EMPLOYMENT AGREEMENT
NewState Capital Co., Ltd. (hereinafter referred to as the "Employer"
does hire and employ the undersigned employee (hereinafter referred to as the
"Employee") as a Vce Pesident (sic) in charge of Business Development Department
and Employee does accept and agree to such hiring and employment in accordance
with the following terms and conditions:
1. (Position-class)
The Employee shall be classified as CEG 7.
2. (Base salary)
The base salary for Employee as CEG 7 shall be 56,000,000
Won per year (4,666,666 Won per month).
3. (Allowance)
Employee will be paid as allowance 0.05% of the total amount
of loans made by the branch offices under the control of the Business
Development Department.
4. (Other allowances)
Other allowances may be paid in accordance with the basic
company policy.
5. (Compensation for losses)
Employee may expend expenses for maintenance of offices,
severance pay and welfare for administrative and business personnel belonging to
Business Development Department, entertainment and other business expenses
within the limit of 1% of the total amount of loans made by the company. Any
losses incurred by the company shall be compensated out of the allowance on a
quarterly basis. The ratio of compensation shall be determined by the board of
directors from time to time.
6. (Distribution of surplus)
Any surplus after compensation of losses as set forth in
Article 5 above may be distributed to the employees, subject to the resolution
of the board of directors and applicable laws and regulations.
7. (Responsibilities)
Employee shall be responsible for overall management of the
Business Development Department in compliance with the company's basic business
policy.
8. (Duration)
This Agreement may be terminated by the company's personnel
order.
9. (Severance Pay)
Severance pay shall be determined pursuant to the personnel
welafre regulatin (sic) on the basis of the base salary as provided for in
Article 1 above exclusive of allowance, director allowance, other allowance,
merit bonus or special bonus.\
10. (Payment of allowance)
Allowance shall be paid every month along with the monthly
base salary.
11. (Manner of performance)
Employee shall perform his duties faithfully, industriously
and to the best of his ability in order to achieve the business goal.
12. (Validity of agreement)
All previous agreements betweeen the parties shall be
superseded by this Agreement and shall be null and void. All other matters not
specified in this Agreement shall be subject to the company rules and
regulations. In the absence of such rules and regulations, such matters shall be
resolved by the resolution of the board of directors.
13. (Effective date)
This Agreement shall take effect as of January 3, 2000
Dated: January 3, 2000
EMPLOYER EMPLOYEE
NewState Capital Co., Ltd. Vice President
Representative Director, Business Development Department
President
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