SEC Contract Filing

Filing Date: 2015-02-17

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v400227_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUTOR TECHNOLOGY GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEPENDENT DIRECTOR&rsquo;S CONTRACT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS INDEPENDENT DIRECTOR&rsquo;S
CONTRACT (the &ldquo;<U>Agreement</U>&rdquo;) is made as of the 1<SUP>st</SUP> day of February, 2015 and is by and between Sutor
Technology Group Limited, a Nevada corporation (hereinafter referred to as the &ldquo;<U>Company</U>&rdquo;), and Guoyou Shao (hereinafter
referred to as the &ldquo;<U>Director</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BACKGROUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Director has entered into that certain Independent Director&rsquo;s Contract, dated February 1<SUP>st</SUP>, 2014 (the &ldquo;<U>Original
Contract</U>&rdquo;), under which the Director was appointed as a member of the Board of Directors of the Company (the &ldquo;<U>Board
of Directors</U>&rdquo;) for a term of 12 months. Both the Board of Directors and the Director desire to extend the Original Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for
the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged,
the Company and the Director hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.</B>&nbsp;<B>DUTIES</B>.
The Company requires that the Director be available to perform the duties of an independent director customarily related to this
function as may be determined and assigned by the Board of Directors and as may be required by the Company&rsquo;s constituent
instruments, including its Articles of Incorporation, Bylaws and its corporate governance and board committee charters, each as
amended or modified from time to time, and by applicable law, including the Nevada Revised Statutes. The Director agrees to devote
as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the
Audit Committee, Compensation Committee, Governance and Nominating Committee and such other committees as the Director may hereafter
be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors
arising under Chapter 78 of the Nevada Revised Statutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>2.</B>&nbsp;<B>TERM</B>.
The term of this Agreement shall commence as of the date hereof and shall continue until the Director&rsquo;s removal, resignation
or the one-year anniversary of the date hereof, whichever is earlier. This 12-month period ending on the anniversary date of the
Director&rsquo;s appointment is a &ldquo;<U>Service Year</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>3.&nbsp;COMPENSATION</B>.
For all services to be rendered by Director in any capacity hereunder, the Company agrees to pay Director a fee of RMB 150,000
in cash during this Service Year, paid monthly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.</B>&nbsp;<B>EXPENSES</B>.
In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable
business related expenses incurred in good faith in the performance of the Director&rsquo;s duties for the Company. Such payments
shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement
shall be accompanied by sufficient documentary matter to support the expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif;