0000950134-08-015478 Sample Contracts

AMENDED AND RESTATED LOAN AGREEMENT
Loan Agreement • August 19th, 2008 • Panda Ethanol, Inc. • Industrial organic chemicals • Texas

This Amended and Restated Loan Agreement (this “Agreement”), dated July 29, 2008, is entered into by and between Panda Ethanol, Inc. (“Borrower”), a corporation duly organized, existing and in good standing under the laws of the State of Nevada, and Panda Energy International, Inc. (“Lender”).

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Panda Ethanol, Inc. Nonqualified Stock Option Agreement
Nonqualified Stock Option Agreement • August 19th, 2008 • Panda Ethanol, Inc. • Industrial organic chemicals • Texas

This Nonqualified Stock Option Agreement (the “Agreement”) is made and entered into as of __________________(the “Date of Grant”) by and between Panda Ethanol, Inc., a Nevada corporation (the “Company”), and __________________(the “Participant”). Capitalized terms not otherwise defined in this Agreement shall have the meanings given in the Company’s 2006 Amended and Restated Long-Term Incentive Plan, as amended from time to time.

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