Employment Contract Employer (Party A): Xi’an Hanxin Science & Technology Co. Ltd. Employee (Party B): Guo Tian Bao
EXHIBIT
10.16
Employment
Contract
Employer (Party A): Xi’an Hanxin Science &
Technology Co. Ltd.
Employee (Party B): Guo Tian Bao
Party A
employs party B to be the CTO of the company. The following agreements are
reached through negotiation to clarify both parties’ rights and
obligations.
1.
Period of the employment contract
The
period of the contract shall be 1 year from Oct. 9th,
2009 to Oct. 9th,
2010. Complementary agreement shall be signed if the employment continues after
this period.
2.
Job title
Party A
employs party B to be the CTO of the company. Party B shall not hold other
positions in any other companies; Party B shall not disclose any business
secrets to competitors of party A and the public, and shall assume legal
responsibilities according to “Law of the People's Republic of China Against
Competition by Inappropriate Means” in case of such disclosures.
3.
Compensation
The
compensation for party B agreed by the board of directors are composed of
stocks(stock options), basic salary, subsidy and bonus. The basic salary is
RMB6000, and the subsidy is RMB500. Bonus shall depend on the operation of the
company.
4.
Insurance and welfare
1) Party
B is entitled to holidays according to national regulations. The compensation
during such holidays shall be executed according to related regulations of party
A.
2) Party
A shall establish fundamental social insurance (including retirement,
unemployment and medical insurance) according to related national and local
regulations.
5.
Statement and guarantee
1) Party
A:
a. is a
legal and effectively existing corporation with limited
liabilities.
b. has
the right to sign this contract and has performed all necessary actions so as to
be authorized to sign and execute this contract.
c. shall
abide by this contract since signing this contract.
2) Party
B:
a. assure
all personal information provided are true;
b. is of
the act capability of signing and executing this contract, and the act shall not
involve obligations to any third parties.
c. shall
abide by this contract since signing this contract.
6.
Change, expiration and cancellation
1) Both
parties shall act according to this contract. Neither party shall change the
contract on their own. In need of change agreement between two parties shall be
reached and it shall go through the original signing procedure. The original
contract shall prevail when no agreements on change were achieved.
2) The
contract shall expire in one of the following cases:
a. The
period is over, or condition of dismiss has appeared;
b. Party
A is canceled or cleared.
7.
Working disciplines and requirements
1) if
party B take a leading management position, the term of office shall be the
contract period in case the position has a term of office, or the contract shall
be changed into unlimited duration contract if there is no term of the
position.
2) Party
B shall abide by party A’s regulations and actively complete his/her
jobs.
8.
Breach of contract
1) party
A shall pay party B a compensation if party A dismiss party B with no applicable
reasons.
2) party
B shall compensate for party A’s loss if party B’s actions against working
safety and other regulations has caused accidents impair party A’s
interest.
3)if
party B cancel the contract without consent from party A, party A shall pay a
penalty of RMB5000.
4)party A
shall have the right to punish party B as formal employee if party B’s actions
against working safety and other regulations has caused accidents impair party
A’s interest.
9.
Other issues uncovered shall be settles through negotiations.
10.
This contract has 2 duplicates with identical legal effect; either party shall
hold one.
11.
This contract shall come into effect after signing/sealing.
Seal:
Xi’an Hanxin Science & Technology Co. Ltd.
Sign: Guo
Tian Bao
Oct.
9th,
2009
