Exhibit 10.32
CHINA INFORMATION SECURITY TECHNOLOGY, INC.
OFFICER EMPLOYMENT AGREEMENT
THIS AGREEMENT
(The “ Agreement ”) is made as of the August 12,
2008, and is by and between China Information Security Technology,
Inc. (formerly as “China Public Security Technology, Inc.), a
Nevada corporation (hereinafter referred to as the “
Company ”), and Zhi Xiong Huang (hereinafter referred
to as the “ CTO) ”.
BACKGROUND
The
Board of Directors of the Company desires to appoint Mr. Zhi Xiong
Huang as its Chief Technology Officer (“CTO”) to fill
an existing vacancy and to have Mr. Huang perform the duties of the
CTO and Mr. Huang desires to be so appointed for such position and
to perform the duties required of such position in accordance with
the terms and conditions of this Agreement.
AGREEMENT
In
consideration for the above recited promises and the mutual
promises contained herein, the adequacy and sufficiency of which
are hereby acknowledged, the Company and the CTO hereby agree as
follows:
1. DUTIES . The Company requires that Mr. Huang be
available to perform the duties of Chief Technology Officer
customarily related to this function as may be determined and
assigned by the Board of Directors of the Company and as may be
required by the Company’s constituent instruments, including
its certificate or articles of incorporation, bylaws and its
corporate governance, each as amended or modified from time to
time, and by applicable law, including the Nevada Business
Corporation Act (the “Act”). Mr. Huang agrees to devote
as much time as is necessary to perform completely the duties as
the CTO of the Company.
2. TERM . The term of this Agreement shall commence
as of the date of the CTO’s appointment by the Board of
Directors of the Company and shall continue until the CTO’s
removal or resignation.
3. COMPENSATION .
For all services to be rendered by the CTO in any capacity
hereunder, the Company agrees to pay the CTO a fee of RMB 30,000
per month. Such fee may be adjusted from time to time as agreed by
the parties.
4. EXPENSES . In addition to the compensation
provided in paragraph 3 hereof, the Company will reimburse the CTO
for pre-approved reasonable business related expenses incurred in
good faith in the performance of the CTO’s duties for the
Company. Such payments shall be made by the Company upon submission
by the CTO of a signed statement itemizing the expenses incurred.
Such statement shall be accompanied by sufficient documentary
matter to support the expenditures.
5.
CONFIDENTIALITY . The Company and the CTO each acknowledge
that, in order for the intents and purposes of this Agreement to be
accomplished, the CTO shall necessarily be obtaining access to
certain confidential information concerning the Company and its
affairs, including, but not limited to business methods,
information systems, financial data and strategic plans which are
unique assets of the Company (“ Confidential
Information ”). The CTO covenants not to, either directly
or indirectly, in any manner, utilize or disclose to any person,
firm, corporation, association or other entity any Confidential
Information.
6. NON-COMPETE . During the term of this Agreement
and for a period of twelve (12) months following the CTO’s
removal or r
