EMPLOYMENT AGREEMENT
Exhibit
10.7
THIS
EMPLOYMENT AGREEMENT ("Agreement") shall be effective on the 11th day of
February 2010 ("Effective Date") between Shiner International, Inc., (the
“Company") and Xxxxxxx X. Xxxxx ("Xxxxx").
RECITALS
WHEREAS,
the Company has determined that Roney's services to the Company will be of value
to the Company, and accordingly, the Company desires to enter into this
Agreement with Xxxxx as set forth herein in order to secure such
services;
WHEREAS,
the Company is the leading provider of coated films in China and an emerging
global developer of anti-counterfeit and flexible packaging products supplying a
wide range of multi-national customers;
WHEREAS,
Xxxxx desires to serve as an employee of the Company pursuant to the terms set
forth herein;
NOW
THEREFORE, for and in consideration of Roney's employment by the Company, the
promises and the mutual agreements set forth herein, Xxxxx and the Company
agrees as follows:
1.
Employment Duties.
(a)
The Company agrees to employ Xxxxx and Xxxxx agrees to serve as Chief Financial
Officer to manage and direct the activities of the Company, and such other
reasonable additional responsibilities as may be added to Roney's duties. Xxxxx
shall report directly to Qingtao Xxxx Xxxxxx’x Chief Executive Officer and to
Xx. Xxxx Xxxx Chairman of the Board of Directors.
(b)
Xxxxx shall diligently follow and implement all policies and decisions
communicated by the C.E.O. and the Company will provide all required resources
that will enable Xxxxx to represent the Company in a professional
manner.
(c) The
work product to be produced hereunder by Xxxxx shall be considered a work made
for hire as defined in the Copyright Act of 1976, and is therefore owned
exclusively by the Company which vests copyright ownership of works for hire in
the Company for whom the work is prepared. If any works hereunder shall be found
not to be works made for hire, or ownership does not otherwise automatically
vest in the Company, Xxxxx shall immediately disclose and assign to Company any
right, title and interest in any inventions, models, processes, patents,
copyrights and improvements thereon relating to services or processes or
products of Company that Xxxxx conceives or acquires during the employment
relationship with Company or that Xxxxx may conceive or acquire, during the
period of (1) one year after termination of this Agreement.
2.
Term.
The
initial term of employment shall be twelve months (12) ("Initial Term"). The
Initial Term shall begin February 11th, 2010
and shall have four (4) automatic twelve (12) month renewal periods; however,
the terms shall not renew in the event that either party gives the other party
written notice of non-renewal ("Notice") at least ninety (90) days prior to the
end of the then-current term.
3.
Compensation.
(a) Xxxxx
shall be paid a monthly compensation of $ 9,000.00 USD/month plus expenses.
Xxxxx will work at various Company facilities as appropriate. The monthly salary
will by paid on the 15th of the
month, commencing march 15th 2010,
or the last business prior to the 15th of the
month.
(b) Xxxxx
will have the opportunity to earn a variable bonus up to his 33% of his base
annual salary, or $ 3,000.00 USD/month, based on meeting objectives established
annually between Xxxxx and the C.E.O. The bonus, if earned, will be paid within
seven business days of the expiration of this contract.
(c) Throughout
the term of the Agreement, Xxxxx will in addition be entitled to related
benefits as provided by the Company such as:
(i) Xxxxx
shall, upon submission of written documentation of business related expenses
incurred, be reimbursed for any and all necessary, customary and usual expenses,
as approved by the C.E.O. and incurred by Xxxxx on behalf of Company in the
normal course of business. The annual budget will be $50,000.00 USD. The amount
can be revised subject to approval by C.E.O.
4.
Termination.
This
Agreement and Roney's employment can be terminated by the Board of Directors
or CEO immediately if Xxxxx does not meet our work expectations, or
can be terminated by the company under section (a) below during the 12 months
covered by this contract.
(a) For
Cause immediately and without notice. Cause means either the joint or several
conduct of Xxxxx which amounts to (i) fraud, dishonesty or breach of fiduciary
duty against the Company; (ii) willful misconduct, insubordination, repeated
refusal to follow the reasonable directions of the Board of Directors; (iii)
intoxication with alcohol or drugs while on the Company's premises during
regular business hours.
5.
Notices.
Except as
otherwise specifically provided herein, any notice required or permitted to be
given by, or to, either party pursuant to this Agreement shall be given in
writing, and shall be personally delivered, or mailed by certified mail, return
receipt requested, or provided by electronic transmission with a copy sent
contemporaneously by certified mail, return receipt requested, at the address
set forth below or at such other address as either party shall designate by
written notice to the other given in accordance with this Section. Any notice
complying with their Section shall be effective immediately upon personal
delivery or electronic transmission, and if mailed only, on the third business
day after mailing.
6.
Governing Law.
This
Agreement shall be governed by and construed in accordance with the laws of the
State of Virginia. The parties agree that jurisdiction and venue for any matter
arising out of or pertaining to this Agreement shall be proper only in the state
courts located in Albemarle County, Virginia, and the federal courts having
jurisdiction over the Western District of Virginia, and the parties hereby
consent to such venue and jurisdiction. Both parties accept Arbitration. In
agreeing to Arbitration, we both acknowledge that in event of a dispute, each
party has waived their rights to have the dispute decided in a court of law
before a judge or jury and instead is accepting the use of arbitration for
resolution. Arbitration does not change the Venue for resolution of a dispute,
if one arises.
7. Entire
Agreement.
This
Agreement executed contemporaneously herewith embodies the entire agreement of
the parties on the subject matter stated in the Agreement. No amendment or
modification of this Agreement shall be valid or binding upon the Company or
Employee unless made in writing and signed by both parties. All prior
understandings and agreements relating to the subject matter of this Agreement
are hereby expressly terminated.
8.
Confidentiality.
The
terms, conditions and existence of this Agreement shall be
confidential.
IN
WITNESS WHEREOF, Xxxxx and the Company have executed and delivered this
Agreement as of the date first shown above.
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EMPLOYEE:
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By:
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/s/ Xxxxxxx X. Xxxxx
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Printed
Name: Xxxxxxx X. Xxxxx
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Title:
Chief Financial Officer
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THE
COMPANY:
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By:
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/s/ Qingtao Xing
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Printed
Name: Qingtao Xing
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Title:
Chief Executive
Officer
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