Document:

Exhibit 10.50

 

 

SHARE CONVERSION AGREEMENT

 

BY AND AMONG

 

FENGSHION CAPITAL INVESTMENT FUND, LP

 

LC FUND V, L.P.

 

LC PARALLEL FUND V, L.P.

 

FAIRLUBO ACTION COMPANY LIMITED

 

AND

 

UXIN LIMITED

 

May 25, 2018

 

 

THIS AGREEMENT is made on May 25 2018,

 

BY AND AMONG:

 

(1)                                 Fengshion Capital Investment Fund, LP, whose registered office is at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, LC Fund V, L.P., whose registered office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, and LC Parallel Fund V, L.P., whose registered office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (each a “Swapping Investor,” and collectively, the “Swapping Investors”);

 

(2)                                 Fairlubo Auction Company Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Offshore Incorporations (Cayman) Limited, Floor 4, Willow House, Cricket Square, P O Box 2804, Grand Cayman KY1-1112, Cayman Islands (the “Fairlubo”); and

 

(3)                                 Uxin Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands (“Uxin”);

 

WHEREAS:

 

(A)                               Uxin is the parent company of Perfect Harmony Group Limited, a BVI business company established under the Laws of the British Virgin Islands (“Perfect Harmony”), and Perfect Harmony is the parent company of Fairlubo;

 

(B)                               Each Swapping Investor has agreed to sell and Fairlubo has agreed to purchase the Fairlubo Shares (as defined below) on the terms and subject to the conditions of this Agreement; and

 

(C)                               Uxin has agreed to allot, issue and sell and each Swapping Investor has agreed to purchase Uxin Shares (as defined below) on the terms and subject to the conditions of this Agreement.

 

IT IS AGREED as follows:

 

1.                                      INTERPRETATION

 

1.1                               In this Agreement (including the Recitals), capitalized terms used herein and not otherwise defined shall have the respective meanings accorded to such terms in the Third Amended and Restated Shareholders’ Agreement of Fairlubao, by and among Fairlubo, the Swapping Investor, and certain other parties thereof, dated as of May 27, 2017 (the “Fairlubo Shareholders’ Agreement”):

 

“Closing Date” means the closing date of the Offering;

 

“Completion” means completion of the sale and purchase of the Fairlubo Shares and the Uxin Shares in accordance with clause 4;

 

 

“Encumbrances” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, hypothecation, third party claim, debenture, option, right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangements, other security interests of any kind or other encumbrances of any nature whatsoever, and any agreement to create any of the foregoing;

 

“Offering” means an initial public offering of the ordinary shares of Uxin in the form of American depositary shares in the United States;

 

“Party” means a party to this Agreement and “Parties” means each of the Swapping Investor, Fairlubo and Uxin;

 

“Proceedings” means any proceeding, claim, suit or action arising out of, or in connection with, this Agreement or its subject matter (including its validity, formation at issue, effect, interpretation, performance or termination).

 

1.2                               In this Agreement (including the Recitals), except where the context otherwise requires:

 

(a)                                 a reference to clauses or Recitals is a reference to clauses or Recitals of this Agreement;

 

(b)                                 a reference to US$ or USD shall be construed as a reference to the lawful currency of the United States of America;

 

(c)                                  words importing the singular include the plural and vice versa;

 

(d)                                 a reference to any law or enactment is to that law or enactment, as it may be applied, amended or re-enacted from time to time; and

 

(e)                                  headings are included in this Agreement for convenience only and do not affect its interpretation.

 

2.                                      SALE AND PURCHASE OF FAIRLUBO SHARES

 

2.1                               Upon the terms and subject to the conditions of this Agreement, at Completion each Swapping Investor shall sell, and Fairlubo shall purchase, such number of series B preferred shares of Fairlubo as set forth next to such Swapping Investor’s name in Schedule A attached hereof (collectively, the “Fairlubo Shares”), on the basis that the Fairlubo Shares shall be sold free from all Encumbrances, together with all rights attaching to them as at Completion, including the right to receive all dividends, return of capital or any other distributions declared, made or paid with effect from and after Completion.

 

2.2                               In consideration for the purchase of the Fairlubo Shares, Fairlubo shall pay and deliver to each Swapping Investor of such immediately available funds that is equal to par value of Fairlubo Shares sold by such Swapping Investor pursuant to Section 4.2(b).

 

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3.                                      SALE AND PURCHASE OF UXIN SHARES

 

3.1                               Upon the terms and subject to the conditions of this Agreement, at Completion Uxin shall allot, issue and sell, and each Swapping Investor shall purchase, such number of ordinary share of Uxin (the “Uxin Shares”) that is equal to the quotient of the Closing Value (as defined below) of the Fairlubo Shares sold by such Swapping Investor divided by the fixed public offering price per ordinary share of Uxin determined by Uxin  and the underwriter(s) participating in the Offering.

 

3.2                               The value of Fairlubo Shares (“Closing Value”) sold by each Swapping Investor  shall be determined as the higher of (1) the value of the Fairlubo Shares sold by such Swapping Investor as determined by an independent appraiser jointly approved by the Series A1 Investor and the Series B Investors (each as defined in Fairlubo Shareholders’ Agreement) holding at least two-thirds (2/3) of the issued and outstanding Series B Preferred Shares of Fairlubo, and (2) the total investment amount paid by such Swapping Investor to Fairlubo plus an internal return rate of 50% per annum calculated from January 21, 2016 to June 1, 2018 (the “Benchmark Date”), provided that Uxin consummates the Offering within thirty (30) days of the Benchmark Date. The Closing Value shall otherwise be determined in writing by the Swapping Investors and Uxin in the event Uxin fails to consummate the Offering within thirty (30) days of the Benchmark Date.

 

3.3                               In consideration for the purchase of the Uxin Shares, each Swapping Investor shall pay and deliver to Uxin of such immediately available funds that is equal to par value of Uxin Shares sold to such Swapping Investor pursuant to Section 4.2(d).

 

4.                                      COMPLETION

 

4.1                               Completion of the sale and purchase of the Fairlubo Shares and the Uxin Shares pursuant to Section 2 and Section 3 (collectively, the “Share Swap”) shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Swapping Investor, Uxin and Fairlubo mutually agree with respect to the Fairlubo Shares and the Uxin Shares, and shall be deemed to satisfy all the obligations of Perfect Harmony, Uxin and Fairlubo under section 10.7 the Fairlubo Shareholders’ Agreement.

 

4.2                               At Completion:

 

(a)                                 each Swapping Investor shall deliver (or cause to be delivered) to Fairlubo:

 

(i)            duly executed instrument of transfer in favour of Fairlubo or its nominee of all the Fairlubo Shares; and

 

(ii)           a copy of the duly issued share certificate in the name of Fairlubo representing the Fairlubo Shares being sold by the Swapping Investor, with the original certificate to follow as soon as practicable after the Closing Date, and in no event later than five (5) business days.

 

(b)                                 Fairlubo shall pay and deliver to each Swapping Investor of such immediately available funds that is equal to par value of Fairlubo Shares sold by such Swapping Investor in U.S. dollars by wire transfer, or by such other method

 

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mutually agreeable to Fairlubo and such Swapping Investor, to the bank account designated in writing by such Swapping Investor.

 

(c)                                  Uxin shall deliver (or cause to be delivered) to each Swapping Investor:

 

(i)            a copy of the duly issued share certificate in the name of such Swapping Investor representing the Uxin Shares being sold by Uxin to such Swapping Investor, with the original certificate to follow as soon as practicable after the Closing Date, and in no event later than five (5) business days; and

 

(ii)           a certified true copy of the extract of the register of members of Uxin as of the Closing Date reflecting the ownership of Uxin Shares sold by Uxin to such Swapping Investor, with the original certified true copy to follow as soon as practicable after the Closing Date, and in no event later than five (5) business days.

 

(d)                                 Each Swapping Investor shall pay and deliver to Uxin of such immediately available funds that is equal to par value of Uxin Shares sold to such Swapping Investor in U.S. dollars by wire transfer, or by such other method mutually agreeable to Uxin and the Swapping Investor, of immediately available funds to the bank account designated in writing by Uxin.

 

4.3                               The certificate representing Uxin Shares shall be endorsed with the following legend:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (2) AN EXEMPTION OR QUALIFICATION UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS OR (3) DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B) WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLL  OWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.

 

5.                                      WARRANTIES

 

5.1                               Each Party warrants to the other Parties that:

 

(a)                                 it has the requisite power and authority to enter into and to perform this Agreement;

 

(b)                                 this Agreement will when executed constitute legal, valid and binding obligations of it; and

 

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(c)                                  compliance with the terms of this Agreement does not and will not conflict with or constitute a default or a breach under any provision of:

 

(i)            its memorandum or articles of association or equivalent constitutional documents; or

 

(ii)           any agreement, order, judgment, decree or regulation or any other restriction of any kind by which it is bound or submits.

 

6.                                      TAX

 

6.1                               Each Swapping Investor shall be responsible for any tax or other liability associated with the Share Swap proportionally. Each Swapping Investor shall indemnify Uxin, Fairlubo, each of their affiliates and shareholders (each, an “Indemnitee”) for any losses, liabilities, damages, liens, penalties, costs and expenses, including reasonable advisor’s fees and other reasonable expenses of investigation and defense of any of the foregoing, incurred by any Indemnitee as a result of any taxes, late payment fees or fines imposed by any tax authorities in connection with the Share Swap.

 

7.                                      GENERAL

 

7.1                               No variation of this Agreement shall be effective unless it is in writing (which, for this purpose, does not include email) and signed by or on behalf of each Party.  The expression “variation” shall, in each case, include any variation, supplement, deletion or replacement however effected.

 

7.2                               No waiver of this Agreement or of any provision hereof will be effective unless it is in writing (which, for this purpose, does not include email) and signed by the Party against whom such waiver is sought to be enforced.  Any waiver of any right, claim or default hereunder shall be effective only in the instance given and will not operate as or imply a waiver of any other or similar right, claim or default on any subsequent occasion.

 

7.3                               Any failure or delay by any person in exercising, or failure to exercise, any right or remedy provided by law under this Agreement shall not impair or constitute a waiver of that right or remedy or of any other right or remedy and no single or partial exercise of any right or remedy provided by law or under this Agreement or otherwise shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

 

7.4                               This Agreement represents the entire understanding, and constitutes the entire agreement, of the Parties in relation to its subject matter and the transactions contemplated by it, and supersedes all previous agreements, understandings or arrangements (whether express, implied, oral or written (whether or not in draft form)) between the Parties, with respect thereto which shall cease to have any further force or effect.

 

7.5                               Without limiting any other provision of this Agreement, the Parties shall promptly execute and/or deliver all such documents, and perform all such acts, or procure the execution and/or delivery of such documents and the performance of all such acts, as may be necessary to implement and give full effect to this Agreement.

 

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7.6                               This Agreement may be executed in counterparts, and by each Party on separate counterparts, but shall not be effective until each Party has executed at least one counterpart.  Each counterpart shall constitute an original of this Agreement, but the counterparts shall together constitute one and the same instrument.  Delivery of a counterpart of this Agreement by email attachment shall be an effective mode of delivery.

 

7.7                               The Parties do not intend that any term of this Agreement should be enforceable by any person who is not a party to this Agreement (a “Third Party”) by virtue of the Contracts (Rights of Third Parties) Ordinance or otherwise.

 

7.8                               Notwithstanding the provisions of clause 7.1, the Parties may amend, vary, waive, terminate or rescind this Agreement at any time and in any way without the consent of any Third Party.

 

8.                                      GOVERNING LAW AND JURISDICTION

 

8.1                               This Agreement and any claim, dispute or difference (including non-contractual claims, disputes or differences) arising out of, or in connection with, it or its subject matter shall be governed by, and construed in accordance with, the laws of Hong Kong.

 

8.2                               The Parties irrevocably agree to submit to the exclusive jurisdiction of the courts of Hong Kong to settle any claim, dispute or difference (including non-contractual claims, disputes or differences) which may arise out of or in connection with this Agreement or its subject matter (including a dispute regarding the existence, validity, formation, effect, interpretation, performance or termination of this Agreement) and that accordingly any Proceedings be brought in such courts.

 

IN WITNESS WHEREOF the Parties have entered into this Agreement on the date first written on page 1 of this Agreement.

 

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FENGSHION CAPITAL INVESTMENT FUND, LP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/Feng Gao
    	
 
    
	
Name:
    	
Feng Gao
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
LC FUND V, L.P.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/Hao Chen
    	
 
    
	
Name:
    	
Hao Chen
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
LC PARALLEL FUND V, L.P.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/Hao Chen
    	
 
    
	
Name:
    	
Hao Chen
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
FAIRLUBO AUCTION COMPANY LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/Kun Dai
    	
 
    
	
Name:
    	
Kun Dai
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
UXIN LIMITED
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/Kun Dai
    	
 
    
	
Name:
    	
Kun Dai
    	
 
    
	
Title:
    	
 
    	
 
    

 

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Schedule A

 

	
Name of Series B Investor
    	
 
    	
Number of series B preferred shares of
   Fairlubo
    	
 
    
	
FENGSHION   CAPITAL INVESTMENT FUND, LP
    	
 
    	
58,333,333
    	
 
    
	
LC Fund V, L.P.
    	
 
    	
27,065,704
    	
 
    
	
LC Parallel Fund   V, L.P.
    	
 
    	
2,100,963
    	
 
    

 

8Exhibit 10.51

 

Execution Version

 

SHARE SURRENDER AND LOAN REPAYMENT AGREEMENT

 

THIS SHARE SURRENDER AND LOAN REPAYMENT AGREEMENT (this “Agreement”) is made on May 28, 2018 by and among Uxin Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY-1-1205, Cayman Islands (the “Company”), Mr. Kun Dai, the founder, chairman of the board of directors and chief executive officer of the Company and Xin Gao Group Limited, a British Virgin Islands company wholly owned by Mr. Kun Dai, whose registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Xin Gao”). The Company, Mr. Kun Dai and Xin Gao may hereinafter be referred to from time to time as a “Party” in their individual capacities and as “Parties” collectively.

 

WHEREAS, Mr. Kun Dai has entered into various loan agreements by himself and through DK Entities (as defined below) with the Company, pursuant to which the Company has made loans to Mr. Kun Dai and DK Entities. The total outstanding principal amount and interest accrued under the Loan Agreements (as defined below) as of the date hereof is Repayment Amount (as defined below).

 

WHEREAS, subject to the terms and the conditions of this Agreement, Xin Gao has agreed, and Mr. Kun Dai has agreed to cause Xin Gao, to surrender and deliver to the Company and the Company has agreed to accept certain number of Shares held by Xin Gao as full satisfaction of obligations to repay the Repayment Amount and other outstanding obligations under the Loan Agreements of Mr. Kun Dai and DK Entities.

 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      INTERPRETATION

 

1.1                               In this Agreement (including the Preamble and the Recitals):

 

“Additional Shares” equals the Repayment Amount first divided by Offer Price minus Surrender Shares.

 

“Adjusted Surrender Shares” equals Repayment Amount divided by Offer Price.

 

“Adjustment” has the meaning set forth in Section 4.4 hereof.

 

“Adjustment Date” means the closing date of the Offering.

 

“Arbitrator” has the meaning set forth in Section 7.2 hereof.

 

“DK Entities” means Xin Gao and Gao Li Group.

 

“Instrument of Transfer” has the meaning set forth in Section 3.2 hereof.

 

“Encumbrances” means any lien, pledge, encumbrance, charge (fixed or floating), mortgage, hypothecation, third party claim, debenture, option, right of pre-emption, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangements, other security interests of any kind or other encumbrances of any nature whatsoever, and any agreement to create any of the foregoing;

 

“Estimated Repayment Price Per Share” means US$36.8069.

 

 

“HKIAC” has the meaning set forth in Section 7.2 hereof.

 

“Loan Agreements” means loan agreement by and between the Company and Xin Gao Group dated May 13, 2015, loan agreement by and between the Company and Gao Li Group dated July 19, 2017, loan agreement by and between the Company and Mr. Kun Dai dated July 19, 2017, and loan agreement by and between the Company and Mr. Kun Dai dated December 17, 2017, collectively .

 

“Offer Price” means the price per ADS set forth on the cover of the Company’s final prospectus in connection with the Offering divided by the number of ordinary shares represented by one ADS.

 

“Offering” means an initial public offering of the ordinary shares of the Company in the form of American depositary shares in the United States.

 

“Ordinary Shares” means ordinary shares of the Company, par value US$0.001 per share.

 

“Party” and “Parities” has the meaning set forth in the Preamble.

 

“Preferred Shares” means preferred shares of the Company, par value US$0.001 per share.

 

“Proceedings” means any proceeding, claim, suit or action arising out of, or in connection with, this Agreement or its subject matter (including its validity, formation at issue, effect, interpretation, performance or termination);

 

“Series A Preferred Shares” means series A preferred shares of the Company, par value US$0.001 per share.

 

“Series C-1 Preferred Shares” means series C-1 preferred shares of the Company, par value US$0.001 per share.

 

“Repayment” has the meaning set forth in Section 3.1 hereof.

 

“Repayment Amount” means US$113,972,518.1.

 

“Repayment Date” has the meaning set forth in Section 3.1 hereof.

 

“Shares” means Ordinary Shares and Preferred Share.

 

“Surrender Shares” means 1,922,604 Ordinary Shares, 331,398 Series A Preferred Shares and 842,497 Series C-1 Preferred Shares, collectively.

 

“Third Party” has the meaning set forth in Section 7.8 hereof.

 

“Xin Gao” has the meaning set forth in the Preamble hereof.

 

1.2                               In this Agreement (including the Recitals), except where the context otherwise requires:

 

(a)                                 a reference to clauses or Recitals is a reference to clauses or Recitals of this Agreement;

 

(b)                                 a reference to US$ or USD shall be construed as a reference to the lawful currency of the United States of America;

 

(c)                                  words importing the singular include the plural and vice versa;

 

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(d)                                 a reference to any law or enactment is to that law or enactment, as it may be applied, amended or re-enacted from time to time; and

 

(e)                                  headings are included in this Agreement for convenience only and do not affect its interpretation.

 

2.                                      SURRENDER OF SURRENDER SHARES

 

2.1                               Subject to the terms and conditions of this Agreement, Xin Gao agrees to, and Mr. Kun Dai agrees to cause Xin Gao to, surrender and deliver to the Company and the Company agrees to accept the surrender of Surrender Shares.

 

2.2                               The Parties agree, acknowledge and confirm that (a) Repayment Amount represents all the outstanding principal amount and interest accrued under the Loan Agreements, and (b) the delivery and surrender of Surrender Shares satisfies and settles the obligations to repay the Repayment Amount and all other outstanding obligations under the Loan Agreements of Mr. Kun Dai and DK Entities.

 

2.3                               Mr. Kun Dai agrees, acknowledges and confirms that the Company shall have the right and sole discretion to make adjustment of Surrender Shares and demand the surrender of Additional Shares as described in Section 4 below.

 

2.4                               Mr. Kun Dai further agrees, acknowledges and confirms that the Company shall have the right to date the Instrument of Transfer (as defined below) and fill in the blank of the number of Shares as follows: (a) Adjusted Surrender Shares if Offer Price is lower than Estimated Repayment Price Per Share; and (b) Surrender Shares if Offer Price equals Estimated Repayment Price Per Share.

 

3.                                      REPAYMENT

 

3.1                               The repayment of the Repayment Amount and all other outstanding obligations under the Loan Agents of Mr. Kun Dai and DK Entities by surrendering Surrender Shares pursuant to Section 2 (the “Repayment”) shall take place concurrently with the execution and delivery of this Agreement on the date hereof or at such other time or on such other date as the Parties may agree, but in no event later than the first public filing of the Company’s registration statement on Form F-1 in connection with the Offering (the “Repayment Date”).

 

3.2                               At the Repayment, Xin Gao shall and Mr. Kun Dai shall cause Xin Gao to deliver to the Company (a) Surrender Shares; (b) original share certificates representing Surrender Shares; (c) an executed but undated deed of instrument of transfer (“Instrument of Transfer”) with number of Shares left blank, which form is attached hereto as Exhibit A; and (d) an executed deed of undertaking substantially in the form attached hereto as Exhibit B, and the Company shall deliver to Mr. Kun Dai and Xin Gao a confirmation to the effect as described in Sections 2.2(b) substantially in the form attached hereto as Exhibit C.

 

4.                                      ADJUSTMENT

 

4.1                               If Offer Price is lower than Estimated Repayment Price Per Share, Xin Gao agrees to, and Mr. Kun Dai agrees to cause Xin Gao to, surrender and deliver to the Company and the Company agrees to accept the surrender of Additional Shares for cancellation immediately prior to the closing of the Offering (the “Adjustment”).  For the avoidance of doubt, there is no adjustment if Offer Price is equal to or higher than Estimated Repayment Price Per Share.

 

4.2                               The Adjustment shall take place on the Adjustment Date or at such other time or on such other date as the Parties may agree, in any event after the listing of the ADSs offered by the

 

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Company in the Offering on Nasdaq or other stock exchange in the United States, but prior to the closing of the Offering.

 

4.3                               At the Adjustment, Xin Gao shall and Mr. Kun Dai shall cause Xin Gao to deliver to the Company (i) Additional Shares; (ii) original share certificates representing Additional Shares; and (iii) an executed deed of instrument of transfer effecting the delivery and transfer of Additional Shares from Xin Gao to the Company substantially in the form attached hereto as Exhibit A.

 

4.4                               After Adjustment, the Company shall deliver to Mr. Kun Dai and Xin Gao a copy of the updated register of members of the Company, reflecting the cancellation of Adjusted Surrender Shares.

 

4.5                               Notwithstanding anything to the contrary herein, the Company has the right to update its register of members to reflect the cancellation of Surrender Shares or Additional Shares pursuant to this Section 4 at any time.

 

5.                                      REPRESENTATIONS AND WARRANTIES OF MR. KUN DAI AND XIN GAO

 

Mr. Kun Dai and Xin Gao jointly and severally represent and warrant to the Company as of the date hereof, the date of Repayment and the Adjustment Date, as follows:

 

5.1                               Mr. Kun Dai is the sole beneficial owner of Surrender Shares and Additional Shares and Xin Gao is the sole record owner of Surrender Shares and Additional Shares, free and clear of any Encumbrances, except for those Shares that may be pledged pursuant to the Loan Agreements.

 

5.2                               The execution, delivery and performance of and compliance with this Agreement and the consummation of the transactions contemplated hereby will not (i) result in any violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, a default under any contract to which Mr. Kun Dai or Xin Gao is a party or by which it may be bound, or (ii) conflict with or result in a breach or violation in any material respect of any applicable laws.

 

6.                                      GENERAL

 

6.1                               No variation of this Agreement shall be effective unless it is in writing (which, for this purpose, does not include email) and signed by or on behalf of each Party.  The expression “variation” shall, in each case, include any variation, supplement, deletion or replacement however effected.

 

6.2                               No waiver of this Agreement or of any provision hereof will be effective unless it is in writing (which, for this purpose, does not include email) and signed by the Party against whom such waiver is sought to be enforced. Any waiver of any right, claim or default hereunder shall be effective only in the instance given and will not operate as or imply a waiver of any other or similar right, claim or default on any subsequent occasion.

 

6.3                               Any failure or delay by any person in exercising, or failure to exercise, any right or remedy provided by law under this Agreement shall not impair or constitute a waiver of that right or remedy or of any other right or remedy and no single or partial exercise of any right or remedy provided by law or under this Agreement or otherwise shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

 

6.4                               This Agreement represents the entire understanding, and constitutes the entire agreement, of the Parties in relation to its subject matter and the transactions contemplated by it, and

 

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supersedes all previous agreements, understandings or arrangements (whether express, implied, oral or written (whether or not in draft form)) between the Parties, with respect thereto which shall cease to have any further force or effect.

 

6.5                               Without limiting any other provision of this Agreement, the Parties shall promptly execute and/or deliver all such documents, and perform all such acts, or procure the execution and/or delivery of such documents and the performance of all such acts, as may be necessary to implement and give full effect to this Agreement.

 

6.6                               This Agreement may be executed in counterparts, and by each Party on separate counterparts, but shall not be effective until each Party has executed at least one counterpart.  Each counterpart shall constitute an original of this Agreement, but the counterparts shall together constitute one and the same instrument.

 

6.7                               The Parties do not intend that any term of this Agreement should be enforceable by any person who is not a party to this Agreement (a “Third Party”) by virtue of the Contracts (Rights of Third Parties) Ordinance or otherwise.

 

7.                                      GOVERNING LAW AND JURISDICTION

 

7.1                               This Agreement and any claim, dispute or difference (including non-contractual claims, disputes or differences) arising out of, or in connection with, it or its subject matter shall be governed by, and construed in accordance with, the laws of Hong Kong.

 

7.2                               Any disputes, actions and proceedings against any party or arising out of or in any way relating to this Agreement and exhibits hereto shall be submitted to the Hong Kong International Arbitration Centre (“HKIAC”) and resolved in accordance with the arbitration rules of HKIAC in force at the relevant time.  The place of arbitration shall be Hong Kong.  The official language of the arbitration shall be English and the arbitration tribunal shall consist of three arbitrators (each, an “Arbitrator”). The claimant(s), irrespective of number, shall nominate jointly one Arbitrator; the respondent(s), irrespective of number, shall nominate jointly one Arbitrator; and a third Arbitrator will be nominated jointly by the first two Arbitrators and shall serve as chairman of the arbitration tribunal.  In the event the claimant(s) or respondent(s) or the first two Arbitrators shall fail to nominate or agree the joint nomination of an Arbitrator or the third Arbitrator within the time limits specified by the rules, such Arbitrator shall be appointed promptly by the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

 

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5

 

IN WITNESS WHEREOF the Parties have entered into this Agreement on the date first written above.

 

	
 
    	
Mr. Kun Dai
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Kun Dai
    
	
 
    	
Kun Dai
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Xin Gao Group Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Kun Dai
    
	
 
    	
Name: Kun Dai
    
	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Uxin Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Kun Dai
    
	
 
    	
Name: Kun Dai
    
	
 
    	
Title: Director
    

 

[Signature Page to Share Surrender and Loan Repayment Agreement]

 

 

Final Form

 

Exhibit A

 

Deed of Instrument of Transfer

 

The undersigned, Xin Gao Group Limited, a British Virgin Islands company whose registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (the “Transferor”), does hereby assign and transfer unto Uxin Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY-1-1205, Cayman Islands (the “Transferee”)                Shares, par value US$0.001 each, of Transferee.

 

 

	
SIGN, SEALED AND DELIVERED AS A DEED
    	
 
    
	
 
    	
 
    
	
Dated:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signed by the Transferor:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Xin Gao Group Limited
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
In the presence of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Witness to the above signature
    	
 
    
			

 

 

Final Form

 

Exhibit B

 

Deed of Undertaking

 

To:                             Uxin Limited

 

2-5F, Tower E, LSHM Center,

 

No. 8 Guangshun South Avenue,

 

Chaoyang District, Beijing, 100102

 

Date:               

 

Reference is hereby made to that certain Share Surrender and Loan Repayment Agreement (the “Agreement”) entered on May 28, 2018 by and among Uxin Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY-1-1205, Cayman Islands (the “Company”), Mr. Kun Dai, the founder, chairman of the board of directors and chief executive officer of the Company and Xin Gao Group Limited, a British Virgin Islands company controlled by Mr. Kun Dai, whose registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. Capitalized terms not defined herein shall the meanings ascribed to them in the Agreement.

 

The undersigned hereby irrevocably undertakes to the Company that if, Offer Price is lower than Estimated Repayment Price Per Share, the undersigned shall, and shall cause DK Entities to surrender and deliver Additional Shares to the Company for cancellation, and the undersigned hereby irrevocably authorize the Company to redeem and cancel Additional Shares held by the undersigned or any of the DK Entities.

 

The undersigned hereby further irrevocably confirms and authorizes the Company to date the Deed of Instrument of Transfer as Exhibit A attached to the Agreement and fill in the blank of the number of Shares as follows: (a) Adjusted Surrender Shares if Offer Price is lower than Estimated Repayment Price Per Share; or (b) Surrender Shares if Offer Price equals Estimated Repayment Price Per Share.

 

 

	
SIGN, SEALED AND DELIVERED AS   A DEED
    	
 
    
	
 
    	
 
    
	
Dated:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Kun Dai
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
In the presence of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Witness to the above signature
    	
 
    

 

 

Final Form

 

Exhibit C

 

Confirmation

 

To:                             Mr. Kun Dai

 

Xin Gao Group Limited

 

Gao Li Group

 

Date:               

 

Reference is hereby made to that certain Share Surrender and Loan Repayment Agreement (the “Agreement”) entered on May 28, 2018 by and among Uxin Limited, a company incorporated in the Cayman Islands, whose registered office is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY-1-1205, Cayman Islands (the “Company”), Mr. Kun Dai, the founder, chairman of the board of directors and chief executive officer of the Company and Xin Gao Group Limited, a British Virgin Islands company controlled by Mr. Kun Dai, whose registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. Capitalized terms not defined herein shall the meanings ascribed to them in the Agreement.

 

The Company hereby confirms that the Repayment Amount has been repaid, and the obligations to settle Repayment Amount and other outstanding obligations under the Loan Agreements of Mr. Kun Dai and DK Entities have been fully satisfied as of the date hereof.

 

 

	
 
    	
Uxin Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:

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