Employment Agreement on Chief Financial Officer
Employment Agreement on
Chief Financial Officer
| Party A: | China Yida Holding Company |
| Official Representative: | Xxxxxx Xxxx |
| Address: | Five Four Road, Xx. 000, Xxxx Xxxxxxxx, 00xx Xxxxx, Xxxxxx, Xxxxxx Xxxxx |
| Party B: | Xxxxxx Xxxxx-Chieh Ying |
| Passport Number: | X0000000 |
| Address: | Xxxx 00X, Xxxxx 0, Xxxxxxx Xxxxx, 0 Xxxx Xxxx Xxxxxx, Xxx Xxx Xxxx, Xxxxxxx, Xxxx Xxxx |
Party
A has the intent to employ Party B as the Chief Financial Officer (“CFO”) for
China Yida Holding Co., a publicly trading company in the U.S. (the “Company”). Party
B has agreed to accept this offer.
In
consideration of mutual promises, good faith and long-term cooperation, Party A
and Party B (individually, “Party” and
collectively, “Parties”), through
friendly negotiation, hereby agree as follows:
1. Term of
Employment
Party A
employs Party B as the CFO of the Company for a five-year term commencing on the
signing of this Employment Agreement (the “Agreement”) by both
Parties. The five-year term of employment is on a continuous basis and cannot be
terminated without cause.
2. Employment
Salary
Within
the term of employment, Party A shall pay Party B at a salary rate as
follows:
Party A shall pay Party B an annual salary equivalent to One Million RMB
(¥1,000,000).
3. Obligations of the
Parties
3.1
Party A
is obligated to
(i) cooperate
with and assist Party B with best efforts. The specific terms of this
obligation will be negotiated and agreed upon by the Parties in a
separate agreement,
(ii) pay Party
B salaries on a monthly basis pursuant to Section 2 of this Agreement,
and
(iii) keep all
information related to this Agreement confidential. Without the
approval of Party B, Party A cannot disclose any information related to this
Agreement to a third party.
3.2
Party B’s
Obligations:
(i) Within
the term of the employment, Party B shall serve as the CFO of the Company, and
shall not accept any offer for any position, part-time or full-time, from any
companies, units, organizations, and operating entities.
(ii) Party B
shall comprehensively and timely perform his duties as the CFO of the Company in
accordance with this Agreement.
(iii) Party B shall keep
all information related to this Agreement confidential. Without the
approval of Party A, Party B cannot disclose any information related to this
Agreement to a third party.
4. Breach
of Contract
In the
event that any Party fails to fulfill the duties or improperly fulfills the
duties in accordance with the terms of this Agreement, or violates any of the
terms in this Agreement, the Party is considered to have breached this
Agreement. The breaching Party shall be responsible for all actual damages
caused to the other Party.
5. Applicable
Laws
This
Agreement is bound by the laws of the People’s Republic of China. In
the event that the Parties cannot settle their disputes through negotiation, any
Party can file lawsuits in the Intermediate People’s Court where Party A
resides.
6. Supplemental
Provisions
6.1 Any unsettled
terms in this Agreement will be resolved by the Parties in a supplemental
agreement. The supplementary agreement will become a part of this
agreement.
6.2 This
Agreement will be effective upon the signing of both Party A and Party B. This
Agreement has two copies, with Party A and Party B each holding a
copy.
| Party A | Party B |
| Legal Representative: | |
| (or Authorized person) | Signature: |
| Signature: | |
| ____________________________ | _________________________ |
| Date: September 16, 2008 | Date: September 16, 2008 |
