AGREEMENT TO TERMINATE EQUITY PLEDGE AGREEMENT
Exhibit 10.9
THIS AGREEMENT TO TERMINATE EQUITY PLEDGE AGREEMENT (this “Agreement”) is entered into as of March 22, 2011, by and among Shenyang Yanzikou Sports & Entertainment Co., Ltd. (“Pledgee”), the shareholders listed on the signature page hereto holding the equity interests of Beijing Shungao Golf Course Management Co., Ltd. (“Pledgors”) and China Golf Group, Inc. (“the Company”, and with Pledgee and Pledgors collectively referred to as the “Parties”). China Golf Group, Inc., (the “Company”), is made a party to this Agreement for the sole purpose of acknowledging the Agreement.
(1) Pledgee hereby terminates the Equity Pledge Agreement, and Pledgors and Company hereby accept such termination.
(2) Each of the Pledgee, Pledgors and Company acknowledges that all service fees under Consulting Agreement have been settled and the Pledgors will not undertake any further obligations under the Consulting Agreement.
B. GOVERNING LAW. This Agreement shall be governed and construed under the laws of the People’s Republic of China, and shall be binding on and shall inure to the benefit of the parties and their respective successors and permitted assigns.
C. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.
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SIGNATURE PAGE
PLEDGEE:
Shenyang Yanzikou Sports & Entertainment Co., Ltd.
By: /s/ Ye Bi
Name: Ye Bi
Title: Executive Director
PLEDGORS SIGNATURE PAGE
PLEDGORS:
_/s/ Xiao Bowu_____________
Xiao Bowu
Owns 100% of Beijing Shungao Golf Course Management Co., Ltd.
ACKNOWLEDGED BY
By:____/s/Ye Bi_______
Name: Ye Bi
Title: CEO