Document:

sbrd8k20100924ex10-c.htm

SHARE PLEDGE AGREEMENT

This Share Pledge Agreement (hereinafter “this Agreement”) is entered into in Beijing, China on the 26th day of June, 2010 by the following parties:

Party A:Beijing Tsingyuan Hengchang Consulting Co., Ltd.

Address:Room 1004, 10th Floor, Building 9, No.1 Zhongguancun East Road, Haidian District, Beijing

Party B:(hereafter referred to as “Pledgors”)

Zhang Dingyou

ID: 371424196712124816

Address

Zhang Dingfu

ID:37242819531118481X

Address

Yuan Mingxia

ID:37142419800510484X

Address

Party C:Linyi Hengchang Brewery&Malt Co., Ltd ( hereafter referred to as “Malt” or “the Company”)

Address:Hengyuan Economic Development Zone, Linyi County, Shandong Province, P.R.C

WHEREAS:

	
1.

	
The Party A, the Pledgee, is a wholly-owned foreign enterprise registered in Beijing, the People’s Republic of China (hereinafter “PRC”)

  

  

  

	
2. 

	
Party C is a company registered in accordance with the laws and regulations of PRC.

	
3.

	
The Pledgors, Zhang Dingyou owns 89.9% equity interests of the Company, Zhang Dingfu owns 6.2% equity interests of the Company and Yuan Mingxia owns 3.9% equity interests of the Company.

	
4.

	
Party A, B and C executed a “Technology Consulting and Service Agreement” (hereinafter “Exclusive Technology and Business Consulting Service Agreement” or “Service Agreement”), Call Option Agreement and Proxy Agreement on _________, 2010.

	
5.

	
In order to ensure that Pledgors will perform their obligations under the Service Agreement and the Pledgee can normally collect the Technology Consulting Service Fees from the Pledgors, the Pledgors agree to pledge all their equity interests in Party C as a securities for the performance of the obligations under Call Option Agreement, Proxy Agreement and payments of the Technology Consulting Service Fees under the Technology Consulting Service Agreement. As a result of the foregoing, Party A, Party B and Party C reach this Share Pledge Agreement.

NOW THEREFORE, the Pledgee and the Pledgors through mutual negotiations hereby enter into this Agreement based upon the following terms:

	
1.

	
Definition

Unless otherwise provided in this Agreement, the following terms shall have the following meanings:

1.1           “Pledge”: refers to the full content of Article 2 hereunder.

	 	
1.2

	
“Equity Interest”: refers to all the equity interest in the Company legally held by the Pledgors.

	
  

	
1.3

	
“Principal Agreements”: refers to Technology Consulting Service Agreement, Call Option Agreement and the Proxy Agreement.

  

2

  

	
  

	
1.4

	“Event of Default”: refers to any event in accordance with Article 7.1 hereunder.

 

	
  

	
1.5

	
“Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement.

	
2.

	
Pledge

	
  

	
2.1

	
The Pledgors agree to pledge their equity interests in the Company to the Pledgee as securities for their obligations under the Principal Agreement.

	
  

	 

	
  

	
2.2

	
The scope of the Pledge under this Agreement covers the obligations of the Pledgors under Principal Agreements and any fees.

	
  

	 

	
  

	
2.3

	
Pledge under this Agreement refers to the rights owned by the Pledgee, who shall be entitled to a priority in receiving payment by the evaluation or proceeds from the auction or sale of the equity interest pledged by the Pledgors to the Pledgee.

	
  

	 

	
  

	
2.4

	
Without other written consent of the Pledgee, Pledge shall take effect until the obligations under the Principal Agreements will have been fulfilled. If Party C or the Pledgors cannot fulfill all or part of the obligations under the Principal Agreements at the time the term of those agreements expires, the Pledgee shall be still entitled to the pledge under this Agreement, until all the above said obligations has been fulfilled.

	
3.

	
Effectiveness and Term

	
  

	
3.1

	
The agreement is effective as of the date first set forth above.

	
  

	
3.2

	
During the term of the Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the event that Pledgors do not perform their obligation under the Loan Agreement and Party C fails to pay exclusive technology consulting service fee in accordance with the Technology Consulting Service Agreement.

	
  

	 

  

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4.            Physical Possession of the Documents

	
  

	
4.1

	
During the term of Pledge under this Agreement, the Pledgors shall deliver the physical possession of the Name List of Shareholder of Malt to the Pledgee within 5 days as of the date of conclusion of this Agreement.

	
  

	
4.2

	
If any information on the certificate of pledge has changed, the Pledgors and the Pledgee shall revise the information on the certificate within 5 days as of the date of this Agreement.

	
  

	
4.3

	
The Pledgee shall be entitled to collect the dividends for the equity interest.

	
5.

	
Representation and Warranty of Pledgors

The Pledgor represents and warrants as the following, and confirms that the Pledgee signs and performs this Agreement depending on the following representations and warranties:

	
  

	
5.1

	
The Pledgors are the legal owners of the equity interest pledged.

	
  

	
5.2

	
The Pledgors do not pledge the equity interest or the equity interest is not encumbered to any other person except for the Pledgee.

	
6.

	
Promises of Pledgors

	
  

	
6.1

	
During the effective term of this Agreement, the Pledgors promise to the Pledgee for its benefit that the Pledgors shall:

	
  

	
6.1.1

	
Not transfer or assign the equity interest, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee without prior written consent from the Pledgee;

	
  

	
6.1.2

	
Comply with and implement laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by the competent authority within five days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object to the foregoing matters at the reasonable request of the Pledgee or with consent from the Pledgee;

  

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6.1.3

	
Timely notify the Pledgee of any events or any received notices which may affect the Pledgor’s equity interest or any part of its right, and any events or any received notices which may change the Pledgor’s any warranty and obligation under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement.

	
  

	
6.2

	
The Pledgors agree that the Pledgee’s right to the Pledge obtained from this Agreement shall not be suspended or inhibited by any legal procedure launched by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any such other person.

	
  

	
6.3

	
The Pledgors promise to the Pledgee that in order to protect or perfect the security for the payment of the the Service Fee, the Pledgors shall execute in good faith and cause other parties who have interests in the pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee; and make access to exercise the rights and authorization vested in the Pledgee under this Agreement.

	
  

	
6.4

	
The Pledgors promise to the Pledgee that they will comply with and perform all the guarantees, covenants, warranties, representations and conditions for the benefits of the Pledgee. The Pledgors shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgors do not perform or fully perform their guarantees, covenants, warranties, representations and conditions.

	
7.

	
Event Of Default

	
  

	
7.1

	
The following events shall be regarded as the events of default:

	
  

	
7.1.1

	
Malt, its successors and assignees fail to make full payment as scheduled under Principal Agreement;

  

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7.1.2

	
The Pledgor makes any material misleading or mistaken representations or warranties under Article 5 and 6 herein, and/or the Pledgor breaches any warranties under Article 5 and 6 herein;

	
  

	
7.1.3

	
The Pledgor breaches the term or condition herein;

	
  

	
7.1.4

	
Except that in 6.1.1, the Pledgor waives the pledged equity interest or transfers or assigns the pledged equity interest without prior written consent from the Pledgee;

	
  

	
7.2

	
The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or find that any event under Article 7.1 herein or any event that may result in the foregoing events has happened or is going on.

	
  

	
7.3

	
Unless the event of default under Article 7.1 herein has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default happens or thereafter, may give a written notice of default to the Pledgor and require the Pledgor to immediately make full payment of the loan and the outstanding service fees under the Service Agreement and other payables or exercise the Pledge right in accordance with Article 8 herein.

	
8.

	
Exercise of the Pledge

	
  

	
8.1

	
The Pledgor shall not transfer or assign the equity interest without prior written approval from the Pledgee prior to the full repayment of Principal Agreements (whichever date last occurs).

	
  

	
8.2

	
The Pledgee shall give a notice of default to the Pledgors when the Pledgee exercises the right of pledge according to 7.3 of this Agreement.

	
  

	
8.3

	
Subject to Article 7.3, the Pledgee may exercise the right of pledge at any time when the Pledgee gives a notice of default in accordance with Article 7.3 or thereafter.

	
  

	
8.4

	
The Pledgee is entitled to a priority in receiving payment by the evaluation or proceeds from the auction or sale of whole or part of the equity interest pledged herein in accordance with legal procedure until the unpaid Service Fees under the Service Agreement, the outstanding debt and all other payables of Pledgors under Loan Agreement are repaid.

  

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8.5

	
The Pledgors shall not hinder the Pledgee from exercising the right of pledge in accordance with this Agreement and shall give necessary assistance so that the Pledgee could realize his Pledge.

	
9.

	
Assignment

	
  

	
9.1

	
The Pledgors shall not donate or transfer its rights and obligations herein without prior consent from the Pledgee.

	
  

	
9.2

	
The Pledgee may transfer or assign his all or any rights and obligations under the Service Agreement to any individual specified by it (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service Agreement, and such transfer shall only be subject to a written notice serviced to Pledgors, and at the request of the Pledgee, the Pledgors shall execute the relevant agreements and/or documents with respect to such transfer or assignment.

	
  

	
9.3

	
After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall execute a new pledge contract.

	
10.

	
Miscellaneous

	
  

	
10.1

	
This Agreement shall be executed in Five(5) original copies and is hold respectively by each Party, and each original copy has the same legal effect.

	
  

	
10.2

	
The execution, validity, interpretation, performance, amendment, termination and the dispute resolution of this agreement are governed by the laws of PRC.

	
  

	
10.3

	
The Parties shall strive to settle any dispute, conflicts, or compensation claims arising from the interpretation or performance (including any issue relating to the existence, validity and termination) in connection with this Agreement through friendly consultation. In case no settlement can be reached within  thirty (30) day after one party ask for the settlement, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties.

  

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10.4

	
Any right, power or remedy granted to a party by one term of this agreement does not exclude the party from any right, power or remedy granted by other terms or laws and regulations. And one party’s performance of its right, power and remedy does not exclude the party from performing other right, power and remedy.

	
  

	
10.5

	
No failure or delay by any Party in exercising any right or remedy provided by law or under this Agreement shall impair such right or remedy or operate or be construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude any other or further exercise of it or the exercise of any other right or remedy.

	
  

	
10.6

	
The headings are for convenience and under no circumstances; the headings shall affect the interpretation of the articles of the agreement.

	
  

	
10.7

	
This Agreement is severable. If any clause of this Agreement is judged as invalid or non-enforceable according to relevant PRC Laws, such clause shall be deemed invalid only within the applicable area of the PRC Laws, and without affecting other clauses hereof in any way.

	
  

	
10.8

	
The Parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed by the Parties shall be a part of this Agreement and shall have the same legal effect as this Agreement.\

	
  

	
10.9

	
Without prior written approval of the other Parties, any party can not transfer, pledge or assign any right, benefit or obligation under this agreement.

  

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10.10

	
This agreement is binding to all the parties herein and their respective lawful successors and assignees.

 

The parties hereby sign as the following:

PARTY A:

Beijing Tsingyuan Hengchang Consulting Co., Ltd.(seal)

Signature:______________

Legal Representative/Authorized Representative

PARTY B:

Zhang Dingyou

Signature:______________

Zhang Dingfu

Signature:______________

Yuan Mingxia

Signature:______________

PARTY C:

Linyi Hengchang Brewery&Malt Co., Ltd(seal)

Signature:______________

Legal Representative/Authorized Representative

  

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Appendix  Name List of Shareholder of Party C

Linyi Hengchang Brewery&Malt Co., Ltd

Name List of Shareholder

[As of________, 2010]

	
Shareholder

 

	
Capital Contribution(RMB)

 

	
Percentage

 

	
Zhang Dingyou

	
69,000,000

	
89.9%

	
Zhang Dingfu

	
4,750,000

	
6.3%

	
Yuan Mingxia

	
3,000,000

	
3.9%

Seal:

Legal Representative:

Date:sbrd8k20100924ex10-d.htm

 

	股权转让期权协议     	Call Option Agreement

 

 

Call Option Agreement

This Call Option Agreement (the“Agreement”) is made by the following parties in Beijing, the People’s Republic of China (“China”), on June 26, 2010.

	
1.

	
Beijing Tsingyuan Hengchang Consulting Co., Ltd.(hereafter referred to as “WOFE”)

Address:Room 1004, 10th Floor, Building 9, No.1 Zhongguancun East Road, Haidian District, Beijing

	
2.

	
Zhang Dingyou

ID:371424196712124816

Address

	
3.

	
Zhang Dingfu

ID:37242819531118481X

Address

	
4.

	
Yuan Mingxia

ID:37142419800510484X

Address

(Zhang Dingyou, Zhang Dingfu and Yuan Mingxia hereinafter referred to as the “The existing shareholders” or “shareholders”, all the parties hereinafter collectively referred to as the “PARTIES” and individually as a “PARTY”)

Whereas:

	
1.

	
The existing shareholders are the shareholders of Linyi Hengchang Brewery&Malt Co., Ltd ( a liability limited company incorporated under the laws of the People’s Republic of China (the “PRC”), whose offices are located at Hengyuan Economic Development Zone, Linyi County, Shandong Province, P.R.C ,hereafter referred to as “Malt” or “the Company”).

	
2.

	
The existing shareholders have intention to transfer their stocks to “WOFE” respectively under doing not break Chinese laws, “WOFE” has intention to accept the exchange.

	
3.

	
In order to carry out the exchange of the ownership of the stocks, the existing shareholders hereby irrevocably grants to “WOFE” an option to purchase.

  

1

  

 

	股权转让期权协议     	Call Option Agreement

 

NOW, THEREFORE, the Parties to this Agreement hereby agree as follows:

Article 1 Definitions

Terms used in this Agreement shall have the meanings set forth below:

	
“PRC Laws and Regulations”:

	
Means the currently effective laws, administrative regulations, local regulations, explanations and other binding legal documents.

	  	  
	
“Call Option”:

	
Means equity interests each shareholder has in the Company’s registered capital and all the equity interests in the Company in total.

	  	  
	
“The Company’s Registered Capital”:

	
Means at the date of this Agreement, The Company’s registered capital (RMB 76,750,000 Yuan), including any enlarged registered capital after future capital increase.

	  	  
	
“Exercise of Options”:

	
Means when WOFE exercises its options, it has the right to ask the shareholders transfer the Company’s shares wholly or party to WOFE or its designated entity or natural person. The specific amount shall be freely decided by WOFE according to PRC laws and its business concern.

	  	  
	
“Exercise Price”:

	
Each time when WOFE exercise the option, WOFE shall pay consideration to shareholders. The exercise price of WOFE or its designated entity or natural person is RMB 1 Yuan. If at that time there is any regulatory PRC laws regulating the minimum price, the minimum price regulated by PRC laws shall be the exercise price.

	  	  
	
“Certificates”:

	
Means the Company’s approval, permission, registration, including but not limited to Business License, Tax Registration and other related certificates required by PRC laws for its effective and legal operation.

  

2

  

 

	股权转让期权协议     	Call Option Agreement

 

	
“The Company’s Assets”:

	
Means all tangible and intangible assets owned or authorized to use during the term of this Agreement, including but not limited to trade mark, copy right, patent, technology, domain name, software use right and other intellectual property.

	  	  
	
“Principal Agreement”:

	
Means agreements the Company enters into and has material effect on the Company’s business and assets, including but not limited to Technology and Consultancy Service Agreement.

Article 2 Grant Rights

Shareholder (“Transferor”) hereby irrevocably grants to WOFE an option to purchase or cause any designated person (“Designated Persons”) to purchase, to the extent permitted under PRC Law, according to the steps determined by WOFE.

Article 3 Exercise of Option

	
3.1

	
WOFE has the full power without limitation to decide the specific time, amount and numbers of exercise as long as the conditions are in accordance with PRC laws.

	
3.2

	
At the time of exercise, WOFE and/or the Designated Persons can hold all of the Company’s shares under PRC laws, WOFE is entitled to exercise all the options; If at the time of exercise, WOFE and/or the Designated Persons can hold part of the Company’s shares under PRC laws, WOFE is entitled to exercise the option within the upper limit regulated by PRC laws. Under the latter situation, WOFE is entitled to further exercise the option in accordance with PRC laws until all the option has been exercised.

	
3.3

	
Each time WOFE exercises its option, it can purchase the transferred equity interests itself or designate third persons to purchase all or part of the transferred equity interests.

	
3.4

	
According to the stipulations of PRC laws and regulation, WOFE and/or the Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the equity interest purchased from Transferor (the “Purchased Equity Interest”) and the manner of purchase. (Please refer to Appendix II for the format). The shareholders shall transfer the equity interests wholly or partly to WOFE and/or the Designated Persons upon receipt of the Notice.

  

3

  

 

	股权转让期权协议     	Call Option Agreement

	
3.5

	
In each time the performance of the Option:

	
  

	
3.5.1

	
The Transferor shall ask the Company to convene the shareholders’ meeting. During the meeting, the resolution, in which Transferor transfers Equity Interest to WOFE and/or the Designated Persons, shall be made;

	
  

	
3.5.2

	
The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity Interest Transfer Agreement with WOFE and/or the Designated Persons (as applicable);;

	
  

	
3.5.3

	
The related parties shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary actions, without any security interest, transfer the valid ownership of the Purchased Equity Interest to WOFE and/or the Designated Persons, and cause WOFE and/or the Designated Persons to be the registered owner of the Purchased Equity Interest. In this Clause and this Agreement, “Security Interest” means the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of set-off, ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge Agreement.

Article 4 Representations and Warranties

	
4.1

	
As of the execution date of this Agreement and every transferring date, the     Shareholder hereby represents and warrants collectively and respectively to WOFE as follows:

	
  

	
4.1.1

	
It has the power and ability to enter into this Agreement, and any equity interest transferring Agreement (“Transferring Agreement”, respectively) having it as a party, for every single transfer of the Purchased Equity Interest according to this Agreement;

	
  

	
4.1.2

	
It has the power and ability to deliver this Agreement, and any equity interest transferring Agreement (“Transferring Agreement”, respectively) having it as a party, for every single transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this Agreement and the Transferring Agreements having it as a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms;

  

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	股权转让期权协议     	Call Option Agreement

	
  

	
4.1.3

	
At the date of this Agreement, it is the owner of the option. Except for the rights designated by this Agreement, It does not set any security interest on the Option, including liens, pledge, claims, guaranties and other limitations from third party;

	
  

	
4.1.4

	
At the date of this Agreement, the Company has all the certificates necessary to its operation. the Company has full right and qualification to operate business within the territory of China. No litigation, arbitration or administrative procedure relevant to the equity interest and assets of the Company or the corporation is in the process, to be settled or potentially take place;

	
4.2

	
WOFE represents and warrants as the following:

	
  

	
4.2.1

	
WOFE is a limited company registered in accordance with PRC laws. It has the power and ability to enter into, deliver and perform this Agreement;

	
  

	
4.2.2

	
WOFE has performed all the necessary internal authorization procedures within the company. It owns full rights and authorization to enter into and perform the documents related to the transaction;

Article 5 Promises of Shareholders

As of the execution date of this Agreement and every transferring date, the Shareholder hereby promises collectively and respectively as follows:

	
5.1

	
According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate business and deal with works during the term of the Agreement;

	
5.2

	
Without prior written consent by WOFE during the term of the Agreement,

	
  

	
5.2.1

	
not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income of the Company, or to approve any other security interest set on it;

	
  

	
5.2.2

	
not, in any form, to increase or decrease registered capital of the corporation, or to change the structure of the registered capital in any other forms;

  

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	股权转让期权协议     	Call Option Agreement

 

	 	
5.2.3 

	
not, dispose or urge the management of the Company dispose any of the Company’s assets (except that it is in the due course of operation;)

	
  

	
5.2.4

	
not to enter into any material Agreement with the Company, other than the Agreement in the process of normal business;

	
  

	
5.2.5

	
not, appoint or remove any the Company’s managing director, directors of the board (if applicable), supervisors or other management personnel that shall be appointed and removed by the Shareholders.

	
  

	
5.2.6

	
not, declare distribution or actually distribute any distributable profits, interests, or dividends;

	
  

	
5.2.7

	
ensure the Company’s going concern without being terminated, liquidated or dissolution;

	
  

	
5.2.8

	
not, in any form, to supplement, change or renew the Articles of Association of the Company.

	
5.3

	
To normally operate all business to maintain the asset value of the Company, without make any action or nonfeasance that sufficiently affects its operation and asset value during the term of the Agreement.

Article 6 Confidentiality

	
6.1

	
The Shareholder shall not discuss with any third party, other than for the purpose of performing the obligations under this agreement, (i)the existence, nature or terms of the negotiations and this Agreement; (ii)the WOFE’s trade secrets, proprietary business information, client information known to the Shareholder during the construction and performance of this agreement and (iii) trade secrets, proprietary business information, client information known to the Shareholder as the shareholder of the Company (the "Confidential Information") without the express written permission of the WOFE.

	
6.2

	
The Shareholder shall return to the WOFE, destroy by other proper means, upon the expiration of the agreement and request of the WOFE all documents, materials or software and cease to use any of the Confidential Information.

	
6.3

	
Article 6 shall survive after the agreement is ceased or terminated.

 

  

6

  

 

	股权转让期权协议     	Call Option Agreement

 

Article 7 Term of Agreement

	
7.1 

	
This Agreement has been duly executed by the parties’ authorized representatives and terminates until all the call option under this Agreement has been transferred to WOFE or its designated entities or natural persons.

 

Article 8 Notice

	
8.1

	
Any communications among parties of this Agreement, including notice, requirement and offer shall be delivered in written form.

	
8.2

	
In the case of transmission by facsimile, the transmission shall be deemed delivered upon delivery; In case of delivering face to face, the transmission shall be deemed delivered upon delivery; all notices or communications sent by registered mail shall be deemed delivered five (5) Business Days from the time of posting.

Article 9 Breach of Agreement

	
9.1

	
The Parties agree and confirm that if any party (the “Breaching Party”) materially breach any terms of this Agreement or unable to perform any obligation under this Agreement, it will constitute a “Breach” act. Other party (the “Observant Party”) shall ask for remedy measures in reasonable time. If the Breaching Party does not perform any remedy measures in the reasonable time required by the Observant Party or within 10 days after the written notice of the Observant Party, then (1) if the shareholders or the Company is the breaching party, WOFE can terminate this Agreement and ask for remedies; (2)if WOFE is the breaching party, the observant party shall ask for remedies, but cannot terminate the Agreement.

	
9.2

	
The Parties agree and confirm that the Shareholders cannot terminate this agreement under any circumstances and for any reason.

	
9.3

	
The rights and remedies designated by this Agreement are accumulative, and do not exclude other rights or remedies under laws and regulations.

	
9.4

	
Article 9 shall survive after the agreement is ceased or terminated.

Article 10 Miscellaneous

	
10.1

	
This Agreement shall be executed in Four (4) original copies and is hold respectively by each Party, and each original copy has the same legal effect.

	
10.2

	
The execution, validity, interpretation, performance, amendment, termination and the dispute resolution of this agreement are governed by the laws of PRC.

  

7

  

 

	股权转让期权协议     	Call Option Agreement

 

	
10.3

	
The Parties shall strive to settle any dispute, conflicts, or compensation claims arising from the interpretation or performance (including any issue relating to the existence, validity and termination) in connection with this Agreement through friendly consultation. In case no settlement can be reached within thirty (30) day as of one party asked for the settlement, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties.

	
10.4

	
Any right, power or remedy granted to a party by one term of this agreement does not exclude the party from any right, power or remedy granted by other terms or laws and regulations. And one party’s performance of its right, power and remedy does not exclude the party from performing other right, power and remedy.

	
10.5

	
No failure or delay by any Party in exercising any right or remedy provided by law or under this Agreement shall impair such right or remedy or operate or be construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude any other or further exercise of it or the exercise of any other right or remedy.

	
10.6

	
The headings are for convenience and under no circumstances; the headings shall affect the interpretation of the articles of the agreement.

	
10.7

	
This Agreement is severable. If any clause of this Agreement is judged as invalid or non-enforceable according to relevant PRC Laws, such clause shall be deemed invalid only within the applicable area of the PRC Laws, and without affecting other clauses hereof in any way.

	
10.8

	
The Parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed by the Parties shall be a part of this Agreement and shall have the same legal effect as this Agreement.

	
10.9

	
Without prior written approval of WOFE, the Shareholders can not transfer, pledge or assign any right, benefit or obligation under this agreement. WOFE can transfer, pledge or assign any right benefit or obligation under this agreement upon notice of the other parties.

	
10.10

	
This agreement is binding to all the parties herein and their respective lawful successors and assignees.

  

8

  

 

	股权转让期权协议     	Call Option Agreement

 

The parties hereby sign as the following:

Beijing Tsingyuan Hengchang Consulting Co., Ltd.(seal)

Signature:______________

Legal Representative/Authorized Representative:

Zhang Dingyou

Signature:______________

Zhang Dingfu

Signature:______________

Yuan Mingxia

Signature:______________

  

9

  

 

	股权转让期权协议     	Call Option Agreement

 

Appendix I:

Linyi Hengchang Brewery&Malt Co., Ltd

Name:Linyi Hengchang Brewery&Malt Co., Ltd

Address:Hengyuan Economic Development Zone, Linyi County, Shandong Province, P.R.C

Registered:RMB76,750,000Yuan

Legal Representative:Zhang Dingyou

Share Structure:

	
Shareholder

 

	
Capital Contribution(RMB)

 

	
Percentage

 

	
Zhang Dingyou

	
69,000,000

	
89.9%

	
Zhang Dingfu

	
4,750,000

	
6.3%

	
Yuan Mingxia

	
3,000,000

	
3.9%

  

10

  

 

	股权转让期权协议     	Call Option Agreement

 

Appendix II:

Format of Notice

To:Zhang Dingyou、Zhang Dingfu、Yuan Mingxia

Whereas our Company has entered into a Call Option Agreement on_________, 2010, which designated that under circumstances permitted by PRC laws and regulations, upon our requirement, you shall transfer your equity interests in Linyi Hengchang Malt&Brewery Co., Ltd to our Company or any third person designated by our Company.

Hereby, we issue the Notice of the following:

Our Company hereby exercises the option under the Call Option Agreement and requires you to transfer____% of equity interests of Linyi Hengchang Malt&Brewery Co., Ltd, you hold to the Company. Please immediately transfer the equity interests above mentioned to the Company or_______ (designated company or person) according to Call Option Agreement upon receipt of this Notice.

 

 

Beijing Tsingyuan Hengchang Consulting Co., Ltd.(seal)

Signature:______________

Legal Representative/Authorized Representative:

Date: _________

 

 

11

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