SHARE TRANSFER AGREEMENT
Exhibit 10.3
Transferor (Party A): Greater Khingan Range Forasen Energy Technology Co., Ltd.
Transferee (Party B): CN Energy Industrial Development Co., Ltd.
This agreement is made and entered into by and between Party A and Party B in Hangzhou on May 13, 2021, regarding the equity transfer of Hangzhou Forasen Technology Co., Ltd.
Based on the principle of equality and mutual benefit, Party A and Party B have reached the following agreement through friendly negotiation.
Article 1: Transfer Consideration and Payment Method
Party A agrees to transfer 100% equity of Hangzhou Forasen Technology Co., Xxx.xx Party B for a cash consideration of XXX 00 Xxxxxxx.
The closing of this equity transfer is subjected to further negotiation by Party A and Party B.
Article 2: Representation and Guarantee
The transferred equity is legally owned by Party A and Party A further guarantees, as of the date of execution of this Agreement, the Transferred Equity is free from and clear of any pledge, encumbrance or freeze due to judicial judgment or administrative adjudication. Otherwise, all responsibilities arising therefrom shall be borne by Party A.
Party B will be entitled to all original rights and obligations of Hangzhou Forasen Technology Co., Ltd. after share transfer.
Party B guarantees to perform its obligations and responsibilities in accordance with the articles of association.
Article 3: Sharing of Profit and Loss
Party B shall become the shareholder of Hangzhou Forasen Technology Co., Ltd. after the approval of the Bureau of Industrial and Commerce.
Article 4 Modification and Termination
In case of any of the following circumstances, the agreement may be modified or terminated, but both parties shall sign a written consent for such modification or termination.
An event of force majeure occurs which renders the performance of this Agreement impossible;
One party loses the ability to perform the agreement;
The economic interests of the observant are seriously affected by breach of the agreement of either party which renders the performance of this Agreement impossible;
Both parties agree to change or terminate the agreement through negotiation.
Article 5 Dispute Resolutions
The Parties shall solve any dispute or claim arising from or relating to this Agreement through negotiation. If the Parties fail to reach an agreement after negotiation, the dispute may be brought to the People’s Court.
Article 6 Effectiveness
This Agreement shall come into effect upon the execution by the Parties.
Article 7
This Agreement shall have four copies, each of which has the same legal force and effect.
Transferor: /s/ Greater Khingan Range Forasen Energy Technology Co., Ltd.
Transferee: /s/ CN Energy Industrial Development Co., Ltd.
May 13, 2021
