Document:

Exhibit
      10.50

    

    SPECIALIZED
      HEALTH PRODUCTS INTERNATIONAL, INC.

    EXECUTIVE
      INCENTIVE BONUS PROGRAM

     

    (as
      of March 10, 2008)

     

    
      	 	
              1.

            	
              Introduction.
                The Executive Incentive Bonus Program (the “Plan”) is designed to reward
                Executives of Specialized Health Products International, Inc. (the
                “Company”) for their contributions to the successful achievement of
                certain corporate goals and objectives and to share the success (and
                risks) of the business with them. The Plan is designed to meet these
                key
                objectives: (i) reward achievement of significant company objectives;
                (ii)
                align employee, Company, and shareholder interests; and (iii) insure
                Company executives remain with the
                Company.

            

    

     

    
      	 	
              2.

            	
              Participants.
                Jeffrey
                Soinski, David Green, Donald Solomon, Paul Evans and Rebecca
                Whitney.

            

    

     

    
      	 	
              3.

            	
              Establishment
                of Bonus Pool.
                The Company shall establish a bonus pool for allocation and distribution
                to eligible participants in the Plan (the “Bonus Pool”). The Bonus Pool
                for purposes of this Plan shall be determined by the Compensation
                Committee, in its sole discretion; provided, however, that such Bonus
                Pool
                shall not exceed One Million Dollars ($1,000,000). The Compensation
                Committee may designate that the Bonus Pool shall be funded by proceeds
                from a Change in Control (as defined
                below).

            

    

     

    
      	 	
              4.

            	
              Change
                in Control. For
                purposes of this Plan, “Change in Control” shall mean:
                

            

    

     

    
      	 	
              (a)

            	
              the
                acquisition by a person (or persons acting as a group) of stock,
                which
                together with stock already held by such person, constitutes more
                than
                50% of
                the total voting power of the
                Company;

            

    

     

    
      	 	
              (b)

            	
              the
                sale or disposition by the Company of all or substantially all of
                the
                Company’s assets (for this purpose being defined as assets (including any
                claims or causes of action of the Company) that have a total gross
                fair
                market value equal to or greater than 80% of
                the total gross fair market value of all of the Company’s assets), other
                than a sale or disposition by the Company of all or substantially
                all of
                the Company’s assets to an entity, at least 50% of the combined voting
                power of the voting securities of which are owned by individuals
                who were
                stockholders of the Company immediately prior to such
                sale.

            

    

     

    
      	 	
              (c)

            	
              the
                consummation of a merger or consolidation of the Company with any
                other
                business entity, other than a merger or consolidation which would
                result
                in the voting securities of the Company outstanding immediately prior
                to
                such merger or consolidation continuing to represent (either by remaining
                outstanding or by being converted into voting securities of the surviving
                entity or any parent thereof), at least 50% of the combined voting
                power
                of the securities of the Company or such surviving entity or any
                parent
                thereof outstanding immediately after such merger or consolidation,
                or
                

            

    

     

    
      	 	
              (d)

            	
              notwithstanding
                the foregoing, to the extent that paragraphs (i), (ii) or (iii) above
                would result in a Change in Control which would not satisfy the regulatory
                requirements for a “change in ownership or effective control” in Treasury
                regulations promulgated pursuant to section 409A of the Internal
                Revenue
                Code, such paragraphs shall be construed and applied in a manner
                consistent with such regulatory
                definition.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    
      	 	
              5.

            	
              Allocation
                of Bonus Awards. The
                allocation of bonus awards from the Bonus Pool among eligible participants
                shall be determined by the Compensation Committee in its sole discretion.
                Bonus awards need not be the same with respect to different participants.
                The Compensation Committee’s decision to grant a bonus to a participant
                shall not require the Compensation Committee to approve similar awards
                at
                all to such persons for any future date or to any other participant
                or
                other person. The Company and the Compensation Committee shall not
                have
                any obligation for uniformity of treatment of any person, including
                but
                not limited to, participants and their legal representatives and
                beneficiaries and employees of the
                Company.

            

    

     

    
      	 	
              6.

            	
              Qualification
                for Bonus Allocation.
                Except as described in (a) and (b) below, a participant must remain
                in
                employment with the Company at least until immediately prior to a
                Change
                in Control in order to receive such distribution.
                

            

    

     

    
      	 	
              7.

            	
              Termination
                without Cause.
                Notwithstanding the foregoing, if a participant is terminated from
                employment by the Company without Cause prior to a Change in Control,
                the
                Compensation Committee may, in its sole discretion, allocate a bonus
                award
                to such participant in accordance with Section 7 of this Plan. For
                purposes of this Plan, “Cause” shall
                mean:

            

    

     

    
      	 	
              (a)

            	
              Willful
                failure to perform the duties of his or her position to the Company’s
                satisfaction, following notice of such failure from the Company and
                a
                reasonable opportunity to cure;

            

    

     

    
      	 	
              (b)

            	
              Willful
                and gross misconduct;

            

    

     

    
      	 	
              (c)

            	
              Conviction
                of or guilty plea to any felony or conviction of or a guilty plea
                to a
                misdemeanor involving theft, fraud, embezzlement or other injury
                to the
                Company, its property or employees or customers;
                or

            

    

     

    
      	 	
              (d)

            	
              Willful
                and material failure to comply with the Company’s Code of
                Conduct.

            

    

     

    
      	 	
              8.

            	
              Death,
                Retirement or Disability.
                Notwithstanding the foregoing, if, within six months prior to the
                occurrence of a Change in Control, a participant terminates employment
                with the Company by reason of death, Retirement or Disability, the
                Compensation Committee may, in its sole discretion, allocate a bonus
                award
                to such participant in accordance with Section 7 of this Plan.
                “Disability” shall mean a medically determinable physical or mental
                impairment which: (i) renders the individual incapable of performing
                any
                substantial gainful employment, (ii) can be expected to be of long
                continued and indefinite duration or result in death, and (iii) is
                evidenced by a certification to this effect by a doctor of medicine
                approved by the Compensation Committee. “Retirement” shall mean
                termination of a participant’s employment with the Company which occurs on
                or after age 60.

            

    

     

    
      	 	
              9.

            	
              Payment
                of Bonus Awards. Bonus
                awards will be paid upon, or within five days following, a Change
                in
                Control.

            

    

     

    
      	 	
              10.

            	
              Administration.
                

            

    

     

    
      	 	
              (a)

            	
              Appointment
                and Tenure.
                The Compensation Committee of the Company’s Board of Directors shall be
                the plan administrator, unless the Board of Directors appoints a
                different
                plan administrator.

            

    

     

    
      	 	
              (b)

            	
              Delegation.
                The
                plan administrator may delegate to any person or persons the authority
                to
                sign any documents on its behalf, or to perform any act(s) within
                its
                authority as set forth in Section
                8(c).

            

    

     

    
      	 	
              (c)

            	
              Authority
                of Compensation Committee. The
                Compensation Committee has the full discretionary authority to administer
                the Plan in all its details, to perform the duties assigned to it
                by the
                Company, and to perform any act(s) necessary to carry out such duties
                including, but not limited to, the
                following:

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	 	
              (i)

            	
              To
                maintain and preserve records relating to Participants and former
                Participants;

            

    

     

    
      	 	
              (ii)

            	
              To
                prepare and furnish to participants all information required under
                applicable law or the provisions of this
                Plan;

            

    

     

    
      	 	
              (iii)

            	
              To
                maintain sufficient data and make required payments of
                benefits;

            

    

     

    
      	 	
              (iv)

            	
              To
                engage consultants, including legal, investment and actuarial advisors,
                and rely on their recommendations;
                and

            

    

     

    
      	 	
              (v)

            	
              To
                determine all claims for benefits under the Plan, and to provide
                procedures for determination of claims for benefits. In so doing,
                the
                Compensation Committee will have the complete discretion and authority
                to
                make, amend, interpret and enforce all appropriate rules and regulations
                for the administration of the Plan and to decide or resolve any and
                all
                questions, including interpretations of the Plan, as may arise in
                such
                administration.

            

    

     

    
      	 	
              (d)

            	
              Authority
                to Interpret the Plan. The
                Compensation Committee has the sole authority, duty and power (i)
                to
                construe and interpret the terms and provisions of the Plan, (ii)
                to make
                determinations regarding eligibility and benefits and (iii) to decide
                disputes which may arise in connection with the rights of participants,
                in
                each case in the sole exercise of his, her, its or their discretion.
                All
                decision made by the Compensation Committee will be final, conclusive
                and
                binding on all interested parties.

            

    

     

    
      	 	
              (e)

            	
              Plan
                Document Prevails.
                If any form, instrument or other document used in administrating
                this Plan
                conflicts with the terms of the Plan, the terms of the Plan will
                in each
                case prevail.

            

    

     

    
      	 	
              (f)

            	
              Construction
                of the Plan.
                The Compensation Committee will resolve all questions arising in
                the
                administration, interpretation and application of the Plan. The
                Compensation Committee will correct any defect, reconcile any
                inconsistency, or supply any omission with respect to the Plan. All
                decisions or actions of the Compensation Committee in respect to
                any
                question arising out of the administration, interpretation and application
                of the Plan and the rules and regulations promulgated hereunder will
                be
                final and conclusive and binding upon all persons having any interest
                in
                the Plan.

            

    

     

    
      	 	
              (g)

            	
              Plan
                Expenses.
                The Company will pay all expenses incurred by the Company and the
                Compensation Committee in connection with the establishment, maintenance
                or termination of the Plan.

            

    

     

    
      	 	
              (h)

            	
              Right
                to Suspend Benefits and Correct Errors. 
                The Compensation Committee will take such steps as are considered
                necessary and appropriate to remedy any inequity that results from
                incorrect information received or communicated in good faith or as
                the
                consequence of an administrative error. The Compensation Committee
                may
                suspend the payment until satisfied as to the correctness of the
                payment
                or the person to receive the payment or to allow filing in any court
                of
                competent jurisdiction of a suit in such form as the Compensation
                Committee considers appropriate for a legal determination of the
                benefits
                to be paid and the persons to receive them. The Compensation Committee
                specifically reserves the right to correct errors of every sort.
                The
                objective of any such method of error correction will be, to the
                extent
                reasonably possible, to adjust the account of the participant by
                reversing
                transactions or taking other actions to approach the situation that
                would
                have existed if the error had not been made. The Compensation Committee
                is
                also authorized to recover any payment made in error including the
                right
                to make deductions from future
                benefits.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              11.

            	
              Amendment,
                Termination and Suspension

            

    

     

    
      	 	
              (a)

            	
              Amendment.
                This Company’s Board of Directors may amend the Plan, except that no
                amendment may deprive any participant or beneficiary of any right
                or
                benefit to which he or she is entitled immediately prior to the effective
                date of such amendment.

            

    

     

    
      	 	
              (b)

            	
              Termination.
                The Company’s Board of Directors may, by appropriate action, terminate
                this Plan. No such termination will deprive a participant or beneficiary
                of any benefits to which the participant is entitled under this Plan
                immediately prior to the effective date of such termination.

            

    

     

    
      	
              12.

            	
              Miscellaneous
                Provisions

            

    

     

    
      	 	
              (a)

            	
              Non-alienation
                of Benefits.
                No participant or beneficiary has the right to alienate, anticipate,
                commute, pledge, encumber or assign any of the benefits or payments
                under
                this Plan. The rights of the participant under this Plan will not
                be
                subject to the rights of creditors of the participant and will be
                exempt
                from execution, attachment, prior assignment, or any other judicial
                relief
                or order for the benefit of any creditors or other third persons
                having
                claims against the participant.

            

    

     

    
      	 	
              (b)

            	
              No
                Contract of Employment.
                Neither the establishment of the Plan, nor the participation in the
                Plan,
                will be construed as giving any participant the right to be retained
                in
                the service of the Company.

            

    

     

    
      	 	
              (c)

            	
              Severability
                of Provisions.
                If any provision of this Plan is determined to be invalid or
                unenforceable, such invalidity or unenforceability will not affect
                any
                other Plan provision, and the Plan will be construed and enforced
                as if
                the invalid or unenforceable provisions had not been
                included.

            

    

     

    
      	 	
              (d)

            	
              Headings
                and Captions. The
                headings and captions in this Plan are provided for reference and
                convenience only. They are not to be considered part of the Plan,
                and they
                may not be employed in the construction or interpretation of the
                Plan.

            

    

     

    
      	 	
              (e)

            	
              Controlling
                Law.
                This Plan will be governed by and construed and enforced in accordance
                with the laws of the State of Utah. 

            

    

     

    
      	 	
              (f)

            	
              Tax
                Consequences.
                The Company does not represent or guaranty that any particular Federal
                or
                State income, estate, payroll, personal property or other tax will
                occur
                because of the participant’s participation in this Plan. The participant
                will be responsible to obtain appropriate advice regarding all questions
                relating to Federal, State or local income, estate, payroll, personal
                property or other tax consequences arising from participation in
                this
                Plan.

            

    

     

    
      	 	
              (g)

            	
              Withholding;
                Payroll Taxes.
                The Company will withhold from payments or benefits hereunder any
                taxes
                required to be withheld from such payments under local, state or
                federal
                law.

            

    

     

    
      	 	
              (h)

            	
              Entire
                Agreement.
                This
                Plan and properly adopted amendments to the Plan will govern the
                provision
                of payments pursuant to this Plan. No other instrument, communication
                statement of any sort may modify this Plan in any
                way.

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Plan to be executed by its duly authorized officer,
      this
      10th day of March, 2008.

     

    
      	 	 	 
	 	
              Specialized
                Health Products International, Inc.

            
	 
 	 
 	 
 
	 	By:  	/s/
              Jeffrey M. Soinsk
	 	
              

              Jeffrey
                M. Soinski

              Its:
                Chief Executive Officer

            

    
      
         

      

      
        5Unassociated Document

    

      EMPLOYMENT
        AGREEMENT

      

      THIS
        EMPLOYMENT AGREEMENT
        (“Agreement”),
        is
        dated as of April 15th,
        2008,
        by and between American Dairy, Inc., a Utah corporation (the “Company”),
        and
        Jonathan Chou (the “Executive”).

      

      W
        I T N E S S E T H

      

      WHEREAS,
        the
        Company desires to employ the Executive, and the Executive desires to accept
        such employment, on the terms and conditions set forth herein, effective
        as of
        April 1st,
        2008.

      

      NOW,
        THEREFORE,
        in
        consideration of the mutual promises, representations and warranties set
        forth
        herein, and for other good and valuable consideration, it is hereby agreed
        as
        follows:

      

      1. Employment.
        The
        Company hereby agrees to employ the Executive, and the Executive hereby accepts
        such employment, upon the terms and conditions set forth herein. The Company
        agrees to fully cooperate with Executive in connection with the obtaining
        of
        work visas or other work permits as may be necessary for Executive to fulfill
        his responsibilities hereunder. Executive’s primary office location shall be in
        Beijing and Shanghai, but Executive shall be expected to perform many
        work-related duties in other locations in China and in the United States
        as
        well.

      

      2. Term.
        This
        Agreement shall commence on the date hereof (the “Commencement
        Date”)
        and
        terminate on the fourth anniversary thereof, unless sooner terminated as
        provided in Section 8 of this Agreement (the “Employment
        Period”).
        

      

      3. Position
        and Duties.

      

      (a) During
        the Employment Period, the Executive shall serve as the Chief Financial Officer
        of the Company and shall have such duties and responsibilities as are consistent
        with such office, and as otherwise may be prescribed by the Board of Directors
        of the Company (the “Board”)
        from
        time to time. 

      

      (b) During
        the Employment Period, the Executive shall perform and discharge his duties
        and
        responsibilities well and faithfully and in accordance with the terms and
        conditions of this Agreement, and shall devote his best talents, efforts
        and
        abilities to the performance of his duties hereunder.

      

      (c) During
        the Employment Period, the Executive shall devote substantially all of his
        business time, attention and energy to performing his duties and
        responsibilities hereunder and shall have no other employment and no other
        outside business activities whatsoever; provided,
        however,
        that
        the Executive shall not be precluded from making passive investments which
        do
        not require the devotion of any significant time or effort.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      4. Compensation. 

      

      (a) Base
        Salary.
        In
        consideration for the Executive’s services hereunder, the Company shall pay the
        Executive a minimum annual salary (as the same shall be increased from time
        to
        time at the discretion of the Board, the “Base
        Salary”)
        of One
        Hundred Seventy Five Thousand Dollars ($175,000), payable in accordance with
        the
        customary payroll practices of the Company.

       

              (b) Sign
        on Bonus.
        In
        partial consideration for the Executive’s execution of this Agreement, and the
        services to be provided by the Executive to the Company hereunder, the Company
        shall pay to Executive a one-time sign on bonus in the amount of Four Hundred
        Thousand Renminbi (400,000 RMB), payable on the Commencement Date. This bonus
        shall be subject to all applicable tax and payroll withholdings.

      

      (c) Discretionary
        Bonus.
        In
        addition to the Base Salary, the Executive shall be eligible to receive
        discretionary bonuses at times and in amounts to be determined by the Board,
        or
        if the Board organizes a compensation committee, such committee (the
“Committee”)
        (excluding the Executive if he is then a member of the Committee), in its
        sole
        discretion. This bonus, if any, shall be subject to all applicable tax and
        payroll withholdings.

      

      (d) Stock
        Option Grants.
        Executive shall be entitled to receive options to purchase an aggregate of
        270,000 shares of Common Stock of the Company (the “Options”)
        in
        accordance with the schedule set forth on Schedule
        A
        hereto.
        The Options shall have a term of four (4) years. Any such grant of Options,
        or
        any stock option plan pursuant to which any such Options are granted, shall
        have
        been approved by the Company’s shareholders in accordance with applicable NYSE
        rules and regulations. 

      

      (e) Withholding.
        All
        payments required to be made by the Company to the Executive under this
        Agreement shall be subject to withholding taxes, social security and other
        payroll deductions in accordance with applicable law and the Company’s policies
        applicable to executives of the Company. In addition, the Executive will
        be
        subject to the Company’s tax equalization policy. A hypothetical income
        tax, defined as the home-country income tax the Executive would have incurred
        under United States tax laws, will be withheld from the Executive’s salary each
        pay period. There will be a tax settlement prepared on an annual basis by
        the
        Company’s outside tax consultant for the purpose of comparing the Executive’s
        hypothetical withholding to the Executive’s actual hypothetical liability for
        that year.

      

      5. Benefits.
        During
        the Employment Period, the Company shall provide the Executive with the
        following benefits (which may be grossed up as required):

      

      (a) Medical,
        Health and Dental Insurance Benefits.
        The
        Company shall at its own expense provide the Executive and his eligible
        dependents with the medical, health and dental insurance coverage provided
        by
        the Company generally to its executives or at the Executive’s option in an
        annual amount not to exceed Thirty-Five Thousand Dollars ($35,000). Nothing
        herein shall prevent the Company from amending and/or terminating the coverages
        and/or plans described in this Section 5(a); provided,
        however,
        that
        such amendment and/or termination is applicable generally to the Executives
        of
        the Company.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      (b) Disability
        and Accident Insurance Benefits.
        Provided
        that (i) the Executive is and remains insurable; (ii) the Executive is and
        remains eligible for coverage under either a group insurance policy maintained
        by the Company or its affiliates, as determined by the insurance underwriter
        designated by the Company, based upon an individual in good health and such
        other factors, including, but not limited to, age, gender and income; and
        (iii)
        the Executive shall do, execute, acknowledge and deliver, or cause to be
        done,
        executed, acknowledged or delivered, all documents, applications, instruments,
        assurances or acts (including but not limited to physical examinations),
        as may
        be necessary to obtain such insurance coverage, the Company shall provide
        the
        Executive with long term disability insurance coverage from the underwriter
        providing for “lifetime” disability benefits in an amount to be determined by
        the Board. In the event the underwriter offers the Executive (x) such coverage
        at a cost in excess of the standard rate, or (y) insurance coverage providing
        reduced benefits, the Executive may, at his option, pay the excess cost to
        obtain the insurance coverage or accept the disability insurance coverage
        with
        reduced benefits. Under
        no
        circumstances will the Company have any liability for the excess cost or
        resulting from the inability to obtain full benefits.

      

      (c) 401(k)
        Plan.
        The
        Executive shall have the ability to participate in any Company 401(k) Plan
        or
        other retirement plan made available by the Company to its employees, in
        accordance with the terms and conditions of such plan.

      

      (d) Liability
        Insurance.
        The
        Executive shall be provided with the liability insurance coverage generally
        provided to officers and managers of the Company. However, the Company shall
        not
        be required to obtain such coverage. Notwithstanding the foregoing, the Company
        agrees to indemnify the Executive against all costs, damages and expenses,
        including attorneys’ fees, incurred by the Executive as a result of claims by
        third parties arising out of or from the Executive’s lawful acts as an Executive
        of the Company, provided such acts are not grossly negligent and are performed
        in good faith and in a manner reasonably believed by the Executive to be
        in the
        Company’s best interests. Any counsel employed to defend the Executive in any
        such action shall be reasonably acceptable to the Executive and the Company.
        Any
        counsel appointed by any insurance carrier for the Company shall be deemed
        acceptable. It is the intent of the parties that the obligation imposed by
        this
        paragraph will survive the termination of this Agreement.

      

      (e) Life
        Insurance Benefits.
        Provided that (i) the Executive is and remains insurable; (ii) the Executive
        is
        and remains eligible for coverage under either a group insurance policy
        maintained by the Company or its affiliates or an individual insurance policy
        in
        either case at a cost to the Company no greater than the standard rate, as
        determined by the insurance underwriter designated by the Company, based
        upon an
        individual in good health and such other factors, including, but not limited
        to,
        age, gender and income; and (iii) the Executive shall do, execute, acknowledge
        and deliver, or cause to be done, executed, acknowledged or delivered, all
        documents, applications, instruments, assurances or acts (including but not
        limited to physical examinations), as may be necessary to obtain such insurance
        coverage, the Company shall provide the Executive with life insurance in
        an
        amount to be determined by the Board.

      

      (f) Other
        Benefits.
        The
        Company shall make available to the Executive any and all other Executive
        or
        fringe benefits (in accordance with their terms and conditions) which the
        Company may make available to its other Executives, including tax filing
        preparation services for the first year in an amount not to exceed Five Thousand
        Dollars ($5,000).

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      6. Reimbursement
        of Expenses.
        During
        the Employment Period, the Company shall pay or reimburse the Executive in
        U.S.
        dollars, net of any applicable taxes, for the following expenses: (i) rental
        in
        an annual amount not to exceed One Hundred Fifty-Two Thousand Dollars ($152,000)
        and (ii) tuition and applicable fees for the education of dependents at
        international schools in China to be chosen by the Executive in an annual
        amount
        not to exceed Twenty-Three Thousand Three Hundred Thirty-Three Dollars ($23,333)
        for each dependent. However, amounts provided for in this paragraph may be
        grossed up as required. The Company shall also pay or reimburse the Executive
        all reasonable entertainment and other business expenses actually incurred
        or
        paid by the Executive in the performance of his duties hereunder upon
        presentation of expense statements and/or such other supporting information
        as
        the Company may reasonably require of the Executive.

      

      7. Vacation.
        The
        Executive shall be entitled to paid vacation during each full calendar year
        of
        the Employment Period of a duration provided by the Company generally to
        its
        Executives (and a pro rata portion thereof for any portion of the Employment
        Period that is less than a full calendar year); provided,
        however,
        that no
        single vacation may exceed two consecutive weeks in duration. 

      

      8. Termination.
        The
        employment of the Executive hereunder may be terminated prior to the expiration
        of the Employment Period in the manner described in this Section 8.

      

      (a) Termination
        upon Death.
        The
        employment of the Executive hereunder shall terminate immediately upon his
        death.

      

      (b) Termination
        upon Disability.
        The
        Company shall have the right to terminate this Agreement during the continuance
        of any Disability of the Executive, as hereafter defined, upon fifteen (15)
        days’ prior notice to the Executive during the continuance of the
        Disability.

      

      (c) Termination
        by the Company Without Good Cause.
        The
        Company shall have the right to terminate the Executive’s employment hereunder
        without Good Cause (as such term is defined herein) by written notice to
        the
        Executive.

      

      (d) Termination
        by the Company for Good Cause.
        The
        Company shall have the right to terminate the employment of the Executive
        for
        Good Cause by written notice to the Executive specifying the particulars
        of the
        circumstances forming the basis for such Good Cause.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (e) Voluntary
        Resignation by the Executive.
        The
        Executive shall have the right to voluntarily resign his employment hereunder
        for other than Good Reason (as such term is defined herein) by written notice
        to
        the Company. 

      

      (f) Resignation
        by the Executive for Good Reason.
        The
        Executive shall have the right to terminate his employment for Good Reason
        by
        written notice to the Company specifying the particulars of the circumstances
        forming the basis for such Good Reason.

      

      (g) Termination
        Date.
        The
“Termination
        Date”
is
        the
        date as of which the Executive’s employment with the Company terminates. Any
        notice of termination given pursuant to the provisions of this Agreement
        shall
        specify the Termination Date.

      

      (h) Certain
        Definitions.
        For
        purposes of this Agreement, the following terms shall have the following
        meanings:

      

      (i) “Disability”
shall
        mean an inability by the Executive to perform a substantial portion of the
        Executive’s duties hereunder by reason of physical or mental incapacity or
        disability for a total of one hundred twenty (120) days or more in any
        consecutive period of three hundred and sixty five (365) days, as determined
        by
        the Board in its good faith judgment. 

      

      (ii) “Good
        Cause”
as
        used
        herein, shall mean (A) the commission of a felony, or a crime involving moral
        turpitude, or the commission of any other act or omission involving dishonesty,
        disloyalty, or fraud with respect to the Company; (B) conduct tending to
        bring
        the Company or any of its affiliates into substantial public disgrace or
        disrepute; (C) substantial and repeated failure to perform duties as reasonably
        directed by the Board; (D) gross negligence or willful misconduct with respect
        to the Company or any of its affiliates; or (E) any material misrepresentation
        by the Executive under this Agreement; provided,
        however,
        that
        such Good Cause shall not exist unless the Company shall first have provided
        the
        Executive with written notice specifying in reasonable detail the factors
        constituting such Good Cause, as applicable, and such factors shall not have
        been cured by the Executive within thirty (30) days after such notice or
        such
        longer period as may reasonably be necessary to accomplish the
        cure.

      

      (iii) “Good
        Reason”
means
        the occurrence of any of the following events:

      

      (A) the
        assignment to the Executive of any duties inconsistent in any material respect
        with the Executive’s then position (including status, offices, titles and
        reporting relationships), authority, duties or responsibilities, or any other
        action or actions by the Company which when taken as a whole results in a
        significant diminution in the Executive’s position, authority, duties or
        responsibilities, excluding for this purpose any isolated, immaterial and
        inadvertent action not taken in bad faith and which is remedied by the Company
        promptly after receipt of notice thereof given by the
        Executive;

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      (B) a
        material breach by the Company of one or more provisions of this Agreement,
        provided that such Good Reason shall not exist unless the Executive shall
        first
        have provided the Company with written notice specifying in reasonable detail
        the factors constituting such material breach and such material breach shall
        not
        have been cured by the Company within thirty (30) days after such notice
        or such
        longer period as may reasonably be necessary to accomplish the
        cure;

      

      (C) the
        Company requiring the Executive to be primarily based at any location other
        than
        (i) a location within thirty (30) miles of the Company’s current executive
        office location in Beijing, or (ii) a location within thirty (30) miles of
        the
        centerpoint of Shanghai, except for the requirements of temporary travel
        on the
        Company’s business; and

      

      (D) any
        purported termination by the Company of the Executive’s employment otherwise
        than as expressly permitted by this Agreement.

      

      (E) A
        Change
        in Control whereby:

       

      (i) A
        person
        (other than a person who is an officer or director of the Company on the
        Effective Date), including a group as defined in Section 13(d)(3) of the
        Securities Exchange Act of 1934, as amended, becomes, or obtains the right
        to
        become, the beneficial owner of the Company’s securities having fifty one
        percent (51%) or more of the combined voting power of then outstanding
        securities of the Company;

      

      (ii) The
        Company consummates a merger in which it is not the surviving
        entity;

      

      (iii) All
        or
        substantially all of the Company’s assets are sold; 

      

      (iv) The
        Company’s shareholders approve the dissolution or liquidation of the
        Company. 

      

      9. Obligations
        of Company on Termination or Resignation.
        If you
        are terminated by the Company without Good Cause, if you resign from the
        Company
        for Good Reason, you will be entitled to receive as severance (a) the Base
        Salary and reimbursement of Expenses contemplated hereunder for a period
        of
        twelve months, and (b) all Options granted but not yet vested shall immediately
        vest and shall be exercisable.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      10. Covenants
        of the Executive.

      

      (a) Confidentiality.

      

      (i) The
        Executive recognizes that the Executive’s position with the Company is one of
        trust and confidence. The Executive acknowledges that, the Company has devoted
        substantial time and effort and resources to developing the Company’s business
        and clients, and that during the course of the Executive’s employment with the
        Company, the Executive will necessarily become acquainted with confidential
        information relating to the clients or potential clients (including names,
        addresses and telephone numbers) of the Company, and the Company’s investments
        or potential investments in and/or financings and/or potential financings
        to be
        provided to these clients or potential clients, and trade secrets, processes,
        methods of operation and other information, which the Company regards as
        confidential and in the nature of trade secrets (collectively, “Confidential
        Information”).
        The
        Executive acknowledges and agrees that the Confidential Information is of
        incalculable value to the Company and that the Company would suffer damage
        if
        any of the Confidential Information was improperly disclosed.

      

      (ii) The
        Executive recognizes that because of the opportunities and support so provided
        to the Executive and because of Executive’s access to the Company’s Confidential
        Information, Executive would be in a unique position to divert business from
        the
        Company and to commit irreparable damage to the Company were Executive to
        be
        allowed to divulge any of the Confidential Information.

      

      (iii) The
        Executive covenants and agrees that the Executive will not, at any time during
        or after the termination of the Executive’s relationship with the Company,
        regardless of whether termination is initiated by either Executive or the
        Company, reveal, divulge, or make known to any person, firm or corporation,
        any
        Confidential Information made known to the Executive or of which the Executive
        has become aware, regardless of whether developed, prepared, devised or
        otherwise created in whole or in part by the efforts of the Executive, except
        and to the extent that such disclosure is necessary to carry out the Executive’s
        duties for the Company. The Executive further covenants and agrees that the
        Executive shall retain all Confidential Information in trust for the sole
        benefit of the Company, and will not divulge or deliver or show any Confidential
        Information to any unauthorized person including, without limitation, any
        other
        employer of the Executive, and the Executive will not make use thereof in
        an
        independent business related to the business of the Company; provided,
        however,
        that
        the Executive has no obligation, express or implied, to refrain from using
        or
        disclosing to others any such knowledge or information which is or hereafter
        shall become available to the public other than through disclosure by the
        Executive.

      

      (iv) The
        Executive agrees that, upon termination of the Executive’s employment with the
        Company, for any reason whatsoever, or for no reason, and at any time, the
        Executive shall return to the Company all papers, documents and other property
        of the Company placed in the Executive’s custody or obtained by the Executive
        during the course of the Executive’s employment which relate to Confidential
        Information, and the Executive will not retain copies of any such papers,
        documents or other property for any purpose whatsoever.

      

      (b) Non-Competition.
        The
        Company is in the business of processing and market milk, soybean and walnut
        products (the "Business"). Executive acknowledges that during his employment
        with the Company he will become familiar with trade secrets and other
        information relating to the Company and its Business, and that his services
        have
        been and will be of special, unique and extraordinary value to the Company.
        Therefore, Executive agrees that, during the Employment Period, and for one
        (1)
        year thereafter (collectively, the “Non-Compete Period”), he will not directly
        or indirectly own, manage, control, participate in, consult with, render
        services for, or in any other manner engage in any business, or as an investor
        in or lender to any business (in each case including, without limitation,
        on his
        own behalf or on behalf of another entity) which competes either directly
        or
        indirectly with the Company in the Business, in any market in which the Company
        is operating, or is considering operating at any given point in time during
        the
        Employment Period, or as of the end of the Employment Period if the Employment
        Period has ended. Nothing in this Section 10(b) will be deemed to prohibit
        the
        Executive from being a passive owner of less than 5% of the outstanding stock
        of
        a corporation engaged in a competing business as described above of any class
        which is publicly traded, so long as Executive has no direct or indirect
        participation in the business of such corporation.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      (c) Non-Solicitation
        of Business.
        Executive will not, during the Employment Period, or at any time within the
        one
        (1) year period immediately following his termination from employment,
        regardless of whether termination is initiated by Executive or by the Company,
        for any reason, solicit or assist any other person to solicit, whether directly
        or indirectly, any business (other than for the Company) from any entity:
        (i)
        into which the Company has invested; (ii) for which the Company has provided
        financing; (iii) for which the Company has been engaged to provide any kind
        of
        services, including but not limited to, advisory services and providing
        financial analyses; (iv) that has either invested in, or participated in
        a
        financing for, a client of the Company; or (v) that has either been solicited
        by
        the Company to invest in, or participate in a financing for, a client of
        the
        Company. 

      

      (d) Non-Solicitation
        of Employees and Independent Contractors.
        Executive will not, during the Employment Period, or at any time following
        his
        termination from employment, regardless of whether termination is initiated
        by
        Executive or by the Company, for any reason, directly or indirectly (i) induce
        or attempt to induce any employee or full-time independent contractor of
        the
        Company to leave the employ or contracting relationship with the Company,
        or in
        any way interfere with the relationship between the Company and any employee
        or
        full-time independent contractor thereof, (ii) solicit for employment or
        as an
        independent contractor any person who was an employee or full-time independent
        contractor of the Company at any time during the Employment Period, or (iii)
        induce or attempt to induce any customer, supplier or other business relation
        of
        the Company to cease doing business with the Company or in any way interfere
        with the relationship between any such customer, supplier or other business
        relation and the Company.

      

      (e) Work
        Product.
        The
        Executive agrees that all innovations, inventions, improvements, developments,
        methods, designs, analyses, drawings, reports, and all similar or related
        information which relate to the Company’s Business, or any business which the
        Company has taken significant action to pursue, and which are conceived,
        developed or made by the Executive during the Employment Period (any of the
        foregoing, hereinafter “Work
        Product”),
        belong to the Company. The Executive will promptly disclose all such Work
        Product to the Board and perform all actions reasonably requested by the
        Board
        (whether during or after the Employment Period) to establish and confirm
        such
        ownership (including, without limitation, assignments, consents, powers of
        attorney and other instruments).

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      (f) No
        Conflict.
        The
        Executive represents and warrants to the Company that the Executive is not
        a
        party to or bound by any employment agreement, noncompete agreement or
        confidentiality agreement with any other person or entity or any other agreement
        which would prevent or limit his ability to enter into this Agreement or
        perform
        his obligations hereunder.

      

      (g) Enforcement.
        

      

      (i) The
        Executive acknowledges that the Company will suffer substantial and irreparable
        damages not readily ascertainable or compensable in terms of money in the
        event
        of the breach of any of the Executive’s obligations under Sections 10(a) through
        (e) hereof. The Executive therefore agrees that the provisions of Sections
        10(a)
        through (e) shall be construed as an agreement independent of the other
        provisions of this Agreement and any other agreement and that the Company,
        in
        addition to any other remedies (including damages) provided by law, shall
        have
        the right and remedy to have such provisions specifically enforced by any
        court
        having equity jurisdiction thereof. Accordingly, in addition to all of the
        Company’s rights and remedies under this Agreement, including but not limited
        to, the right to the recovery of monetary damages from the Executive, the
        Company shall be entitled, and the Executive hereby consents, to the issuance
        by
        any court of competent jurisdiction of temporary, preliminary and permanent
        injunctions, without bond, enjoining any such breach or threatened breach
        by the
        Executive. The Executive’s sole remedy in the event of any injunction or order
        shall be dissolution thereof, if warranted, upon duly held hearing in a court
        of
        competent jurisdiction. The Executive hereby waives all claims for damages
        for
        wrongful issuance of any such injunction.

      

      The
        rights and remedies set forth in this Section 10(f) shall be in addition
        to, and
        not in lieu of, any other rights and remedies available to the Company under
        law
        or equity.

      

      (ii) If
        at any
        time any of the provisions of this Section 10 shall be determined to be invalid
        or unenforceable, by reason of being vague or unreasonable as to area, duration
        or scope of activity, this Section 10 shall be considered divisible and shall
        become and be immediately amended to only such area, duration and scope of
        activity as shall be determined to be reasonable and enforceable by the court
        or
        other body having jurisdiction over the matter, and the Executive agrees
        that
        this Section 10, as so amended, shall be valid and binding as though any
        invalid
        or unenforceable provision had not been included herein.

      

      (iii) The
        Executive agrees to cooperate with the Company, during the Employment Period
        and
        thereafter (including following the Executive’s termination of employment for
        any reason), by making himself reasonably available to testify on behalf
        of the
        Company or any of its affiliates in any action, suit, or proceeding, whether
        civil, criminal, administrative, or investigative, and to assist the Company,
        or
        any affiliate, in any such action, suit, or proceeding, by providing information
        and meeting and consulting with the Company’s Board or its representatives or
        counsel, or representatives or counsel to the Company, or any affiliate as
        reasonably requested; provided,
        however,
        that
        the same does not materially interfere with his then current professional
        activities and is not contrary to the best interests of the Executive. The
        Company agrees to reimburse the Executive, on an after-tax basis, for all
        expenses actually incurred in connection with his provision of testimony
        or
        assistance. 

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      11. Indemnification.
        To the
        fullest extent permitted by law, including the Utah Revised Business Corporation
        Act and other relevant statutes, the Company will indemnify and hold harmless
        Executive against any actual action, suit or proceeding, whether civil,
        criminal, or administrative, arising by reason of Executive’s status as a
        director, officer, employee and/or agent of the Company or any of its affiliates
        during Executive’s employment or Executive’s status, if any, as a trustee or
        other fiduciary of any employee benefit plan sponsored by the Company or
        its
        affiliates. In addition, to the fullest extent permitted by law, the Company
        will pay or reimburse Executive for any costs and expenses, including reasonable
        attorney’s fees, Executive incurs arising from any claim as to which the Company
        is providing indemnification hereunder. 

      

      12. Insurance.
        The
        Company may, for its own benefit, in it sole discretion, maintain “key-man” life
        and disability insurance policies covering the Executive. The Executive shall
        cooperate with the Company and provide such information or other assistance
        as
        the Company may reasonably request in connection with the Company’s obtaining
        and maintaining such policies.

      

      13. Severability.
        Should
        any provision of this Agreement be held, by a court of competent jurisdiction,
        to be invalid or unenforceable, such invalidity or unenforceability shall
        not
        render the entire Agreement invalid or unenforceable, and this Agreement
        and
        each other provision hereof shall be enforceable and valid to the fullest
        extent
        permitted by law.

      

      14. Successors
        and Assigns.

      

      (a) This
        Agreement and all rights under this Agreement are personal to the Executive
        and
        shall not be assignable other than by will or the laws of descent. All of
        the
        Executive’s rights under the Agreement shall inure to the benefit of his heirs,
        personal representatives, designees or other legal representatives, as the
        case
        may be.

      

      (b) This
        Agreement shall inure to the benefit of and be binding upon the Company and
        its
        successors and assigns. Any entity succeeding to the business of the Company
        by
        merger, purchase, consolidation or otherwise shall assume by contract or
        operation of law the obligations of the Company under this
        Agreement.

      

      15. Governing
        Law.
        This
        Agreement shall be construed in accordance with and governed by the laws
        of the
        State of New York, without regard to the conflicts of laws rules thereof.
        

      

      16. Arbitration.
        Any
        controversy or claim arising out of or relating to this Agreement or the
        breach
        hereof shall be settled by Arbitration by and in accordance with the Commercial
        Rules of the American Arbitration Association then in effect in accordance
        with
        the laws of the State of New York, and the judgment upon any award rendered
        by
        the arbitrator or arbitrators may be entered in any court having competent
        jurisdiction thereof. The award of the Arbitrator shall be final, non-appealable
        and binding upon the parties hereto and their respective successors and
        permitted assigns

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      17. Notices.
        All
        notices, requests and demands given to or made upon the respective parties
        hereto shall be deemed to have been given or made three business days after
        the
        date of mailing when mailed by registered or certified mail, postage prepaid,
        or
        on the date of delivery if delivered by hand, or one business day after the
        date
        of delivery by Federal Express or other reputable overnight delivery service,
        addressed to the parties at their addresses set forth on Schedule
        B
        hereto,
        or to such other addresses furnished by notice given in accordance with this
        Section 17. 

      

      18. Complete
        Understanding.
        Except
        as expressly provided below, this Agreement supersedes any prior contracts,
        understandings, discussions and agreements relating to employment between
        the
        Executive and the Company and constitutes the complete understanding between
        the
        parties with respect to the subject matter hereof. No statement, representation,
        warranty or covenant has been made by either party with respect to the subject
        matter hereof except as expressly set forth herein.

      

      19. Modification;
        Waiver.

      

      (a) This
        Agreement may be amended or waived if, and only if, such amendment or waiver
        is
        in writing and signed, in the case of an amendment, by the Company and the
        Executive or in the case of a waiver, by the party against whom the waiver
        is to
        be effective. Any such waiver shall be effective only to the extent specifically
        set forth in such writing.

      

      (b) No
        failure or delay by any party in exercising any right, power or privilege
        hereunder shall operate as a waiver thereof, nor shall any single or partial
        exercise thereof preclude any other or further exercise thereof or the exercise
        of any other right, power or privilege. 

      

      20. Headings
        and Word Meanings.
        Headings
        and titles in this Agreement are for convenience of reference only and shall
        not
        control the construction or interpretation of any provisions hereof. The
        words
“herein,” “hereof,” “hereunder” and words of similar import, when used anywhere
        in this Agreement, refer to this Agreement as a whole and not merely to a
        subdivision in which such words appear, unless the context otherwise requires.
        The singular shall include the plural unless the context otherwise requires.
         

      

      21. Counterparts.
        This
        Agreement may be signed in any number of counterparts, each of which shall
        be an
        original, with the same effect as if the signatures thereto and hereto were
        upon
        the same instrument. This Agreement shall become effective when each party
        hereto shall have received counterparts hereof signed by the other party
        hereto.

      

       

      

      

      [SIGNATURE
        PAGE FOLLOWS]

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF,
        the
        Company has caused this Agreement to be duly executed in its corporate name
        by
        one of its officers duly authorized to enter into and execute this Agreement,
        and the Executive has manually signed his
        name hereto, all as of the day and year first
        above written.

       

       

      
        	 	 	AMERICAN DAIRY,
                INC.
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Liu
                Hua 	 	 	/s/
                Leng You Bin
	
                
Witness
                - Liu Hua 	 	 	
                
Name: Leng
                You Bin
	 	 	 	Title: Chief
                Executive Officer

      

      
 

      
        	 	 	 	 
	/s/
                Judy F.
                Tu	 	 	 /s/
                Jonathan H. Chou
	
                
Witness
                - Judy F. Tu 	 	 	
                
Name:
                Jonathan H. Chou
	 	 	 	 

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      SCHEDULE
        A

      

      STOCK
        OPTIONS

      

      

      
        	
                Grant
                  Date *

              	
                Number
                  of Shares Issuable Upon Exercise

              	
                Exercise
                  Price

              
	
                6
                  month anniversary of the 

                Commencement
                  Date

              	
                80,000

              	
                $12.00

              
	
                18
                  month anniversary of the 

                Commencement
                  Date

              	
                50,000

              	
                $16.00

              
	
                30
                  month anniversary of the 

                Commencement
                  Date

              	
                60,000

              	
                $22.00

              
	
                42
                  month anniversary of the 

                Commencement
                  Date

              	
                80,000

              	
                $30.00

              

      

      

      *
        The options shall vest on the 12 month anniversary of their respective Grant
        Dates, conditioned upon the Executive’s continued employment by the Company as
        of each such Vesting Date.

       

      
        
           

        

        
          13

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