Document:

Unassociated Document

     

    
      Exhibit
10.1

    

     

     

    
      EMPLOYMENT
AGREEMENT

       

       

      THIS
EMPLOYMENT AGREEMENT (“Agreement”) is made
and entered into by and between China Intelligent Lighting and Electronics, Inc.
(“Company”), a
Delaware corporation, and Kui Jiang (“Employee”), effective
as of May 5, 2010 (the “Effective
Date”).  (Company and Employee are sometimes referred to herein
as “party” or
collectively as the “parties.”)

       

      RECITALS

       

      WHEREAS,
the Company wishes to employ and the Employee has agreed to supply his service
in the capacity of Chief Financial Officer with duties encompassing the
operations of the Company and the Company’s subsidiaries, on the terms and
conditions set out in this Agreement, which shall supersede and replace all
prior written, oral, or implied agreements, if any, between Employee and the
Company; provided, however, the Employee shall remain bound by any
confidentiality, nondisclosure, and invention assignment agreement(s) previously
executed in favor of the Company, to the extent such ancillary agreements
exist;

       

      NOW,
THEREFORE, in consideration of the mutual promises and covenants contained
herein, and the continued employment of Employee by the Company under this
Agreement, the parties agree as follows:

       

      ARTICLE
1

      

      EMPLOYMENT

      

      Company
hereby employs Employee and Employee hereby accepts employment from Company,
effective as of the Effective Date.  Employee agrees to perform the
services and to comply faithfully with his obligations of employment, under the
terms and conditions specified in this Agreement, and pursuant to the policies
and procedures of the Company that may be issued from time to time.

      

      ARTICLE
2

       

      TERM

       

      Section 2.1  Initial
Term and Renewal.  The initial term of this Agreement shall be
for a period of twelve (12) months commencing on the Effective Date (the “Initial Term”),
unless terminated earlier pursuant to the provisions of Article 5 of this
Agreement.  This Agreement shall automatically renew for an additional
twelve (12) month period of employment on the expiration date of the Initial
Term (each, a “Subsequent Term”),
and on each successive anniversary date thereafter (each such date, an “Expiration Date”),
unless either party gives written notice to the other party at least thirty (30)
days prior to any Expiration Date that the Agreement is not being renewed and
shall terminate on that Expiration Date, unless terminated earlier pursuant to
the provisions of Article 5 of this Agreement.  The Initial Term and
each successive one year period thereafter during which Employee shall perform
services pursuant to this Agreement shall be referred to herein as the “Term.”

       

      
        
          
          

        

        
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      ARTICLE
3

       

      COMPENSATION
AND BENEFITS

       

      Section
3.1  Base
Salary.  For
all of the services to be rendered by Employee hereunder, Company shall pay to
Employee an annual base salary of US$48,873 (“Salary”), beginning
on the Effective Date of this Agreement.  Any base Salary payable
hereunder shall be paid in accordance with the Company’s regular payroll
practices, as in effect from time to time, and shall be subject to standard
payroll deductions and withholdings as required by applicable law.

       

      Section
3.2  Adjustment
to Salary.  Employee’s Salary may be changed from time to time
by mutual agreement of the Employee and the Company.  Any such
agreement shall be evidenced by a written amendment of this Agreement and signed
by both parties.

       

      Section
3.3  Stock
Options.  Subject to approval by
the Company’s Board of Directors, on the pricing date of the Company’s
contemplated public offering of shares of common stock, $0.0001 par value per
share (“Common
Stock”), on a registration statement on Form S-1 (File No. 333-164925)
(the “Grant
Date”), Employee shall be granted options (the “Options”) to purchase
Twenty-Five Thousand (25,000) shares of Common Stock of the Company with an
exercise price equal to the price of the shares of Common Stock sold in the
public offering.  The Options shall vest according to the following
schedule:  25% of the Options shall vest three (3) months after the
Grant Date, 25% of the Options shall vest six (6) months after the Grant Date,
25% of the Options shall vest nine (9) months after the Grant Date, and the
remaining 25% Options shall vest twelve (12) months after the Grant
Date.  The Options shall expire five (5) years after the Grant Date,
provided, however, that Employee remains continuously employed by the Company
during the applicable five-year period.  In the event that the
Employee is terminated without “Cause” pursuant to Section 5.3 below or the
Employee terminates his employment for Good Reason pursuant to Section 5.1(ii)
below, then all Options or shares, as applicable, that are not vested shall
immediately vest on the date of termination.  All options that are
vested at the time of termination of employment must be exercised within thirty
(30) days of termination of employment,  provided, however, that all options may
be immediately cancelled by the Company if Employee terminates his employment
without Good Reason or if Employee’s employment is terminated for “Cause,” as
defined in Section 5.2 below.

       

      Section
3.4  Company
Paid Holidays.  Employee will be eligible for all Company paid
holidays that are provided to employees of the Company.

       

      Section
3.5  Reimbursement
of Expenses.  Employee shall be reimbursed for reasonable
travel, hotel, entertainment, and other business related
expenses.  All reimbursement of expenses are subject to the Company’s
policies in effect at the time on pre-approval of certain business expenses and
reimbursement procedures.  Employee shall produce satisfactory
supporting vouchers, receipts, and other documentation in connection with such
expenses before such reimbursement is made in accordance with applicable Company
policy.

       

      
        
          
          

        

        
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      ARTICLE
4

       

      DUTIES
AND RESPONSIBILITIES

       

      Section
4.1  Duties of
Employee.  Employee agrees to serve as Chief Financial Officer,
and will report to the Chief Executive Officer and the Company’s Board of
Directors.  Employee shall perform the duties and functions and have
the responsibilities commensurate with such position as may be assigned from
time to time.  Employee’s duties as Chief Financial Officer shall
encompass the operations of the Company and the Company’s
subsidiaries.  Employee shall use his best skills and ability,
consistent with sound business practices, to faithfully and diligently perform
his duties and responsibilities hereunder.  Employee shall devote his
full working time and attention to the business of the Company and its related
entities.

       

      During
his employment with Company, Employee shall not (i) engage in any other
employment or business opportunity outside of his employment with the Company
that may interfere with his ability to perform his duties under this
Agreement, without
the express written authorization of the Company; or (ii) engage, directly or
indirectly, in any other employment, business, commercial, or professional
activity (whether or not pursued for pecuniary advantage) that is or may be
competitive with, or that might create a conflict of interest with, the business
of Company or Company’s related entities or affiliates.

      

      Section
4.2  Compliance
with Law.  Employee agrees to comply with any and all
governmental laws, regulations, and policies in connection with his actions as
an employee of the Company.  Employee shall conduct himself in
accordance with the highest business standards as are reasonably and customarily
expected of such position.  Employee agrees to fully cooperate and
participate in any investigation conducted by the Company relating to its
interests or as may be required by applicable law.

      

      Section
4.3  Policies
and Procedures.  Employee is expected to abide by all Company
policies and procedures.  Company may issue policies, rules,
regulations, guidelines, procedures or other informational material, whether in
the form of handbooks, memoranda, or otherwise, relating to its employees and
Employee agrees to comply with all such policies applicable to
Employee.

      

      Section
4.4  Confidential
Information and Trade Secrets.  Employee acknowledges that, as
a condition of his employment hereunder, Employee agrees to execute and abide by
the Company’s confidentiality, non-disclosure, invention assignment, and similar
agreements that are presented to Employee to protect the Company’s trade secret,
proprietary and business interests.  Employee hereby acknowledges and
agrees that such agreements shall survive termination of employment and this
Agreement and shall remain in force following such termination regardless of the
reason for the termination.

       

      ARTICLE
5

      

      TERMINATION

       

      
        
          
          

        

        
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      Employee’s
employment relationship with the Company will terminate upon the happening of
one of the following defined events, which shall effect a termination of this
Agreement on the effective date of any such termination of employment (the
“Termination
Date):

       

      Section
5.1  The
Employee’s Right to Terminate.  The Employee may terminate his
obligations under this Agreement during the Term:

       

      (i)           RESERVED.

       

      (ii)           Good
Reason:  for “Good Reason.”  “Good Reason” shall mean
any of the following, without the Employee’s written consent: (a) upon a
material breach or default of any term of this Agreement by the Company, or (b)
any material reduction in the Employee’s duties, position, authority or
responsibilities with the Company relative to the duties, position, authority or
responsibilities in effect immediately prior to such reduction; provided that
Company has not cured or remedied such Good Reason within fifteen (15) days
after written notice of the Good Reason from the Employee.

       

      Section
5.2  The
Company’s Right to Terminate for “Cause”.  The Company may
immediately terminate the Employee’s employment for “Cause” under this Agreement
at any time during the Term upon the occurrence of any of the following
events:

       

      (i)           Employee
commits an act or acts of dishonesty, fraud, embezzlement, or misappropriation
of funds or proprietary information in connection with his employment duties or
responsibilities; or

       

       (ii)           Employee’s
conviction of, or plea of nolo contendere to, a felony or a crime involving
moral turpitude (other than minor traffic violations); or

       

      (iii)           Employee
materially breaches his obligations under this Agreement, including failure to
perform his job duties satisfactorily or failure to follow Company policies or
any directive of the Company; or

       

      (iv)           Employee’s
willful or gross misconduct in connection with his employment
duties.

      

      Section
5.3  Company’s
Right to Terminate Without Cause. The Company may terminate the
Employee’s employment under this Agreement at any time during the Term at the
discretion of the Company, without Cause, after the Employee has received thirty
(30) days prior written notice from the Company.

      

      Section
5.4  Death or
Disability.  The Employee’s employment under this Agreement
shall also terminate upon the occurrence of the following:

       

      (i)           the
Employee’s employment under this Agreement shall automatically terminate upon
the occurrence of the death of the Employee during the Term of this Agreement;
or

       

      
        
          
          

        

        
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      (ii)           notice
of termination from the Company after the Employee has become permanently
disabled, or disabled for a period exceeding 120 consecutive days or 120 days
calculated on a cumulative basis over any one year period during the Term of
this Agreement, such that Employee is no longer able to perform the essential
functions of his job even with reasonable accommodation pursuant to applicable
law.

       

      Section
5.5  Compensation
Due to the Employee on Termination. In the event of the
termination of the Employee’s employment under this Agreement pursuant to any
provision as set forth above, the Company shall pay to the Employee on the date
of termination only the amount of Salary pursuant to Section 3.1 of this
Agreement that is earned but unpaid as of the date of termination and any
unreimbursed business expenses incurred as of the termination date pursuant to
Section 3.5 of this Agreement, but Employee shall not be entitled to receive any
other payments, compensation or benefits from the Company under this
Agreement.

      

      Section
5.6  Payment
in Lieu of Notice.  Company reserves
the right (but is not obligated) to make a payment in lieu of any notice of
termination of employment which Company or Employee is required to
give.

       

      Section
5.7  Return of
Company Property.  Upon the termination of employment for any
reason, Employee shall promptly return to Company any and all equipment or
property owned by Company including, but not limited to, any and all client
materials, copies of documents and photographs, models, prototypes, tools, and
supplies, as well as inventory, records, documents, manuals, reports, customer
lists, operations manuals, and any other written information, records, or books
relating in any manner whatsoever to the business of Company, whether prepared
by Company or otherwise coming into Employee’s possession.

       

      ARTICLE
6

       

      MISCELLANEOUS

       

      Section
6.1  Notices.  Any
notice given under this Agreement shall be sufficient if given in writing and
personally delivered or sent by registered or certified mail, return receipt
requested, postage prepaid, to the Company at its principal place of business or
to Employee at his last known residence address.

       

      Section
6.2  Governing
Law.  This Agreement shall be interpreted, construed, and
governed under and according to the laws of the State of Delaware.

       

      Section
6.3  Change,
Modification, Waiver.  No change or modification of this
Agreement shall be valid unless it is in writing and signed by each of the
parties hereto.  No waiver of any provision of this Agreement shall be
valid unless it is in writing and signed by the party against whom the waiver is
sought to be enforced.  The failure of a party of insist upon strict
performance of any provision of this Agreement in any one or more instances
shall not be construed as a waiver or relinquishment of the right to insist upon
strict compliance with such provision in the future.

       

      
        
          
          

        

        
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      Section
6.4  Entire
Agreement.  This Agreement constitutes the entire, final and
complete and exclusive agreement between the parties regarding the subject
matter hereof and supersedes all previous agreements or representations, whether
written, oral or implied, with respect to employment by the Company provided,
however, the Employee shall remain bound by any confidentiality, nondisclosure,
and invention assignment agreement(s) previously executed in favor of the
Company, to the extent such ancillary agreements exist.  There are no
terms, promises, representations, agreements, or understandings between the
parties relating to the subject matter of this Agreement, which are not fully
expressed herein.

       

      Section
6.5  Assignability.  This
Agreement is personal in nature, and neither this Agreement nor any part of any
obligation herein shall be assignable by Employee.  The Company shall
be entitled to assign this Agreement to any affiliate or successor of the
Company that assumes the ownership or control of the business of the Company,
and the Agreement shall inure to the benefit of any such successor or
assign.

       

      Section
6.6  Legal
Construction.  If any one or more of the provisions contained
in this Agreement shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or unenforceability
shall not affect any other provision hereof, and this Agreement shall be
construed as if such invalid, illegal, or unenforceable provision had never been
contained herein.  In addition, if any court of competent jurisdiction
determines that any of the provisions set forth herein are unenforceable because
of the duration or geographic scope of such provision, such court shall have the
power to reduce the duration or scope of such provision as the case may be, to
the extent necessary to render such provision enforceable.

       

      Section
6.7  Paragraph
Headings.  The paragraph headings used in this Agreement are
included solely for convenience and shall not affect or be used in connection
with the interpretation of this Agreement.

       

      Section
6.8  Legal
Fees and Costs.  Except as otherwise provided herein, in the event
that any party hereto shall institute any litigation or other proceeding in
order to construe or enforce this Agreement, the prevailing party therein shall
be entitled to recover its reasonable attorney’s fees and costs incurred in
connection therewith.

       

      Section
6.9  Interpretation.
 This Agreement has been negotiated at arm’s length and between and among
parties sophisticated and knowledgeable in the matters dealt with in this
Agreement.  Accordingly, none of the Parties shall be presumptively
entitled to have any provisions of the Agreement construed against any of the
other Parties in accordance with any rule of law, legal decision, or doctrine,
such as the doctrine of contra
proferentem, that would require interpretation of any ambiguities in this
Agreement against the party that has drafted it.

       

       

      [SIGNATURES
ON FOLLOWING PAGE]

       

       

      
        
          
          

        

        
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      WHEREFORE,
the parties hereto have executed this Agreement on the dates indicated below, to
be effective as of the Effective Date, regardless of the dates actually
signed.

       

       

       

       

      
        
          	

                  Dated:  May
      5, 2010 

                	

                  CHINA
      INTELLIGENT LIGHTING AND ELECTRONICS, INC.

                
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	  /s/  Li
      Xuemei 	 
	 	 	Name:  Li
      Xuemei 	 
	 	 	Title:   Chief
      Executive Officer 	 
	 	 	 	 

        

         

         

        
          	

                  Dated:  May
      5, 2010 

                	

                  KUI
      (KEVIN) JIANG

                
	 	 	 	 
	 	 	 	 
	
                   

                	   /s/  Kui
      (Kevin) Jiang 	 
	 	 	 	 

        

      

       

      
        
          
          

        

        
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          Exhibit
10.6

        

        
          

        

        
          SELLING
AGREEMENT

        

        
           

          The
purpose and intent of this agreement is to establish terms and conditions of a
Selling Agreement (“Agreement”) between [*], and Investors Mortgage Holdings,
Inc. (“IMH”) whereby Registered Representatives (“Brokers”) through [*] shall
locate and introduce clients to IMH and promote the sale of securities offered
through a private placement memorandum offered through an affiliate of IMH,
namely IMH Secured Loan Fund,
LLC.

        

        
           

          I.            
[*] Warranties and Representations:

        

        
           

          A.          [*]
is a corporation duly incorporated and validly existing in the State of
Iowa.

        

        
           

          B.          [*]
is a member of the National Association of Securities Dealers,
Inc.  (NASD) and is presently in good standing with the
NASD.

        

        
           

          C.          [*]
is registered as a broker/dealer with the Securities and Exchange Commission
(SEC).

        

        
           

          II.          
Brokers Warranties and Representations:

           

        

        
          A.        
 Brokers are licensed by the NASD and have registered [*] as their
broker/dealer.

        

        
           

          B.          
Brokers are registered or licensed to sell securities in all states where
Brokers shall transact business.

        

        
           

          III.          
IMH Warranties and Representations:

        

        
           

          A.   IMH is a
corporation duly incorporated and validly existing in the State of Arizona and
is the manager of IMH Secured Loan Fund, LLC (the “LLC”).

        

        
           

          B.    IMH Secured
Loan Fund, LLC has
circulated a private placement memorandum (the “Memorandum”) by which IMH seeks
to sell units (the “Units”) of the LLC to investors at a price of $10,000.00 per
unit under Regulation §230 Regulation D of the Securities and Exchange Act of
1933, as amended (the “Act”). The offering is restricted to “Accredited
Investors” as defined under Regulation D of the Act.

        

        
           

          C.    IMH
represents and warrants that the LLC has prepared the Memorandum in accordance
with the Act and the rules and regulations promulgated thereunder (including
Regulation D) set forth in the Act. IMH has provided [*] and Brokers with a copy
of the Memorandum and warrants that all information set forth in such Memorandum
is true and accurate and that [*] and Brokers may rely on such information when
offering the Units to their clients or otherwise introducing their clients to
IMH for participation in the LLC. The representations and warranties set forth
in the Memorandum regarding its business and the offering are incorporated
herein by this reference.

        

        
           

          
            [*] = INDICATES THAT
CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO 17 CFR 200.83. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTION.

          

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          D.        
IMH further warrants for itself and the LLC, that they shall at all times comply
with the requirements of applicable federal and state securities and banking
laws in the states in which they operate.

        

        
           

          IV.         
Selling Agreement

        

        
           

          A.          Intent. [*], Brokers
and IMH acknowledge that the purpose and intent of this Agreement is to
establish a selling agreement between [*] and IMH whereby Brokers, through [*],
can sell the Units offered in the Memorandum in accordance with applicable
securities laws. Accordingly, Brokers remain independent contractors of [*], and
shall not at any time be deemed employees or affiliates of
IMH.

        

        
           

          B.          Brokers. Brokers
agree to conduct business as solicitors of IMH securities and independent
contractors of [*] [*]/Brokers shall have exclusive control of the manner in
which the offer and sales are performed and shall pay all expenses associated
with the operation of their business. [*]/Brokers shall comply with all rules
and regulations of the SEC, NASD, and any states in which offers or sales are
conducted. The activity of the Brokers shall be supervised by [*], which
reserves the right to discontinue its relationship with Brokers and/or this
Selling Agreement at any time at its sole discretion.

        

        
           

          C.          Income Tax. [*]/Brokers shall be solely liable for payment
of their income
tax, self-employment tax and any other applicable taxes. [*]/Brokers shall also
be solely responsible for paying the applicable federal and state taxes for
personnel employed by [*]/Brokers in the operation of their
business.

        

        
           

          D.          Limitation of
Authority. [*]/Brokers agree that they have no authority to negotiate,
commit, bind and/or appear in any manner to negotiate for, commit or bind
IMH in any way. Any payments made by IMH to [*]/Brokers pursuant to this
agreement shall be deemed to completely compensate [*]/Brokers for any and all
costs associated with their employees, their equipment and any other expense
they incur in connection with performance of [*]/Broker's work
hereunder.

        

        
           

          V.           
[*]/Brokers Duties &
Responsibilities:

        

        
           

          A.          Agreement to Sell
Securities. On the basis of the representations, warranties and
agreements by IMH herein, [*] and Brokers agree to use best efforts to promote
and sell the Units to their clients whom they reasonably believe to meet the
suitability standards set forth in the Memorandum. Notwithstanding the above,
IMH shall have final responsibility for determining any potential purchaser's
suitability for the investment in the Units.

        

        
           

          B.          Sale of Securities.
[*]/Brokers shall not sell securities in any state unless [*] and Brokers are
registered in that state or are within the applicable registration exemption for
the securities in that state. [*]/Brokers shall only offer securities in states
approved by IMH.

        

        
           

          C.          [*]/Brokers
Statements. [*]/Brokers shall not make any verbal or written statements
regarding the securities offered by IMH that are untrue, misleading, or that
omit material facts.

        

        
           

          
            [*] = INDICATES THAT
CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO 17 CFR 200.83. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTION.

          

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
          D.      
Suitability.
[*]/Brokers shall offer and sell securities only to accredited investors with
whom [*]/Brokers has a sufficient pre-existing relationship to reasonably apply
applicable suitability standards as determined on a case per case
basis.

        

        
           

          VI.         
Compensation

        

        
           

          A.       Broker Commission.
IMH shall pay [*] a commission equal to two percent (2.00%) of the total dollar
amount invested in the Units and sold by [*]/Brokers to their clients. IMH shall
further pay the same commission for additional amounts invested by [*]/Brokers’
clients after the initial purchase but shall exclude any dividends received and
reinvested by said clients. If [*]/Brokers’ clients liquidate their investment
and then re-invest the liquidated amount at a later date, [*]/Brokers will not
be compensated a second time. If client subsequently reinvests with a greater
amount than that which was liquidated prior, [*]/Brokers will be compensated on
the difference according to the terms stated in this Agreement. If a client
withdraws all or a portion of their investment and then, more than twelve months
after the date that funds were withdrawn, reinvests any amount, then a selling
commission of two percent (2.00%) shall be paid on the full new amount invested
by said client.

        

        
           

          B.        Additional Compensation for
Broker.   In addition, IMH will compensate [*]/Broker by
paying [*]/Broker a trail of 50 bps (0.50%) annualized, paid semiannually and
commencing upon completion of the sixth month in which invested capital remains
with the Fund. This trail shall be paid in perpetuity until investor funds, to
which trail is related, have been withdrawn.

        

        
           

          C.        Timing of Commission
Payment. Commissions shall be paid within thirty days after acceptance of
a completed subscription agreement and the tender of the appropriate funds to
purchase the securities from a client solicited by
[*]/Brokers.

        

        
           

          VII.        
Non-Circumvent/Non-Solicit

        

        
           

          A.        Non-Circumvent.    IMH
shall not attempt to circumvent [*]/Brokers by contacting
their clients without [*]/Brokers written consent. IMH may contact clients while
acting in its normal course of business with respect to statements and account
servicing communications. IMH will not contact clients for the purposes of
solicitation, either direct or indirect, and will be bound by the terms of
paragraph VII B. below.

        

        
           

          B.       
Non-Solicit.
During the term of this agreement and for three (3) years following the
termination of this agreement for any reason, IMH shall not solicit, entice away
or divert from Brokers any person or entity who was introduced to IMH by
Brokers, without Brokers’ written
consent. In the event that IMH or an affiliate person of IMH solicits a client
of [*]/Brokers for a future fund, IMH agrees to pay a commission to [*]/Broker
the greater of two percent (2.00%) or, the sales commission for selling group
members that has been structured for that future offering or
fund.

        

        
           

          C.     
  IMH shall not enter into any separate agreement, other than the
Selling Agent Agreement
executed in concert with this Selling Agreement, with Brokers while this
agreement is in effect. This includes any employment, independent contractor,
consultant agreement and applies to IMH and/or any affiliate of
IMH.

        

        
          

        

        
          
            [*] = INDICATES THAT
CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO 17 CFR 200.83. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTION.

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      VIII.
      Miscellaneous Obligations of
Parties:

    

    
       

      A.    Successors. This
Agreement shall not be assigned or transferred by [*]/Brokers without the prior
written consent of IMH.

    

    
       

      B.    Headings. The
captions and headings contained in this Agreement are solely for convenience of
reference and do not constitute a part of this Agreement.

    

    
       

      C.     Indulgences, Not
Waivers. Neither the failure, nor any delay, on the part of either party
hereto to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, power or privilege preclude, nor shall any waiver of any
right, remedy, power or privilege with respect to any other occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and
is signed by the party asserted to have granted such waiver.

    

    
       

      D.    Provisions Severable.
The provisions of this Agreement are independent of and severable from each
other, and no provision shall be affected or rendered invalid or unenforceable
by virtue of the fact that for any reason any other or others of them may be
invalid or unenforceable in whole or in part. Further, if a court of competent
jurisdiction determines that any provision of this Agreement is invalid or
unenforceable as written, the court may interpret, construe, rewrite or revise
such provision, to the fullest extent allowed by law, so as to make it valid and
enforceable, consistent with the intent of the parties hereto.

    

    
       

      E.    Construction. The
parties hereto acknowledge and agree that each party has had the opportunity to
participate in the drafting of this Agreement and the opportunity to have this
document reviewed by the respective legal counsel for the parties hereto and
that the rule construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be applied in interpreting this Agreement.
No inference in favor of, or against, any party shall be drawn from the fact
that one party has drafted any portion hereof. 

    

    
       

      F.    Governing Law. This
Agreement shall be construed and governed by the law of Arizona without giving
effect to its conflicts of law principals. 

    

    
       

      G.    Relationship of
Parties. This Agreement is intended to constitute [*]/Brokers as selling
agent of IMH and nothing herein shall be deemed to constitute [*]/Broker as
employer/employee or independent contractor. There are no agreements among the
parties outside of this Selling Agreement. 

    

    
       

      H.    Arbitration. Should
any dispute arise between the parties regarding the terms and conditions of this
Agreement, or the alleged breach thereof said dispute shall be referred to
arbitration under the auspices of the NASD in accordance with its Code of
Arbitration Procedure. Any hearing in this matter shall be held in Phoenix,
Arizona. 

    

    
       

      I.    Attorney’s Fee. The
prevailing party at any such arbitration shall be awarded his/her reasonable
attorney’s fee as set by arbitrator(s) hearing the matter.

    

    
       

      J.    Termination. This
Agreement may be terminated by [*]/Brokers or IMH at any time and for any reason
immediately upon receipt of written notice of such termination to the other
party. In the event of termination, [*]/Brokers shall nonetheless receive
commissions and additional compensation they are entitled to as earned under the
terms of paragraphs VI .A and VI .B above relating to the purchase of Units
by any client whom [*]/Brokers introduced or solicited on behalf of IMH during
the term of this Agreement.

    

    
       

      [*] = INDICATES THAT
CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO 17 CFR 200.83. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTION.

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      K.    Litigation and Arbitration
Expenses and Awards. If legal action
of any nature, including without limitation, arbitration, is initiated against
[*]/Brokers by reason of any alleged act, omission, misrepresentation, violation
of any state or federal securities laws, on the part of IMH, IMH agrees to
indemnify, defend and hold [*] and Brokers, each of their respective affiliates,
officers, directors, employees, shareholders and agents harmless from and
against all losses, costs and expenses that may arise therefrom. Said losses,
costs and expenses shall include, but not be limited to attorney’s fees and
disbursements, court costs, settlements, judgments and awards.

    

    
       

      L.    Counterparts. This
Agreement may be executed in counterparts which, when taken together, shall
constitute one document. Facsimile signatures shall be deemed as originals.

    

    
       

      M.    Integration. This
Agreement constitutes the entire agreement of the parties and supersedes any and
all prior agreements or understandings between them. 

    

    
       

      N.    Indemnity Clause. [*]
and IMH shall indemnify each company including its respective officers,
directors, employees and agents, from and against all liability, loss, cost or
expense (including attorney’s fees) by reason of liability arising out of or
related to this agreement, whether caused by or contributed to by IMH
or [*] or any other party indemnified herein, unless caused by the sole
negligence of IMH or [*]. 

    

    
       

       

      IN
WITNESS WHEREOF the parties have executed this Agreement intending it to be
effective as of the 25th day of
April, 2007.

    

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    [*]

                                    [*]

                                    [*]

                                    [*]

                                    TIN:
      [*]

                                  	 
      	 
      	 	
                                    Investors
      Mortgage Holdings, Inc.

                                    11333
      N. Scottsdale Road

                                    Suite
      160

                                    Scottsdale,
      AZ 85254

                                     

                                  	 
      	 
      
	 
      	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 
      	 	 
      	 
      	 
      
	[*]	 
      	
                                  	 	
                                    

                                  	 
      	 
      4/30/07
	
                                    By:
      [*]

                                  	 
      	
                                    Date

                                  	 	
                                    By:
      William Meris

                                  	 
      	
                                    Date

                                  
	 
      	 
      	 
      	 	 
      	 
      	 
      
	
                                    Title:
      President

                                  	 
      	 
      	 	
                                    Title:
      President

                                  	 
      	 
      

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      

      
        [*] = INDICATES THAT
CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO 17 CFR 200.83. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTION.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]