Exhibit 10.1
Termination Agreement of Intellectual Property License (English Translation)
This agreement was entered into by the following parties in Dapeng new district, Shenzhen on March 21, 2017.
Party A: Shenzhen BAK Battery Co., Ltd
Legal Representative: Xiangqian Li
Address: BAK Industry Park, Kuichong Street, Dapeng New District, Shenzhen
Party B: Dalian CBAK Power Battery Co., Ltd (formerly “Dalian BAK Power Battery Co., Ltd”)
Legal Representative: Yunfei Li
Address: No.11, Meigui Street, Huayunkou Economic Zone, Dalian, Liaoning
Party C: CBAK Energy Technology, Inc.
Chairman of the Board: Yunfei Li
Address: No.11, Meigui Street, Huayunkou Economic Zone, Dalian, Liaoning
WHEREAS:
Party A, Party B and Party C (collectively, the “Parties”) on August 25, 2014 entered into an intellectual property license agreement (the “License Agreement”) under which Party A licensed to Party B and Party C any and all intellectual property rights that Party A owns for a term of five years and for free. After friendly negotiation, the Parties now desire to terminate the License Agreement in its entirety and hereby agree:
| 1. | Termination of License Agreement. |
| | 1) | Effective as of March 21, 2017 (the “Termination Date”), the License Agreement is terminated in its entirety and shall be deemed null and void. Party B and Party C shall have no further claim against Party A for any right under the License Agreement from and after the Termination Date, regardless of whether such claim was made prior to or after the execution of the License Agreement. |
| | | |
| | 2) | On or after the Termination Date, Party B and Party C shall not use or transfer to any third party any intellectual property licensed to it by Party A. |
| | | |
| | 3) | After the termination of the License Agreement, Party A shall pay US$1 million to Party C as the termination fee for early termination no later than one month after the execution of this agreement, and Party A and its subsidiaries shall transfer to Party B unconditionally and for free any registered trademark and logo containing the word “CBAK” owned by Party A or its subsidiaries (including but not limited to the trademark with the registration number of 5735737). Any term or provision of such transfer shall be subject to a separate transfer agreement to be entered into between Party A and Party B. |
| 2. | Liability of Breach of Contract and Dispute Settlement |
| | 1) | Each Party shall strictly perform its respective obligations under this agreement and any failure to perform or incomplete performance shall be deemed as breach of contract. |
| | | |
| | 2) | Any disputes arising out of this agreement shall be settled through friendly negotiation; in case no settlement can be reached, each Party can file a law suit to the local People’s Court with jurisdiction in which this agreement is executed. |
| 3. | Binding Effect of Contract and Others |
| | 1) | This agreement shall not be binding on either Party until it is executed and sealed by each Party on March 21, 2017. |
| | | |
| | 2) | In regard to any matter not covered in this agreement, it shall be otherwise agreed by all of the Parties on the basis of negotiation, and shall be reflected in a supplemental agreement. |
| | | |
| | 3) | This agreement has three original copies and they all have the same legal effect. |
Shenzhen BAK Battery Co., Ltd (seal)
Legal Representative: /s/ Xiangqian Li
Dalian CBAK Power Battery Co., Ltd (seal)
Legal Representative: /s/ Yunfei Li
CBAK Energy Technology, Inc.
Chairman of the Board of Directors: /s/ Yunfei Li
2
