Document:

chxd_lockup.htm

    Exhibit 10.3

    
 

    CHINA
XD PLASTICS COMPANY LIMITED

     

    November
27, 2009

     

    China XD
Plastics Company Limited

    11
Broadway Suite 1004

    New York,
NY 10004

    Telephone:   (212)
747-1118

    

    
      	
               
      

            	
              Re:  China XD Plastics
      Company Limited - Lock-Up
      Agreement

            

    

     

    Dear
Sirs:

     

    This Lock-Up Agreement is being
delivered to you in connection with the Securities Purchase Agreement (the
"Purchase Agreement"),
dated as of November 27, 2009 by and among China XD Plastics Company Limited
(the "Company") and the
investors party thereto (the "Buyers"), with respect to the
issuance of (i) Series C Convertible Preferred Shares (the "Preferred Shares") convertible
into the Company's common stock, $0.0001 par value per share (the "Common Stock") and (ii) two
(2) series of warrants which will be exercisable to purchase shares of Common
Stock.  Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings set forth in the Purchase
Agreement.

     

    In order to induce the Buyers to enter
into the Purchase Agreement, the undersigned agrees that, commencing on the date
hereof and ending on the one year anniversary of the Closing Date (the "Lock-Up Period"), the
undersigned will not (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase, make any short sale or
otherwise dispose of or agree to dispose of, directly or indirectly, any shares
of Common Stock, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the
Securities and Exchange Act of 1934, as amended and the rules and regulations of
the Securities and Exchange Commission promulgated thereunder with respect to
any shares of Common Stock owned directly by the undersigned (including holding
as a custodian) or with respect to which the undersigned has beneficial
ownership within the rules and regulations of the Securities and Exchange
Commission, or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of
any shares of Common Stock, owned directly by the undersigned (including holding
as a custodian) or with respect to which the undersigned has beneficial
ownership within the rules and regulations of the Securities and Exchange
Commission, whether any such transaction is to be settled by delivery of such
securities, in cash or otherwise, (collectively, the "Undersigned’s
Shares").

     

    In addition, during each of (i) the
First Pricing Period and (ii) the Second Pricing Period (each, as defined in the
Purchase Agreement), the undersigned shall not, and shall cause each of its
affiliates and each of their respective agents, not to, directly or indirectly,
purchase any shares of Common Stock.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The foregoing restriction is expressly
agreed to preclude the undersigned or any affiliate of the undersigned from
engaging in any hedging or other transaction which is designed to or which
reasonably could be expected to lead to or result in a sale or disposition of
the Undersigned’s Shares even if the Undersigned’s Shares would be disposed of
by someone other than the undersigned.  Such prohibited hedging or
other transactions would include, without limitation, any short sale or any
purchase, sale or grant of any right (including, without limitation, any put or
call option) with respect to any of the Undersigned’s Shares or with respect to
any security that includes, relates to, or derives any significant part of its
value from the Undersigned’s Shares.

     

    Notwithstanding the foregoing, the
undersigned may transfer the Undersigned’s Shares (i) as a bona fide gift or gifts,
provided that the donee or donees thereof agree to be bound in writing by the
restrictions set forth herein or (ii) to any trust for the direct or indirect
benefit of the undersigned or the immediate family of the undersigned, provided
that the trustee of the trust agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer shall not involve
a disposition for value.  For purposes of this Lock-Up Agreement,
“immediate family” shall mean any relationship by blood, marriage or adoption,
not more remote than first cousin.  The undersigned now has, and,
except as contemplated by clauses (i) and (ii) above, for the duration of this
Lock-Up Agreement will have, good and marketable title to the Undersigned’s
Shares, free and clear of all liens, encumbrances, and claims
whatsoever.  The undersigned also agrees and consents to the entry of
stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the Undersigned’s Shares except in compliance with the
foregoing restrictions.

     

    The undersigned understands and agrees
that this Lock-Up Agreement is irrevocable and shall be binding upon the
undersigned’s heirs, legal representatives, successors, and
assigns.

     

    This Lock-Up Agreement may be executed
in two counterparts, each of which shall be deemed an original but both of which
shall be considered one and the same instrument.

     

    This Lock-Up Agreement will be governed
by and construed in accordance with the laws of the State of New York, without
giving effect to any choice of law or conflicting provision or rule (whether of
the State of New York, or any other jurisdiction) that would cause the laws of
any jurisdiction other than the State of New York to be applied.  In
furtherance of the foregoing, the internal laws of the State of New York will
control the interpretation and construction of this Lock-Up Agreement, even if
under such jurisdiction's choice of law or conflict of law analysis, the
substantive law of some other jurisdiction would ordinarily apply.

     

    Each of the Company and the undersigned
hereby appoints Loeb & Loeb LLP with offices at 345 Park Avenue, New York,
New York 10154, as its agent for service of process in New York.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
               
      

            	
              Very
      truly yours,

            

    

     

    
      	
               
      

            	
              ______________________________

            

    

    
      	
               
      

            	
              Exact
      Name of Stockholder

            

    

     

    
      	
               
      

            	
              ______________________________

            

    

    
      	
               
      

            	
              Authorized
      Signature

            

    

     

    
      	
               
      

            	
              ______________________________

            

    

    
      	
               
      

            	
              Title

            

    

     

     

     

    
      Agreed to
and Acknowledged:

    

    

      CHINA
XD PLASTICS COMPANY LIMITED

       

    

    
      	
               
      

            	
               

            

    

    

    
      	
               
      

            	
               

            

    

    

    By:  _______________________

           
Name:

           
Title:nfe_ex10x1.htm

    
Exhibit 10.1

    INVESTOR
RIGHTS AGREEMENT

    

    THIS
INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of this 9th day
of November 2009, by and among Iris Energy Holdings Limited (“Iris”), The
Peierls Foundation (“TPF”), Brian E. Peierls (“BEP”), and Michael Barish
(“Barish”).  Iris, TPF, BEP and Barish are referred to herein
sometimes collectively as the Parties and individually as a
“Party.”

    

    WHEREAS,
Iris, TPF, BEP, and Barish are investors in an offering of up to 10,000,000
shares (the “Shares”) of $0.001 par value common stock (“Common Stock”) of New
Frontier Energy, Inc. (“NFEI”) pursuant to a Securities Purchase Agreement dated
as of the date hereof (the “Purchase Agreement”); and

    

    WHEREAS,
Iris is the owner of a majority of NFEI’s 2.5% Series C Cumulative Convertible
Preferred Stock which automatically converts into shares of Common Stock on
December 1, 2009 and on such date, will become a significant owner of shares of
Common Stock in NFEI; and

    

    WHEREAS,
the sole director of Iris is Samyak Veera, a director of NFEI; and

    

    WHEREAS,
TPF, BEP and Barish, as a condition to entering into the Purchase Agreement with
NFEI, have requested that Iris enter into this Agreement; and

    

    WHEREAS,
in order to induce TPF, BEP and Barish to enter into the Purchase Agreement,
Iris hereby agrees to enter into this Agreement to define certain rights it has
agreed to give to TPF, BEP, and Barish and certain restrictions and limitations
on how it may vote its shares of Common Stock in NFEI; and

    

    NOW,
THEREFORE, in consideration of the mutual agreements, covenants and conditions
contained herein, Iris, TPF, BEP and Barish hereby agree as
follows.

    

    

    ARTICLE
I

    CERTAIN
DEFINITIONS

    

    
      	
              1.1

            	
              The
      term “Affiliate” shall mean an affiliate of, or person affiliated with, a
      specified person, is a person that directly, or indirectly through one or
      more intermediaries, controls or is controlled by, or is under common
      control with, the person specified.

            

    

    

    1.2           The
term “Agreement” shall have the meaning set forth in the Recitals.

    

    1.3           The
term “Barish” shall have the meaning set forth in the Recitals.

    

    1.4           The
term “Common Stock” shall have the meaning set forth in the
Recitals.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              1.5

            	
              The
      term “Disqualified Nominee” shall mean any individual who is nominated to
      join the board of directors of NFEI that is not Independent of
      Iris.

            

    

    

    
      	
              1.6

            	
              The
      term “Independent” with respect to any company shall mean a person who is
      qualified to be an “Independent Director” of such company as defined by
      NASDAQ Marketplace Rule 5605(a)(2).

            

    

    

    
      	
              1.7

            	
              The
      term “New Securities” shall mean any capital stock of NFEI, whether now
      authorized or not, and rights, options or warrants to purchase Common
      Stock, and securities of any type whatsoever that under its terms, are, or
      may become, convertible or exerciseable into Common
  Stock.

            

    

    

    1.8           The
term “NFEI” shall have the meaning set forth in the Recitals.

    

    
      	
              1.9

            	
              The
      term “Offering” means the offering of the Shares to Iris, TPF, BEP, and
      Barish pursuant to the Purchase
Agreements.

            

    

    

    
      	
              1.10

            	
              The
      term “Pro Rata Ratio” means the ratio (i) the numerator of which is the
      number of shares of Common Stock to be acquired by such Party in the
      Offering, and (ii) the denominator of which is
  6,500,000.

            

    

    

    1.11           The
term “Purchase Agreement” shall have the meaning set forth in the
Recitals.

    

    
      	
              1.12

            	
              The
      term “Qualified Nominee” shall mean any individual who is nominated to
      join the board of directors of NFEI that is Independent of Iris.
      Notwithstanding anything to the contrary, Samyak Veera shall be considered
      a Qualified Nominee so long as Paul Laird is both a director of and the
      CEO of NFEI.

            

    

    

    

    ARTICLE
2

    SUBSCRIPTION
FOR SHARES

    

    
      	
              2.1

            	
              If
      NFEI offers to Iris or its Affiliates the opportunity to invest in New
      Securities of NFEI, Iris covenants not to subscribe for or invest in such
      New Securities unless NFEI offers to each TPF, BEP, and Barish the
      opportunity to invest, on substantially identical terms as is offered to
      Iris or its Affiliates, in the New Securities an amount that is at minimum
      the product of (i) the Pro Rata Ratio for such Party and (ii) the
      aggregate amount offered by NFEI to Iris or its
  Affiliates.

            

    

    

    
      	
              2.2

            	
              The
      right to invest on a Pro Rata Basis pursuant to this Article 2 shall
      expire three years from the date of this
  Agreement.

            

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    ARTICLE
3

    VOTING
AGREEMENTS

    

    
      	
              3.1

            	
              Iris
      agrees that so long as TPF and BEP each own 250,000 shares or more of
      Common Stock in NFEI, Iris will not vote in favor of any reverse stock
      split that would result in TPF or BEP being “cashed out” such that they no
      longer own any Common Stock of NFEI and receive only cash in lieu of any
      fractional shares in NFEI.

            

    

    

    3.2           Election
of Directors.

    

    
      	
               
      

            	
              (A)

            	
              In
      the event that NFEI holds a meeting of its common shareholders at which
      members of the board of directors are elected, Iris shall vote 100% of its
      shares of Common Stock then owned in the same proportion as the vote of
      all other common shareholders of NFEI with respect to any Disqualified
      Nominee. Iris shall have no restrictions or limitations whatsoever upon
      how it shall vote it shares of Common Stock with respect to any Qualified
      Nominee.

            

    

    

    
      	
               
      

            	
              (B)

            	
              Until
      such time as NFEI has a board of directors the majority of whom are
      Independent of NFEI, Iris shall vote 100% of its shares of Common Stock
      then owned in the same proportion as the vote of all other common
      shareholders of NFEI with respect to the election of any
      director.

            

    

    

    
      	
               
      

            	
              (C)

            	
              With
      respect to the selection of directors for NFEI, Iris intends to (i)
      support persons who are knowledgeable about the oil and gas business
      and/or have other skills or qualifications that would be of value to NFEI
      and (ii) not support persons whose sole qualification is a relationship
      with either one or more executives or significant shareholders of NFEI.
      This Section 3.2(C) is merely a statement of intent, and does not create a
      legal commitment, obligation, or duty of any
  sort.

            

    

    

    
      	
              3.3

            	
              Termination
      of Voting Agreement. The covenants set forth in this Article 3 shall
      expire three years from the date of this
  Agreement.

            

    

    

    

    ARTICLE
4

    MISCELLANEOUS

    

    
      	
              4.1.

            	
              Expenses.
      Each of the Parties will bear its own costs and expenses (including legal
      fees and expenses) incurred in connection with this Agreement and the
      transactions contemplated hereby.

            

    

    

    
      	
              4.2.

            	
              Assignment.  This
      Agreement shall be binding upon and inure to the benefit of the Parties
      named herein and their respective successors and permitted
      assigns.  No Party may assign either this Agreement or any of
      its rights, interests, or obligations hereunder without the prior written
      approval of the other Parties.

            

    

    

    
      	
              4.3.

            	
              Amendment
      and Modification; Waivers.  This Agreement or any term hereof
      may be changed, waived, discharged or terminated only by an agreement in
      writing signed by the party against which such change, waiver, discharge
      or termination is sought to be enforced.  No waiver by a party
      of any condition or of any breach of any term, covenant, representation or
      warranty contained herein shall be effective unless in writing, and no
      waiver in any one or more instances shall be deemed to be a further or
      continuing waiver of any such condition or breach in any other instances
      or a waiver of any other condition or breach of any other term, covenant,
      representation or warranty.

            

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              4.4.

            	
              Entire
      Agreement. This Agreement constitutes the entire agreement among the
      Parties and supersedes any prior understandings, agreements, or
      representations by or among the Parties, written or oral, to the extent
      they related in any way to the subject matter hereof.  In the
      event of any conflict, this Agreement will take precedence over any other
      instrument or document.

            

    

     

    
      	
              4.5.

            	
              Severability.  Any
      term or provision of this Agreement that is invalid or unenforceable in
      any situation in any jurisdiction shall not affect the validity or
      enforceability of the remaining terms and provisions hereof or the
      validity or enforceability of the offending term or provision in any other
      situation or in any other
jurisdiction.

            

    

    

    
      	
              4.6.

            	
              Counterparts/Facsimile
      copies.  This Agreement may be executed in one or more
      counterparts, each of which shall be deemed an original but all of which
      together will constitute one and the same instrument.  Facsimile
      copies of this Agreement will be
binding.

            

    

    

    
      	
              4.7.

            	
              Headings.
      The section headings contained in this Agreement are inserted for
      convenience only and shall not affect in any way the meaning or
      interpretation of this Agreement.

            

    

    

    
      	
              4.8.

            	
              Notices.
      All notices, requests, demands, claims, and other communications hereunder
      will be in writing. Any notice, request, demand, claim, or other
      communication hereunder shall be deemed duly given if (and then six (6)
      business days after) it is sent by registered or certified mail, return
      receipt requested, postage prepaid, and addressed to the intended
      recipient as set forth below:

            

    

    

    If to
Iris:

    Iris
Energy Holdings Limited

    c/o
Altius Business Services Pte Ltd

    07-95A
Ubi Techpark

    10 Ubi
Crescent, Singapore

    

    If to
TPF:

    The
Peierls Foundation

    114 West
47th
Street

    New York
NY 10036

    

    If to
BEP:

    Brian E.
Peierls

    7808
Harvestman Cove

    Austin TX
78731

     
 

    If to
Barish:

    Michael
Barish

    
      2401 East
2nd Avenue, #400

      Denver,
CO 80206 

    

    

    Any Party
may send any notice, request, demand, claim, or other communication hereunder to
the intended recipient at the address set forth above using any other means
(including personal delivery, expedited courier, messenger service, telecopy,
telex, ordinary mail, or electronic mail), but no such notice, request, demand,
claim, or other communication shall be deemed to have been duly given unless and
until it actually is received by the intended recipient. Any party may change
the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other Parties notice
in the manner herein set forth.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              4.9.

            	
              Applicable
      Law.  This Agreement and all claims relating to or arising out
      of it, including claims relating to its making, performance and
      interpretation, and the rights and liabilities of the parties, shall be
      construed, interpreted and enforced in accordance with the internal laws
      (as opposed to conflicts of law provisions) of the State of
      Colorado.  The Parties hereby consent to the exclusive
      jurisdiction of any state or federal court in the State of
      Colorado.  The Parties waive any objection which they may have
      based on lack of jurisdiction or improper venue or forum non conveniens to
      any suit or proceeding instituted by the other party under this Agreement
      in any such state or federal court and consent to the granting of such
      legal or equitable relief as is deemed appropriate by the
      court.  This provision is a material inducement for the Parties
      to enter into this Agreement.

            

    

    

    
      	
              4.10.

            	
              Construction.  The
      Parties have participated jointly in the negotiation and drafting of this
      Agreement. In the event an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted
      jointly by the Parties and no presumption or burden of proof shall arise
      favoring or disfavoring any Party by virtue of the authorship of any of
      the provisions of this Agreement.  Any reference to any federal,
      state, local, or foreign statute or law shall be deemed also to refer to
      all rules and regulations promulgated thereunder, unless the context
      otherwise requires.

            

    

    

    
      	
              4.11.

            	
              Time
      of the Essence.  Time shall in all respects be of the essence,
      provided that the time for doing or
      completing any matter provided for in this Agreement may be extended or
      abridged by an agreement in writing signed by each of the
      Parties.

            

    

    

    

    IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date
first above written.

    

    

    
      
        	
                The
      Peierls Foundation

                 

              	 	 	Iris
      Energy Holdings Limited	 
	
                /s/
      Brian E. Peierls

              	 	 	
                /s/
      Samyek Veera

              	 
	
                Brian
      E. Peierls

              	 	 	
                Samyak
      Veera, Director

              	 
	
                 

              	 	 	
                 

              	 

      

    

     

     

    
      
        	 	 	 	 	 
	
                /s/
      Brian E. Peierls

              	 	 	
                /s/
      Michael Barish

              	 
	
                Brian
      E. Peierls

              	 	 	
                Michael
      Barish

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