Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT TERMINATION 

This EMPLOYMENT AGREEMENT TERMINATION (this “Agreement”) is entered into as of January 24, 2019
(the “Effective Date”) by and between Citizens, Inc., a Colorado corporation (the “Company”), and Kay E. Osbourn (the “Executive”) (each, a “Party” and together, the
“Parties”). 
 WHEREAS, the Executive has been employed as the Company’s Executive Vice President, Chief
Financial Officer and Chief Investment Officer; 
 WHEREAS, the Parties entered into an employment agreement attached hereto and
dated January 16, 2017 (the “Original Agreement”); 
 WHEREAS, the Parties entered into an Amendment to
Employment Agreement dated October 15, 2018 (the “Amendment;” the Original Agreement, as amended by the Amendment, shall hereinafter be referred to as the “Employment Agreement”); 

WHEREAS, the Parties have mutually agreed to terminate the Employment Agreement effective immediately; and 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 (1)    Termination. By this
Agreement the Parties mutually terminate and cancel the Employment Agreement effective immediately rendering all its terms, obligations and provisions no longer in effect. The Parties agree that this Agreement satisfies all requirements for
termination of the Employment Agreement under its terms and provisions, including but not limited to, amendment and notice provisions. Notwithstanding the termination above described, the Company and Executive have agreed that Executive will
continue to perform the duties of Chief Financial Officer and Chief Investment Officer on an interim basis until such time as the Company has retained the services of a duly qualified individual or individuals to perform such duties, or upon sooner
request of the Company. Upon the retention of such individual(s), or upon sooner request of the Company, Executive agrees to relinquish the title of Chief Financial Officer and/or Chief Investment Officer. 

(2)    Outstanding Obligations. The Parties acknowledge by this Agreement that the consideration provided and
received by each other is fair, just and reasonable and that no further consideration, compensation or obligation will be due, payable or owing with regard to the Employment Agreement as of the date of this Agreement. 

(3)    Release. By this Agreement the Parties release each other from any and all claims, causes of action,
demands, and liabilities of whatever nature which either Party had in the past, has now or may have in the future arising out of any occurrence that took place prior to the Effective Date of this Agreement or arising out of the Employment Agreement.

 (4)    Interpretation. The Parties acknowledge and agree that each Party has reviewed and negotiated the terms
and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of
this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both Parties and not in favor or against either Party. 

(5)    Authority; Representations of the Executive. The Parties hereby represent that they each have the authority
to enter into this Agreement, and the Executive hereby represents to the Company that the execution of, and performance of any of her duties under, this Agreement shall not constitute a breach of or otherwise violate any other agreement to which the
Executive is a party. The Executive hereby further represents to the Company that she will not utilize or disclose any confidential information obtained by the Executive in connection with any former employment with respect to his duties and
responsibilities hereunder. 

 (6)    Non-Disparagement.
Executive hereby agrees not to defame or disparage the Company, its affiliates, and their respective directors, members, officers, or employees, and the company hereby agrees to prevent the then-current members of the Board from defaming or
disparaging Executive. Executive hereby agrees to reasonably cooperate with the Company in refuting any defamatory or disparaging remarks by any third party made in respect of the Company or its affiliates or their directors, members, officers, or
employees. The Company hereby agrees to reasonably cooperate with Executive in refuting any defamatory or disparaging remarks made by any third party in respect of Executive. 

(7)    Entire Agreement. This Agreement shall constitute the entire agreement between the Parties hereto with
respect to the Executive’s employment hereunder, and this Agreement supersedes and is in full substitution for any and all prior understandings or agreements between the Parties with respect to the Executive’s employment. 

(8)    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Texas, without reference to its principles of conflicts of law. 
 IN WITNESS WHEREOF, the Parties have
executed this Agreement as of the date first written above. 
  

	
	EXECUTIVE
	
	/s/ Kay E. Osbourn
	Kay E. Osbourn

 
			
	
	CITIZENS, INC.
		
	By:	 	 /s/ Grant Teaff

	Name:	 	Grant Teaff
	Title:	 	Chairman, Compensation Committeeex_133387.htm

 

EXHIBIT 10.24

 

AMENDMENT SHARE EXCHANGE AGREEMENT

 

This Amendment (the “Amendment”), dated January 24, 2019 is being entered into between SmartHeat Inc., a Nevada corporation (the “Company”), by and among Mid-Heaven Sincerity International Resources Investment Co., Ltd, a company incorporated under the laws of the British Virgin Islands (“Mid-Heaven”), Smartheat Inc., a Nevada corporation (“Purchaser”), Mao Zhang, Jimin Zhang, and Ying Zhao, constituting all of the shareholders of Mid-Heaven (the “Mid-Heaven Shareholders,” together with Mid-Haven and the Purchaser, the “Parties”)) and amends the Share Exchange Agreement, dated December 31, 2018 by and among Purchaser, Mid-Heaven and the Mid-Haven Shareholders (the “Share Exchange Agreement”) . Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Share Exchange Agreement.

 

WITNESSETH 

 

WHEREAS, the Parties desire to amend the Share Exchange Agreement to provide for the reduction of the number of shares of common stock of Purchaser, par value $.001 per share (the “Common Stock”) issued to the Mid-Haven Shareholders from 186,588,264 shares to 106,001,971 shares;

 

WHEREAS, NorthTech Holdings, Inc., the majority stockholder of the Purchaser has approved this Amendment; and

 

WHEREAS, the Parties desire to amend accordingly certain provisions of the Share Exchange Agreement.

 

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

 

	 	
			1.

				
			Amendments to the Share Exchange Agreement. The Share Exchange Agreement shall hereby be amended as follows:

			

 

	 	
			a.

				
			Section 2.1 of the Share Exchange Agreement shall be deleted in its entirety and replaced by the following:

			

 

“2.1 The Share Exchange. Upon the terms and subject to the conditions set forth in this Agreement and in accordance with the NRS, at the Closing, the Parties shall cause the Share Exchange to be consummated by taking all appropriate actions to ensure that the shareholders of Mid-Heaven listed on Schedule 2.1 deliver all of the issued and outstanding shares of capital stock of Mid-Heaven to Purchaser, duly executed and endorsed in blank (or accompanied by duly executed stock powers duly endorsed in blank), in proper form for transfer in exchange for the issuance of an aggregate of 106,001,971 shares of Purchaser Common Stock (the “Shares”) to the three shareholders of Mid-Heaven listed on Schedule 2.1”

 

 

	 	
			2.

				
			Miscellaneous.

			

 

1

 

 

 

	 	
			a.

				
			Full Force and Effect. Except as expressly set forth in this Amendment, no other provision of the Share Exchange Agreement shall be changed, altered or modified and the Share Exchange Agreement, except as amended, shall remain in full force and effect.

			

 

	 	
			b.

				
			Authority. Each Party represents and warrants to the other party that this Amendment is being executed by the authorized representatives of each respective party.

			

 

	 	
			c.

				
			Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Amendment may also be executed via facsimile, which shall be deemed an original.

			

 

	 	
			d.

				
			Headings. The titles and subtitles used in this Amendment are used for convenience only and are not to be considered in construing or interpreting this Amendment.

			

 

	 	
			e.

				
			Notices. Unless otherwise provided, any notice required or permitted under this Amendment shall be given in accordance with Section 8.3 of the Share Exchange Agreement.

			

 

	 	
			f.

				
			Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

			

 

	 	
			g.

				
			All Amendments in Writing. No supplement, modification, or amendment to this Amendment shall be binding, unless executed in writing by a duly authorized representative of each party to this Amendment.

			

 

	 	
			h.

				
			Entire Agreement. This Amendment and the Share Exchange Agreement, including the prior amendments thereto, the Exhibits and the Schedules, constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.

			

 

	 	
			i.

				
			Governing Law. This Amendment shall be governed by, and construed in accordance with the substantive laws (other than conflict laws) of the State of Nevada.

			

 

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IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first above written.

 

SMARTHEAT INC.

 

 

 

By:  /s/ Jimin Zhang                

Name:     Jimin Zhang

Title:     Chief Executive Officer

 

 

MID-HEAVEN SINCERITY INTERNATIONAL RESOURCES INVESTMENT CO., LTD 

 

 

 

By: /s/ Mao Zhang                

Name:     Mao Zhang

Title:     Chief Executive Officer

 

MIDHAVEN SHAREHOLDERS

 

 

 

By: /s/ Mao Zhang               

Name: Mao Zhang

 

 

 

By: /s/ Jian Zhang               

Name: Jian Zhang

 

 

 

By: /s/ Ying Zhao                 

Name: Ying Zhao

 

 

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