Document:

EX-10.1

 Exhibit 10.1 

 
 

 
 March 13, 2013 
 VIA HAND DELIVERY 
 Mr. Matthew K. Grubb

 123 Robert S. Kerr Avenue 
 Oklahoma
City, Oklahoma 73102-6406 
  

	Re:	Separation Agreement 

 Dear Matt: 

Thank you for your service to SandRidge Energy, Inc., and its affiliates (“SandRidge” or the “Company”). This letter, when fully
executed, will constitute the Separation Agreement (“Separation Agreement”) between you and SandRidge concerning the terms of your separation from employment with SandRidge. The General Release attached to this Separation Agreement is part
of the Separation Agreement, and terms that are defined in this Separation Agreement shall have the same meaning when used in the General Release. 
  

	1.	Termination of Employment and Resignation as Officer. As a result of mutual discussions between you and the Board of Directors of SandRidge (the
“Board”), your employment with SandRidge and your service as President and Chief Operating Officer, and any other position you hold with SandRidge will terminate effective March 15, 2013 (the “Separation Date”). Your
termination will be deemed to be a termination by the Company without cause within the meaning of paragraph 6.1.1 of the Employment Agreement between you and SandRidge, dated December 20, 2011 (the “Employment Agreement”). As a
result, you and the Company will have all of the rights and obligations associated with such a termination of employment under the Employment Agreement and certain additional rights and obligations as set forth in this Separation Agreement.

  

	2.	Final Payment. You have been paid or will be paid your earned salary through the Separation Date. Your final paycheck will include payment for accrued and
unused paid time off (“PTO”). If you believe the amount of your final paycheck is incorrect, you agree to contact SandRidge immediately. 

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 2
 
  

	3.	Severance Payment. In accordance with the terms of the Employment Agreement, and in consideration of your service to SandRidge and your execution of this
Separation Agreement and execution and nonrevocation of the General Release, you are entitled to receive the severance benefits as provided under paragraph 6.1.1 of the Employment Agreement plus certain additional benefits, all as set forth below:

  

	 	(a)	As provided in paragraph 6.1.1 of the Employment Agreement, you will receive a lump sum payment equal to one year of your current annual base salary. This payment will
be made within sixty (60) days of the Separation Date. 

  

	 	(b)	You will receive an additional amount equal to the sum of your current annual base salary plus the amount of your annual bonus for 2012 (the amounts paid in July 2012
and January 2013). This amount will be paid as salary continuation payments over a period of twelve months beginning as soon as practicable, but in no event more than sixty (60) days, following the Separation Date. Each of these payments will
be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended. 

  

	 	(c)	Any restrictions on your outstanding shares of restricted SandRidge stock will lapse, effective as of the date that the General Release becomes effective.

  

	 	(d)	You will be entitled to the use of two of the Company’s floor tickets and two of the Company’s lower bowl tickets to the Oklahoma City Thunder’s home
games for the remainder of the 2012-2013 National Basketball Association season, including both regular season games and any playoff games. These tickets are for personal use, and any tickets that you do not plan to use must be returned to the
Company. The Company will withhold any taxes associated with these tickets out of the salary continuation payments set forth in paragraph 3(b), above. 

  

	 	(e)	Your coverage under the Company’s group health plan will terminate on the last day of the month in which the Separation Date occurs, and you will be eligible for
COBRA coverage under that plan beginning on the first day of the next month. If you timely elect COBRA coverage, the Company will pay on your behalf or reimburse you for the full cost of family coverage for a period of six (6) months or, if
shorter, until you become eligible for other group health coverage. You agree to notify the Company if you become eligible for other group health coverage. Any payments or other reimbursements that you receive under this paragraph will be taxable to
you, and the Company will withhold any taxes associated with these payments out of the salary continuation payments set forth in paragraph 3(b), above. 

 These severance amounts will not otherwise be “benefit bearing” and will not be considered as compensation for purposes of the Company’s 401(k) plan, the non-qualified deferred compensation
plan or for accrual of PTO or other leave. 

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 3
 
  

 You will receive the severance benefits only if you have returned an executed copy of
this Separation Agreement and the accompanying General Release during the 21-day period immediately following the date on which you receive this Separation Agreement and you have not revoked the General Release within the seven day revocation period
provided in the General Release. In order to receive or retain the severance benefits you must also return all SandRidge property within 14 days of your Separation Date and comply with the covenants set forth in the Employment Agreement and as
provided in paragraph 4, below. 
  

	4.	Non-Competition and Non-Solicitation. The additional severance benefits provided in paragraphs 3(b)-(d) of this Separation Agreement are contingent upon the
following: (a) you agree that the “Non-Solicitation Period” set forth in paragraph 8 of the Employment Agreement shall extend for twelve months following the Separation date, and (b) you agree that, during the twelve-month period
immediately following the Separation Date, you will not personally engage in Competitive Activities (as defined below) or work for, own, manage, operate, control, or participate in the ownership, management, operation, or control of, or provide
consulting or advisory services to, any individual, partnership, firm, corporation, or institution engaged in Competitive Activities, or any company or person affiliated with such person or entity engaged in Competitive Activities; provided that
your purchase or holding, for investment purposes, of securities of a publicly-traded company shall not constitute “ownership” or “participation in ownership” for purposes of this paragraph so long as your equity interest in any
such company is less than ten percent. For purposes of this Separation Agreement, “Competitive Activities” means business activities relating to oil and gas exploration and production in the Mississippian lime formation in the counties set
forth in Exhibit 1 to this Separation Agreement. 

  

	5.	Return of SandRidge Property. If you have any Company property in your possession, you agree to return it to the Human Resources Department within 14 days
of your Separation Date. SandRidge property includes work product, electronic devices and other physical property of the Company. This includes equipment, supplies, keys, security items, credit cards, passwords, electronic devices, laptop computers,
cellular phones and Blackberry devices. You must also return all originals and any copies of Company records. This includes any disks, files, notebooks, etc. that you have personally generated or maintained with respect to the Company’s
business, as well as any Company records in your possession. After the Company’s information technology (IT) department has been able to remove all Company information from your Company-issued electronic devices, it will return those devices to
you and you will be able to keep them. 

  

	6.	Release of Claims. As set forth in the attached General Release, you will waive and release and promise never to assert any and all claims, known and
unknown, that you have or might have against SandRidge and any related entities, directors, officers, members of leadership, agents, attorneys, employees, predecessors, successors, or 

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 4
 
  

	 	
assigns, arising from or related to your employment with SandRidge and/or the termination of your employment with SandRidge. These claims include, but are not limited to, personal injury claims,
contract claims, employment claims, wage and hour claims, claims arising under federal, state and local statutory or common law, such as (without limitation) Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Americans with Disabilities Act and the law of contract and tort. Notwithstanding the foregoing, this Separation Agreement does not alter any indemnity agreement between you and SandRidge. 

 

	7.	General Release. To accept this Separation Agreement and your severance benefits, you will execute a copy of this Separation Agreement and the General
Release and return it to SandRidge during the 21-day period immediately following from the date you receive this Separation Agreement. By signing this Agreement, you are agreeing that once seven days have passed from the date you sign the General
Release, you will not attempt to revoke or rescind the General Release at any time in the future, and you are agreeing not to commence any released action in regard to your prior employment relationship. By signing this Separation Agreement and the
General Release, you are representing to SandRidge that you fully understand the General Release and will have had an opportunity to seek legal advice regarding the General Release and the proposed Separation Agreement, if you desire to do so,
before signing either document. You are also representing to SandRidge that between the date of this notice and the date you sign the General Release you have not commenced, and will not commence, any charge, action or complaint with any court or
with the Equal Employment Opportunity Commission, the United States Department of Labor or with any other federal or state judicial or administrative agency in regard to your employment relationship or any matters arising out of that relationship.
These claims include, but are not limited to, claims arising under federal, state and local statutory or common law, such as Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act and
the law of contract and tort. Finally, you are representing that you fully understand that any such filing or actions shall constitute a rejection or breach of our agreements contained herein. You also waive and release and promise never to assert
any such claims, even if you do not believe that you have such claims. 

  

	8.	Continued Assistance. You will continue to cooperate with and assist SandRidge and its representatives and attorneys as requested with respect to any
investigations, litigation, arbitration or other dispute resolutions by being available for interviews, depositions and/or testimony in regard to any matters in which you are or have been involved or with respect to which you have relevant
information. SandRidge will reimburse you for reasonable expenses you may incur for travel in connection with this obligation to assist SandRidge. In addition, SandRidge will compensate you at a reasonable hourly rate for all time spent providing
such assistance. 

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 5
 
  

	9.	Future Activities. You will not at any time in the future voluntarily contact or participate with any governmental agency in connection with any complaint
or investigation pertaining to the Company, and you will not be employed or otherwise act as an expert witness or consultant or in any similar paid capacity in any litigation, arbitration, regulatory or agency hearing or other adversarial or
investigatory proceeding involving the Company. In addition, at no time in the future will you voluntarily have any contact with any of the Company’s current or former employees for purposes of soliciting, advising about or discussing their
participation or potential participation in any litigation, arbitration, regulatory or agency hearing or other adversarial or investigatory proceeding involving the Company. 

 

	10.	Preserving Name and Reputation. You will not at any time in the future defame, disparage or make statements or disparaging remarks which could embarrass
or cause harm to SandRidge’s name and reputation or the names and reputation of any of its officers, directors, representatives, agents, employees or SandRidge’s current, former or prospective vendors, professional colleagues, professional
organizations, associates or contractors, to any governmental or regulatory agency or to the press or media. “Disparagement” as used in the preceding sentence means the form and substance of any communication, regardless of whether or not
you believe it to be true, that tends to degrade or belittle SandRidge or subject it to ridicule or embarrassment. You agree this paragraph is a material provision of this Separation Agreement and that in the event of breach, you will be liable for
the return of the value of all consideration received as well as any other damages sustained by SandRidge. This paragraph 10 does not apply to statements made under penalty of perjury; however you agree to give advance notice to SandRidge of such an
event, to the extent practicable. 

  

	11.	Forfeiture. If you breach any of your obligations under this Separation Agreement, SandRidge shall be entitled to stop payment of any benefit due under
this Agreement and shall be entitled to recover any benefit paid under this Agreement and to obtain all other relief provided by law or equity, including, but not limited to, injunctive relief. 

 

	12.	Additional Warranties. You represent and warrant that as of this date you have suffered no work related injury during your employment with SandRidge and
that you have no intention of filing a claim for worker’s compensation benefits arising from any incident occurring during your employment with the Company. You further represent that you have accounted to the Company for any and all hours
worked through Separation Date, and that you have been paid for such hours worked at the appropriate rate. You also represent and warrant that you are not due any unpaid vacation or sick pay, except as provided in paragraph 2 with respect to PTO.

  

	13.	No Admission/Offer of Compromise. By making this severance offer, SandRidge is not admitting liability or responsibility for any past due wages or other
consideration. Any alleged responsibility or liability on the part of the Company has been and continues to be denied. In addition, this severance offer constitutes an offer of compromise pursuant to the applicable rules of evidence.

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 6
 
  

	14.	Governing Law and Venue. To the extent not preempted by federal law, the provisions of this Separation Agreement, including the General Release, shall be
construed and enforced in accordance with the laws of the State of Oklahoma, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this provision to the substantive law of another
jurisdiction. Each party hereby agrees that Oklahoma City, Oklahoma, is the proper venue for any litigation seeking to enforce any provision of this Separation Agreement (including the General Release), and each party hereby waives any right it
otherwise might have to defend, oppose, or object to, on the basis of jurisdiction, venue, or forum nonconveniens, a suit filed by the other party in any federal or state court in Oklahoma City, Oklahoma, to enforce any provision of this Separation
Agreement. 

  

	15.	Severability. If any portion, provision or part of this Separation Agreement is held, determined or adjudicated to be invalid, unenforceable or void for
any reason whatsoever, each such portion, provision or part shall be severed from the remaining portions, provisions or parts of this Separation Agreement and shall not affect the validity or enforceability of such remaining portions, provisions or
parts. 

  

	16.	Entire Agreement. This Separation Agreement between you and SandRidge, if you execute this Agreement, will be in consideration of the mutual promises
described above. This Separation Agreement (and the Employment Agreement to which it relates), including the General Release, will constitute the entire agreement between you and SandRidge with respect to your separation from employment. There are
no other agreements, written or oral, expressed or implied, between the parties concerning the subject matter of this Separation Agreement. It is understood that certain requirements set forth in the Employment Agreement survive the termination of
employment, including the covenants set forth in paragraphs 8 and 9 of the Employment Agreement, and the provisions of paragraphs 15.10, 15.11 and 15.12 of the Employment Agreement (regarding compliance with section 409A of the Internal Revenue
Code, tax withholding and nonduplication of benefits) apply to all benefits payable under this Separation Agreement). 

 Mr. Matthew K. Grubb 
 March 13, 2013 
  Page
 7
 
  

 We are pleased that we were able to part ways on these amicable terms. We wish you every success in your
future endeavors. 
 Sincerely, 

SANDRIDGE ENERGY, INC. 
 Agreed to on
behalf of SandRidge Energy, Inc. 

					
			
	/s/ Mary L. Whitson	 		 	March 13, 2013
	Title: SVP – Corporate and Human Resources	 		 	Date

 By signing below, I acknowledge that I have been given the opportunity to review this Separation Agreement carefully;
that I have read this Separation Agreement and understand its terms; and that I voluntarily agree to them. 
 ACCEPTED AND AGREED TO BY:

  

					
			
	/s/ Matthew K. Grubb	 		 	March 15, 2013
	Matthew K. Grubb	 		 	Date

 Mr. Matthew K. Grubb 
 March 13, 2013 
 Page 10 

 

 NOTICE 
 Various laws, including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, as amended, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the
Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974 and the Veterans Reemployment Rights Act (all as amended from time to time), prohibit
employment discrimination based on sex, race, color, national origin, religion, age, disability, eligibility for covered employee benefits and veteran status. You may also have rights under laws such as the Older Worker Benefit Protection Act of
1990, the Worker Adjustment and Retraining Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Health and Safety Act and other federal, state and/or municipal statutes, orders or regulations pertaining to
labor, employment and/or employee benefits. These laws are enforced through the United States Department of Labor and its agencies, including the Equal Employment Opportunity Commission (EEOC), and various state and municipal labor departments, fair
employment boards, human rights commissions and similar agencies. 
 As a result of mutual discussions between you and SandRidge, your
employment with SandRidge will terminate effective on the Separation Date. This General Release is being provided to you in connection with the special, individualized severance package set forth in the proposed Separation Agreement. You may accept
the special, individualized retention and severance package set forth in the Separation Agreement by signing the Separation Agreement and General Release during the 21-day period following the Separation Date. If you do not accept the severance
package and sign and return the Separation Agreement and this General Release within 21 days following the Separation Date, you will not be eligible for the severance package. 
 BEFORE EXECUTING EITHER THE PROPOSED SEPARATION AGREEMENT OR THIS GENERAL RELEASE YOU SHOULD REVIEW THESE DOCUMENTS CAREFULLY AND CONSULT AN ATTORNEY. 

You may revoke this General Release within seven days after you sign it, and it shall not become effective or enforceable until that revocation period
has expired. Revocation must be in writing and received by the Company’s Human Resource Department, Attn: Mary Whitson within the seven day period following your execution of this General Release. 

 Mr. Matthew K. Grubb 
 March 13, 2013 
 Page 11 

 

 GENERAL RELEASE 
 My employment with SandRidge is terminated effective on the Separation Date. In consideration of the special, individualized severance package offered to me by SandRidge and the benefits that I will
receive as reflected in the Separation Agreement, I, Matthew K. Grubb, on behalf of myself and my heirs, assigns, executors, and administrators (collectively referred to as the “Releasing Parties”), hereby release and discharge
SandRidge and its subsidiaries, partners, and affiliates, including each of those entities’ predecessors, successors, affiliates, and partners and each of those entities’ employees, officers, directors and agents (collectively referred to
as the “Released Parties”) from all claims, liabilities, demands, and causes of action, known or unknown, fixed or contingent, that I or the Releasing Parties may have or claim to have against the Released Parties either as a result of my
past employment with the Released Parties and/or the severance of that relationship and/or otherwise, and hereby waive any and all rights I may have with respect to and promise not to file a lawsuit to assert any such claims. 

This General Release includes, but is not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, as
amended, the Pregnancy Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Employee Retirement Income
Security Act of 1974 and the Veterans Reemployment Rights Act (all as amended from time to time). This General Release also includes, but is not limited to, any rights I may have under the Older Workers Benefit Protection Act of 1990, the Worker
Adjustment and Retraining Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Health and Safety Act and any other federal, state and/or municipal statutes, orders or regulations pertaining to labor,
employment and/or employee benefits. This General Release also applies to any claims or rights I or the Releasing Parties may have growing out of any legal or equitable restrictions on the Company’s rights not to continue an employment
relationship with its employees, including any expressed or implied employment contracts, and to any claims I or the Releasing Parties may have against the Released Parties for fraudulent inducement or misrepresentation, defamation (except as set
forth in the Separation Agreement), wrongful termination or other retaliation claims in connection with workers’ compensation or alleged “whistleblower” status or on any other basis whatsoever. 

It is specifically agreed, however, that this General Release does not have any effect on any rights or claims that I may have against the Released
Parties that arise after the date I execute this General Release or on any vested rights I may have under any of the Company’s qualified benefit plans or on any of the Company’s obligations under the Employment Agreement or the Separation
Agreement. 
 I have carefully reviewed and fully understand all the provisions of the Separation Agreement and General Release, including the
foregoing notice. I have not relied on any representation or statement, oral or written, by the Company or any of its representatives, which is not set forth in those documents. 

 Mr. Matthew K. Grubb 
 March 13, 2013 
 Page 12 

 

 The Separation Agreement and this General Release, including the foregoing notice, set forth the entire
agreement between me and the Company with respect to this subject. I understand that my receipt and retention of the separation benefits covered by the Separation Agreement are contingent not only on my execution of this General Release, but also on
my continued compliance with my other obligations under the Separation Agreement, and certain post-employment obligations set forth in my Employment Agreement, which was effective December 20, 2011. 

I acknowledge that the Company gave me 21 days to consider whether I wish to accept or reject the separation benefits I am eligible to receive under the
Separation Agreement in exchange for this General Release. I also acknowledge that the Company advised me to seek independent legal advice as to these matters, if I chose to do so. I hereby represent and state that I have taken such actions and
obtained such information and independent legal or other advice, if any, that I believed were necessary for me to fully understand the effects and consequences of the Separation Agreement and this General Release prior to signing those documents.

 Date: March 15, 2013 
  

	
	 /s/ Matthew K. Grubb

	 Matthew K. GrubbEX-4.28

 Exhibit 4.28 
 Credit Limit Contract 
 Contract No.: J2012E0029BA 

Party A: Zastron Electronic (Shenzhen) Co., Ltd.  
 Address: Namtai Industrial Park, 2 Namtai Road, Gushu Community, Xixiang Street, Baoan District, Shenzhen 
  

					
	Legal Representative (Principal): Koo Ming Kown	    	P. C.: 518126	  	

  

							
	Fax: 0755-27471035	 	Tel.: 0755-33881111	  		  	

 Party B: China Construction Bank Shenzhen Branch 
 Address: Building A, Rongchao Business Center, No. 6003, Yitian Road, Futian District, Shenzhen 
  

					
	Legal Representative (Principal): Liu Jun	    	P. C.: 518026 	  	

  

							
	Fax: 0755-27789927	 	Tel.: 0755-27782808	  		  	

 Applied by Party A, Party B agrees to provide a credit limit for Party A provided that the conditions required by Party B
are met. To define both Parties’ rights and obligations, Party A and Party B, in accordance with relevant laws, rules and regulations, make and enter into this Contract upon unanimity through consultation. Both Parties shall abide by this
Contract. 
 Article 1 Credit limit 
 Credit limit referred to in this Contract means the limit of the credit principal balance provided by Party B for Party A under certain conditions during the valid period of the credit limit specified in
this Contract. At any time during the valid period of the credit limit, as long as the credit principal balance occupied or not repaid by Party A under this Contract does not exceed the total amount of the credit limit specified in this Contract,
Party A may apply credit continuously pursuant to this Contract, regardless of times and amount (unless otherwise specified). However, the sum of the credit amount applied by Party A and the credit principal balance occupied or not repaid by Party A
under this Contract shall not exceed the total amount of the credit limit. 
 Article 2 Type and amount of the credit limit 

Party B agrees to provide Party A with a total credit limit at maximum equivalent to RMB (amount in words) four hundred and twenty-one million
Yuan only, including the types and amounts of various sub-limits as follows: 
 1. working capital loan limit (currency and amount in words)
RMB one hundred million Yuan only, under which the term of a loan shall not exceed one year and the performance period of the loan shall expire within six months after the expiration of the valid period of the limit; 

2. guarantee limit (currency and amount in words)
            /            , at least     /    % of the guarantee amount
shall be paid as the security deposit for each letter of guarantee opened under this limit; 

 3. commercial draft and bank acceptance limit (currency and amount in words)
            , at least     /    % of the financing amount shall be paid as the security deposit for use of the sub-limit each
time and the term of acceptance of a commercial draft shall not exceed     /    day(s); 
 4.
commercial acceptance draft discount limit (currency and amount in words)             /            ; 

5. import and export trade financing limit equivalent (currency and amount in words RMB three hundred million Yuan only), including the following
sub-limits (express with “—” for your option): 
 (1) trust receipt limit is
equivalent (currency and amount in words RMB three hundred million Yuan only), available for handling — trust receipt loans under a letter of credit
— trust receipt loans not under a letter of credit — shipping guarantee — endorsement of bill of
lading — opening of a sight letter of credit with the goods controllable right which cannot be fully controlled by Party B — opening of a usance
letter of credit — agent payment abroad — payment by cheque or entrusted payment. The beneficiary of the letter of credit shall be a
non-affiliated company. The term of a trust receipt shall not exceed 120 days.  
 (2) import factoring credit risk security limit is
equivalent (currency and amount in words             /            ), available for providing security for import factoring
credit risk,             /             
 (3) packing loan limit is equivalent (currency and amount in words
            /            ), available for handling — packing loans under
a letter of credit — export order financing,             /             

 (4) export commercial invoice financing limit is equivalent (currency and amount in words
            /            ), available for handling — export commercial
invoice financing — export collection loan under D/A
            /              
 (5) supply chain credit line is equivalent (currency and amount in words
            /            ), available for handling trade financing business for occupation of Party A’s limit by
Party A’s upstream and downstream firms,             /              

(6) L/C opening limit is equivalent (currency and amount in words RMB three hundred million Yuan), available for — opening of a sight letter of credit with the goods controllable right which can be controlled by Party B, the beneficiary of the letter of credit shall be a non-affiliated company.
              /             
 (7) outward documentary bill limit is equivalent (currency and amount in words
            /            ), available for handling — export negotiation
when there is not enough limit of a financial institution — outward documentary bill under a letter of credit — draft discount under a usance letter
of credit — purchase of accounts receivable under the letter of credit delayed in payment — export trust loans under D/P,
            /            . 
 (8) short-term (within three years) credit insurance credit line is equivalent (currency and amount in words
            /            ), available for handling — loans under
short-term export credit insurance — financing under short-term export bill insurance — buyout of accounts receivable under short-term export credit
insurance — other financings supported by short-term export credit insurance,
            /            . 

 (9) export factoring limit is equivalent (currency and amount in words
            /            ), available for handling — advance payment of
export double factoring when there is not enough limit of a financial institution — export direct factoring — export ship factoring,
            /             
 (10) commodity finance limit is equivalent (currency and amount in words
            /            ), available for handling — financing of sea
and land warehouse — financing of bonded warehouse — financing of stock warehouse
            /             
 (11) export tax rebate financing limit is equivalent (currency and amount in words
            /            ), available for handling — “export tax
rebate financing” business,             /             
 (12) other trade financing limits are equivalent (currency and amount in words
            /            ),
            /             
 6. cash transaction limit equivalent (currency and amount in words RMB twenty-one million Yuan only), 
 Including the following sub-limits (express with “—” for your opinion): 
 (1) cash transaction limit is equivalent (currency and amount in words RMB twenty-one million Yuan only), available for handing — settlement and
sale of foreign exchange — foreign exchange transaction — RMB and foreign currency swap — foreign
exchange swap — interest rate swap — currency swap — equity option — inter-bank lending of funds — bond repurchase — assignment of credit assets – repurchase — cross currency swap (including cross currency benchmark swap) — transaction of other derivatives, the term of a business under this limit shall not
exceed one year.      
 (2) bond investment limit is equivalent (currency and amount in words
            /            ), available for handing — medium and long term
bond business — bond business within one year,             /            

 7. Dragon card and business card limit (currency and amount in words)
            /             
 8. Overdraft limit (currency and amount in words)
            /            ; 
 9. Others             /             

Article 3 Valid period of the credit limit 
 1. The valid period of limit under this Contract is from March 22, 2012 to March 21, 2013 (hereinafter referred to as “valid period of limit”). 

2. When the valid period of limit expires, the limit shall be automatically terminated and the unused limit shall be automatically lapsed. 

3. In case of a credit during the valid period of limit, the performance term of Party A’s debts shall not be restricted by expiration of the valid
period of limit. A credit business approved by Party B during the valid period of limit shall be continuously performed according to this Contract and its annexes or other relevant legal documents, and the creditor’s rights and debts arising
therefrom shall not be affected by expiration of the valid period of limit. 

 Article 4 Interest and expenses 
 1. The start date, maturity date, amount, interest rate, interest calculation method, interest settlement method, type and scope of expenses, rate, method for calculation of expenses, and method for
payment of expenses of a credit business under this Contract shall be determined in accordance with relevant legal documents of the business. In the event that no agreement is reached by and between both Parties through consultation, Party B shall
have the right to refuse Party A’s application. 
 LIBOR means the inter-bank offered rate for the said period and in the said currency
published by British Bankers Association [BBA] and provided by REUTERS and other financial telecommunication terminals at 11:00 a.m. [London Time] two banking days before the date of loan or financing or before the interest rate adjustment date.

 HIBOR means the inter-bank offered rate for the said period and in the said currency published by Hong Kong Association of Banks [HKAB] and
provided by REUTERS and other financial telecommunication terminals at 11:30 a.m. [Hong Kong Time] two banking days before the date of loan or financing or before the interest rate adjustment date. 

2. Party A shall pay Party B or bear the following expenses under this Contract: 
 (1) limit management fee,             /            % of the total limit;

 (2) actual expenses for Party B to handle businesses under this Contract; 
 (3) expenses for Party B to recover from relevant parties the funds under the letter of credit, bill and security related to the limit; 
 (4) other expenses agreed by both Parties. 
 Article 5 Use of credit limit 

1. Within the credit limit specified in this Contract and during the valid period of credit limit, Party A may present a written limit anticipation
application trade by trade, and Party B shall handling credit business for Party A trade by trade after examination and approval. 
 2. Provided
with the following preconditions, Party B has the obligation to provide credit for Party A, except otherwise wholly or partly waived by Party B: 
 (1) Party A has handled relevant approval, registration, delivery, insurance and other legal procedures in accordance with relevant laws and regulations; 

(2) the security meeting Party B’s requirements becomes effective and remains in force; 
 (3) Party A has no breach under this Contract; 
 (4) Party A has paid Party B limit management
fee, if specified herein that Party A shall pay Party B limit management fee; 
 (5) Party A has provided Party B with other documents Party B
thinks necessary; 
 (6) Party A’s application for anticipation of the credit limit has been examined and approved by Party B; 

(7) other preconditions: 

            /            

 3. At any time during the valid period of limit under this Contract, the sum of the limit principal balances
actually occupied by various businesses shall not exceed the total credit limit and the sum of the limit principal balance actually occupied by a business under a sub-limit shall not exceed this sub-limit. 

4. The balance of debts not repaid by Party A under
            /             (contract name) of No.     /     shall be
deducted from the total amount of the credit limit and shall be recovered after full repayment. 
 Article 6 Legal documents applicable to
this Contract 
 1. When Party A applies Party B for using the credit limit under this Contract, Party A shall make and enter into relevant
annexes with Party B corresponding to the sub-limit types specified in Article 2 of this Contract, including but not limited to the following annexes. Annexes which are affixed with Party A and Party B’s official seals or special contract seals
shall be deemed as an integral part of this Contract and shall be binding upon both Parties. No party may present any objection to the legal force of an annex for the excuse of no signature in the annex. 

(1) Special provisions on trade financing limit: 
 Annex: Special Provisions on Opening a Letter of Credit 
 Annex: Special Provisions on Trust
Receipt Loan 
 Annex: Special Provisions on Shipping Guarantee 
 Annex: Special Provisions on Packing Loan 
 Annex: Special Provisions on Outward Documentary Bill

 Annex: Special Provisions on Export Negotiation 
 Annex: Special Provisions on Export Collection Loan 
 Annex: Special Provisions on Draft Discount
under a Usance Letter of Credit and Purchase of Accounts Receivable under the Letter of Credit Delayed in Payment 
 Annex: Special Provisions
on Import Factoring 
 Annex: Special Provisions on “Export Tax Rebate Financing” Business 

Annex: Special Provisions on Loans under Short-term Export Credit Insurance 
 Annex: Special Provisions on Financing through Redemption of Documents 
 Annex: Special Provisions
on Payment in RMB (under a domestic letter of credit) 
 Annex: Special Provisions on Payment in RMB (under remittance) 

Annex: Special Provisions on Export Commercial Invoice Financing Business 
 (2) Special provisions on other limits: 
 Annex: Special Provisions on Limit Loan 

Annex: Special Provisions on Guarantee Limit 

Annex: Special Provisions on Commercial Draft and Bank Acceptance Limit 

 Annex: Special Provisions on Cash transaction Limit Credit 

Annex: Special Provisions on Overdraft Limit 

(3) When Party A applies Party B for using the credit limit under this Contract, Party A shall, according to Party B’s requirements, make and enter
into agreements or contracts (including but not limited to the following agreements) corresponding to the sub-limit types specified in Article 2 of this Contract. These relevant agreements or contracts shall be deemed as integral annex and part of
this Contract and shall be binding upon both Party A and Party B. 
 Annex: Export Factoring Service Agreement 

Annex: Direct Export Factoring Service Agreement 
 Annex: Export Commercial Invoice Financing Agreement 
 Annex: Cooperation Agreement on Buyout of
Accounts Receivable under Short-term Export Credit Insurance 
 Annex: General Agreement of Forward Settlement and Sale of Foreign Exchange

 Annex: General Agreement of RMB and Foreign Currency Swap Transaction 
 Annex: General Agreement of Risk Control Swap Transaction 
 Annex: Domestic Factoring Contract
with Right of Recourse  
 Annex: Factoring Financing Contract 
 (4) When Party A applies Party B for using the dragon card and business card limit under this Contract, Party A shall conclude a Dragon Card and Business Card Cooperation Agreement of China
Construction Bank and its annex (including but not limited to dragon card and business card bill, articles of China Construction Bank for dragon card and credit card (YJF [03] No. 28), statement, list of dragon card and business card
branches (departments), list of bearers of dragon card and business card, agreements signed or concluded pursuant to the Agreement, notices, vouchers and other legal documents forming debtor-creditor relationship), and shall abide by the said
Agreement and its annex. 
 (5) Others     /     

2. When Party A applies Party B for using the credit limit to deal with business, it shall submit to Party B the relevant business application under a
sub-limit. The application confirmed by Party B shall be deemed as an integral part of this Contract and relevant annexes of this Contract and shall be binding upon both Parties. 
 3. When Party A applies Party B for opening a usance letter of credit and a sight letter of credit with goods controllable right which cannot be controlled by Party B, handling shipping guarantee and
handling trust receipt loans, it shall submit to Party B the trust receipt according to Party B’s requirements. 
 Article 7 Both
Parties’ rights and obligations 
 1. Party A has the right to ask Party B to keep confidential the relevant data provided by Party A
and the business secret in respect of production and operation, except otherwise prescribed by laws, administrative rules and regulations, required by competent authorities or agreed by both Parties. 

 2. According to Party B’s requirements, Party A shall provide relevant plans, statistics, financial and
accounting statements, and data of production and operation status, and shall ensure the genuine, completeness and effectiveness of the data and information provided by Party A. 
 3. Party A shall actively coordinate and consciously accept Party B’s inspection and supervision on its production, operation and financial activities and its use of the limit under this Contract.

 4. On any occasion of Party A that Party B thinks affecting Party A’s normal production and operation business, Party B shall have the
right to make adjustment until cancel the credit limit not used by Party A. 
 5. Party A shall open a RMB or foreign exchange settlement
account with Party B and entrust Party B to deal with import and export trade settlement business, import and export credit business and other bank settlement business. 
 6. Party A shall use the limit for the purpose designated by both Parties. 
 7. Party A shall
perform or repay debts according to the term designated by both Parties. 
 8. Party A shall undertake exchange rate risk. In the event that the
sum of limits occupied by Party A may exceed or has exceeded the limit specified in this Contract due to exchange rate risk, Party A shall provide Party B with acceptable security timely after receiving Party B’s notice. In the event that the
sum of limits occupied by Party A may exceed or has exceeded the limit specified in this Contract due to exchange rate changes, Party B shall have the right not to deal with credit business for Party A. 

9. Party A shall not draw out its capital, transfer its assets or use affiliated transactions to escape its debts to Party B; it shall not discount or
pledge in a bank to divestiture the bank’s funds or credit by using a false contract with affiliated parties and by using notes receivable and accounts receivable without actual transaction background. 

10. Where there is any change of Party A’s name, legal representative (principal), address, business scope, registered capital or articles of
association of the company (enterprise), or other industrially and commercially registered items, Party A shall notify Party B immediately and attach relevant materials after change. 
 11. Party A shall ensure not to conclude any contract with any a third party which may damage Party B’s rights and interests under this Contract. 

12. Without Party B’s written consent, Party A shall not provide any a third party with security with the assets formed with the limit provided by
Party B before all debts are repaid under this Contract. 
 13. In case of losses to Party B due to disputes under the basic contract or due to
causes attributable to a third party, Party A shall undertake the responsibility for compensation for these losses. 

 14. Party A shall use loans for the purpose specified in this Contract and its annexes. Party A shall not
misappropriate, divert or use bank financing to conduct illegal transactions; it shall not use loans for investments on fixed assets and equities; , or for the production and operation field or purpose prohibited by the State; it shall coordinate
and accept Party B’s examination and supervision on its production, operating and financial activities, and the use and payment of loans under this Contract; it shall not draw out its capital, transfer its assets or use affiliated transactions
to escape its debts to Party B; it shall not discount or pledge in a bank to divestiture the bank’s funds or credit by using a false contract with affiliated parties and by using notes receivable and accounts receivable without actual
transaction background; 
 15. Party B has the right to ask Party A to repay loan principal, interest and expenses on schedule, to manage and
control payment of loan funds, to exercise other rights granted in this Contract and ask Party A to perform its other obligations under this Contract; 
 16. Party B has the right to attend Party A’s wholesale financing, sales of assets, and merger, division, shareholding reform and bankruptcy liquidation, etc. 

17. Party B has the right to recover loans under this Contract in advance according to Party A’s capital return situations. 

Article 8 Liability for breach and remedy measures for cases which may endanger the creditor’s right of Party B 

1. Breach by Party B and liability for breach 

(1) In the event that Party B violates this Contract, its annex or other provisions of the relevant business application approved and confirmed by Party
B, Party A may ask Party B to perform obligations according to the stipulations; 
 (2) In the event that Party B has charged any interest and
fee from Party A which shall not be charged according to the prohibitive provisions of relevant national laws and regulations, Party A shall have the right to ask Party B to refund the interest and fee charged. 

2. Breach by Party A 
 (1) Party A violates
this Contract, its annex or other provisions of the relevant business application approved and confirmed by Party B, or it violates any legal obligation; 
 (2) Party A expressively states or its behavior indicates it will not perform this Contract, its annex or any obligation under the relevant business application approved and confirmed by Party B.

 3. Cases which may endanger the creditor’s right of Party B 
 (1) Any one of the following circumstances, Party B thinks possibly endangering the safety of the creditor’s right under this Contract: Party A has the following changes, including contracting,
trusteeship (takeover), lease, shareholding reform, reduction of its registered capital, investment, joint operation, merger, purchase or reorganization, division, joint venture, (being applied) applying for suspension of business for rectification,
applying for dissolution, cancellation, (being applied) applying for bankruptcy, change of controlling shareholder/de facto controlling person, or transfer of major assets, business suspension, shutdown, higher fines imposed by relevant

 
authorities or cancellation of registration; Party A’s business license is revoked; Party A is involved in major legal disputes; there are serious difficulties in production and operation of
Party A or Party A’s financial status is worsen; or Party A’s legal representative or main principal cannot perform their duties normally; 
 (2) Any one of the following circumstances, Party B thinks possibly endangering the safety of the creditor’s right under this Contract: Party A fails to perform other matured debts (including matured
debts to various institutions of China Construction Bank or other a third party; Party A transfers property at a low price or free of charge; it reduces and cancels debts to a third party; it is negligent in exercising creditor’s right or other
rights, or provides security for a third party; 
 (3) Party A’s shareholder evades the payment of its debts by abusing the independent
status of juridical person or the shareholder’s limited liabilities, Party B thinks possibly endangering the safety of the creditor’s right under this Contract; 
 (4) It fails to continuously meet any one of the preconditions under which Party B provides Party A with credit specified in this Contract, its annex and a credit business; 

(5) The guarantor has any one of the following circumstances, Party B thinks possibly endangering the safety of the creditor’s right under this
Contract: 
 1. the guarantor violates any item specified or presented and warranted in the guarantee contract, resulting in any existing
falsehood, error or omission; 
 2. the guarantor has the following changes, including contracting, trusteeship (takeover), lease, shareholding
reform, reduction of its registered capital, investment, joint operation, merger, purchase or reorganization, division, joint venture, (being applied) applying for suspension of business for rectification, applying for dissolution, cancellation,
(being applied) applying for bankruptcy, change of controlling shareholder/de facto controlling person, or transfer of major assets, business suspension, shutdown, higher fines imposed by relevant authorities or cancellation of registration; Party
A’s business license is revoked; Party A is involved in major legal disputes; there are serious difficulties in production and operation of Party A or Party A’s financial status is worsen; or Party A’s legal representative or main
principal cannot perform their duties normally, which may affect the guarantor’s capability to undertake guarantee; 
 3. other
circumstances causing loss or possible loss of guarantee capability; 
 (6) There is any one of the following circumstances for mortgage and
pledge, Party B thinks possibly endangering the safety of the creditor’s right under this Contract: 
 1. damage, loss or value reduction
of the mortgaged or pledged property caused due to a third person’s behavior, or collection, confiscation, recovery free of charge or removal by the State, or change of the market situations or any other causes; 

2. the mortgaged or pledged property is sealed up, detained, frozen, deducted, reserved, sold by auction or supervised by an administrative organ, or
there is any dispute about its ownership; 
 3. the mortgagor or the pledger violates any item specified or represented and warranted in the
mortgage contract or pledge contract, resulting in any existing falsehood, error or omission; 

 4. other circumstances which may endanger realization of Party B’s mortgage or pledge right;

 (7) Security is not established, is invalid, is revoked or is cancelled; the guarantor has any breach, or expressively states or its behavior
indicates it will not perform its security liability, or the guarantor has lost or partially lost its security capability, or the value of the secured property is reduced, Party B thinks possibly endangering the safety of the creditor’s right
under this Contract; or 
 (8) Party A fails to perform other matured debts (including matured debts to various institutions of China
Construction Bank or other a third party; Party A transfers property at a low price or free of charge; it reduces and cancels debts to a third party; it is negligent in exercising creditor’s right or other rights, or provides security for a
third party; Party A’s financial indicators fail to continuously comply with the requirements of Annex 1 “Restriction on Financial Indicators” of the Special Provisions on Limit Loan; Party A fails to pay loan funds pursuant to
this Contract or evades entrusted payment by Party B through breaking up the whole into parts; there is abnormal fluctuation of the funds in any account of Party A (including but not limited to the capital return account and other accounts monitored
by Party B); Party A has any major cross default event. 
 (9) Other circumstances Party B thinks possibly endangering the safety of the
creditor’s right under this Contract. 
 4. Party B’s remedy measures 
 In case of any one of the circumstances given in the abovementioned sub-clause 2 or sub-clause 3, Party B shall have the right to exercise one or several of the following rights: 

(1) to make relevant adjustment or terminate Party A’s use of the credit limit or any limit under this Contract; 

(2) to announce immediate maturity of Party A’s debts under this Contract and its annex; to ask Party A to repay principal and pay interest and
expenses of all the matured and un-matured debts under this Contract and its annex; 
 (3) to charge default interest and compound interest;

 (4) to exercise the right of security; 
 (5) other remedy measures, including but not limited to: 
 1. to deduct relevant amount in RMB or
other currencies from Party A’s account (including but not limited to the security deposit account) which is opened with the system of the China Construction Bank, without notifying Party A in advance; 

2. to request Party A to provide new security in compliance with Party B’s requirements for all debts under this Contract and its annex; 

3. to unilaterally cancel or terminate this Contract and / or its annex; 
 4. Party B’s remedy measures specified in annexes of this Contract. 

 Article 9 Other provisions 
 1. Expenses 
 Party A shall bear the expenses for the lawyer service, insurance, evaluation,
registration, keeping, appraisal and notarization under this Contract and the expenses for these items related to the security under this Contract, unless otherwise specified by both Parties. 
 Party A shall bear all the expenses of Party B for realization of the creditor’s right (including but not limited to legal cost, arbitration fee, property security guard cost, traveling expense,
execution fee, appraisal fee, auction fee, service fee, announcement cost and attorney fee). 
 2. Use of Party A’s information 

Party A agrees Party B to inquire about Party A’s credit status from relevant units or departments or through the credit database which is approved
and established by the People’s Bank of China and the competent credit checking department; it agrees Party B to provide Party A’s information for the credit database which is approved and established by the People’s Bank of China and
the competent credit checking department; it agrees Party B to use and disclose Party A’s information reasonably for business needs. 
 3.
Announcement and urging for collection 
 In the event that Party A is behind in payment of loan principal and interest or has any other breach,
Party B shall have the right to make notification to the relevant department or unit and shall have the right to make accouchement and urging for collection in news media. 
 4. Validity of the evidences recorded by Party B 
 The internal financial record of Party B
related to principal, interest, expenses and payment and other relevant contents, the documents and vouchers prepared or reserved by Party B and forming during Party A’s business process of withdrawal, repayment and payment of interest, and the
records and vouchers collected by Party B shall constitute certain evidences effectively demonstrating the debtor and creditor relationship between Party A and Party B, unless there are reliable and certain opposite evidences. Party A shall not
present any objection for the excuse that Party B unilaterally prepares or reserves the said records, documents and vouchers. 
 5. Reservation
of rights 
 Party B’s rights under this Contract shall not affect or eliminate its any other right reserved in accordance with relevant
laws and regulations and other contracts. Any tolerance, grace and preference imposed by one party on breach or delay, or delay in the execution of any right under this Contract shall not be deemed as a waiver of any right and interest under this
Contract nor be deemed as a permit or approval of violation of this Contract, and shall not restrict, prevent and hinder continuous execution of the right or the execution of any other right. Party B shall not undertake any obligation and
responsibility for Party A arising therefrom. 
 6. In the event that Party A owes other matured debts to Party B as well as the debts under
this Contract, Party B shall have the right to deduct from Party A’s account which is opened with the system of the China Construction Bank the relevant funds in RMB or other currencies firstly for repayment of any matured debt. Party A agrees
not to present any objection. 

 7. In case of change of Party A’s mailing address or contact way, Party A shall notify Party B
immediately in written form. In the event that Party A fails to timely notify Party B, Party A shall bear the losses arising therefrom. 
 8.
Collection of accounts payable 
 Party B has the right to deduct relevant amount of Party A’s all accounts payable in RMB or other
currencies from Party A’s account which is opened with the system of the China Construction Bank, without notifying Party A in advance. Should settlement and sale of foreign exchange or foreign exchange transaction procedures be handled, Party
A shall have the obligation to assist Party B in going through these procedures, and foreign exchange risk shall be borne by Party A. 
 9.
Dispute settlement 
 Any and all disputes arising from and in connection with the execution of this Contract shall be settled by both Parties
through consultation. In the event that a dispute cannot be settled through consultation, it shall be settled according to the following 1: 
 1) to bring a case to the people’s court at the location where Party B is located; 
 2) to
submit to             /             arbitration committee (arbitration place:
            /            ) for arbitration in accordance with the current effective arbitration rules of the committee.
The award of the arbitration shall be final and binding upon both Parties. 
 During the litigation or arbitration period, the other clauses of
this Contract which are not in dispute shall remain in force. 
 10. Conditions for effectiveness of this Contract 

This Contract shall come into force as of the date when Party A’s legal representative (principal) or authorized agent makes signature and Party A
affixes its official seal and Party B’s principal or authorized agent makes signature and Party B affixes its official seal (or special contract seal). 
 11. This Contract has been made out in six originals. 
 12. Other provisions 

            /             
        

            /             
        
 13. All the legal documents of the creditor and debtor relationship between Party A and Party B
under this Contract (including but not limited to relevant annexes of this Contract, relevant business applications, agreements or contracts, and vouchers) shall be deemed as an integral part of this Contract. 

Article 10 Handling bank and seal of Party B 
 Party A has confirmed that: when this Contract is effective, Party B may entrust one or several branches of China Construction Bank Shenzhen Branch as the handling bank of this Contract. The handling bank
shall have the right to perform obligations under this Contract in its own name, sign relevant legal documents and enjoy rights under this Contract, including but not limited to actual execution (wholly or partly) of this Contract, urging and
collection of debts, litigation/arbitration, and execution and 

 
other relevant matters. If the handling bank has performed Party B’s obligations under this Contract, Party B shall be deemed to have performed its obligations under this Contract, and Party
A’s obligations and responsibilities shall not be reduced and cancelled. Both Party B and the handling bank have the right to affix Party B or the handling bank’s official seal, relevant special business seal or special contract seal in
relevant materials and vouchers. 
 Article 11 Declaration provisions 
 1. Party A is aware of Party B’s business scope and authorized powers. 
 2. Party A has read
all clauses of this Contract. At the request of Party A, Party B has given explanations for relevant terms and conditions of this Contract. Party A is aware of and has fully understood the meanings of all terms and conditions of this Contract and
relevant legal consequences. 
 3. Party A’s signature and performance of obligations under this Contract comply with laws, administrative
regulations, rules and Party A’s articles of association or internal organization documents, and Party A has obtained approval from its internal competent organizations and / or relevant state organs. 

4. Party A’s production and operation are legal and compliant. 
 5. Party A shall have the capability to doing business continuously and have legal sources of funds for payment. 
 6. Party A commits all financings under this Contract accord with but not exceed the actual needs of loan purpose. 
 7. Party A and its controlling shareholder have good credit status but have no significant bad record. 
 8. Party B shall have the right to entrust other branches of China Construction Bank to issue financings under the business contract, and exercise and perform Party B’s rights and obligations under
the business contract and this Contract, to which Party A shall not present any objection. 
 Party A (Official Seal): Zastron Electronic
(Shenzhen) Co., Ltd. (Seal)  
 Legal Representative (Principal) or Authorized Agent (Signature):
                     

Mar. 19, 2012 
 Party B
(Seal): China Construction Bank Shenzhen Branch (Special Seal for Business Contract Uses only) (13)  
 Principal or Authorized Agent
(Signature):                      
 Mar. 22, 2012

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