Termination Agreement between Bizhen Chen, Keyan Yan, and Roller Rome Limited (Hongri Equity Rights)
This agreement, dated January 31, 2011, is between Bizhen Chen, Keyan Yan, and Roller Rome Limited. It terminates a previous agreement from December 18, 2006, which gave Roller Rome Limited the right to acquire all equity interests in Hongri (Fujian) Sporting Goods Co., Ltd. The termination is effective once Hongri becomes a wholly foreign owned enterprise and receives its new business license. All parties agree to waive any rights or interests under the original agreement.
Exhibit 10.18
Termination Agreement
| Party A: | Bizhen Chen |
| ID Number: | 359002197508241028 |
| Address: | No.4 Block 1, Yupu Village, Baogai County, Shishi City, Fujian Province. |
| Party B: | Keyan Yan |
| ID Number: | 340825197206111314 |
| Address: | Room 408, Building 1, #4-52 West Yuanyang Road Shishi City Fujian Province. |
| Party C: | Roller Rome Limited |
| Legal Address: | Sea Meadow House, Blackburne Highway, Toad Town, Tortola, British |
| Virgin Islands. |
This Termination Agreement is to terminate the agreement entered into by Party A, Party B and Party C on December 18, 2006 (the “Agreement”) whereby Party C shall have the right to acquire and enjoy all of the equity interests of Hongri (Fujian) Sporting Goods Co., Ltd. (“Hongri”).
Given that Hongri will be changed to a wholly foreign owned enterprise through the share restructuring, Party C agrees to waive all of the rights and interests under the Agreement, which will take effect from the date when Hongri obtains the business license as a wholly foreign owned enterprise.
This Termination Agreement shall be executed in three counterparts with each party holding one counterpart.
Date: January 31, 2011
Party A: Bizhen Chen
/s/ Bizhen Chen
Party B: Keyan Yan
/s/ Keyan Yan
Party C: Roller Rome Limited
Authorized Representative: /s/ Keyan Yan on behalf of Roller Rome Limited
