Exhibit 10.3


 


Employment
Agreement


 


This
Employment Agreement (this “Agreement”) is entered into in Urumqi, Xinjiang, China on September 9, 2016 by
and between:


 


Party
A: China Lending Corporation (“the Company”)


Address:
11th Floor, Satellite Building, 473 Satellite Road, Economic Technological Development Zone, Urumqi, Xinjiang, China, 830000


Legal
Representative: Li Jingping, President and Chief Executive Officer


 


Party
B: Chan Sung Him Stephen


Address:
2/F., 129 Prince Edward Road West, Mongkok, Hong Kong


 


	Chapter 1	General Provisions




 


	1.	This
                                         Agreement is governed by the laws of Hong Kong, in particular, the Employment Ordinance,
                                         the Employees’ Compensation Ordinance, and the Minimum Wage Ordinance. After mutual
                                         discussions and consultations and careful consideration and adequate communications and
                                         understanding, the parties hereto have reached the following terms and conditions:



 


	Chapter 2	Term




 


	2.	This
                                         Agreement shall have an initial term commencing on September 9, 2016 and ending on December
                                         31, 2016, and shall, subject to Chapter 10 below, automatically renew for successive
                                         one year periods.



 


	Chapter 3	Scope of Work




 


	3.	According
                                         to Party A’s work requirements, Party B agrees to assume the position of Chief
                                         Financial Officer (to carry out works relating to the listed company). With respect
                                         to Party B’s job duties, work assignments, responsibility goals, job disciplines,
                                         relevant management policies, etc., the rules formulated by Party A for that job and
                                         other relevant provisions shall apply.



 


	Chapter 4	Party B’s Obligations




 


	4.	Party
                                         B agrees that, in addition to the obligations and responsibilities set forth herein,
                                         he or she shall also:



 


	4.1.	Within
                                         the specified work hours, contribute his or her time, energy and skills exclusively in
                                         fulfilling the obligations established by Party A and effectively performing his or her
                                         duties, in order to exert best efforts to ensure the successful completion of Party A’s
                                         assignments; and



 


	4.2.	Comply
                                         with the provisions of this Agreement, Party A’s internal rules and policies and
                                         relevant laws and regulations, fulfill his or her duties to Party A, and not to engage
                                         in any activities that harm Party A’s interests or to abuse his or her position
                                         or duties at Party A to directly or indirectly seek personal benefits.



 


	Chapter 5	Primary Work Location, Work Hours, Labor Protection
and Work Conditions




 


	5.	Party
                                         B shall principally work at the Party’s A headquarters located at Urumqi, Xinjiang,
                                         China, and other cities, including but not limited to Hong Kong. Party B shall be required
                                         to work Monday through Friday from 10:00 a.m. to 7:00 p.m.
                                         Party B’s work hours shall be mainly for the purpose of meeting the needs of the
                                         listed company. CEO may change work hours for the needs of the listed company



 


	6.	Party
                                         A shall provide Party B with proper work conditions and facilities and labor protection
                                         up to the local government’s standards. Party B shall comply with Party A’s
                                         labor safety policies.






 






     


     

    

 


	7.	Party
                                         A is responsible for arranging education and trainings to Party B with respect to professional
                                         skills, labor safety and hygiene policies and the Company’s articles of association.



 


	8.	Party
                                         A shall reimburse Party B’s business travel, entertainment and other expenses incurred
                                         for work purposes, for which Party B is obligated to completely provide supporting voucher
                                         documents.



 


	Chapter 6	Remunerations




 


	9.	Party
                                         B’s total remunerations include monthly cash payments and performance bonus portion.



 


	9.1.	Monthly
                                         cash payments. Party A will deposit the guaranteed salary and housing allowance with
                                         a total of HKD 102,400 (equivalent to about RMB 88,000) due for each month on the tenth
                                         day of the next month to a personal account designated by Party B in Hong Kong.



 


	9.2.	Performance
                                         Bonus. Party A shall pay to Party B in January of the next year, subject to Party A’s
                                         Compensation Committee’s satisfaction of Party B’s annual performance review
                                         and Party A’s performance as a company on the whole.



 


	Chapter 7	Benefits and Holidays




 


	10.	Party
                                         B shall be entitled to the Hong Kong SAR public holidays and statutory holidays. Party
                                         B who is required to work on public holidays will be compensated by alternative day(s)
                                         off as substitution.



 


	10.1.	Annual
                                         Leave. Party B is entitled to the paid annual leave pursuant to Party A’s vacation
                                         policy.



 


	10.2.	Sick
                                         Leave must be certified by a registered doctor.



 


	10.3.	Unauthorized
                                         Absences. Without prejudice to the other rights of Party A, Party A may deduct the equivalent
                                         amount of basic daily salary from Party B’s salary for every day of absence from
                                         employment without the prior permission of Party A.



 


	10.4.	Insurance.
                                         Party B shall be entitled to international medical insurance paid by Party A up to USD
                                         10,000 per year.



 


	Chapter 8	Labor Disciplines




 


	11.	Party
                                         B shall comply with Party A’s lawfully formulated labor disciplines and the Company’s
                                         articles of association, strictly abide by Party A’s instructions and decisions,
                                         safeguard all the assets of Party A and observe professional ethics.



 


	12.	If
                                         Party B violates any relevant laws, labor disciplines or the Company’s articles
                                         of association which results in any economic losses to Party A, Party A may impose penalties
                                         on Party A pursuant to the relevant provisions.



 


	13.	In
                                         the event of any economic losses caused to Party A due to Party B’s violation of
                                         relevant laws, labor disciplines or the Company’s articles of association, Party
                                         A has the right to claim compensation from Party B for the losses.



 


	14.	Party
                                         A has the right to make reasonable modifications to the labor disciplines and the Company’s
                                         articles of association according to its business needs, provided that Party A shall
                                         inform Party B in the forms regarded as proper by Party A, which forms include but not
                                         limited to notification, public announcement, e-mail and memorandum.



 


	15.	Party
                                         B shall not hold any concurrent position at any other enterprise or organization during
                                         the period of his employment
with Party A, unless with the permission of Party A. All service inventions, creations, developments, designs, renovations, production
results made by Party B during the period of his or her employment shall be owned by Party A, and all intellectual property rights
obtained therefrom, including but not limited to patent rights, copyrights and non-patent technologies, shall be owned by Party
A.






  






    	 	2	 



     

    

 


	Chapter 9	Confidentiality Obligations




 


	16.	Party
                                         B shall keep confidential Party A’s proprietary information and confidential information
                                         concerning Party A and its subsidiaries and affiliates and its and their respective businesses
                                         including without limitation, confidential information regarding suppliers, customers,
                                         products, and marketing and pricing data, as long as such information is not publicly
                                         disclosed, except as required either by law or by a court of competent jurisdiction,
                                         and shall comply with Party A’s relevant confidentiality policies. Unless as required
                                         either by law or by a court of competent jurisdiction or subject to prior written consent
                                         from Party A, Party B shall not use, or disclose to any third party, any materials or
                                         information of Party A.



 


	17.	Non-compete.
                                         During the term of Party B’s employment hereunder and for a term of two years following
                                         termination, Party B shall not initiate, directly or indirectly, on his own behalf or
                                         on behalf of any person, contact with any person who is or was a customer of Party A
                                         within the twelve (12) month period preceding the termination of Party B’s employment
                                         hereunder, or who was a prospective customer of Party A with whom Party B had dealings
                                         with in the twelve (12) month period preceding the termination of Party B’s employment,
                                         for the purpose of conducting any business which is the same as or which competes with
                                         any part of the business of Party A with which Party B was involved.



 


	18.	Party
                                         B agrees that Party A shall, according to any reasonable operational needs, whether direct
                                         or indirect, have the right to disclose Party B’s personal information, including
                                         but not limited to his or her name, address, nationality, position, and salary, this
                                         Agreement and the renewals and changes thereof with the consent of Party B.



 


	Chapter 10	Change and Termination of Agreement




 


	19.	If
                                         any laws and regulations applicable for this Agreement is amended, the corresponding
                                         portions hereof or annexes hereto shall be amended accordingly. In the event of any material
                                         change to, or any conflict with relevant Chinese laws and regulations by, any objective
                                         condition on which the entry into the Agreement was based, which makes the performance
                                         of the Agreement impossible, the parties may, after friendly consultation, change the
                                         relevant portions of the Agreement pursuant to the relevant laws and regulations.



 


	20.	In
                                         the occurrence of following circumstances, Party A has the right to unilaterally terminate
                                         this Agreement without a prior written notice, provided that Party A shall inform Party
                                         B of such termination decision, and the termination shall take effect immediately:



 


	20.1.	Party
                                         B materially violates the Company’s labor disciplines or rules and policies (including
                                         but not limited to labor disciplines and the Company’s articles of association);



 


	20.2.	Party
                                         B commits gross negligence or engages in malpractices for selfish ends, thereby causing
                                         material losses to Party A;



 


	20.3.	Party
                                         B establishes employment relationship concurrently with any other employer, thereby causing
                                         material impact on the completion of Party A’s work assignments;



 


	20.4.	Party
                                         B uses such means as fraud, coercion or taking advantage of other’s unfavorable
                                         position to cause the execution or change of the Agreement by Party A against its genuine
                                         will, thus leading to void the Agreement;



 


	20.5.	Party
                                         B is held criminally liable pursuant to the law.



 






    	 	3	 



     

    

 





	21.	During
                                         the term of this Agreement, Party A may terminate this Agreement at any time by giving
                                         Party B 60-day prior written notice.



 


	22.	During
                                         the term of the Agreement, Party B has the right to resign and terminate the Agreement,
                                         provided that he or she shall give a 60-day prior written notice to Party A.



 


	23.	Immediately
                                         upon termination of the Agreement, Party B shall cease its engagement in any activities
                                         in Party A’s name or complete any business as Party A so requested, and shall settle
                                         all the accounts. Party B shall, within 3 days of the termination hereof, return all
                                         of Party A’s assets that are in Party B’s possession and deliver all the
                                         documents and files (including but not limited to any written documents and electronic
                                         documents). Party A will handle the departure formalities for Party B after Party A’s
                                         confirmation and issue a departure consent letter. If Party B fails to complete the said
                                         transfer formalities, Party A may refuse to handle the departure formalities for Party
                                         B.



 


	Chapter 11	Economic Compensation and Indemnification




 


	24.	If
                                         Party B terminates this Agreement in violation of any provisions hereof, he or she shall,
                                         pursuant to the provisions of laws and regulations, compensate for the losses caused
                                         to Party A due to such termination.



 


	Chapter 12	Resolution of Labor Disputes




 


	25.	Any
                                         dispute arising from the interpretation and performance hereof shall be resolved through
                                         friendly consultation by the parties. If such friendly consultation fails, either or
                                         both of the parties may, within one year of the occurrence of the dispute, submit it
                                         for arbitration by a labor dispute arbitration committee having jurisdiction over the
                                         dispute. In case the parties have no disagreement as to the arbitral award rendered by
                                         such labor dispute arbitration commission, such arbitral award is final and binding upon
                                         the parties. In case the parties refuse to accept the arbitration award made by that
                                         labor dispute arbitration committee, they may file an action with a court of jurisdiction.



 


	Chapter 13	Miscellaneous




 


	26.	The
                                         invalidity or non-enforceability of any provision shall not affect the validity of any
                                         other provisions hereof.



 


	27.	Either
                                         party’s failure to perform, or delay in performance of, any of the rights hereunder
                                         shall not constitute a waiver of such right.



 


	28.	In
                                         the case of any discrepancy between this Agreement and any related laws and regulations,
                                         the provisions of such laws and regulations shall prevail.



 


	29.	This
                                         Agreement shall become effective upon signing and affixation of seals by both parties
                                         on the date first written above.



 






    	 	4	 



     

    

 


	Party
    A: China Lending Corporation 	 	Party
    B: Chan Sung Him Stephen
	 	 	 	 	 
	By:	/s/
    Li Jingping	 	By:	/s/
    Chan Sung Him Stephen
	Name:	Li
    Jingping	 	 	 
	Its:	President
    and Chief Executive Officer	 	 	 


 




 


5