CONTRACT OF EMPLOYMENT
CONTRACT
OF EMPLOYMENT
This
AGREEMENT between China Kangtai Cactus Bio-tech Inc. (hereinafter "company") and
Hong Bu (hereinafter "employee") is entered into and shall commence on the 3rd
day of June, 2010.
RECITALS
Whereas,
the employee is willing to provide to the Company services identified in this
Agreement; and Whereas, the Company is willing to engage the employee as its
Chief Financial Officer, on the terms and conditions set forth
herein.
TERM OF
THE CONTRACT: This contract is for a period of 5 years freely
terminable on thirty days notice.
1. DUTIES
AND OBLIGATIONS OF THE EMPLOYEE - The employee is hired to perform the following
services for the company: (i) Projections and forecasts (ii) Due diligence
related to mergers or acquisitions (iii) Assistance in tax efficient structuring
of a sale or acquisition (iv) Budgeting (v) Loan packaging (vi) Technology needs
analysis (vii) Screening candidates for accounting positions (viii) Tax planning
– for the business and principals (ix) Assistance in lease vs. buy decisions (x)
Selecting tax entities for new ventures (xi) Business valuations in
contemplation of a sale or purchase (xii) Enterprise zone consulting (xiii)
Fraud investigations (xiv) Retirement plan consulting. The employee is devoting
his full time to his duties. The employee is not to "moonlight " for any other
employer in the "industry".
2. DUTIES
AND OBLIGATIONS OF THE COMPANY: The company is to provide a
sufficient amount of standard quality assignments to occupy the full time of the
employee or to provide the employee with sixty (60) days notice that said
assignments will not be provided. The company is to provide adequate workspace
and the necessary materials to complete each assignment.
3.
COMPENSATION OF THE EMPLOYEE: The employee shall be paid 4,000
RMB, payable once per month on the 25th day of each month. The employee will
have a total of six personal days during the first twelve months of employment.
The employee will have five paid vacation days during the first thirteen months
of employment, usable only during the thirteenth month of
employment.
4.
AMENDMENT OF THE CONTRACT: This agreement may be
terminated at any time by the parties written agreement or by expiration of its
term. We agree that from time to time an amendment of
this agreement may be desirable and we therefore agree that said amendment may
be accomplished by written amendment only.
5.
GENERAL PROVISIONS:
5.1.0
Survival of Agreement. This agreement will survive any
but the following events which cause its automatic termination:
a.
death of the employee
b.
Bankruptcy liquidation of the Company
c.
Company ceases to conduct business
5.1.1
Legal Representation Each party acknowledges that they
have had their separate counsel review this agreement or they have knowingly and
voluntarily waived the right to have counsel review this
agreement.
5.1.2
Attorneys' Fees. In the event that a dispute arises with
respect to this Agreement, the party prevailing in such dispute shall be
entitled to recover all expenses, including, without limitation, reasonable
attorneys' fees and expenses, incurred in ascertaining such party's rights or in
preparing to enforce, or in enforcing, such party's rights under this Agreement,
whether or not it was necessary for such party to institute suit.
5.1.3
Complete Agreement of the Parties. This is the complete
agreement of the parties and it supersedes any agreement that has been made
prior to this agreement.
5.1.4
Assignment. This Agreement is of a personal nature and
may not be assigned.
5.1.5
Binding. This Agreement shall be binding both of the
parties hereto.
5.1.6
Governing Law. The parties hereby expressly acknowledge
and agree that this Agreement is entered into in the City of Harbin and, to the
extent permitted by law, this Agreement shall be construed, and enforced in
accordance with the laws of the People’s Republic of China.
5.1.7
Unenforceable Terms. Any provision hereof prohibited or
unenforceable under any applicable law of any jurisdiction shall as to such
jurisdiction be ineffective without affecting any other provision of this
Agreement. To the full extent, however, that the
provisions of such applicable law may be waived, they are hereby waived to the
end that this Agreement be deemed to be a valid and binding agreement
enforceable in accordance with its terms.
5.1.8
Execution In Counterparts. This Agreement may be
executed in several counterparts and when so executed shall constitute one
agreement binding on all the parties, notwithstanding that all the parties are
not signatory to the original and same counterpart.
5.1.9
Further Assurance. From time to time each party shall
execute and deliver such further instruments and shall take such other action as
any other party may reasonably request in order to discharge and perform their
obligations and agreements hereunder and to give effect to the intentions
expressed in this Agreement.
5.1.10
Incorporation By Reference. All exhibits referred to in
this Agreement are incorporated herein in their entirety by such
reference.
5.1.11
Cross-References. All cross-references in this
Agreement, unless specifically directed to another agreement or document, refer
to provisions in this Agreement, and shall not be deemed to be references to any
overall transaction or to any other agreements or documents.
5.1.12
Miscellaneous Provisions. The various headings and
numbers herein and the grouping of provisions of this Agreement into separate
divisions are for the purpose of convenience only and shall not be considered a
part hereof. The language in all parts of this Agreement
shall in all cases be construed in accordance to its fair meaning as if prepared
by all parties to the Agreement and not strictly for or against any of the
parties.
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Date:
June 3, 2010
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Date:
June 3, 2010
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By:
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Jinjiang Wang
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By:
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Hong Bu
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Representative
of the Company
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The
employee
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