Document:

Agreement

 Exhibit 10.67 
 AGREEMENT 
 THIS AGREEMENT (the “Agreement” ) is made
effective the 16th day of February, 2011, by and between Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware Corporation (the “Company”), and WB QT, LLC, a Delaware limited liability company, for itself and as agent for its
affiliates (“WB”). 
 RECITALS 
  

	 	A.	The Company has executed that certain Securities Purchase Agreement dated February 16, 2011 (the “Securities Purchase Agreement”) wherein the Company has
agreed to the sale and issuance of certain Securities, as defined therein; 

  

	 	B.	WB has executed the Securities Purchase Agreement as an Investor, as defined therein, pursuant to which WB shall purchase and receive certain Securities;

  

	 	C.	WB and the Company have executed that certain $5,000,000 line of credit established under the Ninth Amendment to Credit Agreement, dated January 3, 2011 (the
“WB Line of Credit”); and 

  

	 	D.	On January 3, 2011 and concurrent with WB’s and the Company’s execution of the Ninth Amendment to Credit Agreement, the Company issued to WB a common
stock purchase warrant entitling WB to purchase up to 5,555,555 shares (before implementation of the 1-for-20reverse stock split implemented by the Company on February 8, 2011, the “Reverse Stock Split”) of the Company’s common
stock (the “WB Warrant”) 

 NOW THEREFORE, in consideration of the mutual covenants and promises
contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby and forever acknowledged, the parties agree as follows: 
 AGREEMENT 
  

	 	1.	WB and the Company agree that: 

  

	 	a.	At and automatically upon Closing (as defined in the Securities Purchase Agreement), WB agrees that the total amount due from the Company under the WB Line of Credit is
reduced by $2,000,000, and the Company agrees that it has thereby received the $2,000,000 purchase price payable by WB per the Securities Purchase Agreement; and 

 

	 	b.	Automatically upon payment by the Company to WB of $500,000 at Closing (as defined in the Securities Purchase Agreement) and without any further action by the Company
or WB, WB agrees that all amounts owed to WB and/or any of its affiliated or related Persons under the WB Line of Credit shall be and are thereby paid full, the Company shall not owe WB or any of its affiliated or related Persons any other amounts
with respect to the WB Line of Credit, and the WB Line of Credit shall be and thereby are terminated and of no further force or effect and the Company shall have no further obligation or liability to WB or any of its affiliated or related Persons
thereunder or with respect thereto. 

	 	c.	Concurrent with the Closing of the Securities Purchase Agreement, the WB Warrant shall be amended to provide that the WB Warrant cannot be exercised for a period of six
(6) months following the Closing Date (as defined in the Securities Purchase Agreement). WB agrees to surrender the WB Warrant to the Company and, upon receipt, the Company shall issue a replacement warrant (the “Replacement Warrant”)
that shall be identical in all respects to the WB Warrant, except (i) the number of shares and exercise price shall be adjusted to reflect the 1-for-20 reverse stock split and (ii) the issuance date shall be the date of the Closing,
(iii) the expiration date shall be adjusted to reflected the new issuance date, and (iv) a clause shall be added that prohibits WB from exercising the warrant for a period of six (6) months following the Closing.

  

	 	2.	WB agrees, and agrees to cause its affiliated and related Persons to agree, not to sell, transfer or otherwise dispose of any of the Securities being acquired or
acquirable under the Securities Purchase Agreement until the earlier to occur of (i) the Effective Date and (ii) the first date on which all Investors are eligible to sell the securities purchased by them in the Offering under Rule 144,
and such agreement may not be waived, terminated, amended, modified or the like in any respect, directly or indirectly, by the Company, any of its Subsidiaries or any other Person. “Effective Date” means the first date on which the
resale by all Investors of all Registrable Securities is covered by one or more effective Registration Statements (as defined in the Registration Rights Agreement) (and each prospectus contained therein is available for use on such date).
“Rule 144” means Rule 144 promulgated by the Commission under the Securities Act. The terms “Investors,” “Offering,” “Registrable Securities,” “Registration Rights Agreement” and
“Securities” each shall have the same meanings as used in the Securities Purchase Agreement. 

  

	 	3.	This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one
and the same instrument. Delivery of a facsimile, pdf or other electronic copy of a signature shall be binding and have the same legal effect as an original signature. This Agreement shall become effective upon the execution and delivery of a
counterpart hereof by each of the parties hereto to the other party. The parties agree to execute and deliver any additional agreements, documents and things and to take such actions as may be reasonably requested by another party to implement the
agreements made herein. 

  

	 	4.	This Agreement and the rights and obligations of the parties hereunder shall be governed by and shall be enforced in accordance with the laws of the State of Minnesota.

	 	5.	This Agreement and the Securities Purchase Agreement and embody the entire agreement between the parties and supersede all prior agreements and understandings, if any,
relating to their subject matter hereof. In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement shall be binding upon and inure to the benefit of each of the parties and their respective successors and
assigns.

  

	 	6.	Any notice or other communication to any party in connection with this Agreement shall be in writing and shall be sent by manual delivery, facsimile transmission,
overnight courier or United States mail (postage prepaid) addressed to such party at the address specified on the signature page hereof, or at such other address as such party shall have specified to the other party hereto in writing. All
periods of notice shall be measured from the date of delivery thereof if manually delivered, from the date of sending thereof if sent by facsimile transmission, from the first business day after the date of sending if sent by overnight courier, or
from four days after the date of mailing if mailed. 

  

	 	7.	This Agreement can be waived, modified, amended, or terminated only explicitly in a writing signed by the parties.

 THE PARTIES hereto have executed this Agreement effective the day and year first
written above. 
  

			
	WB:
	
	 WB QT, LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Mark Strefling
	Name:	 	Mark Strefling
	Title:	 	CLO
	
	THE COMPANY:
	
	 QUANTUM FUEL SYSTEMS TECHNOLOGIES
 WORLDWIDE, INC., a Delaware corporation

		
	By:	 	/s/ Kenneth R. Lombardo
	Name:	 	Kenneth R. Lombardo
	Title:	 	Vice PresidentUnassociated Document

 

Exhibit 10.1

AGREEMENT

THIS AGREEMENT (“Agreement”) is entered into and is effective as of March 2, 2011, by and between Gulf Resources, Inc, a Delaware corporation (“GUFR”) and Mr. Yang Zou, an individual resident in Beiejing, P.R. China. (“Mr. Zou”).

Preliminary Statement

GUFR desires to retain Mr. Zou, and Mr. Zou is willing to serve, as a member of the Board of Directors of GUFR on the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth below, GUFR and Mr. Zou hereby agree as follows:

1.      Appointment.  The Board of Directors of GUFR has elected Mr. Zou, and Mr. Zou has agreed to serve, as a member of the Board of Directors of GUFR, effective as of the date of this Agreement.

2.      Compensation.  For the duties and services to be performed by him under this Agreement, GUFR will pay to Mr. Zou, and Mr. Zou agrees to accept, the compensation described below in this Section 2.

a.      Equity Component.  On the date of this Agreement, GUFR will grant Mr. Zou options to purchase 12,500 shares of GUFR common stock, which may be exercised immediately. The exercise price of these options will be the closing sale price of GUFR common stock on the Nasdaq stock exchange on the date of this Agreement. On March 2, 2012, GUFR will grant Mr. Zou options to purchase 12,500 shares, which may be exercised immediately thereafter, with an exercise price of the closing sale price of GUFR common stock on the Nasdaq stock market on such date of grant, provided Mr. Zou is still a director of or otherwise engaged by GUFR.  On March 2, 2013, GUFR will grant options to purchase 12,500 shares, which may be exercised immediately thereafter, with an exercise price of the closing sale price of GUFR common stock on the Nasdaq stock market on the date if such grant, provided Mr. Zou is still a director of or otherwise engaged by GUFR. The options will be granted under GUFR’s stock option plan, and will be subject to the terms and conditions of that plan. Subject to the foregoing provisions and the terms and conditions set forth in the plan, the options may be exercised until three years from the date of the grant of such options, except as otherwise provided in the plan.

b.      Committees.  The Board of Directors has appointed Mr. Zou, and Mr. Zou has agreed to serve as, a member of the Audit Committee and a member of the Nominating and Corporate Governance Committee.

 

  

  

  

 

3.      Expenses.  GUFR will reimburse Mr. Zou for reasonable expenses incurred by him in furtherance of his performance of duties hereunder, provided that such expenses are substantiated in accordance with GUFR policies applicable to members of its Board of Directors.

4.      Term and Termination.

a.      General. The term of this Agreement will commence as of the date the Board of Directors appoints Mr. Zou a director of GUFR and will remain in effect as long as Mr. Zou continues to serve as a non-employee director of GUFR. GUFR has no obligation to cause the nomination or recommend the election of Mr. Zou to the Board for any period of time in the future. Upon the termination of Mr. Zou’s tenure as a member of the Board, GUFR will promptly pay to Mr. Zou, or to his estate if his service is terminated upon his death, all fees accrued for services rendered as a member of the Board and committees thereof and expense reimbursements due as of the date of termination.

5.      Indemnification. GUFR Shall indemnify Mr. Zou, as a director of GUFR, to the maximum extent permitted under applicable law against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise, or as fines and penalties, and counsel fees, reasonably incurred by Mr. Zou in connection with the defense or disposition of any civil, criminal, administrative or investigative action, suit or other proceeding, whether civil or criminal, in which he may be involved or with which he may be threatened, while an officer or director of GUFR. Expenses (including attorney’s fees) incurred by Mr. Zou in defending any such action, suit or other proceeding shall be paid by GUFR in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of him to repay such amount if it shall be ultimately determined that he is not entitled to be indemnified by GUFR. The right of indemnification provided herein shall not be exclusive of or affect any other rights to which Mr. Zou may be entitled. The provisions hereof shall survive expiration or termination of this Agreement for any reason whatsoever. In the event of any conflict between the provisions hereof and the indemnification provisions contained in GUFR’s articles of incorporation or bylaws, or in any agreement between GUFR and Mr. Zou, the terms of such articles, bylaws or agreement shall govern.

6.      Liability Insurance. In furtherance of its agreement to indemnify Mr. Zou as provided in section 5 hereof, GUFR will maintain in effect at all times while Mr. Zou continues to serve as a member of the Board liability insurance provided by a recognized carrier covering members of its Board.

7.      Non-Exclusive. Nothing in this Agreement will prevent Mr. Zou (1) from serving as an employee, officer or director of any other company, provided that such performance is consistent with Mr. Zou’s duty of loyalty to GUFR, (2) from serving on voluntary, community service committees and boards, and (3) from owning shares representing less than 5% of the outstanding equity securities of a company that is a competitor of GUFR. Mr. Zou will comply with and be bound by GUFR’s policies, procedures and practices applicable to members of its Board of Directors from time to time in effect during the term of this Agreement.

 

  

  

  

 

8.      Conflicts. Mr. Zou represents that his performance of this Agreement will not conflict with or breach any other agreement to which he is a party or may be bound. Mr. Zou has not, and will not during the term of this Agreement, enter into any oral or written agreement in conflict with any of the provisions of this Agreement. Mr. Zou represents and warrants that he is not bound by any agreements which prohibit or restrict him from: (a) competing with, or in any way participating in a business that competes with, any former employer or business of any former employer to the extent that Mr. Zou’s performance of his duties under this Agreement would be deemed to constitute such competition; (b) soliciting personnel of a former employer or business to leave such former employer’s employment or to leave such business; or (c) soliciting customers, suppliers, financing sources or other entities having a substantial relationship with a former employer or business.

9.      Representations and Warranties of GUFR. GUFR has filed all reports required to be filed by it under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof, since January 1, 2010 (the foregoing materials being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Securities and Exchange Commission (the “Commission”) promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of GUFR included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material respects the financial position of GUFR and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments.

There is no claim, action, suit, proceeding, arbitration, reparation, investigation or hearing, pending or threatened, before any court or governmental, administrative or other competent authority or private arbitration tribunal, which could have an adverse effect on the business of GUFR; nor are there any facts known to GUFR which could reasonably be expected to give rise to a claim, action, suit, proceeding, arbitration, investigation or hearing, which could have an adverse effect upon the business of GUFR.

 

  

  

  

 

10.      Governing Law; Mediation & Arbitration. This Agreement will be governed by, and construed in accordance with the laws of the State of New York, without regard to choice-of-law principles, as if made and to be performed solely in New York.

11.      Notices. All notices or other communications which are required or permitted hereunder will be in writing and sufficient if delivered personally or sent by air courier of first class certified or registered mail, return receipt requested and postage prepaid, addressed as follows:

 

	 	If to Mr. Zou, to: 	Building No. 20, West Area, Courtyard 8, 

Yiguangsi, Haidian District,

Beijing 100084

People’s Republic of China

	 	 	 
	 	If to GUFR, to: 	Xiaobin Liu 

99 Wenchang Road, Chenming Industrial Park,

Shouguang City, Shandong,

People’s Republic of China 262714

	 	 	 
	 	with a copy to: 	Mitch Nussbaum 

345 Park Avenue

New York, New York 10154

USA

 

or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of delivery if personally delivered; on the business day after the date when sent if sent by air courier; and on the third business day after the date when sent if sent by mail, in each case addressed to such party as provided in this Section or in accordance with the latest written direction from such party.

12.      Entire Agreement. This Agreement constitutes the sole agreement of the parties and supersedes all oral negotiations and prior writings.

13.      Advice of Counsel. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

14.      Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

  

  

  

 

15.      Amendments. No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the party against which the enforcement of said modification, waiver, amendment, discharge or change is sought.

16.      Severability. If any portion of any provision of this Agreement, or the application of such provision or any portion thereof to any person or circumstance shall be held invalid or unenforceable, the remaining portions of such provision or portion of such provisions of this Agreement or the application of such provision or portion of such provision as is held invalid or unenforceable to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be effected thereby.

[signature page appears on the following page]

 

  

  

  

 

[signature page to Agreement of March 2, 2011 by and between Gulf Resources, Inc. and Yang Zou]

The parties, by signing below, agree to the terms and conditions set forth in this Agreement.

 

	 	

GULF RESOURCES, INC.

	 
	 	 	 	 
	 	 	 	 
	 	
By: 

	/s/ Xiaobin Liu	 
	 	 	

Name: Xiaobin Liu

	 
	 	 	

Title: Chief Executive Officer

	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ Yang Zou	 
	 	 	

Yang Zou

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