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Exhibit 10.11
Employment
Agreement
Party A: Mr. Xu
Jie, CEO of Wuhan General Group (China), Inc. (the
“Company”)
Party B: Mr.
Haiming Liu
Party A and
Party B agree to enter this agreement based on the labor laws
promulgated by the People’s Republic of China
(“PRC”).
Position
Party A hires
Party B to be the Company’s Chief Financial
Officer.
Term
The initial
employment term is for one year and the term is renewable if agreed
upon by both parties.
Compensation
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The annual
compensation is 700,000 RMB.
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Party B is
entitled to an option to purchase an aggregate of 100,000 shares of
the Company’s common stock subject to the following vesting
schedule: 10% of the option shares vest upon the completion of
Party B’s first year of employment; 40% of the option shares
vest upon the completion of Party B’s second year of
employment and the remaining 50% of the option shares vest upon the
completion of Party B’s third year of
employment. Any unexercised option shares shall be
forfeited if this employment agreement is terminated
early.
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During the term
of the employment, Party A is responsible for all the
apartment
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