Document:

Employment Agreement - China Metro-Rural Exchange Limited and Sio Kam Seng

 Exhibit 4.5 

China Metro-Rural Exchange Limited 

Room 803, 8/F, Tower One, The Gateway, 15 Canton Road 

Tsimshatsui, Kowloon, Hong Kong 

Tel: 852-23179289     Fax: 852-23175372 

Date: 1 January 2010 
 Confidential

  

			
	Attn:	  	Mr. Sio Kam Seng
		  	HKID number: 

 Employment Agreement 

It has been resolved by the respective boards of directors of the Company and its holding company to appoint you as the Chairman of the Board of Directors
and Executive Director of each of the Company and its holding company. The terms and conditions of employing you (hereinafter, the “Employee”) are as follows: 

Commencement Date 
 1 January 2010

 Scope of Service 
 The
Employee is primarily responsible for the following: 
  

	1.	Taking charge of the overall management and business development planning of the Company, its holding companies and their subsidiaries (hereinafter collectively
referred to as the “Group”), including medium- and long-term development goals and development plans, and the formulation and effective implementation of relevant policies; 

 

	2.	Taking charge of the invitation of business, offer of sale, leasing, marketing etc throughout different stages in Hong Kong, Mainland China and overseas, and all
relevant matters including the management, operation and training of and in respect of administration and human resources, as well as the formulation and implementation of policies and measures; 

 

	3.	Taking charge of and directing the establishment and implementation of a sound and effective operation and management system, operational processes, budgeting etc for
the subsidiaries of the Group and their projects and departments (including sales, marketing, finance, engineering and administration and human resources), the stringent control of costs and expenses, and the implementation of an effective control
system; 

  

	4.	Conducting capital-market financing, taking charge of investors relations and media relations, leading and planning the research, analysis and implementation of and for
the securitization/ listing and/or merger and acquisition of and in respect of the business of the Group to be conducted by various agencies, taking charge of the supervision of all secretarial documental and related work before and after any
securitization/ listing and/or merger and acquisition, including but not limited to all such work relating to the compliance, reporting and disclosure under the rules and requirements of relevant securities regulatory bodies and/ or bodies governing
the listing of securities; 

  

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	5.	Taking charge of such other work as designated by the Company/ Group; 

  

	6.	Working regularly in Mainland China, and business trips if necessary; 

The Employee shall abide by such other scopes and places of work as designated by the Company, and shall report duty to and be accountable to the
shareholders’ general meeting and the board of directors. 
 Remuneration 

 

	1.	For the six-month period commencing from the commencement date of employment, the Employee shall spend half of his full-time working hours on serving the Company/
Group, and the other half being spent on handling remaining matters in respect of his previous employment. Remuneration for such period shall be HK$84,625 per month; 

 

	2.	Subsequent to the expiry of the six-month period commencing from the commencement date of employment, the Employee shall spend all of his full-time working hours on
serving the Company/ Group, and his remuneration shall then be HK$169,250 per month; 

  

	3.	The aforesaid remunerations are inclusive of all transportation expenses to be incurred by the Employee in Hong Kong and all telephone communication expenses to be
incurred by the Employee in Hong Kong and Mainland China. Transportation expenses to be incurred in Mainland China and transportation expenses and telephone communication expenses to be incurred overseas shall be reimbursed upon timely presentation
of valid invoices/ vouchers; 

  

	4.	In view of the Employee’s regular travel to Mainland China, it is agreed by and between the parties that part of the Employee’s monthly salary may be paid out
by group companies located in Mainland China. Detailed arrangement and effective time shall be separately arranged by the Company/ Group in future if and when necessary. In the event that the total sum of the personal income taxes to be incurred in
Mainland China and in Hong Kong by the Employee exceeds the amount which would otherwise have been borne by the Employee had only Hong Kong personal income tax be applicable, the excess amount shall be borne by the Company; 

 

	5.	The remuneration shall be kept confidential and shall not, other than at meetings of the board of directors, be a topic of discussion between the Employee and his
colleagues. 

 Incentive Schemes 

The Employee shall be entitled to such options over shares of the Company or the group company and/ or year-end performance bonus under such incentive
schemes, if any, and relevant requirements as shall be determined to be granted by the board of directors on a discretionary basis. Factors to be considered by the board of directors shall include the performance of the Company/ Group, appraisal of
performance of the Employee, contribution of the Employee to the performance of the Company etc. To be eligible, the Employee shall be under employment at the time of grant of such share options and/ or year-end performance bonus by the Company or
group company. 
  

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 Year-end Emolument (i.e. Year-end Double Pay) 

The remuneration period of the Company starts on 1 January and ends on 31 December every year. In January every year, each permanent full-time
employee shall be entitled to year-end emolument which equals the amount of salary of one month. Where employment does not cover the entire remuneration period but has lasted for at least three months at the end of such period concerned, such
year-end emolument shall be paid out on a pro rata basis based on the period lapsed since the commencement date of employment. To be eligible, the Employee shall be under employment at the time of grant of such emolument. 

Working Hours 
 The working hours in Hong
Kong shall be from 0900 to 1800 on Monday through Friday, inclusive of a lunch hour from 13:00 to 14:00, and from 0900 to 1300 on Saturday. (The Employee shall in principle be under a long/short week arrangement but shall nevertheless work as shall
be instructed by the Company on a Saturday in a short week when work shall be arranged by the Company and such short-week arrangement shall be cancelled accordingly.) The working hours in Mainland China shall be based on rules and regulations in
Mainland China. The Employee shall work overtime as shall be instructed or as shall be necessary under the circumstances, without monetary or time-off compensation. 

Annual Leave 
 Upon completion of service
for a full year, the Employee shall be entitled to paid annual leave of 15 days, which shall be scheduled in such a way as not to affect the business operation of the Company. Unless otherwise agreed by the Company, annual leave shall
neither be carried forward nor encashed. No paid annual leave shall accrue for the Employee if his employment terminates within the first three months from the commencement of such employment. 

Mandatory Provident Fund Scheme 

Mandatory Provident Fund Scheme applies to all employees of the Company. Participation is mandatory when the respective employee has served for sixty
days. 
 Termination of Employment 

To terminate the employment, either party may do so by way of six months’ prior written notice or payment-in-lieu of notice. 

Summary Dismissal 
 Where the Employee
shall during or in respect of his employment: 
  

	1.	have misconduct in contravention of the principle of proper and faithful discharge of his duties; or 

 

	2.	have fraudulent or dishonest behaviour; or 

  

	3.	be negligent from time to time; or 

  

	4.	have other gross misconduct; or 

  

	5.	be convicted of or arrested for reason of criminal offence or prosecution; or 

 

	6.	be in breach of the representations and warranties made under this employment; 

then the Company may summarily dismiss the Employee without notice or payment-in-lieu and/ or any compensation or any remuneration/ bonus, and shall
reserve the right to claim against the Employee for any losses suffered by the Company. 
  

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 Secondment 

The Company shall have the right to arrange secondment of the Employee to taking up work at the Company, its parent company, subsidiaries, associated
companies, affiliated companies, joint ventures or joint-venture projects if necessary. The Employee shall observe all such rules, codes, working hours and holiday entitlement as shall become applicable upon the arrangement. 

Dedication of Employment 
 Subsequent to
the expiry of the six-month period commencing from the commencement date of employment, without obtaining the prior written permission from the Company, the Employee shall during his employment under the Company be prohibited from, directly or
indirectly, employment under other private, commercial or public entities or engagement in private business. Violation of this rule shall subject the Employee to penalty (and “Summary Dismissal” under this employment agreement shall apply
in the case of severe wrong-doing). 
 Undertakings by the Employee 

 

	1.	The Employee undertakes that he shall during his employment whole-heartedly serve the Company and the Group and shall not directly or indirectly engage in or be
interested in or be connected with any businesses in competition with the Company or the Group. Apart from working for the Company and the Group, the Employee shall not directly or indirectly have any business transactions with or solicit businesses
to or from or disclose information on the operations, business transactions or affairs of the Company or the Group to the suppliers, customers or business partners of the Company or the Group in personal capacity or in the capacity of an agent,
partner or employee of any other persons, firms or companies. 

  

	2.	The Employee shall not during or at any time after his employment reveal to any persons, legal persons or non-legal-person entities all or any of the information on the
Company and the Group which shall come to his knowledge during his employment, including but not limited to the financial information, costing information, sales information, customer information, personnel records, business plans, marketing plans,
business correspondences and trade secrets, and warrants that he shall on a best-effort basis prevent the unauthorized announcement or disclosure of the aforesaid information. 

 

	3.	The Employee undertakes that he shall not before the expiry of a one-year period commencing from the date of termination of his employment directly or indirectly in
personal capacity or in the capacity of an agent, partner or employee of any other persons, firms or companies: 

  

	 	i)	have any business transactions with or solicit businesses to or from any of the Company’s suppliers, customers or business partners; 

 

	 	ii)	directly or indirectly engage in or be interested in or be connected with any businesses in competition with the Company; 

 

	 	iii)	disclose to any person information on the operations, business transactions or affairs of the Company or the Group or technical know-how he has acquired during his
training at or employment with the Company. 

  

	4.	The Employee undertakes that he shall not during or after his employment directly or indirectly in personal capacity or in the capacity of an agent, partner or employee
of any other persons, firms or companies procure any of the employees of the Group to leave and work for other companies or entities which are in competition with the business of the Group. 

 

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	5.	Upon termination of employment or at the request of the Company, the Employee shall forthwith deliver up to the Company all such documents (including correspondences,
customer lists, notes, memoranda, plans, drawings and designs, computer software and documents of other kinds), models or samples relating to the business, finance or affairs of the Company or any companies, associated companies or joint-venture
entities under the Group as shall be prepared, fabricated or acquired by the Employee during his employment. In addition, the parties also agree that all or any of the registrable or unregistrable rights to the aforesaid documents, models or samples
shall at all time belong to the Company or the relevant member(s) of the Group. 

  

	6.	Unless authorized in writing by the Company, the Employee shall not, subsequent to termination of his employment, use the Chinese or English names or analogous names,
trade names or trademarks of the Company or any member of the Group for any purpose, which shall suggest any linkage or connection between the Employee and the businesses of the Company or any member of the Group. 

 

	7.	During or at any time after his employment: 

  

	 	i)	the Employee or his representative or successor shall not claim (other than outstanding remuneration or sales bonus payable) or take any legal action against the
Company or its parent company or its associated companies; 

  

	 	ii)	the Employee shall not, in concert with other persons, companies or firms claim (other than outstanding remuneration or sales bonus payable) or take any legal action
against the Company or its parent company or its associated companies, and undertakes that he shall not testify for or provide any information to other persons, companies or firms for claiming or taking any legal action against the Company or its
parent company or its associated companies; and 

  

	 	iii)	the Employee warrants that he shall safeguard the reputation of the Company and shall not comment or opine upon its parent company, subsidiaries, associated companies,
shareholders, directors, staff members, consultants or representatives. 

 Miscellaneous 

 

	1.	The Employee shall bear his own costs or expenses incurred in connection with holding, applying for, renewing or extending any such qualifications with any professional
bodies, professional licences, driving licences, passports, China home return permit etc as shall be required by his position or work. In respect of Hong Kong or Mainland China personal income taxes, the Employee shall be responsible for filing his
own tax returns and making payments for himself. 

  

	2.	The Employee warrants that all curriculum vitae, academic history, qualifications, working experience, work history, personal information etc provided to and filed with
the Company at the time of recruitment and admission are true and accurate, and accepts legal liability for the truthfulness and validity of such information. 

Employees’ Manual(s) 
 The attached
Hong Kong and Mainland China employees’/ staff manual(s) and its/their supplements form part of this employment agreement. By signing this employment agreement, the Employee accepts and shall observe all provisions (including any subsequent
supplements or amendments) contained in the manual(s). Such manual(s) is/are subject to revision by the Company as and when necessary, and any such revisions shall be supplied to the Employee for record. 

 

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 This employment agreement is made in duplicate and shall become effective upon signing by the parties.

  

			
	China Metro-Rural Exchange Limited
		
	By	 	 /s/ Cheng Chung Hing

		 	Cheng Chung Hing
		 	Director

  

			
		 	Agreed by:
		
	By	 	 /s/ Sio Kam Seng

		 	Sio Kam Seng
		 	Date: 1 January 2010

  

 6Service Agreement - Man Sang International Limited and Cheng Tai Po

 Exhibit 4.6 

Dated the
31st day of August, 2009 

MAN SANG INTERNATIONAL LIMITED 

 

 

 AND 

CHENG TAI PO 

 
  
  

SERVICE AGREEMENT 
  

 

 CONTENT 

 

					
	 Clause
	  	 Description
	  	Page
	 1.
	  	INTERPRETATION	  	1
			
	 2.
	  	APPOINTMENT	  	2
			
	 3.
	  	DURATION	  	2
			
	 4.
	  	EXECUTIVE’S DUTIES	  	2
			
	 5.
	  	REMUNERATION	  	3
			
	 6.
	  	OTHER BENEFITS	  	3
			
	 7.
	  	EXPENSES	  	4
			
	 8.
	  	DEDUCTIONS	  	4
			
	 9.
	  	LEAVE	  	4
			
	 10.
	  	TERMINATION	  	5
			
	 11.
	  	EXECUTIVE’S UNDERTAKINGS	  	6
			
	 12.
	  	INTELLECTUAL PROPERTY RIGHTS	  	9
			
	 13.
	  	MISCELLANEOUS	  	9

 THIS AGREEMENT is made on the
31st day of August
2009. 
 BETWEEN: 

 

	(1)	MAN SANG INTERNATIONAL LIMITED

, a company incorporated under the laws of Bermuda and having its registered office at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda and its principal place of business in Hong Kong at 2208, 22/F, Sun Life
Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong (the “Company”); and 

  

	(2)	CHENG TAI PO 

 of 22A, Park Mansion, 22-29 MacDonnell Road, Hong Kong (the “Executive”). 

 WHEREBY IT
IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.01	In this Agreement, unless the context requires otherwise: 

“Board” means the board of directors for the time being of the Company; 

“Group” means the Company and its subsidiaries from time to time and “member of the Group” shall be construed
accordingly; 
 “HK$” means Hong Kong dollars; 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; 

“Listing Rules” means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as the same may
be amended from time to time); and 
 “month” means calendar month. 

 

	1.02	References herein to Clauses are to clauses in this Agreement unless the context requires otherwise. 

 

	1.03	The headings are inserted for convenience only and shall not affect the construction of this Agreement. 

 

	1.04	Unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing a gender include every gender.

  

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	2.	APPOINTMENT 

 The Company
will employ the Executive and the Executive hereby agrees to serve the Company as an executive director upon the terms and subject to the conditions hereinafter appearing. 

 

	3.	DURATION 

Subject to termination as hereinafter provided, the Company will employ the Executive with effect from
1st September 2009 for a term of three (3) years
until terminated by either party giving to the other not less than three (3) months’ notice in writing. 
  

	4.	EXECUTIVE’S DUTIES 

The Executive shall, during the continuance of his employment hereunder: 

 

	 	(a)	serve the Company as the Vice Chairman and an executive director and, in such capacity, perform the duties and exercise the powers from time to time assigned to or
vested in him by the Board (including (without further remuneration unless otherwise agreed) serving on the board of directors, or in any other office, of any member(s) of the Group, as the Board may require) and he will perform those duties at such
place or places in Hong Kong or elsewhere as the Board may from time to time determine; 

  

	 	(b)	comply with and conform to any lawful instructions or directions from time to time given or made by the Board, or with the authority of the Board, and shall comply with
the Company’s rules, regulations, policies and procedures from time to time in force; 

  

	 	(c)	faithfully and diligently serve the Group and use his best endeavours to promote the business and interests thereof; 

 

	 	(d)	devote himself diligently to the business and interests of the Group; 

  

	 	(e)	carry out his duties and exercise his powers jointly with any other director or executive of any member of the Group as shall from time to time be appointed by the
Board to act jointly with the Executive and the Board may at any time require the Executive to cease performing or exercising any of his duties or powers under this Agreement; and 

 

	 	(f)	comply with the relevant requirements of all applicable laws, regulations, codes of practice and rules (including Securities and Futures Ordinance, the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Model Code for Securities Transactions by Directors of Listed Companies set out in Appendix 10 therein and the rules of any other stock exchange, market or dealing system
on which the securities of any member of the Group is traded and the applicable laws, regulations, codes of practice in that jurisdiction). 

  

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	5.	REMUNERATION 

 The
remuneration of the Executive shall be: 
  

	 	(a)	an annual salary package of HK$3,600,000.00, such salary to include any sum receivable as director’s fees or other remuneration from any other member of the
Group (if any). This salary will be reviewed by the Board each year at the time of the annual salary reviews for senior executives provided that the Executive shall abstain from voting and shall not be counted in the quorum in respect of any
resolution regarding the amount payable to himself in relation to his employment under this Agreement which is proposed at any meeting of the Board; 

  

	 	(b)	in respect of every financial year of the Company (which expression shall include any other financial period in respect of which the Company’s accounts are made
up), a discretionary bonus of such amount as shall be determined by the Board (provided that the aggregate of such amount and all discretionary bonuses payable by the Company to its executive directors in any financial year shall not exceed ten per
cent. of the net profits (after tax and after extraordinary items) of the Company for such year as shown in its audited accounts), provided that such discretionary bonus shall be paid only on a pro rata basis in respect of any financial year of the
Company during a portion only of which the Executive has served the Company hereunder, unless his employment shall have been terminated pursuant to Clause 10.02, in which case no discretionary bonus is payable. 

 

	6.	OTHER BENEFITS 

  

	6.01	In addition to the foregoing remuneration and benefits, the Executive shall also be entitled to the following during the continuance of his employment hereunder,
subject to determination by the Board as to the appropriate level of cost of each item: 

  

	 	(a)	the use of a residential property rented by the Company for accommodation as approved by the Board and the Company shall pay all rates, government rents, utilities,
management fees and other outgoings for maintenance and repair in respect of the use of such premises; 

  

	 	(b)	the use (whether for business or personal purposes) of a motor car of such type as may be approved by the Board and the Company shall pay all vehicle registration fees,
taxes and insurance premiums in respect of the car and shall pay or reimburse against receipts all maintenance, repair and other running costs in respect of the car and the cost of petrol. 

 

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	6.02	In addition to the above benefits, the Executive shall also be entitled to such other benefits under any applicable employee benefit plan and employee share option
scheme adopted by the Company and any member of the Group of which the Executive is a director or holds office for their respective employees (including the Executive) as the Board shall from time to time determine. 

 

	7.	EXPENSES 

 The Company
shall reimburse the Executive (against receipts or such other reasonable evidence of expenditure as the Board may require) for all reasonable expenses properly incurred in the course of his employment hereunder or in promoting or otherwise in
connection with the business of the Company. 
  

	8.	DEDUCTIONS 

 The Company
shall be entitled, subject to any laws or agreements to the contrary, at any time to deduct from the Executive’s remuneration hereunder any monies due from him to any member of the Group including, but not limited to, any outstanding loans,
advances, the cost of repairing any damage to or loss of the Company’s property caused by him (and of recovering the same) and any other monies owed by him to the Company or any of its subsidiaries. 

 

	9.	LEAVE 

 The Executive
shall be entitled after completion of each year of service with the Company to fifteen (15) days’ leave (in addition to public holidays) with full pay, which leave shall be taken at such time or times as may be convenient to the Board
having regard to the exigencies of the Group’s business provided that: 
  

	 	(a)	if the employment of the Executive hereunder is to cease on the completion of any year of service, the Executive shall be entitled to take his said leave immediately
prior to the end of such year of service notwithstanding that at that time such year of service shall not have been completed; 

  

	 	(b)	if the employment of the Executive hereunder is to cease (for any reason other than termination pursuant to Clause 10.02) during any year of service, the Executive
shall be entitled to an amount of leave proportionate to the part of the year during which he has been employed by the Company, such leave to be taken immediately prior to the termination of his employment; and 

 

	 	(c)	if for any reason the Executive shall not have taken his full entitlement of leave in any particular year he shall not have any claim against the Company in respect
thereof nor, unless the reason is the exigencies of the Company’s business (of which the Board shall be the sole judge), shall he be entitled to additional leave in any year in respect of leave not taken in previous years.

  

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	10.	TERMINATION 

  

	10.01	If the Executive is at any time incapacitated by illness, injury or accident from performing his duties hereunder and (if so required) furnishes the Board with evidence
satisfactory to it of such incapacity and the cause thereof he shall be entitled to receive his full salary for the first three (3) months or any shorter period during which such incapacity continues and if he continues so incapacitated for a
longer period than three (3) consecutive months or if he is so incapacitated at different times for more than ninety (90) days in any one period of fifty-two (52) consecutive weeks then and in either of such cases his employment may
be terminated by the Company by one (1) month’s notice in writing. 

  

	10.02	If at any time during the term of his employment hereunder the Executive shall be guilty of or commit any serious misconduct which in the absolute opinion of the Board
is in any way detrimental to the interests of any member of the Group, or shall be in breach of any of the terms of this Agreement, or shall commit any act of bankruptcy or become insolvent, or make any arrangements or composition with his creditors
generally, or become through mental disorder incapable of managing his own affairs, or fail to pay his personal debts or shall be guilty of persistent insobriety or be convicted of any criminal offense involving his integrity or honesty, the Company
may terminate the Executive’s employment hereunder forthwith without any notice or payment in lieu of notice and upon such termination, the Executive shall not be entitled to any bonus or any payment whatsoever (other than salary actually
accrued due and payable pursuant to Clause 5(a)) for or in respect of the then current year of service or to claim any compensation or damages for or in respect of or by reason of such termination. 

 

	10.03	In the event that: (a) the Executive is lawfully removed from his office as a director of the Company by virtue of a resolution passed by the members of the
Company; or (b) the Executive, having retired from the office of director of the Company in accordance with the Bye-laws of the Company or any other applicable regulation or law, is not re-elected as a director of the Company by the
shareholders of the Company at an annual general meeting of the Company, the Company may within seven (7) days of the date of such vacation from office by the Executive, terminate this Agreement forthwith by written notice to the Executive.

  

	10.04	In the event of termination of the Executive’s employment for whatever reason, the Executive shall: 

 

	 	(a)	(if not already vacated from such office(s)) forthwith resign as a director of the Company and from all directorships or other offices held by him in any member of the
Group (and the Executive irrevocably authorises the Company in his name and on his behalf to execute all documents and do all things necessary to effect such resignation in the event of his failure to do so); 

 

	 	(b)	shall cease to be entitled to any benefits under this Agreement; 

  

	 	(c)	immediately return the car provided by the Company under Clause 6.01 (b) and the keys in respect thereof to the Company at its principal place of business in Hong
Kong or such other place in Hong Kong as the Company may reasonably request; and 

  

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	 	(d)	immediately vacate from the residential property of the Company provided for use pursuant to Clause 6.01 (a) and forthwith return the keys in respect thereof to
the Company at its principal place of business in Hong Kong or such other place in Hong Kong as the Company may reasonably request 

and the Executive shall not be entitled to claim any other compensation whatsoever from the Company in respect of such termination except
where the Board otherwise agrees or as expressly provided for under this Agreement. 
  

	10.05	Any delay or forbearance by the Company in exercising any right to terminate this Agreement shall not constitute a waiver of such right. 

 

	10.06	If notice is served by either party pursuant to Clause 3, then for up to a maximum period of three (3) months, the Company shall not be obliged, at any time after
the notice of termination is served, to provide any work for the Executive or to assign to or vest in the Executive any powers, duties or functions and may in its absolute discretion suspend the Executive from work, and suspend the contractual
benefits of the Executive set out in Clause 5(b) and 6 and to require the Executive to refrain from entering any premises of any member(s) of the Group and to refrain from contacting any customers, clients, employees or suppliers of any member(s) of
the Group. 

  

	11.	EXECUTIVE’S UNDERTAKINGS 

  

	11.01	The Executive agrees to take good care of the car supplied by the Company under Clause 6.01(b) and the residential property provided by Company under the Clause
6.01(a), and to ensure that the terms and conditions of the insurance policies in respect of the car and the residential property are observed. 

  

	11.02	The Executive shall not either during the continuance of his employment hereunder or at any time thereafter divulge to any person whomsoever or to any body corporate or
unincorporated (except to those officers of the Group whose province it is to know the same) or use for his own purposes or for any purposes other than those of the Group and shall use his best endeavours to prevent the unauthorised publication or
disclosure of any trade secret or any confidential information concerning the business or finances of any member of the Group or any of its dealings, transactions or affairs or those of its customers, suppliers, management and shareholders which may
come to his knowledge during or in the course of his employment. Confidential information shall include, without limitation, lists or details of customers and suppliers, information relating to the working of any process of invention carried on or
used by any member of the Group, information relating to research and other projects, prices, discounts, mark-ups, future business strategy and development, marketing, price-sensitive information and any other information which is not generally
available to the public. 

  

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	11.03	Forthwith upon the termination of the employment of the Executive hereunder, and/or at any other time if the Company shall so request: 

 

	 	(a)	the Executive shall not, directly or indirectly, disseminate, disclose, divulge, reveal, report, publish, transfer or use, for any purpose whatsoever, any information
which has been obtained by or disclosed to the Executive as a result of or in relation to the Executive’s employment by the Company, including without limitation any confidential information (which includes without limitation all lists of
customers and clients, specific customer names and data, business plans, marketing plans, business contracts, distribution and sales and marketing networks, designs, specifications, processes, formulas, trade secrets, business secrets, sales
information, systems, programs, procedures, manuals, financial and personnel information, and any other proprietary information or data which the Company has received in confidence from others) and any of the terms and conditions of this Agreement;
provided, however, that disclosure of any confidential information shall not be prohibited if (i) such disclosure is directly pursuant to a valid and existing order of a court of competent jurisdiction or other governmental body or
agency, (ii) the Executive shall first have given prompt notice to the Company of any such possible or prospective order (or proceeding pursuant to which any such order may result), and (iii) the Company shall have been afforded a
reasonable opportunity to respond to (and if so advised by counsel, to challenge) such order; provided further, that each party may disclose terms and conditions of this Agreement to his or its attorneys and accountants to the extent such
disclosure is necessary to enable such attorneys and accountants to render professional services to such party; 

  

	 	(b)	the Executive, his representatives, heirs, successors and assigns shall completely release and forever discharge the Company, its present, former or future parent,
subsidiary, affiliated, associated and other related companies, and any of their present, former and future shareholders, directors, officers, employees, agents, partners, consultants, representatives and attorneys, and each of their successors and
assigns from all claims, demands, rights, causes of action, obligations, liabilities and/or attorneys’ fee claims, of any and every kind, nature and character whatsoever wheresoever, known or unknown, which the Executive may now have or has
ever had against the Group, including without limitation those arising from or in any way connected with the employment of the Executive by the Company or the resignation or termination thereof, whether based on tort, express or implied contract,
law, rule, regulation or ordinance; and 

  

	 	(c)	the Executive shall preserve the good name of, and shall not make any disparaging comments about the Group and any of the Company’s present, former and future
shareholders, directors, officers, employees, agents, partners, consultants, representatives and attorneys, and each of their successors and assigns. 

 

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	11.04	The Executive shall not file, or cause to be filed, in any court or with any governmental or quasi-governmental agency, any action, claim or charge against the Company,
its present, former or future parent, subsidiary, affiliated, associated and other related companies and any of their present, former and future shareholders, directors, officers and employees and each of their successors and assigns.

  

	11.05	The Executive shall not at any time during the continuance of his employment hereunder or for a period of twelve (12) months thereafter, in any country or place
where any member of the Group has carried on business, carry on or be employed or interested directly or indirectly in (whether as shareholder, director, partner, agent or otherwise and whether alone or jointly with others) any business carried on
by any member of the Group during the continuance of the said employment in competition with any member of the Group (other than as a holder of not more than five (5) per cent of the issued shares, debentures or other securities of any company
listed on any recognised stock exchange) provided that the provisions of this Clause 11.04 shall only apply in respect of business activities or services with which the Executive was personally concerned or for which he was responsible during his
said employment. 

  

	11.06	The Executive shall not at any time during the continuance of his employment hereunder or for a period of twelve (12) months thereafter either on his own account
or in conjunction with or on behalf of any other person or body corporate or unincorporated in competition with any member of the Group directly or indirectly solicit or entice away from any member of the Group, any person or body corporate or
unincorporated who now is or at any time during or at the date of the termination of the said employment may have been or become a customer or supplier or prospective customer or supplier of any member of the Group and with whom the Executive had
personal contact or dealings during his said employment. 

  

	11.07	The Executive shall not at any time during the continuance of his employment hereunder or for a period of twelve (12) months thereafter solicit or entice away from
any member of the Group or employ or otherwise engage any person who now is or at any time during or at the date of the termination of the said employment may have become an employee of any member of the Group and with whom the Executive had contact
during his said employment, whether or not such person would commit any breach of his contract of employment by reason of leaving of the service of the relevant member of the Group. 

 

	11.08	The Executive shall not at any time or for any purpose after termination of his employment hereunder use either the English or Chinese name of the Company or any name
similar thereto in connection with his own or any other name in any way calculated to suggest that he is or has been connected with the Company’s business, nor in any way hold himself out as having had any such connection.

  

	11.09	While the restrictions contained in Clauses 11.01 to 11.08 are considered by the parties to be reasonable for the protection of the business and interest of the Group
and in all the circumstances and do not work harshly upon the Executive it is recognised that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such
restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the members(s) of the Group but would be valid if part of the wording thereof were deleted or the periods
(if any) thereof were reduced or the range of products or area dealt with thereby were reduced in scope, the said restriction shall apply with such modifications as may be necessary to make it valid and effective. 

 

 8 

	12.	INTELLECTUAL PROPERTY RIGHTS 

  

	12.01	The Company (or any other member of the Group as the case may be) shall be entitled free of charge to the sole ownership and exclusive use of any invention or
improvement made or discovered by the Executive and of any copyright, design right, trade mark, service mark or trade name created or used by the Executive (hereinafter referred to as the “intellectual property rights”) in the course of or
for the purpose of providing services hereunder to the Company or any other member of the Group. 

  

	12.02	The Executive shall forthwith and from time to time both during and after the term of this Agreement and at the request and cost of the Company, insofar as it is within
his power, do such acts and things and execute such documents, as may in the opinion of the Company be reasonably necessary for obtaining letters patent, registration or other protection for any such intellectual property rights in any part of the
world and shall effect such registration and vest such letters patent or other protection in the Company (or any other member of the Group as the case may be) or its nominees. The Executive irrevocably authorises the Company for the purposes
aforesaid in the name of the Executive and execute any document or do anything on his behalf. The Executive shall at the cost and request of the Company render all reasonable assistance to the Company (or any other member of the Group as the case
may be) for and in connection with the purposes aforesaid. 

  

	12.03	The Executive shall not during or after the termination of the Agreement use to the detriment or prejudice of the Group or divulge to any person any confidential
information concerning the intellectual property rights of the Group which may have come to his knowledge. 

  

	13.	MISCELLANEOUS 

  

	13.01	This Agreement shall be in substitution for any subsisting agreement or arrangement (oral or otherwise) made between the Company and the Executive which shall be deemed
to have been terminated by mutual consent as from the date on which the Executive’s employment under this Agreement commences. 

  

	13.02	The expiration or termination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof as in accordance with their terms are
expressed to operate or have effect thereafter. 

  

	13.03	In the event of any variation of the remuneration payable to the Executive hereunder being made by consent of the parties hereto, such variation shall not constitute a
new agreement but (subject to any express agreement to the contrary) the employment of the Executive hereunder shall continue subject in all respects to the terms and conditions of this Agreement with such variation as aforesaid.

  

 9 

	13.04	Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant party at its address or
facsimile number set out below (or such other address or facsimile number as the addressee has by five (5) days’ prior written notice specified to the other parties): 

 

			
	To the Company:	  	 Man Sang International Limited

 2208, 22/F, Sun Life Tower, The Gateway,

15 Canton Road Tsimshatsui, Kowloon, Hong Kong.

Fax number: (852) 2317 5372
 Attention:
    Mr. Cheng Chung Hing 

		
	To the Executive:	  	 Cheng Tai Po

 22A, Park Mansion

27-29 MacDonnell Road
 Hong
Kong

 Any notice, demand or other communication so addressed to the relevant party shall be deemed to have
been delivered (a) if given or made by letter, by post, two (2) clear business days after the date of posting, or by recorded delivery, when actually delivered to the relevant address; and (b) if given or made by facsimile, when
despatched subject to receipt of machine-printed confirmation of error-free despatch of the whole of the notice, demand or communication to the facsimile number of the intended addressee. 

 

	13.05	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the
remaining provisions of this Agreement shall not be affected or impaired thereby. 

  

	13.06	No failure or delay by the Company in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. Without limiting the foregoing, no waiver by the Company of any breach by the Executive of any provision in this Agreement shall be
deemed to be a waiver of any subsequent breach of that or any other provision in this Agreement. 

  

	13.07	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereby irrevocably submit to the non-exclusive jurisdiction
of the Hong Kong courts. 

  

 10 

 IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written.

  

			
	SIGNED by Cheng Chung Hing

	  	)
	for and on behalf of	  	)
	MAN SANG INTERNATIONAL LIMITED	  	)
	

	  	)
	in the presence of:	  	)
		  	)
		
	SIGNED by	  	)
	CHENG TAI PO

	  	)
	in the presence of:	  	)
		  	)
		  	)
		  	)

  

 11

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