AMENDMENT 4 TO ACQUISITION AGREEMENT
Exhibit 10.1
AMENDMENT 4 TO ACQUISITION AGREEMENT
This Amendment 4 to Acquisition Agreement (this “Amendment”), dated August 8th, 2016 is entered into by and among China United Insurance Service, Inc., a company with limited liability incorporated under the laws of Delaware (“CUIS”) and the selling shareholders of Action Holdings Financial Limited (“AHFL”) as listed in Schedule I of this Amendment (the “Selling Shareholders”) .
CUIS and the Selling Shareholders are collectively referred to as the “Parties” and each a “Party” under this Amendment.
WHEREAS, the Parties entered into the Acquisition Agreement on August 24, 2012 (the “Agreement”), pursuant to which CUIS acquired any and all issued and outstanding shares of AHFL and became the sole shareholder of AHFL.
WHEREAS, the Company and the selling shareholders of AHFL entered into a third Amendment to the Agreement (the “Third Amendment”), pursuant to which, on or prior to June 30, 2016, (i) the Company is committed to complete the listing of the Company’s shares in a major capital market, where the net proceeds raised through such public offering financing shall be at least US$10,000,000; (ii) the Company is committed to distribute the cash payment in the amount of NT$22.5 million (approximately US$676,466), on a pro rata basis, to the selling shareholders of AHFL and issue 5 million common shares to its selected employees pursuant to its employee stock/option plan, or any alternative plan mutually accepted by the Company and such selling shareholders; and (iii) failure to timely complete either of the above-mentioned criteria shall be deemed as a material breach of the Company under Article 8 of the Acquisition Agreement, whereby the non-breaching party shall be entitled to terminate the Acquisition Agreement and unwind the acquisition of AHFL by CUIS and restore the status quo of the Company and the Selling Shareholders as if the said acquisition had never happened.
WHEREAS, the Company has been actively working towards its listing in a major capital market, where the existence of such termination right under the Third Amendment is actually to the detriment of such listing process. The Selling Shareholders acknowledge the efforts made by the Company and agree to terminate the Third Amendment and amend certain provisions of Sections 2.2 of the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to and on the terms and conditions set forth herein, the Parties hereto agree as follows:
The Third Amendment is hereby terminated effective on the Effective Date set forth hereof above.
To amend and restate Sections 2.2(iii) and (iv):
(iii) pay NT$15 million to the Selling Shareholders in the amounts set forth opposite each Selling Shareholder's name on Schedule I on or prior to March 31, 2017 or at any other time or in any other manner otherwise agreed upon by and among the Parties; (iv) pay NT$4,830,514 to the Selling Shareholders in the amounts set forth opposite each Selling Shareholder's name on Schedule I on July 21, 2016.
Except amended by this Amendment, any other provision of the Agreement shall remain unchanged. This Amendment together with the Agreement and any subsequent amendment shall constitute the entire agreement among the Parties with respect to the subject matter of the Agreement and shall supersede all previous communications of the Parties in respect of the subject matter of the Agreement. This Amendment is made in one or more counterparts, all of which will be considered one and the same agreement and will become effective. When one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
IN WITNESS WHEREOF the Parties hereto have executed this Amendment as of the day and year first above written.
| China United Insurance Service, Inc. | ||
| By: | /s/ Xx-Xxxxx Mao | |
| Name: | Xx-Xxxxx Mao | |
| Title: | Director | |
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By: /s/ MAO XX XXXXX
Name: MAO XX XXXXX
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By: /s/ XXXX XXXXX HSIEN
Name: XXXX XXXXX HSIEN
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By: /s/ XXXX XXXX JU
Name: XXXX XXXX JU
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By: /s/ XX XXXX CHI
Name: XX XXXX CHI
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By: /s/ CHENG MIN LUNG
Name: CHENG MIN LUNG
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By: /s/ CHEN XXXX XXX
Name: CHEN XXXX XXX
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By: /s/ XXX XXXX HSING
Name: XXX XXXX HSING
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By: /s/ XXXX XXX TZU
Name: XXXX XXX TZU
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By: /s/ YEH FU CHAO
Name: YEH FU CHAO
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By: /s/ CHEN XXXX XXXXX
Name: CHEN XXXX XXXXX
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By: /s/ XXX XXXX XXX
Name: XXX XXXX XXX
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By: /s/ CHEN XX XXXXX
Name: CHEN XX XXXXX
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By: /s/ XX XXXX CHIN
Name: XX XXXX XXXX
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By: /s/ XXXX XX LING
Name: XXXX XX LING
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By: /s/ WANG XXXX XXXXX
Name: WANG XXXX XXXXX
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By: /s/ CHEN PO CHIANG
Name: CHEN PO CHIANG
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By: /s/ XXXX XXXXX HUNG
Name: XXXX XXXXX HUNG
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By: /s/ XXXXXX XXX TE
Name: XXXXXX XXX TE
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By: /s/ LI BI E
Name: LI BI E
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By: /s/ LIN KUNG YEN
Name: LIN KUNG YEN
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By: /s/ XXXX XXX CHIA
Name: XXXX XXX CHIA
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By: /s/ HONG XXXXX XXX
Name: HONG XXXXX XXX
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By: /s/ XXXX XXXXX XXXX
Name: XXXX XXXXX HUEI
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By: /s/ XXXX XX HUA
Name: XXXX XX HUA
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By: /s/ XXX YA XXX
Name: XXX YA LIN
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By: /s/ XXX XXXXX
Name: XXX XXXXX
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By: /s/ XXXX XXX CHUAN
Name: XXXX XXX CHUAN
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By: /s/ WANG XXX XXX
Name: WANG XXX XXX
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By: /s/ XXXX XXXX MING
Name: XXXX XXXX MING
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By: /s/ XXX XX WEI
Name: XXX XX WEI
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By: /s/ XXXXX XXXXX XXX XXXXX
Name: XXXXX XXXXX XXX XXXXX
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By: /s/ XXXXX XXXXX LING
Name: XXXXX XXXXX LING
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By: /s/ YANG XXXX XXX
Name: YANG XXXX XXX
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By: /s/ XXX XXXX HUA
Name: XXX XXXX HUA
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By: /s/ XXX XXX CHUN
Name: XXX XXX XXXX
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By: /s/ XXX XXX TUNG
Name: XXX XXX XXXX
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By: /s/ XXXX XXXX HUNG
Name: XXXX XXXX HUNG
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By: /s/ XXXXX XXX JHEN
Name: XXXXX XXX JHEN
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By: /s/ TSAI XXX XXXX
Name: TSAI XXX XXXX
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By: /s/ XXXX XXX HSIEN
Name: XXXX XXX HSIEN
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By: /s/ WU CHI TAI
Name: WU CHI TAI
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By: /s/ XXX XXX YU
Name: XXX XXX YU
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By: /s/ XXXX XXXXX YU
Name: XXXX XXXXX YU
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By: /s/ TU WEI PIN
Name: TU WEI PIN
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By: /s/ JIANG XXX XXX
Name: JIANG XXX XXX
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By: /s/ TU XXXXX XXX
Name: TU XXXXX XXX
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By: /s/ XXX XXXX WEI
Name: XXX XXXX WEI
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By: /s/ XXXX XXX XXXX
Name: XXXX XXX YING
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By: /s/ TU WEN TI
Name: TU WEN TI
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By: /s/ XXXXXX XXXX CHI
Name: XXXXXX XXXX CHI
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By: /s/ XXXX XXX CHE
Name: XXXX XXX CHE
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By: /s/ CHIN LI HSUN
Name: CHIN LI HSUN
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By: /s/ XXXXX XXXX CHI
Name: XXXXX XXXX CHI
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By: /s/ YEH JEI HUA
Name: YEH JEI HUA
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By: /s/ XXXX XX XXXX
Name: XXXX XX ZHEN
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By: /s/ XXX XXXX CHIANG
Name: XXX XXXX CHIANG
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By: /s/ XXXX XXXX XXXX
Name: XXXX XXXX TANG
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By: /s/ SHIH XXX XXXX
Name: SHIH XXX XXXX
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By: /s/ CHENG YA FEN
Name: CHENG YA FEN
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By: /s/ XXXX XXXXXX LI
Name: XXXX XXXXXX LI
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By: /s/ XXXXX XXXX CHIEH
Name: XXXXX XXXX CHIEH
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By: /s/ XXX XX FANG
Name: XXX XX FANG
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By: /s/ XXXX XX LAN
Name: XXXX XX LAN
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By: /s/ XXXXX XXX XXXX
Name: XXXXX XXX XXXX
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By: /s/ XXX XX HSUN
Name: XXX XX HSUN
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By: /s/ YEH XXX XX
Name: YEH XXX XX
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By: /s/ XXXX XXXX XXXX
Name: XXXX XXXX XXXX
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By: /s/ YANG XXXXXX XXX
Name: YANG XXXXXX XXX
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By: /s/ NIEN XXX XXX
Name: NIEN XXX XXX
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By: /s/ XXXX XXXX PEI
Name: XXXX XXXX PEI
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By: /s/ SHEN XXX XXXX
Name: SHEN XXX XXXX
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By: /s/ WANG XXXX XXXX
Name: WANG XXXX XXXX
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By: /s/ CHEN XXXXX XXX
Name: CHEN XXXXX XXX
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By: /s/ XXXXX XXX WEN
Name: XXXXX XXX WEN
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U-Li Investment Consulting Enterprise Co., Ltd.
By: /s/ XXX XXX FEN
Name: XXX XXX FEN
Title: Director
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Marcopolo Investment Company Ltd.
By: /s/ XXXX XXXXX HSIEN
Name: XXXX XXXXX HSIEN
Title: Director
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XXXXX XXXX Investment Co., Ltd.
By: /s/ XX XXXX CHI
Name: XX XXXX CHI
Title: Director
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XXXX XXXX Investment Co., Ltd.
By: /s/ XXX XXXX HSING
Name: XXX XXXX HSING
Title: Director
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FENG SHOU Investment Co., Ltd.
By: /s/ XXXX XXXX JU
Name: XXXX XXXX JU
Title: Director
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By: /s/ XXXX XXXXX CHIH
Name: XXXX XXXXX XXXX
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| No. | Shareholder Name |
Amount of Cash Paid to the Selling Shareholders on or prior to March 31, 2017 |
Amount of Cash Paid to the Selling Shareholders on July 21, 2016 |
| 1 | MAO XX XXXXX | 1,366,117 | 586,250 |
| 2 | XXXX XXXXX HSIEN | 91,941 | 39,455 |
| 3 | XXXX XXXX JU | 974,276 | 418,096 |
| 4 | XX XXXX CHI | 487,345 | 209,137 |
| 5 | CHENG MIN LUNG | 583,112 | 250,234 |
| 6 | CHEN XXXX XXX | 155,285 | 66,638 |
| 7 | XXX XXXX HSING | 20,633 | 8,854 |
| 8 | XXXX XXX TZU | 103,089 | 44,239 |
| 9 | YEH FU CHAO | 109,494 | 46,988 |
| 10 | CHEN XXXX XXXXX | 206,357 | 88,555 |
| 11 | XXX XXXX XXX | 315,082 | 135,213 |
| 12 | CHEN XX XXXXX | 40,122 | 17,218 |
| 13 | YU XXX XXXX | 33,440 | 14,350 |
| 14 | XXXX XX LING | 100,036 | 42,929 |
| 15 | WANG XXXX XXXXX | 8,345 | 3,581 |
| 16 | CHEN PO CHIANG | 8,741 | 3,751 |
| 17 | XXXX XXXXX HUNG | 36,292 | 15,574 |
| 18 | XXXXXX XXX TE | 380,343 | 163,219 |
| 19 | LE BI E | 26,914 | 11,550 |
| 20 | LIN KUNG YEN | 38,362 | 16,462 |
| 21 | XXXX XXX CHIA | 98,248 | 42,162 |
| 22 | HONG XXXXX XXX | 43,317 | 18,589 |
| 23 | XXXX XXXXX XXXX | 26,049 | 11,178 |
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| No. | Shareholder Name |
Amount of Cash Paid to the Selling Shareholders on or prior to March 31, 2017 |
Amount of Cash Paid to the Selling Shareholders on July 21, 2016 |
| 24 | XXXX XX HUA | 37,669 | 16,165 |
| 25 | XXX YA XXX | 170,464 | 73,152 |
| 26 | XXX XXXXX | 40,020 | 17,174 |
| 27 | XXXX XXX CHUAN | 14,514 | 6,229 |
| 28 | WANG XXX XXX | 7,457 | 3,200 |
| 29 | XXXX XXXX MING | 29,793 | 12,785 |
| 30 | XXX XX WEI | 102,102 | 43,816 |
| 31 | XXXXX XXXXX XXX XXXXX | 50,507 | 21,674 |
| 32 | XXXXX XXXXX LING | 40,319 | 17,302 |
| 33 | YANG XXXX XXX | 20,126 | 8,637 |
| 34 | XXX XXXX HUA | 101,928 | 43,741 |
| 35 | XXX XXX XXXX | 34,232 | 14,690 |
| 36 | XXX XXX TUNG | 27,535 | 11,816 |
| 37 | XXXX XXXX HUNG | 42,855 | 18,391 |
| 38 | XXXXX XXX XXXX | 6,651 | 2,854 |
| 39 | TSAI XXX XXXX | 96,892 | 41,580 |
| 40 | WU CHI TAI | 14,053 | 6,031 |
| 41 | XXX XXX YU | 15,215 | 6,529 |
| 42 | XXXX XXXXX YU | 37,659 | 16,161 |
| 43 | TU WEI PIN | 38,304 | 16,438 |
| 44 | JIANG XXX XXX | 29,187 | 12,525 |
| 45 | TU XXXXX XXX | 25,681 | 11,021 |
| 46 | XXX XXXX WEI | 6,589 | 2,828 |
| 47 | XXXX XXX YING | 7,688 | 3,299 |
| 48 | XXXX XXX HSIEN | 115,275 | 49,468 |
| 49 | TU WEN TI | 32,531 | 13,960 |
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| No. | Shareholder Name |
Amount of Cash Paid to the Selling Shareholders on or prior to March 31, 2017 |
Amount of Cash Paid to the Selling Shareholders on July 21, 2016 |
| 50 | XXXXXX XXXX CHI | 35,360 | 15,175 |
| 51 | XXXX XXX CHE | 39,684 | 17,030 |
| 52 | CHIN LI HSUN | 20,206 | 8,671 |
| 53 | XXXXX XXXX CHI | 30,440 | 13,064 |
| 54 | YEH JEI HUA | 37,886 | 16,258 |
| 55 | XXXX XX XXXX | 10,103 | 4,335 |
| 56 | XXX XXXX CHIANG | 12,558 | 5,390 |
| 57 | XXXX XXXX XXXX | 3,293 | 1,413 |
| 58 | SHIH XXX XXXX | 10,224 | 4,387 |
| 59 | CHENG YA FEN | 6,627 | 2,845 |
| 60 | XXXX XXXXXX LI | 10,224 | 4,387 |
| 61 | XXXXX XXXX CHIEH | 10,224 | 4,387 |
| 62 | XXX XX FANG | 10,224 | 4,387 |
| 63 | XXXX XX LAN | 6,890 | 2,957 |
| 64 | XXXXX XXX XXXX | 20,460 | 8,780 |
| 65 | XXX XX HSUN | 5,819 | 2,497 |
| 66 | YEH XXX XX | 10,224 | 4,387 |
| 67 | XXXX XXXX XXXX | 6,890 | 2,957 |
| 00 | XXXX XXXXXX XXX | 00,000 | 0,000 |
| 00 | XXXX XXX XXX | 10,224 | 4,387 |
| 70 | XXXX XXX PEI | 10,224 | 4,387 |
| 71 | SHEN XXX XXXX | 3,334 | 1,431 |
| 72 | WANG XXXX XXXX | 3,596 | 1,544 |
| 73 | CHEN XXXXX XXX | 3,596 | 1,544 |
| 74 | XXXXX XXX WEN | 3,596 | 1,544 |
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| No. | Shareholder Name |
Amount of Cash Paid to the Selling Shareholders on or prior to March 31, 2017 |
Amount of Cash Paid to the Selling Shareholders on July 21, 2016 |
| 75 | U-Li Investment Consulting Enterprise Co., Ltd. | 5,107,500 | 585,290 |
| 76 | Marcopolo Investment Company Ltd. | 909,254 | 390,193 |
| 77 | XXXXX XXXX Investment Co., Ltd. | 858,740 | 368,516 |
| 78 | XXXX XXXX Investment Co., Ltd. | 626,375 | 268,800 |
| 79 | FENG SHOU Investment Co., Ltd. | 757,712 | 325,161 |
| 80 | XXXX XXXXX XXXX | 10,103 | 4,335 |
| Total | NT$15 MILLION | NT$4,830,514 | |
