Document:

Exhibit 10.21

 

Time-Vesting

Restricted Stock Grant - U.K. Taxpayers

 

OM ASSET MANAGEMENT PLC

EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made effective as of                       , 20     (the “Grant Date”) between OM Asset Management plc, a public company limited by shares and incorporated under the laws of England and Wales (the “Company”), and                                        (the “Participant”).

 

WITNESSETH:

 

WHEREAS, the Company has adopted the OM Asset Management plc Equity Incentive Plan (the “Plan”) for the benefit of the employees of the Company and its Subsidiaries; and

 

WHEREAS, the Committee, as defined in the Plan, has authorized the Award to the Participant of shares of Restricted Stock under the Plan, on the terms and conditions set forth in the Plan and in this Agreement;

 

NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Participant hereby agree as follows:

 

1.                                      Definitions.

 

Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Plan.

 

2.                                      Award of Restricted Stock.

 

The Committee hereby grants to the Participant, on the Grant Date set forth above, [insert # of shares] of Restricted Stock.

 

3.                                      Election Under Section 430 of the

Income Tax (Earnings & Pensions) Act 2003 (“ITEPA”).

 

Upon issuance of the Restricted Stock hereunder, the Participant must make an election to be taxed in respect of such Award under Section 430(1) of ITEPA in the form attached to this Agreement (“Section 430 Election”) as Exhibit A, the effect of which would be that the unrestricted value of the Restricted Stock will be subject to tax on the date of vesting (as described in Sections 4 and 6).  To effect an election, the Participant must jointly sign a Section 430 Election along with the Participant’s employer at the time of signing this Agreement.  The Participant shall rely solely on the determinations of the Participant’s tax advisors or the Participant’s own determinations, and not on any statements or representations by the Company or any of its

 

 

Affiliates or agents, with regard to all tax matters arising in connection with this Award, including the election under Section 430(1) of ITEPA.

 

4.                                      Vesting of Restricted Stock.

 

The shares of Restricted Stock will become non-forfeitable and the Risk of Forfeiture shall lapse on the vesting dates (the “Vesting Dates”) and in the proportions described below, provided that the Participant is continuously employed by the Company or an Affiliate until the applicable Vesting Date.

 

	
 
    	
Percentage of Shares Vesting
    	
 
    	
Vesting Date
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
%
    	
 
    	
 
    	
 
    

 

5.                                      Forfeiture of Restricted Stock.

 

If the Participant’s employment with the Company and its Affiliates terminates prior to a Vesting Date for any reason, except as described in Section 6, any unvested Restricted Stock (including any dividends related to the Restricted Stock for which the record date occurs on or after the date of termination) shall automatically be forfeited, all of the Participant’s rights to and interest in the Restricted Stock shall terminate without payment of consideration, and the legal and/or beneficial ownership of the forfeited Restricted Stock shall be transferred to an employee benefit trust established by the Company or a Subsidiary of the Company.  Notwithstanding the foregoing, any consideration paid by the Participant for any share of Restricted Stock shall be returned to the Participant upon forfeiture of such share of Restricted Stock.

 

6.                                      Accelerated Vesting Upon Certain Terminations.

 

If the Participant’s employment with the Company and its Affiliates terminates prior to a Vesting Date as a result of the Participant’s: (a) death; (b) disability for which the Participant qualifies for benefits under a long-term disability plan sponsored by the Company or an Affiliate; or (c) involuntary termination without Cause, the Committee may, in its sole discretion, (i) provide that the Participant’s Restricted Stock shall not be forfeited in accordance with Section 5, and that the Risk of Forfeiture shall lapse and all unvested Restricted Stock shall become fully vested and nonforfeitable upon such termination of employment; or (ii) where the Participant is subject to a post-termination covenant not to compete with the Company and/or its Affiliates that constitutes a Risk of Forfeiture, provide that the Participant’s Restricted Stock shall not be forfeited in accordance with Section 5 upon such termination of employment, and that the Risk of Forfeiture shall lapse upon the earlier of (A) the applicable Vesting Date; and (B) the expiration of the noncompete period, provided, however, that the Participant complies with the covenant not to compete through to such date.

 

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7.                                      Restriction on Transferability.

 

Except as provided in the Plan, until the lapse of the Risk of Forfeiture, the Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated, except by beneficiary designation, will or by the laws of descent and distribution upon the death of the Participant.

 

8.                                      Voting and Dividend Rights.

 

The Participant shall have all the rights of a stockholder of Stock, including the right to vote the shares of Restricted Stock, until such shares are forfeited.  The Participant shall have the right to receive, free of any Risk of Forfeiture (but subject to applicable withholding taxes) all cash and non-cash dividends for which the dividend record date falls on or after the Grant Date and prior to the date, if applicable, on which the shares of Restricted Stock are forfeited.

 

9.                                      Book Entry Form of Shares.

 

Shares of Restricted Stock shall be held in book entry form on the records of the Company’s transfer agent in the name of an employee benefit trust established by the Company or Subsidiary or another nominee, in each case on behalf of the Participant.  Until the Risk of Forfeiture with respect to the Restricted Stock has lapsed, each such book entry shall include an appropriate legend referring to the terms, conditions and restrictions described in the Plan and this Agreement.

 

10.                               Authority of the Committee.

 

This Agreement and the Restricted Stock awarded hereunder shall be subject to such rules and regulations as the Committee shall adopt pursuant to the Plan.  All decisions of the Committee upon any question arising under the Plan or under this Agreement shall be final, conclusive and binding upon the Participant and any person claiming any interest in the Award made under this Agreement.

 

11.                               Withholding.

 

The Company and its Affiliates shall be entitled to deduct and withhold from any payment of any kind otherwise due to the Participant at any time the minimum amount necessary to satisfy their withholding obligations under the requirements of any tax and/or social security withholding system in connection with the Participant’s Restricted Stock.  In addition, the Committee may require the Participant to satisfy the minimum withholding tax obligations by any (or a combination) of the following means: (a) an immediate payment in cleared funds by cash, check, or wire transfer; or (b) authorizing the Company or an Affiliate or the trustee of an employee benefit trust holding Stock with respect to the Plan to withhold and, if applicable, sell into the market, from the shares otherwise vesting, the number of shares having a Market Value, as of the date the withholding tax obligation arises, less than or equal to the amount of the withholding obligation.

 

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12.                               Employer National Insurance Contributions.

 

The Participant hereby agrees that if required by the Company or any of its Affiliates the Participant shall accept liability for any employer’s (Secondary) Class 1 national insurance contributions (“Employer NICs”) which may be payable by the Company or any of its Affiliates in respect of the vesting of the Participant’s Restricted Stock, and that vesting of such Restricted Stock is conditional on the Participant paying any such amounts.  The Participant also agrees that if any additional consents or formal elections are required by the Company or any of its Affiliates to accomplish the above, the Participant will provide them promptly upon request.  The Participant further agrees that the Company or any of its Affiliates may collect any Employer NICs payable pursuant to this Section 12 by any method set out in Section 11 above.

 

13.                               Plan Terms.

 

The terms of the Plan are hereby incorporated herein by reference.  In the event of a conflict between the terms and conditions of this Agreement and the terms and conditions of the Plan, the terms and conditions of the Plan shall prevail.

 

14.                               No Employment Rights.

 

By signing this Agreement, the Participant acknowledges that:

 

(a)                                 participation in the Plan is voluntary and occasional and does not create any contractual or other right to future participation in the Plan, or benefits in lieu of participation in the Plan, even if participation is or has been offered repeatedly;

 

(b)                                 all decisions with respect to future participation in the Plan, if any, will be at the sole discretion of the Committee;

 

(c)                                  the Participant’s participation in the Plan shall not create a right to further employment with his or her employer and shall not interfere with the ability of his or her employer to terminate the Participant’s employment relationship at any time;

 

(d)                                 the Participant is voluntarily participating in the Plan;

 

(e)                                  participation in the Plan is an extraordinary item that does not constitute payment of any kind for service of any kind rendered to the Company or the Participant’s employer, and which is outside the scope of the Participant’s employment contract, if any;

 

(f)                                   an Award of Restricted Stock acquired pursuant to the Plan is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments;

 

(g)                                  the future value of the Restricted Stock is unknown and cannot be predicted with certainty and any Restricted Stock acquired pursuant to the Plan may increase or decrease in value; and

 

(h)                                 the Participant will have no entitlement to compensation or damages as a result of any loss or diminution in value of the Restricted Stock, as a result of the termination of the

 

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Participant’s employment by the Company or any of its Affiliates or by the Participant for any reason whatsoever and whether or not in breach of contract, and, by signing this Agreement, the Participant will be deemed irrevocably to have waived any such entitlement as might arise.

 

15.                               Data Protection.

 

The Participant understands that the Company and its Affiliates (the “Data Holder”) hold certain personal information (the “Data”) in connection with the Plan.  The Participant further understands that recipients of Data may be located in the European Economic Area or elsewhere.  The Participant authorizes recipients of Data (including the Data Holder) to receive, possess, use and transfer the Data (including any requisite transfer to a broker, an employee benefit trust or other third party, and including transfers outside of the European Economic Area) as may be required for the administration of the Plan and/or the subsequent holding of Restricted Stock on the Participant’s behalf, in electronic or other form, for the purposes of administering the Plan.  The Participant understands that withdrawal of this consent may affect his or her ability to participate in the Plan.

 

16.                               Amendment.

 

The terms of this Award of Restricted Stock as evidenced by this Agreement may be amended by the Committee without the approval of the Participant, subject however to the limitations set out in the Plan, or may be amended by written agreement of the Participant and the Company.  The Company reserves the right to amend the Plan at any time, subject to any limitations set out in the Plan.

 

17.                               Governing Law.

 

This Agreement shall be governed, interpreted and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof.

 

18.                               Participant Acknowledgment.

 

By executing this Agreement, the Participant hereby acknowledges that he or she has received and read the Plan and this Agreement and that he or she agrees to be bound by all of the terms and conditions of the Restricted Stock Award as set forth in this Agreement, subject to the terms and conditions of the Plan.  The Participant hereby further acknowledges and agrees that his or her right to receive or retain this Award, any amount received pursuant to this Award (in cash or shares of Stock), and/or any profit or gain on the sale or transfer of any shares of Stock subject to this Award, is at all times subject to cancellation and recoupment in accordance with the Company’s Claw-back Policy, as in force from time to time, provided that any sale proceeds payable (before the deduction of any related sale or transfer costs or any tax charges) on any sale or transfer of any shares of Stock subject to this Award pursuant to the Company’s Claw-back Policy following the expiry of five years from the Grant Date is at least equal to the market value (for the purposes of Chapter 2, Part 7 of ITEPA) of the shares of Stock, and such sale proceeds shall be subject to the Company’s Claw-back Policy.  The Participant understands that the Participant (and not the Company or any of its Affiliates) shall be responsible for the tax and social security contribution consequences to the Participant that may arise as a result of the transactions contemplated by this Agreement, including without limitation any election under Section 430(1) of

 

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ITEPA.  The Participant acknowledges that he or she has consulted with any tax advisors he or she thinks advisable in connection with the Restricted Stock, and is not relying, and will not rely, on the Company or any Affiliate for any tax advice, including, without limitation, in relation to the Participant’s election pursuant to Section 430(1) of ITEPA.  By executing this Agreement, the Participant hereby consents to receive documents in relation to the Plan and this Award by electronic delivery, and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or by a third party designated by the Company.

 

	
SIGNED AS A DEED(7)
    	
 
    	
 
    
	
by   [NAME OF EMPLOYEE]
    	
 
    	
 
    
	
in   the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Occupation
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED AS A DEED(8)
    	
 
    	
 
    
	
by   OM ASSET MANAGEMENT plc
    	
 
    	
 
    
	
acting   by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Print   name of Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in   the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

6

 

	
Occupation
    	
 
    	
 
    

 

7

 

EXHIBIT A

 

ELECTION UNDER SECTION 430 OF

THE INCOME TAX (EARNINGS AND PENSIONS) ACT 2003

 

PART A - To be completed by the Employee

 

1.                                      BETWEEN

 

	
the Employee
    	
[·]
    	
 
    
	
whose National Insurance Number is 
    	
[·]
    	
 
    
	
 
    	
 
    	
 
    
	
And
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
the Company (who is the Employee’s employer)
    	
[·]
    	
 
    
	
of Company Registration Number
    	
[·]
    	
 
    

 

2.                                      PURPOSE OF ELECTION

 

This joint election is made pursuant to Section 430(1) Income Tax (Earnings and Pensions) Act 2003 (“ITEPA 2003”) and applies where there is a charge by reason of Section 426 ITEPA 2003 on employment-related securities by variation of the restrictions.

 

The effect of an election under Section 430(1) is to ignore any outstanding restrictions when computing the charge arising, so that additional income tax (with PAYE and NICs where the securities are readily convertible assets) will arise in computing the charge, but that no subsequent charge can arise by reason of Chapter 2 Part 7 ITEPA 2003.

 

Should the value of the securities fall following the acquisition, it is possible that any income tax/NICs which would have arisen because of any future chargeable event (in the absence of an election) would have been less than any income tax/NICs due by reason of this election.  Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is any income tax/NICs relief available if

 

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the securities acquired are subsequently transferred, forfeited or revert to the original owner.

 

3.                                      APPLICATION

 

This joint election is made not later than 14 days after the date of the chargeable event under Section 426 ITEPA 2003 to which it relates and applies to:

 

	
Number of securities
    	
·
    	
 
    
	
Description of securities
    	
Ordinary shares of £[·]each
    	
 
    
	
Name of issuer of securities
    	
OM Asset Management   plc
    	
 
    
	
Date of chargeable event
    	
·
    	
 
    
	
Nature of chargeable event
    	
·
    	
 
    

 

4.                                      DECLARATION

 

This election will become irrevocable upon the later of its signing or the occurrence of the chargeable event to which this election relates.

 

In signing this joint election, the parties agree to be bound by its terms as stated above.

 

 

	
 
    	
..
    	
      /       /     
    
	
Signature of Employee
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
..
    	
        /     /     
    
	
Signed on behalf of the Company
    	
 
    	
Date
    

 

9Exhibit 10.5

 

TRADEMARK LICENSE CONTRACT

 

Between

 

北京天华阳光投资管理有限公司

Beijing Sky Solar Investment and Management Co., Ltd.*

(as Licensor)

 

and

 

Sky Power Holdings Ltd.

(as Licensee)

 

Dated                     , 2013

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
Page
    
	
ARTICLE 1   - GENERAL PROVISIONS
    	
 
    	
2
    
	
ARTICLE 2   - DEFINITIONS
    	
 
    	
2
    
	
ARTICLE 3   - CONTENTS AND SCOPE   OF LICENSE
    	
 
    	
3
    
	
3.1
    	
LICENSE
    	
 
    	
3
    
	
3.2
    	
CONSIDERATION
    	
 
    	
3
    
	
3.3
    	
RETAINED RIGHTS
    	
 
    	
3
    
	
ARTICLE 4   - COVENANTS OF THE PARTIES
    	
 
    	
3
    
	
4.1
    	
USE BY LICENSEE
    	
 
    	
3
    
	
4.2
    	
NO IMPAIRMENT
    	
 
    	
3
    
	
4.3
    	
TRADEMARK REGISTRATION
    	
 
    	
4
    
	
4.4
    	
RECORDATION OF CONTRACT
    	
 
    	
4
    
	
ARTICLE 5   - REPRESENTATIONS; DEFENSE; THIRD PERSON INFRINGEMENT
    	
 
    	
4
    
	
5.1
    	
REPRESENTATIONS
    	
 
    	
4
    
	
5.2
    	
DEFENSE AGAINST INFRINGEMENT   CLAIMS
    	
 
    	
4
    
	
5.3
    	
THIRD PERSON INFRINGEMENT
    	
 
    	
5
    
	
ARTICLE 6   - COMPLIANCE
    	
 
    	
5
    
	
ARTICLE 7   - CONFIDENTIALITY
    	
 
    	
5
    
	
7.1
    	
CONFIDENTIALITY
    	
 
    	
5
    
	
7.2
    	
EXCEPTIONS
    	
 
    	
5
    
	
7.3
    	
MEASURES OF PROTECTION
    	
 
    	
6
    
	
7.4
    	
BREACH
    	
 
    	
6
    
	
7.5
    	
SURVIVAL
    	
 
    	
6
    
	
ARTICLE 8   - TERM, TERMINATION, BREACH
    	
 
    	
6
    
	
8.1
    	
EFFECTIVE DATE
    	
 
    	
6
    
	
8.2
    	
TERM
    	
 
    	
6
    
	
8.3
    	
TERMINATION
    	
 
    	
6
    
	
8.4
    	
UPON EXPIRATION OR TERMINATION
    	
 
    	
6
    
	
8.5
    	
CONTINUING OBLIGATIONS UPON   EXPIRATION OR TERMINATION
    	
 
    	
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8.6
    	
BREACH
    	
 
    	
7
    
	
ARTICLE 9   - GOVERNING LAW
    	
 
    	
7
    
	
ARTICLE 10   - DISPUTE RESOLUTION
    	
 
    	
7
    
	
10.1
    	
CONSULTATION
    	
 
    	
7
    
	
10.2
    	
ARBITRATION
    	
 
    	
7
    
	
ARTICLE 11   - MISCELLANEOUS 
    	
 
    	
8
    
	
11.1
    	
NO AGENCY/PARTNERSHIP
    	
 
    	
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11.2
    	
COSTS AND EXPENSES
    	
 
    	
8
    
	
11.3
    	
AMENDMENT
    	
 
    	
8
    
	
11.4
    	
WAIVER
    	
 
    	
8
    
	
11.5
    	
ASSIGNMENT AND TRANSFER
    	
 
    	
8
    
	
11.6
    	
SUB-LICENSING
    	
 
    	
8
    
	
11.7
    	
NOTICES
    	
 
    	
9
    
	
11.8
    	
HEADINGS
    	
 
    	
9
    
	
11.9
    	
SEVERABILITY
    	
 
    	
9
    
	
11.10
    	
ENTIRE AGREEMENT
    	
 
    	
9
    
	
11.11
    	
BINDING EFFECT
    	
 
    	
10
    

 

Schedule A

 

 

TRADEMARK LICENSE CONTRACT

 

ARTICLE 1 - GENERAL PROVISIONS

 

This TRADEMARK LICENSE CONTRACT, dated as of September 3, 2013, is made by and between 北京天华阳光投资管理有限公司 (Beijing Sky Solar Investment and Management Co., Ltd.*) (the “Licensor”), a corporation organized and existing under the laws of the People’s Republic of China (the “PRC”), and Sky Power Holdings Ltd. (the “Licensee”), a corporation organized and existing under the laws of the Cayman Islands.

 

WHEREAS, Licensor is willing to grant to Licensee, and Licensee is willing to obtain from Licensor, such a license on the terms and subject to the conditions hereof.

 

NOW, THEREFORE, in consideration of the premises and mutual agreements and covenants set forth herein, the Parties hereby agree as follows:

 

ARTICLE 2 - DEFINITIONS

 

As used in this Contract, the following terms shall have the following meanings:

 

2.1                     “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person; “control” (including the terms “controlled by” and “under common control with”) in this definition means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of 50% or more voting stocks, appointment of directors or by contract;

 

2.2                     “Confidential Information” has the meaning set forth in Article 7.1;

 

2.3                     “Contract” means this Trademark License Contract between Licensor and Licensee, as the same may be amended or supplemented from time to time;

 

2.4                     “Group” means Licensee and its subsidiaries;

 

2.5                     “License” has the meaning set forth in Article 3.1;

 

2.6                     “Licensee” has the meaning set forth in Article 1;

 

2.7                     “Licensed Trademarks” means the words, marks and logos that Licensee is licensed by Licensor to use hereunder, as more specifically set forth in Schedule A;

 

2.8                     “Licensor” has the meaning set forth in Article 1;

 

2.9                     “Notice” has the meaning set forth in Article 11.7;

 

2.10              “Party” means Licensor or Licensee;

 

2.11              “Parties” means collectively Licensor and Licensee;

 

2.12              “Person” means any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity or institution;

 

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2.13              “PRC” has the meaning set forth in Article 1;

 

2.14              “subsidiary” has the meaning ascribed to it in section 2 of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong); and

 

2.15              “Term” has the meaning set forth in Article 8.2.

 

ARTICLE 3 - CONTENTS AND SCOPE OF LICENSE

 

3.1                     License

 

On the terms and subject to the conditions hereof, Licensor hereby grants to Licensee non-exclusive right and license, at the Consideration set out in Article 3.2 below, to use the Licensed Trademarks in the jurisdiction(s) where the respective Licensed Trademarks were registered as set out in Schedule A for its lawful business activities during the Term hereof, specifically, in or on Licensee’s corporate name, trade name, logo, symbol, letterhead, envelopes, brochures, printed materials and on such promotional souvenirs and Licensee’s products as well as packages thereof (the “License”).

 

3.2                     Consideration

 

The annual consideration (the “Consideration”) of the License shall be the lower of:

 

(a)                       0.05% of the audited total revenue of the Group for the full financial year; and

 

(b)                       HK$ 10,000,000 .

 

and the Consideration shall be paid by Licensee to Licensor (i) on an annual basis starting from January 1, 2014, and (ii) within one month after the audited annual financial statements of the Group is issued.

 

3.3                     Retained Rights

 

Licensee shall have no right to continue to use any of the Licensed Trademarks upon any termination of this Contract for whatever reason, and all rights licensed to Licensee hereunder shall automatically revert to Licensor upon such termination.

 

ARTICLE 4 - COVENANTS OF THE PARTIES

 

4.1                     Use by Licensee

 

During the Term hereof, Licensee shall only use the Licensed Trademarks for the benefit and purpose contemplated hereby and only in such a manner as to preserve and enhance the image, reputation and goodwill of the Licensed Trademarks as well as of the Parties, in each case in accordance with the terms and conditions hereof.

 

4.2                     No Impairment

 

(a)                       Licensee shall not arbitrarily modify the texts, graphics or a combination thereof of the Licensed Trademarks or any time do, or cause or suffer to be done, any other act or thing which may impair or dilute the image, value, reputation or goodwill of the Licensed Trademarks or the effectiveness thereof as trade names, trademarks or service marks.

 

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(b)                       Licensor has the right to monitor Licensee’s quality of goods on which the Licensed Trademarks are used (including a right to inspect production and production condition) and Licensee shall guarantee the quality of such goods.

 

(c)                        Licensee shall state its company name and place of origin of goods on which the Licensed Trademarks are used.

 

4.3                     Trademark Registration

 

Unless the Licensed Trademarks have been registered in the relevant jurisdictions set forth in Schedule A, Licensor undertakes to apply for the registration of the Licensed Trademarks at its own cost, and shall maintain the registrations of the Licensed Trademarks throughout the Term hereof.

 

4.4                     Recordation of Contract

 

Upon registration of the Licensed Trademarks or, if the Licensed Trademarks have been duly registered, as soon as is practicable after the date of this Contract, Licensor shall record this Contract with the relevant regulatory authority or trademark office.  Upon written request by Licensor, Licensee shall assist Licensor in effecting the recordation of this Contract, including, but not limited to, executing and making available to Licensor any and all relevant documents, instruments or materials.

 

ARTICLE 5 - REPRESENTATIONS; DEFENSE; THIRD PERSON INFRINGEMENT

 

5.1                     Representations

 

(a)                       Licensor represents to Licensee that it is the legitimate owner of the Licensed Trademarks and has the legal right to grant to Licensee the right to use the Licensed Trademarks in accordance with the terms and conditions hereof.

 

(b)                       Licensor represents that Licensee shall be entitled to all economic benefits, directly or indirectly, arising out of the usage by Licensee of the Licensed Trademarks.

 

5.2                     Defense Against Infringement Claims

 

Licensor and Licensee shall each take various necessary and reasonable actions with a view to avoiding infringement of other Person’s intellectual property rights as a result of Licensee’s use of the Licensed Trademarks in accordance with this Contract.  To the extent possible, Licensor agrees to defend Licensee from and against third Person trademark infringement claims arising from Licensee’s use of the Licensed Trademarks in accordance herewith (the “Infringement Claims”) or direct the defense of the Infringement Claims by Licensee, subject to the following:

 

(a)                       upon the occurrence of any Infringement Claims, Licensee shall give Licensor immediate written notice thereof and afford Licensor the opportunity to defend the same, at its own expense, through counsel of its own choice, and shall not challenge the ownership right of Licensor in and to the Licensed Trademarks causing damage to Licensor’s rights with respect to the Licensed Trademarks; and

 

(b)                       Licensee shall cooperate with and assist Licensor in the defense of the Infringement Claims, including, among other things, furnishing relevant evidence and testimony necessary or helpful in such defense, or defend against such claims at the direction of Licensor, in each case at Licensee’s own expense.

 

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5.3                     Third Person Infringement

 

Licensee shall immediately notify Licensor of any possible infringement of Licensor’s rights in and to the Licensed Trademarks which comes to Licensee’s attention.  With respect to any such infringement relating to any products of Licensee, Licensee shall use its best efforts to assist and cooperate fully with Licensor in investigating, stopping, pursuing and prosecuting any infringers of the Licensed Trademarks by all administrative and/or judicial means available (including, but not limited to, participating in Licensor’s prosecution).  If the lawsuit or the administrative action, as the case may be, is successful, the award shall first be used to reimburse Licensee for its expenses incurred in the lawsuit or the administrative action, and the remainder shall belong to Licensor.

 

ARTICLE 6 - COMPLIANCE

 

Licensee shall be solely responsible for complying with all laws, rules and regulations applicable to the manufacture, labeling, government registration, transportation, performance and/or use of any products Licensee produces using any of the Licensed Trademarks in accordance with Article 3.1 above.

 

ARTICLE 7 - CONFIDENTIALITY

 

7.1                     Confidentiality

 

During the Term of this Contract, each Party may disclose to the other Party confidential or proprietary information or other confidential matters (collectively, the “Confidential Information”).  With respect to its Confidential Information disclosed hereunder, each Party shall indicate as such to the extent possible.  Any Party receiving any Confidential Information from the other Party shall:

 

(a)                       maintain the confidentiality of the Confidential Information;

 

(b)                       limit access to the Confidential Information to only those of its officers, directors, and employees as are necessary for the implementation of this Contract;

 

(c)                        not disclose, convey, assign, transfer, license or deliver, directly or indirectly, to any other Person any Confidential Information; and

 

(d)                       not use any of the Confidential Information for any purpose other than for the implementation of this Contract.

 

7.2                     Exceptions

 

The restrictions provided for in Article 7.1 regarding non-disclosure shall not apply to:

 

(a)                       confidential communications between Licensor and Licensee and any members of their corporate groups in which they hold controlling interests (i.e. interests of 30% or more in the relevant company’s share capital), professional advisors or bankers that are under an equivalent obligation of confidentiality for the purpose of implementing this Contract;

 

(b)                       disclosure required to be made by applicable law or regulatory requirements (including the requirements of an international stock exchange);

 

(c)                        information which has become public knowledge through no fault of either Party; and

 

(d)                       any information which was disclosed to the receiving Party in good faith by a third Person who is not subject to any obligation of confidentiality.

 

5

 

7.3                     Measures of Protection

 

Each of the Parties shall advise its directors, officers and employees having access to any Confidential Information of the existence and the requirements of Article 7.1 and formulate rules and regulations to cause its directors, officers and employees and the directors, officers and employees of its Affiliates to comply with the confidentiality obligations set forth in Article 7.1.  The Parties shall sign a confidentiality agreement with each of its directors, officers and employees who may have access to any Confidential Information.

 

7.4                     Breach

 

If, without the prior written consent of the Party providing the Confidential Information, any Party discloses or permits or suffers to be disclosed any Confidential Information to any unauthorized third Person, such Party shall be in breach of this Contract and shall indemnify and hold the other Party harmless in accordance with Article 8.6(b) of this Contract, and the Party providing the Confidential Information shall have the right to terminate this Contract.

 

7.5                     Survival

 

The obligations of the Parties under this Article shall survive the expiration or any termination of this Contract for an additional period of six (6) years (unless the Parties agree in writing to a longer period) and shall continue to be binding during such additional period on the Parties and their respective successors and permitted assigns.

 

ARTICLE 8 - TERM, TERMINATION, BREACH

 

8.1                     Effective Date

 

Upon execution hereof by the duly authorized representatives of the Parties, this Contract shall become effective as of the date of this Contract.

 

8.2                     Term

 

This Contract, unless earlier terminated pursuant to the terms and conditions hereof, shall continue in full force and effect for a period consistent with the validity period of the trademark registrations of the Licensed Trademarks (as renewed, as applicable) (the “Term”).

 

8.3                     Termination

 

This Contract may be terminated by mutual written agreement of both Parties but may not be unilaterally terminated by Licensor.

 

8.4                     Upon Expiration or Termination

 

If this Contract expires or terminates for any reason in accordance herewith, Licensee shall (a) immediately cease using the Licensed Trademarks, (b) within fifteen (15) business days of the Licensor’s notice after the expiration or termination, return to Licensor or destroy, at Licensor’s option and at Licensee’s expense, any physical embodiments of the Licensed Trademarks, including, but not limited to, letterhead, envelopes, brochures, promotional information, printed materials and product packages (if any), and (c) shall not use at any time on any products or otherwise any word or term in any language, any symbol or label which may be deemed similar to any of the Licensed Trademarks.

 

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8.5                     Continuing Obligations Upon Expiration or Termination

 

Upon expiration or termination of this Contract, neither Party shall have any further obligation to the other hereunder, but the expiration or termination shall not excuse either Party from (a) liabilities for a breach of this Contract, (b) obligations provided in Article 7, (c) obligations which by their terms are to be performed after the expiration or termination of this Contract and/or (d) any obligations or liabilities arising prior to or in connection with the expiration or termination.

 

8.6                     Breach

 

(a)                       A Party shall be in breach of this Contract if it fails to perform fully, or suspends its performance of, any of its material obligations under this Contract.  In the event of a breach of this Contract by either Party, and if such Party fails to correct such breach within thirty (30) days of its receipt of a written notice thereof from the other Party, the other Party shall have the right to terminate this Contract.

 

(b)                       If the non-breaching Party suffers any cost, liability or loss in connection with a breach of this Contract, the Party in breach shall indemnify and hold the non-breaching Party harmless in respect of any such cost, liability or loss incurred by the non-breaching Party, including, without limitation, interest paid or lost as a result of such breach, and reasonable attorneys’ fees and expenses.

 

ARTICLE 9 - GOVERNING LAW

 

The formation of this Contract, its validity, interpretation, execution and settlement of any disputes arising hereunder shall be governed by and constructed in accordance with the laws of the PRC.

 

ARTICLE 10 - DISPUTE RESOLUTION

 

10.1              Consultation

 

If a dispute arises from or in connection with this Contract, the Parties shall attempt in the first instance to resolve such dispute amicably through friendly consultation between the Parties.  The claiming Party shall promptly notify the other Party in a dated notice that a dispute has arisen and describe the nature of the dispute.

 

10.2              Arbitration

 

(a)                       If no settlement can be reached through such consultation within thirty (30) days after the date of such notice of dispute referred to in Article 10.1 above, the dispute shall be submitted to the Beijing Arbitration Committee in the PRC for arbitration.

 

(b)                       The arbitral award shall be final and binding upon the Parties and enforceable by any court having jurisdiction for this purpose.

 

(c)                        The Parties shall use their best efforts to effect the prompt execution of any such award and shall render whatever assistance as may be necessary to this end.  The arbitral award shall be enforced by any court of competent jurisdiction, if necessary.

 

(d)                       The losing Party shall be responsible for the costs of arbitration, including the fees of the arbitrators, the expenses of the arbitration proceedings and all costs and expenses of enforcement of any arbitral award.  The arbitration tribunal shall take reasonable attorneys’ fees and expenses into consideration in rendering any arbitral award in respect of such fees and expenses.

 

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ARTICLE 11 - MISCELLANEOUS

 

11.1              No Agency/Partnership

 

Nothing in this Contract shall be construed so as to constitute either Party hereto the agent or partner of the other.  On no account may a Party create on behalf of the other Party (or hold itself out to a third Person as being able to create) any binding obligation without the prior written consent of the other.

 

11.2              Costs and Expenses

 

Each Party shall bear its own costs (including attorney’s fees) and expenses incurred in the preparation and execution of this Contract.

 

11.3              Amendment

 

Any amendments or modification to this Contract shall be effective only after a written amendment agreement is signed by the Parties, and Licensor shall record such amendment with the registration authorities.

 

11.4              Waiver

 

No delay or failure by either Party hereto to exercise any of its powers, rights or remedies under this Contract shall operate as a waiver of any of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other.  Any waiver by any Party of any provisions of this Contract shall not be construed as a waiver of any other provision of this Contract, nor shall such waiver be construed as a waiver of such provision with respect to any other event or circumstances, whether past, present or future.  Further, the remedies provided for in this Contract are cumulative and not exclusive of any provided for by law.

 

11.5              Assignment and Transfer

 

Subject to Article 11.6, neither this Contract nor any of the rights and obligations arising hereunder may be assigned or transferred by either Party and any such purported assignment shall be null and void except that Licensor may assign this Contract and the rights and obligations arising hereunder to any of its Affiliates, provided that such Affiliate shall have the ability to continue to perform this Contract and Licensor shall inform Licensee of such assignment in advance.  Subject to the foregoing, all covenants, agreements, representations and indemnities contained in this Contract shall bind and inure to the benefit of the successors or permitted assigns.  Unless expressly provided by Article 11.6 and operated thereunder, Licensee shall have no right, and shall not attempt, to sub-license, convey or pledge any of the Licensed Trademarks licensed hereunder to any third Person (including its Affiliates).

 

11.6                        Sub-licensing

 

Licensee shall have the right to grant to its Subsidiaries and Affiliates a non-exclusive sub-license of any of its rights under this Contract, provided that (a) Licensee shall ensure that the terms of any non-exclusive sub-license are in writing and are substantially the same as the terms of this Contract (except that the sub-licensee shall not have the right to sub-license its rights) and Licensee shall provide Licensor with a copy of the non-exclusive sub-license on request; and (b) all non-exclusive sub-licenses granted shall terminate automatically on termination or expiry of this Contract.

 

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11.7                        Notices

 

Notices and communications between the Parties hereunder (each a “Notice”) shall be in writing and shall be sent by personal delivery, prepaid airmail, prepaid air courier or facsimile to the Parties’ addresses set forth below.  Any Notice given by personal delivery shall be deemed to have been received on the date of receipt; any Notice given by airmail shall be deemed to have been received fifteen (15) days after it is sent; any Notice given by air courier shall be deemed to have been received ten (10) days after it is delivered to an air courier agent; and any Notice given by facsimile shall be deemed received after electronic answerback has been received and twenty-four (24) hours have elapsed at the place of the Party receiving such notice.

 

(a)                       in the case of Licensor to:

 

	
Address:
    	
 
    	
Room 1202-1207, North Real Estate Building,   No. 81 Zizhuyuan Road, Haidian District, Beijing 100089, China
    
	
Facsimile:
    	
 
    	
+86-10 85670998
    
	
Attention:
    	
 
    	
Ms. CHEN Li
    

 

(b)                       in the case of Licensee to:

 

	
Address:
    	
 
    	
17F, GIFC II, 1438 Hongqiao Road, Shanghai   200336, China
    
	
Facsimile:
    	
 
    	
+86-21 61638808
    
	
Attention:
    	
 
    	
Mr. Andrew   Wang
    

 

During the Term of this Contract, either Party may change its address from time to time, provided that it shall notify the other Party of such change promptly in writing.

 

11.8                        Headings

 

The headings in this Contract are inserted for the convenience of reference only and shall not constitute part of this Contract or be taken into consideration in the interpretation or construction of this Contract.

 

11.9                        Severability

 

If any term or provision of this Contract shall be held to be invalid or unenforceable in whole or in part under any applicable law, it shall be excluded from this Contract (to the extent of such invalidity or unenforceability only), and all other terms and provisions of this Contract shall continue to be in full force and effect.  Under such circumstances, the Parties shall use their best efforts to implement both the letter and spirit of this Contract and replace the invalid or unenforceable term or provision with a valid and enforceable term or provision that corresponds as far as possible to the spirit and purpose of the invalid or unenforceable term or provision.

 

11.10                 Entire Agreement

 

This Contract, with its Schedule, constitutes the entire agreement between the Parties with respect to the subject matter, and supersedes all previous oral or written agreements, contracts, letters of intent, undertakings and communications between the Parties in respect of the subject matter of this Contract.  The Schedule hereto shall form an integral part of this Contract and shall be construed accordingly.

 

9

 

11.11                 Binding Effect

 

This Contract shall constitute valid and binding obligations of both Parties, and the Parties shall perform all their respective obligations under this Contract strictly in accordance with the provisions hereof.

 

10

 

IN WITNESS WHEREOF, the Parties have caused this Contract to be executed in three originals by their representatives, duly authorized hereunto, on the date first above written in Shanghai, the PRC.

 

 

	
北京天华阳光投资管理有限公司
    	
 
    	
Sky Power Holdings Ltd.
    
	
Beijing   Sky Solar Investment & Management Co., Ltd.*
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    	
By:
    	
/s/   Amy Zhang
    
	
Name:
    	
Weili Su
    	
 
    	
Name:
    	
Amy   Zhang
    
	
Title:
    	
 
    	
 
    	
Title:
    	
 
    

 

* For identification purpose only.

 

 

SCHEDULE A

 

The Licensed Trademarks

 

The United States of America

 

	
Trademark
    	
 
    	
Class
    	
 
    	
Trademark No.
    	
 
    	
Expiry Date
    
	

    	
 
    	
9, 36, 37, 40, 42
    	
 
    	
4,058,607
    	
 
    	
November 22,   2021
    
	

    	
 
    	
9, 36, 37, 40, 42
    	
 
    	
4,058,608
    	
 
    	
November 22,   2021
    

 

Saudi Arabia

 

	
Trademark
    	
 
    	
Class
    	
 
    	
Trademark No.
    	
 
    	
Expiry Date
    
	

    	
 
    	
4, 36
    	
 
    	
160855
    160856
    	
 
    	
July 22, 2020
    

 

Egypt

 

	
Trademark
    	
 
    	
Class
    	
 
    	
Trademark No.
    	
 
    	
Expiry Date
    
	

    	
 
    	
4, 36
    	
 
    	
253236
    	
 
    	
September 6, 2020
    

 

Chile

 

	
Trademark
    	
 
    	
Class
    	
 
    	
Trademark No.
    	
 
    	
Expiry Date
    
	

    	
 
    	
4, 36
    	
 
    	
928.806, 927.555
    	
 
    	
August 22, 2021
    

 

Argentina

 

	
Trademark
    	
 
    	
Class
    	
 
    	
Trademark No.
    	
 
    	
Expiry Date
    
	

    	
 
    	
4, 36
    	
 
    	
3,046,090
    3,046,091
    	
 
    	
November 25, 2020

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