PINGTAN MARINE ENTERPRISE LIMITED


Re: Employment Contract


 


Dear Mr. Yu,


 


We are pleased to offer you an appointment
with our Company on the following terms:


 


Position


 


Chief Financial Officer (“CFO”)


 


Duties


 


You agree that during the course of your
employment as CFO, you will abide by the Company’s constitution, this Agreement, the resolution(s) passed by the shareholder’s
meeting of the Company and the resolution(s) passed by the Board of Directors of the Company to perform the duties of CFO and shall
in accordance with the constitution fulfill your obligations to the shareholders.


 


You shall perform all of your duties as
CFO of the Company in accordance with the Company law and any other applicable regulations.


 


You shall have the obligation to act in
good faith and diligence and not to engage in any activities that may harm the Company’s interests.


 


Commencement Date


 


2013/4/18


 


Probation Period


 


1 month from the Commencement Date


 


Emoluments and Reimbursement


 


Your monthly salary will be USD $20,000
payable in arrears on the last working day of each and every calendar month.


 


During the course of your employment, the
Company shall reimburse you for any reasonable and necessary fees (travel expenses, accommodation expenses, hospitality expenses
and other actual expenses) incurred by you during the fulfillment of your duties under this Agreement upon the production of relevant
receipts and /or valid documentation of expenditure.


 



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Termination


 


During the probation period, the contract
of employment may be terminated by either party without prior notice. Thereafter two month’s advance written notice or payment
in lieu of notice is required.


 


Confidentiality


 


You shall keep strictly confidential any
matter or information concerning the business of the company both during the course of your employment and at any time thereafter.


 


Prohibition of Other Employment


 


You shall devote your whole time and attention
to your employment. You shall not during the terms of your employment engage in any other employment or business without the prior
written consent of the Company.


 


Prohibition of Competition


 


You shall undertake to the Company that
during the course of employment with the Company, you shall not in any way engage in any business which is in competition with
the business of the Company.


 






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Governing Laws and Jurisdiction


 


This Agreement is governed by the laws
of New York and the parties submit to the non-exclusive jurisdiction of the courts of New York.


 


Prohibition and Enforceability


 


Any provision of, or the application of
any provision of, this Agreement which is prohibited in any jurisdiction is, in that jurisdiction, ineffective only to the extent
of that prohibition. Any provision of, or the application of any provision of, this Agreement which is void, illegal or
unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that provision in any other jurisdiction
or of the remaining provisions in that or any other jurisdiction.


 


Counterparts


 


This agreement may be executed in any number
of counterparts. All counterparts, taken together, constitute one instrument. A party may execute this Agreement by signing any
counterpart.


 


Interpretation


 


In this Agreement, unless the context otherwise
requires:


 


		1.	headings and underlining are for convenience only and do not
affect the interpretation of this Agreement;



 


		2.	words importing the singular include the plural and vice versa;
words importing a gender include any gender;



 


		3.	where a word or phrase is defined in this Agreement, other parts
of speech and grammatical forms of that word or phrase have a corresponding meaning;



 


		4.	a reference to a document includes an amendment or supplement
to, or replacement or novation of, that document; and



 


		5.	references to sums of money are to amounts in US dollars.



 


Please signify your acceptance of our offer
by countersigning and returning to us the duplicate of this Agreement.


 


We welcome you to join our Company and
trust that your service with us will be of great value to our Company.


 


Yours faithfully,


 


Pingtan Marine Enterprise Limited


 






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I agree to accept the appointment on the
terms above stated and shall abide by the Company’s instructions.


 


	Appointee:	/s/ Roy Yu



	 	Date:	April 18, 2013








 






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