Party A and Party B signed this contract in accordance to the relevant state and municipal laws and regulations.
Exhibit 10.11
Party A
(Employer): China Intelligent Electric Holding Limited
Party B (Employee): Zhi ▇▇▇ ▇▇▇
(▇▇▇▇▇▇▇)
ID No.: H0867645201
Title: Chief Financial
Officer
Party A and Party B signed
this contract in accordance to the relevant state and municipal laws
and
regulations.
I.
Term of Contract
1. Contract Period: From
December 28, 2009 to December 27, 2015. The employment relationship is naturally
terminated upon the contract’s
expiration.
2. The contract is renewable
one month prior to the contract’s expiration with mutual
consent.
3. If either party believes
that the employment contract will not be renewed, a written notice should be
sent to notify the other party one month prior to the contract’s
expiration.
II.
Work Title and Responsibility
1．Party A hired Party B as the Chief
Financial Officer to assist the Group’s Chairman of the Board on
financial management as part of Party B’s job
responsibilities.
2．Based on the needs of Party A
and Party B's work performance, Party A can adjust Party B's work
responsibilities
and re-sign a work contract with Party B.
3．As requested by Party B,
Party B can maintain a flexible working schedule. The office is located in Hong
Kong. Party B must abide by the rules of Party A, and if needed,
Party B can make his own arrangements to work
overtime.
4．Probation period
is 3 months.
III.
Compensation
1．According to the relevant
provisions, the annual salary of Party B is HKD 480,000 or HKD 40,000 per month.
Payroll starts on the 30th of next month. After one year of
performance,
Party B can enjoy China Intelligent Lighting and Electronics, Inc.'s stock
grants equivalent to a total of 1 million Hong Kong dollars. It will be issued
in four installments (please refer to the company's union stock grants agreement
for more detail). The stock grants include any
allowances and subsidies specified by the national labor contract requirements,
including the company's dividends. Mobile phone expenses charged for work will
be reimbursed.
2．After consultation
between both parties, the parties agree that if B work’s is outstanding, he may
receive a year-end bonus.
IV.
Work Condition
1．Party A agrees to provide a
safe and healthy working environment that complies with the state’s regulations and to ensure Party
B’s personal safety in a
hazardous-free work environment.
2．Party A may request Party B
to attend necessary business-related trainings according to the work
needs.
V. Social security insurance and
welfare benefits
During the
contractual
period, Party A shall handle Party B's pension, health care, unemployment,
industrial injury insurance and other social procedures according to the law.
The social insurance premiums are paid by both parties, according to the
stipulated ratio. Since Party A’s portion of the insurance
premium has been included in Party B’s salary, Party B must
purchase the insurance on his own.
VI. Work discipline, rewards and
punishment
1．Party B shall comply with the
state laws and regulations.
2．Party B shall comply with
Party A's regulations and labor discipline provisions, and consciously obey
Party A's management and education.
3．Party A shall reward Party B
according to the company's relevant regulations and
Party B's work performance.
4．If Party B breaches Party A
's rules and regulations, Party A shall punish Party B according to company's
relevant provisions.
VII. Employment contract
changes, termination and discharge
1．After signing of the employment
contract according to the law, both parties must fully implement the obligations
under the contract. Neither party shall be allowed to change the
contract. If change is necessary, both parties should negotiate and
change the contract based on the original
contract signing procedures. If the parties cannot reach a consensus, the
original contract remains in force.
2．The employment contract
terminates naturally upon expiration or the occurrence of a contract termination
clause. Upon mutual consent, the contract can be renewed one month
before the date of the contract’s
expiration.
3．If Party A dissolves, the
employment
contract terminates naturally.
4．The employment contract may
be terminated after both parties ' negotiations.
5．Party A may terminate the
employment contract if Party B falls into any one of the following
circumstances:
1) Proves to be unqualified
for the position
during the probation period;
2) Seriously violates the
company’s rules and regulations and
labor discipline provisions;
3) Intentionally fails to
complete work, which leads to serious losses of the company;
4) Seriously neglects his duty
or engages in
fraud, which causes material damages to the company;
5) Contracts criminal
liabilities according to law.
6. Party A may terminate the
employment contract with a 30 days' advance written
notice to Party
B in one of the following circumstances:
|
1)
|
Party B falls ill or
post the specified medical period he still cannot engage in the original
work and is unwilling to engage in appropriate alternative arrangements by
Party A.
|
|
2)
|
Party B is incompetent
and remains incompetent after training or an adjustment of work
responsibilities.
|
|
3)
|
The circumstances under
which the employment contract was signed changes significantly, causing an
inability to perform the employment contract, and the parties cannot reach
an agreement to change the contract after negotiation.
|
|
4)
|
Party B is not in
compliance with the employment
contract.
|
7. Party A may not terminate
the employment contract in the following circumstances:
|
1)
|
Party B is ill or
injured during the specified medical period (except for VII
5);
|
|
2)
|
Other
circumstances specified in the
State laws and regulations.
|
8. If Party B wishes to
terminate the employment contract, he should give a 30 days' advance written
notice to Party
A.
VIII. Economic compensation for the
breach and dissolution of the Employment Agreement
1．Party A has the right to
terminate the contract if Party B is incompetent and remains incompetent after
training or an adjustment of work responsibilities.
2．Party A has the right to
terminate the contract if the circumstances under which the employment contract was signed
changes significantly, causing an inability to perform the employment contract,
and the parties cannot reach an agreement to change the contract after
negotiation.
3．If Party A is going to
dissolve, Party A should pay Party B economic compensation according to
Party B's working years prior to its dissolution. Party B will be paid a
month’s wage for every year he has
been with the Company. (Economic compensation to Party B is calculated according
to Party B's average monthly wage during the previous
year).
4．Party A has the right to
terminate the contract and pay no compensation to Party B If Party B proves to
be unqualified for the job.
IX.
Others
1．If a dispute arises between
Party A and Party B on the implementation of the employment agreement, both parties
should apply for arbitration according to the law. If either party is not
satisfied with the arbitration, the party may apply for litigation in the People
Court located in Party A' s city.
2．This contract is in triple
copies. Party A
holds two copies and Party B holds one copy. It takes effective after the
signature of both parties.
3．If the terms of the contract
are in conflict with the national laws and regulations, national laws and
regulations shall prevail.
/S/ [illegible]
Party A:
China Intelligent Electric Holding Limited
Representative:
Date: Dec
28, 2009
/S/ :Zhi ▇▇▇ ▇▇▇
Party B:
Zhi ▇▇▇ ▇▇▇
(▇▇▇▇▇▇▇)
Date: Dec
28, 2009