Document:

Golden Elephant Glass Technology, Inc. - Exhibit 10.6 - Prepared By TNT
Filings Inc.

  

  

 

Exhibit 10.6

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”), dated as of the 24th day of February, 2009 is made by and between Golden Elephant Glass Technology, Inc., a Nevada corporation (the “Company”), and He Li, an independent director of the Company (the “Indemnitee”).

 

RECITALS

 

A.

The Company and the Indemnitee recognize that the present state of the law is too uncertain to provide the Company’s officers and directors with adequate and reliable advance knowledge or guidance with respect to the legal risks and potential liabilities to which they may become personally exposed as a result of performing their duties for the Company;

 

B.

The Company and the Indemnitee are aware of the substantial growth in the number of lawsuits filed against corporate officers and directors in connection with their activities in such capacities and by reason of their status as such;

 

C.

The Company and the Indemnitee recognize that the cost of defending against such lawsuits, whether or not meritorious, is typically beyond the financial resources of most officers and directors of the Company;

 

D.

The Company and the Indemnitee recognize that the legal risks and potential liabilities, and the threat thereof, associated with proceedings filed against the officers and directors of the Company bear no reasonable relationship to the amount of compensation received by the Company’s officers and directors;

 

E.

The Company, after reasonable investigation prior to the date hereof, has determined that the liability insurance coverage available to the Company as of the date hereof is inadequate, unreasonably expensive or both.  The Company believes, therefore, that the interest of the Company and its current and future stockholders would be best served by a combination of (i) such insurance as the Company may obtain pursuant to the Company’s obligations hereunder and (ii) a contract with its officers and directors, including the Indemnitee, to indemnify them to the fullest extent permitted by law (as in effect on the date hereof, or, to the extent any amendment may expand such permitted indemnification, as hereafter in effect) against personal liability for actions taken in the performance of their duties to the Company;

 

F.

Section 78.7502 of the Nevada Revised Statutes empowers Nevada corporations to indemnify their officers and directors and further states that the indemnification provided by Section 78.7502 shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office; thus, Section 78.7502 does not by itself limit the extent to which the Company may indemnify persons serving as its officers and directors;

 

G.

The Company’s Articles of Incorporation and Bylaws authorize the indemnification of the officers and directors of the Company in excess of that expressly permitted by Section 78.7502;

 

 

H.

The Board of Directors of the Company has concluded that, to retain and attract talented and experienced individuals to serve as officers and directors of the Company and to encourage such individuals to take the business risks necessary for the success of the Company, it is necessary for the Company to contractually indemnify its officers and directors, and to assume for itself liability for expenses and damages in connection with claims against such officers and directors in connection with their service to the Company, and has further concluded that the failure to provide such contractual indemnification could result in great harm to the Company and its stockholders;

 

I.

The Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company, free from undue concern for the risks and potential liabilities associated with such services to the Company; and

 

J.

The Indemnitee is willing to serve, or continue to serve, the Company, provided, and on the expressed condition, that the Indemnitee is furnished with the indemnification provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, the Company and Indemnitee agree as follows:

 

1.

DEFINITIONS.

 

(a)

“EXPENSES” means, for the purposes of this Agreement, all direct and indirect costs of any type or nature whatsoever (including, without limitation, any fees and disbursements of Indemnitee’s counsel, accountants and other experts and other out-of-pocket costs) actually and reasonably incurred by the Indemnitee in connection with the investigation, preparation, defense or appeal of a Proceeding; provided, however, that Expenses shall not include judgments, fines, penalties or amounts paid in settlement of a Proceeding.

 

(b)

“PROCEEDING” means, for the purposes of this Agreement, any threatened, pending or completed  action or  proceeding,  whether  civil, criminal, administrative or investigative (including an action brought by or in the right of the Company) in which Indemnitee may be or may have been involved as a party or otherwise, by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by Indemnitee or of any inaction on his or her part while acting as such director or officer or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise, or was a director or officer of the foreign or domestic corporation which was a predecessor corporation to the Company or of another enterprise at the request of such predecessor corporation, whether or not he or she is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement.

 

2.

AGREEMENT TO SERVE.  Indemnitee agrees to serve or continue to serve as a director or officer of the Company to the best of his or her abilities at the will of the Company or under separate contract, if such contract exists, for so long as Indemnitee is duly elected or appointed and qualified or until such time as the Indemnitee tenders his or her resignation in writing.  Nothing contained in this Agreement is intended to create in Indemnitee any right to continued employment. 

3.

INDEMNIFICATION.

 

(a)

THIRD PARTY PROCEEDINGS.  The Company shall indemnify Indemnitee against Expenses, judgments, fines, penalties or amounts paid in settlement (if the settlement is approved in advance by the Company) actually and reasonably incurred by Indemnitee in connection with a Proceeding (other than a Proceeding by or in the right of the Company) if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.  The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in the best interests of the Company, or, with respect to any criminal Proceeding, had no reasonable cause to believe that Indemnitee's conduct was unlawful.

 

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(b)

PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY.  To the fullest extent permitted by law, the Company shall indemnify Indemnitee against Expenses and amounts paid in settlement, actually and reasonably incurred by Indemnitee in connection with a Proceeding by or in the right of the Company to procure a judgment in its favor if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the Company and its stockholders.  Notwithstanding the foregoing, no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged liable to the Company in the performance of Indemnitee’s duty to the Company and its stockholders unless and only to the extent that the court in which such action or Proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for Expenses and then only to the extent that the court shall determine.

 

(c)

SCOPE.  Notwithstanding any other provision of this Agreement but subject to Section 14(b), the Company shall indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by other provisions of this Agreement, the Company’s Articles of Incorporation, the Company’s Bylaws or by statute.

 

4.

LIMITATIONS ON INDEMNIFICATION.  Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:
 

 

(a)

EXCLUDED ACTS.  To indemnify Indemnitee for any acts or omissions or transactions from which a director may not be relieved of liability under applicable law;

 

(b)

EXCLUDED INDEMNIFICATION PAYMENTS.  To indemnify or advance Expenses in violation of any prohibition or limitation on indemnification under the statutes, regulations or rules promulgated by any state or federal regulatory agency having jurisdiction over the Company;

 

(c)

CLAIMS INITIATED BY INDEMNITEE.  To indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 78.7502 of the Nevada Revised Statutes, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors has approved the initiation or bringing of such suit;

 

(d)

LACK OF GOOD FAITH.  To indemnify Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or  interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in such Proceeding was not made in good faith or was frivolous;
 

 

(e)

INSURED CLAIMS.  To indemnify Indemnitee for Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to or on behalf of Indemnitee by an insurance carrier under a policy of directors’ and officers’ liability insurance maintained by the Company or any other policy of insurance maintained by the Company or Indemnitee; or

 

-3-

 

 

(f)

CLAIMS UNDER SECTION 16(b).  To indemnify Indemnitee for Expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.
 

 

5.

DETERMINATION OF RIGHT TO INDEMNIFICATION.  Upon receipt of a written claim addressed to the Board of Directors for indemnification pursuant to Section 3, the Company shall determine by any of the methods set forth in Section 78.751 of the Nevada Revised Statutes whether Indemnitee has met the applicable standards of conduct which makes it permissible under applicable law to indemnify Indemnitee.  If a claim under Section 3 is not paid in full by the Company within ninety (90) days after such written claim has been received by the Company, the Indemnitee may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, unless such action is dismissed by the court as frivolous or brought in bad faith, the Indemnitee shall be entitled to be paid also the expense of prosecuting such claim.  The court in which such action is brought shall determine whether Indemnitee or the Company shall have the burden of proof concerning whether Indemnitee has or has not met the applicable standard of conduct.

 

6.

ADVANCEMENT AND REPAYMENT OF EXPENSES.  Subject to Section 4 hereof, the Expenses incurred by Indemnitee in defending and investigating any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding within 30 days after receiving from Indemnitee the copies of invoices presented to Indemnitee for such Expenses, if Indemnitee shall provide an undertaking to the Company to repay such amount to the extent it is ultimately determined that Indemnitee is not entitled to indemnification.  In determining whether or not to make an advance hereunder, the ability of Indemnitee to repay shall not be a factor.  Notwithstanding the foregoing, in a proceeding brought by the Company directly, in its own right (as distinguished from an action bought derivatively or by any receiver or trustee), the Company shall not be required to make the advances called for hereby if the Board of Directors determines, in its sole discretion, that it does not appear that Indemnitee has met the standards of conduct which make it permissible under applicable law to indemnify Indemnitee and the advancement of Expenses would not be in the best interests of the Company and its stockholders.

7.

PARTIAL INDEMNIFICATION.  If the Indemnitee is entitled under any provision of this Agreement to indemnification or advancement by the Company of some or a portion of any Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, penalties, and amounts paid in settlement) incurred by him in the investigation, defense, settlement or appeal of a Proceeding, but is not entitled to indemnification or advancement of the total amount thereof, the Company shall nevertheless indemnify or pay advancements to the Indemnitee for the portion of such Expenses or liabilities to which the Indemnitee is entitled.
 

 

8.

NOTICE TO COMPANY BY INDEMNITEE.  Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof; provided, however, that any delay in so notifying the Company shall not constitute a waiver by Indemnitee of her rights hereunder.  The written notification to the Company shall be addressed to the Board of Directors and shall include a description of the nature of the Proceeding and the facts underlying the Proceeding and be accompanied by copies of any documents filed with the court in which the Proceeding is pending.  In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power.

 

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9.

MAINTENANCE OF LIABILITY INSURANCE.  

 

(a)

Subject to Section 4 hereof, the Company hereby agrees that so long as Indemnitee shall continue to serve as a director or officer of the Company and thereafter so long as Indemnitee shall be subject to any possible Proceeding, the Company, subject to Section 9(b), shall use reasonable commercial efforts to obtain and maintain in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) which provides Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’ directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but is an officer.

 

(b)

Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or the Indemnitee is covered by similar insurance maintained by a subsidiary or parent of the Company.

 

(c)

If, at the time of the receipt of a notice of a claim pursuant to Section 8 hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
 

 

10.

DEFENSE OF CLAIM.  In the event that the Company shall be obligated under Section 6 hereof to pay the Expenses of any Proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its election to do so.  After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, provided that (i) Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, or (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.

 

11.

ATTORNEYS’ FEES.  In the event that Indemnitee or the Company institutes an action to enforce or interpret any terms of this Agreement, the Company shall reimburse Indemnitee for all of the Indemnitee’s reasonable fees and expenses in bringing and pursuing such action or defense, unless as part of such action or defense, a court of competent jurisdiction determines that the material assertions made by Indemnitee as a basis for such action or defense were not made in good faith or were frivolous.

 

12.

CONTINUATION OF OBLIGATIONS.  All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, fiduciary, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, and shall continue thereafter so long as the Indemnitee shall be subject to any possible proceeding by reason of the fact that Indemnitee served in any capacity referred to herein.

 

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13.

SUCCESSORS AND ASSIGNS.  This Agreement establishes contract rights that shall be binding upon, and shall inure to the benefit of, the successors, assigns, heirs and legal representatives of the parties hereto.

 

14.

NON-EXCLUSIVITY.

 

(a)

The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed to be exclusive of any other rights that the Indemnitee may have under any provision of law, the Company’s Articles of Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested directors, other agreements or otherwise, both as to action in the Indemnitee’s official capacity and action in another capacity while occupying the Indemnitee’s position as a director or officer of the Company.

 

(b)

In the event of any changes, after the date of this Agreement, in any applicable law, statute, or rule which expand the right of a Nevada corporation to indemnify its officers and directors, the Indemnitee’s rights and the Company’s obligations under this Agreement shall be expanded to the full extent permitted by such changes.  In the event of any changes in any applicable law, statute or rule, which narrow the right of a Nevada corporation to indemnify a director or officer, such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

 

15.

EFFECTIVENESS OF AGREEMENT.  To the extent that the indemnification permitted under the terms of certain provisions of this Agreement exceeds the scope of the indemnification provided for in the Nevada Revised Statutes, such provisions shall not be effective unless and until the Company’s Articles of Incorporation authorize such additional rights of indemnification.  In all other respects, the balance of this Agreement shall be effective as of the date set forth on the first page and may apply to acts of omissions of Indemnitee which occurred prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, at the time such act or omission occurred.

 

16.

SEVERABILITY.  Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law.  The Company’s inability,  pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.  The provisions of this Agreement shall be severable as provided in this Section 16.  If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

17.  GOVERNING LAW.  This Agreement shall be interpreted and enforced in accordance with the laws of the State of Nevada, without reference to its conflict of law principals.  To the extent permitted by applicable law, the parties hereby waive any provisions of law which render any provision of this Agreement unenforceable in any respect.
 

 

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18.

NOTICE.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage prepaid, on the third business day after the mailing date.  Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice.

 

19.

MUTUAL ACKNOWLEDGMENT.  Both the Company and Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise.  Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the appropriate state or federal regulatory agency to submit for approval any request for indemnification, and has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

20.

COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

21.

AMENDMENT AND TERMINATION.  No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto.

 

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year set forth above.

 

 

GOLDEN ELEPHANT GLASS TECHNOLOGY, INC.

 

 

BY: /s/ Lihui Song

Name: Lihui Song

Title: President and Chief Executive Officer

 

 

Address:

123 Chuangye Road

Haizhou District

Fuxin City, Liaoning

People’s Republic of China

 

 

INDEMNITEE

 

 

/s/ He Li

Name: He Li

 

 

Address:

3508/97 Liverpool, St

Sydney, Nsw 2000   

Australia

 

-8-Exhibit 10.1

INDEMNIFICATION AGREEMENT

     This
Indemnification Agreement ("Agreement"), dated as
of                                        ,
2008, is between WEST COAST BANCORP (the "Corporation"), West Coast Bank (the
"Bank"), the Corporation's wholly owned banking subsidiary, and ("Indemnitee").

RECITALS 

	A.	Indemnitee is a member of the board of
      directors or officer of the Corporation and/or one or more of its
      affiliate corporations, including the Bank, performing valuable services
      for the Corporation and the Bank. 
	              
    	
	B.	The Corporation's Articles of
      Incorporation ("Articles") and Bylaws ("Bylaws") include provisions
      governing the indemnification of directors, officers, agents and employees
      of the Corporation in accordance with the Oregon Business Corporation Act
      (the "Act"). 
	 
	C.	The Articles, Bylaws and the Act, by
      their non-exclusive nature, permit contracts between the Corporation and
      its directors and officers to indemnify and advance expenses to those
      directors and officers. 
	 
	D.	The Corporation has purchased and
      maintains a policy or policies of Directors and Officers Liability
      Insurance ("D & O Insurance") covering certain liabilities that may be
      incurred by its directors and officers in the performance of their
      duties. 
	 
	E.	Due to changes in the terms, scope and
      availability of D & O Insurance, and the potential scenarios under
      which it is possible that liability may be asserted against a corporate or
      bank director, uncertainty may exist as to the sufficiency of protection
      afforded directors and officers under such D & O Insurance.
  
	 
	F.	To induce Indemnitee to continue
      service, and effectively carry out his or her duties, as a director or
      officer of the Corporation and/or one or more of its affiliate
      corporations, including the Bank, the Corporation and the Bank desire to
      enter this contract with Indemnitee. 

     Therefore, in consideration of Indemnitee's continued service as a
director, officer or other agent of the Corporation, the Bank, and/or one or
more other subsidiaries of the Corporation, the parties agree as follows:

AGREEMENT 

	1.	INDEMNITY. The Corporation agrees to
      hold harmless and indemnify Indemnitee: 
	              
    	 
	
      to the fullest extent permitted or required under
      Section 60.387 to 60.414 of the Act, and 12 U.S.C. 1828(k), as each may be
      amended from time to time (provided that no such amendment that reduces
      the indemnification required thereunder to be provided to Indemnitee shall
      be deemed to adversely affect any of Indemnitee’s rights to
      indemnification or otherwise hereunder), and any successor to such
      provisions as may be enacted from time to time; and

      against any and all expenses (including attorneys'
      fees), witness fees, losses, claims, liabilities, judgments, fines, ERISA
      excise taxes, and amounts paid in settlement actually and reasonably
      incurred by Indemnitee in connection with any threatened, pending or
      completed action, suit, arbitration, alternative dispute resolution
      mechanism, investigation or administrative hearing or other proceeding,
      whether civil, criminal, administrative or investigative (including an
      action by or in the right of the Corporation) to which Indemnitee is, was
      or at any time becomes a party, or is threatened to be made a party, by
      reason of the fact that Indemnitee is, was or at any time becomes a
      director, officer, partner, trustee, administrator, committee member,
      employee or agent of the Corporation, or is or was serving or at any time
      serves at the request of the Corporation as a director, officer, partner,
      trustee, administrator, committee member, employee or agent of any (i)
      other corporation, including without limitation a corporate affiliate of
      the Corporation, (ii) partnership, (iii) joint venture, (iv) trust, (v)
      employee benefit plan or (vii) other
enterprise.

	2.	LIMITATIONS ON ADDITIONAL INDEMNITY. No
      indemnity under Section 1 will be paid or provided by the
      Corporation: 
	              
    	
	
      for expenses or liabilities to the extent actually paid
      to the Indemnitee under any D & O Insurance purchased and maintained
      by the Corporation;

      on account of any action, suit or proceeding brought by
      or on behalf of the Corporation in which judgment is rendered holding the
      Indemnitee liable to the Corporation, except to the extent otherwise
      permitted by law;

      on account of Indemnitee's conduct which is finally
      adjudged to be not in good faith, willful misconduct, or a knowing
      violation of law; 

      on account of Indemnitee's conduct which is the subject
      of an action, suit or proceeding described in Section 6(c)(ii);

      on account of any action, claim or proceeding (other
      than a proceeding referred to in Section 7(b)) initiated by the Indemnitee
      unless such action, claim or proceeding is specifically authorized by
      action of the Corporation's board of directors;

      on account of any action, claim or proceeding referred
      to in Section 8(b) which action is finally adjudged to be frivolous or
      made not in good faith;

      on account of any liability arising under Section 16(b)
      of the Securities Exchange Act of 1934 and amendments thereto or any
      similar provision of federal or state statutory law;

      on account of a proceeding charging improper personal
      benefit to Indemnitee in which Indemnitee was adjudged liable on the basis
      that personal benefit was improperly received; or

      if a final decision by a Court having jurisdiction in
      the matter determines that such indemnification is not lawful.
    

	3.	MUTUAL ACKNOWLEDGMENT. The parties
      acknowledge that, in certain instances, federal laws and regulations or
      public policy may supplement, change or override applicable state law and
      may in some cases even prohibit the Corporation and/or the Bank from
      indemnifying Indemnitee. For example, Indemnitee acknowledges that the
      Securities and Exchange Commission (the "SEC") takes the position that
      indemnification is not permitted for liabilities arising under certain
      federal securities laws, and federal legislation prohibits indemnification
      for certain ERISA violations, and that it is possible that the SEC could
      seek to enforce this position with respect to indemnification proposed to
      be made by the Corporation.
	              
    	 
	4.	CONTINUATION OF OBLIGATIONS. Under this
      Agreement the Corporation is obligated to Indemnitee for any period
      Indemnitee is or was a director, officer, employee or agent of the
      Corporation (or is or was serving at the request of the Corporation as a
      director, officer, partner, trustee, administrator, committee member,
      employee or agent of another (i) corporation, including without
      limitation, a corporate affiliate of Corporation, (ii) partnership, (iii)
      joint venture, (iv) trust, (v) employee benefit plan or (vi) other
      enterprise). Furthermore, this obligation will continue after
      Indemnittee's service as a director, officer, employee or other agent
      terminates and so long as Indemnitee may be subject to any possible claim
      or threatened, pending or completed action, suit or proceeding, whether
      civil, criminal or investigative, by reason of the fact that Indemnitee
      was a director or an officer of the Corporation or was serving at the
      Corporation's request as a director, officer, partner, trustee,
      administrator, committee member, employee or agent of another (i)
      corporation, including without limitation, a corporate affiliate of
      Corporation, (ii) partnership, (iii) joint venture, (iv) trust, (v)
      employee benefit plan or (vi) other
enterprise.

	5.	
      NOTIFICATION AND DEFENSE OF CLAIM.
      Within 30 days after Indemnitee receives any notice of the commencement of
      any action, suit, or proceeding, Indemnitee will notify the Corporation of
      it, if a claim with respect to the action may be made against the
      Corporation under this Agreement. The failure to so notify the Corporation
      will not relieve the Corporation from any liability it may have to
      Indemnitee (a) under authority other than this Agreement or (b) except to
      the extent that the Corporation is actually prejudiced with respect to
      such action, suit or proceeding as a result of such failure of
      notification. With respect to any action, suit or proceeding of which
      Indemnitee timely notifies the Corporation: 

		 
	
      the Corporation is entitled to participate at its own
      expense;

      except as otherwise provided below, the Corporation
      (jointly with any other indemnifying party similarly notified) is entitled
      to assume the defense of the action with counsel reasonably satisfactory
      to Indemnitee; and

      the Corporation is not liable to indemnify Indemnitee
      under this Agreement for any amounts paid in settlement of any action or
      claim that is effected without its written consent. 

		 
		
      After notice from the Corporation to
      Indemnitee of its election to assume the defense of the action and
      acknowledging its obligations hereunder, the Corporation, provided that it
      complies with its indemnification obligations hereunder, will not be
      further liable to Indemnitee under this Agreement for any legal or other
      expenses subsequently voluntarily incurred by Indemnitee in connection
      with the defense of the action, other than reasonable costs of
      investigation or as otherwise provided below. Indemnitee may employ its
      counsel in such action (and the Corporation shall cause its counsel to
      cooperate reasonably with such counsel employed by Indemnitee) but the
      fees and expenses of such counsel incurred after notice from the
      Corporation of its assumption of the defense will be at the expense of
      Indemnitee unless (i) Indemnitee's employment of counsel is authorized by
      the Corporation, (ii) Indemnitee reasonably concludes that there may be a
      conflict of interest between the Corporation and Indemnitee in the conduct
      of the defense of such action or (iii) the Corporation has not employed
      counsel to assume the defense of such action, in each of which cases the
      fees and expenses of Indemnitee's separate counsel will be at the expense
      of the Corporation. The Corporation is not entitled to assume the defense
      of any action, suit, or proceeding brought by or on behalf of the
      Corporation or as to which Indemnitee has made the conclusion provided for
      in (ii) above.

      The Corporation is permitted to settle
      any action except that it may not settle any action or claim in any manner
      which would impose any penalty or limitation on Indemnitee without
      Indemnitee's written consent. Neither the Corporation nor Indemnitee will
      unreasonably withhold its consent to any proposed settlement.
    

	              
    	 
	6.      	ADVANCEMENT AND REPAYMENT OF
      EXPENSES. 
		 
	
      If Indemnitee employs his/her own counsel, the cost of
      which is to be indemnified by the Corporation under Section 5, the
      Corporation will advance to Indemnitee any and all reasonable expenses
      (including legal fees and expenses) incurred in investigating or defending
      any such action, suit or proceeding. These expenses must be advanced
      promptly before any final disposition of any threatened or pending action,
      suit or proceeding, whether civil, criminal, administrative or
      investigative and in event no later than 10 days after receiving copies of
      invoices presented to Indemnitee for such expenses. Indemnitee’s
      entitlement to such advancement of Expenses shall include those incurred
      in connection with any Proceeding by
      Indemnitee seeking an adjudication or award in arbitration pursuant to
      this Agreement. 

      Advancement of expenses pursuant to (a) above is
      conditioned on Indemnitee furnishing the Corporation with: (i) a written
      affirmation of the Indemnitee's good faith belief that Indemnitee is
      entitled to be indemnified by the Corporation and (ii) an agreement that
      Indemnitee will reimburse the Corporation for all reasonable expenses paid
      by the Corporation in defending any civil or criminal action, suit or
      proceeding against Indemnitee if, and only to the extent that, it is
      ultimately determined by a final judicial decision (from which there is no
      right of appeal) that Indemnitee is not entitled to be indemnified by the
      Corporation for such expenses. 

      The Corporation is not required to advance expenses to
      Indemnitee if Indemnitee (i) commences any action, suit or proceeding as a
      plaintiff, unless such advance is specifically approved by a majority of
      the Corporation's board of directors or (ii) is a party to an action, suit
      or proceeding brought in good faith by the Corporation and approved by a
      majority of the Corporation's board which alleges willful misappropriation
      of corporate assets by Indemnitee, disclosure of confidential information
      by Indemnitee in violation of Indemnitee's fiduciary or contractual
      obligations to the Corporation, or any other willful, deliberate and
      material breach by Indemnitee of Indemnitee's duty to the Corporation, its
      affiliates, or its shareholders.

	7. 	BANK OBLIGATION. Subject to the
      limitations set forth in this Agreement or as may be imposed by applicable
      laws or regulations, the Bank jointly agrees to provide indemnity and
      advance or pay expenses to Indemnitee under the terms of this Agreement,
      without Indemnitee first having to proceed against the Corporation, so
      long as the Bank's board of directors has not in good faith determined in
      writing, after due investigation and consideration, that indemnity or
      advance or payment will materially adversely affect the Bank's safety and
      soundness. 
	              
    	
	8.	ENFORCEMENT. 
	 
	 	The Corporation and the Bank each
      confirm that they have each entered into this Agreement to induce
      Indemnitee to continue as a director or an officer of the Corporation, the
      Bank, and one or more other affiliates of the Corporation, and
      acknowledges that Indemnitee is relying upon this Agreement in continuing
      in such capacities. 
	 
	 	If Indemnitee successfully brings any
      action to enforce rights or to collect moneys due under this Agreement,
      the Corporation will reimburse Indemnitee for all Indemnitee's reasonable
      fees and expenses in bringing and pursuing such action. 
	 
	9.	SUBROGATION. If the Corporation or the
      Bank pays Indemnitee under this Agreement, the Corporation will be
      subrogated to the extent of such payment to all of the rights of recovery
      of Indemnitee, who agrees to execute all documents required and, at the
      expense of the Corporation, to do all acts necessary to secure such rights
      and to enable the Corporation and the Bank effectively to bring suit to
      enforce such rights. 
	 
	10.	NON-EXCLUSIVITY OF RIGHTS. The rights
      conferred on Indemnitee by this Agreement are not exclusive of any other
      right which Indemnitee may have or hereafter acquire under any statute,
      provision of the Articles or Bylaws, agreement, vote of shareholders or a
      resolution of directors, or otherwise, both as to action in his/her
      official capacity and as to action in another capacity while holding
      office. 
	 
	11.	SURVIVAL OF RIGHTS. The rights conferred
      on Indemnitee by this Agreement continue after Indemnitee ceases to be a
      director, officer, employee, or other agent of the Corporation and will
      inure to the benefit of Indemnitee's heirs, executors, and administrators.
      No reduction or limitation of any exculpation or indemnification right
      pursuant to any provision of the Articles or Bylaws, or of any agreement
      or vote of shareholders or directors, based on the fact that Indemnitee is
      no longer serving as a director, officer, employee or other agent of the
      Corporation shall be deemed to reduce or limit any of Indemnitee’s rights
      hereunder. 
	 
	12.	SEPARABILITY. Each provision of this
      Agreement is a separate and distinct agreement independent of others. If
      any provision is held to be invalid or unenforceable for any reason, such
      invalidity or unenforceability will not affect the validity or
      enforceability of the other provisions or the obligation of the
      Corporation to indemnify the Indemnitee to the full extent provided by the
      Articles, Bylaws or the Act. 
	 
	13.	GOVERNING LAW. This Agreement is
      interpreted and enforced in accordance with the laws of the State of
      Oregon, without regard to its conflicts of law rules.

	14.	BINDING EFFECT. This Agreement is
      binding upon Indemnitee and upon the Corporation, its successors and
      assigns, and inures to the benefit of Indemnitee, his/her heirs, personal
      representatives, and assigns and to the benefit of the Corporation, its
      successors and assigns.
	              	
	15.	AMENDMENT AND TERMINATION. No amendment,
      modification, termination, or cancellation of this Agreement is effective
      unless in writing signed by both parties.
	 

[Remainder of Page
Intentionally Blank]

     IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of 

       , 2008: 

	WEST COAST
      BANCORP  
	 
	 	 	 	 
	 
	Robert D.
      Sznewajs  
	 
	President
      and CEO  
	 
	 
	 
	WEST COAST
      BANK  
	 
	 	 	 
	 
	Robert D.
      Sznewajs  
	 
	President
      and CEO  
	 
	 
	 
	INDEMNITEE

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