Document:

Unassociated Document

    EXHIBIT 10.9

     

     

    Conclusion
Date: January 4, 2008

     

    Receivable
Pledge Agreement

    

    Between

    

    Zhengzhou
Shenyang Technologies Co., Ltd., China, as Pledger

    

    And

    

    Austria
Central Cooperation Bank Beijing Branch, as Pledgee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Contents

                                  	 
	 
      	 
	
                                    Article
      1 Definition and Explanation

                                  	 
	
                                    Article
      2 Pledge

                                  	 
	
                                    Article
      3 Scope of Security

                                  	 
	
                                    Article
      4 Registration of Pledge

                                  	 
	
                                    Article
      5 Performance of Sales Contract

                                  	 
	
                                    Article
      6 Monitoring of Accounts

                                  	 
	
                                    Article
      7 Representations and Warranties

                                  	 
	
                                    Article
      8 Commitments of the Pledger

                                  	 
	
                                    Article
      9 Nature and Validity

                                  	 
	
                                    Article
      10 Realization of the Pledge

                                  	 
	
                                    Article
      11 Expenses and Compensation

                                  	 
	
                                    Article
      12 Notification

                                  	 
	
                                    Article
      13 Effectuation, Amendment, and Termination of the
Contract

                                  	 
	
                                    Article
      14 Applicable Laws and Dispute Settlement

                                  	 
	
                                    Article
      15 Miscellaneous

                                  	 
	
                                    Signing
      page

                                  	 
	
                                    Annex
      1 Contract Form of Pledge Registration of Receivables

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
receivable pledge agreement, hereinafter referred to as “the Agreement”, is
signed on the forth day of January 2008, by and between the both parties
of

    1.
Zhengzhou Shenyang Technology, Inc., China, as Pledger, hereinafter referred to
as “Pledger”, a limited company founded in accordance with the laws of the
People’s Republic of China, whose registration address is 170, Gongren Road,
Zhongyuan District, Zhengzhou, China

    And

    2.
Austria Central Cooperation Bank Beijing Branch, as pledge, hereinafter referred
to as “Pledgee”.

    

    WHEREAS

    Zhengzhou
Shenyang Technologies Co., Ltd. as a borrower and the pledge as a lender has
signed a “Letter of Quota” numbered 200801040012660001, hereinafter referred to
as “Letter of Quota”, on January 4, 2008, under which the lender agreed to
provide a quota of loan not exceeding RMB50,000,000 of loan principal,
hereinafter referred to as “loan”.

    AND
WHEREAS

    The
Pledger agrees to sign the agreement with the pledge and to establish a security
on the receivables, defined as bellow, with the pledge as beneficiary to
warrantee that the Pledger shall fully pay the debt owe to the Pledgee under the
Letter of Quota.

    

    THEREFORE,
it is agreed between both parties as follows:

    

    Article
1 Definition and Explanation

    

    
      	
              1.1

            	
              Definition

            

    

    The
following terms defined in the Letter of Quota shall have the same meanings in
the Agreement except where the context otherwise clearly defined:

    

    “Sales
contract” means product sales contract signed either before or after signing of
the Agreement by and between the Pledger and one or more companies, hereinafter
referred to as “the Buyer”, recognized and accepted by the pledge.

    

    “Agreement
of accounts” means “the agreement of account pledge and monitoring” signed on or
before signing of the Agreement by and between the Pledger and
Pledgee.

    

    “Monitoring
accounts” means the accounts used for receiving the receivables opened by the
Pledger

    

    “Registration
authority” means the Credit Centre of the People’s Bank of
China.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Receivable(s)”
means any existing and future rights and interests enjoyed by the Pledger under
the sales contract over debtors, which includes but not is limited to (1) all
creditor’s right of the Pledger under the sales contract, including any advance
payment, installment payment, performance bond, and debtor’s right for any other
sum of payments; and (2) all rights enjoyed by the Pledger under the sales
contract to claim indemnification due to any breach of the
contract.

    

    “Debtor”
means the debtor obliged to pay the receivables to the Pledger under the sales
contract.

    

    
      	
              1.2

            	
              Explanation

            

    

    
      	
              (1)

            	
              The
      definition and explanation defined in the Letter of Quota shall be
      basically applicable in the understanding and explanation of the
      Agreement.

            

    

    
      	
              (2)

            	
              The
      heading of each article and clause is only used for the convenience of
      reading, and does not constitute any part of the article and clause and
      condition. It cannot be applied in the explanation of the
      Agreement.

            

    

    
      	
              (3)

            	
              Any
      laws, rules and regulations, ordinance, or other like legal documents
      mentioned in the Agreement shall all be interpreted as including the
      content of timely amendments, expansion, reissuing or adjusting of such
      documents and any other laws, rules and regulations, ordinance, or other
      legal documents based on such
documents.

            

    

    
      	
              (4)

            	
              “Such
      as”, “include”, “for example” or examples followed any other prepositions
      are not to limit the plain or general meaning of the words before the
      prepositions.

            

    

    
      	
              (5)

            	
              “Pledger”
      and “Pledgee” include their agents, successors, transferee, and any other
      person being authorized, in case not in conflicting with the
      context.

            

    

    

    Article
2 Pledge

    

    2.1 To
secure that all secured debts are timely and fully paid or discharged and that
the Pledger may timely and properly perform its obligations due on time, due in
acceleration, or other situations under the financing documents, the Pledger
agrees to pledge the receivables to the pledge.

    2.2 In
case the Pledger and pledge adjust the amount of the loans according to the
stipulations of the Letter of Quota, secured debts under the Agreement shall be
the amount of loans actual provided under the Letter of Quota.

    

    Article
3 Scope of Security

    

    3. 1 The
scope of pledge under the Agreement includes:

    (1) All
existing and future loans and accumulated interest, including but not limited to
legal interests, agreed interests, overdue interests, and interests of
punishment, handling charge and other charges, breach of contract damages,
damages, expenses for realization of debtor’s rights, including but not limited
to litigation expenses, attorney fee, notary fee, and execution fee, and other
receivables, no matter they become receivables on expired date or under other
conditions, the Pledger should pay the pledge under the financing
documents;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (2) Any
other items of payment the Pledger should pay the pledge due to or under the
financing documents;

    (3) All
fees and expenses incurred when the Pledger realizes its secured rights and
interests under the Agreement, including but not limited to the litigation
expenses, attorney fees, notary fees and execution expenses; and

    (4)
Breach of contract damages and any other payments the Pledger should pay the
pledge under the Agreement.

    

    3.2 The
certification issued by the Pledgee regarding any secured debt or receivables
under the Agreement shall be final and bind the Pledger, unless there are any
obvious errors.

    

    Article
4 Registration of Pledge

    

    4.1 The
Pledgee and Pledger shall sign a Contract of Pledge Registration of Receivables
based on the form in Annex 1 “Contract Form of Pledge Registration of
Receivables” or any other form required or agreed upon by the
pledge.

    

    4.2 The
Pledgee and Pledger agree the pledge registration of receivables shall be
handled by the Pledgee in the registration authority, where the fees and
expenses incurred shall be borne by the Pledger.

    

    4.3 In
case the Pledgee reasonably believes it is necessary to amend the pledge
registration already done, the Pledger shall take all reasonable steps to assist
the Pledgee to handle the amendment of pledge registration of receivables, where
the fees and expenses incurred shall be borne by the Pledger.

    

    4.4
Whenever the Pledgee requires, the Pledger shall, at any time, take the actions,
including signing of any documents, acquiring any approvals and fulfilling any
registrations, filing or recording, reasonably required by the Pledgee at his
own charges to:

    (1)
Improve or protect the securities established under or according to the
Agreement; or

    (2)
Assist the Pledgee or any other assignee to realize the pledge or any part of it
established under the Agreement, or assist the Pledgee to exert any of his
rights, powers, or discretions according to the Agreement.

    

    Article
5 Performance of Sales Contract

    

    5.1 The
Pledger is obliged to continue to perform all obligations under the sales
contract. The Pledgee has no responsibility or legal obligations to the sales
contract, and is not obliged to implement responsibility undertaken by the
Pledger to sales contract. The Pledgee has no responsibility to take actions
concerning accounts receivable. In condition not affecting rights of the Pledgee
under this agreement, the Pledger is not accountable or legally liable to any
other parties concerning accounts receivable.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5.2 In
spite of above regulations, if the Pledger and /debtor does not carry out
obligations under sales contract properly and has done harm to rights enjoyed by
the Pledgee under this agreement, the Pledgee has the right (but no obligations)
to implement it in the name of Pledger or lodge a suit against debtor, refer to
arbitration or take other measures. The Pledger agrees and authorizes the
Pledgee to take actions mentioned above and provide coordination necessary.
Expenses incurred as a result of any actions taken by Pledgee under this
regulation should be compensated by the Pledger wholly.

    

    Article
6 Monitoring of Accounts

    

    6.1 The
Pledger shall open monitored account at the place of pledge and guide debtor to
deposit all accounts receivable into the account.

    

    6.2
Without prior written consent of Pledgee, the Pledger is not allowed to indicate
debtor to deposit account receivable into any other account except monitored
account. If the Pledger, on any account, receives account receivable from any
other means, he should notify immediately Pledgee and transfer the above sum of
money into the monitored account.

    

    Article
7 Representations and Warranties

    

    7.1 The
Pledger makes the following representations and warranties to the
Pledgee:

    (1) The
Pledger is a limited company established in accordance with laws of the People’s
Republic of China, and with independent legal person status. It has effective
business license and is able to bring a suit and respond to a
charge.

    

    (2) The
Pledger has legal qualifications and necessary rights to sign this agreement, to
exercise rights and carry out obligations under this agreement.

    

    (3) The
sales contract is signed by the Pledger and debtor legally and effectively, and
is legally binding to both parties. Accounts receivable of the Pledger in sales
contract can be transferred according to relevant laws and regulations and
nature of the sales contract.

    

    (4) At
present the debtor has no right of offsetting or counterargument in terms of the
Pledger, which may affect guaranteed rights of the Pledgee under this
agreement

    

    (5) The
Pledger has the sole right to account receivable, except guarantee set in this
agreement, the Pledger does not have other guarantee of any nature in terms of
account receivable. The Pledger has undisputable right to account receivable,
and can be taken as the object of pledge security.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (6) The
Pledger has carefully read, wholly understand and accept content of this
agreement and document of financing, the Pledger signs and implements this
agreement of his own free will. What are expressed is true.

    

    (7) Data
and documents provided by the Pledger to the Pledgee about the Pledger and
account receivable are genuine and accurate, complete and effective, and
document in duplicate is in conformity with the original.

    

    (8) All
those which are necessary for the signing of this agreement and guarantee by the
Pledger under the agreement including approval, license, consent, notary,
registration, record by government and other local department have been acquired
and completed, which are legal and effective.

    

    (9) The
Pledger signs this agreement, implement its obligation under the agreement,
which is not against the regulations of the company, other documents or any
other agreement, and does not violate laws and regulations fit for the
Pledger.

    

    (10) This
agreement constitutes legal, effective and legally binding obligations for the
Pledger, and guarantee under it is unconditional, not limited by preferential
rights of any other persons.

    

    (11)
Under the sales contract, there is no violating incidents or potential violating
incidents by the Pledger and debtor.

    

    (12) At
present, there is no ongoing or possible arbitration, law suit or administrative
procedures which may involve the Pledger and constitute serious unfavorable
influence on financial condition, value of accounts receivable or ability of the
Pledger to perform its obligation according to this agreement.

    

    (13)
Debtor or his any asset and income has no right of immunity or privileged in
legal procedures such as offsetting, judgment, implementation,
detaining.

    

    7.2 The
Pledger makes the representations and warranty under Article 7.1 above to the
Pledgee. The above representations and warranty are regarded as made repeatedly
everyday during the pledge period. When a representation and warranty is made
repeatedly, it should fit in with the circumstances of the time.

    

    Article
8 Commitments of the Pledger

    

    8.1 The
Pledger makes the following commitments to the Pledgee:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (1) The
Pledger shall obey all legal and administrative laws relevant with the
agreement, and the sales contract, strictly carry out and obey duty and
obligations under this agreement and the sales contract, and take all necessary
measures to guarantee accounts receivable legal and effective, including but not
limited to legal and effective guarantee right to account receivable by the
Pledgee.

    

    (2) If
there is any significant law suits, arbitration or administrative procedures
involved with the Pledger or debtor, no matter it has begun or not, the Pledger
is required to inform the Pledgee the detail as soon as possible (in not more
than 3 work days).

    

    (3) If
any incidents of violations happened under this agreement, or incidents which
may affect ability of the Pledger to implement obligations under this agreement,
or incidents which may affect ability of debtor to implement obligations under
this agreement, the Pledger should promptly notify the Pledgee in written form
in detail.

    

    (4) The
Pledger shall acquire and handle all formalities necessary to make the agreement
lawful and effective including approval, notary, registration, and record, and
maintain they are lawful and effective and complete other necessary
matters.

    

    (5)
Without prior instruction or written consent of the Pledgee, the Pledger is not
allowed to agree, propose to amend or change in any other form sales contract or
make any other guarantee other than which under this agreement on account
receivable.

    

    (6)
Without prior consent of the Pledger, the Pledgee may transfer all or part of
rights under this agreement to a third party, the pledge should sign proper and
necessary documents and take proper and necessary measures, and complete
relevant legal procedures.

    

    (7) If
the Pledger receives account receivable in any other accounts other than the
controlled account, he should ,after receiving  payment of accounts
receivable, immediately transfer it to the monitored account according to
requirement of agreement.

    

    (8) The
Pledger is not allowed to take any measures which may change or harm the right
of the Pledgee in terms of account receivable under this agreement.

    

    (9) The
Pledger promises to the Pledgee to take all measures which are beneficial to the
guarantee under this agreement, and sign all necessary documents including but
not excluding contracts related with extension and amendment of contract signed
with the Pledger on registration of pledge of account receivable and other data
and documents reasonably required by the Pledgee at any time.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Article
9 Nature and Validity

    

    9.1
Guarantee set in this agreement is a lasting one. The responsibility of
guarantee of the Pledger terminates until all guaranteed debts are paid off.
Validity of this agreement is not affected by liquidation, combination,
separation, acquisition, bankruptcy or other changes in organizational structure
or any other arrangement made to account receivable.

    

    9.2
Guarantee set in this agreement is independent of any other guarantee acquired
by the Pledgee for debt guarantee. Before exercising right under this agreement,
the Pledger does not need to perform any other guarantee possessed by him, nor
is it necessary to first to take other measures of remedy. Under the
precondition of permission of applicable law, this agreement is independent of
quota letter. Invalidity wholly or in part of any other guarantee contract
prescribed under quota letter does not affect validity of this agreement or duty
and obligation of the Pledger under this agreement. Moreover, this agreement
shall not be invalid or cancelled because quota letter it has guaranteed is
invalid or be cancelled.

    

    Article
10 Realization of the Pledge

    

    10.1
Mortgage under this agreement will be executable once any case occurs as
follows:

    (1) Any
violations under credit line letters.

    (2) The
Pledger transfers, distributes receivables in other ways, sets any part of
receivables or attempts to set any guaranteed interests without the Pledgee’s
previously written permission.

    (3) The
Pledger or debtor suspends or stops its business and enters bankruptcy,
liquidation, shut-down, or something like this, or its business is forced to
stop or suspend by the management.

    (4) Any
happening like lawsuit, arbitration, or administrative procedures concerning the
Pledger or receivables occur, which by the Pledgee’s reasonable judgments will
have severely adverse effects on the financial positions of the Pledgee, the
value of receivables, and the pledger’s ability of coming to time pursuant to
the agreement.

    (5) Any
statement or pledge made by the Pledger under the terms of this agreement is
proven inaccurate, unreal or misleading.

    (6) The
Pledger agrees or proposes to alter sales contract so as to materially affect or
harm the Pledgee’s interests without the Pledgee’s previously written
permission.

    (7) The
Pledger or debtor violates any obligation under the terms of sales contract, and
the violation will by the Pledgee’s reasonable judgments harm their guaranteed
interests.

    (8) The
Pledger violates any other obligations under the terms of this agreement or
there occur other thing which the Pledgee thinks will affect its rights under
the terms of the agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.2 Once
anything that is listed in Section 10.1 occurs, the Pledgee itself can decide on
the proper time and way which it thinks is right to execute partial or all
guarantees and exercise any right given by the agreement or applicable law,
including but not limited to:

    (1)
Declaration that all the withdrawn loans expire and requiring the Pledger to
return loans with the capital, interest and other payable items.

    (2)
Declaration to cancel the withdrawn loan by credit line letters

    (3)
Direct deduction of the corresponding money form the monitoring
account

    (4)
Replevying or collecting receivables or all the money concerning to discharge
the mortgage debts and present the valid receipt on behalf or the
Pledger

    (5)
Replacement of the Pledger and the exercise of the Pledger’s property rights
concerning receivables

    (6)
Undertaking or going through all the lawsuits or arbitration procedures
concerning all or any receivables in the way which the Pledger thinks is proper
by its own judgments and the practice, conciliation, removal or concession of
the rights propositions concerning all or any receivables.

    (7)
Conducting conciliation, arrangements of debts, concession of any issue or
dispute concerning receivables or caused by it or relevant to this agreement in
one way or another.

    (8)
Submitting to the arbitration concerning receivables or taking any legal actions
or launching a lawsuit.

    (9)
Signing the documents or taking relevant actions which the Pledgee reasonably
thinks are necessary and proper concerning the above-mentioned
items.

    

    10.3 Once
the Pledgee requires, the Pledger should coordinate the Pledgee to acquire all
the necessary approval or agreement from the Pledgee to realize their liens, or
coordinate the Pledgee to handle all the other procedures.

    

    10.4 The
Pledgee distributes the acquired money form mortgaged receivables under the
terms of this agreement as the following order goes:

    First, to
cover all the expenses and fees produced from or caused by the exercise of the
Pledgee’s rights and distribution of receivables.

    Second,
to cover the tax money or governmental charge when the Pledgee distributes
receivables.

    Third, to
pay mortgaged debts.

    The
surplus after the deduction of the above items should be handed over to the
Pledger by the Pledgee.

    If the
Pledgee can not acquire enough money form receivables to pay off mortgaged
debts, they reserve the rights to ask the Pledger for more.

    

    10.5 When
the Pledgee legally exercises its rights by the agreement, it does not need to
take responsibility for the loss caused by the Pledger in the practice except
for its own deliberation or gross negligence.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Article
11 Expenses and Compensation

    

    11.1 The
Pledger will pay the fees on the signing the agreement, handling necessary
registration or notarization procedures, fulfilling or forcibly executing
obligations (including but not limited to the Pledgee for the lawyers or lawsuit
fees, etc)

    11.2 The
Pledger will compensate the Pledgee for all the loss and expenses caused by the
Pledger’s failure to fulfill the prescribed obligations or promises by the
agreement.

    

    Article
12 Notification

    

    
      	
              12.1

            	
              All
      notices, requests and other communications to the Pledger or to the
      Pledgee hereunder shall be in writing, and shall be given to the addresses
      stated below.

            

    

    

    If to the
Pledger: Zhengzhou Shenyan Technologies Co., Ltd.

    Address:
90, Gongren Road, Zhengzhou City, Henan Province

    Postcode:
450007

    Tel:  86
371 6797 9600

    Fax No.:
86 371 6771 3121

    Attention:
Mr. Zhong Bo

    

    If to the
Pledgee: Austria Central Cooperation Bank Beijing Branch

    Address:
Beijing International Club, Rm. 200, 21 Jianguomenwai Street,
Beijing

    Postcode:
100020

    Tel: 86
10 6532 3388 extension 356

    Fax: 86
10 6532 5926

    Attention:
Monika Goluch

    

    12.2 The
notice and other communications required to be given by any party shall be in
written. if in person (including express mail), on the date that the receiving
Party or a person at the receiving Party’s address signs for the document; if by
registered mail, on the 3rd day
after the date that is printed on the receipt of the registered mail; telex and
telegram shall be deemed effectively with confirmation of transmission, at the
time displayed in the corresponding transmission record. But notice and other
communications delivered by the Pledger to the Pledgee are deemed received after
the actual receipt of the Pledgee.

    

    Article
13 Effectuation, Amendment, and Termination of the Contract

    

    13.1 This
contract becomes effective after signed by the authorized representatives of
both parties.

    

    13.2 The
amendment, modification of the contract shall be made in written. Such documents
shall be regard as the appendices of this contract and integral part of this
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    13.3 The
Pledgee shall agree to discharge the collateral security under this Agreement
and handle the cancellation of registration after the full repayments of the
secured liabilities and performance in full of the obligations under this
agreement, and the hereunder fare and fees are at the Pledger’s expense. The
Pledgee should offer necessary assistance to the Pledger in the cancellation
process.

    

    Article
14 Applicable Laws and Dispute Settlement

    

    14.1 The
conclusion, interpretation and dispute resolution shall be subject to the Laws
of the People's Republic of China.

    

    14.2 The
disputes arising from execution of this contract or relevant to this contract
shall be settled through friendly consultation by the parties. In case no
settlement can be reached 30 days after the written consultation proposal is
forwarded by one party, the dispute shall be submitted by either party to China
International Economic and Trade Arbitration Commission for judgment according
to the arbitration rules in effect. The verdict of arbitration is final and
conclusive, binding on both parties. The place of arbitration is Beijing, and
the arbitration conducted in the Chinese language. The out-of-pocket expense
(including but not limited to arbitration fees, attorney fees) of the winning
party should be paid by the party fails in the arbitration.

    

    Article
15 Miscellaneous

    

    15.1 No
failure or delay by the Pledgee in exercising any right, power or remedy
hereunder shall impair such right, power or remedy or operate as a waiver
thereof, nor shall any single or partial exercise of the same preclude any
further exercise thereof or the exercise of any other right, power or remedy.
Any provision under this Agreement being illegal, ineffective or default shall
not affect its legality, effectiveness and feasibility under other clause, nor
affect the legality, effectiveness and feasibility of any other
provision.

    

    15.2 Any
modification, waiver or other change of this agreement must be confirmed and
become effective after signed by all parties in writing.

    

    15.3 The
Pledgee shall have the right to transfer all of its rights hereunder to another
party without the consent of the Pledger. The Pledger shall not transfer any of
its rights and obligations hereunder.

    

    15.4 This
Contract is prepared in 3 original copies, all of which are equally effective,
with the Pledger and the Pledgee retaining one original copy each, and one copy
for registration in the registration bureau.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the authorized representatives of the parties hereto have
caused this Agreement to be duly executed as of the date first written
above.

    

    (The
remainder of this page intentionally left blank)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Signing
page

    

    The
Pledger (official seal): Zhengzhou Shenyang Technologies Co., Ltd.

    (Sealed)

    

    Legal
representative /Authorized signature (signature):

    Zhong Bo
(Signed)

    

    The
Pledgee (official seal): Austria Central Cooperation Bank Beijing
Branch

    (Sealed)

    

    Authorized
signature (signature): (Signed)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Annex
I Contract Form of Receivable Pledge Registration

    

    Herein
the Zhengzhou Shenyang Technologies Co., Ltd. (hereinafter referred to as the
“Pledger”) and the Austria Central Cooperation Bank Beijing Branch (hereinafter
referred to as the “Pledgee”) signed the Receivable Pledge Agreement (hereto
referred to as the “Pledge Agreement”) on January 4th, 2008,
the two parties have reached the following agreement concerning the registration
of the above-mentioned pledge receivable under the Receivable Pledge
Agreement:

    

    
      	
              1.

            	
              The
      Pledgee should be responsible for the registration of the pledge
      receivable under the Pledge Agreement, the out-of-pocket expense at the
      Pledgee’s expense;

            

    

    

    
      	
              2.

            	
              The
      Pledger should provide promptly the necessary documents and information,
      including but not limited to the corporate legal registration name,
      registered address, the name of the legal representative, certificate of
      organization code, required by the Pledgee for the registration of the
      Pledge Agreement. The Pledger should be responsible for the authenticity
      and accuracy of the documents and information
  provided.

            

    

    

    
      	
              3.

            	
              This
      Agreement herein is for the registration of the Pledge Agreement, and
      should not affect the meaning or interpretation of any provision
      hereof.

            

    

    

    The
Pledger (official seal): Zhengzhou Shenyang Technologies Co., Ltd.

    

    Legal
representative /Authorized signature (signature):

    

    The
Pledgee (official seal): Austria Central Cooperation Bank Beijing
Branch

    

    Authorized
signature (signature):WARRANT
TO PURCHASE COMMON STOCK

     

    THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION
STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS. THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND
OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE
SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH
THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR
OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

     

    WARRANT

    to
purchase

    99,157

    Shares
of Common Stock

     

    of
North Central Bancshares, Inc.

     

    Issue
Date: January 9, 2009

     

    1.           Definitions.  Unless
the context otherwise requires, when used herein the following terms shall have
the meanings indicated.

     

    “Affiliate” has the meaning
ascribed to it in the Purchase Agreement.

     

    “Appraisal Procedure” means a
procedure whereby two independent appraisers, one chosen by the Company and one
by the Original Warrantholder, shall mutually agree upon the determinations then
the subject of appraisal. Each party shall deliver a notice to the other
appointing its appraiser within 15 days after the Appraisal Procedure is
invoked. If within 30 days after appointment of the two appraisers they are
unable to agree upon the amount in question, a third independent appraiser shall
be chosen within 10 days thereafter by the mutual consent of such first two
appraisers. The decision of the third appraiser so appointed and chosen shall be
given within 30 days after the selection of such third appraiser. If three
appraisers shall be appointed and the determination of one appraiser is
disparate from the middle determination by more than twice the amount by which
the other determination is disparate from the middle determination, then the
determination of such appraiser shall be excluded, the remaining two
determinations shall be averaged and such average shall be binding and
conclusive upon the Company and the Original Warrantholder; otherwise, the
average of all three determinations shall be binding upon the Company and the
Original Warrantholder. The costs of conducting any Appraisal Procedure shall be
borne by the Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Board of Directors” means the board of
directors of the Company, including any duly authorized committee
thereof.

     

    “Business Combination” means a
merger, consolidation, statutory share exchange or similar transaction that
requires the approval of the Company’s stockholders.

     

    “business day” means any day except
Saturday, Sunday and any day on which banking institutions in the State of New
York generally are authorized or required by law or other governmental actions
to close.

     

    “Capital Stock” means (A) with
respect to any Person that is a corporation or company, any and all shares,
interests, participations or other equivalents (however designated) of capital
or capital stock of such Person and (B) with respect to any Person that is not a
corporation or company, any and all partnership or other equity interests of
such Person.

     

    “Charter” means, with respect
to any Person, its certificate or articles of incorporation, articles of
association, or similar organizational document.

     

    “Common Stock” has the meaning
ascribed to it in the Purchase Agreement.

     

    “Company” means the Person
whose name, corporate or other organizational form and jurisdiction of
organization is set forth in Item 1 of Schedule A hereto.

     

    “conversion” has the meaning
set forth in Section 13(B). “convertible securities” has
the meaning set forth in Section 13(B).

     

    “CPP” has the meaning ascribed
to it in the Purchase Agreement.

     

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute, and the
rules and regulations promulgated thereunder.

     

    “Exercise Price” means the
amount set forth in Item 2 of Schedule A hereto. “Expiration Time” has the
meaning set forth in Section 3.

     

    “Fair Market Value” means,
with respect to any security or other property, the fair market value of such
security or other property as determined by the Board of Directors, acting in
good faith or, with respect to Section 14, as determined by the Original
Warrantholder acting in good faith. For so long as the Original Warrantholder
holds this Warrant or any portion thereof, it may object in writing to the Board
of Director’s calculation of fair market value within 10 days of receipt of
written notice thereof. If the Original Warrantholder and the Company are unable
to agree on fair market value during the 10-day period following the delivery of
the Original Warrantholder’s objection, the Appraisal Procedure may be invoked
by either party to determine Fair Market Value by delivering written
notification thereof not later than the 30th day
after delivery of the Original Warrantholder’s objection.

     

    “Governmental Entities” has
the meaning ascribed to it in the Purchase Agreement.

     

    “Initial Number” has the
meaning set forth in Section 13(B).

    
      
         

      

      
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    “Issue Date” means the date
set forth in Item 3 of Schedule A hereto.

     

    “Market Price” means, with
respect to a particular security, on any given day, the last reported sale price
regular way or, in case no such reported sale takes place on such day, the
average of the last closing bid and ask prices regular way, in either case on
the principal national securities exchange on which the applicable securities
are listed or admitted to trading, or if not listed or admitted to trading on
any national securities exchange, the average of the closing bid and ask prices
as furnished by two members of the Financial Industry Regulatory Authority, Inc.
selected from time to time by the Company for that purpose. “Market Price” shall
be determined without reference to after hours or extended hours trading. If
such security is not listed and traded in a manner that the quotations referred
to above are available for the period required hereunder, the Market Price per
share of Common Stock shall be deemed to be (i) in the event that any portion of
the Warrant is held by the Original Warrantholder, the fair market value per
share of such security as determined in good faith by the Original Warrantholder
or (ii) in all other circumstances, the fair market value per share of such
security as determined in good faith by the Board of Directors in reliance on an
opinion of a nationally recognized independent investment banking corporation
retained by the Company for this purpose and certified in a resolution to the
Warrantholder. For the purposes of determining the Market Price of the Common
Stock on the “trading day” preceding, on or following the occurrence of an
event, (i) that trading day shall be deemed to commence immediately after the
regular scheduled closing time of trading on the New York Stock Exchange or, if
trading is closed at an earlier time, such earlier time and (ii) that trading
day shall end at the next regular scheduled closing time, or if trading is
closed at an earlier time, such earlier time (for the avoidance of doubt, and as
an example, if the Market Price is to be determined as of the last trading day
preceding a specified event and the closing time of trading on a particular day
is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the Market
Price would be determined by reference to such 4:00 p.m. closing
price).

     

    “Ordinary Cash Dividends”
means a regular quarterly cash dividend on shares of Common Stock out of surplus
or net profits legally available therefor (determined in accordance with
generally accepted accounting principles in effect from time to time), provided that Ordinary Cash
Dividends shall not include any cash dividends paid subsequent to the Issue Date
to the extent the aggregate per share dividends paid on the outstanding Common
Stock in any quarter exceed the amount set forth in Item 4 of Schedule A hereto,
as adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction.

     

    “Original Warrantholder” means
the United States Department of the Treasury. Any actions specified to be taken
by the Original Warrantholder hereunder may only be taken by such Person and not
by any other Warrantholder.

     

    “Permitted Transactions” has
the meaning set forth in Section 13(B).

     

    “Person” has the meaning given
to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3)
and 14(d)(2) of the Exchange Act.

     

    “Per Share Fair Market Value”
has the meaning set forth in Section 13(C).

    
      
         

      

      
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    “Preferred Shares” means the
perpetual preferred stock issued to the Original Warrantholder on the Issue Date
pursuant to the Purchase Agreement.

     

    “Pro Rata Repurchases” means
any purchase of shares of Common Stock by the Company or any Affiliate thereof
pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or
14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any
other offer available to substantially all holders of Common Stock, in the case
of both (A) or (B), whether for cash, shares of Capital Stock of the Company,
other securities of the Company, evidences of indebtedness of the Company or any
other Person or any other property (including, without limitation, shares of
Capital Stock, other securities or evidences of indebtedness of a subsidiary),
or any combination thereof, effected while this Warrant is outstanding. The
“Effective Date” of a
Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or
exchange by the Company under any tender or exchange offer which is a Pro Rata
Repurchase or the date of purchase with respect to any Pro Rata Repurchase that
is not a tender or exchange offer.

     

    “Purchase Agreement” means the
Securities Purchase Agreement – Standard Terms incorporated into the Letter
Agreement, dated as of the date set forth in Item 5 of Schedule A hereto, as
amended from time to time, between the Company and the United States Department
of the Treasury (the “Letter
Agreement”), including all annexes and schedules thereto.

     

    “Qualified Equity Offering”
has the meaning ascribed to it in the Purchase Agreement.

     

    “Regulatory Approvals” with
respect to the Warrantholder, means, to the extent applicable and required to
permit the Warrantholder to exercise this Warrant for shares of Common Stock and
to own such Common Stock without the Warrantholder being in violation of
applicable law, rule or regulation, the receipt of any necessary approvals and
authorizations of, filings and registrations with, notifications to, or
expiration or termination of any applicable waiting period under, the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules
and regulations thereunder.

     

    “SEC” means the U.S.
Securities and Exchange Commission.

     

    “Securities Act” means the
Securities Act of 1933, as amended, or any successor statute, and the rules and
regulations promulgated thereunder.

     

    “Shares” has the meaning set
forth in Section 2.

     

    “trading day” means (A) if the
shares of Common Stock are not traded on any national or regional securities
exchange or association or over-the-counter market, a business day or (B) if the
shares of Common Stock are traded on any national or regional securities
exchange or association or over-the-counter market, a business day on which such
relevant exchange or quotation system is scheduled to be open for business and
on which the shares of Common Stock (i) are not suspended from trading on any
national or regional securities exchange or association or over-the-counter
market for any period or periods aggregating one half hour or longer; and (ii)
have traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the shares of Common Stock.

    
      
         

      

      
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    “U.S. GAAP” means United
States generally accepted accounting principles. “Warrantholder” has the
meaning set forth in Section 2.

     

    “Warrant” means this Warrant,
issued pursuant to the Purchase Agreement.

     

    2.           Number of Shares; Exercise
Price. This certifies that, for value received, the United States
Department of the Treasury or its permitted assigns (the “Warrantholder”) is entitled,
upon the terms and subject to the conditions hereinafter set forth, to acquire
from the Company, in whole or in part, after the receipt of all applicable
Regulatory Approvals, if any, up to an aggregate of the number of fully paid and
nonassessable shares of Common Stock set forth in Item 6 of Schedule A hereto,
at a purchase price per share of Common Stock equal to the Exercise Price. The
number of shares of Common Stock (the “Shares”) and the Exercise
Price are subject to adjustment as provided herein, and all references to
“Common Stock,” “Shares” and “Exercise Price” herein shall be deemed to include
any such adjustment or series of adjustments.

     

    3.           Exercise of Warrant;
Term.  Subject to Section 2, to the extent permitted by
applicable laws and regulations, the right to purchase the Shares represented by
this Warrant is exercisable, in whole or in part by the Warrantholder, at any
time or from time to time after the execution and delivery of this Warrant by
the Company on the date hereof, but in no event later than 5:00 p.m., New York
City time on the tenth anniversary of the Issue Date (the “Expiration Time”), by (A) the surrender of
this Warrant and Notice of Exercise annexed hereto, duly completed and executed
on behalf of the Warrantholder, at the principal executive office of the Company
located at the address set forth in Item 7 of Schedule A hereto (or such other
office or agency of the Company in the United States as it may designate by
notice in writing to the Warrantholder at the address of the Warrantholder
appearing on the books of the Company), and (B) payment of the Exercise Price
for the Shares thereby purchased:

     

    (i)           by
having the Company withhold, from the shares of Common Stock that would
otherwise be delivered to the Warrantholder upon such exercise, shares of Common
stock issuable upon exercise of the Warrant equal in value to the aggregate
Exercise Price as to which this Warrant is so exercised based on the Market
Price of the Common Stock on the trading day on which this Warrant is exercised
and the Notice of Exercise is delivered to the Company pursuant to this Section
3, or

     

    (ii)           with
the consent of both the Company and the Warrantholder, by tendering in cash, by
certified or cashier’s check payable to the order of the Company, or by wire
transfer of immediately available funds to an account designated by the
Company.

     

    If the
Warrantholder does not exercise this Warrant in its entirety, the Warrantholder
will be entitled to receive from the Company within a reasonable time, and in
any event not exceeding three business days, a new warrant in substantially
identical form for the purchase of that number of Shares equal to the difference
between the number of Shares subject to this Warrant and the number of Shares as
to which this Warrant is so exercised. Notwithstanding anything in this Warrant
to the contrary, the Warrantholder hereby acknowledges and agrees that its
exercise of this Warrant for Shares is subject to the condition that the
Warrantholder will have first received any applicable Regulatory
Approvals.

    
      
         

      

      
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    4.           Issuance of Shares;
Authorization; Listing.  Certificates for Shares issued upon
exercise of this Warrant will be issued in such name or names as the
Warrantholder may designate and will be delivered to such named Person or
Persons within a reasonable time, not to exceed three business days after the
date on which this Warrant has been duly exercised in accordance with the terms
of this Warrant. The Company hereby represents and warrants that any Shares
issued upon the exercise of this Warrant in accordance with the provisions of
Section 3 will be duly and validly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges (other than liens or
charges created by the Warrantholder, income and franchise taxes incurred in
connection with the exercise of the Warrant or taxes in respect of any transfer
occurring contemporaneously therewith). The Company agrees that the Shares so
issued will be deemed to have been issued to the Warrantholder as of the close
of business on the date on which this Warrant and payment of the Exercise Price
are delivered to the Company in accordance with the terms of this Warrant,
notwithstanding that the stock transfer books of the Company may then be closed
or certificates representing such Shares may not be actually delivered on such
date. The Company will at all times reserve and keep available, out of its
authorized but unissued Common Stock, solely for the purpose of providing for
the exercise of this Warrant, the aggregate number of shares of Common Stock
then issuable upon exercise of this Warrant at any time. The Company will (A)
procure, at its sole expense, the listing of the Shares issuable upon exercise
of this Warrant at any time, subject to issuance or notice of issuance, on all
principal stock exchanges on which the Common Stock is then listed or traded and
(B) maintain such listings of such Shares at all times after issuance. The
Company will use reasonable best efforts to ensure that the Shares may be issued
without violation of any applicable law or regulation or of any requirement of
any securities exchange on which the Shares are listed or traded.

     

    5.           No Fractional Shares or
Scrip.  No fractional Shares or scrip representing fractional
Shares shall be issued upon any exercise of this Warrant. In lieu of any
fractional Share to which the Warrantholder would otherwise be entitled, the
Warrantholder shall be entitled to receive a cash payment equal to the Market
Price of the Common Stock on the last trading day preceding the date of exercise
less the pro-rated Exercise Price for such fractional share.

     

    6.           No Rights as Stockholders;
Transfer Books.  This Warrant does not entitle the
Warrantholder to any voting rights or other rights as a stockholder of the
Company prior to the date of exercise hereof. The Company will at no time close
its transfer books against transfer of this Warrant in any manner which
interferes with the timely exercise of this Warrant.

     

    7.           Charges, Taxes and
Expenses.  Issuance of certificates for Shares to the
Warrantholder upon the exercise of this Warrant shall be made without charge to
the Warrantholder for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificates, all of which taxes and expenses
shall be paid by the Company.

    
      
         

      

      
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    8.           Transfer/Assignment.

     

    (A)           Subject
to compliance with clause (B) of this Section 8, this Warrant and all rights
hereunder are transferable, in whole or in part, upon the books of the Company
by the registered holder hereof in person or by duly authorized attorney, and a
new warrant shall be made and delivered by the Company, of the same tenor and
date as this Warrant but registered in the name of one or more transferees, upon
surrender of this Warrant, duly endorsed, to the office or agency of the Company
described in Section 3. All expenses (other than stock transfer taxes) and other
charges payable in connection with the preparation, execution and delivery of
the new warrants pursuant to this Section 8 shall be paid by the
Company.

     

    (B)           The
transfer of the Warrant and the Shares issued upon exercise of the Warrant are
subject to the restrictions set forth in Section 4.4 of the Purchase Agreement.
If and for so long as required by the Purchase Agreement, this Warrant shall
contain the legends as set forth in Sections 4.2(a) and 4.2(b) of the Purchase
Agreement.

     

    9.           Exchange and Registry of
Warrant.  This Warrant is exchangeable, upon the surrender
hereof by the Warrantholder to the Company, for a new warrant or warrants of
like tenor and representing the right to purchase the same aggregate number of
Shares. The Company shall maintain a registry showing the name and address of
the Warrantholder as the registered holder of this Warrant. This Warrant may be
surrendered for exchange or exercise in accordance with its terms, at the office
of the Company, and the Company shall be entitled to rely in all respects, prior
to written notice to the contrary, upon such registry.

     

    10.           Loss, Theft, Destruction or
Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and in the case of any such loss, theft or destruction, upon
receipt of a bond, indemnity or security reasonably satisfactory to the Company,
or, in the case of any such mutilation, upon surrender and cancellation of this
Warrant, the Company shall make and deliver, in lieu of such lost, stolen,
destroyed or mutilated Warrant, a new Warrant of like tenor and representing the
right to purchase the same aggregate number of Shares as provided for in such
lost, stolen, destroyed or mutilated Warrant.

     

    11.           Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not
be a business day, then such action may be taken or such right may be exercised
on the next succeeding day that is a business day.

     

    12.           Rule 144
Information.  The Company covenants that it will use its
reasonable best efforts to timely file all reports and other documents required
to be filed by it under the Securities Act and the Exchange Act and the rules
and regulations promulgated by the SEC thereunder (or, if the Company is not
required to file such reports, it will, upon the request of any Warrantholder,
make publicly available such information as necessary to permit sales pursuant
to Rule 144 under the Securities Act), and it will use reasonable best efforts
to take such further action as any Warrantholder may reasonably request, in each
case to the extent required from time to time to enable such holder to, if
permitted by the terms of this Warrant and the Purchase Agreement, sell this
Warrant without registration under the Securities Act within the limitation of
the exemptions provided by (A) Rule 144 under the Securities Act, as such rule
may be amended from time to time, or (B) any successor rule or regulation
hereafter adopted by the SEC. Upon the written request of any Warrantholder, the
Company will deliver to such Warrantholder a written statement that it has
complied with such requirements.

    
      
         

      

      
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    13.           Adjustments and Other
Rights.  The Exercise Price and the number of Shares issuable
upon exercise of this Warrant shall be subject to adjustment from time to time
as follows; provided,
that if more than one subsection of this Section 13 is applicable to a
single event, the subsection shall be applied that produces the largest
adjustment and no single event shall cause an adjustment under more than one
subsection of this Section 13 so as to result in duplication:

     

    (A)           Stock Splits, Subdivisions,
Reclassifications or Combinations.  If the Company shall (i)
declare and pay a dividend or make a distribution on its Common Stock in shares
of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify the
outstanding shares of Common Stock into a smaller number of shares, the number
of Shares issuable upon exercise of this Warrant at the time of the record date
for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so that the
Warrantholder after such date shall be entitled to purchase the number of shares
of Common Stock which such holder would have owned or been entitled to receive
in respect of the shares of Common Stock subject to this Warrant after such date
had this Warrant been exercised immediately prior to such date. In such event,
the Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or
reclassification shall be adjusted to the number obtained by dividing (x) the
product of (1) the number of Shares issuable upon the exercise of this Warrant
before such adjustment and (2) the Exercise Price in effect immediately prior to
the record or effective date, as the case may be, for the dividend,
distribution, subdivision, combination or reclassification giving rise to this
adjustment by (y) the new number of Shares issuable upon exercise of the Warrant
determined pursuant to the immediately preceding sentence.

     

    (B)           Certain Issuances of Common
Shares or Convertible Securities.  Until the earlier of (i) the
date on which the Original Warrantholder no longer holds this Warrant or any
portion thereof and (ii) the third anniversary of the Issue Date, if the Company
shall issue shares of Common Stock (or rights or warrants or other securities
exercisable or convertible into or exchangeable (collectively, a “conversion”) for shares of
Common Stock) (collectively, “convertible securities”)
(other than in Permitted Transactions (as defined below) or a transaction to
which subsection (A) of this Section 13 is applicable) without consideration or
at a consideration per share (or having a conversion price per share) that is
less than 90% of the Market Price on the last trading day preceding the date of
the agreement on pricing such shares (or such convertible securities) then, in
such event:

     

    (A)           the
number of Shares issuable upon the exercise of this Warrant immediately prior to
the date of the agreement on pricing of such shares (or of such convertible
securities) (the “Initial
Number”) shall be increased to the number obtained by multiplying the
Initial Number by a fraction (A) the numerator of which shall be the sum of (x)
the number of shares of Common Stock of the Company outstanding on such date and
(y) the number of additional shares of Common Stock issued (or into which
convertible securities may be exercised or convert) and (B) the denominator of
which shall be the sum of (I) the number of shares of Common Stock outstanding
on such date and (II) the number of shares of Common Stock which the aggregate
consideration receivable by the Company for the total number of shares of Common
Stock so issued (or into which convertible securities may be exercised or
convert) would purchase at the Market Price on the last trading day preceding
the date of the agreement on pricing such shares (or such convertible
securities); and

    
      
         

      

      
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    (B)           the
Exercise Price payable upon exercise of the Warrant shall be adjusted by
multiplying such Exercise Price in effect immediately prior to the date of the
agreement on pricing of such shares (or of such convertible securities) by a
fraction, the numerator of which shall be the number of shares of Common Stock
issuable upon exercise of this Warrant prior to such date and the denominator of
which shall be the number of shares of Common Stock issuable upon exercise of
this Warrant immediately after the adjustment described in clause (A)
above.

     

    For
purposes of the foregoing, the aggregate consideration receivable by the Company
in connection with the issuance of such shares of Common Stock or convertible
securities shall be deemed to be equal to the sum of the net offering price
(including the Fair Market Value of any non-cash consideration and after
deduction of any related expenses payable to third parties) of all such
securities plus the minimum aggregate amount, if any, payable upon exercise or
conversion of any such convertible securities into shares of Common Stock; and
“Permitted
Transactions” shall mean issuances (i) as consideration for or to fund
the acquisition of businesses and/or related assets, (ii) in connection with
employee benefit plans and compensation related arrangements in the ordinary
course and consistent with past practice approved by the Board of Directors,
(iii) in connection with a public or broadly marketed offering and sale of
Common Stock or convertible securities for cash conducted by the Company or its
affiliates pursuant to registration under the Securities Act or Rule 144A
thereunder on a basis consistent with capital raising transactions by comparable
financial institutions and (iv) in connection with the exercise of preemptive
rights on terms existing as of the Issue Date. Any adjustment made pursuant to
this Section 13(B) shall become effective immediately upon the date of such
issuance.

     

    (C)           Other
Distributions.  In case the Company shall fix a record date for
the making of a distribution to all holders of shares of its Common Stock of
securities, evidences of indebtedness, assets, cash, rights or warrants
(excluding Ordinary Cash Dividends, dividends of its Common Stock and other
dividends or distributions referred to in Section 13(A)), in each such case, the
Exercise Price in effect prior to such record date shall be reduced immediately
thereafter to the price determined by multiplying the Exercise Price in effect
immediately prior to the reduction by the quotient of (x) the Market Price of
the Common Stock on the last trading day preceding the first date on which the
Common Stock trades regular way on the principal national securities exchange on
which the Common Stock is listed or admitted to trading without the right to
receive such distribution, minus the amount of cash and/or the Fair Market Value
of the securities, evidences of indebtedness, assets, rights or warrants to be
so distributed in respect of one share of Common Stock (such amount and/or Fair
Market Value, the “Per Share
Fair Market Value”) divided by (y) such Market Price on such date
specified in clause (x); such adjustment shall be made successively whenever
such a record date is fixed. In such event, the number of Shares issuable upon
the exercise of this Warrant shall be increased to the number obtained by
dividing (x) the product of (1) the number of Shares issuable upon the exercise
of this Warrant before such adjustment, and (2) the Exercise Price in effect
immediately prior to the distribution giving rise to this adjustment by (y) the
new Exercise Price determined in accordance with the immediately preceding
sentence. In the case of adjustment for a cash dividend that is, or is
coincident with, a regular quarterly cash dividend, the Per Share Fair Market
Value would be reduced by the per share amount of the portion of the cash
dividend that would constitute an Ordinary Cash Dividend. In the event that such
distribution is not so made, the Exercise Price and the number of Shares
issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to
distribute such shares, evidences of indebtedness, assets, rights, cash or
warrants, as the case may be, to the Exercise Price that would then be in effect
and the number of Shares that would then be issuable upon exercise of this
Warrant if such record date had not been fixed.

    
      
         

      

      
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    (D)           Certain Repurchases of
Common Stock.  In case the Company effects a Pro Rata
Repurchase of Common Stock, then the Exercise Price shall be reduced to the
price determined by multiplying the Exercise Price in effect immediately prior
to the Effective Date of such Pro Rata Repurchase by a fraction of which the
numerator shall be (i) the product of (x) the number of shares of Common Stock
outstanding immediately before such Pro Rata Repurchase and (y) the Market Price
of a share of Common Stock on the trading day immediately preceding the first
public announcement by the Company or any of its Affiliates of the intent to
effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the
Pro Rata Repurchase, and of which the denominator shall be the product of (i)
the number of shares of Common Stock outstanding immediately prior to such Pro
Rata Repurchase minus the number of shares of Common Stock so repurchased and
(ii) the Market Price per share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Affiliates
of the intent to effect such Pro Rata Repurchase. In such event, the number of
shares of Common Stock issuable upon the exercise of this Warrant shall be
increased to the number obtained by dividing (x) the product of (1) the number
of Shares issuable upon the exercise of this Warrant before such adjustment, and
(2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase
giving rise to this adjustment by (y) the new Exercise Price determined in
accordance with the immediately preceding sentence. For the avoidance of doubt,
no increase to the Exercise Price or decrease in the number of Shares issuable
upon exercise of this Warrant shall be made pursuant to this Section
13(D).

     

    (E)           Business
Combinations.  In case of any Business Combination or
reclassification of Common Stock (other than a reclassification of Common Stock
referred to in Section 13(A)), the Warrantholder’s right to receive Shares upon
exercise of this Warrant shall be converted into the right to exercise this
Warrant to acquire the number of shares of stock or other securities or property
(including cash) which the Common Stock issuable (at the time of such Business
Combination or reclassification) upon exercise of this Warrant immediately prior
to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and
in any such case, if necessary, the provisions set forth herein with respect to
the rights and interests thereafter of the Warrantholder shall be appropriately
adjusted so as to be applicable, as nearly as may reasonably be, to the
Warrantholder’s right to exercise this Warrant in exchange for any shares of
stock or other securities or property pursuant to this paragraph. In determining
the kind and amount of stock, securities or the property receivable upon
exercise of this Warrant following the consummation of such Business
Combination, if the holders of Common Stock have the right to elect the kind or
amount of consideration receivable upon consummation of such Business
Combination, then the consideration that the Warrantholder shall be entitled to
receive upon exercise shall be deemed to be the types and amounts of
consideration received by the majority of all holders of the shares of common
stock that affirmatively make an election (or of all such holders if none make
an election).

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (F)           Rounding of Calculations;
Minimum Adjustments.  All calculations under this Section 13
shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest
one-hundredth (1/100th) of a share, as the case may be. Any provision of this
Section 13 to the contrary notwithstanding, no adjustment in the Exercise Price
or the number of Shares into which this Warrant is exercisable shall be made if
the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of
a share of Common Stock, but any such amount shall be carried forward and an
adjustment with respect thereto shall be made at the time of and together with
any subsequent adjustment which, together with such amount and any other amount
or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of
Common Stock, or more.

     

    (G)           Timing of Issuance of
Additional Common Stock Upon Certain Adjustments.  In any case
in which the provisions of this Section 13 shall require that an adjustment
shall become effective immediately after a record date for an event, the Company
may defer until the occurrence of such event (i) issuing to the Warrantholder of
this Warrant exercised after such record date and before the occurrence of such
event the additional shares of Common Stock issuable upon such exercise by
reason of the adjustment required by such event over and above the shares of
Common Stock issuable upon such exercise before giving effect to such adjustment
and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional
share of Common Stock; provided, however, that the
Company upon request shall deliver to such Warrantholder a due bill or other
appropriate instrument evidencing such Warrantholder’s right to receive such
additional shares, and such cash, upon the occurrence of the event requiring
such adjustment.

     

    (H)           Completion of Qualified
Equity Offering.  In the event the Company (or any successor by
Business Combination) completes one or more Qualified Equity Offerings on or
prior to December 31, 2009 that result in the Company (or any such successor )
receiving aggregate gross proceeds of not less than 100% of the aggregate
liquidation preference of the Preferred Shares (and any preferred stock issued
by any such successor to the Original Warrantholder under the CPP), the number
of shares of Common Stock underlying the portion of this Warrant then held by
the Original Warrantholder shall be thereafter reduced by a number of shares of
Common Stock equal to the product of (i) 0.5 and (ii) the number of shares
underlying the Warrant on the Issue Date (adjusted to take into account all
other theretofore made adjustments pursuant to this Section 13).

     

    (I)           Other
Events.  For so long as the Original Warrantholder holds this
Warrant or any portion thereof, if any event occurs as to which the provisions
of this Section 13 are not strictly applicable or, if strictly applicable, would
not, in the good faith judgment of the Board of Directors of the Company, fairly
and adequately protect the purchase rights of the Warrants in accordance with
the essential intent and principles of such provisions, then the Board of
Directors shall make such adjustments in the application of such provisions, in
accordance with such essential intent and principles, as shall be reasonably
necessary, in the good faith opinion of the Board of Directors, to protect such
purchase rights as aforesaid. The Exercise Price or the number of Shares into
which this Warrant is exercisable shall not be adjusted in the event of a change
in the par value of the Common Stock or a change in the jurisdiction of
incorporation of the Company.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (J)           Statement Regarding
Adjustments.  Whenever the Exercise Price or the number of
Shares into which this Warrant is exercisable shall be adjusted as provided in
Section 13, the Company shall forthwith file at the principal office of the
Company a statement showing in reasonable detail the facts requiring such
adjustment and the Exercise Price that shall be in effect and the number of
Shares into which this Warrant shall be exercisable after such adjustment, and
the Company shall also cause a copy of such statement to be sent by mail, first
class postage prepaid, to each Warrantholder at the address appearing in the
Company’s records.

     

    (K)           Notice of Adjustment
Event.  In the event that the Company shall propose to take any
action of the type described in this Section 13 (but only if the action of the
type described in this Section 13 would result in an adjustment in the Exercise
Price or the number of Shares into which this Warrant is exercisable or a change
in the type of securities or property to be delivered upon exercise of this
Warrant), the Company shall give notice to the Warrantholder, in the manner set
forth in Section 13(J), which notice shall specify the record date, if any, with
respect to any such action and the approximate date on which such action is to
take place. Such notice shall also set forth the facts with respect thereto as
shall be reasonably necessary to indicate the effect on the Exercise Price and
the number, kind or class of shares or other securities or property which shall
be deliverable upon exercise of this Warrant. In the case of any action which
would require the fixing of a record date, such notice shall be given at least
10 days prior to the date so fixed, and in case of all other action, such notice
shall be given at least 15 days prior to the taking of such proposed action.
Failure to give such notice, or any defect therein, shall not affect the
legality or validity of any such action.

     

    (L)           Proceedings Prior to Any
Action Requiring Adjustment.  As a condition precedent to the
taking of any action which would require an adjustment pursuant to this Section
13, the Company shall take any action which may be necessary, including
obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other
applicable national securities exchange or stockholder approvals or exemptions,
in order that the Company may thereafter validly and legally issue as fully paid
and nonassessable all shares of Common Stock that the Warrantholder is entitled
to receive upon exercise of this Warrant pursuant to this Section
13.

     

    (M)           Adjustment
Rules.  Any adjustments pursuant to this Section 13 shall be
made successively whenever an event referred to herein shall occur. If an
adjustment in Exercise Price made hereunder would reduce the Exercise Price to
an amount below par value of the Common Stock, then such adjustment in Exercise
Price made hereunder shall reduce the Exercise Price to the par value of the
Common Stock.

     

    14.           Exchange.  At
any time following the date on which the shares of Common Stock of the Company
are no longer listed or admitted to trading on a national securities exchange
(other than in connection with any Business Combination), the Original
Warrantholder may cause the Company to exchange all or a portion of this Warrant
for an economic interest (to be determined by the Original Warrantholder after
consultation with the Company) of the Company classified as permanent equity
under U.S. GAAP having a value equal to the Fair Market Value of the portion of
the Warrant so exchanged. The Original Warrantholder shall calculate any Fair
Market Value required to be calculated pursuant to this Section 14, which shall
not be subject to the Appraisal Procedure.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    15.           No
Impairment.  The Company will not, by amendment of its Charter
or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in taking
of all such action as may be necessary or appropriate in order to protect the
rights of the Warrantholder.

     

    16.           Governing
Law.  This Warrant will be governed by and construed in
accordance with the federal law of the United States if and to the extent such
law is applicable, and otherwise in accordance with the laws of the State of New
York applicable to contracts made and to be performed entirely within such
State. Each of the Company and the Warrantholder agrees (a) to submit to the
exclusive jurisdiction and venue of the United States District Court for the
District of Columbia for any civil action, suit or proceeding arising out of or
relating to this Warrant or the transactions contemplated hereby, and (b) that
notice may be served upon the Company at the address in Section 20 below and
upon the Warrantholder at the address for the Warrantholder set forth in the
registry maintained by the Company pursuant to Section 9 hereof. To the extent
permitted by applicable law, each of the Company and the Warrantholder hereby
unconditionally waives trial by jury in any civil legal action or proceeding
relating to the Warrant or the transactions contemplated hereby or
thereby.

     

    17.           Binding
Effect.  This Warrant shall be binding upon any successors or
assigns of the Company.

     

    18.           Amendments.  This
Warrant may be amended and the observance of any term of this Warrant may be
waived only with the written consent of the Company and the
Warrantholder.

     

    19.           Prohibited
Actions.  The Company agrees that it will not take any action
which would entitle the Warrantholder to an adjustment of the Exercise Price if
the total number of shares of Common Stock issuable after such action upon
exercise of this Warrant, together with all shares of Common Stock then
outstanding and all shares of Common Stock then issuable upon the exercise of
all outstanding options, warrants, conversion and other rights, would exceed the
total number of shares of Common Stock then authorized by its
Charter.

     

    20.           Notices.  Any
notice, request, instruction or other document to be given hereunder by any
party to the other will be in writing and will be deemed to have been duly given
(a) on the date of delivery if delivered personally, or by facsimile, upon
confirmation of receipt, or (b) on the second business day following the date of
dispatch if delivered by a recognized next day courier service. All notices
hereunder shall be delivered as set forth in Item 8 of Schedule A hereto, or
pursuant to such other instructions as may be designated in writing by the party
to receive such notice.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    21.           Entire
Agreement.  This Warrant, the forms attached hereto and
Schedule A hereto (the terms of which are incorporated by reference herein), and
the Letter Agreement (including all documents incorporated therein), contain the
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior and contemporaneous arrangements or undertakings with
respect thereto.

     

    [Remainder
of page intentionally left blank]

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    [Form
of Notice of Exercise]

    Date:________

     

    TO:        North
Central Bancshares, Inc.

     

    RE:         Election
to Purchase Common Stock

     

    The
undersigned, pursuant to the provisions set forth in the attached Warrant,
hereby agrees to subscribe for and purchase the number of shares of the Common
Stock set forth below covered by such Warrant. The undersigned, in accordance
with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price
for such shares of Common Stock in the manner set forth below. A new warrant
evidencing the remaining shares of Common Stock covered by such Warrant, but not
yet subscribed for and purchased, if any, should be issued in the name set forth
below.

    
       

      Number of
Shares of Common Stock
____________________________________________

    

     

    Method of
Payment of Exercise Price (note if cashless exercise pursuant to Section 3(i) of
the Warrant or cash exercise pursuant to Section 3(ii) of the Warrant, with
consent of the Company and the
Warrantholder)____________________________________________

     

    Aggregate
Exercise
Price:                   
____________________________________________

     

    
      
        
          
            
              
                	 
      	
                        Holder:

                      	 
      
	 
      	
                        By:

                      	 
      
	 
      	
                        Name:

                      	 
      
	 
      	
                        Title:

                      	 
      

              

            

          

        

      

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a
duly authorized officer.

     

    Dated: January
9, 2009

    

    
      
        
          
            
              	
                      COMPANY:   NORTH
      CENTRAL

                       
        BANCSHARES, INC.

                    
	 
      
	
                      By:

                    	/s/
      David
      M. Bradley
	
                      Name:

                    	
                      David
      M. Bradley

                    
	
                      Title:

                    	
                      Chairman,
      President and Chief

                      Executive
      Officer

                    
	 
      	 
      
	
                      Attest:

                    	 
      
	 
      	 
      
	
                      By:

                    	/s/
      Kyle C. Cook
	
                       

                    	
                      

                        Name:
      Kyle C. Cook

                      

                    
	
                       

                    	
                      

                        Title:  
      Chief Financial Officer and

                                 
       
Treasurer

                      

                    

            

          

        

      

    

     

    [Signature
Page to Warrant]

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    Item 1

    Name:

    Corporate
or other organizational form: Corporation

    Jurisdiction
of organization: Iowa

     

    Item 2

    Exercise
Price: $15.43

     

    Item 3

    Issue
Date: January 9, 2009

     

    Item 4

    Amount of
last dividend declared prior to the Issue Date: $0.01 per share

     

    Item 5

    Date of
Letter Agreement between the Company and the United States Department of the
Treasury: January 9, 2009

     

    Item 6

    Number of
shares of Common Stock: 99,157

     

    Item 7

    Company’s
address: 825 Central Avenue, Fort Dodge, Iowa, 50501

     

    Item 8

    
      
        
          	
                  Notice
      information:

                	
                  North
      Central Bancshares, Inc.

                
	 
      	
                  825
      Central Avenue

                
	 
      	
                  Fort
      Dodge, Iowa 50501

                
	 
      	
                  Attention:
      David M. Bradley,

                
	 
      	
                  Telephone
      No. (515) 576-7531

                
	 
      	
                  Facsimile
      No. (515) 224-9474

                
	 
      	
                  E-mail:
      BradleyD@FirstFederalIowa.com

                
	 	 
	
                  With
      a copy to:

                	
                  Paul,
      Hastings. Janofsky & Walker LLP

                
	 
      	
                  875
      15th Street, N.W.

                
	 
      	
                  Washington,
      DC 20005

                
	 
      	
                  Attention:
      V. Gerard Comizio

                
	 
      	
                  Telephone
      No. (202) 551-1272

                
	 
      	
                  Facsimile
      No. (202) 551-0419

                
	 
      	
                  E-mail:
      vgerardcomizio@paulhastings.com

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