Contract
2010 Employment Agreement Amendment
Pursuant to People’s Republic of China Labor Law, People’s Republic of China Labor Contract Law and their rules promulgated thereunder, Party A and Party B hereby reach agreement as follows:
I. | Party B agrees that Party A shall adjust Party B’s employment compensation and position according to Party B’s performance and Party A’s operational needs. |
II. | To increase Party A’s cash flow and for future development, Party B agrees to reduce its compensation for the employment as Chief Financial Officer of Shengtai Pharmaceuticals, Inc. in the United States to $ 56,000. Party B is entitled to the compensation of RMB 85,000 ($12,521) for the employment in China, totaling $68, 521. |
III. | This Amendment is a part of the Employment Agreement dated July 1, 2009 with same legal effect. |
IV. | This Amendment becomes effective upon execution and shall be made two copies. Each Party shall keep one copy. |
Party A
Weifang Shengtai Pharmaceuticals Co., Ltd.
Date: June 30, 2010
Party B
Xxxxxxxxx Xxxx
Date: June 30, 2010