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/ Xxxxxxx Xxxx
-------------------------------
Name: Xxxxxxx Xxxx
Title: Authorized Representative
LAW DEBENTURE TRUST COMPANY
OF NEW YORK, AS ESCROW AGENT
By: /s/ Xxxxx Xxxxxxx
-------------------------------
Name: Xxxxx Xxxxxxx
Title: Assistant Vice President
STOCKHOLDERS:
/s/ Xxxxxx Xxx
--------------------------------------
ZHU, Xianfu
/s/ Baoke Ben
----------------
BEN, Boake
/s/ Liu Chaoyang
----------------
LIU, Chaoyang
/s/ Xxxxxx Xxxx
---------------
WANG, Qinghe
/s/ Shuichi Si
--------------
SI, Shuichi
/s/ Xxxxxxxx Xxxx
-----------------
WANG, Juanjuan
2
/s/ Xxxxx Xxx
-------------
LIN, Yousu
/s/ Xxxx Xxxx
-------------
XXXX, Xxxx
/s/ Xxxxxxx Xxxx
----------------
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. 0000 Xxxxxxx Xxxx Xxxx 00-0000000 4,322,573 4,322,573
Xxxxx 000
Xxxxx, XX 00000
Amaranth Global Equities c/o Dundee Leeds Management Services 00-0000000 720,429 720,429
Master Fund Limited (Cayman) Ltd.
Xxxxxxxxxx Xxxxxx
00 X. Xxxxxx Xx, 0xx Xx.
Xxxxxx Town, Grand Cayman
Cayman Islands, British West Indies
Atlas Capital Master Fund LP c/o Admiral Administration 817,687 817,687
Admiral Financial Center, 0xx Xxxxx
00 Xxxx Xxxxxx
Box 32021
SMB
Grand Cayman, Cayman Islands
Atlas Capital (Q.P.), LP 000 Xxxxxxx Xxxxx, Xxxxx 000 00-0000000 495,655 495,655
Xxxxxx, XX 00000
Atlas Capital Offshore Exempt c/o Admiral Administration 127,516 127,516
Fund, Ltd. Admiral Financial Center, 0xx Xxxxx
00 Xxxx Xxxxxx
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 000 X. Xxxxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
Attn: Xxxxx Xxxxxxxxx T-8
Cordillera Fund, LP 0000 Xxxxxxx Xxxx, Xxxxx 000 00-0000000 288,172 288,172
Xxxxxx, XX 00000
Crestview Capital Master LLC 00 Xxxxxx Xxxxx, Xxxxx X 00-0000000 720,429 720,429
Xxxxxxxxxx XX 00000
Gryphon Master Fund, L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 000 00-0000000 504,300 504,300
Xxxxxx, XX 00000
GSSF Master Fund, L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 000 00-0000000 216,129 216,129
Xxxxxx, XX 00000
Jayhawk China Fund (Cayman), c/o Genesis Fund Service Limited 00-0000000 2,593,544 2,593,544
Ltd. 0000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxx Xxxxxxx, XX 00000
Renaissance US Growth Front National Bank 1,080,643 1,080,643
Investment Trust PLC 000 X. Xxxxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
Attn: Xxxxx Xxxxxxxxx T-8
Dallas, TX [7206]
Xxxxxxx X. Xxxx 000 Xxxxxxx Xxxx Xxxx, Xxx. 00-X0 ###-##-#### 216,129 216,129
Xxx Xxxx, Xxx Xxxx 00000
Sandor Capital Master Fund, 0000 Xxxxx Xxxxxx, Xxxxx 000 00-0000000 360,214 360,214
L.P. Xxxxxx, XX 00000
B-2
NUMBER OF NUMBER OF
TAX I.D. ESCROW SHARES ESCROW SHARES
NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007
----------------- ------- ------ ----------- -----------
Xxxxxxxxx Partners, L.P. 0000 Xxxxx Xxxxx Xxxxxx 00-0000000 1,260,750 1,260,750
Xxxxxx, XX 00000
Special Situations Private 000 Xxxxxxx Xxxxxx, Xxxxx 0000 00-0000000 618,128 618,128
Equity Fund, L.P. Xxx Xxxx, XX 00000
Special Situations Fund III 000 Xxxxxxx Xxxxxx, Xxxxx 0000 00-0000000 1,419,965 1,419,965
QP, L.P. Xxx Xxxx, XX 00000
Special Situations Fund III, 000 Xxxxxxx Xxxxxx, Xxxxx 0000 00-0000000 123,193 123,193
L.P. Xxx Xxxx, XX 00000
SRB Greenway Offshore 000 Xxxxxxxx Xxxxx, Xxxxx 0000 19,235 19,235
Operating Fund, L.P. Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
SRB Xxxxxxxx Capital, L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 0000 00-0000000 38,399 38,399
Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
SRB Greenway Capital (QP), L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 0000 00-0000000 302,580 302,580
Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
Vision Opportunity Master 000 Xxxxxxx Xxxxxx, Xxxxx 0000 00-0000000 1,296,772 1,296,772
Fund, LTD Xxx Xxxx, XX 00000
Westpark Capital, L.P. 0000 Xxxxxxx Xxxx Xxxxxxxxx, Xxxxx 000 75-294-5750 720,429 720,429
Xxxxx, XX 00000
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 000 Xxxxxxxx Xxxxx, Xxxxx 0000 273,763 276,763
International, Ltd. Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
WS Opportunity Fund, L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 0000 00-0000000 158,494 158,494
Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
WS Opportunity Fund (QP), L.P. 000 Xxxxxxxx Xxxxx, Xxxxx 0000 00-0000000 108,064 108,064
Xxxxxx, XX 00000
Attn: Xxx Xxxxxxx
B-4
