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Kandi Technologies Group, Inc. – ‘8-K’ for 1/21/10 – EX-10.6

On:  Thursday, 1/21/10, at 8:47am ET   ·   For:  1/21/10   ·   Accession #:  1144204-10-2868   ·   File #:  1-33997

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/21/10  Kandi Technologies Group, Inc.    8-K:1,8,9   1/21/10    9:1.3M                                   Vintage/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     27K 
 2: EX-10.1     Material Contract                                   HTML    292K 
 3: EX-10.2     Material Contract                                   HTML    241K 
 4: EX-10.3     Material Contract                                   HTML    137K 
 5: EX-10.4     Material Contract                                   HTML    183K 
 6: EX-10.5     Material Contract                                   HTML    117K 
 7: EX-10.6     Material Contract                                   HTML     34K 
 8: EX-10.7     Material Contract                                   HTML     51K 
 9: EX-99.1     Miscellaneous Exhibit                               HTML     17K 


EX-10.6   —   Material Contract


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Exhibit 10.6
 
VOTING AGREEMENT
 
VOTING AGREEMENT, dated as of January 21, 2010 (this "Agreement"), by and among Kandi Technologies, Corp., a Delaware corporation (the "Company") and Excelvantage Group Limited, a company organized under the laws of the British Virgin Islands (the "Stockholder").
 
WHEREAS, the Company and certain investors (each, an "Investor", and collectively, the "Investors") have entered into a Securities Purchase Agreement, dated as of the date hereof (the "Securities Purchase Agreement"), pursuant to which, among other things, the Company has agreed to issue and sell to the Investors and the Investors have, severally but not jointly, agreed to purchase (i) senior secured convertible notes of the Company (the "Notes"), which will be convertible into shares of the Company's common stock, $0.001 par value per share (the "Common Stock", as converted, the "Conversion Shares") in accordance with the terms of the Notes, and (ii) warrants (the "Warrants"), which will be exercisable to purchase shares of Common Stock (as exercised collectively, the "Warrant Shares").
 
WHEREAS, as of the date hereof, the Stockholder owns shares of Common Stock, which represents (i) approximately 60.12% of the total issued and outstanding Common Stock of the Company, and (ii) approximately 60.12% of the total voting power of the Company;
 
WHEREAS, as a condition to the willingness of the Investors to enter into the Securities Purchase Agreement and to consummate the transactions contemplated thereby (collectively, the "Transaction"), the Investors have required that the Stockholder agree, and in order to induce the Investors to enter into the Securities Purchase Agreement, the Stockholder has agreed, to enter into this Agreement with respect to all the Common Stock now owned and which may hereafter be acquired by the Stockholder and any other securities, if any, which Stockholder is currently entitled to vote, or after the date hereof becomes entitled to vote, at any meeting of the stockholders of the Company (the "Other Securities").
 
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
 
ARTICLE I

VOTING AGREEMENT OF THE STOCKHOLDER
 
SECTION 1.01.     Voting Agreement.  Subject to the last sentence of this Section 1.01, the Stockholder hereby agrees that at any meeting of the stockholders of the Company, however called, and in any action by written consent of the Company’s stockholders, the Stockholder shall vote the Common Stock and the Other Securities:  (a) in favor of the Stockholder Approval (as defined in the Securities Purchase Agreement), the Resolutions (as defined in the Securities Purchase Agreement) and the Stockholder Consent (as defined in the Securities Purchase Agreement), as applicable, as described in Section 4(v) of the Securities Purchase Agreement; and (b) against any proposal or any other corporate action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Transaction Documents (as defined in the Securities Purchase Agreement) or which could result in any of the conditions to the Company's obligations under the Transaction Documents not being fulfilled.  The Stockholder acknowledges receipt and review of a copy of the Securities Purchase Agreement and the other Transaction Documents.  The obligations of the Stockholder under this Section 1.01 shall terminate immediately following the occurrence of the Stockholder Approval.

 

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER
 
The Stockholder hereby represents and warrants to the Company and each of the Investors as follows:
 
SECTION 2.01.  Authority Relative to this Agreement.  The Stockholder has all requisite power and authority to execute, deliver and perform its obligations under this Agreement.  This Agreement has been duly executed and delivered by the Stockholder and constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally, the enforcement of creditors’ and other obligees’ rights and (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought.
 
SECTION 2.02.  No Conflict.  (a)  The execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or decree applicable to the Stockholder or by which the Common Stock or the Other Securities owned by the Stockholder are bound or affected or (ii) result in any breach of 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 of, or result in the creation of a lien or encumbrance on any of the Common Stock or the Other Securities owned by the Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or the Common Stock or Other Securities owned by the Stockholder is bound.
 
(b)           The execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Stockholder.

 
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SECTION 2.03.  Title to the Stock.  As of the date hereof, the Stockholder is the owner of 12,000,000 shares of Common Stock, entitled to vote, without restriction, on all matters brought before holders of capital stock of the Company, which Common Stock represents on the date hereof approximately 60.12% of the outstanding stock and approximately 60.12% of the voting power of the Company.  Such Common Stock is all the securities of the Company owned, either of record or beneficially, by the Stockholder.  Except as provided in the Pledge Agreement (as defined in the Securities Purchase Agreement), such Common Stock is owned free and clear of all security interests, liens, claims, pledges, options, rights of first refusal, agreements, limitations on the Stockholder's voting rights, charges and other encumbrances of any nature whatsoever.  The Stockholder has not appointed or granted any proxy, which appointment or grant is still effective, with respect to the Common Stock or Other Securities owned by the Stockholder.

ARTICLE III

COVENANTS
 
SECTION 3.01.  No Disposition or Encumbrance of Stock.  Except with respect to a transfer of any Common Stock or Other Securities to any of the Buyers in accordance with the Pledge Agreement or any Encumbrance (as defined below) on any Common Stock or Other Securities created in favor of any Buyer pursuant to the Pledge Agreement (the “Pledge Encumbrance”), the Stockholder hereby covenants and agrees that the Stockholder shall not offer or agree to sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant a proxy or power of attorney with respect to, or create or permit to exist any security interest, lien, claim, pledge, option, right of first refusal, agreement, limitation on Stockholders' voting rights, charge or other encumbrance of any nature whatsoever ("Encumbrance") with respect to the Common Stock or Other Securities, directly or indirectly, or initiate, solicit or encourage any person to take actions which could reasonably be expected to lead to the occurrence of any of the foregoing.
 
SECTION 3.02.  Company Cooperation.  The Company hereby covenants and agrees that it will not, and the Stockholder irrevocably and unconditionally acknowledges and agrees that the Company will not (and waives any rights against the Company in relation thereto), recognize any Encumbrance (other than the Pledge Encumbrance) or agreement (other than the Pledge Agreement) on any of the Common Stock or Other Securities subject to this Agreement.
 
ARTICLE IV

MISCELLANEOUS
 
SECTION 4.01.  Further Assurances.  The Stockholder shall execute and deliver such further documents and instruments and take all further action as may be reasonably necessary in order to consummate the transactions contemplated hereby.
 
SECTION 4.02.  Specific Performance.  The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that any Investor (without being joined by any other Investor) shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity.  Any Investor shall be entitled to its reasonable attorneys' fees in any action brought to enforce this Agreement in which it is the prevailing party.

 
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SECTION 4.03.  Entire Agreement.  This Agreement constitutes the entire agreement among the Company and the Stockholder (other than the Securities Purchase Agreement and the other Transaction Documents) with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Stockholder with respect to the subject matter hereof.
 
SECTION 4.04.  Amendment.  This Agreement may not be amended except by an instrument in writing signed by the parties hereto.
 
SECTION 4.05.  Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of this Agreement is not affected in any manner materially adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible.
 
SECTION 4.06.  Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.  The parties hereby agree that all actions or proceedings arising directly or indirectly from or in connection with this Agreement shall be litigated only in the Supreme Court of the State of New York or the United States District Court for the Southern District of New York located in New York County, New York.  The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to any of said courts or a judge thereof may be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its address set forth on the signature ages to this Agreement (and service so made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said courts.  Each of the Company and the Stockholder irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum.  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.
 
SECTION 4.07.  Termination.  This Agreement shall terminate immediately following the occurrence of the Stockholder Approval.

[The remainder of the page is intentionally left blank]

 
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IN WITNESS WHEREOF, the Stockholder and the Company has duly executed this Agreement.
   
THE COMPANY:
 
   
KANDI TECHNOLOGIES, CORP.
 
     
By: 
   
 
Name:
 
 
Title:
 

Address:  
Kandi Technologies, Corp.
 
 
Jinhua City Industrial Zone
 
 
Jinhua, Zhejiang Province
 
 
People’s Republic of China
 
 
Post Code 321016
 

STOCKHOLDER:
 
   
EXCELVANTAGE GROUP LIMITED
 
     
By:  
   
 
Name:
 
 
Title:
 

Address:  
c/o Ho Man Tim
 
 
Jinhua City Industrial Zone
 
 
Jinhua, Zhejiang Province
 
 
People’s Republic of China
 
 
Post Code 321016
 

 

 

Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period End:1/21/10None on these Dates
 List all Filings 


6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/16/23  Kandi Technologies Group, Inc.    10-K       12/31/22  122:8.9M                                   EdgarAgents LLC/FA
 8/03/22  Kandi Technologies Group, Inc.    10-K/A     12/31/21  135:11M                                    EdgarAgents LLC/FA
 6/30/22  Kandi Technologies Group, Inc.    CORRESP9/13/22    1:2.1M                                   EdgarAgents LLC/FA
 5/19/22  Kandi Technologies Group, Inc.    CORRESP9/13/22    1:2M                                     EdgarAgents LLC/FA
 3/15/22  Kandi Technologies Group, Inc.    10-K       12/31/21  127:9.7M                                   EdgarAgents LLC/FA
 3/30/21  Kandi Technologies Group, Inc.    10-K       12/31/20  121:8.5M                                   EdgarAgents LLC/FA
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Filing Submission 0001144204-10-002868   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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