Document:

THIS NOTE HAS NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

No. 011911U.S. $400,000

 

Original Issue Date: January 19, 2011

 

Holder:Precursor Management Inc.

 

	Address: 		2702-03, 27/F, Goldlion Digital Network Center 
	 	 	138 Tiyu Road East, Tianhe 
	 	 	Guangzhou, P.R. China 510620 

  

SERIES 2011 SECURED NOTE DUE JANUARY 19, 2012

 

THIS
promissory note (the “Note”), in the principal amount of Four Hundred Thousand and 00/100 Dollars ($400,000.00), evidencing
a loan (the "Loan") made on January 19, 2011 (the "Loan Origination Date"), is a duly authorized
Note of Taehoan Park, an individual from the Republic of Korea with offices at #201 Daerungtechnotown
III Gasan-Dong Geumcheon-Gu, Seoul Korea 153-772 (the "Maker"), due not later than January 19, 2012 ("Maturity
Date"), in an aggregate face amount of Four Hundred Thousand and 00/100 Dollars ($400,000.00).

 

FOR VALUE RECEIVED,
the Maker promises to pay to the Holder or registered assigns, the principal sum of Four Hundred Thousand and 00/100 Dollars ($400,000.00)
if paid on the Maturity Date  ; upon the occurrence of an Event of Default, the amount of principal due hereunder shall
conclusively be Four Hundred Thousand and 00/100 Dollars ($400,000.00), and all amounts due hereunder shall be immediately due
and payable, together with a default fee equal as set forth below, and any amounts not so paid shall bear interest at the rate
of 18% per annum from the of such default through and including the date of payment. The principal of, and interest on, this Note
are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts, at the address of the Holder last appearing on the Note Register.

 

This Note is subject to the following additional provisions:

 

Section 1.Representations
and Warranties of the Borrower. The Borrower represents and warrants to the Holder, as of the date hereof as follows:

(a) Authorization
of Agreement. The Borrower, if not a natural person, is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with full right, corporate, partnership or other applicable power and authority
to enter into and to consummate the transactions contemplated by this Note and otherwise to carry out its obligations hereunder,
and the execution, delivery and performance by the Borrower of this Note and all other documents delivered in connection herewith
(the "Transaction Documents") have been duly authorized by all necessary corporate or similar action on the part
of the Borrower. Each of the Transaction Agreements, when executed and delivered by the Borrower, will constitute a valid and legally
binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except (a) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting
enforcement of creditors' rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, or (c) to the extent the indemnification provisions contained herein may be limited by federal
or state securities laws.

(b)            
No Conflicts; Advice. Neither the execution
and delivery of the Transaction Documents, nor the consummation of the transactions contemplated thereby, does or will violate
any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government,
governmental agency, or court to which the Borrower is subject or any provision of its organizational documents or other similar
governing instruments, or conflict with, violate or constitute a default under any agreement, credit facility, debt or other instrument
or understanding to which the Borrower is a party. The Borrower has consulted such legal, tax and investment advisers as it, in
its sole discretion, has deemed necessary or appropriate in connection with its entering into the Note and the other Transaction
Documents and consummating the transactions contemplated hereby and thereby.

(c)             
No Litigation. There is no action, suit, proceeding,
judgment, claim or investigation pending, or to the knowledge of the Borrower, threatened against the Borrower which could reasonably
be expected in any manner to challenge or seek to prevent, enjoin, alter or materially delay any of the transactions contemplated
by this Note or the other documents delivered in connection herewith.

(d)            
Consents. No authorization, consent, approval
or other order of, or declaration to or filing with, any governmental agency or body or other person is required for the valid
authorization, execution, delivery and performance by the Borrower of the Note and the other documents delivered in connection
herewith and the consummation of the transactions contemplated hereby and thereby.

(e)             
Bankruptcy. The Borrower is not under the
jurisdiction of a court in a Title 11 or similar case (within the meaning of Bankruptcy Code Section 368(a)(3)(A) (or related provisions))
or involved in any insolvency proceeding or reorganization.

(f) Purpose
of Loan, Means of Repayment. The Borrower intends to use proceeds for the share acquisition between the Borrower and China
Logistics, Inc. The Borrower has a reasonable, good-faith belief in its ability to repay the Loan evidenced by this Note as and
when the same may become due and payable. The basis for such belief is set forth in Schedule A attached hereto, and the
Borrower will have sufficient unencumbered income from Hutech21 to enable such repayment to be made, as more fully set forth in
Schedule A attached hereto.

Section 2.
Exchangeability and Transferability. This Note is exchangeable for an equal aggregate principal amount of Notes of different
authorized denominations, as requested by the Holder surrendering the same, but shall not be issuable in denominations of less
than integral multiples of Twenty Thousand Dollars ($20,000) unless such amount represents the full principal balance of Notes
outstanding to such Holder. No service charge will be made for such registration of transfer or exchange. The Holder, by acceptance
hereof, agrees to give written notice to the Maker before transferring this Note; such notice will describe briefly the proposed
transfer and will give the Maker the name, address, and tax identification number of the proposed transferee, and will further
provide the Maker with an opinion of the Lender’s counsel that such transfer can be accomplished in accordance with federal
and applicable state securities laws (unless such transaction is permitted by the plan of distribution in an effective Registration
Statement). Promptly upon receiving such written notice, the Maker shall present copies thereof to the Maker's counsel.

Section 3.Plan
of Repayment. The Maker intends to repay this Note through application of proceeds that it expects to receive as
set forth in Schedule A to this Note.

Section 4. Covenants.
The Maker covenants and agrees that, so long as any amount is due and owing under the Note, it shall not:

(a)              
Fail to make any payment of the principal of interest on, or other obligations in respect
of, this Note, free of any claim of subordination, as and when the same shall become due and payable on the Maturity Date , for
ten (10) days after the same shall be due and payable;

(b)             
Fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise
commit, any breach of this Note;

(c)             
Suffer to have the guarantor (the "Guarantor") under the guarantee (the "Guarantee")
or the pledgor (the "Pledgor") under the stock pledge agreement (the "Stock Pledge Agreement")
entered into contemporaneously herewith and of even date herewith fail to observe or perform any covenant, agreement or warranty
contained therein, or otherwise commit any breach thereof (this Note, the Guaranty, the Stock Pledge Agreement and all other documents
delivered contemporaneously and in connection herewith collectively are referred to as the "Loan Documents");

(d)             
Commence or suffer to have the Guarantor or the Pledgor commence a voluntary bankruptcy case
under insolvency laws as now or hereafter in effect or any successor thereto (the "Bankruptcy Code"); or suffer to have
an involuntary case commenced against it, the Guarantor or the Pledgor under the Bankruptcy Code in which the petition is not controverted
within thirty (30 days), or is not dismissed within sixty (60) days, after commencement of such involuntary case; or suffer to
have a "custodian" (as defined in the Bankruptcy Code) appointed for, or take charge of, all or any substantial part
of the property of the Maker, the Guarantor or the Pledgor, or commence any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to the Maker, the Guarantor or the Pledgor, or suffer to have commenced against it, the Guarantor
or the Pledgor any such proceeding which remains undismissed for a period of sixty (60) days; or be, or suffer to have the Guarantor
or the Pledgor be, adjudicated insolvent or bankrupt; or suffer to have any order of relief or other order approving any such case
or proceeding entered; or suffer to have any appointment of any custodian or the like for any thereof or any substantial part of
its property or the property of the Guarantor or the Pledgor which continues undischarged or unstayed for a period of sixty (60)
days; or make, or suffer to have the Guarantor or the Pledgor make, a general assignment for the benefit of creditors; or fail
to pay, or state that it is unable to pay, its debts generally as they become due; call, or suffer to have the Guarantor or the
Pledgor call, a meeting of all of its respective creditors with a view to arranging a composition or adjustment of its debts; or
by any act or failure to act indicate, or suffer to have the Guarantor or the Pledgor indicate, its consent to, approval of or
acquiescence in any of the foregoing; or take any corporate or other action for the purpose of effecting any of the foregoing;

(e)               
Default, or suffer to have the Guarantor or the Pledgor default, in any of its respective
obligations under any mortgage, credit agreement or other facility, indenture, agreement or other instrument under which there
may be issued, or by which there may be secured or evidenced any indebtedness thereof in an amount exceeding thirty-seven thousand
five hundred dollars ($37,500.00), whether such indebtedness now exists or shall hereafter be created and such default shall result
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

(f)                
Be, or suffer to have the Guarantor or the Pledgor be, a party to any Change of Control Transaction
(as defined below), or sell or dispose of all or in excess of forty-nine (49%) percent of its respective assets (based on book
value calculation as reflected in the its most recent financial statements) in one or more transactions (whether or not such sale
would constitute a Change of Control Transaction);

(g)               
Suffer to have the Common Stock to be suspended (save and except those temporary suspension
of trading of stocks for the purpose of making public announcements in compliance with the listing rules of Securities and Exchange
Commission) or delisted from trading for in excess of three (3) Trading Days;

(h)               
Suffer a determination or final determination, as the case may be, by the U.S. Securities
and Exchange Commission or Financial Industry Regulatory Authority, or any applicable state regulatory authority, that it, the
Guarantor or the Pledgor has violated serious applicable Securities Laws;

(i)                 
Fail, or suffer to have the Pledgor or the Guarantor fail to file any requisite SEC Form,
including but not limited to Form 20-F or Form 6-K when due, negatively effecting the listing status or resulting in delisting;
or

(j)                
 Make any representation or warranty that is materially untrue and incorrect in all material
respects as of the date of this Note, except for representations and warranties that are expressly made as of a particular date,
which shall be true and correct in all material respects as of such date.

Section 5.Events
of Default. "Event of Default" wherever used herein, means the breach of any covenant hereof (whatever the reason
and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of
any court, or any order, rule or regulation of any administrative or governmental body). Upon the occurrence of an Event of Default,
which Event of Default is not cured within twenty-one (21) days after its occurrence and reasonable extension of time should be
granted if the said event of default is likely to be successfully cured by such grant of extension of time , failing which, the
sum of Four Hundred Thousand and 00/100 Dollars ($400,000.00) shall be immediately due and payable to the Holder, together with
a default penalty in the amount of Forty-Five Thousand Dollars ($45,000), and thereupon default interest shall begin to accrue
at the annual rate of eighteen (18%) percent per annum and the Holder shall be entitled to all remedies under the law and as set
forth in the Guarantee or the Pledge Agreement.

Section 6. Interest
Rate Limitation. The parties intend to conform strictly to the applicable usury laws in effect from time to time during
the term of the Loan. Accordingly, if any transaction contemplated hereby would be usurious under such laws, then notwithstanding
any other provision hereof: (i) the aggregate of all interest that is contracted for, charged, or received under this Note or under
any other document shall not exceed the maximum amount of interest allowed by applicable law, (the "Highest Lawful Rate"),
and any excess shall be credited to the Maker by the Holder forthwith thereafter (or, to the extent that such consideration shall
have been paid, such excess shall be refunded to the Maker by the Holder forthwith); (ii) neither the Maker nor any other person
now or hereafter liable hereunder shall be obligated to pay the amount of such interest to the extent that it is in excess of the
Highest Lawful Rate; and (iii) the effective rate of interest shall be reduced to the Highest Lawful Rate. All sums paid, or agreed
to be paid, to the Holder for the use, forbearance, and detention of the debt of the Maker to the Holder shall, to the extent permitted
by applicable law, be allocated throughout the full term of the Note until payment is made in full so that the actual rate of interest
does not exceed the Highest Lawful Rate in effect at any particular time during the full term thereof. If the total amount of interest
paid or accrued pursuant to this Note under the foregoing provisions is less than the total amount of interest that would have
accrued if a varying rate per annum equal to the interest rate under the Note had been in effect, then the Maker agrees to pay
to the Holder an amount equal to the difference between (x) the lesser of (A) the amount of interest that would have accrued if
the Highest Lawful Rate had at all times been in effect, or (B) the amount of interest that would have accrued if a varying rate
per annum equal to the interest rate under this Note had at all times been in effect, and (y) the amount of interest accrued in
accordance with the other provisions of this Note.

Section 7.Prepayment/Extension.

(a)              
The Maker shall have the right to prepay this Note in whole or in part prior to the Maturity
Date.

(b)            
The Maker shall give at least ten (10) Days, but not more than fifteen (15) Days, written
notice of any intention to prepay this Note prior to the Maturity Date or any extension thereof to the Holder, which notice shall
specify the "Prepayment Date".

Section 8.
Definitions. For the purposes hereof, the following terms shall have the following meanings:

"Business Day" means
any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State
of New York are authorized or required by law or other government action to close.

"Change of Control Transaction"
means the occurrence of any of (i) an acquisition after the date hereof by an individual or legal entity or "group"
(as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of in excess of 49% of the voting securities of a person,
coupled with a replacement of more than one-half of the members of such person's board of directors which is not approved by those
individuals who are members of the board of directors on the date hereof in one or a series of related transactions, or (ii) the
merger of such person with or into another entity, consolidation or sale of all or substantially all of the assets of such person
in one or a series of related transactions, unless following such transaction, the holders of such person's securities continue
to hold at least 40% of such securities following such transaction. The execution by such person of an agreement to which such
person is a party or by which it is bound providing for any of the events set forth above in (i) or (ii) does not constitute the
occurrence of the event until after the event in fact occurs.

"Common Stock" means
the Common Stock of Hutech21 Co. Ltd., a British Virgin Islands company.

Section 9.Except as expressly
provided herein, no provision of this Note shall not alter or impair the obligation of the Maker, which is absolute and unconditional,
to pay the principal of interest and liquidated damages (if any) on, this Note at the time, place, and rate, and in the coin or
currency, herein prescribed. This Note is a direct obligation of the Maker.

Section 10.If
this Note shall be mutilated, lost, stolen or destroyed, the Maker shall execute and deliver, in exchange and substitution for
and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for
the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence of such loss, theft
or destruction of such Note, and of the ownership hereof, and indemnity, if requested, all reasonably satisfactory to the Maker.

Section 11.Choice of Law
and Venue; Submission to Jurisdiction; Service of Process.

(a)                                                
THE VALIDITY OF THIS NOTE , ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS
OF THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA
(WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF). THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION
WITH THIS NOTE SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF BROWARD, STATE OF FLORIDA
OR, AT THE SOLE OPTION OF THE HOLDER, IN ANY OTHER COURT IN WHICH HOLDER SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH
HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY.

(b)                                              
THE MAKER HEREBY SUBMITS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION.

(c)                                               
THE MAKER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT, OR OTHER PROCESS ISSUED
IN ANY ACTION OR PROCEEDING AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT, OR OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO MAKER.

(d)                                              
NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE
TO AFFECT THE RIGHT OF THE HOLDER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY
HOLDER OF ANY JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY
OTHER APPROPRIATE FORUM OR JURISDICTION.

(e)TO THE EXTENT DETERMINED
BY SUCH COURT, THE MAKER SHALL REIMBURSE THE HOLDER FOR ANY REASONABLE LEGAL FEES AND DISBURSEMENTS INCURRED BY THE HOLDER IN ENFORCEMENT
OF OR PROTECTION OF ANY OF ITS RIGHTS UNDER ANY OF THIS NOTE.

 

Section 12.Any
waiver by the Maker or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Maker or the Holder
to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that
party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in
writing.

Section 13.If
any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.

Section 14.Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day (or, if such next succeeding Business Day falls in the next calendar month, the preceding Business Day
in the appropriate calendar month).

Section 15.Security.
The obligation of the Maker for payment of principal, interest and all other sums hereunder, in the event of a default
and failure of the Maker to perform hereunder, is secured by (i) a Guarantee of the Guarantor, and (ii) the pledge of certain securities
(the "Pledged Shares") by the Guarantor as Pledgor under the terms and conditions of a Stock Pledge Agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    	(1)

    	 

    

IN WITNESS WHEREOF, the Maker has caused
this instrument to be duly executed, as of the date first above indicated.

 

 

TAEHOAN PARK

 

 

 

 

S: /s/ Taehoan Park

 

Name: Taehoan Park

 

Attest:

By:

    	(2)

    	 

    
 

SCHEDULE A

PLAN OF REPAYMENT

The loan will be repaid out of profits from Hutech21 Co.
Ltd. Or its subsidiaries per the following payment terms:

	A cash payment of $400,000 shall be made on January 19, 2012;STOCK PLEDGE AGREEMENT

 

THIS STOCK PLEDGE AGREEMENT ("Agreement")
is entered into as of July 1, 2011 by and among Precursor Management Inc. (the "Secured Party"), and Taehoan Park
an individual residing in the Republic of Korea (the “Pledgor").

 

RECITALS

 

A.                
The Pledgor has agreed to pledge certain securities to secure performance of his obligations
under Note, No. 011911 in the aggregate face amount of Four Hundred Thousand Dollars ($400,000.00) payable to the Secured Party
(the "Note"). Capitalized terms in this Agreement which are not identified herein will have the meanings given such terms
in the Note.

 

NOW, THEREFORE, in consideration
of the premises, the mutual covenants and conditions contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.               
Grant of Security Interest True-up of Collateral. The Pledgor hereby pledges to the
Secured Party as collateral and security for the Secured Obligations (as defined in Section 2) the securities, issued by
Hutech21 Co. Ltd., a British Virgin Islands company; also referred to as the "Issuer" and initially set forth
on the attached Schedule 1 of this Agreement. Unless otherwise set forth on Schedule 1 of this Agreement, the Pledgor
is the beneficial and record owner of the Pledged Shares set forth on such Schedule. Such Pledged Shares, together with any additions,
replacements, accessions or substitutes therefore or proceeds thereof, are hereinafter referred to collectively as the "Collateral."
For purposes of this Section 1, the Market Value of the Collateral shall be calculated as the average of the volume
weighted average prices for the Common Stock for the five (5) trading days immediately preceding the date on which it is measured,
as reported by Bloomberg L.P. The value of any additional shares delivered into escrow as provided above shall be deemed to be
the Market Value on the date on which the deficiency shall have occurred.

2.               
Secured Obligations. During the term hereof, the Collateral shall secure the performance
by the Pledgor of its obligations, covenants, and agreements under this Pledge Agreement and the performance of its Obligations
under the Note (the "Secured Obligations").

3.               
Assignment. Subject only to occurrence of events of default as specified in the note
and upon exercise of its rights by the Secured Party under this Agreement, the Secured Party may assign or transfer the whole or
any part of his security interest granted hereunder, and may transfer as collateral security the whole or any part of his security
interest in the Collateral. The secured party is strictly prohibited to use or dispose of the Pledged Shares for the purpose of
short financing or any kind of fund raising activities whereby the Pledged Shares are to be used as securities or otherwise the
Pledged Shares will be encumbranced therefore. 

4.               
The Pledgor' s Warranty. A. Title. The Pledgor represents and warrants hereby
to the Secured Party as follows with respect to the Pledged Shares:

(i)              
The Collateral is free and clear of any encumbrances of every nature whatsoever, and the Pledgor
is the sole owner of the Pledged Shares;

(ii)            
The Pledgor further agrees not to grant or create, any security interest, claim, lien, pledge
or other encumbrance with respect to such Collateral or attempt to sell, transfer or otherwise dispose of the Collateral, until
the Secured Obligations have been paid in full or this Agreement terminates; and

(iii) This Agreement constitutes
a legal, valid and binding obligation of the Pledgor enforceable in accordance with its terms (except as the enforcement thereof
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws now or hereafter
in effect),

B. Other. (i) The
Pledgor has made necessary inquiries of both of the Issuers and believes that each of them fully intends to fulfill and has the
capability of fulfilling the Secured Obligations to be performed by the Issuer in accordance with the terms of the Note.

(ii)            
The Pledgor is not acting, and has not agreed to act, in any plan to sell or dispose of any
Pledged Shares in a manner intended to circumvent the registration requirements of the Securities Act of 1933, as amended, or any
applicable state law.

(iii)          
The Pledgor has been advised by counsel of the elements of a bona-fide pledge for purposes
of Rule 144(d)(3)(iv) under the Securities Act of 1933, as amended, including the relevant SEC interpretations, and affirms that
the pledge of shares by the undersigned pursuant to this Pledge Agreement will constitute a bona-fide pledge of such shares for
purposes of such Rule.

5.               
Collection of Dividends and Interest. During the term of this Agreement and so long
as the Pledgor is not in default under the Note, the Pledgor is entitled to receive all dividends, distributions, interest payments,
and other amounts that may be, or may become, due on any of the Collateral.

6.               
Preservation of the Value of the Collateral. The Pledgor shall pay all taxes, charges,
and assessments against the Collateral and do all acts necessary to preserve and maintain the value thereof.

7.               
Remedies upon Default. Upon the occurrence and during the continuance of an Event of
Default under the Note ("Event of Default"):

(a)             
The Secured Party may exercise in respect of the Collateral, all the rights and remedies of
a Secured Party upon default under the law (irrespective of whether the law applies to the affected items of Collateral), and the
Secured Party may by notice to the Pledgor (except as specified below) propose to sell the Collateral or any part thereof in one
or more parcels at public or private sale, at any exchange, broker's board or at any of the Secured Party's offices or elsewhere,
for cash, on credit or for future delivery, at such time or times at their prevailing market price and upon such other terms as
the Secured Party may deem commercially reasonable, To the maximum extent permitted by applicable law, the Secured Party may be
the purchaser of any or all of the Collateral at any such arms-length sale and shall be entitled, for the purpose of bidding and
making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale at their
prevailing market value, to use and apply all or any part of the Secured Obligations as a credit on account of the purchase price
of any Collateral payable at such sale. Each purchaser at any such arms-length sale shall hold the property sold absolutely free
from any claim or right on the part of the Pledgor, The Pledgor agrees that, to the extent notice of sale shall be required by
law, at least twenty-one (21) calendar days notice to the Pledgor of the time and place of any public sale or the time after which
a private sale (arms-length sale)is to be made shall constitute reasonable notification. The Secured Party shall not be obligated
to make any sale of Collateral regardless of notice of sale having been given. The Secured Party may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, with further notice to the Pledgor,
be made at the time and place to which it was so adjourned. To the maximum extent permitted by law, The Pledgor hereby reserves
any claims against the Secured Party arising because the price at which any Collateral may have been sold at such a private sale
was less than the price that might have been obtained at a public sale, including the Secured Party accepts the first offer received
and does not offer such Collateral to more than one offeree.

 

(b)            
The Pledgor hereby acknowledges that the sale by the Secured Party of any Collateral pursuant
to the terms hereof in compliance with the Securities Act of 1933, as amended, as now in effect or as hereafter amended, or any
similar statute hereafter adopted with similar purpose or effect (the "Securities Act"), as well as applicable "Blue
Sky" or other state securities laws, may require strict limitations as to the manner in which the Secured Party or any subsequent
transferee of the Collateral may dispose thereof. The Secured Party shall be obliged to obtain the maximum possible price for the
Collateral. 

(c)             
If the Secured Party shall determine to exercise its right to sell all or any portion of the
Collateral pursuant to this Agreement, then the Pledgor agrees that, upon request of the Secured Party, the Pledgor, at its own
expense, shall:

(i)                
execute and deliver, or cause the officers and directors of the Issuer to execute and deliver,
to any person, entity or governmental authority as the Secured Party may choose, all necessary documents which, in the Secured
Party's reasonable judgment, may be necessary or appropriate for approval, or be required by, any regulatory authority located
in any city, county, state or country where the Pledgor engages in business, in order to transfer or to more effectively transfer
the Pledged Interests or otherwise enforce the Secured Party's rights hereunder; and

(ii)              
do or cause to be done all such other acts and things as may be necessary to make such sale
of the Collateral or any part thereof valid and binding and in compliance with applicable law; and

(iii)            
cause the Pledgor to timely file all periodic reports required to be filed by the Pledgor
under the Securities Exchange Act of 1934, as amended.

 

8.               
(a) Term of Agreement. This Agreement shall continue in full force and effect until
payment in full of the Note. Upon payment in full of the Note, the security interests in the relevant Collateral shall be deemed
to have been released and this Agreement shall be deemed to have been discharged and ineffective, and the Collateral or any portion
of the Collateral not transferred to or sold by the Secured Party shall be returned to the Pledgor forthwith. Upon termination
of this Pledge Agreement, the relevant Collateral shall be returned within five (5) trading days to the Pledgor, as contemplated
above.

(b) Application of Proceeds.
Upon the occurrence and during the continuance of an Event of Default, any cash held by the Secured Party as Collateral and
all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any
part of the Collateral pursuant to the exercise by the Secured Party of its remedies as a secured creditor as provided in Section
11 shall be applied from time to time by the Secured Party as provided in the Note. The Secured Party shall account for and
refund the surplus of the proceeds to the Pledgor, if any.

 

9.               
Indemnity and Expenses. Subject to occurrence of events of default, the Pledgor agrees:

(a)       
To indemnify and hold harmless the Secured Party from and against all reasonable loss and
damage (including, without limitation, reasonable attorneys' fees and expenses) in any way arising out of or in connection with
this Agreement or the Secured Obligations, except to the extent the same shall arise as a result of the gross negligence or willful
misconduct of the party seeking to be indemnified; and

(b)       
To pay and reimburse the Secured Party upon demand for all reasonable costs and expenses (including,
without limitation, reasonable attorneys' fees and expenses) that the Secured Party may necessarily incur in connection with (i)
the custody, use or preservation of, or the sale of, collection from or other realization upon, any of the Collateral, including
the reasonable expenses of re-taking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the
Collateral, (ii) the exercise or enforcement of any rights or remedies granted hereunder, under the Note or otherwise available
to it (whether at law, in equity or otherwise), 

 

10.            
Choice of Law and Venue; Submission to Jurisdiction; Service of Process.

(a)   
THE VALIDITY OF THIS AGREEMENT, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT, AND THE
RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
FLORIDA (WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF). THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING
IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF BROWARD,
STATE OF FLORIDA OR, AT THE SOLE OPTION OF THE SECURED PARTY, IN ANY OTHER COURT IN WHICH THE SECURED PARTY SHALL INITIATE LEGAL
OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY.

(b)   
THE PLEDGOR HEREBY SUBMITS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION.

(c)   
THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT, OR OTHER PROCESS ISSUED
IN ANY ACTION OR PROCEEDING AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT, OR OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO THE PLEDGOR 

(d)   
NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF THE SECURED PARTY
TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY THE SECURED PARTY OF ANY JUDGMENT
OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM
OR JURISDICTION.

 

11.            
Amendments; etc. No amendment or waiver of any provision of this Agreement nor consent
to any departure by the Pledgor herefrom shall in any event be effective unless the same shall be in writing and signed by the
Secured Party and the Pledgor, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. No failure on the part of the Secured Party to exercise, and no delay in exercising any right under this
Agreement, any other document or documents delivered in connection with the transactions contemplated by the Note, this Agreement
or any of the three guarantees being delivered in connection herewith (the "Guarantees") of even date herewith
(all such documents, including the Note, this Agreement and the Guarantees are hereinafter referred to collectively as the "Loan
Documents", and each individually as a "Loan Document"), or otherwise with respect to any of the Secured
Obligations, shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement, any
other Loan Document, or otherwise with respect to any of the Secured Obligations preclude any other or further exercise thereof
or the exercise of any other right. The remedies provided for in this Agreement or otherwise with respect to any of the Secured
Obligations are cumulative and not exclusive of any remedies provided by law.

 

12.            
Notices. Unless otherwise specifically provided herein, all notices shall be in writing
addressed to the respective party as set forth below: and may be personally served, faxed, telecopied or sent by overnight courier
service or United States mail:

 

If to the Pledgor:

 

Hutech21 Co. Ltd.

#201 Daerungtechnotown
III

Gasan-Dong Geumcheon-Gu,

Seoul Korea 153-772

 

If to the Secured Party:

 

Precursor Management, Inc.

2702-03, 27/F, Goldlion Digital Network
Center

138 Tiyu Road East, Tianhe

Guangzhou, P.R. China 510620

 

 

Any notice given pursuant to this Section
12 shall be deemed to have been given: (a) if delivered in person, when delivered; (b) if delivered by fax, on the date of
transmission if transmitted on a Business Day before 4:00 p.m. at the place of receipt or, if not, on the next succeeding Business
Day (as defined in the Note); (c) if delivered by overnight courier, two (2) days after delivery to such courier properly addressed;
or (d) if by United States mail, four (4) Business Days after depositing in the United States mail, with postage prepaid and properly
addressed. Any party hereto may change the address or fax number at which it is to receive notices hereunder by notice to the other
party in writing in the foregoing manner.

13.            
Continuing Security Interest. This Agreement shall create a continuing security interest
in the Collateral and shall: (a) remain in full force and effect until the indefeasible payment in full of the Secured Obligations,
including the cash collateralization, expiration, or cancellation of all Secured Obligations, if any, consisting of letters of
credit, and the full and final termination of any commitment to extend any financial accommodations under the Note; (b) be binding
upon the Pledgor and its successors and assigns; and (c) inure to the benefit of the Secured Party and his successors, transferees,
and assigns. Upon the indefeasible payment in full of the Secured Obligations, including the cash collateralization, expiration,
or cancellation of all Secured Obligations, if any, consisting of letters of credit, and the full and final termination of any
commitment to extend any financial accommodations under the Note, the security interests granted herein shall automatically terminate
and all rights to the Collateral shall revert to the Pledgor forthwith. Upon any such termination, the Secured Party, at the Pledgor's
expense, shall execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.
Such documents shall be prepared by the Pledgor and shall be in form and substance reasonably satisfactory to the Secured Party.

14.            
Security Interest Absolute. To the maximum extent permitted by law, all rights of the
Secured Party, all security interests hereunder, and all obligations of the Pledgor hereunder, shall be absolute and unconditional
irrespective of

(a)               
any lack of validity or enforceability of any of the Secured Obligations or any other agreement
or instrument relating thereto, including any of the Loan Documents;

(b)              
any change in the time, manner, or place of payment of, or in any other term of, all or any
of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from any of the Credit Documents,
or any other agreement or instrument relating thereto;

(c)               
any exchange, release, or non-perfection of any other collateral, or any release or amendment
or waiver of or consent to departure from any Guarantee for all or any of the Secured Obligations;

(d)              
any other circumstances that might otherwise constitute a defense available to, or a discharge
of, the Pledgor.

15.            
Headings. Section and subsection headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement or be given any substantive effect.

16.            
Severability. In case any provision in or obligation under this Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

17.            
Counterparts; Telefacsimile Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same Agreement.
Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile also shall
deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, or binding effect hereof.

 

IN WITNESS WHEREOF, the Pledgor and the Secured
Party have caused this Agreement to be duly executed and delivered by their officers thereunto duly authorized as of the date first
written above.

 

PLEDGOR

 

 

Signed: /s/ Taehoan Park

 

Name: Taehoan Park

 

 

SECURED PARTY

 

PRECURSOR MANAGEMENT, INC.

 

 

By: /s/ Weiheng Cai

 

Name: Weiheng Cai

President

 

     

     

    

 

SCHEDULE 1

 

Pledged Interests:

 

A)   
 10,000,000 shares of Preferred Stock 

 

Name of Issuer: Hutech21 Co. Ltd. (F/K/A China Logistics, Inc.)

 

Jurisdiction of Organization: British Virgin Islands

 

Type of Interest: Shares of Preferred Stock

 

Number of Shares/Units outstanding (if applicable): 10,000,000 shares
of Preferred Stock

 

Certificate Number(s) (if any):

 

Percentage of Outstanding Interests in Issuer: Voting
Control

 

Date Acquired: July 1, 2011

 

For Pledgor 

 

Mr. Taehoan Park

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