Employment Agreement
Exhibit.
10.23
This
Employment Agreement (this "Agreement"), dated as of 8 May 2007, is entered
into
between China Agritech Inc. (the Company), with its principal office at room
706-707, No8. Xxxxxxxxxx Xxxx, Xxxxxxxx Xxxxxxxx, Xxxxxxx, Xxxxx and Kelviz
Lim
Xxx Xxxx ("Employee"), residing at Changshou Road, Lane 1028, Xxxxx 00, Xxxx
0000, Xxxxxxxx 000000, Xxxxx.
WHEREAS,
the Company desires to retain Employee's services as Financial Controller,
and
Employee desires to be retained by the Company to serve as Financial
Controller.
NOW
THEREFORE, for good and valuable consideration, the sufficiency of which is
hereby acknowledged by the parties, the parties hereto hereby agree as
follows:
Compensation
and Benefits.
The
Company shall pay the following compensation and provide the following benefits
to Employee during the Term of Employment:
Base
Salary.
Employee
shall receive a base salary of RMB720,000 per annum (the "Base Salary")
effective 1 July 2007, which is payable on a 12 months basis, in accordance
with
the customary payroll practices of the Company. If the rate of Base Salary
per
annum paid to Employee is increased during the Term of Employment, such
increased rate shall thereafter constitute the Base Salary for all purposes
of
this Agreement. Employee's Base Salary shall not be decreased during the Term
of
Employment without the mutual consent of Employee and the company.
Employee
shall agree to have a probation period for three months, within this probation
period, employee shall receive a monthly salary of RMB55,000.
This
Employment Agreement may be terminated with not less than two month’s notice in
writing or payment in lieu of notice on either side.
Bonus
Compensation
Employee
will be eligible to participate in the Company's annual bonus incentive
compensation program for senior employees and executives. The actual award
will
be earned on the basis of Employee's individual performance as well as the
performance of the Company.
1
Annual
leave
Employee
will be entitled to 20 working days paid annual leave each calendar year and
on
pro-rated basis for services rendered less than a year
Insurance
Cover
Employee
and his spouse will be covered by an insurance policy which covers Employee
and
his spouse for accidental death and permanent disability. Employee and his
spouse will also be covered by an insurance policy which covers for personal
accident and emergency evacuation when employee and his spouse travel
abroad.
Medical
Cover
Medical
cover is provided for consultation, medication and hospitalization.
Employee
and his spouse are entitled to medical cover. Consultation, medication and
hospitalization incurred both within and outside People’s Republic of China
(“PRC”) will be paid on reimbursement basis.
The
medical covers mentioned above include maternity services.
Home
Trip Allowance
Employee
and his spouse will be entitled to a home trip allowance of RMB20,000 each
calendar year and on a pro-rated basis for services rendered less than a
year.
Relocation
Assistance
Employee
will be entitled to relocation assistance allowances of equivalent to one month
of base salary.
Responsibility
and contents:
| 1. |
In
accordance with US GAAP, the employee should set up the consolidation
accounting forms and verify the financial reports for the
Company.
|
| 2. |
The
employee should coordinate with external auditor to accomplish auditing
of
forms in time.
|
| 3. |
The
employee should compliance and implementation for internal control
and
corporate governance in accordance with Xxxxxxxx-Xxxxx Act
404.
|
| 4. |
In
accordance with the arrangement and request of transferring to the
main
board, the employee should coordinate with attorney, auditor, financial
advisor and IR firms, and work out and file the relevant
documents.
|
2
Responsibility
and contents: (continued)
| 5. |
The
employee should harmonize the relationship between SEC and NASDAQ.
According to their regulations, the employ should file relevant reports
and documents in time.
|
| 6. |
The
Employee should organize information disclosure, and coordinate with
investor relation.
|
| 7. |
The
Employee should participate in or organize financing and operating
of
capital market.
|
| 8. |
The
Employee should manage the relationship with agent and media, find-tune
the public relationship.
|
| 9. |
The
Employee should follow up, understand and control regulations relating
to
listing, transferring to main board, financing and acquisition to the
board of director in time.
|
| 10. |
The
Employee should participate in examining financial system regulation.
Supervise the financial operating and income and expense of capital
of
subordinates.
|
| 11. |
The
Employee should participate in examining material financial decisions.
Draft projects of accounting budget and finial
accounting.
|
| 12. |
The
Employee should carry out financial supervision of the material operating
projects proved by the board of director.
|
Indemnification
Except
for fulfill his obligation or carry out rules and regulation, the Employee
promises that never disclose business secret to third party by any means without
the Company’s permission during the term of engagement or after the end of
engagement. Including but not limited:
1.
Indemnification item in material decision of the company
2.
Business strategy, operating goals, projects, items and decision which have
not
been implemented by the company.
3.
Contracts, agreement, letter of intent, technical data, availability report
and
records of important meeting controlled by internal company.
4.
Financial budget and final accounting reports and various internal financial
and
statistic forms.
5.
All
information controlled by the company has not been disclosed
publicly
7.
Information, data, invent and situation whose public disclosure may cause
negative effect to the company
6.
Internal documents, management projects, human resource filings, salary system,
wages income and data.
3
IN
WITNESS WHEREOF, Employee and the authorized representative of China Agritech
Inc, execute and enter into this Agreement as of the date first written
above.
| EMPLOYEE | China Agritech Inc | ||
| /s/ Lim Xxx Xxxx | /s/ Xx Xxxxx | ||
|
Xx. Xxx Xxx Xxxx |
Name: Xx Xxxxx |
||
| Passport
No: Date: May 8, 2007 |
Title:
Chief
Executive Officer Date: May 8, 2007 |
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