Employment Contract –Zhizhong Hu
Exhibit 10.3
Employment Contract –Xxxxxxxx Xx
BETWEEN: Beijing REIT Technology Development Co., Ltd, a company legally incorporated under the laws of People’s Republic of China, having a mailing address at Room 1611, Xx.0 Xxxxxxxx, Xx.000, Xxxxxx Xxxxx, Xxxx Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang District, Beijing City, acting and represented herein by Xx. Xx Hengfang, Legal Representative, declaring duly authorized, (hereinafter called the “COMPANY”)
AND: Xx. Xxxxxxxx Xx, (hereinafter called the “EXECUTIVE
(COMPANY and EXECUTIVE hereinafter collectively called “Parties”)
WHEREAS:
COMPANY requires the services of EXECUTIVE as Chief Technology Officer (CTO);
EXECUTIVE agreed to provide COMPANY his full-time services as CTO;
the Parties wish to confirm their agreement in writing;
the Parties have the capacity and quality of exercise all the rights necessary for the conclusion and implementation of the agreement found in this Contract;
THEREFORE THE FOREGOING, THE PARTIES AGREE AS FOLLOWS:
1. Employment
EXECUTIVE agrees to assume full-time for COMPANY (minimum of forty (40) hours per week) the role of CTO during the entire duration of the Contract;
2. Term
This Contract is for an initial term of 36 months, namely from October 1, 2018 to September 30, 2021, renewable for an additional period of 24 months unless either party terminates it in writing at least sixty (60) days before the expiration of the initial term;
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3. Responsibilities
EXECUTIVE agrees and undertakes to COMPANY to the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.
3.1 Creating overall technology standards and practices and ensuring adherence.
3.2 Building and managing the COMPANY’s technology team.
3.3 Managing data systems implementation and monitoring their effectiveness in meeting business goals.
3.4 Collaborate with the appropriate departments to assess and recommend technologies in support of COMPANY needs.
3.5 Work with the CEO and other executives to develop a technical strategy for the COMPANY, involving goal-setting, discussing options and analyzing risks, ensuring the technical strategy align with the COMPANY’s overall business objectives.
3.6 Keeps an eye out for new technological developments that can help the COMPANY improve efficiency and customer satisfaction.
4. CONSIDERATION
4.1 Service Awards
In consideration of the provision of services, COMPANY to pay EXECUTIVE, as compensation;
The gross amount of RMB 700,000 annually (the “Base Salary”) calculated at the rate of twelve (12) equal monthly installments consecutively of RMB 58,333 each.
4.2 Expenditure incurred
COMPANY will reimburse EXECUTIVE all reasonable expenses incurred in connection with this Contract, upon presentation of appropriate documentation. The date of reimburse EXECUTIVE shall be the 20th of each month.
4.3 Bonus
Executive will be eligible to receive an annual bonus with a target payout up to 150% of the Base Salary (the “Target Bonus”), subject to achieving Company and individual performance goals established by the Compensation Committee in consultation with the Executive. The Compensation Committee shall have the sole discretion to determine whether Executive is entitled to any such bonus and to determine the amount of any such bonus. Such bonus will be pro-rated for partial year of service.
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5. Commitment to confidentiality and nondisclosure
EXECUTIVE recognizes that certain disclosures to be provided by COMPANY have or may have considerable strategic importance, and therefore represent trade secrets for purposes of this Contract. During the term of this Contract and for a period of 36 months following the end of it, EXECUTIVE is committed to COMPANY to:
a) keep confidential and not disclose the information;
b) take and implement all appropriate measures to protect the confidentiality of the information;
c) not disclose, transmit, exploit or otherwise use for its own account or for others, elements of information;
6. Exclusivity of service provider
During the term of this Contract and for a period of 24 months following the end of it, EXECUTIVE is committed to COMPANY not render services to or for direct or indirect competitors of COMPANY.
7. Termination of Contract
Either party may terminate this Contract at any time, upon presentation of a sixty (60) days notice given to the other party.
8. GENERAL PROVISIONS
Unless specific provision to the contrary in this Contract, the following provisions apply.
8.1 Force Majeure
Neither party can be considered in default under this Contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.
8.2 Severability
The possible illegality or invalidity of an article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of other items, paragraphs or provisions of this Contract, nor the rest of this article, this paragraph or provision unless a contrary intention is evident in the text.
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8.3 Notices
Any notice to a party is deemed to have been validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed at the beginning of this Contract or any other address that the party may indicate a similar notice to another party. A copy of any notice sent by mail must be sent by one mode of delivery mentioned above.
8.4 No Waiver
The inertia, neglect or delay by any party to exercise any right or remedy under this Contract shall in no way be construed as a waiver of such right or remedy.
8.5 Contract Amendment
This Contract may be amended only by a writing signed by all Parties.
9. Applicable Laws and Election of domicile
This Contract is subject to the laws of the People’s Republic of China.
The Parties agree to elect domicile in the judicial district of Beijing City, China, and chose it as the appropriate district to hear any claim arising from the interpretation, application, and performance, the entry into force, validity and effect of this Contract.
10. Currencies
All sums of money under this Contract refer to Chinese currency.
11. Effectiveness and Copies
This Contract will come into force upon signature and seal by both Parties. This Contract is made in duplicate and both are of equally binding force. The COMPANY and the EXECUTIVE each holds one copy.
IN THE CITY OF BEIJING, CHINA,
| Beijing REIT Technology Development Co., Ltd | |
| (seal) | |
| /s/ Xxxxxxxx Xx | |
| Xxxxxxxx Xx |
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