Daystar Technologies Inc.: Exhibit 10.1 - Filed by newsfilecorp.com






 

August 14, 2012


Via email: davidxli2000@yahoo.com


Xinneng Li 
5874 Vine Street 
Vancouver, BC V6M 4A1


RE: Offer of Employment (Revised)


Dear David,


On behalf of Daystar Technologies Inc. (the “Company”), the
Board and I would like to extend the following offer for employment at the
Company and am pleased to outline below your terms of employment:

	1. 	
      Title and Reporting Relationship. You will be
      employed as the Executive Vice President and will report to the
  CEO.

	 	 
	2. 	
      Start Date. Your start date shall be considered
      Wednesday, August 1st for the purposes of compensation.

	 	 
	3. 	
      Duties and Responsibilities. Your initial duties
      will be those set forth on Exhibit A hereto. It is expressly agreed that
      your duties may be amended from time to time at the request of the
      Company.

	 	 
	4. 	
      Base Salary. You will receive a salary equivalent
      to CDN$180,000.00 on an annual basis, paid semi-monthly with customary
      payroll deductions. This position will be an exempt position and not
      subject to overtime or hourly pay requirements. Payment of salary will be
      in shares until such time as the company closes a major financing or no
      less than one million dollars, subject to share availability under the
      company’s employee stock option and compensation program as authorized by
      the Company’s shareholders and the company will make reasonable commercial
      efforts to provide for the registration of these shares.

	 	 
	5. 	
      Signing Bonus. Signing bonus shall be 142,857 of
      restricted shares of the Company’s stock with a value, using today’s
      closing price of US$1.40 per share, of US$200,000. The restricted shares
      shall be 142,857 shares with a cost basis of $0.01 and paid upon
      commencement of employment with vesting over 12 equal
  installments.

	 	 
	6. 	
      Annual Bonus. Eligible for participation in the
      Executive Bonus Plan.

	 	 
	7. 	
      Equity Stock Grants. You will be granted an equity
      interest in the Company as set forth in the final Grant
  Agreement.

	 	 
	8. 	
      Temporary Housing and Expense Reimbursement. The
      Company shall cover a reasonable housing allowance for up to six months
      while traveling and working in Kelowna, BC including hotel costs or a
      temporary apartment or a temporary room rental and a rental car or cost of
      temporary transportation. The Company office location you will be assigned
      will be in Kelowna, BC.







DayStar Technologies, Inc. 
Xinneng Li Offer of
Employment
August 14, 2012 


	9. 	
      Employee Benefits. You will be eligible to receive
      the benefits offered to other senior employees of the Company. All
      benefits are subject to modification by the Company at its sole
      discretion. Your benefits shall include standard Canadian based employee
      health insurance, company approved holidays, a 4 week vacation accrual.
      Certain benefits may require elective participation and/or mandatory
      contributions.

	 	 
	10. 	
      Continuing Education and Professional
      Affiliations. The Company will pay for your continuing education and
      professional affiliations.

	 	 
	11. 	
      Foreign Taxes. This is non-applicable to you
      unless you are transferred to another location.

	 	 
	12. 	
      Legal Status. You are an at-will employee of the
      Company, and your employment may be terminated at any time, for any
      reason, or without any reason, by you or by the Company subject to the
      terms of your final agreement. Reasonable severance will be
    provided.

	 	 
	13. 	
      Choice of Law. This agreement will be governed by
      the laws of the State of California, without regard to its conflict of law
      principles. Since you will be based in Kelowna, British Columbia this
      agreement will also be subject to the laws and jurisdiction of the
      Province of British Columbia.



I look forward to your joining the Daystar Technologies team
and to a successful and mutually rewarding relationship. 
Sincerely,
/s/ Dale E. Hoover                                       

Dale E. Hoover 
Vice President, CFO and Secretary 
As
Authorized By and On Behalf of the Board of Directors of DayStar Technologies,
Inc.

Accepted and agreed:


Xinneng Li


Signed: ____________________________

Dated:
_____________________________