Document:

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

       

      INTELLECTUAL
PROPERTY SECURITY AGREEMENT (this “Agreement”), dated as
of December 31, 2008, by and among STI Group, Inc., a Delaware corporation
(“Parent”),
Systems Evolution Incorporated, a Texas corporation (collectively the “Subsidiary”)(hereinafter
the Parent and the Subsidiary shall collectively be referred to as the “Company”) and the
secured parties signatory hereto and their respective endorsees, transferees and
assigns  (collectively, the “Secured
Party”).

       

      WITNESSETH:

       

      WHEREAS,
pursuant to a Securities Purchase Agreement, dated the date hereof, between
Parent and the Secured Party (the “Purchase Agreement”),
Parent has agreed to issue to the Secured Party and the Secured Party has agreed
to purchase from Parent certain of Parent’s 12% Callable Secured Convertible
Notes, due three years from the date of issue (the “Notes”), which are
convertible into shares of Company’s Common Stock, par value $.001 per share
(the “Common
Stock”).  In connection therewith, Parent shall issue the
Secured Party certain Common Stock purchase warrants (the “Warrants”);
and

       

      WHEREAS,
the Parent and the Subsidiary have been, and are now, engaged in a business
which provides software development services, managed network support services
and other consulting services.  It is anticipated that, if the
Subsidiary executes and delivers this Agreement, the Parent will provide
financing to the Subsidiary, and that the proceeds of the Purchase Agreement and
Notes will be used,
in part, for the general working capital purposes of the Subsidiary;
and

       

      WHEREAS,
it is in the best interest of the Subsidiary as subsidiaries of the Parent and
the indirect beneficiaries of the Purchase Agreement and Notes, that the Secured
Party enter into the Purchase Agreement and purchase the Notes to the Company;
and

       

      WHEREAS,
in order to induce the Secured Party to purchase the Notes, Company has agreed
to execute and deliver to the Secured Party this Agreement for the benefit of
the Secured Party and to grant to it a first priority security interest in
certain Intellectual Property (defined below) of Company to secure the prompt
payment, performance and discharge in full of all of Company’s obligations under
the Notes and exercise and discharge in full of Company’s obligations under the
Warrants; and

       

      WHEREAS,
in light of the foregoing, the Company expects to derive substantial benefit
from the Purchase Agreement and sale of the Notes and the transactions
contemplated thereby and, in furtherance thereof, has agreed to execute and
deliver this Agreement.

       

      NOW,
THEREFORE, in consideration of the agreements herein contained and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

       

      1.           Defined
Terms.  Unless otherwise defined herein, terms which are
defined in the Purchase Agreement and used herein are so used as so defined; and
the following terms shall have the following meanings:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      “Software Intellectual
Property”  shall mean:

       

      (a)           all
software programs (including all source code, object code and all related
applications and data files), whether now owned, upgraded, enhanced, licensed or
leased or hereafter acquired by the Company, above;

       

      (b)           all
computers and electronic data processing hardware and firmware associated
therewith;

       

      (c)           all
documentation (including flow charts, logic diagrams, manuals, guides and
specifications) with respect to such software, hardware and firmware described
in the preceding clauses (a) and (b); and

       

      (d)           all
rights with respect to all of the foregoing, including, without limitation, any
and all upgrades, modifications, copyrights, licenses, options, warranties,
service contracts, program services, test rights, maintenance rights, support
rights, improvement rights, renewal rights and indemnifications and
substitutions, replacements, additions, or model conversions of any of the
foregoing.

       

      “Copyrights” shall
mean (a) all copyrights, registrations and applications for registration, issued or filed,
including any reissues, extensions or renewals thereof, by or with the United
States Copyright Office or any similar office or agency of the United States,
any state thereof, or any other country or political subdivision thereof, or
otherwise, including, all rights in and to the material constituting the subject
matter thereof, including, without limitation, any referred to in Schedule B hereto,
and (b) any rights in any material which is copyrightable or which is protected
by common law, United States copyright laws or similar laws or any law of any
State, including, without limitation, any thereof referred to in Schedule B
hereto.

       

      “Copyright License”
shall mean any agreement, written or oral, providing for a grant by the Company
of any right in any Copyright, including, without limitation, any thereof
referred to in Schedule B
hereto.

       

      “Intellectual
Property” shall means, collectively, the Software Intellectual Property,
Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark
Licenses and Trade Secrets.

       

      “Obligations” means
all of the Company’s obligations under this Agreement and the Notes, in each
case, whether now or hereafter existing, voluntary or involuntary, direct or
indirect, absolute or contingent, liquidated or unliquidated, whether or not
jointly owed with others, and whether or not from time to time decreased or
extinguished and later decreased, created or incurred, and all or any portion of
such obligations or liabilities that are paid, to the extent all or any part of
such payment is avoided or recovered directly or indirectly from the Secured
Party as a preference, fraudulent transfer or otherwise as such obligations may
be amended, supplemented, converted, extended or modified from time to
time.

       

      “Patents” shall mean
(a) all letters patent of the United States or any other country or any
political subdivision thereof, and all reissues and extensions thereof,
including, without limitation, any thereof referred to in Schedule B hereto,
and (b) all applications for letters patent of the United States and all
divisions, continuations and continuations-in-part thereof or any other country
or any political subdivision, including, without limitation, any thereof
referred to in Schedule B
hereto.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      “Patent License” shall
mean all agreements, whether written or oral, providing for the grant by the
Company of any right to manufacture, use or sell any invention covered by a
Patent, including, without limitation, any thereof referred to in Schedule B
hereto.

       

      “Security Agreement”
shall mean the a Security Agreement, dated the date hereof between Company and
the Secured Party.

       

      “Trademarks” shall
mean (a) all trademarks, trade names, corporate names, company names, business
names, fictitious business names, trade styles, service marks, logos and other
source or business identifiers, and the goodwill associated therewith, now
existing or hereafter adopted or acquired, all registrations and recordings
thereof, and all applications in connection therewith, whether in the United
States Patent and Trademark Office or in any similar office or agency of the
United States, any state thereof or any other country or any political
subdivision thereof, or otherwise, including, without limitation, any thereof
referred to in Schedule B hereto,
and (b) all reissues, extensions or renewals thereof.

       

      “Trademark License”
shall mean any agreement, written or oral, providing for the grant by the
Company of any right to use any Trademark, including, without limitation, any
thereof referred to in Schedule B
hereto.

       

      “Trade Secrets” shall
mean common law and statutory trade secrets and all other confidential or
proprietary or useful information and all know-how obtained by or used in or
contemplated at any time for use in the business of the Company (all of the
foregoing being collectively called a “Trade Secret”),
whether or not such Trade Secret has been reduced to a writing or other tangible
form, including all documents and things embodying, incorporating or referring
in any way to such Trade Secret, all Trade Secret licenses, including each Trade
Secret license referred to in Schedule B hereto,
and including the right to sue for and to enjoin and to collect damages for the
actual or threatened misappropriation of any Trade Secret and for the breach or
enforcement of any such Trade Secret license.

       

      2.           Grant of Security
Interest.  Subject to Schedule C, in accordance with Section
3(m) of the Security Agreement, to secure the complete and timely payment,
performance and discharge in full, as the case may be, of all of the
Obligations, the Company hereby, unconditionally and irrevocably, pledges,
grants and hypothecates to the Secured Party, a continuing security interest in,
a continuing first lien upon, an unqualified right to possession and disposition
of and a right of set-off against, in each case to the fullest extent permitted
by law, all of the Company’s right, title and interest of whatsoever kind and
nature in and to the Intellectual Property (the “Security
Interest”).

       

      3.           Representations and
Warranties.  Subject to Schedule C, the Company hereby
represents and warrants, and covenants and agrees with, the Secured Party as
follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (a)           The
Company has the requisite corporate power and authority to enter into this
Agreement and otherwise to carry out its obligations thereunder.  The
execution, delivery and performance by the Company of this Agreement and the
filings contemplated therein have been duly authorized by all necessary action
on the part of the Company and no further action is required by the
Company.  This Agreement constitutes a legal, valid and binding
obligation of the Company enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditor’s rights
generally.

       

      (b)           The
Company represents and warrants that it has no place of business or offices
where its respective books of account and records are kept (other than
temporarily at the offices of its attorneys or accountants) or places where the
Intellectual Property is stored or located, except as set forth on Schedule A attached
hereto;

       

      (c)           The
Company is the sole owner of the Intellectual Property (except for non-exclusive
licenses granted by the Company in the ordinary course of business), free and
clear of any liens, security interests, encumbrances, rights or claims, and is
fully authorized to grant the Security Interest in and to pledge the
Intellectual Property.  There is not on file in any governmental or
regulatory authority, agency or recording office an effective financing
statement, security agreement, license or transfer or any notice of any of the
foregoing (other than those that have been filed in favor of the Secured Party
pursuant to this Agreement) covering or affecting any of the Intellectual
Property.  So long as this Agreement shall be in effect, the Company
shall not execute and shall not knowingly permit to be on file in any such
office or agency any such financing statement or other document or instrument
(except to the extent filed or recorded in favor of the Secured Party pursuant
to the terms of this Agreement), except for a financing statement covering
assets acquired by the Company after the date hereof, provided that the value of
the Intellectual Property covered by this Agreement along with the Collateral
(as defined in the Security Agreement) is equal to at least 150% of the
Obligations.

       

      (d)           The
Company shall at all times maintain its books of account and records relating to
the Intellectual Property at its principal place of business and its
Intellectual Property at the locations set forth on Schedule A attached
hereto and may not relocate such books of account and records unless it delivers
to the Secured Party at least 30 days prior to such relocation (i) written
notice of such relocation and the new location thereof (which must be within the
United States) and (ii) evidence that the necessary documents have been
filed and recorded and other steps have been taken to perfect the Security
Interest to create in favor of the Secured Party valid, perfected and continuing
first priority liens in the Intellectual Property to the extent they can be
perfected through such filings.

       

      (e)           This
Agreement creates in favor of the Secured Party a valid security interest in the
Intellectual Property securing the payment and performance of the Obligations
and, upon making the filings required hereunder, a perfected first priority
security interest in such Intellectual Property to the extent that it can be
perfected through such filings.

       

      (f)           
Upon request of the Secured Party, the Company shall execute and deliver any and
all agreements, instruments, documents, and papers as the Secured Party may
request to evidence the Secured Party’s security interest in the Intellectual
Property and the goodwill and general intangibles of the Company relating
thereto or represented thereby, and the Company hereby appoints the Secured
Party its attorney-in-fact to execute and file all such writings for the
foregoing purposes, all acts of such attorney being hereby ratified and
confirmed; such power being coupled with an interest is irrevocable until the
Obligations have been fully satisfied and are paid in full.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (g)           The
execution, delivery and performance of this Agreement does not conflict with or
cause a breach or default, or an event that with or without the passage of time
or notice, shall constitute a breach or default, under any agreement to which
the Company is a party or by which the Company is bound.  No consent
(including, without limitation, from stock holders or creditors of the Company)
is required for the Company to enter into and perform its obligations
hereunder.

       

      (h)           The
Company shall at all times maintain the liens and Security Interest provided for
hereunder as valid and perfected first priority liens and security interests in
the Intellectual Property to the extent they can be perfected by filing in favor
of the Secured Party until this Agreement and the Security Interest hereunder
shall terminate pursuant to Section 11.  The Company hereby agrees to
defend the same against any and all persons.  The Company shall
safeguard and protect all Intellectual Property for the account of the Secured
Party.  Without limiting the generality of the foregoing, the Company
shall pay all fees, taxes and other amounts necessary to maintain the
Intellectual Property and the Security Interest hereunder, and the Company shall
obtain and furnish to the Secured Party from time to time, upon demand, such
releases and/or subordinations of claims and liens which may be required to
maintain the priority of the Security Interest hereunder.

       

      (i)           The
Company will not transfer, pledge, hypothecate, encumber, license (except for
non-exclusive licenses granted by the Company in the ordinary course of
business), sell or otherwise dispose of any of the Intellectual Property without
the prior written consent of the Secured Party.

       

      (j)           The
Company shall, within ten (10) days of obtaining knowledge thereof, advise the
Secured Party promptly, in sufficient detail, of any substantial change in the
Intellectual Property, and of the occurrence of any event which would have a
material adverse effect on the value of the Intellectual Property or on the
Secured Party’s security interest therein.

       

      (k)           The
Company shall permit the Secured Party and its representatives and agents to
inspect the Intellectual Property at any time, and to make copies of records
pertaining to the Intellectual Property as may be requested by the Secured Party
from time to time.

       

      (l)           The
Company will take all steps reasonably necessary to diligently pursue and seek
to preserve, enforce and collect any rights, claims, causes of action and
accounts receivable in respect of the Intellectual Property.

       

      (m)           The
Company shall promptly notify the Secured Party in sufficient detail upon
becoming aware of any  attachment, garnishment, execution or other
legal process levied against any Intellectual Property and of any other
information received by the Company that may materially affect the value of the
Intellectual Property, the Security Interest or the rights and remedies of the
Secured Party hereunder.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (n)           All
information heretofore, herein or hereafter supplied to the Secured Party by or
on behalf of the Company with respect to the Intellectual Property is accurate
and complete in all material respects as of the date furnished.

       

      (o)           Schedule A attached
hereto contains a list of all of the subsidiaries of Company.

       

      (p)           Schedule B attached
hereto includes all Licenses, and all Patents and Patent Licenses, if any, owned
by the Company in its own name as of the date hereof.  Schedule B hereto
includes all Trademarks and Trademark Licenses, if any, owned by the Company in
its own name as of the date hereof.  Schedule B hereto
includes all Copyrights and Copyright Licenses, if any, owned by the Company in
its own name as of the date hereof.  Schedule B hereto
includes all Trade Secrets and Trade Secret Licenses, if any, owned by the
Company as of the date hereof.  To the best of the Company’s
knowledge, each License, Patent, Trademark, Copyright and Trade Secret is valid,
subsisting, unexpired, enforceable and has not been abandoned.  Except
as set forth in Schedule B, none of
such Licenses, Patents, Trademarks, Copyrights and Trade Secrets is the subject
of any licensing or franchise agreement.  To the best of the Company’s
knowledge, no holding, decision or judgment has been rendered by any
Governmental Body which would limit, cancel or question the validity of any
License, Patent, Trademark, Copyright and Trade Secrets .  No action
or proceeding is pending (i) seeking to limit, cancel or question the validity
of any License, Patent, Trademark, Copyright or Trade Secret, or (ii) which, if
adversely determined, would have a material adverse effect on the value of any
License, Patent, Trademark, Copyright or Trade Secret.  The Company
has used and will continue to use for the duration of this Agreement, proper
statutory notice in connection with its use of the Patents, Trademarks and
Copyrights and consistent standards of quality in products leased or sold under
the Patents, Trademarks and Copyrights.

       

      (q)           With
respect to any Intellectual Property:

       

      
        	
                 
      

              	
                (i)

              	
                such
      Intellectual Property is subsisting and has not been adjudged invalid or
      unenforceable, in whole or in part;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                such
      Intellectual Property is valid and
enforceable;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Company has made all necessary filings and recordations to protect its
      interest in such Intellectual Property, including, without limitation,
      recordations of all of its interests in the Patents, Patent Licenses,
      Trademarks and Trademark Licenses in the United States Patent and
      Trademark Office and in corresponding offices throughout the world and its
      claims to the Copyrights and Copyright Licenses in the United States
      Copyright Office and in corresponding offices throughout the
      world;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                other
      than as set forth in Schedule B, the
      Company is the exclusive owner of the entire and unencumbered right, title
      and interest in and to such Intellectual Property and no claim has been
      made that the use of such Intellectual Property infringes on the asserted
      rights of any third party; and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (v)

              	
                the
      Company has performed and will continue to perform all acts and has paid
      all required fees and taxes to maintain each and every item of
      Intellectual Property in full force and effect throughout the world, as
      applicable.

              

      

       

      
        (r)           Except
with respect to any Trademark or Copyright that the Company  shall
reasonably determine is of negligible economic value to the Company, the Company
shall:

         

        (i)           maintain
each Trademark and Copyright in full force free from any claim of abandonment
for non-use, maintain as in the past the quality of products and services
offered under such Trademark or Copyright;  employ such Trademark or
Copyright with the appropriate notice of registration; not adopt or use any mark
which is confusingly similar or a colorable imitation of such Trademark or
Copyright unless the Secured Party shall obtain a perfected security interest in
such mark pursuant to this Agreement; and not (and not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act whereby any
Trademark or Copyright may become invalidated;

         

        (ii)          not,
except with respect to any Patent that it shall reasonably determine is of
negligible economic value to it, do any act, or omit to do any act, whereby any
Patent may become abandoned or dedicated; and

         

        (iii)         notify
the Secured Party immediately if it knows, or has reason to know, that any
application or registration relating to any Patent, Trademark or Copyright may
become abandoned or dedicated, or of any adverse determination or development
(including, without limitation, the institution of, or any such determination or
development in, any proceeding in the United States Patent and Trademark Office,
United States Copyright Office or any court or tribunal in any country)
regarding its ownership of any Patent, Trademark or Copyright or its right to
register the same or to keep and maintain the same.

         

      

      (s)           Whenever
the Company, either by itself or through any agent, employee, licensee or
designee, shall file an application for the registration of any Patent,
Trademark or Copyright with the United States Patent and Trademark Office,
United States Copyright Office or any similar office or agency in any other
country or any political subdivision thereof or acquire rights to any new
Patent, Trademark or Copyright whether or not registered, report such filing to
the Secured Party within five business days after the last day of the fiscal
quarter in which such filing occurs.

       

      (t)           The
Company shall take all reasonable and necessary steps, including, without
limitation, in any proceeding before the United States Patent and Trademark
Office, United States Copyright Office or any similar office or agency in any
other country or any political subdivision thereof, to maintain and pursue each
application (and to obtain the relevant registration) and to maintain each
registration of the Patents, Trademarks and Copyrights, including, without
limitation, filing of applications for renewal, affidavits of use and affidavits
of incontestability.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (u)           In
the event that any Patent, Trademark or Copyright included in the Intellectual
Property is infringed, misappropriated or diluted by a third party, promptly
notify the Secured Party after it learns thereof and shall, unless it shall
reasonably determine that such Patent, Trademark or Copyright is of negligible
economic value to it, which determination it shall promptly report to the
Secured Party, promptly sue for infringement, misappropriation or dilution, to
seek injunctive relief where appropriate and to recover any and all damages for
such infringement, misappropriation or dilution, or take such other actions as
it shall reasonably deem appropriate under the circumstances to protect such
Patent, Trademark or Copyright.  If the Company lacks the financial
resources to comply with this Section 3(t), the Company shall so notify the
Secured Party and shall cooperate fully with any enforcement action undertaken
by the Secured Party on behalf of the Company.

       

      4.           Defaults.  The
following events shall be “Events of
Default”:

       

      (a)           The
occurrence of an Event of Default (as defined in the Notes) under the
Notes;

       

      (b)           Any
representation or warranty of the Company in this Agreement or in the Security
Agreement shall prove to have been incorrect in any material respect when
made;

       

      (c)           The
failure by the Company to observe or perform any of its obligations hereunder or
in the Security Agreement for ten (10) days after receipt by the Company of
notice of such failure from the Secured Party; and

       

      (d)           Any
breach of, or default under, the Warrants.

       

      5.           Duty To Hold In
Trust.  Upon the occurrence of any Event of Default and at any
time thereafter, the Company shall, upon receipt by it of any revenue, income or
other sums subject to the Security Interest, whether payable pursuant to the
Notes or otherwise, or of any check, draft, note, trade acceptance or other
instrument evidencing an obligation to pay any such sum, hold the same in trust
for the Secured Party and shall forthwith endorse and transfer any such sums or
instruments, or both, to the Secured Party for application to the satisfaction
of the Obligations.

       

      6.           Rights and Remedies Upon
Default.  Upon occurrence of any Event of Default and at any
time thereafter, the Secured Party shall have the right to exercise all of the
remedies conferred hereunder and under the Notes, and the Secured Party shall
have all the rights and remedies of a secured party under the UCC and/or any
other applicable law (including the Uniform Commercial Code of any jurisdiction
in which any Intellectual Property is then located).  Without
limitation, the Secured Party shall have the following rights and
powers:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (a)           The
Secured Party shall have the right to take possession of the Intellectual
Property and, for that purpose, enter, with the aid and assistance of any
person, any premises where the Intellectual Property, or any part thereof, is or
may be placed and remove the same, and the Company shall assemble the
Intellectual Property and make it available to the Secured Party at places which
the Secured Party shall reasonably select, whether at the Company’s premises or
elsewhere, and make available to the Secured Party, without rent, all of the
Company’s respective premises and facilities for the purpose of the Secured
Party taking possession of, removing or putting the Intellectual Property in
saleable or disposable form.

       

      (b)           The
Secured Party shall have the right to operate the business of the Company using
the Intellectual Property and shall have the right to assign, sell, lease or
otherwise dispose of and deliver all or any part of the Intellectual Property,
at public or private sale or otherwise, either with or without special
conditions or stipulations, for cash or on credit or for future delivery, in
such parcel or parcels and at such time or times and at such place or places,
and upon such terms and conditions as the Secured Party may deem commercially
reasonable, all without (except as shall be required by applicable statute and
cannot be waived) advertisement or demand upon or notice to the Company or right
of redemption of the Company, which are hereby expressly waived.  Upon
each such sale, lease, assignment or other transfer of Intellectual Property,
the Secured Party may, unless prohibited by applicable law which cannot be
waived, purchase all or any part of the Intellectual Property being sold, free
from and discharged of all trusts, claims, right of redemption and equities of
the Company, which are hereby waived and released.

       

      7.           Applications of
Proceeds.  The proceeds of any such sale, lease or other
disposition of the Intellectual Property hereunder shall be applied first, to
the expenses of retaking, holding, storing, processing and preparing for sale,
selling, and the like (including, without limitation, any taxes, fees and other
costs incurred in connection therewith) of the Intellectual Property, to the
reasonable attorneys’ fees and expenses incurred by the Secured Party in
enforcing its rights hereunder and in connection with collecting, storing and
disposing of the Intellectual Property, and then to satisfaction of the
Obligations, and to the payment of any other amounts required by applicable law,
after which the Secured Party shall pay to the Company any surplus
proceeds.  If, upon the sale, license or other disposition of the
Intellectual Property, the proceeds thereof are insufficient to pay all amounts
to which the Secured Party is legally entitled, the Company will be liable for
the deficiency, together with interest thereon, at the rate of 15% per annum
(the “Default
Rate”), and the reasonable fees of any attorneys employed by the Secured
Party to collect such deficiency.  To the extent permitted by
applicable law, the Company waives all claims, damages and demands against the
Secured Party arising out of the repossession, removal, retention or sale of the
Intellectual Property, unless due to the gross negligence or willful misconduct
of the Secured Party.

       

      8.           Costs and
Expenses.   The Company agrees to pay all out-of-pocket fees,
costs and expenses incurred in connection with any filing required hereunder,
including without limitation, any financing statements, continuation statements,
partial releases and/or termination statements related thereto or any expenses
of any searches reasonably required by the Secured Party.  The Company
shall also pay all other claims and charges which in the reasonable opinion of
the Secured Party might prejudice, imperil or otherwise affect the Intellectual
Property or the Security Interest therein.  The Company will also,
upon demand, pay to the Secured Party the amount of any and all reasonable
expenses, including the reasonable fees and expenses of its counsel and of any
experts and agents, which the Secured Party may incur in connection with (i) the
enforcement of this Agreement, (ii) the custody or preservation of, or the sale
of, collection from, or other realization upon, any of the Intellectual
Property, or (iii) the exercise or enforcement of any of the rights of the
Secured Party under the Notes. Until so paid, any fees payable hereunder shall
be added to the principal amount of the Notes and shall bear interest at the
Default Rate.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      9.           Responsibility for
Intellectual Property.  The Company assumes all liabilities and
responsibility in connection with all Intellectual Property, and the obligations
of the Company hereunder or under the Notes and the Warrants shall in no way be
affected or diminished by reason of the loss, destruction, damage or theft of
any of the Intellectual Property or its unavailability for any
reason.

       

      10.           Security Interest
Absolute.  All rights of the Secured Party and all Obligations
of the Company hereunder, shall be absolute and unconditional, irrespective of:
(a) any lack of validity or enforceability of this Agreement, the Notes, the
Warrants or any agreement entered into in connection with the foregoing, or any
portion hereof or thereof; (b) any change in the time, manner or place of
payment or performance of, or in any other term of, all or any of the
Obligations, or any other amendment or waiver of or any consent to any departure
from the Notes, the Warrants  or any other agreement entered into in
connection with the foregoing; (c) any exchange, release or nonperfection of any
of the Intellectual Property, or any release or amendment or waiver of or
consent to departure from any other Intellectual Property for, or any guaranty,
or any other security, for all or any of the Obligations; (d) any action by the
Secured Party to obtain, adjust, settle and cancel in its sole discretion any
insurance claims or matters made or arising in connection with the Intellectual
Property; or (e) any other circumstance which might otherwise constitute any
legal or equitable defense available to the Company, or a discharge of all or
any part of the Security Interest granted hereby.  Until the
Obligations shall have been paid and performed in full, the rights of the
Secured Party shall continue even if the Obligations are barred for any reason,
including, without limitation, the running of the statute of limitations or
bankruptcy.  The Company expressly waives presentment, protest, notice
of protest, demand, notice of nonpayment and demand for performance. In the
event that at any time any transfer of any Intellectual Property or any payment
received by the Secured Party hereunder shall be deemed by final order of a
court of competent jurisdiction to have been a voidable preference or fraudulent
conveyance under the bankruptcy or insolvency laws of the United States, or
shall be deemed to be otherwise due to any party other than the Secured Party,
then, in any such event, the Company’s obligations hereunder shall survive
cancellation of this Agreement, and shall not be discharged or satisfied by any
prior payment thereof and/or cancellation of this Agreement, but shall remain a
valid and binding obligation enforceable in accordance with the terms and
provisions hereof.  The Company waives all right to require the
Secured Party to proceed against any other person or to apply any Intellectual
Property which the Secured Party may hold at any time, or to marshal assets, or
to pursue any other remedy.  The Company waives any defense arising by
reason of the application of the statute of limitations to any obligation
secured hereby.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      11.           Term of
Agreement.  This Agreement and the Security Interest shall
terminate on the date on which all payments under the Notes have been made in
full and all other Obligations have been paid or discharged.  Upon
such termination, the Secured Party, at the request and at the expense of the
Company, will join in executing any termination statement with respect to any
financing statement executed and filed pursuant to this Agreement.

       

      12.           Power of Attorney; Further
Assurances.

       

      (a)           The
Company authorizes the Secured Party, and does hereby make, constitute and
appoint it, and its respective officers, agents, successors or assigns with full
power of substitution, as the Company’s true and lawful attorney-in-fact, with
power, in its own name or in the name of the Company, to, after the occurrence
and during the continuance of an Event of Default, (i) endorse any notes,
checks, drafts, money orders, or other instruments of payment (including
payments payable under or in respect of any policy of insurance) in respect of
the Intellectual Property that may come into possession of the Secured Party;
(ii) to sign and endorse any UCC financing statement or any invoice, freight or
express bill, bill of lading, storage or warehouse receipts, drafts against
debtors, assignments, verifications and notices in connection with accounts, and
other documents relating to the Intellectual Property; (iii) to pay or discharge
taxes, liens, security interests or other encumbrances at any time levied or
placed on or threatened against the Intellectual Property; (iv) to demand,
collect, receipt for, compromise, settle and sue for monies due in respect of
the Intellectual Property; and (v) generally, to do, at the option of the
Secured Party, and at the Company’s expense, at any time, or from time to time,
all acts and things which the Secured Party deems necessary to protect, preserve
and realize upon the Intellectual Property and the Security Interest granted
therein in order to effect the intent of this Agreement, the Notes and the
Warrants, all as fully and effectually as the Company might or could do; and the
Company hereby ratifies all that said attorney shall lawfully do or cause to be
done by virtue hereof.  This power of attorney is coupled with an
interest and shall be irrevocable for the term of this Agreement and thereafter
as long as any of the Obligations shall be outstanding.

       

      (b)           On
a continuing basis, the Company will make, execute, acknowledge, deliver, file
and record, as the case may be, in the proper filing and recording places in any
jurisdiction, including, without limitation, the jurisdictions indicated on
Schedule C,
attached hereto, all such instruments, and take all such action as may
reasonably be deemed necessary or advisable, or as reasonably requested by the
Secured Party, to perfect the Security Interest granted hereunder and otherwise
to carry out the intent and purposes of this Agreement, or for assuring and
confirming to the Secured Party the grant or perfection of a security interest
in all the Intellectual Property.

       

      (c)           The
Company hereby irrevocably appoints the Secured Party as the Company’s
attorney-in-fact, with full authority in the place and stead of the Company and
in the name of the Company, from time to time in the Secured Party’s discretion,
to take any action and to execute any instrument which the Secured Party may
deem necessary or advisable to accomplish the purposes of this Agreement,
including the filing, in its sole discretion, of one or more financing or
continuation statements and amendments thereto, relative to any of the
Intellectual Property without the signature of the Company where permitted by
law.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      13.           Notices.  All
notices, requests, demands and other communications hereunder shall be in
writing, with copies to all the other parties hereto, and shall be deemed to
have been duly given when (i) if delivered by hand, upon receipt, (ii) if sent
by facsimile, upon receipt of proof of sending thereof, (iii) if sent by
nationally recognized overnight delivery service (receipt requested), the next
business day or (iv) if mailed by first-class registered or certified mail,
return receipt requested, postage prepaid, four days after posting in the U.S.
mails, in each case if delivered to the following addresses:

       

      
        
          	
                  If
      to the Company:

                	
                  STI
      Group, Inc.

                
	 
      	
                  30950
      Rancho Viejo Road, #120

                
	 
      	
                  San
      Juan Capistrano, CA 92675

                
	 
      	
                  Attention:  Chief
      Executive Officer

                
	 
      	
                  Telephone:  (949)
      260-0150

                
	 
      	
                  Facsimile:  (815)
      301-8756

                
	 
      	 
      
	
                  With
      copies to:

                	
                  Richardson
      & Patel, LLP

                
	 
      	
                  405
      Lexington Avenue, 26th
      Floor,

                
	 
      	
                  New
      York, NY 10174

                
	 
      	
                  Attention:
      Jody R. Samuels, Esq.

                
	 
      	
                  Telephone:  (212)
      907-6686

                
	 
      	
                  Facsimile:  (212)
      907-6687

                
	 	 
	
                  If
      to the Secured Party:

                	
                  AJW
      Partners, LLC

                
	 
      	
                  AJW
      Partners II, LLC

                
	 
      	
                  AJW
      Master Fund, Ltd.

                
	 
      	
                  AJW
      Master Fund II, Ltd.

                
	 
      	
                  New
      Millennium Capital Partners III, LLC

                
	 
      	
                  1044
      Northern Boulevard

                
	 
      	
                  Suite
      302

                
	 
      	
                  Roslyn,
      New York 11576

                
	 
      	
                  Attention:  Corey
      Ribotsky

                
	 
      	
                  Facsimile:  516-739-7115

                
	 
      	 
      
	
                  With
      copies to:

                	
                  Ballard
      Spahr Andrews & Ingersoll, LLP

                
	 
      	
                  1735
      Market Street, 51st
      Floor

                
	 
      	
                  Philadelphia,
      Pennsylvania  19103

                
	 
      	
                  Attention:  Gerald
      J. Guarcini, Esquire

                
	 
      	
                  Facsimile:  215-864-8999

                

        

      

       

      14.           Other
Security.  To the extent that the Obligations are now or
hereafter secured by property other than the Intellectual Property or by the
guarantee, endorsement or property of any other person, firm, corporation or
other entity, then the Secured Party shall have the right, in its sole
discretion, to pursue, relinquish, subordinate, modify or take any other action
with respect thereto, without in any way modifying or affecting any of the
Secured Party’s rights and remedies hereunder.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      15.           Miscellaneous.

       

      (a)           No
course of dealing between the Company and the Secured Party, nor any failure to
exercise, nor any delay in exercising, on the part of the Secured Party, any
right, power or privilege hereunder or under the Notes shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder or thereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege.

       

      (b)           All
of the rights and remedies of the Secured Party with respect to the Intellectual
Property, whether established hereby or by the Notes or by any other agreements,
instruments or documents or by law shall be cumulative and may be exercised
singly or concurrently.

       

      (c)           This
Agreement and the Security Agreement constitute the entire agreement of the
parties with respect to the subject matter hereof and is intended to supersede
all prior negotiations, understandings and agreements with respect
thereto.  Except as specifically set forth in this Agreement, no
provision of this Agreement may be modified or amended except by a written
agreement specifically referring to this Agreement and signed by the parties
hereto.

       

      (d)           In
the event that any provision of this Agreement is held to be invalid, prohibited
or unenforceable in any jurisdiction for any reason, unless such provision is
narrowed by judicial construction, this Agreement shall, as to such
jurisdiction, be construed as if such invalid, prohibited or unenforceable
provision had been more narrowly drawn so as not to be invalid, prohibited or
unenforceable.  If, notwithstanding the foregoing, any provision of
this Agreement is held to be invalid, prohibited or unenforceable in any
jurisdiction, such provision, as to such jurisdiction, shall be ineffective to
the extent of such invalidity, prohibition or unenforceability without
invalidating the remaining portion of such provision or the other provisions of
this Agreement and without affecting the validity or enforceability of such
provision or the other provisions of this Agreement in any other
jurisdiction.

       

      (e)           No
waiver of any breach or default or any right under this Agreement shall be
considered valid unless in writing and signed by the party giving such waiver,
and no such waiver shall be deemed a waiver of any subsequent breach or default
or right, whether of the same or similar nature or otherwise.

       

      (f)           This
Agreement shall be binding upon and inure to the benefit of each party hereto
and its successors and assigns.

       

      (g)           Each
party shall take such further action and execute and deliver such further
documents as may be necessary or appropriate in order to carry out the
provisions and purposes of this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (h)           This
Agreement shall be construed in accordance with the laws of the State of New
York, except to the extent the validity, perfection or enforcement of a security
interest hereunder in respect of any particular Intellectual Property which are
governed by a jurisdiction other than the State of New York in which case such
law shall govern.  Each of the parties hereto irrevocably submit to
the exclusive jurisdiction of any New York State or United States Federal court
sitting in Manhattan county over any action or proceeding arising out of or
relating to this Agreement, and the parties hereto hereby irrevocably agree that
all claims in respect of such action or proceeding may be heard and determined
in such New York State or Federal court.  The parties hereto agree
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.  The parties hereto further waive any
objection to venue in the State of New York and any objection to an action or
proceeding in the State of New York on the basis of forum non
conveniens.

       

      (i)           EACH
PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO
THE SUBJECT MATER OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS
A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND
THAT EACH PARTY WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE
DEALINGS. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY
WAIVES ITS RIGHTS TO A JURY TRIAL FOLLOWING SUCH CONSULTATION.  THIS
WAIVER IS IRREVOCABLE, MEANING THAT, NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS AND SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.  IN THE EVENT OF A LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

       

      (j)           This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and, all of which taken together
shall constitute one and the same Agreement.  In the event that any
signature is delivered by facsimile transmission, such signature shall create a
valid binding obligation of the party executing (or on whose behalf such
signature is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

       

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed on the day and year first above written.

       

      
        
          	 
      	
                  COMPANY

                
	 
      	 
      
	 
      	
                  STI
      GROUP, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                            

                
	 
      	 
      	
                  David
      Walters

                
	 
      	 
      	
                  Chief
      Executive Officer

                
	 
      	 
      
	 
      	
                  SYSTEM
      EVOLUTION INCORPORATED

                
	 
      	 
      
	 
      	
                  By:

                	
                        

                	 
      
	 
      	
                  Name:

                	
                        

                	 
      
	 
      	
                  Its:

                	
                         

                	 
      

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        
          	 
      	
                  SECURED
      PARTY:

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  AJW
      PARTNERS, LLC

                	 
      
	 
      	
                  By:
      SMS Group, LLC

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                              

                	 
      
	 
      	 
      	
                  Corey
      S. Ribotsky

                	 
      
	 
      	 
      	
                  Manager

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  AJW
      PARTNERS II, LLC

                	 
      
	 
      	
                  By:
      SMS Group, LLC

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                              

                	 
      
	 
      	 
      	
                  Corey
      S. Ribotsky

                	 
      
	 
      	 
      	
                  Manager

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  AJW
      MASTER FUND, LTD.

                	 
      
	 
      	
                  By:  First
      Street Manager II, LLC

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                              

                	 
      
	 
      	 
      	
                  Corey
      S. Ribotsky

                	 
      
	 
      	 
      	
                  Manager

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  AJW
      MASTER FUND II, LTD.

                	 
      
	 
      	
                  By:  First
      Street Manager II, LLC

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                              

                	 
      
	 
      	 
      	
                  Corey
      S. Ribotsky

                	 
      
	 
      	 
      	
                  Manager

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  NEW
      MILLENNIUM CAPITAL PARTNERS III, LLC

                
	 
      	
                  By:  First
      Street Manager II, LLC

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                              

                	 
      
	 
      	 
      	
                  Corey
      S. Ribotsky

                	 
      
	 
      	 
      	
                  ManagerUnassociated Document

    THIS
AGREEMENT is dated 12 January 2009 and effective as of the Commencement
Date, as defined below, and is made

    

    BETWEEN:

    
       

      
        	
                (1)

              	
                China Architectural Engineering
      Inc., (the “Company”), of 63/F, Bank
      of China Tower, 1 Garden Road, Hong Kong; and

              
	 	 
	

                (2)

              	Albert Jan Grisel, (the
      “Executive”), of
      102 Repulse Bay Road, House A, Hong Kong.

      

       

    

    THE PARTIES AGREE AS
FOLLOWS:

    

    
      	
              1.

            	
              Interpretation

            

    

     

    
      	
              1.1

            	
              In
      this Agreement, where the context
admits:

            

    

     

    The
“Board" means the board
of directors of the Company or the directors present at a duly convened meeting
of the Company’s directors at which a quorum is present and acting
throughout.

     

    “Confidential Information”
means any trade secrets or confidential information (which may include
commercially sensitive information) important to and relating to the business of
the Company and/or any other Group Company or relating to any clients,
employees, consultants or officers of the Company and/or any other Group
Company. Confidential information includes but is not limited to confidential
customer lists or requirements, pricing structures, marketing and sales
information, business plans or dealings, non-public financial information and
plans, designs, formulae, product plans, research activities, and Intellectual
Property; any documents marked as confidential (or a similar
expression);  any information which the Executive has been told is of
a confidential nature or which might reasonably be expected by the Company
and/or any other Group Company to be regarded as confidential; and/or any
information which has been given to the Company and/or any other Group Company
in confidence.

     

    "Commencement Date" means 16
October 2008 or such other mutually agreed date.

     

    "Group Company" means the
Company, any subsidiary of the Company or any company in which the Company holds
or controls more than 20% in the nominal value of the shares in issue carrying
voting rights. “Subsidiary” shall have the meaning given to it in the Companies
Ordinance.

     

    "Intellectual Property" means
all intellectual and industrial property and all rights therein including,
without limiting the generality of the foregoing, all inventions (whether
patentable or not, and whether or not patent protection has been applied for or
granted), improvements, developments, discoveries, proprietary information,
trademarks, trade names, websites, internet domain names, logos, art work,
slogans, know-how, technical information, trade secrets, processes, designs
(whether or not registrable and whether or not design rights subsist in them),
utility models, works in which copyright may subsist (including computer
software and preparatory and design materials therefor), and all works protected
by rights or forms of protection of a similar nature or having equivalent effect
anywhere in the world.

     

    “Prospective Client” means any
person (other than a Restricted Client) who, at any time during the Executive’s
employment, or, where the covenant applies after termination of employment, at
any time during the six month period immediately prior to the date of his
termination of employment, was a person:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (1)

            	
              from
      whom the Company and/or any other Group Company solicited or has solicited
      business during the relevant
period;

            

    

     

    
      	
               
      

            	
              (2)

            	
              to
      whom the Company and/or any other Group Company has made a presentation
      during the relevant period; or

            

    

     

    
      	
               
      

            	
              (3)

            	
              for
      whom the Company and/or any other Group Company has taken steps in
      preparing to solicit business during the relevant
  period,

            

    

     

    and with
whom during such relevant period the Executive shall have had business
dealings.

     

    "Restricted Business" means any
of the businesses of the Company and/or any other Group Company in which the
Executive was involved with during his employment (or where the restriction is
being enforced after cessation of his employment, in the six months prior to
such cessation).

     

    "Restricted Client" means any
person who, at any time during the Executive’s employment or, where the covenant
applies after termination of employment, at any time during the six month period
immediately prior to the date of his termination of employment, was a client or
customer of the Company and/or any other Group Company and with whom during such
period the Executive shall have had business dealings.

     

    
      	
              1.2

            	
              In
      this Agreement, where the context
admits:

            

    

     

    
      	
               
      

            	
              (A)

            	
              references
      to any statute or statutory provisions include a reference to those
      provisions as amended or re-enacted or as their application is modified by
      other provisions from time to time and any reference to a statutory
      provision shall include any subordinate legislation made from time to time
      under that provision;

            

    

     

    
      	
               
      

            	
              (B)

            	
              references
      to a “person”
      include any individual, company, body corporate, corporation sole or
      aggregate, government, state or agency of a state, firm, partnership,
      joint venture, association, organisation or trust (in each case, whether
      or not having separate legal personality and irrespective of the
      jurisdiction in or under the law of which it was incorporated or exists)
      and a reference to any of them shall include a reference to the
      others;

            

    

     

    
      	
               
      

            	
              (C)

            	
              any
      reference to “writing” shall include
      typewriting, printing, lithography, photography, telex, facsimile,
      electronic mail and other modes of representing or reproducing words in a
      legible form;

            

    

     

    
      	
               
      

            	
              (D)

            	
              words
      denoting the singular shall include the plural and vice versa;
      and

            

    

     

    
      	
               
      

            	
              (E)

            	
              the
      masculine gender shall be deemed to include the feminine
      gender.

            

    

     

    
      	
              1.3

            	
              Headings
      are inserted for convenience only and shall not affect the construction of
      this Agreement.

            

    

     

    
      	
              2.

            	
              Appointment,
      position and commencement of
employment

            

    

     

    
      	
              2.1

            	
              The
      Company appoints the Executive and the Executive agrees to serve the
      Company and any other Group Company, as required by the Company, in the
      capacity of Chief Financial Officer.  The Executive’s
      appointment is conditional on obtaining any necessary employment
      visa.

            

    

     

    
      	
              2.2

            	
              The
      Executive will provide regular reports to the Board from time to
      time.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              2.3

            	
              The
      Executive’s employment shall take effect from the Commencement Date
      subject to the termination provisions in this
  Agreement.

            

    

     

    
      	
              2.4

            	
              The
      Executive warrants that, in entering into this Agreement and performing
      his obligations under it, he will not be in breach of any terms or
      obligations under any further or other covenant or agreement with any
      third party.

            

    

     

    
      	
              2.5

            	
              The
      Executive agrees that he will not make use of any confidential information
      belonging to any third party which he is not permitted to disclose and he
      indemnifies the Company against any losses it may incur as a result of the
      breach of this clause.

            

    

     

    
      	
              3.

            	
              Directorships

            

    

     

    
      	
              3.1

            	
              The
      Executive may be reasonably required by the Board to accept appointment as
      director or other officer of the Company and/or any other Group Company in
      connection with his appointment under this Agreement from time to
      time.  In such event, the Executive shall reasonably accept such
      appointment.  He shall also resign without claim for
      compensation from such directorship or office at any time on request by
      the Company and such resignation shall not affect the continuance in any
      way of this Agreement.  The Executive shall immediately account
      to the Company for any director's fees or other emoluments, remuneration
      or payments either receivable or received by him by virtue of his holding
      such directorship or office (or waive any right to the same if so required
      by the Company).

            

    

     

    
      	
              3.2

            	
              Save
      with the prior agreement in writing of the Board, the Executive shall not,
      during the continuance of this Agreement, resign from any directorship or
      office of the Company and/or any other Group Company in which he holds a
      directorship at the Company’s request, or do anything that would cause him
      to be disqualified from continuing to act as a
  director.

            

    

     

    
      	
              3.3

            	
              In
      the event of the termination of the employment of the Executive for
      whatever reason and whether by notice or in any other manner whatsoever,
      the Executive shall, upon the request of the Board resign without claim
      for compensation from any directorships or offices of the Company and/or
      any other Group Company in which he holds a directorship or office at the
      Board’s request.

            

    

     

    
      	
              3.4

            	
              Should
      the Executive fail to resign from any directorship or any other office
      when so requested by the Board, either during his employment or upon
      termination, the Company is irrevocably authorised to appoint a person in
      his name and on his behalf to execute any documents and to do all things
      required to give effect to the
resignation.

            

    

     

    
      	
              3.5

            	
              The
      Company will seek to purchase suitable Director’s & Officer's
      liability insurance cover for the Executive, subject to any applicable
      legal requirements and compliance with any criteria or conditions imposed
      by the relevant insurer.

            

    

     

    
      	
              4.

            	
              Duties
      

            

    

     

    
      	
              4.1

            	
              The
      Executive shall exercise such powers, perform such duties and comply with
      such directions in relation to the business of the Company and/or any
      other Group Company as the Board may, from time to time, confer upon or
      assign or give to him. The Executive will in particular be responsible
      for, but not limited to: debt and equity financing, investor relations and
      the Company’s finance department in
general.

            

    

     

    
      	
              4.2

            	
              The
      Executive shall during working hours devote his time and attention and
      abilities to the business of the Company and/or any other Group Company
      with which the Executive is required by the Board to be concerned
      with and shall perform all duties commensurate with his position at such
      times as may be required by the Company and/or any other Group Company. He
      shall use his best endeavours to promote and protect the general interests
      and welfare of the Company and such other Group
  Company.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              4.3

            	
              The
      Executive shall at all times promptly give to the Board (in writing if so
      requested) all such information, explanations and assistance as it may
      require in connection with the business of the Company and/or any other
      Group Company with which the Executive is required by the Board to be
      concerned with.

            

    

     

    
      	
              5.

            	
              Place
      of work

            

    

     

    
      	
              5.1

            	
              The
      Executive's principal place of work be at the Company’s Hong Kong office,
      currently at 63/F, Bank of China Tower, 1 Garden Road, Hong
      Kong.

            

    

     

    
      	
              5.2

            	
              The
      Executive may be required to travel outside Hong Kong on the business of
      the Company and/or any other Group Company from time to
    time.

            

    

     

    
      	
              6.

            	
              Hours
      of work

            

    

     

    
      	
              6.1

            	
              The
      Executive shall work normal business hours during Monday to
      Friday.

            

    

     

    
      	
              6.2

            	
              The
      Executive may also be required to work such additional hours as may be
      necessary in the performance of his duties and powers under this
      Agreement.  No overtime will be paid with respect to any
      additional hours worked.

            

    

     

    
      	
              7.

            	
              Remuneration

            

    

     

    
      	
              7.1

            	
              The
      Executive’s salary will initially be at the annual rate of HKD
      1,852,500.  Such salary shall be payable around the end of each
      month by equal monthly instalments in Hong Kong
      dollars.  

            

    

     

    
      	
              7.2

            	
              The
      Executive’s salary shall be reviewed after two years from the Commencement
      Date and the Company will reasonably take into account the past and
      expected consumer price index in Hong Kong. The Company may adjust the
      Executive’s remuneration upward as it considers
    appropriate.

            

    

     

    
      	
              7.3

            	
              Subject
      to clause 7.4, the Executive will be entitled
      to a cash bonus to an amount of US$150,000 in respect of the financial
      years ending 31 December 2008 and 31 December 2009 (3 months pro-rata for
      2008). Such cash bonus is payable within 3 months after the relevant
      financial year.

            

    

     

    
      	
              7.4

            	
              Unless
      required by law or specifically referred to in this Agreement, all such
      cash bonus will cease to be payable if the Executive is no longer an
      employee of the Company at the proposed payment
  date.

            

    

     

    
      	
              7.5

            	
              The
      Executive shall be entitled to a sign-on bonus of US$ 75,000 and certain
      number of  shares of the Company, to be determined by the equity
      compensation committee. These shares will be transferred to a personal
      custodian account of the Executive’s choice (“Custodian
      Account”).  The Company shall be responsible for all
      incidental fees and charges to effect such transfers, which will be
      effected within 2 weeks after determination by the equity compensation
      committee in 2008.

            

    

     

    
      	
              7.6

            	
              Subject
      to clause 7.8, the Executive is entitled to
      50,000 shares of the Company, to be transferred to the Custodian Account,
      by the Company at the end of the 12th,
      24th
      and 36th
      month of continued service.

            

    

     

    
      	
              7.7

            	
              Subject
      to clause 7.8, the Executive is entitled to
      50,000 share options of the Company at the end of 12th,
      24th
      and 36th
      month of continued service, with strike price equal to the
      fair  market value of the Company’s common stock on the date of
      the respective grant. The options are exercisable up till and including
      the 6th
      anniversary of such options series.  Unless the market price of
      the options is less than the strike price, any options not exercised
      before the 6th
      anniversary will automatically be exercised at the 6th
      anniversary of such option series, conditional upon the strike price being
      paid by the Executive.  Such options
      cannot be exercised within the first six months of their respective date
      of grant.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              7.8

            	
              The
      share grant and options provided in clauses 7.5, 7.6 and 7.7 will be subject to the Executive remaining
      an employee (save for the situation provided for in clause 17.6) at the date of grant. Such share grant
      and options will also be subject to anti-dilution
      protection.  Any share dilution taking effect after the date of
      the term sheet agreed on 28 September 2008 will be measured against the
      number of outstanding shares on the date of the grant. The number of share
      and options in any subsequent grants will then be adjusted proportionately
      to reflect any dilution effect.

            

    

     

    
      	
              7.9

            	
              At
      the discretion of the Company, part of the Executive’s annual remuneration
      up to a maximum of 60% may be expressed as a reimbursement of housing
      expenses and, based on current Inland Revenue practices, this portion is
      not expected to be subject to Hong Kong salaries tax.  The
      Executive will however instead be taxed on a ‘rental value’, currently
      calculated by the Inland Revenue Department as 10% of other taxable
      income. To participate in this arrangement, the Executive is required to
      provide the Company with a copy of the stamped lease agreement in his name
      and the relevant receipts for rent.

            

    

     

    
      	
              7.10

            	
              The
      Executive agrees that he will account to any appropriate authority for all
      taxes payable by him under any applicable law or regulation in respect of
      all sums received by him under this Agreement and shall indemnify the
      Company for any losses, costs or expenses incurred by the Company and
      resulting from his failure to do
so.

            

    

     

    
      	
              7.11

            	
              The
      Executive’s remuneration, or any part of it, may be paid by the Company or
      any other entity it nominates.  For the avoidance of doubt,
      payment of any part of the Executive’s remuneration by such an entity will
      extinguish the Company’s obligation to pay such amount to the Executive
      directly.

            

    

     

    
      	
              8.

            	
              Expenses

            

    

     

    
      	
              8.1

            	
              The
      Company shall pay or refund or procure to be paid or refunded to the
      Executive all reasonable travelling, entertainment and other similar out
      of pocket expenses necessarily and wholly incurred by the Executive in the
      proper performance of his duties. The Executive is required to produce
      evidence of such expenses as the Company may reasonably
      require.

            

    

     

    
      	
              9.

            	
              Annual
      leave and holidays

            

    

     

    
      	
              9.1

            	
              The
      Executive will be entitled to 30 working days annual leave per year
      exclusive of statutory and public
holidays.

            

    

     

    
      	
              9.2

            	
              The
      leave year currently runs from 1 January to 31 December. Subject to legal
      requirements, the Executive may carry over his annual leave days to the
      next leave year unless otherwise disapproved by the Company. Annual leave
      which is accrued but unused will be paid out upon termination, subject to
      applicable legal requirements.

            

    

     

    
      	
              9.3

            	
              Annual
      leave pay for statutory leave will be calculated in accordance with the
      Employment Ordinance, and leave pay for additional annual leave shall be
      calculated as the Company shall determine from time to
      time.  Payments in lieu of annual leave upon termination, if
      any, will also be calculated based on such formulae. The Executive shall
      be deemed to have taken statutory annual leave before additional
      leave.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              9.4

            	
              The
      Executive will be entitled to Saturday and Sunday as weekly days off but
      only Sunday will be treated as a statutory rest day under the Employment
      Ordinance.  Saturday will be a contractual day off which is
      inclusive of any statutory or public holiday which falls on a
      Saturday.

            

    

     

    
      	
              10.

            	
              Sickness
      

            

    

     

    
      	
              10.1

            	
              The
      Executive is entitled to paid sick leave. The Company shall provide full
      pay for each day of sickness.  Without prejudice to the
      Executive’s appointment under this Agreement, the Company shall be
      entitled during any period of the Executive’s absence due to illness,
      injury or other incapacity to temporarily appoint another employee to
      perform the duties and exercise the powers of the Executive in his place
      on such terms and conditions as the Company shall see
  fit.

            

    

     

    
      	
              11.

            	
              Retirement
      scheme

            

    

     

    
      	
              11.1

            	
              The
      Company will enrol the Executive in a Mandatory Provident Fund Scheme as
      required by law. The Company will make the minimum required contributions
      under law, which are currently 5% of relevant income or HK$1,000 per
      month, whichever the lower. The Executive’s statutory contributions, which
      are currently 5% of relevant income or HK$1,000 per month, whichever the
      lower, will be deducted from salary each
month.

            

    

     

    
      	
              12.

            	
              Benefits
      

            

    

     

    
      	
              12.1

            	
              The
      Executive is entitled to medical cover and disability benefits under the
      Company's relevant insurance schemes subject to their terms and conditions
      from time to time and subject to meeting relevant eligibility
      criteria.  The Executive can elect not to receive such benefits
      and receive a paid cash equivalent equal to the amount that the Company
      otherwise would have incurred.

            

    

     

    
      	
              12.2

            	
              The
      Company shall make available
      to the Executive a car, a car parking space (at or near the Executive’s
      principal place of work) and a driver for his business use. The type of
      car will be of such type as the Company may in its absolute discretion
      decide is suitable. The Company shall pay the running expenses in
      connection with the use of the car in accordance with its car policy in
      place from time to time.

            

    

     

    
      	
              12.3

            	
              The
      Executive is entitled to membership of the American Club or alternatively
      at the option of the Executive, Aberdeen Marina Club.  The
      Company will procure a corporate debenture to be acquired to accommodate
      the Executive’s membership no later than 15 December 2008.  The
      Executive is responsible for any ongoing costs save for the monthly
      subscription cost, in relation to the use of the
      membership.  This benefit is subject to any eligibility criteria
      imposed by the relevant club and to the Executive’s full compliance with
      any rules and regulations of the
club.

            

    

     

    
      	
              12.4

            	
              The
      Executive is entitled to a transportation allowance of HK$15,000 payable
      monthly.

            

    

     

    
      	
              12.5

            	
              The
      Executive and his family (up to a maximum of 4 dependents) are entitled to
      one business class ticket each from Hong Kong to Amsterdam per calendar
      year.  If such benefit is not utilised, the Executive may elect
      to receive a cash equivalent of this benefit as calculated by the Company
      by reference to the lowest prevailing rates of business class air tickets
      being charged by its travel agent.

            

    

     

    
      	
              12.6

            	
              The
      Executive is entitled to travel in business class (where available) when
      travelling on the Company’s
business.

            

    

     

    
      	
              12.7

            	
              Provision
      of the benefits above are subject to the Executive’s compliance with any
      criteria or rules as set by the relevant service provider from time to
      time.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              13.

            	
              Conflict
      of interest

            

    

     

    
      	
              13.1

            	
              During
      the continuance of this Agreement, the Executive shall not without the
      prior written consent of the Company, either as principal, agent,
      employee, consultant, advisor or other, carry on or be engaged, concerned
      or interested directly or indirectly (whether alone or on his own behalf
      or on behalf of or in association or conjunction with any other person and
      whether as an employee or in any other capacity) in any trade, business or
      occupation whatsoever other than that of the Company and/or any other
      Group Company otherwise than as a holder for personal investment purposes
      only of any shares or other capital of any listed company and which does
      not compete with the Company and/or any other Group
    Company.

            

    

     

    
      	
              13.2

            	
              The
      Executive will disclose promptly to the Company in writing all his
      interests in any business other than that of the Company and any other
      Group Company and will notify the Company immediately of any change in his
      external interests.

            

    

     

    
      	
              13.3

            	
              During
      the term of his employment, the Executive will not introduce to any other
      person, firm, company or organisation, business of any kind with which the
      Company and/or any other Group Company is able to deal and he will not
      have any outside financial interest in, or derive any financial or other
      benefit from, contracts or transactions entered into by the Company and/or
      any other Group Company without first disclosing such interest or benefit
      to the Company and obtaining its written
  approval.

            

    

     

    
      	
              14.

            	
              Confidentiality

            

    

     

    
      	
              14.1

            	
              As
      Confidential Information will from time to time become known to the
      Executive, the Company considers and the Executive acknowledges, that the
      following restraints are necessary for the reasonable protection by the
      Company of its business and/or the business of any other Group Company,
      the clients thereof or their respective
affairs.

            

    

     

    
      	
              14.2

            	
              The
      Executive shall not at any time, either during the continuance or after
      the cessation of his employment with the Company use, disclose or
      communicate to any person whatsoever any Confidential Information of which
      he has or may have become possessed during his employment with the Company
      or supply the contact details of any client, customer, supplier, agent,
      employee, consultant, or officers of the Company or any other Group
      Company to any person except in the proper course of his employment or as
      authorised in writing by the Company or as ordered by a court of competent
      jurisdiction.

            

    

     

    
      	
              14.3

            	
              The
      Executive shall not at any time, either during the continuance or after
      the cessation of his employment with the Company make, otherwise than for
      the benefit of the Company and/or any other Group Company, any notes or
      memoranda relating to any matter within the scope of his duties or
      concerning any of the dealings or affairs of the Company and/or any other
      Group Company.

            

    

     

    
      	
              14.4

            	
              The
      Executive shall not at any time, during the continuance or within 12
      months after cessation of his employment with the Company make any
      statement (whether written or oral) to any representative of television,
      radio, film, press or other similar media and shall not write any article
      for the press or otherwise for publication on any matter connected with or
      relating to the business of the Company and/or any other Group Company
      without first obtaining the written approval of the Company, except as
      required in the normal course of his employment by the Company.

            

    

     

    
      	
              15.

            	
              Intellectual
      property

            

    

     

    
      	
              15.1

            	
              If
      at any time in the course of, or in connection with, his employment under
      this Agreement the Executive makes or discovers or participates in the
      making or discovery of any Intellectual Property directly or indirectly
      relating to or capable of being used in the business carried on by the
      Company and/or any other Group Company, full details of the Intellectual
      Property shall immediately be disclosed in writing by him to the Company
      and the Intellectual Property shall be the absolute property of the
      Company and/or the relevant Group
Company.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              15.2

            	
              At
      the request and expense of the Company, the Executive shall give and
      supply all such information, data, drawings and assistance as may be
      necessary or in the opinion of the Company desirable to enable the Company
      to exploit the Intellectual Property to the best advantage (as decided by
      the Company), and shall execute all documents and do all things which may
      be necessary or in the opinion of the Company desirable for obtaining
      patent or other protection for the Intellectual Property in such parts of
      the world as may be specified by the Company and for vesting the same in
      the Company or as it may direct.  The obligations set out in
      this clause shall survive the termination of the Executive’s employment
      for whatever reason (whether lawful or
not).

            

    

     

    
      	
              15.3

            	
              The
      Executive agrees and undertakes that all Intellectual Property made or
      discovered by him shall not infringe any rights of any third party
      (including but not limited to contractual or intellectual property rights)
      or put the Company and/or any other Group Company into disrepute, and
      shall be original.

            

    

     

    
      	
              16.

            	
              Restrictions

            

    

     

    
      	
              16.1

            	
              The
      Executive covenants with the Company (for itself and on behalf of each
      other Group Company) as follows.

            

    

     

    
      	
               
      

            	
              (A)

            	
              Non-competition

            
	 	 	 
	 	 	The
      Executive shall not during his employment or at any time during the 6
      month period after the date of the termination of his employment, except
      in the event of a wrongful termination by the Company, be engaged,
      concerned or interested, either directly or indirectly in any capacity
      (including but not limited to as principal, agent, advisor, employee,
      consultant, or officer) in any trade or business or occupation whatsoever
      in Hong Kong which would or might reasonably be considered to compete with
      the Restricted Business.

    

     

    
      	
               
      

            	
              (B)

            	
              Non-dealing with
      clients

            
	 	 	 
	 	 	The
      Executive shall not during his employment or at any time during the 6
      month period after the date of termination of his employment, except in
      the event of a wrongful termination by the Company, either on his own
      account or in conjunction with or on behalf of any other person, have
      business dealings directly or indirectly with any person who is a
      Restricted Client or Prospective Client provided always that nothing
      contained in this clause shall be deemed to prohibit the seeking or doing
      of business not in direct or indirect competition with the Restricted
      Business.

    

     

    
      	
               
      

            	
              (C)

            	
              Non-solicitation of
      clients

            
	 	 	 
	 	 	The
      Executive shall not during his employment or at any time during the 6
      month period after the date of termination of his employment, except in
      the event of a wrongful termination by the Company, either on his own
      account or in conjunction with or on behalf of any other person solicit or
      interfere with or attempt to solicit or interfere with the Company’s
      and/or any other Group Company’s relationship with any Restricted Client
      or Prospective Client, provided always that nothing contained in this
      clause shall be deemed to prohibit the seeking or doing of business not in
      direct or indirect competition with the Restricted
  Business.

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (D)

            	
              Non-solicitation of
      employees

            
	 	 	 
	 	 	The
      Executive shall not during his employment or at any time during the 6
      month period after the date of termination of his employment, except in
      the event of a wrongful termination by the Company, either on his own
      account or in conjunction with or on behalf of any other person, solicit
      or entice away or attempt to solicit or entice away (or assist any other
      person whether by means of the supply of names or expressing views on
      suitability or otherwise howsoever to solicit or entice away) from the
      Company and/or any other Group Company, any individual who is a management
      and/or senior employee or director or officer of the Company and/or any
      other Group Company, and with whom the Executive has had business dealings
      during his employment (or where this provision is being enforced after the
      Executive’s employment ceases, any time during the 6 months prior to its
      cessation), whether or not any such person would commit a breach of
      contract by reason of his leaving
service.

    

     

    
      	
              16.2

            	
              Where
      clauses 16.1(A), 16.1(B), 16.1(C)
      and 16.1(D) would apply after the cessation
      of the Executive’s employment, the periods of restriction specified in
      those clauses shall each be reduced by the duration of any period
      immediately prior to the date of termination during which the Company
      suspends the Executive from performance of his
  duties.

            

    

     

    
      	
              16.3

            	
              Each
      of the restrictions in this clause shall be construed as a separate and
      independent restriction and if one or more of the restrictions is found to
      be void or unenforceable, such void or unenforceable part shall be deemed
      deleted and the validity of the remaining restrictions shall not be
      affected.

            

    

     

    
      	
              17.

            	
              Termination

            

    

     

    
      	
              17.1

            	
              The
      Executive’s employment may be terminated by either party giving at any
      time three months’ written notice or payment in
  lieu.

            

    

     

    
      	
              17.2

            	
              The
      Executive's employment may be terminated summarily by the Company without
      notice or payment in lieu of notice in accordance with section 9 of the
      Employment Ordinance if, e.g., the Executive misconducts himself such
      conduct being inconsistent with the due and faithful discharge of his
      duties.

            

    

     

    
      	
              17.3

            	
              The
      Executive's employment may be terminated by the Company giving at any
      time  seven days’ notice or payment in lieu if the
      Executive:

            

    

     

    
      	
               
      

            	
              (A)

            	
              has
      a bankruptcy order made against him or if he makes any arrangement or
      composition with his creditors with or for the benefit of his creditors
      generally;

            

    

     

    
      	
               
      

            	
              (B)

            	
              is
      convicted of any criminal offence other than an offence which, in the
      reasonable opinion of the Company, does not affect his position as an
      employee of the Company (bearing in mind the nature of the duties in which
      he is engaged and the capacity in which he is
  employed);

            

    

     

    
      	
               
      

            	
              (C)

            	
              by
      his actions or omissions, brings the name or reputation of the Company
      and/or any other Group Company into serious disrepute or prejudices the
      interests of the business of the Company and/or any other Group
      Company;

            

    

     

    
      	
               
      

            	
              (D)

            	
              is
      convicted of an offence under any present or future statutory enactment or
      regulation relating to insider
dealing;

            

    

     

    
      	
               
      

            	
              (E)

            	
              has
      any regulatory or other licence of approval, or employment visa refused,
      suspended, revoked or not renewed which cannot be remedied within
      a  reasonable period of time;
or

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (F)

            	
              is
      or becomes prohibited by law from being a
  director.

            

    

     

    Any delay
by the Company in exercising such right to termination shall not constitute a
waiver thereof.

     

    
      	
              17.4

            	
              In
      the event of the termination of the employment of the Executive for
      whatever reason and whether by notice or in any other manner whatsoever,
      the Executive agrees that he will not at any time after such termination
      represent himself as still having any connection with the Company and/or
      any other Group Company save as a former
  employee.

            

    

     

    
      	
              17.5

            	
              Before
      and after the termination of the Executive’s employment for whatever
      reason and whether by notice or in any other manner whatsoever, the
      Executive agrees to provide the Company and/or any other Group Company
      with reasonable assistance regarding matters of which he has knowledge
      and/or experience and the Executive agrees to assist in any proceedings or
      possible proceedings in which the Company and/or any other Group Company
      is or may become a party.

            

    

     

    
      	
              17.6

            	
              In
      the event the Executive’s employment is brought to an end by the Company
      within 36 months of the Commencement date for whatever reason (other than
      pursuant to clauses 17.2 and 17.3) and whether by notice or in any other
      manner whatsoever, the Executive shall be entitled to six months salary
      (including pro rata share and option grants and cash bonus referred to in
      clauses 7.6, 7.7
      and 7.3 respectively for the relevant
      year)  in addition to any payment in lieu of
    notice.

            

    

     

    
      	
              18.

            	
              Suspension
      and garden leave

            

    

     

    
      	
              18.1

            	
              The
      Executive agrees that the Company shall be entitled, from time to time
      including in the event that notice of termination to terminate the
      Executive’s employment has been given by either party, to require the
      Executive to observe all or some of the following during such period as
      specified by the Company in its
discretion:

            

    

     

    
      	
               
      

            	
              (A)

            	
              cease
      to render all or some of the Executive’s
duties;

            

    

     

    
      	
               
      

            	
              (B)

            	
              remain
      away from any premises of the Company and/or any other Group Company or
      any premises named by the Company;

            

    

     

    
      	
               
      

            	
              (C)

            	
              resign
      with immediate effect from any offices he holds with the Company and/or
      any other Group Company; and/or

            

    

     

    
      	
               
      

            	
              (D)

            	
              not
      become employed by or provide services directly or indirectly to any
      person, firm, company or
organisation.

            

    

     

    
      	
              18.2

            	
              For
      the avoidance of doubt, during any such period the Company will not have
      any obligation to provide the Executive with work but salary and
      contractual benefits will continue to be payable and he will remain bound
      by all of the express and implied obligations arising out of his
      employment with the Company, including the obligations of good faith and
      fidelity. The Executive agrees that he will comply with any requests made
      by the Company pursuant to this clause from time to time and perform such
      duties at such place and time as the Company may reasonably
      request.

            

    

     

    
      	
              19.

            	
              Return
      of property on termination

            

    

     

    
      	
              19.1

            	
              In
      the event of the termination of the employment of the Executive for
      whatever reason, the Executive immediately shall deliver up to the Company
      or its authorised representative any property of the Company and/or any
      other Group Company which may be in his possession, custody or control,
      including without limitation minutes, memoranda, correspondence, notes,
      records, reports, sketches, plans, credit cards, security cards/passes,
      Company-provided mobile phone, discs, keys, software, address books,
      databases, proposals, electronic mail, files or other documents, whether
      or not the property was originally supplied to him by the Company or any
      other Group Company.  The Executive’s obligations under this
      clause include the return of all copies (whether in hard copy or
      electronic form), drafts, reproductions, notes, extracts or summaries
      (however stored or made) of all documents and
  software.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              19.2

            	
              If
      so requested, the Executive shall provide to the Company a signed
      statement confirming that he has complied fully with this
      clause.

            

    

     

    
      	
              20.

            	
              Governing
      law and jurisdiction

            

    

     

    
      	
              20.1

            	
              This
      Agreement and the Executive’s employment shall be governed by, and
      construed in accordance with, the laws of Hong
  Kong.

            

    

     

    
      	
              20.2

            	
              The
      Company and the Executive agree to submit to the non-exclusive
      jurisdiction of the Hong Kong courts and labour tribunal in respect of any
      dispute arising under this Agreement and the Executive’s employment with
      the Company.

            

    

     

    
      	
              21.

            	
              General

            

    

     

    
      	
              21.1

            	
              Employee
      handbook

            

    

     

    The
Executive is required to comply with the provisions of any employee handbook
implemented by the Company and as amended at the Company’s discretion from time
to time.  Unless otherwise specifically stated, none of the provisions
of the handbook shall form part of the terms of the Executive’s terms of
employment.

     

    
      	
              21.2

            	
              Equal
      opportunities

            

    

     

    The
Company is an equal opportunities employer and the Executive is required to
refrain from any discrimination, harassment or vilification which is prohibited
by local laws.  The Executive is required to comply with any equal
opportunities policy implemented by the Company from time to time.

     

    
      	
              21.3

            	
              Data
    privacy

            

    

     

    The
Executive consents to the Company and/or any other Group Company holding and
processing the data it collects in relation to him in the course of his
employment, for the purposes of the Company's administration and management of
its employees and its business and for compliance with applicable procedures,
laws and regulations and to the transfer, storage and processing of such data in
and outside Hong Kong.  The Executive may request access to and
correction of his personal data by contacting the Human Resources
Department.

     

    
      	
              21.4

            	
              Inconsistency

            

    

     

    In the
event of any conflict between the terms of this Agreement and any other document
recording or purporting to record the terms of the Executive's employment by the
Company, the terms of this Agreement shall prevail.

     

    
      	
              21.5

            	
              Prior
      agreements

            

    

     

    This
Agreement and any documents referred to constitute the entire agreement between
the Company and the Executive. This Agreement shall be in substitution for any
subsisting agreement, service agreement or contract of employment (oral or
otherwise) made between the Company and the Executive or between any other Group
Company and the Executive which shall be deemed to have been terminated by
mutual consent with effect from the Commencement Date. The Executive warrants
and agrees that he is not entering into this Agreement in reliance on any
representation not expressly set out in this Agreement.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              21.6

            	
              Severability

            

    

     

    If any
provision of this Agreement or a clause hereof is determined to be illegal or
unenforceable by any court of law or any competent governmental or other
authority, the remaining provisions within that clause and the remainder of this
Agreement shall be severable and enforceable in accordance with their terms, so
long as this Agreement, without such terms or provisions, does not fail its
essential purpose.  The parties shall negotiate in good faith to
replace any such illegal or unenforceable provisions with suitable substitute
provisions which will maintain as far as possible the purposes and the effect of
this Agreement.

     

    
      	
              21.7

            	
              Notices

            

    

     

    Any
notice to be given under this Agreement shall be given in writing and may be
sent, addressed in the case of the Company to its registered office for the time
being and in the case of the Executive to him at his last known place of
residence or given personally, and any notice given by post shall be deemed to
have been served at the expiration of 48 hours after the same was
posted.

    
 

    
      	SIGNED
      by      	)	/s/  Luo
      Ken Yi
	for and on behalf of
      the Company    	) 	 
	and each other Group
      Company 	)	 
	 	 	 
	 	 	 
	SIGNED by the
      Executive 	)	/s/  Albert
      Jan Grisel

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