Document:

Exhibit 10.7

        

          EXECUTION COPY

          

          

          PERFORMANCE GUARANTY

           

          PERFORMANCE GUARANTY (this “Agreement”) is made as of the 20th day of July, 2022, by and among Univest
            Securities, LLC, in its capacity as agent (“Agent”) for the Purchasers (as defined below), Cenntro Electric Group Limited ACN 619 054 938, an Australian public company, with its principal executive offices located at 501 Okerson Road,
            Freehold, New Jersey 07728 (the “Issuer”), and Peter Z. Wang, an individual residing at 501 Okerson Road, Freehold, New Jersey 07728 (the “Principal”).

           

          W I T N E S S E T H

           

          WHEREAS, the Principal is the Chief Executive Officer, Managing Director and Chairman of the Board of Directors and a controlling shareholder of the Issuer and, through the Issuer and its
            Subsidiaries, has extensive familiarity with and primary responsibility for the management of the Issuer’s and its Subsidiaries’ businesses; and

           

          WHEREAS, the Issuer and the purchasers (the “Purchasers”) are parties to a Securities Purchase Agreement of even date herewith (as amended, modified, supplemented and/or restated from
            time to time, the “Purchase Agreement”); and capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Purchase Agreement or the applicable Transaction Document (as defined in the Purchase
            Agreement); and

           

          WHEREAS, under the Purchase Agreement, the Issuer has agreed to sell and issue to the Purchasers severally and not jointly, and the Purchasers have agreed to purchase from the Issuer, severally
            and not jointly, Issuer’s Senior Secured Convertible Notes (the “Notes”) due twelve (12) months following their dates of issuance, in the original aggregate principal amount of US$61,215,000 and Warrants, subject to the terms and
            conditions set forth therein; and

           

          WHEREAS, it is a condition precedent to the making of the Purchasers' investment pursuant to the Purchase Agreement that the Principal and the Issuer enter into this Agreement.

           

          NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound,
            the Agent on behalf of the Purchasers, the Principal and the Issuer hereby agree as follows:

           

          1.           Recitals.  The parties hereto hereby acknowledge and agree that the foregoing recitals are true and accurate in each and every respect.

           

          
            
              

          

          2.           Assurances by Principal.

           

          (a)          The Principal hereby covenants and agrees for the benefit of the Purchasers that (i) the Principal will not intentionally or through conduct constituting gross negligence, and (ii)
            the Issuer will not through intentional acts of the Principal or through conduct constituting gross negligence by the Principal: (A) fail to take all steps necessary to close the above described securities purchase and sale under the
            Transaction Documents and consummate the transactions contemplated thereby; (B) in the event of a default or other such event triggering acceleration under any of the Transaction Documents, fail to cause to be delivered such amounts due the
            Purchasers as called for in any Transaction Document; (C) fail to provide or cause to be provided to the Agent information material to the Collateral that is accurate or not misleading in any material respect; (D) conceal or cause to be
            concealed from the Agent any information material to the Collateral, or make any representation or warranty in connection with the Purchase Agreement or any other Transaction Document or the Collateral that is false or misleading when made (or,
            if applicable, when reaffirmed under the Purchase Agreement) in any material respect and with respect to any such representation or warranty that does not concern any Collateral, might cause substantial harm to the Issuer or the Purchasers; (E)
            fail or refuse to turn over any Collateral or proceeds thereof to the Purchasers as and when required by any security agreement or otherwise take any action that constitutes fraud or conversion in respect of the Collateral; or (F) permit any
            Collateral subject to any security agreement to be transferred or otherwise disposed of to any affiliate or as otherwise dispose of any Collateral except as specifically provided by any Transaction Document.

           

          (b)            Each post-closing covenant, future undertaking, or similar obligation set forth in the Purchase Agreement shall be duly complied with in a timely manner to Agent’s reasonable
            satisfaction.

           

          (c)          If there occurs a breach or violation of any of the obligations of the Principal in Section 2(a) or 2(b) above, and such breach or violation is not cured within ten Business Days
            upon receipt of a written notice from the Agent, the Principal shall unconditionally, without set-off or deduction, indemnify, defend and hold the Agent and the Purchasers harmless from any and all loss or damage (including, without limitation,
            reasonable attorneys’ fees and other reasonable expenses and costs) to the extent resulting from such breach or violation.  The Agent’s books and records shall be prima facie evidence of the amount of any such loss or damage and
            any related expenses or costs.

           

          3.           Default; Waiver; Etc.

           

          (a)          The Issuer agrees to pay all of the Agent’s and Purchasers’ reasonable attorneys’ fees and expenses relating to a default by the Principal or the Issuer under this Agreement or any
            other Transaction Document.  The Principal agrees to pay all of the Agent’s and Purchasers’ reasonable attorneys’ fees and expenses relating to a default by the Principal under this Agreement or any other Transaction Document.

           

          (b)           Neither the Agent’s entering into this Agreement, nor any failure or delay on the part of the Agent or Purchasers in exercising any right, power, or privilege under this Agreement
            or the Purchase Agreement shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any other right, power or privilege.

           

          4.          Termination.  This Agreement shall terminate upon the earliest of (a) the written agreement of all parties; (b) full conversion of the Notes into Ordinary Shares of the
            Issuer; or (c) the full repayment or redemption of all outstanding amounts of the Notes owned or held by the Purchasers.

           

          
            
              

          

          5.         Entire Agreement.  The Principal, the Issuer and the Agent acknowledge that this written agreement and the Purchase Agreement and other Transaction Documents represent the
            final agreement between the parties with respect to the specific subject matter hereof, and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements
            between the parties.

           

          6.          Waivers. No waiver or amendment shall be deemed to be made by the Agent of any of its rights hereunder, unless the same shall be in writing and signed by the Agent, and each
            waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the Agent or the Purchasers or the obligations of the Issuer or the Principal in any other respect at any other time.

           

          7.          Notices. Any and all notices hereunder shall be in writing and addressed to the party to be notified at its address first set forth, as applicable, above or in the Purchase
            Agreement, or such other address as such party may designate for itself by notice. Notice shall be deemed to have been duly given (a) when delivered personally or otherwise actually received, (b) three (3) Business Days after being sent by
            overnight delivery service, with all charges prepaid or billed to the account of the sender, or (c) when sent by facsimile with facsimile confirmation of receipt if receipt is during normal business hours at the point of receipt (or otherwise
            on the next succeeding Business Day).

           

          8.            CONSENT TO JURISDICTION; WAIVERS. Each party consents to the dispute resolution provisions set forth in the Purchase Agreement.

           

          9.            Governing Law. Each party consents to governing law provisions set forth in the Purchase Agreement.

           

          10.         Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, executors, administrators, personal
            representatives, successors and assigns; provided, that neither the Issuer nor the Principal may assign any of their respective obligations hereunder without the Agent’s prior written consent.

           

          11.        Captions. The Section titles utilized in this Agreement are for convenience only, and shall not affect the construction or interpretation of this Agreement or any of the
            provisions hereof.

           

          12.         Counterparts. This Agreement may be executed in any number of counterparts and by fax signatures, each of which shall be deemed to constitute an original, but all of which
            together shall constitute one and the same binding agreement.

           

          13.       Severability. In the event and to the extent that any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect
            the validity or enforceability of any other provisions of this Agreement, all of which shall remain fully enforceable as set forth herein.

           

          [The remainder of this page is intentionally blank]

           

          
            
              

          

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

           

          	
                  UNIVEST SECURITIES, LLC, as Agent

                	 
	 	 
	
                  By:

                	
                  /s/ Edric Guo

                	 
	 	
                  Name: Edric Guo

                	 
	 	
                  Title: Chief Executive Officer

                	 

          

          

          

          

          	 CENNTRO ELECTRIC GROUP LIMITED, on behalf of itself and its Subsidiaries
	   
	
                  Executed by Cenntro Electric Group Limited ACN 619 054 938 in accordance with
                      Section 127 of the Corporations Act 2001

                	 	 
	 	 	 
	
                  /s/ Peter Wang

                	 	
                  /s/ Tony Tsai

                
	
                  Signature of director

                	 	
                  Signature of director/company secretary

                  (Please delete as applicable)

                
	 	 	 
	
                  Peter Wang

                	 	
                  Tony Tsai

                
	
                  Name of director (print)

                	 	
                  Name of director/company secretary (print)

                

          

          

          

          

          	
                  /s/ Peter Wang

                	 
	
                  Peter Z. Wang, PrincipalDocument

Exhibit 10.1

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS

Supplemental Agreement No. 20
to
Purchase Agreement No. 03776
between
The Boeing Company
and
United Airlines, Inc.
Relating to Boeing Model 737 MAX Aircraft
THIS SUPPLEMENTAL AGREEMENT, entered into as of June 30, 2022, by and between THE BOEING COMPANY (Boeing) and UNITED AIRLINES, INC. (Customer) (SA-20); 
WHEREAS, the parties hereto entered into Purchase Agreement No. 3776 dated July 12, 2012, as amended and supplemented (Purchase Agreement), relating to the purchase and sale of Boeing model 737 MAX aircraft (Aircraft).  This Supplemental Agreement is an amendment to the Purchase Agreement; and
WHEREAS, solely to conform and further amend the Purchase Agreement to reflect Customer and Boeing’s agreement regarding the following matters without duplication of any consideration being provided to Customer to:
(i)*** the scheduled delivery month of *** 737-*** Aircraft as shown in Table 1A entitled “737-*** Aircraft Delivery, Description, Price and ***”; 
UAL-PA-03776         SA-20, Page 1
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 20 to
Purchase Agreement No. 03776

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows: 
1.Table of Contents.
The “Table of Contents” is deleted in its entirety and replaced with the attached “Table of Contents” (identified by “SA-20”).
2.Tables. 
Table 1A entitled “737-*** Aircraft Delivery, Description, Price and ***” is deleted in its entirety and replaced with the attached similarly titled Table 1A (identified by “SA-20”) to reflect the *** scheduled delivery month of *** 737-*** Aircraft.
The Purchase Agreement will be deemed supplemented to the extent provided herein as of the date hereof and as so supplemented will continue in full force and effect.

The rest of the page is intentionally blank. Signature page follows.

UAL-PA-03776        SA-20, Page 2
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 20 to
Purchase Agreement No. 03776

EXECUTED IN DUPLICATE as of the day and year first written above.

									
	THE BOEING COMPANY		UNITED AIRLINES, INC.
	/s/ Irma L. Krueger		/s/ Gerald Laderman
	Signature		Signature
			
	Irma L. Krueger		Gerald Laderman
	Printed Name		Printed Name
			
	
Attorney in Fact		Executive Vice-President and Chief Financial Officer
	Title		Title

UAL-PA-03776        SA-20, Page 3
BOEING / UNITED AIRLINES, INC. PROPRIETARY

TABLE OF CONTENTS
									
	
ARTICLES	SA NUMBER

	Article 1.	Quantity, Model and Description	 SA-18 §4.2

	Article 2.	Delivery Schedule	SA-18 §4.2

	Article 3.	Price	SA-18 §4.2

	Article 4.	Payment	SA-18 §4.2

	Article 5.	Additional Terms	SA-18 §4.2

	TABLE	
	1.	737-*** Aircraft Delivery, Description, Price and ***
	SA-9
	1.1	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-18
	1A.	737-*** Aircraft Delivery, Description, Price and ***
	SA-20 & SA-18 §4.1

	1B.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-16 & SA-18 §4.1

	1C.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-16 & SA-18 §4.1

	EXHIBITS	
	A-1	737-9 & *** 737-9Aircraft Configuration
	SA-8
	A-2	737-8 Aircraft Configuration
	
	A-3	737-7 Aircraft Configuration
	
	A-4	*** 737-*** Aircraft Configuration
	SA-16
	A-5	737-*** Aircraft Configuration
	SA-14
	B.	Aircraft Delivery Requirements and Responsibilities	
	TABLE OF CONTENTS, CONTINUED	
	SUPPLEMENTAL EXHIBITS	SA NUMBER

			
	AE1.	***/Airframe and *** Features
	
	AE2.	***/Airframe and *** Features for the 737-10 Aircraft
	SA-18 §4.2

	BFE1.	BFE Variables 737-9 Aircraft
	SA-7
	BFE2.	BFE Variables 737-10 Aircraft
	SA-9

UAL-PA-03776    TABLE OF CONTENTS    SA-20, Page 1 of 4
BOEING/UNITED AIRLINES, INC. PROPRIETARY

									
	CS1.	Customer Support Variables
	SA-9
	EE1.	Engine Warranty and ***
	SA-18 §4.2

	SLP1.	Service Life Policy Components
	
	LETTER AGREEMENTS	SA NUMBER

	UAL-PA-03776-LA-1207637R4	*** Matters
	SA-16
	UAL-PA-03776-LA-1207638R3	***
	SA-16
	UAL-PA-03776-LA-1207640	Demonstration Flight Waiver
	
	UAL-PA-03776-LA-1207643R3	Open Matters 737-*** and 737-*** Aircraft
	SA-15 & SA-18 §4.2

	UAL-PA-03776-LA-1207646R4	Promotional Support
	SA-15
	UAL-PA-03776-LA-1207647	Seller Purchased Equipment
	SA-18 §4.2

	UAL-PA-03776-LA-1207649	Spare Parts Initial Provisioning
	
	UAL-PA-03776-LA-1207650R6	Special Matters
	SA-19
	UAL-PA-03776-LA-1208055R1	***
	SA-7
	UAL-PA-03776-LA-1208122	***
	SA-10
	UAL-PA-03776-LA-1208123R1	*** for 737-*** Aircraft
	SA-9
	UAL-PA-03776-LA-1208157R4	***
	SA-18
	UAL-PA-03776-LA-1208234	Privileged and Confidential Matters
	
	UAL-PA-03776-LA-1208596R2	AGTA Matters	SA-13
	UAL-PA-03776-LA-1208238	Assignment Matters
	
	TABLE OF CONTENTS, CONTINUED	
	LETTER AGREEMENTS	SA NUMBER

	UAL-PA-03776-LA-1208869R2	Delivery *** Matters
	SA-16
	UAL-PA-03784-LA-1207869	737 Production Adjustments	
	UAL-PA-03776-LA-1606848R2	*** Special MAX Aircraft
	SA-9
	UAL-PA-03776-LA-1703685	737-*** Aircraft ***
	SA-9
	UAL-PA-03776-LA-1703743	2017 ***
	SA-9
	UAL-PA-03776-LA-1703858R1	*** for the 737-*** Aircraft
	SA-18 §4.2

UAL-PA-03776    TABLE OF CONTENTS    SA-20, Page 2 of 4
BOEING/UNITED AIRLINES, INC. PROPRIETARY

									
		*** Commitment for the 737-*** Aircraft
	§5.1.2 of SA-9
	UAL-PA-3776-LA-1801367	Loading of Customer Software
	SA-10
	UAL-PA-3776-LA-1801619	Installation of Cabin Systems Equipment
	SA-10
	UAL-PA-3776-LA-1807469	*** From *** for 737-*** Aircraft
	SA-11
	UAL-PA-3776-LA-2001766R1	Certain Special Matters
	SA-14
	UAL-PA-3776-LA-2103143	Airline Operational Efficacy Matter
	SA-16
	UAL-PA-3776-LA-2103288	***
	SA-16
		

	

UAL-PA-03776    TABLE OF CONTENTS    SA-20, Page 3 of 4
BOEING/UNITED AIRLINES, INC. PROPRIETARY

						
	

SUPPLEMENTAL AGREEMENTS	DATED AS OF

	Supplemental Agreement No. 1	June 17, 2013

	Supplemental Agreement No. 2	January 14, 2015

	Supplemental Agreement No. 3	May 26, 2015

	Supplemental Agreement No. 4	June 12, 2015

	Supplemental Agreement No. 5	January 20, 2016

	Supplemental Agreement No. 6	February 8, 2016

	Supplemental Agreement No. 7	December 27, 2016

	Supplemental Agreement No. 8	June 7, 2017

	Supplemental Agreement No. 9	June 15, 2017

	Supplemental Agreement No. 10	May 15, 2018

	Supplemental Agreement No. 11	September 25, 2018

	Supplemental Agreement No. 12	December 12, 2018

	Supplemental Agreement No. 13	March 20, 2020

	Supplemental Agreement No. 14	June 30, 2020

	Supplemental Agreement No. 15	February 26, 2021

	Supplemental Agreement No. 16	June 27, 2021

	Supplemental Agreement No. 17	August 12, 2021

	Supplemental Agreement No. 18	September 8, 2021

	Supplemental Agreement No. 19	November 30, 2021

	Supplemental Agreement No. 20	June 30, 2022

    

UAL-PA-03776    TABLE OF CONTENTS    SA-20, Page 4 of 4
BOEING/UNITED AIRLINES, INC. PROPRIETARY

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