EXHIBIT 10.25
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.
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: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
-------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇
Title: Authorized Representative
LAW DEBENTURE TRUST COMPANY
OF NEW YORK, AS ESCROW AGENT
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
-------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Assistant Vice President
STOCKHOLDERS:
/s/ ▇▇▇▇▇▇ ▇▇▇
--------------------------------------
ZHU, Xianfu
/s/ Baoke Ben
----------------
BEN, Boake
/s/ Liu Chaoyang
----------------
LIU, Chaoyang
/s/ ▇▇▇▇▇▇ ▇▇▇▇
---------------
WANG, Qinghe
/s/ Shuichi Si
--------------
SI, Shuichi
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇
-----------------
WANG, Juanjuan
2
/s/ ▇▇▇▇▇ ▇▇▇
-------------
LIN, Yousu
/s/ ▇▇▇▇ ▇▇▇▇
-------------
▇▇▇▇, ▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇
----------------
WANG, Yunchun
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
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. ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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: ▇▇▇ ▇▇▇▇▇▇▇
B-4