Termination Agreement
Exhibit
10.23
Party
A: Guangxi Liuzhou
Baicaotang Medicine Ltd.
Legal
Representative: Tang Huitian
Party
B: Shareholders of
Liuzhou Baicaotang Property Management Ltd.
Representative:
Tang Huitian
Party
C: Liuzhou Baicaotang
Property Management Ltd.
Legal
Representative: Xxx Xxxxxx
Whereas,
(1)
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Party
A and Party B entered into a Shares Pledge Agreement on May 3, 2008 and
another Shares Pledge Agreement on March 31, 2009 to pledge Party B’s
equities in Party C to secure the loans that Party B has borrowed from
Party A (the “Loan”);
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(2)
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Party
A and Party B have found that they have entered into the two Shares Pledge
Agreements in error and intend to correct
it.
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Party A,
Party B and Party C hereby enter into the following agreement:
1.
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Party
A and Party B agree to terminate the two Shares Pledge Agreements that
were signed respectively on May 3, 2008 and March 31,
2009.
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2.
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Party
C agrees to undertake to secure the Loan. Party A, Party B and
Party C confirm that the agreements that Party C has entered into with
Party A to pledge all the equities it holds in Guangxi Liuzhou Baicaotang
Medicine Retail Co., Ltd. remain in full force and
effect.
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3.
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Any
dispute arising out of the performance of this agreement shall be
negotiated between the parties. When failing to get a
consistent settlement, any party may submit such dispute to the People’s
Court of Liunan District, Liu Zhou City for
determination.
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4.
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The
terms and conditions set forth in herein should not be modified unless
written agreed by the parties.
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5.
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This
agreement is made in six counterparts with each party holding two
copies. This agreement shall become binding on the date signed
by the parties.
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Party
A: Guangxi Liuzhou Baicaotang Medicine Ltd.
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Legal
Representative:
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Date:
March 2, 2010
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Party
B: Shareholders of Liuzhou Baicaotang Property Management Co.,
Ltd
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Representative:
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Date:
March 2, 2010
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Party
C: Liuzhou Baicaotang Property Management Ltd.
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Legal
Representative:
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Date:
March 2, 2010
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