Employment Agreement
This Employment Agreement (hereinafter referred to as the “Agreement”) is made and entered into as of December 17, 2020 by and between Company A, a company organized and existing under the laws of Hong Kong, hereinafter referred to as “Company A” and Mr. B, of Hong Kong, hereinafter referred to as “Employee B”.
WHEREAS:
Company A wishes to engage Employee B to serve as Chief Operating Officer of the Company A, upon entering into an agreement as to his employment and other terms and conditions as herein set forth, and
Employee B wishes to render such services to the Company A.
NOW, THEREFORE, for and in consideration of the mutual, covenants, and promises contained herein, the parties hereto agree as follows:
1. Engagement
Company A hereby agrees to employ Employee B and Employee B hereby agrees to be employed by Company A to serve as the Chief Operating Officer at the Company A upon the terms and conditions hereinafter set forth. Employee B agrees to devote his full time and best efforts to the business and affairs of the Company A and its related companies (the “Company A”).
2. Position and Duties
Employee B agrees to serve as Chief Operating Officer at the Company A, provided by his or her own skill and knowledge, to cooperate with the other officers of the Company A in the management thereof and to devote his best efforts, skill and energies to promote the interests of the Company A.
2.1 In addition to his general duties as the Chief Operating Officer of the Company A, Employee B may be required, on occasions, to undertake activities reasonably required by the Company A, such travel to its production facilities, to deal with customers and to attend meetings and conferences, whether in or outside of Hong Kong, as the Board and the Shareholders may from time to time agree.
2.2 Employee B may also be responsible, in his sole and absolute discretion, for hiring personnel as needed by the Company A and carrying out other duties as and when required.
3. Term of Employment
The term of this Agreement shall commence on the date first written above and shall remain in full force and effect for aperiod of three years unless and until otherwise terminated by either party in writing.
4. Compensation
In consideration of Employee Bs services, Employee B shall be paid a basic annual salary of HK$1,000,000. This salary shall be paid either monthly or in such other manner as is mutually agreed between Company A and Employee B from time to time. The salary shall be reviewed by Company A and Employee B two weeks before the end of each year and if it is concluded that there is a basis to increase the salary a greater amount, the agreed upon salary shall be increased accordingly.
In addition, the Company A will pay Employee B HK$1,000,000 as a one-time signing bonus upon successful completion of the Term of Employment.
5. Benefits
5.1 In addition to salary, the Company A shall provide Employee B with medical, disability, and/or other insurance coverage, as available and as is deemed appropriate by the Board.
5.2 Employee B shall be provided with a fully-furnished office space, a car and access to such vacation benefits as the Board determines from time to time.
6. Termination of Employment
6.1 In the event that the services of Employee B are terminated for any reason whatsoever during the term of this Agreement, Employee B shall be entitled to receive such additional compensation as is mutually agreed upon between the Company A and the Employee B.
6.2If at any time the Board of Directors of the Company A, having considered all relevant factors, determines that Employee B has not fulfilled the duties and obligations of his position in a reasonable, satisfactory and satisfactory manner, or if Employee B has engaged in any misconduct, the Board of Directors of the Company A shall have the right to terminate this Agreement immediately, or at such other time as the Board of Directors may deem fit, and further reserves the right to withhold compensation payments due to Employee B, or to make partial payment.
7. Intellectual Property
In consideration for the services rendered by Employee B pursuant to this Agreement, Employee B hereby agrees to assign to the Company A the intellectual property rights in any invention, discovery or improvement, whether or not capable of patent or copyright, which Employee B makes or conceives during or in connection with the performance of services hereunder.
8. Confidentiality
8.1 Employee B agrees that during the term of this Agreement and thereafter he or she will not make any public disclosure or other use of any proprietary information, trade secrets, inventions, designs, processes or other confidential information of the Company A, or use the same for his or her own benefit, without the express written consent of the Board.
8.2 Should Employee B breach any of the provisions of this paragraph any time after termination of this Agreement, Employee B agrees to pay the Company A liquidated damages of an amount to be mutually agreed between Company A and Employee B.
9. General Provisions
9.1 This Agreement reflects the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and may not be changed, modified or amended except as mutually agreed in writing by the parties hereto.
9.2 This Agreement is not intended as a grant of any rights to Employee B other than those expressly set forth herein.
IN WITNESS WHEREOF, the parties hereto have hereunto affixed their respective seals this 17th day of December 2020.
COMPANY A
By: ___________________________
Employee B
By:___________________________
