Document:

ex10_1.htm

    
      

    

    Exhibit 10.1

    INDEMNIFICATIONAGREEMENT

    

    THIS
      AGREEMENT, Made this
            day of
             
, 2000, between PETROLEUM DEVELOPMENT CORPORATION, a Nevada
      corporation, with its principal offices at 103 East Main Street,
      Bridgeport, West Virginia 26330, hereinafter referred to as "the Indemnitor",
      and
                  
,  
                           
;
                           
,
                                    
, hereinafter
      referred to as "the Indemnitee."

    

    1.           RECITALS.

    

    (a)           To
      induce the Indemnitee into continuing his services as a Director of this
      Corporation, the Indemnitor has agreed and does hereby agree on the terms and
      conditions herein set out to indemnify, save and hold harmless the Indemnitee
      of
      and from the claims, demands, actions, causes of actions, proclaims, described
      herein; and

    

    (b)           The
      Indemnitee is willing to undertake the office of Director of the Indemnitor
      on
      the condition and only on the condition that he is indemnified as herein
      provided.

    

    WITNESSETH:  In
      consideration
      of the premises and the sum of One Dollar ($1.00) cash in hand paid by the
      Indemnitee to the Indemninator, it is agreed as follows:

    

    1.           The
      Indemnitor does hereby agree to indemnify, save and hold harmless the Indemnitee
      who was or is threatened to be made a party to any threatened, pending or
      completed action or proceeding, whether civil, criminal, administrative or
      investigative (other than an action by or at the behest of the Indemnitor),
      by
      reason of the fact that he is or was a Director of the Indemnitor), or was
      serving at the request of the Indemnitor as a Director from and against all
      expenses (including attorneys' fees), judgements, fines, taxes and penalties
      and
      interest thereon, and amounts paid in settlement actually and reasonably
      incurred by the Indemnitee in connection with such action or proceeding if
      he
      acted in good faith and in a manner reasonably believed to be in or not opposed
      to the best interest of the corporation, and which respect to any criminal
      action or proceeding, that the Indemnitee had no reasonable cause to believe
      such conduct to have been unlawful.  The termination of any action or
      proceeding by judgment, order, settlement, conviction, or upon a plea of
nolocontendere or its equivalent, shall not, of itself, create a
      presumption that the person did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interest of the
      corporation, and with respect to any criminal action or proceeding that the
      Indemnitee did not have reasonable cause to believe that such conduct was
      unlawful.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.           The
      Indemnitor does further agree to save and hold harmless and does indemnify
      the
      Indemnitee from any threatened, pending or completed action or proceeding,
      by or
      in the right of the Indemnitor to procure judgement in its favor by reason
      of
      the fact that he was a Director, or was serving at the request of the Indemnitor
      as a Director of the Indemnitor corporation against expenses (including
      attorneys' fees) actually and reasonably incurred by the Indemnitee in
      connection with the defense or settlement of such action or proceeding if he
      acted in good faith and in a manner he reasonably believed to be in or not
      opposed to the best interest of the corporation, except that no indemnification
      shall be required with respect to any claim, issue or matter, including, but
      not
      limited to, taxes or interest or penalties thereon, as to which such person
      shall have been adjudged to have been liable for negligence or misconduct in
      the
      performance of his duty to the corporation, unless and only to the extent that
      the Court in which such action or proceeding was brought, shall determine upon
      application that, despite the adjudication of liability, but in view of all
      circumstances of the case, such person is fairly and reasonably entitled to
      indemnity for such expenses which the Court shall deem to be
      proper.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    3.           To
      the extent that the Indemnitee as a Director of the Indemnitor has been
      successful on the merits or otherwise, in defense of any action or a proceeding,
      referred to above, or in defense of any claim, issue, or matter therein, he
      shall be indemnified against expenses (including attorneys' fees) actually
      and
      reasonably incurred by him in connection therewith.

    

    4.           Indemnification
      provided hereunder (unless ordered by a Court) shall be made by the Indemnitor
      only as authorized in the specific case upon a determination that the
      indemnification of the Indemnitees as Director because he has met the applicable
      standard of conduct as described herein, such determination shall be made (i)
      by
      the Board of Directors, by a majority vote of a quorum consisting of Directors
      who are not parties to such action or proceeding; or (ii) if such a quorum
      is
      not obtainable, or if obtainable, a quorum of disinterested Directors so directs
      by independent legal counsel in a written opinion; (iii) by the shareholders
      of
      the Indemnitor.

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    5.           Expenses
      (including attorneys' fees) incurred in defending a civil or criminal action
      or
      proceeding may be paid by the corporation in advance of the final disposition
      of
      such action or proceeding as authorized in the manner provided in the next
      preceding Section.  Upon receipt of an undertaking by or on behalf of
      the Director to repay such amount unless it shall ultimately be determined
      that
      the Indemnitee is entitled to be indemnified by the corporation as authorized
      by
      this section.

    

    6.           The
      indemnification provided by this agreement shall not be deemed exclusive of
      any
      other rights to which any shareholder or Director may be entitled under any
      bylaw, agreement, vote of shareholders, members or disinterested directors
      or
      otherwise, both as to action in his official capacity and as to action in
      another capacity while holding such office and shall continue as to a person
      who
      has ceased to be a director and shall inure to the benefit of the heirs,
      executors, administrators and personal representatives of such
      indemnify.

    

    7.           The
      Indemnitor reserves the right to purchase and maintain insurance on behalf
      of
      the Indemnitee against any liability or liabilities asserted against him and
      incurred by him in such a capacity or arising out of his status as such, whether
      or not the Indemnitor would have the power to indemnify him against such
      liability under any provision of this agreement.

    

    8.           Entire
      Agreement.  This writing contains the entire agreement between the
      parties with respect to the matters set forth herein.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    9.           Gender.  When
      the term "he" or "him" is used in this agreement it shall be construed and
      is
      intended to include both the masculine and feminine genders.

    

    10.   Governing
      Law.  This agreement shall be construed under the laws of the
      State of West Virginia.

    

    11.           Benefit.  The
      benefit of this agreement and the obligations created hereby shall inure to
      and
      be binding upon the respective heirs, personal representatives, successors
      and
      assigns of the parties.

    

    IN
      WITNESS WHEREOF, the parties hereto
      have executed this Agreement all as of the day and year first above
      written.

    

     

    
      
        	 	
                INDEMNITOR:

              
	 	 
	 	 	
                PETROLEUM
                  DEVELOPMENT CORPORATION

              
	 	 	 	 
	 	 	
                a
                  Nevada Corporation

              
	 	 	 	 
	 	 	 	 
	
                (CORPORATE
                  SEAL)

              	 	 	 
	 	 	
                By

              
	 	 	 	 
	 	 	
                Its
                  President

              	
                 

              
	 	 	 	 
	 	
                INDEMNITEE:

              
	 	 
	 	 	 	
                (SEAL)

              

      

       

       

      -5-Execution
        Version

    

     

    INDEPENDENT
      DIRECTOR’S CONTRACT

     

    THIS
      AGREEMENT (the “Agreement”)
      is
      made as of August 3, 2007 and is by and between Puda Coal, Inc. a Florida
      corporation (hereinafter referred to as the “Company”),
      and
      Lawrence S. Wizel (the “Director”).

    

    BACKGROUND

    

    The
      Company desires to retain the Director for the duties of independent director
      and the Director desires to be retained for such position and to perform the
      duties required of such position in accordance with the terms and conditions
      of
      this Agreement.

    

    AGREEMENT

    

    In
      consideration for the above recited promises and the mutual promises contained
      herein, the adequacy and sufficiency of which are hereby acknowledged, the
      Company and the Director hereby agree as follows:

     

    

      1. DUTIES.
        The
        Company hereby requires that the Director be available to perform such duties
        (i) as may be determined and assigned by the Board of Directors of the
        Company, and (ii) that are specified in the Company’s Articles of
        Incorporations and Bylaws to be performed by directors. The Director agrees
        to
        devote as much time as is necessary to perform completely the duties as the
        Director of the Company as described in the preceding sentence.

      

      2. TERM.
        Except
        in the case of early termination, as hereinafter specifically provided, the
        term
        of this Agreement shall commence as of August 3, 2007 and shall continue
        for as
        long as the Director serves as a director of the Company. 

      

      3. COMPENSATION.
        For all
        services to be rendered by the Director in any capacity hereunder, the Company
        agrees to pay the Director an annual fee of (i) $40,000 in cash and (ii)
        12,500
        shares of common stock of the Company. The initial fee should be 50% of the
        annual fee, which is considered earned when paid and is nonrefundable. The
        initial payment for the services of the Director for services rendered is
        due
        upon execution of this Agreement; thereafter, payment of 50% of the annual
        fee
        shall be due on or before the first date of
        each
        six succeeding months. Such fee may be adjusted from time to time as agreed
        by
        the parties. 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      4. EXPENSES.
        In
        addition to the compensation provided in paragraph 3 hereof, the Company
        will
        reimburse the Director for business related travel, including business class
        flight tickets for trips between U.S. and China, meal and other miscellaneous
        expenses incurred in the performance of the Director’s duties for the Company;
        provided, however, that such expenses shall be approved by the Company in
        writing prior to the Director incurring such expenses. Such payments shall
        be
        made by the Company upon submission by the Director of a signed statement
        itemizing the expenses incurred. Such statement shall be accompanied by
        sufficient documentary matter to support the expenditures.

      

      5. CONFIDENTIALITY
        AND INSIDER TRADING.
        The
        Company and the Director each acknowledge that, in order for the intents
        and
        purposes of this Agreement to be accomplished, the Director shall necessarily
        be
        obtaining access to certain confidential or non-public information concerning
        the Company and its affairs, including, but not limited to business methods,
        information systems, financial data and strategic plans which are unique
        assets
        of the Company (“Confidential
        Information”).
        The
        Director covenants not to, either directly or indirectly, in any manner,
        utilize
        or disclose to any person, firm, corporation, association or other entity
        any
        Confidential Information or engage in any illegal inside trading
        activities.

      

      6. NOTICE
        OF MATERIAL CHANGE IN FINANCIAL CONDITION OF THE COMPANY.
        The
        Company shall endeavor to notify the Director in writing, at the earliest
        practicable time, of any material adverse change in the financial condition
        of
        the Company.

      

      7. TERMINATION.
        With or
        without cause, the Company and the Director may each terminate this Agreement
        at
        any time upon ten (10) days written notice, and the Company shall be obligated
        to pay to the Director the compensation and expenses due up to the date of
        the
        termination and incurred in accordance with this Agreement. If termination
        occurs prior to the last date of any succeeding six months after the first
        six
        months of this agreement, the Company shall be entitled to receive, within
        thirty (30) days after written request by the Company, a prorated refund
        of the
        portion of the fee that relates to the period after the termination date.
        Such
        written request must be submitted within ninety (90) days of the termination
        date. Nothing contained herein or omitted herefrom shall prevent the Director(s)
        of the Company from removing the Director with immediate effect at any time
        for
        any reason.

      

      8. INDEMNIFICATION.
        The
        Company shall indemnify, defend and hold harmless the Director, to the full
        extent allowed by the law of the State of Florida, and as provided by, or
        granted pursuant to, any charter provision, both as to action in the Director’s
        official capacity and as to action in another capacity while holding such
        office, except for matters arising out of the Director’s gross negligence or
        willful misconduct. The Company shall carry a minimum of $10,000,000 directors
        and officers insurance. 

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    
      9. EFFECT
        OF WAIVER.
        The
        waiver by either party of the breach of any provision of this Agreement shall
        not operate as or be construed as a waiver of any subsequent breach
        thereof.

      

      10. NOTICE.
        Any and
        all notices referred to herein shall be sufficient if furnished in writing
        and
        delivered in person or mailed at the following addresses or facsimiled to
        the
        following number:

    

    

      
        	
                To
                  the Company:

              	 
	
                 

              	
                Attention:
                  Wenwei Tian 

              
	
              	
                Address:
                  426 Xuefu Street, Taiyuan, Shanxi Province, The People’s Republic of
                  China

              
	
                 

              	
                Facsimile:
                  01186-351-703-4404

              

      

    

     

    
      
        	
                To
                  the Director:

              	
                Lawrence
                  S. Wizel

              
	 	
                Address:
                  32 Yale drive, Manhasset, NY 11030

              
	 	
                Facsimile:
                  1-212-953-1301

              

      

      

        12. GOVERNING
          LAW AND DISPUTE RESOLUTION.
          This
          Agreement shall be interpreted in accordance with, and the rights of the
          parties
          hereto shall be determined by, the laws of China without reference to its
          conflicts of laws principles. Any dispute arising from or in connection
          with
          this contract shall be submitted to China International Economic and Trade
          Arbitration Commission (“CIETAC”)
          in
          Beijing for arbitration, which shall be conducted in accordance with CIETAC’s
          arbitration rules in effect at the time of applying for arbitration. The
          arbitral award is final and biding upon both parties. The parties agree
          that:
          (a) The venue of arbitration is Beijing. The hearing of arbitration may
          be
          conducted in Beijing or, to the extent permitted by CIETAC’s arbitration rules,
          any other place as agreed on by the parties as the most convenient place;
          (b)
          The language to be used during the arbitration proceedings should be English;
          (c) A one-arbitrator tribunal will be appointed jointly by both parties
          and the
          arbitration should follow the ordinary proceeding. In case the parties
          fail to
          jointly appoint the arbitrator, the arbitrator should be appointed by the
          chairman of CIETAC upon the joint authorization of the parties. The parties
          may
          select arbitrators from the panel of arbitrators provided by CIETAC, and
          to the
          extent permitted by CIETAC’s arbitration rules, from outside of the panel.

        

        13. ASSIGNMENT.
          The
          rights and benefits of the Company under this Agreement shall be transferable,
          and all the covenants and agreements hereunder shall inure to the benefit
          of,
          and be enforceable by or against, its successors and assigns. The duties
          and
          obligations of the Director under this Agreement are personal and therefore
          the
          Director may not assign any right or duty under this Agreement without
          the prior
          written consent of the Company.

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

        14. MISCELLANEOUS.
          (a) If
          any provision of this Agreement shall be declared invalid or illegal, for
          any
          reason whatsoever, then, notwithstanding such invalidity or illegality,
          the
          remaining terms and provisions of the within Agreement shall remain in
          full
          force and effect in the same manner as if the invalid or illegal provision
          had
          not been contained herein; (b) This Agreement shall be binding upon and
          shall
          inure to the benefit of the parties hereto, and their respective heirs,
          executors, administrators, successors and assigns.

        

        15. ARTICLE
          HEADINGS.
          The
          article headings contained in this Agreement are for reference purposes
          only and
          shall not affect in any way the meaning or interpretation of this
          Agreement.

      

    

    

    16. COUNTERPARTS.
      This
      Agreement may be executed in any number of counterparts, all of which taken
      together shall constitute one instrument.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this independent director’s
      contract to be duly executed and signed as of the day and year first above
      written.

     

    
      	 	 	 
	 	
              PUDA
                COAL, INC.

              a
                Florida corporation 

            
	 
 	 
 	 
 
	
            	By:  	/s/ Ming Zhao 
	 	
              

            
	 	Ming
              Zhao, Chief Executive Officer  

    

     

    
      	 	 	 
	 	
              INDEPENDENT
                DIRECTOR

            
	 
 	 
 	 
 
	
            	By:  	/s/ Lawrence
              S. Wizel
	 	
              

            
	 	
              Lawrence
                S. Wizel

            

    

    
      
        
        

      

       

      
        5

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