Document:

EX-10.1

 Exhibit 10.1 

EXECUTION FINAL 

SECOND AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT 
 This SECOND AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT (herein, the “Amendment”) entered into as of October 14, 2019, is by and among
MARKETAXESS HOLDINGS INC. (the “Borrower”), the Lenders party hereto and JPMORGAN CHASE BANK, N.A (the “Administrative
Agent”). 
 PRELIMINARY STATEMENTS 

A.    The Borrower, the Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit
Agreement dated as October 30, 2015 (as amended, restated, supplemented or otherwise modified prior to the date hereof including pursuant to that certain Omnibus Amendment dated as of October 19, 2017, the “Existing Credit
Agreement”). 
 B.    The Borrower has requested that the Lenders amend the Existing Credit Agreement, and the
Lenders are willing to do so under the terms and conditions set forth in this Amendment. 
 C.    The Existing Credit
Agreement as amended by this Amendment is hereinafter referred to as the “Credit Agreement”. Any capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 SECTION 1. AMENDMENTS TO THE
EXISTING CREDIT AGREEMENT. 
 Subject to the satisfaction of the conditions precedent set forth
in Section 2 below, the Existing Credit Agreement shall be and hereby is amended as follows: 

1.1.    Each of the following defined terms appearing in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows: 

“Broker-Dealer Subsidiary” means any Subsidiary that (a) is a “registered
broker and/or dealer or other regulated investment firm or trading platform” under the Securities Exchange Act or under any similar foreign law or regulatory regime established for the registration of brokers and/or dealers or trading platform
of securities and/or (b) is required to be registered under the Commodity Exchange Act or under any similar regulatory regime established for the registration of operators, merchants, brokers and/or dealers of commodities, including, but not
limited to, future commissions merchants, introducing brokers and commodity pool operators. For the avoidance of doubt, MarketAxess Corporation, MarketAxess Europe Limited, MarketAxess Plataforma de Negociação Ltda., MarketAxess SEF
Corporation, MarketAxess Capital Limited and MarketAxess Singapore PTE Limited are Broker-Dealer Subsidiaries. 

 “Maturity Date” means
October 19, 2020, as may be extended pursuant to Section 2.21 herein. 
 “Permitted
Acquisition” means any Acquisition by the Borrower or any Subsidiary that satisfies all of the following conditions: 

(a)    both before and immediately after giving effect to such Acquisition and the
incurrence or assumption of any Indebtedness in connection therewith, no Event of Default shall have occurred and be continuing; 

(b)    both before and immediately after giving effect to such Acquisition and the
incurrence or assumption of any Indebtedness in connection therewith, the Borrower shall be in compliance on a pro forma basis with each financial covenant set forth in Section 6.09 (provided, however, that Borrower shall have a Consolidated
Total Leverage Ratio equal to or less than 2.25:1.00), recomputed, in the case of each such financial covenant, (i) as if such Acquisition (and any other Permitted Acquisition consummated after the most recent Reference Period preceding the
date of such Acquisition for which the Borrower has delivered Financial Statements), including the incurrence or assumption of any Indebtedness in connection therewith, had occurred on the first day of such Reference Period, (ii) with
Consolidated Total Funded Debt and Unrestricted Cash measured as of the date of such Acquisition and immediately after giving effect to such Acquisition and any Indebtedness incurred or assumed in connection therewith, and (iii) with
Consolidated EBITDA, Consolidated Adjusted EBITDA and Consolidated Interest Expense measured for such Reference Period (and, if the Indebtedness incurred or assumed has a floating or formula rate, such Indebtedness shall have an implied rate of
interest for the applicable Reference Period for purposes hereof determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the first day of such Reference Period); 

  
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 (c)    in the case of an Acquisition
involving the merger, amalgamation or consolidation of any Loan Party, the surviving Person shall, within the time period required by Section 5.10, be or simultaneously become a Loan Party pursuant to
Section 5.10; 
 (d)    in the case of an Acquisition of a
“registered broker and/or dealer or other regulated investment firm or trading platform” under the Securities Exchange Act, such Person is in compliance with Section 6.09(b); and 

(e)    the Borrower shall have delivered to the Administrative Agent a certificate of a
Financial Officer of the Borrower substantially in the form attached hereto as Exhibit G certifying that such Acquisition satisfies each of the foregoing clauses (a) through (d) and attaching evidence demonstrating pro forma financial covenant
compliance (as required pursuant to clause (b) above) and compliance with the other conditions required by this definition, together with copies of corresponding pro forma financial statements (which may be internally prepared), in each case in
form and substance satisfactory to the Administrative Agent (copies of which certificate and financial statements the Administrative Agent shall promptly provide to the Lenders). 

1.2.    Section 1.01 of the Credit Agreement is hereby further amended by
inserting the following new defined terms in the correct alphabetical sequence to read as follows: 

“Second Amendment Effective Date” means October 19, 2019. 

1.3.    Section 1.01 of the Credit Agreement is hereby further amended by
deleting the definition “Consolidated Interest Coverage Ratio” in its entirety. 

1.4.    Article I of the Credit Agreement is hereby further amended by inserting the following new
Section 1.07 immediately following Section 1.06 to read as follows: 

SECTION 1.07. Interest Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined
by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London
interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration

  
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(together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible
that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and
private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in
certain other circumstances as set forth in Section 2.13(b) of this Agreement, such Section 2.13(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to
Section 2.13, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate
thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.13(b), will be similar to, or produce the
same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 

1.5.    Section 2.13 of the Credit Agreement is hereby amended and restated in
its entirety and as so amended and restated shall read as follows: 
 Section 2.13.    Alternate Rate of Interest;
Illegality. 
 (a)    If prior to the commencement of any Interest Period for a
Eurodollar Borrowing: 
 (i) the Administrative Agent determines (which determination shall be conclusive and binding absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, by means of an Interpolated Rate or because the LIBO Screen Rate is not available
or published on a current basis) for such Interest Period; or 

  
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 (ii)    the Administrative Agent is advised by the
Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such
Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any
Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the
last day of the then current Interest Period applicable thereto, and (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

(b)     If at any time the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but either
(w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen
Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that
will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying the specific date after which the LIBO Screen Rate will permanently or indefinitely cease to
be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen
Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market
convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as
may be applicable; provided 

  
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that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Notwithstanding anything to the contrary in
Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such
alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (c)
(but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.13(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published
at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (y) if any Borrowing Request requests a
Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 1.6.    Section
5.01(d) of the Credit Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows: 

(d)    (i) promptly after the same become publicly available, copies of all periodic and
other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC or any other Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange or
distributed by the Borrower to its shareholders generally, as the case may be, and (ii) promptly after the same shall be filed with the Financial Industry Regulatory Authority (“FINRA”), copies of all Financial Operational
Combined Uniform Single (“FOCUS”) reports filed by or with respect to any Broker-Dealer Subsidiary; 

1.7.    Section 5.01(e) of the Credit Agreement is hereby amended and restated in its
entirety and as so amended and restated shall read as follows: 
 (e)    promptly after
receipt thereof by the Borrower or any Subsidiary, copies of each notice, examination report or other correspondence received from the SEC, the Securities Investor Protection Corporation or the Financial Industry Regulatory Authority (or comparable
agency in any applicable foreign jurisdiction) concerning any examination or review, investigation or possible investigation, or other inquiry by such agency regarding financial or other operational results of the Borrower or any Subsidiary; 

  
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 1.8.    Section 5.01(f) of the Credit Agreement
is hereby amended to delete the “.” at the end of such clause and replace with “; and”. 

1.9.    Section 5.01 of the Credit Agreement is hereby amended to add the following clause
(g) immediately following clause (f) thereof: 
 (g) promptly following the last day of each fiscal month of the
Borrower (other than any such month that corresponds with a fiscal-quarter end or fiscal-year end for which financial statements are required to be delivered pursuant to Section 5.01(a) or (b)), the Borrower will
furnish written notice to the Administrative Agent if the Borrower, as of such fiscal month end, would not be in compliance with Section 6.09(b) as of such fiscal month end. Notwithstanding anything herein to the contrary,
the delivery of such notice and non-compliance with Section 6.09(b) as of such fiscal-month end shall not constitute a Default or Event of Default hereunder. 

1.10.    Section 5.07 of the Credit Agreement is hereby amended to add the following additional
sentence at the end thereof: 
 In addition, the Borrower will cause each of its Broker-Dealer Subsidiaries to
(y) comply in all material respects with all applicable regulatory requirements for the protection of client funds and securities, including by maintaining required reserves and liquidity and (z) prohibit withdrawals from any reserve bank
account that such Broker-Dealer Subsidiary is required to maintain pursuant to SEC Rule 15c3-3(e) below the minimum required balance thereto. 

1.11    Section 5.10 of the Credit Agreement is hereby amended and restated in its entirety and as
so amended and restated shall read as follows: 
 Section 5.10.    Additional Guarantors.
In the event the Borrower acquires or creates any Domestic Subsidiary (other than (i) a Broker-Dealer Subsidiary or (ii) MarketAxess Colombia Corporation, subject to the MarketAxess Colombia Joinder Conditions), the Borrower shall
forthwith promptly (and in any event within thirty days (or such longer time as the Administrative Agent may agree) after the acquisition or creation of such Domestic Subsidiary) cause such Domestic Subsidiary to become a Guarantor by delivering to
the Administrative Agent joinders to the Guarantee Agreement and the Security Agreement (in each case in the form contemplated thereby), duly executed by such Domestic Subsidiary, pursuant to which such Domestic Subsidiary agrees to be bound by the
terms 

  
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and provisions of the Guarantee Agreement and the Security Agreement, such joinder to be accompanied by appropriate corporate resolutions, other corporate documentation, replacement or
supplemental Schedules to this Agreement and, for each Domestic Subsidiary other than an Immaterial Subsidiary, legal opinions in form and substance reasonably satisfactory to the Administrative Agent and its counsel. For the avoidance of doubt,
upon satisfaction of the MarketAxess Colombia Joinder Conditions, the Borrower shall comply with the terms and conditions of this Section 5.10 and cause MarketAxess Colombia Corporation to become a Guarantor hereunder. 

1.12.    Section 6.06 of the Credit Agreement is hereby amended to add the following additional
sentence at the end thereof: 
 Notwithstanding any Restricted Payment that would otherwise be permitted by the foregoing,
the Borrower will not permit any Broker-Dealer Subsidiary to make a Restricted Payment that would cause such Broker-Dealer Subsidiary to fail to comply with any regulatory net capital requirements applicable to it. 

1.13.    Section 6.09(b) of the Credit Agreement is hereby amended and restated
in its entirety and as so amended and restated shall read as follows: 

(b)    Broker-Dealer Subsidiaries. The Borrower will not permit the monthly
Regulatory Net Capital maintained by MarketAxess Corporation and MarketAxess Capital Limited to be less than the amount that is 25% greater than the amount required to meet all net capital requirements imposed by any applicable regulatory authority
on or with respect to MarketAxess Corporation and MarketAxess Capital Limited. The Borrower shall make such computations demonstrating compliance as of the last day of each fiscal quarter concurrently with any delivery of financial statements under
Section 5.01 (a) or (b) and a duly completed Compliance Certificate. 
 1.14.    Exhibit
D of the Credit Agreement is hereby deleted in its entirety and replaced with Exhibit D attached hereto as Exhibit A. 

1.15.    The Credit Agreement is hereby further amended by adding a new Exhibit G thereto in the
form attached hereto as Exhibit B. 
 1.16.    The Credit Agreement is hereby
further amended by replacing each reference to “Joyce King” in the Credit Agreement (including, for the avoidance of doubt, Section 9.01 and any Schedule or Exhibit to the Credit Agreement) with “LaDesiree
Williams”. 

  
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 SECTION 2. CONDITIONS PRECEDENT. 

The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 

2.1.    The Borrower, the Lenders and the Administrative Agent shall have executed and delivered this
Amendment. 
 2.2.    The Administrative Agent shall have received all other agreements, documents,
instruments and other items set forth on the closing checklist attached hereto as Exhibit C attached hereto, each in form and substance reasonably satisfactory to the Administrative Agent. 

2.3.    Since December 31, 2018, there has been no event, development or circumstance that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

2.4.    The Borrower shall have paid on demand all costs and expenses of or incurred by the Administrative
Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable and documented fees and expenses of one external counsel for the Administrative Agent, in each case to the extent invoiced as
of the date of this Amendment. 
 2.5.    As consideration for the extension of the Maturity Date and the
other agreements set forth in this Amendment, the Borrower shall pay to the Administrative Agent, for the ratable benefit of each Lender, an extension fee (the “Extension Fee”) as set forth in Section 2.21 of the Credit
Agreement in an amount equal to 0.10% of each Lender’s Commitment under the Credit Agreement, such Extension Fee due and payable on the date hereof. 

2.6.    Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the
Administrative Agent and its counsel. 
 SECTION 3. REPRESENTATIONS. 

In order to induce the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Lenders that as of the date hereof
(a) the representations and warranties set forth in the Loan Documents are and shall be and remain true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such
representation or warranty shall be true and correct in all respects) as of the date hereof except for representations and warranties that relate to a prior date, which shall have been true and correct in all material respects (except in the case of
a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the applicable date on which they were made and (b) no Default or Event of Default has occurred
and is continuing after giving effect to this Amendment or shall result immediately after giving effect to this Amendment. 

  
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 In addition, the Borrower, by executing this Amendment, hereby represents and warrants that
the Person executing this Amendment on behalf of such party is duly authorized to do so, such party has full right and authority to enter into this Amendment and to consummate the transactions described in this Amendment, and this Amendment
constitutes the valid and legally binding obligation of such party and is enforceable against such party in accordance with its terms. 

SECTION 4. MISCELLANEOUS. 

4.1.    This Amendment amends the Existing Credit Agreement. The execution of this Amendment and any other Loan Documents
executed in connection herewith does not extinguish the indebtedness outstanding in connection with the Existing Credit Agreement nor does it constitute a novation with respect to such indebtedness. The Grantors previously executed and delivered to
the Lenders the Security Agreement and certain other Collateral Documents. Each Grantor hereby acknowledges and agrees that the Liens created and provided for by the Collateral Documents continue to secure, among other things, the Obligations
arising under the Credit Agreement as amended hereby; and the Collateral Documents and the rights and remedies of the Lenders thereunder, the obligations of the Borrower thereunder, and the Liens created and provided for thereunder remain in full
force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the Liens and security interests created and provided for by the Collateral Documents as to the
indebtedness which would be secured thereby prior to giving effect to this Amendment. In addition, the Borrower hereby ratifies and confirms its obligations under each other Loan Document, including but not limited to the Amended and Restated
Guarantee Agreement. 
 4.2.    Except as specifically amended herein, the Credit Agreement and each other Loan Document
shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in the Credit Agreement or any other instrument or document executed in connection therewith, or in any certificate,
letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby. 

4.3.    This Amendment may be executed in any number of counterparts, and by the different parties on different
counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed
to be an original. Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be
effective as delivery of a manually executed counterpart hereof. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 

[SIGNATURE PAGES TO FOLLOW] 

  
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 This Second Amendment to Amended and Restated Credit Agreement is entered into as of the
date and year first above written. 
  

			
	MARKETAXESS HOLDINGS INC., as Borrower
		
	By:	 	 /s/ Antonio L. DeLise

	Name:	 	 Antonio L. DeLise

	Title:	 	 CFO

 [Signature Page to Second Amendment – MarketAxess Holdings Inc.] 

 
			
	JPMORGAN CHASE BANK, N.A., individually, and as Administrative Agent, Swingline Lender and Issuing Bank
		
	By:	 	 /s/ Jennifer M. Dunneback

	Name:	 	 Jennifer M. Dunneback

	Title:	 	 VPExhibit 10.1

 

CANCELLATION
AGREEMENT

 

THIS
CANCELLATION AGREEMENT (this “Agreement”), is entered into effective as of October 14, 2019, by and between
CBAK Energy Technology, Inc., a Nevada corporation (the “Company”) and each of the persons listed on the Schedule
of Creditors attached hereto as Exhibit A(individually, a “Creditor” and collectively, the “Creditors”).

 

RECITALS

 

WHEREAS,
from time to time, the Creditors have provided financing to the Company or its subsidiaries, and, as of the date hereof, each
of the Creditors holds outstanding debt in the Company, including both principals and accrued interests, as is set forth opposite
such Creditor’s name on the Schedule of Creditors (collectively, the “Debts”);

 

WHEREAS,
the Company desires to reduce its debt load in order to improve its balance sheet and to enhance its ability to secure additional
financing; and

 

WHEREAS,
each of the Creditors agrees to cancel all of its respective amount of the Debts in exchange for certain amount of shares of common
stock of the Company, calculated at the price of $0.60 per share (the “Exchange Price”), on the terms set forth
herein, and the Company is willing and able to issue shares of common stock to the Creditors on the terms described herein.

 

NOW
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, and agreements set forth herein,
and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally
bound hereby, the parties hereto hereby covenant and agree as follows:

 

1. Cancellation
of the Debts; Issuance of the Shares. At the Closing (as defined in Section2 hereof) and subject to the terms and conditions
of this Agreement, all of the Debts shall be cancelled and the Company shall issue an aggregate of 8,599,717 shares of common
stock, par value $0.001 per share (the “Shares”), calculated at the Exchange Price, to the Creditors as is
set forth opposite such Creditor’s name on the Schedule of Creditors.

 

2. Closing;
Delivery of Shares.

 

(a).
The closing of the cancellation of Debts and the issuance of the Shares shall occur as soon as practicable after the execution
of this Agreement, but in no event later than thirty (30) calendar days from the execution of this Agreement (the “Outside
Date”), at the offices of the Company, or such other place, date and time as set forth in this Agreement or as the parties
hereto may otherwise agree (the “Closing”).

 

(b).
At the Closing, the Company shall use its best efforts to cause the Company’s transfer agent to deliver to each of the
Creditors, by courier or FedEx, stock certificate, or certificates, registered in the name of such Creditor and representing
the amount of Shares as is set forth opposite such Creditor’s name on the Schedule of Creditors.

 

     

     

    

 

3. Representations
and Warranties of Creditor. Each Creditor, severally and not jointly, represents and warrants to the Company with respect
to only itself that, as of the date hereof and as of the date of Closing:

 

(a).Qualification,
Authorization and Enforcement. This Agreement has been duly executed by such Creditor, and when delivered by such Creditor
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Creditor, enforceable against
it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies
or by other equitable principles of general application.

 

(b).No
Conflict. The execution, delivery, and performance of this Agreement do not and will not: (i) conflict with or violate any
law or governmental order applicable to the Creditor; or (ii) conflict with, result in any breach of, constitute a default (or
event which with the giving of notice or lapse of time or both would become a default) under, require any consent under, or give
to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation
of any encumbrance on any of the assets or properties of the Creditor pursuant to, any contract to which the Creditor is a party
or by which any of such assets or properties is bound or affected.

 

(c).Governmental
Consents and Approvals. The execution, delivery, and performance of this Agreement by the Creditor do not and will not require
any consent, approval, authorization, or other order of, action by, filing with, or notification to, any governmental authority.

 

(d).Purchase
Entirely for Own Account. Creditor is acquiring the Shares for Creditor’s own account for investment purposes only,
not as nominee or agent, and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning
of the Securities Act of 1933, as amended (the “Securities Act”), and Creditor has no present intention of
selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice;
however, Creditor has a right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable
federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by Creditor to hold Shares
for any period of time.

 

(e).Investor
Status. Creditor is not a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934 (the “Exchange
Act”) or an entity engaged in a business that would require it to be so registered. Creditor has such experience in
business and financial matters that it is capable of evaluating the merits and risks of an investment in the Shares. Creditor
acknowledges that an investment in the Shares is speculative and involves a high degree of risk. If such Creditor is a U.S. Person
(as such term is defined in Rule 902(k) of Regulation S), at the time such Creditor was offered the Shares, it was, and at the
date hereof it is, an “accredited investor” as defined in Rule 501(a) under the Securities Act, and such Creditor
has completed and executed the Creditor Questionnaire attached as Exhibit B to this Agreement.

 

    2

     

    

 

(f).Regulation
S. If such Creditor is not a U.S. Person, such Creditor (i) acknowledges that the certificate(s) representing or evidencing
the Shares contain a customary restrictive legend restricting the offer, sale or transfer of any Shares except in accordance with
the provisions of Regulation S, pursuant to registration under the Securities Act, or pursuant to an available exemption from
registration, (ii) agrees that all offers and sales by such Creditor of Shares shall be made pursuant to an effective registration
statement under the Securities Act or pursuant to an exemption from, or a transaction not subject to the registration requirements
of, the Securities Act, (iii) represents that the offer to purchase the Shares was made to such Creditor outside of the United
States, and such Creditor was, at the time of the offer and will be, at the time of the sale and is now, outside the United States,
(iv) has not engaged in or directed any unsolicited offers to purchase Shares in the United States, (v) is neither a U.S. Person
nor a Distributor (as such terms are defined in Rule 902(k) and 902(d), respectively, of Regulation S), (vi) has purchased the
Shares for its own account and not for the account or benefit of any U.S. Person, (vii) is the sole beneficial owner of the Shares
specified on signature pages hereto opposite its name and has not pre-arranged any sale with an investor in the United States,
and (ix) is familiar with and understands the terms and conditions and requirements contained in Regulation S, specifically, without
limitation, each Creditor understands that the statutory basis for the exemption claimed for the sale of the Shares would not
be present if the sale, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration
provisions of the Securities Act. Such Creditor has completed and executed the Creditor Questionnaire attached as Exhibit B
to this Agreement.

 

(g). Access
to Information. Creditor has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to
receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the
merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment.

 

(h).Independent
Investment Decision. Creditor has independently evaluated the merits of its decision to purchase the Shares pursuant to the
this Agreement, and such Creditor confirms that it has not relied on the advice of any other Creditor’s business and/or
legal counsel in making such decision. Creditor understands that nothing in the Agreement or any other materials presented to
Creditor in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. Creditor has consulted
such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with
its purchase of the Shares.

 

(i).Restricted
Securities. Creditor understands and acknowledges that:

 

i. the
Shares are characterized as “restricted securities” under the U.S. federal securities laws and will bear a customary
restrictive legend inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in
certain limited circumstances;

 

    3

     

    

 

ii. the
Shares have not been registered under the Securities Act or any state securities laws and are being offered and sold in reliance
upon specific exemptions from the registration requirements of the Securities Act and state securities laws, and the Company is
relying upon the truth and accuracy of, and Creditor’s compliance with, the representations, warranties, covenants, agreements,
acknowledgments and understandings of Creditor contained in this Agreement in order to determine the availability of such exemptions
and the eligibility of Creditor to acquire the Shares; and

 

iii. the
Shares must be held indefinitely unless such Shares are registered under the Securities Act or applicable state securities laws,
or an exemption from registration is available.

 

(j).No
Registration Rights. Creditor further understands that there are no registration rights associated with the Shares being acquired
pursuant to this Agreement.

 

4. Representations
and Warranties of the Company. The Company hereby represents and warrants to each of the Creditors that, as of the date hereof
and as of the date of Closing:

 

(a).Qualification,
Authorization and Enforcement. The Company is duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation, with the requisite power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Company has the requisite corporate power and authority to
enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations there
under. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required
by the Company in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance
with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

 

(b).No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of
the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s
articles of incorporation, bylaws or other organizational or charter documents as in effect on the date hereof, or (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which
the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset
of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not, individually or
in the aggregate, have or reasonably be expected to result in a material adverse effect.

 

    4

     

    

 

(c).Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any United States or People’s Republic of China court or other federal, state,
local or other governmental authority or other person in connection with the execution, delivery and performance by the Company
of this Agreement, other than (i) filings if required by state securities laws, (ii) if required, the filing with NASDAQ of an
applicable additional shares listing application or notification relating to the Shares issuable hereunder, (iii) if required,
the filing of a Notice of Sale of Securities on Form D with the Securities and Exchange Commission under Regulation D of the Securities
Act, (iv) the filings required in accordance with the Exchange Act and (v) those that have been made or obtained prior to the
date of this Agreement.

 

(d).Issuance
of Shares. The Shares are duly authorized and, when issued and paid for in accordance with the terms and conditions of this
Agreement, will be validly issued, fully paid and non assessable, free and clear of all liens imposed by the Company. There are
no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options exercisable with
respect to, the Shares. The Shares are not the subject of any present or, to the Company’s knowledge, threatened suit, action,
arbitration, administrative or other proceeding, and the Company knows of no reasonable grounds for the institution of any such
proceedings.

 

5. Amounts
Repaid in Full. For and in consideration of the issuance of the Shares to the Creditors, the Debts shall be deemed to be repaid
in full, and the Company shall have no further obligations in connection with the Debts.

 

6. Release
by the Creditors. Upon receipt of the Shares, each Creditor releases and discharges the Company, the Company’s subsidiaries,
Company’s and each of its subsidiaries’ officers, directors, principals, control persons, past and present employees,
insurers, successors, and assigns (“Company Parties”) from all actions, cause of action, suits, debts, dues,
sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims, and demands whatsoever, in law, admiralty or equity, which against
Company Parties such Creditor ever had, now have or hereafter can, shall or may, have for, upon, or by reason of any matter, cause
or thing whatsoever, whether or not known or unknown, from the beginning of the world to the day of the date of this release relating
to the Debts. Each of the Creditors represents and warrants that no other person or entity has any interest in the matters released
herein, and that it has not assigned or transferred, or purported to assign or transfer, to any person or entity all or any portion
of the matters released herein.

 

    5

     

    

 

7. Fees,
Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
Agreement. The Company shall pay all transfer agent fees (including, without limitation, any fees required for same-day processing
of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery
of any Shares to the Creditors.

 

8. General
Provisions.

 

(a).Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed under the laws of the State of
New York without regard to the choice of law principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of New York located in The City of New York, Borough of Manhattan for the
adjudication of any dispute hereunder or in connection herewith or therewith or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives any objection that such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

(b).Termination.
This Agreement may be terminated prior to Closing:

 

i. by
written agreement of the Creditors and the Company; or

 

ii. by
either the Company or an Creditor (as to itself but no other Creditor) upon written notice to the other, if the Closing shall
not have taken place by 6:30 p.m. Eastern time on the Outside Date; provided, that the right to terminate this Agreement
under this Section 8(b) shall not be available to any person whose failure to comply with its obligations under this Agreement
has been the cause of or resulted in the failure of the Closing to occur on or before such time.

 

Upon
a termination in accordance with this Section 8(b), the Company and terminating Creditor(s) shall not have any further obligation
or liability (including as arising from such termination) to the other and no Creditor will have any liability to any other Creditor
under this Agreement as a result here from and there from.

 

(c).Notices.
All notices or other communications required or permitted by this Agreement shall be writing and shall be deemed to have been
duly received:

 

i. if
given by facsimile or electronic version, when transmitted and the appropriate telephonic or electronic confirmation received
if transmitted on a business day and during normal business hours of the recipient, and otherwise on the next business day following
transmission;

 

    6

     

    

 

ii. if
given by certified or registered mail, return receipt requested, postage prepaid, three business days after being deposited in
the U.S. mails; and

 

iii. if
given by courier or other means, when received or personally delivered, and, in any such case, addressed as indicated herein,
or to such other addresses as may be specified by any such party to the other party pursuant to notice given by such party in
accordance with the provisions of this Section.

 

(d).Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

(e).Successors
and Assigns. 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.

 

 

(f).No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person, except as
otherwise set forth in Section 6.

 

(g).Modification
and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company
and the Creditor(s) holding a majority of the Shares. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder
in any manner impair the exercise of any such right.

 

(h).Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

(i).Entire
Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersede
all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the
parties acknowledge have been merged into such documents, exhibits and schedules.

 

(j).Headings.
The headings used in this Agreement are for convenience of reference only and shall not be deemed to limit, characterize or in
any way affect the interpretation of any provision of this Agreement.

 

(k).Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Shares,
until the second anniversary of the date hereof.

 

(l).Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. A facsimile or PDF copy of this Agreement shall be deemed an original.

 

[Signature
Page Follows]

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement
as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	CBAK ENERGY TECHNOLOGY, INC.
	 	 	 
	 	By:	/s/
Xiangyu Pei

	 	 	Name:
    Xiangyu Pei
	 	 	Title:
    Interim Chief Financial Officer

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR CREDITORS FOLLOWS]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement
as of the date first above written.

 

	 	CREDITORS
	 	 
	 	/s/ Jiping Zhou
	 	Name: Jiping Zhou
	 	 
	 	/s/ Shibin Mao
	 	Name: Shibin Mao
	 	 
	 	/s/ Shangdong Liu
	 	Name: Shangdong Liu
	 	 
	 	/s/ Lijuan Wang
	 	Name: Lijuan Wang
	 	 
	 	/s/ Ping Shen
	 	Name: Ping Shen

 

     

     

    

 

Exhibit
A

Schedule
of Creditors

 

	Name	 	Debt Amount ($)	 	 	Number of Shares	 
	JIPING ZHOU	 	 	2,087,694.48	 	 	 	3,479,491	 
	SHIBIN MAO	 	 	2,121,640.74	 	 	 	3,536,068	 
	SHANGDONG LIU	 	 	316,831.68	 	 	 	528,053	 
	LIJUAN WANG	 	 	316,831.68	 	 	 	528,053	 
	PING SHEN	 	 	316,831.68	 	 	 	528,053	 
	Total	 	 	5,159,830.27	 	 	 	8,599,717	 

 

     

     

    

 

EXHIBIT
B

Regulation
S Representation Letter

 

Date:
______________

 

		Re:	Company
Name: CBAK Energy Technology, Inc. (the “Company”)

Number
of Shares of Common Stock of the Company: __________ (collectively, the “Shares”)

 

Ladies
and Gentlemen:

 

Pursuant
to certain Cancellation Agreement between the undersigned and the Company, dated as of ______, 2019, the undersigned hereby represents,
warrants and covenants to the Company as follows:

 

		1.	The undersigned is not a “U.S. Person,” as such term is defined in Regulation S (“Regulation
S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

 

		2.	No offer or sale of the Shares was made to the undersigned in the United States.

 

		3.	The undersigned is not acquiring the Shares for the account or on behalf of any U.S. Person.

 

		4.	The undersigned has not made any prearrangement to transfer the Shares to a U.S. Person or to return
the Shares to the United States securities markets (which includes short sales in the United States within the applicable “distribution
compliance period,” as defined in Regulation S (hereinafter referred to as the “restricted period”) to
be covered by delivery of the Company’s Shares) and is not acquiring the Shares as part of any plan or scheme to evade the
registration requirements of the Securities Act.

 

		5.	All offers and sales of the Shares by the undersigned in the United States or to U.S. Persons or
otherwise whether prior to the expiration or after the expiration of the applicable restricted period shall be made only pursuant
to a registration of the Shares under the Securities Act or an exemption from registration, and in compliance with Regulation S.

 

		6.	The undersigned is not a “distributor,” as defined in Regulation S. However, if the
undersigned should be deemed to be a distributor prior to reselling the Shares to a non-U.S. Person during the restricted period,
the undersigned will send a notice to each new purchaser of Shares that such new purchaser is subject to the restrictions of Regulation
S during the restricted period.

  

		7.	The undersigned is not an “underwriter” or “dealer” (as such terms are
defined in the Securities Act), and the acquisition of the Shares by the undersigned is not a transaction (or part of a series
of transactions) that is part of any plan or scheme to evade the registration provisions of the Securities Act.

 

		8.	The undersigned does not have a short position in any securities of the Company and will not have
a short position in such securities at any time prior to the expiration of the restricted period.

 

		9.	If at any time after the expiration of the restricted period, the undersigned wishes to transfer
or attempts to transfer the Shares to a U.S. Person, the undersigned agrees to notify the Company if at such time it is an “affiliate”
of the Company or is then acting as an “underwriter,” “dealer,” or “distributor” as to such
securities (as such terms are defined in the Securities Act or the regulations promulgated thereunder, including but not limited
to, Regulation S), or if such transfer is being made as part of a plan or scheme to evade the registration provisions of the Securities
Act.

 

		10.	The undersigned acknowledges that the undersigned may only be able to resell the Shares pursuant
to the provisions of Regulation S and otherwise pursuant to the Securities Act, and that it may not be possible for the undersigned
to liquidate its investment in the Shares. The undersigned is prepared, therefore, to hold its, his or her Shares in the Company
indefinitely.

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Regulation S Representation Letter as of the date first set forth above.

 

	 	CREDITORS
	 	 
	 	 
	 	Name:

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