Document:

Exhibit 10.1

 

EQUITY TRANSFER
AGREEMENT

 

THIS EQUITY TRANSFER SHARE AGREEMENT, (this “Agreement”)
is made on December 31, 2015 , by and between the following parties:

 

Transferee: Zhi Yang (Party A)

 

Transferor: Harbin Zhong He Li Da Education Technology Co.,
Ltd. (Party B)

Legal Representative: Xiqun Yu

 

Agreement sets forth the terms and conditions upon which the
Transferor will sell 60% equity interest of Harbin Tianlang Culture and Education School (the “School”) to the Transferee,
which had been approved by the Board of the school.

 

In consideration of the mutual promises,
covenants, and representations contained herein, the parties hereto agree as follows:

 

WITNESSETH:

 

WHEREAS, Party A agrees to the transferee Party B has a 60%
equity interest in the School;

 

WHEREAS, 60% equity interest of the School
personally owned by Xiqun Yu to the Transferee, which had been approved by the Board of the school; and

 

NOW THEREFORE, in consideration of the
mutual promises, covenants and representations contained herein, the parties herewith agree as follows:

 

ARTICLE I

 

EQUITY TRANSFER

 

1.1 Transferor hereby agrees to sell 60%
equity interest of the School (“Transferred Equity Interest”) to Transferee, and Transferee agrees to purchase from
Transferor the Transferred Equity Interest hereunder.

 

1.2 Party B agrees to sell and Party A
agrees to buy equity including all incidental interests and rights, and the equity is not subject to any lien, mortgage or any
claim or right of third parties.

 

1.3 Transferee shall not be responsible
for the School’s management, operation, any debt and obligations upon effectiveness of this Agreement.

 

ARTICLE II 

 

Purchase Price
and Payment

 

2.1 Subject to the terms of this Agreement,
Party B agrees to sell the Transferred Equity Interest to Party A for a total purchase price for of RMB 3 million (the “Purchase
Price”), and Party A agrees to pay the Purchase Price for the Transferred Equity Interest.

 

2.2 Party A agrees to pay Party B the
Purchase Price in the following manner:

 

Party A agrees to pay RMB 300,000 to Party
B on the date of execution of this Agreement and to pay RMB 2,700,000 upon completion of the registration of change with relevant
state administration of industry and commerce.

 

     

     

    

 

ARTICLE III

 

Party A Representation

 

3.1 Party B is the sole owner of the Transferred Equity Interest.

 

3.2 Party B, as a school shareholder, has fully paid its capital
contribution of the School registered capital.

 

3.3 Since the effective date of this agreement,
Party B will withdraw itself from school management and will no longer participate in the management of the School and distribution
of profits and properties.

 

ARTICLE IV

 

Party B Representation

 

4.1 Party A shall be responsible to the
school for the amount of capital contribution.

 

4.2 Party A shall acknowledge and perform
the amended articles of association of the school

 

4.3 Party A guarantees to pay the price
in accordance with the provisions of article second of this contract.

 

ARTICLE V

 

Equity Transfer
Related Cost

 

The parties agree that the relevant expenses
incurred in connection with the transfer the equity interest shall be borne by Party A.

 

ARTICLE VI

 

Rights and Obligations

 

6.1 Since the effective date of this agreement,
Party A shall be entitled to rights of shareholder and shall fulfill its obligations. When necessary, Party B shall assist Party
A to exercise the rights of shareholder, to fulfill the obligations of the shareholder, including the signing of the relevant
documents in the name of Party B.

 

6.2 From the effective date of this agreement,
Party A share the profits and bear risks in proportion with its equity interest in the School.

 

     

     

    

  

ARTICLE VII

 

Amendment and
Termination

 

Upon occurrence of one of the following
situations, the parties may amend or terminate this agreement, but both parties need to sign the change or cancel agreement:

 

7.1 Due to force majeure or reasons beyond
the parties’ control resulting, leading to failure of performance of this agreement

 

7.2 One party loses the actual performance

 

7.3 Due to a party's breach of contract,
seriously affect the economic interests of the other party, so that the performance of the contract becomes unnecessary;

 

7.4 Due to changes in the situation, the
parties agreed to the parties through consultation;

 

7.5 Other changes or termination of the
contract agreement occurred

 

ARTICLE VIII

 

REMEDIES

 

8.1 The Parties shall strictly fulfill
their respective obligations under this Agreement. Any Party (for the purpose of this clause the “Breaching Party”)
will be deemed to have breached this Agreement if it fails to fulfill, or to fulfill fully and appropriately, its obligations
under this Agreement, or if any of its representations and warranties in this Agreement proves to be false, inaccurate or misleading. 
In the event of such breach, the other Parties (for the purpose of this clause the “Non-Breaching Party”) has the
right at their own discretion to demand compensation from the Breaching Party for all losses, including the costs and expenses
arising from this Agreement.

 

ARTICLE IX

 

Confidentiality
Clause

 

9.1 Without written consent of the other
party, any party shall not to leak the commercial secrets or related information to any third party, and shall not be leaked to
the contents of the agreement and related archival materials to any third party. Except that the laws and regulations must be
disclosed.

 

9.2 Confidentiality clause as an independent
clause, regardless of whether this agreement signed, modification or termination, the terms are effective.

 

ARTICLE X

 

SETTLEMENT OF
DISPUTES

 

10.1 In the event a dispute arises in
connection with the interpretation or implementation of this Agreement, the parties to the dispute shall attempt to settle such
dispute through friendly consultations. If negotiation fails, either party shall have the right to address the following second
ways:

 

10.1.1 Submit the dispute to Wuhan Arbitration
Commission for arbitration, in accordance with the arbitration the arbitration rules. The arbitral award is final and binding
upon both parties.

 

10.1.2
to the people's court  

 

     

     

    

 

 

ARTICLE XI

 

MISCELLANEOUS

 

11.1 Effective Date

 

This agreement comes into effect since
the date of signature and seal of both parties.

 

11.2 Amendment

 

After the entry into force of this agreement,
such as a party for modification of this agreement, shall be noticed the other party before ten working days in advance in written
form notice, and the two sides agreed in writing signed the supplemental agreement. The supplementary agreement has the same effect
as this Agreement.

 

11.3 In the process of implementation
of the agreement matters, both parties shall negotiate in friendly attitude to solve. The two sides agreed to sign a supplementary
agreement. The supplementary agreement has the same effect as this agreement.

 

11.4 Formation, validity, interpretation,
termination and dispute resolution of this agreement shall apply the relevant provisions of the law of the People’s Republic
of China.

 

11.5 The two sides should cooperate with
the school for the examination and approval procedures for the relevant shareholders to change as soon as possible, and for the
corresponding change of business registration.

 

11.6 The agreement is written in four
original copies with equal legal effect. Each party holds one copy; the school filed one copy, a copy to the business registration
authority.

 

 

Transferor:

 

Harbin Zhong He Li
Da Education Technology, Inc.

By: /s/Xiqun Yu

Name: Xiqun Yu

Title: Legal Representative

 

 

Transferee:

By:/s/Zhi Yang

Zhi YangExhibit

Exhibit 10.1
 RESTRICTED STOCK UNIT
AWARD AGREEMENT

Pursuant to Section 8 of the 1993 Stock Incentive Plan (the “Plan”) of Schnitzer Steel Industries, Inc., an Oregon corporation (the “Company”), on October 28, 2015, the Compensation Committee of the Board of Directors of the Company authorized and granted to Tamara L. Lundgren (the “Recipient”) an award of restricted stock units with respect to the Company’s Class A Common Stock (“Common Stock”), subject to the terms and conditions of this agreement between the Company and the Recipient (this “Agreement”).  By accepting this award, the Recipient agrees to all of the terms and conditions of this Agreement.   

1.    Award and Terms of Restricted Stock Units.  The Company awards to the Recipient under the Plan 48,163 restricted stock units (the “Award”), subject to the restrictions, terms and conditions set forth in this Agreement. 

(a)     Rights under Restricted Stock Units.  A restricted stock unit (a “RSU”) obligates the Company, upon vesting in accordance with this Agreement, to issue to the Recipient one share of Common Stock for each RSU.  The number of shares of Common Stock issuable with respect to each RSU is subject to adjustment as determined by the Board of Directors of the Company as to the number and kind of shares of stock deliverable upon any merger, reorganization, consolidation, recapitalization, stock dividend, spin-off or other change in the corporate structure affecting the Common Stock generally. 

(b)    Vesting Date.  The RSUs awarded under this Agreement shall initially be 100% unvested and subject to forfeiture.  The Vesting Reference Date of this Award is October 31, 2015.  Subject to Sections 1(c), (d), (e) and (f), the RSUs shall vest in full in equal installments over two years with 50% vesting on the first anniversary of the Vesting Reference Date and 50% vesting on the second anniversary of the Vesting Reference Date.

(c)    Acceleration on Death or Disability.  If the Recipient ceases to be an employee of the Company or a parent or subsidiary of the Company by reason of the Recipient’s death or disability, all outstanding but unvested RSUs shall become immediately vested.  The term “disability” means a medically determinable physical or mental condition of the Recipient resulting from bodily injury, disease, or mental disorder which is likely to continue for the remainder of the Recipient’s life and which renders the Recipient incapable of performing the job assigned to the Recipient by the Company or any substantially equivalent replacement job.

(d)    Certain Transactions.  Notwithstanding any provision in this Agreement (but subject to the last sentence of this Section 1(d)), in the event of dissolution of the Company or a merger, consolidation or plan of exchange affecting the Company, the Compensation Committee of the Board of Directors (the “Compensation Committee”) may, in its sole discretion and to the extent possible under the structure of the applicable transaction, select one or a combination of the following alternatives for treating this Award of RSUs:
(i)    The Award shall remain in effect in accordance with its terms; 

(ii)    All or a portion of the RSUs shall, to the extent then still subject to the vesting restrictions, be released from the vesting restrictions in connection with the closing of the applicable transaction; or

(iii)    The RSUs shall be converted into restricted stock units or restricted stock of one or more of the corporations that are the surviving or acquiring corporations in the applicable transaction.  The amount and type of converted restricted stock units or restricted stock shall be determined by the Company, taking into account the relative values of the companies involved in the applicable transaction and the exchange rate, if any, used in determining shares of the surviving corporation(s) to be held by holders of shares of the Company following the applicable transaction. Unless otherwise determined by the Company, by action of the Compensation Committee, the converted restricted stock units or restricted stock shall continue to be subject to the forfeiture provisions applicable to the RSUs at the time of the applicable transaction.

Notwithstanding the foregoing provisions of this Section 1(d) to the contrary, no such alternative shall occur with respect to the RSUs to the extent that, if it did, a 20% tax would be imposed under Section 409A of the Internal Revenue Code on the Recipient.

(e)    Special Acceleration in Certain Events.  Notwithstanding any other provision in this Agreement, upon a change in control of the Company, all outstanding but unvested RSUs shall become immediately vested.  The term “change in control of the Company” means the occurrence of any of the following events:

(i)    The consummation of:

(A)    any consolidation, merger or plan of share exchange involving the Company (a “Merger”) as a result of which the holders of outstanding securities of the Company ordinarily having the right to vote for the election of directors (“Voting Securities”) immediately prior to the Merger do not continue to hold at least 50% of the combined voting power of the outstanding Voting Securities of the surviving corporation or a parent corporation of the surviving corporation immediately after the Merger, disregarding any Voting Securities issued to or retained by such holders in respect of securities of any other party to the Merger; or

(B)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company; 

(ii)    At any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (“Incumbent Directors”) shall cease for any reason to constitute at least a majority thereof; provided, however, that the term “Incumbent Director” shall also include each new director elected during such two-year period whose nomination or election was approved by two-thirds of the Incumbent Directors then in office; or 

(iii)    Any person shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Company, have become the beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of Voting Securities representing 20% or more of the combined voting power of the then outstanding Voting Securities.  For purposes of this Section 1(e), the term “person” means and includes any individual, corporation, partnership, group, association or other “person,” as such term is used in Section 14(d) of the Securities Exchange Act of 1934, other than the Company or any employee benefit plan sponsored by the Company.

Notwithstanding anything in this Section 1(e) to the contrary, unless otherwise determined by the Board of Directors of the Company, no change in control of the Company shall be deemed to have occurred for purposes of this Agreement if (1) the Recipient acquires (other than on the same basis as all other holders of shares of Common Stock of the Company) an equity interest in an entity that acquires the Company in a change in control of the Company otherwise described under subparagraph (i) of this Section 1(e), or (2) the Recipient is part of a group that constitutes a person which becomes a beneficial owner of Voting Securities in a transaction that otherwise would have resulted in a change in control of the Company under subparagraph (iii) of this Section 1(e).

(f)    Forfeiture of RSUs on Termination of Service.  If the Recipient ceases to be an employee of the Company or a parent or subsidiary of the Company under circumstances where the RSUs have not previously vested and do not become vested pursuant to Section 1(c) or 1(d), the Recipient shall immediately forfeit all outstanding but unvested RSUs awarded pursuant to this Agreement and the Recipient shall have no right to receive the related Common Stock.  

(g)    Restrictions on Transfer.  The Recipient may not sell, transfer, assign, pledge or otherwise encumber or dispose of the RSUs subject to this Agreement.  The Recipient may designate beneficiaries to receive the shares of Common Stock underlying the RSUs subject to this Agreement if the Recipient dies before delivery of the shares of Common Stock by so indicating on a form supplied by the Company.  If the Recipient fails to designate a beneficiary, such Common Stock will be delivered to the person or persons establishing rights of ownership by will or under the laws of descent and distribution.

(h)    No Voting Rights; Dividends.  The Recipient shall have no rights as a shareholder with respect to the RSUs or the Common Stock underlying the RSUs until the underlying Common Stock is issued to the Recipient.  The Recipient will be entitled to receive any cash dividends declared on the Common Stock underlying the RSUs after the RSUs have vested and the Common Stock has been issued.  The Company shall accrue and pay to the Recipient on the vesting of the RSUs an amount in cash equal to dividends that would have been paid on the Common Stock underlying the RSUs after the date of the issuance of the RSUs.  No interest shall be paid by the Company on accrued amounts.

(i)    Delivery Date for the Shares Underlying the RSUs.  As soon as practicable, but in no event later than thirty days, following a date on which any RSUs vest, the Company will issue the Recipient the Common Stock underlying the then vested RSUs in the form of uncertificated shares in book entry form; provided, however, that if accelerated vesting of the RSU occurs pursuant to Section 1(c) by reason of the Recipient’s disability, the date of issuance of the shares underlying the RSUs shall be delayed until the date that is six months after the date of the Recipient’s separation from service (within the meaning of Section 409A of the Internal Revenue Code); provided further, however, that if accelerated vesting of the RSUs occurs pursuant to Section 1(d) or 1(e), the date of issuance of the shares underlying the RSUs shall occur as soon as practicable, but in no event later than thirty days, following the earliest to occur of (1) the Recipient’s separation from service (within the meaning of Section 409A of the Internal Revenue Code (but subject to the immediately preceding proviso)), (2) the Recipient’s death or (3) a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within 

the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code.  The shares of Common Stock will be issued in the Recipient’s name or, in the event of the Recipient’s death, in the name of either (i) the beneficiary designated by the Recipient on a form supplied by the Company or (ii) if the Recipient has not designated a beneficiary, the person or persons establishing rights of ownership by will or under the laws of descent and distribution.

(j)    Taxes and Tax Withholding.  The Recipient acknowledges and agrees that no election under Section 83(b) of the Internal Revenue Code can or will be made with respect to the RSUs.  The Recipient acknowledges that on each date that shares underlying the RSUs are issued to the Recipient (the “Payment Date”), the Value (as defined below) on that date of the shares so issued will be treated as ordinary compensation income for federal and state income and FICA tax purposes, and that the Company will be required to withhold taxes on these income amounts.  To satisfy the required minimum withholding amount, the Company shall withhold from the shares otherwise issuable the number of shares having a Value equal to the minimum withholding amount.  For purposes of this Section 1(j), the “Value” of a share shall be equal to the closing market price for the Common Stock on the last trading day preceding the Payment Date.  Alternatively, the Company may, at its option, permit the Recipient to pay such withholding amount in cash under procedures established by the Company.

(k)    Not a Contract of Employment.  Nothing in the Plan or this Agreement shall confer upon Recipient any right to be continued in the employment of the Company or any parent or subsidiary of the Company, or to interfere in any way with the right of the Company or any parent or subsidiary by whom Recipient is employed to terminate Recipient’s employment at any time or for any reason, with or without cause, or to decrease Recipient’s compensation or benefits.

2.    Miscellaneous. 
  
(a)    Entire Agreement; Amendment.  This Agreement and the Plan constitute the entire agreement of the parties with regard to the subjects hereof.

(b)    Interpretation of the Plan and the Agreement.  The Compensation Committee shall have the sole authority to interpret the provisions of this Agreement and the Plan and all determinations by it shall be final and conclusive.

(c)    Electronic Delivery.  The Recipient consents to the electronic delivery of notices and any prospectus and any other documents relating to this Award in lieu of mailing or other form of delivery. 

(d)    Rights and Benefits.  The rights and benefits of this Agreement shall inure to the benefit of and be enforceable by the Company’s successors and assigns and, subject to the restrictions on transfer of this Agreement, be binding upon the Recipient’s heirs, executors, administrators, successors and assigns. 
  
(e)    Further Action.  The parties agree to execute such instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement. 

(f)    Governing Law.  This Agreement and the Plan will be interpreted under the laws of the state of Oregon, exclusive of choice of law rules.  

	
				
	  
	SCHNITZER STEEL INDUSTRIES, INC.

	  
	  

	  
	  

	  
	By: 
	 
	  

	  
	  
	Authorized Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]