Amendment to Escrow Agreement among Zhongpin Inc., Stockholders, and Law Debenture Trust Company of New York

Contract Categories: Business Finance › Escrow Agreements
Summary

This amendment updates the Escrow Agreement originally made on January 30, 2006, between Zhongpin Inc., its stockholders, and Law Debenture Trust Company of New York as escrow agent. The main change is a complete revision of Schedule B, which lists the purchasers and the number of escrow shares for fiscal years 2006 and 2007. All other terms of the original agreement remain unchanged. The amendment is effective once all parties sign and certain conditions are met, and it is governed by New York law.

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EX-10.25 11 c42004_ex10-25.txt EXHIBIT 10.25 AMENDMENT TO ESCROW AGREEMENT This Amendment to Escrow Agreement (this "AMENDMENT"), dated as of February 21, 2006, is entered into by and among Zhongpin Inc. (formerly known as Strong Technical Inc.), a Delaware corporation (the "Company"), each of the parties listed below that is a stockholder of the Company (collectively, the "STOCKHOLDERS"), and Law Debenture Trust Company of New York, a New York banking corporation, as escrow agent (hereinafter referred to as the "ESCROW AGENT"), for the purpose of amending the Escrow Agreement dated as of January 30, 2006 (the "ESCROW AGREEMENT") among the Company, the Stockholders and the Escrow Agent. WHEREAS, the Company and the Stockholders have agreed to amend Schedule B to the Escrow Agreement set forth in this Amendment; NOW, THEREFORE, in consideration of the above, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Schedule B to the Escrow Agreement is hereby amended and restated in its entirety to read as set forth on the schedule annexed to this Amendment. 2. The amendment set forth herein shall be effective as of the date first above written (the "AMENDMENT EFFECTIVE DATE") on the date when (i) each of the parties shall have executed and delivered a counterpart to this Amendment; and (ii) each of the conditions set forth in clauses (i) and (ii) to Section 5 of the Amendment dated as of the date hereof among the Company, Falcon Link Investment Limited, the Purchasers named there and D.H. Vermoegensverwaltung - und Beteiligungsgesellschaft mbH shall have been satisfied. 3. Except as specifically set forth in this Amendment, there are no other amendments, modifications or waivers to the Escrow Agreement, and all of the other terms and provisions of the Escrow Agreement remain in full force and effect. 4. From and after the Amendment Effective Date, all references to the Escrow Agreement shall be deemed to be references to the Escrow Agreement, as modified hereby. 5. This Amendment shall be binding upon the parties hereto and their respective successors and permitted assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written. ZHONGPIN INC. By: /s/ Xiaomin Chen ------------------------------- Name: Xiaomin Chen Title: Authorized Representative LAW DEBENTURE TRUST COMPANY OF NEW YORK, AS ESCROW AGENT By: /s/ Boris Treyger ------------------------------- Name: Boris Treyger Title: Assistant Vice President STOCKHOLDERS: /s/ Xianfu Zhu -------------------------------------- ZHU, Xianfu /s/ Baoke Ben ---------------- BEN, Boake /s/ Liu Chaoyang ---------------- LIU, Chaoyang /s/ Qinghe Wang --------------- WANG, Qinghe /s/ Shuichi Si -------------- SI, Shuichi /s/ Juanjuan Wang ----------------- WANG, Juanjuan 2 /s/ Yousu Lin ------------- LIN, Yousu /s/ Qian Wang ------------- WANG, Qian /s/ Yunchun Wang ---------------- WANG, Yunchun 3 SCHEDULE B
NUMBER OF NUMBER OF TAX I.D. ESCROW SHARES ESCROW SHARES NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007 ----------------- ------- ------ ----------- ----------- Pinnacle China Fund L.P. 4965 Preston Park Blvd 20 ###-###-#### 4,322,573 4,322,573 Suite 240 Plano, TX 75093 Amaranth Global Equities c/o Dundee Leeds Management Services 98-0411928 720,429 720,429 Master Fund Limited (Cayman) Ltd. Waterfront Centre 28 N. Church St, 2nd Fl. George Town, Grand Cayman Cayman Islands, British West Indies Atlas Capital Master Fund LP c/o Admiral Administration 817,687 817,687 Admiral Financial Center, 5th Floor 90 Fort Street Box 32021 SMB Grand Cayman, Cayman Islands Atlas Capital (Q.P.), LP 100 Cresent Court, Suite 800 33-1025414 495,655 495,655 Dallas, TX 75201 Atlas Capital Offshore Exempt c/o Admiral Administration 127,516 127,516 Fund, Ltd. Admiral Financial Center, 5th Floor 90 Fort Street Box 32021 SMB Grand Cayman, Cayman Islands
B-1
NUMBER OF NUMBER OF TAX I.D. ESCROW SHARES ESCROW SHARES NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007 ----------------- ------- ------ ----------- ----------- BFS US Special Opportunities Front National Bank 1,080,643 1,080,643 Trust PLC 100 W. Houston Street San Antonio, TX 78205 Attn: Henri Domingues T-8 Cordillera Fund, LP 8201 Preston Road, Suite 400 20-1227553 288,172 288,172 Dallas, TX 75021 Crestview Capital Master LLC 95 Revere Drive, Suite A 20-0512894 720,429 720,429 Northbrook IL 60062 Gryphon Master Fund, L.P. 100 Crescent Court, Suite ###-###-#### 504,300 504,300 Dallas, TX 75201 GSSF Master Fund, L.P. 100 Crescent Court, Suite 490 98-0433969 216,129 216,129 Dallas, TX 75201 Jayhawk China Fund (Cayman), c/o Genesis Fund Service Limited 98-0170144 2,593,544 2,593,544 Ltd. 8201 Mission Road, Suite 110 Prairie Village, KS 66208 Renaissance US Growth Front National Bank 1,080,643 1,080,643 Investment Trust PLC 100 W. Houston Street San Antonio, TX 78205 Attn: Henri Domingues T-8 Dallas, TX [7206] Michael P. Ross 300 Central Park West, Apt. 15-C2 ###-##-#### 216,129 216,129 New York, New York 10024 Sandor Capital Master Fund, 2828 Routh Street, Suite 500 27-0013809 360,214 360,214 L.P. Dallas, TX 75201
B-2
NUMBER OF NUMBER OF TAX I.D. ESCROW SHARES ESCROW SHARES NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007 ----------------- ------- ------ ----------- ----------- Southwell Partners, L.P. 1901 North Akard Street ###-###-#### 1,260,750 1,260,750 Dallas, TX 75201 Special Situations Private 527 Madison Avenue, Suite 2600 ###-###-#### 618,128 618,128 Equity Fund, L.P. New York, NY 10022 Special Situations Fund III 527 Madison Avenue, Suite 2600 ###-###-#### 1,419,965 1,419,965 QP, L.P. New York, NY 10022 Special Situations Fund III, 527 Madison Avenue, Suite 2600 55-0898321 123,193 123,193 L.P. New York, NY 10022 SRB Greenway Offshore 300 Crescent Court, Suite 1111 19,235 19,235 Operating Fund, L.P. Dallas, TX 75201 Attn: Joe Worsham SRB Greenway Capital, L.P. 300 Crescent Court, Suite 1111 20-1718174 38,399 38,399 Dallas, TX 75201 Attn: Joe Worsham SRB Greenway Capital (QP), L.P. 300 Crescent Court, Suite 1111 20-1939469 302,580 302,580 Dallas, TX 75201 Attn: Joe Worsham Vision Opportunity Master 317 Madison Avenue, Suite 1220 27-0120759 1,296,772 1,296,772 Fund, LTD New York, NY 10017 Westpark Capital, L.P. 4965 Preston Park Boulevard, Suite ###-###-#### 720,429 720,429 Plano, TX 75093
B-3
NUMBER OF NUMBER OF TAX I.D. ESCROW SHARES ESCROW SHARES NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007 ----------------- ------- ------ ----------- ----------- WS Opportunity Fund 300 Crescent Court, Suite 1111 273,763 276,763 International, Ltd. Dallas, TX 75201 Attn: Joe Worsham WS Opportunity Fund, L.P. 300 Crescent Court, Suite 1111 ###-###-#### 158,494 158,494 Dallas, TX 75201 Attn: Joe Worsham WS Opportunity Fund (QP), L.P. 300 Crescent Court, Suite 1111 ###-###-#### 108,064 108,064 Dallas, TX 75201 Attn: Joe Worsham
B-4