SEC Contract Filing

Filing Date: 2021-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>2
<FILENAME>f10k2020ex10-22_kanditech.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT BY AND BETWEEN ZHEJIANG KANDI TECHNOLOGIES GROUP CO., LTD. AND GEELY TECHNOLOGY GROUP CO., LTD., DATED FEBRUARY 18, 2021
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.22</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Equity Transfer Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferor: Zhejiang Kandi Vehicles Co.,
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferee<FONT STYLE="font-family: Times New Roman, Times, Serif">&#65306;</FONT>Geely
Technology Group Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through friendly negotiation, the transferor
and the transferee have signed the following agreement on the transferor's transfer of its equity in Fengsheng Automotive Technologies
Group Co., Ltd (hereinafter referred to as the &quot;target company&quot;) to the transferee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The transferor will transfer 22% of
the equity of the subject company (hereinafter referred to as &quot;the subject equity&quot;) to the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The price of this equity transfer is
RMB 308 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Both parties shall cooperate with each
other to complete the industrial and commercial change registration procedures corresponding to the subject equity within 15 days
after the signing of this agreement. The transferee shall pay 50% of the equity transfer price within five working days from the
date of completion of the corresponding registration procedures for industrial and commercial change of the subject equity, and
the remaining price shall be paid within six months from the date of completion of the registration of industrial and commercial
change. The transferee shall become the shareholder of the subject company from the date when the subject equity completes the
corresponding industrial and commercial change registration procedures, and shall have all the shareholders' rights in accordance
with the law, this Agreement and the articles of association of the subject company. The company's capital reserve, surplus reserve
and accumulated undistributed profits shall be owned by the transferee according to the proportion of the equity of the target
company held by the transferee after the equity transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. This equity transfer involves the unpaid
subscribed capital contribution, which shall be paid in full and on schedule by the transferee according to the articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. After the equity transfer, the transferor
will no longer have the shareholders' rights and undertake the corresponding shareholders' obligations; while the transferee owns
the shareholders' rights in accordance with this agreement, transferee must undertake the shareholders' obligations. However, if
new issues occur in the subject company due to the relevant matters occurred during the joint venture period or existing during
the joint venture period, the transferor shall be obliged to assist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. This Agreement shall take effect from
the date of signing by both parties. In case of dispute arising from the performance of this agreement, the dispute shall be settled
by the people's Court of the place where the subject company is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. This agreement is made in duplicate,
one for each party, with the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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 <TD STYLE="width: 50%; text-align: justify">Transferor: Zhejiang Kandi Vehicles Co., Ltd.</TD>
 <TD STYLE="width: 50%; text-align: justify">Transferee<FONT STYLE="font-family: Times New Roman, Times, Serif">&#65306;</FONT>Geely Technology Group Co., Ltd</TD></TR>
<TR STYLE="verti