Employment Contract
Exhibit
10.8
Employment
Contract
Shenzhen
Ritar Power Co. Ltd (
hereinafter “Party A”) agrees to employ
Mr. Zhenghua Cai (
hereinafter “Party B”) as the Chief
Financial Officer (CFO).
The two
parties, pursuant to the principles of freedom
of contract, equity, mutual benefits and trustworthiness,
agree
to sign this contract on August 1st,
2006.
I. Period
The
period of the employment contract will be three
years, from the 1st of August 2006 to the 31st of July 2009.
II. The
Duty of Party B
Based
on
negotiation between Party A and Party B, Party B shall serve as Party A’s
Chief
Financial Officer (CFO).
During
the period, Party A has the right to arrange and adjust Party B’s position in
accordance with his capacity and relevant requirements. Party B shall comply
with instructions from Party A’s management and finish the task assigned by
Party A in the given time.
III. Working
hours
The
working hours of Party B shall not exceed eight hours each day.
IV. Salary
Party
B's
monthly salary will be RMB15,000 yuan (pretax income) in accordance with the
company rule.
Party
B
shall get the bonus in accordance with the company’s bonus system
Party
A
shall pay Party B's salary regularly based on actual work days. Party B’s salary
will be deducted for each absent day including leave for illness or personal
affairs.
V.
Termination
of the Contract
Either
of
the both parties shall give written notice to the other party 30 days before
it
terminates the contract.
VI. Breach
of the Contract
1
If
Party A terminates the contract without justified cause and this behavior
infringes Party B’s interests, it should pay a breach penalty to Party
B.
2
If
Party B should pay breach penalty to Party A for terminates the contract without
justified cause, breach of the working disciplines or breaking the operating
rules. If the aforesaid behaviors infringes Party A’s interests, Party B shall
pay the damages.
VII. Party
A
and Party B entered into this Agreement under the principle of freedom of
contract, equity, mutual benefits and trustworthiness. This contract takes
effect on the date signed by both parties and will automatically expire when
the
contract ends.
VIII.
This
contract shall be prepared in duplicate, and each Party holds one copy. Both
copies have the same legal effect.
Shenzhen
Ritar Power Co. Ltd
(Corporate
Seal)
Date:
08/01/06
|
Party
B:
|
/s/ Zhenghua Cai | |||
|
Zhenghua Cai |
||||
| Date: 08/01/06 |
2
