Document:

Exhibit 10.1

    Exhibit
      10.1

    

    Summary
      Sheet regarding Compensation for Executive Officers

    

    

    

    
      	
              Name

            	
              Title

            	
              2007
                Base Salary (1)

            	
              Option

              Awards
                (2)

            	
              Stock
                Awards (3)

            	
              2007
                Non-Equity Incentive Plan Awards 

              (4)

            
	
              Threshold

            	
              Target

            	
              Maximum

            
	
              Andrew
                C. Florance

            	
              President
                & Chief Executive Officer

            	
              $439,000

            	
              39,300

            	
              43,400

            	
              0%

            	
              75%

            	
              150%

            
	
              Frank
                A. Carchedi

            	
              Chief
                Financial Officer & Treasurer

            	
              $280,000

            	
              10,500

            	
              15,500

            	
              50%

            	
              60%

            	
              120%

            
	
              Christopher
                Tully (5)

            	
              Sr.
                Vice President Sales & Customer Service

            	
              $246,000

            	
              7,900

            	
              2,900

            	
              0%

            	
              25%

            	
              50%

            
	
              Jennifer
                Kitchen

            	
              Sr.
                Vice President, Research

            	
              $190,000

            	
              5,300

            	
              3,900

            	
              0%

            	
              55%

            	
              110%

            
	
              Craig
                Farrington

            	
              Vice
                President Research

            	
              $184,000

            	
              4,000

            	
              2,000

            	
              0%

            	
              55%

            	
              110%

            

    

    

    
      	(1)  	
              All
                salary increases will be effective as of January 1, 2007.
                

            

    

    
      	(2)  	
              Represents
                the number of shares of Common Stock of the Company underlying the
                option
                award. All of the options have an exercise price of $51.92 per share,
                the
                fair market value of the Company’s common stock on the date of grant. The
                stock option awards were granted under the Company’s 1998 Stock Incentive
                Plan, as amended. Each of the options granted vests over a three-year
                period in equal, annual installments on each of December 12, 2007,
                December 12, 2008, and December 12, 2009. A form of stock option
                grant
                agreement has been filed as an exhibit to the Company’s Annual Report on
                Form 10-K for the year ended December 31, 2004 and is incorporated
                by
                reference herein.

            

    

    
      	(3)  	
              Represents
                the number of shares subject to the restricted stock award. The awards
                were granted based on the fair market value of the Company’s common stock
                on the date of grant, $51.92 per share. The shares of restricted
                stock
                were granted to the executives under the Company’s 1998 Stock Incentive
                Plan, as amended. The shares cliff vest as of the four-year anniversary
                of
                the date of grant, December 12, 2010. A form of restricted stock
                agreement
                has been filed as an exhibit to the Company’s Annual Report on Form 10-K
                for the year ended December 31, 2004 and is incorporated by reference
                herein. Executive officers will also be entitled to an award of shares
                of
                restricted stock, subject to achievement of certain performance criteria
                in 2006 to be determined subsequent to the end of fiscal year 2006,
                consistent with past determinations as previously disclosed in the
                Company’s Form 8-K dated April 27, 2006.

            

    

    
      	(4)  	
              2007
                bonus awards will be based on a target percentage of the executive
                officer’s base salary. Each executive officer’s bonus is based on
                achievement of a combination of corporate/financial goals individual/team
                performance goals. The criteria that the Committee uses to determine
                bonuses include, without limitation, the level of achievement of
                goals
                based on the following criteria: Company revenues, Company earnings,
                research, data quality, new and enhanced products, software development,
                management, customer service, accounts receivable, human resources,
                investor relations, financial reporting and sales. The criteria differ
                for
                each of the executive officers. Bonus awards for 2006 will be determined
                on the terms previously disclosed in the Company’s Form 8-K dated April
                27, 2006. 

            

    

    
      	(5) 	 Mr.
              Tully also has the ability to earn monthly commissions based on the
              Company’s monthly net new revenue
              amounts.Filed by Automated Filing Services Inc. (604) 609-0244 - Solar Enertech Corp. - Exhibit 10.1

 AGENCY AGREEMENT 

THIS AGREEMENT effective as of the 10th day of April, 2006 although executed thereafter.

BETWEEN:  

SOLAR ENERTECH CORP., a company having an office at 1600 Adams Drive, Menlo Park, California, USA, 94025 (the “Company”) 

AND:  

INFOTECH (SHANGHAI) SOLAR TECHNOLOGIES LTD., a company having an office at 360 South Pudong Road, 20th Floor, Shanghai, China (the “Agent”) 

	
A. 		
The Company wished to immediately engage in business in China beginning in April of 2006;

	
	 	 
	
B. 		
The Company, because of delays which would have been associated with incorporating a subsidiary, new corporation or business entity in China and obtaining a business license therein, decided to use the Agent, a company which had
been incorporated in China, as its Agent to do business in China;

	
	 	 
	
C. 		
In contemplation of this, the Company has advanced funds to the Agent and the Agent has held, or holds, or has expended the funds on the Company’s behalf, in furtherance of the Company’s business purpose of building a
solar technology related business in China;

	
	 	 
	
D. 		
The Company has been advised by legal counsel that the agency relationship between the Agent and the Company should be in writing.

	

THE PARTIES HAVE ENTERED INTO THIS AGREEMENT AND THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements hereinafter contained, the parties agree as follows: 

 ARTICLE 1 

  APPOINTMENT AND AUTHORITY OF AGENT 

1.01 APPOINTMENT OF AGENT 

The Company hereby appoints  InfoTech (Shanghai) New EnerTech, Ltd. as its Agent to perform certain services, including securing factory space, employees, inventory, equipment and other goods or services, for the benefit of the Company and
the Agent hereby accepts such appointment and authority on the terms and conditions herein set forth. 

1.02 AUTHORITY OF AGENT 

 2

The Agent shall have no right or authority, express or implied, to commit or otherwise obligate the Company in any material manner whatsoever except to the extent specifically provided herein or specifically authorized by the Company. 

1.03 AGENT’S WARRANTIES 

The Agent represents and warrants that it will act only as directed by the Board of Directors of the Company or the Company’s President, Leo Young (the “President”) and that any services will be performed in a competent and efficient
manner. 

 ARTICLE 2 

  AGENT’S AGREEMENTS 

2.01 The Agent will undertake all activities which will further and enhance the business and affairs of the Company as it is directed by the Board of Directors of the Company or the President.  For purposes of this Agreement, “Company”
means the Company and all of its subsidiaries and affiliates.  The Agent acknowledges that the Company initially has limited personnel and resources, and that the Agent will be requested to undertake activities which will be outside the general
nature of work ordinarily performed by the Agent of a corporation operating in a foreign country. 

The Agent, at the expense of and on behalf of the Company, shall: 

	
(a) 		
make and implement or cause to be implemented all lawful decisions of the Board of Directors of the Company (the “Board”) in accordance with and as limited by this Agreement; and

	
	 	 
	
(b) 		
at all times be subject to the direction of the Board and shall keep the Board informed as to all material matters concerning the Agent’s activities.

	

2.02 AGENT’S COMPENSATION 

The Agent acknowledges that, while it will be compensated for any and all expenses incurred on behalf of the Company and that the Company will pay all debts it incurs to the Agent and will advance such funds as the Agent may require in acting as the
Company’s Agent in developing the Company’s solar business in China, the Agent WILL NOT be compensated in any way for acting as the Agent of the Company. 

The Agent further acknowledges that its appointment as Agent is effected for the purpose of expediency and to allow the Company to immediately do business in China rather than wait to incorporate and obtain a business license and / or registration
for another company.

2.03 ACTIVITIES 

 3

In carrying out its obligations under this Agreement, the Agent shall provide to the Company, when the Company requires it, any and all financial and other records necessary for the Company to complete audits of its financial affairs or for the
Company to assess the progress of its business in China or the status thereof. 

2.03 AUTHORITY OF AGENT 

The Company hereby authorizes the Agent, subject to the other provisions of this Agreement, to do all acts and things as the Agent may in its discretion deem necessary or desirable to enable the Agent to carry out its duties hereunder, and hereby
grants the Agent the inherent authority to undertake all such activities as a business Agent would reasonably have. 

2.04 LIMITATION OF AGENT’S OBLIGATIONS 

Notwithstanding anything in this Agreement, the Agent shall not be required to expend its own money or to incur any liabilities, obligations, costs, dues or debts and all money required by the Agent to carry out his duties under this Agreement shall
be provided by the Company to the Agent forthwith upon the Agent’s request. 

 ARTICLE 3

  COMPANY’S AGREEMENTS 

3.01 REIMBURSEMENT OF EXPENSES 

The Company shall be obligated to pay or reimburse the Agent for the normal and usual expenses of managing the Company’s affairs as provided herein, including, without any limitation, any other expenses as set out herein. In the event of a
dispute between the Agent and the Company regarding the amount set out in any statement of expenses the Company will nevertheless be obligated to pay the amount set out herein to the Agent.

3.03 ACCESS TO COMPANY INFORMATION 

The Company shall make available to the Agent such information and data and shall permit the Agent and its agents to have access to such documents or premises as are reasonably necessary to enable it to perform the services provided for under this
Agreement. 

3.04 INDEMNITY BY COMPANY 

The Company agrees to indemnify, defend and hold harmless the Agent, from and against any and all claims, demands, losses, actions, lawsuits and other proceedings, judgements and awards, and costs and expenses (including reasonable legal fees),
arising directly, in whole or in part, out of any matter related to any action taken by the Agent within the scope of its duties or authority hereunder, excluding only such of the foregoing as arise from the fraudulent, negligent, or wilful act or
omission of the Agent, and the provisions hereof shall survive termination of this Agreement.

 4

 ARTICLE 4 

  DURATION, TERMINATION AND DEFAULT 

4.01 EFFECTIVE DATE 

This Agreement shall become effective as of April 10, 2006 although later executed and shall remain in force, subject to the earlier termination as provided herein, for a period of two years. Thereafter this Agreement will continue on a monthly
basis until terminated. This Agreement replaces and supersedes any oral agreement regarding the Agent’s appointment. 

4.02 TERMINATION 

This Agreement may be terminated by the Company at anytime. 

4.03 DUTIES UPON TERMINATION 

Upon termination of this Agreement for any reason, the Agent shall promptly deliver the following in accordance with the directions of the Company: 

	
(a) 		
a final accounting, reflecting the balance of expenses incurred on behalf of the Company as of the date of termination;

	
	 	 
	
(b) 		
all documents pertaining to the Company or this Agreement, including but not limited to all books of account, financial records, correspondence and contracts provided that the Agent shall be entitled thereafter to inspect, examine
and copy all of the documents which it delivers in accordance with this provision at all reasonable times upon three days notice to the Company.

	

Upon termination, the Company will pay to the Agent any amounts outstanding to the Agent and the Agent will return any funds advanced by the Company to it for future expenses. 

 ARTICLE 5 

  MISCELLANEOUS 

5.01 WAIVER; CONSENTS 

No consent, approval or waiver, express or implied, by either party to or of any breach or default by the other party in the performance by the other party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of
any other breach or default in the performance by such other party of the same or any other obligations of such other party or to declare the other party in default, irrespective of how long such failure continues, shall not constitute a general
waiver by such party of its rights under this Agreement, and the granting of any consent or approval in any one instance by or on behalf of the Company shall not be construed to waiver or limit the need for such consent in any other or subsequent
instance. 

 5

5.02 GOVERNING LAW 

This Agreement shall be governed by the laws of the State of Nevada and any dispute under the terms of this Agreement shall enure to the courts thereof. 

5.03 NO ASSIGNMENT PERMITTED 

All of the rights, benefits, duties, liabilities and obligations of the parties hereto shall enure to the benefit of and be binding upon the respective successors of the parties provided that in no circumstances is this Agreement assignable by
either party save and except where approved in writing by both parties. 

5.04 MODIFICATION OF AGREEMENT 

This Agreement constitutes the entire agreement between the Agent and the Company and to be effective any modification of this Agreement must be in writing and signed by the party to be charged thereby. 

5.05 COUNTERPARTS 

This Agreement may be executed in several counterparts, each of which will be deemed to be an original and all of which will together constitute one and the same instrument. A faxed signature shall be accepted as an original. 

5.06 RELATIONSHIP OF THE PARTIES 

The Company and the Agent acknowledge that the Agent is a wholly owned subisidiary of a Hong Kong company which the President of the Company, Leo Young, wholly owns.  This relationship will be disclosed to the Board of Directors in the any
resolution of the Board of Directors of the Company approving this Agreement. 

5.06 INDEPENDENT LEGAL ADVICE 

The Agent hereby acknowledges that it has acted for itself in the preparation and negotiation of this Agreement and acknowledges that it has been advised to seek independent legal counsel and review of this Agreement prior to its execution. CD
Farber Law Corporation has acted for the Company only in the preparation of this Agreement. 

IN WITNESS WHEREOF the parties have executed this Agreement effective April 10, 2006 although executed thereafter on July 18, 2006 

SOLAR ENERTECH CORP. by its authorized signatory:   

 6

 

 “Fang Xie” 

  _______________________________

“Leo Shi Young” 

  _______________________________

   InfoTech (Shanghai) Solar Technologies Ltd.

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