Letter of Agreement for Termination of Prior Agreements Related to Equity Acquisition between Shanxi Putai Resources Group Co., Ltd., Shanxi Puda Coal Group Co. Ltd., Zhao Ming, and Zhao Yao

Contract Categories: Business Operations › Termination Agreements
Summary

This agreement is between Shanxi Putai Resources Group Co., Ltd., Shanxi Puda Coal Group Co. Ltd., Zhao Ming, and Zhao Yao. It confirms that, following the government’s approval of Shanxi Putai’s purchase of 90% of Shanxi Puda Coal’s equity from Zhao Ming and Zhao Yao, several previous agreements between the parties will be terminated. Any disputes will be resolved through consultation or, if necessary, in court where Shanxi Putai is located. The agreement is effective upon signing and can be supplemented by further agreements if needed.

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EX-10.3 4 v094527_ex10-3.htm
Letter of Agreement
 
Party A: Shanxi Putai Resources Group Co., Ltd.
Domicile: 426 Xuefu Street, Taiyuan, Shanxi Province, The People’s Republic of China
Representative: Zhao Yao

Party B: Shanxi Puda Coal Group Co. Ltd.
Domicile: 426 Xuefu Street, Taiyuan, Shanxi Province, The People’s Republic of China
Representative: Zhao Ming

Party C: Zhao Ming
Domicile: 259 North Jiefang Road, Taiyuan, Shanxi Province, The People’s Republic of China
PRC Identity Card Number: 142327197209201518

Party D: Zhao Yao
Domicile: Shanxi Liulin County Meiyun Family Housing Facility
PRC Identity Card Number: 142327195804211607x

Whereas Party A has purchased 90% of Party B’s outstanding equity owned by Party C and Party D pursuant to the Exclusive Option Agreements dated June 24, 2005, all parties above agree to terminate certain agreements dated June 24, 2005 after friendly and equal consultation:

1.  
The following agreements dated June 24, 2005 among all parties above will be terminated on the date a government approval or confirmation of Party A’s acquisition of 90% of Party’s B’s outstanding equity is obtained:
 
1.  
The Technology License Agreement;
 
2.  
The Operating Agreement;
 
3.  
The Exclusive Consulting Agreement;
 
4.  
The Exclusive Option Agreements;
 
5.  
The authorization agreement among Party A, Party B and Party C; and
 
6.  
The authorization agreement among Party A, Party B and Party D.
 
2.  
Any disputes arising from the parties hereunder should be dealt with through consultation. If the parties fail to settle their disputes through consultation, any party can bring law suits in a people's court where Party A is domiciled.
 
 
 
 
 
3.  
Anything not covered in this Agreement will be determined by supplemental agreements among the parties. The supplemental agreement and this Agreement shall have equal force in law.
 
4.  
This Agreement shall be effective when signed and sealed by both parties.
 
5.  
This Agreement is in quadruplicate. Each party shall retain one copy with equal force in law.
 

 

 
Party A: Shanxi Putai Resources Group Co., Ltd.
 
Party B: Shanxi Puda Coal Group Co. Ltd.
 
Party C: Zhao Ming
 
Party D: Zhao Yao
 

 
September 13th, 2007
 

 
 
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