Supplemental Agreement
Exhibit 10.4
Transferee: Xianning Sanhe Power Equipment Manufacturing Co., Ltd. (Hereinafter referred to as "Party A")
Transferor: Xxxxx Xxxx ID number: 000000000000000000 (Hereinafter referred to as "Party B")
Transferor: Xxxxxx Xxxxx ID number:42230119600815091X (Hereinafter referred to as "Party C")
Party A entered into a Share Purchase Agreement with Party B and Party C on June 21, 2018 and on the same day a supplemental agreement was signed between the parties. Due to the actual operation needs and after negotiations, the parties decide to amend the Article 3 in the original supplemental agreement as follows:
| 1. | Amendment |
The original supplemental agreement provides: After Party A’s acquisition of Hubei Jinli Hydraulic Co., Ltd, Party B and Party C shall cooperate closely with Party A in sales to ensure that sales increase year by year. If the annual net profit exceeds XXX 00 million, Party A shall pay Party B and Party C 20% of the annual net profit as remuneration. If the annual net profit is RMB 5 million to XXX 00 million, Party A shall pay Party B and Party C 10% of the annual net profit as remuneration. The marketing expenses incurred in the course of sale shall be dealt with by Party A, Party B and Party C on a case-by-case basis.
Amended entirely into: After Party A’s acquisition of Hubei Jinli Hydraulic Co., Ltd, Party B and Party C shall cooperate closely with Party A in sales to ensure that sales business has a smooth transition. If the annual net profit exceeds XXX 00 million, Party A shall pay Party B and Party C 20% of the annual net profit as remuneration. If the annual net profit is RMB 5 million to XXX 00 xxxxxxx (xxxxxxxxx XXX 10 million), Party A shall pay Party B and Party C 10% of the annual net profit as remuneration. The marketing expenses incurred in the course of sale shall be dealt with by Party A, Party B and Party C on a case-by-case basis. This provision is valid for a year after the effective date of the Share Purchase Agreement.
2. Miscellaneous
(1) This supplemental agreement is an important part of the Share Purchase Agreement and original supplemental agreement, and has the same legal effect as the Share Purchase Agreement.
(2) This supplemental agreement shall come into force on the date of signing or sealing by Party A, Party B and Party C. This agreement is made in triplicate, with each party holding one copy.
Party A: Xianning Sanhe Power Equipment Manufacturing Co., Ltd. [Company Seal Affixed Here]
Legal Representative: /s/ Xxxx Xxxx Hua
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Party B: /s/ Xxxxx Xxxx |
Party C: /s/ Xxxxxx Xxxxx |
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August 24, 2018 |
August 24, 2018 |
