Document:

Unassociated Document

 

VOTING TRUST AGREEMENT

 

THIS VOTING TRUST AGREEMENT ("Agreement") is made and entered into by and between Sherry Xue Li (the "Holder"), a shareholder of CHINA ELECTRONIC HOLDINGS, INC. (the "Corporation"), and Hailong Liu (the "Voting Trustee") as of February 10, 2010

 

RECITALS:

 

WHEREAS, the Holder owns an aggregate of 13,213,268 shares (the "Shares") of the Corporation's common stock, par value $0.0001 per share (the "Common Stock") as of the date hereof;

 

WHEREAS, pursuant to a Call Option Agreement dated as of June 8, 2009 between the Voting Trustee and the Holder, the Voting Trustee has the right to acquire all of the Holder's Shares; and

 

WHEREAS, pursuant to a notice dated February 10, 2010, issued by Anhui Provincial Department of Commerce, Lu'an Guoying Electronic Sales Co., Ltd. ("Guoying") became a wholly foreign-owned enterprise, or "WFOE," under the laws of the PRC by virtue of its status as a wholly-owned subsidiary of the Corporation.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and obligations set forth herein, the parties agree as follows:

 

1.   Voting Trust.

 

1.1.        Creation of Voting Trust. The Voting Trustee, is hereby appointed voting trustee under the voting trust created by this Agreement. The voting trust is effective upon approval of the WFOE status by the Anhui Provincial Department of Commerce. During the term of this Agreement, the Voting Trustee shall act as voting trustee in respect to the Shares, with all the powers, rights and privileges and subject to all the conditions and covenants hereinafter set forth.

 

1.2.        Deposit of Shares. Within ten days after the execution and delivery of this Agreement, the Holder will assign and transfer, or cause to be assigned and transferred, to the Voting Trustee all of the Shares. The Holder shall deliver to the Voting Trustee the certificates representing such Shares, duly endorsed in blank or accompanied by stock powers or other instruments of assignment duly executed in blank, free and clear of any liens, claims, encumbrances or other rights of third parties.

 

1.3.        Issue of Share Certificates to Voting Trustee. The stock certificates representing the Shares shall be surrendered by the Voting Trustee to the Corporation and cancelled, and new certificates representing the Shares shall be issued by the Corporation to and in the name of the Voting Trustee, and the fact that such certificates are issued pursuant to this Agreement shall appear on their face and shall be noted by the Corporation on its stock transfer records. The Voting Trustee is authorized and empowered to cause to be made any further transfers of the Shares which may become necessary through the occurrence of any change of persons holding the office of Voting Trustee.

 

1.4.        Acceptance of Trust. The Voting Trustee accepts the trust created hereby in accordance with all of the terms and conditions contained in this Agreement. The Shares shall be held by the Voting Trustee for the purposes of and in accordance with this Agreement, and none of the Shares, or any interest therein, shall be sold or otherwise disposed of, pledged or encumbered by the Voting Trustee, except as provided in this Agreement and in the Call Option Agreement dated as of the date herein to which the Shares are subject (the "Option").

 

  

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2.     Dividends and Distributions.

 

2.1.        Dividends or Distributions Payable in Cash or Other Property. The Voting Trustee shall, from time to time, pay or cause to be paid to Holder, his pro rata share of any dividends or distributions payable in cash or property, other than voting stock of the Corporation, collected by the Voting Trustee upon the Shares deposited hereunder, For the purpose of making any such payment, or for any other purpose, the Voting Trustee may, in his discretion, fix such date as they may reasonably determine as a record date for the determination of persons entitled to any payments or other benefits hereunder, or order their transfer books closed for such period or periods of time as they shall deem proper,

 

2.2.        Share Dividends or Distributions. The Voting Trustee shall receive and hold, subject to the terms of this Agreement, any voting stock of the Corporation issued in respect of the Shares by reason of any recapitalization, share dividend, split, combination or the like.

 

3.      Matters Relating to Administration of Voting Trust; Voting.

 

3.1.        Action by Voting Trustee. The Voting Trustee shall possess and be entitled, subject to the provisions hereof, in his discretion, to exercise all the rights and powers of absolute owners of all Shares, including, but without limitation, the right to receive dividends on Shares, and the right to vote, consent in writing or otherwise act with respect to any corporate or shareholders' actions. Such corporate or shareholders' actions include, but are not limited to, any increase or reduction in the stated capital of the Corporation, any classification or reclassification of any of the shares as now or hereafter authorized into preferred or common stock or other classes of shares with or without par value, any amendment to the Articles of Incorporation or Bylaws, any merger or consolidation of the Corporation with other corporations, any sale of all or any part of its assets, and the creation of any mortgage or security interest in or lien on any property of the Corporation. It is expressly stipulated that no voting right shall pass to others by or under this Agreement, or by or under any other express or implied agreement.

 

3.2.        Indemnification. The Holder shall indemnify and hold the Voting Trustee harmless from and against any and all liabilities, losses, costs, and expenses, including reasonable attorneys' fees, in connection with or arising out of the administration of the voting trust created by this Agreement or the exercise of any powers or the performance of any duties by the Voting Trustee as herein provided or contemplated, to the fullest extent permitted under the law.

 

4.      Dissolution of Corporation. In the event of the dissolution or total or partial liquidation of the Corporation, whether voluntary or involuntary, the Voting Trustee shall receive the monies, securities, rights or property to which the Holder of Shares is entitled, and shall distribute the same to the Holder.

 

5.      Reorganization of Corporation. In case the Corporation is merged into or consolidated with another corporation, or all or substantially all of the assets of the Corporation are transferred to another corporation, then in connection with such transfers the term "Corporation" for all purposes of this Agreement shall be taken to include such successor corporation, and the Voting Trustee shall receive and hold under this Agreement any voting stock of such successor corporation received on account of the ownership, as Voting Trustee hereunder, of Shares held hereunder prior to such merger, consolidation or transfer.

 

6.      Termination; Release of Shares. This Agreement shall have the same term as the Option and shall terminate only upon the termination of the Option.

 

7.      Amendments. This Agreement may be amended or terminated at any time by an instrument in writing duly executed and acknowledged by the Holder and the Voting Trustee.

 

  

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8.  Miscellaneous.

 

8.1.        Benefits of this Agreement; Survival. The terms of this Agreement shall be binding upon and inure to the benefit of and shall be enforceable by the Holder, the Voting Trustee, and their respective successors and assigns.

 

8.2.        Notice. Any notice, request, offer, acceptance or other communication permitted or required to be given hereunder to the Holder or the Voting Trustee shall be sent by certified mail or by courier service, return receipt requested, or hand-delivered to such person at the address set forth below:

 

Holder:

Sherry Xue Li

87 Dennis Street Garden City Park, NY 11040

 

Voting Trustee: 

Hailong Liu

Building 3, Binhe District, Longhe East Road, Lu'an City, 

Anhui Province, PRC

 

or at such other addresses as may be established by notice hereunder. Any notice so given shall be deemed effective at the time of delivery indicated on the duly completed postal service or courier receipt or when hand-de live red.

 

8.3.         Severability. In case any provision of this Agreement shall be held to be invalid or unenforceable in whole or in part, neither the validity nor the enforceability of the remainder of this Agreement shall be in any way affected.

 

8.4.         Descriptive Headings; Gender. The headings in this Agreement are for the convenience of reference only and shall not limit or otherwise affect the provisions hereof. The use of the masculine gender shall be deemed to include the feminine and neuter gender.

 

8.5.         Counterparts of this Agreement. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

 

8.6.         Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of New York.

 

[Signature Page Follows]

 

  

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4Unassociated Document

Exhibit 10.13

 

SATISFACTION AND RELEASE AGREEMENT

 

THIS SATISFACTION AND RELEASE AGREEMENT (this “Agreement”) relating to Green Energy Management Services Holdings, Inc., a Delaware corporation (the “Company”), is made and entered into as of August 26, 2013, by and among the Company, Mark Deleonardis (“MD”), Watz Enterprises, L.L.C. (“Watz”) and High Street (“HS”) (each of the Company, MD, Watz and HS is referred to as a “Party”, and together the “Parties”).

 

WHEREAS, MD, Watz and/or HS performed certain services (the “Services”) for, and are or were a party to one or more agreements (collectively, the “Agreements”) with, the Company and/or Green Energy Management Services, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“GEM”);

 

WHEREAS, the Company and/or GEM may owe to MD, Watz and/or HS certain consideration in relation to the Services (the “Payments”) and MD, Watz and/or HS may have certain potential claims against the Company and/or GEM relating to the Services (collectively, the “Services Claims”);

 

WHEREAS, the Company and/or GEM may owe to MD, Watz and/or HS certain consideration in relation to the Agreements and MD, Watz and/or HS may have certain potential claims against the Company and/or GEM relating to the Agreements (collectively, the “Claims”);

 

WHEREAS, the Company, MD, Watz and HS settled and resolved all Services Claims between them relating to the Company, MD, Watz, HS, the Services and/or Payments pursuant to that certain Satisfaction and Release Agreement, dated on or about the date hereof; and

 

WHEREAS, the Company, MD, Watz and HS now wish to settle and resolve all disputes and potential differences between them relating to the Company, MD, Watz, HS and/or the Agreements.

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for such other good and valuable consideration agreed to by the Parties, the Parties do hereby agree as of the date of this Agreement as follows:

 

1.           MD, Watz and HS agree (i) to waive any and all of their and MD Parties’ (as defined below) Claims against the Company Parties (as defined below), (ii) to surrender to the Company 1,000,000 shares of the Company’s common stock owned by them (the “Shares”), and (iii) that all Agreements shall be considered null, void and no longer in effect, and the Company agrees to pay to MD a sum of $42,000 within sixty (60) days of the date of this Agreement (the “MD Payment”).

 

Notwithstanding the foregoing, the Parties further agree that (x) the Company’s obligation to make the MD Payment is conditional on MD returning the Shares prior to the MD Payment being made to MD and (y) the Shares will be immediately canceled as of the date that the MD Payment is made.

 

  

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2.           As of the date of this Agreement, MD, and each of his heirs, executors, administrators, predecessors, successors, assigns, affiliates, parents, subsidiaries, officers, directors, representatives, employees, associated persons, agents, contractors, stockholders and attorneys (including, without limitation, Watz and HS, and their members, shareholders, officers, directors, employees, affiliates, associated persons, agents, contractors and attorneys), and all persons acting by, through and under each of them (collectively, the “MD Parties”), hereby forever release and discharge the Company Parties as follows:

 

(a)           The MD Parties, individually and collectively, hereby release and discharge the Company Parties, individually and collectively, from any and all liability, actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements (including, without limitation, the Agreements), promises, variances, trespasses, damages, judgments, extents, executions, claims (including, without limitation, the Claims), counterclaims and demands of whatever nature and kind, in law, admiralty or equity, which the MD Parties, individually or collectively, ever had, now have or hereafter can, shall or may have against the Company Parties by reason of any matter, cause or thing whatsoever from the beginning of time to the date hereof; provided that nothing contained herein shall be deemed to effect a release of the Company’s obligation to make the MD Payment, provided that the Shares are surrendered to the Company prior to the MD Payment being made.

 

For purposes of this Agreement, the “Company Parties” shall mean the Company, GEM, and each of their heirs, executors, administrators, predecessors, successors, assigns, affiliates, parents, subsidiaries, officers, directors, representatives, employees, associated persons, agents, contractors and attorneys, and all persons acting by, through and under each of them.

 

(b)           The MD Parties, and each of them, acknowledge that they, or any of them, may hereafter discover claims or facts now unknown or unsuspected, or in addition to, or different from, those which the releasing parties now know or believe to be true with respect to this Agreement.  Nevertheless, except as otherwise set forth in this Agreement, the MD Parties, and each of them, intend by this Agreement to release fully, finally, and forever all claims (including, without limitation, the Amounts and the Claims) released hereby.  Accordingly, this Agreement shall remain in full force as a complete release of such claims notwithstanding the discovery of existence of any such additional or different claims or facts before or after the date of this Agreement.

 

(c)           The MD Parties agree and acknowledge that all Agreements have been terminated.

 

(d)           The MD Parties have not commenced or prosecuted and will not commence or prosecute any action or proceeding for the recovery of damages or for any form of equitable relief, declaratory relief or any other form of action or proceeding or arbitration against the Company Parties based upon the claims released in this Agreement.  This Agreement shall constitute a judicial bar to the institution of any such action against the MD Parties or any party.

 

(e)           The MD Parties shall not, and shall cause the other MD Parties not to, disparage the Company Parties.

 

  

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3.           This Agreement may be executed in multiple counterparts, each one of which shall be deemed an original, but all of which shall be considered together as one and the same instrument.  Delivery of an executed counterpart of this Agreement may be made by facsimile or other electronic transmission.  Any such counterpart or signature pages sent by facsimile or other electronic transmission shall be deemed to be written and signed originals for all purposes, and copies of this Agreement containing one or more signature pages that have been delivered by facsimile or other electronic transmission shall constitute enforceable original documents.  As used in this Agreement, the term “electronic transmission” means and refers to any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient of the communication, and that may be directly reproduced in paper form by such a recipient through an automated process.

 

4.           This Agreement and any questions concerning its validity, construction or performance shall be governed by the laws of the State of New York, without regard to any state’s choice of law provisions.

 

5.           Courts within the Borough of Manhattan, State of New York, will have jurisdiction over all disputes between the parties arising out of or relating to this Agreement.  In connection with any such dispute, each party consents to and agrees to submit to the jurisdiction of courts within the Borough of Manhattan, State of New York, and waives, and agrees not to assert, any claim that (i) it is not personally subject to the jurisdiction of such courts, (ii) it and its property is immune from any legal process issued by such courts or (iii) any litigation commenced in such courts is brought in an inconvenient forum.

 

[Signature page follows]

 

  

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IN WITNESS WHEREOF, the parties have executed this Agreement on the dates set forth below.

 

 

	 	
GREEN ENERGY MANAGEMENT SERVICES HOLDINGS, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ John Tabacco  	 
	 	Name: John Tabacco	 
	 	Title:  Chief Executive Officer and President	 

 

	 	

MARK DELEONARDIS

	 
	 	 	 	 
	 	 	 
	
 

	 	 

 

	 	

WATZ ENTERPRISES, L.L.C.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Mark Deleonardis	 
	 	Name: Mark Deleonardis	 
	 	Title:   Managing Member	 

 

	 	
HIGH STREET

	 
	 	 	 	 
	
 

	
By: 

	/s/ Mark Deleonardis	 
	 	Name: Mark Deleonardis	 
	 	Title:  Authorized Signatory	 

 

 

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