Document:

Exhibit 10.12

 

EXECUTION COPY

 

AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of October 17, 2019 by and between
Kingold Jewelry, Inc. (the “Company”), the parent company of Wuhan Kingold Jewelry Co., Ltd.
(“Wuhan Kingold”), and Zhihong Jia (the “Executive”) (collectively the
 “Parties”; individually a “Party”).

 

WHEREAS, the
Company desires to employ the Executive, and the Executive desires to be employed by the Company, as Chief Executive Officer;

 

WHEREAS, Executive
has extensive knowledge and a unique understanding of the Business and has longstanding business relationships with many clients
and other business associates that will be of value and service to the Company; and

 

NOW, THEREFORE,
in consideration of the mutual covenants set forth in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                 
Term of Employment.
This Agreement shall become effective on October 28, 2019. The term of employment shall be three years, unless this Agreement is
terminated prior to the expiration of such three-year period (the “Term”).

 

2.                 
Position and Duties. The Executive shall render services to the Company and its subsidiaries, including Wuhan Kingold,
in the position of chief executive officer and perform all services appropriate to that position as well as other services as
may reasonably be assigned by the Company. The Executive’s principal place of employment shall be in Wuhan, located in the
Hubei Province, within the PRC or any other place as agreed by the Parties from time to time. The Executive shall devote most
of his working time, attention and skill to the discharge of his duties of his office and shall faithfully and diligently perform
such duties and exercise such powers as may from time to time be assigned to or vested in him, and shall observe and comply with
all resolutions and directions from time to time made or given by the Board of Directors of the Company (the “Board”).
The Executive shall at all times keep the Board promptly and fully informed of his conduct relating to material matters, decisions
and transactions affecting or involving the Company or any of its subsidiaries or controlled affiliates (collectively, the “Group”
and each a “Group Company”) and provide such explanations as may reasonably be required. Insofar as the internal
rules and regulations of the Group or the Group Companies are applicable to the Executive, the Executive undertakes to abide by
such rules and regulations.

 

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3.                 
Remuneration and Benefits. Subject to the Company’s policies and practices, during the Term, the Executive shall be
entitled to the following remuneration and benefits (on a cumulative basis):

 

a.                 
Base
Salary. The Company shall pay the Executive a base salary of U.S. $175,000 per year (the “Annual Base
Salary” or “Base Salary”) or U.S. $14,584 per month (the “Monthly Salary”),
less all applicable withholdings and deductions, for his employment with the Company, subject to (a) a reasonable annual
adjustment (determined by the Board) to reflect increases in the cost of living due to inflation; and (b) an additional
adjustment as agreed by the Company and the Executive, if the workload of the Executive substantially increases due to the
business expansion of the Group. The Base Salary of the Executive will also be correspondingly adjusted if the salary of all
the other employees of the Group Companies is adjusted in accordance with the then effective payroll policies of the Group
Companies. The Base Salary shall be paid by the Company in accordance with the Company’s regularly established payroll
practices applicable to all Company employees.

 

b.                  
Benefits. The Executive shall be eligible to participate in the benefits generally made available by the Company to its
executives in accordance with the benefit plans established by the Company, as the same may be amended from time to time in the
Company’s sole discretion.

 

c.                 
Bonus. The Company may pay the Executive an annual bonus, less all applicable withholdings and deductions (“Annual
Bonus”) in accordance with any executive annual bonus plans of the Company. Such Annual Bonus shall be determined by
the Company in its sole discretion and approved by the Board, and shall be based on the Executive’s performance and the Company’s
financial performance in the relevant financial year.

 

d.                 
Equity Incentives. The Executive may be granted share options or other equity incentives as determined by the Company and
approved by the Board. For the avoidance of doubt, the Executive shall be responsible for, and shall not be entitled to any claims
against the Company for, any taxes arising from any grants or awards of any share options or other equity incentives (including
the exercise of any share options).

 

e.                 
Holidays.
The Executive shall be eligible for the holiday benefits generally made available by the Company to its executives in
accordance with the holiday policies of the Company, as the same may be amended from time to time in the Company’s
sole discretion.

 

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f.                 
Insurance.
The Company shall pay for life insurance and medical insurance policies with an internationally recognized insurance provider (or
such other insurance provider as agreed between the Parties) for the benefit of the Executive, provided that (a) the annual premium
of all such insurance policies in any one year shall be no more than Renminbi (“RMB”) 20,000 in the aggregate;
(b) the beneficiaries under the life insurance policy shall be designated by the Executive; (c) the other terms of the insurance
policies (including, but not limited to, the type of policy and coverage) shall be reasonably satisfactory to the Executive and
(d) the Executive satisfies the eligibility requirements of such policies.

 

g.                 
Expenses.
The Company shall reimburse the Executive for reasonable and necessary business expenses incurred by the Executive in connection
with the performance of the Executive’s duties and obligations as set forth herein during the Term; provided the Executive
shall provide reasonable supporting documentation with respect to such expenses, if requested.

 

h.                 
Indemnification. Subject to the advice of an appropriate human resource adviser engaged by the Company to ascertain the
scope of such indemnity, the Company shall fully indemnify the Executive for any losses incurred in his capacity as a director
and/or officer of any of the Group Companies, if the Company’s director and officer liability insurance is inadequate to
cover such losses; provided the Company shall not be responsible for any losses caused by or attributable to the Employee’s
gross negligence or willful default.

 

Unless otherwise indicated
herein and as agreed by the Parties and to the extent permitted by the governing law (as described in Section 7(e) below), all
of the foregoing remuneration and benefits shall be paid to such account in RMB or any other currency as designated by the Executive.
Unless otherwise agreed by the Parties in writing, any conversion from United States Dollars to RMB and vice versa shall be effected
at the exchange rate published by the People’s Bank of China for the relevant period or date (as the case may be).

 

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4.                 
Amendment,
Termination and Discharge of this Agreement.

 

a.                 
Amendment
to and Termination of the Agreement. This Agreement may not be modified, amended, renewed or terminated except by an instrument
in writing, signed by the Executive and the Company.

 

 b.                 
Discharge of the Agreement.

 

(i)                 
By Death. This Agreement shall be discharged automatically upon the Executive’s death. In such event, the Company
shall pay to the Executive’s beneficiaries or estate (as the case may be) an amount equal to twenty-four (24) months of the
Executive’s Monthly Salary, plus the full amount of any compensation then due and payable under Section 3 hereof to which
the Executive is entitled as of the date of termination.

 

(ii)                 
By
Disability. If (i) the Executive becomes eligible for the Company’s long-term disability benefits or (ii)
the Executive is unable to carry out the responsibilities and functions of the position held by the Executive by reason of
any physical or mental impairment, for a period of more than ninety (90) consecutive days or more than one hundred twenty
(120) days in any consecutive twelve-month period, then, to the extent permitted by law, the Company may terminate the
Executive’s employment. In the event that the Company terminates the Executive’s employment on grounds of
disability, the Company shall pay to the Executive an amount equal to eighteen (18) months of the Monthly Salary, plus the
full amount of any compensation then due and payable under Section 3 hereof to which the Executive is entitled as of the date
of termination and thereafter (subject to Section 7(f)) all obligations of the Company under this Agreement shall cease.
Nothing in this section shall affect the Executive’s rights under any disability plan implemented by the Company in
which the Executive is a participant, if any.

 

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c.                 Early
Termination by the Company. The Company may dismiss the Executive for Cause (as hereinafter defined) at any time or by serving
the Executive three (3)  months’ prior written notice. During such notice period, the Executive shall continue to diligently
perform all of the Executive’s duties hereunder. In the event of dismissal without Cause, the Executive will be eligible
to receive an amount equal to the Monthly Salary multiplied by (M + 12), where M shall mean the number of years Executive has
been employed by the Company pursuant to this Agreement, payable in full immediately following the receipt by the Executive of
such written notice. For the for purposes of this Agreement, Cause shall include: (i) the conviction of a felony or any
crime involving moral turpitude, fraud or misrepresentation, (ii) the continued failure by Executive to substantially perform
his duties to the Company after receipt of written notice from the Company specifying any action or inaction by Executive which
is deemed by the Company to constitute a failure to perform his duties hereunder with suggestions, where feasible, as to how Executive
may remedy such failure, and Executive has failed to correct the unsatisfactory performance within fifteen (15) days of such notice,
(iii) Executive’s gross negligence or willful misconduct which is materially injurious to the Company, monetarily or otherwise,
(iv) proven dishonesty by Executive adversely affecting the Company as determined by the Board, and (v) any material breach by
Executive of the Company’s then current policies with written notice thereof which has note been cured with 30 days of such
notice where such breach is not one subject to immediate termination under the Company’s policies, or of the covenants contained
in Section 5 of this Agreement. For purposes of this paragraph, no act or failure to act on Executive’s part shall be considered
 “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that his
action or omission was in the best interest of the Company. If at any time the Company shall determine that Executive has engaged
in one or more activities constituting “Cause” for termination hereunder, Executive’s employment shall be terminated
for Cause.

 

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d.                 
Early
Termination by the Executive.

 

 

(i)                 
Termination
by Executive for Good Reason. If the Executive selects to terminate his employment for Good Reason (as
hereinafter defined), the Executive will be eligible to receive an amount equal to the Monthly Salary multiplied by (M + 12),
where M shall mean the number of years the Executive has been employed by the Company pursuant to this Agreement, payable in
full immediately following the Company’s receipt of such termination notice. No Annual Bonus shall be payable upon such
termination. Thereafter (subject to Section 7(f)) all obligations of the Company under this Agreement shall cease. For the
purpose of this Agreement, “Good Reason” shall mean any of the following events if (i) the event is effected by
the Company without the consent of the Executive and (ii) such event is not rectified within twenty (20) days by the Company
to the Executive’s reasonable satisfaction:

 

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(1)                 
a
significant change in the Executive’s position with the Company or a change to his duties or responsibilities which
materially reduces the Executive’s level of responsibility; or

 

(2)                 
the Company fails to perform this Agreement or violates the relevant labor laws applicable to the Company’s business, regulations
or infringes upon any of the Executive’s rights or interests; or

 

(3)                 
the imposition by the Board on Executive of any action or responsibility involving the commission of (i) a felony, (ii) criminal
dishonesty, (iii) any crime involving moral turpitude or (iv) fraud; or

 

(4)                 
any action
by the Board requiring Executive to breach Executive’s obligations and responsibilities under this Agreement; or

 

(5)                 
any action of the Board constituting a constructive discharge or an unreasonable interference with Executive’s ability to
fulfill Executive’s obligations under this Agreement; or

 

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(6)                 

a Change of Control of the Company (for purposes of this Agreement, a “Change of Control of the Company”
shall mean (a) the sale of all or substantially all of the assets of the Company in a transaction or series of transactions,
(b) any transaction or series of transactions in which an unaffiliated third party acquires all or substantially all the
issued and outstanding capital stock of the Company, or (c) any merger, consolidation or reorganization to which the Company
is a party, except for a merger, consolidation or reorganization in which, after giving effect to such merger, consolidation
or reorganization, the stockholders holding a majority of the outstanding voting power of the Company immediately prior to
the merger, consolidation or reorganization of the Company have at least a majority of the outstanding voting power of the
surviving entity after the merger, consolidation or reorganization.

 

(ii)                 
Termination
other than for Good Reason. The Executive may terminate employment with the Company at any time for any reason other than Good
Reason or for no reason at all, upon three (3) months’ advance written notice. Upon a termination other than for Good Reason,
the Executive shall be entitled to a contribution bonus (“Contribution Bonus”). The distribution of such Contribution
Bonus and its amount shall be determined by the Company and approved by the Board; provided that the Contribution Bonus
shall not exceed an amount equal to the Monthly Salary multiplied by (M + 10), where M is the number of years the Executive has
been employed by the Company pursuant to the Agreement. No Annual Bonus shall be payable upon such termination. During such notice
period the Executive shall continue to diligently perform all of the Executive’s duties hereunder. The Company shall have
the option, in its sole discretion, to make the Executive’s termination effective at any time prior to the end of such notice
period as long as the Company pays the Executive all compensation under Section 3 hereof to which the Executive is entitled through
the last day of the three (3) month notice period.

 

(iii)                 
Termination
Obligations. The Executive agrees that on or before termination of employment, he will promptly return to the Company all documents
and materials of any nature (including any materials in electronic form) pertaining to his work with the Company, including all
originals and copies of all or any part of any Confidential Information along with any and all equipment and other tangible and
intangible property of the Company. The Executive agrees not to retain any documents or materials or copies thereof containing
any Confidential Information.

 

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e.                 
If this
Agreement expires in accordance with its term without earlier termination or extension, the Executive will be eligible to receive
an amount equal to the Monthly Salary multiplied by twelve (12) as determined by the Board in its sole discretion.

 

f.                 
Any payments made by the Company pursuant to Section 3 or Section 4 of this Agreement shall be net of all applicable withholdings
and deductions.

 

5.                 
Confidentiality;
Non-Compete: Non-Solicitation; No Conflict; Non-Disparagement.

 

a.                 
Confidentiality
Obligation. The Executive hereby agrees at all times during the term of his employment and after termination, to hold in the
strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity
without written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information”
means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group’s
licensors, including, without limitation: technical data, trade secrets, research and development information, product plans, services,
customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the
Executive became acquainted during the term of his employment), supplier lists and suppliers, software, developments, inventions,
processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing,
finances, information about the clients, customers, suppliers, joint ventures, licensors, licensees, distributors and other persons
with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business
information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers,
suppliers or partners either directly or indirectly in writing, orally or by drawings or observation of parts or equipment. Notwithstanding
the foregoing, Confidential Information shall not include information that is common knowledge or that the Executive demonstrates
was or became generally available to the public other than as a result of a disclosure by the Executive.

 

b.                 
Non-Compete and Non-Solicitation. In consideration of the termination compensation payable to the Executive under Section
4, the Executive irrevocably and unconditionally agrees with and undertakes to the Company that, he will not (i) during his term
of employment with the Company take up any executive position in any company other than the Group Companies and will commit most
of his efforts towards the development of the business and operations of the Group, except as currently contemplated or approved
by the Board, and (ii) for a period of twelve (12) months (or less than twelve (12) months if agreed by the Board) after he ceases
to be employed by any Group Company (collectively the “Non-Compete Period”):

 

(i)                 
either
on his own account or in conjunction with or on behalf of any person, firm or company carry on or be employed, engaged, concerned,
provide technical expertise or be interested directly or indirectly in, any business, whether as shareholder, director, executive,
partner, agent or otherwise, that is, in the opinion of the Company in competition (whether directly or indirectly) with any business
carried on or proposed to be carried on by the Group from time to time;

 

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(ii)                 
either on his own account or in conjunction with or on behalf of any other person, firm or company, solicit or entice away or attempt
to solicit or entice away from the Group from time to time, the customer of any person, firm, company or organization who shall
at any time have been a customer, client, agent or correspondent of the Group or in the habit of dealing with the Group; or

 

(iii)                 
either on his own account or in conjunction with or on behalf of any other person, firm or company, solicit or entice away or attempt
to solicit or entice away from the Group from time to time, any person who is an officer, manager or executive of the Group whether
or not such person would commit a breach of his contract of or employment by reason of leaving such employment.

 

(iv)                 
The Executive shall be entitled to monthly compensation in consideration of fulfilling the obligation under this Section, in an
amount equal to the Monthly Salary, for the period of the Non-compete Period.

 

If the Executive fails to discharge his
obligations under this Section 5 at any time during the Non-compete Period, in addition to any and all legal remedies that the
Company is entitled to under the applicable law, the Executive shall return to the Company such proportion of the compensation
payable to the Executive upon the termination of his employment pursuant to Section 4 of this Agreement corresponding to the portion
of the Non-compete Period during which the Executive has failed to discharge his non-compete obligation.

 

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c.                No
Conflict. The Executive represents and warrants that the Executive’s execution of this Agreement, his employment with
the Company, and the performance of his proposed duties under this Agreement shall not violate any obligations he may have to
any former employer or other party, including any obligations with respect to proprietary or confidential information or intellectual
property rights of such party.

 

d.               Provisions
reasonable for protection of legitimate interest. The Parties agree that the restrictions in Sections 5(a) and 5(b) are
considered to be reasonable in all circumstances. Notwithstanding the foregoing, it is agreed between the Parties that if any
one or more of such restrictions shall, either by itself or together with other restrictions, be adjudged to go beyond
what is reasonable in all the circumstances for the protection of the legitimate interest of any Group Company from time to
time, but would be adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of
the wording thereof were deleted, restricted or limited in any particular manner then the restrictions shall apply with such
deletions, restrictions or limitations, as the case may be.

 

e.                Non-Disparagement. Following the date hereof, the Executive shall not, directly or indirectly, in person or through an agent
or intermediary, disparage or make negative, derogatory or defamatory statements about the Company and any of its officers, directors
employees or stockholders or their respective business activities or the business activities of any of their affiliates or their
respective officers, directors, managers, employees or stockholders to any other person or entity, whether true or not.

 

6.       Intellectual
Property

 

The Executive further agrees with and undertakes to
the Company that:

 

a.                he will
not divulge, use (other than for the purpose and benefit of the Group) or infringe the trade marks, logos, inventions, know-how,
technology, proprietary information and other intellectual property rights of the Group Companies; and

 

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b.                 
all trade
marks, logos, inventions, know-how, technology, proprietary information and other intellectual property rights developed, acquired
or filed by the Executives in the course of his work or employment shall belong solely to the Group Company. The Executive agrees
he will, upon demand by the Company, execute any documents reasonably necessary to transfer any such intellectual property rights
to the Company.

 

7.                 
General
Provisions

 

a.                 
Effectiveness.
This Agreement shall come into effect when it is signed by the Parties.

 

b.                 
Entire
Agreement. This Agreement, including the exhibits attached hereto (if any), constitutes the full and complete understanding
of the Parties hereto and supersedes any previous agreements between the Executive and any Group Company.

 

c.                 
Continuing
Obligations. The obligations in this Agreement will continue in the event that the Executive is hired, renders services
to or for the benefit of or is otherwise retained at any time by any present or future Affiliates of the Company.
Any reference to the Company in this Agreement will include such Affiliates. Upon the expiration or termination for any
reason whatsoever of this Agreement, the Executive shall forthwith resign from any employment of office with the Company and
all Affiliates of the Company unless the Board requests otherwise. In this Agreement, “Affiliate” shall mean (a)
in relation to any individual, the immediate family of such individual or any entity controlled by the individual, where
 “control” shall mean the power to direct the management and policies or appoint or remove members of the board of
directors or other governing body of the entity, directly or indirectly, whether through the ownership of voting securities,
contract or otherwise, and “controlled” shall be construed accordingly; (b) in relation to any legal person, a
company which is for the time being a holding company of such legal person, or a subsidiary or controlled affiliate of such
legal person or of such holding company.

 

d.                 
Releases.
In consideration for any compensation and other benefits provided for in accordance with Section 4 hereof, the adequacy of
which is hereby acknowledged, Executive, for and on behalf of himself and each of his heirs, executors, administrators,
personal representatives, successors and assigns, to the maximum extent permitted by law, hereby covenants never to sue and
fully and forever releases, acquits and discharges the Company, together with its subsidiaries, parents and affiliates and
each of its past and present direct and indirect stockholders, directors, members, partners, officers, employees, attorneys,
agents and representatives, and their heirs, executors, administrators, personal representatives, successors and assigns
(collectively, the “Releasees”), from all rights and liabilities up to and including the date of this
Agreement to the expiration thereof arising under or relating to Executive’s employment with the Company,
Executive’s application for and employment with the Company, Executive’s service as an employee of the Company or
any of the Releasees, the termination of employment, and from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of actions, suits, rights, demands, costs, losses,
debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected and any claims of wrongful discharge,
breach of contract, implied contract, promissory estoppel, defamation, slander, libel, tortious conduct, interference with
contract or business relations, intentional or negligent infliction of emotional distress, sexual harassment,
negligence, employment discrimination or claims under any federal, state or local employment statute, law, order or
ordinance, including without limitation any rights or claims arising under any national, state or municipal ordinance in
China relating to discrimination in employment, or any applicable statutory or common laws relating to the terms, conditions
or termination of employment, discrimination in employment, or contract- or tort-based claims in connection therewith.

 

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e.                 
Governing Law and Dispute Resolution. The execution, validity, interpretation and performance of and resolution of disputes
under this Agreement shall be governed by and construed in accordance with the officially published and publicly available laws
of the State of New York. When the officially published and publicly available laws of the State of New York do not apply to any
particular matter, international legal principles and practices shall apply (including available laws of the PRC).

 

Any disputes or claims relating
to this Agreement or the interpretation, breach, termination or validity hereof shall be resolved through friendly consultations,
commencing upon written notice given by one Party to the other Party of the existence of such a claim or dispute. If the dispute
or claim cannot be resolved after thirty (30) days of such notice, either Party may request arbitration by a labor dispute arbitration
committee established in accordance with Section (h) below. If either Party disagrees with the arbitral award of the labor dispute
arbitration committee, such Party may institute legal proceedings with the authorized court within 15 days after notification of
the arbitral award

 

f.                 
Assignability. The terms of this Agreement will remain in effect and shall be binding upon any successor in interest including
any entity with which the Company may merge or consolidate or to which all or substantially all of its assets may be transferred.
A reference to the Company shall include its successors. Except as set forth in the preceding sentence, this Agreement may not
be assigned by a Party to any third party, without the prior consent of the other Party.

 

g.                 
Survival. The Parties’ obligations under Sections 5 and 6 hereof shall survive and continue in effect after the termination
of this Agreement, whatever the reason for such termination.

 

h.                 
Dispute Resolution. All disputes arising out of or in connection with this Agreement shall be finally settled under the
Rules of Arbitration of the International Chamber of Commerce by one (1) arbitrator appointed in accordance with the said Rules.
The place of arbitration shall be London, England. The language of the arbitral proceedings shall be English (and translated
to Mandarin, if possible). The award shall be rendered within nine (9) months of the appointment of the arbitrator, unless the
arbitrator determines that the interest of justice requires that such limit be extended. Judgment upon any award(s) rendered by
the arbitrator may be entered in any court having jurisdiction thereof. Nothing in this Agreement shall prevent either party from
seeking provisional measures from any court of competent jurisdiction, and any such request shall not be deemed incompatible with
the agreement to arbitrate or a waiver of the right to arbitrate. The fees payable to the ICC (including arbitrator fees and costs
but excluding any filing fee payable by a Party commencing the arbitration) shall be borne equally by the Parties; provided,
however, that the Company shall pay, and the Executive shall not be responsible for, any such fees payable to the ICC that
exceed €30,000. The Company and the Executive acknowledge that attorneys fees shall be payable by the Party incurring such
attorneys fees and any filing fees payable in connection with commencing any arbitration proceeding shall be payable by the Party
commencing such arbitration proceeding, and no such attorneys fees and filing fees shall be counted toward the forgoing €30,000
cap.

 

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 i.                 
Notices.

 

Notices
under this Agreement shall be given in writing to the relevant Party at the address stated herein (or to such other address as
it shall have notified the other Party previously in writing).

 

to the Company at:

 

Kingold Jewelry, Inc

15 Huangpu Science and Technology Park

Jiang'an District

Wuhan, Hubei Province, PRC 430023

Attention: General Manager 

 

to the Executive at:

Zhihong Jia

No. 40-1 Laodong St.

Jiang’an District

Wuhan, China

 

j.                 
Language
and Copies of the Agreement. This Agreement shall be executed in Chinese and English in two (2) original copies. The English
version shall prevail in case of conflict. Each Party shall receive one (1) original copy, all of which shall be equally valid
and enforceable.

 

 

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK AND SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS
WHEREOF, the undersigned has hereunto caused this Agreement to be executed as of the day and year first above
written.

 

	 	KINGOLD JEWELRY, INC.
	 	 
	 	By:	/s/ Jun Wang
	 	Name:     	Jun Wang
	 	Title: 	General Manager
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/ Zhihong Jia
	 	 	Zhihong Jia

 

    15Exhibit

AMENDED AND RESTATED LIMITED CONSENT AND EIGHTH AMENDMENT TO
AMENDED AND RESTATED LOAN AGREEMENT

This AMENDED AND RESTATED LIMITED CONSENT AND EIGHTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Consent and Amendment”) is dated as of September 19, 2019, and is entered into by and among HORIZON GLOBAL CORPORATION, a Delaware corporation (“Parent Borrower”), HORIZON GLOBAL AMERICAS INC., a Delaware corporation (“Horizon Americas”) (f/k/a Cequent Performance Products, Inc., a Delaware corporation and successor by merger with Cequent Consumer Products, Inc., an Ohio corporation), CEQUENT UK LIMITED, a company incorporated in England and Wales with company number 08081641 (“Cequent UK”), CEQUENT TOWING PRODUCTS OF CANADA LTD., a company formed under the laws of the Province of Ontario (“Cequent Canada”, and together with Parent Borrower, Horizon Americas and Cequent UK, collectively, “Borrowers”), Horizon Global Company LLC, a Delaware limited liability company (“Horizon Global”), the other Persons party to this Consent and Amendment as Obligors, the financial institutions party to this Consent and Amendment as Lenders, and BANK OF AMERICA, N.A., a national banking association, in its capacity as agent for itself and the other Secured Parties (“Agent”).
RECITALS
WHEREAS, the Borrowers, the other Obligors party hereto, the Agent and the Lenders have entered into that certain Amended and Restated Loan Agreement dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”);
WHEREAS, the Borrowers and the other Obligors have requested that the Agent and the Required Lenders consent to the disposition by Cequent Bermuda Holdings Ltd (“Cequent Bermuda”) to Hayman Pacific BidCo Pty Ltd (together with any buyer nominee, the “Buyers”) of all of the shares of Horizon Global Holdings Australia Pty. Ltd (“Horizon Australia”) and the disposition by Horizon GBP Finance LLC (“GBP Finance”) and Horizon Euro Finance LLC (“Euro Finance” and together with Cequent Bermuda and GBP Finance, the “Sellers”) to Buyers of their respective shares of TriMotive Asia Pacific Limited (“TAPL”) pursuant to that certain Share Sale and Purchase Agreement dated as of August 16, 2019 (the “SPA”) among the Buyers and the Sellers.  The sale by the Sellers to the Buyers of the shares of Horizon Australia and the shares of TAPL is hereinafter referred to as the “APAC Sale”.

WHEREAS, subject to the terms of this Consent and Amendment, the Agent and Lenders constituting the Required Lenders have agreed to consent to the consummation of the APAC Sale;

NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Loan Documents and this Consent and Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

ARTICLE I
DEFINITIONS
Initially capitalized terms used but not otherwise defined in this Consent and Amendment have the respective meanings set forth in the Loan Agreement, as amended hereby.

ARTICLE II
RECITALS
The foregoing Recitals are hereby made a part of this Consent and Amendment.

ARTICLE III
AMENDMENT TO LOAN AGREEMENT
On the Consent Effective Date, the Loan Agreement is hereby amended as follows:

3.01    Additional Definitions.  Section 1.1 of the Loan Agreement is hereby amended to include the following definitions, in appropriate alphabetical order:
“  “Eighth Amendment Availability Block” means $5,000,000.
“Special Availability Block” means the Eighth Amendment Availability Block plus the U.S. Special Availability Block.  ”
3.02    Modification to Definitions.  Each reference to “U.S. Special Availability Block” in each of the definitions of “Borrowing Base Trigger Period,” “Eligible In-Transit Inventory Trigger Period,” “Financial Covenant Trigger Period,” “Required Conditions” and “U.S. Availability Reserve” is hereby replaced with a reference to “Special Availability Block”.

ARTICLE IV
LIMITED CONSENT UNDER THE LOAN AGREEMENT
4.01    Limited Consent. 
(a)The Obligors hereby acknowledge that the APAC Sale is not permitted under Section 10.2.5 of the Loan Agreement.  The Obligors have therefore requested that the Agent and Required Lenders consent to the consummation of the APAC Sale.  Subject to the terms and conditions contained in this Consent and Amendment, the Agent and Lenders party hereto hereby consent to the consummation of the APAC Sale in accordance with the terms set forth in the SPA and waive any Events of Default that would have otherwise resulted therefrom.
(b)The Obligors desire to make certain voluntary prepayments of the First Lien Term Loan Debt which remains outstanding as a consequence of certain First Lien Term Loan Lenders declining their pro rata share of the mandatory prepayments required to be made with proceeds of the APAC Sale under and in accordance with the terms of the First Lien Term Loan Agreement (such prepayments, the “Voluntary APAC Prepayments”).  The Obligors hereby acknowledge that the Voluntary APAC Prepayments are not permitted under Section 10.2.8 of the Loan Agreement.  Subject to the terms and conditions contained in this Consent and Amendment, the Agent and the Lenders party hereto hereby consent to the making of the Voluntary APAC Prepayments so long as (i) any and all such Voluntary APAC Prepayments are made on or before September 25, 2019, (ii) no Event of Default exists both before and immediately after giving to each such Voluntary APAC Prepayment, (iii) Total Availability both immediately before and immediately after giving effect to each such Voluntary APAC Prepayment shall be at least $42.5 million, and (iv) after giving effect to all such Voluntary APAC Prepayments, the principal amount of outstanding First Lien Term Loan Debt shall not be less than $25 million.
(c)The consent in this Section 4.01 shall be effective only to the extent specifically set forth herein and shall not (i) be construed as a waiver of any breach, Default or Event of Default nor as a waiver of any breach, Default or Event of Default of which the Agent and the Lenders have not been informed by the Obligors, (ii) affect the right of the Agent or the Lenders to demand compliance by the Obligors with all terms and conditions of the Loan Documents, except as specifically waived by this Consent and Amendment, (iii) be deemed a waiver of or consent to any transaction or future action on the part of any Obligor requiring the Agent’s or any Lender’s consent or approval under the Loan Documents, other than as expressly set forth herein, or (iv) except as consented to hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Agent’s or the Lenders’ exercise of any rights or remedies under the Loan Agreement or any other Loan Document, whether arising as a consequence of any Default or Event of Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

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ARTICLE V
CERTIFICATION

The Obligors hereby certify to Agent and Lenders that (a) (i) the Limited Consent and Waiver to Credit Agreement (the “First Lien Term Consent”), dated on or about the date hereof, by and among Parent Borrower, the First Lien Term Loan Lenders party thereto, and the First Lien Term Loan Agent and (ii) the Limited Consent and Waiver to Credit Agreement (the “Second Lien Term Consent”) dated on or about the date hereof, by and among the Parent Borrower, the Second Lien Term Loan Lenders party thereto and the Second Lien Term Loan Agent are not prohibited by Section 10.2.11 of the Loan Agreement, and (b) neither the execution nor the performance of this Consent and Amendment by Obligors pursuant to the Loan Documents violates the Term Loan Documents (after giving effect to each of the First Lien Term Consent and the Second Lien Term Consent).

ARTICLE VI
REPRESENTATIONS AND WARRANTIES

Each Obligor hereby represents and warrants to each Lender and the Agent, as of the date hereof and as of the Consent Effective Date, as follows:

6.01    Authority.  The execution, delivery and performance by such Obligor of this Consent and Amendment, and the transactions contemplated hereby or thereby, have been duly authorized by all necessary action, and this Consent and Amendment is a legal, valid and binding obligation of such Obligor enforceable against such Obligor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
6.02    Representations and Warranties.  Each representation and warranty of such Obligor in the Loan Documents is true and correct as of the date hereof, after giving effect to this Consent and Amendment (except for representations and warranties that expressly relate to an earlier date and except for the representations and warranties set forth in Section 9.1.4(d) {No Material Adverse Change} of the Loan Agreement).
6.03    Governmental Approvals; No Conflicts.  The execution, delivery, and performance by such Obligor of this Consent and Amendment (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, (b) will not violate any Applicable Law or regulation or the charter, by-laws or other organizational documents of any Obligor or any Subsidiary of any Obligor or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Obligor or any Subsidiary of any Obligor or their assets, or give rise to a right thereunder to require any payment to be made by any Obligor or any Subsidiary of any Obligor, except for violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, (d) will not result in the creation or imposition of any Lien on any asset of any Obligor or any Subsidiary of any Obligor, except Liens created under the Loan Documents and Liens permitted by Section 10.2.2 of the Loan Agreement, and (e) do not require any acknowledgement, agreement or consent under any indenture, agreement or other instrument binding upon any Obligor or any Subsidiary of any Obligor or their assets, except for such acknowledgements, agreements and consents as have been obtained or made and are in full force and effect, and such acknowledgements, agreements or consents the failure of which to obtain could not reasonably be expected to result in a Material Adverse Effect.
6.04    No Defaults.  No Default or Event of Default has occurred and is continuing.
6.05    Beneficial Ownership Certification. As of the date hereof, the information included in the Beneficial Ownership Certification (as defined in the Loan Agreement after giving effect to this Consent and Amendment), if applicable, is true and correct in all respects.

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ARTICLE VII
CONDITIONS PRECEDENT AND FURTHER ACTIONS
7.01    Conditions Precedent.   This Consent and Amendment shall be deemed effective as of the date first set forth above when each of the following conditions precedent have been satisfied in form and substance satisfactory to the Agent and its counsel (such date, the “Consent Effective Date”):
(a)The Agent shall have received duly executed counterparts of this Consent and Amendment which, when taken together, bear the authorized signatures of the Obligors, the Agent and the Required Lenders; 
(b)The Agent shall have received fully executed copies of the First Lien Term Consent, which shall be in the form circulated by Jones Day to McGuireWoods LLP and Agent at 5:08 p.m., Eastern Time, on September 19, 2019, which includes an acknowledgement that not less than $35 million of Net Proceeds from the APAC Sale are being applied to the Loans, and all conditions precedent set forth in the First Lien Term Consent shall have been met or waived by the First Lien Term Loan Agent and/or the First Lien Term Loan Lenders in accordance with the terms of the First Lien Term Loan Documents;
(c)The Agent shall have received fully executed copies of the Second Lien Term Consent, which shall be in the form circulated by Jones Day to McGuireWoods LLP and Agent at 5:08 p.m., Eastern Time, on September 19, 2019, which includes an acknowledgement that not less than $35 million of Net Proceeds from the APAC Sale are being applied to the Loans, and all conditions precedent set forth in the Second Lien Term Consent shall have been met or waived by the Second Lien Term Loan Agent and/or the Second Lien Term Loan Lenders in accordance with the terms of the Second Lien Term Loan Documents;
(d)The Agent shall be satisfied that after giving effect to consummation of the transactions contemplated hereby and payment of all fees and expenses in connection herewith and therewith (i) Total Availability shall be at least $42.5 million immediately after the repayment of Loans as set forth in sub-clause (ii), and (ii) Loans shall be repaid with Net Proceeds from the APAC Sale in an amount not less than $35 million on or before September 24, 2019; 
(e)The Borrowers shall have paid to the Agent, for the benefit of each Lender providing its written consent to this Consent and Amendment, an amendment fee equal to 50 basis points in respect of the aggregate Commitments of such Lender immediately after giving effect to this Consent and Amendment; and
(f)The Borrowers shall have paid all fees and expenses (provided that legal fees required to be paid as a condition precedent to the occurrence of the Consent Effective Date shall be limited to such legal fees as to which Borrowers have received a summary invoice) owed to and/or incurred by the Agent in connection with this Consent and Amendment.
7.02    Further Actions.  Each of the parties to this Consent and Amendment agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Consent and Amendment.
ARTICLE VIII
REAFFIRMATION
Each Obligor hereby (i) acknowledges and consents to this Consent and Amendment; (ii) reaffirms its obligations under the Guaranties, the Security Documents and the other Loan Documents; (iii) reaffirms the Liens granted by it pursuant to the Security Documents; and (iv) confirms that the Guaranties, the Security Documents and the other Loan Documents remain in full force and effect, without defense, offset or counterclaim.  Although each Guarantor has been informed of the terms of the Consent and Amendment, such Guarantor hereby confirms that it understands and agrees that the Agent and the Lenders have no duty to so notify such Guarantor or any other guarantor or to seek this or any future acknowledgment, consent or reaffirmation, and nothing contained herein shall create or imply any such duty as to any transaction, past or future.

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ARTICLE IX
MISCELLANEOUS
9.01    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of Obligors, Agent, Lenders, Secured Parties, and their respective successors and assigns.  The successors and assigns of the Obligors include, without limitation, their respective receivers, trustees, and debtors-in-possession.
9.02    Further Assurances.  Each Obligor party hereto hereby agrees from time to time, as and when requested by the Agent or any Lender, to execute and deliver or cause to be executed and delivered all such documents, instruments and agreements and to take or cause to be taken such further or other action as the Agent or such Lender may reasonably deem necessary or desirable in order to carry out the intent and purposes of this Consent and Amendment and the other Loan Documents.
9.03    Loan Document.  This Consent and Amendment shall be deemed to be a “Loan Document” for all purposes under the Loan Agreement.
9.04    Governing Law.  THIS CONSENT AND AMENDMENT AND, UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.
9.05    Consent to Forum.
(a)Forum.  EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT SITTING IN NEW YORK COUNTY, NEW YORK OR THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT.  EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM.  EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 14.3.1 OF THE LOAN AGREEMENT.  A FINAL JUDGMENT IN ANY PROCEEDING OF ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR ANY OTHER MANNER PROVIDED BY APPLICABLE LAW.
(b)Other Jurisdictions.  Nothing herein shall limit the right of Agent, any Security Trustee or any Lender to bring proceedings against any Obligor (other than a Mexican Domiciled Obligor) in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law (except with respect to service of process to Mexican Domiciled Obligors).  Nothing in this Consent and Amendment shall be deemed to preclude enforcement by Agent or any Security Trustee of any judgment or order obtained in any forum or jurisdiction.  Final judgment against an Obligor in any action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including the country in which such Obligor is domiciled, by suit on the judgment.
(c)Each Mexican Domiciled Obligor waives any right to any jurisdiction (other than as provided under Section 9.04 above and this Section 9.05) to which they may be entitled under Applicable Law, by reason of its present or future domicile, or otherwise, for the purposes of proceedings against or involving any of the Mexican Domiciled Obligors, and waives any objection to those courts on the ground of venue or forum non conveniens.
9.06    Severability.  Wherever possible, each provision of this Consent and Amendment shall be interpreted in such manner as to be valid under Applicable Law.  If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this Consent and Amendment shall remain in full force and effect.

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9.07    Entire Agreement.  Time is of the essence of this Consent and Amendment.  This Consent and Amendment constitutes the entire contract among the parties relating to the subject matter hereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
9.08    Execution in Counterparts.  This Consent and Amendment may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Consent and Amendment shall become effective on the Consent Effective Date.  Delivery of a signature page of this Consent and Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement.
9.09    Costs and Expenses.  The Borrowers agree to reimburse Agent for all fees, costs and expenses, including the reasonable fees, costs and expenses of counsel or other advisors for advice, assistance, or other representation in connection with this Consent and Amendment.
9.10    Reference to and Effect upon the Loan Documents.  The Loan Agreement and the other Loan Documents shall continue in full force and effect in accordance with the provisions thereof, and are hereby ratified and confirmed.  In each case except as expressly provided in this Consent and Amendment, the execution, delivery and effectiveness of this Consent and Amendment shall not operate as a waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents.  Upon the effectiveness of this Consent and Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,”  “hereof,” “herein” or words of similar import shall mean and be a reference to the Loan Agreement as amended hereby.
9.11    Section Headings.  The section headings herein are for convenience of reference only, and shall not affect in any way the interpretation of any of the provisions hereof.
9.12    Amendment and Restatement.  The Borrowers, the other Obligors party hereto, the Agent and the Lenders have previously executed that certain Limited Consent and Eighth Amendment to Amended and Restated Loan Agreement dated as of September 18, 2019 (the “Original Consent”).  The Obligors, the Agent and the Lenders party hereto hereby agree that as of the date first set forth above, the terms and provisions of the Original Consent shall be and hereby are amended and restated in their entirety by the terms and provisions of this Consent and Amendment, and the terms and provisions of the Original Consent shall be superseded by this Consent and Amendment.
Balance of Page Intentionally Left Blank
Signature Pages Follow

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IN WITNESS WHEREOF, duly authorized representatives of the parties have executed this Consent and Amendment and the parties have delivered this Consent and Amendment, each as of the day and year first written above.
.	
		
	 
	OBLIGORS:

HORIZON GLOBAL CORPORATION,
a Delaware corporation

By: /s/ Jay Goldbaum
Name:  Jay Goldbaum
Title:     General Counsel, Chief Compliance Officer and Corporate Secretary

	 
	HORIZON GLOBAL AMERICAS INC.,
a Delaware corporation

By: /s/ Jay Goldbaum
Name:  Jay Goldbaum
Title:    Vice President and Secretary

	 
	

CEQUENT UK LIMITED, a company incorporated in England and Wales with company number 08081641

By: /s/ Jay Goldbaum
Name:  Jay Goldbaum
Title:     Director

CEQUENT TOWING PRODUCTS OF CANADA LTD., a company formed under the laws of the Province of Ontario

By: /s/ Jay Goldbaum
Name:  Jay Goldbaum
Title:     Vice President and Secretary

HORIZON GLOBAL COMPANY LLC,
a Delaware limited liability company

By: /s/ Jay Goldbaum
Name:  Jay Goldbaum
Title:    Vice President and Secretary

HORIZON INTERNATIONAL HOLDINGS LLC,
a Delaware limited liability company
By: /s/ Jay Goldbaum
Name:  Jay Goldbaum                    
Title:    Vice President and Secretary                

7

CEQUENT NEDERLAND HOLDINGS B.V.,
a company formed under the laws of the Netherlands
By: /s/ Jay Goldbaum                    
Name: Jay Goldbaum                    
Title: Director                    
CEQUENT MEXICO HOLDINGS B.V.,
a company formed under the laws of the Netherlands
By: /s/ Jay Goldbaum                    
Name:    Jay Goldbaum                
Title:    Director                
CEQUENT SALES COMPANY DE MEXICO, S. DE     R.L. de C.V.,
a limited liability company formed under the laws of Mexico
By: /s/ Jay Goldbaum                    
Name:    Jay Goldbaum                
Title:    Vice President and Director                
CEQUENT ELECTRICAL PRODUCTS DE     MEXICO, S. DE R.L. de C.V.,
a limited liability company formed under the laws of Mexico
By: /s/ Jay Goldbaum                    
Name:    Jay Goldbaum                
Title:    Vice President and Director        

8

HORIZON GLOBAL DIGITAL LIMITED,a company incorporated in England and Wales with company number 10932461

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

WESTFALIA UK LIMITED, a company incorporated in England and Wales with company number 05569242 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

HORIZON GLOBAL EUROPEAN HOLDINGS LIMITED, a company incorporated in England and Wales with company number 08480228 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

C.P. WITTER LIMITED, a company incorporated in England and Wales with company number 01362420 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

TEIJS HOLDING B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

TEIJS B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

9

TERWA HOLDING B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

TERWA INVESTOR B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

TERWA INNOVATION B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

HORIZON SOURCING B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

CEQUENT BRAZIL HOLDINGS COOPERATIEF W.A., a Dutch cooperative with statutory liability (coöperatie met wettelijke aansprakelijkheid)

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Authorized Signatory

HGHK SERVICES C.V., a Dutch limited partnership (commanditaire vennootschap)

Represented by its general partner:
Horizon Euro Finance

By: /s/ Jay Goldbaum

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Name:  Jay Goldbaum 
Title:    Vice President and Secretary

HG GERMANY HOLDINGS GMBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

WESTFALIA-AUTOMOTIVE HOLDING GMBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

WESTFALIA-AUTOMOTIVE GMBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

HENRICHS BETEILIGUNGSGESELLSCHAFT MBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

WESTFALIA-AUTOMOTIVE  BETEILIGUNGSGESELLSCHAFT MBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

HORIZON GLOBAL GERMANY GMBH, a limited liability company incorporated under German law 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Director

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WESTFALIA AMERICAN HITCH, INC., 
a Delaware corporation 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Vice President and Secretary

HORIZON REAL FINANCE LLC, 
a Delaware limited liability company 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Vice President and Secretary

HORIZON GBP FINANCE LLC, 
a Delaware limited liability company

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Vice President and Secretary

HORIZON SOURCING HOLDINGS LLC, 
a Delaware limited liability company 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Vice President and Secretary

HORIZON EURO FINANCE LLC, 
a Delaware limited liability company 

By: /s/ Jay Goldbaum
Name: Jay Goldbaum
Title:   Vice President and Secretary

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	AGENT AND REQUIRED LENDERS:

BANK OF AMERICA, N.A.,
as Agent, a U.S. Lender, a UK Lender and UK Swingline Lender

By: /s/ Kindra M. Mullarky
Name: Kindra M. Mullarky
Title:    Senior Vice President

BANK OF AMERICA, N.A. (acting through its Canada branch), as a Canadian Lender and Canadian Swingline Lender

By: /s/ Sylwia Durkiewicz
Name:  Sylwia Durkiewicz
Title:     Vice President

BANK OF AMERICA, N.A. (acting through its London branch), as UK Security Trustee

By:/s/ Kindra M. Mullarky
Name: Kindra M. Mullarky
Title:    Senior Vice President

	 
	 

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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a U.S. Lender

By: /s/ Nykole Hanna
Name:  Nykole Hanna
Title:    Authorized Signatory

WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as a Canadian Lender

By: /s/ David G. Phillips
Name: David G. Phillips
Title:    Credit Officer Canada

WELLS FARGO BANK, NATIONAL ASSOCIATION, (London branch), as a UK Lender

By: /s/ N.B. Hogg
Name:  N.B. Hogg
Title:     Authorized Signatory

	
		
	 
	BANK OF MONTREAL, as a U.S. Lender and a UK Lender

By: /s/ Elizabeth Mitchell
Name:  Elizabeth Mitchell
Title:     Vice President

BANK OF MONTREAL, Toronto Branch, as a Canadian Lender

By: /s/ Keri Stackhouse
Name:  Keri Stackhouse
Title:     Head Credit Structuring

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