EXHIBIT 10.2
EMPLOYMENT CONTRACT
THIS EMPLOYMENT CONTRACT is made on the 1ST DAY OF JULY, 2005.
BETWEEN:
WEALTHCRAFT SYSTEMS LIMITED ("Employer")
AND:
XXXXXX XXXXXXXXX XXXXXXXX ("Employee")
WHEREAS
A. The Employer offers to employ the Employee in the position of DIRECTOR
OF PRODUCTS DEVELOPMENT.
B. The Employee has agreed to serve in that position.
Therefore the parties agree as follows:
1. POSITION
The Employer shall employ the Employee and the Employee shall serve the
Employer in the position set out above on the terms and conditions set
out in this Agreement.
2. COMMENCEMENT
The Employee shall commence his/her employment with the Employer on 1ST
JULY, 2005.
3. PROBATIONARY PERIOD
There shall be a Probationary Period of 3 MONTHS for the Employee.
During this period, the following terms shall apply:
(a) The Employer may terminate this Agreement upon 5 working day's
notice or payment in lieu of notice;
(b) The Employee may terminate this Agreement upon 5 working day's
notice or payment in lieu of notice; and
(c) the Employee shall not be entitled to any paid leave.
4. DUTIES AND RESPONSIBILITIES
The Employee shall perform his/her duties and responsibilities
diligently and efficiently. The Employee shall carry out all reasonable
instructions provided from time to time by the Employer. The duties
shall include without limitation:
(a) The Employee shall devote his/her full time, attention, skill and
ability to the discharge of his/her duties, and shall use his/her
best efforts to promote and protect the interests of the
Employer.
(b) The Employee shall not, during the term of his/her employment,
engage in any activity that in the opinion of the Employer, is
contrary to, detracts from, or is not in the best interests of
the business of the Employer.
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(c) The Employee shall comply with all reasonable and lawful
instructions that may be given by the Employer from time to time
and shall at all times give to the Employer all such information
and assistance as it may require in connection with its business.
(d) The Employee shall not, without the prior written approval of the
Employer, disclose to any person, firm, association or
corporation other than the directors, officers or employees of
the Employer, the private or business affairs of the Employer or
its affiliated companies, or any other information of a private
or confidential nature concerning the Employer or its affiliated
companies, which, by virtue of his/her position or otherwise, the
Employee may obtain during the term of his/her employment under
this Agreement.
5. REMUNERATION
The Employee shall be paid as follows:
(a) The Employer shall pay the Employee a gross monthly salary of
HK$25,000. In addition, the Employee shall be entitled to the
Employers' contribution to the Employee's Mandatory Provident
Fund (MPF). The Employee shall receive his/her net pay on the
LAST DAY OF EACH MONTH after deduction for MPF or any other
applicable deductions;
(b) Payment of performance bonuses, variable bonuses or any other
bonuses shall be at the sole discretion of the Employer; and
(c) Approved business expenses shall be reimbursed.
6. LEAVE AND PUBLIC HOLIDAYS
The Employee shall be entitled to FIFTEEN (15) days of annual leave
excluding public holidays. The Employer shall approve the taking of all
annual leave. Any unused leave at the end of the calendar year shall be
forfeited with no cash compensation.
7. TERMINATION OF THE AGREEMENT
(a) The Employer may terminate this Agreement by providing to the
Employee ONE (1) MONTH written notice or salary in lieu thereof.
(b) The Employee may terminate this Agreement by providing to the
Employer ONE (1) MONTH written notice or salary in lieu thereof.
(c) Notwithstanding anything contained in this Agreement, the
Employer may terminate this Agreement at any time without notice
or any remuneration in lieu if the Employee is in breach of the
terms of this Agreement. Such breaches shall include but not be
limited to dishonesty, wilful neglect of duty, breach of
fiduciary duties or duties of fidelity to the Employer, and any
omission or act that at law justifies an employer in dismissing
an employee without notice.
(d) Upon the termination of this Agreement the Employee will return
to the Employer, without having made a copy, all business
records, correspondence, files, technical data, and other
documents or materials belonging to or supplied by the Employer,
its customers, agents or suppliers.
(e) The Employee agrees that upon termination of this Agreement,
he/she shall not directly or indirectly attempt to solicit any of
the Employer's employees or customers to leave the Employer for
any reason.
8. CONFIDENTIALITY
8.1 The Employee undertakes to the Company that he/she shall not at any
time during his/her employment with the Company or thereafter (i)
disclose any trade secrets or other information of a confidential
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nature relating to the Company or any related company or the business
of any of them or in respect of which the Company or any related
company owes any duty of confidentiality to any third party or (ii) use
any such trade secret or other information for his/her own benefit or
that of any third party.
8.2 The provisions of sub-clause 8.2 shall not prevent the Employee making
any disclosure if the same is necessary for the proper performance of
his/her duties or is required by any law.
8.3 The Employee undertakes to the Company that he/she shall, at any time
upon request by the Company and in any event upon termination of
his/her employment with the Company, return to the Company all
documents, samples and other items which belong to the Company or which
contain or refer to any confidential information and which are then in
the Employee's possession or under his/her control and delete any
confidential confirmation from any computer or other electronic device
belonging to or used by the Employee on which any such information may
be stored.
9. ENTIRE AGREEMENT
The parties hereto acknowledge that this Agreement constitutes the
entire Agreement between them and that such Agreement supersedes any
previous oral or written agreements between them that deal with the
same subject matter.
10. APPLICABLE LAW
This Agreement shall be governed by and construed in accordance with
the laws of the Hong Kong SAR. Both parties submit to the jurisdiction
of the Courts of the Hong Kong SAR.
IN WITNESS WHEREOF, the parties execute this Agreement on _______________.
EMPLOYER
Authorised Signatory: _____________________
Name: Xxxxx X. Xxxxxx
Position: Chief Executive Officer
EMPLOYEE
_________________
Xxxxxx Xxxxxxxxx Xxxxxxxx
_________________
HK ID Number
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