Document:

rere-ex441_87.htm

Exhibit 4.41

 

EQUITY TRANSFER AGREEMENT

 

This Equity Transfer Agreement (this “Agreement”) is entered into as of March 31, 2022 (the “Execution Date”) by and among:

 

	
 
	
(1)
	
Xuefeng CHEN, a PRC natural person with PRC ID number of ***;

 

	
 
	
(2)
	
Wenjun SUN, a PRC natural person with PRC ID number of ***;

 

	
 
	
(3)
	
Xianxing HUANG, a Hong Kong natural person with Exit-Entry Permit Number for Travelling to and from Hong Kong and Macao of *** (together with Xuefeng CHEN and Wenjun SUN, collectively the “Transferors”);

 

	
 
	
(4)
	
Shanghai Aihui Trading Co., Ltd., a wholly foreign-owned enterprise duly incorporated and validly existing under the laws of the PRC (Unified Social Credit Code: 913100000512489464) with its registered address at Room 611, Building 1, 1616 Changyang Road, Yangpu District, Shanghai (the “Transferee”). 

 

(The Transferor and the Transferee shall be referred to individually as a “Party” and collectively as the “Parties”.)

 

WHEREAS:

 

	
 
	
(1)
	
The Transferors are shareholders of Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (a limited liability company duly incorporated and validly existing under the laws of the PRC (Unified Social Credit Code: 913101105559290751) with its registered address at Room 1101-1103, No. 433 Songhu Road, Yangpu District, Shanghai (the “Company”));

 

	
 
	
(2)
	
For the purpose of implementing the equity restructuring of the Company, the Parties intend to enter into this Agreement to provide for the transfer of 100% equity interest held by the Transferors in the Company (representing RMB50 million of the registered capital of the Company, the “Equity Interest”) to the Transferee pursuant to this Agreement, and the Transferee intends to accept the transfer of the Equity Interest pursuant to this Agreement. 

 

NOW, THEREFORE, based on the principles of equality and mutual benefit and through friendly consultations, the Parties have agreed as follows:

 

1Equity Transfer

 

	
1.1.
	
Equity Transfer. The Transferors intend to transfer a total of 100% equity interest in the Company (representing RMB50 million of the registered capital of the Company) to the Transferee pursuant to this Agreement for a consideration of RMB21.52million and the Transferee intends to accept the Equity Interest (the “Equity Transfer”), among which:

 

	
 
	
(a)
	
Xuefeng CHEN shall transfer his 72.3425% equity interest in the Company (representing o RMB36,171,239 of the registered capital of the Company) to the Transferee for a consideration of RMB 15,568,101.27;

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(b)
	
Wenjun SUN shall transfer his 26.6575% equity interest in the Company (representing RMB13,328,761 of the registered capital of the Company) to the Transferee for a consideration of RMB 5,736,698.73;

 

	
 
	
(c)
	
Xianxing HUANG shall transfer his 1% equity interest in the Company (representing RMB500,000 of the registered capital of the Company) to the Transferee for a consideration of RMB 215,200.00.

 

	
1.2.
	
Change of Registration. The Parties shall cooperate with the Company in completing the change of registration procedures. (the “Change of Registration Procedures”) with the competent administration of market regulation regarding the Equity Transfer. 

 

	
1.3.
	
Closing of Equity Transfer. The closing of the Equity Transfer (the “Closing”) shall take place on the date hereof (the “Closing Date”). Upon the Closing, the Transferors shall cease to have the rights and obligations as shareholders with respect to the Equity Interest and the Transferee shall become the holder of the Equity Interest and assume all rights, interests, liabilities and obligations as a shareholder of the Company under laws and regulations, the articles of association, this Agreement and other relevant agreements. 

 

	
1.4.
	
Payment of Transfer Price. The Transferee shall pay the Equity Purchase Price to the Transferors at the time otherwise agreed by the relevant parties. 

 

2Representations, Warranties and Covenants

 

	
2.1
	
Each Transferor respectively represents and warrants to the Transferee that as of the Execution Date and the Closing Date:

 

	
 
	
(a)
	
Such Transferor has full civil capacity, legal capacity and/or authority to execute, deliver and perform this Agreement;

 

	
 
	
(b)
	
The execution, delivery and performance of this Agreement by such Transferor have been duly authorized by all requisite actions on its part;

 

	
 
	
(c)
	
Such Transferor lawfully owns the Equity Interest and has full and undisputed ownership and right to dispose of the Equity Interest, and no portion of the Equity Interest is subject to any third party rights (including, without limitation, lien, pledge or any other security interest or any statutory or contractual restrictions on transfer) or other encumbrances;

 

	
 
	
(d)
	
Neither the due execution and delivery of this Agreement nor the complete performance by such Transferor of his obligations hereunder will violate or conflict with the terms or conditions of any material contracts, undertakings or other obligations to which it is a party or by which it is bound, or violate any applicable laws, or otherwise constitute or result in a breach or default of such terms or conditions or a violation of such laws upon any notice or lapse of time, or both, which would otherwise constitute or result in a breach or default of such terms or conditions or a violation of such laws. 

 

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2.2
	
The Transferee represents and warrants to the Transferors that as of Execution Date and the Closing Date:

 

	
 
	
(a)
	
The Transferee has full civil capacity, legal capacity and/or authority to execute, deliver and perform this Agreement;

 

	
 
	
(b)
	
The execution, delivery and performance of this Agreement by the Transferee have been duly authorized by all requisite actions on its part;

 

	
 
	
(c)
	
Neither the due execution and delivery of this Agreement nor the full performance by the Transferee of its obligations hereunder will violate or conflict with the terms or conditions of any material contracts, undertakings or other obligations signed by the Transferee or by which it is bound, or violate any applicable laws, or otherwise constitute or result in a breach or default of such terms or conditions or a violation of such laws upon any notice or lapse of time or both. 

 

	
2.3
	
The Parties undertake to provide cooperation as soon as practicable, including taking all necessary actions and executing all necessary documents, so as to complete the Equity Transfer and other obligations under this Agreement. 

 

3Effectiveness, Supplement, Amendment, Modification and Termination

 

	
3.1
	
This Agreement may be amended or modified by the Parties through consultation. Any amendment or modification shall be made in writing and become effective upon execution by the Parties. 

 

	
3.2
	
This Agreement may be terminated by the Parties through consultation in writing. 

 

4Confidentiality

 

	
4.1.
	
Any information relevant to the Equity Transfer (including the existence of this Agreement and other transaction documents relating to this Agreement) is regarded as confidential information. Except for the circumstances provided for in Article 4.2, each Party shall not disclose the confidential information to any third parties, except for disclosure to its affiliates, directors, employees, and professional counsels of such Party and its affiliates; provided, however, that the disclosing Party shall be advised of the confidentiality of such information and shall be required to comply with the obligation of confidentiality. 

 

	
4.2.
	
If the disclosure of the Equity Transfer is required by mandatory requirements of laws, the disclosing Party shall, at a reasonable time prior to such disclosure or filing, consult with the other Parties regarding the status of such disclosure or filing, limit the disclosure to the minimum extent required by laws, and use all reasonable efforts to seek from the requesting Party an undertaking of confidentiality in respect of such disclosure. 

 

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5Liability for Breach and Indemnification

 

	
5.1.
	
Each Party shall strictly abide by the provisions of this Agreement. Each of the following events shall constitute an event of default:

 

	
 
	
(a)
	
If any Party to this Agreement fails to perform or fails to duly and fully perform its material obligations or undertakings set forth in this Agreement;

 

	
 
	
(b)
	
If any representation or warranty made by any Party in this Agreement is or becomes untrue, inaccurate or incomplete in any material aspect. 

 

	
5.2.
	
Any Party in breach of this Agreement (the “Breaching Party”) shall indemnify the other Parties (the “Non-Breaching Party”) and their respective successors, affiliates, directors, employees, agents and representatives (together with the Non-Breaching Party, the “Indemnified Party”) against all losses actually suffered by them as a result of the breach or foreseeable at the time of the execution of this Agreement. The Breaching Party shall indemnify and hold harmless the Indemnified Party from and against all losses actually suffered by them as a result of the breach. If the Breaching Party breaches the provisions of this Agreement, in addition to other rights under this Agreement, the Non-Breaching Party shall have the right to request the Breaching Party to perform its obligations or exercise its other rights at laws. 

 

6Governing Law and Dispute Resolution

 

	
6.1.
	
This Agreement shall be governed in all respects by the laws of the PRC. 

 

	
6.1.
	
All disputes arising from or related to the implementation of this Agreement shall be resolved through friendly negotiation by the Parties. If any dispute cannot be resolved through negotiation within fifteen (15) days after the occurrence of the dispute, either Party shall be entitled to refer the dispute to the Shanghai Arbitration Commission (the “Arbitration Tribunal”) for arbitration in Shanghai in accordance with the arbitration rules of the Arbitration Tribunal then in effect. The arbitration shall be conducted in Chinese. The arbitration award is final and binding on all Parties involved in the dispute. 

 

	
6.2.
	
During the period of dispute resolution, except for those in dispute, the Parties shall continue to have their respective other rights under this Agreement and shall continue to perform their corresponding obligations hereunder.

 

7Miscellaneous 

 

	
7.1.
	
This Agreement shall become effective on the execution date after it is signed and sealed by the Parties.

 

	
7.2.
	
This Agreement may be executed in any number of counterparts, and each original counterpart shall have the same legal effect.

 

(Remainder of this page intentionally left blank)

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	
Transferors:

	
 
	
 
	
 

	
 
	
 
	
 

	
Xuefeng CHEN

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Xuefeng CHEN

 

Signature Page to Equity Transfer Agreement

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	
Transferors:

	
 
	
 
	
 

	
 
	
 
	
 

	
Wenjun SUN

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Wenjun SUN

 

Signature Page to Equity Transfer Agreement

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	
Transferors:

	
 
	
 
	
 

	
 
	
 
	
 

	
Xianxing HUANG

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Xianxing HUANG

 

 

 

 

Signature Page to Equity Transfer Agreement

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	
Transferee:

	
 
	
 
	
 

	
 
	
 
	
 

	
Shanghai Aihui Trading Co., Ltd. (Seal)

	
/s/Shanghai Aihui Trading Co., Ltd.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Yike CHEN

	
Name:
	
 
	
Yike CHEN

	
Title:
	
 
	
Legal Representative

 

 

Signature Page to Equity Transfer AgreementExhibit 4(d)
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
As of January 31, 2022, the Mesabi Trust (the “Trust”) had only one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): units of beneficial interest (“Units”).
The following description of the Trust’s Units is a summary and does not purport to be complete.  This description is based upon and is qualified in its entirety by reference to the instruments defining the rights of trust certificate holders (the “Unitholders”), which instruments are filed as Exhibit 4(a) to our Annual Report on Form 10-K, of which this Exhibit 4(d) is a part, and are incorporated by reference herein.  We encourage you to read these documents as well as the applicable laws of the State of New York for additional information.
Description of Units of Beneficial Interest
Authorized Units
The beneficial interest in the Trust is represented by 13,120,010 Units distributed to Unitholders of Mesabi Iron Company on July 27, 1961 pursuant to the Agreement of Trust, dated as of July 18, 1961 (the “Agreement of Trust”).  As of January 31, 2022, there were 13,120,010 Units outstanding.
The Units are registered under Section 12(b) of the Exchange Act and are traded on the New York Stock Exchange under the trading symbol “MSB.”
In January, April, July and October each year, the Trustees of Mesabi Trust may declare distributions on the Units out of the Trust’s net income, after payment of expenses and liabilities and, to the extent deemed prudent by the Trustees, after reserving funds to provide for potential fixed or contingent future liabilities.  Unitholders are entitled to share ratably in the dividends declared by the Trustees.
Unitholder Meetings
Call of Meetings.  A meeting of Unitholders may be called at any time and from time to time pursuant to the provisions of the Agreement of Trust for the purposes of taking any action which the terms of the Agreement of Trust permits a percentage in interest of the Unitholders to take either acting alone or with the Trustees.
The Trustees may at any time call a meeting of Unitholders to be held at such time and at such place as the Trustees shall determine.  Written notice of every meeting of the Unitholders shall be given by the Trustees, except as otherwise provided in the Agreement of Trust, which written notice will set forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting.  Such notice shall be mailed not more than 40 or less than 20 days before such meeting is to be held to all Unitholders of record not more than 5 days before the date of such mailing.

Alternatively, within 30 days after written request to the Trustees by at least 15% in interest of the Unitholders to call a meeting of Unitholders to take any action authorized in the Agreement of Trust, the Trustees shall proceed to call a meeting of the Unitholders pursuant to the terms of the Agreement of Trust.  If the Trustees fail to call such a meeting within this 30 day period, then such meeting may be called by the 15% in interest of the Unitholders or their designated representative.
Voting.  Each holder of one or more trust certificate on the record date shall be entitled to vote at a meeting of the Unitholders either in person or by his or her proxy duly authorized in writing. Each Unitholder entitled to vote shall have one vote for each Unit represented by trust certificates he or she holds or represents.  At any meeting of the Unitholders, the presence of the persons holding or representing trust certificates for the number of Units sufficient to take action on any matter for the transaction of which such meeting was called shall be necessary to constitute a quorum.  If less than a quorum is present, the persons holding or representing a majority in interest of the trust certificates represented at the meeting may adjourn such meeting with the same effect and for all intents and purposes as though a quorum has been present.
Any matter shall be deemed to have been approved by the Unitholders if it is approved by the vote of a majority in interest of such Unitholders constituting a quorum.  However, the affirmative vote of 51% in interest of the Unitholders of any account of the Trustees’ administration of the Trust shall, as to all matters and transactions disclosed therein, be final and binding. Additionally, the affirmative vote of 75% in interest of the Unitholders, in addition to the action of the Trustees, is required to sell, transfer, assign, or dispose all or part of the trust estate for cash or other consideration.  The affirmative vote of 66-2/3% in interest of the Unitholders, in addition to the action of the Trustees, is required to:
		●	Cancel or terminate the Amended Assignment of Peters Lease, the Assignment of Cloquet Lease, and any other instrument forming part of the trust estate;

		●	Amend the Amended Assignment of Peters Lease, the Assignment of Cloquet Lease, and any other instrument forming part of the trust estate, or to alter the duration of the boundaries of land covered thereby or so as to reduce or alter the method of calculation of the income or rates of royalty payable under such instruments;

		●	Amend the Agreement of Trust; and

		●	Borrow money and pledge or mortgage as security for the loan all or any part of the trust estate.

Conduct of Meetings.  The Trustees shall appoint a temporary chairman and temporary secretary of the meeting.  The chairman of the meeting and the secretary of the meeting shall be elected by a vote of the persons holding or representing a majority in interest of the trust certificates represented at the meeting and entitled to vote.
The vote upon any resolution submitted to any meeting of Unitholders shall be by written ballot.  Two inspectors of votes shall count all votes cast at the meeting for or against any resolution and shall make and file with the secretary of the meeting their verified written report.
A record of the proceedings of each meeting of the Unitholders shall be prepared by the secretary of the meeting, and there shall be attached to such record the original reports of the 

inspectors of votes on any vote by ballot thereat, and the record shall contain a copy of the notice of the meeting and an affidavit of mailing of notice thereof, as provided in the Agreement of Trust.  The record shall be signed and verified pursuant to the Agreement of Trust.  Any record so signed and verified shall be conclusive evidence of all the matters therein stated.
Termination of Trust
Duration.  In accordance with the Agreement of Trust, the Trust may continue to remain in force and effect until twenty-one years after the death of the survivor of twenty-five persons named in an exhibit to the Agreement of Trust.
Termination.  If the Trustees sell any part of the trust estate, as permitted in the Agreement of Trust, the trust shall be deemed terminated with respect to the property sold.  Alternatively, the trust may be terminated at any time by the action of 75% in interest of the Unitholders pursuant to the Agreement of Trust.
Liquidation and Dissolution.  In the event of a termination of the trust, in part, as a result of a sale by the Trustees of any part of the trust estate, the Trustees shall distribute to the Unitholders, pro rata according to the number of Units outstanding at the date fixed by the Trustees for distribution, the net proceeds of the sale.  Upon the termination of the trust by passage of time or by action of the Unitholders in accordance with the Agreement of Trust, the Trustees shall convert the trust estate into cash or other property and the Trustees shall distribute to the Unitholders, pro rata according to the number of Units outstanding at the date fixed by the Trustees for distribution, the net proceeds.  However, if the Trustees determine that it will be in the best interests of the Unitholders not to convert part or all of the trust estate in cash or other property, the trust estate not so converted shall be distributed in kind to the Unitholders, pro rata according to the number of Units outstanding at the date of distribution.
After the termination of the Trust and for the purpose of liquidating and winding up the affairs of the Trust, the Trustees shall continue to act as such until their duties have been fully performed.  Upon the distribution of all of the trust estate to the Unitholders and the payment and discharge of all debts, liabilities and obligations of the Trust, the Trustees shall have no further duties or obligations pursuant to the Agreement of Trust except as otherwise provided.
Miscellaneous
Other Rights.  The Unitholders have no preemptive, subscription, redemption, or conversion rights.
Governing Law.  The Agreement of Trust and the rights, powers, duties, and liabilities of the Trustees are governed by and construed in accordance with the laws of the State of New York in effect at any applicable time.

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