this Note will, upon
      issuance, be duly authorized, validly issued, fully paid and nonassessable
      and
      free from all taxes, liens and charges with respect to the issuance and delivery
      thereof.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VI

    

    Section
      6.1  Usury
      Laws.
      Regardless of any provision contained in this Note, Holder shall never be deemed
      to have contracted for, or be entitled to receive, collect, or apply as interest
      on this Note (whether termed interest herein or deemed to be interest by
      judicial determination or operation of law) any amount in excess of the Maximum
      Rate, and, in the event that Holder ever receives, collects, or applies as
      interest any such excess, such amount which would be excessive interest shall
      be
      applied to the reduction of the unpaid principal balance of this Note, and,
      if
      the principal balance of this Note is paid in full, then any remaining excess
      shall forthwith be paid to the Company. In determining whether or not the
      interest paid or payable under any specific contingency exceeds the highest
      Maximum Rate, the Company and Holder shall, to the maximum extent permitted
      under applicable law, (a) characterize any non-principal payment (other than
      payments which are expressly designated as interest payments hereunder) as
      an
      expense or fee rather than as interest, (b) exclude voluntary prepayments and
      the effect thereof, and (c) spread the total amount of interest throughout
      the
      entire contemplated term of this Note so that the interest rate is uniform
      throughout such term; provided, that if this Note is paid and performed in
      full
      prior to the end of the full contemplated term hereof, and if the interest
      received for the actual period of existence thereof exceeds the Maximum Rate,
      if
      any, then payee or any holder hereof shall refund to the Company the amount
      of
      such excess, or credit the amount of such excess against the aggregate unpaid
      principal balance of all advances made by the Holder or any holder hereof under
      this Note at the time in question.

     

    

    ARTICLE
      VII

     

    MISCELLANEOUS

    

    

    Section
      6.1  Governing
      Law; Jurisdiction.
      This
      Note shall be governed by, and construed in accordance with, the laws of the
      State of New York, without regard to the conflicts of laws provisions thereof.
      The Company hereby irrevocably and unconditionally submits, for itself and
      its
      property, to the nonexclusive jurisdiction of the Courts of the State of New
      York in any action or proceeding arising out of or relating to this Note, or
      for
      recognition or enforcement of any judgment, and hereby irrevocably and
      unconditionally agrees that all claims in respect of any such action or
      proceeding may be heard and determined in the State of New York. The Company
      hereby agrees that a final judgment in any such action or proceeding shall
      be
      conclusive and may be enforced in other jurisdictions by suit on the judgment
      or
      in any other manner provided by law. The Company hereby irrevocably and
      unconditionally waives, to the fullest extent it may legally and effectively
      do
      so, any objection which it may now or hereafter have to the laying of venue
      of
      any suit, action or proceeding arising out of or relating to this Note in any
      court referred to above, and hereby irrevocably waives, to the fullest extent
      permitted by law, the defense of an inconvenient forum to the maintenance of
      such action or proceeding in any such court. The Company irrevocably consents
      to
      service of process in the manner provided for notices below. Nothing in this
      Agreement will affect the right of the Holder to serve process in any other
      manner permitted by law.

    

    Section
      6.2 Successors.
      All
      agreements of the Company in this Note shall bind its successors and permitted
      assigns. This Note shall inure to the benefit of the Holder and its permitted
      successors and assigns. The Company shall not delegate any of its obligations
      hereunder without the prior written consent of Holder.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Section
      6.3 Amendment,
      Modification or Waiver.
      No
      provision of this Note may be amended, modified or waived except by an
      instrument in writing signed by the Company and the Holder.

    

    Section
      6.4 Legend.
      This
      Note, and any note issued in exchange or substitution for this Note, shall
      bear
      the legend appearing on the first page hereof.

    

    Section
      6.5 Notices.
      All
      notices and other communications in respect of this Note (including, without
      limitation, any modifications of, or requests, waivers or consents under, this
      Note) shall be given or made in writing (including, without limitation, by
      telecopy) at the addresses specified in the Share Exchange Agreement. Except
      as
      otherwise provided in this Note, all such communications shall be deemed to
      have
      been duly given when transmitted by telecopier or personally delivered or,
      in
      the case of a mailed notice, upon receipt, in each case given or addressed
      as
      aforesaid.

    

    Section
      6.6 Delay
      or Omission Not Waiver.
      No
      failure or delay on the part of the Holder in the exercise of any power, right,
      or privilege hereunder shall operate as a waiver thereof, nor shall any single
      or partial exercise of any such power, right or privilege preclude other or
      further exercise thereof or of any right, power or privilege. All rights and
      remedies existing hereunder are cumulative to, and not exclusive of, any rights
      or remedies otherwise available.

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be duly executed by an
      authorized officer thereof as of the date and year first above
      written.

     

    
      	 	 	 
	 	USIP.COM,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Craig
              Burton
	 	
              
Name: Craig
              Burton
	 	Title:
              President

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    
       

      
        	 	
                THE
                  SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND,
                  ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
                  AN
                  AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
                  REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

              	 

      

       

      USIP.COM,
        INC.

       

      (A
        Nevada
        Corporation)

       

      CONVERTIBLE
        NOTE

      

      DUE
        ON
        MATURITY DATE (AS HEREINAFTER DEFINED)

      

      FOR
        VALUE
        RECEIVED, USIP.COM, INC., a Nevada corporation (the “Company”),
        hereby unconditionally promises to pay to Bin Feng (together with its registered
        assigns, the “Holder”)
        on the
        Maturity Date, the principal sum of NINE HUNDRED THOUSAND UNITED STATES DOLLARS
        (U.S.$900,000) and to pay to the Holder interest on the unpaid principal
        amount
        of this Note as provided in Article
        I
        hereof.
        This is the Convertible Note referred to in the Share Exchange Agreement
        between
        the Company and Holder dated September 6, 2006. Capitalized terms used but
        not
        otherwise defined herein have the respective meanings given to such terms
        in
Article
        IV
        hereof.

      

      

      ARTICLE
        I

      

      PRINCIPAL
        AND INTEREST

      

      Section
        1.1 Principal.
        Subject
        to Section
        5.1
        herein,
        the entire unpaid principal amount of this Note shall be paid on the Maturity
        Date. Promptly following the payment in full of this Note, the Holder shall
        surrender this Note to the Company for cancellation.

      

      Section
        1.2 Interest.
        Interest shall accrue (on a compounded basis) on the daily unpaid principal
        amount of this Note, for each day during the period from and including the
        date
        hereof (the “Commencement
        Date”)
        to but
        excluding the date such Note shall be paid in full, at a rate of prime interest
        rate plus two percent (2%) per annum (the “Interest
        Rate”)
        and
        shall be payable on the Maturity Date.

      

      Section
        1.3 Default
        Interest.
        Without
        duplication of any interest payable under Section
        1.2
        hereof,
        the Company hereby unconditionally promises to pay to the Holder interest
        (computed on a compounded basis) on any principal or interest payable by
        the
        Company under this Note that shall not be paid in full when due (whether
        at
        stated maturity, by acceleration, upon prepayment or otherwise), for the
        period
        from and including the due date of such payment to but excluding the date
        the
        same is paid in full, at a rate per annum equal to the prime interest rate
        plus
        two percent (2%), which interest shall be payable from time to time on demand
        of
        the Holder. 

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

      

      PAYMENTS

      

      Section
        2.1 Payments
        Generally.
        All
        payments of principal and interest to be made by the Company in respect of
        this
        Note shall be made in Dollars by delivery to the Holder, at the address the
        Holder provides to the Company, not later than 12:00 noon New York time on
        the
        date on which such payment shall be due. If the due date of any payment in
        respect of this Note would otherwise fall on a day that is not a Business
        Day,
        such due date shall be extended to the next succeeding Business Day, and
        interest shall be payable on any principal so extended for the period of
        such
        extension. All payments by the Company under this Note will be made without
        setoff or counterclaim and free and clear of, and without deductions for,
        any
        taxes, fees or other expenses or claims of any kind.

      

      Section
        2.2 Prepayments.
        At any
        time, and from time to time, the Company may, at its option, prepay this
        Note
        (in an amount up to but not exceeding the unpaid principal amount hereof
        and any
        accrued interest hereon) in whole or in part without premium or
        penalty.

      

      ARTICLE
        III

      

      EVENTS
        OF DEFAULT

      

      Section
        3.1 Event
        of Default.
        "Event
        of Default",
        wherever used herein, means any one of the following events (whatever the
        reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

      

      (a)
         default
        in the payment of any interest in respect of this Note within ten (10) Business
        Days after it becomes due and payable; or

      

      (b)
         default
        in the payment of the outstanding principal amount of this Note at its Maturity
        Date; or 

       

      (c) the
        entry
        of a decree or order by a court having jurisdiction in the premises adjudging
        the Company a bankrupt or insolvent, or approving as properly filed a petition
        seeking reorganization, arrangement, adjustment or composition of or in respect
        of the Company under Federal bankruptcy law or any other applicable Federal
        or
        state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator
        or other similar official of the Company or of any substantial part of the
        property of the Company, or ordering the winding up or liquidation of the
        affairs of the Company; or

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      (e)
         the
        institution by the Company of proceedings to be adjudicated a bankrupt or
        insolvent, or the consent by the Company to the institution of bankruptcy
        or
        insolvency proceedings against it, or the filing by the Company of a petition
        or
        answer or consent seeking reorganization or relief under Federal bankruptcy
        law
        or any other applicable Federal or state law, or the consent by the Company
        to
        the filing of such petition or to the appointment of a receiver, liquidator,
        assignee, trustee, sequestrator or similar official of the Company or of
        any
        substantial part of the property of the Company, or the making by the Company
        of
        an assignment for the benefit of creditors, or the admission by the Company
        in
        writing of its inability to pay its debts generally as they become due, or
        the
        taking of corporate action by the Company in furtherance of any such
        action.

      

      Section
        3.2 Acceleration
        of Note.
        If an
        Event of Default occurs and is continuing, then and in every such case the
        Holder may declare the outstanding principal amount of this Note (including
        accrued interest as provided in Article
        I
        hereof)
        to be due and payable immediately, by a notice in writing to the Company,
        and
        upon any such declaration such principal shall become immediately due and
        payable. Notwithstanding the foregoing, if an Event of Default referenced
        in
        paragraph (d) or paragraph (e) of Section
        3.1
        occurs,
        the outstanding principal amount of this Note (including accrued interest
        as
        provided in Article
        I
        hereof)
        shall automatically become due and payable immediately without any declaration
        or other action on the part of the Holder. At any time after the outstanding
        principal amount of this Note shall become immediately due and payable and
        before a judgment or decree for payment of the money due has been obtained,
        the
        Holder, by written notice to the Company, may rescind and annul any acceleration
        and its consequences.

      

      ARTICLE
        IV

      

      DEFINITIONS

      

      Section
        4.1 Definitions.
        The
        following terms shall have the meanings set forth below:

      

      “Business
        Day”
means
        a
        day other than Saturday, Sunday or any day on which banks located in the
        State
        of New York are authorized or obligated to close.

       

      “Dollars”
and
        “$”
means
        lawful money of the United States of America.

      

      “Share
        Exchange Agreement”
means
        the Share Exchange Agreement dated as of the date hereof between the Company
        and
        Holder.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      “Maturity
        Date”
        means
        the date which is the sooner of either eighteen (18) months from the date
        of
        this Note or when the Company raises capital through the sale of its
        Stock.

      

      “Maximum
        Rate”
        means
        the highest non-usurious rate of interest (if any) permitted from day to
        day by
        applicable law.

      

       

      “Note”
means
        this Convertible Promissory Note of the Company issued to the Holder, as
        modified and supplemented and in effect from time to time.

      

      “Person”
means
        any person or entity of any nature whatsoever, specifically including an
        individual, a firm, a company, a corporation, a partnership, a limited liability
        company, a trust or other entity. 

      

      “Stock”
        means
        the Company’s $.0001 par value per share common stock.

      

      

      ARTICLE
        V

      

      CONVERSION

      

      Section
        5.1 Automatic
        Conversion.
        At any
        time during the term of this Note that the Company shall effect a 165.1099:1
        or
        similar reverse stock split, this Note shall automatically, without any action
        by the Holder, convert into 1,628,892 shares of Stock of the Company. As
        promptly as practicable after such occurrence, the Company shall issue and
        deliver to Holder, a certificate of certificates for the full number of shares
        of Stock issuable upon the conversion of this Note in accordance with the
        provisions of this Article V.

       

      

      Section
        5.2  Reservation
        of Stock; Stock to be Fully Paid. The
        Company shall reserve, out of its authorized but unissued shares, sufficient
        Stock to provide for the conversion of the entire Note. The Company covenants
        that all Stock which may be issued upon conversion of this Note will, upon
        issuance, be duly authorized, validly issued, fully paid and nonassessable
        and
        free from all taxes, liens and charges with respect to the issuance and delivery
        thereof.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        VI

      

      Section
        6.1  Usury
        Laws.
        Regardless of any provision contained in this Note, Holder shall never be
        deemed
        to have contracted for, or be entitled to receive, collect, or apply as interest
        on this Note (whether termed interest herein or deemed to be interest by
        judicial determination or operation of law) any amount in excess of the Maximum
        Rate, and, in the event that Holder ever receives, collects, or applies as
        interest any such excess, such amount which would be excessive interest shall
        be
        applied to the reduction of the unpaid principal balance of this Note, and,
        if
        the principal balance of this Note is paid in full, then any remaining excess
        shall forthwith be paid to the Company. In determining whether or not the
        interest paid or payable under any specific contingency exceeds the highest
        Maximum Rate, the Company and Holder shall, to the maximum extent permitted
        under applicable law, (a) characterize any non-principal payment (other than
        payments which are expressly designated as interest payments hereunder) as
        an
        expense or fee rather than as interest, (b) exclude voluntary prepayments
        and
        the effect thereof, and (c) spread the total amount of interest throughout
        the
        entire contemplated term of this Note so that the interest rate is uniform
        throughout such term; provided, that if this Note is paid and performed in
        full
        prior to the end of the full contemplated term hereof, and if the interest
        received for the actual period of existence thereof exceeds the Maximum Rate,
        if
        any, then payee or any holder hereof shall refund to the Company the amount
        of
        such excess, or credit the amount of such excess against the aggregate unpaid
        principal balance of all advances made by the Holder or any holder hereof
        under
        this Note at the time in question.

       

      

      ARTICLE
        VII

      

      MISCELLANEOUS

      

      

      Section
        6.1  Governing
        Law; Jurisdiction.
        This
        Note shall be governed by, and construed in accordance with, the laws of
        the
        State of New York, without regard to the conflicts of laws provisions thereof.
        The Company hereby irrevocably and unconditionally submits, for itself and
        its
        property, to the nonexclusive jurisdiction of the Courts of the State of
        New
        York in any action or proceeding arising out of or relating to this Note,
        or for
        recognition or enforcement of any judgment, and hereby irrevocably and
        unconditionally agrees that all claims in respect of any such action or
        proceeding may be heard and determined in the State of New York. The Company
        hereby agrees that a final judgment in any such action or proceeding shall
        be
        conclusive and may be enforced in other jurisdictions by suit on the judgment
        or
        in any other manner provided by law. The Company hereby irrevocably and
        unconditionally waives, to the fullest extent it may legally and effectively
        do
        so, any objection which it may now or hereafter have to the laying of venue
        of
        any suit, action or proceeding arising out of or relating to this Note in
        any
        court referred to above, and hereby irrevocably waives, to the fullest extent
        permitted by law, the defense of an inconvenient forum to the maintenance
        of
        such action or proceeding in any such court. The Company irrevocably consents
        to
        service of process in the manner provided for notices below. Nothing in this
        Agreement will affect the right of the Holder to serve process in any other
        manner permitted by law.

      

      Section
        6.2 Successors.
        All
        agreements of the Company in this Note shall bind its successors and permitted
        assigns. This Note shall inure to the benefit of the Holder and its permitted
        successors and assigns. The Company shall not delegate any of its obligations
        hereunder without the prior written consent of Holder.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      Section
        6.3 Amendment,
        Modification or Waiver.
        No
        provision of this Note may be amended, modified or waived except by an
        instrument in writing signed by the Company and the Holder.

      

      Section
        6.4 Legend.
        This
        Note, and any note issued in exchange or substitution for this Note, shall
        bear
        the legend appearing on the first page hereof.

      

      Section
        6.5 Notices.
        All
        notices and other communications in respect of this Note (including, without
        limitation, any modifications of, or requests, waivers or consents under,
        this
        Note) shall be given or made in writing (including, without limitation, by
        telecopy) at the addresses specified in the Share Exchange Agreement. Except
        as
        otherwise provided in this Note, all such communications shall be deemed
        to have
        been duly given when transmitted by telecopier or personally delivered or,
        in
        the case of a mailed notice, upon receipt, in each case given or addressed
        as
        aforesaid.

      

      Section
        6.6 Delay
        or Omission Not Waiver.
        No
        failure or delay on the part of the Holder in the exercise of any power,
        right,
        or privilege hereunder shall operate as a waiver thereof, nor shall any single
        or partial exercise of any such power, right or privilege preclude other
        or
        further exercise thereof or of any right, power or privilege. All rights
        and
        remedies existing hereunder are cumulative to, and not exclusive of, any
        rights
        or remedies otherwise available.

      

      IN
        WITNESS WHEREOF, the Company has caused this Note to be duly executed by
        an
        authorized officer thereof as of the date and year first above
        written.

       

      
        	 	 	 
	 	USIP.COM,
                INC.
	 
 	 
 	 
 
	 	By:  	/s/ Craig
                Burton
	 	
                
Name: Craig
                Burton
	 	Title:
                President

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      
        
          	 	THE SECURITIES REPRESENTED HEREBY
                  HAVE NOT
                  BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
                  EXCEPT
                  PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
                  ACT
                  OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
                  NOT
                  SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.	 

        

      

       

      USIP.COM,
        INC.

       

      (A
        Nevada
        Corporation)

       

      CONVERTIBLE
        NOTE

      

      DUE
        ON
        MATURITY DATE (AS HEREINAFTER DEFINED)

      

      FOR
        VALUE
        RECEIVED, USIP.COM, INC., a Nevada corporation (the “Company”),
        hereby unconditionally promises to pay to Shibin Jiang (together with its
        registered assigns, the “Holder”)
        on the
        Maturity Date, the principal sum of SIX HUNDRED FIFTY THOUSAND UNITED STATES
        DOLLARS (U.S.$650,000) and to pay to the Holder interest on the unpaid principal
        amount of this Note as provided in Article
        I
        hereof.
        This is the Convertible Note referred to in the Share Exchange Agreement
        between
        the Company and Holder dated September 6, 2006. Capitalized terms used but
        not
        otherwise defined herein have the respective meanings given to such terms
        in
Article
        IV
        hereof.

      

      

      ARTICLE
        I

      

      PRINCIPAL
        AND INTEREST

      

      Section
        1.1 Principal.
        Subject
        to Section
        5.1
        herein,
        the entire unpaid principal amount of this Note shall be paid on the Maturity
        Date. Promptly following the payment in full of this Note, the Holder shall
        surrender this Note to the Company for cancellation.

      

      Section
        1.2 Interest.
        Interest shall accrue (on a compounded basis) on the daily unpaid principal
        amount of this Note, for each day during the period from and including the
        date
        hereof (the “Commencement
        Date”)
        to but
        excluding the date such Note shall be paid in full, at a rate of prime interest
        rate plus two percent (2%) per annum (the “Interest
        Rate”)
        and
        shall be payable on the Maturity Date.

      

      Section
        1.3 Default
        Interest.
        Without
        duplication of any interest payable under Section
        1.2
        hereof,
        the Company hereby unconditionally promises to pay to the Holder interest
        (computed on a compounded basis) on any principal or interest payable by
        the
        Company under this Note that shall not be paid in full when due (whether
        at
        stated maturity, by acceleration, upon prepayment or otherwise), for the
        period
        from and including the due date of such payment to but excluding the date
        the
        same is paid in full, at a rate per annum equal to the prime interest rate
        plus
        two percent (2%), which interest shall be payable from time to time on demand
        of
        the Holder. 

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

      

      PAYMENTS

      

      Section
        2.1 Payments
        Generally.
        All
        payments of principal and interest to be made by the Company in respect of
        this
        Note shall be made in Dollars by delivery to the Holder, at the address the
        Holder provides to the Company, not later than 12:00 noon New York time on
        the
        date on which such payment shall be due. If the due date of any payment in
        respect of this Note would otherwise fall on a day that is not a Business
        Day,
        such due date shall be extended to the next succeeding Business Day, and
        interest shall be payable on any principal so extended for the period of
        such
        extension. All payments by the Company under this Note will be made without
        setoff or counterclaim and free and clear of, and without deductions for,
        any
        taxes, fees or other expenses or claims of any kind.

      

      Section
        2.2 Prepayments.
        At any
        time, and from time to time, the Company may, at its option, prepay this
        Note
        (in an amount up to but not exceeding the unpaid principal amount hereof
        and any
        accrued interest hereon) in whole or in part without premium or
        penalty.

      

      ARTICLE
        III

      

      EVENTS
        OF DEFAULT

      

      Section
        3.1 Event
        of Default.
        "Event
        of Default",
        wherever used herein, means any one of the following events (whatever the
        reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

      

      (a)
         default
        in the payment of any interest in respect of this Note within ten (10) Business
        Days after it becomes due and payable; or

      

      (b)
         default
        in the payment of the outstanding principal amount of this Note at its Maturity
        Date; or 

       

      (c) the
        entry
        of a decree or order by a court having jurisdiction in the premises adjudging
        the Company a bankrupt or insolvent, or approving as properly filed a petition
        seeking reorganization, arrangement, adjustment or composition of or in respect
        of the Company under Federal bankruptcy law or any other applicable Federal
        or
        state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator
        or other similar official of the Company or of any substantial part of the
        property of the Company, or ordering the winding up or liquidation of the
        affairs of the Company; or

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      (e)
         the
        institution by the Company of proceedings to be adjudicated a bankrupt or
        insolvent, or the consent by the Company to the institution of bankruptcy
        or
        insolvency proceedings against it, or the filing by the Company of a petition
        or
        answer or consent seeking reorganization or relief under Federal bankruptcy
        law
        or any other applicable Federal or state law, or the consent by the Company
        to
        the filing of such petition or to the appointment of a receiver, liquidator,
        assignee, trustee, sequestrator or similar official of the Company or of
        any
        substantial part of the property of the Company, or the making by the Company
        of
        an assignment for the benefit of creditors, or the admission by the Company
        in
        writing of its inability to pay its debts generally as they become due, or
        the
        taking of corporate action by the Company in furtherance of any such
        action.

      

      Section
        3.2 Acceleration
        of Note.
        If an
        Event of Default occurs and is continuing, then and in every such case the
        Holder may declare the outstanding principal amount of this Note (including
        accrued interest as provided in Article
        I
        hereof)
        to be due and payable immediately, by a notice in writing to the Company,
        and
        upon any such declaration such principal shall become immediately due and
        payable. Notwithstanding the foregoing, if an Event of Default referenced
        in
        paragraph (d) or paragraph (e) of Section
        3.1
        occurs,
        the outstanding principal amount of this Note (including accrued interest
        as
        provided in Article
        I
        hereof)
        shall automatically become due and payable immediately without any declaration
        or other action on the part of the Holder. At any time after the outstanding
        principal amount of this Note shall become immediately due and payable and
        before a judgment or decree for payment of the money due has been obtained,
        the
        Holder, by written notice to the Company, may rescind and annul any acceleration
        and its consequences.

      

      ARTICLE
        IV

      

      DEFINITIONS

      

      Section
        4.1 Definitions.
        The
        following terms shall have the meanings set forth below:

      

      “Business
        Day”
means
        a
        day other than Saturday, Sunday or any day on which banks located in the
        State
        of New York are authorized or obligated to close.

       

      “Dollars”
and
        “$”
means
        lawful money of the United States of America.

      

      “Share
        Exchange Agreement”
means
        the Share Exchange Agreement dated as of the date hereof between the Company
        and
        Holder.

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      “Maturity
        Date”
        means
        the date which is the sooner of either eighteen (18) months from the date
        of
        this Note or when the Company raises capital through the sale of its
        Stock.

      

      “Maximum
        Rate”
        means
        the highest non-usurious rate of interest (if any) permitted from day to
        day by
        applicable law.

      

       

      “Note”
means
        this Convertible Promissory Note of the Company issued to the Holder, as
        modified and supplemented and in effect from time to time.

      

      “Person”
means
        any person or entity of any nature whatsoever, specifically including an
        individual, a firm, a company, a corporation, a partnership, a limited liability
        company, a trust or other entity. 

      

      “Stock”
        means
        the Company’s $.0001 par value per share common stock.

      

      

      ARTICLE
        V

      

      CONVERSION

      

      Section
        5.1 Automatic
        Conversion.
        At any
        time during the term of this Note that the Company shall effect a 165.1099
        :1 or
        similar reverse stock split, this Note shall automatically, without any action
        by the Holder, convert into 1,176,422 shares of Stock of the Company. As
        promptly as practicable after such occurrence, the Company shall issue and
        deliver to Holder, a certificate of certificates for the full number of shares
        of Stock issuable upon the conversion of this Note in accordance with the
        provisions of this Article V.

       

      

      Section
        5.2  Reservation
        of Stock; Stock to be Fully Paid. The
        Company shall reserve, out of its authorized but unissued shares, sufficient
        Stock to provide for the conversion of the entire Note. The Company covenants
        that all Stock which may be issued upon conversion of this Note will, upon
        issuance, be duly authorized, validly issued, fully paid and nonassessable
        and
        free from all taxes, liens and charges with respect to the issuance and delivery
        thereof.

      

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      ARTICLE
        VI

      

      Section
        6.1  Usury
        Laws.
        Regardless of any provision contained in this Note, Holder shall never be
        deemed
        to have contracted for, or be entitled to receive, collect, or apply as interest
        on this Note (whether termed interest herein or deemed to be interest by
        judicial determination or operation of law) any amount in excess of the Maximum
        Rate, and, in the event that Holder ever receives, collects, or applies as
        interest any such excess, such amount which would be excessive interest shall
        be
        applied to the reduction of the unpaid principal balance of this Note, and,
        if
        the principal balance of this Note is paid in full, then any remaining excess
        shall forthwith be paid to the Company. In determining whether or not the
        interest paid or payable under any specific contingency exceeds the highest
        Maximum Rate, the Company and Holder shall, to the maximum extent permitted
        under applicable law, (a) characterize any non-principal payment (other than
        payments which are expressly designated as interest payments hereunder) as
        an
        expense or fee rather than as interest, (b) exclude voluntary prepayments
        and
        the effect thereof, and (c) spread the total amount of interest throughout
        the
        entire contemplated term of this Note so that the interest rate is uniform
        throughout such term; provided, that if this Note is paid and performed in
        full
        prior to the end of the full contemplated term hereof, and if the interest
        received for the actual period of existence thereof exceeds the Maximum Rate,
        if
        any, then payee or any holder hereof shall refund to the Company the amount
        of
        such excess, or credit the amount of such excess against the aggregate unpaid
        principal balance of all advances made by the Holder or any holder hereof
        under
        this Note at the time in question.

      
 

      ARTICLE
        VII

      

      MISCELLANEOUS

      

      

      Section
        6.1  Governing
        Law; Jurisdiction.
        This
        Note shall be governed by, and construed in accordance with, the laws of
        the
        State of New York, without regard to the conflicts of laws provisions thereof.
        The Company hereby irrevocably and unconditionally submits, for itself and
        its
        property, to the nonexclusive jurisdiction of the Courts of the State of
        New
        York in any action or proceeding arising out of or relating to this Note,
        or for
        recognition or enforcement of any judgment, and hereby irrevocably and
        unconditionally agrees that all claims in respect of any such action or
        proceeding may be heard and determined in the State of New York. The Company
        hereby agrees that a final judgment in any such action or proceeding shall
        be
        conclusive and may be enforced in other jurisdictions by suit on the judgment
        or
        in any other manner provided by law. The Company hereby irrevocably and
        unconditionally waives, to the fullest extent it may legally and effectively
        do
        so, any objection which it may now or hereafter have to the laying of venue
        of
        any suit, action or proceeding arising out of or relating to this Note in
        any
        court referred to above, and hereby irrevocably waives, to the fullest extent
        permitted by law, the defense of an inconvenient forum to the maintenance
        of
        such action or proceeding in any such court. The Company irrevocably consents
        to
        service of process in the manner provided for notices below. Nothing in this
        Agreement will affect the right of the Holder to serve process in any other
        manner permitted by law.

      

      Section
        6.2 Successors.
        All
        agreements of the Company in this Note shall bind its successors and permitted
        assigns. This Note shall inure to the benefit of the Holder and its permitted
        successors and assigns. The Company shall not delegate any of its obligations
        hereunder without the prior written consent of Holder.

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      Section
        6.3 Amendment,
        Modification or Waiver.
        No
        provision of this Note may be amended, modified or waived except by an
        instrument in writing signed by the Company and the Holder.

      

      Section
        6.4 Legend.
        This
        Note, and any note issued in exchange or substitution for this Note, shall
        bear
        the legend appearing on the first page hereof.

      

      Section
        6.5 Notices.
        All
        notices and other communications in respect of this Note (including, without
        limitation, any modifications of, or requests, waivers or consents under,
        this
        Note) shall be given or made in writing (including, without limitation, by
        telecopy) at the addresses specified in the Share Exchange Agreement. Except
        as
        otherwise provided in this Note, all such communications shall be deemed
        to have
        been duly given when transmitted by telecopier or personally delivered or,
        in
        the case of a mailed notice, upon receipt, in each case given or addressed
        as
        aforesaid.

      

      Section
        6.6 Delay
        or Omission Not Waiver.
        No
        failure or delay on the part of the Holder in the exercise of any power,
        right,
        or privilege hereunder shall operate as a waiver thereof, nor shall any single
        or partial exercise of any such power, right or privilege preclude other
        or
        further exercise thereof or of any right, power or privilege. All rights
        and
        remedies existing hereunder are cumulative to, and not exclusive of, any
        rights
        or remedies otherwise available.

      

      IN
        WITNESS WHEREOF, the Company has caused this Note to be duly executed by
        an
        authorized officer thereof as of the date and year first above
        written.

       

      
        	 	 	 
	 	USIP.COM,
                INC.
	 
 	 
 	 
 
	 	By:  	/s/ Craig
                Burton
	 	
                
Name: Craig
                Burton
	 	Title:
                President 

      
        
          
          

        

        
          18Unassociated Document

    EXCHANGE
      AGREEMENT

     

    AMERICAN
      ECO-ENVIRONMENT CORPORATION 

     

    FOR
      THE EXCHANGE OF

     

    CAPITAL
      STOCK

    

    OF

     

    usip.com,
      inc.

    

    DATED
      AS OF SEPTEMBER 6, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
EXCHANGE
      AGREEMENT

    

    This
      EXCHANGE AGREEMENT, dated as of September 6, 2006 (the “Agreement”) by and among
      AMERICAN ECO-ENVIRONMENT CORPORATION,
      a
      newly-formed Delaware corporation (“AEEC”), USIP.COM, INC., a Nevada corporation
      (“USIP”), and all of the shareholders of AEEC, whose names are set forth on
      Exhibit A attached hereto (“SHAREHOLDERS”). 

     

    WHEREAS,
      SHAREHOLDERS own 100% of the issued and outstanding shares of common stock,
      par
      value $.01 per share, of AEEC (the "AEEC Shares");

     

    WHEREAS,
      SHAREHOLDERS believe it is in their best interest to exchange the AEEC Shares
      for certain convertible notes of USIP (“USIP Notes”), and USIP believes it is in
      its best interests to acquire the AEEC Shares in exchange for USIP Notes, upon
      the terms and subject to the conditions set forth in this Agreement; and

     

    WHEREAS,
      it the intention of the parties that: (i) USIP shall acquire 100% of the AEEC
      Shares in exchange solely for the amount of USIP Notes set forth herein; (ii)
      said exchange of USIP Notes for AEEC Shares shall not qualify as a tax-free
      reorganization under Section 368(a)(1)(B) of the Internal Revenue Code of 1986,
      as amended (the “Code”); and (iii) said exchange shall qualify as a transaction
      in securities exempt from registration or qualification under the Securities
      Act
      of 1933, as amended and in effect on the date of this Agreement (the “Securities
      Act”).

     

    NOW,
      THEREFORE, in consideration of the mutual terms, conditions and other agreements
      set forth herein, the parties hereto hereby agree as follows:

     

    ARTICLE
      I

     

    EXCHANGE
      OF SHARES FOR COMMON STOCK

     

    Section
      1.1 Agreement
      to Exchange AEEC Shares for USIP Notes.
      On the
      Closing Date (as hereinafter defined) and upon the terms and subject to the
      conditions set forth in this Agreement, SHAREHOLDERS shall sell, assign,
      transfer, convey and deliver the AEEC Shares (representing 100 AEEC Shares
      or
      100% of the issued and outstanding AEEC Shares), to USIP, and USIP shall accept
      the AEEC Shares from the SHAREHOLDERS in exchange for the issuance to the
      SHAREHOLDERS of the number and amount of USIP Notes set forth opposite the
      names
      of the SHAREHOLDERS on Exhibit A hereto.

     

    Section
      1.2 Capitalization.
      On the
      Closing Date, immediately before the transactions to be consummated pursuant
      to
      this Agreement, USIP shall have authorized 100,000,000 shares of Common Stock,
      par value $.001 per share, of which 49,632,222 shares
      shall be issued and outstanding, all of which are duly authorized, validly
      issued and fully paid. 

    

    Section
      1.3 Closing.
      The
      closing of the exchange to be made pursuant to this Agreement (the "Closing")
      shall take place at 10:00 a.m. E.D.T. on the date of this Agreement and upon
      the
      conditions to closing set forth in Articles V and VI have been satisfied or
      waived, or at such other time and date as the parties hereto shall agree in
      writing (the "Closing Date"), at the offices of Guzov Ofsink, LLC, 600 Madison
      Avenue, 14th
      Floor,
      New York, New York 10022. At the Closing, SHAREHOLDERS shall deliver to USIP
      the
      stock certificates representing 100% of the AEEC Shares, duly endorsed in blank
      for transfer or accompanied by appropriate stock powers duly executed in blank.
      In full consideration and exchange for the AEEC Shares, USIP shall issue and
      exchange with SHAREHOLDERS USIP
      Notes,
      as more
      particularly set out in Exhibit A hereto. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
      1.4  Tax
      Treatment.
      The
      exchange described herein is not intended to comply with Section 368(a)(1)(B)
      of
      the Code, and all applicable regulations thereunder. 

     

    ARTICLE
      II

    

    REPRESENTATIONS
      AND WARRANTIES OF USIP

    

    USIP
      hereby represents, warrants and agrees as follows:

    

    Section
      2.1 Corporate
      Organization

    

    a. USIP
      is a
      corporation duly organized, validly existing and in good standing under the
      laws
      of Utah, and has all requisite corporate power and authority to own its
      properties and assets and to conduct its business as now conducted and is duly
      qualified to do business in good standing in each jurisdiction in which the
      nature of the business conducted by USIP or the ownership or leasing of its
      properties makes such qualification and being in good standing necessary, except
      where the failure to be so qualified and in good standing will not have a
      material adverse effect on the business, operations, properties, assets,
      condition or results of operation of USIP (a "USIP Material Adverse Effect");
      

    

    b. Copies
      of
      the Articles of Incorporation and By-laws of USIP, with all amendments thereto
      to the date hereof, have been furnished to AEEC and the SHAREHOLDERS, and such
      copies are accurate and complete as of the date hereof. The minute books of
      USIP
      are current as required by law, contain the minutes of all meetings of the
      Board
      of Directors and shareholders of USIP from its date of incorporation to the
      date
      of this Agreement, and adequately reflect all material actions taken by the
      Board of Directors and shareholders of USIP.

     

    Section
      2.2 Capitalization
      of USIP.
      The
      authorized capital stock of USIP consists of (a) 100,000,000 shares of Common
      Stock, par value $.001 per share, of which 49,632,222 shares are issued and
      outstanding, all of which are duly authorized, validly issued and fully paid.
      The parties agree that they have been informed of the issuances of these USIP
      Notes, and that all such issuances of USIP Notes pursuant to this Agreement
      will
      be in accordance with the provisions of this Agreement. All of the USIP Notes
      to
      be issued pursuant to this Agreement have been duly authorized and will be
      validly issued and fully paid and no personal liability will attach to the
      ownership thereof. As of the date of this Agreement there are and as of the
      Closing Date, there will be, no outstanding options, warrants, agreements,
      commitments, conversion rights, preemptive rights or other rights to subscribe
      for, purchase or otherwise acquire any shares of capital stock or any un-issued
      or treasury shares of capital stock of USIP. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    Section
      2.3 Subsidiaries
      and Equity Investments.
      USIP
      has no subsidiaries or equity interest in any corporation, partnership or joint
      venture. 

    

    Section
      2.4 Authorization
      and Validity of Agreements.
      USIP
      has all corporate power and authority to execute and deliver this Agreement,
      to
      perform its obligations hereunder and to consummate the transactions
      contemplated hereby. The execution and delivery of this Agreement by USIP and
      the consummation by USIP of the transactions contemplated hereby have been
      duly
      authorized by all necessary corporate action of USIP, and no other corporate
      proceedings on the part of USIP are necessary to authorize this Agreement or
      to
      consummate the transactions contemplated hereby.

    

    Section 2.5 No
      Conflict or Violation.
      The
      execution, delivery and performance of this Agreement by USIP does not and
      will
      not violate or conflict with any provision of its Articles of Incorporation
      or
      By-laws, and does not and will not violate any provision of law, or any order,
      judgment or decree of any court or other governmental or regulatory authority,
      nor violate or result in a breach of or constitute (with due notice or lapse
      of
      time or both) a default under, or give to any other entity any right of
      termination, amendment, acceleration or cancellation of, any contract, lease,
      loan agreement, mortgage, security agreement, trust indenture or other agreement
      or instrument to which USIP is a party or by which it is bound or to which
      any
      of their respective properties or assets is subject, nor will it result in
      the
      creation or imposition of any lien, charge or encumbrance of any kind whatsoever
      upon any of the properties or assets of USIP, nor will it result in the
      cancellation, modification, revocation or suspension of any of the licenses,
      franchises, permits to which USIP is bound.

    

    Section
      2.6 Consents
      and Approvals.
      No
      consent, waiver, authorization or approval of any governmental or regulatory
      authority, domestic or foreign, or of any other person, firm or corporation,
      is
      required in connection with the execution and delivery of this Agreement by
      USIP
      or the performance by USIP of its obligations hereunder.

    

    

    Section
      2.7 Absence
      of Certain Changes or Events.
      Since
      its inception:

    

    a. USIP
      has
      operated in the ordinary course of business consistent with past practice and
      there has not been any material adverse change in the assets, properties,
      business, operations, prospects, net income or condition, financial or otherwise
      of USIP. As of the date of this Agreement, USIP does not know or have reason
      to
      know of any event, condition, circumstance or prospective development which
      threatens or may threaten to have a material adverse effect on the assets,
      properties, operations, prospects, net income or financial condition of
      USIP;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    b. there
      has
      not been any declaration, setting aside or payment of dividends or distributions
      with respect to shares of capital stock of USIP or any redemption, purchase
      or
      other acquisition of any capital stock of USIP or any other of USIP’s
      securities; and

    

    c. there
      has
      not been an increase in the compensation payable or to become payable to any
      director or officer of USIP. 

    

    

    Section
      2.8 Disclosure.
      This
      Agreement and any certificate attached hereto or delivered in accordance with
      the terms hereby by or on behalf of USIP in connection with the transactions
      contemplated by this Agreement, when taken together, do not contain any untrue
      statement of a material fact or omit any material fact necessary in order to
      make the statements contained herein and/or therein not misleading.

    

    Section
      2.9 Survival.
      Each of
      the representations and warranties set forth in this Article II shall be deemed
      represented and made by USIP at the Closing as if made at such time and shall
      survive the Closing for a period terminating on the second anniversary of the
      date of this Agreement.

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES OF AEEC AND SHAREHOLDERS

    

    AEEC
      and
      each of the SHAREHOLDERS, severally, represent, warrant and agree as
      follows:

    

    Section
      3.1 Corporate
      Organization.

    

    a. AEEC
      is a
      newly-formed corporation with no prior business activities. It is duly
      organized, validly existing and in good standing under the laws of the state
      of
      Delaware and has all requisite corporate power and authority to own its
      properties and assets and to conduct its business as now conducted and is duly
      qualified to do business in good standing in each jurisdiction in where the
      nature of the business conducted by AEEC or the ownership or leasing of its
      properties makes such qualification and being in good standing necessary, except
      where the failure to be so qualified and in good standing will not have a
      material adverse effect on the business, operations, properties, assets,
      condition or results of operation of AEEC (an "AEEC Material Adverse Effect").
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    b. Copies
      of
      the Certificate of Incorporation and By-laws of AEEC, with all amendments
      thereto to the date hereof, have been furnished to USIP, and such copies are
      accurate and complete as of the date hereof. The minute books of AEEC are
      current as required by law, contain the minutes of all meetings of the Board
      of
      Directors and shareholders of AEEC, and committees of the Board of Directors
      of
      AEEC from the date of incorporation to the date of this Agreement, and
      adequately reflect all material actions taken by the Board of Directors,
      shareholders and committees of the Board of Directors of AEEC.

    

    Section
      3.2 Capitalization
      of AEEC; Title to the AEEC Shares.
      On the
      Closing Date, immediately before the transactions to be consummated pursuant
      to
      this Agreement, AEEC shall have authorized One Hundred (100) AEEC Shares, of
      which 100 AEEC Shares will be issued and outstanding. The AEEC Shares are the
      sole outstanding shares of capital stock of AEEC, and there are no outstanding
      options, warrants, agreements, commitments, conversion rights, preemptive rights
      or other rights to subscribe for, purchase or otherwise acquire any shares
      of
      capital stock or any un-issued or treasury shares of capital stock of
      AEEC.

    

    Section
      3.3 Subsidiaries
      and Equity Investments; Assets.
      As of
      the date hereof and on the Closing Date, except for Harbin Yifeng
      Eco-Environment Corp., a corporation organized under the laws of the Peoples
      Republic of China which is wholly-owned by AEEC, AEEC does not and will not
      directly or indirectly, own any shares of capital stock or any other equity
      interest in any entity or any right to acquire any shares or other equity
      interest in any entity and AEEC does not and will not have any assets or
      liabilities. 

    

    Section
      3.4 Authorization
      and Validity of Agreements.
      AEEC
      has all corporate power and authority to execute and deliver this Agreement,
      to
      perform its obligations hereunder and to consummate the transactions
      contemplated hereby. The execution and delivery of this Agreement by AEEC and
      the consummation of the transactions contemplated hereby have been duly
      authorized by all necessary corporate action and no other corporate proceedings
      on the part of AEEC are necessary to authorize this Agreement or to consummate
      the transactions contemplated hereby. The SHAREHOLDERS have approved this
      Agreement on behalf of AEEC and no other stockholder approvals are required
      to
      consummate the transactions contemplated hereby. The execution and delivery
      of
      this Agreement by each SHAREHOLDER which is not a natural person (“Entity
      Shareholder”) and the consummation of the transactions contemplated hereby by
      each Entity Shareholder have been duly authorized by all necessary action by
      the
      Entity Shareholder and no other proceedings on the part of AEEC or any
      SHAREHOLDER are necessary to authorize this Agreement or to consummate the
      transactions contemplated hereby. 

     

    Section
      3.5 No
      Conflict or Violation.
      The
      execution, delivery and performance of this Agreement by AEEC or any SHAREHOLDER
      does not and will not violate or conflict with any provision of the constituent
      documents of AEEC, and does not and will not violate any provision of law,
      or
      any order, judgment or decree of any court or other governmental or regulatory
      authority, nor violate, result in a breach of or constitute (with due notice
      or
      lapse of time or both) a default under or give to any other entity any right
      of
      termination, amendment, acceleration or cancellation of any contract, lease,
      loan agreement, mortgage, security agreement, trust indenture or other agreement
      or instrument to which AEEC or any SHAREHOLDER is a party or by which it is
      bound or to which any of its respective properties or assets is subject, nor
      result in the creation or imposition of any lien, charge or encumbrance of
      any
      kind whatsoever upon any of the properties or assets of AEEC or any SHAREHOLDER,
      nor result in the cancellation, modification, revocation or suspension of any
      of
      the licenses, franchises, permits to which AEEC or any SHAREHOLDER is
      bound.

    
 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Section
      3.6 Investment
      Representations.
      (a) The
      USIP Notes will be acquired hereunder solely for the account of the
      SHAREHOLDERS, for investment, and not with a view to the resale or distribution
      thereof. Each SHAREHOLDER understands and is able to bear any economic risks
      associated with such SHAREHOLDER’S investment in the USIP Notes. Each
      SHAREHOLDER has had full access to all the information such SHAREHOLDER
      considers necessary or appropriate to make an informed investment decision
      with
      respect to the USIP Notes to be acquired under this Agreement. Each SHAREHOLDER
      further has had an opportunity to ask questions and receive answers from USIP’s
      directors regarding USIP and to obtain additional information (to the extent
      USIP’s directors possessed such information or could acquire it without
      unreasonable effort or expense) necessary to verify any information furnished
      to
      such SHAREHOLDER or to which such SHAREHOLDER had access. Each SHAREHOLDER
      ,
      other than a SHAREHOLDER who is also a PRC Shareholder (as such term is
      hereinafter defined) is an “accredited investor” (as such term is defined in
      Rule 501(a) of Regulation D promulgated by the Securities and Exchange
      Commission under the Securities Act).

    

    (b)
      No
      offer to enter into this Agreement has been made by USIP to any of Yun Wang,
      Shibin Jiang and Bin Feng (each a “PRC Shareholder” and collectively, the “PRC
      Shareholders”) in the United States. At the times of the offer and execution of
      this Agreement, each PRC Shareholder was domiciled and resided outside the
      United States. No PRC Shareholder, nor any affiliate of any PRC Shareholder,
      nor
      any person acting on behalf of any PRC Shareholder or on behalf of any such
      affiliate, has engaged or will engage in any activity undertaken for the purpose
      of, or that reasonably could be expected to have the effect of, conditioning
      the
      markets in the United States for the USIP Notes, including, but not limited
      to,
      effecting any sale or short sale of securities through any PRC Shareholder
      or
      any of affiliate of any PRC Shareholder prior to the expiration of any
      restricted period contained in Regulation S promulgated under the Securities
      Act
      (any such activity being defined herein as a “Directed Selling Effort”). To the
      best knowledge of each of the PRC Shareholders, this Agreement and the
      transactions contemplated herein are not part of a plan or scheme to evade
      the
      registration provisions of the Securities Act, and the USIP Notes are being
      acquired for investment purposes by the PRC Shareholders. Each PRC Shareholder
      agrees that all offers and sales of USIP Notes from the date hereof and through
      the expiration of the any restricted period set forth in Rule 903 of Regulation
      S (as the same may be amended from time to time hereafter) shall not be made
      to
      U.S. Persons or for the account or benefit of U.S. Persons and shall otherwise
      be made in compliance with the provisions of Regulation S and any other
      applicable provisions of the Securities Act. Neither any PRC Shareholder nor
      the
      representatives of any PRC Shareholder have conducted any Directed Selling
      Effort as that term is used and defined in Rule 902 of Regulation S and no
      PRC
      Shareholder nor any representative of any PRC Shareholder will engage in any
      such Directed Selling Effort within the United States through the expiration
      of
      any restricted period set forth in Rule 903 of Regulation S.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    Section
      3.7 Brokers’
      Fees. No
      SHAREHOLDER has any liability to pay any fees or commissions or other
      consideration to any broker, finder, or agent with respect to the transactions
      contemplated by this Agreement. 

    

    Section
      3.8 Disclosure.
      This
      Agreement, the schedules hereto and any certificate attached hereto or delivered
      in accordance with the terms hereby by or on behalf of AEEC or the SHAREHOLDERS
      in connection with the transactions contemplated by this Agreement, when taken
      together, do not contain any untrue statement of a material fact or omit any
      material fact necessary in order to make the statements contained herein and/or
      therein not misleading. 

    

    Section
      3.8 Survival.
      Each of
      the representations and warranties set forth in this Article III shall be deemed
      represented and made by AEEC and the SHAREHOLDERS at the Closing as if made
      at
      such time and shall survive the Closing for a period terminating on the second
      anniversary of the date of this Agreement.

    

    ARTICLE
      IV

     

    COVENANTS

    

    Section
      4.1 Certain
      Changes and Conduct of Business.

    

    a. From
      and
      after the date of this Agreement and until the Closing Date, USIP shall conduct
      its business solely in the ordinary course consistent with past practices and,
      in a manner consistent with all representations, warranties or covenants of
      USIP, and without the prior written consent of AEEC will not, except as required
      or permitted pursuant to the terms hereof:

    

    
      	 	
              i.

            	
              make
                any material change in the conduct of its businesses and/or operations
                or
                enter into any transaction other than in the ordinary course of business
                consistent with past practices;

            

    

    

    
      	 	
              ii.

            	
              make
                any change in its Articles of Incorporation or By-laws; issue any
                additional shares of capital stock or equity securities or grant
                any
                option, warrant or right to acquire any capital stock or equity securities
                or issue any security convertible into or exchangeable for its capital
                stock or alter in any material term of any of its outstanding securities
                or make any change in its outstanding shares of capital stock or
                its
                capitalization, whether by reason of a reclassification, recapitalization,
                stock split or combination, exchange or readjustment of shares, stock
                dividend or otherwise;

            

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	 	
              iii.

            	
              A.

            	
              incur,
                assume or guarantee any indebtedness for borrowed money, issue any
                notes,
                bonds, debentures or other corporate securities or grant any option,
                warrant or right to purchase any thereof, except pursuant to transactions
                in the ordinary course of business consistent with past practices;
                or

            

    

    

    
      	 	
              B.

            	
              issue
                any securities convertible or exchangeable for debt or equity securities
                of USIP;

            

    

    

    
      	 	
              iv.

            	
              make
                any sale, assignment, transfer, abandonment or other conveyance of
                any of
                its assets or any part thereof, except pursuant to transactions in
                the
                ordinary course of business consistent with past
                practice;

            

    

    

    
      	 	
              v.

            	
              subject
                any of its assets, or any part thereof, to any lien or suffer such
                to be
                imposed other than such liens as may arise in the ordinary course
                of
                business consistent with past practices by operation of law which
                will not
                have an USIP Material Adverse
                Effect;

            

    

    

    
      	 	
              vi.

            	
              acquire
                any assets, raw materials or properties, or enter into any other
                transaction, other than in the ordinary course of business consistent
                with
                past practices;

            

    

    

    
      	 	
              vii.

            	
              enter
                into any new (or amend any existing) employee benefit plan, program
                or
                arrangement or any new (or amend any existing) employment, severance
                or
                consulting agreement, grant any general increase in the compensation
                of
                officers or employees (including any such increase pursuant to any
                bonus,
                pension, profit-sharing or other plan or commitment) or grant any
                increase
                in the compensation payable or to become payable to any employee,
                except
                in accordance with pre-existing contractual provisions or consistent
                with
                past practices;

            

    

    

    
      	 	
              viii.

            	
              make
                or commit to make any material capital
                expenditures;

            

    

    

    
      	 	
              ix.

            	
              pay,
                loan or advance any amount to, or sell, transfer or lease any properties
                or assets to, or enter into any agreement or arrangement with, any
                of its
                affiliates;

            

    

    

    
      	 	
              x.

            	
              guarantee
                any indebtedness for borrowed money or any other obligation of any
                other
                person;

            

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              xi.

            	
              fail
                to keep in full force and effect insurance comparable in amount and
                scope
                to coverage maintained by it (or on behalf of it) on the date
                hereof;

            

    

    

    
      	 	
              xii.

            	
              take
                any other action that would cause any of the representations and
                warranties made by it in this Agreement not to remain true and correct
                in
                all material aspect;

            

    

    

    
      	 	
              xiii.

            	
              make
                any material loan, advance or capital contribution to or investment
                in any
                person;

            

    

    

    
      	 	
              xiv.

            	
              make
                any material change in any method of accounting or accounting principle,
                method, estimate or practice;

            

    

    

    
      	 	
              xv.

            	
              settle,
                release or forgive any claim or litigation or waive any
                right;

            

    

    

    
      	 	
              xvi.

            	
              commit
                itself to do any of the foregoing.

            

    

    

    b. From
      and
      after the date of this Agreement, AEEC will:

    

    
      	 	
              1.

            	
              continue
                to maintain, in all material respects, its properties in accordance
                with
                present practices in a condition suitable for its current
                use;

            

    

    

    
      	 	
              2.

            	
              file,
                when due or required, federal, state, foreign and other tax returns
                and
                other reports required to be filed and pay when due all taxes,
                assessments, fees and other charges lawfully levied or assessed against
                it, unless the validity thereof is contested in good faith and by
                appropriate proceedings diligently
                conducted;

            

    

    

    
      	 	
              3.

            	
              continue
                to conduct its business in the ordinary course consistent with past
                practices;

            

    

    

    
      	 	
              4.

            	
              keep
                its books of account, records and files in the ordinary course and
                in
                accordance with existing practices;
                and

            

    

    

    
      	 	
              5.

            	
              continue
                to maintain existing business relationships with suppliers.
                

            

    

    

    Section
      4.2 Access
      to Properties and Records.
      AEEC
      shall afford USIP’s accountants, counsel and authorized representatives, and
      USIP shall afford to AEEC's accountants, counsel and authorized representatives
      full access during normal business hours throughout the period prior to the
      Closing Date (or the earlier termination of this Agreement) to all of such
      parties’ properties, books, contracts, commitments and records and, during such
      period, shall furnish promptly to the requesting party all other information
      concerning the other party's business, properties and personnel as the
      requesting party may reasonably request, provided that no investigation or
      receipt of information pursuant to this Section 4.2 shall affect any
      representation or warranty of or the conditions to the obligations of any party.
      

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    Section
      4.3 Negotiations.
      From
      and after the date hereof until the earlier of the Closing or the termination
      of
      this Agreement, no party to this Agreement nor its officers or directors
      (subject to such director's fiduciary duties) nor anyone acting on behalf of
      any
      party or other persons shall, directly or indirectly, encourage, solicit, engage
      in discussions or negotiations with, or provide any information to, any person,
      firm, or other entity or group concerning any merger, sale of substantial
      assets, purchase or sale of shares of capital stock or similar transaction
      involving any party. A party shall promptly communicate to any other party
      any
      inquiries or communications concerning any such transaction which they may
      receive or of which they may become aware of.

    

    Section
      4.4 Consents
      and Approvals.
      The
      parties shall:

    

    
      	 	
              i.

            	
              use
                their reasonable commercial efforts to obtain all necessary consents,
                waivers, authorizations and approvals of all governmental and regulatory
                authorities, domestic and foreign, and of all other persons, firms
                or
                corporations required in connection with the execution, delivery
                and
                performance by them of this Agreement; and

            

    

    

    
      	 	
              ii.

            	
              diligently
                assist and cooperate with each party in preparing and filing all
                documents
                required to be submitted by a party to any governmental or regulatory
                authority, domestic or foreign, in connection with such transactions
                and
                in obtaining any governmental consents, waivers, authorizations or
                approvals which may be required to be obtained connection in with
                such
                transactions.

            

    

    

    Section
      4.5 Public
      Announcement.
      Unless
      otherwise required by applicable law, the parties hereto shall consult with
      each
      other before issuing any press release or otherwise making any public statements
      with respect to this Agreement and shall not issue any such press release or
      make any such public statement prior to such consultation.

    

    Section
      4.6 Stock
      Issuance.
      From
      and after the date of this Agreement until the Closing Date, neither USIP nor
      AEEC shall issue any additional shares of its capital stock. 

    

    Section
      4.7 Notwithstanding
      anything to the contrary contained herein, it is herewith understood and agreed
      that both AEEC and USIP may enter into and conclude agreements and/or financing
      transactions as same relate to and/or are contemplated by any separate written
      agreements either: (a) annexed hereto as exhibits; or (b) entered into by USIP
      with AEEC executed by both parties subsequent to the date hereof. These
      Agreements shall become, immediately upon execution, part of this Agreement
      and
      subject to all warranties, representations and conditions contained
      herein.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      V

     

    CONDITIONS
      TO OBLIGATIONS OF AEEC AND SHAREHOLDERS

    

    The
      obligations of AEEC and the SHAREHOLDERS to consummate the transactions
      contemplated by this Agreement are subject to the fulfillment, at or before
      the
      Closing Date, of the following conditions, any one or more of which may be
      waived by both AEEC and the SHAREHOLDERS in their sole discretion:

    

    Section
      5.1 Representations
      and Warranties of USIP.
      All
      representations and warranties made by USIP in this Agreement shall be true
      and
      correct on and as of the Closing Date as if again made by USIP as of such date.
      

    

    Section
      5.2 Agreements
      and Covenants.
      USIP
      shall have performed and complied in all material respects to all agreements
      and
      covenants required by this Agreement to be performed or complied with by it
      on
      or prior to the Closing Date. 

    

    Section
      5.3 Consents
      and Approvals.
      Consents, waivers, authorizations and approvals of any governmental or
      regulatory authority, domestic or foreign, and of any other person, firm or
      corporation, required in connection with the execution, delivery and performance
      of this Agreement shall be in full force and effect on the Closing
      Date.

    

    Section
      5.4 No
      Violation of Orders.
      No
      preliminary or permanent injunction or other order issued by any court or
      governmental or regulatory authority, domestic or foreign, nor any statute,
      rule, regulation, decree or executive order promulgated or enacted by any
      government or governmental or regulatory authority, which declares this
      Agreement invalid in any respect or prevents the consummation of the
      transactions contemplated hereby, or which materially and adversely affects
      the
      assets, properties, operations, prospects, net income or financial condition
      of
      USIP shall be in effect; and no action or proceeding before any court or
      governmental or regulatory authority, domestic or foreign, shall have been
      instituted or threatened by any government or governmental or regulatory
      authority, domestic or foreign, or by any other person, or entity which seeks
      to
      prevent or delay the consummation of the transactions contemplated by this
      Agreement or which challenges the validity or enforceability of this
      Agreement.

    

    Section
      5.5 Other
      Closing Documents.
      AEEC
      shall have received such other certificates, instruments and documents in
      confirmation of the representations and warranties of USIP or in furtherance
      of
      the transactions contemplated by this Agreement as AEEC or its counsel may
      reasonably request.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VI

     

    CONDITIONS
      TO OBLIGATIONS OF USIP

    

    The
      obligations of USIP to consummate the transactions contemplated by this
      Agreement are subject to the fulfillment, at or before the Closing Date, of
      the
      following conditions, any one or more of which may be waived by USIP in its
      sole
      discretion:

    

    Section
      6.1 Representations
      and Warranties of AEEC.
      All
      representations and warranties made by AEEC in this Agreement shall be true
      and
      correct on and as of the Closing Date as if again made by AEEC on and as of
      such
      date. 

    

    Section
      6.2 Agreements
      and Covenants.
      AEEC
      shall have performed and complied in all material respects to all agreements
      and
      covenants required by this Agreement to be performed or complied with by it
      on
      or prior to the Closing Date. 

    

    Section
      6.3 Consents
      and Approvals.
      All
      consents, waivers, authorizations and approvals of any governmental or
      regulatory authority, domestic or foreign, and of any other person, firm or
      corporation, required in connection with the execution, delivery and performance
      of this Agreement, shall have been duly obtained and shall be in full force
      and
      effect on the Closing Date. 

    

    Section
      6.4 No
      Violation of Orders.
      No
      preliminary or permanent injunction or other order issued by any court or other
      governmental or regulatory authority, domestic or foreign, nor any statute,
      rule, regulation, decree or executive order promulgated or enacted by any
      government or governmental or regulatory authority, domestic or foreign, that
      declares this Agreement invalid or unenforceable in any respect or which
      prevents the consummation of the transactions contemplated hereby, or which
      materially and adversely affects the assets, properties, operations, prospects,
      net income or financial condition of USIP, taken as a whole, shall be in effect;
      and no action or proceeding before any court or government or regulatory
      authority, domestic or foreign, shall have been instituted or threatened by
      any
      government or governmental or regulatory authority, domestic or foreign, or
      by
      any other person, or entity which seeks to prevent or delay the consummation
      of
      the transactions contemplated by this Agreement or which challenges the validity
      or enforceability of this Agreement.

    

    Section
      6.5. Other
      Closing Documents.
      USIP
      shall have received such other certificates, instruments and documents in
      confirmation of the representations and warranties of AEEC or in furtherance
      of
      the transactions contemplated by this Agreement as USIP or its counsel may
      reasonably request.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VII

     

    TERMINATION
      AND ABANDONMENT

    

    SECTION
      7.1 Methods
      of Termination.
      This
      Agreement may be terminated and the transactions contemplated hereby may be
      abandoned at any time before the Closing:

    

    a. By
      the
      mutual written consent of SHAREHOLDERS, AEEC and USIP;

    

    b. By
      USIP,
      upon a material breach of any representation, warranty, covenant or agreement
      on
      the part of AEEC or the SHAREHOLDERS set forth in this Agreement, or if any
      representation or warranty of AEEC or the SHAREHOLDERS shall become untrue,
      in
      either case such that any of the conditions set forth in Article VI hereof
      would
      not be satisfied (an "AEEC Breach"), and such breach shall, if capable of cure,
      has not been cured within ten (10) days after receipt by the party in breach
      of
      a notice from the non-breaching party setting forth in detail the nature of
      such
      breach;

    

    c. By
      AEEC,
      upon a material breach of any representation, warranty, covenant or agreement
      on
      the part of USIP set forth in this Agreement, or, if any representation or
      warranty of USIP shall become untrue, in either case such that any of the
      conditions set forth in Article V hereof would not be satisfied (a "USIP
      Breach"), and such breach shall, if capable of cure, not have been cured within
      ten (10) days after receipt by the party in breach of a written notice from
      the
      non-breaching party setting forth in detail the nature of such
      breach;

    

    d. By
      either
      USIP or AEEC, if the Closing shall not have consummated before ninety (90)
      days
      after the date hereof; provided, however, that this Agreement may be extended
      by
      written notice of either AEEC or USIP, if the Closing shall not have been
      consummated as a result of USIP or AEEC having failed to receive all required
      regulatory approvals or consents with respect to this transaction or as the
      result of the entering of an order as described in this Agreement; and further
      provided, however, that the right to terminate this Agreement under this Section
      7.1(d) shall not be available to any party whose failure to fulfill any
      obligations under this Agreement has been the cause of, or resulted in, the
      failure of the Closing to occur on or before this date.

    

    e. By
      either
      AEEC or USIP if a court of competent jurisdiction or governmental, regulatory
      or
      administrative agency or commission shall have issued an order, decree or ruling
      or taken any other action (which order, decree or ruling the parties hereto
      shall use its best efforts to lift), which permanently restrains, enjoins or
      otherwise prohibits the transactions contemplated by this
      Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    Section
      7.2 Procedure
      Upon Termination.
      In the
      event of termination and abandonment of this Agreement by AEEC or USIP pursuant
      to Section 7.1, written notice thereof shall forthwith be given to the other
      parties and this Agreement shall terminate and the transactions contemplated
      hereby shall be abandoned, without further action. If this Agreement is
      terminated as provided herein, no party to this Agreement shall have any
      liability or further obligation to any other party to this Agreement; provided,
      however, that no termination of this Agreement pursuant to this Article VII
      shall relieve any party of liability for a breach of any provision of this
      Agreement occurring before such termination.

    

    ARTICLE
      VIII

     

    POST-CLOSING
      AGREEMENTS

    

    Section
      8.1 Consistency
      in Reporting.
      Each
      party hereto agrees that if the characterization of any transaction contemplated
      in this agreement or any ancillary or collateral transaction is challenged,
      each
      party hereto will testify, affirm and ratify that the characterization
      contemplated in such agreement was the characterization intended by the party;
      provided, however, that nothing herein shall be construed as giving rise to
      any
      obligation if the reporting position is determined to be incorrect by final
      decision of a court of competent jurisdiction.

     

    ARTICLE
      IX

     

    MISCELLANEOUS
      PROVISIONS

    

    Section
      9.1 Survival
      of Provisions.
      The
      respective representations, warranties, covenants and agreements of each of
      the
      parties to this Agreement (except covenants and agreements which are expressly
      required to be performed and are performed in full on or before the Closing
      Date) shall survive the Closing Date and the consummation of the transactions
      contemplated by this Agreement, subject to Sections 2.9, 3.8 and 8.2. In the
      event of a breach of any of such representations, warranties or covenants,
      the
      party to whom such representations, warranties or covenants have been made
      shall
      have all rights and remedies for such breach available to it under the
      provisions of this Agreement or otherwise, whether at law or in equity,
      regardless of any disclosure to, or investigation made by or on behalf of such
      party on or before the Closing Date.

    

    Section
      9.2 Publicity.
      No
      party shall cause the publication of any press release or other announcement
      with respect to this Agreement or the transactions contemplated hereby without
      the consent of the other parties, unless a press release or announcement is
      required by law. If any such announcement or other disclosure is required by
      law, the disclosing party agrees to give the non-disclosing parties prior notice
      and an opportunity to comment on the proposed disclosure.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    Section
      9.3 Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of, and be binding upon, the parties hereto
      and their respective successors and assigns; provided, however, that no party
      shall assign or delegate any of the obligations created under this Agreement
      without the prior written consent of the other parties. 

    

    Section
      9.4 Fees
      and Expenses.
      Except
      as otherwise expressly provided in this Agreement, all legal and other fees,
      costs and expenses incurred in connection with this Agreement and the
      transactions contemplated hereby shall be paid by the party incurring such
      fees,
      costs or expenses. 

    

    Section
      9.5 Notices.
      All
      notices and other communications given or made pursuant hereto shall be in
      writing and shall be deemed to have been given or made if in writing and
      delivered personally or sent by registered or certified mail (postage prepaid,
      return receipt requested) to the parties at the following addresses:

    

    If
      to
      AEEC or the SHAREHOLDERS, to:

    

    American
      Eco-Environment Corp.

    c/o
      United Corporate Services, Inc.

    874
      Walker Road,

    Suite
      C,

    Dover,
      DE
      19904

    

    Attn:
      Yun
      Wang

    

    with
      a
      copy to:

    

    Guzov
      Ofsink, LLC

    600
      Madison Avenue, 14th
      Floor

    New
      York,
      New York 10022

    Attn:
      Darren Ofsink, Esq.

    Fax:
      212-688-7273

    

    If
      to
      USIP, to:

    

    USIP.COM
      , Inc.

    7323
      Oswego Road,

    Liverpool,
      NY 13090

    

    Attn:
      

    

    or
      to
      such other persons or at such other addresses as shall be furnished by any
      party
      by like notice to the others, and such notice or communication shall be deemed
      to have been given or made as of the date so delivered or mailed. No change
      in
      any of such addresses shall be effective insofar as notices under this Section
      9.5 are concerned unless such changed address is located in the United States
      of
      America and notice of such change shall have been given to such other party
      hereto as provided in this Section 9.5

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    Section
      9.6 Entire
      Agreement.
      This
      Agreement, together with the exhibits hereto, represents the entire agreement
      and understanding of the parties with reference to the transactions set forth
      herein and no representations or warranties have been made in connection with
      this Agreement other than those expressly set forth herein or in the exhibits,
      certificates and other documents delivered in accordance herewith. This
      Agreement supersedes all prior negotiations, discussions, correspondence,
      communications, understandings and agreements between the parties relating
      to
      the subject matter of this Agreement and all prior drafts of this Agreement,
      all
      of which are merged into this Agreement. No prior drafts of this Agreement
      and
      no words or phrases from any such prior drafts shall be admissible into evidence
      in any action or suit involving this Agreement.

    

    Section
      9.7 Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible so as to
      be
      valid and enforceable.

    

    Section
      9.8 Titles
      and Headings.
      The
      Article and Section headings contained in this Agreement are solely for
      convenience of reference and shall not affect the meaning or interpretation
      of
      this Agreement or of any term or provision hereof.

    

    Section
      9.9 Counterparts. This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which together shall be considered one and the
      same agreement.

    

    Section
      9.10 Convenience
      of Forum; Consent to Jurisdiction.
      The
      parties to this Agreement, acting for themselves and for their respective
      successors and assigns, without regard to domicile, citizenship or residence,
      hereby expressly and irrevocably elect as the sole judicial forum for the
      adjudication of any matters arising under or in connection with this Agreement,
      and consent and subject themselves to the jurisdiction of, the courts of the
      State of New York located in County of New York, and/or the United States
      District Court for the Southern District of New York, in respect of any matter
      arising under this Agreement. Service of process, notices and demands of such
      courts may be made upon any party to this Agreement by personal service at
      any
      place where it may be found or giving notice to such party as provided in
      Section 9.5.

    

    Section
      9.11 Enforcement
      of the Agreement.
      The
      parties hereto agree that irreparable damage would occur if any of the
      provisions of this Agreement were not performed in accordance with their
      specific terms or were otherwise breached. It is accordingly agreed that the
      parties shall be entitled to an injunction or injunctions to prevent breaches
      of
      this Agreement and to enforce specifically the terms and provisions hereto,
      this
      being in addition to any other remedy to which they are entitled at law or
      in
      equity.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    Section
      9.12 Governing
      Law.
      This
      Agreement shall be governed by and interpreted and enforced in accordance with
      the laws of the State of New York without giving effect to the choice of law
      provisions thereof.

    

    Section
      9.13 Amendments
      and Waivers.
      No
      amendment of any provision of this Agreement shall be valid unless the same
      shall be in writing and signed by all of the parties hereto.. No waiver by
      any
      party of any default, misrepresentation, or breach of warranty or covenant
      hereunder, whether intentional or not, shall be deemed to extend to any prior
      or
      subsequent default, misrepresentation, or breach of warranty or covenant
      hereunder or affect in any way any rights arising by virtue of any prior or
      subsequent such occurrence.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first above written.

     

    AMERICAN
      ECO-ENVIRONMENT CORP.

    

    By: 
      /s/
      Yun Wang           

    Yun
      Wang

    

    Title:
      Chief Executive Officer

     

    USIP.COM,
      INC. 

    

     

    By: 
      /s/
      Craig Burton         

    Craig
      Burton 

     

    Title:
      President

    

    SHAREHOLDERS:

    

    /s/
      Yun Wang________________

    Yun
      Wang

    

    

    /s/
      Shibin Jiang______________

    Shibin
      Jiang

    

    

    /s/
      Bin
      Feng                                      

    Bin
      Feng

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

      
        	
                Name
                  of
                  SHAREHOLDER

              	 	
                Number
                  of AEEC Shares Being
                  Exchanged

              	 	
                Face
                  Value of USIP Notes to
                  be Received

              
	 	 	 	 	 
	
                Yun
                  Wang

              	 	
                69

              	 	
                $3,450,000

              
	 	 	 	 	 
	
                Shibin
                  Jiang

              	 	
                13

              	 	
                $650,000

              
	 	 	 	 	 
	
                Bin
                  Feng

              	 	
                18

              	 	
                $900,000

              

      

    

     

     

    
      
        
        

      

      
        20

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