Document:

fs10212ex10xl_keyuan.htm

 

EXHIBIT 10.40

 

Employment Agreement by and between Fan Zhang and Keyuan Plastics Co., Ltd

EMPLOYMENT AGREEMENT

 

               This EMPLOYMENT AGREEMENT (“Agreement”) is entered into this 23rd Day of May, 2011 by and between Ningbo Keyuan Plastic Co., Ltd., a PRC company located at Qingshi Industrial Zone, the Economy & Technology Development District, Ningbo City, Zhejiang Province, PRC 315803 and with Mr. Chunfeng Tao serving as the legal representative ("Party A"), and Mr. Fan Zhang, a PRC resident, born on May 4, 1977, with the PRC ID No. 330802197705044455 ("Party B"),

 

WITNESSETH

 

               WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth the terms and conditions of the employment of Party B by Party A;

 

               NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by both parties as follows:

              Term

              This is an open-ended agreement. The effective date of this Agreement is May 23, 2011 (“Effective Date”).

              Scope of Duties

              Party A hereby employs Party B as the Chief Financial Officer of Party A (“Chief Financial Officer”) and Party B agrees to serve in such capacity and assume other duties and responsibilities as may be mutually agreed upon by both parties. Party B shall perform his duties in satisfactory manner and Party A is authorized to adjust Party B’s position and evaluation standards based on Party B’s performance.

              Working Location

              Based on specific needs, Party A will assign Party B to work in the office location of Party A’s headquarters, subsidiaries, controlling affiliates or any other branches.

              Working Schedule

              The working schedule of Party B shall comply with applicable PRC laws. Based on Party B’s duties, Party B’s working hours shall be calculated under the Standard Hours System (rather than the Integrated Working Hour Computation System and Flexible Hours System). If Party B is reassigned to a different position, the computation system shall be changed accordingly.

              Vacation

              Party A adopts a vacation policy which complies with the PRC laws and is adjusted in accordance with its specific needs. Party B has the full right to enjoy all the national legal holidays under relevant PRC regulations.

              Compensation

          1) Party B shall be compensated for his services in accordance with the mutual agreements between Party A and Party B which shall correspond with Party B’s position and duties.

  

          2) Party B’s compensation may be adjusted in accordance with the change of Party B’s position in the company.

          3) Party B shall be paid no later than the fifteen (15th) day of each month for his services in the previous month. Party A shall withhold personal income tax for Party B before payment.

 

  

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              Social Insurance

          1) Party B shall pay part of the premium for his social insurance, which shall be deducted by Party A from Party B’s salary.

 

          2) Party B shall be entitled to reasonable medical treatment for any disability or occupational disease during the term of this Agreement, as determined by applicable PRC laws and the local government regulations.

 

               Labor Protection, Working Condition and Prevention of Occupational Disease

 

          1) Party A shall provide Party B with labor protection in accordance with applicable PRC laws.

 

          2) Party B shall strictly comply with relevant safety regulations, operation standards and procedures of PRC.

               Discipline and Reward

          1) Party B shall perform his duties in compliance with Party A’s working discipline and employee manual.

          2) Party A shall train Party B in the beginning of his employment.

               Amendment

          1) This Agreement may be amended by mutual agreement of both parties. Any amendment shall not become effective without written consent by both parties.

 

          2) This amend of this Agreement shall comply with applicable provisions of PRC law.

               Remedies and Termination

          1) The termination, cancellation and extension of this Agreement shall be conducted in compliance with the Labor Employment Law of the People’s Republic of China, as well as relevant provincial and municipal regulations.

          2) Any working transfer shall be conducted in accordance with the mutual agreement of both parties. Remedies shall be paid following such transfer.

          3) Party B shall give Party A a thirty (30) day notice prior to the termination of this Agreement and a three (3) day notice during the trial period.

 

            4) Party B can not unilaterally terminate this Agreement before returning all of Party A’s assets used by Party B during the term. Party A shall be entitled to remedy for any loss or damage resulting from Party A’s unilateral termination without notification.

               Miscellaneous

          1) Party B shall keep confidential all of Party A’s trade and technology secrets, and refrain from participating in any entity or business activity which might have a conflict of interest with Party A. After the termination of this Agreement, Party B shall continue to comply with the confidentiality requirements.

          2) Both parties shall enter into a training agreement contemplating the service period. If the service period is longer than the term of this Agreement, the term shall be extended to the last day of the service period.

 

  

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               Notice

       Any notice required or permitted to be given under this Agreement shall be in writing and be delivered in person or by mail to the addresses as provided in this Agreement. One party shall immediately notify the other in writing upon any change of address.

 

               Warranties and Representations

                      Party B warrants and represents as follows:

          1) Party B is not affiliated to or in any form of employment relationship with any other entity, organization or individual. Party B shall indemnify Party A against any loss or damage arising from Party B’s employment or personnel disputes with any other entity, organization or individual.

          2) Party B is not in violation of any duty or responsibility to any other entity by entering into this Agreement.

          3) Party B full acknowledges the terms and provision of this Agreement before signing.

          4) Party B will not enter into any employment relationship with any other entity, organization or individual during the term of this Agreement.

          5) Party B enters into this Agreement on his own will.

               Mediation and Arbitration

          1)  Party B may seek assistance or advice from the union if Party B considers his legal interest is infringed.

          2) Any controversy, claim or dispute arising out of or relating to this Agreement shall be resolved by negotiation first, if the dispute can not be resolved through negotiation, such dispute shall be settled by arbitration in accordance with relevant PRC laws and local regulations.

 

               Whole Agreement

                      The terms and provisions in this Agreement constitute the whole agreement between both parties and shall have the same effect as the rules and regulations as established by Party A.

          1) Any amendment of this Agreement shall be effective in written form by both parties.

 

          2) Any training agreement (if any) does not become void or unexercisable due to the termination of this Agreement.

          3) This Agreement is made in duplicate with each party holding a copy.

                       Party A:      Ningbo Keyuan Plastic Co., Ltd.                       Party B:      Fan Zhang

                           Date:       May 23, 2011

 

 

 3fs10212ex10xli_keyuan.htm

Exhibit 10.41

 

Confidentiality and Non-Compete Agreement by and between Fan Zhang and Keyuan Plastics Co., Ltd

CONFIDENTIALITY AGREEMENT

This CONFIDENTIALITY AGREEMENT (“Agreement”) is entered into this 23rd day of May, 2011 by and between Ningbo Keyuan Plastic Co., Ltd., a PRC company located at Qingshi Industrial Zone, the Economy & Technology Development District, Ningbo, Zhejiang Province, 315803  ("Party A"), and the employee of Party A as provided hereunder ("Party B").

 

WITNESSETH

 

WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth the confidentiality obligations assumed by Party B.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by both parties as follows:

Confidential Information

                Party B will not, directly or indirectly, disclose to any third party or use any Keyuan confidential information during or after the term of the employment. Notwithstanding the two (2) year limitation in the “Non-Compete” section, the “Non-Compete” and “Non-Use” obligations shall last until the underlying confidential information becomes available to the public other than as a result of Party B’s disclosure. Such “Non-Compete” and “Non-Use” obligations also apply to any information acquired by Party B from any third party which assumes confidentiality obligation to Party A. In addition, as the employee of Party A, Party B will not use or disclose to Party A any confidential information which belongs to Party B’s prior employer or any other third party. Party B has submitted or will submit a copy of any agreement between Party B and any of his prior employers or any third party which might affect the employment relationship between Party A and Party B.

Intellectual Property

                For the purpose of this Agreement, “Confidential Information” shall mean any invention, discovery, publication, computer program, integrated circuit design, trademark or any other intangible assets exclusively owned by Party A and furnished to Party B, including any such intangible assets that are developed or designed by Party B during Party B’s personal time, or although developed by Party B during his personal time, it is (1) related to Party A’s business or Party A’s actual or potential research and development, or (2) developed when Party B is working for Party A.

 

                All intellectual property developed by Party B related to Party A’s products during the term of the employment or within one (1) year after Party B’s termination of his employment in Party A shall belong to Party A.

  

                All intellectual property developed by Party B during the term of the employment or within one (1) year after Party B leaves Party A, which related to Keyuan products and are developed by Party B, either individually or together with other people, remains the property of Party A.

                Party B will keep a precise written record of all intellectual property relating to Keyuan products which are developed by Party B individually or with other people, and disclose to Party A of such record.

Intellectual Property Rights

                Party B will transfer all his intellectual property rights related to Keyuan products to Party A. Party B will also prepare all related documents to protect such intellectual property rights worldwide, sign and deliver to Party A all documents necessary for patent application transfer, patent transfer and copyright registration. Party A will compensate Party B for the time and expense incurred in assisting Party B in connection with such intellectual property issues after the termination of Party B’s services.

 

  

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Assets

                Party B acknowledges that all the blueprints, manuals, reports, notes, photos, client lists, schedules, computer program and data and any other media containing confidential information of Party A in any form are the properties of Party A and upon the termination of Party B’s employment Party B will return all such data and information to Party A.

Non-Compete

                 For a period ending two (2) years after the termination date of Party B’s employment, Party B will not directly or indirectly engage in any business activity in any area related to Party A’s confidential information which Party B have engaged in during the last five (5) years of Party B’s employment.

 

Intervention of Business

                 Party B will not directly or indirectly solicit, persuade, hire or in any other way cause any of Party A’s employees to terminate their employment with Party A. Party B will not intervene or attempt to intervene any contractual relationship or other relationship in which Party A is a party.

Data Use and Protection

                 Party B hereby authorizes Party A to store or transfer any of Party B’s family or personal information which is collected by Party A to other related company or any third party service provider for the business management purpose of Party A.

Dated this 23rd day of May, 2011.

 

___________________________________________

Party A: Ningbo Keyuan Plastic Co., Ltd.

___________________________________________

Party B:  Fan Zhang

 

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