EX-10.2 3 v405746_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

Loan Agreement Summary

| 1. | Lender and borrower:

| Borrower: | Weifang Lakeland Safety Products Co., Ltd. (“WF”)

| Lender: | Weifang Rural Credit Cooperative Bank (“WRCCB”)

| 2. | The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million (approximately USD $1,300,000).

| 3. | Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 to the bank. The bank hired a professional firm to supervise WF’s inventory flow, which WF will pay at a yearly rate of RMB 46,000.

| 4. | Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 6.42%. Monthly interest is RMB 42,800 which will be paid monthly.

| 5. | Borrowing period: up to six months. The longest borrowing period is six months beginning March 25, 2015 and ending September 21, 2015.