Document:

Unassociated Document

    
 

    Exhibit
10.1

    

    SHARE
PURCHASE AGREEMENT

    

    THIS SHARE PURCHASE AGREEMENT

(the “Share Purchase Agreement”) made and entered into this 1st
 day of
January, 2010 (the “Execution Date”) by and between:

    

    SHISHI HUABAO MINGXIANG FOODS CO.,
LTD.
 (the “Purchaser”), a limited liability company incorporated under
the laws of the People's Republic of China with its registered address at Dabao
Industrial Zone, Xiangzhi Town, Shishi City, Fujian, China and its legal
representative is Liu Peng Fei; and

    

    QIU SHANG JING
 (the “Seller”),
with Identity Card Number 359002197910162010 and his
 domicile is 179 Jiuwu Road,
Dongfu Village One, Hongshan Town, Shishi City, Fujian, China;

    

    WHEREAS
, the Seller is the
sole shareholder which accounts for 100% of the registered capital of SHISHI XIANGHE FOOD SCIENCE AND
TECHNOLOGY CO., LTD. 
(the “Corporation”), a limited liability company
incorporated under the laws of the People's Republic of China with its
registered address at Dabao Industrial Zone, Xiangzhi Town, Shishi City, Fujian,
China which the Corporation has the registered capital of RMB5,000,000;
and

    

    WHEREAS
, the Purchaser entered
into a Credit or Share Purchase Option Agreement (the “Credit Agreement”) with
the Seller and the Corporation on November 27, 2009, which the Purchaser made a
loan to the Corporation in the amount of RMB180,500,000 to be used for working
capital purposes and the interest rate on the loan is 5.0% per annum. In
consideration of the loan, the Purchaser received the option to purchase shares
representing eighty percent (80%) of the Corporation from the Seller. The Seller
agreed to pledge all of his shares in the Corporation to guarantee the
performance of the Corporation under the Credit Agreement; and

    

    WHEREAS
, the Purchaser elects
to exercise the option to purchase shares representing eighty percent (80%) of
the Corporation and the Seller agrees to sell shares representing eighty percent
(80%) of the Corporation, upon the terms and subject to the conditions
hereinafter set forth.

    

    NOW THEREFORE
, in
consideration of the mutual covenants and agreements contained in this Share
Purchase Agreement, and in order to consummate the purchase and the sale of
eighty percent (80%) of the Corporation’s registered capital aforementioned, the
parties hereby agreed as follows:

    

    
      
        	
                1.

              	
                Purchase and Sale of
      Shares

              

      

    

    
      

    

    
      Upon the basis of the representations
and warranties herein contained, and the other terms of this 
Share 
Purchase 
Agreement, 
the Purchaser
 
elects
 to purchase 
eighty percent (80%)
shares 
of the Corporation 
from 
the 
Seller, and 
the 
Seller agrees to sell, transfer, assign
and deliver the 
eighty percent (80%) shares 
of the Corporation 
to
 the
 Purchaser, free and c
lear of any liens security interests,
encumbrances, claims, liabilities, restrictions and third party right
(
the “
Liens
”
). The purchase price for
 
the 
eighty percent (80%) shares 
of the Corporation 
shall be 
RMB
1
90
,000,000 (
the “
Purchase Price
”
). The closing
 of the
 
purchase and 
the 
sale of the 
s
hares (the 
“
Closing
”
) shall take place on 
January
 
1
, 20
10
, at such location as the parties shall
agree. At the Closing
,
 (i) 
the 
Seller shall 
handle the share transfer procedures as
soon as possible and taxes occur ther
eof shall be borne by the relevant
parties in accordance with the laws
 and (ii) 
the 
Purchaser shall 
pay
 
the Seller an 
amount of
RMB9,500,000 by wire transfer to
a
 bank
 account designated by 
the 
Seller
 
within 30 days after the
audit report of the Corporation for the year of 2009 is issued, in addition to
the loan of RMB180,500,000 which the Corporation owes to the Purchaser under the
Credit Agreement, will be transferred to be the consideration for the purchase
of eighty percent (80%) of the shares of the Corporation which the Purchaser
shall pay to the Seller.

    

    
      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
       

    

    
      
        	
                2.

              	
                Mutual
      Representations, Undertakings and
Warranties

              

      

    

    

    
      	
            	
              (a)

            	
              Each
      party has the full capacity for civil rights and civil conduct to sign and
      perform this Share Purchase Agreement, and each party has taken all
      necessary measures to obtain the approvals for signing and formal delivery
      of this Share Purchase Agreement in accordance with the requirements of
      the relevant laws and articles of
associations.

            

    

    

    
      	
            	
              (b)

            	
              The
      parties represent respectively that the execution and performance of this
      Share Purchase Agreement shall not and does not in any way violate any
      agreement and contract that neither party has participated
    in.

            

    

    

    
      
        	
              	
                (c)

              	
                The Seller
 
and the Purchaser 
has full power,
      capacity
,
      authority
 and right
      to execute and deliver th
is
 Share Purchase 
Agreement and to perform
      
their
      respective

      obligations hereunder.

              

      

    

    

    
      
        	
              	
                (d)

              	
                The execution, delivery and
      performance of this 
Share Purchase 
Agreement by 
the 
Seller 
and the Purchaser 
does not contravene or conflict
      with the articles of incorporation 
or by
 
laws of Purchaser or with any
      material agreement, contract or other instrument, or any law, rule,
      regulation, order or decree, binding upon or applicable to the
      Seller
 and the
      Purchaser
.

              

      

    

    

    
      	
            	
              (e)

            	
              The
      Seller represents that it legally owns the shares of the Corporation free
      and clear of any pledge, encumbrance, seizure, claim and so forth at the
      date of this Share Purchase Agreement and the Seller has the right to
      transfer the shares.

            

    

    

    
      	
            	
              (f)

            	
              All
      assets of the Corporation are legally owned by itself and there is no
      setting of guarantee, mortgage, pledge or lien on any of such assets in
      any form or granting of any rights or interests to any other party; the
      Corporation also has not involved in any
  dispute.

            

    

    

    
      	
            	
              (g)

            	
              The
      Seller and the Corporation represent that the Corporation has not involved
      in any labor disputes or in any other disputes with any of its
      employees.

            

    

    

    
      	
            	
              (h)

            	
              The
      Seller and the Corporation represent that the Corporation has not
      defaulted or evaded any state or local
tax.

            

    

    

    
      	
            	
              (i)

            	
              The
      Seller and the Corporation represent that the trademarks, technologies and
      any other intellectual properties owned or used by the Corporation has not
      violated any third party’s intellectual property rights and also has not
      been violated by any third party; or if the trademarks, technologies and
      any other intellectual properties used by the Corporation are indeed owned
      by third parties, the consideration of the corresponding perpetual use
      rights has been fully settled by the Seller and the
      Corporation.

            

    

    

    
      	
            	
              (j)

            	
              The
      Seller and the Corporation shall handle the relevant share transfer
      procedures in a timely manner and all taxes and expenses arising from the
      share transfer shall be borne by the Seller and the Corporation in
      accordance with laws to ensure the realization of the rights of the
      Purchaser under this Share Purchase
Agreement.

            

    

    

    
      	
            	
              (k)

            	
              The
      Seller and the Corporation warrant respectively that there is not any
      pending litigation, judicial or administrative proceeding or investigation
      in which they are involved. As far as the Seller and the Corporation know,
      there is not any threaten that the courts or the government authorities
      may carry out any litigation, judicial or administrative proceeding or
      investigation. There is also not any cause for claim, litigation, judicial
      or administrative proceeding or investigation that may directly or
      indirectly impact on the Corporation's properties, rights or businesses,
      or impact the Seller on the use of its properties or on its business
      operation.

            

    

    

    
      	
            	
              (l)

            	
              The
      Seller and the Corporation warrant that, prior to the completion of the
      change registration of the Corporation with the administration of industry
      and commerce, all business activities of the Corporation have been carried
      out legitimately; there is not any case in violation of the laws or the
      articles of association; it also will not conduct adversely to the
      Corporation and will try its best to keep the Corporation’s assets and
      interests from any violation or
loss.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
            	
              (m)

            	
              The
      Seller and the Corporation warrant that, the production activities of the
      Corporation have been in compliance with the requirements of hygiene
      licensing, environmental protection and safe production, the Corporation
      has not been penalized or warned by relevant administrative departments
      for hygiene, environmental protection or safety
  issues.

            

    

    

    
      	
            	
              (n)

            	
              The
      parties hereby agree, that any untruth or falsity of the undertakings or
      warranties under this Share Purchase Agreement, or any breach of its
      undertakings or warranties by neither party will constitute breach of this
      Share Purchase Agreement. The breaching party shall bear the corresponding
      liabilities and shall compensate any loss suffered by other
      parties.

            

    

    

    
      
        	
                3.

              	
                Transfer of
      Shares

              

      

    

    
      

    

    
      	
            	
              (a)

            	
              The
      Seller shall enter into any other relevant documents required for the
      approval and registration with the Purchaser in a timely manner and urge
      the Corporation to handle the share transfer procedures as soon as
      possible. Taxes occur thereof shall be borne by the relevant parties in
      accordance with the laws.

            

    

    

    
      	
            	
              (b)

            	
              The
      shareholding structure of the Corporation is now changed
    into:

            

    

    

    
      	
              Name
      of Shareholder

            	
              Proportion
      of the Shares

            
	
              Shishi
      Huabao Mingxiang Foods Co., Ltd.

            	
              80%

            
	
              Qiu
      Shang Jing

            	
              20%

            

    

    

    
      	
            	
              (c)

            	
              After
      the change of the shareholding structure of the Corporation in accordance
      with 3 (b), if the Corporation has any funding requirement from the
      shareholders, the Purchaser and the Seller should inject the capital into
      the Corporation according to their respective
  shareholding.

            

    

    

    
      	
            	
              (d)

            	
              The
      Seller shall be responsible to urge the Corporation to handle change
      registration procedures with the departments of administration of industry
      and commerce, tax or the customs in relation to the shareholding,
      director, legal representative or other matters within 45 days from the
      effective date of this Share Purchase Agreement and the Purchaser shall
      give full cooperation.

            

    

    

    
      	
            	
              (e)

            	
              If
      the Seller intends to sell its 20% shareholding in the Corporation, the
      Purchaser will have the right of first refusal at the maximum valuation of
      RMB47,500,000.

            

    

    

    
      
        
          	
                  4.

                	
                  Guarantee

                

        

      

    

    

    
      	
            	
              (a)

            	
              The
      Corporation hereby irrevocably agrees that the Corporation shall bear
      joint and several liability to the Purchaser for all expenses (including
      but not limited to litigation costs, legal expenses, traveling expenses,
      enforcement expenses) which the Seller shall compensate to the Purchaser
      arising from the share purchase or disputes in connection with the share
      purchase.

            

    

    

    
      
        	
              	
                (b)

              	
                Save
      for the guarantee under 4 (a), the Purchaser has the right to request the
      Seller to pledge all its shares in the Corporation to the Purchaser and
      handle the share pledge registration in a timely manner to ensure the full
      performance of this Share Purchase Agreement of the
  Seller.

              

      

    

    

    
      
        	
                5.

              	
                Disposition
      of Credit and Debt and Profit
Distribution

              

      

    

    

    
      	
            	
              (a)

            	
              The
      Seller shall faithfully disclose the credit and debt information of the
      Corporation. Under the circumstances that the Purchaser suffers heavy
      losses or any unrecorded liabilities which are related to the execution of
      this Share Purchase Agreement due to the Seller's fraud or intentional
      concealment of material debt of the Corporation, the Purchaser has the
      right to request the Seller to compensate the losses arising there
      from.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
            	
              (b)

            	
              It
      is agreed that all the profits earned by the Corporation until November
      30, 2009 are owned by the Seller. The Seller has the right to decide to
      distribute the aforesaid profits of the Corporation. The profits earned by
      the Corporation from December 1, 2009 until the effective date of this
      Share Purchase Agreement, either the Purchaser and the Seller shall not
      unilaterally decide to distribute the aforesaid profits of the Corporation
      without written consent of another party. The profits earned by the
      Corporation after the effective date of this Share Purchase Agreement
      could be distributed under the laws in accordance with the respective
      shareholding of the Purchaser and the Seller in the
      Corporation.

            

    

    

    
      
        	
                6.

              	
                Taxes
      and Expenses

              

      

    

    

    The Purchaser and 
t
he Seller unanimously agree that each
party shall bear its own taxes and relevant expenses arising from the transfer
of the shares of 
t
he Corporation under this 
Share Purchase 
Agreement.

    

    
      
        	
                7.

              	
                Termination
      of The Agreement

              

      

    

    

    
      
        	
              	
                (a)

              	
                The
      Purchaser and the Seller agree that this 
Share Purchase 
Agreement will be terminated if
      the following occurs:

              

      

    

    
      
        	
              	
                l

              	
                the
      Purchaser and the Seller unanimously agree to terminate
      th
is
 
Share Purchase 
Agreement
;

              

      

    

    
      
        	
              	
                l

              	
                this
      Share Purchase Agreement is
      ruled null and void by judicial a
uthorities in accordance with the
      laws; and

              

      

    

    
      
        	
              	
                l

              	
                occurrence of other circumstances
      leading to termination of th
is
 
Share Purchase 
Agreement in accordance with the
      laws.

              

      

    

    

    
      	
               
      

            	
              (b)

            	
              On the occurrence of the aforesaid
      circumstances leading to termination of this 
Share Purcha
se 
Agreement, the defaulting party
      shall undertake liabilities for breach and compensate for economic losses
      suffered by the other parties; should it be the faults of all the parties,
      each party shall be respectively responsible for the liabilities for
      bre
ach and
      compensation for economic losses according to its
      defaults.

            

    

    

    
      
        	
                8.

              	
                Default
      Liabilities

              

      

    

    

    
      	
            	
              (a)

            	
              Under
      the circumstances that the Seller fails to handle the share transfer
      registration procedures on schedule under 3 (d), the Seller shall
      compensate to the Purchaser amounting to 20% of the amount of the purchase
      price as the penalty. The aforesaid payment of penalty shall not affect
      the right of the Purchaser to request the continuing performance of this
      Share Purchase Agreement of the Seller or to apply to the court for the
      enforcement.

            

    

    

    
      	
            	
              (b)

            	
              Save
      for the provisions under 8 (a), breach of any provisions under this Share
      Purchase Agreement shall be deemed as breach of contract. The defaulting
      party shall undertake liabilities for breach to other
      parties.

            

    

    

    
      	
            	
              (c)

            	
              Unless
      force majeure occurs, if any party's violation of this Share Purchase
      Agreement leads to the losses of the other parties, the other parties
      shall have the right to seek compensation for losses suffered from the
      defaulting party; should it
      be the faults of all the 
parties, each party shall
      undertake compensation liability to the other parties to the extent of its
      default.

            

    

    

    
      
        	
                9.

              	
                Settlement
      of Disputes

              

      

    

    

    
      	
            	
              (a)

            	
              The Purchaser and 
t
he Seller agree that all parties
      shall use their best efforts to resolve any dispute arising out of
      or
 in relation to the
      validity, interpretation and performance of this 
Share Purchase 
Agreement through friendly
      negotiations. Should no agreement can be reached through negotiation, each
      party may submit the dispute to the China International Economic and
      T
rade Arbitration
      Commission, Shanghai Branch for arbitration in accordance with the
      commission
’
s arbitration rules then in
      effect, which constitute part of this clause. The arbitration award shall
      be final and binding on the parties
  hereto.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
            	
              (b)

            	
              The
      language for arbitration shall be
Chinese.

            

    

    

    
      
        	
                10.

              	
                Governing
      Law

              

      

    

    

    The
concluding, validity, interpretation, performance of this Share Purchase
Agreement, and the settlement of disputes thereto, shall be governed by and
construed in accordance with the laws of the People's Republic of China. Where
there is no relevant laws of the People's Republic of China, the international
treaty participated by the People's Republic of China and the international
practice shall be applied. The legitimate rights and interests of each party are
protected by the laws of the People's Republic of China.

    

    
      
        	
                11.

              	
                Waiver

              

      

    

    

    Any
party’s failure to request exercise any clause under this Share Purchase
Agreement at any time shall not be considered as a waiver, and therefore doesn’t
deprive of the rights of the party to exercise the same clause afterwards. Any
party’s one-time or repetitious waiver of rights for ascertaining the
liabilities for violation to the clauses, agreements, statements or warranties
shall not be considered as the continuing waiver of rights for ascertaining the
liabilities for violation to such clauses, agreements, statements or
warranties.

    

    
      
        	
                12.

              	
                Amendments
      to The Agreement

              

      

    

    

    No
amendment, alteration or modification to any provision in this Share Purchase
Agreement shall be valid unless written alteration agreements are signed by duly
authorized representatives of each party.

    

    
      
        	
                13.

              	
                Notification

              

      

    

    

    In case any party need to give any
notice to the other party, any of the following way shall be deemed to have been
duly given: (1) when hand 
delivered to the other party; or (2) when
delivered by postage prepaid registered letter; or (3) when sent by facsimile;
or (4) when sent by e-mail. Provided that sent by facsimile or e-mail, a
confirmation letter from the receiving party is required, and it also shall be
delivered to the sending party by postage prepaid registered letter timely.
Provided that hand delivered to the other party, the signature by the following
receiving party shall be deemed as effective delivery. Provided that it is
delivered by hand, the service shall be deemed completed when the notice is
receipted by the following receivers or by any other persons who has reason to
be deemed to have authorization by receiver to receive mails or letters
according to the following addresses. Provided that it is delivered by
registered letters, the service shall be deemed completed seven (7) days after
the postal department issues registration receipts.

    

    
      
        
          	
                	
                  (i)

                	
                  If to the
      Seller:

                

        

      

    

    
      

    

    
      
        
          	
                	
                  Receiver:

                	
                  Qiu
      Shang Jing

                

        

      

    

    
      
        
          	
                	
                  Address:

                	
                  179
      Jiuwu Road

                

        

      

    

    
      
        
          	
                   

                	
                        

                    Dongfu
      
Village
One

                  

                

        

      

    

    
      
        
          	
                   

                	
                        

                    Hongshan
      
Town,
Shishi

                  

                

        

      

    

    
      
        	
              	
                Telephone
      Number:

              	
                0595-83108999

              

      

    

    
      
        	
              	
                Facsimile: 

              	
                0595-88987766

              

      

    

    
      
        	
              	
                Email:

              	
                shangjing@yahoo.com.cn

              

      

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      
        
          	
                	
                  (ii)

                	
                  If to the
      Purchaser:

                

        

      

    

    
      

    

    
      
        	
              	
                Receiver:

              	
                Liu
      Peng Fei

              

      

    

    
      
        	
              	
                Address:

              	
                Dabao
      Industrial Zone

              

      

      
        
          
            
              	
                       

                    	
                            

                        
                          Xiangzhi
      Town

                        

                      

                    

            

          

        

        
          
            
              	
                       

                    	
                            

                        
                          Shishi
      City

                        

                      

                    

            

          

        

      

    

    
      	
            	
              Telephone
      Number:

            	
              0595-88981629

            

    

    
      
        	
              	
                Facsimile: 

              	
                      

                  0595-88982319

                

              

      

    

    
    

    
      	
            	
              Email:

            	
              pengfei.liu@china-marine.cn

            

    

    
      

    

    
      Or at such other address as the
Purchaser or 
the

Seller each may specify by
written
 
notice to the others, and e
ach such notice, request, consent and
other
 
communication shall for all purposes of
the 
Share Purchase

Agreement be treated as
being
 
effective or having been given when
delivered if delivered personally, upon
 
receipt of facsimile confirmation if
transmitte
d by facsimile,
or, if sent by
 
mail, at the earlier of its receipt of
72 hours after the same has been
 
deposited in a regularly maintained
receptacle for the deposit of mail, addressed and postage prepaid as
aforesaid.

    

    
      

    

    
      
        	
                14.

              	
                Final
      Agreement

              

      

    

    
 

    The
parties understand and agree that this Share Purchase Agreement is the final
declaration of intention of all parties’ consensus, it is also the ultimate
legal basis when each party exercises its rights or fulfills its obligations.
This Share Purchase Agreement supersedes all and any previous statements,
undertakings, explanations and declarations of intention made by any party to
this Share Purchase Agreement, no matter in writing or by oral, expressed or
implicated.

    

    
      
        	
                15.

              	
                Effectiveness
      of The Agreement

              

      

    

    

    This
Share Purchase Agreement shall come into effect when it is
executed.

    
      

    

    
      
        
          	
                  16.

                	
                  Miscellaneous

                

        

      

    

    
      

    

    
      
        	
              	
                (a)

              	
                The parties agree to cooperate
      with each other in executing and delivering all further documents
      necessary to effect the purchase and 
the 
sale of the 
s
hares, and both parties agree to
      coop
erate with
      
each
 other for purposes of effecting
      the other terms of this 
Share Purchase 
Agreement.

              

      

    

    
      

    

    
      
        	
              	
                (b)

              	
                All representations, warranties,
      covenants, and obligations in this 
Share Purchase 
Agreement will survive the
      Closing.

              

      

    

    
      

    

    
      
        	
              	
                (c)

              	
                Any provision of this 
Share Purchase 
Agreement may be amended or
      waived, if, but
 
only if, such amendment or waiver
      is in writing and is signed by both parties
  hereto.

              

      

    

    
      

    

    
      
        	
              	
                (d)

              	
                This 
Share Purchase 
Agreement shall be binding upon
      and inure to the benefit of each of the parties and their respective
      heir
s,
      administrators, successors, assigns and legal
      representatives.

              

      

    

    
      

    

    
      	
            	
              (e)

            	
               
This 
Share Purchase 
Agreement shall be construed in
      accordance with and governed 
by 
the “Contract Law of the
      People’s Republic of China”, the “Corporation Law of the People’s Republic
      of China” and other relevant laws and regulations, and based on the
      principle of good faith, the parties have reached this Share Purchase
      Agreement on terms, conditions and relevant matters of the share transfer
      for the parties to observe.

            

    

    
      

    

    
      
        	
              	
                (f)

              	
                Th
is 
Share Purchase 
Agreement contains the entire
      agreement of the parties hereto with respect to the purchase 
and the sale 
of the 
s
hares and the other transactions
      contemplated herein, and supersedes all prior understandings and
      agreements of the parties wi
th respect to the subject matters
      hereof.

              

      

    

    
      

    

    
      
        	
              	
                (g)

              	
                This 
Share Purchase 
Agreement may be executed in
      counterparts each of which
 
shall be an original with the same
      effect as if the signatures thereto and hereto were upon the same
      instrument. No provision of this 
Sha
re Purchase 
Agreement is intended to confer
      upon any 
p
erson other than the parties
      hereto any rights or remedies
hereunder.

              

      

    

    
       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

    

    
      
        	
              	
                (h)

              	
                If any term, provision, covenant
      or restriction of this 
Share Purchase 
Agreement is held by a court of
      competent jurisdiction or ot
her authority to be invalid, void
      or unenforceable, the remainder of the terms, provisions, covenants and
      restrictions of this 
Share Purchase 
Agreement shall remain in full
      force and effect and shall in no way be affected, impaired or invalidated
      so long a
s the
      economic or legal substance of the transactions contemplated hereby is not
      affected in any manner materially adverse to any party. Upon such
      a
 
determination, the parties shall
      negotiate in good faith to modify this 
Share Purchase 
Agreement so as to e
ffect the original intent of the
      parties as closely as possible in an acceptable manner in order that the
      transactions contemplated hereby are consummated as
 
originally contemplated to the
      fullest extent
possible.

              

      

    

    

    
      	
            	
              (i)

            	
              The
      parties may sign supplementary written agreements separately regarding
      matters not covered in this Share Purchase Agreement. All supplementary
      agreements constitute an indivisible part of this Share Purchase
      Agreement, and have the same legally binding effect as this Share Purchase
      Agreement.

            

    

    

    
      	
            	
              (j)

            	
              Any
      provision under this Share Purchase Agreement, which deemed to be illegal,
      invalid, or unenforceable in some jurisdictions, shall not influence its
      legality, validity and enforceability in other jurisdictions and shall not
      influence the legality, validity and enforceability of other provisions
      herein.

            

    

    

    
      	
            	
              (k)

            	
              The
      headings in this Share Purchase Agreement are set for convenience of
      reference only, and shall not be used in construing or interpreting this
      Share Purchase Agreement.

            

    

    

    
      	
            	
              (l)

            	
              Each
      party undertakes that it will strictly keep confidential any data or
      information of any other party it obtained during the course of the share
      transfer hereunder, unless
      and to the extent disclosure is required by law, or to secure advice from
      a legal or tax advisor
.. No party may, without the written consent
      of any other party, disclose any of these data or information to any third
      party, or publicize to the public or release to the media any matters
      related to this Share Purchase Agreement (unless required by the relevant
      laws, the stipulations or regulations of any governmental
      authorities/stock exchanges of the People's Republic of China or any other
      countries, or the necessity for each party to duly exercise its rights
      stipulated under this Share Purchase Agreement). Each party shall take
      necessary measures to make sure that its employees observe the obligation
      of confidentiality under this
clause.

            

    

    

    
      	
            	
              (m)

            	
              This
      Share Purchase Agreement is entered into in Chinese in four originals.
      Each party shall retain one original, and the other one original shall be
      used for the alternation registration procedures with the administration
      of industry and commerce.

            

    

    
      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    
      IN WITNESS WHEREOF, each of the
undersigned has duly executed, or caused
 
its authorized officer to duly execute,
this 
Share Purchase

A
greement as of the date first
set
 
forth above.

    

    
      

    

    The
Purchaser:

    Shishi
Huabao Mingxiang Foods Co., Ltd.

     

    Liu Peng
Fei
 

    
      

    

    Signature
of Legal Representative

    Date:
January 1, 2010

    

    

    The
Seller:

    Qiu
Shang Jing

     

    Qiu Shang
Jing

    
      
Signature

    Date:
January 1, 2010

    

    

    The
Corporation:

    Shishi
Xianghe Food Science and Technology Co., Ltd.

    

    Qiu Shang
Jing

    
      

    

    Signature
of Legal Representative

    Date:
January 1, 2010

     

     

    
      
         

      

      
        8EXCHANGE
AGREEMENT

     

    This
Exchange Agreement (the “Agreement”), dated as of December 29, 2009, is between
Accountabilities, Inc., a Delaware corporation (the “Company”) and Tri-State
Employment Services, Inc., a Nevada corporation (the “Holder”).

     

    Recitals

     

    A.           The
Holder is the owner of that certain (i) Convertible Secured Promissory Note,
dated March 31, 2006, issued by the Company and attached hereto as Exhibit A (the
“Convertible Note”) and (ii) Promissory Note, dated March 31, 2006, issued by
the Company and attached hereto as Exhibit B (the
“Promissory Note,” and with the Convertible Note, each a “Note” and
collectively, the “Notes”) as well as the obligations and liabilities of the
Company and any pertinent affiliate thereof which were sold and transferred
(along with the Notes) to the Holder pursuant to that certain Debt Purchase
Agreement, dated December 29, 2009, between the Holder and the Bernard Freedman
and Alice Freedman Living Trust under Agreement dated April 28, 1992 (the “Debt
Purchase Agreement”) and referred to therein as the “Transferred
Rights.”  The Debt Purchase Agreement is attached hereto as Exhibit
C.  The Notes and the Transferred Rights are collectively
referred to herein as the “Company Obligations” and the Company has previously
consented to the sale and transfer of the Company Obligations to the
Holder.

     

    B.           The
Company has experienced and continues to experience liquidity issues, including
debt service obligations and insufficient operating cash flow, and as a result
the Board of Directors of the Company has determined that it would be in the
best interests of the Company to restructure the debt obligations of the Company
to strengthen the Company’s balance sheet.

     

    C.           The
Company has previously been advised by Messrs. Joseph Cassera, John Messina
and Jay Schecter, directors of the Company and, in the case of Messrs.
Messina and Schecter, the President and Chief Executive Offer, respectively of
the Company, and by the Holder, an affiliate of the Company and an affiliate of
Messrs. Cassera, Messina and Schecter, that the Holder was contemplating
entering into an agreement for the purchase of the Company
Obligations.

     

    D.           The
Holder had previously disclosed to the Company the terms of the Debt Purchase
Agreement and offered to the Company (i) to assign to the Company its agreement
for the purchase of the Company Obligations, thereby giving the Company the
opportunity to purchase the Company Obligations on the same terms as negotiated
by the Holder, or (ii) to exchange the Company Obligations, after they were
acquired by the Holder, for shares of the Company’s common stock.

     

    E.           The
Board of Directors of the Company appointed Norman Goldberg, the sole director
of the Company who is not affiliated with the Holder and who has no financial or
other interest in connection with the Company Obligations, to act as a special
committee of independent directors (the “Special Committee”) to review and, if
he determined to be appropriate, approve either the acquisition of the Company
Obligations on the terms set forth in the Debt Purchase Agreement or the
exchange of the Company Obligations, after they were acquired by the Holder, for
shares of the Company’s common stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    F.           The
Special Committee consulted with members of management (other than Messrs.
Messina and Schecter) and other advisors with regard to the proposal and
determined that the Company did not have, and could not on reasonable terms
obtain, sufficient cash to purchase the Company Obligations on the terms offered
to the Holder, and therefore the Special Committee on behalf of the Company
determined that it was not in the best interests of the Company to exercise the
opportunity to acquire the Company Obligations on such terms.

     

    G.           The
Special Committee did determine that it would be in the best interests of the
Company to exchange the Company Obligations, after they were acquired by the
Holder, for shares of the Company’s common stock.

     

    H.           The
Special Committee, following negotiations with the Holder and execution of the
Debt Purchase Agreement, approved the terms of the exchange of the Company
Obligations for 2,333,333 shares of the Company’s common stock, par value
$0.0001 per share (the “Exchange Common Stock”) at a per share exchange price of
$0.30 per share.

     

    Agreement

     

    NOW,
THEREFORE, in consideration of the foregoing recitals and for good and valuable
consideration, the parties hereto agree as follows:

     

    
      	
              Section
      1. 

            	
               
      EXCHANGE OF SECURITIES AND RELEASE OF COMPANY
  OBLIGATIONS

            

    

     

    1.1           Exchange.  Subject
to the terms and conditions set forth herein, the Company agrees to issue and
deliver the Exchange Common Stock to the Holder in exchange for the Company
Obligations.

     

    1.2           The Closing of the
Exchange.  On the date hereof, the Company will deliver to the
Holder, and the Holder hereby agrees to accept, the Exchange Common Stock,
against the Holder’s delivery of each of the Notes to the Company for
cancellation and the release contained herein as to the Company Obligations. The
Company will deliver to the Holder on the date hereof a certificate or
certificates representing the Exchange Common Stock, registered in the name of
the Holder or, if requested by the Holder, in the name of an affiliate of the
Holder or nominee for the Holder or such affiliate’s benefit.  In
exchange for the Exchange Common Stock, the Holder will deliver to the Company,
and the Company hereby agrees to accept, each of the Notes and the release
contained herein as to the Company Obligations.  The closing of the
transactions contemplated hereby shall be held at the offices of Bryan Cave LLP,
1290 Avenue of the Americas, New York, New York 10104, on the date hereof, or at
such other place or time as all parties hereto may agree.  Upon
execution hereof, and effective only upon the consummation of the transactions
contemplated hereby, the Holder hereby assigns to the Company the benefit of the
representations and warranties set forth in Section 4 of the Debt Purchase
Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.3           Release.  The
Holder hereby releases and discharges the Company and its respective officers,
directors, employees, agents, subsidiaries and members, and the heirs,
executors, legal representatives, successors and assigns of each of the
foregoing, from and against any and all actions, causes of action, lawsuits,
accounts, sums of money, indebtedness, agreements, damages, losses, claims,
demands, expenses, covenants, agreements, liabilities and obligations whatsoever
against any of them which have arisen or may arise solely by reason or in
respect of the Company Obligations which the Holder, its legal representatives,
successors or assigns ever had, now have or hereafter can, shall or may have,
for, upon, or by reason of any matter, cause or thing whatsoever, from the
beginning of the world to the date hereof.  The Company shall be
authorized to file all UCC termination statements and discharges naming the
Company as debtor in connection with the Company Obligations.  This
provision shall not be effective unless and until the Holder actually receives
the Exchange Common Stock and the Company actually cancels the
Notes.

     

    1.4           Further
Assurances.  If at any time any further action is necessary to
effect the transactions contemplated hereby, each party hereto will take such
further reasonable action (including executing and delivering any further
instruments and documents, obtaining any permits and consents and providing any
reasonably requested information) as any other party may reasonably request, all
at the requesting party’s sole costs and expense.

     

    
      
        	
                Section
      2. 

              	
                 
      REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
  COMPANY

              

      

    

     

    The
Company hereby represents, warrants and covenants to the Holder as
follows:

     

    2.1           Existence and
Power.  The Company (i) is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and (ii)
has all requisite power and authority to execute and deliver this Agreement and
to consummate the transactions described herein.

     

    2.2           Authorization; Binding
Effect.  The execution and delivery by the Company of this
Agreement, the performance by the Company of its obligations under this
Agreement and the consummation of the transactions described herein by the
Company have been duly authorized by all requisite action on the part of the
Company.  This Agreement is the legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms, except
that such enforcement (i) may be limited by bankruptcy, insolvency, moratorium
or similar laws affecting creditors’ rights generally and (ii) is subject to the
availability of equitable remedies, as determined in the discretion of the court
before which such a proceeding may be brought.

     

    2.3           No
Conflicts.  The execution and delivery of this Agreement by the
Company and the consummation by the Company of the transactions contemplated
hereby (including the issue and sale of the Exchange Common Stock) will not (i)
conflict with or violate any provision of the Company’s certificate or articles
of incorporation, bylaws or other organizational or charter documents, (ii)
violate any provision of any existing law, statute, rule, regulation or
ordinance applicable to the Company, (iii) any order, writ, judgment, award or
decree of any court, governmental authority, bureau or agency to which the
Company is a party or by which it may be bound or (iv) any contract or
other agreement or undertaking to which the Company is a party or by which the
Company may be bound.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.4           Authorization and Issuance
of Exchange Common Stock.  The Company has a sufficient number
of authorized and unissued and unreserved shares of common stock available in
order to issue the Exchange Common Stock in accordance with the terms of this
Agreement.  Upon issuance, the Exchange Common Stock will have been
duly and validly authorized and issued and will be fully paid and non-assessable
free and clear of any lien, charge, encumbrance, security interest, right of
first refusal or other restrictions of any kind.

     

    2.5           Governmental Consent.
Other than possible filings with the Securities and Exchange Commission, none of
the execution, delivery or performance of this Agreement (including the offer,
issue and sale of the Exchange Common Stock) require the consent, approval or
authorization of, or filing, registration or qualification with, any
governmental authority.

     

    
      	
              Section
      3. 

            	
               
      REPRESENTATIONS AND WARRANTIES OF
HOLDER

            

    

     

    The
Holder hereby represents, warrants and covenants to the Company as
follows:

     

    3.1           Ownership of Company
Obligations. The Holder is the sole owner of the Company Obligations and
is the sole legal record and beneficial owner of the Notes and is conveying the
Company Obligations to the Company free and clear of any liens, claims,
interests, charges or other encumbrances that it shall have
created.  The Holder has neither previously sold, assigned, conveyed,
transferred or otherwise disposed of, in whole or in part, the Company
Obligations, nor is the Holder party to any agreement other than this Agreement
to sell, assign, convey, transfer or otherwise dispose of, in whole or in part,
such Company Obligations.

     

    3.2           Due Authorization.
The Holder represents and warrants that (i) the execution and delivery of this
Agreement by it and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary action on its behalf and (ii)
this Agreement has been duly executed and delivered by the Holder and
constitutes the valid and binding obligation of the Holder, enforceable against
it in accordance with its terms, except that such enforcement (x) may be limited
by bankruptcy, insolvency, moratorium or similar laws affecting creditors’
rights generally and (y) is subject to the availability of equitable remedies,
as determined in the discretion of the court before which such a proceeding may
be brought.

     

    
      	
              Section
      4. 

            	
               
      MISCELLANEOUS

            

    

     

    4.1           Notices.  All
communications under this Agreement shall be in writing and shall be delivered
by first class mail, overnight mail through a national reputable delivery
service, by hand or confirmed facsimile transmission to the address or facsimile
number for such party on the signature page hereto.  Notices under
this Agreement shall be deemed given and effective on the earliest of (i) the
date of transmission, if such notice or communication is delivered via facsimile
at the facsimile telephone number specified on the signature page hereto prior
to 5:30 p.m. (New York City time) on a business day, (ii) the business day after
the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified on the signature page
hereto later than 5:30 p.m. (New York City time) on any date and earlier than
11:59 p.m. (New York City time) on such date, (iii) the business day following
the date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4.2           Survival. All
representations and warranties made herein or in any certificate or other
instrument delivered by it or on its behalf under this Agreement shall be
considered to have been relied upon by the parties hereto and shall survive the
issuance of the Exchange Common Stock.

     

    4.3           Successors and
Assigns. Except as otherwise expressly provided herein, this Agreement
shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties; provided however that no party may assign this
Agreement or the obligations and rights of such party hereunder without the
prior written consent of the other party hereto.

     

    4.4           Amendment and
Waiver.  This Agreement may not be amended, modified or waived
except by an instrument in writing signed on behalf of each of the parties
hereto.

     

    4.5           Counterparts. This
Agreement may be executed in one or more counterparts each of which shall be an
original and all of which together shall constitute one and the same
instrument.  Any signature delivered by facsimile shall have the legal
effect of the original thereof.

     

    4.6           Severability. In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     

    4.7           Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the
State of New York without regard to principles of conflicts of
laws.

     

    4.8           Expenses. Each of the
parties to this Agreement shall pay all costs and expenses that it incurs with
respect to the negotiation, execution, delivery and performance of this
Agreement.

     

    4.9           Entire Agreement.
This Agreement, together with all exhibits, including any schedules hereto
constitutes the entire agreement among the parties pertaining to the
transactions contemplated hereby and supersedes all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the
parties on such matter.

     

    4.10         Waiver of Jury
Trial.  EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY LAWSUIT, PROCEEDING OR ACTION TO ENFORCE OR
DEFEND ANY RIGHT UNDER THIS AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR
AGREEMENT DELIVERED OR TO BE DELIVERED IN CONNECTION WITH THIS AGREEMENT AND
AGREES THAT ANY LAWSUIT, PROCEEDING OR ACTION WILL BE TRIED BEFORE A COURT AND
NOT BEFORE A JURY.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

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

    

    
      
        
          
            
              	 
      	
                      ACCOUNTABILITIES,
      INC.

                    
	 
      	 
      
	 
      	
                      By:

                    	
                      /s/
      Jay H. Schecter

                    
	 
      	 
      	
                      Name:  Jay
      H. Schecter

                    
	 
      	 
      	
                      Title:Chief
      Executive Officer

                    
	 	 	 
	 
      	 
      	
                      Address:

                    
	 
      	 
      
	 
      	 
      	
                      160
      Broadway, 11th
      Floor

                    
	 
      	 
      	
                      New
      York, New York 10036

                    
	 
      	 
      
	 
      	
                      TRI-STATE
      EMPLOYMENT SERVICES, INC.

                    
	 
      	 
      
	 
      	
                      By:

                    	
                      /s/
      Robert Cassera

                    
	 
      	 
      	
                      Name:  Robert
      Cassera

                    
	 
      	 
      	
                      Title:  President

                    
	 
      	 
      	 
      
	 
      	 
      	
                      Address:

                    
	 
      	 
      	 
      
	 
      	 
      	
                      160
      Broadway, 15th
      Floor

                    
	 
      	 
      	
                      New
      York, New York
10036

                    

            

          

        

      

    

     

    
      
        
        

      

      
        6

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