EMPLOYMENT AGREEMENT
Exhibit 10-a
This
Agreement made and entered into this _13 _ day of _May_, 2008_, by and between
Advanced Battery
Technologies, Inc. ("employer"), and Xxxx Xxxxx
("employee"). The parties recite that:
A.
Employer is engaged in _New York_ and
maintains business premises at Advanced Battery
Technologies, Inc.
B.
Employee is willing to be employed by employer, and employer is willing to
employ employee, on the terms and conditions hereinafter set forth. For the
reasons set forth above, and in consideration of the mutual covenants and
promises of the parties hereto, employer and employee covenant and agree as
follows:
1.
|
AGREEMENT
TO EMPLOY AND BE EMPLOYED
|
Employer
hereby employs employee as _Chief Financial
Officer_ at the above-mentioned premises, and employee hereby accepts and
agrees to such employment.
2.
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DESCRIPTION
OF EMPLOYEE'S DUTIES
|
Subject
to the supervision and pursuant to the orders, advice, and direction of
employer, employee shall perform such duties as are customarily performed by one
holding such position in other businesses or enterprises of the same or similar
nature as that engaged in by employer. Employee shall additionally
render such other and unrelated services and duties as may be assigned to him
from time to time by employer.
3.
|
MANNER
OF PERFORMANCE OF EMPLOYEE'S DUTIES
|
Employee
shall at all times faithfully, industriously, and to the best of his ability,
experience, and talent, perform all duties that may be required of and from him
pursuant to the express and implicit terms hereof, to the reasonable
satisfaction of employer. Such duties shall be rendered at the
abovementioned premises and at such other place or places as employer shall in
good faith require or as the interests, needs, business, and opportunities of
employer shall require or make advisable.
4.
|
DURATION
OF EMPLOYMENT
|
The term
of employment shall be _Five_ years,
commencing on May 13,
2008, and terminating _ May 12 , 2013_,
subject, however, to prior termination as otherwise provided
herein.
5.
|
COMPENSATION;
REIMBURSEMENT
|
Employer
shall pay employee and employee agrees to accept from employer, in full payment
for employee's services hereunder, compensation
1.
|
At
the rate of _Sixty Thousand
_ Dollars ($_60,000_) per
annum, payable $5,000 per
month.
|
2.
|
Advanced Battery
Technologies, Inc.’s Common Stock at the rate of One hundred thousand
shares (100,000 shares) in total five years, payable 20,000 shares per
year.
|
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In
addition to the foregoing, employer will reimburse employee for any and all
necessary, customary, and usual expenses incurred by him while traveling for and
on behalf of the employer pursuant to employer's directions.
6.
|
EMPLOYEE'S
LOYALTY TO EMPLOYER'S INTERESTS
|
Employee
shall devote all of his time, attention, knowledge, and skill solely and
exclusively to the business and interests of employer, and employer shall be
entitled to all benefits, emoluments, profits, or other issues arising from or
incident to any and all work, services, and advice of
employee. Employee expressly agrees that during the term hereof he
will not be interested, directly or indirectly, in any form, fashion, or manner,
as partner, officer, director, stockholder, advisor, employee, or in any other
form or capacity, in any other business similar to employer's business or any
allied trade, except that nothing herein contained shall be deemed to prevent or
limit the right of employee to invest any of his surplus funds in the capital
stock or other securities of any corporation whose stock or securities are
publicly owned or are regularly traded on any public exchange, nor shall
anything herein contained by deemed to prevent employee from investing or limit
employee's right to invest his surplus funds in real estate.
7.
|
NONDISCLOSURE
OF INFORMATION CONCERNING BUSINESS
|
Employee
will not at any time, in any fashion, form, or manner, either directly or
indirectly divulge, disclose, or communicate to any person, firm, or corporation
in any manner whatsoever any information of any kind, nature, or description
concerning any matters affecting or relating to the business of employer,
including, without limitation, the names of any its customers, the prices it
obtains or has obtained, or at which it sells or
has sold its products, or any other information concerning the business of
employer, its manner of operation, or its plans, processes, or other date of any
kind, nature, or description without regard to whether any or all of the
foregoing matters would be deemed confidential, material, or important. The
parties hereby stipulate that, as between them, the foregoing matters are
important, material, and confidential, and gravely affect the effective and
successful conduct of the business of employer, and its good will, and that any
breach of the terms of this section is a material breach of this
agreement.
8.
|
OPTION
TO TERMINATE ON PERMANENT DISABILITY OF
EMPLOYEE
|
Not
withstanding anything in this agreement to the contrary, employer is hereby
given the option to terminate this agreement in the event that during the term
hereof employee shall become permanently disabled, as the term "permanently
disabled" is hereinafter fixed and defined. Such option shall be
exercised by employer giving notice to employee by registered mail, addressed to
him in care of employer at the above stated address, or at such other address as
employee shall designate in writing, of its intention to terminate this
agreement on the last day of the month during which such notice is
mailed. On the giving of such notice this agreement and the term
hereof shall cease and come to an end on the last day of the month in which the
notice is mailed, with the same force and effect as if such last day of the
month were the date originally set forth as the termination date. For
purposes of this agreement, employee shall be deemed to have become permanently
disabled if, during any year of the term hereof, because of ill health, physical
or mental disability, or for other causes beyond his control, he shall have been
continuously unable or unwilling or have failed to perform his duties hereunder
for thirty (30) consecutive days, or if, during any year of the term hereof, he
shall have been unable or unwilling or have failed to perform his duties for a
total period of thirty (30) days, whether consecutive or not. For the
purposes hereof, the term "any year of the term hereof" is defined to mean any
period of 12 calendar months commencing on the first day of the month and
terminating on the last day of the month of the
following year during the term hereof.
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9.
|
DISCONTINUANCE
OF BUSINESS AS TERMINATION OF
EMPLOYMENT
|
Anything
herein contained to the contrary notwithstanding, in the Event that employer
shall discontinue operations at the premises mentioned above, then this
agreement shall cease and terminate as of the last day of the month in which
operations cease with the same force and effect as if such last day of the month
were originally set forth as the
termination
date hereof.
10.
|
EMPLOYEE'S
COMMITMENTS BINDING ON EMPLOYER ONLY ON WRITTEN
CONSENT
|
Employee
shall not have the right to make any contracts or other commitments for or on
behalf of employer without the written consent of employer.
11.
|
CONTRACT
TERMS TO BE EXCLUSIVE
|
This
written agreement contains the sole and entire agreement between the parties,
and supersedes any and all other agreements between them. The parties
acknowledge and agree that neither of them has made any representation with
respect to the subject matter of this agreement or any representations inducing
the execution and delivery hereof except such representations as are
specifically set forth herein, and each party acknowledges
that he or it has relied on his or its own judgment in entering into the
agreement. The parties further acknowledge that any statements or
representations that may have heretofore been made by either of them to the
other are void and of no effect and that neither of them has relied thereon in
connection with his or its dealings
with the
other.
12.
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WAIVER
OR MODIFICATION INEFFECTIVE UNLESS IN
WRITING
|
No waiver
or modification of this agreement or of any covenant, condition, or limitation
herein contained shall be valid unless in writing and duly executed by the party
to be charged therewith. Furthermore, no evidence of any waiver or modification
shall be offered or received in evidence in any proceeding, arbitration, or
litigation between the parties arising out of or affecting this agreement, or
the rights or obligations of any party hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The
provisions of this paragraph may not be waived except as herein set
forth.
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13.
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CONTRACT
GOVERNED BY LAW
|
This
agreement and performance hereunder shall be construed in accordance with the
laws of the State of _New
York______.
14.
|
BINDING
EFFECT OF AGREEMENT
|
This
agreement shall be binding on and inure to the benefit of the respective parties
and their respective heirs, legal representatives, successors, and
assigns.
Executed
on the date first above written.
Zhiguo
Fu
,
Employer
Xxxx
Xxxxx
, Employee
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