SEC Contract Filing

Filing Date: 2018-06-29

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>7
<FILENAME>exh10_7.htm
<DESCRIPTION>ENGLISH TRANSLATION OF SUPPLEMENTARY AGREEMENT TO THE DIRECT SELLING AUTHORIZATION AGREEMENT SUPPLEMENTARY AGREEMENT BETWEEN SHANDONG SPRING PHARMACEUTICAL CO., LTD AND SHANDONG YONGCHUNTANG DATED JANUARY 4, 2017*
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 10.7</font><br>
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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Direct Selling Authorization Agreement Supplementary Agreement</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Party A: Shandong Yongchuntang Group Co., Ltd. (hereinafter referred to as "Party A")</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Party B: Shandong Spring Pharmaceutical Co., Ltd. (hereinafter referred to as "Party B")</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 28pt">Through the friendly negotiation between Party A and Party B, and based on the principle of reciprocity and mutual benefit, the "Direct Selling Authorization Agreement" signed on June 25, 2015 was supplemented as follows.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.</font><font style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">In order to restrict each other, especially in the operation of the direct selling market and to prevent violation of relevant State regulations, Party B shall pay Party A's a market security deposit of RMB 10million Yuan (RMB 10,000,000.00).</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">2.</font><font style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">If the operation of the direct selling market operated by Party B through the use of Party A's direct selling license results in the loss of Party A's relevant rights and interests, such as the State deduction of the market security deposit paid by Party A, the losses shall be fully responsible by Party B and be deducted from the above deposit and then to add another RMB 10million Yuan security deposit<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">3.</font><font style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">If the authorized operation expires and there is no violation of the relevant rights and interests of Party A caused by the non-compliance of Party B's direct selling operations<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> Party A shall return to Party B their market security deposit in one payment (within 10 working days after the agreement expires).</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.</font><font style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">Because of Party A's reason which affect the normal use of direct sales license, Party B shall not bear any responsibility and the security deposit shall be refunded in full and Party B shall have the right to sue Party A for the relevant economic losses.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">5.</font><font style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif">Regarding the period of authorization, Party B shall use the direct sales platform to sell the company's products. Party A agrees in principle to Party B's practices but it shall not exceed 4 types of products produced by Party B in sales and absolutely shall not allow Party