SHARE AND WARRANT CANCELLATION
AGREEMENT
THIS SHARE AND WARRANT CANCELLATION AGREEMENT
(this “ Agreement ”) is made and entered into as
of this 6th day of May, 2009 by and between SRKP 21, Inc., a
Delaware corporation (“ SRKP 21 ”) and the
stockholders of SRKP 21, as set forth on Schedule I attached
hereto (such stockholders collectively referred to herein as the
“ Stockholders ”). Capitalized terms
used herein and not otherwise defined herein shall have the
meanings ascribed to them in the Exchange Agreement (as hereinafter
defined).
RECITALS
WHEREAS, on March 3, 2009, SRKP 21 entered into
a Share Exchange Agreement with Attainment Holdings Limited, a
British Virgin Islands Corporation (“ Attainment
Holdings ”), Excel Profit Global Group Limited, a British
Virgin Islands corporation and sole shareholder of Attainment
Holdings (" Excel Profit ") and as to certain portions the
agreement, certain designees (the “ Exchange Agreement
”), a copy of which is attached hereto as Exhibit A
;
WHEREAS, pursuant to the terms of the Exchange
Agreement, and as a condition to the completion of the transactions
contemplated by the Exchange Agreement, SRKP 21 agreed to enter
into an agreement with the Stockholders to cancel (i) an aggregate
of 5,016,390 shares of SRKP 21 common stock held by such
Stockholders (the “ Shares ”), as such Shares
are more particularly set forth on Schedule I attached
hereto, and (ii) an aggregate of 6,131,945 warrants to purchase
shares of SRKP 21 common stock held by such Stockholders (the
“ Warrants ”), as such Warrants are more
particularly set forth on Schedule II attached hereto;
and
WHEREAS, the Stockholders acknowledge that they
would benefit from the completion of the transactions contemplated
by the Exchange Agreement.
NOW, THEREFORE, for and in consideration of the
execution and delivery of the Exchange Agreement, and the payment
of good and valuable consideration pursuant to the Exchange
Agreement, the receipt and sufficiency of which is hereby
acknowledged, SRKP 21 and the Stockholders, each intending to be
legally bound by this Agreement, hereby agree as
follows:
AGREEMENT
1.
DUTIES
1.1
Rights and Obligations of the Parties . The
parties shall be entitled to such rights and shall perform such
duties as set forth herein. In the event that the terms
of this Agreement conflict in any way with the provisions of the
Exchange Agreement, the Exchange Agreement shall
control.
1.2
Cancellation of Shares and Warrants . On the
Closing Date of the Exchange Agreement, the Shares and the Warrants
shall be deemed automatically cancelled. The
Stockholders agree to execute any and all documents, including, but
not limited to, stock powers for the stock certificates
representing the Shares, as SRKP 21 reasonably determines necessary
to effect the cancellation of the Shares and the Warrants pursuant
to the terms of this Agreement.
2.
DIVIDENDS; VOTING RIGHTS; STOCK SPLITS
2.1
Cash Dividends; Voting Rights . Prior to the
Closing of the Exchange Agreement, the Stockholders shall have
rights to cash or stock dividends with respect to the Shares and
the Warrants, if any, and have rights to vote their respective
Shares, if any such matter requiring stockholder approval shall
arise.
2.2
Stock Splits; Stock Dividends . In the event of
any stock split or other similar transaction with respect to SRKP
21 common stock that becomes effective prior to the Closing of the
Exchange Agreement, the additional shares or warrants issued with
respect to the Shares or the Warrants shall be similarly
cancelled.
3.1
Transferability . None of the rights and
obligations of the Stockholders hereunder shall be
transferable.
3.2
Notices . Any notices or other communications
required or permitted under this Agreement shall be in writing and
shall be sufficiently given if sent by (i) registered or certified
mail, postage prepaid, addressed as follows, (ii) facsimile to the
facsimile numbers identified below or (iii) overnight courier (such
as UPS or FedEx), addressed as follows:
If to SRKP 21:
4737 North
Ocean Drive, Suite 207
Lauderdale by
the Sea, FL 33308