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EXHIBIT
10.1
Memorandum of Understanding for Proposed
Manufacturing
and Distribution Agreement in Malaysia with ZAP
CONFIDENTIAL AND
PROPRIETARY INFORMATION
Binding MEMORANDUM OF
UNDERSTANDING for proposed Manufacturing
and Distribution
Agreement in Malaysia with ZAP
The following
is a Memorandum of Understanding with respect to a proposed
transaction between ZAP (“ZAP”), a California
incorporated company, with headquarters at Santa Rosa, California
and ETI Tech Corporation Berhad (“ETI Tech” or
“the Company”), headquartered in Kulim, Kedah Darul
Aman, Malaysia.
This Memorandum
of Understanding is intended to provide a framework for final
contract agreement regarding ZAP’s proposed Manufacturing and
Distribution Agreement with ETI Tech (“the
Transaction”) and is meant to be binding while final contract
agreement is being completed. Accordingly, all terms under
“Fees and Expenses”, “Confidentiality” and
“Governing Law”, are binding while the companies enter
into definitive agreements regarding the subject matter of this
Memorandum of Understanding.
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ZAP
(“ZAP”), headquartered at 501 4
th Street Santa Rosa CA 95401 USA, was founded in
1994 and listed on NYSE in 2006. ZAP is a leading global
distributor of alternative fuel technology vehicles with more than
50 dealers in the US and its vehicles distributed in over 75
countries.
ETI Tech
Corporation Berhad (“ETI Tech” or “the
Company”), headquartered at Lot No. 12, Industrial Zone Phase
II, Kulim Hi-Tech Park, 09000 Kulim, Kedah Darul Aman, Malaysia and
listed on the ACE Market (formerly the MESDAQ Market of Bursa
Malaysia), is principally involved in the research and development
and commercialization of Polymer Lithium Ion (“PLI”)
batteries.
This Memorandum
of Understanding represents the agreement and understanding between
ZAP and ETI Tech.
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This Memorandum
of Understanding, the contents hereof and the parties’
discussions related hereto shall be kept confidential unless
otherwise agreed by both parties for press purposes.
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1. Zap agreed
to incorporate ETI Tech Battery together with the
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