TUG CHINA BONUS AGREEMENTEmployee Bonus Plan Agreement |
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Confidential Treatment has been requested for portions of
this document marked
with asterisks ("[*]").
Redacted Exhibit 10.19
EXECUTION COPY
TUG CHINA
BONUS AGREEMENT
by and
among
Sea Master Logistics
(Holdings) Limited.
and
[*]
October
2, 2006
<PAGE>
TUG CHINA
BONUS AGREEMENT
THIS TUG CHINA BONUS AGREEMENT
(the "Agreement") is dated October 2,
2006 by and among SEA MASTER LOGISTICS (HOLDING) LIMITED, a Hong Kong
corporation (the "SeaMaster"), and [*]
WITNESSETH:
WHEREAS, SeaMaster is engaged or
will engage in, the business of
providing ocean, air and land transportation intermediary services in China to
major retailers, wholesalers, importers, and domestic manufacturers in the
Transpacific trade lanes as an international freight agency (collectively, the
"Logistics Business");
[*]
NOW, THEREFORE, in consideration
of the premises and the mutual
covenants and agreements herein set forth, the parties hereby agree as follows:
ARTICLE I
EXECUTIVES
COMPENSATION
1.1 COMPENSATION:
[*]
1
<PAGE>
[*]
1.2 DISBURSEMENT OF COMPENSATION.
The Executives agree that the Cash
Payment shall be disbursed as specified in Schedule 1.2 attached hereto and
made
a part hereof and to the bank accounts set forth therein.
ARTICLE II
COVENANTS
2.1 FURTHER ASSURANCES
AND ASSISTANCE. SeaMaster and the Executives
shall, from time to time, at the request of SeaMaster, do, execute, acknowledge
and deliver or will cause to be done,
executed, acknowledged and
delivered all
such further acts, deeds, assignments,
transfers, conveyances, assurances and
take such other action
as SeaMaster may
reasonably request and as may be
reasonably necessary in order to effectuate the terms of this Agreement.
2.2 ACCOUNTS RECEIVABLE.
The Executives shall use their reasonable
efforts to collect
and account for all
accounts receivable that
will be
reflected on the Closing Balance
Sheet. Based upon the audited Closing
Balance
Sheet, the parties agree that upon
delivery of the final determination of the
Closing Balance Sheet, a net accounts receivable equal to accounts receivable
as
set forth on such balance sheet less the allowance for doubtful accounts as set
forth thereon will be calculated (the "Net
Receivables"). Forty-Five
(45) days
prior to the Cash Payment Date, amounts received by SeaMaster in connection
with
the Executives' Logistic
Business






