Document:

exhibit4-11.htm

Exhibit 4.11

 

 

 

 

	 

 

 

 

 

GUARANTEE AGREEMENT

 

between

 

EVEREST RE GROUP, LTD.,

as Guarantor,

 

and

 

THE BANK OF NEW YORK MELLON,

as Guarantee Trustee

 

———————————

EVEREST RE CAPITAL TRUST III

———————————

 

Dated as of                 ,          

 

 

	 

 

 

 

 

 

  

  

  

 

 

EVEREST RE CAPITAL TRUST III

 

Certain Sections of this Guarantee Agreement relating to

Sections 310 through 318 of the

Trust Indenture Act of 1939:

 

	
Section of Trust Indenture Act

	  	
Section of Guarantee Agreement

	  	  
	
310(a)

	  .................................................................................................................................................................................................................................. 	
4.1(a)

	
(b)

	  .................................................................................................................................................................................................................................. 	
4.1(c), 2.8

	
(c)

	  .................................................................................................................................................................................................................................. 	
Inapplicable

	
311(a)

	  .................................................................................................................................................................................................................................. 	
2.2(b)

	
(b)

	  .................................................................................................................................................................................................................................. 	
2.2(b)

	
(c)

	  .................................................................................................................................................................................................................................. 	
Inapplicable

	
312(a)

	  .................................................................................................................................................................................................................................. 	
2.2(a)

	
(b)

	 .................................................................................................................................................................................................................................. 	
2.2(b)

	
313

	  .................................................................................................................................................................................................................................. 	
2.3

	
314(a)

	  .................................................................................................................................................................................................................................. 	
2.4

	
(b)

	  .................................................................................................................................................................................................................................. 	
Inapplicable

	
(c)

	  .................................................................................................................................................................................................................................. 	
2.5

	
(d)

	   .................................................................................................................................................................................................................................. 	
Inapplicable

	
(e)

	 .................................................................................................................................................................................................................................. 	
2.5, 3.2

	
(f)

	  .................................................................................................................................................................................................................................. 	
2.1, 3.2

	
315(a)

	   .................................................................................................................................................................................................................................. 	
3.1(d)

	
(b)

	   .................................................................................................................................................................................................................................. 	
2.7

	
(c)

	  .................................................................................................................................................................................................................................. 	
3.1

	
(d)

	   .................................................................................................................................................................................................................................. 	
3.1(d)

	
316(a)

	   .................................................................................................................................................................................................................................. 	
2.6, 5.4

	
(b)

	   .................................................................................................................................................................................................................................. 	
5.3

	
(c)

	   .................................................................................................................................................................................................................................. 	
Inapplicable

	
317(a)

	  .................................................................................................................................................................................................................................. 	
Inapplicable

	
(b)

	   .................................................................................................................................................................................................................................. 	
Inapplicable

	
318(a)

	   .................................................................................................................................................................................................................................. 	
2.1(b)

	
(b)

	   .................................................................................................................................................................................................................................. 	
2.1

	
(c)

	   .................................................................................................................................................................................................................................. 	
2.1(a)

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Guarantee Agreement.

  

i

  

 

TABLE OF CONTENTS

 

	 	Page

 

	
ARTICLE I

	
INTERPRETATION AND DEFINITIONS 

	......................................................................................................................................................................................................      	
1

 

	
  

	
Section 1.1.

	
Interpretation     

	.............................................................................................................................................................................................................................      	
1

 

	
  

	
Section 1.2.

	
Definitions    

	.............................................................................................................................................................................................................................      	
2

 

	
ARTICLE II

	
TRUST INDENTURE ACT

	......................................................................................................................................................................................................      	
5

 

	
  

	

Section 2.1.

	
Trust Indenture Act; Application    

	..........................................................................................................................................................................................      	
5

 

	
  

	

Section 2.2.

	
List of Holders    

	.............................................................................................................................................................................................................................      	
6

 

	
  

	

Section 2.3.

	
Reports by the Guarantee Trustee   

	..........................................................................................................................................................................................      	
6

 

	
  

	

Section 2.4.

	
Periodic Reports to the Guarantee Trustee     

	......................................................................................................................................................................      	
6

 

	
  

	

Section 2.5.

	
Evidence of Compliance with Conditions Precedent     

	.........................................................................................................................................................      	
6

 

	
  

	

Section 2.6.

	
Events of Default; Waiver    

	......................................................................................................................................................................................................      	
6

 

	
  

	

Section 2.7.

	
Events of Default; Notice    

	................................................................................................................................................................................................      	
7

 

	
  

	

Section 2.8.

	
Conflicting Interests     

	................................................................................................................................................................................................................      	
7

 

	
ARTICLE III

	
POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 

	.................................................................................................................................................      	
7

 

	
  

	

Section 3.1.

	
Powers and Duties of the Guarantee Trustee   

	............................................................................................................................................................      	
7

 

	
  

	

Section 3.2.

	
Certain Rights of Guarantee Trustee

	............................................................................................................................................................................      	
9

 

	
  

	

Section 3.3.

	
Compensation     

	................................................................................................................................................................................................................      	
10

 

	
  

	

Section 3.4.

	
Indemnity     

	................................................................................................................................................................................................................      	
10

 

	
ARTICLE IV

	
GUARANTEE TRUSTEE 

	.............................................................................................................................................................................................................      	
11

 

	
  

	

Section 4.1.

	
Guarantee Trustee: Eligibility  

	...................................................................................................................................................................................................      	
11

 

	
  

	

Section 4.2.

	
Appointment, Removal and Resignation of the Guarantee Trustee

	.................................................................................................................................      	
11

 

	
ARTICLE V

	
GUARANTEE 

	.................................................................................................................................................................................................................................................      	
12

 

	
  

	

Section 5.1.

	
Guarantee

	..............................................................................................................................................................................................................................      	
12

 

	
  

	

Section 5.2.

	
Waiver of Notice and Demand

	................................................................................................................................................................................................      	
12

 

	
  

	

Section 5.3.

	
Obligations Not Affected 

	................................................................................................................................................................................................      	
12

 

	
  

	

Section 5.4.

	
Rights of Holders

	................................................................................................................................................................................................      	
13

 

	
  

	

Section 5.5.

	
Guarantee of Payment

	................................................................................................................................................................................................      	
13

 

	
  

	

Section 5.6.

	
Subrogation

	................................................................................................................................................................................................      	
14

 

	
  

	

Section 5.7.

	
Independent Obligations

	................................................................................................................................................................................................      	
14

 

  

ii

  

 

TABLE OF CONTENTS

(continued)

 

	 	Page

 

	
ARTICLE VI

	
COVENANTS AND SUBORDINATION 

	................................................................................................................................................................................................      	
14

 

	
  

	

Section 6.1.

	
Subordination

	..............................................................................................................................................................................................................................      	
14

 

	
  

	

Section 6.2.

	
Pari Passu Guarantees

	................................................................................................................................................................................................................      	
15

 

	
ARTICLE VII

	
TERMINATION

	.................................................................................................................................................................................................................................      	
15

 

	
  

	

Section 7.1.

	
Termination

	....................................................................................................................................................................................................................................      	
15

 

	
ARTICLE VIII

	
MISCELLANEOUS

	.................................................................................................................................................................................................................................      	
15

 

	
  

	

Section 8.1.

	
Successors and Assigns 

	................................................................................................................................................................................................      	
15

 

	
  

	

Section 8.2.

	
Amendments

	....................................................................................................................................................................................................................................      	
15

 

	
  

	

Section 8.3.

	
Notices

	....................................................................................................................................................................................................................................      	
15

 

	
  

	

Section 8.4.

	
Benefit

	....................................................................................................................................................................................................................................      	
17

 

	
  

	

Section 8.5.

	
Governing Law

	..........................................................................................................................................................................................................................      	
17

 

	
  

	

Section 8.6.

	
Counterparts

	.......................................................................................................................................................................................................................      	
17

 

	
  

	

Section 8.7.

	
Waiver of Jury Trial

	.......................................................................................................................................................................................................................      	
17

 

	
  

	

Section 8.8.

	
Force Majeure

	.......................................................................................................................................................................................................................      	
17

 

  

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Guarantee Agreement, dated as of                 ,        , executed and delivered by Everest Re Group, Ltd., a company organized under the laws of Bermuda (the “Guarantor”) having its principal office at Wessex House, 45 Reid Street, Hamilton HM 12, Bermuda, and The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of Everest Re Capital Trust III, a Delaware statutory trust (the “Issuer”).

 

W i t n e s s e t h :

 

Whereas, pursuant to an Amended and Restated Trust Agreement, dated as of dated as of                 ,         (the “Trust Agreement”), among the Guarantor, as Depositor, The Bank of New York Mellon, as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee, and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing up to $                 aggregate Liquidation Amount (as defined in the Trust Agreement) of its        % Preferred Securities (Liquidation Amount $25 per preferred security) (the “Preferred Securities”) representing preferred undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement;

 

Whereas, the Preferred Securities will be issued by the Issuer and the proceeds thereof, together with the proceeds from the issuance of the Issuer’s Common Securities (as defined below), will be used to purchase the Debt Securities (as defined in the Trust Agreement) of the Guarantor, which will be deposited with The Bank of New York Mellon, as Property Trustee under the Trust Agreement, as trust assets; and

 

Whereas, as incentive for the Holders to purchase Preferred Securities the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein.

 

Now, therefore in consideration of the purchase by each Holder of Preferred Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the Preferred Securities:

 

ARTICLE I

 

Interpretation and Definitions

 

Section 1.1.   Interpretation.

 

In this Guarantee Agreement, unless the context otherwise requires:

 

(a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.2;

 

  

  

  

 

(b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout;

 

(c) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time;

 

(d) all references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified;

 

(e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires;

 

(f) a reference to the singular includes the plural and vice –versa; and

 

(g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders.

 

Section 1.2.   Definitions.

 

As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings:

 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, that the Issuer shall not be deemed to be an Affiliate of the Guarantor. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Board of Directors” means either the board of directors of the Guarantor or any duly authorized committee of that board.

 

“Common Securities” means the securities representing common undivided beneficial interests in the assets of the Issuer.

 

“Debt” means with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether or not contingent and without duplication, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, (iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the 

 

  

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ordinary course of business); (v) every capital lease obligation of such Person; (vi) all Other Financial Obligations (as hereinafter defined) of such Person; (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable, directly or indirectly, as obligor or otherwise, and (viii) all renewals, extensions, refundings, amendments or modifications of any obligation of the type referred to in clauses (i) through (vii).

 

“Event of Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default from the Guarantee Trustee and shall not have cured such default within 30 days after receipt of such notice.

 

“Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Preferred Securities, to the extent the Issuer shall have funds on hand available therefor at such time, (ii) the redemption price, including all accumulated and unpaid Distributions to the date of redemption (the “Redemption Price”), with respect to any Preferred Securities called for redemption by the Issuer, to the extent the Issuer shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer, unless Debt Securities are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $25 per Preferred Security plus accumulated and unpaid Distributions on the Preferred Securities to the date of payment, to the extent that the Issuer shall have funds available therefor at such time and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the Issuer in accordance with applicable law and the Expense Agreement (as defined in the Trust Agreement) (in either case, the “Liquidation Distribution”).

 

“Guarantee Trustee” means The Bank of New York Mellon, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee.

 

“Holder” means any holder, as registered on the books and records of the Issuer, of any Preferred Securities; provided, however, that in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee.

 

“Indenture” means the Junior Subordinated Indenture, dated as of November 14, 2002, as amended and supplemented by the First Supplemental Indenture, among the Guarantor, the Indenture Trustee, as trustee, and for the limited purposes therein specified, Everest Re Group, Ltd., dated as of                   ,         , and as further 

 

  

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supplemented and amended, between the Guarantor and The Bank of New York Mellon, as trustee.

 

“List of Holders” has the meaning specified in Section 2.2(a).

 

“Majority in Liquidation Amount of the Preferred Securities” means, except as provided by the Trust Indenture Act, a vote by the Holder(s), voting separately as a class, of more than 50% of the aggregate Liquidation Amount of all then outstanding Preferred Securities issued by the Issuer.

 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement (other than the compliance certificate required by Section 2.4) include:

 

(a)  a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto;

 

(b)  a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers’ Certificate;

 

(c)  a statement that each officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)  a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with.

 

“Other Financial Obligations” means, with respect to a Person, all obligations to make payment pursuant to the terms of (i) securities contracts and foreign currency exchange contracts, (ii) derivative instruments, such as swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts, and (iii) in the case of both (i) and (ii) above, similar financial instruments.

 

“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

 

“Responsible Officer” means, with respect to the Guarantee Trustee, any Senior Vice President, any Vice President, any Assistant Vice President, any Senior Trust Officer, any Trust Officer or Assistant Trust Officer or any other officer of the Corporate 

 

  

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Trust Department of the Guarantee Trustee who shall have direct responsibility for the administration of this Guarantee Agreement and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject.

 

“Senior Debt” means the principal of and any premium and interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Guarantor whether or not such claim for post–petition interest is allowed in such proceeding) on all Debt, whether incurred on or prior to the date of this Guarantee Agreement or thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Debt Securities or this Guarantee Agreement or to other Debt which is pari passu with, or subordinated to, the Debt Securities; provided, however, that Senior Debt shall not be deemed to include (i) any Debt of the Guarantor which when incurred and without respect to any election under Section 1111(b) of the United States Bankruptcy Code of 1978, as amended, was without recourse to the Guarantor, (ii) any Debt of the Guarantor to any of its subsidiaries, (iii) Debt to any employee of the Guarantor, and (iv) any other debt securities issued pursuant to the Indenture.

 

“Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

Capitalized or otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof.

 

ARTICLE II

 

Trust Indenture Act

 

Section 2.1.   Trust Indenture Act; Application.

 

(a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee Agreement and shall, to the extent applicable, be governed by such provisions. If any provision of this Guarantee Agreement modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Guarantee Agreement as so modified or to be excluded, as the case may be.

 

(b) If and to the extent that any provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

  

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Section 2.2.   List of Holders.

 

(a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a) semiannually, on or before June 30 and December 31 of each year, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (the “List of Holders”) as of a date not more than 15 days prior to the delivery thereof, and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders.

 

(b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act.

 

Section 2.3.   Reports by the Guarantee Trustee.

 

Not later than November 15 of each year, commencing November 15,            , the Guarantee Trustee shall provide to the Holders such reports dated as of the preceding September 15 as are required by Section 313(a) of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the other requirements of Section 313 of the Trust Indenture Act.

 

Section 2.4.   Periodic Reports to the Guarantee Trustee.

 

The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders such documents, reports and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture Act, such compliance certificate to be provided within 120 days of the end of each fiscal year of the Guarantor.

 

Delivery of such reports, information and documents to the Guarantee Trustee is for informational purposes only and the Guarantee Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants hereunder (as to which the Guarantee Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 2.5.   Evidence of Compliance with Conditions Precedent.

 

The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate.

 

Section 2.6.   Events of Default; Waiver.

 

  

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The Holders of a Majority in Liquidation Amount of the Preferred Securities may, by vote, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

 

Section 2.7.   Events of Default; Notice.

 

(a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

(b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have received written notice, of such Event of Default from the Guarantor or a Holder.

 

Section 2.8.   Conflicting Interests.

 

The Trust Agreement shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act.

 

ARTICLE III

 

Powers, Duties and Rights of the Guarantee Trustee

 

Section 3.1.   Powers and Duties of the Guarantee Trustee.

 

(a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising its rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee.

 

(b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

 

  

7

  

 

 

(c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(i) prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred:

 

(A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and

 

(B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement, but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein;

 

(ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made;

 

(iii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and

 

  

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(iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not reasonably assured to it.

 

Section 3.2.   Certain Rights of Guarantee Trustee.

 

(a) Subject to the provisions of Section 3.1:

 

(i) The Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties.

 

(ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein.

 

(iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor.

 

(iv) The Guarantee Trustee may consult with legal counsel, and the advice or opinion of such legal counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction.

 

(v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity reasonably satisfactory to it, against the costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that, 

 

  

9

  

 

nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement.

 

(vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit at the expense of the Guarantor and shall incur no liability of any kind by reason of such inquiry or investigation.

 

(vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder.

 

(viii) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in Liquidation Amount of the Preferred Securities, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be protected in acting in accordance with such instructions.

 

(ix) in no event shall the Guarantee Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Guarantee Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority.

 

Section 3.3.   Compensation.

 

The Guarantor agrees to pay to the Guarantee Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements 

 

  

10

  

 

and advances (including the reasonable fees and expenses of its attorneys and agents) incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee Agreement.

 

Section 3.4.   Indemnity.

 

The Guarantor agrees to fully indemnify the Guarantee Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on the part of the Guarantee Trustee arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement.  The benefits of this Section shall survive the termination of this Guarantee Agreement and resignation or removal of the Guarantee Trustee.

 

ARTICLE IV

 

Guarantee Trustee

 

Section 4.1.   Guarantee Trustee: Eligibility.

 

(a) There shall at all times be a Guarantee Trustee which shall:

 

(i) not be an Affiliate of the Guarantor; and

 

(ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

 

(b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c).

 

(c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof.

 

Section 4.2.   Appointment, Removal and Resignation of the Guarantee Trustee.

 

  

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(a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor.

 

(b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor.

 

(c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee.

 

(d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation or removal, the resigning or removed Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee.

 

ARTICLE V

 

Guarantee

 

Section 5.1.   Guarantee.

 

The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim which the Issuer may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. The Guarantor shall give prompt written notice to the Guarantee Trustee in the event it makes any direct payment hereunder.

 

Section 5.2.   Waiver of Notice and Demand.

 

The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands.

 

Section 5.3.   Obligations Not Affected.

 

  

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The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following:

 

(a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer;

 

(b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the Debt Securities as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Preferred Securities;

 

(c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind;

 

(d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer;

 

(e) any invalidity of, or defect or deficiency in, the Preferred Securities;

 

(f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

 

(g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

 

There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing.

 

Section 5.4.   Rights of Holders.

 

The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; provided, however, that, subject to Section 3.1, the Guarantee Trustee shall have the right to decline to follow any such 

 

  

13

  

 

direction if the Guarantee Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Guarantee Trustee in good faith shall, by a Responsible Officer or Officers of the Guarantee Trustee, determine that the proceedings so directed would be illegal or involve it in personal liability or be unduly prejudicial to the rights of the Holders not party to such direction; and provided further that nothing in this Guarantee Agreement shall impair the right of the Guarantee Trustee to take any action deemed proper by the Guarantee Trustee and which is not inconsistent with such direction; and (iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer or any other Person.

 

Section 5.5.   Guarantee of Payment.

 

This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer) or upon distribution of Debt Securities to Holders as provided in the Trust Agreement.

 

Section 5.6.   Subrogation.

 

The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and shall have the right to waive payment by the Issuer pursuant to Section 5.1; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders.

 

Section 5.7.   Independent Obligations.

 

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Preferred Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3.

 

ARTICLE VI

 

Covenants and Subordination

 

Section 6.1.   Subordination.

 

The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment 

 

  

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to all Senior Debt of the Guarantor to the extent and in the manner set forth in the Indenture. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Debt.

 

Section 6.2.   Pari Passu Guarantees.

 

The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under any similar Guarantee Agreements issued by the Guarantor on behalf of the holders of preferred securities issued by any Issuer Trust (as defined in the Indenture).

 

ARTICLE VII

 

Termination

 

Section 7.1.   Termination.

 

This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all Preferred Securities, (ii) the distribution of Debt Securities to the Holders in exchange for all of the Preferred Securities or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Issuer.  Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to Preferred Securities or this Guarantee Agreement.  The obligations of the Guarantor under Sections 3.3 and 3.4 shall survive any such termination.

 

ARTICLE VIII

 

Miscellaneous

 

Section 8.1.   Successors and Assigns.

 

All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder.

 

Section 8.2.   Amendments.

 

Except with respect to any changes which do not adversely affect the rights of the Holders in any material respect (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities. The provisions of Article VI of the Trust Agreement concerning meetings or consents of the Holders shall apply to the giving of such approval.

 

Section 8.3.   Notices.

 

  

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Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by first class mail as follows:

 

(a) if given to the Guarantor, to the address set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Guarantee Trustee and the Holders:

 

Everest Re Group, Ltd.

c/o Everest Reinsurance Holdings, Inc.

477 Martinsville Road

P.O. Box 830

Liberty Corner, New Jersey 07938

 

Facsimile No.: (908) 604-3450

Attention: General Counsel

 

(b) if given to the Issuer, at the Issuer’s (and the Guarantee Trustee’s) address or facsimile number set forth below or such other address or facsimile number as the Issuer or the Guarantee Trustee may give notice to the Guarantee Trustee (if given by the Issuer) and the Holders:

 

Everest Re Capital Trust III

c/o Everest Reinsurance Holdings, Inc.

477 Martinsville Road

P.O. Box 830

Liberty Corner, New Jersey 07938

 

Facsimile No.: (908) 604-3450

Attention: General Counsel

 

with a copy to:

 

The Bank of New York Mellon

525 William Penn Place – 38th Floor

Pittsburgh, PA 15259

Facsimile No.: (412) 234-7535

Attention: Institutional Trust Services

 

(c) if given to the Guarantee Trustee, at the Guarantee Trustee’s address or facsimile number set forth below or such other address or facsimile number as the Guarantee Trustee may give notice to the Guarantor and the Holders:

 

The Bank of New York Mellon

525 William Penn Place – 38th Floor

Pittsburgh, PA 15259

Facsimile No.: (412) 234-7535

Attention: Institutional Trust Services

 

  

16

  

 

(d) if given to any Holder, at the address set forth on the books and records of the Issuer.

 

All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver.

 

Section 8.4.   Benefit.

 

This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Preferred Securities.

 

Section 8.5.   Governing Law.

 

THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

Section 8.6.   Counterparts.

 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 8.7.   Waiver of Jury Trial.

 

EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE AGREEMENT.  THE PREFERED SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 8.8.   Force Majeure.

 

In no event shall the Guarantee Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Guarantee Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

  

17

  

In Witness Whereof, the undersigned have executed this Guarantee Agreement as of the date first above written.

 

 

	 	EVEREST RE GROUP, LTD.	 
	 	 	 	 
	 	
By: 

	
 __________________________________

	 
	 	 	Name: Dominic J. Addesso	 
	 	 	Title: President and Chief Financial Officer	 
	 	 	 	 

	 	THE BANK OF NEW YORK MELLON	 
	 	 	as Guarantee Trustee	 
	 	 	 	 
	 	
By: 

	 _______________________________________	 
	 	 	Name: 	 
	 	 	Title:ex10-b.htm

 

Exhibit 10-b

 

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

 

AMENDED AND RESTATED

SHARE PLEDGE AGREEMENT

股权质押协议

This Amended and Restated Share Pledge Agreement (hereinafter “this Agreement”) is entered into in Beijing, China on the day of July 24, 2009 by the following parties:

本股权质押修正协议(以下简称“本协议”)由下列各方(以下简称“协议各方”)于2009年7月24日在中国北京签订:

Party A:Beijing Tibet Health Consulting Co., Ltd.(hereafter referred to as “Pledgee”)

甲方:北京泰博德康管理咨询有限公司(以下简称“质权人”)

Address:Room 811, Building No.1, 40 Dongzhong Street, Dongcheng District, Beijing

地址:北京市东城区东中街40号1号楼811室

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

乙方:(以下简称“出质人”)

Xue Bangyi薛邦义

ID(身份证号码):530103195603240654

Address(联系地址):云南省昆明市官渡区南站新村26幢21号

Zheng Yilin郑宜林

ID(身份证号码):37148119580922009X

Address(地址):山东省乐陵市城区云红北大街131号院1号楼1单元301号

Kong Ruifen孔瑞芬

ID(身份证号码):32021919430405802X

Address(地址):江苏省江阴市人民东路一百五十五弄8-103

Wang Shuxiang王书祥

ID(身份证号码):371481195410100096

Address(地址):山东省乐陵市城区安居路41号院6号

  

1

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

Yang An杨安

ID(身份证号码):120105196212025122

Address(地址):天津市河北区靖江里56-506

Party C:Le Ling Jin Zang Huang Biotechnology Co., Ltd.

(hereafter referred to as “Le Ling Jin Zang Huang” or the “Company” )

丙方:乐陵市金藏煌生物科技有限公司(以下简称“乐陵金藏煌”或“公司”)

Address:North of Kaiyuan East Road, Leling

地址:乐陵市开元东路北侧

WHEREAS:

鉴于:

	
1.

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

质权人系一家在中华人民共和国境内注册合法成立并有效存续的外商独资企业。

	
2.

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

丙方是一家在中国注册成立的有限责任公司。

	
3.

	
The Pledgors, Xue Bangyi owns 97.13% equity interests of Le Ling Jin Zang Huang ,Zheng Yilin owns 0.82% equity interests of the Company, Yang An owns 0.82% equity interests of the Company, Kong Ruifen owns 0.41% equity interests of the Company, and Wang Shuxiang owns 0.82% equity interests of the Company.

出质人各方持有丙方的权益:其中,薛邦义持有97.13%的丙方股权,郑宜林持有0.82%的丙方股权,杨安持有0.82%的丙方股权,孔瑞芬持有0.41%的丙方股权,王书祥持有0.82%的丙方股权。

	
4.

	
Party A and C executed a “Technology Consulting and Service Agreement” (hereinafter “Exclusive Technology and Business Consulting Service Agreement” or “Service Agreement”), Call Option Agreement and Proxy Agreement on January 4, 2009.

质权人、出质人各方与丙方于2009年1月4日签订了《独家技术咨询和服务协议》

  

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股权质押修正协议

	
Amended and Restated Share Pledge Agreement

《股权转让期权协议》以及《投票权委托协议》。

	
5.

	
The equity owners of Party C executed a pledge agreement on January 4, 2009.  Subsequently, however, certain interests in Party C were transferred, and this Amended and Restated Share Pledge Agreement has been prepared to include the transferees in the pledge.

丙方股权各持有人在2009年1月4日签署一份股权质押协议。但是,鉴于后来丙方的股权发生转让,故现出具该份由变更后的股权持有人签署的股权质押修正协议。

	
6.

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

为了保证质权人从出质人所拥有的丙方的正常收取独家技术咨询和服务协议项下的服务费,以及保证独家技术咨询和服务协议、期权协议以及投票权委托协议的履行,出质人分别及共同以其在丙方中拥有的全部股权作为前述协议的质押担保,质权人为甲方。

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

据此,协议各方经过友好协商,本着平等互利的原则,达成如下协议以资遵守:

	
1.

	
Definition

定义

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

除非本协议另有规定,下列词语应按如下定义解释:

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

     质权:指本协议第二条所列的全部内容。

  

3

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
                 1.2

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

        股权:指出质人共同合法持有的其在丙方的100%股权以及基于该等股权而享有的所有现时和将来的权利和利益。

	
  

	
1.3

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

各协议:指独家技术咨询和服务协议、期权协议以及投票权委托协议。

	
  

	
1.4

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

            违约事件:指本协议第七条所列的任何情况。

	
  

	
1.5

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

违约通知:指质权人根据本协议发出的宣布违约事件的通知。

	
2.

	
Pledge

质押

	
  

	
2.1

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

	
  

	
出质人以其在丙方中拥有的全部股权质押给质权人,作为各协议项下质权人权益的担保。

	
  

	
2.2

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

	
  

	
本协议项下股权质押所担保的范围为出质人在各协议项下所应当向质权人承担的各项义务及由此产生的任何费用。

  

4

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
2.3

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

	
  

	
本协议项下的质权是指质权人所享有的,以折价、拍卖、变卖出质人质押给质权人的股权而所得价款优先受偿的权利。

	
  

	
2.4

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

除非本协议生效后质权人另行明确书面同意,否则,仅当丙方及出质人已适当地履行完毕其在各协议项下的全部义务,本协议项下的质押方可解除。若丙方或出质人在各协议规定的期限届满时,

仍未完全履行其在该等协议项下义务的全部或任何部分,质权人仍享有本协议所规定的质权,直至上述有关义务和责任完全履行完毕。

	
3.

	
Effectiveness and Term

生效

	
  

	
3.1

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

本质押协议自协议各方签字盖章之日即成立并生效。

	
  

	
3.2

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

质押过程中,如丙方未按独家技术咨询和服务协议交付服务费,或未履行投票权委托协议、资产转让协议或期权协议项下的任何条款,在合理通知之后,质权人有权按本协议的规定行使质权。

  

5

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

	
  

	 

	
4.

	
Physical Possession of the Documents

质权凭证的占有和保管

	
  

	
4.1

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

出质人应在本协议的签订后五日内将本协议所约定的出质事项记载于丙方股东名册,并交付甲方。

	
  

	
4.2

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

质押记载事项发生变化,依法需进行变更记载的,质权人与出质人应在记载事项变更之日起五个工作日内作相应变更记载。

	
  

	
4.3

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

股权质押期间,质权人有权收取丙方分配的红利。

	
5.

	
Representation and Warranty of Pledgors

出质人的声明和保证

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

出质人在签署本协议时向质权人做出如下陈述与保证,并确认质权人系依赖于该等陈述与保证而签署和履行本协议:

  

6

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
5.1

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

出质人合法持有本协议项下的股权,并有权以该等股权向质权人提供质押担保。

	
  

	
5.2

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

自本协议签署之日起至质权人根据本协议第2.4款的规定享有质权的期间内,在任何时候,一旦质权人根据本质押协议行使质权人的权利或实现质权时,不应有来自任何其他方的合法权利要求或正当干预。

	
6.

	
Promises of Pledgors

出质人的承诺

	
  

	
6.1

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

	
  

	
在本协议存续期间,出质人向质权人承诺,出质人将:

	
  

	
6.1.1

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

除根据质权人的要求向质权人或质权人指定的人转让股权外,未经质权人事先书面同意,不得转让股权,不得设立或允许存在任何可能影响质权人权利和利益的质押等任何其他权利负担或任何形式的第三人担保权益;

	
  

	
6.1.2

	
Comply with and implement laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by the

competent authority within five days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object to the foregoing matters at the reasonable request of the Pledgee or with consent from the Pledgee;

遵守并执行所有有关适用的法律、法规的规定,在收到有关主管机关就质权发出或制定的通知、指令或建议时,于五个工作日内向质权人出示上述通知、指令或建议,并按照质权人的合理指示作出行动;

  

7

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

	
  

	 

	
  

	
6.1.3

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

将任何可能导致对出质人股权或其任何部分的权利产生影响的事件或收到的通知,以及可能改变出质人在本协议中的任何义务、或对出质人履行其在本协议中义务可能产生影响的任何事件或收到的相关通知及时通知质权人,并按照质权人的合理指示作出行动。

	
  

	
6.2

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

	
  

	
出质人同意,质权人按本协议之条款行使质权人的权利,不应受到出质人或出质人的承继人或受让人或任何其他人的中断或妨害。

	
  

	
6.3

	
The Pledgors promise to the Pledgee that in order to protect or perfect the security for the payment of the the Service Fee, the Pledgors shall execute in

good faith and cause other parties who have interests in the pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee; and make access to exercise the rights and authorization vested in the Pledgee under this Agreement.

出质人向质权人保证,为保护或完善本协议对各协议项下出质人和/或丙方义务的担保,出质人将对丙方的章程进行一切必要的修改(如适用),诚实签署、并促使其他与质权有利害关系的当事人签署质权人所要求的所有的权利证书、契约、和/或履行并促使其他有利害关系的当事人履行质权人所要求的行为,并为质权人行使质权提供便利,与质权人或其指定的任何第三方签署所有的有关股权证书的变更文件,在合理期间内向质权人提供其认为需要的所有有关质权的文件。

  

8

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

	
  

	 

	
  

	
6.4

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

出质人向质权人保证,为了质权人的利益,出质人将遵守、履行所有的保证、承诺、协议及陈述。

	
7.

	
Event Of Default

违约事件

	
  

	
7.1

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

	
  

	
下列事项均被视为违约事件:

	
  

	
7.1.1

	
Le Ling Jin Zang Huang, its successors and assignees fail to make full payment as scheduled under Principal Agreement;

丙方或其承继人或受让人未能按期足额支付各协议项下的任何应付款项,或出质人或其承继人或受让人未能履行其在各协议项下的义务;

  

9

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
7.1.2

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

出质人在本协议第5条、第6条所作的任何声明、保证或承诺有实质性的误导或错误,和/或出质人违反本协议第5条、第6条的声明、保证或承诺;

	
  

	
7.1.3

	
The Pledgor breaches the term or condition herein;

出质人严重违反本协议的任何条款;

	
  

	
7.1.4

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

除本协议第6.1.1款的约定外,出质人舍弃出质的股权或未获得质权人书面同意而擅自转让出质的股权。

	
  

	
7.2

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

如知道或发现上述第7.1款所述的任何事项或可能导致上述事项的事件已经发生,出质人应立即以书面形式通知质权人。

	
  

	
7.3

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

exercise the Pledge right in accordance with Article 8 herein.

除非本第7.1款所列的违约事项已在质权人感到满意的情况下获得完满解决,否则质权人可在出质人违约事项发生时或发生后的任何时间以书面形式向出质人发出违约通知,要求出质人和/或丙方立即支付独家技术咨询和服务协议项下的欠款及其他应付款项,或者及时履行各协议。如在发出该等书面通知之日起十日内,出质人或丙方未及时纠正其违约行为或采取必需的救济行为,则质权人有权按本协议第8条的规定行使质权。

  

10

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

	
  

	 

	
8.

	
Exercise of the Pledge

质权的行使

	
  

	
8.1

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

	
  

	
在各协议项下的费用和义务尚未全部履行前,未经质权人书面同意,出质人不得转让股权。

	
  

	
8.2

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

质权人行使质权时应按照本协议第7.3款的规定向出质人发出违约通知。

	
  

	
8.3

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

	
  

	
受限于第7.3款的规定,质权人可在按第7.3款发出违约通知之后的任何时间里行使质权。

	
  

	
8.4

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

质权人有权按照法定程序以本协议项下的全部或部分股权折价,或以 卖、变卖该股权的价款优先受偿,直到将各协议项下的未支付的服务费、借款和其他一切应付款项抵偿完毕、以及各协议全部履行完毕。

  

11

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
8.5

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

质权人依照本协议行使质权时,出质人不得设置障碍,并应予以必要的协助,以使质权人实现其质权。

	
9.

	
Assignment

转让

	
  

	
9.1

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

	
  

	
除非经质权人事先书面明确同意,出质人无权向第三方转让其在本协议项下的任何权利和/或义务。

	
  

	
9.2

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

	
  

	
质权人可以在任何时候将其在各协议项下的全部或任何权利和义务转让给其指定的任何第三方,在这种情况下,受让人应享有和承担本协议项下质权人享有和承担的权利和义务。质权人转让各协议项下的权利和义务时,应质权人要求,出质人应就此转让签署有关协议和/或文件。

  

12

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
9.3

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

	
  

	
因转让所导致的质权人变更后,新质押双方应重新签订质押协议。

	
10.

	
Miscellaneous

其他事项

	
  

	
10.1

	
This Agreement shall be executed in seven(7) original copies and is hold respectively by each Party, and each original copy has the same legal effect.

本协议正本一式七(7)份,本协议之各方当事人各执一(1)份,每份具有同

等效力。

	
  

	
10.2

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

本协议的订立、生效、履行、修改、解释和终止均适用中国法律。

	
  

	
10.3

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

本协议项下发生的及与本协议有关的任何争议应由各方协商解决,如争议产生后三十(30)天内各方无法达成一致意见的,则该争议应提交中国国际经济贸易仲裁委员会,依据该委员会的仲裁规则在北京市进行仲裁,仲裁的结果是终局性的,对各方均有约束力。

  

13

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

	
  

	
10.4

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

本协议任何条款赋予各方的任何权利、权力和补救并不能排除该方依据法律规定及本协议项下其它条款所享有的其它任何权利、权力或补救,且一方对其权利、权力和补救的行使并不排除该方对其享有的其它权利、权力和补救的行使。

	
  

	
10.5

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

一方不行使或延迟行使其根据本协议或法律享有的任何权利、权力和补救将不会导致对该等权利的放弃,并且,任何单个或部分该方权利的放弃亦不排除该方对该等权利以其他方式的行使以及其他该方权利的行使。

	
  

	
10.6

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

本协议各条的标题仅为索引而设,在任何情况下,该等标题不得用于或影响对本协议条文的解释。

	
  

	
10.7

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

本协议的每一条款均可分割且独立于其他每一条款,如果在任何时候本协议的任何一条或多条条款成为无效、不合法或不能执行,本协议其他条款的有效性、合法性和可执行性并不因此而受到影响。

  

14

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

 

	
  

	
10.8

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

本协议的任何修改、补充必须以书面形式进行,并由本协议各方适当签署后方能生效。

	
  

	
10.9

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

未经其他方事先书面同意,任何一方不得向任何第三方转让其于本协议下的任何权利及/或义务。

	
  

	
10.10

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

本协议对各方的合法继受人均具有约束力。

[The blank is intently left.]

此处留白

  

15

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

The parties hereby sign as the following:

各方签署如下:

PARTY A:

Beijing Taibodekang Consulting Co., Ltd.(seal)

甲方:北京泰博德康管理咨询有限公司(盖章)

Signature(签署):/s/ C. Mark Tang

Legal Representative/Authorized Representative(法定代表人/授权代表):

PARTY B:

乙方:

Wang Shuxiang王书祥

Signature(签署):/s/ Wang Shuxiang

Yang An 杨安

Signature(签署) :/s/ Yang An

Xue Bangyi薛邦义

Signature(签署) :/s/ Xue Bangyi

Zheng Yilin郑宜林

Signature(签署) :/s/ Zheng Yilin

Kong Ruifen孔瑞芬

Signature(签署) :/s/ Kong Ruifen

PARTY C:

Le Ling Jin Zang Huang Biotechnology Co., Ltd.(seal)

  

16

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

丙方:乐陵市金藏煌生物科技有限公司(盖章)

Signature(签署):/s/ Xue Bangyi

Name(姓名):Legal Representative/Authorized Representative(法定代表人/授权代表):

  

17

  

	
股权质押修正协议

	
Amended and Restated Share Pledge Agreement

Appendix  Name List of Shareholder of Party C

附件 丙方股东名册

Le Ling Jin Zang Huang Biotechnology Co., Ltd.

Name List of Shareholder

[As of July 24, 2009]

乐陵市金藏煌生物科技有限公司股东名册

[截至2009年7月24日]

	
Shareholder

股东名称

	 	
Capital Contribution(RMB)

出资额(人民币)

	 	 	
Percentage

出资比例

	 
	
Xue Bangyi薛邦义

	 	 	8,255,000	 	 	 	97.13	%
	
Zheng Yilin郑宜林

	 	 	70,000	 	 	 	0.82	%
	
Yang An(杨安)

	 	 	70,000	 	 	 	0.82	%
	
Kong Ruifen孔瑞芬

	 	 	35,000	 	 	 	0.41	%
	
Wang Shuxiang王书祥

	 	 	70,000	 	 	 	0.82	%

Seal(盖章):

Legal Representative(法定代表人):

Date(日期):

18

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