SUPPLEMENTAL AGREEMENT (English Translation)
Exhibit
10.1
(English
Translation)
Party
A: Administrative
Committee of Songmu Industrial Park, Henyang City, Hunan Province
Party
B: Shenzhen
Ritar Power Co., Ltd.
Whereas
Party A and Party B (collectively as the “Parties”)
entered into Agreement
for Stationing Project into Industrial Park (the
“Original
Agreement”)
with
respect to lead-acid battery plates and lead-acid battery assembly (the
“Project”).
The
Parties hereby agree that the Original Agreement is amended and supplemented
as
follows:
| 1. |
The
construction of the Project shall be conducted in three phases. The
first
phase requires investment in an amount of RMB 120 million. The Project
is
expected to be operational by the end of 2007 and production capacity
to
be 21,600 metric tons per year. After the first phase investment is
completed, Party B shall, in its sole discretion, determine whether
to
proceed to the second and third phase investments depending on Party
A’s
investment environment and the availability of Party B’s capital.
|
| 2. |
Regardless
whether Party B elects to fund the second and third phase constructions,
Party A covenants to grant to Party B the land use rights at RMB 48,000/mu
for the first phase construction.
|
| 3. |
Party
A agreed to reserve the land contemplated by the Original Agreement
for
Party B’s second and third phase construction use until December 2008 and
October 2009, respectively. In the event that Party B determines not
to
fund the Project for the second and third phase construction as provided
by Section 1 hereof this agreement, Party A has no obligation to reserve
the land after December 2008 and October 2009, respectively.
|
Party
A: Administrative
Committee of Songmu Industrial Park, Henyang City, Hunan Province
(Seal)
Representative:
(signature)
Party
B: Shenzhen
Ritar Power Co., Ltd.
(Corporate
Seal)
Representative:
(signature)
Date:
June 26,
2007