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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-08-044904.txt : 20080808
<SEC-HEADER>0001144204-08-044904.hdr.sgml : 20080808
<ACCEPTANCE-DATETIME>20080808152538
ACCESSION NUMBER:		0001144204-08-044904
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080804
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080808
DATE AS OF CHANGE:		20080808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA RECYCLING ENERGY CORP
		CENTRAL INDEX KEY:			0000721693
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				900093373
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		081002284

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068
		BUSINESS PHONE:		86-29-8765-1096

	MAIL ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA DIGITAL WIRELESS INC
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER ACQUISITIONS  INC
		DATE OF NAME CHANGE:	20020430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER BREWING CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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      </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)
      The
      Board of Directors (the "Board") of China Recycling Energy Corporation (the
      "Company") previously approved the China Recycling Energy Corporation 2007
      Nonstatutory Stock Option Plan (the "2007 Plan") on November 13, 2007. The
      2007
      Plan authorizes the grant of nonstatutory stock options. On August 4, 2008,
      the
      Board approved the forms of the Nonstatutory Stock Option Agreement - Manager
      Employee (the "Manager Option Agreement") and Nonstatutory Stock Option
      Agreement - Non-Manager Employee (the "Non-Manager Option Agreement") for grants
      under the 2007 Plan. The Manager Option Agreement sets forth the terms and
      conditions of awards of stock options under the 2007 Plan to management
      employees, including, but not limited to, number of underlying shares, exercise
      price, vesting, effect of termination of employment or change in control, option
      term, method of exercise of stock option and transfer restrictions. A copy
      of
      the Manager Option Agreement is attached hereto as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and is
      incorporated herein by reference. The Non-Manager Option Agreement sets forth
      the terms and conditions of awards of stock options under the 2007 Plan to
      non-management employees, including, but not limited to, number of underlying
      shares, exercise price, vesting, effect of termination of employment or change
      in control, option term, method of exercise of stock option and transfer
      restrictions. A copy of the Non-Manager Option Agreement is attached hereto
      as
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.2</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and is
      incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      4, 2008, the Board made grants of stock options to the executive officers of
      the
      Company in the amounts set forth below:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Name</u></font></div>
            </td>
            <td valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Award
                Amount</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wu
                Guangyu</font></div>
            </td>
            <td align="right" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">200,000</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Zhu
                Xiaogang</font></div>
            </td>
            <td align="right" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">120,000</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wu
                Zhigang</font></div>
            </td>
            <td align="right" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">120,000</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      stock
      options have an exercise price of $.80, the fair market value of the Company's
      common stock on the date of grant. The stock options have a five year term
      and
      vest as to 15% on the six-month anniversary of the date of grant; 15% on the
      first anniversary of the date of grant; 50% on the second anniversary of the
      date of grant; and the remaining 20% on the third anniversary of the date of
      grant. The stock options expire on the fifth anniversary of the date of grant.
      The stock options also become fully vested upon termination without cause,
      termination for good reason, termination due to death or disability or in the
      event of a change in control of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following exhibit is filed with this report.</font></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="left" valign="top" width="86%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></u></div>
            </td>
            <td align="left" valign="top" width="86%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="justify" valign="top" width="86%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="justify" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                of Nonstatutory Stock Option Agreement - Manager Employee under the
                China
                Recycling Energy Corporation 2007 Nonstatutory Stock Option
                Plan.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="justify" valign="top" width="86%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td align="justify" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                of Nonstatutory Stock Option Agreement - Non-Manager Employee under
                the
                China Recycling Energy Corporation 2007 Nonstatutory Stock Option
                Plan.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="50%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="49%">&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="50%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="49%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">China
                Recycling Energy Corporation</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2">&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;August
              7, 2008</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Guangyu
              Wu </font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr align="left" noshade size="2" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guangyu
                Wu</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Executive Officer</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="14%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></u></div>
            </td>
            <td align="left" valign="top" width="86%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="left" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                of Nonstatutory Stock Option Agreement - Manager Employee under the
                China
                Recycling Energy Corporation 2007 Nonstatutory Stock Option
                Plan.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
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                of Nonstatutory Stock Option Agreement - Non-Manager Employee under
                the
                China Recycling Energy Corporation 2007 Nonstatutory Stock Option
                Plan.</font></div>
            </td>
          </tr>

      </table>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v122390_ex10-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
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  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NONSTATUTORY
      STOCK OPTION AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MANAGER
      EMPLOYEE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      NONSTATUTORY STOCK OPTION AGREEMENT (this "Agreement"), made and entered into
      as
      of the&#160;__</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      day of
      ______, ____, by and between ___________(the "Optionee") and China Recycling
      Energy Corporation, a Nevada corporation (the "Corporation"), sets forth the
      terms and conditions of the stock option (the &#8220;Option&#8221;) granted by the
      Corporation to the Optionee as to the number of shares of the Corporation&#8217;s
      Stock set forth below pursuant to the Corporation&#8217;s 2007 Nonstatutory Stock
      Option Plan (the "Plan") and its Board resolution of stock option grant
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      (&#8220;Grant Date&#8221;). Any capitalized terms used but not defined herein shall have the
      meaning prescribed in the Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grant
      of
      Option. Subject to the provisions of this Agreement, the Plan and the Employment
      Agreement, if any, by and between the Optionee and the Corporation or an
      Affiliate (the "Employment Agreement&#8221;), the Board of Directors of the
      Corporation grants to the Optionee an Option to purchase ___________shares
      of
      Stock as of the Grant Date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      subject to the Option on the six month anniversary of the Grant Date; (b) the
      Option shall vest and become exercisable as to an additional 15% of the total
      number of shares of Stock subject to the Option on the first year anniversary
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      the Grant Date; (c) the Option shall vest and become exercisable as to an
      additional 50% of the total number of shares of Stock subject to the Option
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      the second year anniversary of the Grant Date; and (d) the Option shall vest
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      become exercisable as to the remaining 20% of the total number of shares of
      Stock subject to the Option on the third year anniversary of the Grant Date.
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      Option may only be exercised to the extent that the Option has become vested
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      exercisable. The vesting schedule requires continued employment through each
      applicable vesting date as a condition to the vesting of the applicable
      installment of the Option and the rights and benefits under this Option
      Agreement. Employment or service for only a portion of the vesting period,
      even
      if a substantial portion, will not entitle the Optionee to any proportionate
      vesting or avoid or mitigate a termination of rights and benefits upon or
      following a termination of employment as provided in Section 4 below or under
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      of Employment; Change in Control. (a) In the event of the Optionee's termination
      of employment by the Corporation or an Affiliate without Cause (as defined
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      the Employment Agreement), by the Optionee for Good Reason (as defined in the
      Employment Agreement), or by reason of the Optionee's death or Disability (as
      defined in the Employment Agreement), any portion of the Option that has not
      become vested and exercisable as of the date of the Optionee's termination
      of
      employment shall immediately vest and become exercisable, and the Option (after
      giving effect to such accelerated vesting) shall expire as set forth in Section
      5 of this Agreement.</font></div>
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      Affiliate for any other reason not described in Section 4(a) above, or if no
      Employment Agreement exists in the event of the Optionee&#8217;s termination of
      employment by the Corporation or an Affiliate for reasons other than death,
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      portion of the Option that has not become vested and exercisable as of the
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      of the Optionee's termination of employment shall immediately be forfeited,
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      the termination of employment, shall expire as set forth in Section 5 of this
      Agreement.</font></div>
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      and become exercisable, and the Option (after giving effect to such accelerated
      vesting) shall expire as set forth in Section 5 of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Method
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      Stock Option Exercise. The Option may be exercised during its term, in whole
      or
      in part, to the extent it has become vested and exercisable pursuant to Section
      3 or 4 and has not yet been forfeited or expired, by giving written notice
      of
      exercise to the Corporation (or to such other party as the Corporation may
      designate from time to time) specifying the number of shares of Stock subject
      to
      the Option to be purchased. Such notice shall be accompanied by payment in
      full
      of the purchase price by certified or bank check or such other instrument as
      the
      Corporation may accept. Options may also be exercised by any other means
      permitted by the Plan that the Committee may designate from time to time. To
      the
      extent permitted by applicable law and to the extent permitted by the Committee,
      the Optionee may discharge any withholding obligation in respect of this
      Agreement by directing the Corporation or an Affiliate to withhold shares of
      Stock to be delivered upon exercise of the Option that have a Fair Market Value
      on the date of exercise equal to the Corporation's or such Affiliate&#8217;s minimum
      withholding obligation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transferability.
      The Option shall not be transferable by the Optionee other than by will or
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      the laws of descent and distribution. The Option shall be exercisable, subject
      to the terms of the Plan, only by the Optionee, the Optionee's estate or
      beneficiary, the guardian or legal representative of the Optionee, or any person
      to whom such option is transferred pursuant to this Section 7, it being
      understood that the term "Optionee" includes such guardian, legal representative
      and other permitted transferee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Successors,
      Assigns and Transferees. Subject to the Corporation&#8217;s right to terminate the
      Option pursuant to Section 5(h) of the Plan, this Agreement shall be binding
      upon, and inure to the benefit of, the parties hereto and each of their
      respective successors and permitted transferees (including, upon the death
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      the Optionee, the Optionee's estate).</font></div>
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      Incorporation of Plan. The Option and all rights of the Optionee under this
      Agreement are subject to the terms and conditions of the Plan, incorporated
      herein by reference. The Optionee agrees to be bound by the terms of the Plan
      and this Agreement. The Optionee acknowledges having read and understanding
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      Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise
      expressly provided in other sections of this Agreement, provisions of the Plan
      that confer discretionary authority on the Board or the Committee do not and
      shall not be deemed to create any rights in the Optionee unless such rights
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      expressly set forth herein or are otherwise in the sole discretion of the Board
      or the Committee so conferred by appropriate action of the Board or the
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      purposes of this Agreement qualifies as a termination for &#8220;Good Reason,&#8221;
&#8220;Cause,&#8221; or &#8220;Disability&#8221; shall be determined in accordance with the terms of the
      Employment Agreement. The Optionee may obtain a copy of the Plan from the
      Corporation.</font></div>
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      confer on the Optionee any right with respect to continuance of employment
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      other service (subject to the terms of the Employment Agreement) at any time,
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      limitation the Plan and the Employment Agreement, or delivered pursuant hereto,
      which form a part hereof contain the entire understanding of the parties with
      respect to their subject matter. There are no restrictions, agreements,
      promises, representations, warranties, covenants or undertakings with respect
      to
      the subject matter hereof other than those expressly set forth herein. This
      Agreement, including without limitation the Plan, supersedes all prior
      agreements and understandings between the parties with respect to its subject
      matter.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Counterparts.
      This Agreement may be executed in two or more counterparts, each of which shall
      be deemed an original, but which together constitute one and the same
      instrument. Notwithstanding the foregoing, any duly authorized officer of the
      Corporation may execute this Agreement by providing an appropriate facsimile
      signature, and any counterpart or amendment hereto containing such facsimile
      signature shall for all purposes be deemed an original instrument duly executed
      by the Corporation.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Modification;
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      unless such amendment or modification is agreed to in writing and signed by
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      Optionee and by a duly authorized officer of the Corporation, and such waiver
      is
      set forth in writing and signed by the party to be charged. No waiver by either
      party hereto at any time of any breach by the other party hereto of any
      condition or provision of this Agreement to be performed by such other party
      shall be deemed a waiver of similar or dissimilar provisions or conditions
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      understands this Agreement and the Plan as of the day and year first written
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              <td align="left" valign="top" width="40%">&#160;</td>
              <td width="58%">&#160;</td>
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            </tr>
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                  Recycling Energy Corporation</font></div>
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              <td width="58%">&#160;</td>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v122390_ex10-2.htm
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NONSTATUTORY
        STOCK OPTION AGREEMENT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NON-MANAGER
        EMPLOYEE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        NONSTATUTORY STOCK OPTION AGREEMENT (this "Agreement"), made and entered
        into as
        of the&#160;__</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        day of
        _______, ____, by and between </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(the
        "Optionee") and China Recycling Energy Corporation, a Nevada corporation
        (the
        "Corporation"), sets forth the terms and conditions of the stock option (the
        &#8220;Option&#8221;) granted by the Corporation to the Optionee as to the number of shares
        of the Corporation&#8217;s Stock set forth below pursuant to the Corporation&#8217;s 2007
        Nonstatutory Stock Option Plan (the "Plan") and its Board resolution of stock
        option grant on&#160;______ __</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,&#160;____
        (&#8220;Grant Date&#8221;). Any capitalized terms used but not defined herein shall have the
        meaning prescribed in the Plan.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grant
        of
        Option. Subject to the provisions of this Agreement, the Plan and the Employment
        Agreement, if any, by and between the Optionee and the Corporation or an
        Affiliate (the "Employment Agreement&#8221;), the Board of Directors of the
        Corporation hereby grants to the Optionee an Option to purchase
        ___________shares of Stock as of the Grant Date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
        Price. The exercise price of granted shares of Stock subject to the Option
        equals to the closing price per share of the Stock on the Grant Date:
        $___.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vesting.
        The Option shall vest and become exercisable as follows: (a) the Option shall
        vest and become exercisable as to 30% of the total number of shares of Stock
        subject to the Option on the first year anniversary of the Grant Date; (b)
        the
        Option shall vest and become exercisable as to an additional 50% of the total
        number of shares of Stock subject to the Option on the second year anniversary
        of the Grant Date; and (c) the Option shall vest and become exercisable as
        to
        the remaining 20% of the total number of shares of Stock subject to the Option
        on the third year anniversary of the Grant Date. The Option may only be
        exercised to the extent that the Option has become vested and exercisable.
        The
        vesting schedule requires continued employment through each applicable vesting
        date as a condition to the vesting of the applicable installment of the Option
        and the rights and benefits under this Option Agreement. Employment or service
        for only a portion of the vesting period, even if a substantial portion,
        will
        not entitle the Optionee to any proportionate vesting or avoid or mitigate
        a
        termination of rights and benefits upon or following a termination of employment
        as provided in Section 4 below or under the Plan</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
        of Employment; Change in Control. (a) In the event of the Optionee's termination
        of employment by the Corporation or an Affiliate without Cause (as defined
        in
        the Employment Agreement), by the Optionee for Good Reason (as defined in
        the
        Employment Agreement), or by reason of the Optionee's death or Disability
        (as
        defined in the Employment Agreement), any portion of the Option that has
        not
        become vested and exercisable as of the date of the Optionee's termination
        of
        employment shall immediately vest and become exercisable, and the Option
        (after
        giving effect to such accelerated vesting) shall expire as set forth in Section
        5 of this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        the
        event of the Optionee's termination of employment by the Corporation or an
        Affiliate for any other reason not described in Section 4(a) above, or if
        no
        Employment Agreement exists in the event of the Optionee&#8217;s termination of
        employment by the Corporation or an Affiliate for reasons other than death,
        any
        portion of the Option that has not become vested and exercisable as of the
        date
        of the Optionee's termination of employment shall immediately be forfeited,
        and
        the Option, to the extent it has become vested and exercisable on the date
        of
        the termination of employment, shall expire as set forth in Section 5 of
        this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        an
        Employment Agreement exists and there is a Change in Control (as defined
        in the
        Employment Agreement), any portion of the Option that has not become vested
        and
        exercisable immediately prior to the Change in Control shall immediately
        vest
        and become exercisable, and the Option (after giving effect to such accelerated
        vesting) shall expire as set forth in Section 5 of this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
        Option Term. Vested Stock Options shall expire on the fifth anniversary of
        the
        Grant Date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Method
        of
        Stock Option Exercise. The Option may be exercised during its term, in whole
        or
        in part, to the extent it has become vested and exercisable pursuant to Section
        3 or 4 and has not yet been forfeited or expired, by giving written notice
        of
        exercise to the Corporation (or to such other party as the Corporation may
        designate from time to time) specifying the number of shares of Stock subject
        to
        the Option to be purchased. Such notice shall be accompanied by payment in
        full
        of the purchase price by certified or bank check or such other instrument
        as the
        Corporation may accept. Options may also be exercised by any other means
        permitted by the Plan that the Committee may designate from time to time.
        To the
        extent permitted by applicable law and to the extent permitted by the Committee,
        the Optionee may discharge any withholding obligation in respect of this
        Agreement by directing the Corporation or an Affiliate to withhold shares
        of
        Stock to be delivered upon exercise of the Option that have a Fair Market
        Value
        on the date of exercise equal to the Corporation's or such Affiliate&#8217;s minimum
        withholding obligation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transferability.
        The Option shall not be transferable by the Optionee other than by will or
        by
        the laws of descent and distribution. The Option shall be exercisable, subject
        to the terms of the Plan, only by the Optionee, the Optionee's estate or
        beneficiary, the guardian or legal representative of the Optionee, or any
        person
        to whom such option is transferred pursuant to this Section 7, it being
        understood that the term "Optionee" includes such guardian, legal representative
        and other permitted transferee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Successors,
        Assigns and Transferees. Subject to the Corporation&#8217;s right to terminate the
        Option pursuant to Section 5(h) of the Plan, this Agreement shall be binding
        upon, and inure to the benefit of, the parties hereto and each of their
        respective successors and permitted transferees (including, upon the death
        of
        the Optionee, the Optionee's estate).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.
        Incorporation of Plan. The Option and all rights of the Optionee under this
        Agreement are subject to the terms and conditions of the Plan, incorporated
        herein by reference. The Optionee agrees to be bound by the terms of the
        Plan
        and this Agreement. The Optionee acknowledges having read and understanding
        the
        Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise
        expressly provided in other sections of this Agreement, provisions of the
        Plan
        that confer discretionary authority on the Board or the Committee do not
        and
        shall not be deemed to create any rights in the Optionee unless such rights
        are
        expressly set forth herein or are otherwise in the sole discretion of the
        Board
        or the Committee so conferred by appropriate action of the Board or the
        Committee under the Plan </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>after
        </u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        date
        hereof. Notwithstanding the foregoing, the determination of whether a
        termination of Optionee&#8217;s employment with the Corporation </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">or
        an
        Affiliate </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
        purposes of this Agreement qualifies as a termination for &#8220;Good Reason,&#8221;
&#8220;Cause,&#8221; or &#8220;Disability&#8221; shall be determined in accordance with the terms of the
        Employment Agreement. The Optionee may obtain a copy of the Plan from the
        Corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        an
        Employment Contract. Nothing contained in this Agreement nor the Plan shall
        confer on the Optionee any right with respect to continuance of employment
        or
        other service with the Corporation or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
        Affiliate</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        nor
        shall it interfere in any way with any right the Corporation or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
        Affiliate </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">would
        otherwise have to terminate or modify the terms of the Optionee's employment
        or
        other service (subject to the terms of the Employment Agreement) at any time,
        or
        affects the right of the Corporation or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
        Affiliate </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
        increase or decrease the Optionee&#8217;s other compensation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Integration.
        This Agreement and the other documents referred to herein, including without
        limitation the Plan and the Employment Agreement, or delivered pursuant hereto,
        which form a part hereof contain the entire understanding of the parties
        with
        respect to their subject matter. There are no restrictions, agreements,
        promises, representations, warranties, covenants or undertakings with respect
        to
        the subject matter hereof other than those expressly set forth herein. This
        Agreement, including without limitation the Plan, supersedes all prior
        agreements and understandings between the parties with respect to its subject
        matter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Counterparts.
        This Agreement may be executed in two or more counterparts, each of which
        shall
        be deemed an original, but which together constitute one and the same
        instrument. Notwithstanding the foregoing, any duly authorized officer of
        the
        Corporation may execute this Agreement by providing an appropriate facsimile
        signature, and any counterpart or amendment hereto containing such facsimile
        signature shall for all purposes be deemed an original instrument duly executed
        by the Corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Modification;
        Waiver. No provision of this Agreement may be amended, modified, or waived
        unless such amendment or modification is agreed to in writing and signed
        by the
        Optionee and by a duly authorized officer of the Corporation, and such waiver
        is
        set forth in writing and signed by the party to be charged. No waiver by
        either
        party hereto at any time of any breach by the other party hereto of any
        condition or provision of this Agreement to be performed by such other party
        shall be deemed a waiver of similar or dissimilar provisions or conditions
        at
        the same or at any prior or subsequent time.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
        WITNESS WHEREOF, the Optionee has executed this Agreement on the Optionee's
        own
        behalf, thereby representing that the Optionee has carefully read and
        understands this Agreement and the Plan as of the day and year first written
        above, and the Corporation has caused this Agreement to be executed in its
        name
        and on its behalf, all as of the date first written above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">&#160;</div>
    </div>
    <div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="40%">&#160;</td>
              <td width="58%">&#160;</td>
            </tr>
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              <td align="left" valign="top" width="2%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="top" width="40%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Optionee</font></div>
              </td>
              <td width="58%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="40%">&#160;</td>
              <td width="58%">&#160;</td>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="40%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="top" width="40%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td width="58%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guangyu
                  Wu</font></div>
              </td>
              <td width="58%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="2%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <td align="left" valign="top" width="40%" style="border-bottom: medium none;">
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