Document:

Exhibit 4.32

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT
(the “Agreement”) is made and entered into as a deed as of 15 November 2019 by and among:

 

Tencent Holdings Limited,
a company incorporated under the laws of the Cayman Islands (“Tencent” or the “Investor”);
and

 

Bitauto Holdings Limited,
a company incorporated under the laws of the Cayman Islands (“Bitauto” or the “Proxyholder”);

 

Each of Tencent and
Bitauto is referred to as a “Party” and collectively as the “Parties”.

 

RECITALS

 

A.           The
Parties and/or certain Controlled Affiliates of the Parties are the holders of certain ordinary shares of Yixin Group Limited
(the “Company”), par value US$0.0001 per share and such holders are parties to the Shareholders Agreement of
the Company dated May 26, 2017 (the “Shareholders Agreement”).

 

B.            Pursuant
to the Shareholders Agreement, each shareholder of the Company who is a party to the Shareholders Agreement shall take all actions
which are commercially reasonable to ensure that the financial results of the Group Companies will be consolidated into the Bitauto’s
financial statements.

 

C.            In
order for the Group Companies to remain consolidated with Bitauto, each Party is entering into this Agreement, which requires,
among other things, during the term of this Agreement as specified in Section 6.1 hereof, as may be extended pursuant to Section 6.1
hereof (the “Proxy Term”), the Investor to grant, or cause its Controlled Affiliate to grant, to the Proxyholder
the right to vote certain number of ordinary shares as specified in Schedule 1 that the Investor and/or its Controlled Affiliate
holds (the “Subject Shares”), in the manner set forth herein.

 

D.            In
addition to the grant of voting proxy as described above, the Parties also desire to enter into an agreement in connection with
election or appointment of certain members of the board of directors of the Company (the “Board”).

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises, representations, warranties, covenants and agreements contained herein,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

		Section 1.	Definitions

 

Capitalized terms not
otherwise defined in this Agreement shall have the meaning ascribed to them in the Shareholders Agreement.

 

The following terms
used in this Agreement shall be construed to have the meaning set forth or referenced below.

 

    			 

     

    

 

“Agreement” has the meaning set
forth in the preamble.

 

“Board” has the meaning set forth in the recitals.

 

“Bitauto” has the meaning set forth
in the preamble.

 

“Cause”
means, with respect to a director of the Board, any of the following: (i) an order is made by any competent court or official
on the grounds that such director (x) is or may be suffering from mental disorder or is otherwise incapable of managing his
or her affairs or (y) is convicted of a crime involving fraud, dishonesty, false statements or moral turpitude; (ii) such
director is absent (without being represented by proxy) from meetings of the Board for a continuous period of 12 months without
special leave of absence from the Board; (iii) such director becomes bankrupt, has a receiving order made against him or her
or makes any arrangement or composition with his or her creditors generally; and (iv) such director ceases to be or is prohibited
from being a director by applicable law.

 

“CCASS”
means the Central Clearing and Settlement System operated by Hong Kong Securities Clearing Company Limited.

 

“Company” has the meaning set forth
in the recitals.

 

“Controlled
Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or
more intermediaries, is Controlled by such specified Person. For the purpose of this Agreement, the Company is not a Controlled
Affiliate of any of Parties.

 

“Designated
Director” means any of the individual(s) designated by Bitauto for nomination or appointment as director(s) of
the Company from time to time and Tencent’s Designees.

 

“Listing Rules”
means the Rules Governing The Listing of Securities on the Stock Exchange of Hong Kong Limited, as amended from time to time.

 

“Lock-up Shares”
means the ordinary shares of the Company held by Bitauto and/or its Controlled Affiliate representing 10% of the total issued share
capital of the Company from time to time.

 

“Party” has the meaning set forth
in the preamble.

 

“Proxy Term” has the meaning set forth
in the recitals.

 

“Proxyholder” has the meaning set
forth in the preamble.

 

“Representative” means
the chairman of the board of directors of the Proxyholder.

 

“Remaining
Shares” means the ordinary shares of the Company that the Investor and/or its Controlled Affiliate holds as of the date
of this Agreement minus the Subject Shares held by the Investor and/or its Controlled Affiliate.

 

“Subject Shares” has the meaning
set forth in the recitals. “Shareholders Agreement” has the meaning set forth in the recitals.

 

    			 

     

    

 

“Tencent” has the meaning set forth
in the preamble.

 

“Tencent Designees” has the meaning
set forth in Section 3.1(a).

 

	 	Section 2.	 	Voting of Subject Shares

 

Section 2.1     Subject
to the Proxyholder’s complying with the terms of this Agreement, the Investor hereby agrees that solely for the purpose of
consolidating the financial results of the Group Companies with the Bitauto’s financial statements, during the Proxy Term,
the Proxyholder shall have the right to vote the Subject Shares, in its sole discretion, on all matters submitted to a vote of
shareholders of the Company at a meeting of shareholders, except the matters in respect of which the Proxyholder is required to
abstain from voting pursuant to the Listing Rules or any other applicable laws and rules (including the applicable Cayman
Islands laws and rules with respect to the corporate governance). In the event that the aggregate number of the ordinary shares
of the Company that the Investor and/or its Controlled Affiliate holds becomes less than the Subject Shares as specified in Schedule
1, the Subject Shares shall be adjusted accordingly and shall be equivalent to all the then ordinary shares of the Company
that such Investor and/or its Controlled Affiliate will hold.

 

Section 2.2 Grant
of Proxy. To secure the Investor’s and/or its Controlled Affiliate’s obligations to vote the Subject Shares in
accordance with this Agreement, the Investor appoints the Proxyholder and its Representative, without any power of substitution,
during and for the Proxy Term, as the Investor and/or its Controlled Affiliate’s true and lawful attorney in fact and proxy
which are irrevocable by reason of being coupled with the interest, for and in the Investor and/or its Controlled Affiliate’s
name, place and stead, to vote the Subject Shares and act for the Investor and/or its Controlled Affiliate as the Investor’s
and/or its Controlled Affiliate’s proxy, at any annual, special or other meeting of the shareholders of the Company called
to vote, and at any adjournment or postponement thereof, in each case subject to the limitations set forth in this Agreement.

 

Section 2.3 Exercise
of Voting Rights. With respect to any proposed exercise of the voting rights granted under this Agreement, the Proxyholder
shall provide written notice to the Investor or its applicable Controlled Affiliate as promptly as practicable prior to any shareholders’
meeting at which such matter is to be voted upon, or as promptly as reasonably practicable upon the Proxyholder becoming aware
that a meeting will be held (if shorter notice of a meeting has been given to the Proxyholder); provided that the Proxyholder shall
be deemed to have satisfied his obligation under this sentence if the Investor or its applicable Controlled Affiliate has received
prior notice of such meeting in accordance with applicable law. The Proxyholder shall exercise the power of attorney granted by
the Investor herein in accordance with applicable laws, shall consult the Investor and/or its applicable Controlled Affiliate but
shall not be bound by the instructions of the Investor and/or its applicable Controlled Affiliate and shall not be obliged to exercise
the voting rights on behalf of the Investor and/or its applicable Controlled Affiliate.

 

Section 2.4 Proxyholder
Liability. In voting the Subject Shares in accordance with Section 2.1 hereof, the Proxyholder and its
Representative shall not be liable for any error of judgment nor for any act done or omitted, nor for any mistake of fact or
law nor for anything which the Proxyholder or the Representative may do or refrain from doing in good faith in accordance
with this Agreement, except for willful misconduct, fraud or gross negligence. In the case of any such willful misconduct,
fraud or gross negligence, the Proxyholder shall indemnify, defend and hold harmless the Investor from and against any and
all claims, losses, damages, liabilities, obligations, fees or expenses (including reasonable attorneys’ fees and
expenses) sustained or incurred by the Investor in connection with, arising out of, or as a result thereof.

 

    			 

     

    

 

	 	Section 2.5	 	Covenants.

 

The Investor hereby covenants
and agrees that prior to the expiry of the Proxy Term, the Investor shall not and shall cause its applicable Controlled Affiliate
not to (i) grant any proxy, power of attorney or other authorization in or with respect to any of the Subject Shares owned
by the Investor and/or its Controlled Affiliate; (ii) deposit any of the Subject Shares owned by the Investor and/or its Controlled
Affiliate into any voting trust or enter into any voting agreement or other understanding or arrangement with respect to the voting
rights of such Subject Shares; or (iii) take any other action which would have the effect of preventing or disabling the Investor
and/or its Controlled Affiliate from performing its obligations under this Agreement.

 

	 	Section 3.	 	Voting Agreements Regarding the Board

 

Section 3.1     Designated
Directors.

 

During the Proxy Term,
the Proxyholder agrees to vote, or cause to be voted, all Shares owned by such Person, or over which such Person has voting control,
from time to time and at all times, in whatever manner as shall be necessary to cause the election to the Board (but subject to
the directors of the Company complying with their fiduciary duties), of:

 

(a) the individual(s) designated
by Tencent for nomination or appointment as director(s) of the Company from time to time (each individual, a “Tencent
Designee” and collectively, “Tencent Designees”). The aggregate number of Tencent Designees shall
be:

 

(i)            two
(2) so long as the Tencent Percentage (as defined below) is at least 20%; and

 

(ii)           one
(1) so long as the Tencent Percentage (as defined below) is at least 10%,

 

with the “Tencent
Percentage” meaning (x) the percentage of shares of the Company held by Tencent and its Affiliates over the total issued
and outstanding ordinary shares of the Company, plus (y) the Indirect BITA Percentage (Tencent) (as defined below). The “Indirect
BITA Percentage (Tencent)” means (x) the percentage of shares of the Company held by Bitauto and its Affiliates
(including without limitation to Bitauto Hong Kong Limited) over the total issued and outstanding ordinary shares of the Company,
multiplied by (y) the percentage of shares of Bitauto held by Tencent and its Affiliates (including without limitation to
Dongting Lake Investment Limited, THL E Limited and Morespark Limited) over the total issued and outstanding shares of Bitauto.

 

(b) To the
extent that Sections 3.1(a) above shall cease to be applicable as such Party is not entitled to nominate an
individual for election as a director according to Section 3.1(a) any longer, such Party shall cause the
director who would otherwise have been designated in accordance with the terms thereof to resign with immediate effect,
unless the Board determines otherwise.

 

    

     

    

 

Section 3.2     Director
Votes.

 

Each of the Parties undertakes
and each Party shall cause its Controlled Affiliate to cause the directors appointed or nominated by such Parties to vote or execute
consents, and take all other necessary or desirable actions (including without limitation attending all meetings of the Board in
person or by proxy for purposes of obtaining a quorum but, in each case, only to the fullest extent permitted in accordance with
fiduciary duties and any other applicable law) to (i) cause each of the Designated Directors to be designated for appointment
or nomination to the Board, including to fill any vacancies, at any meeting of the Board at which a vote is held to appoint or
nominate a director or otherwise pursuant to any written consent of the Board, and to call an annual general meeting or extraordinary
general meeting of shareholders of the Company to elect the Designated Directors to the Board and (ii) prevent the removal
of any Designated Director unless (a) such Party is directed to do so by the Party that designates the Designated Directors
(the “Designating Shareholder(s)) in writing, and if so directed by the Designating Shareholder(s), to cause such removal
and the appointment or nomination of a replacement Designated Director to be designated by the Designating Shareholder(s) in
writing or (b) for Cause, and in such event, to cause the appointment or nomination of a replacement Designated Director to
be designated by the Designating Shareholder(s) in writing; provided, however, that each Party shall cause the Company to
enter into a customary indemnification agreement with each of the Designated Directors.

 

Section 3.3        Failure to Designate a Board Member.

 

In the absence of any
designation from a Party with the right to designate a director as specified hereunder, any such undesignated director seat shall
remain vacant until such designee is chosen, and the remaining members of the Board shall continue to operate as a fully functioning
Board and such vacancy shall not affect the constitution of the quorum of the Board meeting.

 

	 	Section 4.	 	Right of First Offer

 

Section 4.1     Offering
Notice.

 

If, during the Proxy
Term, the Investor or its Controlled Affiliate (a “Selling Shareholder”) proposes to sell or transfer all or
any portion of the Remaining Shares held by it other than sale to such Selling Shareholders’ Affiliate or Bitauto, it must
first offer to sell or transfer (the “Offer”) such Subject Shares to Bitauto (the “Offeree”)
by serving a written offer notice (the “Offering Notice”) on it, which notice shall set forth:

 

(a)       the
number of Subject Shares proposed to be sold or transferred (the “Offered Shares”);

 

(b)       the
proposed sale price per Subject Share for the Offered Shares (the “Offer Price”); and

 

(c)       all
other material terms and conditions of the proposed sale or transfer.

 

    			 

     

    

 

Upon service of the Offering Notice, such Offer shall
be irrevocable.

 

Section 4.2     Option;
Exercise.

 

(a) The Offer
shall be open for acceptance by the Offeree for a period of five (5) Business Days after the receipt by the Offeree of the
Offering Notice (the “Offer Period”), and the Offeree shall have the right to purchase all but not less than
all of the Offered Shares at a purchase price per Subject Share equal to the Offer Price and upon the same terms and conditions
set forth in the Offering Notice.

 

(b) In the event
that the Offeree shall elect to accept the Offer to purchase all of the Offered Shares, the Offeree shall serve a written notice
on the Selling Shareholder to accept the Offered Shares that the Offeree is electing to purchase (“Sale Shares”).
Such notice shall be received or deemed received by the Selling Shareholder prior to midnight of the last Business Day of the Offer
Period. The Offeree may designate one or more of its Affiliates to take up all of the Sale Shares under this Section 4, and,
in such an event, the provisions under this Section 4 shall apply mutatis mutandis to such Affiliates. If the Offeree
fails to give the Selling Shareholder the above notice within the Offer Period, the Offeree will be deemed to have given a notice
that it does not elect to purchase the Offered Shares.

 

Section 4.3     Closing.

 

The closing of the purchase
of the Sale Shares (the “ROFO Closing”) shall take place at such time and place as agreed by the Selling Shareholder
and the Offeree but in any event no later than the seventh (7th) Business Day after receipt or deemed receipt of the Offeree’s
written notice under Section 4.2(b) by the Selling Shareholder (or such other time as mutually consented to by the Selling
Shareholder and the Offeree and such consent shall not be unreasonably withheld). At the ROFO Closing, the Selling Shareholder
shall deliver such documents as required by the Offeree to transfer the legal and beneficial interests in the Sale Shares purchased
by the Offeree from the Selling Shareholder to the Offeree and/or the Offeree’s designated Affiliates, including depositing
the Sale Shares into an account of the relevant CCASS participant in accordance with the Offeree’s directions, if applicable.
The Offeree shall make at the ROFO Closing payment in full in immediately available funds for the Sale Shares. At the ROFO Closing,
all of the parties to the transaction shall execute such additional documents as are otherwise necessary or appropriate to give
effect to such sale or transfer.

 

Section 4.4     Sale
to a Third Party.

 

(a)       If
the Offeree does not elect or is deemed to have not elected to purchase the Offered Shares ( the “Unsold
Shares”), the Selling Shareholder may offer to sell the Unsold Shares to any third party at a price and on the
terms and conditions no more favourable than those of the Offer within sixty (60) Business Days after the date on which the
Offeree has expressly waived its right to purchase or has elected or has been deemed to have elected not to purchase any of
the Offered Shares. If the Selling Shareholder fails to complete such sale or transfer within the aforesaid period stipulated
in the preceding sentence, no sale or transfer of such Unsold Shares or any part thereof may be made thereafter by the
Selling Shareholder without again first offering the same to the Offerees in accordance with the provisions of this
Section 4.

 

    			 

     

    

 

(b)      During
the Proxy Term, the Investor or its Affiliate shall have the right to sell or otherwise transfer any Remaining Shares in accordance
with this Section 4 and applicable laws and rules. Without the prior consent from Bitauto, the Investor or its Affiliate
shall not sell or otherwise transfer any Subject Shares during the Proxy Term.

 

Section 5.     Lock-up
Undertaking.

 

Save for the lending
of shares pursuant to the stock borrowing agreement (as defined in the prospectus to be issued by the Company), during the term
of Proxy Term, without the prior written consent of the Investor, Bitauto shall not, and shall procure that its Controlled Affiliates
will not:

 

(a)       offer,
pledge, charge, sell, contract or agree to sell, mortgage, charge, pledge, hypothecate, lend, grant or sell any option, warrant,
contract or right to purchase, grant, or purchase any option, warrant, contract or right to sell, grant or agree to grant any
option, right or warrant to purchase or subscribe for, lend or otherwise transfer or dispose of or create an encumbrance over,
either directly or indirectly, conditionally or unconditionally, the Lock-up Shares;

 

(b)      enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of subscription
or ownership (legal or beneficial) of the Lock-up Shares, or any interest therein;

 

(c)       enter
into any transaction with the same economic effect as any transaction described in paragraphs (a) or (b) above; or

 

(d)      offer
to or contract to or agree to announce, or publicly disclosure that it will or may enter into any such transaction described in
paragraphs (a), (b) or (c) above, whether any such transaction described in (a), (b) or (c) above is to be
settled by delivery of the Lock-up Shares, in cash or otherwise (whether or not the settlement or delivery of such Lock-up Shares
will be completed within the term of this Agreement) unless otherwise required by the Listing Rules or the applicable laws.

 

Section 6.     Miscellaneous.

 

Section 6.1     Term.

 

This Agreement shall
be effective as from 16 November 2019 and shall continue in effect for a term of one (1) year ending on 16 November 2020
(the “Original Expiration Date”), which will be automatically extended for another one (1) year following
the Original Expiration Date (the “Extended Term”); provided that, the Parties may jointly elect to terminate
this Agreement in writing at any time prior to the Original Expiration Date or during the Extended Term.

 

Section 6.2        Further Assurances.

 

The Parties agree to
(a) execute and deliver to each other such other documents and (b) do such other acts and things as a party may reasonably
request for the purpose of carrying out the intent of this Agreement, and the documents to be delivered pursuant to this Agreement.

 

Section 6.3        Entire Agreement.

 

This Agreement supersedes
all prior agreements, whether written or oral, between the Parties with respect to its subject matter and constitutes a complete
and exclusive statement of the terms of the agreement between the Parties with respect to the subject matter of this Agreement.

 

    			 

     

    

 

Section 6.4       Amendment.

 

This Agreement may only
be amended, supplemented, or otherwise modified by the Parties in writing.

 

Section 6.5        Assignments and Successors.

 

The terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the Parties hereto or their respective successors
and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

 

Section 6.6       No Third-Party Rights.

 

Other than the Parties
hereto and their respective successors and assigns, no person who is not a party to this Agreement shall have any right under the
Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce any term of, or enjoy any benefit
under, this Agreement.

 

Section 6.7     Specific
Enforcement.

 

The Parties hereto acknowledge
and agree that the Parties hereto would be irreparably harmed if any of the provisions of this Agreement are not performed in accordance
with their specific terms and that any breach of this Agreement by any Party hereto could not be adequately compensated in all
cases by monetary damages alone. Accordingly, in addition to any other right or remedy to which a Party hereto may be entitled
at law or in equity, such Party shall be entitled to enforce any provision of this Agreement by a decree of specific performance
and to obtain temporary, preliminary, and permanent injunctive relief to prevent breaches or threatened breaches, without posting
any bond or giving any other undertaking.

 

Section 6.8        Remedies Cumulative.

 

The rights and remedies of the Parties are cumulative
and not alternative.

 

Section 6.9        Governing Law.

 

This Agreement shall
be governed by and construed under the laws of Hong Kong Special Administrative Region of the People’s Republic of China
(“Hong Kong”), without regard to principles of conflict of laws thereunder.

 

Section 6.10      Dispute Resolution.

 

Any dispute,
controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or invalidity
thereof, shall, so far as it is possible, be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as
at present in force and as may be amended by the rest of this Section 6.10. The appointing authority shall be Hong
Kong International Arbitration Centre (“HKIAC”). The seat of the arbitration shall be Hong Kong. There
shall be three (3) arbitrators. The Party initiating the arbitration, on the one hand, and the other Party against which
arbitration is brought, on the other hand, shall be entitled to designate one arbitrator each. The two arbitrators shall
consult with each other to agree upon the selection of a third arbitrator. The arbitration shall be conducted in the English
language. Evidence and testimony may be presented in any language, including a language other than English providing it is
accompanied by an English translation thereof (which translation shall have been certified and prepared or given at the sole
cost of the Party offering such evidence or testimony). The arbitral award shall be in English writing and, unless the
parties to the arbitration agree otherwise, shall state the reasons upon which it is based. The award shall be final and
binding on the parties to the arbitration.

 

    			 

     

    

 

Section 6.11      Attorney’s Fees.

 

In the event any claim,
action, suit, proceeding, arbitration, complaint, charge or investigation is brought in respect of this Agreement or any of the
documents referred to in this Agreement, the prevailing party will be entitled to recover reasonable attorneys' fees and other
costs incurred in such proceeding, in addition to any relief to which such party may be entitled.

 

Section 6.12      No Waiver.

 

Neither any failure nor
any delay by any party in exercising any right, power, or privilege under this Agreement or any of the documents referred to in
this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right,
power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other
right, power, or privilege. To the maximum extent permitted by applicable laws, (a) no claim or right arising out of this
Agreement or any of the documents referred to in this Agreement can be waived by a Party, in whole or in part, unless made in a
writing signed by such Party; (b) a waiver given by a Party will only be applicable to the specific instance for which it
is given; and (c) no notice to or demand on a Party will (i) waive or otherwise affect any obligation of that Party or
(ii) affect the right of the Party giving such notice or demand to take further action without notice or demand as provided
in this Agreement.

 

    

     

    

 

Section 6.13      Notices.

 

All notices and other
communications required or permitted by this Agreement shall be in writing and will be effective, and any applicable time period
shall commence, when (a) delivered to the following address by hand or by a nationally recognized overnight courier service
(costs prepaid) addressed to the following address or (b) transmitted electronically to the following facsimile numbers or
e-mail addresses, in each case marked to the attention of the Person (by name or title) designated below (or to such other address,
facsimile number, e-mail address, or Person as a Party may designate by notice to the other Party):

 

	Bitauto
	 
	New Century Hotel Office Tower 6/F
	No. 6 South Capital Stadium Road
	Beijing, 100044
	The People’s Republic of China
	Attention: Bin Li
	Facsimile: 

 

	Tencent
	 
	c/o Tencent Holdings Limited
	29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong
	Attention: Compliance and Transactions Department
	E-mail:

 

Section 6.14      Severability.

 

If any provision of this
Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will
remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.

 

Section 6.15      Time of Essence.

 

With regard to all dates
and time periods set forth or referred to in this Agreement, time is of the essence.

 

Section 6.16        Counterparts and Electronic
Signatures.

 

(a)       This
Agreement and other documents to be delivered pursuant to this Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original copy and all of which, when taken together, will be deemed to constitute one and the same
agreement or document, and will be effective when counterparts have been signed by each of the Parties and delivered to the other
Party.

 

(b)       A
manual signature on this Agreement or other documents to be delivered pursuant to this Agreement, an image of which shall have
been transmitted electronically, will constitute an original signature for all purposes. The delivery of copies of this Agreement
or other documents to be delivered pursuant to this Agreement, including executed signature pages where required, by electronic
transmission will constitute effective delivery of this Agreement or such other document for all purposes.

 

[Remainder of page intentionally
left blank.]

 

    			 

     

    

 

IN WITNESS WHEREOF this document
has been executed as a DEED and DELIVERED on the date inserted on page 1 of this DEED.

 

 

SIGNED, SEALED and

DELIVERED by Bin Li

and Xuan Zhang as the duly

authorised signatories of BITAUTO 

HOLDINGS LIMITED

 

/s/ Bin Li

 

/s/ Xuan Zhang

 

[Signature Page to Voting Agreement]

 

    			 

     

    

 

IN WITNESS WHEREOF this document
has been executed as a DEED and DELIVERED on the date inserted on page 1
of this DEED.

 

SIGNED, SEALED and 

DELIVERED by Ma Huateng

and Lau Chi Ping Martin as the duly

authorised signatories of TENCENT

HOLDINGS LIMITED

  

/s/ Ma Huateng

 

/s/ Lau Chi Ping Martin

 

[Signature Page to Voting Agreement]

 

    			 

     

    

 

Schedule 1

 

	 	Investor	 	     Number of Subject Shares
	 	 	 
	 	Tencent	 	     637,334,205 ordinary shares of the CompanyExhibit

Exhibit 10.1

Christopher Sullivan
1307 Towson Street
Baltimore, MD 21230

Dear Christopher:
On behalf of Cerecor Inc., a Delaware corporation (the “Company”), we are pleased to formalize for you (“you” or the “Employee”) the terms of your employment with the Company as set forth in this agreement (the “Agreement”).
1.In General. You will be employed by the Company, and your employment hereunder shall be governed in accordance with the provisions set forth below. The Agreement may not be modified, altered or changed, except by mutual agreement between you and the Company which must be documented in writing and signed by both parties. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, without the need for further agreement or consent by either you or the Company. The failure of either party to enforce any of the provisions in this Agreement shall not be construed to be a waiver of the right of that party to enforce any such provision.
2.Position. Effective as of October 1, 2019, (the “Effective Date”), you will serve as the Company’s Vice President of Finance, based in the Company’s headquarters in Rockville, Maryland. You will report to the Company’s Chief Financial Officer (“CFO”). During the Employment Term, you shall devote all your business time, energy and skill and your best efforts to the performance of your duties with the Company.
3.Term. This Agreement sets forth the terms and conditions of your employment that shall apply commencing on the Effective Date and ending upon termination of this Agreement by either party as described in Section 7 hereof (such period, the “Employment Term”).
4.Base Salary. The Company agrees to pay you a base salary compensation at an annual rate of not less than Two Hundred Fourteen Thousand Dollars (US $214,000.00), payable in accordance with the regular payroll practices of the Company. The base salary as increased from time to time shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be subject to annual review beginning in 2020 and may be increased, but not decreased, from time to time; provided, however, that notwithstanding the foregoing, the Employee’s Base Salary may be decreased in conjunction with a reduction in base salary affecting all similarly-situated employees so long as the Employee will not experience a proportional decrease greater than that of any other similarly-situated employee.
5.Bonus Compensation.

(a)    Stock Option Grants. During the Employment Term, subject to the approval of the Company’s Board of Directors (the “Board”) and compliance with applicable law and Nasdaq rules, you will be eligible to receive discretionary annual stock option grants for the purchase of shares of the Company’s outstanding common stock, as shall be determined by the Board or the Compensation Committee of the Board, in its sole discretion, provided you are employed on the date such award and pursuant to and subject to the terms and conditions of the Cerecor Inc. 2016 Equity Incentive Plan (the “Plan” ) and a stock option agreement as approved by the Board.
(b)    Additional Grants. During the Employment Term, you will also be eligible to receive additional discretionary annual equity awards determined by the Board or the Compensation Committee of the Board, in its sole discretion, provided you are employed on the date such award. Such awards may consist of restricted stock or options to acquire shares of Cerecor common stock, pursuant to the terms, conditions, and restrictions of this Agreement, the Plan or other future similar plan and the form of award agreement thereunder.
(c)    Annual Bonus. During the Employment Term, you shall be eligible to receive an annual discretionary bonus of up to thirty percent (30%) of your Base Salary (pro-rated in 2018) as determined by the Board or the Compensation Committee of the Board, in its sole discretion, provided you are employed on the date such annual bonus is paid. Such bonus may consist of cash and/or grants of additional equity awards in the Company, and is intended to be substantially consistent with cash bonuses and equity award bonuses paid to executives of similar grade in similarly situated companies in the biotechnology industry, subject to the results of operations and financial condition of the Company and your level of individual performance.
6.Employee Benefits. You shall be entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time, provided that such modification or termination is conducted in compliance with applicable law and applied consistently to all similarly situated employees. You will be eligible for all paid holiday time observed by the Company. In addition, you will be provided twenty (20) days of paid vacation per year. Vacation days will accrue and may be used in accordance with the Company’s written policies. Upon presentation of appropriate documentation, you shall be reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable business expenses incurred in connection with the performance of your duties hereunder.
7.Termination of Employment.
(a)    Death or Disability. Your employment shall immediately terminate on the date of your death or upon ten (10) days’ prior written notice by the Company for a “Disability” (as defined in the Company’s long-term disability plan as in effect from time to time or, if no such plan is in effect, as defined under Code Section 409A (as defined in Section 19 below)); provided, however, nothing herein shall give the Company the right to terminate you prior to discharging its obligations, if any, under the Family and Medical Leave Act, the Americans with Disabilities Act 

or any other applicable law. Upon your termination due to death or Disability, you (or your estate or legal representative, if applicable) shall be entitled to the following payments and benefits: (i) any unpaid Base Salary through the date of termination, reimbursement for any unreimbursed business expenses under the Company’s expense reimbursement policy incurred through the date of termination and any accrued but unused vacation time in accordance with Company policy, payable within thirty (30) days following such termination of employment, (ii) all other vested payments, benefits or fringe benefits to which you shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant (collectively, the benefits described in Sections 7(a)(i) and 7(a)(ii) hereof shall be hereafter referred to as the “Accrued Benefits”), and (iii) continued payment of your Base Salary as in effect immediately prior to your termination for six (6) consecutive months following such termination.
(b)    For Cause. Your employment with the Company shall terminate immediately upon written notice by the Company for Cause. “Cause” shall mean: (i) your willful misconduct or gross negligence in the performance of your duties to the Company that, if capable of cure, is not cured within thirty (30) days of your receipt of written notice from the Company; (ii) your failure to perform your duties to the Company or to follow the lawful directives of the Board acting collectively (other than as a result of death or a physical or mental incapacity) that, if capable of cure, is not cured within thirty (30) days of your receipt of written notice from the Company; (iii) your indictment for, conviction of, or pleading of guilty or nolo contendere to, a felony or any crime involving moral turpitude; (iv) any act of theft, fraud, malfeasance or dishonesty in connection with the performance of your duties to the Company; or (v) a material breach of this Agreement or any other agreement with the Company, or a material violation of the Company’s code of conduct or other written policy that, if capable of cure, is not cured within  thirty (30) days of your receipt of written notice from the Company. Upon a termination for Cause, the Company shall pay to you only the Accrued Benefits.
(c)    Without Cause. Your employment may be terminated by the Company without Cause (other than for death or Disability) immediately upon written notice by the Company. Upon a termination without Cause, subject to your compliance with the obligations in Sections 8, 9 and 10 hereof, the Company shall pay to you the following payments and benefits: (i) the Accrued Benefits; (ii) continued payment of your Base Salary as in effect immediately prior to your termination for twelve (12) consecutive months following such termination; (iii) your prorated annual bonus earned in the year in which the termination occurs, payable when such annual bonuses are paid to other executive employees of the Company; (iv) full vesting of options awarded by the Company; and (v) if you timely elect and remain eligible for continued health insurance coverage under federal COBRA law or, if applicable, state insurance laws, the Company will pay your COBRA or state continuation health insurance premiums until the earliest of (x) the first anniversary of your termination; (y) expiration of your continuation coverage under COBRA; or (z) the date when you are eligible for substantially equivalent health insurance; provided, that the first payment pursuant to clauses (ii) and (v) shall be made on the first payroll period after the sixtieth (60th) day following such termination and shall include payment of any amounts that would otherwise be due prior thereto. Provided, however, the Company has the right to terminate its payment pursuant to clause (v) and instead pay you a lump sum amount equal to the applicable COBRA premium multiplied 

by the number of months remaining in the specified period if the Company determines in its discretion that continued payment of the COBRA premiums is or may be discriminatory under Section 105(h) of the Internal Revenue Code. In the event of your termination by the Company without Cause (other than for Death or Disability) within 6 months of a Change in Control, as defined in the Company’s Amended and Restated 2016 Equity Incentive Plan, the payments pursuant to clauses (i)-(iii) shall be made promptly after its closing or your termination, whichever is later.
(d)    By Employee; For Good Reason. Your employment shall terminate upon your written notice to the Company of a termination for any reason. “Good Reason” shall mean, without your written consent, (i) a material diminution in your duties, authorities or responsibilities (other than temporarily while physically or mentally incapacitated), (ii) a material diminution of your Base Salary hereunder except in conjunction with a reduction in base salary affecting all similarly-situated employees or (iii) a material breach of this Agreement by the Company. Notwithstanding the foregoing, any reasonable actions taken by the Company to accommodate a disability of Employee or pursuant to the Family and Medical Leave Act shall not constitute Good Reason for purposes of this Agreement. You shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within thirty (30) days after the first occurrence of such circumstances, and the Company shall have thirty (30) days following the receipt of such notice to cure such alleged “Good Reason” event. If the Company does not cure such event within the cure period, you must terminate your employment within ten (10) days following the end of such cure period, and if you do not do so, any claim of such circumstances as “Good Reason” will be deemed irrevocably waived by you. Upon a termination for Good Reason, you shall be entitled to the payments and benefits described in Section 7(c) above, and you will not be bound by Section 9(b) hereof. Upon a termination by you other than for Good Reason, the Company shall pay to you only the Accrued Benefits.
8.Release.  Any payments and benefits provided under this Agreement beyond the Accrued Benefits shall only be payable if you execute and deliver to the Company and do not revoke a general release of claims that may otherwise lie against the Company and its related parties in a form reasonably satisfactory to the Company (the “General Release”). The General Release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination. The Company shall deliver to you such General Release within seven (7) days after termination.
9.Restrictive Covenants.
(a)    Confidentiality. You agree that you shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, either during your employment or at any time thereafter, any business and technical information or trade secrets, nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, which shall have been obtained by you during your employment by the Company (or any predecessor). The foregoing shall not apply to information that (A) was known to the public prior to its disclosure to you or (B) you are required to disclose by applicable law, regulation or legal process (provided that you provide the Company with prior notice of the contemplated 

disclosure and cooperate with the Company at its expense in seeking a protective order or other appropriate protection of such information). The terms and conditions of this Agreement shall remain strictly confidential, and you hereby agree not to disclose the terms and conditions hereof to any person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers solely for the purpose of disclosing the limitations on your conduct imposed by the provisions of this Section 9. Notwithstanding the foregoing nondisclosure obligations, pursuant to 18 U.S.C. Section 1833(b), Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Provided further, nothing in this Agreement prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You hereby acknowledge that you do not need the prior authorization of the Company to make any such reports or disclosures and that you are not required to notify the Company that you have made such reports or disclosures.
(b)    Non-Compete. You acknowledge that you perform services of a unique nature for the Company that are irreplaceable, and that your performance of such services to a competing business may result in irreparable harm to the Company. Accordingly, during the your employment hereunder and for a period of six (6) months thereafter, you agree that you will not, directly or indirectly, own, manage, operate, control, be employed by or render services to (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) any person, firm, corporation or other entity engaged in competition with the Company or any of its subsidiaries or in any other material business in which the Company or any of its subsidiaries is engaged on the date of termination or in which they have planned, on or prior to such date, to be engaged in on or after such date, in any locale of any country in which the Company or any of its subsidiaries conducts business. Notwithstanding the foregoing, nothing herein shall prohibit you from being a passive owner of not more than five percent (5%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any of its subsidiaries.
(c)    Non-Solicitation; Non-Interference. (i) During your employment with the Company and for a period of one (1) year thereafter, you agree that you shall not, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer of the Company or any of its subsidiaries with whom you had contacts on behalf of the Company to purchase goods or services then sold by the Company or any of its subsidiaries from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer.
(ii)During your employment with the Company and for a period of one (1) year thereafter, you agree that you shall not, directly or indirectly, individually or on behalf of 

any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent of the Company or any of its subsidiaries to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or directly hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its subsidiaries and any of their respective vendors, joint ventures or licensors. An employee, representative or agent shall be deemed covered by this Section 9(c) if such person was employed or retained during anytime within six (6) months prior to, or after, your termination of employment.
(c)Non-Disparagement. You agree not to make negative comments or otherwise disparage the Company (including its subsidiaries) or its officers, directors, employees, shareholders, agents or products, in any manner likely to be harmful to them or their business, business reputation or personal reputation. The Company agrees to cause its senior executive management employees and the senior executive management employees of its subsidiaries not to make negative comments or otherwise disparage you, in any manner likely to be harmful to you or your business, business reputation or personal reputation. The foregoing sentences shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).
(d)Inventions. (i) You acknowledge and agree that all ideas, methods, inventions, discoveries, improvements, work products or developments (“Inventions”), whether patentable or unpatentable, (A) that relate to your work with the Company, made or conceived by you, solely or jointly with others, during the Employment Term, or (B) suggested by any work that you perform in connection with the Company, either while performing your duties with the Company or on your own time, but only insofar as the Inventions are related to you work as an employee or other service provider to the Company, shall belong exclusively to the Company (or its designee), whether or not patent applications are filed thereon. You will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and you will surrender them upon the termination of the Employment Term, or upon the Company’s request. You will assign to the Company the Inventions and all patents that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in your name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”). You will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all right full oaths, and perform all acts as may be requested from time to time by the Company with respect to the Inventions. You will also execute assignments to the Company (or its designee) of the Applications and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for its benefit. The Company will reimburse you for any reasonable, documented out-of-pocket expenses incurred by you as a result of the Company’s 

request(s) in complying with this Section 9(f)(i), including travel, duplicating or telephonic expenses incurred by you, but without additional compensation to you from the Company.
(ii)    In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and you agree that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to you. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, you hereby irrevocably convey, transfer and assign to the Company all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of your right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any  infringement,  or other  unauthorized  use  or  conduct  in  derogation of  the  Inventions,  known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, you hereby waive any so-called “moral rights” with respect to the Inventions. You hereby waive any and all currently existing and future monetary rights in and to the Inventions and all patents that may issue thereon, including, without limitation, any rights that would otherwise accrue to your benefit by virtue of you being an employee of or other service provider to the Company.
(e)Return of Company Property. On the date of your termination of employment with the Company for any reason (or at any time prior thereto at the Company’s request), you shall return all property belonging to the Company or its subsidiaries (including, but not limited to, any Company- provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).
(f)Reformation. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 9 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.
(g)Tolling. In the event of any violation of the provisions of this Section 9 you acknowledge and agree that the post-termination restrictions contained in this Section 9 shall be extended by a period equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.
(h)Survival of Provisions. The obligations contained in Sections 8, 9 and 10 hereof shall survive the termination or expiration of the Employment Term and your employment with the Company and shall be fully enforceable thereafter.

9.Cooperation. Upon the receipt of reasonable notice from the Company (including outside counsel), you agree that while employed by the Company and thereafter, you will respond and provide information with regard to matters in which you have knowledge as a result of your employment with the Company, and will provide reasonable assistance to the Company, its subsidiaries and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its subsidiaries in the prosecution of any claims that may be made by the Company or its subsidiaries, to the extent that such claims may relate to the period of your employment with the Company. You agree to promptly inform the Company if you become aware of any lawsuits involving such claims that may be filed or threatened against the Company or its subsidiaries. You also agree to promptly inform the Company (to the extent that you are legally permitted to do so) if you are asked to assist in any investigation of the Company or its subsidiaries (or their actions), regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. Upon presentation of appropriate documentation,  the  Company  shall  pay  or  reimburse  you  for  all  reasonable  out-of-pocket    travel, duplicating or telephonic expenses incurred by you in complying with this Section 10.
10.Equitable Relief and Other Remedies. You acknowledge and agree that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 8, 9 or 10 hereof would be inadequate and, in recognition of this fact, you agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. In the event a violation by you of Section 9 or Section 10 hereof is determined by a court of competent jurisdiction in any state, any severance being paid to you pursuant to this Agreement or otherwise shall immediately cease, and any severance previously paid to you (other than $1,000) shall be immediately repaid to the Company.
11.No Assignments. This Agreement is personal to each of the parties hereto. Except as provided in this Section 12 no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company.
12.Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.
13.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
14.Governing Law; Disputes. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Maryland without regard to the choice of law principles thereof that would result in the application of the laws of any other 

jurisdiction. You and the Company agree that any action or proceeding to enforce or arising out of this Agreement may be commenced in the state appellate courts of Baltimore County, Maryland or the United States District Court located in Baltimore, Maryland. You and the Company consent to such jurisdiction, agree that venue will be proper in such courts and waive any objections upon “forum non conveniens.”
15.Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and such officer or director as may be designated by the Board acting collectively. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between you and the Company or any of its subsidiaries with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.
16.Representations. You represent and warrant to the Company that (a) you have the legal right to enter into this Agreement and to perform all of the obligations on your part to be performed hereunder in accordance with its terms, and (b) you are not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent you from entering into this Agreement or performing all of your duties and obligations hereunder.
17.Tax Withholding. The Company may withhold from any and all amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.
18.Code Section 409A.
(a)The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A.
(b)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “non-qualified deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, 

references to a ‘termination,” ‘termination of employment” or like terms shall mean “separation from service.” If you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of your “separation from service”, and (B) the date of your death (the “Delay_ Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 19 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
(c)With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind  benefits, except as permitted by Code  Section  409A, (i) the  right to  reimbursement or   in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Internal Revenue Code Section 95(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred.
(d)For purposes of Code Section 409A, your right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. In no event may you, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered non-qualified deferred compensation.
To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below.
Sincerely, 
	
				
	 
	 
	 
	 

	CERECOR INC.
	 
	 
	 

	 
	 
	 
	 

	By: /s/ Joseph Miller
	 
	September 26, 2019
	 

	Joseph Miller
	 
	Date
	 

	Chief Financial Officer
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By: /s/ Chris Sullivan
	[SEAL]
	September 26, 2019
	 

	Christopher Sullivan
	 
	Date

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