Document:

Exhibit 10.19

      

    

     

    
    AMENDMENT B

    

    

    Ayro, Inc. (“Ayro”) and Cenntro Automotive Group Ltd. (“Cenntro”) in order to clarify the parties’ rights and obligations do hereby amend and restate the parties’ Manufacturing License Agreement dated April 27, 2017
      (“Effective Date”) as amended dated February 22, 2019 in the “Amendment A” and “Payment Schedule” agreement, to wit:

     

    

    1.          Ayro is the same company as Austin EV, Inc. which is the result of a simple name change.

    

    

    2.          As a clarification to Amendment A, Ayro has, effective February 22, 2019.

    

    

    (a) (i)  the exclusive right to purchase from Cenntro, import, manufacture, market, dis- tribute, sublicense and service the Cenntro Metro 1 / AYRO-411 vehicles as assemblies and or part sets, the industrial design and
      the feature set in the following territories:

    

    

    North America, including the United States, and Canada

    

    

    (ii)          the exclusive right to purchase from Cenntro, import, manufacture, market, dis- tribute, sell, sublicense and service the AYRO-411 X vehicles as assemblies, and or part sets, the unique industrial design
      and the unique feature set, as well as those substantially similar, in the entire world, and,

    

    

    (iii)          the foregoing collectively shall be referred to as the “New Exclusive Territories.”

    

    

    3.          Ayro will maintain industrial design and derivative rights for the Ayro 411X Industrial designs including the unique feature elements, as well as those substantially similar, included in the front panels and
      bumper, side view and rear bumper.  Illustrative images of the industrial designs are included below as Figure 1:

    

    

    4.          Cenntro will maintain industrial design rights and derivative rights for the Metro 1 Industrial Designs including the unique feature elements, as well as those substantially similar, included in the front
      panels and bumper, side view and rear bumper.  Images of the industrial designs are included below as Figure 2:

    

    

    

    

    

    

    
      
        

    

    
    5.          Should it be discovered or determined that any third party is violating the foregoing exclusivity Cenntro agrees to cooperate with and support Ayro’s efforts to stop such activity.

    

    

    6.          To the extent that Cenntro has issued or granted any license or entered into any agreement with a third party that is inconsistent with this Amendment B such license or agreement is null and void to the
      extent of such inconsistency and Cenntro will advise such third parties accordingly.

    

    

    Entered into and agreed this 19th day of March, 2020, effective as of the Effective Date.

    

    

    

    

    
      	 	CENNTRO AUTOMOTIVE GROUP	 
	 	 	 	 
	 	
              By: 

              

            	
              /s/ Peter Wang 

              

            	 
	 	
               

            	
              
                Peter Wang, Chairman & CEO

              

            	 
	 	
               

            	
               

            	 
	 	 	 	 
	 	
              
                AYRO, INC 

                

              

            	 
	 	
               

            	
               

            	 
	 	
              By: 

              

            	
              /s/ Rod Keller 

              

            	 
	 	
               

            	
              Rod Keller, CEO 

              

            	 

    

    

    

    

     

  

  2Exhibit 10.20

    

    

    
      INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.

    

    

    

    Memorandum of Understanding

    411 and 411X Exclusivity - Minimum Volume Targets

    Cenntro Automotive Group and Ayro, Inc

    

    

    March 22, 2020

    

    

    It is our mutual understanding that:

    

    

    	1.	
            Ayro’s exclusive right to the Metro 1 / Ayro 411 and 411X as stated in Amendment B and as signed on March 22, 2020, is subject to Ayro’s product orders and production shipments for the Metro 1 / 411 and 411X, of not less than [***] units,
              with an the expected roll out of:

          

    

    

    	

          	•	
            [***] units within the first anniversary

          

    	

          	•	
            [***] units within the second anniversary

          

    	

          	•	
            [***] units within the third anniversary.

          

    

    

    	2.	
            Cenntro Automotive Group (“Cenntro”) will give Ayro one year of market protection (March 20, 2020 to March 19, 2021) to substantially achieve the [***] unit target.

          

    

    

    	3.	
            Upon completion of the first year target, Cenntro will provide a 2nd year of market protection while the [***] unit volume target is substantially achieved.

          

    

    

    	4.	
            Upon completion of the second year target, Cenntro Automotive Group will provide a 3rd year of market protection while the [***] unit volume target is substantially achieved.

          

    

    

    	5.	
            During the exclusive territory protection period, and consistent with Ayro’s execution to the volume targets, Cenntro shall not promote or sell the Metro 1 / Ayro 411 and 411X to a third party in the US and Canada.  In the event Ayro’s
              open orders are substantially lower than the volume targets, Cenntro will be relieved of the market exclusivity provisions of Amendment B.

          

    

    

    	6.	
            Ayro will immediately place purchase orders to Cenntro for [***] units of the Metro 1 / Ayro 411 and [***] units of the Ayro 411X from March 23, 2020

          

    

    

    	7.	
            Product quality is fundamental to Cenntro’s and Ayro’s ability to achieve the volume targets.  Cenntro warrants that the Metro 1 / Ayro 411 and Ayro 411X will meet commercial quality standards and will be free of epidemic failures. 
              Cenntro will follow Ayro’s choice for UV stable plastics and compatible adhesives for 411X.  Ayro will be responsible for the quality of the materials it selects.  Proposed deviations in materials will be requested by Engineering Change
              Request (ECR) and approved by Ayro Engineering Change Notice (ECN) before being released to production.

          

     

    

    
      
        

    

    This MOU is to further clarify our mutual understanding of the Addendum B and will remain confidential between the parties and will not be disclosed to third parties without mutual consent subject to the requirements
      imposed by law and Securities and Exchange Commission (SEC) regulations between companies and principal shareholders of common stock.

    

    

    	
            CENNTRO AUTOMOTIVE GROUP

          	 
	 	 	 
	
            By:

          	
            /s/ Peter Wang

          	 
	 	
            Peter Wang, Chairman & CEO

          	 
	 	
            Cenntro Automotive Group

          	 
	 	 	 
	 	 	 
	
            AYRO, INC

          	 
	 	 	 
	
            By:

          	
            /s/ Rod Keller

          	 
	 	
            Rod Keller, CEO & Executive

          	 
	 	
            Board MemberExhibit 10.21

    

    
      

      

      ENTRUSTMENT AGREEMENT

       

      This Entrustment Agreement (“Agreement”), dated and effective as of December 4, 2021 (“Effective Date”), is entered
        into by and between Cenntro Electric Group, Inc., a corporation organized under the laws of the state of Delaware, USA (“Cenntro”), having its registered office
        address at 16192 Coastal Highway, Lewes, DE 19958, U.S.A. and Cedar Europe GmbH, a company organized under the laws of Germany, having its business address at Hüttenstrasse 48, 40215 Düsseldorf, Germany (“Cedar”). Cenntro and Cedar are collectively referred as Parties.

      

      

      Recitals

       

      WHEREAS, Cenntro is in the business of designing, manufacturing, supplying, and selling electric commercial vehicle products;

       

      WHEREAS, Cenntro needs assistance from Cedar in its business development in Europe countries; and

       

      WHEREAS, Cedar is willing and able to help Cenntro in such business initiatives;

       

      NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the Parties agree as follows:

      

      

      1.       Entrustment of Leases. Cenntro hereby entrusts Cedar to, in Cedar’s name, sign one or more lease agreements as approved by Cenntro, to
        lease properties in Germany for purpose as warehouse, office, showroom, engineering and service center and/or assembly facility, etc. (“Leases”).

       

      2.       Responsibility of Costs. Cenntro shall be responsible for all expenditures and costs of the leases,
        including but not limited to security deposits, rental costs, utilities expenses, maintaining and other ongoing costs as required by the Leases.

       

      3.       Operation of Leased Properties. Cenntro hereby entrusts Cedar to operate the leased facilities under
        Cedar’s name, per guidance and instructions of Cenntro. Cenntro shall bear all costs related to such operations, including but not limited to labor costs.

       

      4.       Commitments and Liabilities. Cenntro shall assume all commitments and liabilities as a result of the
        Leases.

       

      5.       Payment. Cenntro shall make timely payments for costs and expenditures under Clauses 2, 3 and 4 as
        guided by Cedar; Cedar shall provide to Cenntro all necessary and sufficient supporting documents for such costs and expenditures.

      

      

      
        6.       Term and Termination.

      

      

      

      6.1     Initial Term. The term of this Agreement commences on the Effective Date and continues for a period of five (5) years (“Initial

          Term”) unless it is terminated earlier pursuant to the terms of this Agreement or applicable law.

      

      

      
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      6.2      Renewal Term. Upon expiration of the Initial Term, the term of this Agreement will automatically renew for additional successive one (1) year terms unless
        either Party provides written Notice of non-renewal at least ninety (90) days prior to the end of the then-current term (each, a “Renewal Term” and together with the Initial Term, the “Term”), unless any Renewal Term is earlier terminated pursuant to the terms of this Agreement or applicable law.

       

      6.3      Cenntro’s Right to Terminate. Cenntro may terminate this Agreement, by providing written Notice to Cedar:

       

      (a)          if Cedar is in material breach of any representation, warranty, covenant or obligations of Cedar under this Agreement, and either the breach cannot be cured or, if
        the breach can be cured, it is not cured by Cedar within thirty (30) days after Cedar’s receipt of written Notice of such breach;

       

      (b)          if Cedar (i) becomes insolvent or is generally unable to pay, or fails to pay, its debts as they become due, (ii) files or has filed against it, a petition for
        voluntary or involuntary bankruptcy or otherwise becomes subject;

       

      (c)          if without obtaining Cenntro’s prior written consent, which will not be unreasonably withheld or delayed, (i) Cedar merges or consolidates with or into another
        person, or (ii) a change in control of Cedar occurs.

       

      Any termination will be effective on Cedar’s receipt of Cenntro’s written Notice of termination or such later date set forth in such Notice.

       

      6.4      Cedar’s Right to Terminate. Cedar may terminate this Agreement, by providing written Notice to Cenntro:

       

      (a)          if Cenntro is in material breach of any representation, warranty, covenant or obligations of Cenntro under this Agreement and either the breach cannot be cured or,
        if the breach can be cured, it is not cured by Cenntro within thirty (30) days after Cenntro’s receipt of written Notice of such breach; or

       

      (b)          if Cenntro (i) becomes insolvent or is generally unable to pay its debts as they become due, (ii) files or has filed against it, a petition for voluntary or
        involuntary bankruptcy or to any proceeding under any domestic or foreign bankruptcy.

       

      

      Any termination, no matter by whom, shall not eliminate Cenntro’s obligations under Clauses 2 and 4, provided that, simultaneously with such
        termination, Cenntro shall replace Cedar to continue all Leases within the term of the Leases, and Cedar shall have handed over all operations at all leased properties to Cenntro.

       

      7.        Compliance with Laws. Each Party shall, at all times and at its own expense, comply with all Laws applicable to this Agreement and its performance of its
        obligations hereunder.

       

      
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        8.        Representations and Warranties.

      

      

      

      
        8.1           Cedar’s Representations and Warranties. Cedar represents and warrants to Cenntro

      

       

      that:

       

      (a)          it is a limited liability company, duly organized, validly existing and in good standing under the laws of Germany;

       

      (b)          it is duly qualified to do business and is in good standing in every jurisdiction in which such qualification is required for purposes of this Agreement. It has the
        full right, power, and authority to enter into this Agreement and to perform its obligations hereunder.

       

      8.2           Cenntro’s Representations and Warranties. Cenntro represents and warrants to Cedar that:

       

      (a)          It is a corporation, duly organized, validly existing, and in good standing under the laws of the state of Delaware, USA;

       

      (b)          It is duly qualified to do business and is in good standing in every jurisdiction in which such qualification is required for purposes of this Agreement. It has the
        full right, power, and authority to enter into this Agreement and to perform its obligations hereunder.

       

      9.        Mutual Indemnification. Subject to the terms and conditions of this Agreement each Party shall
        indemnify, defend, and hold harmless the other Party and its representatives against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever
        kind, including reasonable attorneys’ fees, all fees and the costs of enforcing any right to indemnification under this Agreement and the cost of pursuing any insurance providers, relating to, arising out, or resulting from any third-party Claim or
        any direct Claim against a Party.

      

      

      
        10.       Miscellaneous.

      

       

      10.1    Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein, and
        supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.

       

      

      10.2    Interpretation. The Parties acknowledge that this Agreement is drafted and executed in the English language, which shall control, in all respects, the
        construction and interpretation of this Agreement.

      

      

      10.3    Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, then such invalidity, illegality or
        unenforceability shall not affect any other term or provision of this Agreement.

       

      10.4     Amendment and Modification. No amendment to or modification of this Agreement shall be effective unless it is in writing and signed by each Party.

       

      

      
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      10.5     Assignment. Cedar may not assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of Cenntro.

       

      10.6     Successors and Assigns. This Agreement is binding on and inures to the benefit of the Parties and their respective permitted successors and permitted assigns.

       

      10.7     Choice of Forum. Each Party irrevocably and unconditionally agrees that it shall not commence any action, litigation, or proceeding of any kind whatsoever
        against the other Party in any way arising from or relating to this Agreement and all contemplated transactions in any forum other than via Arbitration in accordance with this Agreement, Each Party agrees that a final judgment in such Arbitration.

       

      10.8    Waiver of Jury Trial. Each Party acknowledges and agrees that any controversy that may arise under this Agreement, including any appendix attached to this
        Agreement, is likely to involve complicated and difficult issues and, therefore, each such Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this
        Agreement, including any exhibits, schedules, attachments, and appendices attached to this Agreement, or the transactions contemplated hereby.

       

      10.9    Counterparts. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same
        agreement. A signed copy of this Agreement delivered by facsimile, e-mail, or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

       

      10.10   Force Majeure. No Party shall be liable or responsible to the other Party, nor be deemed to have defaulted under or breached this Agreement, for any failure or
        delay in fulfilling or performing any term of this Agreement, when and to the extent such failure or delay is caused by or results from acts beyond the impacted party’s reasonable control, including, without limitation, the following force majeure
        events (“Force Majeure Event(s)”): (a) acts of God; (b) flood, fire, earthquake, and other disasters or catastrophes (such as pandemics), or explosion; (c) war, invasion, hostilities (whether war is declared
        or not), terrorist threats or acts, riot or other civil unrest; (d) government order, law, or actions; (e) embargoes or blockades in effect on or after the date of this Agreement; and (f) national or regional emergency; (g) strikes, labor stoppages
        or slowdowns, or other industrial disturbances; (h) shortage of adequate power or transportation facilities; and (i) other similar events beyond the reasonable control of the Impacted Party. The Impacted Party shall give written Notice within
        thirty (30) days of the Force Majeure Event to the other Party, stating the period of time the occurrence is expected to continue. The Impacted Party shall use diligent efforts to end the failure or delay and ensure the effects of such Force
        Majeure Event are minimized. The Impacted Party shall resume the performance of its obligations as soon as reasonably practicable after the removal of the cause. In the event that the Impacted Party’s failure or delay remains uncured for a period
        of thirty (30) days consecutive days following written notice given by it, either Party may thereafter terminate this Agreement upon thirty (30) days’ written notice.

       

      [Signatures appear on the following page]

       

      

      
        4

        
          

      

      IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date(s) noted below.

      

      

      	
               

            	
              CENNTRO ELECTRIC GROUP, INC.

            
	
               

            	
               

            
	
               

            	By: /s/ Peter Wang
	 	 	 
	
               

            	Name: Peter Wang
	 	 	 
	 	Title: CEO
	 	 	 
	
               

            	
              
                Date: 12/4/2021

              

            
	
               

            	
               

            	 
	 	 
	
               

            	
              
                Cedar Europe GmbH

                

              

            
	
               

            	

            
	 	By: /s/ Yong Wang
	 	 	 
	 	Name: Yong Wang
	 	 	 
	 	Title: Manager
	 	 	 
	 	Date: 04.12.2021

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