EXHIBIT 10.23
AMENDMENT
This AMENDMENT (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"), Falcon Link Investment Limited, a
corporation formed under the laws of The British Virgin Islands ("FALCON"), each
of the entities listed on Exhibit A hereto (each a "PURCHASER" and collectively,
the "PURCHASERS"), and D.H. Vermoegensverwaltung-und Beteiligungsgesellschaft
mbH (the "WITHDRAWING PURCHASER"), for the purpose of amending the terms of (i)
the Securities Purchase Agreement dated as of January 30, 2006 (the "SECURITIES
PURCHASE AGREEMENT") among the Company, Falcon and the purchasers listed on
Exhibit A thereto (collectively, the "ORIGINAL PURCHASERS") and (ii) the
Registration Rights Agreement dated as of January 30, 2006 (the "REGISTRATION
RIGHTS AGREEMENT") among the Company and the Original Purchasers. Capitalized
terms used herein without definition shall have the meanings ascribed to such
terms in the Securities Purchase Agreement.
WHEREAS, the Company, Falcon, the Purchasers and the Withdrawing
Purchaser have agreed to make certain amendments to the Securities Purchase
Agreement and the Registration Rights Agreement as set forth herein;
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. From and after the date hereof, the Withdrawing Purchaser
shall no longer be a "PURCHASER" under, or a party to, the Securities Purchase
Agreement or an "INVESTOR" under, or a party to, the Registration Rights
Agreement, and the Withdrawing Purchaser hereby acknowledges and agrees that it
has not paid the Purchase Price for the Shares and Warrants to be acquired by it
under the Securities Purchase Agreement and, as a result, it is not entitled to
any of the rights or benefits afforded to the purchasers of the Shares or
Warrants under the Securities Purchaser Agreement or the Registration Rights
Agreement.
2. The Company agrees to issue and sell to the Purchasers listed
on Annex A to this Amendment and, in consideration of and in express reliance
upon, the representations, warranties, covenants, terms and conditions of the
Securities Purchase Agreement, the Purchasers listed on Annex A to this
Amendment, severally and not jointly, agree to purchase the number of Shares and
Warrants set forth opposite their respective names on Annex A to this Amendment.
Upon execution and delivery of this Amendment, each of the Purchasers listed on
Annex A to this Amendment, if not currently a party to the Securities Purchase
Agreement, shall become a party to, and, as a "PURCHASER" (as defined in the
Securities Purchase Agreement"), shall be subject to the terms and conditions
of, the Securities Purchase Agreement.
3. The Company, Falcon, the Purchasers and the Withdrawing
Purchaser hereby agree that Exhibit A to the Securities Purchase Agreement is
hereby amended and restated in its entirety to read as set forth on Exhibit A to
this Amendment.
4. The Company, Falcon, the Purchasers and the Withdrawing
Purchaser hereby agree that Schedule A to the Registration Rights Agreement is
hereby amended and restated in its entirety to read as set forth on Schedule A
to this Amendment. Upon execution and delivery of this Amendment, each of the
Purchasers listed on Annex A to this Amendment, if not currently a party to the
Registration Rights Agreement, shall become a party to, and, as an "INVESTOR"
(as defined in the Registration Rights Agreement"), shall be subject to the
terms and conditions of, the Registration Rights Agreement.
5. Each 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; (ii) the Purchasers listed on Annex A to this Amendment shall have
delivered the Purchase Price for the Shares and Warrants to be purchased by such
Purchasers pursuant to Section 2 of this Amendment to Law Debenture Trust
Company of New York, as escrow agent under the escrow agreement dated as of
January 30, 2006 in the form of Exhibit H to the Securities Purchase Agreement;
and (iii) an Amendment to Escrow Agreement in the form annexed hereto as Exhibit
B (the "ESCROW AMENDMENT") shall have been executed and delivered by the parties
thereto.
6. Each of the Purchasers hereby consents to the execution and
delivery of the Escrow Amendment by the parties thereto and to the amendment to
the Escrow Agreement (as defined in the Escrow Amendment) to be effected by the
Escrow Amendment.
7. Except as specifically set forth in this Amendment, there are
no other amendments, modifications or waivers to the Securities Purchase
Agreement or the Registration Rights Agreement, and all of the other terms and
provisions of the Securities Purchase Agreement and the Registration Rights
Agreement remain in full force and effect.
8. From and after the Amendment Effective Date, all references to
the Securities Purchase Agreement or the Registration Rights Agreement shall be
deemed to be references to the Securities Purchase Agreement and/or the
Registration Rights Agreement, as the case may be, as modified hereby.
9. 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.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
2
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
signed in its name effective as of the Amendment Effective Date.
ZHONGPIN INC.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇
Title: Authorized Representative
FALCON LINK INVESTMENT LIMITED
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇
Title: Authorized Representative
AMARANTH GLOBAL EQUITIES MASTER
FUND LIMITED
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
Title: Authorized Representative
ATLAS CAPITAL MASTER FUND LP
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Managing Director
ATLAS CAPITAL (Q.P.), LP
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Managing Director
3
ATLAS CAPITAL OFFSHORE EXEMPT FUND, LTD.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Managing Director
BFS US SPECIAL OPPORTUNITIES TRUST
PLC
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: President
▇▇▇▇ Capital Group, Inc.
Investment Adviser
CORDILLERA FUND, LP
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Co-CEO of ▇▇▇▇▇▇ ▇▇▇▇▇▇ Capital, Inc.,
General Partner of ACCF GenPar, L.P.,
General Partner of the Cordillera Fund,
L.P.
CRESTVIEW CAPITAL MASTER LLC
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇
Title: Managing Director
D.H. VERMOEGENSVERWALTUNG - UND
BETEILIGUNGSGESELLSCHAFT MBH
By: /s/ ▇▇▇▇ ▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇
Title: Managing Director
4
GRYPHON MASTER FUND, L.P.
By: /s/ ▇.▇. ▇▇▇▇ ▇▇
--------------------------------------
Name: ▇.▇. ▇▇▇▇ ▇▇
Title: Authorized Agent
GSSF MASTER FUND, L.P.
By: /s/ ▇.▇. ▇▇▇▇ ▇▇
--------------------------------------
Name: ▇.▇. ▇▇▇▇ ▇▇
Title: Authorized Agent
JAYHAWK CHINA FUND (CAYMAN), LTD.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Chief Financial Officer
PINNACLE CHINA FUND, L.P.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Sole Member, Kitt China Management,
L.L.C., the Manager of Pinnacle China
Management, L.L.C., the General Partner of
Pinnacle China Advisors, L.P., the General
Partner of Pinnacle China Fund, L.P.
RENAISSANCE US GROWTH INVESTMENT
TRUST PLC
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: President
▇▇▇▇ Capital Group, Inc.
Investment Adviser
5
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇
--------------------------------------
▇▇▇▇▇▇▇ ▇▇▇▇
SANDOR CAPITAL MATER FUND, LP
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇
Title: General Partner
▇▇▇▇▇▇▇▇▇ PARTNERS, LP
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Managing Director
SPECIAL SITUATIONS PRIVATE EQUITY
FUND, L.P.
By: /s/ ▇▇▇▇▇ Greenhouse
--------------------------------------
Name: ▇▇▇▇▇ Greenhouse
Title: Managing Director
SPECIAL SITUATIONS FUND III QP, L.P.
By: /s/ ▇▇▇▇▇ Greenhouse
--------------------------------------
Name: ▇▇▇▇▇ Greenhouse
Title: Managing Director
SPECIAL SITUATIONS FUND III, L.P.
By: /s/ ▇▇▇▇▇ Greenhouse
--------------------------------------
Name: ▇▇▇▇▇ Greenhouse
Title: Managing Director
6
SRB GREENWAY OFFSHORE OPERATING
FUND, L.P.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Member
SRB GREENWAY CAPITAL, L.P.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Member
SRB GREENWAY CAPITAL (QP), L.P.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Member
VISION OPPORTUNITY MASTER FUND,
LTD.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Managing Partner
WESTPARK CAPITAL, L.P.
By: /s/ ▇▇▇▇▇▇▇ ▇. Broshahan
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. Broshahan
Title: General Partner
7
WS OPPORTUNITY FUND INTERNATIONAL,
LTD.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Member
WS OPPORTUNITY FUND, L.P.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Member
WS OPPORTUNITY FUND (QP), L.P.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Member
8
ANNEX A
LIST OF PURCHASERS
-----------------------------------------------------------------------------------------------------------------------
NUMBER OF DOLLAR
NAMES AND ADDRESSES OF NUMBER OF SHARES WARRANTS AMOUNT
PURCHASERS PURCHASED PURCHASED OF INVESTMENT
-----------------------------------------------------------------------------------------------------------------------
BFS US Special Opportunities Trust PLC 125,000 62,500 $500,000
c/o RENN Capital Group, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇-▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
Cordillera Fund, L.P. 100,000 50,000 $400,000
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
Gryphon Master Fund, L.P. 175,000 87,500 $700,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
GSS Master Fund, L.P. 75,000 37,500 $300,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
Jayhawk China Fund (Cayman), Ltd. 400,000 200,000 $1,600,000
c/o Genesis Fund Services Limited
▇▇▇▇▇▇▇'▇ Bay Corporate Centre
West Bay Street, Third Floor
P.O. Box N-9508
Nassau, New Providence
Bahamas
-----------------------------------------------------------------------------------------------------------------------
Renaissance US Growth Investment Trust PLC 125,000 62,500 $500,000
c/o RENN Capital Group, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇-▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
Westpark Capital, L.P. 250,000 125,000 $1,000,000
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-----------------------------------------------------------------------------------------------------------------------
An A-1
EXHIBIT A
LIST OF PURCHASERS
-------------------------------------------------------------------------------------------------------------------------------
NUMBER OF DOLLAR
NAMES AND ADDRESSES OF NUMBER OF SHARES WARRANTS AMOUNT
PURCHASERS PURCHASED PURCHASED(1) OF INVESTMENT
-------------------------------------------------------------------------------------------------------------------------------
Pinnacle China Fund, L.P. 1,500,000 750,000 $6,000,000
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Amaranth Global Equities Master Fund Limited 250,000 125,000 $1,000,000
c/o Dundee Leeds Management Services (Cayman) Ltd.
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇ ▇. ▇▇▇▇▇▇ ▇▇, ▇▇▇ ▇▇.
▇▇▇▇▇▇ Town, Grand Cayman
Cayman Islands, British West Indies
-------------------------------------------------------------------------------------------------------------------------------
Atlas Capital Master Fund LP 283,750 141,874.989 $1,135,000
c/o Admiral Administration
Admiral Financial Center, ▇▇▇ ▇▇▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
Box 32021
SMB
Grand Cayman, Cayman Islands
-------------------------------------------------------------------------------------------------------------------------------
Atlas Capital (Q.P.), L.P. 172,000 86,000 $688,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Atlas Capital Offshore Exempt Fund, Ltd. 44,250 22,125.010 $177,000
c/o Admiral Administration
Admiral Financial Center, ▇▇▇ ▇▇▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
Box 32021
SMB
Grand Cayman, Cayman Islands
-------------------------------------------------------------------------------------------------------------------------------
BFS US Special Opportunities Trust PLC 375,000 187,500 $1,500,000
Front National Bank
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ T-8
-------------------------------------------------------------------------------------------------------------------------------
--------------------------
(1) Adjusted to give effect to the one-for-35.349 reverse stock split
effected on February 16, 2006.
Ex A-1
-------------------------------------------------------------------------------------------------------------------------------
NUMBER OF DOLLAR
NAMES AND ADDRESSES OF NUMBER OF SHARES WARRANTS AMOUNT
PURCHASERS PURCHASED PURCHASED(1) OF INVESTMENT
-------------------------------------------------------------------------------------------------------------------------------
Cordillera Fund, L.P. 100,000 50,000 $400,000
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Crestview Capital Master LLC 250,000 125,000 $1,000,000
▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇
▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Gryphon Master Fund, L.P. 175,000 87,500 $700,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
GSS Master Fund, L.P. 75,000 37,500 $300,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Jayhawk China Fund (Cayman), Ltd. 900,000 450,000 $3,600,000
c/o Genesis Fund Service Limited
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Renaissance US Growth Investment Trust PLC 375,000 187,500 $1,500,000
Front National Bank
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ T-8
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇ 75,000 37,500.014 $300,000
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇. ▇▇-▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Sandor Capital Master Fund, LP 125,000 62,500.014 $500,000
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇▇ Partners, LP 437,500 218,750.007 $1,750,000
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Special Situations Private Equity Fund, L.P. 214,500 107,249.992 $858,000
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Ex A-2
-------------------------------------------------------------------------------------------------------------------------------
NUMBER OF DOLLAR
NAMES AND ADDRESSES OF NUMBER OF SHARES WARRANTS AMOUNT
PURCHASERS PURCHASED PURCHASED(1) OF INVESTMENT
-------------------------------------------------------------------------------------------------------------------------------
Special Situations Fund III QP, L.P. 492,750 246,375.003 $1,971,000
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Special Situations Fund III, L.P. 42,750 21,375.003 $171,000
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
SRB Greenway Offshore Operating Fund, L.P. 6,674 3,337.491 $26,696
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
SRB Greenway Capital, L.P. 13,326 6,662.508 $53,304
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
SRB Greenway Capital (QP), L.P. 105,000 52,500.014 $420,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Vision Opportunity Master Fund, Ltd. 450,000 225,000 $1,800,000
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Westpark Capital, L.P. 250,000 125,000 $1,000,000
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
WS Opportunity Fund International, Ltd. 95,000 47,500.014 $380,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
WS Opportunity Fund, L.P. 55,000 27,500.014 $220,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
WS Opportunity Fund (QP), L.P. 37,500 18,750.007 $150,000
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------------------------------------------------------
Ex A-3
SCHEDULE A
LIST OF INVESTORS
Amaranth Global Equities Master Fund Limited
Atlas Capital Master Fund LP
Atlas Capital (Q.P.), L.P.
Atlas Capital Offshore Exempt Fund, Ltd.
BFS US Special Opportunities Trust PLC
Cordillera Fund, LP
Crestview Capital Master LLC
Gryphon Master Fund, L.P.
GSSF Master Fund, L.P.
Jayhawk China Fund (Cayman), Ltd.
Pinnacle China Fund LP
Renaissance US Growth Investment Trust PLC
▇▇▇▇▇▇▇ ▇. ▇▇▇▇
▇▇▇▇▇▇ Capital Master Fund, ▇▇
▇▇▇▇▇▇▇▇▇ Partners, LP
Special Situations Private Equity Fund, L.P.
Special Situations Fund III QP, L.P.
Special Situations Fund III, L.P.
SRB Greenway Offshore Operating Fund, L.P.
SRB Greenway Capital, L.P.
SRB Greenway Capital (QP), L.P.
Vision Opportunity Master Fund, LTD.
Westpark Capital, L.P.
WS Opportunity Fund International, Ltd.
WS Opportunity Fund, L.P.
WS Opportunity Fund (QP), L.P.
Sch A-1
EXHIBIT B
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.
Ex B-1
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:
--------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇
Title: Authorized Representative
LAW DEBENTURE TRUST COMPANY
OF NEW YORK, AS ESCROW AGENT
By:
--------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Title:
STOCKHOLDERS:
--------------------------------
ZHU, Xianfu
--------------------------------
BEN, Boake
--------------------------------
LIU, Chaoyang
--------------------------------
WANG, Qinghe
--------------------------------
SI, Shuichi
--------------------------------
WANG, Juanjuan
Ex B-2
--------------------------------
LIN, Yousu
--------------------------------
▇▇▇▇, ▇▇▇▇
--------------------------------
WANG, Yunchun
Ex B-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. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 4,322,573 4,322,573
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Amaranth Global Equities c/o Dundee Leeds Management Services ▇▇-▇▇▇▇▇▇▇ 720,429 720,429
Master Fund Limited (Cayman) Ltd.
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇ ▇. ▇▇▇▇▇▇ ▇▇, ▇▇▇ ▇▇.
▇▇▇▇▇▇ Town, Grand Cayman
Cayman Islands, British West Indies
Atlas Capital Master Fund LP c/o Admiral Administration 817,687 817,687
Admiral Financial Center, ▇▇▇ ▇▇▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
Box 32021
SMB
Grand Cayman, Cayman Islands
Atlas Capital (Q.P.), LP ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇-▇▇▇▇▇▇▇ 495,655 495,655
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Atlas Capital Offshore Exempt c/o Admiral Administration 127,516 127,516
Fund, Ltd. Admiral Financial Center, ▇▇▇ ▇▇▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
Box 32021
SMB
Grand Cayman, Cayman Islands
Sch 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 ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ T-8
Cordillera Fund, LP ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇-▇▇▇▇▇▇▇ 288,172 288,172
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Crestview Capital Master LLC ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇ ▇▇-▇▇▇▇▇▇▇ 720,429 720,429
▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Gryphon Master Fund, L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇-▇▇▇▇▇▇▇ 504,300 504,300
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
GSSF Master Fund, L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇-▇▇▇▇▇▇▇ 216,129 216,129
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Jayhawk China Fund (Cayman), c/o Genesis Fund Service Limited ▇▇-▇▇▇▇▇▇▇ 2,593,544 2,593,544
Ltd. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Renaissance US Growth Front National Bank 1,080,643 1,080,643
Investment Trust PLC ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ T-8
Dallas, TX [7206]
▇▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇. ▇▇-▇▇ ###-##-#### 216,129 216,129
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Sandor Capital Master Fund, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇-▇▇▇▇▇▇▇ 360,214 360,214
L.P. ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Sch B-2
NUMBER OF NUMBER OF
TAX I.D. ESCROW SHARES ESCROW SHARES
NAME OF PURCHASER ADDRESS NUMBER FISCAL 2006 FISCAL 2007
----------------- ------- ------ ----------- -----------
▇▇▇▇▇▇▇▇▇ Partners, L.P. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 1,260,750 1,260,750
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Special Situations Private ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 618,128 618,128
Equity Fund, L.P. ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Special Situations Fund III ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 1,419,965 1,419,965
QP, L.P. ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Special Situations Fund III, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 123,193 123,193
L.P. ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
SRB Greenway Offshore ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ 19,235 19,235
Operating Fund, L.P. ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
SRB ▇▇▇▇▇▇▇▇ Capital, L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 38,399 38,399
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
SRB Greenway Capital (QP), L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 302,580 302,580
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
Vision Opportunity Master ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 1,296,772 1,296,772
Fund, LTD ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Westpark Capital, L.P. ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ 75-294-5750 720,429 720,429
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Sch 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 ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ 273,763 276,763
International, Ltd. ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
WS Opportunity Fund, L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 158,494 158,494
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
WS Opportunity Fund (QP), L.P. ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇-▇▇▇▇▇▇▇ 108,064 108,064
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇
Sch B-4
