Document:

Exhibit 10.11

 

This Share Exchange Agreement (this “Agreement”) is entered into on September 12, 2013

 

BETWEEN:

 

(1)                                 The persons whose names and addresses are set forth in Schedule 1 hereto (the “Shareholders”);

 

(2)                                 Sky Solar Holdings Co., Ltd., a company organized under the laws of the Cayman Islands (“SSH”); and

 

(3)                                 Sky Power Group Ltd., a company organized under the laws of the Cayman Islands (“SPG”).

 

RECITALS:

 

(A)                               The Shareholders are shareholders of SSH and SPG is a wholly-owned subsidiary of SSH.

 

(B)                               SSH desires to repurchase certain ordinary shares and preferred in SSH held by the Shareholders in consideration for the issuance of certain ordinary shares and preferred in SPG, and the Shareholders desire to acquire shares in SPG in consideration for shares in SSH.

 

OPERATIVE PROVISIONS

 

1.                                      Agreement to Sell and Purchase Shares

 

1.1.                            On and subject to the terms of this Agreement, each Shareholders hereby agrees to sell to SSH, and SSH hereby agrees to purchase from such Shareholder, free from any and all encumbrances, the shares in SSH set forth opposite such Shareholder’s name in Schedule 1 (the “SSH Shares”).  The consideration payable by SSH to each Shareholder for such Shareholder’s SSH Shares shall be the issue and allotment by SPG to such Shareholder the shares in SPG set forth opposite such Shareholders’ name in Schedule 1 (the “SPG Shares”), credited as fully paid.

 

1.2.                            Schedule 2 hereto sets forth the capitalization table of SPG immediately following the completion.

 

2.                                      Completion

 

2.1.                            Completion shall take place at the offices of SSH’s principal place of business immediately after execution of this Agreement. For the avoidance of doubt, Completion is conditioned upon the execution and effectiveness of (i) that certain registration rights agreement, dated on or about the date hereof, among SPG and the shareholders named therein, which replaces the prior registration rights agreement among SSH and the shareholders named therein, and (iii) that certain shareholders’ agreement, dated on or

 

 

about the date hereof, among SPG and the shareholders named therein, which replaces the prior shareholders’ agreement among SSH and the shareholders named therein.

 

2.2.                            At completion:

 

(a)                                 each Shareholder shall deliver to SSH a duly executed instrument of share transfer regarding the SSH Shares held by such Shareholder in favor of SSH; and

 

(b)                                 SPG shall issue and allot SPG Shares, credited as fully paid, to each Shareholder as set forth in Clause 1.1 above;

 

3.                                      Warranties and Covenants

 

3.1.                            Each of SSH and SPG hereby represents and warrants to and agrees with the Shareholders that (i) it has full power and authority and has obtained all necessary consents waivers and consents to enter into and perform its obligations under this Agreement and any agreement to be entered into by it as herein mentioned, and (ii) immediately following completion of the transactions contemplated hereunder, other than a 49% interest in China New Era International Limited (the book value of which is zero), SPG will directly or indirectly own any and all assets and properties that are directly or indirectly owned by SSH through SPG immediately prior to completion of the transactions contemplated hereunder; and

 

3.2.                            Each Shareholder hereby represents warrants and undertakes to SSH and SPG that

 

(a)                                 such Shareholder has full power and authority and has obtained all necessary consents waivers and consents to enter into and perform the obligations to be performed by such Shareholder under this Agreement and any agreement to be entered into by such Shareholder as herein mentioned; and

 

(b)                                 such Shareholder is the sole legal and beneficial owner of the number of SSH Shares set forth opposite such Shareholder’s name in Schedule 1 hereto, in each case free from any and all encumbrances.

 

4.                                      Survival of Agreement

 

This Agreement (and in particular the warranties representations covenants agreements and undertakings of the Shareholders hereunder) shall, insofar as the terms hereof remain to be performed or are capable of subsisting, remain in full force and effect after and notwithstanding completion.

 

5.                                      Successors and Assigns

 

This Agreement shall not be assignable by the Shareholders (save as expressly permitted herein) but shall be binding upon and enure for the benefit of each party’s successors in title.

 

 

6.                                      General

 

6.1.                            Each party hereto agrees to perform any further acts and execute and deliver any document  that may be reasonably necessary to carry out the intent of this Agreement.

 

6.2.                            This Agreement shall bind and inure to the benefit of the successors and assigns of the parties hereto.

 

6.3.                            This Agreement may be amended at any time by the written agreement and consent of the parties hereto.

 

6.4.                            This Agreement shall be governed by and construed in accordance with the laws of Hong Kong Special Administrative Region (“Hong Kong”), without regard to conflict of law provisions.  The parties hereto hereby submit to the non-exclusive jurisdiction of the courts of Hong Kong.

 

6.5.                            This Agreement, including such other agreements referred to herein, constitutes the entire agreement and understanding among the parties pertaining to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, relating thereto.

 

6.6.                            Introductory headings at the beginning of each clause of this Agreement are solely for the convenience of the parties and shall not be deemed to be a limitation upon or description of the contents of any such clause.  The use of the word “including” in this Agreement will be by way of example rather than by limitation.

 

6.7.                            This Agreement may be executed in counterparts, which, when taken together, shall constitute one and the same instrument.

 

 

IN WITNESS whereof this Agreement has been duly executed by each of the parties the day and year first before written.

 

 

	
SSH:
    	
 
    
	
 
    	
 
    
	
Sky   Solar Holdings Co., Ltd.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name:
    	
Weili Su
    	
 
    
	
Title:
    	
Director
    	
 
    

 

 

	
SPG:
    	
 
    
	
 
    	
 
    
	
Sky   Power Group Ltd.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name:
    	
Weili Su
    	
 
    
	
Title:
    	
Director
    	
 
    

 

 

IN WITNESS whereof this Agreement has been duly executed by each of the parties the day and year first before written

 

Shareholders:

 

 

	
FLASH BRIGHT POWER LTD.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name:
    	
Weili Su
    	
 
    
	
Title:
    	
Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
JOLMO SOLAR CAPITAL LTD
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Xiaoguang Duan
    	
 
    
	
Name:
    	
Xiaoguang Duan
    	
 
    
	
Title:
    	
Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SOLAR EMPIRE GROUP LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Jinchao Zhang
    	
 
    
	
Name:
    	
Jinchao Zhang
    	
 
    
	
Title:
    	
Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
ECO-ENERGY GROUP LTD
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Wei Liu
    	
 
    
	
Name:
    	
Wei Liu
    	
 
    
	
Title:
    	
Director
    	
 
    

 

 

	
/s/ Hong Chen
    	
 
    
	
HONG CHEN
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Ronghui Zhang
    	
 
    
	
RONGHUI ZHANG
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Rui Chen
    	
 
    
	
RUI CHEN
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MANFUL WORLDWIDE LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
 
    	
 
    
	
Name: Weili Su
    	
 
    
	
Title: Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Shubin Zhang
    	
 
    
	
SHUBIN ZHANG
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Wei Liu
    	
 
    
	
WEI LIU
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Li Chen
    	
 
    
	
LI CHEN
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Zongmeng Yang
    	
 
    
	
ZONGMENG YANG
    	
 
    
			

 

 

	
/s/ Minquan Fu
    	
 
    
	
MINQUAN FU
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
KEY POINT SUCCESS   LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name: Weili Su
    	
 
    
	
Title: Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SUNKEEN   CONSULTANTS LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name: Weili Su
    	
 
    
	
Title: Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TRUMP MASTER   ENTERPRISES LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Weili Su
    	
 
    
	
Name: Weili Su
    	
 
    
	
Title: Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Weili Su
    	
 
    
	
Harvest Element   Corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Weili Su
    	
 
    
	
Nexus Prosperity   Limited
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Jing Kang
    	
 
    
	
JING KANG
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
CITYLAND   INVESTMENT INNOVATIONS LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Tiantian Jiang
    	
 
    
	
Name: Tiantian Jiang
    	
 
    
	
Title: Director
    	
 
    

 

 

	
IDG-ACCEL CHINA CAPITAL L.P.
    	
 
    
	
By: IDG-Accel China Capital Associates L.P.,   its General Partner
    	
 
    
	
By: IDG-Accel China Capital GP Associates   Ltd., its General Partner
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Chi Sing Ho
    	
 
    
	
Name: Chi Sing Ho
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
IDG-ACCEL CHINA CAPITAL INVESTORS L.P.
    	
 
    
	
By: IDG-Accel China Capital Associates   L.P., its General Partner
    	
 
    
	
By: IDG-Accel China Capital GP Associates   Ltd., its General Partner
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Chi Sing Ho
    	
 
    
	
Name: Chi Sing Ho
    	
 
    
	
Title: Authorized Signatory
    	
 
    

 

 

	
CES HOLDING LTD.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Xiaoguang Duan
    	
 
    
	
Name: Xiaoguang Duan
    	
 
    
	
Title: Authorized Signatory
    	
 
    
			

 

 

	
SINO-CENTURY HX INVESTMENTS LIMITED
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Hao Wu
    	
 
    
	
Name: Hao Wu
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
PERMAL SELECT OPPORTUNITIES LTD.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Judy Tchou
    	
 
    
	
Name: Judy Tchou
    	
 
    
	
Title: Authorized SignatoryExhibit 10.12

 

NOVATION AGREEMENT

 

This Novation (this “Agreement”) is entered into as of September 12, 2013 by and among Sky Solar Holdings Co., Ltd., a company organized under the laws of the Cayman Islands (“SSH”), Sky Power Group Ltd., a company organized under the laws of the Cayman Islands (“SPG”) and the persons whose names and addresses are set forth in Schedule 1 hereto (the “Noteholders”).

 

WHEREAS, pursuant to convertible promissory note purchase agreements by and between the Company and the undersigned dated as of May 30, 2013 (the “Note Purchase Agreements”), SSH issued convertible notes with principal amounts set forth opposite each Noteholder’s name in Schedule 1 (the “Notes”);

 

WHEREAS, SSH, SPG and certain shareholders of SSH intend to enter into a share exchange agreement (the “Share Exchange Agreement”) in the form in Exhibit 1 hereto and effect a restructuring contemplated under such agreement; and

 

WHEREAS, SSH, SPG and the Noteholders desires to effect a novation of the Note Purchase Agreements and the Notes whereby SPG substitutes SSH as a party to the Note Purchase Agreements and issuer of the Notes and SSH is released from its obligations under the Note Purchase Agreements and the Notes;

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.                                      Novation and Acceptance.  SSH hereby effects a novation of the Note Purchase Agreements and the Notes to substitute SPG for SSH as party to such the Note Purchase Agreements and issuer of the Notes (the “Novation”), each Noteholder hereby consents to such Novation and hereby releases SSH from all of its duties and obligations under the Note Purchase Agreements and the Notes, and SPG hereby accepts the Novation and hereby releases SSH from all of its duties and obligations under Note Purchase Agreements and the Notes and assumes all rights, duties and obligations of SSH under such documents.

 

2.                                      Corporate Structure after Restructuring.  The corporate structure of the Company, SPG and the subsidiaries of SPG is set forth in Exhibit 2 hereto.  Each of SSH and SPG represents and warrants that, upon Completion, SPG shall own all of the assets and liabilities of SSH, except for the 49% interest in China New Era International Limited, the book value of which is zero.  Each of SSH and SPG acknowledges and agrees that the Noteholders are relying on this representation in consenting to the Novation, and that the accuracy of such representation is a condition of the Novation.

 

3.                                      General

 

(a)                                 Each party hereto agrees to perform any further acts and execute and deliver any document that may be reasonably necessary to carry out the intent of this Agreement.

 

(b)                                 This Agreement shall bind and inure to the benefit of the successors and assigns of the parties hereto.

 

 

(c)                                  This Agreement may be amended at any time by the written agreement and consent of the parties hereto.

 

(d)                                 This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of law provisions.  The parties hereto hereby submit to the non-exclusive jurisdiction of the courts of Hong Kong Special Administrative Region.

 

(e)                                  This Agreement, including such other agreements referred to herein, constitutes the entire agreement and understanding among the parties pertaining to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, relating thereto.

 

(f)                                   Introductory headings at the beginning of each clause of this Agreement are solely for the convenience of the parties and shall not be deemed to be a limitation upon or description of the contents of any such clause.  The use of the word “including” in this Agreement will be by way of example rather than by limitation.

 

(g)                                  This Agreement may be executed in counterparts, which, when taken together, shall constitute one and the same instrument.

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Novation Agreement to be executed as of the day and year first above written.

 

 

	
 
    	
SKY SOLAR HOLDINGS CO., LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Weili Su
    
	
 
    	
Name: Weili Su
    
	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SKY POWER GROUP LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Weili Su
    
	
 
    	
Name: Weili Su
    
	
 
    	
Title: Director
    

 

 

	
/s/ Xu Hao
    	
 
    
	
Xu Hao
    	
 
    
	
 
    	
 
    
	
/s/ Mei Min
    	
 
    
	
Mei Min
    	
 
    
	
 
    	
 
    
	
Teamking Group (Hong Kong) Company Limited
    	
 
    
	
By:
    	
/s/ Huifang Xie
    	
 
    
	
Name: Huifang Xie
    	
 
    
	
Title: Director
    	
 
    
	
 
    	
 
    
	
/s/Lixuan Yang
    	
 
    
	
Lixuan Yang
    	
 
    
	
 
    	
 
    
	
/s/Liang Zhang
    	
 
    
	
Liang Zhang
    	
 
    
	
 
    	
 
    
	
/s/ Chenming Bao
    	
 
    
	
Chenming Bao
    	
 
    
	
 
    	
 
    
	
PERMAL INVESTMENT PARTNERS, L.P.
    	
 
    
	
 
    	
 
    
	
By: Permal GP LLC, its General Partner
    	
 
    
	
By: Permal Asset Management LLC, sole   member of Permal GP LLC
    	
 
    
	
By:
    	
/s/ Judy Tchou
    	
 
    
	
Name: Judy Tchou
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
PERMAL SELECT OPPORTUNITIES II, LTD.
    	
 
    
	
 
    	
 
    
	
By: Permal Asset Management LLC, its
    	
 
    
	
Financial Services Adviser
    	
 
    
	
By:
    	
/s/ Judy Tchou
    	
 
    
	
Name: Judy Tchou
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
GUERNROY LIMITED A/C G2077675
    	
 
    
	
 
    	
 
    
	
By: Permal Asset Management LLC, Manager of   the Account
    	
 
    
	
By:
    	
/s/ Robert Kaplan
    	
 
    
	
Name: Robert Kaplan
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
IDG-ACCEL CHINA   CAPITAL L.P.
    	
 
    
	
By: IDG-Accel China Capital Associates L.P.,   its General Partner
    	
 
    
	
By: IDG-Accel China Capital GP Associates   Ltd., its General Partner
    	
 
    

 

4

 

	
By:
    	
/s/ Chi Sing Ho
    	
 
    
	
Name: Chi Sing Ho
    	
 
    
	
Title: Authorized Signatory
    	
 
    
	
 
    	
 
    
	
IDG-ACCEL CHINA   CAPITAL INVESTORS L.P.
    	
 
    
	
By: IDG-Accel China Capital Associates   L.P., its General Partner
    	
 
    
	
By: IDG-Accel China Capital GP Associates   Ltd., its General Partner
    	
 
    
	
By:
    	
/s/ Chi Sing Ho
    	
 
    
	
Name: Chi Sing Ho
    	
 
    
	
Title: Authorized Signatory
    	
 
    

 

[End of the Agreement]

 

[A schedule containing the identities of noteholders and their corresponding note amounts, an exhibit of the share exchange agreement (which has been filed as Exhibit 10.11 to this Registration Statement) and an exhibit of the corporate structure have been omitted. The Company agrees to furnish supplementally a copy of such information to the Commission upon request.]

 

5

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