ADDENDUM TO MANAGEMENT SERVICE AGREEMENT between Profits Dreams Development Limited and Best Paramount Industrial Limited
Exhibit
10.22
ADDENDUM
TO MANAGEMENT SERVICE AGREEMENT
between
Profits
Dreams Development Limited
and
Best
Paramount Industrial Limited
29 April
2009
THIS
ADDENDUM WAS ENTERED INTO BETWEEN THE FOLLOWING PARTIES ON 29 APRIL 2009 (“this
Addendum”) TO THE ORIGINAL MANAGEMENT SERVICES AGREEMENT DATED 10 OCTOBER 2008
(“the Original Agreement”):
1)
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Profits Dreams Development
Limited, a company set up and validly constituted under the laws of
British Virgin Islands, with registered office Xxxx 0000-0000 Xxxxxxxxx
Xxxxxx, 00 Xxxx Xx Xxxxxx, XxxxXxx, Xxxxxxx (hereinafter referred
to as “Company A”); and
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2)
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Best Paramount Industrial
Limited, a company set up and validly constituted under the laws of
Hong Kong Special Administrative Region, with registered office 2/F, Emax, Hong Kong
International Trade and Xxxxxxxxxx Xxxxxx, Xx. 0 Xxxxxxxxx Xxxxx, Xxxxxxx
Xxx, Xxxxxxx (hereinafter referred to as “Company
B”).
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Company A
and Company B, after due negotiation, hereby agrees that apart from the service
fee which is calculated on the basis of the actual costs incurred plus a xxxx-up
of 5% (Clause 4.1 of the Original Agreement refers), no discretionary fee will
be charged by Company A for the services provided to Company
B. Accordingly, Clause 4.4 of the Original Agreement will be
removed.
Except as
expressly modified in accordance with the provisions of this Addendum, all
other terms and conditions set forth in the Original Agreement shall remain
in full force and effect and continue to bind the parties.
This
Addendum is entered into and rendered effective as of the 29 April 2009, and
will remain in effect for so long as the Original Agreement remains in
effect.
This
Addendum shall be signed in duplicate and each of which shall be deemed to be an
original.
IN WITNESS WHEREOF the parties
hereto have caused this Addendum to be executed the day and year above first
written.
SIGNED
by
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)
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for
and on behalf of Profits Dreams Development Limited
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)
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in
the presence of:-
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)
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SIGNED
by
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)
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for
and on behalf of Best Paramount Industrial Limited
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)
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in
the presence of:-
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)
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