EMPLOYMENT AGREEMENT
This Agreement made and entered into as of the 3rd day of April, 2007
by and between Advanced Battery Technologies, Inc. ("employer"), and Xxxxxx
Xxxxxxxx Xxxx ("employee"). The parties recite that:
A. Employer is engaged in New York and maintains business premises at
Advanced Battery Technologies, Inc.
B. Employee is willing to be employed by employer, and employer is
willing to employ employee, on the terms and conditions hereinafter set
forth. For the reasons set forth above, and in consideration of the
mutual covenants and promises of the parties hereto, employer and
employee covenant and agree as follows:
1. AGREEMENT TO EMPLOY AND BE EMPLOYED
Employer hereby employs employee as Chief Financial Officer at the above-
mentioned premises, and employee hereby accepts and agrees to such employment.
2. DESCRIPTION OF EMPLOYEE'S DUTIES
Subject to the supervision and pursuant to the orders, advice, and
direction of employer, employee shall perform such duties as are
customarily performed by one holding such position in other businesses or
enterprises of the same or similar nature as that engaged in by employer.
Employee shall additionally render such other and unrelated services and
duties as may be assigned to her from time to time by employer.
3. MANNER OF PERFORMANCE OF EMPLOYEE'S DUTIES
Employee shall at all times faithfully, industriously, and to the best
of her ability, experience, and talent, perform all duties that may be
required of and from her pursuant to the express and implicit terms
hereof, to the reasonable satisfaction of employer. Such duties shall be
rendered at the abovementioned premises and at such other place or places
as employer shall in good faith require or as the interests, needs,
business, and opportunities of employer shall require or make advisable.
4. DURATION OF EMPLOYMENT
The term of employment shall be Five years, commencing on April 3, 2007,
and terminating April 1, 2012, subject, however, to prior termination as otherwise
provided herein.
5. COMPENSATION; REIMBURSEMENT
Employer shall pay employee and employee agrees to accept from
employer, in full payment for employee's services hereunder, compensation
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At the rate of Sixty Thousand Dollars ($60,000) per annum, payable $5,000 per month.
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2.
Advanced Battery Technologies, Inc’s Common Stock at the rate of One Hundred thousand shares ( 100,000 shares) in total five years, payable 20,000 shares per year. The first payment of shares shall be due on the commencement date of this agreement.
In addition to the foregoing, employer will reimburse employee for any
and all necessary, customary, and usual expenses incurred by her while
traveling for and on behalf of the employer pursuant to employer's
directions.
6. EMPLOYEE'S LOYALTY TO EMPLOYER'S INTERESTS
Employee shall devote all of her time, attention, knowledge, and skill
solely and exclusively to the business and interests of employer, and
employer shall be entitled to all benefits, emoluments, profits, or other
issues arising from or incident to any and all work, services, and advice
of employee. Employee expressly agrees that during the term hereof she
will not be interested, directly or indirectly, in any form, fashion, or
manner, as partner, officer, director, stockholder, advisor, employee, or
in any other form or capacity, in any other business similar to
employer's business or any allied trade, except that nothing herein
contained shall be deemed to prevent or limit the right of employee to
invest any of her surplus funds in the capital stock or other securities
of any corporation whose stock or securities are publicly owned or are
regularly traded on any public exchange, nor shall anything herein
contained by deemed to prevent employee from investing or limit
employee's right to invest her surplus funds in real estate.
7. NONDISCLOSURE OF INFORMATION CONCERNING BUSINESS
Employee will not at any time, in any fashion, form, or manner, either
directly or indirectly divulge, disclose, or communicate to any person,
firm, or corporation in any manner whatsoever any information of any
kind, nature, or description concerning any matters affecting or relating
to the business of employer, including, without limitation, the names of
any its customers, the prices it obtains or has obtained, or at which it
sells or has sold its products, or any other information concerning the
business of employer, its manner of operation, or its plans, processes,
or other date of any kind, nature, or description without regard to
whether any or all of the foregoing matters would be deemed confidential,
material, or important. The parties hereby stipulate that, as between
them, the foregoing matters are important, material, and confidential,
and gravely affect the effective and successful conduct of the business
of employer, and its good will, and that any breach of the terms of this
section is a material breach of this agreement.
8. OPTION TO TERMINATE ON PERMANENT DISABILITY OF EMPLOYEE
Not withstanding anything in this agreement to the contrary, employer
is hereby given the option to terminate this agreement in the event that
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during the term hereof employee shall become permanently disabled, as the
term "permanently disabled" is hereinafter fixed and defined. Such
option shall be exercised by employer giving notice to employee by
registered mail, addressed to him in care of employer at the above stated
address, or at such other address as employee shall designate in writing,
of its intention to terminate this agreement on the last day of the month
during which such notice is mailed. On the giving of such notice this
agreement and the term hereof shall cease and come to an end on the last
day of the month in which the notice is mailed, with the same force and
effect as if such last day of the month were the date originally set
forth as the termination date. For purposes of this agreement, employee
shall be deemed to have become permanently disabled if, during any year
of the term hereof, because of ill health, physical or mental disability,
or for other causes beyond her control, she shall have been continuously
unable or unwilling or have failed to perform his duties hereunder for
thirty (30) consecutive days, or if, during any year of the term hereof,
she shall have been unable or unwilling or have failed to perform her
duties for a total period of thirty (30) days, whether consecutive or not.
For the purposes hereof, the term "any year of the term hereof" is
defined to mean any period of 12 calendar months commencing on the first
day of the month and terminating on the last day of the month of the
following year during the term hereof.
9. DISCONTINUANCE OF BUSINESS AS TERMINATION OF EMPLOYMENT
Anything herein contained to the contrary notwithstanding, in the
Event that employer shall discontinue operations at the premises mentioned
above, then this agreement shall cease and terminate as of the last day
of the month in which operations cease with the same force and effect as
if such last day of the month were originally set forth as the
termination date hereof.
10. EMPLOYEE'S COMMITMENTS BINDING ON EMPLOYER ONLY ON WRITTEN CONSENT
Employee shall not have the right to make any contracts or other
commitments for or on behalf of employer without the written consent of
employer.
11. CONTRACT TERMS TO BE EXCLUSIVE
This written agreement contains the sole and entire agreement between
the parties, and supersedes any and all other agreements between them.
The parties acknowledge and agree that neither of them has made any
representation with respect to the subject matter of this agreement or
any representations inducing the execution and delivery hereof except
such representations as are specifically set forth herein, and each party
acknowledges that she or it has relied on her or its own judgment in
entering into the agreement. The parties further acknowledge that
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any statements or representations that may have heretofore been made
by either of them to the other are void and of no effect and that
neither of them has relied thereon in connection with her or its dealings
with the other.
12. WAIVER OR MODIFICATION INEFFECTIVE UNLESS IN WRITING
No waiver or modification of this agreement or of any covenant,
condition, or limitation herein contained shall be valid unless in
writing and duly executed by the party to be charged therewith.
Furthermore, no evidence of any waiver or modification shall be offered
or received in evidence in any proceeding, arbitration, or litigation
between the parties arising out of or affecting this agreement, or the
rights or obligations of any party hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The provisions
of this paragraph may not be waived except as herein set forth.
13. CONTRACT GOVERNED BY LAW
This agreement and performance hereunder shall be construed in
accordance with the laws of the State of New York.
14. BINDING EFFECT OF AGREEMENT
This agreement shall be binding on and inure to the benefit of
The respective parties and their respective heirs, legal
representatives, successors, and assigns.
Executed on the date first above written.
Zhiguo Fu_ _______ , Employer
Xxxxxx Xxxxxxxx Xxxx __ ______ Employee
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