SHAREHOLDERS AGREEMENT

SHAREHOLDERS AGREEMENT

THIS SHAREHOLDERS AGREEMENT (the Agreement) is made and effective this____day of _____2020

BETWEEN

Cho Kwan of No. 1, xxxxxxxxx, China (First Shareholder) of the One Part and Chong Chan of No. 2, xxxxxxx, China (Second Shareholder) of the second part and Ade Nnamdi, the sole Proprietor of ABC (Nig) Enterprises of No. 3, xxxxxxxx, Ogun State (Third Shareholder) of the third other part.

RECITAL:

The First two shareholders are Chinese businessmen who have taken step toward the formation of a Nigerian Limited Liability Company with the third Shareholder, a Nigerian businessman, on extraction, production and exportation of palm produce.

IT IS HEREBY AGREED AS FOLLOWS:

1. The shareholders have agreed to form a limited liability company whose object is to extract and export palm produce.
2. The proposed names of the company are Chanade Palm Produce Nigeria Limited or Kwanade Palm (Nig) Limited.
3. The company would carry on business at No. 4, xxxxxx, Lagos State, which shall be registered as its corporate office
4. The office accommodation of the third shareholder is to given as consideration for share used or converted as business premises by the company.
5. The company is to be incorporates at the Corporate Affairs Commission (CAC) with a minimum share capital of N5,000,000 (Five Million Naira) into 5,000,000 divided into ordinary share of N 1.00 Each.
6. The Parties are to contribute towards the funding of the company.
7. The 5,000,000 share of the company is divided into the following ratio among the first, second and third shareholder who shall be the subscribers of the Memorandum of Association of the company:
   • Cho Kwan = 3,000,000 SHARES
   • Chong Chan = 1,000,000 SHARES
   • Ade Nnamdi = 1,000,000 SHARES

Confidentiality

The First, second and Third Shareholder to this agreement have agreed to maintain confidentiality with respect to details of this shareholder's agreement, the object of the proposed company, the trade secret and patent right of the shareholders.