Document:

Exhibit 10.1

 

 

 

 

 

 

 

EXCHANGE AGREEMENT

 

 

among

 

 

GASLOG PARTNERS LP,

 

 

GASLOG PARTNERS GP LLC

 

 

and

 

 

GASLOG LTD.

 

 

Dated as of November 27, 2018

 

 

 

 

 

 

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (this “Agreement”), dated as of November 27, 2018, is entered into by and among GasLog Partners LP, a limited partnership organized under the laws of the Republic of the Marshall Islands (the “Partnership”), GasLog Partners GP LLC, a limited liability company organized under the laws of the Republic of the Marshall Islands (the “General Partner”), and GasLog Ltd., a Bermuda exempted company (“GasLog”).

 

RECITALS

 

A.        The General Partner is the general partner of the Partnership and owns the General Partner Interest (as defined in the Current Partnership Agreement (as defined below)) in the Partnership.

 

B.        GasLog owns 100% of the limited partner interests in the Partnership defined in the Current Partnership Agreement as “Incentive Distribution Rights” (“IDRs”).

 

C.        The class of IDRs described in the Current Partnership Agreement and currently held by GasLog are referred to herein as the “Old IDRs.”

 

D.        GasLog has agreed to contribute to the Partnership all of the Old IDRs held by it in exchange for (i) the issuance by the Partnership to GasLog of a new class of IDRs to be issued by the Partnership under the Revised Partnership Agreement, having the rights, preferences, privileges and restrictions set forth therein (the “New IDRs”) and (ii) the payment by the Partnership of the amount of U.S. dollars $25 million in cash (the “Cash Consideration”) and the Partnership has agreed to issue the New IDRs and pay the Cash Consideration to GasLog as consideration for the contribution of the Old IDRs to the Partnership.

 

E.         The parties hereto have agreed that the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of November 15, 2018 (the “Current Partnership Agreement”), shall be amended and restated so as to reflect the cancellation of the Old IDRs and the authorization of issuance of the New IDRs and to make certain other related changes to the Current Partnership Agreement, as permitted under Sections 13.1(d)(i) and 13.1(h)(iii) of the Current Partnership Agreement (such amended and restated agreement being referred to as the “Revised Partnership Agreement”).

 

F.            The effectiveness of the Revised Partnership Agreement, the contribution by GasLog to the Partnership of the Old IDRs, the issuance by the Partnership of the New IDRs and the payment by the Partnership of the Cash Consideration, are conditioned on each other and shall occur simultaneously.

 

NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the parties hereto undertake and agree as follows:

 

 

ARTICLE I

 

DEFINITIONS

 

“Agreement” has the meaning given such term in the Preamble.

 

“Cash Consideration” has the meaning given such term in the Recitals.

 

“Current Partnership Agreement” has the meaning given such term in the Recitals.

 

“Effective Time” means 5:00 P.M. Eastern time on November 27, 2018.

 

“GasLog” has the meaning given such term in the Preamble.

 

“General Partner” has the meaning given such term in the Preamble.

 

“IDRs” has the meaning given such term in the Recitals.

 

“New IDRs” has the meaning given such term in the Recitals.

 

“Old IDRs” has the meaning given such term in the Recitals.

 

“Partnership” has the meaning given such term in the Preamble.

 

“Revised Partnership Agreement” has the meaning given such term in the Recitals.  The Revised Partnership Agreement shall be in the form attached hereto as Exhibit 1.

 

ARTICLE II

 

THE TRANSACTIONS

 

SECTION 2.01.  Contribution of Old IDRs.  At the Effective Time, GasLog shall contribute to the Partnership all of its right, title and interest in the Old IDRs held by it immediately prior to the Effective Time, which Old IDRs represent all of the issued and outstanding IDRs under the Current Partnership Agreement, and the Old IDRs shall immediately thereupon be cancelled and shall cease to exist. The Partnership hereby confirms that it is bound by the Current Partnership Agreement and, upon the effectiveness of the Revised Partnership Agreement, it will be bound by the Revised Partnership Agreement.

 

SECTION 2.02.  Consideration.  At the Effective Time, simultaneously with and as consideration for the contribution of the Old IDRs to the Partnership, the Partnership shall (i) issue the New IDRs to GasLog and (ii) pay the Cash Consideration to GasLog by wire transfer of immediately available funds to an account and beneficiary being GasLog or an affiliate thereof designated in writing by GasLog. The issuance of the

 

 

New IDRs and the payment of the Cash Consideration shall occur simultaneously with the contribution and cancellation of the Old IDRs.

 

SECTION 2.03.  Fees on Future Transactions.  To the extent that GasLog or any of its affiliates other than the Partnership Group brokers or advises upon any future acquisition by the Partnership Group (as defined in the Revised Partnership Agreement) of any vessels or other energy infrastructure assets not wholly owned by GasLog or such affiliates, the Partnership and GasLog hereby agree to negotiate in good faith an advisory or brokerage fee in respect of such brokerage or advisory services payable by the Partnership to GasLog, with the amount of such fee dependent on the scope of the services provided by GasLog or such affiliates.

 

SECTION 2.04.  Certificates.  The New IDRs issued in connection with the transactions contemplated by this Agreement shall not be evidenced by certificates.

 

SECTION 2.05.  Partnership Agreement.  The parties hereto acknowledge and agree that at the Effective Time, in order to evidence (i) the contribution and cancellation of the Old IDRs, (ii) the issuance of the New IDRs and (iii) certain other related changes to the Current Partnership Agreement, as permitted under Sections 13.1(d)(i) and 13.1(h)(iii) of the Current Partnership Agreement, the Revised Partnership Agreement shall become effective.

 

SECTION 2.06.  Further Assurances.  The parties hereto agree to execute and deliver, or cause to be executed and delivered, such further instruments or documents or take such other action as may be reasonably necessary or convenient to carry out the transactions contemplated hereby.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 3.01.  Partnership.  The Partnership represents and warrants to GasLog as of the date hereof and as of the Effective Time as follows:

 

(a)  the Partnership is a limited partnership duly formed and validly existing in good standing under the laws of the Republic of the Marshall Islands, and has the necessary partnership power and authority to execute and deliver, and, subject to the terms and conditions hereof, to perform its obligations under, this Agreement.

 

(b)  The Partnership has taken all action as may be necessary to authorize the Revised Partnership Agreement and for the authorization, execution and delivery of this Agreement and the Revised Partnership Agreement, the consummation of the transactions contemplated by this Agreement and the performance of its obligations under this Agreement and the Revised Partnership Agreement.  This Agreement and the Revised Partnership Agreement constitute a legal, valid and binding obligation of the Partnership, and is enforceable against the Partnership in accordance with their terms, subject to bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally from time to time in effect and to principles of equity (including concepts of

 

 

materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law.

 

(c)  Neither the execution and delivery hereof nor the performance of the Partnership’s obligations hereunder will violate or contravene any applicable law, the Current Partnership Agreement or any of the Partnership’s material agreements.

 

(d)  The New IDRs and the limited partner interests represented thereby have been duly and validly authorized and, when issued and delivered in accordance with the terms and provisions of this Agreement, will be duly and validly issued and fully paid (to the extent required under the Revised Partnership Agreement) and non-assessable (except as such nonassessability may be affected by Section 41 of The Marshall Islands Limited Partnership Act).

 

SECTION 3.02.  General Partner.  The General Partner represents and warrants to the Partnership as of the date hereof and as of the Effective Time as follows:

 

(a)  The General Partner is a limited liability company duly formed and validly existing in good standing under the laws of the Republic of the Marshall Islands and has the necessary limited liability company power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

(b)  The General Partner has taken all action as may be necessary to authorize the Revised Partnership Agreement and for the authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement and the performance of its obligations under this Agreement and the Revised Partnership Agreement.  This Agreement and the Revised Partnership Agreement constitute legal, valid and binding obligations of the General Partner, enforceable against the General Partner in accordance with their terms, subject to bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally from time to time in effect and to principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law.

 

SECTION 3.03.  GasLog.  GasLog represents and warrants to the Partnership as of the date hereof and as of the Effective Time as follows:

 

(a)  GasLog is duly incorporated for an indefinite period and is validly existing and in good standing under the laws of Bermuda and has the necessary corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

(b)  GasLog has taken all action as may be necessary to authorize the Revised Partnership Agreement and for the authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement and the performance of its obligations under this Agreement and the Revised Partnership Agreement.  This Agreement and the Revised Partnership Agreement constitute legal,

 

 

valid and binding obligations of GasLog, enforceable against GasLog in accordance with their terms, subject to bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation and other similar laws relating to or affecting the rights and remedies of creditors generally from time to time in effect and to principles of equity (including concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law.

 

(c)  GasLog is the beneficial and record holder of 100% of the Old IDRs, and such Old IDRs are owned by GasLog free and clear of all liens; there is no subscription, option, warrant, call, right, agreement or commitment relating to the issuance, sale, delivery, repurchase, contribution or transfer by GasLog of such Old IDRs, except as set forth in the Current Partnership Agreement.

 

(d)  GasLog is an “Accredited Investor” as defined in Rule 501(a) promulgated under the United States Securities Act of 1933, as amended (the “Securities Act”), and is acquiring the New IDRs for its own account, and not with a view to any distribution, resale, subdivision or fractionalization thereof in violation of the Securities Act or any other applicable domestic or foreign securities law, and GasLog has no present plans to enter into any contract, undertaking, agreement or arrangement for any such distribution, resale, subdivision or fractionalization of the New IDRs.

 

(e)  GasLog acknowledges that the New IDRs have not been registered under the Securities Act, or the securities laws of any state and may not be sold except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under the Securities Act.

 

(f)  GasLog acknowledges that the New IDRs are subject to certain restrictions on transfer set forth in the Revised Partnership Agreement.

 

ARTICLE IV

 

CONDITIONS

 

SECTION 4.01.  Conditions to Obligations of Each Party. Notwithstanding any other provision of this Agreement, the respective obligations of each party to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment of the following conditions:

 

(a)  that the agreements and covenants of the other parties hereto to be complied with or performed pursuant to the terms hereof shall have been duly complied with or performed;

 

(b)  no order shall have been entered and remained in effect in any action or proceeding before any federal, foreign, state or provincial court or governmental agency or other federal, foreign, state or provincial regulatory or administrative agency or commission that would prevent or make illegal the consummation of the transactions contemplated herein; and

 

 

(c)  the representations and warranties of the other party shall remain true and correct at the Effective Time.

 

ARTICLE V

 

MISCELLANEOUS

 

SECTION 5.01.  Governing Law.  The laws of the State of New York shall govern the construction, interpretation and effect of this Agreement without giving effect to any conflicts of law principles thereof other than Section 5-1401 of the New York General Obligations Law.

 

SECTION 5.02.  Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original, and all of which simultaneously shall constitute one and the same instrument.

 

SECTION 5.03.  Amendments.  All waivers, modifications, amendments or alterations of this Agreement shall require the written approval of each of the parties to this Agreement.

 

SECTION 5.04.  Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties and the respective successors and assigns.  This Agreement shall not be assignable except with the prior written consent of the other party.

 

SECTION 5.05.  Benefits of Agreement Restricted to Parties.  This Agreement is made solely for the benefit of the parties to this Agreement, and no other person or entity (including employees and partners of the Partnership) shall have any right, claim or cause of action under or by virtue of this Agreement.

 

SECTION 5.06.  Notices.  Any notice, claim or demand in connection with this Agreement shall be delivered to the parties at the following addresses (or at such other address or facsimile number for a party as may be designated by notice by such party to the other party):

 

If to the Partnership, at

 

GasLog Partners LP

c/o GasLog Monaco S.A.M.

Gildo Pastor Center

7 Rue du Gabian

MC 98000, Monaco

Attention: Andrew J. Orekar (Chief Executive Officer)

Facsimile: +377 9797-5124

 

 

If to the General Partner, at

 

GasLog Partners GP LLC

c/o GasLog Monaco S.A.M.

Gildo Pastor Center

7 Rue du Gabian

MC 98000, Monaco

Attention: Paul Wogan (Chief Executive Officer)

Facsimile: +377 9797-5124

 

If to GasLog, at

 

GasLog Ltd.

c/o GasLog Monaco S.A.M.

Gildo Pastor Center

7 Rue du Gabian

MC 98000, Monaco

Attention: Legal

Facsimile: +377 9797-5124

 

and any such notice shall be deemed to have been received (i) on the next working day in the place to which it is sent, if sent by facsimile or (ii) forty eight (48) hours from the time of dispatch, if sent by courier.

 

SECTION 5.07.  Severability.  In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall, so long as the economic and legal substance of the transactions contemplated hereby is not affected in any materially adverse manner as to any of the parties to this Agreement, be deemed severed from this Agreement and every other provision of this Agreement shall remain in full force and effect.

 

SECTION 5.08.  Titles.  The article, section and paragraph titles in this Agreement are only for purposes of convenience and do not form a part of this Agreement and will not be taken to qualify, explain, or affect any provision thereof.

 

[Signature page follows.]

 

 

IN WITNESS WHEREOF, this Exchange Agreement has been executed on behalf of each of the parties hereto effective as of the day and year first above written.

 

	
 
    	
GASLOG PARTNERS LP,
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Andrew J. Orekar
    
	
 
    	
 
    	
Name: Andrew J.   Orekar
    
	
 
    	
 
    	
Title:   Chief Executive Officer and Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GASLOG PARTNERS GP LLC,
    
	
 
    	
BY: GASLOG LTD.,
    
	
 
    	
ITS SOLE MEMBER
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Paul Wogan
    
	
 
    	
 
    	
Name: Paul Wogan
    
	
 
    	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GASLOG LTD.,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Paul Wogan
    
	
 
    	
 
    	
Name: Paul Wogan
    
	
 
    	
 
    	
Title:   Chief   Executive Officer
    

 

[Signature Page to the Exchange Agreement]Exhibit 10.1

 

DIRECTOR AGREEMENT

 

This DIRECTOR AGREEMENT
is made as of this 22nd day of November 2018 (the "Agreement"), by and between Delta Technology Holdings Limited, under
the laws of the British Virgin Islands (the "Company") and Lizhong Zhang (the “Director”).

 

WHEREAS, the Company
wishes to appoint the Director as a non-executive member of the Board of Directors of the Company and enter into an agreement with
the Director with respect to such appointment; and

 

WHEREAS, the Director
wishes to accept such appointment and to serve the Company on the terms set forth herein, and in accordance with, the provisions
of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.          Position.
Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed as non-executive member
of the Board of Directors (the “Board”) to fill an existing but now vacant directorship and the Director hereby agrees
to serve the Company in that position upon the terms and conditions hereinafter set forth, provided, however, that the Director's
continued service on the Board after the initial term on the Board shall be subject to any necessary approval by the Company's
stockholders.

 

2.          Duties.
During the Directorship Term (as defined in Section 5 hereof), the Director shall serve as a member of the Board, and the Director
shall make reasonable business efforts to attend all Board meetings, serve on appropriate subcommittees as reasonably requested
by the Board, make herself available to the Company at mutually convenient times and places, attend external meetings and presentations,
as appropriate and convenient, and perform such duties, services and responsibilities and have the authority commensurate to such
position.

 

The Director will
use his best efforts to promote the interests of the Company. The Company recognizes that the Director (i) is a full-time executive
employee of another entity and that his responsibilities to such entity must have priority and (ii) sits on the Board of Directors
of other entities. Notwithstanding same, the Director will use reasonable business efforts to coordinate his respective commitments
so as to fulfill his obligations to the Company and, in any event, will fulfill his legal obligations as a director. Other than
as set forth above, the Director will not, without the prior written approval of the Board, engage in any other business activity
which could materially interfere with the performance of his duties, services and responsibilities hereunder or which is in violation
of the reasonable policies established from time to time by the Company, provided that the foregoing shall in no way limit his
activities on behalf of (i) his current employer and its affiliates or (ii) the Board of Directors of those entities on which she
sits.

 

3.          Board
Committees. The Director hereby agrees to sit in the relevant committees of the Board and to perform all of the duties, services
and responsibilities necessary thereunder.

 

4.          Monetary
Remuneration. During the Directorship Term the Director shall receive the following compensation and benefits: A fee of U.S
$8,000 and 10,000 ordinary shares of the Company per year, the cash payments shall be paid in the first week of each quarter.

 

5.          Directorship
Term. The "Directorship Term", as used in this Agreement, shall mean the period commencing on the date hereof and
terminating on the earliest of the following to occur:

 

(a)          one
(1) year from the date hereof, subject to a one (1) year renewal term upon re-election by a majority of the shareholders of the
Company;

 

(b)          the
death of the Director ("Death");

 

(c)          the
termination of the Director from the position of member of the Board by the mutual agreement of the Company and the Director;

 

(d)          the
removal of the Director from the Board by the shareholders of the Company;

 

(e)          the
resignation by the Director from the Board if after the date hereof, the Chief Executive Officer of his current employer determines
that the Director's continued service on the Board conflicts with his fiduciary obligations to his current employer (a "Fiduciary
Resignation"); and

 

(f)          the
resignation by the Director from the Board if the board of directors or the Chief Executive Officer of his current employer requires
the Director to resign and such resignation is not a Fiduciary Resignation.

 

6.          Director's
Representation and Acknowledgment. The Director represents to the Company that his execution and performance of this Agreement
shall not be in violation of any agreement or obligation (whether or not written) that she may have with or to any person or entity,
including without limitation, any prior employer. The Director hereby acknowledges and agrees that this Agreement (and any other
agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have no recourse
whatsoever against any stockholder of the Company or any of their respective affiliates with regard to this Agreement.

 

     

     

    

 

7.          Director
Covenants.

 

(a)          Unauthorized
Disclosure. The Director agrees and understands that in the Director's position with the Company, the Director has been and will
be exposed to and receive information relating to the confidential affairs of the Company, including but not limited to technical
information, business and marketing plans, strategies, customer information, other information concerning the Company's products,
promotions, development, financing, expansion plans, business policies and practices, and other forms of information considered
by the Company to be confidential and in the nature of trade secrets. The Director agrees that during the Directorship Term and
thereafter, the Director will keep such information confidential and will not disclose such information, either directly or indirectly,
to any third person or entity without the prior written consent of the Company; provided, however, that (i) the Director shall
have no such obligation to the extent such information is or becomes publicly known or generally known in the Company's industry
other than as a result of the Director's breach of his obligations hereunder and (ii) the Director may, after giving prior notice
to the Company to the extent practicable under the circumstances, disclose such information to the extent required by applicable
laws or governmental regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical
or territorial restriction. Upon termination of the Directorship Term, the Director will promptly return to the Company all property,
keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs,
machines, technical data or any other tangible product or document which has been produced by, received by or otherwise submitted
to the Director in the course or otherwise as a result of the Director's position with the Company during or prior to the Directorship
Term, provided that, the Company shall retain such materials and make them available to the Director if requested by him in connection
with any litigation against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction
of the Company that the materials are necessary to his defense in the litigation, and (ii) the confidentiality of the materials
is preserved to the reasonable satisfaction of the Company.

 

(b)          Non-Solicitation.
During the Directorship Term and for a period of three (3) years thereafter, the Director shall not interfere with the Company's
relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Directorship
Term, was an employee or customer of the Company or otherwise had a material business relationship with the Company.

 

(c)          Non-Compete.
The Director shall not, so long as he or she is a member of the Board and for a period of 12 months following termination of this
Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, stockholder, employee, broker, agent principal,
corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed
by, or have any connection with any business or venture that is engaged in any activities involving services or products which
compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries
or affiliates; provided, however, that the Director may own securities of any public corporation which is engaged in such business
but in an amount not to exceed at any one time, one percent of any class of stock or securities of such company, so long as the
Director has no active role in the publicly owned company as director, employee, consultant or otherwise.

 

(d)          Remedies.
The Director agrees that any breach of the terms of this Section 7 would result in irreparable injury and damage to the Company
for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event of said breach
or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach
and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with the Director,
without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The
terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach
hereof, including but not limited to the recovery of damages from the Director. The Director acknowledges that the Company would
not have entered into this Agreement had the Director not agreed to the provisions of this Section 7.

 

The provisions of
this Section 7 shall survive any termination of the Directorship Term, and the existence of any claim or cause of action by the
Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of the covenants and agreements of this Section 7.

 

8.          Indemnification.
The Company agrees to indemnify the Director for his activities as a director of the Company to the fullest extent permitted by
law, and to cover the Director under any directors and officers liability insurance obtained by the Company. Further, the Company
and the Director agree to enter into an indemnification agreement substantially in the form of agreement entered into by the Company
and its other Board members.

 

9.          Non-Waiver
of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance by the
other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either
the validity of this Agreement or any part hereof, or the right of either party to enforce each and every provision in accordance
with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to
be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or
subsequent time.

 

     

     

    

 

10.       Notices.
Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered or certified
mail, postage prepaid, return receipt requested; to:

 

If to the Company:

 

Delta Technology Holdings Limited

16 Kaifa Avenue

Danyang, Jiangsu, China 212300

 

If to the director:

 

Lizhong Zhang

16 Kaifa Avenue

Danyang, Jiangsu, China 212300

 

Either of the parties
hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant to this
Section 10.

 

11.       Binding
Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and assigns.
Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company shall assign all or
any portion of this Agreement without the prior written consent of the other party.

 

12.       Entire
Agreement. This Agreement (together with the other agreements referred to herein) sets forth the entire understanding of the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as
to such subject matter.

 

13.       Severability.
If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision
or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

 

14.       Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without
reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined in any New York state or federal court and the parties hereto hereby consent to the jurisdiction of such
courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless
prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of
such action or proceeding through mediation by an independent third party.

 

15.       Legal
Fees. The parties hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between the parties
hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a "Dispute"),
shall reimburse the prevailing party for reasonable attorney's fees and expenses incurred by the prevailing party in connection
with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its fees and expenses
incurred in connection with a Dispute, if the Director's position in such Dispute was found by the court, arbitrator or other
person or entity presiding over such Dispute to be frivolous or advanced not in good faith.

 

16.       Modifications.
Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an instrument in writing
duly signed by the party to be charged.

 

17.       Tense
and Headings. Whenever any words used herein are in the singular form, they shall be construed as though they were also used
in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes of reference,
are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.

 

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

 

(remainder of this page intentionally left blank)

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this Director Agreement
to be executed by authority of its Board of Directors, and the Director has hereunto set his hand, on the day and year first above
written.

 

DELTA TECHNOLOGY HOLDINGS LIMITED

 

	By:	/s/ Long Yi	 
	Name: Long Yi	 
	Title: Chief Executive Officer DIRECTOR	 
	 	 
	/s/ Lizhong Zhang	 
	Name: Lizhong Zhang

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