Exhibit 10.3
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DATED ：
February 28 2008
日期：
2008 年 2
月 28
日
CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED
中国东北石油控股有限公司
as
the Pledgor
出质人
And/
及
LOTUSBOX INVESTMENTS LIMITED
as
the pledgee
质权人
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AGREEMENT OF PLEDGE OVER SHARES IN
SONG YUAN NORTHEAST PETRO-TECHNOLOGY SERVICE CO.,LTD.
(
松原市东北石油技术服务有限公司
)
（股权质押协议
)
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THIS AGREEMENT is dated
February 28, 2008 and is by and between:
本协议
由以下双方于 2008
年 2 月
28
日在新加坡订立：
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(1)
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CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED , a corporation
incorporated and established under the laws of the state of Nevada,
as the pledgor (the Pledgor );
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中国东北石油控股有限公司，一家依据内华达州法律设立的公司，作为出质人（
“
出质人
”
）；
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(2)
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LOTUSBOX INVESTMENTS LIMITED (with its successors in such
capacity), a corporation
incorporated and established under the laws of the British Virgin
Islands, as the Pledgee (the Pledgee ),
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LOTUSBOX INVESTMENTS LIMITED
（及其有相应权限的继受者），一家依据英属维尔京群岛法律设立的公司，作为质权人（
“
质权人
”
）。
each
a Party and
collectively, the Parties
.
以上双方单称
“
一方 ”
，合称 “
双方 ”
。
WHEREAS,
鉴于
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(A)
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The
Pledgor is entering into this Agreement to provide security for the
performance of the obligations under the Transaction Documents as
defined under the Securities Purchase Agreement (the SPA )dated February 28,
2008. The Pledgee is going to subscribe for Debentures and Warrants
(as defined in the SPA) (the Subscription Amount )
in aggregate of US$15,000,000 in accordance with the Transaction
Documents.
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(A)
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出质人订立本协议作为其履行于
2008
年 2 月
28
日签订的债券认购合同（
“
购债合同
”
）下相关购债交易文件（
“
购债交易文件
“
）
的担保。质权人将根据购债交易文件购买总计为
1500
万美元的 公司债券
（见购债合同的定义）（
“
购债金额
“
）。
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(B)
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The
Pledgor is the registered and beneficial owner of 90% of issued and
paid up ordinary shares in the capital of Song Yuan Northeast
Petro-Technology Service Co., Ltd. (the SY ), a contractual
sino foreign joint venture. The registration number of SY as stated
in its business license is Qi Zuo Ji Zong Zi Numbered 000182(
企作吉总字第
000182 号 ).
The registered address of SY is Comprehensive Office Building, Zhan
Jiang Road, Youth Street, Economic and Technology Development
District, Song Yuan, Jilin Province, the People’s Republic of
China (the PRC ).
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(B)
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出质人为松原市东北石油技术服务有限公司（
“
松原公司
”
），一中外合作经营企业，的已发行并缴付出资和登记的
90%
普通股所有人。松原公司营业执照的注册号为“企作吉
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字第
000182
号”，其注册地址为中华人民共和国（“
中国”
）松原市经济技术开发区青年大街湛江路综合写字楼。
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(C)
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The
Parties agree that the Pledgor Pledges its 66% shares in SY as
security for the Subscription Amount provided by the Pledgee in
accordance with the Transaction Documents.
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(C)
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双方同意出质人将其持有的松原公司
66%
股权作为质权人根据购债交易文件认购债券金额的担保。
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IT IS AGREED as follows:
双方兹同意
如下：
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1.
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DEFINITIONS AND INTERPRETATION/ 定义与解释
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Unless
otherwise defined herein, any words or expressions defined or
construed in the SPA, shall have the same definition or
construction when used herein.
除非本协议另有界定，购债合同中的相关用词或表述的定义或解释，在本协议中使用时应当有相同的定义或解释。
In
this Agreement, except so far as the context otherwise
requires:
本协议中，除非上下文另外规定：
Directors mean the directors for the time being of
SY.
董事
指松原公司目前的董事。
Enforcement Event means:
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(i)
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any
failure of the due and full payment or repayment of part or all of
Secured Total Indebtedness by the Pledgor to the Pledgee in
accordance with the SPA and the Transaction Documents;
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(1)
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质押权实现事件指出质人未能根据购债合同及购债交易文件向质权人按时足额支付或偿付全部或部分担保债务总额的任何情形
;
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(ii)
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any
procedures of dissolution, winding up or bankruptcy or appointment
of receiver against the Pledgor is initiated;
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(2)
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出质人有任何解散、清算或者破产的程序启动或者破产管理人被任命；
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(iii)
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any
occurrence of events as agreed in the Transaction Documents or this
Agreement that causes the enforcement of the Pledged
Shares;
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(3)
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任何购债交易文件或本协议规定的导致出质股权被执行的事件发生；
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(iv)
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any
other legally provided event that causes the enforcement of the
Pledged Shares.
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Final Release Date means the date on which the Pledgee is
satisfied that all obligations of the Pledgor under the Transaction
Documents has been fully and irrevocably performed or duly
discharged by the Pledgee and no further obligation shall be
performed and the Pledge is released as a result.
质押解除日
指某日期，在该日出质人于购债交易文件项下的所有义务均以令质权人滿意的方式全部并且不可撤销地履行完毕或已被质权人以适当方式解除，并且出质人没有需要继续履行的其他义务，从而质押被解除。
Future Shares means:
将来可获股权
指：
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(i)
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any
further shares (whether ordinary, preference or otherwise) from
time to time allotted by SY to the Pledgor (whether by way of
rights, bonus or in any other manner whatsoever); and
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1.
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松原公司不时分配（无论是通过行权权、红利股或其他任何方式）给出质人的任何进一步的股权（无论是普通股、优先股或其他）；以及
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(ii)
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any
shares (whether ordinary, preference or otherwise) in any other
company from time to time acquired by or allotted to the Pledgor in
respect of the Pledged Shares and the further shares described in
paragraphs (i) above as a result of the reconstruction or
amalgamation of SY or its successor in title.
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2.
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由于松原公司或其权利继受者重组或合并，出质人从任何其他公司不时地认购或获得分配的与出质股权和上述第
1
项获得的进一步股权相对应的任何股权（无论是普通股、优先股或其他）。
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The
Future Shares (if any) shall be regarded as part of the
Pledged Shares and be pledged and enforced in the manner as
agreed in this Agreement no matter whether the relevant
clauses of this Agreement mention the Future Shares or
not.
将来可获股权（如有）应视为出质股权的一部分，并且按照本协议约定的方式进行质押和执行，而不管本协议相关条款是否提到将来可获股权。
Pledge means all or any of the security created over the
Pledged Shares and Related Rights by or pursuant to this Agreement
for the full and due performance of the Transaction
Documents.
质押
指根据本协议为担保购债交易文件的按时完全履行而根据本协议在出质股权和其相关权益上设立的全部或任何担保。
Pledged Shares means the duly registered and fully paid up
shares in the registered capital of SY, constituting 66% of the
registered capital of SY now legally and beneficially owned by the
Pledgor.
出质股权
指目前由出质人合法持有和受益的、经有效登记并全额出资的、占松原公司
66%
注冊资本的股权。
Related Rights means all dividends, interest, income and
other distributions or payable on the Pledged Shares and all
stocks, warrants, securities, rights, money or property accruing or
offered at any time and from time to time by way of conversion,
redemption, bonus, preference, option or otherwise to or in respect
of the Pledged Shares or derived from all or any of the Pledged
Shares or any derivatives thereof and all allotments, offers and
benefits whatsoever accruing, offered or arising in respect of the
same including the proceeds of any sale of any of the Pledged
Shares.
相关权益
指与出质股权相关的应付红利、股息、收入以及其他分配，或在任何时候通过转股、赎回、红利、优先股、期权或其他形式不时产生或获供的与出质股权相关或自出质股权衍生的所有股票、权证、证券、行权权利、现金或财产，或相关衍生金融工具以及所有与出质股权相关的任何分配、要约和收益，包括出质股权出售所获得的转让款。
Secured Total Indebtedness means all amounts outstanding
pursuant to the terms of the Transaction Documents ,secured with
the security as provided in this Agreement, and the interest
accrued, punitive interests, liquidated damages, indemnities, cost
for the realization of the right over the Pledge and other expenses
and losses that is payable or repayable to the Pledgee in
accordance with the Transaction Documents.
担保债务总额
是指由本协议提供担保的购债交易文件下所有到期未支付的金额，以及应计利息、罚息、违约金、损害赔偿金、实现质押权的费用和根据购债交易文件应向质权人支付或偿付的其他费用和损失。
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(a)
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Except
to the extent that the context otherwise requires, any reference to
this
Agreement includes its recitals, any document which is
supplemental hereto or which is expressed to be collateral herewith
or which is entered into pursuant to or in accordance with the
terms hereof.
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(a)
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除非在上下文另有约定，对本协议的任何提及包括其陈述部分、任何附于此的补充文件或宣称附属于本协议的文件或依据本协议内容而签订的文件。
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(b)
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Save
where otherwise indicated, references to Clauses and
Schedules
are to be construed as references to clauses of, and the schedules
to, this Agreement.
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(b)
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除本协议中另外约定，对条款和附件的提及应被解释为本协议的条款和附件。
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2.
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Undertaking by THE PLEDGOR/ 出质人的保证
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The
Pledgor undertakes to the Pledgee that it shall strictly and
completely perform all obligations as agreed in the
Transaction Documents and this Agreement and all supplements,
instruments, letters etc. that are related or supplemental to
the Transaction Documents and this Agreement.
出质人向质权人保证，出质人将严格及完全履行其在购债交易文件和本协议项下以及与购债交易文件和本协议下有关或补充的所有附录、文书、信函等约定的所有义务。
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3.1
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Secured
Creditor’s Rights
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(a)
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The
secured creditor’s rights by this Agreement is the
Subscription Amount in aggregate of US$15,000,000 as provided by
the Pledgee to the Pledgor in accordance with the Purchase
Agreement. The interest rate applicable to the Subscription Amount
is 8%. The term of the Debenture is for four (4) years from the
date the Debentures were first issued. The security coverage is the
Secured Total Indebtedness as defined in this
Agreement.
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(a)
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本协议所担保的债权为质权人根据购债交易文件向出质人认购的总金额为
1500
万美元的购债金额，购债金额的年利率为
8
％。
债券期限为四年，从债券首次发行之日起算。担保范围是本协议界定的担保债务总额。
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(a)
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In
consideration of the Pledgee agreeing to subscribe from the Pledgor
the Subscription Amount, and as a continuing security for the due
and complete performance of all obligations as agreed in the
Transaction Documents, the Pledgor, as legal and beneficial owner,
hereby Pledges to the Pledgee, free from any other security and
encumbrance, all the:
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(a)
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鉴于质权人同意向出质人认购购债金额，出质人作为出质股权的合法权益持有人，在此将其目前拥有之以下权利（没有用于其他任何担保或有其他权利限制）质押给质权人，作为其按时和完全履行购债交易文件所有义务的持续担保：
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(i)
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the
Pledged Shares; and
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3.3
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Pledgor as pledgor remains responsible/ 出质人仍承担出质人的责任：
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Nothing
in this Agreement shall impose on the Pledgee any obligation
in respect of the Pledged Shares.
本协议中任何內容不应强加给质权人任何与出质股权相关的义务。
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4.
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PLEDGOR’S RESTRICTIONS/ 出质人的限制
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4 .1
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Negative
pledge/ 负面质押
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(a)
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Except
as provided in this Agreement or as permitted by the Transaction
Documents, the Pledgor shall not do, or permit to be done, anything
which could prejudice the Pledge nor create or permit to subsist
any other security over the Pledged Shares.
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(a)
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除本协议另有约定或购债交易文件许可外，出质人不得做或允许他人做任何损害质押的事宜，也不得在出质股权上创设任何其他质押或允许其他质押的存在。
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(a)
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Except
with the prior written consent of the Pledgee, the Pledgor shall
not (nor agree to) enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or
involuntary) to exchange, set off, transfer, sell or otherwise deal
with or dispose of any of the Pledged Shares before the Final
Release Date.
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(a)
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在质押解除日前，除非质权人事先书面同意，出质人不得（也不得同意）从事单一交易或一系列交易（不论是否相关、也不论是否出于自愿）以交换、抵消、转让、出售或其他方式处理或处置任何出质股权。
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(b)
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Except
with the prior written consent of the Pledgee, the Pledgor shall
also not (nor agree to) cause any of its subsidiaries to enter into
a single transaction or a series of transactions (whether related
or not and whether voluntary or involuntary) to exchange, set off,
transfer, sell or otherwise deal with or dispose of any of the
shares held by such subsidiaries.
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(b)
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除非质权人事先书面同意，出质人不得（也不得同意）促使其任何子公司从事单一交易或一系列交易（不论是否相关、也不论是否出于自愿）以交换、抵消、转让、出售或其他方式处理或处置该等子公司持有的任何股权。
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5.
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GENERAL UNDERTAKINGS/ 总体承诺
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The
undertakings in this Clause 5 remain in force from the
effective date of this Agreement until the Final Release
Date.
本第
5
条的承诺自本协议生效之日起至质押解除日止保持有效。
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5.1
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Transaction
authorisations / 交易授权
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(a)
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The
Pledgor shall and cause its subsidiaries to promptly obtain, comply
with and do all that is necessary to maintain in full force and
effect this Agreement; and supply certified copies or originals to
the Pledgee on the signing date of this Agreement of, any
authorisation required under any law or regulation to enable it to
perform its obligations
under this Agreement and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of
incorporation of this Agreement, which include but not limited
to:
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(a)
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出质人应并促使其子公司在本协议签订之日立即获得、遵守并采取所有使本协议保持完全效力的相关工作；并向质权人提供任何法律法规要求的任何授权的经确证的副本或原件，使其能够履行其于本协议项下的义务并确保本协议的构成在其管辖法律下的合法、有效、可执行或可作为证据，包括但不限于：
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(i)
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Original
of the resolution of board of directors of SY approving the
Pledge;
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(ii)
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Original
of the consent of the other shareholder of SY, Ju Gui Zhi (
鞠桂芝
), on the Pledge.
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(iii)
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Certified
true copy of the record of the Pledge over the Pledged Shares in
the shareholders register of SY;
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3.
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股权质押情况记载于松原公司的股东名册中经确证的副本。
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5.2
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Approvals, consents and registrations for pledge and
enforcement/ 质押和质押权实现的批准、同意与登记
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(a)
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The
Pledgor shall obtain all approvals and consents from, and complete
the necessary filing and registration requirements from, all
authorities necessary for the creation of the Pledge hereunder
within 90 days after the signing of this Agreement, including but
limited to:
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(a)
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出质人应在签订本协议后
90
日内取得设立质押所必需的所有部门的批准和同意，并完成必需的备案及登记手续，包括但不限于：
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(i)
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the
approval of Jilin Province Department of Commerce ( 吉林省商务厅
) or the competent foreign investment examination and approval
authority;
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1.
吉林省商务厅或有权的外商投资审批部门的批准；
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(ii)
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filing
at Jilin Province Administration of Industry and Commerce (
吉林省工商行政管理局
) or the competent administration of industry and commerce;
and
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2.
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在吉林省工商行政管理局或有权的工商管理部门办理备案；及
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(b)
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Upon
the enforcement of the Pledge under this Agreement, the Pledgor
shall forthwith obtain or procure to obtain the necessary approvals
and consents from all authorities where
required, pertaining to the transfer of Pledged Shares under this
Agreement, including:
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(b)
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执行本协议项下的质押权时，出质人就立即从所有相关部门取得或促使取得出质股权转让所必需的批准和同意，包括：
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(i)
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the
approval of Jilin Province Department of Commerce ( 吉林省商务厅
) or the competent foreign investment examination and approval
authority; and
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1.
吉林省商务厅或有权的外商投资审批部门的批准；及
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(ii)
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filing
at Jilin Province Administration of Industry and Commerce or the
competent administration of industry and commerce.
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2.
在吉林省工商行政管理局或有权的工商管理部门办理备案。
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(c)
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All
originals of any approval, registration certificate or filing
confirmation obtained from the relevant authorities pursuant to
this Clause 5.2 shall be delivered to and kept by the
Pledgee.
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(c)
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依据本
5.2
条自相关部门取得的任何批准、登记证或备案确认的所有原件应交付给质权人并由其保管。
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5.3
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Documents of Title/ 所有权凭证
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(a)
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The
Pledgor shall deposit with the Pledgee on the signing date of this
Agreement and permit the Pledgee during the continuance of this
Agreement to hold and retain:
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(a)
出质人应在签订本协议之日将下列文件交存予质权人，并允许质权人在本协议持续期间持有下列文件：
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(i)
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upon
the execution of this Agreement (in respect of the Pledged Shares)
and from time to time during the continuance of this Agreement
(whether upon the allotment and issue or acquisition of the Future
Shares) (A) certified true copy of all capital verification reports
issued by an accounting firm verifying that the Pledgor has fully
paid the registered capital of SY; (B) a certified true copy of the
certificate of approving the establishment of foreign invested
enterprise and the Business License of SY indicating that there has
been full injection of registered capital; (C) original of
investment certificate ( 出资证明书
) issued by SY to the Pledgor; and
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