January 22,
2009
Henry
Ngan
Re:
Employment Letter
Dear
Henry:
On behalf of
Hong Kong Highpower Technology, Inc. (“the Company”), I
am pleased to offer you the position of Chief Financial Officer of
the Company reporting to me starting on February 1,
2009. Your annual base salary for this position will be
$150,000, payable bi-monthly on the 15 th and last day of each month.
In addition,
subject to the approval of the Board of Directors, you will be
granted 17,000 shares of restricted common Stock on the six-month
anniversary of your start date. The grant of restricted
common stock will vest as follows:
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8,500 shares
will vest on the 1 year anniversary of your start date (January 31,
2010 assuming a February 1, 2009 start date); and
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8,500 shares
will vest on the 2 year anniversary of your start date (January 31,
2011 assuming a February 1, 2009 start date).
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Your shares of
restricted common stock are governed by the terms and conditions of
the Company’s 2008 Omnibus Incentive Plan that will be
provided to you when the shares are granted.
We will
reimburse you for premiums paid by you for standard medical and
dental insurance. In addition, you will be entitled to
reasonable sick leave and paid vacation time (of at least __ days)
in accordance with the Company’s policies. We
shall reimburse you, upon presentation of proper expense
statements, for all ordinary and necessary out-of-pocket expenses
reasonably incurred by you during your employment in connection
with the performance of your duties, provided, however, that any
expense amount over $500 shall require advance approval.
During the term
of your employment, you shall devote your ful
