Exhibit 4.25
LABOR CONTRACT
PARTY A: CHINA FINANCE ONLINE (BEIJING) CO. LTD.
PARTY B: Xxxx Xxx
DATE: May 24, 2006
[Translated from Chinese original]
This Contract is entered into by the following two parties on May 24, 2006:
PARTY A:
China Finance Online (Beijing) Co. Ltd. ("Party A" hereafter), a company duly
organized and registered and validly existing in the People's Republic of China.
Party A is also referred to as "Company".
PARTY B:
Xxxx Xxx ("CFO" hereafter), citizen of the People's Republic of China (ID
certificate number:[------------], address: [Tower B, Xx. 0, Xxxx Xxxxx
Xxxx Xxxxx Xxxx, Xxxxxxxx Xxxxxxxx, Xxxxxxx]).
Pursuant to the Labor Law of the People's Republic of China and other applicable
laws and regulations and upon consultation in the spirit of equality and free
will, Party A and Party B hereby enter into this Contract providing for Party
A's employment of Party B as a contract-based executive-level manager.
1. CHAPTER ONE CONTRACT TERM
1.1 Party A and Party B agree that the term of this Contract shall be as
follows:
(a) Fixed Term: Two years, from May 25, 2006 to May 23, 2008
1.2 If it is the Parties' intention to continue performance under this
Contract, either Party may inform the other of its or his intention to
renew the Contract Term by a 30- day notice prior to the expiration of the
Term.
2. CHAPTER TWO JOB RESPONSIBILITIES
2.1 The Company hereby employs Mr. Xxxx Xxx to serve as the Company's CFO in
consideration of its business needs. The scope and responsibilities of the
CFO job include the following:
(a) To formulate and implement relevant policies, procedures and
strategies to ensure the realization of the Company's financial
strategy;
(b) To establish a strong financial system and strict internal control;
(c) To supervise all financial activities to ensure their compliance with
Chinese law and the Company's policy;
(d) To be responsible for timely submitting accurate financial reports;
(e) To establish and direct a mechanism for solving financial problems and
to timely solve financial problems;
(f) To establish and direct a mechanism for reducing costs and increasing
efficiency;
(g) To be responsible for the Company's financial planning;
(h) To participate in business development and strategic planning;
(i) To propose investment policies, and manage investment and transactions
in accordance with approved investment guide and implementation
strategy;
(j) To carry out strategic acquisition, capital management, listing etc.
pursuant to the requirements of the Board of Directors;
(k) To provide comments to Senior Management of the Company and the Board
of Directors on financial issues of the Company;
(l) Other responsibilities stipulated by the Board of Directors.
2.2 The CFO shall perform his duties diligently and competently pursuant to the
requirements for the position.
3. CHAPTER THREE COMPENSATIONS AND STOCKS OPTIONS
3.1 The salary of the CFO shall be fifty thousand yuan (RMB50,000) per month
(before tax).
3.2 The pay day of the Company will be between the first and the fifth days of
each month and, if such days are during a holiday period, then the pay day
will be the first working day after the holiday period.
3.3 The Company's employees shall pay personal income taxes pursuant to
regulations of the government tax agency, and the Company shall withhold a
corresponding amount from the monthly salary of each employee and pay that
amount on behalf of the employee to the relevant tax agency.
3.4 In addition to what is provided for under the foregoing Article 3.3, the
Company shall have the right to make other deductions from the employees'
salaries in accordance with laws and regulations of the State.
3.5 Party B's compensations also include stock options, which will be spelled
out in more details by the Compensation Committee of the company.
4. CHAPTER FOUR REWARDS AND PENALTIES
4.1 The CFO shall abide by various rules and regulations stipulated by the
Company under the law.
4.2 Without prior written consent of the Company, the CFO shall not accept
money, gifts or any other kinds of benefits from any customer,
collaborating company or other related company.
4.3 The CFO shall serve the Company faithfully and competently and the Company
will not permit the CFO to engage in any other job on part-time basis
during the term of employment.
4.4 The Company shall impose penalties on the CFO pursuant to regulations of
the Company, if the CFO violates the Company's rules or regulations.
5. CHAPTER FIVE CONFIDENTIALITY AND NON-COMPETITION
5.1 The CFO shall safeguard the intellectual property rights and secrets of the
Company, abide by relevant confidentiality agreements to which the Company
is a party regarding manufacturing technologies, marketing, and unpatented
technologies, and shall not engage in any business or activity that
competes against the business of the Company. Specific obligations are set
forth in a separate Intellectual Property, Confidentiality and
Non-Competition Agreement between the Parties.
6. CHAPTER SIX AMENDMENT, RESCISSION, AND TERMINATION
6.1 If Party B is derelict of his duties or has committed any gross errors on
the job, including without limitation violating the Intellectual Property,
Confidentiality and Non-Competition Agreement between the Parties or laws
or regulations of the State, and impairing shareholders' rights or
interests, the Company shall have the right to rescind this Labor Contract
immediately and shall only have to pay Party B the salary for the current
month without any other compensation. And for the stock options owned by
Party B in accordance with Article 3.5 herein, the unfixed options shall be
returned to the Company.
6.2 If Party B seeks to rescind this Contract before the end of the Contract
Term for personal reasons, Party B shall notify the Company in writing
thirty (30) days in advance, and the Company shall pay Party B the salary
for the current month without any other compensation. And for the stock
options owned by Party B in accordance with Article 3.5 herein, the unfixed
options shall be returned to the Company.
6.3 During Party B's term of employment, if the Company deems that the CFO has
failed to reach the expected target or achieve the expected results, the
Company has the right to rescind this Labor Contract; however, the Company
shall notify Party B in writing thirty (30) days in advance and shall pay
Party B three months' salary as compensation. And for the stock options
owned by Party B in accordance with Article 3.5 herein, the unfixed options
shall be returned to the Company.
6.4 If the Company proposes any amendment to certain provisions of this
Contract due to any change in the objective conditions upon which this
Contract is premised, or if the CFO proposes any amendment for personal
reasons, the proposing Party shall notify the other Party in writing thirty
(30) days in advance, and the Contract may be amended accordingly after
both Parties agree to the proposed amendments upon consultation.
6.5 The CFO may not rescind this Contract pursuant to the foregoing Article
6.4 before all his liabilities for breach under this Contract and the
Intellectual Property, Confidentiality and Non-Competition Agreement have
been cleared.
6.6 The employment relationship between the Company and the CFO shall be
terminated upon expiration of the Term of this Labor Contract. When this
Contract is rescinded or terminated, Party B shall properly hand over his
work to Party A. All office supplies,
equipment, facilities and documents that Party B used or handled while
working for Party A shall be delivered in good condition to Party A's
takeover person. Otherwise, Party A shall have the right to refuse to
proceed with relevant procedures, hold Party B liable for breach pursuant
to the terms of the Contract, and may claim liquidated damages from Party
B.
6.7 Regardless of the reasons for his leaving the Company, Party B shall not
defame or xxx the Company, raid the Company for employees, or engage in any
business or activity that competes against the Company's business except if
the Company has committed tax evasion or has otherwise violated the law in
its business operations.
6.8 Upon rescission or termination of this Contract, the Company shall complete
the procedures for rescinding or terminating the Labor Contract within the
stipulated time period, unless otherwise agreed upon in this Contract.
7. CHAPTER SEVEN LIABILITY FOR BREACH
7.1 Under either of the following circumstances, the Party in question shall be
liable for breach of the Contract:
(a) The Company violates the provisions of this Contract and unilaterally
rescinds this Contract, unless otherwise provided for in this
Contract;
(b) The CFO quits his job without the Company's consent.
7.2 Either Party in breach of this Contract shall pay to the other Party
liquidated damages. The standard liquidated damages shall be twice the
salary Party B actually received for the month prior to the date of the
breach.
7.3 If the liquidated damages provided for under the foregoing Article 7.2 is
not enough to cover the losses of the other Party, then the breaching Party
shall compensate the other Party for the actual losses caused by the
breach.
7.4 The CFO warrants (1) that all the relevant information he provides to the
company, including without limitation information about his identification,
address, education, work experiences and professional skills, are true; (2)
that, in working for the Company and entering into this Labor Contract with
the Company, the CFO has not violated any agreement on confidentiality or
non-competition he entered into with his previous employers or any other
company or individual. If the CFO breaches this warranty, the Company has
the right to rescind this Contract and demand that the CFO compensate the
Company for any losses resulting from the breach.
8. CHAPTER MISCELLANEOUS
8.1 The Employee Handbook and other rules and regulations of the Company are
part of this Labor Contract.
8.2 This Contract has two counterparts, one for the Company, one for the
employee. This Contract shall become effective upon execution by both
Parties. Both counterparts shall have equal legal effect.
8.3 If any of the provisions of this Contract conflicts with laws and
regulations of the State, the laws and regulations of the State shall
prevail.
IN WITNESS WHEREOF, the Parties have executed this Labor Contract.
Party A: China Finance Online (Beijing) Co., Ltd.
(Seal)
/s/ [COMPANY SEAL]
-----------------------------
Signature of Authorized representative
Date: May 24, 2006
Party B: Xxxx Xxx
/s/ Xxxx Xxx
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Date: May 24, 2006
