FORM OF EMPLOYMENT AGREEMENT



 





Exhibit 10.2



EMPLOYMENT AGREEMENT




     This AGREEMENT is made and entered into as of the [ ] day of [
], 2004, by and between GRAND TOYS INTERNATIONAL LIMITED, a limited company
organized under the laws of the Hong Kong Special Administrative Region of the
People’s Republic of China having its registered office at Room UG202, Floor
UG2, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong
(“Grand”), and ELLIOT L. BIER, a Canadian citizen residing at
              , Canada (“Bier”).



     WHEREAS, Grand, through its wholly-owned subsidiaries, is engaged in the
business of designing, developing, producing, marketing, distributing,
importing and selling toys and toy-related products (the “Business”).



     WHEREAS, Grand is desirous of employing Bier as an executive director and
Vice Chairman of the Board of Directors of Grand (the “Board”), and Bier is
willing to serve Grand in such capacity, all upon the terms and subject to the
conditions hereinafter set forth.



     NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto, intending to be legally bound, agree as
follows:



     1. Employment



          Grand agrees to employ Bier, and Bier agrees to be employed by Grand, upon
the terms and subject to the conditions of this Agreement.



     2. Term



          The term of this Agreement shall be for a period commencing on the date
hereof and ending on the date of Grand’s annual general meeting in 2007 (but in
no event later than December 31, 2007) unless sooner terminated as hereinafter
provided (the “Term”).



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Exhibit 10.2


     3. Duties; Efforts; Indemnification.



          (a) During the term of this Agreement, Bier shall serve as a director and
Vice Chairman of Grand. His responsibilities shall include the provision of
advice and assistance to the Board and its Chairman with regard to major
corporate development initiatives, including mergers and acquisitions and in
matters of corporate governance. He shall also act, if and as requested by the
Chairman, in the place and stead of the latter as a corporate spokesman and in
the management of investor relations. All duties to be rendered by Bier shall
be commensurate with his position as a director and Vice Chairman of Grand. In
order to enable Bier to discharge his functions as such, management will,
throughout the Term, at each general meeting of Grand at which directors are
elected, nominate Bier for election as a director. Bier shall be based in the
greater Montreal, Quebec metropolitan area and shall undertake such domestic
and foreign travel as shall be reasonably required to fulfill his duties.



          (b) Bier and Grand acknowledge and agree that Bier is not being retained
or engaged as a “full time employee” of Grand and, accordingly, Bier shall be
required to devote only such amount of his business time during the Term as
Bier shall reasonably determine in good faith to be necessary for the
fulfillment of his duties and obligations hereunder and as a director of Grand.
Grand further acknowledges that Bier also serves as managing partner of the
Adessky Poulin law firm and that Bier and the Adessky Poulin law firm are or
may be engaged by clients which are involved in businesses that may be
Competing Businesses (as defined in Section 7(a)(iii)). Nothing herein will be
deemed to restrict Bier or the Adessky Poulin law firm from representing such
other clients in such Competing Business (regardless of the effects thereof on
Grand or its subsidiaries or affiliates), provided that this sentence shall not
be construed as relieving Bier, in his individual capacity as a director of
Grand, from any duty or obligation to Grand or its shareholders under
applicable statutory or common law.



          (c) Subject to and in accordance with the provisions of the Memorandum and
Articles of Association of Grand, Grand shall indemnify Bier to the fullest
extent permitted by applicable law for all amounts (including, without
limitation, judgments, fines, settlement payments, expenses and attorney’s
fees) incurred or paid by Bier in connection with any third party action, suit,
investigation or proceeding arising out of or relating to the performance by
Bier of services for, or the acting by Bier as a director, officer or employee
of, Grand or of any other person or entity at Grand’s request, and Grand shall
advance to Bier or pay on his behalf such amounts as the directors of Grand
determine to be due by reason of such indemnification. Grand shall use its
reasonable best efforts to purchase and maintain during the Term directors’ and
officers’ insurance with a liability limit commensurate with that of the
comparable insurance previously maintained by Grand Toys International, Inc.
provided if, in the opinion of the Board, coverage in that amount is not
available on commercially reasonable terms, it shall purchase and maintain
insurance with such lower liability is it deems commercially reasonable.



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Exhibit 10.2



     4. Compensation and Benefits.



          (a) Base Salary. Grand shall pay to Bier a base salary (the “Base
Salary”) at a rate of US$150,000 per annum, payable in accordance with Grand’s
payroll practices for its executive employees. The Board will review the Base
Salary not less than semiannually during the Term with a view to ensuring that
it remains commensurate with the time and effort required for the discharge of
his responsibilities pursuant to this Agreement. The Base Salary provided
hereunder, as increased by the Board from time to time, shall not be reduced
without Bier’s consent.



          (b) Incentive Compensation. Bier shall be eligible for the following
incentive compensation:



               (i) Stock Options. Bier shall be granted options to purchase American
Depositary Receipts (“ADRs”) representing 300,000 ordinary shares in the
capital of Grand at a price per ADR which shall be equivalent to US$2.95 per
ordinary share. The options shall be granted within sixty (60) days after the
date of this Agreement, shall vest and become exercisable as to 100,000 shares
on each of the first and second anniversaries of such date and on the date of
the expiration of the Term, and shall expire on the fifth anniversary of the
date hereof; provided, however, that upon (i) the occurrence of a Change of
Control, as defined in Section 11, having the result described in the first
sentence of that section, or (ii) the termination of Bier’s employment other
than (A) by Grand for Cause (as defined in Section 5(a)), (B) by reason of
Bier’s death or Disability (as defined in Section 5(b)) or (C) by Bier
voluntarily, all of such options then remaining unvested shall become vested
immediately. Grand shall use reasonable best efforts to cause the ADRs issuable
upon exercise of such options to be registered for resale on Form S-8 or other
appropriate form for resale of securities upon exercise of options under the
Securities Act of 1933, provided that Grand shall have determined in its
reasonable judgment that the ADRs are eligible for such registration.



               (ii) Transactional Bonuses. Bier may, at the discretion of the Board, be
granted additional stock options, bonuses or other incentive compensation
contingent upon the success of specific transactions.



          (c) Out-of-Pocket Expenses. Grand shall promptly pay to Bier the
reasonable expenses incurred by him in the performance of his duties hereunder
in accordance with Grand’s policies in effect from time to time, including,
without limitation, those incurred in connection with business related travel
or entertainment, or, if such expenses are paid directly by Bier, shall
promptly reimburse him for such payment, provided that Bier provides proper
documentation thereof in accordance with Grand’s policy.



          (d) Participation in Benefit Plans. Bier shall be entitled to participate
in or receive benefits under any pension plan, health and accident plan or any
other employee benefit plan or arrangement made available now or in the future
by Grand to its North American executives and key management personnel,
provided that participation in such plans or arrangements are permitted for
employees who are employed less than full-time.



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Exhibit 10.2



          (e) Vacation. Bier shall be entitled to such number of paid vacation days
in each calendar year that are generally awarded to Grand’s North American
executives, but in no event less than twenty (20) business days per year.
Vacation shall be prorated in any calendar year of the Term during which Bier
is employed hereunder for less than an entire year in accordance with the
number of days in such year during which he is so employed. No vacation time
shall be paid if not taken or carried over into any subsequent calendar year
unless Grand’s policies then permit.



     5. Termination.



          Bier’s employment hereunder shall be terminated upon Bier’s death or
Bier’s voluntarily leaving the employ of Grand (other than as a result of
Grand’s material breach of this Agreement), and may be terminated as follows:












          (a) For Cause. Grand shall have the right to terminate Bier’s employment
for “Cause.” A termination for “Cause” is a termination evidenced by a
resolution adopted by the Board finding that Bier has:



               (i) materially or repeatedly breached or failed to comply with any of the
material terms of this Agreement, including, without limitation, Sections 3, 7,
8 or 10 of this Agreement;



               (ii) materially or repeatedly failed to perform his duties under this
Agreement, including refusing to carry out the reasonable lawful written
instructions of the Board or deliberately and intentionally disregarding the
lawful instructions from the Board, in either case which instructions are
consistent with the responsibilities and duties of Bier contemplated by this
Agreement;



               (iii) engaged in gross negligence or willful misconduct in connection with
or arising out of the performance of his duties hereunder, including, without
limitation, the misappropriation of funds;



               (iv) been under the influence of drugs or alcohol (other than prescription
medicine or other medically-related drugs to the extent that they are taken in
accordance with their directions) during the performance of his duties under
this Agreement, or while under the influence of drugs or alcohol, engages in
grossly inappropriate conduct;



               (v) engaged in behavior that would constitute grounds for liability for
sexual harassment or in the reasonable opinion of the Board other egregious
conduct violative of laws governing the workplace, in either case within the
jurisdiction in which Mr. Bier is rendering services; or



               (vi) committed any act of fraud, larceny, misappropriation of funds or
embezzlement or been convicted of a felony or a crime of moral depravity;



provided, however, that (A) in the case of clauses (i), (ii) and (iii) above,
Bier shall receive thirty (30) days’ advance written notice that the Board
intends to meet to consider Bier’s termination and specifying the actions
constituting Cause, Bier shall have the opportunity to cure the conduct
constituting Cause during such thirty (30) day period and (B) any act, or
failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or based upon the advice of counsel for Grand shall be
conclusively presumed to be done, or omitted to be done, by Bier in good faith
and in the best interests of Grand.



          (b) For Disability. Grand shall have the right to terminate Bier’s
Employment as a result of Bier’s “Disability.” For purposes of this Agreement,
a termination for “Disability” shall occur:



               (i) immediately after the Board has provided a written termination notice
to Bier supported by a written statement from a reputable independent physician
selected








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Exhibit 10.2


by Grand to the effect that Bier shall have become so incapacitated as to
be unable to resume, within 90 days, his employment hereunder by reason of
physical or mental illness or injury; or




               (ii) upon rendering of a written termination notice by Grand after Bier
has been unable to substantially perform his duties hereunder for 90
consecutive days (exclusive of any vacation permitted under Section 4(e)
hereof) or for 180 days in any 360 day period by reason of any physical or
mental illness or injury.



Bier agrees to make himself available and to cooperate in any reasonable
examination by a reputable independent physician mutually selected by the
parties for the purpose of a termination pursuant to Section 5(b)(i).







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Exhibit 10.2



     6. Effect of Termination.



          (a) Death or Disability. In the event of the termination of Bier’s
employment as a result of his death or Disability, Grand shall:



               (i) pay to Bier or his estate, as the case may be, the Base Salary and any
accrued and unpaid bonus or incentive compensation in accordance with Section
4(b) through the date of his death or Disability (pro rated for any partial
month); and



               (ii) reimburse Bier, or his estate, as the case may be, for any expenses
pursuant to Section 4(c) (the amounts payable pursuant to the foregoing clauses
(i) and (ii) are hereafter referred to as the “Accrued Obligations”).



          (b) For Cause by Grand, by Bier Voluntarily or upon expiration of the
Term. In the event that Bier’s employment is terminated by Grand for Cause or
by Bier voluntarily or upon expiration of the Term, Grand shall pay to Bier the
Accrued Obligations and Bier shall have no further entitlement to any other
compensation or benefits from Grand, except as set forth herein.



          (c) Other than as a result of Bier’s death or Disability, by Grand for
Cause or by Bier. In the event that Bier’s employment is terminated by Grand
other than for Cause, death or Disability or by Bier voluntarily, then, subject
to receipt of a release of Grand and its directors, officers and employees and
their respective successors and assigns of claims of Bier against them solely
by reason of his termination of employment hereunder:



               (i) Grand shall pay to Bier the Accrued Obligations; and



               (ii) Grand shall continue to pay Bier the Base Salary plus benefits in
accordance with Section 4(d), together with bonus accruing in accordance with
Section 4(b)(ii) from and after the most recent anniversary of the date hereof,
until the earlier of (A) the last day of the Term (as if such termination had
not occurred) or (B) the date that shall be one year after the date of such
termination. In addition, all stock options granted to Bier pursuant to
Section 4(b)(i) shall vest as of the effective date of such termination



          (d) This Section 6 sets forth the only obligations of Grand with respect
to the termination of Bier’s employment with Grand, and Bier acknowledges that
upon the termination of his employment, he shall not be entitled to any
payments or benefits which are not explicitly provided herein hereof. Any an
all Accrued Obligations shall be paid within fifteen (15) days of the
termination of Bier’s employment.



          (e) In no event shall Bier be obligated to seek other employment or take
any other action by way of mitigation of the amounts payable to Bier under any
of the provisions of this Agreement and such amounts shall not be reduced
whether or not Bier obtains other employment.







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Exhibit 10.2



     7. Non-Solicitation; Restriction of Competition; Interference.



          (a) As a significant inducement to Grand to enter into and perform its
obligations under this Agreement, during the Term and until the first
anniversary of the termination or expiration of the Term or any extension
hereof, for any reason other than the termination of Bier’s employment without
Cause and subject to the provisions of Section 3(b), Bier will not, either
directly or indirectly:



               (i) either alone or in association with others, solicit, or permit any
person or organizations directly or indirectly to solicit, any individual who
at the time of the solicitation is, or who within the six (6) month period
prior to such solicitation was, an employee of Grand to leave the employ of
Grand or terminate his or her employment relationship with Grand, or hire or
attempt to hire or induce, any employee or employees of Grand to terminate
their employment with, or otherwise cease their relationship with, Grand;



               (ii) solicit, divert or take away, or attempt to divert or to take away,
the business or patronage of any of the clients, customers, vendors or
accounts, or prospective clients, customers, vendors or accounts of Grand;



               (iii) directly or indirectly engage any place in the world in any business
which develops, manufactures, promotes or distributes products that are
competitive with those that are marketed by Grand, or those products which are
then under active development by Grand (a “Competing Business”), whether such
engagement shall be as a director, officer, employee, stockholder, shareholder,
partner, member or other owner, affiliate or other participant in any Competing
Business;



               (iv) assist others in organizing or engaging in any Competing Business in
any capacity or manner described in clause (iii) above; or



               (v) take any action reasonably likely to cause injury to the relationship
between Grand or any of its respective employees and any client, lessor,
lessee, vendor, supplier, customer, distributor, employee, consultant or other
business associate of Grand or any of its affiliates as such relationship
relates to Grand or its affiliates’ conduct of their business.



          (b) Notwithstanding anything in Section 7(a) to the contrary (i) the
provisions of clause 7(a)(iii) and 7(a)(iv) shall not be deemed to preclude
Bier, after the end of the Term, from engagement by a corporation or entity
some of the activities of which are a Competing Business if Bier’s engagement
does not, directly or indirectly, relate to, and Bier is segregated completely
from, such Competitive Business and (ii) nothing contained in this Section 7
shall be deemed to prohibit Bier from directly acquiring or holding, solely for
investment, securities of any corporation or entity some of the activities of
which constitute a Competitive Business so long as such securities do not, in
the aggregate, constitute more than five percent (5%) of any class or series of
outstanding securities of such corporation or entity.







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Exhibit 10.2



          (c) The geographic scope of this Section 7 shall extend to anywhere Grand
is doing business at the time of termination or expiration.



     8. Protection of Confidential Information.



          (a) As a significant inducement to Grand to enter into and perform its
obligations under this Agreement, Bier acknowledges that he has been and will
be provided with information about, and his employment by Grand will,
throughout the Term, bring him into close contact with, many confidential
affairs of Grand, including, without limitation, books, records, business
plans, proprietary information about the Business, costs, profits, markets,
sales, customers, advertisers, vendors, suppliers, products, key personnel,
pricing policies, operational methods, technical processes and other business
affairs and methods, plans for future developments and other information not
readily available to the public (the “Confidential Information”), all of which
are highly confidential and proprietary and all of which were developed by
Grand at great effort and expense. Bier further acknowledges that the services
to be performed by him under this Agreement are of a special unique, unusual,
extraordinary and intellectual character and that the nature of the
relationship of Bier with Grand is such that Bier is capable of competing with
Grand. In recognition of the foregoing, Bier covenants and agrees during the
Term and thereafter he will:



               (i) keep secret all Confidential Information and not disclose such
Confidential Information to anyone outside of Grand, either during or after the
Term, except with Grand’s prior written consent;



               (ii) not make use of any Confidential Information for his own purposes or
the benefit of anyone other than Grand, provided that the confidential matters
referred to in clauses (i) and (ii) of this Section 7 shall not apply to
information which is generally known to the public other than as a result of
Bier’s breach of this Section 7;



               (iii) deliver promptly to Grand on termination of this Agreement, or at
any time Grand may so request, all confidential memoranda, notes, records,
reports and other confidential documents (and all copies thereof) relating to
the Business which he may then possess or have under his control, except that
he may retain personal notes, notebooks, journals and diaries provided that
such materials do not contain Confidential Information; and



               (iv) not disparage Grand, any affiliate of Grand, any director, officer,
employee or shareholder of Grand, or any affiliate of any such director,
officer, employee or shareholder of Grand by making (or causing others to make)
any oral or written statements or representations that could reasonably be
construed to be a false and misleading statement of fact or a libelous,
slanderous or disparaging statement of or concerning any of the aforementioned
persons.







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Exhibit 10.2



     9. Specific Remedies; Severability.



          (a) For the purposes of Sections 7 and 8 of this Agreement, references to
Grand shall include all current and future majority-owned subsidiaries of Grand
and all current and future joint ventures in which Grand may from time to time
be involved. It is understood by Bier and Grand that the covenants contained
in this Section 9 and in Sections 7 and 8 hereof are essential elements of this
Agreement and that, but for the agreement of Bier to comply with such
covenants, Grand would not have agreed to enter into this Agreement or
consummate the Transaction. Grand and Bier have independently consulted with
their respective counsel and have been advised concerning the reasonableness
and propriety of such covenants with specific regard to the nature of the
business conducted by Grand and all interests of Grand and its stockholders.
Bier agrees that the covenants of Sections 7 and 8 are reasonable and valid.
If Bier commits a breach of any of the provisions of Sections 7 and 8 hereof,
such breach shall be deemed to be grounds for termination for Cause. In
addition, notwithstanding the provisions of Sections 7 and 8, Bier acknowledges
that Grand may have no adequate remedy at law if he violates any of the terms
hereof. Bier therefore understands and agrees that Grand shall have without
prejudice as to any other remedies:



               (i) the right upon application to any court of proper jurisdiction to a
temporary restraining order, preliminary injunction, injunction, specific
performance or other equitable relief; and



               (ii) the right apply to any court of proper jurisdiction, to require Bier
to account for and pay over all compensation, profits, monies, accruals,
increments and other benefits (collectively the “Benefits”) derived or received
by Bier as a result of any transaction constituting a breach of any of the
provisions of Sections 7 or 8, and, if a court so orders, Bier hereby agrees to
account for and pay over such Benefits to Grand.



          (b) Each of the rights enumerated in Sections 7 or 8 hereof and the
remedies enumerated in this Section 9 shall be independent of the others and
shall be in addition to and not in lieu of any other rights and remedies
available to Grand at law or in equity. If any provision of this Agreement, or
any part of any of them, is hereafter construed or adjudicated to be invalid or
unenforceable, the same shall not affect the remainder of the covenants or
rights or remedies which shall be given full effect without regard to the
invalid portions. If any of the covenants set forth herein is held to be
invalid or unenforceable because of the duration of such provision or the area
covered thereby, the parties agree that the court making such determination
shall reduce the duration and/or area of such provision and in its reduced form
said provision shall then be enforceable. No such holding of invalidity or
unenforceability in one jurisdiction shall bar or in any way affect Grand’s
right to the relief provided in Section 9(a) or otherwise in the court of any
other state or jurisdiction within the geographical scope of such covenants as
to breaches of such covenants in such other respective states or jurisdictions,
such covenants being, for this purpose, severable into diverse and independent
covenants.







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Exhibit 10.2



     10. Other Agreements.



          Bier hereby represents that he is not bound by the terms of any agreement
with any previous employer, or with any other party, that would impair his
right or ability to enter the employ of Grand or perform fully his obligations
pursuant to this Agreement. Bier further represents and warrants that his
performance of all the terms of this Agreement and as an executive of Grand
does not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by him in confidence or in trust prior
to his employment with Grand.



     11. Change of Control



In the event that, as a result of any Change in Control of Grand, Bier ceases
to act in the capacity of director and Vice Chairman of Grand in accordance
with the provisions of this Agreement for any reason other than termination for
Cause, he shall be entitled to the same compensation and benefits as if his
employment had been terminated by Grand without Cause, as provided in Section
6(c). For purposes hereof, a “Change of Control” of Grand shall mean any sale,
transfer, pledge or other encumbrance of shares, or the issuance of shares, or
any other transaction or event including, without limitation, merger or
consolidation, as a result of which Cornerstone Overseas Investments, Limited,
either alone or with its affiliates, shall cease to have control of Grand,
where “control” shall mean the right, either directly or indirectly, to elect a
majority of the directors of Grand without the consent or acquiescence of any
third party.



     12. Notices



          Any notice or other communications required or permitted hereunder shall
be in writing and shall be deemed effective (i) upon delivery, if delivered by
hand and followed by notice by mail or facsimile transmission, or electronic
mail, (ii) three (3) days after the date of deposit in the mails, if mailed by
certified or registered mail (return receipt requested), or (iii) on the next
business day, if mailed by an overnight mail service to the parties or sent by
facsimile transmission,





	 	 	If to Grand::







	 	 	 	Grand Toys International Limited

Room UG202, Floor UG2

Chinachem Golden Plaza

77 Mody Road

Tsimshatsui East

Kowloon, Hong Kong

Attention: Managing Director

Facsimile No.: (852) 2520 5515









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Exhibit 10.2





	 	 	with copies to:







	 	 	 	Katten Muchin Zavis Rosenman

1251 Avenue of the Americas, 29th Floor

New York, NY 10020

Attention: Paul J. Pollock, Esq.

Fax: (212) 894-5511







	 	 	and







	 	 	 	Dorsey & Whitney

One Pacific Place, Suite 3008

88 Queensway

Hong Kong

Attention: Steven C. Nelson, Esq,

Facsimile No.: (852) 2524-3000







	 	 	If to Bier:







	 	 	 	Elliot L. Bier, Esq.

Addesky Poulin

Place Canada Trust, 18 etage

999 Boul. de Maisonneuve Quest

Montreal, Quebec H3A 3L4 Canada

Facsimile No. (514) 288-2697




or at such other address or telecopy number (or other similar number) as either
party may from time to time specify to the other.




     13. Entire Agreement



          This Agreement constitutes the entire agreement between the parties and
supersedes all prior agreements and understandings, whether written or oral,
relating to the subject matter of this Agreement.



     14. Amendment



          This Agreement may be amended or modified only by a written instrument
executed by Grand and Bier.



     15. Governing Law



          This Agreement shall be governed by, and interpreted and construed in
accordance with, the laws of the State of New York, USA, which shall be the
proper law hereof notwithstanding any rule or principle of conflict of laws
therein contained under which any other







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Exhibit 10.2



body of law would be made applicable. If and to the extent that Bier
should, pursuant to the mandatory laws of any other jurisdiction, acquire by
reason of the employment relationship created hereunder any rights other than
those contemplated by this Agreement, he expressly waives any and all such
rights.



     16. Successors and Assigns



          This Agreement is personal to Bier and without the prior written consent
of Grand shall not be assignable by Bier otherwise than by will or the laws of
descent and distribution with respect to Bier’s rights, if any, to be paid or
receive benefits hereunder. This Agreement shall inure to the benefit of and
be enforceable by Bier’s legal representatives.



     17. Headings



          The headings of this Agreement are for convenience of reference only and
shall not affect in any manner any of the terms and conditions hereof.



     18. Acts and Documents



          The parties agree to do, sign and execute all acts, deeds, documents and
corporate proceedings necessary or desirable to give full force and effect to
this Agreement.



     19. Counterparts



          This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one and
the same agreement.



     20. Modifications and Waivers



          No term, provision or condition of this Agreement may be modified or
discharged unless such modification or discharge is authorized by the Board of
Grand and is agreed to in writing and signed by Bier. No waiver by either
party hereto of any breach by the other party hereto of any term, provision or
condition of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time.



     21. Entire Agreement



          This Agreement constitutes the entire agreement between the parties with
respect to the subject matter herein and supersedes all prior agreements,
negotiations and discussions between the parties hereto.







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Exhibit 10.2


IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
parties or their duly authorized officers as of the date first written above.



	 	 	 	 	 
	 	GRAND TOYS INTERNATIONAL LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 	 
	 	 	Elliot L. Bier	 
	 	 	 
	 	 	 
	 	 	 
	 









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