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CHAIRMAN AND CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

Executive Employment Agreement

CHAIRMAN AND CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT | Document Parties: FIDELITY AVIATION CORP | BEIJING CHENGZHI QIANMAO CONCRETE CO, LTD You are currently viewing:
This Executive Employment Agreement involves

FIDELITY AVIATION CORP | BEIJING CHENGZHI QIANMAO CONCRETE CO, LTD

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Title: CHAIRMAN AND CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT
Date: 9/15/2009

CHAIRMAN AND CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT, Parties: fidelity aviation corp , beijing chengzhi qianmao concrete co  ltd
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BEIJING CHENGZHI QIANMAO CONCRETE CO., LTD

 

CHAIRMAN AND CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

 

THIS AGREEMENT is made as of December 19, 2008, between Beijing Chengzhi Qianmao Concrete Co., Ltd. (the "Company" , Address: No.3 Fishery yard, South Suburbs Farm, Jiugong Town, Da Xing District Beijing ), a domestic company organized under the law of the People's Republic of China (the "PRC" ), and Yang Rong ( "Executive" , ID No.: 110107196104151253).

 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.       Employment

 

 The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for a period beginning on the date hereof and ending on the fifth anniversary date (the “Employment Period” ); and this Agreement shall automatically be renewed on the same terms and conditions set forth herein as modified from time to time by the parties hereto for additional one-year periods as soon as the expiration of the Employment Period, unless the Company or Executive gives the other party written notice of the election not to renew the Employment Period at least 30 days prior to any such renewal date.

 

2.       Position and Duties

 

(a)    During the Employment Period, Executive shall be appointed or seconded to the Company to serve as the Chairman and Chief Executive Officer and shall have the normal duties, responsibilities, functions and authority of the Chairman and Chief Executive Officer, subject to the power and authority of the Board of Directors to expand or limit such duties, responsibilities, functions and authority within the scope of duties, responsibilities, functions and authority associated with the position of the Chairman and Chief Executive Officer.  During the Employment Period, Executive shall render such administrative, financial and other executive and managerial services to the Company and its affiliates which are consistent with Executive's position as the Board of Directors may from time to time direct.

 

(b)    During the Employment Period, Executive shall perform his duties, responsibilities and functions to the Company hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall comply with the Company’s policies and procedures in all material respects.  In performing his duties and exercising his authority under the Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board of Directors and shall support and cooperate with the Company’s efforts to expand their businesses and operate profitably and in conformity with the business and strategic plans approved by the Board of Directors.

 

 

 


 

 

(c)    Executive’s position shall be based at the current principal executive offices   in Beijing, PRC, or any other location of the Company in the PRC as mutually agreed by the Board of Directors and Executive.

 

3.       Compensation and Benefits

 

(a)    During the Employment Period, Executive's base salary shall be RMB 840,000 per annum or such other rate as the Board of Directors may determine from time to time (as adjusted from time to time, the " Base Salary " ), which salary shall be payable by the Company in regular installments in accordance with the Company's general payroll practices (in effect from time to time).  The Company shall also purchase social insurances and provide welfare and benefits to Executive according to the applicable national and local labor laws and regulations.

 

(b)    In addition to the Base Salary, the Board may, in its sole discretion, award a bonus (the Performance Bonus ) to Executive with respect to each fiscal year during the Employment Period. The reference amount for Performance Bonus shall be equal to 25% of the Base Salary.  The actual amount of the Performance Bonus awarded shall be dependent upon the degree to which certain financial targets of the Company, as established annually by the Board of Directors, are achieved.

 

(c)    In addition to the Base Salary and any bonuses payable to Executive pursuant to Section (a) and Section (b), Executive shall be entitled to the following benefits during the Employment Period, unless otherwise modified by the Board of Directors: (i) a fully maintained Company car and a driver; (ii) annual leave of 20 days plus Chinese national holidays..

 

(d)    All amounts payable to Executive as compensation hereunder shall be subject to all required and customary withholding by the Company.

 

4.       Working Hours

 

Executive shall work under a flexible working hour scheme after the Company obtains the relevant approval from the competent labor authority.  Unless the applicable laws and regulations expressly provide otherwise, Executive shall not be entitled to any overtime pay.

 

5.     Working Environment and Employment Safety

 

                      (a)    The Company shall provide the Executive with a working environment that complies with national regulations with respect to workplace health and safety.

 

(b)    The Company shall provide Executive with necessary working conditions and set up other necessary employee protection mechanism in accordance with the national and local regulations.

 

 

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6.       Termination

 

The Company may terminate the employment of Executive before the Employment Period expires immediately upon issuing a written notice to Executive after occurrence of any of the following events:

 

(i)           Executive has materially violated any of the Company's rules or policies;

 

(ii)          Executive has committed an act of gross negligence or graft which causes substantial damage or adverse effect to the Company's interests;

 

(iii)         Executive has been charged or convicted with criminal liabilities in accordance with the laws.

 

7.       Confidential Information

 

(a)     Obligation to Maintain Confidentiality. Executive acknowledges that the continued success of the Company depends upon the use and protection of a large body of confidential and proprietary information.  All of such confidential and proprietary information now existing or to be developed in the future will be referred to in this Agreement as " Confidential Information ."  Confidential Information includes, without specific limitation, the information, observations and data obtained by him during the course of his performance under this Agreement concerning the business and affairs of the Company and its affiliates, information concerning acquisition opportunities in or reasonably related to the Company's or its affiliates' business or industry of which Executive becomes aware during the Employment Period, the persons or entities that are current, former or prospective suppliers or customers of any one or more of them during Executive'


 
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