First Amendment to Strategic Collaboration Agreement, dated as of March 26, 2020, by and between the Company and Weichai Power
Exhibit 10.1
First Amendment to Strategic Collaboration
Agreement
between
Weichai Power Co, Ltd.
and
Power Solutions International, Inc.
This First Amendment to Strategic Collaboration Agreement (the “First Amendment”) is made and entered into as of March 26, 2020 by and between
| (1) | Weichai Power Co, Ltd., a company limited by shares incorporated under the laws of the People’s Republic of China and registered with the State Administration for Industry and Commerce under registration no. 370000400003581, having its business address at Section A, 197, Fu Shou East Street, High Technology Industrial Development Zone, Weifang, Shandong Province, the People’s Republic of China, Postal Code: 261061 (“Weichai”); and |
| (2) | Power Solutions International, Inc. a corporation constituted and validly existing in accordance with the laws of the State of Delaware, USA, with its primary headquarter in 201 Mittel Drive, Wood Dale, IL, U.S.A. 60191 (“PSI”). |
Weichai and PSI are hereinafter jointly referred to as the “Parties” and individually as a “Party”.
WHEREAS
| (A) | The Parties entered into a Strategic Collaboration Agreement dated as of March 20, 2017 (the “Agreement”), which expires on March 20, 2020. |
| (B) | The Parties have notified each other of their intentions to extend the term under the Agreement and to further extend the Agreement. |
| (C) | The Parties desire to make certain amendments to the Agreement to extend the term under the provisions as herein provided. |
NOW, THEREFORE, in consideration of the promises contained herein and intending to be legally bound, the Parties agree as follows:
| 1. | Definitions All capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Agreement. |
| 2. | Section 10.1 of the Agreement shall be amended as follows: |
| The Term of the Agreement shall be extended an additional three (3) years starting from March 20, 2020 and until March 20, 2023. Within two (2) months prior to the end of the term or the extension thereof, the Parties may mutually agree on the extension of this Agreement and depending on the status on each of the Collaboration Project, the Parties may mutually agree on amending the terms and conditions of this Agreement to be applied for the next extension term. |
| 3. | Section 11.3 of the Agreement shall be amended as follows: |
| All notices, requests, claims, demands and other communications under this Agreement shall be in writing in Chinese and English and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses: |
| To Weichai: | Weichai Power Co, Ltd Attn.: Executive President Section A, 197, Fu Shou East Street High Technology Industrial Development Zone Weifang, Shandong Province The People’s Republic of China Postal Code: 261061 Fax: +86 5368 231074 | |
| To Weichai US: | Weichai America Corp. Attention: President 3100 Golf Road Rolling Meadows, IL 60008 | |
| To PSI: | Power Solutions International, Inc. Attention: Chief Executive Officer 201 Mittel Dr. Wood Dale, IL 60191 | |
This Agreement is written in English. The English version shall be binding on the Parties.
[Signature page to follow]
IN WITNESS WHEREOF, the Parties have caused this First Amendment to Agreement to be duly executed on their behalf by their duly authorized officer as of the date first written above.
| WEICHAI POWER CO., LTD. represented by: | ||
| By: | /s/ Shao Sidong | |
| Name: | Shao Sidong | |
| Title: | President | |
| POWER SOLUTIONS INTERNATIONAL, INC. represented by: | ||
| By: | /s/ John P. Miller | |
| Name: | John P. Miller | |
| Title: | CEO | |
