Exhibit 10.3
INDEMNIFICATION AGREEMENT
This
Indemnification Agreement (this “Agreement”) is made as
of August 7, 2009 by and between NEW FRONTIER ENERGY, INC., a
Colorado corporation (the “Company”), and SAMYAK VEERA
(“Indemnitee”).
RECITALS
In
August of 2009, the Company will enter into that certain
Participation Agreement (the “Participation Agreement”)
with ENTEK USA, Inc. (“ENTEK”). To induce ENTEK to
enter into the Participation Agreement, Indemnitee has agreed to
deposit Five Hundred Thousand and No/100 Dollars ($500,000.00) (the
“Stull Funds”) into a newly established account owned
by the Company (the “Stull Account”) to cover certain
potential liabilities of the Company related to litigation with
Stull Ranches, LLC. Funds deposited into the Stull Ranch Account
shall not be commingled with other Company funds.
The
Company desires to indemnify and reimburse Indemnitee if any of the
Stull Funds are released from the Stull Account for any reason
whatsoever.
AGREEMENT
In
consideration of the mutual promises made in this Agreement, and
for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and
Indemnitee hereby agree as follows:
|
1.
|
Indemnification. To the fullest extent permitted by applicable
law, the Company shall indemnify and reimburse Indemnitee for any
loss, liability, claim, damage, or expense, arising from or in
connection with the release of the any of the Stull Funds from
Stull Account, including any costs or expenses (which shall
include, without limitation, attorneys fees) the Indemnitee may
incur in pursuing or enforcing Indemnitee’s rights under this
Agreement
|
|
2.
|
Account
Information. The Company
shall provide to Indemnitee copies of monthly account statements
for the Stull Account. Upon request by the Indemnitee, the Company
shall provide up to date balance and transaction activity reports
for the Stull Account with
|
