Document:

mni8k2010srexecbonusexh10-1.htm

    Exhibit
10.1

    

    THE
McCLATCHY COMPANY

    2010
SENIOR EXECUTIVE RETENTION BONUS PLAN

    (As
Adopted Effective January 25, 2010)

    

    Purpose.  The
purpose of The McClatchy Company's 2010 Senior Executive Retention Bonus Plan
(the "Plan") is to motivate and reward eligible senior executive officers
("SEOs") for dedicated performance towards stabilizing the company’s financial
outlook following a period of significant economic turmoil, by providing this
supplemental opportunity to increase cash compensation for 2010 should The
McClatchy Company's ("McClatchy") performance in operating cash flow for 2010 be
determined by McClatchy’s Board of Directors (the “Board”) to be sufficient to
fund the supplemental company contribution under The McClatchy Company 401(k)
Plan (the “401(k) Plan”).  This Plan has been approved by the
Board.  No shareholder approval is required to give effect to the
terms of the Plan.  The Compensation Committee of McClatchy’s Board
(the “Committee”) is responsible for administration of the Plan and shall make
all determinations under the Plan, including whether the criteria has been
satisfied for retention bonus payments under the Plan.

    

    Covered
Individuals.  The individuals holding the following SEO
positions on January 1, 2010 shall be participants in the Plan (the
“Participants”):  the Vice Presidents, Operations, the Vice President,
Finance and Chief Financial Officer, the Vice President, Interactive Media, the
Vice President, Human Resources and the Vice President, General Counsel and
Corporate Secretary.

    

    Amount of
Bonus.  The Committee shall notify each Participant of the
amount of bonus he/she will be eligible to receive.

    

    Payment of
Bonus.   If for 2010 the Board determines to fund the
supplemental company contribution under the 401(k) Plan, retention bonuses shall
be payable under this Plan for 2010.  Any such retention bonus shall
be paid by March 15, 2011 following certification in writing by the Committee
that the bonus criteria has been achieved, and subject to the following
additional conditions:

    

    
      	
              ·  

            	
              Except
      as next provided, a Participant will only be entitled to receive payment
      of a bonus under this Plan if he or she remains an employee of McClatchy
      or an affiliate on the bonus payment
date;

            

    

    
      	
              ·  

            	
              Notwithstanding
      the condition just described, the Participant shall be entitled to receive
      the entire bonus payment, if the bonus criteria are achieved, even though
      no longer an employee on the bonus payment date, if the Participant ceased
      to be an employee on account of death, Disability (as defined under the
      401(k) Plan), early retirement under The McClatchy Company Retirement
      Plan, involuntary termination without Cause or resignation on account of
      Good Reason.

            

    

    

    Cause.  For
purposes of this Plan, “Cause” shall mean (a) a willful failure by the
Participant to substantially perform the duties of his or her position with
McClatchy, other than a failure resulting from the Participant’s complete or
partial incapacity due to physical or mental illness or impairment, or (b) a
willful act by the Participant which constitutes gross misconduct and which is
materially injurious to McClatchy.  No act, or failure to act, by the
Employee shall be considered “willful” unless committed without a reasonable
belief that the act or omission was in McClatchy’s best
interest.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    Good
Reason.  For purposes of this Plan, “Good Reason” means, with
respect to a Participant, the occurrence of any of the following circumstances,
without the Participant’s express written consent, unless, if correctable, such
circumstances are fully corrected within 30 days of the notice of
termination given in respect thereof:  (a) a material diminution in
employee’s base compensation; (b) a material diminution in Participant’s
authority, duties, or responsibilities; (c) a material diminution in the budget
over which Participant retains authority; (d) a change in the geographic
location at which Participant must perform the duties from Sacramento,
California; provided further that a resignation shall not be considered to have
been on account of Good Reason unless the Participant provides McClatchy not
less than 60 days’ advance notice in writing within 90 days of the initial
occurrence of the condition that is the basis for such Good Reason and McClatchy
does not correct the condition in the time frame described above.

    

    Amendment and
Termination.  Except as required by applicable law, no
amendment to the Plan on or after January 1, 2010 will reduce the rights of
Participants to any bonus payable under this Plan for the 2010 fiscal
year.  The Plan automatically shall terminate following satisfaction
of any and all obligations under the Plan.  Plan amendments will
require stockholder approval only to the extent required by applicable
law.cgmt_8k-ex10x3.htm

    Exhibit 10.3

      

       

      Gar Wood
Securities, LLC

      440 S.
LaSalle Street

      Suite
2201

      Chicago,
Illinois 60605

       
 

       

      January
12, 2010

       

      Mr. Su
Zhonghao

      China
Green Material Technologies, Inc.

      27F(Changqing
Building), 172 Zhongshan Road

      Harbin
City, China 150040

      

      Dear Mr.
Su:

       

      The
purpose of this agreement (the "Agreement") is to set forth the terms and
conditions pursuant to which Gar Wood Securities, LLC ("Gar Wood") shall act as
placement agent for China Green Material Technologies, Inc., a Nevada
corporation (the "Company"), in connection with a proposed private placement of
common stock of the Company (the "Securities") slated to close on or about
January 15, 2010 (the "Private Placement"). The gross proceeds from the Private
Placement are proposed to be up to $4,770,000. The terms of such "best efforts"
Private Placement, including closing conditions and the Securities to be
purchased are set forth in a Securities Purchase Agreement dated on or about
January 12, 2010 by and among the Company and the purchasers set forth on the
signature pages thereto.

       

      The
parties hereto hereby agree that the fees and compensation payable to Gar Wood
in connection with the Private Placement, which fees and compensation the
Company shall direct ARC China, Inc., a Shanghai corporation ("ARC"), to pay at
the closing of the Private Placement, are as follows:

       

      
        	
                l  

              	
                A
      cash fee equal to one percent (1%) of the gross proceeds raised in the
      Private Placement, payable immediately upon the closing and funding of any
      portion of the Private Placement placed with an accredited individual
      investor or bank, finance company, hedge fund or similar
      institution.

              

      

      

      All
amounts payable hereunder shall be paid to Gar Wood by ARC at the direction of
the Company out of an escrow account at the closing or by such other means
acceptable to Gar Wood, along with any reasonable out of pocket expenses
incurred by Gar Wood in carrying out the Private Placement.

       

      The
parties hereto agree to an Arbitration Agreement.  Any and all
controversies, disputes or claims between the undersigned parties arising out
of, in connection with, from or with respect to any provisions of or the
validity of the agreement or any related agreements shall be conducted pursuant
to the code of arbitration procedure of FINRA.  Arbitration must be
commenced by service of a written demand for arbitration or a written notice of
intention to arbitrate.  The decision and award of the arbitrator(s)
shall be conclusive and binding upon all parties, and any judgment upon any
award rendered may be entered in a court having jurisdiction thereof, and no
parties shall oppose such entry.

       

      The
Company and Gar Wood hereby agree to the terms and conditions of the
Indemnification Agreement attached hereto as Appendix A with the same force and
effect as if such terms and conditions were set forth at length
herein.

       

      This
Agreement constitutes the entire understanding and agreement between the parties
hereto with respect to its subject matter and there are no agreements or
understanding with respect to the subject matter hereof which are not contained
in this Agreement. This Agreement may be modified only in writing signed by the
party to be charged hereunder.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      If the
foregoing correctly sets forth our agreement, please confirm this by signing and
returning to us the duplicate copy of this letter.

       

      
        
          	 	 	 
	 	 	
                  Very
      truly yours,

                   

                	 
	 	 	
                  GAR
      WOOD SECURITIES, LLC

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Dennis
      Gerecke	 
	 	 	Dennis
      Gerecke, Chief Operating Officer	 
	 	 	 	 
	 	 	 	 

        

      

      

      

      

      ACCEPTED
AND AGREED TO:

      

      CHINA
GREEN MATERIAL TECHNOLOGIES, INC.

      

      

      By:  /s/ Su
Zhonghao               

      Mr. Su
Zhonghao, Chief Executive Officer

      

      

      ARC
China, Inc.

      

      By: 
/s/ Adam M.
Roseman              

      Adam M.
Roseman, Chief Executive Officer

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      APPENDIX
A

       

      INDEMNIFICATION
AGREEMENT

       

      Appendix
A to Letter Engagement Agreement (the "Agreement"), dated January 12, 2010 by
and between China Green Material Technologies, Inc. and its related entities
(collectively, the "Company"), Gar Wood Securities, LLC (“Gar Wood”) and ARC
China, Inc.

       

      The
Company agrees to indemnify and hold Gar Wood and its affiliates, control
persons, directors, officers, employees and agents (each an "Indemnified
Person") harmless from and against all losses, claims, damages, liabilities,
costs or expenses, including those resulting from any threatened or pending
investigation, action, proceeding or dispute whether or not Gar Wood or any such
other Indemnified Person is a party to such investigation, action, proceeding or
dispute, arising out of Gar Wood's entering into or performing services under
this Agreement, or arising out of any matter referred to in this Agreement. This
indemnity shall also include Gar Wood's and/or any such other Indemnified
Person's reasonable attorneys' and accountants' fees and out-of-pocket expenses
incurred in such investigations, actions, proceedings or disputes which fees,
expenses and costs shall be periodically reimbursed to Garwood and/or to any
such other Indemnified Person by the Company as they are incurred; provided,
however, that the indemnity herein set forth shall not apply to an Indemnified
Person where a court of competent jurisdiction has made a final determination
that such Indemnified Person acted in a grossly negligent manner or engaged in
willful misconduct in the performance of the services hereunder which gave rise
to the loss, claim, damage, liability, cost or expense sought to be recovered
hereunder (but pending any such final determination the indemnification and
reimbursement provisions hereinabove set forth shall apply and the Company shall
perform its obligations hereunder to reimburse Gar Wood and/or each such other
Indemnified Person periodically for its, his or their fees, expenses and costs
as they are incurred). The Company also agrees that no Indemnified Person shall
have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with any act or omission to act
as a result of its engagement under this Agreement except for any such liability
for losses, claims, damages, liabilities or expenses incurred by the Company
that is found in a final determination by a court of competent jurisdiction to
have resulted from such Indemnified Person's gross negligence or willful
misconduct.

       

      If for
any reason, the foregoing indemnification is unavailable to Gar Wood or any such
other Indemnified Person or insufficient to hold it harmless, then the Company
shall contribute to the amount paid or payable by Gar Wood or any such other
Indemnified Person as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect not only the relative benefits received
by the Company and its shareholders on the one hand and Gar Wood or any such
other Indemnified Person on the other hand, but also the relative fault of the
Company and Gar Wood or any such other Indemnified Person, as well as any
relevant equitable considerations; provided that in no event will the aggregate
contribution by Gar Wood and any such other Indemnified Person hereunder exceed
the amount of fees actually received by Gar Wood.

      

      Company
hereinabove set forth shall be in addition to any liability which the Company
may otherwise have and these obligations and the other provisions hereinabove
set forth shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company, Gar Wood and any
other Indemnified Person.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The terms
and conditions hereinabove set forth in this Appendix A shall survive the
termination and expiration of this Agreement and shall continue indefinitely
thereafter.

       

      
         

        
          
            	 	 	 
	 	 	
                    Very
      truly yours,

                     

                  	 
	 	 	
                    GAR
      WOOD SECURITIES, LLC

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Dennis
      Gerecke	 
	 	 	Dennis
      Gerecke, Chief Operating Officer	 
	 	 	 	 
	 	 	 	 

          

        

        

        

        

        ACCEPTED
AND AGREED TO:

        

        CHINA
GREEN MATERIAL TECHNOLOGIES, INC.

        

        

        By:  /s/ Su
Zhonghao                   

        Mr. Su
Zhonghao, Chief Executive Officer

        

        

        ARC
China, Inc.

        

        By: 
/s/ Adam M.
Roseman               

        Adam M.
Roseman, Chief Executive Officer

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