Amendment to the Make Good Escrow Agreement, by and among the Company, KUNG Yiu Fai, WLT Brothers Capital, Inc. and Securities Transfer Corporation

Contract Categories: Business Finance - Escrow Agreements
EX-10.21 4 exh1021.htm EXHIBIT 10.21 China Nutrifruit Group Limited: Exhibit 10.21 - Prepared by TNT Filings Inc.

Exhibit 10.21

AMENDMENT TO THE MAKE GOOD AGREEMENT

THIS AMENDMENT TO THE MAKE GOOD ESCROW AGREEMENT, dated as of October 10, 2008 (this "Amendment"), is entered into by and among China Nutrifruit Group Limited (formerly known as Fashion Tech International, Inc.), a Nevada corporation (the "Company"), KUNG Yiu Fai (the "Make Good Pledgor"), WLT Brothers Capital, Inc., as Investor agent ("Investor Agent") and Securities Transfer Corporation, as escrow agent ("Escrow Agent"). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Make Good Agreement (as defined below).

W I T N E S S E T H

WHEREAS, the Company, the Make Good Pledgor, the Investment Agent and the Escrow Agent are parties to that certain Make Good Escrow Agreement, dated as of August 14, 2008 (the "Make Good Agreement"); and

WHEREAS, the parties to the Make Good Agreement wish to amend certain provisions of the Make Good Agreement; and

WHEREAS, Section 14 of the Make Good Agreement provides that the Make Good Agreement may not be changed orally or modified, amended or supplemented without an express written agreement executed by the Escrow Agent, the Company, the Make Good Pledgor and the Investor Agent;

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS

SECTION 1.1. Amendment. The parties hereto agree that the Make Good Agreement shall be amended as set forth in this Section 1.1.

(a) The first sentence of Section 2 is hereby amended and restated in its entirety as follows:

"2. Establishment of Escrow. Within three Trading Days following the Closing, the Make Good Pledgor shall deliver, or cause to be delivered, to the Escrow Agent certificates evidencing an aggregate of 3,085,840 shares of the Company’s Common Stock (the "Escrow Shares"), along with stock powers executed in blank (or such other signed instrument of transfer acceptable to the Company’s Transfer Agent).

(b)  Exhibit A attached to the Make Good Escrow Agreement is hereby deleted in its entirety and is replaced with Exhibit A attached hereto.

SECTION 1.2. Full Force and Effect. For the avoidance of doubt, all other provisions of the Make Good Agreement shall remain in full force and effect.

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ARTICLE II

MISCELLANEOUS

SECTION 2.1. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

SECTION 2.2. Entire Agreement. This Amendment along with the Make Good Agreement and the other Transaction Documents contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Amendment.

SECTION 2.3. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

THE COMPANY:
 
CHINA NUTRIFRUIT GROUP LIMITED
 
By:/s/ Jinglin Shi
Name: Jinglin Shi
Title: Chief Executive Officer
 
MAKE GOOD PLEDGOR:
 
KUNG YIU FAI
 
/s/ King Yiu Fai
 
 
ESCROW AGENT:
 
Securities Transfer Corporation, as Escrow Agent
 
 
By:/s/Kevin Halter Jr.
Name: Kevin Halter Jr.
Title: President
 
 
INVESTOR AGENT
 
WLT Brothers Capital, Inc., as Investor Agent
 
 
By:/s/ James H. Groh
Name: James H. Groh
Title: President and CEO

Signature Page to the Amendment to Make Good Agreement


Exhibit A

ESCROW SHARES TO BE ISSUED TO INVESTORS

 

Investor’s Make Good Make Good

Investor’s Legal Name

Investment Amount (2009) (2010)

Ladislav Bobiš

600,000.00 107,914 107,913

Gerald W. Bolfing

100,000.00 17,986 17,985

FALLKLANDY s.j.

150,000.00 26,978 26,978

FILUMA Spol S.R.O.

250,000.00 44,964 44,964

Wojciech Gasiorek

81,086.26 14,584 14,583

Harold E. Gear

75,000.00 13,489 13,489

Grzegorz Grabowski

150,000.00 26,978 26,978

Grandmark Limited Partnership

25,000.00 4,496 4,496

Halter Global Opportunity Fund

325,000.00 58,453 58,453

Kevin Halter, Jr.

100,000.00 17,986 17,985

James B. Lisle and W. Pauline Lisle

15,000.00 2,698 2,697

Piotr Januszko

99,975.00 17,981 17,981

Leszek Kornaszewski

135,426.69 24,357 24,357

Janusz Krzesinski

200,000.00 35,971 35,971

Eva Boženna Lada

150,000.00 26,978 26,978

Robert O. McDonald

25,000.00 4,496 4,496

Marek Missala

149,973.00 26,974 26,973

Zdeněk Morávek

299,968.00 53,951 53,951

Jaroslaw Popkowski

150,000.00 26,978 26,978

RESBEX Sp. z.o.o.

150,000.00 26,978 26,978

Support2trading LTD.

125,000.00 22,482 22,482

Leszek Szot

149,973.00 26,974 26,973

The USX China Fund

250,200.00 45,000 45,000

T. Williams LLC

20,000.00 3,597 3,597

Marek Wachelka

200,000.00 35,971 35,971

Sebastian Wagner

50,000.00 8,993 8,992

Marian Wiciejewski

200,000.00 35,971 35,971

Artur Wisniewski

130,000.00 23,381 23,381

Rafal Wisniewski

100,000.00 17,986 17,985

Maciej Zawada

100,000.00 17,986 17,985

Piotr Zwolski

149,865.20 26,954 26,954

Bernard L. Warner Trust U/A/D 03/28/94

$100,000.00 17,986 17,985

Mark Andrew Charlebois

$50,000.00 8,993 8,992

Rudolf Eckert III

$100,000.00 17,986 17,985

Frederick Laun & Lisa Laun JTWROS

$100,000.00 17,986 17,985

Halter Global Opportunity Fund

$200,000.00 35,971 35,971

Heidi & Kevin Kiene JTWROS

$100,000.00 17,986 17,985

James W. and R. Darlene Bridges JTWROS

$200,000.00 35,971 35,971

Joseph A. & Parnela M. Panella Living

$80,000.00 14,388 14,388

Trust UA 5/11/04

     

Hemant Kathuria

$20,000.00 3,597 3,597

Kent G. Schmidt & Kevin G. Schmidt Jt.

$100,000.00 17,986 17,985

Ten.

     

 

Investor’s Make Good Make Good

Investor’s Legal Name

Investment Amount (2009) (2010)

Barbara S. Meister

$100,000.00 17,986 17,985

James B. Moore

$55,600.00 10,000 10,000

Quincy Murphy

$100,000.00 17,986 17,985

Patrick Kirk & Gloria Kirk JTWROS

$50,000.00 8,993 8,992

Paul D. Ehrman & Michelle Ehrman

$100,000.00 17,986 17,985

JTWROS

     

Paul F. Oreffice Trust UAD 9/15/95

$50,000.00 8,993 8,992

Richard Potapchuk

$300,000.00 53,957 53,956

Steve Smith

$100,000.00 17,986 17,985

Mehran Muhammad Taslimi

$200,000.00 35,971 35,971

The Suter Family Trust UAD 4/12/2002

$500,000.00 89,928 89,928

Wylie Family Trust UAD 07/01/01

$50,000.00 8,993 8,992

Greystone Financial Services Inc. Profit

$100,000.00 17,986 17,985

Sharing Plan

     

Tomas Hudec

$121,662.04 21,882 21,881

Piotr Januszko

$94,975.00 17,082 17,081

Jerome M. and Leah Y. Fullinwider

$200,000.00 35,971 35,971

Russel Parker

$150,000.00 26,978 26,978

Ma gorzata P usa

$170,000.00 30,576 30,575

Krzysztof Pudlowski

$250,000.00 44,964 44,964

Donald E. Schmidt

$100,000.00 17,986 17,985

Artur Wisniewski

$30,000.00 5,396 5,395

Totals:

8,578,704.19 1,542,935 1,542,905