PRELIMINARY EMPLOYMENT AGREEMENT
The
Preliminary Employment Agreement is entered into as of June 25, 2007 between
Xxxxxx Xxxx (“Xxxx”), and Biostar Pharmaceuticals Inc. (the ‘Company”). Zhao
hereby agrees to serve as Chief Financial Officer of Biostar Pharmaceutical,
Inc., for an initial period of two years. The annual compensation, paid
quarterly at the beginning of each quarter, shall be US$45,000.
Specific
responsibilities shall include:
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1.
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Review
of the historical accounting records
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2.
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Implementation
of appropriate internal financial controls.
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3.
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Interacting
with the Company’s internal accounting staff
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4.
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Liaison
with the Company’s auditors and securities attorney regarding filing and
reporting requirements
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5.
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Preparation
of consolidated financial statements including
footnotes
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6.
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Preparation
of MD&A for inclusion in SEC filings
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7.
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Preparation
as may be required of forecasts and budgets.
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8.
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Signing
off on financial statements and regulatory filings
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9.
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Maintaining
the books and records and the US bank account(s) for the parent
company
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10
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.
Meeting with company management and visits to the Company’s facilities as
may be required
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11
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.
Participation at investor meetings and conferences as may be
required
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12.
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Taking
phone calls from the financial community and investors
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13.
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Other
activities appropriate to the responsibilities of being the chief
financial officer
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14.
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The
preparation and filing of any appropriate state and Federal withholding
and tax filings.
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Zhao
and
the Company agree that the performance, compensation and time commitment by
Zhao
shall be reviewed quarterly, and appropriate adjustments shall be made thereof,
subject to parties’ written agreement.
Zhao
shall be treated as an employee of the company, and appropriate deductions
for
Federal and State Withholding, and FICA shall be made.
Zhao
shall be entitled to reimbursement for appropriate business expenses, as well
as
travel and related expenses.
This
Preliminary Employment Agreement shall be in force until such time as a formal
Employment Agreement is entered into by Zhao and the Company, and will be
subject by termination by either party providing the other party four weeks
written notice.
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Agreed
to:
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Xxxxxx
Xxxx
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/s
Xxxxxx Xxxx
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Date:
June 25, 2007
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Biostar
Pharmaceuticals Inc.
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/s/
:
Xxxxxxx Xxxx
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Date:
June 25, 2007
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| Title: President & CEO |
