Document:

Exhibit 10.14

     

    CHINA
SLP FILTRATION TECHNOLOGY, INC.

     

    INDEPENDENT DIRECTOR AGREEMENT

     

    THIS
AGREEMENT (the "Agreement")
is made as of the _ day of May 2010 and is by and between China SLP Filtration
Technology, Inc., a Delaware corporation (hereinafter referred to as the "Company"),
and Richard Cohen (hereinafter referred to as the "Director").

    

    WHEREAS, it is essential to
the Company to attract and retain accomplished and capable individuals to serve
on the Board of Directors of the Company (the “Board”);
and

    

    WHEREAS, the Company believes
that Director possesses the necessary qualifications and abilities to serve as a
director of the Company; and

    

    WHEREAS, the Board desires to
appoint the Director to serve as and perform the duties of an independent
director and the Director desires to be so appointed and to perform the duties
required of such position in accordance with the terms and conditions of this
Agreement;

    

    NOW, THEREFORE, in
consideration of the premises and the mutual promises contained herein, the
adequacy and sufficiency of which are hereby acknowledged, the Company and the
Director hereby agree as follows:

    

    1.    
DUTIES.  Effective on his appointment by the
Board,  Director will serve as a director of the Company and perform
all duties of a director of the Company, including without limitation
(1) attending meetings of the Board, (2) serving on one or more
committees of the Board (each a “Committee”)
and attending meetings of each Committee of which Director is a member,
(3) using his judgment and advice in the best interests of the
shareholders, and (4) any other customary duties of a director as may be
determined and assigned by the Board and as may be required by the Company’s
certificate of incorporation, bylaws and its corporate governance and board
committee charters, each as amended or modified from time to time, and by
applicable law, including by the Delaware General Corporation Law
("DGCL").

    

    The
Director agrees to devote sufficient time to perform the duties of a director of
the Company, including duties as a member of such committees as the Director may
hereafter be appointed to.  The Director will perform such duties in
accordance with his fiduciary duty as a director arising under the
DGCL.

    

    2.    
TERM.  This
Agreement shall be effective commencing as of the date of the Director’s
appointment by the Board and shall continue for so long as Director shall
continue to be a director.

    

    3.    
COMPENSATION. The Company will compensate the Director as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (i)     The
Company shall pay the Director an annual retainer fee of $24,000 with $2,000 to
be paid at the beginning of each month.

    

    (ii)    For
attendance at meetings by telephone conference all, the Director will be paid no
additional fee.

    

    (iii)      The
Company will, pursuant to the terms and conditions of an equity incentive plan
to be adopted by the Company, grant to the Director 30,000 shares of restricted
stock with one third vesting on the date of grant, one third vesting on the
first anniversary of the date of grant and one third vesting on the second
anniversary of the grant date with the restricted stock ceasing to vest as of
the date Director ceases to be a director of the
Company.   Director shall be eligible for other awards subject to
Board approval. 

    

    (iv)      For
each meeting of the Board and Committee for which the Company requests
attendance in person, the Company will reimburse for travel expenses incurred
including airfare from home base to meeting location, ground transportation,
meals, hotel, visas, phone, internet connections costs, and other miscellaneous
expenses for the duration of the trip. 

    

    4.     EXPENSES.
In addition to the compensation and reimbursement provided in paragraph 3
hereof, the Company will reimburse the Director for pre-approved reasonable
business-related expenses incurred in good faith in the performance of the
Director’s duties for the Company.  Such payments shall be made by the
Company upon submission by the Director of a signed statement itemizing the
expenses incurred. Such statement shall be accompanied by receipts or
documentation for the expenditures.

    

    5.    
CONFIDENTIALITY. The Company and the Director each acknowledge that, in
order for the intent and purposes of this Agreement to be accomplished, the
Director shall be obtaining access to certain confidential information
concerning the Company and its affairs, including but not limited to business
methods, financial data and strategic plans which are unique assets of the
Company ("Confidential
Information"). The Director covenants not to, either directly or
indirectly, in any manner, utilize or disclose to any person, firm, corporation,
association or other entity any Confidential Information.  The Company
and the Director each acknowledge that, in order for the intent and purposes of
this Agreement to be accomplished, the Company shall necessarily be obtaining
access to certain intellectual capital, benefit of the Director’s experience and
expertise, and contacts possessed by the Director (“DIC”). The Company covenants
not to, either directly or indirectly, in any manner, utilize or disclose to any
person, firm, corporation, association or other entity any “DIC” except as the
Director may allow in writing; provided, however, that all DIC
shall be identified to the Company in connection with its disclosure and provided, further, that such
DIC shall not be otherwise publicly available or known to the
Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    6.    
NON-COMPETE. During the term of this Agreement and for a period of twelve
(12) months thereafter (the "Restricted
Period"), the Director shall not, directly or indirectly, (i) in any
manner whatsoever engage in any capacity with any business competitive with the
Company’s current lines of business or any business then engaged in by the
Company, any of its subsidiaries or any of its affiliates (the "Company's
Business") for the Director’s own benefit or for the benefit of any
person or entity other than the Company or any subsidiary or affiliate; or (ii)
have any interest as owner, sole proprietor, shareholder, partner, lender,
director, officer, manager, employee, consultant, agent or otherwise in any
business competitive with the Company's Business; provided, however, that the
Director may hold, directly or indirectly, solely as an investment, not more
than two percent (2%) of the outstanding securities of any person or entity
which are listed on any national securities exchange or regularly traded in the
over-the-counter market notwithstanding the fact that such person or entity is
engaged in a business competitive with the Company's Business. In addition,
during the Restricted Period, the Director shall not develop any property for
use in the Company’s Business on behalf of any person or entity other than the
Company, its subsidiaries and affiliates.

    

    7.    
TERMINATION.  With or without cause, the Board and the Director
may each terminate this Agreement at any time upon ten (10) days’ written
notice, and the Company shall be obligated to pay to the Director the
compensation and expenses due up to the date of the
termination.   Nothing contained herein or omitted here from
shall prevent the shareholders of the Company from removing the Director with
immediate effect at any time for any reason.

    

    8.    
INDEMNIFICATION.  The Company shall, to the fullest extent
allowed by the DGCL, indemnify and hold the Director harmless from and against
any expenses, including reasonable attorney’s fees, judgments, fines,
settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, the
Director’s position with the Company.  The Company shall advance to
the Director any expenses, including attorney’s fees and costs of settlement,
incurred in defending any such proceeding to the fullest extent allowed by the
DGCL.  Such costs and expenses incurred by the Director in defense of
any such proceeding shall be paid by the Company in advance of the final
disposition of such proceeding promptly upon receipt by the Company of (a)
written request for payment; (b) appropriate documentation evidencing the
incurrence, amount and nature of the costs and expenses for which payment is
being sought; and (c) an undertaking adequate under applicable law made by or on
behalf of the Director to repay the amounts so advanced if it shall ultimately
be determined pursuant to any non-appealable judgment or settlement that the
Director is not entitled to be indemnified by the Company or any subsidiary
thereof.

    

    9.    
AMENDMENT AND
WAIVER.  No supplement, modification or amendment of this
Agreement will be binding unless executed in writing by both
parties.  No waiver of any provision of this Agreement on any occasion
will be deemed to constitute or will constitute a waiver of that provision on
any other occasion or a waiver of any other provision of this
Agreement.

    

    10.   NOTICE. Any and
all notices referred to herein shall be sufficient if furnished in writing at
the addresses specified on the signature page hereto or, if to the Company, to
the Company’s address as specified in filings made by the Company with the U.S.
Securities and Exchange Commission and if by fax to 011-86-____ with a copy
(which shall not constitute notice) by fax to 212-688-7273.

    

    11.   GOVERNING LAW.
This Agreement shall be interpreted in accordance with, and the rights of the
parties hereto shall be determined by, the laws of the State of
Delaware.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

    13.    
MISCELLANEOUS. If any provision of this Agreement shall be declared
invalid or illegal, for any reason whatsoever, then, notwithstanding such
invalidity or illegality, the remaining terms and provisions of this Agreement
shall remain in full force and effect in the same manner as if the invalid or
illegal provision had not been contained herein.

    

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

    

    15.    
COUNTERPARTS. This Agreement may be
executed in any number of counterparts, all of which taken together shall
constitute one instrument. Facsimile execution and delivery of this Agreement is
legal, valid and binding for all purposes.

    

    16.     ENTIRE
AGREEMENT. Except as provided elsewhere herein, this Agreement sets forth
the entire agreement of the parties with respect to its subject matter and
supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any
officer, employee or representative of any party to this Agreement with respect
to such subject matter.

    

    [Signature Page
Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Independent Director Agreement to be duly
executed and signed as of the day and year first above written.

    

    
      
        
          	
                  CHINA
      FILTRATION TECHNOLOGY,  INC.

                	 
      
	 
      	 
      
	
                  By:

                	
                  /s/ Li  Lie

                	 
      
	
                  Name:  Li
      Jie

                	 
      
	
                  Title:
      CEO

                	 
      
	 
      	 
      
	
                  INDEPENDENT
      DIRECTOR

                	 
      
	 
      	 
      
	
                  /s/ Richard Cohen

                	 
      
	
                  Richard
      CohenExhibit 10.15

    

    Loan
Agreement

    

    Agreement
Code: 44010120100000539

    

    Borrower
(full name): Foshan City SLP Special Materials Co., Ltd.

    Lender(full
name): Foshan Nanhai Shishan Branch of China Agriculture Bank Stock Co.,
Ltd.

    According
to relevant laws and regulations of PRC, through negotiated consensus, Borrow
and Lender entered into this Agreement.

    

    Article 1
Loan

    
      	
               
      

            	
              1.

            	
              Loan
      Classification: Short Term Working Fund
Loan

            

    

    

    
      	
               
      

            	
              2.

            	
              Loan
      Application: Purchase raw materials

            

    

    

    
      	
               
      

            	
              3.

            	
              Currency
      and Amount of Loan: RMB 20,000,000

            

    

    

    
      	
               
      

            	
              4.

            	
              (1)
      Loan Term:Time of
      Issue: 07/27/2010 — RMB
      20,000,000. Time of Repayment: 12/26/2010—RMB
      20,000,000

            

    

    (2) If
either of the amount of loan, time of issue and time of repayment is
inconsistent with Loan Note, the Loan Note shall be regarded as final standard.
Loan Note is considered a part of this Agreement and has the same legal effect
as this Agreement.

    (3) If
the loan under this Agreement is in the form of foreign currency, the principal
and interest of the loan shall be repaid by the same foreign
currency.

    

    
      
        	 	
                5. 

              	
                 Interest
      of the Loan

              

      

    

    
      RMB loan
interest shall be set according to the subsection(1)

    

    
      (1)
Floating
interest rate.

    

    Loan
Interest Rate will be increased for 20% based upon Interest Rate , as a result
of such floating interest rate an annual interest rate of 5.832% shall be
enforced. Interest rate standard for a loan less than 5 years(including 5-year)
shall be the same-period standard interest rate of RMB loan  adopted by the
People’s Bank of China; Interest rate standard for a loan more than 5 years
shall be the standard interest rate of RMB loan adopted by the People’s Bank of
China plus ______ percents.

    The
circle for adjusting Interest rate shall be 3 months. If the
People’s Bank of China adjusted its standard interest rate for RMB loan, the
lender shall use the modified standard interest rate of corresponding term and
category and the aforesaid computation method to set and enforce new loan
interest rate at the corresponding borrowing date of the first month of the
borrowing circle following the adjustment date of standard interest rate. Lender
is not obligated to notify borrower of such change. If the adjustment date of
standard interest rate is the same day as the issue date or the corresponding
borrowing date of the first month of such borrowing circle, the new enforceable
loan interest rate shall be set on the day of adjustment of standard interest
rate. If there is no corresponding borrowing day, the last day of such month
shall be considered corresponding borrowing day.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6. 
Settle Interests

     
The loan interest under this Agreement shall be settled monthly, the day for
settling interest shall be the 20th day of
each month. The borrower shall pay the interest on the day of settlement. If the
day for the final payment of principal amount does not correspond to the
interest settlement day, the unpaid interest shall be paid with the principal
amount (daily interest rate =monthly interest rate/30)

    

    Article 2
If the following conditions are not satisfied, the lender may choose to
not  providing the loan under this Agreement:

    

    
      	
              1.

            	
              Borrower
      shall set up a Basic Savings Account at the Lender’s
  place.

            

    

    
      	
              2.

            	
              Borrower
      shall supply related documents, materials and complete relevant procedure
      according to Lender’s request.

            

    

    
      	
              3.

            	
              If
      the loan under this Agreement is in the form of foreign currency, Borrower
      shall complete the approval, registration and all other legal procedures
      under this Agreement according to relevant
  regulations.

            

    

    
      	
              4.

            	
              If
      the loan is guaranteed by mortgage and pledge, all the legal procedures of
      registration and/or insurance has been completed according to Lender’s
      requests, and such guaranty and insurance keep their respective validity
      continuously. If the loan under this Agreement is guaranteed by guaranty,
      guaranty agreement has been signed and come into
  effect.

            

    

    

    Article
3. the rights and obligations of Lender

    
      	
               
      

            	
              1.

            	
              Lender
      is entitled to know the production management, financial operation, asset
      storage and the use of loan of Borrower. Lender may ask borrower to supply
      financial statements and other documents, material and
      information.

            

    

    
      	
               
      

            	
              2.

            	
              The
      Lender may stop issuing loan or ask for repayment of loan before the end
      of the loan period if borrower has gone through the situations which is
      sufficed to adversely affect borrower’s security, including but not
      limited to the conditions  enumerated in items 7,8 and 10 of article
      4.

            

    

    
      	
               
      

            	
              3.

            	
              Lender
      may choose to deduct from Borrower’s any bank accounts the principal loan,
      interest, penalty interest, compound interest and other fees incurred by
      borrower, while collecting those payments or collecting them in
      advance.

            

    

    
      	
               
      

            	
              4.

            	
              If
      the repayment by Borrower is not sufficient to satisfy the obligated
      amount under this agreement, Lender may choose to allocate such payment to
      pay off principal loan, interest, penalty interest, compound interest or
      fees.

            

    

    
      	
               
      

            	
              5.

            	
              Lender
      may publicly disclose Borrower’s breach of contract, if Borrower is not
      able to perform repayment
obligation.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              6.

            	
              Lender
      shall issue each loan fully to Borrower at regular
    intervals.

            

    

    

    Article
4. the rights and obligations of Borrower

    
      	
               
      

            	
              1.

            	
              Borrower
      is entitled to get and use loan according to this
    Agreement.

            

    

    
      	
               
      

            	
              2.

            	
              Borrower
      is entitled to conduct account clearing and deposit related to the loan
      through the account provided for by article 2 of this
      Agreement.

            

    

    
      	
               
      

            	
              3.

            	
              If
      the loan under this Agreement is in the form of foreign currency, all the
      approval, registration and other legal proceedings related to this loan
      shall be resolved according to relevant
  regulations.

            

    

    
      	
               
      

            	
              4.

            	
              Borrower
      shall repay the principal and interest on time. If Borrower needs to
      extend the due date of the loan, he shall submit a written application
      form to Lender 15 days prior to the due date of the loan. Upon
      confirmation by Lender, an extension agreement shall be signed by both
      parties.

            

    

    
      	
               
      

            	
              5.

            	
              Borrower
      shall use the loan according to this Agreement, a misappropriation and
      diversion of the loan is not
permitted.

            

    

    
      	
               
      

            	
              6.

            	
              Borrower
      shall provide true, complete, valid financial statements or other relevant
      materials, information to Lender. Borrower shall positively assist Lender
      in the inspection of its production management, financial operation and
      the use of loan under this
Agreement.

            

    

    
      	
               
      

            	
              7.

            	
              Borrower
      shall give Lender prior written notice, if anything occurred which is
      sufficient to change the debtor-creditor relationship or affect the
      capability of repayment by Lender such as engaging in any contract
      arrangement, lease, shareholding restructure, alliance, combinations,
      mergers, separation, joint venture, asset transfer, applying for
      suspension of business, dissolution and bankruptcy. Borrower is not
      permitted to proceed with aforesaid action unless a written notice is
      given to Lender and after confirmation by Lender, an arrangement of
      repayment of loan on time or in advance is finally
    realized.

            

    

    
      	
               
      

            	
              8.

            	
              Borrower
      shall immediately notify Lender and conduct debt security measures that
      are confirmed by Lender, if anything other than the abovementioned
      activity occurred and which has a material adverse effect on the
      capability of Borrower to repay the loan, including suspension of
      production, shut down, cancellation of registration, cancellation of
      business license, legal representative or principal are engaged in illegal
      activity or involved in substantial litigation or arbitration, substantial
      hardship to production and operation, deteriorated financial
      conditions.

            

    

    
      
        	
                 
      

              	
                9.

              	
                If
      Borrower offers guaranty for the debt of other person or mortgages or
      pledges its principal assets to the third person, and its capability to
      repay the loan under this Agreement may thus be affected by such behavior,
      Borrower shall give  Lender written notice in advance and get its
      approval to proceed.

              
	 	      
                10.

              	      
                Borrower
      and investors shall not misappropriate capital, divert asset or conduct
      unauthorized transfer of their shares in order to escape from the
      obligation of repayment.

              
	 	      
                11.

              	      
                Borrower
      shall immediately notify Lender in a written form of any modification of
      its name, legal representative, residency, operation
      range.

              

      

    

     

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    
      	
            	
              12.

            	
              Borrower
      shall provide other guarantee measures acknowledged by Lender, if either
      of the following matters happen: the guarantor of loan under this
      Agreement has gone through suspension of  its production, shut down,
      cancellation of registration, cancellation of business license, bankruptcy
      and operation loss, which rendered it unable to meet its guarantee
      obligation either partially or entirely; or the mortgage, pledge, pledged
      rights supposed to guarantee the loan obligation under this Agreement
      decreased in their value.

            

    

    
      	
            	
              13.

            	
              Borrower
      shall undertake to pay the fees originating from lawyer service,
      insurance, transportation, evaluation, registration, custodian,
      identification and notarization, which are related to this Agreement or
      the guaranty under this Agreement.

            

    

    

    Article
5. Repayment in Advance

    Borrower
shall get permission from Lender to repay the loan in advance. If Lender accepts
such repayment from Borrower, an interest will be calculated and imposed upon
the advanced payment according to the following method:

    
      	
               
      

            	
              1.

            	
              Have
      the enforceable interest indicated in this Agreement adjusted upward for
      0% according to actual loan period.

            

    

    

    Article
6. Liability of Breach of Agreement

    
      	
               
      

            	
              1.

            	
              Lender
      shall pay damages to Borrower based upon the amount involved in the breach
      and the delayed days in the payment, if Lender did not issue loan to
      Borrower according to the terms of this Agreement and Borrower is
      therefore suffered loss.   The method of calculating the total
      amount of damages is the same as the one used in calculating the interest
      of deferred repayment of loan at the same
  period.

            

    

    
      	
               
      

            	
              2.

            	
              If
      Borrower does not repay the principal of loan according to the deadline
      indicated in this Agreement, Lender shall impose a penalty interest upon
      Borrower until all the principal and interest are paid off. Such penalty
      interest shall be paid at a rate which is 50% higher than the enforceable
      loan interest rate indicated in this Agreement. During the time the
      repayment of loan is overdue, if the loan is in the form of RMB and the
      current standard interest rate for RMB loan is increased by People’s Bank
      of China, the penalty interest rate will be increased correspondingly
      since the same date of the aforesaid increased loan interest
      rate.

            

    

    
      	
               
      

            	
              3.

            	
              If
      Borrower does not use the loan in the way required by this Agreement,
      Lender shall impose a penalty interest upon Borrower with respect to the
      portion of the loan which is used other than ways indicated by this
      Agreement until all the principal and interest are paid off. Starting from
      the date of use violation, such penalty interest shall be paid at a rate
      which is 50% higher than the enforceable loan interest rate indicated in
      this Agreement. During this period, if the loan is in the form of RMB and
      the current standard interest rate for RMB loan is increased by People’s
      Bank of China, the penalty interest rate will be increased correspondingly
      since the same date of the aforesaid increased loan interest
      rate.

            

    

    
      	
               
      

            	
              4.

            	
              With
      respect to the unpaid interest which should have been paid, Lender shall
      impose a compound interest according to the regulations issued by People’s
      Bank of China.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              5.

            	
              Borrower
      is in violation of its obligations under this Agreement, Lender is
      entitled to ask Borrower to correct its breaching behavior in a limited
      time frame, stop issuing loan, collect the issued loan before the
      repayment obligation is due, declare that other loans between Borrower and
      Lender become immediate due or conduct other asset safeguard
      measures.

            

    

    
      	
               
      

            	
              6.

            	
              If
      any guarantor under this Agreement is in violation of the obligations
      under the guarantee agreement, Lender is entitled to stop issue loan,
      collect the issued loan before the repayment obligation is due or other
      asset safeguard measures.

            

    

    
      	
               
      

            	
              7.

            	
              If
      Lender resorts to litigation or arbitration measures to realize credit
      because of breach by Borrower, Borrower shall be responsible for Lender
      expenditures incurred in hiring lawyer, travelling, and other fees used to
      realize credit.

            

    

    

    Article 7
Loan Guaranty

    The forms
of surety under this Agreement shall be mortgage and guaranty, surety agreement
shall be signed at other convenient time. If maximum amount surety is adopted,
the surety agreement codes shall be  44906200900004008,
44906200800001531.

    

    Article 8
Disputes Resolution

    If any
disputes occurred in the process of performance of this Agreement, both parties
shall negotiate to settle. Both parties shall also present the disputes to the
People’s Court where Lender resides.

    During
the time of litigation, the provisions not in dispute shall also be
enforced.

    

    Article 9
Miscellaneous

    

    Article
10 Effectiveness of this Agreement

    This
Agreement shall become effective since the date of signatures or seals by Lender
and Borrower.

    

    Article
11 Copies of Agreement

    This
Agreement is in duplicate, each party has one copy.

    

    Article
12 Reminder

    Lender
has suggested that Borrower should make a thorough, accurate understanding with
respect to the provisions of this Agreement. Lender has also explained to
Borrower regarding the contents of corresponding provisions of this Agreement
upon the requests of Borrower. Both parties have the same understanding with
respect to this Agreement.

    

    Borrower
(SEAL)

    Legal
Representative

    Or
Authorized Agent

    

    Lender
(SEAL)

    Responsible
or Authorized Agent

    

    Date:
07/27/2010

    

    Place: 
   Nanhai District

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