Severance Agreement between China Linen and Shaofeng Qi
Severance Agreement between
China Linen and Shaofeng Qi
Party A:
Shaofeng Qi
Party B:
China Linen Textile Industry, Ltd.
The
Parties hereto have reached the following agreement in connection with Shaofeng
Qi’s decision on terminating his job responsibilities with Party B:
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Party
A will officially terminate his employment relationship with Party B from
September 1, 2010;
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Party
B agrees to pay Party A the before-tax salary for September
2010;
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Party
B agrees to issue 30,000 restricted shares to Party A within one month of
completion of the private
financing;
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Party A will act as Party B’s
advisor to cooperate with the latter to complete the private financing and
the work relating to future up-listing and public offering.
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This
Supplementary Agreement is made in three copies, with each Party holding one,
upon affixation of signatures to, and effectiveness of, the same, and the
Company’s counsel holding the third copy.
Party A:
Shaofeng Qi
(signature
Shaofeng Qi)
August 28,
2010
Party B:
China Linen Textile Industry, Ltd. (CEO & Chairman)
(signature
of Ren Gao)
August 28,
2010
