EMPLOYMENT AGREEMENT
This
Agreement made and entered into this 01 day of May 2008, by and between
EFT BioTech
Holdings, Inc ("employer"),
and Xxxxxx Xiaoronq
Tang ("employee"). The parties recite that::
A.
Employer is engaged in California and
maintains business premises at EFT BioTech Holdings,
Inc. main located at 000 Xxxxxxx Xx, Xxxx xx Xxxxxxxx, XX
00000 and/or other affiliates companies that located in Asia, North
America.
B.
Employee is willing to be employed by employer, and employer is willing to
employ employee, on the terms and conditions hereinafter set forth. For the
reasons set forth above, and in consideration of the mutual covenants and
promises of the parties hereto, employer and employee covenant and agree as
follows:
1.
AGREEMENT TO EMPLOY AND BE EMPLOYED
Employer
hereby employs employee as Chief Financial
Officer at the abovementioned premises, and employee
hereby accepts and agrees to such employment.
2.
DESCRIPTION OF EMPLOYEE'S DUTIES
Subject
to the supervision and pursuant to the orders, advice, and direction of
employer, employee shall perform such duties as are customarily performed by one
holding such position in other businesses or enterprises of the same or similar
nature as that engaged in by employer. Employee shall additionally render such
other and unrelated services and duties as may be assigned to him from time to
time by employer.
3. MANNER
OF PERFORMANCE OF EMPLOYEE'S DUTIES
Employee
shall at all times faithfully, industriously, and to the best of his ability,
experience, and talent, perform all duties that may be required of and from him
pursuant to the express and implicit terms hereof, to the reasonable
satisfaction of employer. Such duties shall be rendered at the abovementioned
premises and at such other place or places as employer shall in good faith
require or as the interests, needs, business, and opportunities of employer
shall require or make advisable.
4.
DURATION OF EMPLOYMENT
The term
of employment shall be Five years,
commencing on June 1,
2008, and terminating June 1, 2013,
subject, however, to prior termination as otherwise provided
herein.
5.
COMPENSATION; REIMBURSEMENT
Employer
shall pay employee and employed: agrees to accept from employer, in full payment
for employee' services hereunder) compensation:
1. At the
rate of One Hundred
Twenty ThousandDollars ($ 120,000 ) for first
year, payable
$10,000 per month,
and 10% minimum annual
increase for each year, thereafter.
2.
EFT BioTech Holdings, Inc's Common Stock payable at the end of each year,
in
total
five years if applicable.
3.
The moving express from New York to California payable $5000.
In
addition to the foregoing, employer will reimburse employee for any and all
necessary, customary, and usual expenses incurred by her while traveling for and
on behalf of the employer pursuant to employer's directions.
6.
EMPLOYEE'S LOYALTY TO EMPLOYER'S INTERESTS
Employee
shall devote all of his time, attention, knowledge, and skill solely and
exclusively to the business and interests of employer, and employer shall be
entitled to all benefits, emoluments, profits, or other issues arising from or
incident to any and all work, services, and advice of employee. Employee
expressly agrees that during the term hereof he will not be interested, directly
or indirectly, in any form, fashion, or manner, as partner, officer, director,
stockholder, advisor, employee, or in any other form or capacity, in any other
business similar to employer's business or any allied trade, except that nothing
herein contained shall be deemed to prevent or limit the right of employee to
invest any of his surplus funds in the capital stock or other securities of any
corporation whose stock or securities are publicly owned or are regularly traded
on any public exchange, nor shall anything herein contained by deemed to prevent
employee from investing or limit employee's right to invest his surplus funds in
real estate.
7.
NONDISCLOSURE OF INFORMATION CONCERNING BUSINESS
Employee
will not at any time, in any fashion, form, or manner, either directly or
indirectly divulge, disclose, or communicate to any person, firm, or corporation
in any manner whatsoever any information of any kind, nature, or description
concerning any matters affecting or relating to the business of employer,
including, without limitation, the names of any its customers, the prices it
obtains or has obtained, or at which it sells or has sold its products, or any
other information concerning the business of employer, its manner of operation,
or its plans, processes, or other date of any kind, nature, or description
without regard to whether any or all of the foregoing matters would be deemed
confidential, material, or important. The parties hereby stipulate that, as
between them, the foregoing matters are important, material, and confidential,
and gravely affect the effective and successful conduct of the business of
employer, and its good will, and that any breach of the terms of this section is
a material breach of this agreement.
8. OPTION
TO TERMINATE ON PERMANENT DISABILITY OF EMPLOYEE
Not
withstanding anything in this agreement to the contrary, employer is hereby
given the option to terminate this agreement in the event that during the term
hereof employee shall become permanently disabled, as the term "permanently
disabled" is hereinafter fixed and defined. Such option shall be exercised by
employer giving notice to employee by registered mail, addressed to him in care
of employer at the above stated address, or at such other address as employee
shall designate in writing, of its intention to terminate this agreement on the
last day of the month during which such notice is mailed. On the giving of such
notice this agreement and the term hereof shall cease and come to an end on the
last day of the month in which the notice is mailed, with the same force and
effect as if such last day of the month were the date originally set forth as
the termination date. For purposes of this agreement, employee shall be deemed
to have become permanently disabled if, during any year of the term hereof,
because of ill health, physical or mental disability, or for other causes beyond
his control, he shall have been continuously unable or unwilling or have failed
to perform his duties hereunder for thirty (30) consecutive days, or if, during
any year of the term hereof, he shall have been unable or unwilling or have
failed to perform his duties for a total period of thirty (30) days, whether
consecutive or not. For the purposes hereof, the term "any year of the term
hereof' is defined to mean any period of 12 calendar months commencing on the
first day of the
month and terminating on the last day of the month of the
following year during the term hereof.
9.
DISCONTINUANCE OF BUSINESS AS TERMINATION OF EMPLOYMENT
Anything
herein contained to the contrary notwithstanding, in the Event that employer
shall discontinue operations at the premises mentioned above, then this
agreement shall cease and terminate as of the last day of the month in which
operations cease with the same force and effect as if such last day of the month
were originally set forth as the termination date hereof.
10.
EMPLOYEE'S COMMITMENTS BINDING ON EMPLOYER ONLY ON WRITTEN CONSENT
Employee
shall not have the right to make any contracts or other commitments for or on
behalf of employer without the written consent of employer.
11.
CONTRACT TERMS TO BE EXCLUSIVE
This
written agreement contains the sole and entire agreement between the parties,
and supersedes any and all other agreements between them. The parties
acknowledge and agree that neither of them has made any representation with
respect to the subject matter of this agreement or any representations inducing
the execution and delivery hereof except such representations as are
specifically set forth herein, and each party acknowledges that he or it has
relied on his or its own judgment in entering into the agreement. The parties
further acknowledge that any statements or representations that may have
heretofore been made by either of them to the other are void and of no effect
and that neither of them has relied thereon in connection with his or its
dealings with the other.
12.
WAIVER OR MODIFICATION INEFFECTIVE UNLESS IN WRITING
No waiver
or modification of this agreement or of any covenant, condition, or limitation
herein contained shall be valid unless in writing and duly executed by the party
to be charged therewith. Furthermore, no evidence of any waiver or modification
shall be offered or received in evidence in any proceeding, arbitration, or
litigation between the parties arising out of or affecting this agreement, or
the rights or obligations of any party hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The provisions of this
paragraph may not be waived except as herein set forth.
13.
CONTRACT GOVERNED BY LAW
This
agreement and performance hereunder shall be construed in accordance with the
laws of the State of California
14.
BINDING EFFECT OF AGREEMENT
This
agreement shall be binding on and inure to the benefit of The respective parties
and their respective heirs, legal representatives, successors, and
assigns.
Executed
on the date first above written.
| /s/ Xxxx K S |
/s/
Xxxxxx Xxxxxxxx Xxxx
|
|
|
Xxxx
K S
|
Xxxxxx
Xxxxxxxx Xxxx
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COO,
EFT BIoTech Holdings, Inc Employer
|
Employee
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