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EXHIBIT
10.16
Employment Contract
Party
A: Henan Jinding
Chemical Industry Co., Ltd.
To establish a labor relationship and define the
rights and obligations of the two parties, Party A and Party B
conclude this Contract based on voluntariness, consultation and
consistency, in accordance with the Labor Law of the
People’s Republic of China , as well as related
regulations.
Article
1 Term of the Labor
Contract
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1.
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The term of
this Contract is 5 year from October 1, 2003 to
September 30, 2008 .
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2.
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This Contract
can be renewed by the two parties through consultation one month
prior to the expiration.
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3.
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Where either
party considers it unnecessary to renew the employment contract
after the expiration of this Contract, such party shall notify in
writing the other party one month prior to the expiration of this
Contract.
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4.
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Where Party B
resigns prior to the expiration of this Contract, a penalty of
RMB200,000 shall be imposed on it.
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Article
2 Contents of
Work
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1.
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Through
examination, Party A agrees to employ Party B as one of its
employees for the need of work. Party B agrees to work for Party A
as the Deputy General Manager.
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2.
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Party A may,
according to its need for work as well as Party B’s
operations, capability of work and performance, adjust Party
B’s working post.
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Article
3 Social Insurance
and Benefits
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1.
|
Paragraph 3 of
Article 5 under this Contract shall be executed with regard to
social insurance.
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2.
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Party B enjoys
the benefits prescribed by Party A.
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3.
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Party A shall,
based on work situations, arrange Party B to rest where Party B is
required to work on festivals or holidays.
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4.
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The legal
festivals or holidays, as well as leave for wedding or for
arranging funeral, shall be deemed as paid leave of
period.
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Article
4 Labor Protection
and Labor Conditions
|
1.
|
Party A shall
provide Party B with the working environment and labor protection
conditions stipulated by the state in respect of labor security and
health.
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2.
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Party A may
arrange Party B to take part in necessary business training
according to its need for work.
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Article 5
Work Hours and
Remuneration
|
1.
|
Party B works 8
hours each day. Where Party B is required to work over time, the
working hours can be appropriately extended.
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2.
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Party A
determines the annual salary payment standard for Party B in
accordance with regulations of its wage management system. The
annual salary for the period of probation is RMB50,000 and
the annual salary after the probation is RMB80,000
.
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3.
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Party A shall
release the salary to Party B through rigorous assessment based on
Party B’s current duty and post.
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4.
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Party A can,
according to its business conditions as well as Party B’s
skills and working efficiency, adjust th
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