Document:

EX-10.39

Exhibit 10.39

 

 

INDEMNIFICATION AGREEMENT

     This
Indemnification Agreement (the “Agreement”) is entered into as of [                    ], 2010 by
and between MIE Holdings Corporation, a Cayman Islands company (the “Company”) and the undersigned,
a director and/or officer of the Company (“Indemnitee”).

RECITALS

     1. The Company recognizes that highly competent persons are becoming more reluctant to serve
corporations as directors or in other capacities unless they are provided with adequate protection
through insurance or adequate indemnification against risks of claims and actions against them
arising out of their services to the corporation.

     2. The Board of Directors of the Company (the “Board”) has determined that the inability to
attract and retain highly competent persons to serve the Company is detrimental to the best
interests of the Company and its shareholders and that it is reasonable and necessary for the
Company to provide adequate protection to such persons against risks of claims and actions against
them arising out of their services to the corporation.

     3. The Company is willing to indemnify Indemnitee to the fullest extent permitted by
applicable law, and Indemnitee is willing to serve and continue to serve the Company on the
condition that he be so indemnified.

AGREEMENT

     In consideration of the premises and the covenants contained herein, the Company and
Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

     The following terms shall have the meanings defined below:

     Disinterested Director means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee.

     Expenses shall include damages, judgments, fines, penalties, settlements and costs, attorneys’
fees and disbursements and costs of attachment or similar bond, investigations, and any expenses
paid or incurred in connection with investigating, defending, being a witness in, participating in
(including on appeal), or preparing for any of the foregoing in, any Proceeding.

     Indemnifiable Event means any event or occurrence that takes place either before or after the
execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer
of the Company, or is or was serving at the request of the Company as a director or officer of
another corporation, partnership, joint venture or other entity, or was a director or officer of an
entity that was a predecessor of the Company or another entity at the request of such predecessor
entity, or related to anything done or not done by Indemnitee in any such capacity.

 

 

     Independent Counsel means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent (i) the Company or Indemnitee in any matter material to either such party (other than
with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to
a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

     Participant means a person who is a party to, or witness or participant (including on appeal)
in, a Proceeding.

     Proceeding means any threatened, pending, or completed action, suit or proceeding, or any
inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other,
in which Indemnitee may be or may have been involved as a party or otherwise by reason of an
Indemnifiable Event, including, without limitation, any threatened, pending, or completed action,
suit or proceeding by or in the right of the Company.

B. AGREEMENT TO INDEMNIFY

     1. General Agreement. In the event Indemnitee was, is, or becomes a Participant in,
or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the
Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to
incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

     2. Indemnification of Expenses of Successful Party. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee has been successful on the merits in
defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding,
Indemnitee shall be indemnified against all Expenses incurred in connection with such Proceeding or
such claim, issue or matter, as the case may be.

     3. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount
of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which
Indemnitee is entitled.

     4. Exclusions. Notwithstanding anything in this Agreement to the contrary, Indemnitee
shall not be entitled to indemnification under this Agreement:

     (a) to the extent that payment is actually made to Indemnitee under a valid, enforceable and
collectible insurance policy;

     (b) in connection with a judicial action by or in the right of the Company, in respect of any
claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment in
a court of law to be liable for gross negligence or willful misconduct in the performance of his
duty to the Company unless and only to the extent that any court in which such action was brought
shall determine upon application that, despite the adjudication

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of liability but in view of all the circumstances of the case, the Indemnitee is fairly and
reasonably entitled to indemnity for such Expenses as such court shall deem proper;

     (c) in connection with any Proceeding initiated by Indemnitee against the Company or any
director or officer of the Company, and not by way of defense, unless (i) the Company has joined in
or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to
enforce indemnification rights under this Agreement or any applicable law;

     (d) for a disgorgement of profits made from the purchase and sale by the Indemnitee of
securities pursuant to Section 16(b) of the Exchange Act or similar provisions of any applicable
U.S. state statutory law or common law;

     (e) brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder;
provided, however, that the Indemnitee shall be protected under this Agreement as to any claims
upon which suit may be brought against him by reason of any alleged dishonesty on his part, unless
a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he
committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and
intent, and (iii) which acts were material to the cause of action so adjudicated;

     (f) for any judgment, fine or penalty which the Company is prohibited by applicable law from
paying as indemnity; or

     (g) arising out of Indemnitee’s breach of an employment agreement with the Company (if any) or
any other agreement with the Company or any of its subsidiaries.

     5. No Employment Rights. Nothing in this Agreement is intended to create in
Indemnitee any right to continued employment with the Company.

     6. Contribution. If the indemnification provided in this Agreement is unavailable and
may not be paid to Indemnitee for any reason other than those set forth in Section 4, then the
Company shall contribute to the amount of Expenses paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the
relative benefits received by the Company on the one hand and by the Indemnitee on the other hand
from the transaction from which such Proceeding arose, and (ii) the relative fault of the Company
on the one hand and of the Indemnitee on the other hand in connection with the events which
resulted in such Expenses, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by
reference to, among other things, the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments,
fines or settlement amounts. The Company agrees that it would not be just and equitable if
contribution pursuant to this Section 6 were determined by pro rata allocation or any other method
of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

     1. Notice and Cooperation By Indemnitee. Indemnitee shall, as a condition precedent
to his right to be indemnified under this Agreement, give the Company notice in

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writing as soon as practicable of any claim made against Indemnitee for which indemnification will
or could be sought under this Agreement, provided that the delay of Indemnitee to give notice
hereunder shall not prejudice any of Indemnitee’s rights hereunder, unless such delay results in
the Company’s forfeiture of substantive rights or defenses. Notice to the Company shall be given
in accordance with Section F.7 below. In addition, Indemnitee shall give the Company such
information and cooperation as the Company may reasonably request.

     2. Indemnification Payment.

     (a) Advancement of Expenses. Indemnitee may submit a written request to the Company
requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred by
Indemnitee in connection with a Proceeding as such Expenses are incurred. The Company shall,
within ten business days of receiving such a written request by Indemnitee, advance all requested
Expenses to Indemnitee.

     (b) Reimbursement of Expenses. To the extent Indemnitee has not requested any advanced
payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the
Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee
makes a written request to the Company for reimbursement.

     (c) Determination by the Reviewing Party. Notwithstanding anything foregoing to the contrary,
in the event the Reviewing Party (as defined herein) informs the Company that Indemnitee is not
entitled to indemnification in connection with a Proceeding under this Agreement or applicable law,
the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously
advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided,
however, that Indemnitee may bring a suit to enforce his indemnification right in
accordance with Section C.3 below.

     3. Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if
Indemnitee has not received full indemnification within 30 days after making a written demand in
accordance with Section C.2 above, Indemnitee shall have the right to enforce its indemnification
rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking
a determination by the court or challenging any determination by the Reviewing Party or any aspect
of the Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any
judgment entered by the court shall be binding on the Company and Indemnitee.

     4. Assumption of Defense. In the event the Company is obligated under this Agreement
to advance any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to
assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to
Indemnitee of written notice of its election to do so. After delivery of such notice, approval of
such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not
be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee
has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded,
based on written advice of counsel, that there may be a conflict of interest of such counsel
retained by the Company between the Company and Indemnitee in the conduct of any such defense, or
(iii) the Company ceases or terminates the employment of such counsel with respect to the

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defense of such Proceeding, in any of which events the fees and expenses of Indemnitee’s counsel
shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ
counsel in any Proceeding at Indemnitee’s expense.

     5. Defense to Indemnification, Burden of Proof and Presumptions. It shall be a
defense to any action brought by Indemnitee against the Company to enforce this Agreement that it
is not permissible under this Agreement or applicable law for the Company to indemnify the
Indemnitee for the amount claimed. In connection with any such action or any determination by the
Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this
Agreement, the burden of proving such a defense or determination shall be on the Company. Neither
the failure of the Reviewing Party or the Company to have made a determination prior to the
commencement of such action by Indemnitee that indemnification is proper under the circumstances
because Indemnitee has met the standard of conduct set forth in applicable law, nor an actual
determination by the Reviewing Party or the Company that Indemnitee had not met such applicable
standard of conduct shall be a defense to the action or create a presumption that Indemnitee has
not met the applicable standard of conduct.

     6. No Settlement Without Consent. The Company shall not settle any Proceeding in any
manner that would impose any damage, loss, penalty or limitation on Indemnitee without Indemnitee’s
prior written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent
to any proposed settlement, provided that Indemnitee may withhold his consent if any proposed
settlement imposes any damage, loss, penalty or limitation on Indemnitee.

     7. Company Participation. The Company shall not be liable to indemnify the Indemnitee
under this Agreement with regard to any judicial action if the Company was not given a reasonable
and timely opportunity, at its expense, to participate in the defense of such action, unless such
lack of opportunity does not result in the Company’s forfeiture of substantive rights or defenses.

     8. Reviewing Party.

     (a) For purposes of this Agreement, the “Reviewing Party” with respect to each
indemnification request of Indemnitee shall be (A) the Board of Directors by a majority vote of a
quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the
Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable,
said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to Indemnitee; and, if it is determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days
after such determination. Indemnitee shall cooperate with the person, persons or entity making
such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of
the Board of Directors shall act reasonably and in good faith in making a determination under the
Agreement of the Indemnitee’s entitlement to indemnification. Any costs or expenses (including
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company

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(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

     (b) If the determination of entitlement to indemnification is to be made by Independent
Counsel, the Independent Counsel shall be selected as provided in this Section 8(b). The
Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board of Directors, in which event the preceding sentence shall apply),
and Indemnitee shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be,
may, within 10 days after such written notice of selection shall have been given, deliver to the
Company or to Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so
selected does not meet the requirements of Independent Counsel as defined herein, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is made
and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court has determined that such objection is without merit.
If, within 20 days after submission by Indemnitee of a written request for indemnification, no
Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the a court of competent jurisdiction for resolution of any objection which shall have
been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the court or by such other person as
the court shall designate, and the person with respect to whom all objections are so resolved or
the person so appointed shall act as Independent Counsel. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in
connection with acting under this Agreement, and the Company shall pay all reasonable fees and
expenses incident to the procedures of this Section 8(b), regardless of the manner in which such
Independent Counsel was selected or appointed.

     (c) In making a determination with respect to entitlement to indemnification hereunder, the
Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and
the Company shall have the burden of proof to overcome that presumption in connection with the
making by any person, persons or entity of any determination contrary to that presumption. The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its
equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee
did not act in good faith and in a manner which he reasonably believed to be in or not opposed to
the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had
reasonable cause to believe that his conduct was unlawful. For purposes of any determination of
good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based
on the records or books of account of the Company and any other corporation, partnership, joint
venture or other entity of which Indemnitee is or was serving at the written request of the Company
as a director, officer, employee, agent or fiduciary, including financial statements, or on
information supplied to Indemnitee by the officers and directors of the Company or such other
corporation, partnership, joint venture or

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other entity in the course of their duties, or on the advice of legal counsel for the Company
or such other corporation, partnership, joint venture or other entity or on information or records
given or reports made to the Company or such other corporation, partnership, joint venture or other
entity by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or such other corporation, partnership, joint venture or other
entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer,
agent or employee of the Company or such other corporation, partnership, joint venture or other
entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. The provisions of this Section 8(c) shall not be deemed to be exclusive or
to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the
applicable standard of conduct set forth in this Agreement.

     (d) The Company agrees to pay the reasonable fees of the Independent Counsel referred to
above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

     1. Good Faith Determination. The Company shall from time to time make the good faith
determination whether or not it is practicable for the Company to obtain and maintain a policy or
policies of insurance with reputable insurance companies providing the officers and directors of
the Company with coverage for losses incurred in connection with their services to the Company or
to ensure the Company’s performance of its indemnification obligations under this Agreement.

     2. Coverage of Indemnitee. To the extent the Company maintains an insurance policy or
policies providing directors’ and officers’ liability insurance, Indemnitee shall be covered by
such policy or policies, in accordance with its or their terms, to the maximum extent of the
coverage available for any of the Company’s directors or officers.

     3. No Obligation. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain any director and officer insurance policy if the Company determines in good
faith that such insurance is not reasonably available in the case that (i) premium costs for such
insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; FEDERAL PREEMPTION; TERM

     1. Non-Exclusivity. The indemnification provided by this Agreement shall not be
deemed exclusive of any rights to which Indemnitee may be entitled under the Company’s current
memorandum and articles of association, applicable law or any written agreement between Indemnitee
and the Company (including its subsidiaries and affiliates). The indemnification provided under
this Agreement shall continue to be available to Indemnitee for any action taken or not taken while
serving in an indemnified capacity even though he may have ceased to serve in any such capacity at
the time of any Proceeding.

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     2. Federal Preemption. Notwithstanding the foregoing, both the Company and Indemnitee
acknowledge that in certain instances, U.S. federal law or public policy may override applicable
law and prohibit the Company from indemnifying its directors and officers under this Agreement or
otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange
Commission’s prohibition on indemnification for liabilities arising under certain U.S. federal
securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be
required in the future to undertake with the SEC to submit the question of indemnification to a
court in certain circumstances for a determination of the Company’s right under public policy to
indemnify Indemnitee.

     3. Duration of Agreement. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is an officer and/or a director of the Company
(or is or was serving at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise) and shall continue
thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his former or
current capacity at the Company, whether or not he is acting or serving in any such capacity at the
time any expense is incurred for which indemnification can be provided under this Agreement. This
Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an
officer and/or a director of the Company or any other enterprise at the Company’s request.

F. MISCELLANEOUS

     1. Amendment of this Agreement. No supplement, modification, or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of
the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in
this Agreement, no failure to exercise or any delay in exercising any right or remedy shall
constitute a waiver.

     2. Subrogation. In the event of payment to Indemnitee by the Company under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do everything that may be
necessary to secure such rights, including the execution of such documents necessary to enable the
Company to bring suit to enforce such rights.

     3. Assignment; Binding Effect. Neither this Agreement nor any of the rights or
obligations hereunder may be assigned by either party hereto without the prior written consent of
the other party; except that the Company may, without such consent, assign all such rights and
obligations to a successor in interest to the Company which assumes all obligations of the Company
under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and
inure to the benefit of and be enforceable by and against the parties hereto and the Company’s
successors (including any direct or indirect successor by purchase, merger, consolidation, or
otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as
well as Indemnitee’s spouses, heirs, and personal and legal representatives. As a condition to any
purchase, merger, consolidation or other business combination transaction involving the Company,
the Company’s successor shall expressly assume the obligations under this Agreement.

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     4. Severability and Construction. Nothing in this Agreement is intended to require or
shall be construed as requiring the Company to do or fail to do any act in violation of applicable
law. The Company’s inability, pursuant to a court order, to perform its obligations under this
Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this
Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise
unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by
applicable law. The parties hereto acknowledge that they each have opportunities to have their
respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the
product of both of the parties hereto, and no ambiguity shall be construed in favor of or against
either of the parties hereto.

     5. Counterparts. This Agreement may be executed in two counterparts, both of which
taken together shall constitute one instrument.

     6. Governing Law. This agreement and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in
accordance with the laws of the State of New York, U.S.A., without giving effect to conflicts of
law provisions thereof.

     7. Notices. All notices, demands, and other communications required or permitted
under this Agreement shall be made in writing and shall be deemed to have been duly given if
delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail,
return receipt requested, and addressed to the Company at:

MIE Holdings Corporation

Suite 406, Block C, Grand Place

5 Hui Zhong Road

Chaoyang District

Beijing 100101

People’s Republic of China

Attention: Chief Financial Officer

     and to Indemnitee at its last address notified to the Company.

     8. Entire Agreement. This Agreement constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, between the parties with respect to
the subject matter hereof.

(Signature page follows)

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IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

COMPANY

MIE Holdings Corporation

                                                            

Name:

Title:

INDEMNITEE

                                                            

Name:EX-10.40

Exhibit 10.40

DATED _______________

[                ]

and

MIE HOLDINGS CORPORATION

 

EMPLOYMENT AGREEMENT

 

 

 

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made by deed the [•] day of 2009

BETWEEN:

	(1)	 	MIE HOLDINGS CORPORATION, an exempted company incorporated with limited liability in the
Cayman Islands whose registered offices of Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1-1104 (the “Company”); and
	 
	(2)	 	[  ], an individual whose passport number is [___] (the “Executive”).
	 
	1.	 	INTERPRETATION
	 
	1.1	 	The headings and marginal headings to the clauses are for convenience only and have no legal
effect.
	 
	1.2	 	Any reference in this Agreement to any act or delegated legislation includes any statutory
modification or re-enactment of it or the provision referred to.
	 
	1.3	 	In this Agreement:

	 	 	 
	 
	 	 
	“Board”

	 	means the board of directors for the time
being of the Company and includes any
committee of the Board duly appointed by it.
	 
	 	 
	“Confidential Business
Information”

	 	means all and any information (whether or
not recorded in documentary form or on
computer disk or tape) relating to the
business methods, corporate plans, finances,
research, development projects of the
Company; details of customers or potential
customers of the Company, the nature of
customers’ business operations, all
confidential aspects of customers’ business
relationships with the Company; all and any
trade secrets, secret formulae, inventions,
designs of the Company or other confidential
technical information relating to the creation,
production or supply of any past, present or
future product or service of the Company,
and other information to which the Company
attaches an equivalent level of
confidentiality or in respect of which it owes
an obligation of confidentiality to a third
party.

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	“Effective Date”

	 	has the meaning given to such term in
Clause 2.2.
	 
	 	 
	“Group Company”

	 	means a subsidiary and any other company
which is for the time being a holding
company of the Company or another
subsidiary of any such holding company.
	 
	 	 
	“Hong Kong”

	 	Hong Kong Special Administrative Region.

	 
	 	 
	
“Key Employee”

	 	
means any person who immediately prior to
Termination was an officer employee or
consultant reporting directly to the Board or
any board of directors of any Relevant
Group Company with whom the Executive
worked closely at any time during the period
of 12 months prior to Termination.
	 
	 	 
	“Pre-Contractual Statement”

	 	means any undertaking, promise, assurance,
statement, representation, warranty or
understanding (whether in writing or not) of
any person (whether party to this Agreement
or not) relating to the Executive’s
employment under this Agreement which is
not expressly set out in this Agreement or
any documents referred to in it.
	 
	 	 
	“Relevant Group Company”

	 	means any Group Company (and, if
applicable, its predecessors in business) for
which the Executive performed services to a
material degree or in which he held office at
any time during the 12 months prior to
Termination.
	 
	 	 
	“Termination”

	 	means the date of termination of the
Appointment.

	1.4	 	Words importing one gender include the other gender and words importing the singular include
the plural and vice versa.
	 
	1.5	 	Any reference to the Executive shall if appropriate include his personal representatives.
	 
	2.	 	APPOINTMENT AND DURATION
	 
	2.1	 	The Company appoints the Executive and the Executive agrees to act as [•] of the Company on
the terms set out in this Agreement (the “Appointment”).
	 
	2.2	 	The Appointment shall commence on [•] (the “Effective Date”) and continue until [•] and be
automatically extended for one year period on [• ] and each one year

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	 	 	anniversary thereafter unless (i) the Company or the Executive notifies the other party of
its election not to renew the Appointment at least six (6) months prior to such automatic
renewal (in which case the Appointment shall not be renewed) or (ii) the Appointment is
terminated according to Clause 9 of this Agreement.

	2.3	 	The Executive hereby represents and warrants that:

	 	(a)	 	he has the legal capacity to execute and perform this Agreement, and this Agreement is
a valid and binding agreement enforceable against him according to its terms;
	 
	 	(b)	 	the execution and performance of this Agreement by him does not violate the terms of
any existing agreement or understanding, written or oral, to which the Executive is a
party or any judgment or decree to which the Executive is subject;
	 
	 	(c)	 	he knows of no reason why he is not physically or legally capable of performing his
obligations under this Agreement in accordance with its terms.

	2.4	 	The Company shall assist the Executive in obtaining any necessary work permit or any other
approval in order for the Executive to perform his
duties under this Agreement.
	 
	2.5	 	The Executive hereby agrees to indemnify the Company and any Group Company and shall hold
harmless the Company and any Group Company from and against any liability, loss, cost or expense,
including, without limitation, reasonable attorneys’ fees and expenses, incurred by the Company
or any Group Company by reason of the inaccuracy of the Executive’s representations and
warranties set forth in Clause 2.3.
	 
	3.	 	DUTIES OF THE EXECUTIVE
	 
	3.1	 	In the course of his role as [•] of the Company, the Executive is responsible for overseeing
the operations of the Company and any Group Company.
	 
	3.2	 	The Executive’s duties are those customarily performed and held by such an officer, with
respect to the business of the Company and any Group Company. Such duties shall include, without
limitation:

	 	(a)	 	providing technical expertise to the Company and any Group Company with respect to
offshore oil production sharing contracts including advising or any policy-based
technical consultations for such contracts; and
	 
	 	(b)	 	undertaking such additional or other duties as the Company may from time to time
reasonably direct.

	3.3	 	In his capacity as [•] of the Company, the Executive shall at all times during the
Appointment:

	 	(a)	 	devote the whole of his time, attention and ability to the duties of his Appointment;

-4-

 

	 	(b)	 	faithfully and diligently perform the duties and exercise the powers which the Board
and the Chief Executive Officer of the Company may from time to time assign to or vest in
him;
	 
	 	(c)	 	use his best endeavours to promote, protect, develop and extend the business of the
Company;
	 
	 	(d)	 	in the discharge of such duties and in the exercise of such powers observe and comply
with all resolutions, regulations and all directions by the Board and the Chief Executive
Officer of the Company;
	 
	 	(e)	 	in the absence of any specific directions of the Board and the Chief Executive Officer
of the Company (but subject always to the constitutional documents of the Company) have
the general control
and management of the business of the Company;
	 
	 	(f)	 	keep the Board and the Chief Executive Officer of the Company promptly and fully
informed (in writing if so required) of his actions and activities in the performance of
his duties and provide such explanations as the Board and the Chief Executive Officer of
the Company may require;
	 
	 	(g)	 	not at any time make any untrue or misleading statement in relation to the Company;
	 
	 	(h)	 	carry out his duties and exercise his powers jointly with any other person or persons
appointed or that may be appointed by the Board and the Chief Executive Officer of the
Company to act jointly with him;
	 
	 	(i)	 	report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other
employee or director of the Company to the Board and the Chief Executive Officer of the
Company immediately on becoming aware of it;
	 
	 	(j)	 	consent to the Company monitoring and recording any use that he makes of the Company’s
electronic communications systems for the purpose of ensuring that the Company’s rules are
being complied with and for legitimate business purposes;
	 
	 	(k)	 	comply with any electronic communication systems policy that the Company may issue
from time to time;
	 
	 	(l)	 	conform to such hours of work as may be reasonably required of him by the Company; and
	 
	 	(m)	 	loyally, well and faithfully serve the Company and endeavour to promote its interests.

	3.4	 	During the Appointment, the Executive shall not:

	 	(a)	 	solicit the employment or engagement of any Key Employee in a business which is in
competition with the Company or any Relevant Group Company (whether or not such person
would breach their contract of employment or

-5-

 

	 	 	 	engagement by reason of leaving the service of the business in which they work);

	 	(b)	 	(save as a representative of the Company or with the prior written approval of the
Chairman of the Board and the Chief Executive Office of the Company) whether directly or
indirectly,
paid or unpaid, be engaged or concerned in the conduct of, be or become an employee,
agent, partner, consultant or director of or assist or have any financial interest in, any
other actual or prospective business or profession which is in competition with the
business carried on by the Company or any Group Company and which may interfere, conflict
or compete with the proper performance of the Executive’s obligations to the Company; and
	 
	 	(c)	 	take any action to disparage or criticize the Company or any Group Company or any of
their employees, officers, directors, owners or customers or to engage in any other action
that injures or hinders the business relationships of the Company or any Group Company.

	3.5	 	The Executive shall be permitted to hold shares or securities of a company any of whose
shares or securities are quoted or dealt in on any recognised investment exchange provided that
any such holding shall not exceed five per cent. of the issued share capital of the company
concerned and is held by way of a bona fide investment only (“Investment”).
	 
	3.6	 	The Executive shall disclose to the Board all matters relating to his spouse (or anyone
living as such), their children, stepchildren, parents or any trust or firm whose affairs or
actions he controls which, if they applied to the Executive, would contravene Clause 3.4 or
Clause 3.5 to the extent that he has actual knowledge of such matters.
	 
	4.	 	PLACE OF WORK
	 
	4.1	 	The Executive shall perform his duties at any place which the Board may require for the
proper performance and exercise of his duties and powers and he may be required to travel on the
business of the Company or any Group Company anywhere in the world.
	 
	5.	 	PAY
	 
	5.1	 	During the Appointment, the Company shall pay to the Executive a salary at the rate of
______ per annum (the “Basic Salary”) which shall accrue day to day and which shall be
payable by equal monthly instalments on or before the last day of every month in arrears. The
Basic Salary shall be deemed to include any fees receivable by the Executive as a director of the
Company or any Group Company or of any other company or unincorporated body in which he holds
office as nominee or representative of the Company or any Group Company.
	 
	5.2	 	The Basic Salary shall be reviewed by the Board annually, the first such review to take place
on [•]. The Company is under no obligation to
award an increase following a Basic Salary review. There will be no review of the Basic Salary
after notice has been given by either party to termination of the Appointment.

-6-

 

	5.3	 	In addition to the Basic Salary, on each anniversary of the Effective Date, the Company may
pay to the Executive an annual bonus in an amount not to exceed [•], as determined by the Board
upon the recommendation of the Chief Executive Officer of the Company.
	 
	6.	 	TAX
	 
	6.1	 	The Executive shall be responsible for the payment of all tax and social contributions which
he is liable to pay in respect of payments received from the Company and otherwise. The Company
or its PRC entity may withhold income tax in respect of the Executive’s salary and bonus and
shall pay such withheld amounts directly to the relevant taxation authorities.
	 
	6.2	 	The Executive shall report his annual individual income tax according to applicable laws and
regulations.
	 
	6.3	 	The Company shall make a reasonable effort to explore with the Executive reasonable
mechanisms by which to reduce the Executive’s effective tax rate, but the Company shall be under
no obligation to pursue any specific request of the Executive in respect of the Executive’s tax
obligations.
	 
	7.	 	HOLIDAY
	 
	 	 	The Company’s holiday year runs from January 1 to December 31. In addition to the
regularly scheduled Company holidays as may be established from time to time, the
Executive is entitled during the continuance of the Appointment to a minimum of 15 working
days’ (equivalent to 3 working weeks) paid holiday in each holiday year, or such longer
period as applicable to senior executives of the Company under the Corporate Policy of the
Company, to be taken at such times and in such manner as shall have been approved by the
Board.
	 
	8.	 	CONFIDENTIALITY
	 
	8.1	 	In relation to any Confidential Business Information of the Company which the Executive has
obtained by virtue of his Appointment, the Executive shall not either during his Appointment or
at any time after its termination:

	 	(a)	 	disclose to any person or persons (except to those authorised by
the Company to know or as otherwise required by law) such Confidential Business
Information;
	 
	 	(b)	 	use for his own purposes or for any purposes other than those of the Company such
Confidential Business Information; or
	 
	 	(c)	 	through any failure to exercise all due care and diligence cause any unauthorised
disclosure of such Confidential Business Information.

	 	 	These restrictions shall cease to apply to information or knowledge which has become
available to the public generally without requiring a significant expenditure of labour,
skill or money, otherwise than through a breach by the Executive of his obligations under
this Clause 8.

-7-

 

	8.2	 	The provisions of Clause 8.1 shall apply with the necessary changes in relation to the
Confidential Business Information of each Group Company which the Executive may have received or
obtained during his Appointment. The Executive shall, if requested, enter into an enforceable
agreement with any such company to the like effect.
	 
	8.3	 	All notes, memoranda and other records (whether or not recorded in documentary form or on a
computer disk or tape) which are acquired, received or made by the Executive relating to the
business of the Company or any Group Company shall be and remain the property of the Company or
any Group Company to whose business they relate and shall be delivered by him to the Company to
which they belong and shall be deleted from any computer disks or tapes or other reusable
material in his possession or under his control forthwith upon demand or upon termination of this
Agreement however caused. The Executive will provide a signed statement that he has complied
fully with his obligations under this Clause 8.3.
	 
	8.4	 	The Executive shall not, without the prior written consent of the Board, either directly or
indirectly publish any opinion, fact or material or deliver any lecture or address or participate
in the making of any film, radio broadcast or television transmission or internet communication
or communicate with any representative of the media or any third party relating to the business
or the affairs of the Company or any Group Company or to any of its or their officers, employees,
customers/clients, suppliers, distributors, agents or shareholders or to the development or
exploitation of inventions or copyright works. For purposes of this Clause 8, media shall
include television (terrestrial, satellite and cable), radio, newspapers, the internet and other
journalistic publications.
	 
	9.	 	TERMINATION OF AGREEMENT
	 
	9.1	 	Either the Company or the Executive may terminate this Agreement by giving the other party a
notice of termination in writing six (6) months (or payment in lieu thereof) prior to the date of
termination (the “Termination Date”).
	 
	9.2	 	The Company may terminate the Appointment without notice or payment in lieu of notice if the
Executive:

	 	(a)	 	commits any serious or persistent breach of any of the provisions contained in this
Agreement;
	 
	 	(b)	 	commits any act of gross misconduct or repeats or continues (after written warning)
any other serious breach of his obligations under this Agreement or refuses or neglects to
comply with any reasonable and lawful directions of the Board; or
	 
	 	(c)	 	is guilty of any conduct or wilful neglect in the discharge of his duties; or
	 
	 	(d)	 	is convicted of any criminal offence punishable with six months or more imprisonment
(excluding a road traffic offence for which he is not sentenced to any term of
imprisonment whether immediate or suspended); or

-8-

 

	 	(e)	 	commits any act of dishonesty whether relating to the Company, any Group Company, any
of its or their employees or otherwise; or
	 
	 	(f)	 	becomes permanently incapacitated by accident or ill-health from performing his duties
under this Agreement. For purposes of this sub-clause, incapacity for six consecutive
months, or for an aggregate of six months in any period of twelve months, shall be deemed
permanent incapacity; or
	 
	 	(g)	 	becomes bankrupt or makes any arrangement or composition with his creditors generally;
or
	 
	 	(h)	 	is in the reasonable opinion of the Board incompetent in the performance of his
duties; or
	 
	 	(i)	 	if the Executive is certified of unsound mind by a duly qualified medical practitioner
appointed by the Company; or
	 
	 	(j)	 	if the Executive becomes prohibited by law from being a director.

	9.3	 	The rights of the Company under Clause 9.2 are without prejudice to any other rights that it
might have at law to terminate the Appointment or to accept any breach of this Agreement by the
Executive as having
brought the Agreement to an end. Any delay by the Company in exercising its rights to terminate
shall not constitute a waiver thereof.
	 
	9.4	 	On the termination of this Agreement for whatever reason the Executive shall immediately:

	 	(a)	 	resign (without prejudice to any claims which the Executive may have against any
company arising out of this Agreement or the termination thereof) from all and any offices
which he may hold as a director of the Company or of any Group Company and from all other
appointments or offices which he holds as nominee or representative of the Company or any
Group Company and in the event of his failure so to do the Company is hereby irrevocably
authorised to appoint some person in his name and on his behalf to sign and deliver such
resignation or resignations to the Company and to any Group Company of which the Executive
is at the material time a director or other officer; and
	 
	 	(b)	 	deliver to the Company at its registered office or any other place the Company may
reasonably nominate or to its order all books, documents, papers (including copies),
computer disks and tapes, keys and other tangible property of or relating to the business
of the Company or any Group Company then in his possession or which are or were last under
his power or control.

	9.5	 	The Company may deduct from any sums owed to the Executive all sums which he from time to
time owes the Company or any Group Company.

-9-

 

	9.6	 	The Company may terminate the Appointment as provided in this Clause 9 or under Clause 2.2 at
any time, even if such termination results in the Executive losing any existing or prospective
benefits.
	 
	10.	 	POST TERMINATION OBLIGATIONS OF THE EXECUTIVE
	 
	10.1	 	The Executive covenants to the Company (for itself and as trustee for each Group Company)
that he shall not for the following periods after Termination howsoever arising (but excluding
repudiatory breach of this Agreement by the Company) directly or indirectly, either alone or
jointly with or on behalf of any third party and whether on his own account or as principal,
partner, shareholder, director, employee, consultant or in any other capacity whatsoever:

	 	(a)	 	for twelve (12) months after the Termination Date solicit the employment or engagement
of any Key Employee in a business which is in competition with the Company or any Relevant
Group Company (whether or not such person would breach their contract of
employment or engagement by reason of leaving the service of the business in which they
work);
	 
	 	(b)	 	without the prior written consent of the Company, for six (6) months following the
Termination Date (the “Initial Six-month Period”) whether directly or indirectly, paid or
unpaid, be engaged or concerned in the conduct of, be or become an employee, agent,
partner, consultant or director of or assist or have any financial interest in, any other
actual or prospective business or profession;
	 
	 	(c)	 	for the following six (6) month period after the expiration of Initial Six-month
Period, whether directly or indirectly, paid or unpaid, be engaged or concerned in the
conduct of, be or become an employee, agent, partner, consultant or director of or assist
or have any financial interest in, any other actual or prospective business or profession
which is in competition with the business carried on by the Company or any Group Company;
	 
	 	(d)	 	take any action to disparage or criticize the Company or any Group Company or any of
their employees, officers, directors, owners or customers or to engage in any other action
that injures or hinders the business relationships of the Company or any Group Company;
and
	 
	 	(e)	 	represent himself as being in any way connected with or interested in the business of
the Company or any Relevant Group Company.

	10.2	 	While the restrictions are considered by the parties to be fair and reasonable in the
circumstances, it is agreed that if any of them should be judged to be void or ineffective for
any reason, but would be treated as valid and effective if part of the wording was deleted or the
period or area was reduced in scope, they shall apply with such modifications as necessary to
make them valid and effective.
	 
	10.3	 	The Executive will (at the request and cost of the Company) enter into a direct agreement
with any Group Company under which he will accept restrictions corresponding to the restrictions
contained in this Clause 10 (or such as will be appropriate in the circumstances) in relation to
such Group Company.

-10-

 

	10.4	 	Without prejudice to any other rights or remedies that the Company or the Executive may
have, the Company and the Executive acknowledge and agree that damages may not be an adequate
remedy for any breach of this Clause 10 and the remedies of injunction, specific performance and
other
equitable relief are appropriate for any threatened or actual breach of any such provision.
	 
	10.5	 	The provisions of this Clause 10 will not prevent the Executive from holding an Investment.
	 
	10.6	 	If the Executive is offered employment or a consultancy arrangement with a third party at
any time during the Appointment or in the twelve (12) months following Termination (however
arising), he will supply that third party with a full copy of this Agreement.
	 
	10.7	 	Each of the obligations in this Clause 10 is an entire, separate and independent restriction
on the Executive, despite the fact that they may be contained in the same phrase and if any part
is found to be invalid or unenforceable the remainder will remain valid and enforceable.
	 
	11.	 	NO RIGHTS TO PAYMENTS
	 
	 	 	The Executive shall under no circumstances have any option or right to require payments
hereunder otherwise than in accordance with the terms of this Agreement (other than those
to which the Executive is entitled under applicable law).
	 
	12.	 	PRIOR AGREEMENTS
	 
	 	 	This Agreement sets out the entire agreement and understanding of the parties and is in
substitution for any previous contracts of employment or for services between the Company or any
Group Company and the Executive (which shall be deemed to have been terminated by mutual
consent). In entering into this Agreement neither party nor any Group Company has relied on any
Pre-Contractual Statement. The only remedy available to each party for breach of this Agreement
shall be for breach of contract under the terms of this Agreement and no party shall have any
right of action against any other party in respect of any Pre-Contractual Statement. Nothing in
this Agreement shall, however, operate to limit or exclude any liability for fraud.
	 
	13.	 	ACCRUED RIGHTS
	 
	 	 	The expiration or termination of this Agreement however arising shall not operate to
affect such of the provisions of this Agreement as are expressed to operate or have effect
after then and shall be without prejudice to any accrued rights or remedies of the
parties.
	 
	14.	 	NOTICES
	 
	 	 	Any notice to be given by a party under this Agreement must be in
writing and must be given by delivery at or sending first class post or other faster
postal service, facsimile transmission or other means of telecommunication in permanent
written form (provided the addressee has his or its own facilities for receiving such
transmissions) to the last known postal address or relevant telecommunications

-11-

 

	 	 	number of the other party. Where notice is given by sending in a prescribed manner it
shall be deemed to have been received when in the ordinary course of the means of
transmission it would be received by the addressee. To prove the giving of a notice it
shall be sufficient to show it was despatched. A notice shall have effect from the sooner
of its actual or deemed receipt by the addressee.

	15.	 	SEVERANCE
	 
	 	 	If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.
	 
	16.	 	GOVERNING LAW AND JURISDICTION
	 
	 	 	This Agreement shall be governed by and construed in accordance with the laws of Hong
Kong, but without regard to its principles of conflicts of laws. All disputes, claims or
proceedings between the parties arising in connection with or relating to this Agreement
shall be subject to the non-exclusive jurisdiction of the Hong Kong courts.

-12-

 

IN WITNESS whereof this Agreement has been executed as a deed on the date first above written.

	 	 	 	 	 	 	 	 	 
	Signed as a deed by

	 	 	)	 	 	 
	 	 
	[     ]

	 	 	)	 	 	 	 	 
	in the presence of:

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Witness name:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Witness address:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Witness occupation:
	 	 	 	 	 	 	 	 

-13-

 

	 	 	 	 	 	 	 
	Signed as a deed by

	 	 	)	 	 	 
	MIE HOLDINGS CORPORATION

	 	 	)	 	 	 
	acting by [name] a director and [name] a

	 	 	)	 	 	 
	director/secretary

	 	 	)	 	 	 
	 

	 	 	 	 	 	 

	 
	 	 	 	 	 	 
	Signature of director:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 
	 	 	 	 	 	 
	Name of director:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 
	 	 	 	 	 	 
	Signature of director/secretary:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 
	 	 	 	 	 	 
	Name of director/secretary:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

-14-

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