DATED the 19th Day of January 1996
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CREATIVE MASTER LIMITED
( )
("CML")
and
ACMA STRATEGIC HOLDINGS LIMITED
(the "Consultant")
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CONSULTANCY AGREEMENT
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Xxxxxx Xxxx & Co
15 A/B Entertainment Building
00 Xxxxx'x Xxxx Xxxxxxx
Xxxx Xxxx
Tel: 0000 0000
Fax 0000 0000
Ref XX000000.xxx
1.1 CML engages the Consultant to provide consultancy services to CML
relating to management of manufacturing facilities, production, design,
and personnel matters and the Consultant agrees to provide such services
upon the terms and conditions set out below.
1.2 The Consultant shall devote so much time and effort to providing its
services as it shall consider reasonably necessary.
1.3 The Consultant shall provide its services with reasonable skill and care
and to the best of its ability.
2. DURATION
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This Agreement shall commence on 1 February 1996 and shall continue until
terminated by either party giving to the other 3 months notice in
writing.
3. CONSULTANCY FEE
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3.1 CML shall pay to the Consultant a consultancy fee of HK$819,000.00 per
annum plus, at the discretion of the Board of CML, a performance bonus of
up to 2.5% of the net profits after tax of CML and its subsidiaries on a
consolidated basis as determined by the Board of CML provided that the
amount of such bonus shall not exceed the highest bonus paid to any other
executive of CML at such times and in such installments as may be agreed
between CML and the Consultant.
3.2 The level of the consultancy fee shall be subject to annual review.
4. TERMINATION
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Without limitation CML may by notice in writing immediately terminate
this Agreement if the Consultant shall:-
4.1 be in breach of any terms of this Agreement which is not remedied within
one month of receipt of a written notice specifying such breach and
requiring its remedy;
4.2 be incompetent, guilty of gross misconduct and/or any serious or
persistent negligence in the provision of its services.
4.3 fail or refuse after receiving a written warning to provide the services
reasonably required hereunder.
IN WITNESS WHEREOF the parties or their duly authorised representatives have set
their hands to this Agreement the day and year first before written.
SIGNED BY )
for and on behalf of )
CREATIVE MASTER LIMITED ) /s/ Xxxx Xxxx
LIMITED in the presence of: - )
SIGNED BY )
for and on behalf of )
ACMA STRATEGIC HOLDINGS )
LIMITED )
in the presence of:- )
