Document:

Unassociated Document

    Exhibit
10.67

     

    Mortgage
Agreement

     

    Number:
2009 Nian 6310517131 Di Zi No. 003

     

    Mortgagor:
Henan Shuncheng Group Coal Coke Co., Ltd.

    Number of
Business License: 410522110001012

    Legal
Representative/Principal: Wang Xinshun

    Domicile:
the county of Anyang, the town of Tongye

    Postcode:
456141

    Financial
Institution of opening an account and the account number: Bank of China,
sub-branch of Huo 

    Telephone:
0372-5608958

    Fax:
0372-5608472

    

    Mortgagee:
Bank of China Anyang Branch

    Legal
Representative/Principal: Shilei

    Domicile:
Wengfeng Avenue, the city of Anyang

    Postcode:
455000

    Telephone:
0372-2926786

    Fax:
0372-2926786

    

    To
guarantee the fulfillment of debt under the “Principal Agreement” as stipulated
in Article 1 hereunder, the Mortgagor are willing to provide mortgage for
benefit of the Mortgagee, the Agreement is enacted by equal negotiation by and
between two parties hereto. Unless as otherwise provided herein, terms hereof
shall be interpreted in accordance with the Principal Agreement.

     

    
      	
              Article
      1

            	
              Principal
      Agreement

            

    

     

    The
Principal Agreement of the Agreement is:

     

    RMB Loan Agreement (short
term) (Agreement Number: 2009 Nian 6310517131 Zi NO. 003) and its
amendment or supplement signed between the Creditor and Henan Shuncheng Group
Coal Coke Co., Ltd.

     

    
      	
              Article
      2

            	
              Principal
      Credit

            

    

     

    Creditor’s
Rights under the Principal Agreement constitute the Principal Credit hereof,
including principal, interests (including legal interest, Agreement interest,
compound interest, default interest), liquidated damages, compensation, fees to
realize the Creditor’s Rights (including but not limited to legal fees, lawyer's
fees, notarization fees, enforcement fees), losses caused to the Creditor due to
the Debtor’s breach of Agreement and other dues.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      3

            	
              Collateral

            

    

     

    The
conditions about the collateral refer to the annex of Collateral
List.

     

    During
the period of mortgage, in case the collateral is damaged, lost or imposed, the
mortgagee may has the priority of compensation from the obtained insurance
benefit, compensation payment or compensatory payment. If the performance period
of principal credit is not expired, these obtained insurance benefit,
compensation payment or compensatory payment may be drawn for
custody.

     

    
      	
              Article
      4

            	
              Mortgage
      Registration

            

    

     

    If
mortgage registration is needed legally, the mortgagor and mortgagee shall deal
with the mortgage registration procedures with the relevant departments within
fifteen (15) days after signing this Agreement.

     

    On
condition that the registered matters have been changed and the amendment of
registration shall be needed, the mortgagor and mortgagee shall take the
procedures of amendment of registration in relevant departments with five (5)
days after the matters changed.

     

    
      	
              Article
      5

            	
              Possession
      and Custody of Collateral

            

    

     

    The
collateral herein is possessed by and under custody of the mortgagor, but the
documents of title shall be taken by the mortgagee. The mortgagor agrees to
accept at any time and coordinate effectively with the mortgagee and its
appointed institution and individuals to check the collateral.

     

    The
mortgagor shall hold, maintain and keep the collateral appropriately, and take
effective measures to ensure the safety and completeness of the collateral. If
the collateral needs to be repaired, the mortgagor shall take measures promptly
and pay for it.

     

    The
mortgagor shall not entirely or partially transfer, rent, lend, contribute in
the form of material object, reform, rebuild or any other manners to dispose the
collateral without the written consent of the mortgagee. The obtained payment
after disposing the collateral shall discharge the claims in advance or be drawn
to the third party appointed by the mortgagee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      6

            	
              Disposition
      as of Decrease of the Collateral’s
Value

            

    

     

    Before
the principal credit herein is paid off completely, in case the behavior of the
mortgagor is sufficient to decrease the property value of the collateral, the
mortgagee is entitled to request the mortgagor to stop its behavior. If the
property value has been reduced, the mortgagee is entitled to request the
mortgagor to make up for the value, or provide for other guarantee which is
equal to the reduced value and approved by the mortgagee. If the mortgagor does
not make up for the value or provide for the collateral, the mortgagee has the
right to request the debtor to discharge the debt in advance. On the condition
that the debtor does not discharge the debt in accordance with the request, the
mortgagee is entitled to perform the hypothec.

     

    If the
collateral gets lost or its value is reduced due to nature disaster, accidents,
infringement acts or other reasons, the mortgagor shall take measures promptly
to prevent the enlargement of loss and inform the mortgagee immediately in
written form.

     

    
      	
              Article
      7

            	
              Fruits

            

    

     

    If the
debtor does not perform the due debt or other conditions herein which enforce
the hypothec occurred, and such results in the sequestration of the collateral
by the people’s court, the mortgagee has the right to receive this guaranteed
property’s natural fruits or legal fruits from the date of sequestration,
however excluded is the condition that the mortgagee does not inform the obligor
who shall pay off the legal fruits.

     

    The
fruits aforesaid shall be first used to pay the expenses arising from receiving
the fruits.

     

    
      	
              Article
      8

            	
              Insurance
      Over the Collateral

            

    

     

    The
mortgagor shall arrange the insurance for the collateral with an insurance
company which determined through the negotiation with the mortgagee in
accordance with the insurance type and term determined by the parties. The
insured amount shall not less than the assessed value of the collateral and the
content of insurance list shall be in accordance with the request of the
mortgagee and shall not add the limited conditions in the prejudice of the
benefit of the mortgagee.

     

    Before
the principal credit herein is paid off completely, the mortgagor shall not
intermit, terminate, modify or amend the insurance list in any reason, and shall
take every reasonable and necessary measure to make sure that the insurance
herein is valid. If the mortgagor does not arrange the insurance or break the
said Agreement, the mortgagee has the right to decide to arrange the insurance
or continue to arrange the insurance for the collateral, while the insurance fee
shall be born by the mortgagor and is calculated into the principal credit with
the possible resulting damage to the mortgagee jointly.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    With
thirty (30) days after signing this Agreement, the mortgagor shall provide the
mortgagee for the original of insurance list of this collateral and transfer to
the mortgagee the right of claim to insurance benefit due to the occurrence of
insurance affairs. Before the principal credit herein is paid off completely,
the original of the insurance list is kept by the mortgagee.

     

    
      	
              Article
      9

            	
              the
      Occurrence of the Guaranteed
Liability

            

    

     

    If the
debtor/party to be guaranteed does not discharge the debt to the mortgagee in
any normal or advanced payment date, the mortgagee is entitled to enforce the
hypothec in accordance with the law or this Agreement.

     

    The
aforesaid normal payment date refers to the date of repaying the capital, paying
for the interest or any other payment to the mortgagee in accordance with the
Agreement by the debtor/guarantee. The aforesaid advanced payment date refers to
the date proposed by the debtor/guarantee and agreed by the mortgagee and the
date of drawing the capital and interest/or any other payments in advance
requested by the mortgagee to the debtor/guarantee in accordance with the
Agreement.

     

    
      	
              Article
      10

            	
              the
      Enforcement Term of Hypothec

            

    

     

    After the
occurrence of the guaranteed liability, the mortgagee shall enforce the hypothec
during the statute of limitation of the principal credit.

     

    If the
principal credit is paid off by installments, the mortgagee shall enforce the
hypothec before expired date of the statute of limitation computed from the date
of last installment of claim.

     

    
      	
              Article
      11

            	
              Realization
      of Hypothec

            

    

     

    After the
occurrence of the guaranteed liability, the mortgagee is entitled to consult
with the mortgagor to discount the collateral or discharge the principal credit
in priority by using the payment from auctioning or disposing of the collateral.
If negotiation fails, the mortgagee is entitled to legally request the people’s
court to auction or dispose the collateral.

     

    The
payment obtained by disposing the collateral will be paid off the principal
credit after being paid for the expense of disposition and the expense herein
paid to the mortgagee by the mortgagor.

     

    If there
exists any other guarantee related to the principal credit out of this
Agreement, it shall not affect any right and its performance of the mortgagee
herein and the mortgagee shall not defend against the mortgagee based on this
ground.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      12

            	
              Relation
      between the Agreement and Principal
Agreement

            

    

     

    In case
two parties to the Principal Agreement terminate or make the Principal Agreement
due ahead of the schedule, the Mortgagor shall take the collateral liability for
interest of the Principal Credit in effect according to the Principal
Agreement.

     

    Two
parties to the Principal Agreement agree to change the Principal Agreement,
except for circumstances of change of currency, interest rate, amount, term, and
others leading to amount of Principal Credit increased, or to extend the
fulfillment period thereof, the Mortgagor shall take collateral responsibility
for the changed Principal Agreement.

     

    In
circumstances that the Mortgagor’s consent are necessary, and if there is no
written consent from the Mortgagor or the Mortgagor refuses to issue a written
consent, the Mortgagor shall not take collateral liability for the increased
amount of Principal Credit and the collateral period shall be the original
period if extending the fulfillment period of the Principal
Agreement.

     

    
      	
              Article
      13

            	
              Representation
      and Warrant

            

    

     

    The
Mortgagor represents and warrants as follows:

     

    
      	
              1.

            	
              The
      Mortgagor is legally established and exists in good standing; the
      Mortgagor has the utter capability to execute and perform this
      Agreement.

            

    

     

    
      	
              2.

            	
              The mortgagor ensures that there
      is no other co-owner, or it has co-owners but the mortgagor has got all
      the co-owners’ written consents. The mortgagor promises that the written
      consents are delivered to the mortgagee before signing this
      Agreement.

            

    

     

    
      	
              3.

            	
              The
      Mortgagor fully understands the content of the Principal Agreement; the
      execution and performance of this Agreement is based on the Mortgagor’s
      real intent and free will while the Mortgagor has already obtained all the
      legal and valid authorization as required by its Articles of Association
      or other inner management files.

            

    

     

    If the
Mortgagor is a company, the Collateral hereof has already been passed by the
board of directors and shareholders meeting according to the provisions of its
Articles of Association; If the there are limitation provisions applicable to
the guaranteed total amount and separate collateral amount in the Articles of
Association, the collateral hereof shall not exceed the stipulated
limit.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Legal
representative or authorized representative signing the Agreement on behalf of
the Mortgagor shall sign this Agreement with legal, valid
authorization from the company; execution and performance of this Agreement
shall not cause the Mortgagor breach any Agreements, agreements or other legal
documents constraining the Mortgagor.

     

    
      	
              4.

            	
              The
      Mortgagor shall provide all the accurate, real, complete and valid
      documents and materials to the
Debtor;

            

    

     

    
      	
              5.

            	
              The
      mortgagor does not conceal any guaranteed interest existed on the
      collateral till the date of signing this Agreement from the
      mortgagee.

            

    

     

    
      	
              6.

            	
              If
      a new guaranteed interest is set on the collateral, the collateral is
      sealed up or involved in significant litigation or arbitration cases, the
      mortgagor shall inform the mortgagee
  promptly.

            

    

     

    
      	
              7.

            	
              If the collateral is the
      construction in progress, the mortgagor promises that there is no priority
      of compensation of a third person; if there is, the mortgagor promises to
      have the third person give a written statement of giving up the priority
      of compensation and gives to the mortgagee for
    custody.

            

    

     

    
      	
              Article
      14

            	
              Wrongs
      in Conclusion of Agreement

            

    

     

    After
this Agreement is concluded, due to the mortgagor refuses or delays to deal with
the mortgage registration or other reasons of the mortgagor, the Agreement
cannot take effect and the hypothec cannot be set validly, which constitute the
wrongs in conclusion of Agreement. The mortgage shall take the liability of
damages for the resulting loss of the mortgagee.

     

    
      	
              Article
      15

            	
              Disclosure
      of the Inner Related Parties of the Group and Related
      Transaction

            

    

     

    Two
parties agree to adopt the second paragraph hereunder:

     

    
      	
              1.

            	
              The
      Mortgagor doesn’t belong to the group customer determined by the Creditor
      according to Guidelines
      to the Risk Management of Giving Credit of the Commercial Bank Group
      Customers,( ‘Guidelines’ for
      short)

            

    

     

    
      	
              2.

            	
              The
      Mortgagor belongs to the group customer determined by the Creditor
      according to Guidelines, the
      Mortgagor shall report to the Creditor the related transaction with an
      mount more than 10% of its net asset in a timely manner according to
      Article 17 of Guidelines, including
      the relation among transaction parties, transaction items and nature of
      the transaction, transaction amount or its proportion, pricing
      policies (including transaction without any price or only with
      nominal amount).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      16

            	
              Breach
      and its Disposition

            

    

     

    The
Mortgagor shall constitute a breach by one of the following
circumstances:

     

    
      	
              1.

            	
              The
      mortgagor breaks the provisions herein, and transfers, leases, lends,
      contributes in the form of material object, reforms, rebuilds or any other
      manners to dispose the collateral without
  authority;

            

    

     

    
      	
              2.

            	
              The
      mortgagor prevents the mortgagee in any manners from disposing the
      collateral in accordance with the law and provisions
    herein;

            

    

     

    
      	
              3.

            	
              The
      conditions of reduction of the collateral’s value said in Article 6 herein
      occurs and the mortgagor is not in accordance with the mortgagee’s request
      to provide for the relevant
guarantee;

            

    

     

    
      	
              4.

            	
              The
      statement of the mortgagor is fraudulent or breaks its promises
      herein;

            

    

     

    
      	
              5.

            	
              The
      mortgagor breaks the other provisions herein with regard to the rights and
      obligations of the parties;

            

    

     

    
      	
              6.

            	
              The
      mortgagor stops the business or the affairs of dismiss, revocation
      and bankruptcy occur.

            

    

     

    
      	
              7.

            	
              There
      happens breach of any Agreement among the Mortgagor and the Creditor or
      other institutions such as Bank Of China
  Limited.

            

    

     

    In case
there occurs any breach as above mentioned, then the Creditor is entitled to
adopt following measures respectively or jointly as of each separate
circumstance:

     

    
      	
              1.

            	
              Require
      the Mortgagor to correct the breaches within a time limit and fulfill the
      collateral liability timely;

            

    

     

    
      	
              2.

            	
              Decrease,
      suspend or terminate the line of credit to the Mortgagor totally or
      partly;

            

    

     

    
      	
              3.

            	
              Suspend
      or terminate, totally or partly, to accept the Mortgagor’s loan
      application under other Agreements; Suspend or terminate, totally or
      partly, loan release of trade financing in
  process;

            

    

     

    
      	
              4.

            	
              Declare
      due immediately, totally or partly, the Mortgagor’s unpaid principal,
      interests and other payables in connection with loan or trade financing
      loan under other Agreements ;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              Terminate
      or relieve the Agreement, terminate or relieve other Agreements between
      the Mortgagor and the Creditor totally or
  partly;

            

    

     

    
      	
              6.

            	
              Require
      the Mortgagor compensate losses caused to the Creditor resulting from the
      breach of Agreement;

            

    

     

    
      	
              7.

            	
              Enforce the
      hypothec;

            

    

     

    
      	
              8.

            	
              Other
      measures the Creditor taking for
necessary.

            

    

     

    
      	
              Article
      17

            	
              Rights
      Reserved

            

    

     

    If one
party doesn’t exercise the rights according to the provisions hereof totally or
partly or require the other party to fulfill and undertake duty and
obligation totally or partly, it shall not constitute abandonment to such right
or exemption to the other Party’s duty and obligation.

     

    In case
one party grant the other party any tolerance, grace period or delay to exercise
rights hereof, it shall not affect such party to exercise any rights according
to this Agreement, laws and regulations, and it shall not be considered as
abandonment to such right as well.

     

    
      	
              Article
      18

            	
              Changes,
      Amendment and Termination

            

    

     

    The
Agreement is agreed by both two parties, and can be revised or amended in
written; any revision or amendment shall be an inseparable part to
this Agreement.

     

    Except
for otherwise provided by laws and regulations or conventions by parties, the
Agreement shall not be terminated before completion of fulfillment of all
the rights and duties hereunder.

     

    Except
for otherwise provided by laws and regulations or conventions by parties, any
invalid provision of the Agreement shall not affect the legal effect of
other provisions.

     

    
      	
              Article
      19

            	
              Governing
      Laws and Settlement of Disputes

            

    

     

    The
Agreement is governed by laws of the People’s Republic of China.

     

    Both
parties may first resolve all the disputes and argues through negotiation; if
negotiation fails, both parties agree to adopt the same dispute resolution
manner as stated in the Principal Agreement.

     

    During
the dispute resolution process, if the dispute doesn’t affect the fulfillment of
other provisions of the Agreement, other provisions shall continue to be
performed.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      20

            	
              Expenses

            

    

     

    Except
for otherwise provided by law or parties, the expenses arising
from execution and performance of the Agreement and resolution of any
dispute (including attorney fees), shall be afforded by the
Mortgagor.

     

    
      	
              Article
      21

            	
              Attachment

            

    

     

    The
attachment confirmed by both parties constitutes inseparable part to the
Agreement with the same legal effect.

     

    
      1.
Collateral list;

    

    
      2. Other
materials considered necessary by both parties.

    

     

    
      	
              Article
      22

            	
              Others

            

    

     

    
      	
              1.

            	
              Without
      the Mortgagee’s written consent, the Mortgagor shall not transfer any
      right, duty of the Agreement to a third
party.

            

    

     

    
      	
              2.

            	
              If
      the Mortgagee, due to business demand, needs fulfill the rights and
      duties hereof through assigning other institutions of Bank of China
      Limited, the Mortgagor shall agrees with such arrangement; such
      institutions of Bank of China Limited will have authority to implement all
      the rights hereof and have authority to file a lawsuit to the court or an
      arbitration to the arbitration body as of disputes arising from or related
      to the Agreement.

            

    

     

    
      	
              3.

            	
              Without
      affecting other terms and conditions hereof, the Agreement is binding
      to both parties and their own legal successor and
  assignee.

            

    

     

    
      	
              4.

            	
              Except
      for otherwise provided, the domicile both parties designated hereof is the
      correspondence and communication address, and both party commits to inform
      the other party in written when and if its correspondence and
      communication address is changed.

            

    

     

    
      	
              5.

            	
              All titles and abbreviations
      within this Agreement are used only for convenience of referral, and shall
      not be used for the purpose of interpreting the content of the articles or
      any rights or liabilities of the
parties.

            

    

     

    
      	
              Article
    23

            	
              Agreement Coming Into
      Effect and the Institution of Right of
      Mortgage

            

    

     

    This Collateral Agreement shall
come into effect as soon as the legal representative, manager or authorized
representative of both parties signing their names and making the company’s
seal; however, if a mortgage registration is required by law, then the
Agreement shall enter into force at the date after such registration is
completed

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
original version of this Agreement shall be in quadruplicate. The parties, the
debtor and the registrar of the mortgage shall hold one copy each; each copy
shall have the same legal effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Mortgagor:
Henan Shuncheng Group Coal Coke Co., LTD

    

     

    
      Authorized
Signatory: [illegible]

    

     

    
      Date:
June 30, 2009

    

     

    
      Mortgagee:
Bank of China, Anyang Branch

    

     

    
      Authorized
Signatory: [illegible]

    

     

    
      Date:
June 30, 2009

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Attachment:
Collateral List

    

     

    
      No. 2009
Nian 6310517131 Di Zi No. 003

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Name Of

                                      The

                                      Collateral

                                    	 	
                                      Quantity

                                    	 	
                                      Assessed Value

                                    	 	
                                      Ownership/The Use Rights

                                      Attribution

                                      (Right certificate number)

                                    	 	
                                      Location

                                    	 	
                                      Registration

                                      Authority

                                    
	
                                      Estate:

                                       

                                      Office
      building

                                    	 	
                                      The
      first to the fifth floors, and the eighth floors, 8479 square meters in
      total

                                    	 	
                                      ¥
      39524000.00

                                    	 	
                                      Henan
      Shuncheng Group Coal Coke Co. ltd., Real estate ownership license: An Yang
      Shi Fang Quan Zheng Wen Feng Qu Zi No.

                                       

                                      1151000952
      1151000951

                                      1151000954
      1151000953

                                      1151000955

                                      1151000956
      from Real estate license of Wenfeng District, Anyang

                                       
      

                                      Number
      of land use rights

                                      certification:
      An Wen Guo

                                      Yong
      (27)

                                      No.42853(2)-1201

                                      No.42853(2)-1202

                                      No.42853(2)-1203

                                      No.42853(2)-1204

                                      No.42853(2)-1205

                                      No.42853(2)-1208

                                    	 	
                                      offices
      in Ziwei Avenue, Wenfeng District

                                       

                                      Xingshe
      Office Building, east of Wenfeng Avenue

                                    	 	
                                      Housing
      Administration  of Anyang
city

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
    

    
      Mortgagor:
Henan Shuncheng Group Coal Coke Co., LTD

    

     

    
      Authorized
Signatory: [illegible]

    

     

    
      2009-6-30

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Mortgagee:
Bank of China, Sub-branch of Anyang

    

     

    
      Authorized
Signatory: [illegible]

    

     

    
      2009-6-30Unassociated Document

    Exhibit
10.68

     

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT
(“Agreement”),
is dated as of June 28, 2010, by and between Birch Branch, Inc., a Colorado
company (the “Company”), and Wang
Xinshun (the “Executive”).

    

    WITNESSETH

    

    WHEREAS, the Company desires
to employ the Executive, and the Executive desires to accept such employment, on
the terms and conditions set forth herein, effective as of the date
hereof.

    

    NOW, THEREFORE, in
consideration of the mutual promises, representations and warranties set forth
herein, and for other good and valuable consideration, it is hereby agreed as
follows:

    

    1.         Employment. The Company hereby agrees to
employ the Executive, and the Executive hereby accepts such employment, upon the
terms and conditions set forth herein. The Company agrees to fully cooperate
with Executive in connection with the obtaining of work visas or other work
permits as may be necessary for Executive to fulfill his responsibilities
hereunder. Executive’s primary office location shall be in Anyang, but Executive
shall be expected to perform many work-related duties in other locations in
China and in the United States as well.

    

    2.         Term. This Agreement shall
commence on the date hereof (the “Commencement Date”)
and terminate on the fifth anniversary thereof, unless sooner terminated as
provided in Section 8 of this Agreement (the “Employment
Period”).

    

    3.         Position
and Duties.

    

    (a)        During
the Employment Period, the Executive shall serve as the Chairman of the Company
and shall have such duties and responsibilities as are consistent with such
office, and as otherwise may be prescribed by the Board of Directors of the
Company (the “Board”) from time to
time.

    

    (b)        During
the Employment Period, the Executive shall perform and discharge his duties and
responsibilities well and faithfully and in accordance with the terms and
conditions of this Agreement, and shall devote his best talents, efforts and
abilities to the performance of his duties hereunder.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (c)        During
the Employment Period, unless otherwise approved by the Board, the Executive
shall devote substantially all of his business time, attention and energy to
performing his duties and responsibilities hereunder and shall have no other
employment except by the affiliates of the Company and no other outside business
activities whatsoever; provided, however, that the
Executive shall not be precluded from making passive investments which do not
require the devotion of any significant time or effort.

     

    4.         Compensation. 

    

    (a)        Base Salary. In
consideration for the Executive’s services hereunder, the Company shall pay the
Executive a minimum annual salary (as the same shall be increased from time to
time at the discretion of the Board, the “Base Salary”) of
US$5270, payable in accordance with the customary payroll practices of the
Company.

     

    (b)        Discretionary Bonus.
In addition to the Base Salary, the Executive shall be eligible to receive
discretionary bonuses at times and in amounts to be determined by the Board, or
if the Board organizes a compensation committee, such committee (the “Committee”)
(excluding the Executive if he is then a member of the Committee), in its sole
discretion. This bonus, if any, shall be subject to all applicable tax and
payroll withholdings.

    

    (c)        Stock Option
Grants.  If the Board decides to adopt an employees stock
option plan, the Board may in its sole discretion, award certain number of
options or other securities to the Executive.

    

    (d)        Withholding. All
payments required to be made by the Company to the Executive under this
Agreement shall be subject to withholding taxes, social security and other
payroll deductions in accordance with applicable law and the Company’s policies
applicable to executives of the Company. In addition, the Executive will be
subject to the Company’s tax equalization policy. A hypothetical income
tax, defined as the home-country income tax the Executive would have incurred
under United States tax laws, will be withheld from the Executive’s salary each
pay period. There will be a tax settlement prepared on an annual basis by the
Company’s outside tax consultant for the purpose of comparing the Executive’s
hypothetical withholding to the Executive’s actual hypothetical liability for
that year.

    

    5.     
   Benefits. During the Employment
Period, the Company shall provide the Executive with the following benefits
(which may be grossed up as required):

    
      
         

      

      
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    (a)        Medical, Health and Social
Insurance Benefits. The Company shall at its own expense provide the
Executive and his eligible dependents with the medical, health and social
insurance coverage provided by the Company generally to its executives or at the
Executive’s option in an annual amount not to exceed US$5270. Nothing herein
shall prevent the Company from amending and/or terminating the coverages and/or
plans described in this Section 5(a); provided, however, that such
amendment and/or termination is applicable generally to the Executives of the
Company.

     

    (b)        Disability and Accident
Insurance Benefits. Provided that (i) the Executive is and remains
insurable; (ii) the Executive is and remains eligible for coverage under either
a group insurance policy maintained by the Company or its affiliates, as
determined by the insurance underwriter designated by the Company, based upon an
individual in good health and such other factors, including, but not limited to,
age, gender and income; and (iii) the Executive shall do, execute, acknowledge
and deliver, or cause to be done, executed, acknowledged or delivered, all
documents, applications, instruments, assurances or acts (including but not
limited to physical examinations), as may be necessary to obtain such insurance
coverage, the Company shall provide the Executive with long term disability
insurance coverage from the underwriter providing for “lifetime” disability
benefits in an amount to be determined by the Board. In the event the
underwriter offers the Executive (x) such coverage at a cost in excess of the
standard rate, or (y) insurance coverage providing reduced benefits, the
Executive may, at his option, pay the excess cost to obtain the insurance
coverage or accept the disability insurance coverage with reduced benefits.
Under no circumstances will the Company have any liability for the excess cost
or resulting from the inability to obtain full benefits.

    

    (c)        Liability Insurance.
The Executive shall be provided with the liability insurance coverage generally
provided to officers and managers of the Company. However, the Company shall not
be required to obtain such coverage. Notwithstanding the foregoing, the Company
agrees to indemnify the Executive against all costs, damages and expenses,
including attorneys’ fees, incurred by the Executive as a result of claims by
third parties arising out of or from the Executive’s lawful acts as an Executive
of the Company, provided such acts are not grossly negligent and are performed
in good faith and in a manner reasonably believed by the Executive to be in the
Company’s best interests. Any counsel employed to defend the Executive in any
such action shall be reasonably acceptable to the Executive and the Company. Any
counsel appointed by any insurance carrier for the Company shall be deemed
acceptable. It is the intent of the parties that the obligation imposed by this
paragraph will survive the termination of this Agreement.

    
      
         

      

      
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    (d)        Life Insurance
Benefits. Provided that (i) the Executive is and remains insurable; (ii)
the Executive is and remains eligible for coverage under either a group
insurance policy maintained by the Company or its affiliates or an individual
insurance policy in either case at a cost to the Company no greater than the
standard rate, as determined by the insurance underwriter designated by the
Company, based upon an individual in good health and such other factors,
including, but not limited to, age, gender and income; and (iii) the Executive
shall do, execute, acknowledge and deliver, or cause to be done, executed,
acknowledged or delivered, all documents, applications, instruments, assurances
or acts (including but not limited to physical examinations), as may be
necessary to obtain such insurance coverage, the Company shall provide the
Executive with life insurance in an amount to be determined by the
Board.

    

    (e)        Other Benefits. The
Company shall make available to the Executive any and all other Executive or
fringe benefits (in accordance with their terms and conditions) which the
Company may make available to its other Executives, including tax filing
preparation services for the first year in an amount not to exceed
US$1464.

    

    6.     
   Vacation. The Executive shall be
entitled to paid vacation during each full calendar year of the Employment
Period of a duration provided by the Company generally to its Executives (and a
pro rata portion thereof for any portion of the Employment Period that is less
than a full calendar year); provided, however, that no
single vacation may exceed two consecutive weeks in duration.

    

    7.        
Termination.
The employment of the Executive hereunder may be terminated prior to the
expiration of the Employment Period in the manner described in this
Section

    

    (a)        Termination upon
Death. The employment of the Executive hereunder shall terminate
immediately upon his death.

    

    (b)        Termination upon
Disability. The Company shall have the right to terminate this Agreement
during the continuance of any Disability of the Executive, as hereafter defined,
upon fifteen (15) days’ prior notice to the Executive during the continuance of
the Disability.

    

    (c)        Termination by the Company
Without Good Cause. The Company shall have the right to terminate the
Executive’s employment hereunder without Good Cause (as such term is defined
herein) by written notice to the Executive.

    

    (d)        Termination by the Company
for Good Cause. The Company shall have the right to terminate the
employment of the Executive for Good Cause by written notice to the Executive
specifying the particulars of the circumstances forming the basis for such Good
Cause.

    
      
         

      

      
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    (e)        Voluntary Resignation by the
Executive. The Executive shall have the right to voluntarily resign his
employment hereunder for other than Good Reason (as such term is defined herein)
by written notice to the Company. 

    

    (f)        Resignation by the Executive
for Good Reason. The Executive shall have the right to terminate his
employment for Good Reason by written notice to the Company specifying the
particulars of the circumstances forming the basis for such Good
Reason.

    

    (g)        Termination Date. The
“Termination
Date” is the date as of which the Executive’s employment with the Company
terminates. Any notice of termination given pursuant to the provisions of this
Agreement shall specify the Termination Date.

    

    (h)        Certain Definitions.
For purposes of this Agreement, the following terms shall have the following
meanings:

    

    (i)       
 “Disability” shall
mean an inability by the Executive to perform a substantial portion of the
Executive’s duties hereunder by reason of physical or mental incapacity or
disability for a total of one hundred twenty (120) days or more in any
consecutive period of three hundred and sixty five (365) days, as determined by
the Board in its good faith judgment.

    

    (ii)        “Good Cause” as used
herein, shall mean (A) the commission of a felony, or a crime involving moral
turpitude, or the commission of any other act or omission involving dishonesty,
disloyalty, or fraud with respect to the Company; (B) conduct tending to bring
the Company or any of its affiliates into substantial public disgrace or
disrepute; (C) substantial and repeated failure to perform duties as reasonably
directed by the Board; (D) gross negligence or willful misconduct with respect
to the Company or any of its affiliates; or (E) any material misrepresentation
by the Executive under this Agreement; provided, however, that such
Good Cause shall not exist unless the Company shall first have provided the
Executive with written notice specifying in reasonable detail the factors
constituting such Good Cause, as applicable, and such factors shall not have
been cured by the Executive within thirty (30) days after such notice or such
longer period as may reasonably be necessary to accomplish the
cure.

    

    (iii)       “Good Reason” means
the occurrence of any of the following events:

    
      
         

      

      
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    (A)      the
assignment to the Executive of any duties inconsistent in any material respect
with the Executive’s then position (including status, offices, titles and
reporting relationships), authority, duties or responsibilities, or any other
action or actions by the Company which when taken as a whole results in a
significant diminution in the Executive’s position, authority, duties or
responsibilities, excluding for this purpose any isolated, immaterial and
inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive;

     

    (B)       a
material breach by the Company of one or more provisions of this Agreement,
provided that such Good Reason shall not exist unless the Executive shall first
have provided the Company with written notice specifying in reasonable detail
the factors constituting such material breach and such material breach shall not
have been cured by the Company within thirty (30) days after such notice or such
longer period as may reasonably be necessary to accomplish the
cure;

    

    (C)       any
purported termination by the Company of the Executive’s employment otherwise
than as expressly permitted by this Agreement.

    

    (D)       A
Change in Control whereby:

     

    (i)        
A person (other than a person who is an officer or director of the Company on
the Effective Date), including a group as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended, becomes, or obtains the right to
become, the beneficial owner of the Company’s securities having fifty one
percent (51%) or more of the combined voting power of then outstanding
securities of the Company;

    

    (ii)        The
Company consummates a merger in which it is not the surviving
entity;

    

    (iii)       All
or substantially all of the Company’s assets are sold;

    

    (iv)      The
Company’s shareholders approve the dissolution or liquidation of the
Company. 

    

    8.        
Obligations
of Company on Termination or Resignation. If you are terminated by the
Company without Good Cause, if you resign from the Company for Good Reason, you
will be entitled to receive as severance (a) the Base Salary for a period of
twelve months, and (b) all options granted but not yet vested shall immediately
vest and shall be exercisable.

    
      
         

      

      
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    9.       
 Covenants
of the Executive.

    

    (a)        Confidentiality.

    

    (i)        
The Executive recognizes that the Executive’s position with the Company is one
of trust and confidence. The Executive acknowledges that, the Company has
devoted substantial time and effort and resources to developing the Company’s
business and clients, and that during the course of the Executive’s employment
with the Company, the Executive will necessarily become acquainted with
confidential information relating to the clients or potential clients (including
names, addresses and telephone numbers) of the Company, and the Company’s
investments or potential investments in and/or financings and/or potential
financings to be provided to these clients or potential clients, and trade
secrets, processes, methods of operation and other information, which the
Company regards as confidential and in the nature of trade secrets
(collectively, “Confidential
Information”). The Executive acknowledges and agrees that the
Confidential Information is of incalculable value to the Company and that the
Company would suffer damage if any of the Confidential Information was
improperly disclosed.

    

    (ii)        The
Executive recognizes that because of the opportunities and support so provided
to the Executive and because of Executive’s access to the Company’s Confidential
Information, Executive would be in a unique position to divert business from the
Company and to commit irreparable damage to the Company were Executive to be
allowed to divulge any of the Confidential Information.

    

    (iii)       The
Executive covenants and agrees that the Executive will not, at any time during
or after the termination of the Executive’s relationship with the Company,
regardless of whether termination is initiated by either Executive or the
Company, reveal, divulge, or make known to any person, firm or corporation, any
Confidential Information made known to the Executive or of which the Executive
has become aware, regardless of whether developed, prepared, devised or
otherwise created in whole or in part by the efforts of the Executive, except
and to the extent that such disclosure is necessary to carry out the Executive’s
duties for the Company. The Executive further covenants and agrees that the
Executive shall retain all Confidential Information in trust for the sole
benefit of the Company, and will not divulge or deliver or show any Confidential
Information to any unauthorized person including, without limitation, any other
employer of the Executive, and the Executive will not make use thereof in an
independent business related to the business of the Company; provided, however, that the
Executive has no obligation, express or implied, to refrain from using or
disclosing to others any such knowledge or information which is or hereafter
shall become available to the public other than through disclosure by the
Executive.

    
      
         

      

      
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    (iv)      
The Executive agrees that, upon termination of the Executive’s employment
with the Company, for any reason whatsoever, or for no reason, and at any time,
the Executive shall return to the Company all papers, documents and other
property of the Company placed in the Executive’s custody or obtained by the
Executive during the course of the Executive’s employment which relate to
Confidential Information, and the Executive will not retain copies of any such
papers, documents or other property for any purpose whatsoever.

    

    (b)        Non-Competition. The
Company is in the business of processing coal, manufacturing coke and the
by-products of coke (the "Business"). Executive acknowledges that during his
employment with the Company he will become familiar with trade secrets and other
information relating to the Company and its Business, and that his services have
been and will be of special, unique and extraordinary value to the Company.
Therefore, Executive agrees that, during the Employment Period, and for one (1)
year thereafter (collectively, the “Non-Compete Period”), he will not directly
or indirectly own, manage, control, participate in, consult with, render
services for, or in any other manner engage in any business, or as an investor
in or lender to any business (in each case including, without limitation, on his
own behalf or on behalf of another entity) which competes either directly or
indirectly with the Company in the Business, in any market in which the Company
is operating, or is considering operating at any given point in time during the
Employment Period, or as of the end of the Employment Period if the Employment
Period has ended. Nothing in this Section 9(b) will be deemed to prohibit the
Executive from being a passive owner of less than 5% of the outstanding stock of
a corporation engaged in a competing business as described above of any class
which is publicly traded, so long as Executive has no direct or indirect
participation in the business of such corporation.

    

    (c)        Work Product. The
Executive agrees that all innovations, inventions, improvements, developments,
methods, designs, analyses, drawings, reports, and all similar or related
information which relate to the Company’s Business, or any business which the
Company has taken significant action to pursue, and which are conceived,
developed or made by the Executive during the Employment Period (any of the
foregoing, hereinafter “Work Product”),
belong to the Company. The Executive will promptly disclose all such Work
Product to the Board and perform all actions reasonably requested by the Board
(whether during or after the Employment Period) to establish and confirm such
ownership (including, without limitation, assignments, consents, powers of
attorney and other instruments).

     

    (d)        No Conflict. The
Executive represents and warrants to the Company that the Executive is not a
party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any other person or entity or any other agreement
which would prevent or limit his ability to enter into this Agreement or perform
his obligations hereunder.

    
      
         

      

      
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    (e)        Enforcement.

    

    (i)        
The Executive acknowledges that the Company will suffer substantial and
irreparable damages not readily ascertainable or compensable in terms of money
in the event of the breach of any of the Executive’s obligations under Sections
9(a) through (d) hereof. The Executive therefore agrees that the provisions of
Sections 9(a) through (d) shall be construed as an agreement independent of the
other provisions of this Agreement and any other agreement and that the Company,
in addition to any other remedies (including damages) provided by law, shall
have the right and remedy to have such provisions specifically enforced by any
court having equity jurisdiction thereof.

    

     (ii)       If
at any time any of the provisions of this Section 9 shall be determined to be
invalid or unenforceable, by reason of being vague or unreasonable as to area,
duration or scope of activity, this Section 9 shall be considered divisible and
shall become and be immediately amended to only such area, duration and scope of
activity as shall be determined to be reasonable and enforceable by the court or
other body having jurisdiction over the matter, and the Executive agrees that
this Section 9 as so amended, shall be valid and binding as though any invalid
or unenforceable provision had not been included herein.

    

    (iii)       The
Executive agrees to cooperate with the Company, during the Employment Period and
thereafter (including following the Executive’s termination of employment for
any reason), by making himself reasonably available to testify on behalf of the
Company or any of its affiliates in any action, suit, or proceeding, whether
civil, criminal, administrative, or investigative, and to assist the Company, or
any affiliate, in any such action, suit, or proceeding, by providing information
and meeting and consulting with the Company’s Board or its representatives or
counsel, or representatives or counsel to the Company, or any affiliate as
reasonably requested; provided, however, that the
same does not materially interfere with his then current professional activities
and is not contrary to the best interests of the Executive. The Company agrees
to reimburse the Executive, on an after-tax basis, for all expenses actually
incurred in connection with his provision of testimony or
assistance.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    10.       Indemnification. To the fullest extent
permitted by law, including the Colorado Business Corporation Act and other
relevant statutes, the Company will indemnify and hold harmless Executive
against any actual action, suit or proceeding, whether civil, criminal, or
administrative, arising by reason of Executive’s status as a director, officer,
employee and/or agent of the Company or any of its affiliates during Executive’s
employment or Executive’s status, if any, as a trustee or other fiduciary of any
employee benefit plan sponsored by the Company or its affiliates. In addition,
to the fullest extent permitted by law, the Company will pay or reimburse
Executive for any costs and expenses, including reasonable attorney’s fees,
Executive incurs arising from any claim as to which the Company is providing
indemnification hereunder. 

    

    11.       Insurance. The Company may, for its own
benefit, in it sole discretion, maintain “key-man” life and disability insurance
policies covering the Executive. The Executive shall cooperate with the Company
and provide such information or other assistance as the Company may reasonably
request in connection with the Company’s obtaining and maintaining such
policies.

    

    12.       Severability.
Should any provision of this Agreement be held, by a court of competent
jurisdiction, to be invalid or unenforceable, such invalidity or
unenforceability shall not render the entire Agreement invalid or unenforceable,
and this Agreement and each other provision hereof shall be enforceable and
valid to the fullest extent permitted by law.

    

    13.       Successors
and Assigns.

    

    (a)        This
Agreement and all rights under this Agreement are personal to the Executive and
shall not be assignable other than by will or the laws of descent. All of the
Executive’s rights under the Agreement shall inure to the benefit of his heirs,
personal representatives, designees or other legal representatives, as the case
may be.

    

    (b)        This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. Any entity succeeding to the business of the Company by
merger, purchase, consolidation or otherwise shall assume by contract or
operation of law the obligations of the Company under this
Agreement.

    

    14.       Governing
Law. This Agreement shall be construed in accordance with and governed by
the laws of the State of Delaware, without regard to the conflicts of laws rules
thereof.

    

    15.       Arbitration.
Any controversy or claim arising out of or relating to this Agreement or the
breach hereof shall be settled by Arbitration by and in accordance with the
Commercial Rules of the American Arbitration Association then in effect in
accordance with the laws of the State of Delaware, and the judgment upon any
award rendered by the arbitrator or arbitrators may be entered in any court
having competent jurisdiction thereof. The award of the Arbitrator shall be
final, non-appealable and binding upon the parties hereto and their respective
successors and permitted assigns

    
      
         

      

      
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    16.       Notices.
All notices, requests and demands given to or made upon the respective parties
hereto shall be deemed to have been given or made three business days after the
date of mailing when mailed by registered or certified mail, postage prepaid, or
on the date of delivery if delivered by hand, or one business day after the date
of delivery by Federal Express or other reputable overnight delivery service,
addressed to the parties at their addresses as disclosed in the public
disclosure of the Company, or to such other addresses furnished by notice given
in accordance with this Section 16.

    

    17.       Complete
Understanding. Except as expressly provided below, this Agreement
supersedes any prior contracts, understandings, discussions and agreements
relating to employment between the Executive and the Company and constitutes the
complete understanding between the parties with respect to the subject matter
hereof. No statement, representation, warranty or covenant has been made by
either party with respect to the subject matter hereof except as expressly set
forth herein.

    

    18.       Modification;
Waiver.

    

    (a)       
This Agreement may be amended or waived if, and only if, such amendment or
waiver is in writing and signed, in the case of an amendment, by the Company and
the Executive or in the case of a waiver, by the party against whom the waiver
is to be effective. Any such waiver shall be effective only to the extent
specifically set forth in such writing.

    

    (b)       No
failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

    

    19.       Headings
and Word Meanings. Headings and titles in this
Agreement are for convenience of reference only and shall not control the
construction or interpretation of any provisions hereof. The words “herein,”
“hereof,” “hereunder” and words of similar import, when used anywhere in this
Agreement, refer to this Agreement as a whole and not merely to a subdivision in
which such words appear, unless the context otherwise requires. The singular
shall include the plural unless the context otherwise requires.
 

    
      
         

      

      
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    20.       Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received counterparts hereof signed by the other party
hereto.

    
      
         

      

      
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    IN WITNESS WHEREOF, the
Company has caused this Agreement to be duly executed in its corporate name by
one of its officers duly authorized to enter into and execute this Agreement,
and the Executive has manually signed his
name hereto, all as of the day and year first
above written.

    

    
      
        
          
            
              
                	
                        By:

                      	 
      
	 
      	 
      
	
                        Name:

                      	 
      
	 
      	 
      
	
                        Title:

                      	 
      
	 
      	 
      
	 
      	
                        (Signature): /s/ Wang
      Xinshun’s

                      

              

            

          

        

      

    

    
      
         

      

      
        13

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