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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 5KB of 30KB total |
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Price: |
$37 |
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ID: |
#2285853 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is made and entered into this 31st day of July, 2006
by and between Kiwa Bio-tech Products Group Corp., a Delaware corporation having
its principal place of business at 415 West Foothill Blvd, Suite 206 Claremont,
California 91711-2766 and Li Wei, an individual, whose address is 6 Hao Lou,
#1805, Dao Xiang Yuan, Hai Dian Qu, Beijing, China ("Executive"), with reference
to the following facts:
R E C I T A L S
WHEREAS, Company is primarily engaged in the business of developing,
manufacturing, distributing and marketing innovative, cost-effective and
environmentally safe bio-technological products for the agricultural,
stockbreeding, natural resources and environmental protection markets, primarily
in China; and
WHEREAS, Company desires to employ Executive and to ensure the continued
availability to Company of Executive's services, and Executive desires to accept
such employment from Company and render such services, all in accordance with
and subject to the terms and conditions herein set forth; NOW, THEREFORE, in
consideration of the promises and of the mutual covenants contained herein, and
for other good and valuable consideration, receipt of which is hereby
acknowledged, Company and Executive do hereby agree as follows:
A G R E E M E N T
1. TERM OF EMPLOYMENT
1.01. SPECIFIED TERM. Company employs Executive, and Executive accepts
employment with Company, for a period of 3 years beginning on January 1, 2006,
and ending on December 31, 2008.
1.02. EARLIER TERMINATION. This Agreement may be terminated earlier as
hereinafter provided.
1.03. CONTINUING EFFECT. Notwithstanding any termination of this
Agreement except for termination under Sections 8.01 and 8.02, at the end of the
Term or otherwise, the provisions of Sections 2.04(b) and 2.07 shall remain in
full force and effect and the provisions of Section 2.07shall be binding upon
the legal representatives, successors and assigns of the Executive.
1.04. "EMPLOYMENT TERM" DEFINED. "Employment term" refers to the entire
period of employment of Executive by Company, whether for the periods provided
above, or whether terminated earlier as hereinafter provided or extended by
mutual Agreement between Company and Executive.
1 of 11
{PAGE}
2. DUTIES AND OBLIGATIONS OF EXECUTIVE.
2.01. GENERAL DUTIES. Executive shall serve as the President and Chief
Executive Officer (CEO) of Kiwa Bio-tech Products Group, Corp. ("Kiwa
Bio-tech"). In his capacity as President and CEO of Kiwa Bio-tech, Executive
shall do and perform all services, acts, or things necessary or advisable to
manage and conduct the business of Company, including the hiring and firing of
all employees and officers of Company, subject at all times to the policies set
by Company's Board of Directors, and to the consent of the Board when required
by the terms of this Agreement.
2.02. MATTERS REQUIRING CONSENT OF BOARD OF DIRECTORS. Executive shall
not, without specific approval of Company's Board of Directors, do or contract
to do any of the following:
(a) Borrow on behalf of Company in each transaction an amount in
excess of $ 500,000;
(b) Permit any customer of Company to become indebted to Company
in an amount in excess of $500,000;
(c) Purchase capital equipment for amounts in excess of the
amounts budgeted for expenditure by the Board of Directors;
(d) Sell any single capital asset of Company having a market
value in excess of $ 300,000 or a total of capital assets during a fiscal year
having a market value in excess of $ 1,00,000; and
(e) Commit Company to the expenditure of more than $200,000 in
the development and sale of new products or services.
2.03. DEVOTION TO COMPANY'S BUSINESS.
(a) Executive shall devote his entire productive time, ability,
and attention to the business of Company during the term of this Agreement. (b)
Executive shall not engage in any other business duties or pursuits whatsoever,
or directly or indirectly render any services of a business, commercial, or
professional nature to any other person or organization, whether for
compensation or otherwise, without the prior written consent of Company's Board
of Directors. However, the expenditure of reasonable amounts of time for
educational, charitable, or professional activities shall not be deemed a breach
of this Agreement if those activities do not materially interfere with the
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