Oral Nominee Agreement between Xuchun Wang and Shareholders of Ruixing Group Co., Ltd.

Contract Categories: Business Operations › Proxy Agreements
Summary

This oral agreement, made on December 20, 2008, is between Mr. Xuchun Wang and the shareholders of Ruixing Group Co., Ltd. Mr. Wang will serve as a nominee for the shareholders, acting on their behalf without compensation, until a majority of shareholders decide to end his role. He must follow the directions of Mr. Guangyin Meng on key decisions, except for share sales or control changes, which require unanimous approval. If Mr. Wang does not comply with shareholder instructions, they may take legal action against him.

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EX-10.52 2 c26366exv10w52.htm EXHIBIT 10.52 Exhibit 10.52
Exhibit 10.52
Oral Agreement
•   This oral arrangement was entered into on December 20, 2008, between Mr. Xuchun Wang and the shareholders of Ruixing Group Co., Ltd.
•   Mr. Wang will act as nominee on behalf of Ruixing Group’s shareholders until such time as his nominee role is terminated by a majority of Ruixing Group’s shareholders.
•   Mr. Wang receives no compensation for acting as a nominee.
•   Mr. Wang will act at the direction of Mr. Guangyin Meng as to key decisions affecting the beneficial owners of Shandong Xiangrui, except as to decisions to sell the shares of Shandong Xiangrui, including any change in control transaction such as a merger with a third party, in which case unanimity of the beneficial owners of Shandong Xiangrui is required.
•   If Mr. Wang fails to follow instructions of Ruixing Group’s shareholders, the latter may pursue all legal remedies available against Mr. Wang.