Payment Upon Termination of Employment. 2.1. The term (“Term”) of this Agreement shall commence on 22nd May 2006 and this Agreement shall remain in effect its termination in accordance with its terms. Without any cause, both parties have the right to terminate this employment conbtract by giving 3 months’ written notie or payment of 3 months’ basic salary (the lump sum payment in clause 2.7) in lieu thereof. 2.2. The Employee shall be paid a monthly salary of US$11,852.00 plus a half month’s bonus and a 13th month bonus of one month’s pay if employee is employed by the Company on the date the Company shall elect to pay such half month and 13th month bonuses in Hong Kong. In the first year, any such bonus shall be prorated based on a fraction the numerator of which is the number of days of employment by the Company during the prior 365 days and the denominator of which is 365. Payment will be made in accordance with the relevant provisions in the Staff Handbook of Peak Plastics and Metal Products (International) Limited (“Peak Plastics”), a subsidiary of the Company. 2.3. The Company shall issue to the Employee stock options in respect of 90,000 ordinary shares in the Company under the Company’s stock option plan. 2.4. The Employee shall be entitled to fly business class on all air flights over five hours in length for travel on Company business during her employment with the Company (“Employment”). 2.5. The Employee shall be responsible for and shall pay all income, sales, real estate, value added and other taxes and duties which are payable by the Employee, without any form of assistance or contribution from the Company. 2.6. The Employee shall be based in Hong Kong and shall be entitled to participate in all Company benefit plans in effect in,Peak Plastics during the term of her employment with the Company or any subsidiary of the Company. Employment Agreement – Xxxx Xxxx 24th April 2006 2.7. Subject to clauses 2.9 and 4, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) US$35,556 and (b) 3 months’ base salary at the rate in effect at the time of termination of the Employment, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of receipt by the Company of the General Release in the form attached hereto as Appendix I and signed by the Employee; and all of the Employee’s stock options in the Company which would otherwise vest in the Employee within 18 months of the date of termination of the Employment shall immediately vest in full in the Employee upon receipt of the General Release by the Company and be fully exercisable for a period of one year from the date of termination of the Employment. 2.8. The Termination Payment shall be the full and final settlement of any rights, payments or benefits to which the Employee is entitled under this Agreement and any other agreement or arrangement pursuant to which she is employed by the Company or any of its subsidiaries or affiliates other than: 2.8.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company to which the Employee was a beneficiary on the date of termination of the Employment; and 2.8.2. stock options issued to the Employee pursuant to any stock option plan of the Company; and 2.9. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which she is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 2.9.1. the conviction of the Employee of a felony involving dishonesty; 2.9.2. termination of the Employment by the Company for Good Cause. “Good Cause” shall mean (i) the Employee’s conviction of or guilty plea to the commission of an act or acts constituting a felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty (including without limitation any failure to declare or pay income taxes in any jurisdiction in which the Employee shall be obligated to report income taxes and/or to pay such taxes), theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or more material terms of this Agreement (including but not limited to the confidentiality and non-solicitation provisions contained herein.)
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Samples: Employment Agreement, Employment Agreement (Peak International LTD)
Payment Upon Termination of Employment. 2.1. The term (“Term”) of this Agreement shall commence on 22nd May 2006 and this Agreement shall remain in effect its termination in accordance with its terms. Without any cause, both parties have the right to terminate this employment conbtract by giving 3 months’ written notie or payment of 3 months’ basic salary (the lump sum payment in clause 2.7) in lieu thereofuntil terminated as hereinafter provided.
2.2. The Employee shall be paid a monthly salary of US$11,852.00 25,000 plus a half month’s bonus and a 13th month bonus of one month’s pay if employee is employed by the Company on the date the Company shall elect to pay such half month and 13th month bonuses in Hong Kong. In the first year, any such bonus shall be prorated based on a fraction the numerator of which is the number of days of employment by the Company during the prior 365 days and the denominator of which is 365. Payment will be made in accordance with the relevant provisions in the Staff Handbook of Peak Plastics and Metal Products (International) Limited (“Peak Plastics”), a subsidiary of the Company.
2.3. The Company Employee shall issue be paid the cost of reasonable housing in Hong Kong in an amount not to the Employee stock options in respect of 90,000 ordinary shares in the Company under exceed US$11,000 per month, or, at the Company’s stock option planoption, the provision of housing in lieu of such living allowance.
2.4. The Employee shall be entitled to fly the actual cost of one business class on all air flights over five hours in length for travel on Company business round-trip airfare from Hong Kong to SFO each calendar quarter during her his employment with the Company (“Employment”)Company.
2.5. The Employee shall be responsible for and shall pay all income, sales, real estate, value added vat, duties, and other taxes and duties which are payable by the Employee, of every nature whatsoever without any form of assistance or contribution from the Company.
2.6. The Employee shall be based in Hong Kong and shall be entitled to participate in all Company benefit plans in effect in,in its Hong Kong subsidiary, Peak Plastics and Metal Products (International) Limited, during the term of her his employment with the Company or any subsidiary of the Company. Employment Agreement – Xxxx Xxxx 24th April 2006.
2.7. Subject to clauses 2.9 and 4, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) US$35,556 and a)US$300,000 or (b) 3 months’ 12 months base salary at the rate in effect at the time of termination of the Employmenttermination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of receipt by the Company of the General Release in the form general release attached hereto as Appendix I and signed by the EmployeeI; and all of the Employee’s stock options in the Company which would otherwise vest in the Employee have vested within 18 months of the date of termination of the Employment employment shall immediately vest in full in the Employee upon receipt of the General Release by the Company and be fully exercisable for a period of one year from the such date of termination of the Employment.employment. Employment Agreement – Xxxx Personne February 15, 2005
2.8. The Termination Payment shall be the in full and final settlement of any rights, payments or benefits to which the Employee is entitled under this Agreement and any other agreement or arrangement pursuant to which she he is employed by the Company or any of its subsidiaries or affiliates other than:
2.8.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company or any of its subsidiaries to which the Employee was a beneficiary on the date of termination of the EmploymentEmployee’s employment; and
2.8.2. stock options issued to the Employee pursuant to any stock option plan of the Company; and.
2.9. The Employee shall not be entitled to the Termination Payment when the Employment employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which she he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements):
2.9.1. the conviction of the Employee of a felony involving dishonesty;
2.9.2. termination of the Employment by the Company for Good Cause. “Good Cause” shall mean (i) the Employee’s conviction of or guilty plea to the commission of an act or acts constituting a felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty (including without limitation any failure to declare or pay income taxes in any jurisdiction in which the Employee shall be obligated to report income taxes and/or to pay such taxes), theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or more material terms of this Agreement (including but not limited to the confidentiality and non-solicitation provisions contained herein.)
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Payment Upon Termination of Employment. 2.1. The term (“Term”) of this Agreement shall commence on 22nd May 2006 November 1, 2007 and this Agreement shall remain in effect its termination in accordance with its terms. Without any cause, both parties have the right to terminate this employment conbtract contract by giving 3 months’ written notie notice or payment of 3 months’ basic salary (the lump sum payment in clause 2.72.8) in lieu thereof.
2.2. The Employee shall be paid a the monthly basic salary of US$11,852.00 plus a half month’s bonus and a 13th month bonus of one month’s pay if employee is employed by the Company on the date the Company shall elect to pay such half month and 13th month bonuses in Hong Kong. In the first year, any such bonus shall be prorated based on a fraction the numerator of which is the number of days of employment by the Company during the prior 365 days and the denominator of which is 365. Payment will be made in accordance with the relevant provisions in the Staff Handbook of Peak Plastics and Metal Products (International) Limited (“Peak Plastics”), a subsidiary of the CompanyUSD19,718.
2.3. Free accommodation in Shenzhen, PRC to be provided to the employee by the company.
2.4. The Company shall issue to the Employee stock options in respect of 90,000 ordinary shares in the Company under the Company’s stock option planplan subject to board of directors’ approval.
2.42.5. The Employee shall be entitled to fly business class on all air flights over five hours in length for travel on Company business during her his employment with the Company (“Employment”).
2.52.6. The Employee shall be responsible for and shall pay all income, sales, real estate, value added and other taxes and duties which are payable by the Employee, without any form of assistance or contribution from the Company.
2.62.7. The Employee shall be based in Hong Kong Shenzhen and shall be entitled to participate in all Company benefit plans in effect in,in Peak Plastics during the term of her his employment with the Company or any subsidiary of the Company. Employment Agreement – Xxxx Xxxx 24th April 2006Xxxxx Xxx Xxxxxxx September 20, 2007
2.72.8. Subject to clauses 2.9 and 4, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) US$35,556 and 59,154 or (b) 3 months’ base basic salary at the rate in effect at the time of termination of the Employment, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of receipt by the Company of the General Release in the form attached hereto as Appendix I and signed by the Employee; and all of the Employee’s stock options in the Company which would otherwise vest in the Employee within 18 months of the date of termination of the Employment shall immediately vest in full in the Employee upon receipt of the General Release by the Company and be fully exercisable for a period of one year from the date of termination of the Employment.
2.82.9. The Termination Payment shall be the full and final settlement of any rights, payments or benefits to which the Employee is entitled under this Agreement and any other agreement or arrangement pursuant to which she he is employed by the Company or any of its subsidiaries or affiliates other than:
2.8.12.9.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company to which the Employee was a beneficiary on the date of termination of the Employment; and
2.8.22.9.2. stock options issued to the Employee pursuant to any stock option plan of the Company; and
2.92.10. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he/she is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements):
2.9.12.10.1. the conviction of the Employee of a felony involving dishonesty;
2.9.22.10.2. termination of the Employment by the Company for Good Cause. “Good Cause” shall mean (i) the Employee’s conviction of or guilty plea to the commission of an act or acts constituting a felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty (including without limitation any failure to declare or pay income taxes in any jurisdiction in which the Employee shall be obligated to report income taxes and/or to pay such taxes), theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or more material terms of this Agreement (including but not limited to the confidentiality and non-solicitation provisions contained herein.)) Employment Agreement – Xxxxx Xxx Xxxxxxx September 20, 2007
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