Company: CENN
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001140361-25-011607
Chunk: 28

Company: Cenntro Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 13
Chunk 28
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        influence.

Commercial Transactions

Capital injection to a related party

On July 28, 2022, Cenntro Electric Group (Europe) GmbH (“CEGE”) entered into an agreement to invest in Antric GmbH whereby CEGE invested EUR 2.5 million to acquire 25% of
        Antric’s total share capital. CEGE made the first payment of approximately $1.3 million on July 28, 2022. On January 17, 2023, CEGE made a second investment of approximately $0.7 million. On August 31, 2023, Cenntro Automotive Europe GmbH (“CAE”)
        entered into an agreement to invest one euro to acquire 75% of Antric’s total share capital which was fully paid on September 8, 2023.

Employment agreement to a related party

On March 25, 2022, as a result of CEGI’s acquisition of 65% shares of CAE (f.k.a. TME), CAE entered into a managing director’s contract
        with Mr. Gregory Hancke to retain him as Managing Director (“Geschäftsführer”) of CAE. The Managing Director’s contract is for two years commencing on the day following the closing of the acquisition transaction, or March 23, 2022. The term of the
        contract is not automatically renewed for successive periods. The contract provides that Mr. Gregory Hancke is entitled to an annual base salary of €240,000 (equivalent to approximately $259,599). Mr. Gregory Hancke is not entitled to any cash
        severance under this Managing Director’s contract.