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EXHIBIT 10.14
This Agreement is executed between Xxxxxx Xxx Xxx Xxxxx of Apt IC, Park
Villa, 37 Island Road, Deep Water Bay, Hong Kong ("the Consultant") and Supply
Chain Services Limited, a company incorporated in Hong Kong with registered
number 669329 whose registered office is at 31 New Xxxxx House, 10 Ice House
Street, Central, Hong Kong ("the Company"), as of the last date indicated below
upon which it has been executed by both parties.
This Agreement is made with reference to the following facts:
A. The Consultant and the Company entered into an agreement dated 26
March 1999 ("the Consultation Service Agreement") by which the Company
has engaged the Consultant to provide strategical planning and
business consultation services to the Company.
B. Pursuant to the Consultation Services Agreement, the Consultant is
entitled to receive from the Company the services fees in the sum of
HK$210,000 ("Consultation Fees") for services tendered in the period
from 1 April 1999 to 31 December 2000. The Consultant, however, has
not received from the Company the Consultation Fees and the Consultant
is desirous to waive the Consultation Fees to the intent that the
Company shall be released and discharged from the payment of the
Consultation Fees absolutely.
C. The Consultant and the Company desire to fully and finally resolve by
this Agreement all claims, payments or other matters arising out of or
in connection with the Consultation Fees.
THEREFORE, the parties agree, in consideration of the mutual agreements
herein contained, as follows:
1. The Consultant, for and on behalf of himself and his personal
representatives, successors and assigns, does hereby waive, release
and forever discharge the Company and its successors and assigns from
any and all claims, rights, benefits, interests, costs, expenses,
damages, and actions, of whatever kind or nature, whether in law or in
equity, whether known or unknown, which the Consultant has had, may
now have or may hereafter have against the Company for or by reason of
any occurrence, matter or thing through and including the date hereof
which arises out of or in connection with any of the Consultation
Fees.
2. Without prejudice to the generality of the foregoing, it is expressly
agreed and accepted by each of the parties to this Agreement that this
Agreement is and is intended to be a general release of all claims of
the Consultant in respect of the subject matter of this Agreement
including those claims which the Consultant did not know or suspect to
exist in his favour at the time of executing this Agreement, even if
such claims, if they had been known to him, could have affected the
terms of the settlement reached between the parties as contained in
this Agreement. To the extent that legislation or any principles of
law might provide otherwise than the first sentence of this clause,
such legislation and principles are (to the extent permitted by law)
hereby expressly waived and excluded by the Consultant who admit to
full knowledge and understanding of the consequences and effect of
such waiver and exclusion.
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3. The Consultant warrants to the Company that he has not assigned,
charged or in any other way dealt with or disposed or purported to
deal with his rights or interests in the Consultation Fees.
4. In the event that any provision of this Agreement should be held void,
voidable or unenforceable, the remaining portions shall remain in full
force and effect.
5. This Agreement contains the entire agreement of the parties to settle
the Consultation Fees referred to herein, and expresses the entire
agreement between the parties in relation to the subject matter of
this Agreement.
6. This Agreement shall be effective when each party has executed it.
7. This Agreement shall inure to the benefit of, and shall be binding
upon, the successors and assigns of the parties hereto, and each of
them.
8. For the avoidance of doubt, it is hereby declared and confirmed that
save as herein otherwise provided in this Agreement, all the terms and
conditions of the Consultation Service Agreement shall continue in
full force and effect.
9. This Agreement shall be construed and enforced in accordance with the
laws of Hong Kong.
Signed, Sealed and Delivered )
By Xxxxxx Xxx Xxx Xxxxx )
in the presence of:- ) /s/ Xxxxxx Xxx Xxx Xxxxx
------------------------
/s/ Xxxxx Xxx Ping
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Dated: March 27, 2001
SEALED with the COMMON SEAL of )
Supply Chain Services Limited )
and SIGNED by its director )
Xxxxxxx Xxx Xxx Man )
in the presence of:- ) /s/ Xxxxxxx Xxx Wai Man
-----------------------
/s/ Xxxxx Xxx Ping
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Dated: March 27, 2001
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This Agreement is executed between Xxxxxx Xxx Xxx Xxxxx of Apt IC, Park
Villa, 37 Island Road, Deep Water Bay, Hong Kong ("the Executive") and Supply
Chain Services Limited, a company incorporated in Hong Kong with registered
number 669329 whose registered office is at 31 New Xxxxx House, 10 Ice House
Street, Central, Hong Kong ("the Company"), as of the last date indicated below
upon which it has been executed by both parties.
This Agreement is made with reference to the following facts:
A. The Executive and the Company entered into an agreement dated 13
September 2000 ("the Employment Agreement") by which the Company has
employed the Executive in the capacity of Managing Director of the
Company.
B. Pursuant to the Employment Agreement, the Executive is entitled to the
following remuneration for services rendered in the period from 13
September 2000 to 31 December 2000:
(a) basic salaries in the sum of USD55,800;
(b) a staff quarters not exceeding the monthly rental of $50,000 per
month; and
(c) an incentive scheme in the nature of commission on the Company's
gross revenue.
All the basic salaries, staff quarters and commission as referred
to in the preceding paragraphs (a) (b) and (c) of this recital B
are hereinafter collectively called "the Remuneration".
C. The Executive is desirous to waive the Remuneration to the Intent
that the Company shall be released and discharged from the
Payment and provision of the Remuneration absolutely.
D. The Executive and the Company desire to fully and finally resolve
by this Agreement all claims, payments or other matters arising
out of or in connection with the Remuneration.
THEREFORE, the parties agree, in consideration of the mutual agreements
herein contained, as follows:
1. The Executive, for and on behalf of himself and his personal
representatives successors and assigns, does hereby waive, release and
forever discharge the Company and its successors and assigns from any
and 811 claims. rights, benefits, interests, costs, expenses, damages,
and actions, of whatever kind or nature, whether in law or in equity,
whether known or unknown, which the Executive has had, may now have or
may hereafter have against the company for or by reason of any
occurrence, matter or thing through and including the date hereof
which arises out of or in connection with any of the Remuneration.
2. Without prejudice to the generality of the foregoing, it is expressly
agreed and accepted by each of the parties to this Agreement that this
Agreement is and is intended to be a general release of all claims of
the Executive in respect of the subject matter of this Agreement
including those claims which the Executive did not know or suspect to
exist in his favour at the time of executing this Agreement, even if
such claims, if they
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had been known to him, could have affected the terms of the settlement
reached between the parties as contained in this Agreement To the
extent that legislation or any principles of law might provide
otherwise than the first sentence of this clause, such legislation and
principles are (to the extent permitted by law) hereby expressly
waived and excluded by the Executive who admit to full knowledge and
understanding of the consequences and effect of such waiver and
exclusion.
3. The Executive warrants to the Company that he has not assigned,
charged or in any other way dealt with or disposed or purported to
deal with his rights or interests in the Remuneration.
4. In the event that any provision of this Agreement should be held void,
voidable or unenforceable, the remaining portions shall remain in full
force and effect.
5. This Agreement contains the entire agreement of the parties to settle
the Remuneration referred to herein, and expresses the entire
agreement between the parties in relation to the subject matter of
this Agreement.
6. This Agreement shall be effective when each party has executed it.
7. This Agreement shall inure to the benefit of, and shall be binding
upon, the successors and assigns of the patties hereto, and each of
them.
8. For the avoidance of doubt, it is hereby declared and confirmed that
save as herein otherwise provided in this Agreement, all the terms and
conditions of the Employment Agreement shall continue in full force
and effect.
9. This Agreement shall be construed and enforced in accordance with the
laws of Hong Kong.
Signed, Sealed and Delivered )
By Xxxxxx Xxx Xxx Xxxxx )
in the presence of:- ) /s/ Xxxxxx Xxx Xxx Xxxxx
------------------------
/s/ Xxxxx Xxx Ping
------------------
Dated: March 27, 2001
SEALED with the COMMON SEAL of )
Supply Chain Services Limited )
and SIGNED by its director )
Xxxxxxx Xxx Xxx Man )
in the presence of:- ) /s/ Xxxxxxx Xxx Wai Man
-----------------------
/s/ Xxxxx Xxx Ping
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Dated: March 27, 2001
