Agreement For Termination of Kok Keng Low’s Employment Contract As Chief Operating Officer Termination Of Low Kok Keng’s Employment & Settlement of Salary
Exhibit
99.8
Agreement For Termination of
Xxx Xxxx Low’s Employment Contract As Chief Operating
Officer
Termination Of Low Kok
Keng’s Employment & Settlement of Salary
Low Xxx
Xxxx (“LKK”) and Mezabay International Inc. (Formerly, Cardtrend International
Inc.) (“Company”) herby mutually agree that LKK’s employment with the Company
under the Employment Contract dated September 28th,
2006 (“Employment Contract”) shall be terminated with effect from September 23,
2009. Accordingly, LKK hereby resigns from the Company as its Executive Vice
President & Chief Operating Officer with effect from September 23,
2009.
LKK and
the Company mutually agree that the Company shall pay to LKK (i) a sum of HK$
31,846.95 being salary from September 1, 2009 to September 23, 2009; (ii)a sum
of HK$ 204,657.53 in lieu of 83 days of vacation leave which LKK was entitled to
but unconsumed as at September 23, 2009; and (iii) a sum of HK$ 1,809,863.01
being compensation for early termination of the Employment Contract, totaling
HK$ 2,046,367.50 (or US$ 263,996.32) (“Total Due”).
LKK and
the Company mutually agree that the Company shall settle the Total Due of US$
263,996.32 by issuing to LKK a total of 32,999,540 Rule 144 restricted shares of
its common stock, at a price of $0.008 per share (“Shares”).
LKK
agrees that the unvested and vested shares as at September 23, 2009 of all the
three share options granted to him by the Company on September 5, 2008 are
hereby cancelled with immediate effect.
LKK and
the Company hereby agree that upon the issuance and delivery of the Shares to
LKK by the Company, the Company and LKK shall have discharged all their
respective obligations under the said Employment Contract and any addendum
thereto and they shall release each other of any other obligation and shall have
no claim against each other.
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Agreed
to by:
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For
and on-behalf of
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For
and on-half of
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Low
Xxx Xxxx
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SHOON
XXX XXXX
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LOW
XXX XXXX
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Shoon
Xxx Xxxx
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Low
Xxx Xxxx
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Director
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(Malaysia
I/C No.: 590226106637)
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Date:
September 23, 2009.
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Date:
September 23, 2009
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