AMENDMENT NO. 1 TO INDEPENDENT DIRECTOR’S CONTRACT
Ex.
10.1
AMENDMENT
NO. 1 TO INDEPENDENT DIRECTOR’S CONTRACT
THIS
Amendment No. 1 to Independent Director’s Contract (this “Amendment”) is made
as of December 29, 2008 by and between Puda Coal, Inc., a Florida
corporation (the “Company”), and
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ (the “Director”), who are
signatories to the Independent Director’s Contract dated August 3, 2007 (the
“Agreement”).
RECITALS
WHEREAS,
the Company and the Director wish to amend the Agreement to adjust the
compensation of the Director pursuant to paragraph 3 of the Agreement and in
consideration of the Director’s continued services as an independent director of
the Company;
NOW,
THEREFORE, in consideration for the foregoing, the mutual promises contained
herein and other good and valuable consideration, the adequacy and receipt of
which are hereby acknowledged, the Company and the Director hereby agree as
follows:
1. Amendment to the
Agreement. Paragraph 3 of the Agreement is hereby amended and
restated in its entirety to read as follows:
“3. COMPENSATION. For all services
to be rendered by the Director in any capacity hereunder, the Company agrees to
pay the Director an annual fee of (i) $40,000 in cash and (ii) $25,000 worth of
shares of common stock of the Company, calculated based on the closing sale
price of the Company’s common stock as quoted by OTCBB on August 11, 2008 (the
“Grant Date”)
and each anniversary date of the Grant Date thereafter. The initial fee should
be 50% of the annual fee, which is considered earned when paid and is
nonrefundable. The initial payment for the services of the Director for services
rendered is due upon execution of this Agreement; thereafter, payment of 50% of
the annual fee shall be due on or before the first date of each six
succeeding months after the Grant Date. Such fee may be adjusted from time to
time as agreed by the parties. The stock grants under this Agreement
shall be subject to the Company’s equity incentive plan then in
effect.”
2. General. Except
for the amendments effected by this Amendment, which shall become effective as
of the date hereof, the terms and provisions of the Agreement shall remain
unchanged and in full force and effect. To avoid any confusion, this
Amendment has no retroactive effect. This Amendment together with the
Agreement constitute the full and entire understanding and agreement between the
parties with regard to the subjects related to the Director’s services as a
director of the Company. This Amendment may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of
which shall constitute one and the same agreement.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and signed as of the day and year first above written.
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a
Florida corporation
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By:
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/s/
▇▇▇▇▇▇ ▇▇▇
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▇▇▇▇▇▇
▇▇▇
President
and Chief Executive
Officer
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DIRECTOR
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By:
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/s/
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇▇▇▇
▇. ▇▇▇▇▇
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