Employment Contract
Exhibit
10.5
Employment
Contract
Shenzhen
Ritar Power Co. Ltd (
hereinafter “Party A”) agrees to employ
Mr. Jiada Hu (hereinafter
“Party B”) as the Chief Executive Officer (CEO). The two parties, pursuant to
the principles of freedom
of contract, equity, mutual benefits and trustworthiness,
agree
to sign this contract on August 1st,
2006.
I. Period
The
period of the employment contract will be three
years, from the 1st of August 2006 to the 31st of July 2009.
II. The
Duty of Party B
Based
on
negotiations between Party A and Party B, Party B shall serve as Party A’s Chief
Executive Officer. During the period, Party A has the right to arrange and
adjust Party B’s position in accordance with his capacity and relevant
circumstances. Party B shall comply with instructions from Party A’s management
and finish the task assigned by Party A in the given time.
III. Working
hours
1. The
working hours of Party B shall not exceed eight hours each day.
2. Any
treatment of overtime work shall be in compliance with the Provision 41 of
the
Labor Law.
IV. Salary
Party
B's
monthly salary will be RMB30,000 yuan (pretax income) in accordance with
the
company rule.
Party
B
shall receive the bonus in accordance with the company’s bonus
system
Party
A
shall pay Party B’s salary regularly based on actual working days. Party B’s
salary will be deducted for each absent day including leave for illness or
personal affairs.
V.
Working Conditions
Party
A
shall provide necessary protective measures in conformity with relevant state
regulations and rules pertaining to the specific working
environment.
VI.
Benefits
Pursuant
to applicable laws, Party A shall purchase social security insurance for
Party
B.
In
the
event that Party B endures illness or work-related injury, Party A shall
grant
Party B leave of absence pursuant to relevant state regulations. During the
above mentioned period, Party B shall be entitled to salary payment pursuant
to
the terms of applicable laws. If Party A fails to purchase health insurance
under the terms of this contract before the illness or injury occurs, Party
A
shall be responsible for medical expenses incurred by the above mentioned
illness or injury.
In
the
event of Party B’s injury, illness or loss of life due to his employment, Party
A shall provide benefits pursuant to the applicable laws.
Party
A
shall provide Party B with applicable holiday benefits, vacation benefits,
personal time benefits, and maternity leave. The above mentioned periods
shall
be paid by Party A.
VII.
Disclosures and Compliance of Applicable Regulations
Party
A
shall disclose to Party B all the internal regulations and rules enacted
pursuant to applicable laws. Party B shall comply with the internal regulations
and is subject to evaluations regarding his compliance.
VIII.
Termination of the Contract
Either
of
the both parties shall give written notice to the other party 30 days before
it
terminates the contract.
IX. Breach
of the Contract
1. If
Party
A terminates the contract without any justified cause and this behavior
infringes Party B’s interests, Party A shall pay a breach penalty to Party
B.
2. If
Party
B should pay breach penalty to Party A for terminating the contract without
justified cause, breach of the work regulations or breaking the operating
rules.
If the aforesaid behaviors infringe Party A’s interests, Party B shall pay the
damages.
X.
Party A
and Party B entered into this Agreement under the principle of freedom of
contract, equity, mutual benefits and trustworthiness. This contract takes
effect on the date signed by both parties and will automatically expire when
the
contract ends.
XI. This
contract shall be prepared in duplicate, and each Party holds one copy. Both
copies have the same legal effect.
Party
A:
Shenzhen Ritar Power Co. Ltd
(Corporate
Seal)
Date:
08/01/2006
| Party B: | /s/ Jiada Hu | |||
|
Jiada
Hu
Date:
08/01/2006
|
||||
