SECOND AMENDMENT


TO


EMPLOYMENT CONTRACT


 


WHEREAS, BROADWAY (MACAO
COMMERCIAL OFFSHORE) COMPANY LIMITED (formerly known as SUN LINE (MACAO COMMERCIAL OFFSHORE) COMPANY LIMITED) (“Company”),
an indirect wholly-owned subsidiary of Plastec Technologies, Ltd. (“Plastec”), has entered into an employment agreement
(the “Agreement”) with CHIN HIEN TAN (“Executive”) renewed on June 01, 2012;


 


WHEREAS, the Agreement
was amended on June 01, 2012 to cover and provide for Executive’s position and services as Chief Operating Officer of Plastec;


 


WHEREAS, the Agreement
(as amended) is about to expire on December 16, 2013;


 


WHEREAS, the parties
desire to extend the same for another 3-year term commencing from December 17, 2013 and expiring on December 16, 2016 on like terms
as therein contained;


 


NOW, THEREFORE, in
consideration of the mutual promises, terms, covenants and conditions set forth herein and the performance of each and without
prejudice to the generality of the Agreement (as amended or any renewal thereof), the parties hereby agree as follows (for clarity’s
sake, the following are supplemental terms and amendments to the Agreement (or any renewal thereof) covering Executive’s
position as Chief Operating Officer of Plastec effective from December 17, 2013):


 


		1.	Section 1, relating to “Position,” is hereby deleted in its entirety and replaced with
the following:



 


		1. Position:	Executive shall serve as Sales Manager of
the Company. The Executive will also serve as Chief Operating Officer of Plastec and such other positions as now or hereafter
held with other subsidiaries of Plastec. Executive hereby agrees to devote his full business time, attention and efforts to promote
and further the business of Plastec and its subsidiaries, including the Company (collectively, the “Plastec Group”),
and not to be engaged in any other business activity pursued for gain, profit or other pecuniary advantage without the prior written
consent of the Board of Directors of Plastec (the “Board”).



 




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		2.	Section 14 to 16, relating to “Termination”, are hereby supplemented by insertion of
new a Section 16.1 as follows:



 


		16.1. Termination:	This Agreement shall terminate on December
16, 2016, subject to earlier termination as provided herein:



 


(a) Death. The death of
Executive shall immediately terminate this Agreement.


 


(b) Disability. If, as a
result of Executive’s incapacity due to physical or mental illness, Executive shall not have performed his duties hereunder
on a full-time basis for ninety (90) days or more in any one hundred twenty (120) day period, Executive’s employment under
this Agreement may be terminated by the Company upon thirty (30) days written notice if Executive is unable to resume his full
time duties at the conclusion of such notice period.


 


(c) Termination
by the Company.


 


(i)          For
Cause. The Company may terminate this Agreement immediately upon written notice to Executive for cause, which shall be: (1)
Executive’s conviction of, or plea of nolo contendere to, a felony or other crime involving moral turpitude; (2) Executive’s
breach of any fiduciary duty owed to Company or Plastec or their affiliates, or breach of the provisions of Section 20 or Section
22 hereof, (3) any other material breach by Executive of this Agreement that is not cured within ten (10) days of written notice
to Executive, or (4) Executive’s commission of (A) any act of willful dishonesty or fraud, (B) any act of embezzlement or
other misappropriation of Company assets, or (C) gross negligence or intentional nonperformance of duties, so long as such breach
or matter is not corrected or cured to the Company’s reasonable satisfaction within ten (10) days of notice to Executive
thereof.


 




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(ii)        Without
Cause. In addition to the provisions of Section 16.1(c)(i), Company may, at any time, terminate this Agreement upon giving
ninety (90) days’ written notice to Executive, if such termination is approved by a majority of the Board.


 


(d) Termination by Executive.
Executive may terminate this Agreement (A) for cause immediately upon giving written notice to Company for cause in the event of
(1) a material breach by Company of the terms of this Agreement, (2) the duties with which the Board has assigned Executive are
no longer commensurate with his position as the Sales Manager of Company or Chief Operating Officer of Plastec in tandem with other
positions/offices incidental thereto, or (3) a material change in the aggregate benefits provided to Executive (other than reductions
in benefits which apply to all employees of Company, generally); or (B) without cause, at any time, upon giving ninety (90) days’
written notice to the Company.


 


(e) Payment Through Termination.
Upon termination of this Agreement (A) for reasons specified in Section 16.1(a) or (b) or by Company for cause pursuant to Section
16.1(c)(i) or by Executive without cause pursuant to Section 16.1(d)(B), Executive (or Executive’s estate, as applicable)
shall be entitled to receive all benefits and reimbursements accrued right up to and due through the effective date of termination
and all other rights and obligations under this Agreement shall cease as of the effective date of termination; (B) by Company without
cause pursuant to Section 16.1(c)(ii) or by Executive for cause pursuant to Section 16.1(d)(A), aside from entitling to receive
all benefits and reimbursements accrued right up to and due through the effective date of termination, Executive shall nevertheless
be entitled to receive all applicable compensation and benefits (including bonuses and such other executive perquisites) which
would have been accrued to him with respect to the unexpired term of this Agreement as if his employment had never been terminated
prematurely. In any event, Executive’s obligations under Sections 20 to 22 shall survive termination in accordance with their
terms.


 




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		4.	The Agreement is hereby amended to add the following
new Section 20:



 


		20.
                              Non-Competition:	(a)
                                         Executive shall not during the period of his employment by Company and for a continuous
                                         period of 1 year after cessation of his employment with Company for whatever reason,
                                         for himself or on behalf of, or in conjunction with, any other person, persons, company,
                                         partnership, limited liability company, corporation or business of whatever nature:



 


		(i)	engage (as an officer, director, manager, member, shareholder, owner, partner, joint venturer,
trustee, or in a managerial capacity, whether as an employee, independent contractor, agent, consultant or advisor, or as a sales
representative) in any entity that designs, researches, develops, markets, sells or licenses products or services that are substantially
similar to or competitive with the business of the Plastec Group from time to time or as at the date of cessation of Executive’s
employment with Company;



 




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		(ii)	call upon any person who is at that time, or within the preceding twelve (12) months has been,
an employee of the Plastec Group, for the purpose, or with the intent, of enticing such employee away from, or out of, the employ
of the Plastec Group or for the purpose of hiring such person for Executive or any other person or entity, unless any such person’s
employment with respect to the Plastec Group was terminated more than six (6) months prior thereto;



		(iii)	call upon any person/entity who is then or has been within one year prior to that time, a customer
of the Plastec Group, for the purpose of soliciting or selling products or services in competition with the Plastec Group; or



		(iv)	call upon any prospective acquisition or investment candidate, on Executive’s own behalf
or on behalf of any other person or entity, which candidate was known by Executive to have, within the previous twelve (12) months,
been called upon by the Plastec Group or for which the Plastec Group made an acquisition or investment analysis or contemplated
a joint marketing or joint venture arrangement with, for the purpose of acquiring or investing or enticing such entity into a joint
marketing or joint venture arrangement.



 


(b) Because of the difficulty of
measuring economic losses to Company and the Plastec Group as a whole as a result of a breach of the foregoing covenant, and because
of the immediate and irreparable damage that could be caused to the Company and the Plastec Group as a whole for which it would
have no other adequate remedy, Executive agrees that the foregoing covenant may be enforced by Company on its own behalf and on
behalf of the Plastec Group in the event of breach by him, by injunctions and restraining orders.


 




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(c) It is agreed by the parties
that the foregoing covenants in this Section 20 impose a reasonable restraint on Executive in light of the activities, business
and plans of Company and the Plastec Group as a whole; it is also the intent of Company and Executive that such covenants be construed
and enforced in accordance with any change in the activities, business or plans of Company and the Plastec Group as a whole throughout
the Term.


 


(d) The covenants in this Section
20 are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant.


 


(e) All of the covenants in this
Section 20 shall be construed as an agreement independent of any other provision in this Agreement, and the existence of any claim
or cause of action of Executive against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement of such covenants; provided, however, that the failure to make payments or benefits to Executive under Section
16.1 of this Agreement shall constitute such a defense.


 


(f) Notwithstanding any of the
foregoing, if any applicable law shall reduce the time period during which Executive shall be prohibited from engaging in any competitive
activity described in Section 20(a) hereof, the period of time for which Executive shall be prohibited pursuant to Section 20(a)
hereof shall be the maximum time permitted by law.


 




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		5.	The Agreement is hereby amended to add the following
new Section 21:



 


		21. Return of Property: 	At such time, if ever, as Executive’s
employment with Company is terminated, he shall be required to participate in an exit interview for the purpose of assuring a
proper termination of his employment and his obligations hereunder. On or before the actual date of such termination, Executive
shall return to Company all records, materials and other physical objects relating to his employment with Company, including,
without limitation, all Company credit cards and access keys and all materials relating to, containing confidential information.



 


		6.	The Agreement is hereby amended to add the following
new Section 22:



 


		22. Confidentiality:	Executive shall not (except as authorized)
directly or indirectly reveal or disclose by whatever means to any person(s) or corporation(s) any of the trade secrets, confidential
operations, processes or dealings or any information or documents concerning the organization, business finances, transactions
or affairs of Company and the Plastec Group or any information or documents concerning the activities of their client(s) and any
other confidential information which Executive may receive or obtain in relation to their respective affairs acquired during the
continuance of Executive employment. Executive shall also keep with complete secrecy all confidential information entrusted to
Executive or otherwise came to his knowledge during the term of his employment with Company. Executive shall not use or attempt
to use any such information directly or indirectly by any means and in any manner which may likely injure or cause loss, either
directly or indirectly, to the Plastec Group and or their businesses. This undertaking on Executive’s part shall continue
to apply after the termination of his employment without limit in point of time.



 


		7.	This Second Amendment to the Agreement shall take effect upon its execution and from the 17th
day of December 2013.



 


[Signature Page Follows]


 




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IN WITNESS WHEREOF,
the parties hereto have executed this Second Amendment to the Agreement as of December 5 2013.


 


	 	BROADWAY (MACAO COMMERCIAL OFFSHORE) COMPANY LIMITED
	 	 	 
	 	By:	/s/ Kin Sun SZE-TO
	 	 	Name: Kin Sun SZE-TO
	 	 	Title: Director
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	/s/ Chin Hien Tan
	 	 	Chin Hien TAN


 




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