Settlement Agreement among Sentaida Tire Company Limited, Sentaida Rubber Co. Ltd., and Dongsen Tire Co., Ltd.
Sentaida Tire Company Limited, Sentaida Rubber Co. Ltd., and Dongsen Tire Co., Ltd. have agreed that Sentaida Rubber will assume Sentaida Tire's debt to Dongsen Tire, offsetting an equivalent amount of Sentaida Rubber's debt to Sentaida Tire. This arrangement settles the outstanding balances among the three companies as of December 31, 2008. The agreement is effective upon signing by all parties, each of whom retains an original copy.
Exhibit 10.8
English Translation of Settlement Agreement
- Party A: Sentaida Tire Company Limited
- Party B: Sentaida Rubber Co. Ltd.
- Party C: Dongsen Tire Co., Ltd.
Sentaida Tire Company Limited directly and indirectly owns the following companies: Qingdao Free-Trade-Zone Sentaida International Trade Co. Ltd., Zhongsen International Company Group Limited, Zhongsen Holdings Co., Ltd. and Qingdao Sentaida Tires Co., Ltd. As of December 31, 2008, Party A had receivables from Party B in an amount of $32,963,259 and Party A’s payable to Party C was $19,696,210. Through friendly consultation, Party A, Party B and Party C have reached the following agreement:
Party B assumes Party A’s liabilities to Party C, which offsets equivalent amount of Party B’s payables to Party A.
This Agreement is made in three (3) originals and each Party should hold one original. This Agreement becomes effective once it is signed by the Parties.
| Party A: | Party B: | Party C | ||||||
| /s/ Long Qin | Seal | Seal | ||||||
| December 31, 2008 | December 31, 2008 | December 31, 2008 | ||||||
