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EMPLOYMENT LETTER
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Private & Confidential
Parties
The following entities will be party to the Contract:
a. General Components Inc, a Cayman Island registered company (referred to
herein as the "GCI"):
b. Xx Xxxxx Mu ("Mr Mu").
Offered Position
GCI has the pleasure of offering Mr. Mu the position of CEO -- GCI. Mr. Mu will
report to the Board of Directors.
Compensation
Monthly after tax(s) salary of USD 10,000 ( USD Ten Thousand Only), will be
paid to Mr. Mu for the services he renders.
Annual performance bonus is 10% of audited after-tax operating profit of China
Operation (referred herein as "ATP") calculated under International Accounting
Standards_ The bonus will be granted on pro-rata basis if either Party
terminates the contract during the financial year.
Profit Sharing Scheme:
10% of ATP will be shared among the approved management team of not more than 6
individuals including the Mr Mu, CEO of GCI. Mr Mu entitles to not more than 30%
of the total approved annual performance bonus.
Company Car
Mr Mu entitles to the provision of company car.
Termination
Either party should serve the other a three-month's notice to termination the
employment contract during the first sir months' of services and six months'
notice from the seventh month onwards.
Other Conditions
Management Service Contracts. Mr. Mu would be expected to sign management
agreements setting out their respective duties, certain performance goals, and
providing for protection of GCI in areas of non-competition and non-solicitation
of employees.
Sincerely,
/s/ Xxx Xxx
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Xxx Xxx
on behalf General Components Inc.
A G R E E D
/s/ Simon Mu
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Simon Mu
Date:
