Letter of Agreement
EX-10.2 3 e614414_ex10-2.htm Unassociated Document
Letter of Agreement
Party A: Aoxin Tianli Group, Inc.
Wuhan Aoxin Tianli Enterprise Investment Management Co., Ltd
Party B: Li-Na Deng Hai Liu
Party C: Wuhan Optical Valley Orange Technology Co., Ltd.
WHEREAS, Party A holds 95% equity interest in Party C; Party B is the original shareholder and management of Party C and holds 403,000 common shares of Party A after Party A acquired Party C in August, 2014. The 403,000 shares were deposited into escrow (the “Earn-out Shares”) to be held for disbursement to Party B upon Party C achieving certain Target Net Income in each of the fiscal years ending December 31, 2014, 2015 and 2016.
WHEREAS, Party A intends to sell its 95% equity interest in Party C to Party B and other third parties;
THEREFORE, in consideration of the foregoing premises and the friendly negotiations between Party A and B, the following agreement is entered:
| 1. | If Party A sells the above-mentioned equity interest successfully, the previous Escrow Agreement executed between Party A and Party B will be cancelled automatically and the 403,000 shares of Party A will be delivered to Party B. However, the Earn-out shares can’t be released until the end of March 2017 as previously promised in the Stock Purchase Agreement; |
| 2. | If Party A doesn’t sell the above-mentioned equity interest successfully, the previous Escrow Agreement will continue to be effective. |
Party A: Aoxin Tianli Group, Inc.
Wuhan Aoxin Tianli Enterprise Investment Management Co., Ltd (seal)
Legal person or authorized representative: Hanying Li (signature)
Party B: Li-Na Deng Hai Liu (signature)
December 25, 2015