Exhibit 10.2.3
SUPPLEMENTAL AGREEMENT TO SERVICE AGREEMENTS
THIS AGREEMENT is dated as of the 8th day of August 2001.
BETWEEN:
(1) First Xxxx.xxx, Inc., a company formed under the laws of the state of
Nevada, United States of America, and having its registered office at
Xxxxx 000, 00 Xxxx Xxxxxxx Xxxxxx, Xxxx, XX, XXX 00000 (the "Company");
and
(2) Xxxxxxx Xxxxxxx Pek, whose address is 206 Seabee Lane, Discovery Bay,
Lantau Island, Hong Kong (the "Executive").
WHEREAS:-
A. The Executive and the Company have agreed that it is in the best interests
of the parties for the Executive to enter into two service agreements with
the Company, one in respect of services rendered in Hong Kong (the "Hong
Kong Service Agreement") and the other in respect of services rendered
outside Hong Kong (the "Offshore Service Agreement"), both dated the same
date as this supplemental agreement.
B. Notwithstanding the terms and conditions in the Hong Kong Service
Agreement and the Offshore Service Agreement (collectively the "Service
Agreements"), the parties agree that the Service Agreements shall be
construed in the following manner.
THE PARTIES AGREE AS FOLLOWS:
1. Compensation and Benefits
(a) Subject to Clause 1(b) below, the Executive and the Company agree
that the compensation and benefits payable to the Executive in
relation to the Hong Kong Service Agreement and the Offshore Service
Agreement shall not be duplicated. For the purpose of illustration,
the Executive shall be entitled to the number of days of holiday
stipulated in Clause 5.1 of the Service Agreements and not the total
number of days of holiday in the two Service Agreements added
together. If the Executive takes a particular day as a holiday under
one of the Service Agreements, he shall be deemed to have also taken
the same day as a holiday under the other Service Agreement.
(b) The Executive will be paid the Basic Remuneration (as defined in the
Service Agreements) equal to the total sum of those amounts
stipulated in Clause 3.1 of both of the Service Agreements. In
respect of other compensation or benefits which are calculated with
reference to the Executive's Basic Remuneration, such compensation
and benefits shall be calculated using the aggregate of the Basic
Remuneration stipulated in Clause 3.1 of each of the Service
Agreements.
2. Termination
In the event that either of the Service Agreements is terminated pursuant
to its terms and conditions, then the other Service Agreement shall also
automatically terminate on the same date and for the same reason or cause.
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3. Governing Law
This supplemental agreement shall be governed by and interpreted according
to the laws of Hong Kong and the parties submit to the non exclusive
jurisdiction of the Hong Kong Courts.
AS WITNESS the Executive and the duly authorised representative of the Company
have set their hands as of the day and year first above written.
SIGNED by Xxxxxxx X. X. Xxxxxxx )
for and on behalf of )
First Xxxx.xxx, Inc. ) SIGNED
)
SIGNED by Xxxxxxx Xxxxxxx Pek ) SIGNED
in the presence of:- )
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