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Debt Restructuring Agreement

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What is a Debt Restructuring Agreement?

A debt restructuring agreement is a legal contract between a borrower and a lender that sets forth the terms and conditions of restructuring a loan. One of the most common ways a debt restructuring agreement is used is to consolidate multiple debts into one lump sum. This allows for one master payment to be applied, which makes the business relationship for both the lender and the borrower more convenient and easier to handle.

This type of agreement can also be used to extend the term of a debt repayment agreement, allowing for smaller payments to be made over a longer period of time. Another common use of the deby restructuring agreement is a debt-for-equity swap.

Common Sections in Debt Restructuring Agreements

Below is a list of common sections included in Debt Restructuring Agreements. These sections are linked to the below sample agreement for you to explore.

Debt Restructuring Agreement Sample

 
EXHIBIT 10.1
Dated
STONEPATH HOLDINGS (HONG KONG) LIMITED
and
THE PERSONS NAMED IN SCHEDULE 1
 
DEBT RESTRUCTURING AGREEMENT
 
41st Floor
Edinburgh Tower
The Landmark
15 Queen’s Road Central
Hong Kong
Tel: (852) 2585 0888
Fax: (852) 2585 0800

 


 
Contents
             
CLAUSE       PAGE  
1.
  INTERPRETATION     1  
2.
  ISSUE OF THE NOTES     3  
3.
  WARRANTIES     4  
4.
  COVENANTS UP TO COMPLETION     5  
5.
  COMPLETION     5  
6.
  POST-COMPLETION UNDERTAKING     6  
7.
  ANNOUNCEMENTS     6  
8.
  GENERAL PROVISIONS     6  
9.
  NOTICES     7  
10.
  COSTS AND EXPENSES     8  
11.
  GOVERNING LAW AND JURISDICTION     8  
12.
  PROCESS AGENT     8  
         
Schedule 1 The Subscribers
    10  
Schedule 2 Part A Information about the Company
    11  
Schedule 2 Part B Information about the Subsidiaries
    12  
Schedule 3 Group Structure
    26  
Schedule 4 The Warranties
    27  
Schedule 5 Instrument
    31  
Schedule 6 Form of Deed of Release
    32  
Schedule 7 List of Deliverables
    33  
Schedule 8 Schedule of Disclosures
    37  

 


 
THIS AGREEMENT is made on            2006
BETWEEN:-
(1)   STONEPATH HOLDINGS (HONG KONG) LIMITED, a company incorporated in Hong Kong and having its registered office at Unit 2602, 26/F, Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong (the “Company”); and
 
(2)   THE PERSONS named in Schedule 1 (together the “Subscribers”).
WHEREAS:-
(A)   As at the date of this Agreement, the Company is indebted to the Subscribers for the outstanding amounts in column (IV) of Schedule 1 set opposite their respective names in column (I) of Schedule 1 (the “Relevant Indebtedness”) in the aggregate amount of US$7,030,000.
 
(B)   The Subscribers wish to convert the Relevant Indebtedness into Notes subject to the terms and conditions of this Agreement.
NOW IT IS HEREBY AGREED AS FOLLOWS:-
1.   INTERPRETATION
 
1.1   In this Agreement, unless the context otherwise requires, the following expressions shall have the following meanings:-
     
Expression   Meaning
Affiliates
  in relation to a person (or group of persons), any other person which directly or indirectly controls, is controlled by, or is under common control with such person (or group of persons);
 
   
Agreed Form
  in relation to any document, the form of that document which has been initialled for the purpose of identification by the Company and the Security Agent (on behalf of the Subscribers);
 
   
Business
  logistics services and related businesses;
 
   
Business Day
  any day (other than a Saturday or Sunday or a day on which a tropical cyclone warning signal no.8 or above or a black rainstorm warning signal is hoisted in Hong Kong at any time between 9:00 a.m. and 5:00 p.m.) on which banks in Hong Kong are generally open for business;
 
   
Certificates
  the certificates to be issued in respect of the Notes substantially in the form set out in Schedule A to the Instrument;

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Expression   Meaning
Completion
  completion of the transactions contemplated herein pursuant to Clause 5;
 
   
Conditions
  the terms and conditions as set out in the Instrument to be attached to the Certificate; and “Condition” refers to the relative numbered paragraph of the Conditions;
 
   
Financial Year
  a financial year for the purposes of the Companies Ordinance (Cap. 32 of the Laws of Hong Kong);
 
   
Group
  the Company and the Subsidiaries for the time being and “Group Company” means any of them;
 
   
HKLCCU
  has the meaning set out in Schedule 1;
 
   
Hong Kong
  the Hong Kong Special Administrative Region of the People’s Republic of China;
 
   
Instrument
  the instrument to be executed by the Company constituting the Notes in the form set out in Schedule 5;
 
   
Listing Rules
  the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
 
   
Noteholder(s)
  holder(s) of the Note(s) for the time being;
 
   
Notes
  the series of secured notes due on 30 June 2008 to be issued in denomination of US$10,000 each by the Company as evidenced by the Certificates pursuant to the terms of the Instrument;
 
   
Release
  in relation to each Relevant Indebtedness, the deed of release with respect to such Relevant Indebtedness, in the form set out in Schedule 6, to be executed by the relevant Subscriber in favour of the Company and delivered by such Subscriber to the Company at Completion;
 
   
SBI
  has the meaning set out in Schedule 1;
 
   
Security Agent
  SBI Brightline LLC, in its capacity as security agent on behalf of the Noteholders in respect of the Security Documents;
 
   
Security Documents
  has the meaning set out in the Instrument;
 
   
Subsidiaries
  in relation to the Company, its subsidiaries (as the term is defined in the Companies Ordinance (Cap. 32 of the Laws of Hong Kong)) including

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Expression   Meaning
 
  the entities whose basic details are set out in Part B of Schedule 2;
 
   
Tax
  includes all forms of tax, levy, duty, charge, impost, fee, deduction or withholding of any nature now or hereafter imposed, levied, collected, withheld or assessed by any taxing or other authority and includes any interest, additional tax, penalty or other charge payable or claimed in respect thereof;
 
   
Transaction Documents”
  has the meaning ascribed thereto in Clause 10;
 
   
US$
  United States dollars, the lawful currency of the United States of America; and
 
   
Warranties
  the representations and warranties set out in Schedule 4 given pursuant to Clause 3 and “Warranty” shall be construed accordingly.
1.2   Except as otherwise expressly provided, expressions defined in the Companies Ordinance (Cap. 32 of the Laws of Hong Kong) as at the date hereof have the same meanings when used in this Agreement.
 
1.3   A reference to a statute or statutory provision includes a reference:-
  (a)   to that statute or provision as from time to time modified or re-enacted;
 
  (b)   to any repealed statute or statutory provision which it re-enacts (with or without modification); and
 
  (c)   to any orders, regulations, instruments or other subordinate legislation made under the relevant statute or statutory provision.
1.4   Unless the context otherwise requires:-
  (a)   words in the singular include the plural, and vice versa;
 
  (b)   words importing any gender include all genders; and
 
  (c)   a reference to a person includes a reference to a body corporate and to an unincorporated body of persons, and vice versa.
1.5   A reference to a Recital, Clause, Sub-clause or Schedule is to a recital, clause and sub-clause of, or schedule to, this Agreement respectively.
 
1.6   The headings are for convenience only and do not affect interpretation of this Agreement.
 
1.7   The obligations of the Subscribers shall be several and not joint.
 
2.   ISSUE OF THE NOTES
 
2.1   It is acknowledged and agreed that as at the date hereof, the Company is indebted to

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    the Subscribers in respect of the Relevant Indebtedness as set out in Schedule 1.
 
2.2   Subject to the terms of this Agreement, the Company shall at Completion issue to each of the Subscribers the number of Notes for the aggregate amount in column (III) of Schedule 1 set opposite its name in column (I) of Schedule 1 and in consideration of such issue, each of the Subscribers hereby irrevocably releases, forever discharges and agrees not to make any past, present or future claims, demands, alleged obligations or liabilities or causes of action of whatsoever nature absolutely arising out of, resulting from or in connection with the Relevant Indebtedness and shall cancel the amount of the Relevant Indebtedness or any documents or agreements relating thereto (save for the charge created by the Company pursuant to an amended and restated security deed dated 10 August 2006) absolutely owing from the Company to the Subscribers as at the date of this Agreement referred to in column (IV) of Schedule 1 set opposite their respective names in column (I) of Schedule 1.
 
2.3   The Company shall, within seven (7) Business Days following the written demand by the Subscribers specifying the amount of the costs and expenses to be reimbursed by the Company pursuant to Clause 10, issue additional Notes in an amount equivalent to such costs and expenses to the Subscribers.
 
2.4   Each of the Notes shall be issued at its full face value and on the terms and subject to the Conditions.
 
3.   WARRANTIES
 
3.1   The Company represents and warrants to the Subscribers that each of the Warranties is true and accurate in all material respects and not misleading in any material respect except as specifically and fairly disclosed in Schedule 8. The Warranties are given on and as at the date hereof with respect to the facts and circumstances subsisting at the date hereof. In addition, the Warranties shall be deemed to be repeated on and as at the date of Completion by reference to the facts and circumstances subsisting as at that date and on the basis that any reference in the Warranties to the date hereof is substituted by a reference to that date.
 
3.2   The Company undertakes that it shall procure that no act shall be performed or omission allowed by any Group Company at any time up to and including the time of Completion which would result in any of the Warranties being untrue or breached or misleading in any material respect during such interval.
 
3.3   The Company agrees and acknowledges that the Subscribers are entering into this Agreement in reliance upon representations in the terms of the Warranties which represent an inducement to the Subscribers to enter into this Agreement.
 
3.4   The Company undertakes to disclose in writing to the Subscribers anything which is or may constitute a material breach of or be inconsistent with any of the Warranties in any material respect immediately when it comes to its notice before Completion.
 
3.5   Each of the Warranties shall be construed as a separate and independent warranty and (except where expressly provided to the contrary) shall not be limited or restricted by reference to or inference from the terms of any other Warranty or any other term of this Agreement.
 
3.6   The Company will indemnify the Subscribers from and against any loss, liability, cost, claim, action, demand or expense (including, but not limited to, all reasonable costs,

4


 
    charges and expenses properly paid or incurred in settling, disputing or defending any of the foregoing) which the Subscribers would incur or which would be made against the Subscribers arising out of or in relation to or in connection with the enforcement by the Subscribers of any of the provisions of this Agreement as a result of any breach by the Company or any other Group Company where applicable or any Warranties, or any other undertaking or obligation contained in this Agreement.
 
4.   COVENANTS UP TO COMPLETION
 
4.1   Save as required by this Agreement, the Company shall procure that no Group Company shall prior to Completion and without the prior written consent of the Subscribers:-
  (a)   grant any option or right of pre-emption over any shares or any securities convertible or exchangeable into shares; or
 
  (b)   create, issue, purchase or, to the extent permitted by law, redeem any class of share or loan capital; or
 
  (c)   in any way depart from the ordinary course of its day-to-day business or enter into any agreement, transaction or commitment otherwise than in its ordinary course of business and/or otherwise than on an arm’s length basis; or
 
  (d)   pass any resolution in general meeting or change its memorandum and articles of association other than any matters or amendments (as the case may be) that do not affect directly or indirectly the rights of the Subscribers under this Agreement or the transactions contemplated herein; or
 
  (e)   agree, conditionally or otherwise, to do any of the matters referred to in Sub-clause 4.1 (a) to (d); or
 
  (f)   do or omit to do or cause or allow to be done or omitted to be done any act or thing which would result in a breach of the obligations of the Company under Sub-clause 4.1.
4.2   The Company will immediately notify the Subscribers in writing of any matter or thing which arises or becomes known to it before Completion which:-
  (a)   constitutes (or would after the lapse of time constitute) a misrepresentation or a material breach of any of the Warranties in any material respect or the undertakings or other provisions set out in this Agreement; or
 
  (b)   has a material adverse effect on the business or financial condition of the Group as a whole (as presently carried on).
5.   COMPLETION
 
    Subject to the terms of this Agreement, Completion shall take place immediately after the signing of this Agreement (or at such other time, date and/or place as the parties hereto may agree in writing) when all, but not part only, of the following transactions shall be effected:-
  (a)   the Company shall duly execute under seal the Instrument;

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  (b)   the Company shall issue under seal and deliver to the Security Agent certificates evidencing title to the Notes in the names and numbers set out in Schedule 1 in accordance with Sub-clause 2.2;
 
  (c)   the Subscribers shall execute and deliver to the Company the Releases in respect of the Relevant Indebtedness; and
 
  (d)   the Company shall deliver to the Security Agent the documents referred to in column (2) of Schedule 7 to be provided by the Company at Completion duly executed by the parties thereto (other than the Security Agent).
6.   POST-COMPLETION UNDERTAKING
 
    The Company hereby irrevocably undertakes:
  (a)   as soon as practicable and in any event within 20 Business Days after Completion, to use its best efforts to deliver to the Security Agent the documents referred to in column (3) of Schedule 7 to be provided by the Company by using its best endeavours after Completion;
 
  (b)   as soon as practicable and in any event within 20 Business Days after Completion, to use its best efforts to procure that the Company has appointed a majority of the members of the board of directors for the time being of all the Company’s Subsidiaries and to deliver to the Security Agent (i) satisfactory evidence of such appointment, (ii) undated resignation letter of each of the nominee for the time being appointed by the Company to the board of directors of its Subsidiaries and undated board resolutions of its Subsidiaries on terms reasonably satisfactory to the Security Agent.
 
  (c)   provide not less than three (3) quotations or proposals from independent financial institutions of the credit insurances referred to in Condition 11(L) of the Notes within twenty (20) Business Days from the date of this Agreement.
7.   ANNOUNCEMENTS
 
    Subject to compliance with the Listing Rules and any applicable statutory or regulatory rules and other than such disclosure as may be required by law, The Stock Exchange of Hong Kong Limited or other competent authority or for the performance of any obligations under this Agreement or in relation to information coming into the public domain otherwise than by breach on the part of the disclosing party of its confidentiality obligations under this Agreement, none of the parties shall, directly or indirectly, make any announcement or disclose any information in relation to this Agreement or any matter in connection herewith without the prior written consent of the other parties (which consent shall not be unreasonably withheld or delayed).
 
8.   GENERAL PROVISIONS
 
8.1   Each of the parties undertakes to the others to execute or procure to be executed all such documents and to do or procure to be done all such other acts and things within its power as may be reasonable and necessary to give effect to the transactions contemplated by this Agreement.
 
8.2   This Agreement shall be binding on and enure for the benefit of the successors and permitted assigns of each of the parties but, except as expressly provided herein, no

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    party shall assign or transfer all or any of its rights or obligations hereunder without the prior written consent of the other parties.
 
8.3   The exercise of or failure to exercise any right or remedy in respect of any breach of this Agreement shall not, save as provided herein, constitute a waiver by such party of any other right or remedy it may have in respect of that breach.
 
8.4   Any provision of this Agreement which is capable of being performed after Completion but which has not been performed at or before Completion and all Warranties and other undertakings contained in or entered into pursuant to this Agreement shall remain in full force and effect notwithstanding Completion.
 
8.5   This Agreement (together with any documents referred to herein) constitutes the entire agreement between the parties with respect to its subject matter (and no party has relied on any representation or warranty made by any other party which is not contained in this Agreement) and no variation of this Agreement shall be effective unless made in writing and signed by all of the parties.
 
8.6   This Agreement supersedes all and any previous agreements, arrangements or understandings between the parties relating to the matters referred to in this Agreement and all such previous agreements, understandings or arrangements (if any) shall cease and determine with effect from the date hereof.
 
8.7   If at any time any provision of this Agreement is or becomes illegal, void or unenforceable in any respect, such provision shall be severed from this Agreement and the remaining provisions hereof shall in no way be affected or impaired thereby.
 
8.8   Time shall be of the essence of this Agreement.
 
8.9   This Agreement may be executed in any number of counterparts or duplicates each of which shall be an original but such counterparts or duplicates shall together constitute one and the same instrument. A party may execute this Agreement on a facsimile copy counterpart and deliver its signature and seal by facsimile.
 
9.   NOTICES
 
9.1   Any notice or other communication given or made under this Agreement shall be in writing.
 
9.2   Any such notice or other communication shall be addressed as provided in this Clause and, if so addressed, shall be deemed to have been duly given or made as follows:-
  (a)   if sent by personal delivery, upon delivery at the address of the relevant party;
 
  (b)   if sent by registered post, two Business Days (7 Business Days if posted by airmail from or to an overseas address) after the date of posting; and
 
  (c)   if sent by facsimile, upon despatch to the facsimile number of the recipient, with the production of a transmission report by the machine from which the facsimile was sent which indicates that the facsimile was sent in its entirety to the facsimile number of the recipient.
9.3   The relevant address and facsimile number of each party for the purposes of this Agreement are as follows:-

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Name of party   Address   Facsimile No.   Attention
Stonepath Holdings
(Hong Kong) Limited
  Unit 2602, 26/F
Miramar Tower
132 Nathan Road
Tsimshatsui, Kowloon
Hong Kong
  +852 2377 0909   Isabel Tam
 
           
Subscribers
  Please refer to Schedule 1        
9.4   A party may notify the other parties to this Agreement of a change to its name, address or facsimile number for the purpose of Sub-clause 9.3 PROVIDED THAT such notification shall only be effective on:-
  (a)   if Sub-clause (b) does not apply, the date specified in the notification as the date on which the change is to take place; or
 
  (b)   if no date is specified or the date specified is less than five Business Days after the date on which the notice is given, the date falling five Business Days after notice of any such change has been given.
10.   COSTS AND EXPENSES
 
    The Company will pay all costs and expenses incurred by it in relation to the preparation, negotiation and execution of this Agreement, the Security Documents and any other document referred to therein (the “Transaction Documents”). The Company shall reimburse the Subscribers for all costs and expenses incurred by them or on its behalf by the Security Agent in connection with the preparation, negotiation and execution of the Transaction Documents (including but not limited to all filing and search fees and all legal expenses incurred by the Subscribers, and the consummation of the transactions contemplated thereby) by way of the issue of the additional Notes referred to in Sub-clause 2.3.
 
11.   GOVERNING LAW AND JURISDICTION
 
    This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and each party hereby submits to the non-exclusive jurisdiction of the courts of Hong Kong.
 
12.   PROCESS AGENT
 
    Each of the following parties hereby irrevocably appoints the person set opposite its name below as its agent to receive on its behalf service of proceedings issued out of the courts of Hong Kong in any action or proceedings arising out of or in connection with this Agreement, the Notes, the Conditions and/or the Certificates. In the event of such agent ceasing to act, the relevant parties shall immediately appoint another person as its agent for such purpose and give notice in writing of such appointment to all the other parties:

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Parties   Names & addresses of agents
SBI Brightline, LLC
  Bedrock China Futures, Limited.
 
  Room 4301 – 09,Jardine House,
 
  One Connaught Place, Central,
 
  Hong Kong
 
   
Hong Kong League Central Credit Union
  Bedrock China Futures, Limited.
 
  Room 4301 – 09,Jardine House,
 
  One Connaught Place, Central,
 
  Hong Kong
     AS WITNESS the parties hereto have duly signed this Agreement the day and year first above written.

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Schedule 1
The Subscribers
             
(I)   (II)   (III)   (IV)
Name   Address / Fax / Attention   Principal Amount of Notes   Relevant Indebtedness
SBI Brightline, LLC
(“SBI”)
(a company incorporated in Delaware, the United States of America)
  c/o Bedrock China Futures, Limited.
Room 4301 – 09,
Jardine House,
One Connaught Place,
Central, Hong Kong
Fax : 2533 3781
Attention: Mr. Shelly
Singhal
CEO
  US$2,500,000   US$2,500,000 and which remains unpaid to SBI on the date hereof under the Amended and Restated Term Credit Agreement dated June 22, 2006 between the Company and SBI
 
           
Hong Kong League Central
Credit Union
(“HKLCCU”)
a Hong Kong credit union
  c/o Bedrock China Futures, Limited.
Room 4301 – 09,
Jardine House,
One Connaught Place,
Central, Hong Kong
Fax : 2533 3781
Attention: Mr. Shelly
Singhal
CEO
  US$4,530,000   US$4,530,000 and which remains unpaid to HKLCCU on the date hereof pursuant to the redemption of the preferred shares issued by the Company to HKLCCU prior to the date hereof

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Schedule 2
Part A
Information about the Company
Stonepath Holdings (Hong Kong) Limited
     
Date of incorporation:
  October 2, 2002
 
   
Place of incorporation:
  Hong Kong
 
   
Registered Number:
  816242
 
   
Address of registered office:
  Unit 2602, 26/F., Miramar Tower
 
  132 Nathan Road
 
  Tsimshatsui, Kowloon
 
  Hong Kong
 
   
Authorised share capital:
  HK$10,000
 
   
Issued share capital:
  HK$100
 
   
Shareholders:
  Stonepath Group, Inc. (100%)
 
   
Directors:
  PELINO Dennis Lindsay
 
  TOTAH Jason Fayez (will resign)
 
  AROVAS Robert
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Investment holding and provision of management services to its subsidiaries
 
   
Place of business:
  Hong Kong

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Schedule 2
Part B
Information about the Subsidiaries
(1) Stonepath Freight Express (Hong Kong) Limited
     
Date of incorporation:
  April 28, 2005
 
   
Place of incorporation:
  Hong Kong
 
   
Registered Number:
  967131
 
   
Address of registered office:
  Unit 2602, 26/F., Miramar Tower
 
  132 Nathan Road
 
  Tsimshatsui, Kowloon
 
  Hong Kong
 
   
Authorised share capital:
  HK$2,000,000
 
   
Issued share capital:
  HK$2,000,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (2,000,000 shares)
 
   
Directors:
  TOTAH Jason Fayez (will resign)
 
  ROBERT Arovas
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Air Freight Forwarding
 
   
Place of business:
  Hong Kong

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(2) Stonepath Logistics (Hong Kong) Limited
     
Date of incorporation:
  November 18, 2002
 
   
Place of incorporation:
  Hong Kong
 
   
Registered Number:
  822035
 
   
Address of registered office:
  Unit 2602, 26/F., Miramar Tower
 
  132 Nathan Road
 
  Tsimshatsui, Kowloon
 
  Hong Kong
 
   
Authorised share capital:
  HK$10,000
 
   
Issued share capital:
  HK$200
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (140 shares)
 
  East Ocean Logistics Limited (60 shares)
 
   
Directors:
  TOTAH Jason Fayez (will resign)
 
  KOO Yiu Wah
 
  AROVAS Robert
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight Forwarding
 
   
Place of business:
  Hong Kong

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(3) Stonepath Logistics (Asia Pacific) Pte Ltd.
     
Date of incorporation:
  September 27, 2004
 
   
Place of incorporation:
  Singapore
 
   
Registered Number:
  200412348E
 
   
Address of registered office:
  8 Shenton Way, #27-01 Temasek Tower
 
  Singapore 068811
 
   
Authorised share capital:
  S$100,000,000
 
   
Issued share capital:
  S$1
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (1 share)
 
   
Directors:
  TOTAH Jason Fayez
 
  LAW Teck Wah
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Not yet appointed , dormant company
 
   
Main business:
  Holding company
 
   
Place of business:
  Singapore

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(4) G Link Express Freight (Asia Pacific) Pte Ltd.
     
Date of incorporation:
  September 28, 2004
 
   
Place of incorporation:
  Singapore
 
   
Registered Number:
  200412366H
 
   
Address of registered office:
  8 Shenton Way #27-01
 
  Temasek Tower
 
  Singapore
 
   
Authorised share capital:
  S$10,000,000
 
   
Issued share capital:
  $1
 
   
Shareholders:
  Stonepath Logistics (Asia Pacific) Pte. Ltd. (1 share)
 
   
Directors:
  TOTAH Jason Fayez
 
  LAW Teck Wah
 
  AROVAS Robert
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight Forwarding
 
   
Place of business:
  Singapore

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(5) G Link Express Logistics (Singapore) Pte. Ltd.
     
Date of incorporation:
  July 29, 2003
 
   
Place of incorporation:
  Singapore
 
   
Registered Number:
  200307186E
 
   
Address of registered office:
  8 Shenton Way #27-01
 
  Temasek Tower
 
  Singapore
 
   
Authorised share capital:
  S$5,000,000
 
   
Issued share capital:
  S$3,000,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (210,000 shares )
 
  G Link Express Logistics (Singapore) Pte. Ltd.(90,000 shares)
 
   
Directors:
  TAN Kheng He Peter
 
  LIM Hak Leng
 
  CHAN Tuck Hoe Mark
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Singapore

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(6) G Link Express Logistics (Cambodia) Limited
     
Date of incorporation:
  March 24, 2004
 
   
Place of incorporation:
  Cambodia
 
   
Registered Number:
  MOC No 447 PN.NTK
 
   
Address of registered office:
  No. 4 Street 242 Sangkat Boeng Prolit
 
  Khan 7 Makara
 
  Phnom Penh
 
  Cambodia
 
   
Authorised share capital:
  20,000,000 Riel
 
   
Issued share capital:
  20,000,000 Riel
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (100%)
 
  (Note: 30% minority shares not yet allotted)
 
   
Directors:
  SOON Chin Tee Mike
 
  LIM Hak Leng Daniel
 
  TAN Kheng He Peter
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Cambodia

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(7) G Link Express Logistics (Penang) Sdn. Bhd
     
Date of incorporation:
  March 26, 2004
 
   
Place of incorporation:
  Malaysia
 
   
Registered Number:
  646892 -V
 
   
Address of registered office:
  18-22-A1 Gurney Tower
 
  Persiaran Gurney, 10250
 
  Penang
 
  Malaysia
 
   
Authorised share capital:
  RM100,000
 
   
Issued share capital:
  RM100,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (70,000shares)
 
  YEOH Peggy (6,000 shares)
 
  CHAN Kok On (6,000 shares)
 
  LIM Hak Leng (5,500 shares)
 
  LAW Teck Wah (5,500 shares)
 
  TAN Kheng He Peter (5,500 shares)
 
  HIA Chun Yong (1,500 shares)
 
   
Directors:
  YEOH Peggy
 
  CHAN Kok On
 
  LIM Hak Leng
 
  LAW Teck Wah
 
  TAN Kheng He Peter
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Yeang & Co, Chartered Accountants
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Penang, Malaysia

18


 
(8) G Link Express Logistics (KL) Sdn. Bhd.
     
Date of incorporation:
  March 26, 2004
 
   
Place of incorporation:
  Malaysia
 
   
Registered Number:
  646891-U
 
   
Address of registered office:
  18-22-A1 Gurney Tower
 
  Persiaran Gurney, 10250
 
  Penang
 
  Malaysia
 
   
Authorised share capital:
  RM100,000
 
   
Issued share capital:
  RM2
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (2 shares)
 
  Shares to minorities not yet allotted
 
   
Directors:
  YEOH Peggy
 
  CHAN Kok On
 
  LIM Hak Leng
 
  LAW Teck Wah
 
  TAN Kheng He Peter
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Jay Julian and Company, Chartered Accountants
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Kuala Lumpur, Malaysia

19


 
(9) G Link Express Logistics (JB) Sdn. Bhd.
     
Date of incorporation:
  March 26, 2004
 
   
Place of incorporation:
  Malaysia
 
   
Registered Number:
  646890-K
 
   
Address of registered office:
  18-22-A1 Gurney Tower
 
  Persiaran Gurney, 10250
 
  Penang
 
  Malaysia
 
   
Authorised share capital:
  RM100,000
 
   
Issued share capital:
  RM100,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (70,000 shares)
 
  CHAI Kin Heong (6,000 shares)
 
  LIM Hak Leng (8,000 shares)
 
  LAW Teck Wah (8,000 shares)
 
  TAN Kheng He Peter (8,000 shares)
 
   
Directors:
  YEOH Peggy
 
  CHAI Kin Heong
 
  LIM Hak Leng
 
  LAW Teck Wah
 
  TAN Kheng He Peter
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Yeang & Co, Chartered Accountants
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Johor Bahru, Malaysia

20


 
(10) Planet Logistics Express (Singapore) Pte. Ltd
     
Date of incorporation:
  December 4, 2003
 
   
Place of incorporation:
  Singapore
 
   
Registered Number:
  200312364D
 
   
Address of registered office:
  150 Beach Road
 
  #32-00 Gateway West
 
  Singapore
 
   
Authorised share capital:
  S$4,000,000
 
   
Issued share capital:
  S$1,800,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (245,000 shares)
 
  Planet Logistics Pte Ltd (105,000 shares)
 
   
Directors:
  QUEK Kok Heng Eddy
 
  TAN Bee Hoon Winnie
 
  PELINO Dennis Lindsay
 
  TOTAH Jason Fayez (will resign)
 
  AROVAS Robert
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Singapore

21


 
(11) Group Logistics Pte. Ltd
     
Date of incorporation:
  April 22, 2003
 
   
Place of incorporation:
  Singapore
 
   
Registered Number:
  200303653C
 
   
Address of registered office:
  257 Selegie Road
 
  #03-368 Selegie Complex
 
  Singapore
 
   
Authorised share capital:
  S$1,000,000
 
   
Issued share capital:
  S$500,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (350,000 shares)
 
  QUEK Kok Heng Eddy (75,000 shares)
 
  KER Chuen Kiat Aaron (37,500 shares)
 
  South China Investments (37,500 shares)
 
   
Directors:
  QUEK Kok Heng Eddy
 
  LAW Teck Wah
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Singapore

22


 
(12) Shaanxi Sunshine Cargo Service Company Limited
     
Date of incorporation:
  October 24, 2003
 
   
Place of incorporation:
  Xian, PRC
 
   
Registered Number:
  6101000460
 
   
Address of registered office:
  Room 501, Building C
 
  Golden Leaf Homeland (Jin Ye Jia Yuan)
 
  100 West Portion of 2nd Circular Road South
 
  Xian
 
  PRC
 
   
Authorised share capital:
  RMB16,500,000
 
   
Issued share capital:
  RMB16,500,000
 
   
Shareholders:
  Stonepath Logistics International Services Inc. ( in the process of changing name to Stonepath Holdings (Hong Kong) Limited (RMB9,075,000 )
 
  Shaanxi Xiangyu Logistics Company Limited (RMB6,600,000)
 
  Xian Huijie Industry and trading Company Limited (RMB825,000)
 
   
Legal Representative:
  TSAI Ye-Wei
 
   
Financial Year End:
  December 31
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  PRC

23


 
(13) Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited
     
Date of incorporation:
  March 4, 2004
 
   
Place of incorporation:
  Hong Kong
 
   
Registered Number:
  886611
 
   
Address of registered office:
  Unit 2602, 26/F., Miramar Tower
 
  132 Nathan Road
 
  Tsimshatsui, Kowloon
 
  Hong Kong
 
   
Authorised share capital:
  HK$10,000
 
   
Issued share capital:
  HK$100
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (55 shares)
 
  TSAI Ye-Wei (45shares)
 
   
Directors:
  PELINO Dennis Lindsay
 
  TOTAH Jason Fayez ( will resign)
 
  AROVAS Robert
 
  TSAI Ye-Wei
 
  YANG Yi-Feng
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Hong Kong

24


 
(14) Stonepath Logistics (China) Limited
     
Date of incorporation:
  April 28, 2005
 
   
Place of incorporation:
  Hong Kong
 
   
Registered Number:
  967132
 
   
Address of registered office:
  Unit 2602, 26/F., Miramar Tower
 
  132 Nathan Road
 
  Tsimshatsui, Kowloon
 
  Hong Kong
 
   
Authorised share capital:
  HK$10,000
 
   
Issued share capital:
  HK$10,000
 
   
Shareholders:
  Stonepath Holdings (Hong Kong) Limited (5,500 shares)
 
  TSAI Ye-Wei (4,500 shares)
 
   
Directors:
  PELINO Dennis Lindsay
 
  TOTAH Jason Fayez (will resign)
 
  TSAI Ye-Wei
 
   
Financial Year End:
  November 30
 
   
Auditors:
  Grant Thornton
 
   
Main business:
  Freight forwarding
 
   
Place of business:
  Hong Kong

25


 
Schedule 3
Group Structure

26


 
Schedule 4
The Warranties
A.   Business of the Group
 
    The Group is not engaged in any business activity other than the Business. The structure of the Group is as set out in Schedule 3.
 
B.   Capacity of the Company
  (i)   The Company has the requisite power and authority to enter into and perform this Agreement and all the Transaction Documents to which the Company is a party to be executed by it pursuant to this Agreement.
 
  (ii)   This Agreement constitutes, and all the Transaction Documents to which the Company is a party to be executed and delivered by the Company pursuant to this Agreement will, when executed, constitute, binding obligations of the Company in accordance with their respective terms.
 
  (iii)   The execution and delivery of, and the performance by the Company of its obligations under this Agreement, and all the Transaction Documents to which the Company is a party to be executed by it pursuant to this Agreement, will not:-
  (a)   result in a breach of any provision of the memorandum and articles of association of the Company;
 
  (b)   result in a breach of, or constitute a default under, any instrument to which the Company is a party or by which the Company is bound; or
 
  (c)   result in a breach of any order, judgement or decree of any court or governmental agency to which the Company is a party or by which the Company is bound.
C.   Group structure, etc.
  (i)   There is no agreement or commitment outstanding which calls for the allotment, issue or transfer of, or accords to any person the right to call for the allotment or issue of, any share or debentures in or securities of the Company or any Group Company other than the Notes pursuant to this Agreement.
 
  (ii)   The Company does not have any interest in the capital of any body corporate other than the Subsidiaries referred to in Schedule 2.
 
  (iii)   The Company does not act or carry on business in partnership with any other person and is not a member (otherwise than through the holding of share capital) of any body corporate or unincorporated and

27


 
      does not hold any share or securities which is not fully paid up or which carries any liability.
D.   Accuracy and adequacy of information
  (i)   All information set out in this Agreement is true complete and accurate in all material respects and is not misleading in any material respect due to any omission or ambiguity or for any other reason.
 
  (ii)   All information given by or on behalf of the Company set forth herein relating to the business, activities, affairs or assets or liabilities of any Group Company was, when given, and is true and accurate in all material respects.
 
  (iii)   The copies of the memorandum and articles of association and any other constitutional documents of the Company and the Subsidiaries supplied to the Subscribers by or on behalf of the Company are complete and accurate in all aspects, having attached to them copies of all resolutions and other documents required by law to be so attached.
 
  (iv)   All documents which are required to be delivered by each Group Company to the relevant registrar of companies (or other governmental, regulatory or other public body or agency) under the applicable law and regulations to which such Group Company is subject have been properly so delivered.
E.   Shareholders’ arrangements
 
    There is no shareholders, joint venture or similar agreement between the Company and the other shareholders of the Subsidiaries of the Company which are not wholly-owned by the Company, regulating the transfer of shares or management or operations in such Subsidiaries.
 
F.   Contracts and commitments
  (i)   There are no material breaches of, or any invalidity, or grounds for determination of, any agreement to which a Group Company is a party or, to the best of the knowledge or belief of the directors of the Company having made all reasonable enquiries, of any outstanding allegation of the foregoing.
 
  (ii)   No Group Company is a party to any contract which relates to matters not within the ordinary business of the Group and for this purpose “contract” includes any understanding, arrangement or commitment that is legally binding on any Group Company however described.
G.   Working capital
 
    The Group has sufficient working capital for its present requirements (that is to say, to enable it to continue to carry on the Business in its present form and at the present level of turnover) and for the purpose of performing in accordance with the terms of all orders, projects and contractual obligations which have been placed with or undertaken by it.

28


 
H.   Liabilities
  (i)   No Group Company has received any notice to repay under any agreement relating to borrowing or indebtedness in the nature of borrowing on its part which is repayable on demand, and no event of default has occurred under any agreement relating to any other borrowing or indebtedness.
 
  (ii)   No Group Company is a party to any contract or guarantee, indemnity of surety or any contract to secure an obligation of any third party, other than another Group Company.
I.   Insolvency
  (i)   No order has been made and no resolution has been passed for the winding up, liquidation or bankruptcy of any Group Company and no petition has been presented and no meeting has been convened for the purpose of the winding up, liquidation or bankruptcy of any Group Company.
 
  (ii)   No receiver has been appointed in respect of any Group Company of all or a substantial part of its assets.
 
  (iii)   No Group Company is insolvent or unable to pay its debts within the meaning of section 6A of the Bankruptcy Ordinance (Cap. 6 of the Laws of Hong Kong) or section 178 of the Companies Ordinance (Cap. 32 of the Laws of Hong Kong), as the case may be, or has stopped paying its debts as they fall due.
 
  (iv)   No event analogous to any of the foregoing has occurred in or outside Hong Kong in relation to any Group Company.
 
  (v)   No unsatisfied judgement in a material amount in the context of the Group as a whole is outstanding against any Group Company.
 
  (vi)   No guarantee, loan capital, borrowed money or interest of any Group Company of a material nature in the context of the Group as a whole is overdue for payment, and no other obligation or indebtedness of any Group Company in a material amount in the context of the Group as a whole is overdue for performance or payment.
J.   Litigation
No Group Company is engaged in any litigation or arbitration, administrative or criminal proceedings involving a sum in excess of US$50,000 or its equivalent in any other currency per claim, whether as plaintiff, defendant or otherwise, and, to the best of the knowledge or belief of the Company, no litigation or arbitration, administrative or criminal proceedings of a material nature in the context of the Group as a whole by or against any Group Company is pending or expected.
K.   Delinquent and wrongful acts

29


 
  (i)   No Group Company has committed or is liable for any criminal, illegal, unlawful or unauthorised act or breach of any obligation or duty the liability for or breach of which would materially and adversely affect the business or financial position of the Group as a whole, whether imposed by or pursuant to statute, contract or otherwise, and no claim is or remains outstanding against any Group Company that it has committed or is liable for the same.
 
  (ii)   To the best of the knowledge or belief of the directors of the Company having made all reasonable enquiries, no investigation or enquiry is being or has been conducted by any governmental or other body in respect of the affairs of any Group Company.
L.   Related-party transactions
  (i)   Save those matters disclosed by the holding company of the Company, Stonepath Group, Inc. in the relevant SEC filings, there is no contract or arrangement in respect of which obligations are still outstanding, to which any Group Company is, or was, a party or in which the shareholders of the Company are beneficially interested or any Affiliates, associates (as defined in the Listing Rules) of the Group Companies is, or has been, interested, either directly or indirectly.
 
  (ii)   There is loan or amount outstanding between the Company and holding company or between the Company’s Subsidiaries and their respective shareholders (other than the Company).

30


 
Schedule 5
Instrument

31


 
Schedule 6
Form of Deed of Release
To:
STONEPATH HOLDINGS (HONG KONG) LIMITED (“Company”)
Unit 2602, 26/F, Miramar Tower,
132 Nathan Road,
Tsimshatsui, Kowloon,
Hong Kong
RELEASE OF RELEVANT INDEBTEDNESS
     We refer to the amounts owed by you to us as set out in Schedule 1 of the debt restructuring agreement dated [] 2006 (the “Relevant Indebtedness”).
     We hereby irrevocably and unconditionally release, forever discharge and agree not to make any past, present or future claims, demands, alleged obligations or liabilities or causes of action of whatsoever nature absolutely arising out of, resulting from or in connection with the Relevant Indebtedness and hereby cancel, release and discharge absolutely the Relevant Indebtedness (as to SBI Brightline, LLC for the sum of: US$2,500,000 and as to Hong Kong League Central Credit Union for the sum of US$4,530,000) or any documents or agreements relating thereto (save for the charge created by the Company pursuant to an amended and restated security deed dated 10 August 2006) owing by you to us as at the date of this letter.
     
 
Executed as a deed
   
for and on behalf of
   
SBI Brightline, LLC
   
 
   
 
Executed as a deed
   
for and on behalf of
   
Hong Kong League Central Credit Union
   

32


 
Schedule 7
List of Deliverables
             
            (3)
            To be provided by
        (2)   the Company by
        To be provided by   using its best
(1)       the Company at   endeavours after
Document   Completion   Completion
A.
  Debt Restructuring Agreement        
 
           
 
  Instrument executed by the Company constituting the series of Notes   Ö    
 
           
 
  Certificates evidencing title to the Notes issued under seal by the Company   Ö    
 
           
 
  Share charge over the shares of G Link Express Logistics (Singapore) Pte. Ltd. executed by the Company and SBI as security agent (the “Singapore Share Charge”)       Ö
 
           
 
  Share charge over the shares of Stonepath Logistics (Hong Kong) Limited, Stonepath Freight Express (Hong Kong) Limited, Stonepath Logistics (China) Limited and Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited executed by the Company and SBI as security agent (the “HK Share Charge”)   Ö    
 
           
 
  Share charge over the shares of G Link Express Logistics (KL) Sdn. Bhd., G Link Express Logistics (Penang) Sdn. Bhd. and G Link Express Logistics (JB) Sdn. Bhd executed by the Company and SBI as security agent (the “Malaysia Share Charge”)       Ö
 
           
 
  Share charge over the shares of Shaanxi Sunshine Cargo Service Co., Ltd executed by the Company and SBI as security agent (the “PRC Share Charge”)       Ö
 
           
 
  Share charge over the shares of the Company executed by Stonepath Group, Inc. and SBI as security agent (the “Holdco Share Charge”)       Ö
 
           
B.
  Singapore Share Charge        
 
           
 
  Certificates in respect of the charged shares       Ö
 
           
 
  Transfer forms for the transfer of shares in G Link Express Logistics (Singapore) Pte. Ltd. duly executed by the Company in blank       Ö

33


 
             
            (3)
            To be provided by
        (2)   the Company by
        To be provided by   using its best
(1)       the Company at   endeavours after
Document   Completion   Completion
 
  Signed undated letters of resignation from each director of G Link Express Logistics (Singapore) Pte. Ltd.       Ö
 
           
 
  Board resolutions in writing in the form set out in Schedule 3 of the HK Share Charge signed by every director of G Link Express Logistics (Singapore) Pte. Ltd.       Ö
 
           
C.
  HK Share Charge        
 
           
 
  Certificates in respect of the charged shares of:   Ö    
 
           
 
 
(a)    Stonepath Logistics (Hong Kong) Limited
       
 
 
(b)    Stonepath Freight Express (Hong Kong) Limited
       
 
 
(c)    Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited
       
 
 
(d)    Stonepath Logistics (China) Limited
       
 
           
 
  Instrument of Transfer and contract notes duly executed by the Company in blank for the transfer of shares in:   Ö    
 
           
 
 
(a)    Stonepath Logistics (Hong Kong) Limited
       
 
 
(b)    Stonepath Freight Express (Hong Kong) Limited
       
 
 
(c)    Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited
       
 
 
(d)    Stonepath Logistics (China) Limited
       
 
           
 
  Signed undated letters of resignation from each director of:   Ö    
 
           
 
 
(a)    Stonepath Logistics (Hong Kong) Limited
       
 
 
(b)    Stonepath Freight Express (Hong Kong) Limited
       
 
 
(c)    Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited
       
 
 
(d)    Stonepath Logistics (China) Limited
       
 
           
 
  Board resolutions in writing in the form set out in Schedule 3 of the HK Share Charge signed by every director of :   Ö    
 
           
 
 
(a)    Stonepath Logistics (Hong Kong) Limited
       
 
 
(b)    Stonepath Freight Express (Hong Kong) Limited
       
 
 
(c)    Shaanxi Sunshine Cargo Service (Hong Kong) Company Limited
       
 
 
(d)    Stonepath Logistics (China) Limited
       

34


 
             
            (3)
            To be provided by
        (2)   the Company by
        To be provided by   using its best
(1)       the Company at   endeavours after
Document   Completion   Completion
D.
  Malaysia Share Charge        
 
           
 
  Certificates in respect of the charged shares of:       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)     G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
 
  Instrument of Transfer duly executed by the Company in blank for the transfer of shares in:       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)    G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
 
  Signed undated letters of resignation from each director of:       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)     G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
 
  Board resolutions in writing in the form set out in Schedule 3 of the Malaysia Share Charge signed by every director of :       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)    G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
 
  Letter duly signed by each of the other shareholders of the following companies, waiving any right such shareholder may have under the articles of association of the companies or otherwise to purchase shares in the capital of:       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)     G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
 
  Shareholders resolutions signed by each and every member of the following companies in the form set out in Schedule 5 of the Malaysian Share Charge:       Ö
 
           
 
 
(a)    G Link Express Logistics (JB) Sdn. Bhd.
       
 
 
(b)    G Link Express Logistics (Penang) Sdn. Bhd.
       
 
 
(c)    G Link Express Logistics (KL) Sdn. Bhd.
       
 
           
E.
  PRC Share Charge        
 
           
 
  Application Letter duly executed by Shaanxi Sunshine Cargo Service Co., Ltd;       Ö
 
           
 
  Board of Resolution duly signed by every director of Shaanxi Sunshine Cargo Service Co., Ltd;       Ö

35


 
             
            (3)
            To be provided by
        (2)   the Company by
        To be provided by   using its best
(1)       the Company at   endeavours after
Document   Completion   Completion
 
  Amendment to the Articles of Association duly executed by Shaanxi Sunshine Cargo Service Co., Ltd and each of its PRC shareholders;       Ö
 
           
 
  Table of Amendment to the Articles of Association duly signed by each of the PRC shareholder of Shaanxi Sunshine Cargo Service Co., Ltd       Ö
 
           
 
  Agreement on Amendment to the Joint Venture Contract duly executed by Shaanxi Sunshine Cargo Service Co., Ltd and each of its PRC shareholders;       Ö
 
           
 
  Table of Amendment to the Joint Venture Agreement duly signed by each of the PRC shareholders of Shaanxi Sunshine Cargo Service Co., Ltd       Ö
 
           
 
  Appointment Letter of directors to be signed by the transferee       Ö
 
           
 
  Equity Transfer Agreement duly executed by Stonepath Holdings (Hong Kong) Limited       Ö
 
           
 
  Equity Pledge Agreement duly executed by Stonepath Holdings (Hong Kong) Limited and SBI       Ö
 
           
 
  Waiver Letter signed by each PRC shareholder of Shaanxi Sunshine Cargo Service Co., Ltd       Ö
 
           
F.
  Holdco Share Charge        
 
           
 
  Certificates in respect of the charged shares of the Company       Ö
 
           
 
  Instrument of Transfer and contract notes duly executed by the Company in blank for the transfer of shares in the Company       Ö
 
           
 
  Signed undated letters of resignation from each director of the Company       Ö
 
           
 
  Board resolutions in writing in the form set out in Schedule 3 of the Holdco Share Charge signed by every director of the Company       Ö

36


 
Schedule 8
Schedule of Disclosures
A.   Planet Logistics Express (Singapore) Pte Ltd.
  (i)   Banking facilities from United Overseas Bank Limited. The limit of the facility is equivalent to the amount of fixed deposit pledged.
B.   Shaanxi Sunshine Cargo Service Co., Ltd.
  (i)   Loan of US$420,000 to shareholder Tsai Ye-Wei.
C.   G Link Express Logistics (Singapore) Pte Ltd.
  (i)   Litigation as plaintiff against Image Glow Merchandising (M) SDN BHD for US$259,359.10 in outstanding invoices arising from the normal course of business.

37


 
Execution Page
The Company
     
SIGNED by
  )
 
  )
for and on behalf of
  )
STONEPATH HOLDINGS (HONG KONG)
  )
LIMITED
  )
in the presence of :-
  )
The Subscribers
 
SIGNED by
  )
 
  )
for and on behalf of
  )
SBI BRIGHTLINE, LLC
  )
in the presence of :-
  )
 
   
SIGNED by
  )
 
  )
for and on behalf of
  )
HONG KONG LEAGUE CENTRAL
  )
CREDIT UNION
  )
in the presence of :-
  )

38


Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 v27765exv10w1.htm EXHIBIT 10.1, Viewed September 15, 2022, View Source on SEC.

Who Helps With Debt Restructuring Agreements?

Lawyers with backgrounds working on debt restructuring agreements work with clients to help. Do you need help with a debt restructuring agreement?

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Meet some of our Debt Restructuring Agreement Lawyers

Matt B. on ContractsCounsel
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5.0 (6)
Member Since:
September 8, 2023

Matt B.

Partner
Free Consultation
Coral Gables, FLorida
24 Yrs Experience
Licensed in FL, NY
University of Miami School of Law (JD)

Matt practices law in the areas of commercial finance, contract law, business & corporate law, and residential and commercial real estate (with a particular emphasis on retail shopping centers and office buildings). He has extensive experience in negotiating and structuring complex commercial loan, asset acquisition, asset disposition, leasing and real estate transactions. Matt additionally works on various general matters for clients such as forming LLCs and corporations, preparing various LLC and corporation documents and drafting and reviewing various types of contracts and agreements for clients and providing advice regarding same. Matt provides clients with extensive and timely communication on their matters and ensures that his clients are well represented and highly satisfied with their legal representation and the work product provided. Matt offers all potential clients a free initial consultation to discuss their legal matters prior to engaging his firm to represent them. Prior to opening his law firm Matt worked for many years in the New York City office of a large international law firm where he counseled large multi-national businesses, financial institutions, investment groups and individuals on highly sophisticated business, financial and real estate transactions. Matt provides his clients with diligent legal representation on their matters with a very personal approach.

Chris D. on ContractsCounsel
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5.0 (9)
Member Since:
September 11, 2023

Chris D.

Family, Estate, and Contracts Lawyer
Free Consultation
Los Angeles. California
16 Yrs Experience
Licensed in CA
Southwestern Law School

With over 15 years of legal experience, I was admitted to the bar in 2008 and have since cultivated a diverse legal background. My expertise spans family law, estate planning, healthcare regulatory matters, and business law. I have a particular knack for crafting meticulous contracts. My approach is client-centric, ensuring that every individual receives personalized, knowledgeable guidance tailored to their unique situation. Partner with me, and let's navigate the complexities of the law together. www.downslawla.com

Paola R. on ContractsCounsel
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Member Since:
September 7, 2023

Paola R.

Senior Staff Attorney
Free Consultation
New York
5 Yrs Experience
Licensed in NY
Universidad de Lima

Attorney admitted to the New York State Bar. Hispanic. Eager to meet client's needs and provide legal assistance.

D. Cassie B. on ContractsCounsel
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Member Since:
September 7, 2023

D. Cassie B.

Managing Partner
Free Consultation
Riverview, FL
15 Yrs Experience
Licensed in FL
University of Miami School of Law

Cassie has spent more than a decade handling all aspects of litigation, focusing on divorce, family law, Personal Injury Protection (PIP) claims, contracts, fraudulent insurance claims, and bodily injury claims. She has worked at small boutique law firms, in house for major insurance carriers, and most recently as a partner at a large nationwide practice. She has served as lead counsel on thousands of cases statewide. Cassie now contributes this knowledge and experience for the benefit of her clients. She is zealous about obtaining the best financial outcome for her clients and supporting them while they navigate the difficult terrain of family law, contracts, insurance claims, and personal injuries.

Matthew K. on ContractsCounsel
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Member Since:
September 8, 2023

Matthew K.

Business, IP & Privacy Attorney
Free Consultation
New York, NY
19 Yrs Experience
Licensed in NY
University of North Carolina at Chapel Hill Law School

I am a business organization, IP and data privacy attorney with over 19 years of experience, as well as a Certified Information Privacy Professional. I have successfully worked in both the public and private sectors, contribute to academia in all of my areas of expertise, and hold leadership positions with key organizations in the legal industry. Some sample agreements/documents with which I have drafting and negotiating expertise include: Business Formation Agreements Privacy Policies Information Security Policies and Documentation Master Services Agreements Joint Venture Agreements Non-Disclosure & Confidentiality Agreements Software Licensing Agreements Employment Contracts Distribution Agreements Equipment Lease Agreements All forms of Entertainment Legal Agreements M&A Due Diligence Checklists EDiscovery Protocols Legal Hold Documentation Outsourcing Agreements Real Estate Purchase & Sale Agreements Subcontracting Agreements Software Development Agreements for Mobile Apps IP Licensing and Royality Agreements Loan Agreements & Documentation Insurance Policy Reviews Employee Handbooks & Policies E-Commerce Terms & Conditions Sponsorship Agreements All forms of Digital Creator Agreements Subscription Agreements & Policies Agency Agreements Supply Chain & Logistics Agreements And more...

Connie M. on ContractsCounsel
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Member Since:
September 8, 2023

Connie M.

Copyright Lawyer
Free Consultation
Phoenix, AZ, United States
41 Yrs Experience
Licensed in AZ
Gonzaga University - J.D.

Copyright, trademark, and intellectual property contracts and licenses. General Business contracts. Practical and comprehensive advice and contract drafting in an efficient, no-nonsense manner. She routinely represents clients needing copyright, trademark, and intellectual property contracts and licenses in the book publishing industry, music publishing, and all aspects of art and entertainment. She has represented both sides of the table - creators and authors and corporations and businesses. After 40 years of experience she has seen most business models and structures and has worked with many general contracts in different industries.

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