Document:

CBAK Energy Technology, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

CANCELLATION AGREEMENT 

THIS CANCELLATION
AGREEMENT (this “Agreement”), is entered into effective as of
January 7, 2019, by and between CBAK Energy Technology, Inc., a Nevada
corporation (the “Company”) and each of the persons listed on the
Schedule of Creditors attached hereto as Exhibit A (individually, a
“Creditor” and collectively, the “Creditors”). 

RECITALS 

WHEREAS, from time to
time, the Creditors have provided financing to the Company or its subsidiaries,
and, as of the date hereof, each of the Creditors holds outstanding debt in the
Company, including both principals and accrued interests, as is set forth
opposite such Creditor’s name on the Schedule of Creditors (collectively, the
“Debts”); 

WHEREAS, the Company
desires to reduce its debt load in order to improve its balance sheet and to
enhance its ability to secure additional financing; and 

WHEREAS, each of the
Creditors agrees to cancel all of its respective amount of the Debts in exchange
for certain amount of shares of common stock of the Company, calculated at the
price of $1.02 per share (the “Exchange Price”), on the terms set forth
herein, and the Company is willing and able to issue shares of common stock to
the Creditors on the terms described herein. 

NOW THEREFORE,
in consideration of the foregoing and the representations, warranties,
covenants, and agreements set forth herein, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound hereby, the parties hereto hereby covenant and
agree as follows: 

1.    
Cancellation of the Debts; Issuance of the Shares. At the Closing (as
defined in Section 2 hereof) and subject to the terms and conditions of
this Agreement, all of the Debts shall be cancelled and the Company shall issue
an aggregate of 5,098,040 shares of common stock, par value $0.001 per share
(the “Shares”), calculated at the Exchange Price, to the Creditors as is
set forth opposite such Creditor’s name on the Schedule of Creditors. 

2.    
Closing; Delivery of Shares. 

(a). The
closing of the cancellation of Debts and the issuance of the Shares shall occur
as soon as practicable after the execution of this Agreement, but in no event
later than thirty (30) calendar days from the execution of this Agreement (the
“Outside Date”), at the offices of the Company, or such other place, date and
time as set forth in this Agreement or as the parties hereto may otherwise agree
(the “Closing”). 

(b). At
the Closing, the Company shall use its best efforts to cause the Company’s
transfer agent to deliver to each of the Creditors, by courier or FedEx, stock
certificate, or certificates, registered in the name of such Creditor and
representing the amount of Shares as is set forth opposite such Creditor’s name
on the Schedule of Creditors. 

3.    
Representations and Warranties of Creditor. Each Creditor, severally and
not jointly, represents and warrants to the Company with respect to only itself
that, as of the date hereof and as of the date of Closing: 

(a).     Qualification, Authorization and
Enforcement. This Agreement has been duly executed by such Creditor, and
when delivered by such Creditor in accordance with the terms hereof, will
constitute the valid and legally binding obligation of such Creditor,
enforceable against it in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application. 

(b).     No Conflict. The execution, delivery, and
performance of this Agreement do not and will not: (i) conflict with or violate
any law or governmental order applicable to the Creditor; or (ii) conflict with,
result in any breach of, constitute a default (or event which with the giving of
notice or lapse of time or both would become a default) under, require any
consent under, or give to others any rights of termination, amendment,
acceleration, suspension, revocation or cancellation of, or result in the
creation of any encumbrance on any of the assets or properties of the Creditor
pursuant to, any contract to which the Creditor is a party or by which any of
such assets or properties is bound or affected. 

(c).     Governmental Consents and Approvals. The
execution, delivery, and performance of this Agreement by the Creditor do not
and will not require any consent, approval, authorization, or other order of,
action by, filing with, or notification to, any governmental authority. 

(d).     Purchase Entirely for Own Account. Creditor
is acquiring the Shares for Creditor’s own account for investment purposes only,
not as nominee or agent, and not with a view to, or for sale in connection with,
a distribution of the Shares within the meaning of the Securities Act of 1933,
as amended (the “Securities Act”), and Creditor has no present intention
of selling, granting any participation in, or otherwise distributing the same in
violation of the Securities Act without prejudice; however, Creditor has a right
at all times to sell or otherwise dispose of all or any part of such Shares in
compliance with applicable federal and state securities laws. Nothing contained
herein shall be deemed a representation or warranty by Creditor to hold Shares
for any period of time. 

(e).     Investor Status. Creditor is not a
registered broker-dealer under Section 15 of the Securities Exchange Act of 1934
(the “Exchange Act”) or an entity engaged in a business that would
require it to be so registered. Creditor has such experience in business and
financial matters that it is capable of evaluating the merits and risks of an
investment in the Shares. Creditor acknowledges that an investment in the Shares
is speculative and involves a high degree of risk. If such Creditor is a U.S.
Person (as such term is defined in Rule 902(k) of Regulation S), at the time
such Creditor was offered the Shares, it was, and at the date hereof it is, an
“accredited investor” as defined in Rule 501(a) under the Securities Act, and
such Creditor has completed and executed the Creditor Questionnaire attached as
Exhibit B to this Agreement. 

2 

(f).     Regulation S. If such Creditor is not a U.S.
Person, such Creditor (i) acknowledges that the certificate(s) representing or
evidencing the Shares contain a customary restrictive legend restricting the
offer, sale or transfer of any Shares except in accordance with the provisions
of Regulation S, pursuant to registration under the Securities Act, or pursuant
to an available exemption from registration, (ii) agrees that all offers and
sales by such Creditor of Shares shall be made pursuant to an effective
registration statement under the Securities Act or pursuant to an exemption
from, or a transaction not subject to the registration requirements of, the
Securities Act, (iii) represents that the offer to purchase the Shares was made
to such Creditor outside of the United States, and such Creditor was, at the
time of the offer and will be, at the time of the sale and is now, outside the
United States, (iv) has not engaged in or directed any unsolicited offers to
purchase Shares in the United States, (v) is neither a U.S. Person nor a
Distributor (as such terms are defined in Rule 902(k) and 902(d), respectively,
of Regulation S), (vi) has purchased the Shares for its own account and not for
the account or benefit of any U.S. Person, (vii) is the sole beneficial owner of
the Shares specified on signature pages hereto opposite its name and has not
pre-arranged any sale with an investor in the United States, and (ix) is
familiar with and understands the terms and conditions and requirements
contained in Regulation S, specifically, without limitation, each Creditor
understands that the statutory basis for the exemption claimed for the sale of
the Shares would not be present if the sale, although in technical compliance
with Regulation S, is part of a plan or scheme to evade the registration
provisions of the Securities Act. Such Creditor has completed and executed the
Creditor Questionnaire attached as Exhibit B to this Agreement. 

(g).     Access to Information. Creditor has been
afforded (i) the opportunity to ask such questions as it has deemed necessary
of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Shares and the merits and risks of
investing in the Shares; (ii) access to information about the Company and its
financial condition, results of operations, business, properties, management and
prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or
can acquire without unreasonable effort or expense that is necessary to make an
informed investment decision with respect to the investment. 

(h).     Independent Investment Decision. Creditor
has independently evaluated the merits of its decision to purchase the Shares
pursuant to the this Agreement, and such Creditor confirms that it has not
relied on the advice of any other Creditor’s business and/or legal counsel in
making such decision. Creditor understands that nothing in the Agreement or any
other materials presented to Creditor in connection with the purchase and sale
of the Shares constitutes legal, tax or investment advice. Creditor has
consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of the
Shares. 

(i).     Restricted Securities. Creditor understands
and acknowledges that: 

i.     the
Shares are characterized as “restricted securities” under the U.S. federal
securities laws and will bear a customary restrictive legend inasmuch as they
are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be
resold without registration under the Securities Act only in certain limited
circumstances; 

3 

ii.    the Shares
  have not been registered under the Securities Act or any state securities laws
  and are being offered and sold in reliance upon specific exemptions from the
  registration requirements of the Securities Act and state securities laws, and
  the Company is relying upon the truth and accuracy of, and Creditor’s compliance
  with, the representations, warranties, covenants, agreements, acknowledgments
  and understandings of Creditor contained in this Agreement in order to determine
  the availability of such exemptions and the eligibility of Creditor to acquire
the Shares; and 

iii.   the Shares must
be held indefinitely unless such Shares are registered under the Securities Act
or applicable state securities laws, or an exemption from registration is
available. 

(j).     No Registration Rights. Creditor further
understands that there are no registration rights associated with the Shares
being acquired pursuant to this Agreement. 

4.    
Representations and Warranties of the Company. The Company hereby
represents and warrants to each of the Creditors that, as of the date hereof and
as of the date of Closing: 

(a).     Qualification, Authorization and
Enforcement. The Company is duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation, with the requisite power and authority to own and use its
properties and assets and to carry on its business as currently conducted. The
Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to
carry out its obligations there under. The execution and delivery of this
Agreement by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary
action on the part of the Company and no further action is required by the
Company in connection therewith. This Agreement has been duly executed by the
Company and, when delivered in accordance with the terms hereof, will constitute
the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application.

(b).     No Conflicts. The execution, delivery and
performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby do not and will not (i)
conflict with or violate any provision of the Company’s articles of
incorporation, bylaws or other organizational or charter documents as in effect
on the date hereof, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, or give
to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company debt or otherwise) or
other understanding to which the Company is a party or by which any property or
asset of the Company is bound or affected, or (iii) result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other
restriction of any court or governmental authority to which the Company is
subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company is bound or affected; except in the
case of each of clauses (ii) and (iii), such as could not, individually or in
the aggregate, have or reasonably be expected to result in a material adverse
effect. 

4 

(c).     Filings, Consents and Approvals. The Company
  is not required to obtain any consent, waiver, authorization or order of, give
  any notice to, or make any filing or registration with, any United States or
  People’s Republic of China court or other federal, state, local or other
  governmental authority or other person in connection with the execution,
  delivery and performance by the Company of this Agreement, other than (i)
  filings if required by state securities laws, (ii) if required, the filing with
  NASDAQ of an applicable additional shares listing application or notification
  relating to the Shares issuable hereunder, (iii) if required, the filing of a
  Notice of Sale of Securities on Form D with the Securities and Exchange
  Commission under Regulation D of the Securities Act, (iv) the filings required
  in accordance with the Exchange Act and (v) those that have been made or
obtained prior to the date of this Agreement. 

(d).     Issuance of Shares. The Shares are duly
authorized and, when issued and paid for in accordance with the terms and
conditions of this Agreement, will be validly issued, fully paid and non
assessable, free and clear of all liens imposed by the Company. There are no
subscriptions, warrants, rights of first refusal or other restrictions on
transfer relative to, or options exercisable with respect to, the Shares. The
Shares are not the subject of any present or, to the Company’s knowledge,
threatened suit, action, arbitration, administrative or other proceeding, and
the Company knows of no reasonable grounds for the institution of any such
proceedings. 

5.    
Amounts Repaid in Full. For and in consideration of the issuance of the
Shares to the Creditors, the Debts shall be deemed to be repaid in full, and the
Company shall have no further obligations in connection with the Debts. 

6.    
Release by the Creditors. Upon receipt of the Shares, each Creditor
releases and discharges the Company, the Company’s subsidiaries, Company’s and
each of its subsidiaries’ officers, directors, principals, control persons, past
and present employees, insurers, successors, and assigns (“Company
Parties”) from all actions, cause of action, suits, debts, dues, sums of
money, accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims, and demands whatsoever, in law, admiralty or
equity, which against Company Parties such Creditor ever had, now have or
hereafter can, shall or may, have for, upon, or by reason of any matter, cause
or thing whatsoever, whether or not known or unknown, from the beginning of the
world to the day of the date of this release relating to the Debts. Each of the
Creditors represents and warrants that no other person or entity has any
interest in the matters released herein, and that it has not assigned or
transferred, or purported to assign or transfer, to any person or entity all or
any portion of the matters released herein. 

5 

7.    
Fees, Expenses. Each party shall pay the fees and expenses of its
advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay all transfer
agent fees (including, without limitation, any fees required for same-day
processing of any instruction letter delivered by the Company), stamp taxes and
other taxes and duties levied in connection with the delivery of any Shares to
the Creditors. 

8.    
General Provisions. 

(a).     Governing Law; Jurisdiction; Waiver of Jury
Trial. This Agreement shall be governed by and construed under the laws of
the State of New York without regard to the choice of law principles thereof.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in the State of New York located in The City of New
York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or therewith or with any transaction contemplated hereby or
thereby, and hereby irrevocably waives any objection that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 

(b).     Termination. This Agreement may be
terminated prior to Closing: 

i.     by
written agreement of the Creditors and the Company; or 

ii.    by either
the Company or an Creditor (as to itself but no other Creditor) upon written
notice to the other, if the Closing shall not have taken place by 6:30 p.m.
Eastern time on the Outside Date; provided, that the right to terminate
this Agreement under this Section 8(b) shall not be available to any person
whose failure to comply with its obligations under this Agreement has been the
cause of or resulted in the failure of the Closing to occur on or before such
time. 

Upon a
termination in accordance with this Section 8(b), the Company and terminating
Creditor(s) shall not have any further obligation or liability (including as
arising from such termination) to the other and no Creditor will have any
liability to any other Creditor under this Agreement as a result here from and
there from. 

(c).     Notices. All notices or other communications
required or permitted by this Agreement shall be writing and shall be deemed to
have been duly received: 

i.     if
given by facsimile or electronic version, when transmitted and the appropriate
telephonic or electronic confirmation received if transmitted on a business day
and during normal business hours of the recipient, and otherwise on the next
business day following transmission; 

6 

ii.    if given by
certified or registered mail, return receipt requested, postage prepaid, three
business days after being deposited in the U.S. mails; and 

iii.   if given by
courier or other means, when received or personally delivered, and, in any such
case, addressed as indicated herein, or to such other addresses as may be
specified by any such party to the other party pursuant to notice given by such
party in accordance with the provisions of this Section. 

(d).     Further Assurances. The parties shall
execute and deliver all such further instruments and documents and take all such
other actions as may reasonably be required to carry out the transactions
contemplated hereby and to evidence the fulfillment of the agreements herein
contained. 

(e).     Successors and Assigns. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors and assigns of the parties. 

(f).     No Third-Party Beneficiaries. This Agreement
is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any
provision hereof be enforced by, any other person, except as otherwise set forth
in Section 6. 

(g).     Modification and Waivers. No provision of
this Agreement may be waived or amended except in a written instrument signed by
the Company and the Creditor(s) holding a majority of the Shares. No waiver of
any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right. 

(h).     Severability. If any provision of this
Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall
not in any way be affected or impaired thereby and the parties will attempt to
agree upon a valid and enforceable provision that is a reasonable substitute
therefor, and upon so agreeing, shall incorporate such substitute provision in
this Agreement. 

(i).     Entire Agreement. This Agreement contains
the entire understanding of the parties with respect to the subject matter
hereof and supersede all prior agreements, understandings, discussions and
representations, oral or written, with respect to such matters, which the
parties acknowledge have been merged into such documents, exhibits and
schedules. 

(j).     Headings. The headings used in this
Agreement are for convenience of reference only and shall not be deemed to
limit, characterize or in any way affect the interpretation of any provision of
this Agreement. 

7 

(k).     Survival. The representations, warranties,
agreements and covenants contained herein shall survive the Closing and the
delivery of the Shares, until the second anniversary of the date hereof. 

(l).     Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same Agreement. A facsimile or
PDF copy of this Agreement shall be deemed an original. 

[Signature Page Follows]

8 

IN WITNESS WHEREOF, the
parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 

	 	  	COMPANY: 
	 	  	  
	 	  	CBAK ENERGY TECHNOLOGY, INC. 
	 	  	  
	 	  	  
	 	By: 	 
       /s/ Wenwu Wang 
	 	  	   Name: Wenwu Wang 
	 	  	   Title: Chief Financial Officer
  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
SIGNATURE PAGE
FOR CREDITORS FOLLOWS] 

IN WITNESS WHEREOF, the
parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 

	  	CREDITORS 
	  	  
		/s/
      Yunfei Li 
		Name: Yunfei Li 
	  	  
	  	  
		/s/
      Dawei Li 
		Name: Dawei Li 

Exhibit A 
Schedule of Creditors

	Name 	Debt Amount ($) 	Number of Shares 
	Yunfei Li 	1,700,000 	1,666,667 
	Dawei Li 	3,500,000 	3,431,373 
	Total 	5,200,000 	5,098,040

EXHIBIT B 
Regulation S
Representation Letter 

Date: _____________

	Re: 	Company Name: CBAK Energy Technology, Inc. (the
      “Company”) 
		Number of Shares of Common Stock of the
      Company: _________(collectively, the “Shares”) 

Ladies and Gentlemen: 

Pursuant to certain Cancellation Agreement between the
undersigned and the Company, dated as of January 7, 2019, the undersigned hereby
represents, warrants and covenants to the Company as follows: 

	 	1. 	
      The undersigned is not a “U.S. Person,” as such term is
      defined in Regulation S (“Regulation S”) promulgated under the
      Securities Act of 1933, as amended (the “Securities
Act”).

	 	 	
       
	 
	 	2. 	
      No offer or sale of the Shares was made to the
      undersigned in the United States.

	 	 	
       
	 
	 	3. 	
      The undersigned is not acquiring the Shares for the
      account or on behalf of any U. S. Person.

	 	 	
       
	 
	 	4. 	
      The undersigned has not made any prearrangement to
      transfer the Shares to a U.S. Person or to return the Shares to the United
      States securities markets (which includes short sales in the United States
      within the applicable “distribution compliance period,” as defined in
      Regulation S (hereinafter referred to as the “restricted period”)
      to be covered by delivery of the Company’s Shares) and is not acquiring
      the Shares as part of any plan or scheme to evade the registration
      requirements of the Securities Act.

	 	 	
       
	 
	 	5. 	
      All offers and sales of the Shares by the undersigned in
      the United States or to U. S. Persons or otherwise whether prior to the
      expiration or after the expiration of the applicable restricted period
      shall be made only pursuant to a registration of the Shares under the
      Securities Act or an exemption from registration, and in compliance with
      Regulation S.

	 	 	
       
	 
	 	6. 	
      The undersigned is not a “distributor,” as defined in
      Regulation S. However, if the undersigned should be deemed to be a
      distributor prior to reselling the Shares to a non-U.S. Person during the
      restricted period, the undersigned will send a notice to each new
      purchaser of Shares that such new purchaser is subject to the restrictions
      of Regulation S during the restricted period.

	 	 	
       
	 
	 	7. 	
      The undersigned is not an “underwriter” or “dealer” (as
      such terms are defined in the Securities Act), and the acquisition of the
      Shares by the undersigned is not a transaction (or part of a series of transactions) that is part
of any plan or scheme to evade the registration provisions of the Securities
Act. 

	 	8. 	
      The undersigned does not have a short position in any
      securities of the Company and will not have a short position in such
      securities at any time prior to the expiration of the restricted
  period.

	 	 	
       

	 	9. 	
      If at any time after the expiration of the restricted
      period, the undersigned wishes to transfer or attempts to transfer the
      Shares to a U.S. Person, the undersigned agrees to notify the Company if
      at such time it is an “affiliate” of the Company or is then acting as an
      “underwriter,” “dealer,” or “distributor” as to such securities (as such
      terms are defined in the Securities Act or the regulations promulgated
      thereunder, including but not limited to, Regulation S), or if such
      transfer is being made as part of a plan or scheme to evade the
      registration provisions of the Securities Act.

	 	 	
       

	 	10. 	
      The undersigned acknowledges that the undersigned may
      only be able to resell the Shares pursuant to the provisions of Regulation
      S and otherwise pursuant to the Securities Act, and that it may not be
      possible for the undersigned to liquidate its investment in the Shares.
      The undersigned is prepared, therefore, to hold its, his or her Shares in
the Company indefinitely.

IN WITNESS WHEREOF, the
undersigned has executed this Regulation S Representation Letter as of the date
first set forth above. 

	 	________________ 
	 	Name:Exhibit 10.10

    

    

    

    

    CHANGE IN CONTROL AGREEMENT

     

    

    

    

    

    

    This Agreement is dated as of June 7, 2016 between Urstadt Biddle Properties Inc. (“Company”) and Miyun Sung
        ("Employee").

    

    

    The Employee is currently employed by the Company and the Employee's services are valued by the Company.

    

    

    The Company recognizes that the possibility of a Change in Control (as defined in Appendix A hereto) of the Company may
        result in the departure or distraction of the Employee, to the detriment of the Company and its shareholders.

    

    

    The Company wishes to assure the Employee of fair severance should her employment terminate in certain specified
        circumstances following a Change in Control.

    

    

    In consideration of the Employee's continued employment by the Company, and for other good and valuable consideration,
        the parties hereto hereby agree as follows:

    

    

    

    

    	
            1.

          	
            Termination Benefits. If the employment of the Employee is terminated by the Employee for Good Reason or by the
                Company for any reason other than for Cause, within 18 months following a Change in Control,

             

          
	
            (a)

          	
            the Company shall pay Employee an amount equal to 12 months of Employee's rate of base salary (exclusive of any
                bonus or other benefit) in effect at the date of the Change in Control.  Such amount shall be payable in cash in a lump sum within 45 days after such termination; and

             

          
	
            (b)

          	
            the Company shall continue in force and effect for 12 months after termination (the "Continuation of Benefits
                Period") and at the same level and for the benefit of the Employee's family, where applicable, all life insurance, disability, medical and other benefit programs or arrangements in which the Employee is participating or to which the
                Employee is entitled at the date of the Change in Control, provided that the Employee's continued participation is possible under such programs and arrangements. In the event that such continued participation is not possible, the Company
                shall arrange to provide the Employee with benefits similar to those which Employee would be entitled to receive under such programs and arrangements or, if the Company determines that it is impracticable to provide such similar benefits
                for tax or other reasons, the Company shall provide the Employee with a lump sum cash payment within 45 days of such termination in an amount equal to the cost to the Employee to purchase such benefits on her own, as determined by the
                Company. Without limiting the foregoing, the benefits continuation shall include a lump sum cash payment to the Employee within 45 days of such termination in lieu of Company contributions on behalf of the Employee under the Urstadt Biddle
                Properties Inc. Profit Sharing and Savings Plan. The amount of such payment shall be the product of (i) the number of months in the Continuation of Benefits Period and (ii) 1/12 of 5% (or such other percentage reflected in the Company’s
                most recent annual contribution determined prior to the Change in Control) times the Employee's annual salary rate in effect immediately prior to the termination date or, if greater, the Employee's annual salary rate in effect immediately
                prior to the Change in Control.

             

             

          

    

    

    Payments under this Section 1 shall be reduced to the extent, but only to the extent, necessary to provide that no
        "payment in the nature of compensation" to (or for the benefit of) the Employee which is "contingent" on the Change in Control would fail to be deductible for federal income tax purposes by reason of section 280G of the Internal Revenue Code of
        1986, as amended (the "Code").  As used in this Section, the words "payment in the nature of compensation" and "contingent" shall be construed and applied in a manner consistent with the meaning of those words under section 280G of the Code and
        regulations thereunder. The determination as to whether and to what extent a reduction in payments under this Section 1 is necessary to avoid the non-deductibility of any payment under section 280G of the Code shall be made at the Company’s expense
        by PKF O’Connor Davies, LLP, certified public accountants (“PKF”), or by such other certified public accounting firm as the Compensation Committee of the Directors may designate prior to a Change in Control.  In the event of any underpayment or
        overpayment under this Section 1, as determined by PKF (or such other firm as may have been designated in accordance with the preceding sentence), the amount of such underpayment or overpayment shall forthwith be paid to the Employee or refunded to
        the Company, as the case may be, with interest at the applicable federal rate provided for in section 7872(f)(2) of the Code.

    

    

    	
            2.

          	
            Definitions. The definitions in Appendix A are hereby incorporated in this Agreement.

             

          
	
            3.

          	
            No Duty to Mitigate Damages. The Employee's benefits under this Agreement shall be considered severance pay in
                consideration of her past service and her continued service from the date of this Agreement, and her entitlement thereto shall neither be governed by any duty to mitigate her damages by seeking further employment nor offset by any
                compensation which she may receive from future employment.

             

          
	
            4.

          	
            Withholding. Anything herein to the contrary notwithstanding, all payments required to be made by the Company
                hereunder to the Employee shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. 
                Provisions with respect to the potential applicability of Section 409A are set forth in Appendix B hereto.

             

          
	
            5.

          	
            Legal Fees and Expenses; Interest. The Company shall pay all reasonable legal fees and expenses incurred by the
                Employee in successfully obtaining any right or benefit to which the Employee is entitled under this Agreement.  Any amount payable under this Agreement that is not paid when due shall accrue interest at the prime rate as from time to time
                in effect at The Bank of New York Mellon, until paid in full.

             

          
	 	 
	
            6.

          	
            Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled
                exclusively by arbitration in New York City in accordance with the rules of the American Arbitration Association then in effect. The parties shall attempt to select a mutually agreeable arbitrator who shall promptly convene a hearing to
                resolve submitted disputes.  If the parties are unable to agree upon such an arbitrator within 20 days from initial contact, the American Arbitration Association shall be requested by either party to submit a list of at least seven
                arbitrators from which the parties shall attempt to select one by agreement.  In the event they do not so agree, they shall alternately strike names from this list beginning with the Employee, until a single name remains. The remaining
                person shall be appointed to hear and decide the parties' disputes, drawing his authority and the bases for decision from this Agreement.  The arbitrator will resolve all submitted matters in a written decision with expedition.  Judgment
                may be entered on the arbitrator's award in any court having jurisdiction.

             

          
	
            7.

          	
            Notices. All notices shall be in writing and shall be deemed given five days after mailing in the continental
                United States by certified mail, or upon personal receipt after delivery, facsimile or telegram, to the party entitled thereto at the address stated below or to such changed address as the addressee may have given by a similar notice:

             

          	 

    To the Company:

    

    

    Urstadt Biddle Properties Inc.

    321 Railroad Avenue

    Greenwich, CT 06830

    

    

    To the Employee:

    

    

    At her home address,

    as last shown on the

    records of the Company

    

    

    
      
        

    

    	
            8.

          	
            Severability. In the event that any provision of this Agreement shall be determined to be invalid or
                unenforceable, such provision shall be enforceable in any other jurisdiction in which valid and enforceable and in any event the remaining provisions hereof shall remain in full force and effect to the fullest extent permitted by law.

             

          
	
            9.

          	
            Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties and be
                enforceable by the Employee's personal or legal representatives or successors.  If the Employee dies while any amounts would still be payable to him hereunder, such amounts shall be paid to the Employee's estate. This Agreement shall not
                otherwise be assignable by the Employee.

             

          
	
            10.

          	
            Successors. This Agreement shall inure to and be binding upon the Company’s successors. The Company will
                require any successor to all or substantially all of the businesses and/or assets of the Company by sale, merger (where the Company is not the surviving entity), lease or otherwise, to assume expressly this Agreement.  If the Company shall
                not obtain such agreement prior to the effectiveness of any such succession, the Employee shall have all rights resulting from termination of the Employee's employment under this Agreement.  This Agreement shall not otherwise be assignable
                by the Company.

             

          
	
            11.

          	
            Amendment or Modification; Waiver. This Agreement may not be amended unless agreed to in writing by the
                Employee and the Company.  No waiver by either party of any breach of this Agreement shall be deemed a waiver of a subsequent breach.

             

          
	
            12.

          	
            Continued Employment. This Agreement shall not confer upon the Employee any right of continued or future
                employment by the Company or any right to compensation or benefits from the Company except the right specifically stated herein to certain severance benefits, and shall not limit the right of the Company to terminate the Employee's
                employment at any time, except as may be otherwise provided in a written employment agreement between the Company and the Employee.

             

          
	
            13.

          	
            Governing Law. The validity, interpretation, performance and enforcement of this Agreement shall be governed by
                the laws of the State of New York notwithstanding that the Company’s principal offices are in the State of Connecticut.

             

          
	
            14.

          	
            Liability of Shareholders. This Agreement is executed by or on behalf of the Directors of the Company solely in
                their capacity as such Directors, and shall not constitute their personal obligation either jointly or severally in their individual capacities.  The shareholders, Directors, officers or agents of the Company shall not be personally liable
                for any obligations of the Company under this Agreement and all parties hereto shall look solely to the property of the Company for the payment of any claim hereunder.

             

          
	
            15.

          	
            Entire Agreement. This Agreement, including the attached Appendices, represents the entire agreement between
                the parties concerning the subject matter of payment of severance upon the Employee’s termination of employment following a Change in Control of the Company and supersedes and incorporates any and all prior agreements, both written or oral.

             

          

    

    

    IN WITNESS WHEREOF the parties have duly executed the Agreement as of the above date.

    

    

    EMPLOYEE:

    

    

    

    

    

    

    /s/ Miyun Sung

         Miyun Sung

    

    

    

    

    COMPANY:

    Urstadt Biddle Properties Inc.

    

    

    

    

    

    

    By: /s/ Willing L. Biddle

          Willing L. Biddle

          President

    

    

    

    

    
      

      

      

      

    

    
      
        

    

    

    

    APPENDIX A TO CHANGE IN CONTROL AGREEMENT

    

    

    "Change in Control" shall mean the occurrence of any one of the following events:

    

    

    	
            (a)

          	
            any Person other than an “Exempted Person” becomes the owner of Common Shares which represent more than 20% of
                the combined voting power of the Common Shares outstanding and thereafter individuals who were not Directors of the Company prior to the date such Person became a 20% owner are elected as Directors pursuant to an arrangement or
                understanding with, or upon the request of or nomination by, such Person and constitute at least two of the Directors; or

             

          	 
	
            (b)

          	
            there occurs a change in control of the Company of a nature that would be required to be reported in response
                to Item 5.01 of Form 8-K pursuant to Section 13 or 15 under the Securities Exchange Act of 1934 ("Exchange Act"), or in any other filing by the Company with the Securities and Exchange Commission (the "Commission"); or

             

          	 
	
            (c)

          	
            there occurs any solicitation of proxies by or on behalf of any Person other than the Directors of the Company
                and thereafter individuals who were not Directors prior to the commencement of such solicitation are elected as Directors pursuant to an arrangement or understanding with, or upon the request of or nomination by, such Person and constitute
                at least two of the Directors.

             

          	 
	
            (d)

          	
            the Company executes an agreement of acquisition, merger or consolidation which contemplates that (i) after the
                effective date provided for in the agreement, all or substantially all of the business and/or assets of the Company shall be owned, leased or otherwise controlled by another corporation or other entity and (ii) individuals who are Directors
                of the Company when such agreement is executed shall not constitute a majority of the board of directors of the survivor or successor entity immediately after the effective date provided for in such agreement; provided, however, for
                purposes of this paragraph (d) that if such agreement requires as a condition precedent approval by the Company’s shareholders of the agreement or transaction, a Change in Control shall not be deemed to have taken place unless and until
                such approval is secured.

             

          

    

    

    "Common Shares" shall mean all shares of the then outstanding Common stock and Class A Common stock of the Company
        plus, for purposes of determining the ownership of any Person, the number of unissued Common Shares which such Person has the right to acquire (whether such right is exercisable immediately or only after the passage of time) upon the exercise of
        conversion rights, exchange rights, warrants or options or otherwise.

    

    

    “Exempted Person” shall mean: (i) Charles J. Urstadt; (ii) any Urstadt Family Member (as hereinafter defined); (iii)
        any executor, administrator, trustee or personal representative who succeeds to the estate of Charles J. Urstadt or an Urstadt Family Member as a result of the death of such individual, acting in their capacity as an executor, administrator,
        trustee or personal representative with respect to any such estate; (iv) a trustee, guardian or custodian holding property for the primary benefit of Charles J. Urstadt or an Urstadt Family Member; (v) any corporation, partnership, limited
        liability company or other business organization that is directly or indirectly controlled by one or more persons or entities described in clauses (i) through (iv) hereof and is not controlled by any other person or entity; and (vi) any charitable
        foundation, trust or other not-for-profit organization for which one or more persons or entities described in clauses (i) through (v) hereof controls the investment and voting decisions in respect of any interest in the Company held by such
        organization.   For sake of clarity with respect to clause (v) above, “control” includes the power to control the investment and voting decisions of any such corporation, partnership, limited liability

    
      
        

    

    

    

    
      
        

    

    company or other business organization.

    

    

    For purposes of this definition, the term “Urstadt Family Member” shall mean and include the spouse of Charles J.
        Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J. Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Charles J.
        Urstadt.  For this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

    

    

    “Person” shall have the meaning used in Section 13(d) of the Exchange Act, as in effect on October 31, 2015.  A Person
        shall be deemed to be the "owner" of any Common Shares:

    

    

    	
            (a)

          	
            of which such Person would be the "beneficial owner", as such term is defined in Rule 13d-3 promulgated by the
                Commission under the Exchange Act, as in effect on October 31, 2015; or

             

          
	
            (b)

          	
            of which such Person would be the "beneficial owner", as such term is defined under Section 16 of the Exchange
                Act and the rules of the Commission promulgated thereunder, as in effect on October 31, 2015; or

             

          
	
            (c)

          	
            which such Person or any of its Affiliates or Associates (as such terms are defined in Rule 12b-2 promulgated
                by the Commission under the Exchange Act, as in effect on October 31, 2015), has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding
                or upon the exercise of conversion rights, exchange rights, warrants or options or otherwise.

             

          

    Termination for "Cause" shall mean termination of the Employee's employment by the Company because of dishonesty,
        conviction of a felony, gross neglect of duties (other than as a result of disability or death), or conflict of interest (other than any conflict of interest which has been fully disclosed to the Directors and has been determined by them not to be
        material), which, in the case of gross neglect or conflict, shall continue for 30 days after the Company gives written notice to the Employee requesting the cessation of such gross neglect or conflict, as the case may be.

    

    

    Termination for "Good Reason" shall have the following meanings:

    

    

    Termination for "Good Reason" shall mean the voluntary termination by the Employee of her employment within 180 days
        following the occurrence of any of the events listed below by written notice (setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination for Good Reason) given within ninety (90) days after the
        occurrence, without the Employee’s express consent, of any one of such events unless they are fully corrected within 30 days after receipt of notice thereof:

    

    

    	
            (a)

          	
            a change in the Employee’s authority, duties or responsibilities which represent a material diminution in her
                authority, duties or responsibilities immediately prior to a Change in Control; or a change in the authority, duties or responsibilities of the person to whom the Employee reports (including, if applicable, requiring the Employee to report
                to an officer or employee instead of the Board of Directors) which represents a material diminution of such person’s authority, duties or responsibilities immediately prior to a Change in Control;

             

          	 
	
            (b)

          	
            a material reduction in the Employee's base salary for any fiscal year below the level of Employee’s base
                salary in the completed fiscal year immediately preceding the Change in Control;

             

          	 
	
            (c)

          	
            any relocation of the Employee outside a 50 mile radius of the Employee’s work site on the date hereof; or

             

          
	
            (d)

          	
            any other material breach by the Company of any provision of this Agreement.

          

    

    

    

    

    
      
        

    

    

    

    APPENDIX B TO CHANGE IN CONTROL AGREEMENT:  SECTION 409A

    

    

    

    

    
      Anything in this Change in Control Agreement to the contrary notwithstanding:

      

      

    

    (A) The parties intend that all payments and benefits under this Agreement shall be exempt from, or comply with, Section 409A of the Code and the
        regulations promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted by law, this Agreement shall be interpreted in a manner that achieves such intention.  Although the Company intends to administer
        this Agreement so that it will be exempt from, or comply with, the requirements of Code Section 409A, the Company does not represent or warrant that this Agreement will be exempt from, or otherwise comply with, Code Section 409A or any other
        provision of applicable law.

    
      (B) No amount of nonqualified deferred compensation under Section 409A shall be payable to Employee upon a termination of her employment unless
          such termination constitutes a “separation from service” with the Company under Section 409A.  To the maximum extent permitted by applicable law, amounts payable to Employee shall be made in reliance upon the exception for certain involuntary
          terminations under a separation pay plan or as a short-term deferral under Section 409A.  For purposes of Section 409A, Employee's right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of
          separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of The Company.

      (C) If any payment, compensation or other benefit provided to the Employee in connection with his employment termination (other than
          termination on account of Employee’s death) is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Employee is a “specified employee” as defined in Section 409A(2)(B)(i)
          thereof, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”).  The aggregate of any payments that otherwise would have been paid to the Employee
          during the period between the date of termination and the New Payment Date shall be paid to the Employee in a lump sum on such New Payment Date.  Thereafter, any payments that remain outstanding as of the day immediately following the New Payment
          Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

      (D) To the extent that reimbursements or other in-kind benefits under this Agreement constitute nonqualified deferred compensation, (i) all
          expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (ii) any right to reimbursement or in-kind benefits shall not be
          subject to liquidation or exchange for another benefit, and (ii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
          in-kind benefits to be provided, in any other taxable year.

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