Document:

EX 10.1

    EXHIBIT
      10.1

     

    INDEMNIFICATION
      AGREEMENT

    

    

    (Chase
      Packaging Corporation)

    

    

    THIS
      AGREEMENT is made to be effective the 23rd
      day of
      August, 2007, between Chase
      Packaging Corporation
      a Texas
      corporation (the “Company”),
      and_______________________ (“Indemnitee”).

    

    Competent
      and experienced persons are becoming more reluctant to serve as directors and/or
      officers of corporations unless they are provided with adequate protection
      against claims and actions against them for their activities on behalf, or
      at
      the request, of such corporations, generally through insurance and/or
      indemnification.

    

    Uncertainties
      in the interpretations of the statutes and regulations, laws, and public
      policies relating to indemnification of corporate directors and officers are
      such as to make difficult adequate and reliable assessment of the risks to
      which
      directors and officers of such corporations may be exposed difficult,
      particularly in light of the proliferation of lawsuits against directors and
      officers generally.

    

    The
      Board
      of Directors of the Company, based upon its business experience, has concluded
      that the continuation of present trends in litigation against corporate
      directors and officers will inevitably make it more difficult for the Company
      to
      attract and retain directors and officers of the highest degree of competence
      committed to the active and effective direction and supervision of the business
      and affairs of the Company and its subsidiaries and affiliates and the operation
      of its and their facilities. In fact, the Board deems such potential adverse
      consequences to be so detrimental to the best interests of the Company that
      it
      has concluded that the Company should act to provide its directors and officers
      with enhanced protection against inordinate risks attendant on their positions
      in order to assure that the most capable persons otherwise available will be
      attracted to, or will remain in, such positions. In that regard, such directors
      have further concluded that it is not only reasonable and prudent, but
      necessary, for the Company to obligate itself contractually to indemnify, to
      the
      fullest extent permitted by applicable law, expenses and liabilities which
      might
      be incurred by such individuals in connection with claims lodged against them
      for their decisions and actions in such capacities.

    

    Article
      2.02-1 of the Texas Business Corporation Act of the State of Texas, under which
      law the Company is organized, empowers a corporation organized in Texas to
      indemnify persons who serve as directors and/or officers of the corporation,
      or
      persons who serve at the request of the corporation as directors and/or officers
      of an affiliated corporation, and further empowers a corporation to “purchase
      and maintain insurance”
      on
      behalf of any such person “against
      any liability asserted against him and incurred by him in such a capacity or
      arising out of his status as such a person, whether or not the corporation
      would
      have the power to indemnify him against that liability under this
      [Article].”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Articles of Incorporation and Bylaws of the Company permit indemnification
      to
      the fullest extent permitted by applicable law.

    

    The
      Company is aware of the fact that it currently does not have, but from time
      to
      time in the future may have, directors and officers insurance coverage. The
      Company is also aware of the fact that any future insurance policies are likely
      to have significant exclusions and limitations that leave the insureds
      personally exposed. 

    

    The
      Company desires to have the Indemnitee serve or continue to serve as a director
      and/or officer of the Company, and/or as a director, officer, employee, partner,
      trustee, agent, and/or fiduciary of such other corporations, partnerships,
      joint
      ventures, employee benefit plans, trusts, and/or other enterprises (herein
      referred to as “Company Affiliate”) of which he has been or is serving, or will
      serve on behalf of or at the request of or for the convenience of, or to
      represent the interests of the Company, free from undue concern for
      unpredictable, inappropriate, or unreasonable claims for damages by reason
      of
      his being, or having been, a director and/or officer of the Company, and/or
      a
      director, officer, employee, partner, trustee, agent, and/or fiduciary of a
      Company Affiliate, or by reason of his decisions or actions on their
      behalf.

    

    The
      Indemnitee is willing to serve, or to continue to serve, or to take on
      additional service for, the Company and/or the Company Affiliate in such
      aforesaid capacities on the condition that he be indemnified as provided for
      herein.

    

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

    

    
      	 	
              1

            	
              Services
                to the Company:
                The Indemnitee shall serve or continue to serve as a director and/or
                officer of the Company (in the case of a Company officer at the will
                of
                the Company or under separate contract, if any such contract exists
                or
                shall hereafter exist), and/or as a director, and/or officer, or
                fiduciary
                of a Company Affiliate, faithfully and to the best of his ability
                so long
                as he is duly elected and qualified in accordance with the provisions
                of
                the Bylaws or other applicable constitutive documents thereof; provided,
                however that: (a) the Indemnitee may at any time and for any reason
                resign
                from such position (subject to any contractual obligations which
                the
                Indemnitee has assumed apart from this Agreement); and (b) neither
                the
                Company nor the Company Affiliate will have any obligation under
                this
                Agreement to continue the Indemnitee in any such
                position.

            

    

    

    
      	 	
              2

            	
              Right
                to Indemnification:
                The Company shall, except to the extent prohibited by applicable
                law as
                then in effect, indemnify any Indemnitee who is or was involved in
                any
                manner (including, without limitation, as a party or witness), or
                is
                threatened to be made so involved, in any threatened, pending, or
                completed investigation, claim, action, suit, or proceeding whether
                civil,
                criminal, administrative, or investigative (including, without limitation,
                any action, suit, or proceeding by or in the right of the Company
                to
                procure a judgment in its favor) (herein referred to as a “Proceeding”)
                by reason of the fact that such person is
                or

            

    

    
      
         

      

      
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    was
      a
      director or officer of the Company, and/or is or was serving at the request
      of
      the Company as a director or officer of any Company affiliate, against all
      expenses (including attorneys’ fees), judgments, fines, and amounts paid in
      settlement actually and reasonably incurred by such person in connection with
      such Proceeding; provided,
      however,
      that
      (except as provided in Paragraph 3.4) the foregoing shall not apply to a
      director or officer of the Company with respect to a Proceeding that was
      commenced by such director or officer. Such indemnification shall include the
      right to receive payment in advance of any expenses incurred by the Indemnitee
      in connection with such Proceeding, consistent with the provisions of applicable
      law as then in effect.

    

    
      	 	
              3

            	
              Advancement
                of Expenses; Procedures; Presumptions, and Effect of Certain Proceedings;
                Remedies:
                In furtherance, but not in limitation, of the foregoing provisions,
                the
                following procedures, presumptions, and remedies shall apply with
                respect
                to advancement of expenses and the right to indemnification
                hereunder:

            

    

    

    
      	 	
              3.1

            	
              Advancement
                of Expenses:
                All reasonable expenses incurred by or on behalf of the Indemnitee
                in
                connection with any Proceeding shall, after initial approval in accordance
                with Paragraph 3.2, be advanced to the Indemnitee by the Company
                within
                twenty (20) calendar days after the receipt by the Company of a statement
                or statements from the Indemnitee requesting such advance or advances
                from
                time to time, whether prior to or after final disposition of such
                Proceeding. Such statement or statements shall reasonably evidence
                the
                expenses incurred by the Indemnitee and, if required by law at the
                time of
                such advance, shall include or be accompanied by an undertaking by
                or on
                behalf of the Indemnitee to repay the amounts advanced if it should
                ultimately be determined that the Indemnitee is not entitled to be
                indemnified against such expenses
                hereunder.

            

    

    

    
      	
            	3.2	
              Procurement
                for Determination of Entitlement to
                Indemnification:

            

    

    

    
      	 	
              3.2.1

            	
              To
                obtain indemnification as herein provided, an Indemnitee shall submit
                to
                the President or Secretary of the Company a written request, including
                such documentation and information as is reasonably available to
                the
                Indemnitee and reasonably necessary to determine whether and to what
                extent the Indemnitee is entitled to indemnification (herein referred
                to
                as the “Supporting
                Documentation”).
                The determination of the Indemnitee’s entitlement to indemnification shall
                be made not later than forty-five (45) calendar days after receipt
                by the
                Company of the written request for Indemnification together with
                the
                Supporting Documentation. The Secretary or President of the Company
                shall,
                promptly upon receipt of such a request for indemnification, advise
                the
                Board of Directors in writing that the Indemnitee has requested
                indemnification.

            

    

    
      
         

      

      
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              3.2.2

            	
              The
                Indemnitee’s entitlement to indemnification hereunder shall (except as
                provided in Subparagraph 3.2.3 below) be determined in one of the
                following ways (each of which shall give effect to the presumptions
                set
                forth in Paragraph 3.3): (a) by a majority vote of the Disinterested
                Directors (as hereinafter defined) if they constitute a quorum of
                the
                Board of Directors; (b) by a written opinion of Independent Counsel
                (as
                hereinafter defined) if a quorum of the Board of Directors consisting
                of
                Disinterested Directors is not obtainable or, even if obtainable,
                a
                majority of such Disinterested Directors so directs: (c) by the
                stockholders of the Company (but only if a majority of the Disinterested
                Directors, if they constitute a quorum of the Board of Directors,
                presents
                the issue of entitlement to indemnification to the stockholders for
                their
                determination); or (d) as provided in Paragraph 3.3. In the event
                that
                this Subparagraph 3.2.2 applies, stockholder approval will be deemed
                to
                have been received if the holders of a majority of the Company’s total
                common stock outstanding vote in favor of such
                approval.

            

    

    

    
      	 	
              3.2.3

            	
              Notwithstanding
                what is stated above, in the event of a Change in Control (as hereinafter
                defined) the Indemnitee’s entitlement to indemnification shall be
                determined by a written opinion of Independent Counsel in a written
                opinion to the Board of Directors, a copy of which shall be delivered
                to
                the Indemnitee. The Independent Counsel shall be selected by the
                Indemnitee. In the event the Company objects to the Independent Counsel
                so
                selected, within seven days after written notice of the selection
                has been
                given by the Indemnitee to the Company, the Company may object to
                such
                selection by written notification given to the Indemnitee. Such objection
                may be asserted only on the ground that the Independent Counsel so
                selected does not meet the requirement of “Independent
                Counsel”
                as hereafter defined, and the objection shall set forth with particularity
                the factual basis of such assertion. If such written objection is
                made,
                the Independent Counsel so selected may not serve as Independent
                Counsel
                unless and until a court has determined that such objection is without
                merit. The Company shall pay any and all reasonable fees and expenses
                of
                Independent Counsel incurred by such Independent Counsel in connection
                with the performance of his responsibilities hereunder, and the Company
                shall pay all reasonable fees and expenses instant to the implementation
                of the procedures referred to above. Upon the due commencement of
                any
                judicial proceeding or arbitration pursuant to Subparagraph 3.4.1
                hereof,
                the Independent Counsel shall be discharged and relieved of
                any

            

    

    
      
         

      

      
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    further
      responsibility in such capacity (subject to the applicable standards of
      professional conduct then prevailing).

    

    
      	 	
              3.2.4

            	
              In
                the event of a Potential Change in Control (as hereinafter defined),
                the
                Company, upon written request by the Indemnitee, shall create a trust
                for
                the benefit of the Indemnitee and from time to time upon written
                request
                of the Indemnitee shall fund such trust in an amount sufficient to
                satisfy
                any and all expenses which at the time of each such request it is
                reasonably anticipated will be incurred in connection with a Proceeding
                for which the Indemnitee is entitled to rights of indemnification
                under
                Paragraph 2 hereof, and any and all judgments, fines, penalties,
                and
                settlement amounts of any and all proceedings for which the Indemnitee
                is
                entitled to rights of indemnification under Paragraph 2 from time
                to time
                actually paid or claimed, reasonably anticipated, or proposed to
                be paid.
                The amount or amounts to be deposited in the trust pursuant to the
                foregoing funding obligation shall be determined by the Independent
                Counsel referred to in Subparagraph 3.2.2 above. The terms of the trust
                shall provide that upon a Change in Control: (i) the trust shall
                not be
                revoked, or the principal thereof invaded, without the written consent
                of
                the Indemnitee; (ii) the trustee shall advance, within two (2) business
                days of a request by the Indemnitee, any and all expenses to the
                Indemnitee; (iii) the trust shall continue to be funded by the Company
                in
                accordance with the funding obligations set forth above; (iv) the
                trustee
                shall promptly pay to the Indemnitee all amounts for which the Indemnitee
                is entitled to indemnification pursuant to this Agreement or otherwise;
                and (v) all unexpended funds in such trust shall revert to the Company
                upon a final determination by such Independent Counsel that the Indemnitee
                has been fully indemnified under the terms of this Agreement. The
                trustee
                shall be an institutional trustee with a highly regarded reputation
                chosen
                by the Indemnitee. Nothing in this Subparagraph 3.2.4 shall relieve
                the
                Company of any of its obligations under this Agreement. Nothing contained
                in this Subparagraph 3.2.4. shall prevent the Board of Directors
                of the
                Company in its discretion at any time and from time to time, upon
                request
                of the Indemnitee, from providing security to the Indemnitee for
                the
                Company’s obligations hereunder through an irrevocable line of credit,
                funded trust as described above, or other collateral. Any such security,
                once provided to the Indemnitee, may not be revoked or released without
                the Indemnitee’s prior written
                consent.

            

    

    

    
      	 	
              3.3

            	
              Presumptions
                and Effect of Certain Proceedings:
                Except as otherwise expressly provided herein, the Indemnitee shall
                be
                presumed to be entitled to indemnification hereunder upon submission
                of a
                request for

            

    

    
      
         

      

      
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    indemnification
      together with the Supporting Documentation in accordance with Subparagraph
      3.2.1, and thereafter the Company shall have the burden of proof to overcome
      that presumption in reaching a contrary determination. In any event, if the
      person or persons empowered under Paragraph 3.2 to determine entitlement to
      indemnification have not been appointed or have not made a determination within
      sixty (60) calendar days after receipt by the Company of the request therefor
      together with the Supporting Documentation, the Indemnitee shall be deemed
      to be
      entitled to indemnification, and the Indemnitee shall be entitled to such
      indemnification unless the Company establishes as provided in the final sentence
      of Paragraph 3.4.2 or by written opinion of Independent Counsel that: (a) the
      Indemnitee misrepresented or failed to disclose a material fact in making the
      request for indemnification or in the Supporting Documentation; or (b) such
      indemnification is prohibited by law. The termination of any Proceeding
      described in Paragraph 2, or of any claim, issue, or matter therein, by
      judgment, order, settlement, or conviction, or upon a plea of nolo
      contendere
      or its
      equivalent, shall not, of itself, adversely affect the right of the Indemnitee
      to indemnification or create a presumption that the Indemnitee did not act
      in
      good faith and in a manner which the Indemnitee reasonably believed to be in,
      or
      not opposed to, the best interests of the Company or, with respect to any
      criminal Proceeding, that the Indemnitee had reasonable cause to believe that
      his conduct was unlawful.

    

    
      	 	
              3.4

            	
              Remedies
                of Indemnitee:

            

    

    

    
      	 	
              3.4.
                1

            	
              In
                the event that a determination is made pursuant to Paragraph 3.2
                that the
                Indemnitee is not entitled to indemnification hereunder: (a) the
                Indemnitee shall be entitled to seek an adjudication of his entitlement
                to
                such indemnification either, at the Indemnitee’s option, in (x) an
                appropriate court of the State of Texas or any other court of competent
                jurisdiction, or (y) an arbitration to be conducted by a single arbitrator
                selected by mutual agreement of the Company and the Indemnitee (or,
                failing such agreement by the then sitting Chief Judge of the United
                States District Court for the Southern District of New York), pursuant
                to
                the commercial arbitration rules of the American Arbitration Association;
                (b) any such judicial proceeding or arbitration shall be de
                novo,
                and the Indemnitee shall not be prejudiced by reason of such adverse
                determination; and (c) in any such judicial proceeding or arbitration
                the
                Company shall have the burden of proving that indemnification is
                prohibited by applicable law. If any such determination is made,
                the
                Indemnitee shall be entitled, on five (5) days’ written notice to the
                Secretary of the Company, to receive the written report of the persons
                making such determination,
                which

            

    

    
      
         

      

      
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    report
      shall include the reasons and factual findings, if any, upon which such
      determination was based.

    

    
      	 	
              3.4.2

            	
              If
                a determination has been made, or is deemed to have been made, pursuant
                to
                Paragraph 3.2 or 3.3 that the Indemnitee is entitled to indemnification,
                the Company shall be obligated to pay the amounts constituting such
                indemnification within five (5) days after such determination has
                been
                made or deemed to have been made and shall be conclusively bound
                by such
                determination unless the Company establishes as provided in the final
                sentence of this paragraph that: (a) the Indemnitee misrepresented
                or
                failed to disclose a material fact in making the request for
                indemnification or in the Supporting Documentation; or (b) such
                indemnification is prohibited by law. If either (x) advancement of
                expenses is not timely made pursuant to Paragraph 3.1, or (y) payment
                of
                indemnification is not made within five calendar days after a
                determination of entitlement to indemnification has been made or
                deemed to
                have been made pursuant to Paragraph 3.2 or 3.3, the Indemnitee shall
                be
                entitled to seek judicial enforcement of the Company’s obligation to pay
                to the Indemnitee such advancement of expenses or indemnification.
                Notwithstanding the foregoing, the Company may bring an action, in
                an
                appropriate court in the State of New York or any other court of
                competent
                jurisdiction, contesting the right of the Indemnitee to receive
                indemnification hereunder due to the occurrence of an event described
                in
                subclause (a) or (b) of this Subparagraph 3.4.2 (herein referred
                to as a
                “Disqualifying
                Event”);
                provided,
                however,
                that in any such action the Company will have the burden of proving
                the
                occurrence of such Disqualifying
                Event.

            

    

    

    
      	 	
              3.4.3

            	
              The
                Company shall be precluded from asserting in any judicial proceeding
                or
                arbitration commenced pursuant to this Paragraph 3.4 that the procedures
                and presumptions of this Paragraph 3.4 are not valid, binding, and
                enforceable, and shall stipulate in any such court or before any
                such
                arbitrator that the Company is bound by all of the provisions of
                this
                Agreement.

            

    

    

    
      	 	
              3.4.4

            	
              If
                the Indemnitee, pursuant to this Paragraph 3.4, seeks a judicial
                adjudication of, or an award in arbitration to enforce, his rights
                under,
                or to recover damages for breach of, this Agreement, the Indemnitee
                shall
                be entitled to recover from the Company, and shall be indemnified
                by the
                Company against, any expenses actually and reasonably incurred by
                the
                Indemnitee if the Indemnitee prevails in such judicial adjudication
                or
                arbitration. If it is determined in such judicial adjudication or
                arbitration that the Indemnitee is entitled to receive part but not
                all of
                the

            

    

    
      
         

      

      
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    indemnification
      or advancement of expenses sought, the expenses incurred by the Indemnitee
      in
      connection with such judicial adjudication or arbitration shall be prorated
      accordingly. 

    

    
      	 	
              3.5

            	
              Definitions:
                For purposes of this Paragraph 3:

            

    

    

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

    

    “Independent
      Counsel”
means
      a
      law firm or a member of a law firm that neither presently is, nor in the past
      five years has been, retained to represent: (a) the Company or the Indemnitee
      in
      any matter material to either such party; or (b) any other party to the
      Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
      the foregoing, the term “Independent
      Counsel”
shall
      not include any person who, under the applicable standards of professional
      conduct then prevailing under the laws of the State of New York, would have
      a
      conflict of interest in representing either the Company or the Indemnitee in
      an
      action to determine the Indemnitee’s rights hereunder.

    

    “Change
      in Control”
means:
      

    

    (i)
      the
      consummation of any consolidation or merger of the Company into or with another
      corporation or other legal person, and as a result of such consolidation or
      merger less than a majority of the combined voting power of the then outstanding
      securities of such corporation or person immediately after such transaction
      are
      held in the aggregate by holders of Voting Stock (as defined below) of the
      Company immediately prior to such transaction;

    

    (ii)
      any
      sale, lease, exchange, or other transfer, whether in one transaction or any
      series of related transactions, of all or significant portions of the assets
      of
      the Company to any other corporation or other legal persons, less than a
      majority of the combined voting power of the then-outstanding securities of
      such
      corporation or person immediately after such sale, lease, exchange, or transfer
      is held in the aggregate by the holders of Voting Stock of the Company
      immediately prior to such sale, lease, exchange, or transfers;

    

    (iii)
      the
      shareholders of the Company approve any plan for the liquidation or dissolution
      of the Company;

    

    (iv)
      any
      person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
      Exchange Act of 1934, as amended (the “Exchange Act”)) other than an existing
      director of the Company

    
      
         

      

      
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    becomes,
      either directly or indirectly, the beneficial owner (within the meaning of
      Rule
      13d-3 under the Exchange Act) of securities representing more than 33% of the
      combined voting power of the then outstanding securities entitled to vote
      generally in the election of directors of the Company (“Voting Stock”);
      or

    

    (v)
      if at
      any time during a fiscal year a majority of the Board of Directors are replaced
      by persons who were not recommended for those positions by at least two-thirds
      of the directors of the Company who were directors of the Company at the
      beginning of the fiscal year.

    

    Notwithstanding
      the preceding, a “Change of Control” shall not be deemed to have occurred with
      respect to any of the foregoing transactions conducted by any employee benefit
      plan (or related trust) sponsored or maintained by the Company, any corporation
      controlled by the Company, or any affiliate of the Company.

    

    “Potential
      Change in Control”
shall
      be deemed to have occurred if: (i) the Company enters into an agreement the
      consummation of which would result in the occurrence of a Change in Control;
      (ii) a person (including the Company) publicly announces a legitimate intention
      to take or to consider taking actions which if consummated would constitute
      a
      Change in Control; or (iii) the Board of Directors adopts a resolution to the
      effect that, for purposes of this Agreement, a Potential Change in Control
      has
      occurred.

    

    
      	 	
              4

            	
              Other
                Rights to Indemnification:
                The indemnification and advancement of costs and expenses (including
                attorneys’ fees and disbursements) provided by this Agreement shall not be
                deemed exclusive of any other rights to which the Indemnitee may
                now or in
                the future be entitled under any provision of applicable law, the
                Articles
                of Incorporation, or any Bylaw of the Company or any other agreement,
                or
                any vote of directors or stockholders or otherwise, whether as to
                action
                in his official capacity or in another capacity while occupying any
                of the
                positions or having any of the relationships referred to in Paragraph
                1 of
                this Agreement.

            

    

    

    
      	 	
              5

            	
              Duration
                of Agreement:
                

            

    

    

    
      	 	
              5.
                1

            	
              This
                Agreement shall be effective from and after the date hereof, and
                shall
                continue until and terminate upon the later of: (i) the tenth
                (10th)
                anniversary after the Indemnitee has ceased to occupy any of the positions
                or have any of the relationships described in Paragraph 1 of this
                Agreement; or (ii) (a) the final termination or resolution of all
                proceedings with respect to the Indemnitee commenced during such
                ten (10)
                year period, and (b) either (x) receipt by the Indemnitee of the
                Indemnification to which he or she is entitled hereunder with respect
                thereto, or (y) a final

            

    

    
      
         

      

      
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    adjudication
      or binding arbitration that the Indemnitee is not entitled to any further
      indemnification with respect thereto, as the case may be.

    

    
      	 	
              5.2

            	
              This
                Agreement shall be binding upon the Company and its successors and
                assigns
                and shall inure to the benefit of the Indemnitee and his heirs, devisees,
                executors, administrators, or other legal
                representatives.

            

    

    

    
      	 	
              6

            	
              Severability:
                If any provision or provisions of this Agreement are held to be invalid,
                illegal, or unenforceable under any particular circumstances or for
                any
                reason whatsoever: (a) the validity, legality, and enforceability
                of the
                remaining provisions of this Agreement (including, without limitation,
                all
                other portions of any paragraph or clause of this Agreement that
                contains
                any provision that has been found to be invalid, illegal, or
                unenforceable, that are not themselves invalid, illegal, or unenforceable)
                or the validity, legality, or enforceability under any other circumstances
                shall not in any way be affected or impaired thereby; and (b) to
                the
                fullest extent possible consistent with applicable law, the provisions
                of
                this Agreement (including, without limitation, all other portions
                of any
                paragraph or clause of this Agreement that contains any such provision
                that has been found to be invalid, illegal, or unenforceable, that
                are not
                themselves invalid, illegal, or unenforceable) shall be deemed revised
                and
                shall be construed so as to give effect to the intent manifested
                by this
                Agreement (including the provision held invalid, illegal, or
                unenforceable).

            

    

    

    
      	 	
              7

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

            

    

    

    
      	 	
              8

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

            

    

    

    
      	 	
              9

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

            

    

    

    
      	 	
              10

            	
              Notification
                and Defense of Claim:
                The Indemnitee agrees to notify the Company promptly in writing upon
                being
                served with any summons, citation, subpoena, complaint, indictment,
                information, or other document relating to any matter which may be
                subject
                to indemnification hereunder, whether civil, criminal, or investigative;
                provided,
                however,
                that the failure of the Indemnitee to give such notice to the Company
                shall not adversely affect the Indemnitee’s rights under this Agreement
                except to the extent the Company has been
                materially

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    prejudiced
      as a direct result of such failure. Nothing in this Agreement shall constitute
      a
      waiver of the Company’s right to seek participation at its own expense in any
      Proceeding which may give rise to indemnification hereunder.

    

    
      	 	
              11

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

            

    

    

    
      	 	
              (a)

            	
              if
                to the Indemnitee, at the address
                below;

            

    

    

    
      	 	
              (b)

            	
              if
                to the Company:

            

    

    

    Chase
      Packaging Corporation

    636
      River
      Road

    Fair
      Haven, NJ 07704

    

    or
      to
      such address as may have been furnished to either party by the other
      party.

    

    
      	 	
              12

            	
              Governing
                Law:
                The parties hereto agree that this Agreement shall be governed by,
                and
                construed and enforced in accordance with, the laws of the State
                of New
                York.

            

    

    

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

    

    COMPANY:

    

    Chase
      Packaging Corporation

    

    

    By:

      
        

      

    

    Allen T. McInnes,

    President

    Date:
      August 23, 2007

    

    INDEMNITEE:

     

    

    
      
        

      

    

    Date:
      August 23, 2007

    
      
         

      

        11EXHIBIT 10.1

                                    AMENDMENT
                                       TO
                           LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT to Loan and Security  Agreement  (this  "Amendment")  is
entered into this 14th day of August 2007,  by and between  Silicon  Valley Bank
("Bank") and Adept Technology,  Inc., a Delaware corporation  ("Borrower") whose
address is 3011 Triad Drive, Livermore, California 94551.

                                    RECITALS

         A. Bank and  Borrower  have entered into that certain Loan and Security
Agreement  dated as of  April  22,  2004  (as the same may from  time to time be
amended, modified, supplemented or restated, the "Loan Agreement").

         B. Bank has extended  credit to Borrower for the purposes  permitted in
the Loan Agreement.

         C. Borrower has requested that Bank amend the Loan Agreement, as herein
set  forth,  and  Bank has  agreed  to the  same,  but  only to the  extent,  in
accordance  with the terms,  subject to the  conditions and in reliance upon the
representations and warranties set forth herein.

                                    AGREEMENT

         NOW,  THEREFORE,  in consideration of the foregoing  recitals and other
good and  valuable  consideration,  the receipt and  adequacy of which is hereby
acknowledged,  and intending to be legally  bound,  the parties  hereto agree as
follows:

         1.  Definitions.  Capitalized  terms  used  but  not  defined  in  this
Amendment shall have the meanings given to them in the Loan Agreement.

         2. Amendments to Loan Agreement.

            2.1 Modified  Maturity  Date.  Section 4 of the Schedule to Loan and
Security Agreement is hereby amended in its entirety to read as follows:

                4.  MATURITY DATE
                    (Section 6.1):                 August 13, 2008.

            2.2  Representation  Regarding  Chad  Industries.   Borrower  hereby
represents and warrants to Bank that "Chad Industries,  Inc." with an address at
Box 26127, Fraser,  Michigan 48026 or 37020 Garfield,  Suite T2A, Mount Clemens,
Michigan  48043 or any other  address or  location  in  Michigan is not the same
entity as the Chad  Industries,  Inc. that the Borrower merged with in 2001, and
that the UCC-1  Financing  Statements  filed in favor of H&D Corp., or any other
secured party, listing "Chad Industries,  Inc." in Michigan as the debtor do not
represent any liens or security interests on the assets of the Borrower.

                                      -4-
<PAGE>

         3. Limitation of Amendments.

            3.1 The amendments set forth in Section 2, above,  are effective for
the  purposes  set forth  herein and shall be limited  precisely  as written and
shall not be deemed to (a) be a consent to any amendment, waiver or modification
of any other term or condition of any Loan Document,  or (b) otherwise prejudice
any right or remedy  which Bank may now have or may have in the future  under or
in connection with any Loan Document.

            3.2 This Amendment shall be construed in connection with and as part
of the Loan Documents and all terms,  conditions,  representations,  warranties,
covenants  and  agreements  set  forth in the Loan  Documents,  except as herein
amended,  are hereby  ratified and  confirmed and shall remain in full force and
effect.

         4.  Representations  and Warranties.  To induce Bank to enter into this
Amendment, Borrower hereby represents and warrants to Bank as follows:

            4.1  Immediately  after  giving  effect  to this  Amendment  (a) the
representations  and  warranties  contained  in the  Loan  Documents  are  true,
accurate and complete in all material  respects as of the date hereof (except to
the extent such  representations  and  warranties  relate to an earlier date, in
which  case  they are true and  correct  as of such  date),  and (b) no Event of
Default has occurred and is continuing;

            4.2 Borrower has the power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by
this Amendment;

            4.3 The organizational documents of Borrower delivered to Bank on or
about  November 4, 2005 remain  true,  accurate  and  complete and have not been
amended,  supplemented  or restated and are and continue to be in full force and
effect;

            4.4 The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement,  as amended
by this Amendment, have been duly authorized;

            4.5 The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement,  as amended
by this  Amendment,  do not and will not  contravene  (a) any law or  regulation
binding on or affecting Borrower, (b) any contractual  restriction with a Person
binding on  Borrower,  (c) any order,  judgment  or decree of any court or other
governmental  or public body or authority,  or subdivision  thereof,  binding on
Borrower, or (d) the organizational documents of Borrower;

                                      -5-
<PAGE>

            4.6 The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement,  as amended
by this  Amendment,  do not  require  any  order,  consent,  approval,  license,
authorization  or validation of, or filing,  recording or registration  with, or
exemption  by any  governmental  or public  body or  authority,  or  subdivision
thereof,  binding on either  Borrower,  except as already  has been  obtained or
made; and

            4.7 This  Amendment has been duly executed and delivered by Borrower
and is the binding  obligation  of  Borrower,  enforceable  against  Borrower in
accordance  with its  terms,  except as such  enforceability  may be  limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar
laws of general  application and equitable  principles  relating to or affecting
creditors' rights.

         5.  Counterparts.  This  Amendment  may be  executed  in any  number of
counterparts  and all of such  counterparts  taken  together  shall be deemed to
constitute one and the same instrument.

         6. Effectiveness. This Amendment shall be deemed effective upon (a) the
due execution and delivery to Bank of this  Amendment by each party hereto,  (b)
Borrower's  payment of an amendment  fee in an amount equal to $20,000,  and (c)
Bank's  receipt of the  Consent  to  Amendment  and  Reaffirmation  of  Guaranty
attached hereto,  duly executed and delivered by each Guarantor (unless Bank, in
its sole  discretion  at any time  waives in  writing  the  receipt  of any such
Consent).

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered as of the date first written above.

BANK                                             BORROWER

Silicon Valley Bank                              Adept Technology, Inc.

By:     /s/ Minal Patel                          By:     /s/ Robert H. Bucher
Name:   Minal Patel                              Name:   Robert H. Bucher
        ---------------------                            -----------------------
Title:  Relationship Manager                     Title:  Chief Executive Officer
        ---------------------                            -----------------------

                                      -6-
<PAGE>

                              CONSENT TO AMENDMENT
                          AND REAFFIRMATION OF GUARANTY

         Each of the undersigned  acknowledges that his consent to the foregoing
Amendment to Loan and Security  Agreement  dated as of even date  herewith  (the
"Amendment")  is not  required,  but the  undersigned  nevertheless  does hereby
consent  to the  terms and  conditions  of the  Amendment  and  agrees  that the
Guaranty of the  undersigned  relating  to the  Obligations  of  Borrower  shall
continue in full force and effect,  shall be valid and enforceable and shall not
be impaired or otherwise affected by the execution of the Amendment or any other
document or instrument delivered in connection herewith.

         Each of the  undersigned  represents  and warrants  that,  after giving
effect to the Amendment,  all  representations and warranties of the undersigned
contained in the  Guaranty  are true,  accurate and complete as if made the date
hereof.

GUARANTOR                                    Adept Technology Holdings, Inc.

                                             By:  /s/ Lisa M. Cummins
                                                  ------------------------------
                                             Name:  Lisa M. Cummins
                                                    ----------------------------
                                             Title:  CFO & Treasurer
                                                     ---------------
                                             Dated as of:      August 22, 2007

                                             Adept Technology Canada Company

                                             By:  /s/ Lisa M. Cummins
                                                  ------------------------------
                                             Name:  Lisa M. Cummins
                                                    ----------------------------
                                             Title:  CFO & Treasurer
                                                     ---------------
                                             Dated as of:      August 22, 2007

                                             Adept Technology International Ltd.

                                             By:  /s/ Lisa M. Cummins
                                                  ------------------------------
                                             Name:  Lisa M. Cummins
                                                    ----------------------------
                                             Title:  CFO & Treasurer
                                                     ---------------
                                             Dated as of:      August 22, 2007

                                      -7-
<PAGE>

                                             Adept Technology Canada Holding
                                             Company

                                             By:  /s/ Lisa M. Cummins
                                                  ------------------------------
                                             Name:  Lisa M. Cummins
                                                    ----------------------------
                                             Title:  CFO & Treasurer
                                                     ---------------
                                             Dated as of:      August 22, 2007

                                             Adept Global Technologies

                                             By:  /s/ Lisa M. Cummins
                                                  ------------------------------
                                             Name:  Lisa M. Cummins
                                                    ----------------------------
                                             Title:  CFO & Treasurer
                                                     ---------------
                                             Dated as of:      August 22, 2007

                                      -8-

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