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Engagement Agreement

Engagement Agreement

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 This Engagement Agreement involves

CHINA UNITED INSURANCE SERVICE, INC.

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Title: Engagement Agreement
Date: 5/10/2016
Industry: Insurance (Miscellaneous)     Sector: Financial

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Exhibit 10.2

 

Engagement Agreement

 

This agreement is signed by the two parties:

 

Name of party A: LAW Insurance Broker Co.,Ltd. (hereinafter referred to as Party A)

 

Registered address: 7F, No. 311, Nanjing E. Rd., Songshan Dist., Taipei City, Taiwan

 

Postcode: 10595

 

 

Name of party B: Chao, Hui-Hsien

 

ID No.: H220435536

 

 

Party A and party B shall reach following agreements:

 

1. Term and Position of Employment

 

1.

Party A employ Party B as senior management personnel of Party A (position: General Manager ), the term of employment is from December 29 th , 2015 to December 28 th , 2018.

 

2.

Job description

 

Party B shall assist Party A in operating and managing insurance agency businesses during his term of employment for the following matters:

 

(1)

Annual operating policies: Party B shall explain the annual operating policies to the Board of Directors (“BoD”) at the end of January of every year. If the meeting schedule of BoD is not held on time, then should be on the actual meeting date.

 

(2)

Temporary operating policies: Party B may adjust the operating policies based on the following circumstances and report to the BoD at the coming meeting:

 

A.

Market demand

 

B.

Change, repeal or abandon of laws or regulations

 

C.

Other causes causing the original operating policies difficult to enforce.

 

(3)

Organize and exert company's annual operation plan and scheme

 

(4)

Preside over the operation and management of insurance company, organize and exert decisions of the meeting of board.

 

 

 

 

(5)

Decide to employ or dismiss employees or brokers, except the auditor.

 

(6)

Execute company's financial management and use (the amount of NT ) thirty million or less with proper authority, but the resolution over more than $ 30 million, Party B shall explain at the coming BoD meeting.

 

(7)

As the representatives (including the need to text whom acts (such as signing or posting) and without whom the text behaviors (such as participation in a meeting or event).

 

(8)

Attend BoD and shareholders meetings, report the appointed duties, provide timely suggestions, and answer to questions raised by the BoD.

 

(9)

Other jobs assigned by the BoD.

 

3.

Remuneration and Condition of employment

 

(1)

Salary: Party A shall pay NT$ 200,000 to party B as remuneration each month payable monthly in arrears on fifth day of each calendar month, which may be advanced to the previous working day if it falls on public holidays or weekends.

 

(2)

Remuneration: Party A agrees to pay Party B the remuneration as the following formula, and such remuneration shall be paid from the year of 2016 to 2019. The payment shall be paid within 10 days after the insurance companies pay the commission for the renewal and shall not be influenced by the effect of this Agreement.

 

A.

13-Month Persistency Ratio

 

a.

Above 80%: 1% of the commissions paid to Party A by the insurance companies.

 

b.

Above 85%: 1.5% of the commissions paid to Party A by the insurance companies.

 

 

 

 

B.

25-Month Persistency Ratio

 

a.

Above 80%: 0.5% of the commissions paid to Party A by the insurance companies.

 

b.

Above 85%: 1% of the commissions paid to Party A by the insurance companies.

 

c.

The commission for the renewal ruled in above means the insurance companies pay for the insurance contracts which are paid for the 13-month and 25-month.

 

4.

Pension

 

Party A agrees to pay the pension for the accumulated years Party B as the member of the top management team (as the vice general manger, general manager, chairman, president or the same position). Party shall pay six times of the last paid monthly salary for each accumulated years (it shall be deem one year if less than one year.).

 

5.

Execution and long-term service fees

 

Party A agrees to pay the Party B NT for the execution fees and NT for long-term service fees.

 

6.

In the course of or at least 3 years after the Employment or the same period as the accumulated years as the Party B being a member of the top management team, whichever is longer, the Party B shall not in Taiwan in her name or the name of other parties, operate the business the same as or similar to the one engaged in by the Party A.

 

The Party A agrees to pay the Party B the compensation for non-competition by the achievement rate of the annual sales target as below:

 

a.

Above 100%: 1% of the amount of sales

 

b.

Above 110%: 1.1% of the amount of sale

 

c.

Above 120%: 1.2% of the amount of sale

 

d.

Above 130%: 1.3% of the amount of sale

 

e.

Above 140%: 1.4% of the amount of sale

 

f.

Above 150%: 1.5% of the amount of sale

 

 

 

 

7.

Payment

 

The payments for section 4 to Section 6 shall be made:

 

A.

Party A shall pay:

 

a.

Party B has been the top management team member or similar position for more than 3 years (it shall be deem 1 year if less than 1 year).

 

b.

This Agreement is expired.

 

c.

Party B is 50 years old.

 

B.

Party B can ask Party A to pay by the following frequency:

 

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