Document:

Kandi Technologies Group, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

FIRST AMENDMENT TO WARRANT TO PURCHASE COMMON STOCK 

This First Amendment to the Warrant To Purchase Common Stock
is executed as of the 24th day of January, 2013. Reference is made to that
certain Warrant To Purchase Common Stock (the “Warrant”) dated January 21, 2010,
issued to Capital Ventures International (“Capital Ventures”), a company with
its address at California Street, Suite 3250, San Francisco, CA 94111, by Kandi
Technologies Group, Inc., a Delaware corporation with its principal office
located at Jinhua City Industrial Zone, Jinhua, Zhejiang Province, People’s
Republic of China, 321016. Any capitalized terms in this amendment not otherwise
defined shall have the meaning ascribed to them in the Warrant. 

WHEREAS, Kandi Technologies Group, Inc. (the “Company”)
entered into a Securities Purchase Agreement (“Purchase Agreement”) with Capital
Ventures on January 21, 2010, pursuant to which the Company issued the Warrant,
as adjusted and reset on August 19, 2010 exercisable for an aggregate of 689,574
shares of the Company’s common stock at $3.8067 per share; 

WHEREAS, the Warrant expires on the January 22, 2013 and
the parties to the Warrant have agreed to amend and extend the Expiration Date
of the Warrant from January 22, 2013 to March 8, 2013; 

WHEREAS, Capital Ventures understands the amendment and
extension are only to provide time for its further exercise of the Warrant, and
such amendment and extension shall not be considered as the extension of Capital
Ventures’ any rights in the Purchase Agreement other than the right to exercise
the remaining warrant shares; 

WHEREAS, the parties have acknowledged that the Form S-3
Registration Statement (No. 333-165055), covering the shares issuable upon the
exercise of the Warrant, was first filed with the Securities and Exchange
Commission of the United States (the “SEC”) on February 24, 2010, last amended
on August 6, 2012 and effective on September 20, 2012. 

NOW THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 

	 	1.             Section 17. CERTAIN DEFINITIONS
	 	 	 
	 		
      Section 17 (m) will be deleted in its entirety and
      replace with the following: 

	 	 	 
	 	 	(m) “Expiration Date” means March 8, 2013.
	 	 	 
	 		
      Except as expressly set forth herein, all terms of
      Warrant remain in the same.

	 	 	 
	 	2.             This first amendment becomes effective as of and from
      January 22, 2013.

1 

3.             This first amendment may be executed in any number of counterparts each of which shall constitute an original but all of which when taken together shall constitute but one contract. 

4.             The parties agree that this first amendment is only to provide Capital Ventures additional time to exercise its warrant and it shall not be considered as the extension of Capital Ventures’ any rights in the Purchase Agreement which otherwise
should have expired upon the expiration of the Warrant on January 22, 2013. To make it clear, any rights of Capital Ventures arising out of or resulting from its continuous beneficial ownership of any Securities (including the Warrant) under
Purchase Agreement shall have expired or terminated as if the Warrant were expired on January 22, 2013.

(THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK AND SIGNATURE PAGE FOLLOWS) 

2 

IN WITNESS WHEREOF, Capital Ventures and the Company
have caused their respective signature page to this Amendment to be duly
executed as of the date first written above. 

	 	KANDI TECHNOLOGIES GROUP, INC. 
	 	  
	 	  
	 	By:___________________________________
    
	 	       Name:
    
	 	       Title: 
	 	  
	 	  
	 	  
	 	CAPITAL VENTURES INTERNATIONAL 
	 	  
	 	By:___________________________________ 
	 	       Name:
    
	 	       Title:

3exhibit101_012913

Exhibit 10.1

CLECO CORPORATION
2030 Donahue Ferry Road
Pineville, LA 71360

January 29, 2013

Bruce A. Williamson
PVGO7

Re:    Special Award of Restricted Stock

Dear Bruce:

On January 24, 2013, the Board of Directors of Cleco Corporation (the “Company”) approved an award to you of an aggregate of 10,000 shares of our common stock, par value $1.00 per share (“Common Stock”), under the Company's 2010 Long-Term Incentive Compensation Plan (the “LTIP”).  The terms governing your award are set forth in the LTIP and herein. Unless expressly defined herein, capitalized terms shall have the meanings ascribed to them in the LTIP.  To the extent the terms set forth herein conflict with the provisions of the LTIP, the following terms and conditions shall govern your award.

1.    Restriction Period.  Common Stock awarded to you hereunder constitutes Restricted Stock within the meaning of the LTIP (your “Restricted Stock”), which means that during the Restriction Period you shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of the shares.  Your “Restriction Period” commenced on January 24, 2013, and will lapse as of January 24, 2018.  Upon the lapse of the Restriction Period, shares of Common Stock will then be delivered to you, free of restriction, whether certificated or in book entry form, provided that you have been continuously employed by the Company during such period.

2.    Dividend Equivalent Units.  If cash dividends are declared and paid on Common Stock during the Restriction Period, an amount equal to the cash dividends payable on your Restricted Stock will be credited to a bookkeeping account maintained for your benefit (“Dividend Equivalent Units”).  Such units will be accumulated in your account, without interest.  Upon the lapse of the Restriction Period, or as otherwise provided herein, your Dividend Equivalent Units will vest and be settled in the form of cash in the same proportion that your Restricted Stock is then delivered to you in the form of Common Stock.

3.    Separation From Service.  If you Separate From Service before the lapse of the Restriction Period, other than in connection with a Change in Control, your Restricted Stock and Dividend Equivalent Units will be forfeited and cancelled by the Company as of your Separation Date, except to the extent provided in the LTIP with respect to your Retirement, involuntary termination of employment without Cause, death or Disability.  If you are entitled to receive all or a part of your Restricted Stock and related Dividend Equivalent Units, delivery of shares and the cash settlement of units will be made as soon as practicable after your Separation Date and will be conditioned upon your timely execution and delivery to the Company of a waiver and release in the form prescribed by the Company.  For this purpose, the term “Retirement” means that as of your Separation Date, you have satisfied the age and service conditions for normal, early or late retirement under our separate tax-qualified pension plan, whether or not you actually participate in such plan.  

Bruce A. Williamson
January 29, 2013
Page 2 of 3

4.    Change in Control.  Notwithstanding any provision herein to the contrary, if (a) a Change in Control is consummated before the lapse of the Restriction Period, (b) you Separate From Service during the 180-day period before or the 24-month period following such consummation, or during the shorter period between such consummation and the lapse of the Restriction Period, and (c) your separation is on account of a Permitted Reason, then your Restricted Stock and Dividend Equivalent Units will vest and be delivered and settled upon the lapse of the Restriction Period.  For this purpose, the term “Permitted Reason” means that your Separation From Service is not involuntary by the Company on account of Cause, nor on account of your resignation without Good Reason (as defined in your Executive Employment Agreement with the Company dated April 12, 2011, as the same may be renewed or amended from time to time (the “Employment Agreement”)), nor on account of your death, Disability or Retirement. 
5.    Tax Withholding.  As a condition of the delivery of Common Stock or other payment hereunder, the Company shall withhold all income and employment taxes required by law to be withheld. The Company will ordinarily satisfy this obligation by applying any cash payment hereunder and by “netting” or withholding the number of shares of Common Stock having a Fair Market Value not in excess of the applicable supplemental withholding rate, the maximum marginal tax rate applicable for state income tax purposes, and the applicable employment tax rate.  

6.    No Assignment. The award evidenced hereunder is not subject in any manner to sale, transfer, pledge, assignment or other encumbrance or disposition, whether by operation of law or otherwise and whether voluntarily or involuntarily, except by will or the laws of descent and distribution.

7.    Stock Ownership Guidelines. You may be subject to stock ownership guidelines adopted by the Company. If the guidelines apply to you, and you do not own the number of shares of Common Stock required under the guidelines, you can dispose of not more than one-half of the number of shares of Common Stock delivered to you hereunder (determined after any netting for tax withholding) until the share ownership guidelines are satisfied. 

8.    Additional Requirements.  You acknowledge that Common Stock issued hereunder may bear such legends as the Company deems appropriate to comply with applicable Federal or state securities laws or the terms of the LTIP.  In connection therewith and prior to the issuance of such shares, you may be required to deliver to the Company such documents as may be reasonably required to ensure compliance with applicable Federal or state securities laws. 

9.    Employment Rights.  Nothing contained in this letter or the LTIP shall be deemed to confer upon you any right to continue in the employ of the Company or any Affiliate, which shall be determined under the terms of your Employment Agreement to the extent such agreement remains in force and effect. 

10.    Amendment. Notwithstanding any provision of the LTIP to the contrary, the Board of Directors has reserved the right to amend the terms and conditions set forth herein, in its discretion and without your consent.  If the Board adopts such an amendment, you will receive prompt written notice thereof.

11.    Shareholder Rights.  During the Restriction Period, you shall be entitled to vote your shares of Restricted Stock; cash dividends payable with respect to such shares shall not be paid to you, but shall be subject to the provisions of paragraph 2 hereof. 

    

Bruce A. Williamson
January 29, 2013
Page 3 of 3
    

In addition to the terms of this letter, your award is subject to terms and conditions set forth in the LTIP.  Previously, a prospectus describing the LTIP was delivered to you; you can obtain a copy of the full plan document by contacting Carla Works at Carla.Works@cleco.com.  Please indicate your consent to be bound by the foregoing terms and conditions and your acknowledgement of the prior delivery of the prospectus by execution below, and return this agreement to Carla at PVGO2 not later than March 1, 2013.

Very truly yours,

CLECO CORPORATION

By:                    
Its:     Senior Vice President
Corporate Services & Internal Audit

ACKNOWLEDGED AND AGREED TO
THIS              DAY OF                    , 2013 

                                                
Bruce A. Williamson

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