Acknowledgment Letter Regarding Allocation of Call Option Rights for Kingold Jewelry Shares between Zhihong Jia and Bin Zhao
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Summary
Zhihong Jia and Bin Zhao acknowledge their agreement on how to divide the right to purchase 17,925,943 shares of Kingold Jewelry, Inc. under an existing Amended and Restated Call Option Agreement. The allocation of shares is based on their respective ownership percentages in Wuhan Kingold Jewelry Co. as of the agreement date. If the call option is fully exercised, Zhihong Jia will have the right to purchase 17,350,194 shares and Bin Zhao will have the right to purchase 575,749 shares from Famous Grow Holdings Limited.
EX-10.20 21 v201747_ex10-20.htm
EXHIBIT 10.20
ACKNOWLEDGMENT LETTER
In connection with that certain Amended and Restated Call Option Agreement pursuant to which we have a right to jointly purchase 17,925,943 shares of Kingold Jewelry, Inc., a Delaware corporation (as adjusted for Kingold Jewelry’s August 10, 2010 one-for-two reverse stock split) (the “Kingold Shares”) from Famous Grow Holdings Limited, we acknowledge that we have previously agreed that the right to purchase the Kingold Shares shall be allocated between us in the same percentage as our relative ownership in Wuhan Kingold Jewelry Co., as of the date hereof. Thus, we acknowledge that in the event that the Restated Call Option Agreement shall be exercised in full, we each shall have the respective right to purchase the number of the Kingold Shares following our name below.
| Name | Shares | |||
| Zhihong Jia | 17,350,194 | |||
| Bin Zhao | 575,749 | |||
Dated: October 29, 2010
| /s/ Zhihong Jia |
| Zhihong Jia |
| /s/ Bin Zhao |
| Bin Zhao |
