Document:

EX-10.1 Exhibit 10.1

Exhibit 10.1

 

Bakhu Holdings Corp. Announces the Appointment of Mr. Aidan Hwuang as Director

 

Chinese Based Directors appointed to Bakhu Holdings Corp

 

LAS VEGAS, NEVADA, August 19, 2009 -- Bakhu Holding Corp. ("the Company" or "we") (OTC BB: BKUH.OB) today announced the appointment of Mr. Aidan Hwuang as a Director of the company.  Mr. Hwuang is a successful and renound lawyer in \china.  He has a vast array of experience in the Chinese legal system specializing on working with foreign company transactions and litigation within China. 

 

Mr. Hwuang is a member of the National Bar Association in the PRC and has over 15 years experience practicing law in the PRC...  In addition to his Chinese law degree he also has earned a LL.M  from  the University of Aberdeen Law School in Scotland.  He is currently a senior partner and the Shenzhen office manager with V&T Law Firm specializing in corporate law, acquisitions and litigation. 

 

Since its inception in 2002, SXSE built its business by purchasing solar cells from solar cell manufacturers, which it utilized to manufacture a wide range of solar products for commercial and consumer applications. In 2004, the company compounded its success by expanding to make PV solar panels. Today, SXSE produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.  

 

The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm.  Once the merger is completed Bakhu Holding Corp., will change its name to Bakhu Solar Corp and will continue to pursue the same successful, aggressive growth strategy that was implemented by SXSE, a profitable private company that was established in 2002 in Shenzhen, Guangdong Province, Peoples Republic of China. Since its inception, SXSE – to be known as Bakhu Solar - built its business by manufacturing a wide range of solar products for commercial and consumer applications.  In 2004, the company compounded its success by expanding to make PV solar panels. Today, the company produces PV solar panels and a wide array of solar products, all of which use solar cells as the power source.  

 

 

SXSE manufactures and sells 35 different PV solar panels, ranging from 10W (watts) to 250W.  These PV solar panels are used in both industrial and residential applications. Bakhu uses high quality solar cells which it purchases from cell manufacturers in Japan and Taiwan. Solar products manufactured by Bakhu for commercial and consumer use include portable lights for various applications, lane markers, solar street lights, solar traffic lights and battery chargers. 

 

SXSE employs 100 workers in its manufacturing operation and 10 engineers who design products and over see the fabrication processes. The factory is located in an industrial part of Shenzhen and occupies 1500 square meters.

 

Bakhu Holdings Corp. is a public company that plans to enter the green energy business by acquiring a solar manufacturer that is based in China.  The target company that Bakhu Holdings Corp. plans to acquire is Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE). The completion of the merger between Bakhu Holdings Corp. and SXSE is contingent on the completion of an audit by a PCAOB designated accounting firm., which is followed by the transfer of SXSE’s assets to a Hong Kong based company.

 

 

 

For more information, please contact:

 

Investor Relations - Bakhu Holdings Corp.

5348 Vegas Drive, Las Vegas, Nevada 89108

Tel:   1-800-870-1242

Email: ir@bakhu.com

 

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including activities relating to the completion of the merger between Shenzhen Xinhonglian Solar Energy Co., Ltd (SXSE) and Bakhu Holdings Corp. These activities include the completion of an audit by a PCAOB designated accounting firm and the transfer of SXSE’s assets to a Hong Kong based company, our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results Bakhu Holdings Corp. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Bakhu Holdings Corp encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.

SOURCE Bakhu Holdings Corp.Filed by sedaredgar.com - Upstream Biosciences Inc. - Exhibit 10.10

AMENDMENT TO EMPLOYMENT AGREEMENT 

THIS AMENDMENT made effective the 18th day of August, 2009 

BETWEEN: 

Upstream Biosciences
Inc., a company incorporated under the laws of the Province of British
Columbia, having its head office at 806-699 Cardero Street, Vancouver, British
Columbia V6G 3H7; 

(the "Company") 

AND: 

Dexster Smith, 

(the "Employee") 

WHEREAS the Company and the Employee have agreed to amend the
terms of the Employment Agreement, dated March 1st, 2006 (the
“Employment Agreement”), to correct a mistake in the severance provisions at
paragraph 4.4 of the said agreement which provided for the payment of severance
in the event that the Employee was terminated by the Company for cause or in the
event that the Employee terminated the Employment Agreement by his resignation,
and on the terms and conditions contained herein; 

IN CONSIDERATION of the mutual agreements in this Amendment and
subject to the terms and conditions specified in this Amendment, the parties
agree as follows: 

1. All capitalized terms not specifically defined herein have
the meanings ascribed to them in the Employment Agreement. 

2. Article 4 of the Employment is hereby deleted and replaced
in its entirety by the following: 

4.
Termination 

4.1 Employee's Right to Terminate
for any Reason. The Employee may terminate this Agreement and his or her
employment for any reason:

	 	(a) 	
      at any time upon providing 14 days advance notice in
      writing to the Company; or

	 	 	 
	 	(b) 	
      upon a material breach or default of any term of this
      Agreement by the Company, but only if the Employee has first given written
      notice of such breach or default to the Company and the Company has failed
      to rectify it within a period of 30 days following receipt of such
      notice.

The Company shall be obliged to pay the
Salary, and any Bonuses earned and accrued but not paid, due up to the date of
termination, with such payment to be made within 30 days of the date of
termination. Bonuses partially earned but not yet payable as of the date of
termination shall be payable.

4.2 Company's Right to Terminate for
Cause. The Company may terminate this Agreement and the Employee's
employment for Cause at any time on written notice to the Employee.

The date of termination will be the
date specified in the written notice and may be, in the sole discretion of the
Company, the same day the notice is given to the Employee, or such later date as
the Company may decide. The Company shall be obliged to pay the Salary, and anyagreement_mmartin.htm

August 26, 2009

Mr. Matthew M. Martin

Chief Financial Officer

American Community Properties Trust

222 Smallwood Village

St. Charles, MD 20602

Re:           Terms of Employment

Dear Matt:

First, allow me to express my appreciation for your service as the Chief Financial Officer of American Community Properties Trust (the “Parent Company”) and as an employee of American Rental Management Company (the “Company”).  You have performed your duties with great skill and professionalism and we are
lucky to have you.  The purpose of this letter agreement (this “Agreement”) is to reconfirm the terms of your position as the Chief Financial Officer of the Parent Company and the terms of your continued employment with the Company, as originally approved by the Board of Trustees of the Parent Company when you were first appointed as the Chief Financial Officer of the Parent Company, and to create certain additional incentives for you to remain as the Parent Company’s Chief Financial
Officer and as an employee of the Company.

	
1.  
	
Position and Duties.  During your continued employment with the Company, your position with the Parent Company shall continue to be Chief Financial Officer and you shall have such other duties, consistent with your position, as shall be specified and designated from time to time
by the Board of Trustees (the “Board”), including the performance of services as an employee of the Company and any other subsidiary or affiliate of the Parent Company without any additional compensation.  You shall devote substantially all of your business time and effort to the performance of your duties.

	
2.  
	
Base Salary.  Your annual base salary (“Annual Salary”) will continue to be $225,000, payable semi-monthly and subject to regular deductions and withholdings as required by law.  Your Annual Salary may be increased (but not decreased) from time to time by an
amount as may be approved by the Compensation Committee of the Board.  Your annual base salary will not be reduced below $225,000.

	
3.  
	
Benefits and Incentives.  You will continue to be entitled to participate in all of the benefit plans and programs, including the Parent Company’s long-term incentive plan, in which other senior executives of the Parent Company are entitled to participate.  In addition,
the Company will continue to pay you a car allowance of $500.00 per month.

 

	
4.  
	
Termination; Severance.  If your position with Parent Company is terminated by the Parent Company for any reason other than for Cause (as defined below), or if you resign from your position with the Parent Company with Good Reason (as defined below), then the Company will pay you
a lump-sum cash payment in an amount equal to one-half of your then current Annual Salary within 10 days after the effective date of such termination or resignation.  As a condition to receiving such payment, you will resign from all other positions with the Parent Company, the Company and any of their respective subsidiaries or affiliates and you will execute a general release of claims in form reasonably acceptable to the Board.

 

	
5.  
	
Definitions.  The following definitions shall apply:

“Cause” shall mean:

(i)           your commission of a felony or a crime involving moral turpitude;

(ii)          your commission of any act of theft, fraud, embezzlement or misappropriation against the Parent Company or its subsidiaries or affiliates;

(iii)          your continued failure to substantially perform your duties as the Chief Financial Officer of the Parent Company (other than such failure resulting from your incapacity due to physical or mental illness) or any material violation of Parent Company policy, which failure is not
remedied within 30 calendar days after written demand for substantial performance is delivered by the Parent Company which specifically identifies the manner in which the Parent Company believes that you have not substantially performed your duties or violated Parent Company policy; or

(iv)         your material breach of this Agreement.

“Good Reason” shall mean, without your express written consent, the occurrence of any of the following circumstances unless, if correctable, such circumstances are fully corrected within 30 days after you deliver to the Parent Company written notice of resignation for Good Reason:

 

(i)          The assignment to you of duties materially inconsistent with your position as Chief Financial Officer of the Parent Company, or an alteration in the nature of your position, duties, responsibilities and authorities (other than inadvertent actions which are promptly remedied) that
is materially adverse to you; except the foregoing shall not constitute Good Reason if occurring in connection with the termination of your employment for Cause or as a result of action by or with your consent; 

 

(ii)           a reduction in your Annual Salary;

 

    

(iii)          a modification to or replacement of the Company’s long-term incentive plan that results in a material reduction in the benefits to which you would otherwise be entitled under the plan; or

(iv)          the relocation of your principal office to a location that is more than fifty (50) miles from the Company’s current office in St. Charles, Maryland.

	
6.  
	
Miscellaneous.

 

(i)            Integration.  This Agreement cancels and supersedes any and all prior agreements and understandings between you and the Parent Company and/or the Company with respect to your positions with
the Parent Company and your employment by the Company, any parent or predecessor company, and the Parent Company’s subsidiaries.  This Agreement constitutes the entire agreement among the parties hereto with respect to the matters herein provided, and no modification or waiver of any provision hereof shall be effective unless in writing and signed by the parties hereto.

 

(ii)            Successors; Transferability.  The Parent Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise, and whether or not the corporate existence
of the Parent Company continues) to all or substantially all of the business and/or assets of the Parent Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Parent Company and the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Parent Company” shall mean the
Parent Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise and, in the case of an acquisition of the Parent Company in which the corporate existence of the Parent Company continues, the ultimate parent company following such acquisition.  Subject to the foregoing, the Parent Company may transfer and assign this Agreement and the Parent Company’s and the Company’s
rights and obligations hereunder to another entity that is substantially comparable to the Parent Company in its financial strength and ability to perform the Parent Company’s and the Company’s obligations under this Agreement.  Neither this Agreement nor the rights or obligations hereunder of the parties hereto shall be transferable or assignable by you, except in accordance with the laws of descent and distribution and clause (iii) below.

 

(iii)           Beneficiaries.  You shall be entitled to designate (and change, to the extent permitted under applicable law) a beneficiary or beneficiaries to receive any compensation or benefits provided hereunder
following your death.

 

(iv)           Notices.  Whenever under this Agreement it becomes necessary to give notice, such notice shall be in writing, signed by the party or parties giving or making the same, and shall be served on the
person or persons for whom it is intended or who should be advised or notified, by Federal Express or other similar overnight service or by certified or registered mail, return receipt requested, postage prepaid and addressed to such party at the address set forth below or at such other address as may be designated by such party by like notice:

 

If to the Parent Company or the Company :

 

American Rental Management Company

222 Smallwood Village Center

St. Charles, MD 20602

With a copy to:

Daniel M. LeBey, Esquire

Hunton & Williams LLP

Riverfront Plaza, East Tower

951 East Byrd Street

Richmond, Virginia 23219

If to you:

Matthew M. Martin

At the address on file with the Company

If the parties by mutual agreement supply each other with fax numbers or e-mail addresses for the purposes of providing notice by facsimile or e-mail, respectively, such notice shall also be proper notice under this Agreement.  In the case of Federal Express or other similar overnight service, such notice or advice shall be effective
when sent, and, in the cases of certified or registered mail, shall be effective two days after deposit into the mails by delivery to the U.S. Post Office.

(v)           Reformation.  The invalidity of any portion of this Agreement shall not be deemed to render the remainder of this Agreement invalid.

 

(vi)          Headings.  The headings of this Agreement are for convenience of reference only and do not constitute a part hereof.

 

(vii)         No General Waivers.  The failure of any party at any time to require performance by any other party of any provision hereof or to resort to any remedy provided herein or at law or in equity shall in no way
affect the right of such party to require such performance or to resort to such remedy at any time thereafter, nor shall the waiver by any party of a breach of any of the provisions hereof be deemed to be a waiver of any subsequent breach of such provisions.  No such waiver shall be effective unless in writing and signed by the party against whom such waiver is sought to be enforced.

 

(viii)         Offsets; Withholding.  The amounts required to be paid by the Company to you pursuant to this Agreement shall not be subject to offset other than with respect to any amounts that are owed to the Company
by you due to your receipt of funds as a result of your fraudulent activity.  The foregoing and other provisions of this Agreement notwithstanding, all payments to be made to you under this Agreement by the Company will be subject to withholding to satisfy required withholding taxes and other required deductions.

 

(ix)           Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of you, your heirs, executors, administrators and beneficiaries, and shall be binding upon and inure
to the benefit of the Parent Company and the Company and their successors and assigns.

 

(x)            Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 

(xi)           Due Authority and Execution.  The execution, delivery and performance of this Agreement have been duly authorized by the Parent Company and the Company and this Agreement represents the valid,
legal and binding obligation of the Parent Company and the Company, enforceable against them according to its terms.

 

IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

 

AMERICAN COMMUNITY PROPERTIES TRUST

 

 

By:         /s/ Stephen K. Griessel                                                                   

Name:   Stephen K. Griessel

Title:     Chief Executive Officer

 

 

AMERICAN RENTAL MANAGEMENT COMPANY

 

 

By:        /s/ Stephen K. Griessel                                                           

Name:   Stephen K. Griessel

Title:     Chief Executive Officer

 

 

Agreed and acknowledged as of the date first shown above:

 

 

Signature:   /s/ Matthew M. Martin                                                                            

                    Matthew M. Martin

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