Termination Agreement
EX-10.23 12 fs12010ex10xxiii_chinabct.htm TERMINATION AGREEMENT fs12010ex10xxiii_chinabct.htm
Exhibit 10.23
Termination Agreement
Party A: Guangxi Liuzhou Baicaotang Medicine Ltd.
Legal Representative: Tang Huitian
Party B: Shareholders of Liuzhou Baicaotang Property Management Ltd.
Representative: Tang Huitian
Party C: Liuzhou Baicaotang Property Management Ltd.
Legal Representative: Tan Yuqing
Whereas,
| (1) | Party A and Party B entered into a Shares Pledge Agreement on May 3, 2008 and another Shares Pledge Agreement on March 31, 2009 to pledge Party B’s equities in Party C to secure the loans that Party B has borrowed from Party A (the “Loan”); |
| (2) | Party A and Party B have found that they have entered into the two Shares Pledge Agreements in error and intend to correct it. |
Party A, Party B and Party C hereby enter into the following agreement:
| 1. | Party A and Party B agree to terminate the two Shares Pledge Agreements that were signed respectively on May 3, 2008 and March 31, 2009. |
| 2. | Party C agrees to undertake to secure the Loan. Party A, Party B and Party C confirm that the agreements that Party C has entered into with Party A to pledge all the equities it holds in Guangxi Liuzhou Baicaotang Medicine Retail Co., Ltd. remain in full force and effect. |
| 3. | Any dispute arising out of the performance of this agreement shall be negotiated between the parties. When failing to get a consistent settlement, any party may submit such dispute to the People’s Court of Liunan District, Liu Zhou City for determination. |
| 4. | The terms and conditions set forth in herein should not be modified unless written agreed by the parties. |
| 5. | This agreement is made in six counterparts with each party holding two copies. This agreement shall become binding on the date signed by the parties. |
| Party A: Guangxi Liuzhou Baicaotang Medicine Ltd. |
| Legal Representative： |
| Date: March 2, 2010 |
| Party B: Shareholders of Liuzhou Baicaotang Property Management Co., Ltd |
| Representative： |
| Date: March 2, 2010 |
| Party C: Liuzhou Baicaotang Property Management Ltd. |
| Legal Representative： |
| Date: March 2, 2010 |
