Document:

altair_8k-ex1001.htm

    Exhibit 10.1

      

      EMPLOYMENT
AGREEMENT

      (Level
12 Officer)

      

      THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into as of June 16, 2008 by and among Altairnano, Inc.,
a Nevada corporation (the “Company”), Altair Nanotechnologies Inc., a Canadian
corporation (“Parent”; together with the Company and all direct or indirect
majority-owned subsidiaries of the Parent, the “Consolidated Companies”; each, a
“Consolidated Company”), and C. Robert Pedraza, an individual
(“Employee”).

      

      RECITALS

      

      A.    The Company is a
wholly-owned indirect subsidiary of Parent and holds a substantial portion of
the operating assets of the Consolidated Companies.

      

      B.    Parent and the
Company desire to retain Employee as an employee of a Consolidated Company
subject to the terms and conditions of this Agreement.

      

      C.    Employee desires to
be retained as an employee of a Consolidated Company subject to the terms and
conditions of this Agreement.

      

      NOW, THEREFORE, in consideration of
this Agreement and of the covenants and conditions contained in this Agreement,
the parties hereto agree as follows:

      

      1.    Employment; Location.
The Company hereby employs Employee during the Term, and Employee hereby accepts
such employment.  The initial “Place of Employment” for Employee shall
include either Washoe County in the State of Nevada or Bucks County in the State
of Pennsylvania provided that Employee is available at the Company headquarters
in Reno, Nevada on a sufficiently regular basis in order to perform his
duties.  If the Company requests that Employee relocate and Employee
agrees to such request, the relocated place of employment shall thereafter be
the “Place of Employment.”

      

      2.    Term.  The
term of this Agreement (the “Term”) shall commence on the date first set forth
above (the “Effective Date”).  The Term shall terminate upon the
earlier to occur of (i) the Expiration Date (as defined below), and (ii) the
termination of Employee’s employment with all of the Consolidated
Companies.  The initial Expiration Date shall be the two-year
anniversary of the Effective Date.  Unless the Company or Employee
provides the other with at least ninety (90) days advance written notice prior
to the initial Expiration Date (and each Expiration Date thereafter) of its
intention not to renew this term of Agreement following the then-current
Expiration Date, the Expiration Date shall automatically be changed to the
two-year anniversary of the then-current Expiration Date. Notwithstanding
anything in this Agreement to the contrary, Sections 7 and 8 shall survive
termination of this Agreement and expiration of the Term for the time periods
set forth therein, and this sentence and all provisions related to the
interpretation or enforcement of, and disputes under, this Agreement shall
survive until the expiration of the last applicable statute of
limitations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.    Duties.  Employee’s
title shall be Vice President Corporate Strategy of Parent. Employee's duties
shall include such duties as are specifically assigned or delegated to Employee
by the Board of Directors of any Consolidated Company (any such Board of
Directors, the “Board”) and such other duties as are typically performed by an
employee with the same position as Employee.  Employee acknowledges
that, subject to Section 6.3(c), the Board may change, increase or decrease
Employee’s title, position and/or duties from time to time its discretion and
may appoint Employee as an employee of another Consolidated Company, which
employment is governed by this Agreement.  Employee shall diligently
execute his or her duties and shall devote his or her full time, skills and
efforts to such duties during ordinary working hours. Employee
shall faithfully adhere to, execute and fulfill all lawful policies established
from time to time by the Consolidated Companies.

      

      4.    Compensation and
Benefits.  The Company shall pay Employee, and Employee accepts
as full compensation for all services to be rendered to all Consolidated
Companies, the following compensation and benefits:

      

      4.1           Base
Salary.  During the Term, the Company shall pay Employee an
annual base salary per year in an amount not less than $190,000. Such annual
base salary shall be payable in accordance with the Company's customary pay
schedule.  During the Term, the base salary of Employee shall not be
reduced below the minimum required by this Section.

      

      4.2           Stock
Options.   During the period of Employee’s employment with
a Consolidated Company, Parent has granted, and in the future may from time to
time grant, to Employee options to purchase common shares of Parent and/or issue
to Employee common shares that are subject to rights of forfeiture or repurchase
under certain terms and conditions (such options or shares, “Equity
Awards”).  Parent agrees that agreements governing any past Equity
Awards shall be amended to provide, and that any future Equity Awards shall
provide, that all
otherwise unvested Equity Awards shall, unless otherwise requested by Employee
in writing, immediately vest as of the effective date of the Change of Control
Event.  A “Change of Control Event” means (a) any capital
reorganization, reclassification of the capital stock of Parent, consolidation
or merger of Parent with another corporation in which Parent is not the survivor
(other than a transaction effective solely for the purpose of changing the
jurisdiction of incorporation of Parent), (b) the sale, transfer or other
disposition of all or substantially all of  the Consolidated
Companies’ assets to another entity, (c) the acquisition by a single person (or
two or more persons acting as a group, as a group is defined for purposes of
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended) of more
than 40% of the outstanding common shares of Parent.

      

      4.3           Bonus.  Employee
shall be eligible to receive an annual performance bonus conditioned upon the
achievement of performance measures established by the Board after consultation
with Employee.  The potential amount of the performance bonus for each
fiscal year if all performance measures are met, shall be at least up to sixty
percent (60%) of Employee’s base salary paid for the calendar year to which such
bonus relates.  Employee and the Board shall, prior to the end of the
first month of each calendar year, negotiate in good faith with the objective of
agreeing upon performance objectives and related bonus amounts for the upcoming
fiscal year.  If Employee and the Board are not able to reach a mutual
agreement as to performance objectives, the objectives and amount of any bonus
shall be in the discretion of the Board.

       

      
        
          
          

        

        
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      4.4           Additional
Benefits.  Employee shall be eligible to participate in, and be
subject to, the Consolidated Companies’ employee benefit plans for, and policies
governing, employees, if and when any such plans and policies may be adopted,
including, without limitation, bonus plans, pension or profit sharing plans,
incentive stock plans, and those plans and policies covering life, disability,
health, and dental insurance in accordance with the rules established in the
discretion of the Board for individual participation in any such plans and
policies as may be in effect from time to time.

      

      4.5           Vacation, Sick Leave, and
Holidays.  Beginning on the date hereof, Employee shall be
entitled to vacation, sick leave and holidays at full pay in accordance with the
Consolidated Companies’ policies.

      

      4.6           Deductions.  The
Company shall have the right to deduct from the compensation due to Employee
hereunder and all sums required for social security and withholding taxes and
for any other federal, state or local tax or charge which may be hereafter
enacted or required by law as a charge on any cash or non-cash compensation of
Employee.

       

      5.    Business
Expenses.  The Company shall promptly reimburse Employee for
all reasonable out-of-pocket entertainment and business expenses Employee incurs
in fulfilling Employee’s duties hereunder subject to, and in accordance with,
the general reimbursement policy of the Consolidated Companies in effect from
time to time.

       

      6.    Termination of Employee's
Employment.

      

      6.1           Termination of Employment by
the Company for Cause.  Employee's employment may be terminated
by the Consolidated Companies at any time for “Cause.”  A
determination of whether Employee’s actions justify termination for Cause and
the date on which such termination is effective shall be made in good faith by
the Board of Parent.  A termination of Employee's employment pursuant
to this Section 6.1 shall be effective as of the effective date of the notice by
the Board of Parent to Employee that it has made the required determination, or
as of such subsequent date, if any, as is specified in such
notice.  For purposes of this Agreement, “Cause” shall include (a)
Employee’s material breach of this Agreement, which breach cannot be cured or,
if capable of being cured, is not cured within fifteen (15) days after receipt
of written notice of the need to cure, (b) any act of theft, embezzlement,
conversion or other taking or misuse of the property or opportunities of and
Consolidated Company, (c) any fraudulent or criminal activities, (d) any grossly
negligent or unethical activity, (e) any activity that causes substantial harm
to any Consolidated Companies, its reputation, or to its officers, directors or
employees  (including, without limitation, the illegal possession or
consumption of drugs for which Employee does not have a valid prescription on
property controlled by any Consolidated Company or in the course of performing
services for any Consolidated Company), or (vi) habitual neglect of or
deliberate or intentional refusal to perform Employee’s duties and obligations
under this Agreement.

       

      
        
          
          

        

        
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      6.2           Termination by the Company
Without Cause.  Employee’s employment with each Consolidated
Company is “at will,” any Employee’s employment with any and all Consolidated
Companies is terminable at any time without Cause or any reason of any
kind.  A termination of Employee's employment pursuant to this Section
6.2 shall be effective as of the date specified in the notice of
termination.

      

      6.3           Termination By Employee For
Good Reason.  Employee may terminate his employment with any
and all Consolidated Companies at any time for Good Reason (as defined below),
provided Employee has delivered a written notice to the Board of Parent that
briefly describes the facts underlying Employee's belief that Good Reason exists
and the Company has failed to cure such situation within 15 days of its receipt
of such notice.

      

      For purposes of this Agreement, “Good
Reason” shall mean and consist of: (a) a material breach by the Company of any
of its obligations, duties, agreements, representations or warranties under this
Agreement that cannot be cured or, if capable of being cured, is not cured
within fifteen (15) days after receipt of written notice from the Employee of
the need to cure; (b) without Employee's prior written consent, the Consolidated
Company requires the Employee to relocate Employee's place of employment to any
place other than the Place of Employment as a condition to continued employment
or maintenance of the same or a comparable position with the Consolidated
Companies (provided that reasonable business travel shall not constitute a
relocation of Employee’s place of employment and required relocation shall
constitute Good Reason only following the Consolidated Companies’ notification
of Employee of its requirement that Employee relocate and prior to Employee’s
agreement to relocate his or her place of employment), or (c) during the period
ninety (90) days prior to and one year after a Change of Control Event, a
material adverse change in Employee’s title, position and/or duties within the
Consolidated Companies as a whole.

       

       
6.4           Termination by Employee
Without Good Reason.  Upon not less than 15 day's prior written
notice (which notice shall specify the effective date of the termination),
Employee may terminate his employment with any and all Consolidated Companies by
such notice without Good Reason or any reason of any kind.

      

      6.5           Termination of Employment by
Death.  If Employee dies during the term of employment,
Employee's employment with all Consolidated Companies shall be terminated
effective as of the date of Employee’s death.

      

      6.6           Disability.  The
Company or Employee may terminate Employee's employment with all Consolidated
Companies if Employee shall become unable to fulfill his duties under this
Agreement, as measured by the Consolidated Companies’ usual business
activities,  for the eligibility period set forth in the long-term
disability policy under which Employee is potentially eligible to receive
disability benefits (the “Eligibility Period”) by reason of any medically
determinable physical and/or mental disability determined in accordance with the
procedure in this Section 6.6.  If in the opinion of the Company or
Employee, Employee is disabled, then the following shall occur:

      

      (a)           the
Company or Employee shall promptly so notify (by dated written notice) the
insurance company or carrier that, at that time, insures the employees of the
Company against long-term disability (the “Company’s Insurance Carrier”) and
request a determination as to whether Employee is disabled pursuant to the terms
of the Company's long-term disability plan or policy; and

       

      
        
          
          

        

        
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      (b)           the
matter of Employee's disability shall be resolved, and Employee and the Company
shall abide by the decision of, the Company’s Insurance Carrier.

      

      A
termination of Employee's employment pursuant to this Section 6.6 shall be
effective at the expiration of the Eligibility Period, as determined in
accordance with this Section 6.6.  If Employee is not covered by a
Company-sponsored long-term disability policy on the date that the Company
and/or Employee believe that Employee may have a medically determinable physical
and/or mental disability, the Board of Parent shall make the determination of
whether Employee has a medically determinable physical and/or mental disability
using the definition of disability, including applicable court interpretations,
used for purposes of the Americans With Disabilities Act of 1990, as amended,
and the “Eligibility Period” shall be 90 days from the date as of which it is
determined that the Employee commenced having a medically determinable
disability.

       

      7.    Effect of Termination of
Employee’s Employment.

      

      7.1           Provisions Applicable to All
Terminations. If Employee’s employment with all Consolidated Companies is
terminated for any reason, (a) all cash compensation from the Company described
in this Agreement that was due through the effective date of the termination,
but unpaid, shall be computed and paid to Employee by the Company within any
payment deadline set forth in Nevada law (or is none is applicable, within 30
days), provided that any disability payments to be made by the Company’s
Insurance Carrier shall be made when, as and if made by the Company’s Insurance
Carrier; and (b)  Employee, or his heirs, or estate, as the case may
be, shall receive all compensation and employee benefits accrued through the
effective date of the termination, and all benefits provided through the
Company's insurance plans pursuant to the terms and conditions of such insurance
plans or that the Company is required to provide by governing law.

      

      7.2           Termination Absent a Change
of Control and Absent Cause/Good Reason.  If Employee's
employment with all of the Consolidated Companies is terminated under any
circumstances other than the circumstances described in Section 7.3 or Section
7.4 below, whether by the Consolidated Companies or Employee, Employee shall not
be entitled to any compensation in addition to that set forth in Section
7.1.

       

        
7.3           Termination by Employee for
Good Reason.  If Employee's employment is terminated by
Employee for Good Reason during the Term (but not as of an Expiration Date),
then, in addition to complying with the requirements of Section 7.1, the Company
shall, subject to the terms and conditions of this Agreement and conditioned
upon the Company’s receipt of a written waiver, release and non-litigation
agreement from Employee in form and substance reasonably satisfactory to the
Consolidated Companies with respect to all liabilities of any Consolidated
Company of any kind arising prior to and in connection with such termination
(other than under Options and Section 7)(a “Release”), continue to pay, when due
in accordance with Section 4.1, to or for the benefit of Employee or, if
applicable, Employee’s heirs or estate:  (a) Employee’s base salary
with respect to the Severance Period (as defined in Section 7.5 below); and (b)
Company health benefits coverage then in effect (with Company /Employee
contributions remaining the same as during the period immediately prior to
termination) with respect to the Severance Period.

       

      
        
          
          

        

        
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         7.4          Termination by Company
without Cause.  If Employee's employment is terminated by the
Company without Cause during the Term (but not as of an Expiration Date), then,
in addition to complying with the requirements of Section 7.1, the Company
shall, subject to the terms and conditions of this Agreement and conditioned
upon the Company’s receipt of a Release, continue to pay, when due in accordance
with Section 4.1, to or for the benefit of Employee or, if applicable, his heirs
or estate:  (a) Employee’s base salary with respect to the Severance
Period; (b) Company health benefits coverage then in effect (with Company
/Employee contributions remaining the same as during the period immediately
prior to termination) with respect to an eighteen-month period commencing on the
first date of the Severance Period; and (c) a bonus, payable
within 30 days of the Company’s receipt of a Release, equal to the product of
(i) sixty percent (60%) of Employee’s base salary paid for the calendar year in
which termination of Employee’s services occurs, multiplied by (ii) a fraction,
the numerator of which is the number of days that have elapsed during the
then-current calendar year and the denominator of which is 365.

       

         7.5          Severance
Period.  Subject to Section 7.7, the “Severance Period” shall
be the period beginning on the effective date of any termination of Employee’s
employment during the Term in a manner triggering a benefit under Section 7.3 or
7.4, as applicable, and ending on the 12-month anniversary of such termination
date.  Notwithstanding the foregoing, if (a) Employee relocated was
required to relocate from a location more than 50 miles from the Place of
Employment in order to commence employment with the Consolidated Companies and
Employee’s employment is subsequently terminated during the Term by Employee for
Good Reason or by the Company without Cause on or before the two-year
anniversary of the Effective Date, or (b) Employee’ accepts a change in
Employee’s place of employment (and relocates without terminating his or her
Employment for Good Reason based upon such change) during the Term and then
Employee’s employment is terminated during the Term by Employee for Good Reason
or by the Company without Cause before the two-year anniversary of such change
in Employee’s place of employment, then in case of either (a) or (b) the periods
referred to in the definition of Severance Period shall be changed from
12-months to 16-months.

      

      7.6           Return of Company
Property.   Upon the termination or end of the employment
of Employee with the Consolidated Companies or at any time upon the request of
Parent, Employee shall provide to the Consolidated Companies all property
belonging to any Consolidated Company, including, but not limited to, keys, card
passes, credit cards, electronic equipment including computers and personal
digital devices, cellular telephones, Consolidated Company automobiles, and all
data and any Consolidated Company intellectual property whether located on
Consolidated Company property or otherwise.

      

      7.7           Breach of Protective
Covenants.  Notwithstanding anything in this Section 7 to the
contrary, Employee shall not be entitled to any payments or benefits under any
of Sections 7.3 or 7.4 of this Agreement with respect to any period (a) prior to
Employee’s delivery to the Company of a Release if such Release is not executed
within seven (7) days of Employee’s receipt of a form of Release, (b) during
which Employee is in breach of Section 7.6 or any portion of Section 8 of this
Agreement, (c) during which Employee is in breach of any  portion of
the Proprietary Information Agreement (any of (a), (b) or (c), a “Covenant
Breach”).  Upon the Company’s determination that a Covenant Breach has
occurred, it shall notify Employee of its belief that a Covenant Breach has
occurred and may withhold, without penalty or interest, any payments or benefits
otherwise due to Employee pursuant to any of Section 7.3 or 7.4 until the
question of whether a Covenant Breach has occurred is definitely resolved
without right to appeal or similar recourse (and if it is determined that the
Company withheld the payments and benefits in error, the Company’s sole
obligation shall be prompt payment of all withheld payments and the cash value
to the Company of any withheld benefits).

       

      
        
          
          

        

        
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      8.    Covenant Not to
Compete

      

      8.1           Covenant.  Employee
hereby agrees that, while Employee is employed by any Consolidated Company and
during a period of 12 months following the
termination of Employee’s employment with all Consolidated Companies, Employee
will not directly or indirectly compete (as defined in Section 8.2 below) with
any the Consolidated Company or any affiliates anywhere in the United
States.  It is the intention of Parent, the Company and Employee that
this provision be interpreted to only prevent actual competitive harm to any
Consolidated Company and not otherwise hinder or restrict Employee in his
efforts to find continued employment in Employee’s field of training and
expertise.

      

      8.2           Direct and Indirect
Competition.   As used herein, the phrase “directly or
indirectly compete” shall include owning, managing, operating or controlling, or
participating in the ownership, management, operation or control of, or being
connected with or having any interest in, as a stockholder, director, officer,
employee, agent, consultant, assistant, advisor, sole proprietor, partner or
otherwise, any Competing Business (as defined below).  For purposes of
this Agreement, a “Competing Business” shall be any business or enterprise other
than any Consolidated Company that is engaged in the Nanomaterials Business (as
defined below).  This prohibition, however, shall not apply to
ownership of less than five percent (5%) of the voting stock in companies whose
stock is traded on a national securities exchange or in the over-the-counter
market.  For purposes of this Agreement the “Nanomaterials Business”
means the development, marketing, use, modification or exploitation of any
technology or process for the production of pigments, metals, nanomaterials or
other materials from titanium containing ores and other feed materials for use
in any application being explored, considered or developed by any Consolidated
Company at any time while Employee is employed with any Consolidated Company,
including, without limitation, the production of titanium dioxide pigments, the
production of titanium metals, the production of pharmaceutical products or
pharmaceutical delivery devices,  the production of lanthanum based
phosphate and arsenic binding products, the production of battery materials,
batteries or other energy storage devices or the production of thermal spray
materials.

      

      8.3           Nonsolicitation.  Employee
hereby agrees that, while he is employed by any Consolidated Company pursuant to
this Agreement, and, during a period of 12 months following the
termination of Employee’s employment with all Consolidated Companies, Employee
will not, directly or indirectly, through an affiliate or otherwise, for his
account or the account of any other person, (a) solicit business substantially
similar to the Nanomaterials Business from any person or entity that at the time
of termination is or was a customer of any Consolidated Company, whether or not
Employee had personal contact with such person during and by reason of
employment with a Consolidated Company; (ii) in any manner induce or attempt to
induce any employee of a Consolidated Company to terminate his or her employment
with a Consolidated Company; or (iii) materially and adversely interfere with
the relationship between a Consolidated Company and any employee, contractor,
supplier, customer or shareholder of a Consolidated Company.

       

      
        
          
          

        

        
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      8.4           Enforceability.  If
any of the provisions of this Section 8 is held unenforceable, the remaining
provisions shall nevertheless remain enforceable, and the court making such
determination shall modify, among other things, the scope, duration, or
geographic area of this Section to preserve the enforceability hereof to the
maximum extent then permitted by law.  In addition, the enforceability
of this Section is also subject to the injunctive and other equitable powers of
a court as described in Section 11 below.

      

      8.5           Jurisdiction.  For
the sole purpose of enforcement of the Consolidated Companies’ rights under this
Section 8, Parent, the Company and Employee intend to and hereby confer
jurisdiction to enforce the restrictions set forth in this Section 8 (the
"Restrictions") upon the courts of any jurisdiction within the geographical
scope of the Restrictions.  If the courts of any one or more of such
jurisdictions hold the Restrictions unenforceable by reason of the breadth of
such scope or otherwise, it is the intention of Parent, the Company and Employee
that such determination not bar or in any way affect any Consolidated Company's
rights to the relief provided above in the courts of any other jurisdiction
within the geographical scope of the Restrictions, as to breaches of such
covenants in such other respective jurisdictions, such covenants as they relate
to each jurisdiction being, for this purpose, severable into diverse and
independent covenants.  In the event of any litigation between the
parties under this Section 8, the court shall award reasonable attorneys fees to
the prevailing party.

      

      9.    Confidential Information,
Invention Assignment, Etc.  Employee represents and covenants
that Employee has signed and delivered to Parent (or will sign and deliver upon
request) an Employment, Confidential Information, Invention Assignment,
Nonsolicitation and Arbitration Agreement (the “Proprietary Information
Agreement”) in the form set forth in the Consolidated Companies’ Policy
Manual.  Employee’s execution of such a Proprietary Information
Agreement is a condition precedent to Employee’s eligibility for any rights and
benefits under this Agreement.  The Proprietary Information Agreement
and this Agreement shall be interpreted, to the extent possible, as being
mutually consistent with each other, supplementary and both fully enforceable;
provided, however, in the event of an irreconcilable conflict between specific
provisions of each of the two agreements, the specific provisions of this
Agreement shall prevail.

      

      10.    No Conflicts. 
Employee hereby represents and covenants that Employee’s performance of all the
terms of this Agreement and his work as an employee of a Consolidated Company
does not and will not breach any oral or written agreement to which Employee is
a party or by which Employee is bound.

       

      
        
          
          

        

        
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      11.    Equitable
Remedies.  Employee acknowledges and agrees that the breach or
threatened breach by him of certain provisions of this Agreement, including
without limitation Sections 8 above, would cause irreparable harm to the
Consolidated Company for which damages at law would be an inadequate
remedy.  Accordingly, Employee hereby agrees that in any such instance
Parent or the Company shall be entitled to seek (without prior mediation or
arbitration) injunctive or other equitable relief in any state or federal court
within or without the State of Nevada in addition to any other remedy to which
it may be entitled.  Employee hereby submits to the jurisdiction of
any courts within the City of Reno in the State of Nevada and agrees not to
assert such venue is inconvenient.

      

      12.    Assignment. 
This Agreement is for the unique personal services of Employee and is not
assignable or delegable in whole or in part by Employee without the consent of
the Board of Parent.  This Agreement may not be assigned or delegated
in whole or in part by the Parent or the Company without the written consent of
Employee; provided, however, this Agreement may be assigned by the Parent or the
Company without Employee’s prior written consent if such assignment is made to
an entity that is a Consolidated Company or is acquiring substantially all of
the business or assets of any Consolidated Company, whether by merger, asset
sale or otherwise.

      

      13.    Waiver or
Modification. Any waiver, modification, or amendment of any provision of
this Agreement shall be effective only if in writing in a document that
specifically refers to this Agreement and such document is signed by the parties
hereto.

      

      14.    Entire Agreement.
This Agreement, together with the Proprietary Information Agreement and other
agreements required under the Consolidated Companies’ policies constitute the
full and complete understanding and agreement of the parties hereto with respect
to the subject matter covered herein and supersedes all prior oral or written
understandings and agreements with respect thereto.

      

      15.    Severability. If any
provision of this Agreement is found to be unenforceable by a court of competent
jurisdiction, the remaining provisions shall nevertheless remain in full force
and effect.

      

      16.    Attorneys’
Fees.  Should any Company, Parent or Employee default in any of
the covenants contained in this Agreement, or in the event a dispute shall arise
as to the meaning of any term of this Agreement, the defaulting or nonprevailing
party shall pay all costs and expenses, including reasonable attorneys’ fees,
that may arise or accrue from enforcing this Agreement, securing an
interpretation of any provision of this Agreement, or in pursuing any remedy
provided by applicable law whether such remedy is pursued or interpretation is
sought by the filing of a lawsuit, an appeal, or otherwise.

      

      17.    Confidentiality.  Each
of the parties acknowledges that the common shares of  Parent are
registered under the Securities Exchange Act of 1934, as amended, and a result,
Parent may be required to, and hereby has authorization to, file this Agreement
or any amendment hereto with the Securities and Exchange Commission without
requesting confidential treatment for any portion hereof.

       

      
        
          
          

        

        
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      \

      18.    Notices.  Any
notice required hereunder to be given by either party shall be in writing and
shall be delivered personally or sent by certified or registered mail, postage
prepaid, or by private courier, with written verification of delivery, or by
facsimile or other electronic transmission to the other party to the address or
facsimile number set forth below or to such other address or facsimile number as
either party may designate from time to time according to this
provision.  A notice delivered personally or by facsimile or
electronic transmission shall be effective upon receipt.  A notice
delivered by mail or by private courier shall be effective on the third day
after the day of mailing:

       

      
        	(a)           To
      Employee at:	
                299
      Cambridge Lane

                Newtown,
      PA  18940

              
	 	 
	(b)           To
      Parent and the Company at: 	
                Altair
      Nanotechnologies Inc.

                204
      Edison Way

                Reno,
      Nevada  89502

                Facsimile
      No: (775) 856-1619

              

      

       

      19.    Disputes; Governing Law;
Arbitration.

      

      (a)           Except
as provided in Section 11 and Section 8.5, any dispute concerning the
interpretation or construction of this Agreement or his employment or service
with Company, shall be resolved by confidential mediation or binding arbitration
in Reno, Nevada.  The parties shall first attempt mediation with a
neutral mediator agreed upon by the parties.  If mediation is
unsuccessful or if the parties are unable to agree upon a mediator within thirty
(30) days of a request for mediation by any party, the dispute shall be
submitted to arbitration pursuant to the procedures of the American Arbitration
Association (“AAA”) or other procedures agreed to by the parties.  All
arbitration proceedings shall be conducted by a neutral arbitrator mutually
agreed upon by the parties from a list provided by AAA.  The decision
of the arbitrator shall be final and binding on all parties.  The
costs of mediation and arbitration shall be borne equally by the
parties.

      

      (b)           This
Agreement shall be construed in accordance with and governed by the statutes and
common law of the State of Nevada (other than any provisions that would cause
the provisions of any other laws to apply).  To the extent this
Agreement expressly permits any dispute to be resolved other than through
arbitration or mediation, except as set forth in Section 8.5, the exclusive
venue for any such action shall be the state and federal courts located in Reno,
Nevada, and the parties each hereby submit to the jurisdiction of such courts
for purposes of this Agreement.

      

      20.    Counterparts;
Facsimile.  This Agreement may be executed in multiple
counterparts, all of which taken together shall form a single
Agreement.  A facsimile copy of this Agreement or any counterpart
thereto shall be valid as an original.

       

       

      [intentionally
left blank; signature page follows]

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      IN WITNESS WHEREOF, Employee has
signed this Employment Agreement (Level 12 Officer) personally and the Company
and Parent have caused this Agreement to be executed by their duly authorized
representatives.

      

       

      
        	 	
                COMPANY:

                 

                ALTAIRNANO,
      INC.

                a
      Nevada corporation

                 

                 

                By: /s/  Terry
      M.
      Copeland                                    

                Name: 
      Terry M.
      Copeland                                     

                Title:
      President                                                         
      

                 

                 

                PARENT:

                 

                ALTAIR
      NANOTECHNOLOGIES INC.

                a
      Canadian corporation

                 

                 

                By:
      /s/  Terry
      M.
      Copeland                                    
      

                Name:
      Terry M.
      Copeland                                      
      

                Title: President                                                         
      

                 

                 

                EMPLOYEE:

                 

                /s/
      Robert
      Pedraza                                                   
      

                C.
      Robert Pedraza, an
  individual

              

      

       

      11altair_8k-ex1002.htm

    Exhibit
10.2

     

    
      INDEMNIFICATION
AGREEMENT

       

      THIS
AGREEMENT is made this 29th
day of May, 2008.

       

      BETWEEN:

       

      Altair
Nanotechnologies Inc., a corporation incorporated under the laws of
Canada,

       

      (the
"Corporation")

       

      - and
-

       

      ●,
of the City of ●of
the Province of ●,

       

      (the
"Director")

       

      WHEREAS
the Director has requested that the Corporation indemnify him against certain
liabilities and expenses that he may incur in connection with his acting as
director or officer of the Corporation (or as a director or officer or serving
in a similar capacity of any subsidiary of the Corporation or other entity where
the Director is so serving at the Corporation’s request);

       

      AND
WHEREAS the Corporation desires to provide the Director with the maximum
protection permitted by applicable law against any and all liabilities he may
incur in his capacity as a director of the Corporation or in any other capacity
in which he may act at the request of the Corporation;

       

      NOW
THEREFORE in consideration of the mutual covenants contained herein and other
good and valuable consideration (the receipt and sufficiency of which is hereby
mutually acknowledged) and in consideration of the Director continuing to act as
a director of the Corporation, the parties agree as follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE I

      INDEMNIFICATION

       

      1.1           Indemnity.  Subject
to Section 1.2, the Corporation undertakes and agrees to indemnify the Director
effective from the date the Director was first elected or appointed as a
director or officer of the Corporation (or as a director or officer or serving
in a similar capacity of any subsidiary of the Corporation or any other entity
where the Director is so serving at the Corporation’s request), to the fullest
extent permitted by law, against any liability or expense (including, without
limitation, costs, charges, legal fees and disbursements, and amounts actually
incurred by the Director to settle claims, actions, suits or proceedings or to
satisfy judgments, fines or penalties in respect of claims, actions, suits or
proceedings or any expense incurred in establishing a right to indemnification
under this Agreement, the Canada Business Corporations Act, as amended from time
to time (the “Act”) or otherwise or in defending against any claims as to which
a right of indemnification is asserted hereunder by the Director) (“Expenses”)
that the Director may suffer or incur in respect of any claim, action, suit or
proceeding (whether civil, criminal, administrative or investigative and whether
brought by or on behalf of the Corporation or otherwise) or any threat thereof
involving the Director or to which the Director is made party and which arises
as a direct or indirect result of the Director being or having been a director
or officer of the Corporation (or serving or having served at the Corporation’s
request as a director or officer or in a similar capacity of any of the
Corporation’s subsidiaries or any other entity) (a “Proceeding”), including any
act or thing done or not done in the Director's capacity as director or officer
of the Corporation (or as a director or officer of, or in a similar capacity
for, such other entity) provided that the Director:  (a) acted
honestly and in good faith with a view to the best interests of the Corporation
or, as the case may be, to the best interests of the other entity for which the
Director acted as a director or officer or in a similar capacity at the
Corporation’s request; and (b) in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the Director had
reasonable grounds for believing his conduct was lawful (“Indemnification
Qualifications”).  No determination in any Proceeding against the
Director by judgment, order, settlement (with or without court approval) or
conviction shall, of itself, create a presumption that the Director did not act
honestly and in good faith with a view to the best interests of the Corporation
(or a subsidiary of the Corporation or any other entity for which the Director
served at the Corporation’s request as director or officer or in a similar
capacity) and, with respect to any criminal action or proceeding, that the
Director did not have reasonable grounds for believing that his conduct was
lawful.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      1.2           Payment.  From
time to time as each indemnifiable liability or expense is incurred by a
Director, the Director may deliver to the Corporation a claim for
indemnification under this Agreement, accompanied by evidence of the
indemnifiable liability or expense.  Within ten days after receipt of
such a claim for indemnification under this Agreement, the Corporation shall pay
or cause to be paid the indemnification claim unless the indemnification claim
is not covered by this Agreement or the payment thereof is not permitted by
applicable law or requires court approval.  If the Corporation
believes that the indemnification claim is not covered by this Agreement or the
payment thereof is not permitted by applicable law or requires court approval,
it shall so advise the Director in writing within such ten-day
period.  If court approval is required in respect of the payment of an
indemnification claim, the Corporation shall, at the request of the Director,
promptly seek approval of a court of competent jurisdiction to pay the
same.  The Director shall be entitled to be represented by counsel of
his choosing at any such proceedings with the fees and expenses of such counsel
for the Director being treated as indemnification hereunder and shall be subject
to Sections 1.1 and 1.2 hereof.  Any claim for indemnification, if
paid by the Corporation, shall be subject to repayment in the event that the
indemnification claim is not covered by this Agreement or the payment thereof is
not permitted by applicable law.  For greater certainty and
notwithstanding anything herein contained (but subject to obtaining any required
court approval), the Corporation shall advance moneys to the Director for all
costs, charges and expenses incurred by the Director in respect of a Proceeding
in accordance with this Section 1.2, provided that if it is determined by a
court of competent jurisdiction in a judgment that has become non-appealable
that the Director has not satisfied the conditions set forth in Section 1.1 or
is otherwise not entitled to indemnification pursuant to the terms hereof, the
Director shall forthwith repay such amounts to the Corporation upon demand
therefor.

       

      ARTICLE II

      CONTRIBUTION

       

      2.1             Contribution.

       

      
        	
                (1)

              	
                Whether
      or not the indemnification provided in Section 1.1 and 1.2hereof is
      available, in respect of any threatened, pending or completed action, suit
      or proceeding in which the Corporation is jointly liable with Director (or
      would be if joined in such action, suit or proceeding), the Corporation
      shall pay, in the first instance, the entire amount of any judgment or
      settlement of such action, suit or proceeding without requiring Director
      to contribute to such payment and the Corporation hereby waives and
      relinquishes any right of contribution it may have against
      Director.  The Corporation shall not enter into any settlement
      of any action, suit or proceeding in which the Corporation is jointly
      liable with Director (or would be if joined in such action, suit or
      proceeding) unless such settlement provides for a full and final release
      of all claims asserted against
Director.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                (2)

              	
                Without
      diminishing or impairing the obligations of the Corporation set forth in
      the preceding subparagraph, if, for any reason, Director shall elect or be
      required to pay all or any portion of any judgment or settlement in any
      threatened, pending or completed action, suit or proceeding in which the
      Corporation is jointly liable with Director (or would be if joined in such
      action, suit or proceeding), the Corporation shall contribute to the
      amount of expenses (including attorneys’ fees), judgments, fines and
      amounts paid in settlement actually and reasonably incurred and paid or
      payable by Director in proportion to the relative benefits received by the
      Corporation and all officers, directors or employees of the Corporation,
      other than Director, who are jointly liable with Director (or would be if
      joined in such action, suit or proceeding), on the one hand, and Director,
      on the other hand, from the transaction from which such action, suit or
      proceeding arose; provided, however, that the proportion determined on the
      basis of relative benefit may, to the extent necessary to conform to law,
      be further adjusted by reference to the relative fault of the Corporation
      and all officers, directors or employees of the Corporation other than
      Director who are jointly liable with Director (or would be if joined in
      such action, suit or proceeding), on the one hand, and Director, on the
      other hand, in connection with the events that resulted in such expenses,
      judgments, fines or settlement amounts, as well as any other equitable
      considerations which the law may require to be considered.  The
      relative fault of the Corporation and all officers, directors or employees
      of the Corporation, other than Director, who are jointly liable with
      Director (or would be if joined in such action, suit or proceeding), on
      the one hand, and Director, on the other hand, shall be determined by
      reference to, among other things, the degree to which their actions were
      motivated by intent to gain personal profit or advantage, the degree to
      which their liability is primary or secondary and the degree to which
      their conduct is active or passive.

              

      

       

      
        	
                (3)

              	
                The
      Corporation hereby agrees to fully indemnify and hold Director harmless
      from any claims of contribution which may be brought by officers,
      directors or employees of the Corporation, other than Director, who may be
      jointly liable with Director.

              

      

       

      
        	
                (4)

              	
                To
      the fullest extent permissible under applicable law, if the
      indemnification provided for in this Agreement is unavailable to Director
      for any reason whatsoever, the Corporation, in lieu of indemnifying
      Director, shall contribute to the amount incurred by Director, whether for
      judgments, fines, penalties, excise taxes, amounts paid or to be paid in
      settlement and/or for Expenses, in connection with any claim relating to
      an indemnifiable event under this Agreement, in such proportion as is
      deemed fair and reasonable in light of all of the circumstances of such
      Proceeding in order to reflect (i) the relative benefits received by the
      Corporation and Director as a result of the event(s) and/or transaction(s)
      giving cause to such Proceeding; and/or (ii) the relative fault of the
      Corporation (and its directors, officers, employees and agents) and
      Director in connection with such event(s) and/or
      transaction(s).

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      2.2             The
rights of Director to Contribution under this Section shall be subject to the
Indemnification Qualifications described in Section 1.1 of this
Agreement.

       

      ARTICLE III

      CLAIMS  AND  THE  DEFENCE  THEREOF

       

      3.1           Notification.  The
Director shall give notice to the Corporation immediately and in any event no
later than ten days after the Director shall have been served with written
notice of any claim against the Director that may give rise to a claim of
indemnification under this Agreement, provided however that the failure to so
notify the Corporation shall not relieve the Corporation of any liability that
the Corporation has to the Director except to the extent that any delay in or
failure to give notice as required hereby results in the forfeiture by the
Corporation of substantial rights or defences.  A copy of any
documents which have been served upon the Director shall accompany such notice
or, where this is not feasible, be delivered to the Corporation as soon as
reasonably practicable thereafter.  If, at the time of the receipt of
a notice of a claim pursuant to Section 2.1 hereof, the Corporation has
directors’, officers’, employees’ and/or agents’ liability insurance in effect,
the Corporation shall give prompt notice of such Proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The
Corporation shall thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of the Director, all amounts payable as a result
of such Proceeding in accordance with the terms of such policies.

       

      3.2           Right
of Corporation to Defend.  Subject to any rights of or duties
to any insurer, reinsurer or other third party having liability for any claim
made or brought against the Director in respect of a Proceeding, the Corporation
shall have the right, at its option, to assume, at its own expense, the control
of the defence thereof, including the employment of legal counsel reasonably
satisfactory to the Director upon the delivery to the Director of written notice
of its election so to do.  If the Corporation exercises the foregoing
right, the Director shall cooperate with the Corporation and make available to
it all information under the control of the Director which is relevant to the
claim as it shall reasonably require and as shall be within the Director’s
power, but the Director shall not be required to agree to any request for
co-operation that, acting reasonably, he concludes to be contrary to his
interests.  If the Corporation does not exercise the foregoing right,
the Director shall keep the Corporation reasonably apprised of the progress of
the defence of the claim.  Legal counsel retained by the Corporation
under this Section 2.2 shall be satisfactory to the Director, acting reasonably,
and shall be instructed not to initiate or participate in (without the prior
written consent of the Director) any discussions that might lead to a settlement
inconsistent with Section 2.7.  After delivery of such notice and the
retention of counsel by the Corporation, the Corporation shall not be liable to
the Director under this Agreement for any fees of counsel subsequently incurred
by the Director with respect to the same Proceeding except as provided for in
Section 2.3.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      3.3           Participation
in Defence of Claim.  Nothing herein shall preclude the
Director, at his sole discretion and at his expense, from employing legal
counsel of his choosing to participate in the defence of any claim made or
brought against him in addition to legal counsel employed by the Corporation
provided that the Corporation shall reimburse the Director for the fees and
expenses of such additional counsel in each jurisdiction where a Proceeding is
or may reasonably be expected to be brought if: (a) the Corporation and the
Director have agreed in writing to separate retention of counsel by the
Director; (b) the Corporation does not promptly assume pursuant to Section 2.2
the defence of any such claim in such jurisdiction; or (c) the Director is
advised by counsel in any such jurisdiction that there is any actual or
potential conflict in the Corporation’s and the Director’s respective interests
or that additional defences are available to the Director which makes
representation by the same counsel in such jurisdiction inappropriate or
inadvisable.  Any such payment for the fees and expenses of counsel
for the Director shall be treated as indemnification of the Director hereunder
and shall be subject to Sections 1.1 and 1.2 hereof.

       

      3.4           Further
Indemnification.  The Corporation shall indemnify the Director
in respect of a Proceeding in such other circumstances as the Act permits or
requires.

       

      3.5           Indemnification
for Expenses of a Witness.  Notwithstanding any other provision
of this Agreement, to the extent that Director is, by reason of the Directors
status as a present or former director or officer of the Corporation (or as a
director or officer or serving in a similar capacity of any subsidiary of the
Corporation or any other entity where the Director is so serving at the
Corporation’s request) a witness in any Proceeding to which Director is not a
party, he shall be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith.

       

      3.6           Additional
Indemnification Rights: Non-Exclusivity

       

      
        	
                 
      

              	
                (1)

              	
                Scope.
      Notwithstanding any other provision of this Agreement, the Corporation
      hereby agrees to indemnify the Director to the fullest extent permitted by
      law, notwithstanding that such indemnification is not specifically
      authorized by other provisions of this Agreement, the Act, the
      Corporation’s articles, the Corporation’s by-laws or by any other statute.
      In the event of any change after the date of this Agreement in any
      applicable law, statute or rule which expands the right of a corporation
      to indemnify a Director, such changes shall, without any formality, be
      within the purview of the Director’s rights and the Corporation’s
      obligations under this Agreement. In the event of any change in applicable
      law, statute or rule which narrows the right of a corporation to indemnify
      a Director, to the extent not otherwise required by such law, statute or
      rule to be applied to this Agreement, such change shall have no effect on
      this Agreement or the parties’ rights and obligations
      hereunder.

              

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (2)

              	
                Non-Exclusivity.
      The indemnification provided by this Agreement shall not be deemed
      exclusive of any rights to which the Director may be entitled under the
      Corporation’s articles, its by-laws, any other agreement by which the
      Corporation is bound, any vote of shareholders or disinterested directors,
      the Act or otherwise.

              

      

       

      
        	
                 
      

              	
                (3)

              	
                Partial
      Indemnification. If the Director is entitled under any provision of
      this Agreement to indemnification by the Corporation for some or a portion
      of the Expenses, judgments, fines, penalties or settlements actually
      incurred by the Director in the investigation, defence, appeal or
      settlement of any Proceeding, but not, however, for the total amount
      thereof, the Corporation shall nevertheless indemnify the Director for
      that portion for which the Director is entitled to
      indemnification.

              

      

       

      3.7           Indemnification
Not Affected By Remuneration.  Any indemnification to be made
to the Director under this Agreement shall not be affected by any remuneration
that the Director shall have received, or to which he may become entitled, at
any time for acting in his capacity as a director or officer of the Corporation
or for acting in such a capacity or in a similar capacity for any other entity
at the Corporation’s request.

       

      3.8           Settlement
of Proceedings.  The Corporation shall be entitled to settle
any Proceeding against the Director for which indemnity is sought by the
Director hereunder on terms and conditions determined by the Corporation,
provided that:

       

      
        	
                 
      

              	
                (i)

              	
                the
      settlement does not involve any obligation or liability of the Director
      other than the payment of a monetary
amount;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Director is indemnified in full against payment of such monetary amount
      together with all related Expenses, whether or not such Expenses would
      otherwise be payable hereunder; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      settlement is expressly stated to be made by the Corporation on behalf of
      the Director, without any admission of liability by the
      Director.

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      3.9           Insurance.  The
Corporation shall obtain and maintain a policy or policies of insurance
providing any or all of the Directors of the Corporation with coverage from
insurable losses they may incur in their capacities as directors of the
Corporation, or to insure the Corporation’s performance of its indemnification
obligations under this Agreement during the period in which the Director serves
as a director or officer of the Corporation (or as a director or officer serving
in a similar capacity of any subsidiary of the Corporation or any other entity
where the Director is so serving at the Corporation’s request) and for a period
of six years thereafter.  During such period, whether or not the
Director continues to be a director of the Corporation, the Corporation shall
obtain and maintain a policy or policies of insurance on terms and with coverage
limits which provide the Director with insurance coverage which is similar in
all material respects to the directors’ and officers’ insurance coverage
provided by the Corporation to the Director as at the date hereof, the
particulars of which have been provided to the Director, or coverage which
provides enhanced overall directors’ and officers’ insurance coverage to the
Director.  In all policies of directors’ and officers’ liability
insurance maintained by the Corporation during the Director’s term as an officer
or director and for  a period of six years thereafter, the Director
shall be named as an insured in such a manner as to provide the Director the
same rights and benefits as are accorded to the most favourably insured of the
directors of the Corporation.  The Corporation agrees to provide
notice of any material changes in the insurance coverage referred to in this
Section 2.8 during the period in which the Director serves as a director or
officer of the Corporation (or as a director or officer or serving in a similar
capacity of any subsidiary of the Corporation or any other entity where the
Director is so serving at the Corporation’s request) and for a period of six
years thereafter. Notwithstanding the foregoing, the Corporation shall have no
obligation to obtain or maintain such insurance if the Corporation determines in
good faith that such insurance is not reasonably available, that the premium
costs for such insurance are excessive in light of the protection afforded by
such coverage, that the coverage provided by such insurance is limited by
exclusions so as to provide an insufficient benefit or that the Director is
covered by similar insurance maintained by a subsidiary of the
Corporation.  Before acting on such a determination, the Corporation
shall discuss the matter with the Director and obtain the consent of the
Director to the decision of the Corporation not to obtain or maintain such
insurance, which consent will not be unreasonably withheld.

       

      3.10           Exceptions.  Any
other provision herein to the contrary notwithstanding, pursuant to the terms of
this Agreement the Corporation shall not be obligated:

       

      
        	
                 
      

              	
                (i)

              	
                Claims
      Initiated by the Director. to indemnify or advance Expenses to the
      Director with respect to proceedings or claims initiated, brought or
      actively supported or facilitated by the Director and not by way of
      defence, except with respect to proceedings brought to establish or
      enforce a right to indemnification under this Agreement, the Act or any
      other statute or law; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Insured
      Claims. to indemnify the Director for expenses or liabilities of
      any type whatsoever which have been paid directly to the Director by an
      insurance carrier under a policy of directors and officers’ liability
      insurance maintained by the Corporation;
  or

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (iii)

              	
                Claims
      for Unlawful Profits. to indemnify the Director for expenses or the
      payment of profits arising from the purchase and sale by the Director of
      securities in violation of applicable securities
    laws.

              

      

       

      3.11           Mutual
Acknowledgement.  Both the Corporation and the Director
acknowledge that in certain instances applicable law or public policy may
prohibit the Corporation from indemnifying the Director under this Agreement or
otherwise. The Director understands and acknowledges that the Corporation has
undertaken or may be required in the future to undertake, with the regulatory
authorities, to submit the question of indemnification to a court in certain
circumstances for a determination of the Corporation’s right under public policy
to indemnify the Director.

       

      3.12           Effectiveness.   Nothing
in this Agreement is intended to require or shall be construed as requiring the
Corporation to do or fail to do any act in violation of applicable law. The
Corporation’s inability, pursuant to applicable law or court order, to perform
its obligations under this Agreement shall not constitute a breach of this
Agreement.

       

      3.13           Continuation
of Indemnity.  The indemnification and advancement of Expenses
by the Corporation to the Director provided for under this Agreement shall
survive and continue after termination of the Director as a director or officer
of the Corporation (or as a director or officer or serving in a similar capacity
of any subsidiary of the Corporation or any other entity where the Director is
so serving at the Corporation’s request) as to any acts or omissions by the
Director while serving in such capacity.

       

      ARTICLE IV

      NOTICES

       

      4.1            
Notice.  Any
notice or other communication required or permitted under this Agreement shall
be deemed to have been duly given only when received by the party to whom such
notice or communication is sent at the following addresses (or such other
addresses as the party may specify by like notice):

       

      
        	
                 
      

              	
                (1)

              	
                in
      the case of the Corporation, to:

                 

                204 Edison
      Way

                Reno,
      NV  89502

              

      

       

      Attention:     President

      Facsimile:      (775)  856-1619

       

      
        	
                 
      

              	
                (2)

              	
                in
      the case of the Director, to:

              

      

       

      ●

       

      Facsimile:  ●

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      ARTICLE V

      GENERAL

       

      5.1           Amendment
and Assignment.  This Agreement may not be amended except by a
written agreement signed by both of the parties hereto.  This
Agreement may not be assigned by the Corporation without the prior written
consent of the Director.

       

      5.2           Binding
Effect.  Not Exclusive.  This Agreement shall be
binding upon and enure to the benefit of the Corporation and its successors and
permitted assigns (which terms shall be deemed to include any body corporate
formed by the amalgamation of the Corporation with another body corporate) and
shall be binding upon and enure to the benefit of the Director, his legal
representatives, heirs, successors and assigns.  The rights provided
to the Director under this Agreement shall be in addition to any indemnification
that may be available to the Director under any other agreement, the articles or
by-laws of the Corporation, by law or at equity.

       

      5.3           Continuance
of Agreement.  This Agreement shall continue for the periods
identified herein notwithstanding that the Director has ceased to be a director
or officer of the Corporation or any other entity.

       

      5.4           Severability.  The
invalidity or unenforceability of any provision or portion of this Agreement
shall not affect the validity or enforceability of the other provisions or
portions hereof and this Agreement shall be construed as if such invalid or
unenforceable provision or portion were omitted from this
Agreement.

       

      5.5           Governing
Law.  Attornment.  This Agreement shall be governed
by, and construed in accordance with, the laws of the Province of Ontario and
the federal laws of Canada applicable therein.  The parties hereby
irrevocably submit to the non-exclusive jurisdiction of the courts of the
Province of Ontario.

       

      5.6           Counterparts.  This
Agreement may be executed in any number of counterparts and each of such
counterparts will for all purposes be deemed to be an original, and all such
counterparts shall together constitute one and the same instrument.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      IN  WITNESS  WHEREOF,
the parties hereto have executed this Indemnification Agreement as of the date
first above-written.

       

      
        	 
      	 
      	
                “Corporation”

                 

                Altair
      Nanotechnologies Inc.

                 

                By:  ____________________________

                       
      Name:

                       
      Title:

              
	
                SIGNED                  
      

                In
      the presence of:

              	 
      	
                ________________________________

                Witness  (Print
      Name)

                ________________________________

                Witness  (Sign
      Name)

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                “Director”

                 

                ________________________________

                (Print
      Name)

                ________________________________

                (Sign
      Name)

              

      

       

       

      11

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