Document:

ex10-15.htm

Exhibit 10.15

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”), dated as of August 23, 2013, among SmartHeat Inc. (the “Company”), a Nevada corporation having an address at 1802 North Carson Street, Suite 212, Carson City, NV 89701, and Northtech Holdings Inc., a British Virgin Islands business company (“Northtech”), having an address at Mill Mall, Suite 6, Wickhams Cay 1, P.O. Box 3085, Road Town Tortola, British Virgin Islands.

R E C I T A L S

 

A.     WHEREAS, a shareholder of the Company (the “Shareholder”) made a $100,000 payment on behalf of the Company to Nimbus Restructuring Manager (“NRM”), when the Company engaged NRM on April 23, 2012;

 

B.     WHEREAS, on May 24, 2013, the Company undertook to repay the Shareholder the $100,000 that the Shareholder paid to NRM (the “Obligation”); and

C.  WHEREAS, the Company desires to assign, and Northtech desires to assume, the Obligation in exchange for 200,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”).

 

Now, therefore, in consideration of the promises and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.     Assignment. The Company hereby transfers and assigns to Northtech, effective as of the date hereof, the Obligation.

 

2.     Assumption. Northtech hereby accepts the Obligation, effective as of the date hereof

 

3.     Consideration. In consideration of Northtech’s assumption of the Obligation and upon execution of this Agreement, the Company shall issue to Northtech 200,000 restricted shares of the Company’s Common Stock, which shares shall not be eligible for resale unless registered or an exemption from registration is provided for in the Securities Act in accordance with Rule 144.

 

4.     Governing Law. This Agreement and the rights and obligations of the parties hereto shall be interpreted, enforced in accordance with, and governed by, the laws of the State of New York applicable to agreements made and to be performed wholly within that jurisdiction, without regard to the conflicts of law principles thereof.

 

5.     Mandatory Mediation.  This Agreement shall be governed by procedures other than litigation for settling all claims and disputes under the method set forth below:

 

  

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(a) The parties hereto agree to attempt in good faith to settle any dispute arising under or relating to this agreement by mediation before the Hong Kong International Arbitration Centre (HKIAC) under the then-current version of HKIAC's Commercial Mediation Rules.

 

(b) In any mediation pursuant to Section 5(a):

 

(i)           the place of mediation shall be Hong Kong;

 

(ii)          three mediators shall be appointed, one each by the Company and Northtech, and one who shall be a New York-licensed attorney (the “chairperson”) by both parties’ mutual agreement;

 

(iii)         the mediators shall be proficient in the English language, and the chairperson shall be an attorney licensed to practice law in the State of New York.

 

(c) If the mediation is abandoned by the mediator or is otherwise concluded without the dispute being resolved, the parties may, at their option refer the dispute to arbitration at HKIAC in accordance with its then-current International Arbitration Rules.

 

6.     Amendment, Waiver, etc. No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding on the parties hereto unless the same shall be in writing and duly executed by such parties, except that any of the terms or provisions of this Agreement may be waived in writing at any time by the parties entitled to the benefits of such waived terms or provisions. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof.

 

7.     No Third Party Beneficiaries. The terms of this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective legal representatives, successors and assigns.  Nothing in this Agreement, whether express or implied, shall be construed to give any person (other than the parties hereto and their respective legal representatives, successors and assigns) any legal or equitable right, remedy or claim under or in respect of this Agreement.

 

8.     Further Assurances. On and after the date hereof, the Company and Northtech shall take all reasonable action and execute any additional documents, instruments or conveyances of any kind which may be reasonably necessary to carry out any of the provisions of this Agreement or consummate any of the transactions contemplated by this Agreement.

 

9.     Headings. Section headings contained herein are for convenience of reference only and shall in no way affect the meaning or interpretation of the terms and provisions hereof.

 

10.   Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be considered an original and all of which shall together constitute one and the same instrument.

 

[signature page follows]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	  	  	  	  	  	  	  
	  	  	
SMARTHEAT INC.

	  	  	  
	  	  	
 

By:

	  	
 

/s/ Oliver Bialowons

	  	  	  	  	
Name: Oliver Bialowons

	  	  
	  	  	  	  	
Title: President

	  	  	  	  	  

	  	  	
 

NORTHTECH HOLDINGS, INC.

	  	  	  
	  	  	
 

By:

	  	
 

/s/ Xudong Wang

	  	  	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  

 

 

	
[Signature Page to Assignment and Assumption Agreement]

  

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Exhibit 10.16

 

ASSIGMENT AGREEMENT

This Assignment Agreement  (the “Agreement”) is made this 23rd day of August, 2013, by and between SmartHeat Inc., a Nevada corporation, having an address as 1802 North Carson Street, Suite 212, Carson City, NV 89701 (“Smartheat”), and Heat HP Inc., a Nevada corporation, having an address at 1802 North Carson Street, Suite 212, Carson City, NV 89701 (“Heat HP”), which is 100% owned by SmartHeat.

WHEREAS, SmartHeat desires to transfer the ownership of certain  subsidiaries to its wholly owned subsidiary, Heat HP, in order to restructure the ownership structure of its subsidiaries to better reflect the operations of its business.

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt, adequacy and legal sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

1.           Assignment of Directly Owned Subsidiaries. SmartHeat hereby sells, assigns and transfers to Heat HP one hundred percent (100%) of SmartHeat’s right, title and interest in and to the equity interests it holds in the following companies:

SmartHeat (China) Investment Co., Ltd. (“SmartHeat Investment”);

SmartHeat (Shanghai) Trading Co., Ltd (“SmartHeat Trading”).; and

Beijing SmartHeat Jinhui Energy Technology Co. (“SmartHeat Jinhui”), Ltd..

2.           Assignment of Indirectly Owned Subsidiaries.  SmartHeat hereby agrees to cause SmartHeat Taiyu (Shenyang) Energy Technology Co., Ltd., incorporated in the People’s Republic of China (“Taiyu”), and wholly owned by SmartHeat, to transfer 100% of Taiyu’s equity interest in SmartHeat (Shenyang) Heat Pump Technology Co., Ltd. (“SmartHeat Shenyang”) and SmartHeat Deutschland GmbH (“SmartHeat Germany”).

3.           Recordation of Transfer.  SmartHeat hereby agrees to cause SmartHeat Investment, SmartHeat Trading, SmartHeat Jinhui, Hohot Ruicheng and SmartHeat Shenyang to record the transfer of the equity interests in each of these companies to Heat HP with the Ministry of Commerce of the People’s Republic of China.  SmartHeat hereby agrees to cause SmartHeat Germany to record the transfer of its equity interest to Heat HP.

4.           Assignment Subject to Liens.  The foregoing assignments are subject to any lien incurred by the Company pursuant to the Credit and Security Agreement between the Company and Northtech Holdings, Inc. dated July 27, 2012, as amended, and is subject to the terms thereof.

 

5.           Further Actions.  Each of the parties hereto covenants and agrees, to execute and deliver, at the request of the other party hereto, such further instruments of transfer and assignment and to take such other action as such other party may reasonably request to more effectively consummate the assignments contemplated by this Agreement.

 

  

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6.           Assignments, Successors and No-Third Party Rights. This Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement, except such rights as shall inure to a successor or permitted assignee pursuant to this Section 5.

7.           Entire Agreement; Modification.  This Agreement supersedes all prior agreements, whether written or oral, between the parties with respect to its subject matter and constitutes a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. This Agreement may not be amended, supplemented, or otherwise modified except by a written agreement executed by the party to be charged with the amendment.

8.           Headings; Severability. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

9.           Execution of Agreement. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

[Signature Page Follows]

  

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

 

SMARTHEAT INC.

 

By: /s/ Oliver Bialowons

Name: Oliver Bialowons

Title:  President

 

HEAT HP INC. 

 

By: /s/ Oliver Bialowons

Name: Oliver Bialowons

Title:  President

 

  

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