Agreement of Contract Termination
Agreement
of Contract Termination
1st Party:
Shenzhen Speedy Dragon Enterprise Limited (“Speedy Dragon”)
Legal
Representative: Song, Xiangsheng (Identity Number:
000000000000000000)
2nd Party:
Shenzhen Yu Xxx Xx Aviation Service Company (“Yuzhilu”)
Legal
Representative: Jiang, Jiangping (Identity Number:
000000000000000000)
WHEREAS the 1st and
2nd
Parties had entered into an Equity Transfer Contract dated April 10,
2007;
AND WHEREAS the parties wish
to terminate the Equity Transfer Contract;
NOW THEREFORE in consideration
of the premises and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as
follows:
|
1.
|
Both
parties will complete the formalities to return 100% of the equity
interest in Speedy Dragon to Xiangsheng Song on or before June 30, 2009.
2nd
Party will transfer its equity interests in Speedy Dragon to 1st
Party and 1st
Party will return 714,285 shares of Universal Travel Group (pre-split,
Share Certificate number 0274) to 2nd
Party.
|
|
2.
|
1st
Party will also repay 2nd
Party a total 3.5 million RMB within a year after the date both parties
complete the above formalities.
|
|
3.
|
The
original agreement will be terminated when both parties go through
formalities related to change in business certificate approved by local
administrative department. The parties will, at the date of changes been
effective, release and forever discharge one another of and from all legal
obligations, claims and debts.
|
|
4.
|
This
Agreement has two copies, one copy for each party. This Agreement goes to
effect the day both parties sign
(stamp).
|
1st
Party Sign:
|
2nd
Party Sign:
|
|||
/s/
Xiangsheng Song
|
/s/
Xxxxxxxxx Xxxxx
|
|||
Shenzhen
Speedy Dragon Enterprise Limited
|
Shenzhen
Yu Xxx Xx Aviation Service Company
|
|||
Date:2009
June 12
|
Date:2009
June 11
At Shenzhen
|