Document:

Exhibit 10.1

[EXHIBIT 10.1]

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made and entered into December 16, 2009 by and among CHINA RENEWABLE ENERGY HOLDINGS, INC., a Florida corporation (“CREH”) and TRIPLE ACE CO., LTD, a British Virgin Islands corporation (“Triple Ace”).

RECITALS:

A.

CREH owns all of the issued and outstanding capital stock of China Clean & Renewable Energy Limited, a corporation formed under the laws of Hong Kong (“CCRE”) (the “CCRE Shares”) which CCRE Shares consists of substantially all of the assets of CREH.

B.

CCRE and its wholly-owned subsidiaries Renewable Energy Enterprises (Shanghai) Company, Ltd., a company formed under the laws of the Peoples Republic of China (“REESC”), and EEP Ltd., a company formed under the laws of Hong Kong (“EEP” and collectively with REESC, the “CCRE Subsidiaries”) have received a Valuation Report dated December 2, 2009 from Chan Man Fai, Certified Public Accountant, which estimated the value of CCRE as of December 2, 2009 to be negative ($75,300) based in part on the value of the assets of CCRE and the CCRE Subsidiaries compared to the liabilities and obligation, past, current, contingent or otherwise of CCRE and the CCRE Subsidiaries, which include but are not limited to (i) US$96,772 due and owing to Triple Ace,  (ii) US$51,612 and US$102,544 due and owing to Allen Huie, and (iii) the outstanding contingent liability of US$800,000 to satisfy the registered capital requirement for REESC.

C.

Triple Ace desires to acquire the CCRE Shares from CREH (“Acquisition”) in exchange for$10,000 (the “Consideration’).

D.

CREH desires to sell the CCRE Shares for the Consideration upon the terms and conditions set forth herein.  

E.

The board of directors of CREH has established a special committee with an independent director (the “Independent Committee”) to, among other things, consider and evaluate the fairness to CREH and its stockholders of the Acquisition and to report its recommendation concerning the Acquisition to the full board of directors of CREH.

F.

The board of directors of CREH and the Independent Committee have received the written opinion of Chan Man Fai, Certified Public Accountant, that the Consideration to be paid in the Acquisition is fair, from a financial point of view, and the Independent Committee has unanimously recommended that the board of directors of CREH to approve and authorize this Agreement and the transactions contemplated hereby and the board of directors of CREH has unanimously approved this Agreement and the Acquisition and has deemed the Acquisition to be advisable and fair to, and in the best interests of CREH and its stockholders.

B.

It is the intention of the parties hereto that: (i) Triple Ace shall acquire the CCRE Shares solely for the Consideration (the “Exchange”); and (ii) the Exchange shall qualify as a transaction exempt from registration or qualification under the Securities Act of 1933, as amended (the “Securities Act”).,.

NOW, THEREFORE, in consideration of the mutual covenants, agreements, representations and warranties contained in this Agreement, the parties hereto agree as follows:

SECTION 1.  PURCHASE OF SHARES AND OTHER TRANSACTIONS

1.1

Purchase of Shares.  On the Closing (as hereinafter defined), CREH shall tender the CCRE Shares to Triple Ace and Triple Ace shall purchase the CCRE Shares in exchange for the Consideration of $10,000 in cash by wire transfer of immediately available funds to the account specified in writing by CREH or a certified bank check..

1.2

Delivery of CCRE Shares.  On the Closing date, CREH will deliver to Triple Ace the certificates representing the CCRE Shares, duly endorsed for transfer (or with executed stock powers) so as to convey good and marketable title to the CCRE Shares to Triple Ace.

SECTION 2.  REPRESENTATIONS AND WARRANTIES OF TRIPLE ACE

Triple Ace represents and warrants to CREH as follows:

2.1

Organization and Good Standing.  Triple Ace is a corporation duly organized, validly existing and in good standing under the laws of  British Virgin Islands, and is entitled to own or lease its properties and to carry on its business as and in the places where such properties are now owned, leased or operated and such business is now conducted.  Triple Ace is qualified to do business as a foreign corporation in each jurisdiction, if any, in which its property or business requires such qualification.

2.2

Authorization; Enforceability; No Breach.  Triple Ace has all necessary corporate power and authority to execute this Agreement and perform its obligations hereunder.  This Agreement constitutes the valid and binding obligation of Triple Ace enforceable against Triple Ace in accordance with its terms, except as may be limited by bankruptcy, moratorium, insolvency or other similar laws generally affecting the enforcement of creditors’ rights.  The execution, delivery and performance of this Agreement by Triple Ace and the consummation of the transactions contemplated hereby will not:

(a)

violate any provision of the Charter or By-Laws of Triple Ace;

(b)

violate, conflict with or result in the breach of any of the terms of, result in a material modification of, otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract or other agreement to which Triple Ace is a party or by or to which it or any of its assets or properties may be bound or subject;

(c)

violate any order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon, Triple Ace, or upon the properties or business of Triple Ace; or

(d)

violate any statute, law or regulation of any jurisdiction applicable to the transactions contemplated herein which could have a Material Adverse Effect on the business or operations of Triple Ace.

2.3

Information on Triple Ace.  Triple Ace is an “accredited investor,” as such term is defined in Regulation D promulgated under the Securities Act, or is otherwise experienced in investments and business matters, has made investments of a speculative nature and has such knowledge and experience in financial, tax and other business matters as to enable him to evaluate the merits and risks of, and to make an informed investment decision with respect to, this Agreement. Triple Ace understands 

that its acquisition of the CCRE Shares is a speculative investment, and Triple Ace represents that it is able to bear the risk of such investment for an indefinite period, and can afford a complete loss thereof.

2.4

Investment Intent.  Triple Ace understand that the CCRE Shares have not been registered under the Securities Act, and may not be sold, assigned, pledged, transferred or otherwise disposed of unless the CCRE Shares are registered under the Securities Act or an exemption from registration is available.  Triple Ace represents and warrants that it is acquiring the CCRE Shares for its own account, for investment, and not with a view to the sale or distribution of the CCRE Shares except in compliance with the Securities Act.  Each certificate representing the CCRE Shares will have the following or substantially similar legend thereon:

“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws.  The shares have been acquired for investment and may not be sold or transferred in the absence of an effective Registration Statement for the shares under the Securities Act unless, in the opinion of counsel satisfactory to the Company, registration is not required under the Securities Act or any applicable state securities laws.”

2.5

Risk Factors. Triple Ace understands that an investment in CCRE involves a high degree of risk; that there is no existing public trading market for the CCRE Common Stock and there can be no assurance that a public market will ever be established, and; that an investment in the CCRE Shares is considered illiquid, and Triple Ace has liquid assets sufficient to assure that such purchase will cause no undue financial difficulties and Triple Ace can provide for current needs and possible personal contingencies.

2.6

Compliance with Laws.  Triple Ace has complied with all federal, state, county and local laws, ordinances, regulations, inspections, orders, judgments, injunctions, awards or decrees applicable to it or its business which, if not complied with, would materially and adversely affect the business or financial condition of Triple Ace.

2.7

Consents and Approvals.  No filing with, and no permit, authorization, consent or approval of any public body or authority or any third party is necessary for the consummation by Triple Ace of the transactions contemplated by this Agreement.

2.8

Litigation.  There is no action, suit or proceeding pending or threatened, or any investigation, at law or in equity, before any arbitrator, court or other governmental authority, pending or threatened, nor any judgment, decree, injunction, award or order outstanding, against or in any manner involving Triple Ace or any of Triple Ace's properties or rights which (a) could reasonably be expected to have a material adverse effect on Triple Ace taken as a whole, or (b) could reasonably be expected to materially and adversely affect consummation of any of the transactions contemplated by this Agreement.

2.9

Due Diligence.  Triple Ace acknowledges that, except as set forth in Section 3, CREH and CCRE are making no representations with respect to the transactions contemplated by this Agreement.  Triple Ace and its advisers have had full access to such financial and other information, and have been afforded the opportunity to ask such questions of representatives of CREH and CCRE and receive answers thereto, as Triple Ace has deemed necessary in connection with Triple Ace's decision to purchase the CCRE Shares. 

2.10

Full Disclosure.  No representation or warranty by Triple Ace in this Agreement or in any document or schedule to be delivered by him pursuant hereto, and no written statement, certificate or 

instrument furnished or to be furnished by Triple Ace pursuant hereto or in connection with the negotiation, execution or performance of this Agreement contains, or will contain, any untrue statement of a material fact or omits, or will omit, to state any fact necessary to make any statement herein or therein not materially misleading or necessary to a complete and correct presentation of all material information.

SECTION 3.  REPRESENTATIONS AND WARRANTIES OF CREH

CREH and CCRE, to the best of each of its knowledge, hereby represent and warrant to Triple Ace as follows, with any exceptions thereto being denoted on the applicable schedule to this Agreement:

3.1

Organization and Good Standing.  CREH is a corporation, duly organized, validly existing and in good standing under the laws of the State of Florida, and is entitled to own or lease its properties and to carry on its business as and in the places where such properties are now owned, leased or operated and such business is now conducted.  CREH is qualified to do business as a foreign corporation in each jurisdiction, if any, in which its property or business requires such qualification.    CREH is the record and beneficial owner of 100% of the issued and outstanding shares of CCRE, which shares are owned free and clear of all rights, claims, liens and encumbrances, except as to the additional US$800,000 capital requirement, and have not been sold, pledged, assigned or otherwise transferred. There are no outstanding subscriptions, rights, options, warrants or other agreements obligating CREH to sell or transfer to any third person any of the shares of CCRE owned by CREH, or any interest therein

CCRE is a corporation, duly organized, validly existing and in good standing under the laws of Hong Kong, and is entitled to own or lease its properties and to carry on its business as and in the places where such properties are now owned, leased or operated and such business is now conducted.  CCRE is qualified to do business as a foreign corporation in each jurisdiction, if any, in which its property or business requires such qualification

3.2

Authorization; Enforceability; No Breach.  CREH has the corporate right, power and authority to enter into and to perform and consummate its obligations under this Agreement. The  board of directors of CREH, based on the recommendation of the Independent Committee (at a meeting duly called and held or acting by unanimous written consent), as of the date of this Agreement has: (a) determined that the Acquisition is advisable and fair to, and in the best interests of, CREH and its stockholders; (b) authorized,  approved and adopted the execution, delivery and performance of this Agreement by CREH and approved the Acquisition; and (c) recommended the approval of this Agreement by the holders of CREH Common Stock.  The affirmative vote of the holders of a majority of the voting power of the shares of CREH Common Stock outstanding on the record date has been or will be received prior to Closing. This Agreement constitutes the valid and binding obligation of CREH enforceable against CREH in accordance with its terms, except as may be limited by bankruptcy, moratorium, insolvency or other similar laws generally affecting the enforcement of creditors’ rights.  The execution, delivery and performance of this Agreement by CREH and the consummation of the transactions contemplated hereby will not:

(a)

violate any provision of the Charter or By-Laws of CREH;

(b)

violate, conflict with or result in the breach of any of the terms of, result in a material modification of, otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any contract or other agreement to which CREH is a party or by or to which it or any of its assets or properties may be bound or subject;

(c)

violate any order, judgment, injunction, award or decree of any court, arbitrator or governmental or regulatory body against, or binding upon, CREH, or upon the properties or business of CREH; or

(d)

violate any statute, law or regulation of any jurisdiction applicable to the transactions contemplated herein which could have a Material Adverse Effect (as hereinafter defined) on the business or operations of CREH.

3.3

Compliance with Laws.  CREH and CCRE have each complied with all federal, state, county and local laws, ordinances, regulations, inspections, orders, judgments, injunctions, awards or decrees applicable to it or its business which, if not complied with, would materially and adversely affect the business or financial condition of CREH or CCRE.

3.4

Consents and Approvals.  No filing with, and no permit, authorization, consent, or approval of, any public body or authority or any third party is necessary for the consummation by CREH of the transactions contemplated by this Agreement.

3.5

Litigation.  There is no action, suit or proceeding pending or threatened, or any investigation, at law or in equity, before any arbitrator, court or other governmental authority, pending or threatened, nor any judgment, decree, injunction, award or order outstanding, against or in any manner involving CREH or any of CREH's properties or rights, or CCRE or any of CCRE’s properties or rights which (a) could reasonably be expected to have a material adverse effect on CREH or CCRE taken as a whole, or (b) could reasonably be expected to materially and adversely affect consummation of any of the transactions contemplated by this Agreement (collectively, a “Material Adverse Effect”).

3.6

Brokers or Finders.  No broker’s or finder’s fee will be payable by CREH in connection with the transaction contemplated by this Agreement, nor will any such fee be incurred as a result of any actions by CREH.

3.7

Real Estate; Leasehold. Except as contained in the CREH SEC Documents (as defined herein), neither CCRE or the CRRE Subsidiaries own any real property. Except as would not be material to CCRE and the CCRE Subsidiaries as a whole, the CREH SEC Documents sets forth an accurate and complete list of each lease pursuant to which any real property is being leased to CCRE or the CCRE Subsidiaries.  

3.8

Financial Statements.  (a)

Except as disclosed in CREH SEC Documents  or on Schedule to Section 3.8 of the CREH Disclosure Schedule, as of the time it was filed with or furnished to the SEC: (i) each registration statement, proxy statement, report, schedule, form, certification and other document filed by CREH with, or furnished by CREH with or to, the SEC since November 19, 2007, including all amendments thereto (collectively, the “CREH SEC Documents”), complied as to form, in all material respects with the applicable requirements of the Securities Act of 1933 (“Securities Act”) or the Exchange Act of 1934 (“Exchange Act”) (as the case may be); and (ii) none of CREH SEC Documents contained any untrue statement of a material fact or omitted or to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, except to the extent corrected on or prior to the date of this Agreement that were amended or superseded on or prior to the date of this Agreement, by the filing or furnishing of the applicable amending or superseding CREH SEC Document. All statements, 

reports, schedules, forms, certifications and other documents required to have been filed by CREH with or to the SEC since November 19, 2007 have been so filed. 

(b)

The financial statements (including any related notes) contained or incorporated by reference in the CREH SEC Documents: (i) complied as to form in all material respects with the published rules and regulations of the SEC applicable thereto; (ii) were prepared in accordance with GAAP applied on a consistent basis throughout the periods covered (except as may be indicated in the notes to such financial statements or, in the case of unaudited financial statements, as permitted by Form 10-Q, Form 8-K or any successor form under the Exchange Act, and except that the unaudited financial statements may not contain footnotes and are subject to normal and recurring year-end adjustments), and (iii) fairly presented in all material respects the consolidated financial position of CREH and its Subsidiaries as of the respective dates thereof and the consolidated results of operations and cash flows of CREH and its Subsidiaries for the periods covered thereby. 

(c)

Except for those liabilities that are reflected or reserved on the CREH Unaudited Balance Sheet (as defined in Section 2.5 of this Agreement) (including any notes thereto) and for liabilities incurred in the ordinary course of business consistent with past practice since March 31, 2007, neither CREH nor any of its Subsidiaries has incurred any liability of any nature whatsoever (whether absolute, accrued or contingent and whether due or to become due) that has had or is reasonably likely to have, either individually or in the aggregate, a CREH Material Adverse Effect. 

3.9

Absence of Changes; No Undisclosed Liabilities.  Except as disclosed in the CREH SEC Documents or as set forth on Schedule 3.9, since November 19, 2007, neither CREH nor CCRE have incurred any liability material to CREH or CCRE on a consolidated basis, except in the ordinary course of its business, consistent with past practices; suffered a change, or any event involving a prospective change, in the business, assets, financial condition, or results of operations of CREH or CCRE which has had, or is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, (other than as a result of changes or proposed changes in federal or state regulations of general applicability or interpretations thereof, changes in generally accepted accounting principles, and changes that could, under the circumstances, reasonably have been anticipated in light of disclosures made in writing by CREH to Triple Ace pursuant hereto); or subsequent to the date hereof, conducted its business and operations other than in the ordinary course of business and consistent with past practices.  Neither CREH nor CCRE have any liability (and CREH is not aware of any basis for any present or future action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand against any of them giving rising to any liability which individually or is in the aggregate are reasonably likely to have a Material Adverse Effect on CREH or CCRE) except for liabilities set forth in the CREH SEC Documents.

3.10

Title to Assets. CREH and CCRE own, and has good and valid title to, all material assets purported to be owned by it, including all material assets reflected on the balance sheet of CREH as of September 30, 2009 contained in the CREH SEC Documents (the “CREH Unaudited Balance Sheet”) (except for assets sold or otherwise disposed of since the date of CREH Unaudited Balance Sheet). Except as would not be material to CREH, CCRE and the CCRE Subsidiaries as a whole, all of said assets are owned by CREH, CCRE or the CCRE Subsidiaries free and clear of any Encumbrances, except for liens set forth on Schedule 3.10 of the CREH Disclosure Schedule. CREH, CCRE and or the CCRE Subsidiaries are the lessees of, and hold valid leasehold interests in, all material assets purported to have been leased by them, including all material assets reflected as leased on the CREH Unaudited Balance Sheet. Except as would not be material to CREH or CCRE as a whole, the assets owned or leased by CREH or CCRE constitute all the assets used in the business of CREH and CCRE (including all books, records, computers and computer programs and data processing systems) and are in good condition (subject to normal wear and tear and immaterial impairments of value and damage.)

3.11

Capitalization of CCRE.  The authorized capital stock of CCRE consists of 1,000,000 shares of common stock of which 1,000,000 shares are presently issued and outstanding and owned by CREH.  CCRE has not granted, issued or agreed to grant, issue or make available any warrants, options, subscription rights or any other commitments of any character relating to the unissued shares of capital stock of CCRE.  All of the CCRE Shares are duly authorized and validly issued, fully paid and non-assessable.

3.12

Contracts.  A copy of each of the material contracts, instruments, mortgages, notes, security agreements, leases, agreements, or understandings, whether written or oral, to which CCRE is a party that relates to or affects the assets or operations of CREH or CCRE or to which CREH’s or CCRE’s assets or operations may be bound or subject (collectively, the “Contracts”), has been provided to Triple Ace.  Each of the Contracts is a valid and binding obligation of CCRE and in full force and effect, except for where the failure to be in full force and effect would not, individually or in the aggregate, have a Material Adverse Effect. For purposes of this Agreement a material contract shall be any contract or agreement involving consideration in excess of $10,000.  There are no existing defaults by CCRE thereunder or, to the knowledge of CREH, by any other party thereto, which defaults, individually or in the aggregate, would have a Material Adverse Effect.

3.13

Taxes.  All required tax returns or federal, state, county, municipal, local, foreign and other taxes and assessments have been properly prepared and filed by CREH and CCRE for all years for which such returns are due unless an extension for filing any such return has been properly prepared and filed.  Any and all federal, state, county, municipal, local, foreign and other taxes, assessments, including any and all interest, penalties and additions imposed with respect to such amounts have been paid or provided for.  Neither CREH nor CCRE have been audited by any local, state or federal tax authority.

3.14

(a) Except to the extent that any inaccuracy of any of the following (or the circumstances giving rise to such inaccuracy), in the aggregate, would not reasonably be expected to have a Material Adverse Effect on CREH or CCRE: (i) CREH and CCRE each own, or is licensed or otherwise has the legally enforceable right to use (in each case, clear of any liens or encumbrances of any kind), all Intellectual Property (as hereinafter defined) used in or necessary for the conduct of its business as currently conducted; (ii) no claims are pending or, to the knowledge of CREH, threatened that CREH or CCRE is infringing on or otherwise violating the rights of any person with regard to any Intellectual Property used by, owned by, and/or licensed to CREH or CCRE or any of its subsidiaries; (iii) as of the date of this Agreement, to the knowledge of CREH, no person is infringing on or otherwise violating any right of CREH or CCRE with respect to any Intellectual Property owned by and/or licensed to CREH or CCRE; and (iv) as of the date of this Agreement, neither CREH nor CCRE have received any notice of any claim challenging the ownership or validity of any Intellectual Property owned by CREH or CCRE or challenging CREH’s or CCRE’s license or legally enforceable right to use any Intellectual Property licensed by it.

(b)

For purposes of this Agreement, “Intellectual Property” means trademarks (registered or unregistered), service marks, brand names, certification marks, trade dress, assumed names, trade names, and other indications of origin, the goodwill associated with the foregoing and registrations in any jurisdiction of, and applications in any jurisdiction to register, the foregoing, including any extension, modification or renewal of any such registration or application; inventions, discoveries and ideas, whether patented, patentable, or not in any jurisdiction; trade secrets and confidential information and rights in any jurisdiction to limit the use or disclosure thereof by any person; writings and other works of authorship, whether copyrighted, copyrightable, or not in any jurisdiction; registration or applications for registration of copyrights in any jurisdiction, and any renewals or extensions thereof; any similar intellectual property or proprietary rights and computer programs and software (including source 

code, object code, and data); licenses, immunities, covenants not to sue, and the like relating to the foregoing; and any claims or causes of action arising out of or related to any infringement or misappropriation of any of the foregoing.

3.15

Labor and Employment Matters.  (a) CREH and CCRE each are and have been in compliance in all respects with all applicable laws respecting employment and employment practices, terms, and conditions of employment and wages and hours, including, such laws respecting employment discrimination, equal opportunity, affirmative action, worker’s compensation, occupational safety, and health requirements and unemployment insurance and related matters, and are not engaged in and have not engaged in any unfair labor practice; (b) no investigation or review by or before any governmental entity concerning any violations of any such applicable laws is pending nor, to the knowledge of CREH is any such investigation threatened or has any such investigation occurred during the last three years, and no governmental entity has provided any notice to CREH or CCRE or otherwise asserted an intention to conduct any such investigation; (c) there is no labor strike, dispute, slowdown, or stoppage actually pending or threatened against CREH; (d) no union representation question or union organizational activity exists respecting the employees of CREH or CCRE; (e) no collective bargaining agreement exists which is binding on CREH or CCRE; (f) CREH and CCRE have experienced no work stoppage or other labor difficulty; and (g) in the event of termination of the employment of any of the current officers, directors, employees, or agents of CREH or CCRE, neither CREH nor CCRE shall, pursuant to any agreement or by reason of anything done prior to the closing by CREH or CCRE be liable to any of said officers, directors, employees, or agents for so-called “severance pay” or any other similar payments or benefits, including, without limitation, post-employment healthcare (other than pursuant to COBRA) or insurance benefits, except to the extent that any matter in Items (a), (b), (f) and (g) could reasonably be expected individually or in the aggregate to have a Material Adverse Effect on CREH or CCRE.

3.16

Employee Benefit Plans.  Neither CREH nor CCRE are a party to any written or formal employee benefit plan (including, without limitation, any “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) policy or agreement that is maintained (all of the foregoing, the “Benefit Plans”), or is or was contributed to by CREH or CCRE or pursuant to which CREH or CCRE or any trade or business, whether or not incorporated (an “ERISA Affiliate”), which together with CREH or CCRE would be deemed a “single employer” within the meaning of Section 4001 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), is still potentially liable for payments, benefits, or claims.

3.17

State Anti-Takeover Statutes.  The CREH Board of Directors has approved this Agreement and the transactions contemplated hereby and thereby such approval constitutes approval of the Agreement and other transactions contemplated hereby and thereby by the CREH Board of Directors as required under Florida law.  To the knowledge of CREH, no state anti-takeover statute is applicable to the Acquisition.

3.18

Absence of Certain Business Practices.  Neither CREH or CCRE nor any director, officer, employer, or agent of the foregoing, nor any person acting on their behalf, directly or indirectly has to CREH’s knowledge given or agree to give any gift or similar benefit to any customer, supplier, governmental employee or other person which (a) might subject CREH tor CCRE o any damage or penalty in any civil, criminal, or governmental litigation or proceeding, (b) if not given in the past, might have had a Material Adverse Effect on CREH or CCRE, or (c) if not continued in the future, might have a Material Adverse Effect on CREH or CCRE or which might subject CREH or CCRE to suit or penalty in any private or governmental litigation or proceeding.

3.19

Internal Accounting Controls.  CREH and CCRE each maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in 

accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

3.20

Fairness Opinion. Prior to the execution of this Agreement, CREH received an opinion from Chan Man Fai, Certified Public Accountant, financial advisor to CREH, to the effect that, as of December 4, 2009 and based upon and subject to the matters set forth therein, the Consideration is fair, from a financial point of view.

3.21

Full Disclosure.  No representation or warranty by CREH in this Agreement or in any document or schedule to be delivered by them pursuant hereto, and no written statement, certificate or instrument furnished or to be furnished to Triple Ace pursuant hereto or in connection with the negotiation, execution or performance of this Agreement contains, or will contain, any untrue statement of a material fact or omits, or will omit, to state any fact necessary to make any statement herein or therein not materially misleading or necessary to a complete and correct presentation of all material aspects of the businesses of CREH and CCRE.

  

SECTION 4.  COVENANTS

4.1

Examinations and Investigations.  Prior to the Closing, the parties acknowledge that they have been entitled, through their employees and representatives, to make such investigation and verification of the assets, properties, business and operations, books, records and financial condition of the other, including communications with suppliers, vendors and customers, as they each may reasonably require.  No investigation by a party hereto shall, however, diminish or waive in any way any of the representations, warranties, covenants or agreements of the other party under this Agreement.  Consummation of this Agreement shall be subject to the fulfillment of due diligence procedures to the reasonable satisfaction of each of the parties hereto and their respective counsel.  

4.2

Expenses.  Each party hereto agrees to pay its own costs and expenses incurred in negotiating this Agreement and consummating the transactions described herein.

4.3

Further Assurances.  The parties shall execute such documents and other papers and take such further action as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated hereby.  Each such party shall use its best efforts to fulfill or obtain in the fulfillment of the conditions to the Closing, including, without limitation, the execution and delivery of any documents or other papers, the execution and delivery of which are necessary or appropriate to the Closing.  

4.4

Confidentiality.  In the event the transactions contemplated by this Agreement are not consummated, each of the parties hereto agree to keep confidential any information disclosed to each other in connection therewith; provided, however, such obligation shall not apply to information which:

(a)

at the time of disclosure was public knowledge;

(b)

after the time of disclosure becomes public knowledge (except due to the action of the receiving party); or

(c)

the receiving party had within its possession at the time of disclosure.

4.5

Stock Certificates and Consideration.  At the Closing, CREH shall have delivered the certificate representing the CCRE Shares duly endorsed (or with executed stock powers) so as to make Triple Ace the sole owner thereof. 

4.6

Management of CCRE.  As a result of the Acquisition, no changes shall be made to the management of CCRE.

4.7

Dissenter’s Rights. Upon the filing of the definitive Schedule 14C Information Statement with the Securities and Exchange Commission in connection with this Agreement, CREH shall deliver to each of CREH’s shareholders, other than the majority shareholders who approved this Agreement by written consent and entitled to notice of and to vote at a shareholders meeting (i) a copy of the Schedule 14C filed in connection with this Agreement which includes a copy of this Agreement and the Schedules and Exhibits thereto and (ii) a copy of the dissenter’s rights statute of the State of Florida in a manner that complies with the corporate laws of the State of Florida. CREH hereby covenants and agrees that it is solely responsible for the payment of any amounts due by reason of the exercise of dissenter’s rights by any of its shareholders.

4.8

Pre-Closing Covenants. 

Except expressly contemplated or permitted by this Agreement, during the pre-closing period, CREH shall not, and shall not permit any CREH, CCRE or and CCRE Subsidiary to (without the prior written consent of Triple Acet, which consent shall not be unreasonably withheld): 

 

(i)

(A) declare, accrue, set aside or pay any dividend or make any other distribution in respect of any shares of capital stock, or (B) repurchase, redeem or otherwise reacquire any shares of capital stock or other securities; 

(ii)

sell, issue, grant, pledge or otherwise encumber or authorize the sale, issuance, grant, pledge or encumbrance of: (A) any capital stock or other security; (B) any option, call, warrant or right to acquire any capital stock or other security; or (C) any instrument convertible into or exercisable or exchangeable for any capital stock or other security; 

(iii)

amend or permit the adoption of any amendment to its articles of incorporation or bylaws of CREH, CCRE or any CCRE Subsidiary y; 

(iv)

adjust, split, combine or reclassify any of its capital stock or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for shares of its capital stock; 

(v)

authorize or make any commitment with respect to any capital expenditure; 

(vi)

other than in the ordinary course of business and consistent with past practices, amend, terminate (other than expiration in accordance with its terms) or waive any material right or remedy under, any Contract; 

(vii)

other than the renewal or extension of any such contract on substantially similar terms, enter into any contract; 

(viii)

acquire, lease or license any right or other asset from any other Person  or sell or otherwise dispose of, or lease or license, any right or other asset to any other Person (except in each case for any right or asset: (A) acquired, leased, licensed or disposed of by CREH in the ordinary course of 

business and consistent with past practices and not in an aggregate amount of more than $1,000; or (B) that is not material to the business of CREH or CCRE); 

(ix)

acquire (including by merger, consolidation, acquisition of stock or assets or any other business combination) any business or any corporation, partnership, association or other business organization or division thereof that is material to CREH or CCRE; 

(x)

make any pledge of any of its material assets or permit any of its material assets to become subject to any Encumbrances; 

(xi)

lend money to any Person, or incur, guarantee assume or otherwise become responsible for any indebtedness in excess of $50,000 in the aggregate; 

(xii)

establish, adopt, enter into or amend any Employee Plan or Employee Agreement, pay any bonus or make any profit-sharing or similar payment to, or increase the amount of the wages, salary, commissions, fringe benefits or other compensation (including equity-based compensation, whether payable in stock, cash or other property) or remuneration payable to, any CREH or CCRE Employees; 

(xiii)

hire any employee; 

(xiv)

other than in the ordinary course of business and consistent with past practices or as required by concurrent changes in GAAP or SEC rules and regulations, change any of its methods of accounting or accounting practices in any material respect; 

(xv)

(A) make or change any material Tax election, (B) enter into any settlement or compromise of any material Tax liability or (C) surrender any right to claim a material Tax refund; 

(xvi)

prepare or file any Tax Return inconsistent with past practice or, on any such Tax Return, take any position, make any election or adopt any method that is inconsistent with positions taken, elections made or methods used in preparing or filing similar Tax Returns in prior periods; 

(xvii)

settle or compromise any pending or threatened suit, action, claim, arbitration, mediation, inquiry, Legal Proceeding or investigation, unless in connection with such settlements or compromises (A) there is no finding or admission of any violation of any Legal Requirement or the rights of any Person and (B) the sole relief provided is monetary damages not in excess of $1,000 in the aggregate; 

(xviii)

enter into any material Contract that requires the consent or approval of any Person to consummate the Contemplated Transactions; 

(xix)

enter into a new, or amend in any material respect any existing, transaction, agreement, arrangement or understanding; or 

 

(xx)

agree or commit to take any of the actions described in clauses “(i)” through “(xx)” of this Section. If CREH desires to take an action that requires the prior written consent of Triple Ace pursuant to this Section, which consent shall not be unreasonably withheld, CREH shall deliver to Triple Ace a written request for such written consent. Triple Ace shall use commercially reasonable efforts to approve or deny CREH’s request as soon as reasonably practicable, and in any event within two business days after Triple Ace has received CREH’s request. If CREH receives no such consent or denial 

within two business days after Triple Ace has received CREH’s request, Triple Ace shall be deemed to have granted its consent to the action set forth in such request. 

SECTION 5.  THE CLOSING

The closing (the “Closing”) shall take place on the earlier of (1) the twentieth calendar day following the filing by CREH of the definitive Schedule 14C Information Statement with the Securities and Exchange Commission filed in connection with this Agreement, or (2) at such time as CREH has complied with the corporate laws of the State of Florida as it relates to the dissenters rights statutes, or at such other time and place as is mutually agreed upon by Triple Ace and CREH, following satisfaction or waiver of all conditions precedent to Closing.  At the Closing, the parties shall provide each other with such documents as may be necessary or appropriate and customary in transactions of this sort in order to consummate the transactions contemplated hereby, including evidence of due authorization of the Agreement and the transactions contemplated hereby.

SECTION 6.  CONDITIONS PRECEDENT TO CLOSING 

6.1

Conditions Precedent to the Obligation of CREH to sell the CCRE Shares.  The obligation of CREH to sell the CCRE Shares to Triple Ace and to otherwise consummate the transactions contemplated hereby is subject to the satisfaction, at or before the Closing, of each of the conditions set forth below.  These conditions are for CREH's sole benefit and may be waived by CREH at any time in its sole discretion.

(a)

Accuracy of Triple Ace’s Representations and Warranties.  The representations and warranties of Triple Ace will be true and correct in all material respects as of the date when made and as of the Closing, as though made at that time.

(b)

Performance by Triple Ace.  Triple Ace shall have performed all agreements and satisfied all conditions required to be performed or satisfied by it at or prior to the Closing.

(c)

No Injunction.  No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement.  

(d)

No Material Adverse Changes.  Triple Ace shall have suffered no Material Adverse Effect. 

(e)

Shareholder Approval. The holders of at least a majority of the outstanding shares of CREH entitled to vote at a shareholders meeting shall have affirmatively voted their shares in favor of consummation of the transactions contemplated hereby

(f)

Dissenters Rights. Upon the filing of the definitive Schedule 14C Information Statement with the Securities and Exchange Commission in connection with this Agreement, CREH shall deliver to each of CREH’s shareholders, other than the majority shareholders who approved this Agreement by written consent and entitled to notice of and to vote at a shareholders meeting (i) a copy of the Schedule 14C filed in connection with this Agreement which includes a copy of this Agreement and the Schedules and Exhibits thereto and (ii) a copy of the dissenter’s rights statute of the State of Florida in a manner that complies with the corporate laws of the State of Florida. No more than 10% of the shares entitled to vote at a shareholders meeting of CREH shall have exercised dissenter’s rights. 

(g)

Filings with the SEC. CREH shall have filed all reports and documents required pursuant to the Securities Exchange Act of 1934, as amended including a definitive Schedule 14C Information Statement with the Securities and Exchange Commission in connection with this Agreement and the approval by the holders of a majority of the issued and outstanding voting capital stock of CREH.

(e)

Miscellaneous.  Triple Ace shall have delivered to CREH such other documents relating to the transactions contemplated by this Agreement as CREH may reasonably request.

6.2

Conditions Precedent to the Obligation of Triple Ace to Purchase the CCRE Shares.  The obligation of Triple Ace to purchase the CCRE Shares and to otherwise consummate the transactions contemplated hereby is subject to the satisfaction, at or before the Closing, of each of the conditions set forth below.  These conditions are for Triple Ace’ sole benefit and may be waived by Triple Ace at any time in its sole discretion.

(a)

Accuracy of CREH’s Representations and Warranties.  The representations and warranties of CREH and CCRE will be true and correct in all material respects as of the date when made and as of the Closing, as though made at that time.

(b)

Performance by CREH.  CREH and CCRE shall have performed all agreements and satisfied all conditions required to be performed or satisfied by them at or prior to the Closing.

(c)

No Injunction.  No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement.  

(d)

No Material Adverse Changes.  CCRE shall have suffered no Material Adverse Effect. 

(e)

Shareholder Approval. The holders of at least a majority of the outstanding shares of CREH entitled to vote at a shareholders meeting shall have affirmatively voted their shares in favor of consummation of the transactions contemplated hereby.

(f)

Filings with the SEC. CREH shall have filed all reports and documents required pursuant to the Securities Exchange Act of 1934, as amended including a definitive Schedule 14C Information Statement with the Securities and Exchange Commission in connection with this Agreement and the approval by the holders of a majority of the issued and outstanding voting capital stock of CREH

(h)

Miscellaneous.  CREH shall have delivered to the Triple Ace such other documents relating to the transactions contemplated by this Agreement as Triple Ace may reasonably request.

SECTION 7.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES OF TRIPLE ACE

Notwithstanding any right of Triple Ace fully to investigate the affairs of CCRE, Triple Ace shall have the right to rely fully upon the representations, warranties, covenants and agreements of CREH and CCRE contained in this Agreement or in any document delivered by CREH or CCRE or any of its representatives, in connection with the transactions contemplated by this Agreement.  All such representations, warranties, covenants and agreements shall survive the execution and delivery hereof and the Closing hereunder for 12 months following the Closing.

SECTION 8.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES OF CREH

AND THE SHAREHOLDERS

Notwithstanding any right of CREH fully to investigate the affairs of Triple Ace, CREH has the right to rely fully upon the representations, warranties, covenants and agreements of Triple Ace contained in this Agreement or in any document delivered to CREH by Triple Ace or any of his representatives, in connection with the transactions contemplated by this Agreement.  All such representations, warranties, covenants and agreements shall survive the execution and delivery hereof and the Closing hereunder for 12 months following the Closing.

SECTION 9.  INDEMNIFICATION

9.1

Obligation of Triple Ace to Indemnify.  Triple Ace hereby agrees to indemnify, defend and hold harmless CREH and CCRE, to the extent provided for herein, from and against any losses, liabilities, damages, deficiencies, costs or expenses (including interest, penalties and reasonable attorneys’ fees and disbursements) (a “Loss”) based upon, arising out of, or otherwise due to any inaccuracy in or any breach of any representation, warranty, covenant or agreement of Triple Ace contained in this Agreement or in any document or other writing delivered pursuant to this Agreement.

9.2

Obligation of CREH to Indemnify.  CREH agrees to indemnify, defend and hold harmless Triple Ace to the extent provided for herein from and against any Loss based upon, arising out of, or otherwise due to any inaccuracy in or any breach of any representation, warranty, covenant or agreement made by any of them and contained in this Agreement or in any document or other writing delivered pursuant to this Agreement.

SECTION 10.  MISCELLANEOUS

10.1

Waivers.  The waiver of a breach of this Agreement or the failure of any party hereto to exercise any right under this Agreement shall in no event constitute a waiver as to any future breach whether similar or dissimilar in nature or as to the exercise of any further right under this Agreement.

10.2

Amendment.  This Agreement may be amended or modified only by an instrument of equal formality signed by the parties or the duly authorized representatives of the respective parties.

10.3

Assignment.  This Agreement is not assignable except by operation of law.

10.4

Notices.  Until otherwise specified in writing, the mailing addresses of both parties of this Agreement shall be as follows:

CREH:

Rm 286, 2/F, Shui On Centre

6-8 Harbour Road

Wanchai, Hong Kong

With a copy to:

Roxanne K. Beilly, Esq.

Schneider Weinberger & Beilly LLP

2200 Corporate Boulevard, N.W., Suite 210

Boca Raton, Florida 33431

Triple Ace:

Tropic Isle Building

P.O. Box 438, Road Town

Tortola, British Virgin Islands

Any notice or statement given under this Agreement shall be deemed to have been given if sent by registered mail addressed to the other party at the address indicated above or at such other address as may be furnished in writing to the addressor.

10.5

Governing Law; Venue.  This Agreement shall be governed and construed in accordance with the laws of the State of Florida, without regard to the conflicts of law provisions thereof.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the County of Palm Beach, State of Florida, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this agreement in that jurisdiction or the validity or enforceability of any provision of this agreement in any other jurisdiction.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY.

10.6

Publicity.  No publicity release or announcement concerning this Agreement or the transactions contemplated hereby shall be issued by either party hereto at any time from the signing hereof without advance approval in writing of the form and substance thereof by the other party.

10.7

Entire Agreement.  This Agreement (including the Exhibits and Schedules hereto) and the collateral agreements executed in connection with the consummation of the transactions contemplated herein contain the entire agreement among the parties with respect to the Exchange and related transactions, and supersede all prior agreements, written or oral, with respect thereto.  

10.8

Headings.  The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

10.9

Severability of Provisions.  The invalidity or unenforceability of any term, phrase, clause, paragraph, restriction, covenant, agreement or other provision of this Agreement shall in no way affect the validity or enforcement of any other provision or any part thereof.

10.10

Counterparts.  This Agreement may be executed in any number of counterparts, each of which, when so executed, shall constitute an original copy hereof, but all of which together shall consider but one and the same document.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

CHINA RENEWABLE ENERGY HOLDINGS, INC.

By:

Allen Huie, President

TRIPLE ACE CO., LTD.

By:

Print Name: _____________________________

Title:__________________________________Exhibit 10.1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the                     
day of                     , 20              , by and among DiamondRock Hospitality Company, a Maryland corporation
(“DiamondRock,” which term shall include any corporation, partnership, limited liability company, joint venture, trust,
foundation, association, organization or other legal entity controlled directly or
indirectly by DiamondRock), DiamondRock Hospitality Limited Partnership, a Delaware limited
partnership (the “Operating Partnership”), and                      (“Indemnitee”). The term
“Company” as used in this Agreement is intended to refer to both or either of DiamondRock and/or
the Operating Partnership, as the context requires so as to interpret the relevant provision in
such a manner as to permit the broadest scope of allowable indemnification for Indemnitee hereunder
permitted by applicable law and regulations.

WHEREAS, at the request of the Company, Indemnitee currently serves as a [director] [and]
[officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising
as a result of Indemnitee’s service; and

WHEREAS, as an inducement to Indemnitee to continue to serve as such [director] [and]
[officer], the Company has agreed to indemnify and to advance expenses and costs incurred by
Indemnitee in connection with any such claims, suits or proceedings, as set forth herein; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and advance of expenses;

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

Section 1. Definitions. For purposes of this Agreement:

(a) “Change in Control” means any of the following events:

(1) The conclusion of the acquisition (whether by a merger or otherwise) by any
Person (other than a Qualified Affiliate), in a single transaction or a series of
related transactions, of Beneficial Ownership of more than 50 % of (1) the Company’s
outstanding common stock (the “Common Stock”) or (2) the combined voting
power of the Company’s outstanding securities entitled to vote generally in the
election of directors (the “Outstanding Voting Securities”);

(2) The merger or consolidation of the Company with or into any other Person
other than a Qualified Affiliate, if the directors immediately prior to the merger
or consolidation cease to be the majority of the Board of Directors at anytime
within 12 months of the completion of the merger or consolidation;

(3) Any one or a series of related sales or conveyances to any Person or
Persons (including a liquidation or dissolution) other than to any one or more
Qualified Affiliates of all or substantially all of the assets of the Company or
DiamondRock Hospitality Limited Partnership (the “Operating
Partnership”); or

 

 

 

(4) Incumbent Directors cease, for any reason, to be a majority of the members
of the Board of Directors, where an “Incumbent Director” is (1) an
individual who is a member of the Board of Directors on the effective date of this
Agreement or (2) any new director whose election by the Board of Directors or whose
nomination for election by the stockholders was approved by a majority of the
persons who were already Incumbent Directors at the time of such election or
approval, other than any individual who assumes office initially as a result of an
actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board of Directors or as a result of an agreement
to avoid or settle such a contest or solicitation.

(5) The completion of a tender offer for the Company’s securities representing
more than 50% of the Outstanding Voting Securities, other than a tender offer by a
Qualified Affiliate.

For purposes of this definition of Change in Control, the following definitions shall apply: (A)
“Beneficial Ownership,” “Beneficially Owned” and “Beneficially Owns” shall
have the meanings provided in Exchange Act Rule 13d-3; (B) “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended; (C) “Person” shall mean any individual,
entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act),
including any natural person, corporation, trust, association, company, partnership, joint venture,
limited liability company, legal entity of any kind, government, or political subdivision, agency
or instrumentality of a government, as well as two or more Persons acting as a partnership, limited
partnership, syndicate or other group for the purpose of acquiring, holding or disposing of the
Company’s securities; and (D) “Qualified Affiliate” shall mean (I) any directly or
indirectly wholly owned subsidiary of the Company or the Operating Partnership; or (II) any
employee benefit plan (or related trust) sponsored or maintained by the Company or the Operating
Partnership or by any entity controlled by the Company or the Operating Partnership.

(b) “Corporate Status” means the status of a person as a present or former director,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving in such capacity at the request of the Company. As a
clarification and without limiting the circumstances in which Indemnitee may be serving at the
request of the Company, service by Indemnitee shall be deemed to be at the request of the Company
if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting
power or equity interest is owned directly or indirectly by the Company or (ii) the management of
which is controlled directly or indirectly by the Company.

 

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(c) “Disinterested Director” means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by
Indemnitee.

(d) “Effective Date” means the date set forth in the first paragraph of this
Agreement.

(e) “Expenses” means any and all out-of-pocket attorneys’ fees and costs, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, federal, state,
local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any
payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or
expenses incurred, but only to the extent such fees, costs, disbursements or expenses were
reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.
Expenses shall also include Expenses incurred in connection with any appeal resulting from any
Proceeding including, without limitation, the premium, security for and other costs relating to any
cost bond supersedeas bond or other appeal bond or its equivalent.

(f) “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither 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 Indemnitee under this Agreement or of other
indemnitees under similar indemnification agreements), or (ii) any other party to or participant or
witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses
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.

(g) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil
(including intentional or unintentional tort claims), criminal, administrative or investigative
(formal or informal) nature, including any appeal therefrom, except one pending or completed on or
before the Effective Date, unless otherwise specifically agreed in writing by the Company and
Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in
the institution of a Proceeding, such situation shall also be considered a Proceeding.

Section 2. Services by Indemnitee. Indemnitee will serve as a [director] [and]
[officer] of the Company. However, this Agreement shall not impose any independent obligation on
Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall
not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

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Section 3. General. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or
is threatened to be, made a party to any Proceeding, Indemnitee shall be indemnified against all
judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding.
Notwithstanding anything contained or implied herein, in no event shall such indemnification or
advancement of Expenses be greater than the maximum extent permitted by Maryland law in effect on
the Effective Date and as amended from time to time; provided, however, that no change in Maryland
law shall have the effect of reducing the benefits available to Indemnitee hereunder based on
Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section
3 shall include, without limitation, the rights set forth in the other sections of this Agreement,
including any additional indemnification permitted by Section 2-418(g) of the Maryland General
Corporation Law (the “MGCL”).

Section 4. Certain Limits on Indemnification. Notwithstanding any other provision of
this Agreement (other than Section 5), Indemnitee shall not be entitled to:

(a) indemnification hereunder if the Proceeding was one by or in the right of the Company and
Indemnitee is adjudged to be liable to the Company;

(b) indemnification hereunder if it is established that (a) the act or omission of Indemnitee
was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or
(ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an
improper personal benefit in money, property or services or (c) in the case of any criminal
Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful; or

(c) indemnification or advance of Expenses hereunder if the Proceeding was brought by
Indemnitee unless: (i) the Proceeding was brought to enforce indemnification under this Agreement,
and then only to the extent in accordance with and as authorized by Section 11 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote
generally in the election of directors or of the Board of Directors or an agreement approved by the
Board of Directors to which the Company is a party expressly provide otherwise; or

(d) indemnification or advancement of Expenses hereunder if Indemnitee fails to reasonably
cooperate with the Company (i) in the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the Company, (ii) in any
investigation or review of any federal, state or local regulatory authority, in either case to the
extent such defense, prosecution, investigation or review relates to events or occurrences that
transpired while Indemnitee was serving as a director of or employed by the Company;
notwithstanding the foregoing, such cooperation shall not be required if it, in the opinion of
counsel, would materially and adversely affect Indemnitee or expose Indemnitee to an increased
probability of civil or criminal litigation. Indemnitee’s cooperation in connection with such
claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times.

 

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Section 5. Court-Ordered Indemnification. Notwithstanding any other provision of this
Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as
the court shall require, may order indemnification in the following circumstances:

(a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the
MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover
the Expenses of securing such reimbursement; or

(b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in
view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of
conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of
an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such
indemnification as the court shall deem proper. However, indemnification with respect to any
Proceeding by or in the right of the Company or in which liability shall have been adjudged in the
circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

Section 6. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, and without limiting any such provision, to
the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to
(or otherwise becomes a participant in) any Proceeding and is successful, on the merits or
otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee under this Section 6 for all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or
matter, allocated on a reasonable and proportionate basis. For purposes of this Section 6 and,
without limitation, the termination of any claim, issue or matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

Section 7. Advance of Expenses for a Party.

(a) Subject to Section 7(b) below, if, by reason of Indemnitee’s Corporate Status, Indemnitee
is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a
preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder,
advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such
Proceeding within ten days after the receipt by the Company of a statement or statements requesting
such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee
of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the
Company as authorized by law and by
this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in
substantially the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of the execution thereof, to reimburse the portion of
any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to
which it shall ultimately be established that the standard of conduct has not been met by
Indemnitee and which have not been successfully resolved as described in Section 6 of this
Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim,
issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 7 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security
therefor.

 

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(b) Notwithstanding anything contained herein, the Company shall not be required to advance
any Expenses if either a duly appointed committee of one or more Disinterested Directors or an
Independent Counsel selected by the Board of Directors makes the following determinations in good
faith: (i) it is more likely than not that the Indemnitee will be obligated to reimburse such
advanced Expenses and the Indemnitee has not established, to the satisfaction of such committee or
Independent Counsel, that the Indemnitee has the financial ability to repay such advanced Expenses,
or (ii) Indemnitee has pled guilty to one or more charges brought in a criminal Proceeding that is
directly related to the request for indemnification.

Section 8. Indemnification and Advance of Expenses of a Witness. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of
Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding,
whether instituted by the Company or any other party, and to which Indemnitee is not a party,
Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten
days after the receipt by the Company of a statement or statements requesting such advance or
advances from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.

Section 9. Procedure for Determination of Entitlement to Indemnification.

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from
time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.
The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt
of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has
requested indemnification.

 

-6-

 

(b) Upon written request by Indemnitee for indemnification pursuant to Section 9(a) above, a
determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy
of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by the
Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the
MGCL, which approval will not be unreasonably withheld; or (ii) if a Change in Control shall not
have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of
Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly
authorized committee of the Board of Directors consisting solely of one or more Disinterested
Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not
be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of Directors, a
copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members
of the Board of Directors, by the stockholders of the Company. If it is so 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 in the discretion of the Board of
Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 9(b). Any
Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless
therefrom.

(c) The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is
appointed.

Section 10. Presumptions and Effect of Certain Proceedings.

(a) In making any determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making of any determination contrary to that
presumption.

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an
order of probation prior to judgment, does not create a presumption that Indemnitee did not meet
the requisite standard of conduct described herein for indemnification.

(c) The knowledge and/or actions, or failure to act, of any other director, officer, employee
or agent of the Company or any other director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or
other enterprise shall not be imputed to Indemnitee for purposes of determining any other
right to indemnification under this Agreement.

 

-7-

 

Section 11. Remedies of Indemnitee.

(a) If (i) a determination is made pursuant to Section 9(b) of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely
made pursuant to Section 7 of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 9(b) of this Agreement within 60 days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is
not made pursuant to Section 6 of this Agreement within ten days after receipt by the Company of a
written request therefor, or (v) payment of indemnification pursuant to any other section of this
Agreement or the charter or Bylaws of the Company is not made within ten days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court located in the State of Maryland, or in any other court of
competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance of Expenses.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American
Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to
commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing
clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under
Section 6 of this Agreement. Except as set forth herein, the provisions of Maryland law (without
regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not
oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

(b) In any judicial proceeding or arbitration commenced pursuant to this Section 11,
Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case
may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is
not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee
commences a judicial proceeding or arbitration pursuant to this Section 11, Indemnitee shall not be
required to reimburse the Company for any advances pursuant to Section 7 of this Agreement until a
final determination is made with respect to Indemnitee’s entitlement to indemnification (as to
which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest
extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 11 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all of the provisions of this Agreement.

(c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

-8-

 

(d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication
of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for
breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be
indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee
in such judicial adjudication or arbitration. If it shall be determined in such judicial
adjudication or arbitration that Indemnitee is entitled to receive part but not all of the
indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection
with such judicial adjudication or arbitration shall be appropriately prorated.

(e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be
charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of
Maryland for amounts which the Company pays or is obligated to pay hereunder for the period
commencing with the date on which Indemnitee requests indemnification, reimbursement or advance of
any Expenses and ending on the date such payment is made to Indemnitee by the Company.

Section 12. Defense of the Underlying Proceeding.

(a) Indemnitee shall notify the Company promptly in writing upon being served with any
summons, citation, subpoena, complaint, indictment, request or other document relating to any
Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of
the facts underlying the Proceeding. The failure to give any such notice shall not disqualify
Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to
indemnification or the advance of Expenses under this Agreement unless the Company’s ability to
defend in such Proceeding or to obtain proceeds under any insurance policy is materially and
adversely prejudiced thereby, and then only to the extent the Company is thereby actually so
prejudiced.

(b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c)
below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise
to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any
such decision to defend within 15 calendar days following receipt of notice of any such Proceeding
under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee,
which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance
reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or
limitation on Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee
under Section 11 of this Agreement.

 

-9-

 

(c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or
counterclaims to assert with respect to any issue which may not be consistent with other defendants
in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved
by the Company, which approval shall not be unreasonably withheld, that an actual or apparent
conflict of interest or potential conflict of interest exists between Indemnitee and the Company,
or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner,
Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice,
subject to the prior approval of the Company, which shall not be unreasonably withheld, at the
expense of the Company. In addition, if the Company fails to comply with any of its obligations
under this Agreement or in the event that the Company or any other person takes any action to
declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have
the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company,
which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)
of this Agreement), to represent Indemnitee in connection with any such matter.

Section 13. Non-Exclusivity; Survival of Rights; Subrogation.

(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors,
or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with
respect to such action or inaction is raised prior or subsequent to such amendment, alteration or
repeal. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right or remedy shall be cumulative and in addition to every other right or
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent
assertion or employment of any other right or remedy.

(b) In the event of any payment 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 take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

 

-10-

 

Section 14. Insurance. The Company will use its reasonable best efforts to acquire
directors and officers liability insurance, on terms and conditions deemed appropriate by the Board
of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or
advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by
reason of Indemnitee’s Corporate Status. Without in any way limiting any other obligation under
this Agreement, the Company shall indemnify Indemnitee for
any payment by Indemnitee arising out of the amount of any deductible or retention and the
amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses
incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred
to in the previous sentence. The purchase, establishment and maintenance of any such insurance
shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under
this Agreement except as expressly provided herein, and the execution and delivery of this
Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or
obligations of the Company under any such insurance policies. If, at the time the Company receives
notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a
witness or otherwise) the Company has director and officer liability insurance in effect, the
Company shall give prompt notice of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies.

Section 15. Coordination of Payments. The Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

Section 16. Reports to Stockholders. To the extent required by the MGCL, the Company
shall report in writing to its stockholders the payment of any amounts for indemnification of, or
advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the
right of the Company with the notice of the meeting of stockholders of the Company next following
the date of the payment of any such indemnification or advance of Expenses or prior to such
meeting.

Section 17. Duration of Agreement; Binding Effect.

(a) This Agreement shall continue until and terminate on the later of (i) the date that
Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or
as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of
any other foreign or domestic corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise that such person
is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee
is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto
and any Proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement).

(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this
Agreement shall be binding upon and be enforceable by the parties hereto and their respective
successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of
the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving
in such capacity at the request of the Company, and shall inure to the benefit of
Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and
other legal representatives.

 

-11-

 

(c) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

(d) The Company and Indemnitee agree herein that a monetary remedy for breach of this
Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further
agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by
seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from
seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall
further be entitled to such specific performance and injunctive relief, including temporary
restraining orders, preliminary injunctions and permanent injunctions, without the necessity of
posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the
absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the
Company hereby waives any such requirement of such a bond or undertaking.

Section 18. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision
held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 19. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. One such counterpart signed by the party
against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement.

Section 20. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

-12-

 

Section 21. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

Section 22. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand
and receipted for by the party to whom said notice or other communication shall have been directed
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed:

(a) If to Indemnitee, to the address set forth on the signature page hereto.

(b) If to the Company, to its corporate headquarters, attention General Counsel.

or to such other address as may have been furnished in writing to Indemnitee by the Company or to
the Company by Indemnitee, as the case may be.

Section 23. Governing Law. The parties agree that this Agreement shall be governed
by, and construed and enforced in accordance with, the laws of the State of Maryland, without
regard to its conflicts of laws rules.

Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include
usage of the feminine pronoun where appropriate.

Section 25. Termination of Prior Agreement. The parties agree that this Agreement
shall supersede any prior indemnification agreements and that the Indemnification Agreement, dated
as of June 1, 2005, is hereby terminated and of no further effect.

[SIGNATURE PAGE FOLLOWS]

 

-13-

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	DIAMONDROCK HOSPITALITY COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 
	 	 	Title:  	 
	 
	 	DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP

 	 
	 	By:  	DiamondRock Hospitality Company,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Name:  	 
	 	 	 	Title:  	 
	 
	 	INDEMNITEE

 	 
	 	 	 
	 	Name:  	 	 
	 	Address: 	 

 

-14-

 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

The Board of Directors of                                         

Re: Undertaking to Repay Expenses Advanced

Ladies and Gentlemen:

This undertaking is being provided pursuant to that certain Indemnification Agreement dated
the                      day of                                         , 20         , by and between                                         , a Maryland
corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of
Proceeding] (the “Proceeding”).

Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged
actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all
times, insofar as I was involved as [a director] [an officer] of the Company, in any of the facts
or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate
dishonesty, (2) did not receive any improper personal benefit in money, property or services and
(3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or
omission by me was unlawful.

In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and
related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I
hereby agree that if, in connection with the Proceeding, it is established that (1) an act or
omission by me was material to the matter giving rise to the Proceeding and (a) was committed in
bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an
improper personal benefit in money, property or services or (3) in the case of any criminal
proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall
promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters
in the Proceeding as to which the foregoing findings have been established.

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this                      day of
                    ,
20         .

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