Document:

Dragon Acquisition Corporation: Exhibit 10.3 - Filed by newsfilecorp.com

Exhibit 10.3 

INDEPENDENT DIRECTOR AGREEMENT 

THIS INDEPENDENT DIRECTOR AGREEMENT (this
“Agreement”) is made and entered into this 22nd day of June, 2010 by and
between DRAGON ACQUISITION CORPORATION, a company established
under the laws of the Cayman Islands (the “Company”) and Dr. Peter
Linneman, an individual residing at 233 S 6th St, Apt 801, Philadelphia, PA
19106 (the “Director”). 

RECITALS: 

WHEREAS, the Company has
appointed the Director to serve on the Company’s board of directors (the
“Board”) and the Director desires to accept such appointment to serve on
the Board; and 

WHEREAS, the Director has
been appointed as a member of one or more committees of the Board; and 

WHEREAS, the Director has
been appointed to serve as Chairman of one or more committees of the Board. 

AGREEMENT: 

NOW, THEREFORE, in
consideration of the foregoing and the Director’s services to the Company as a
member of the Board, as a member of such Committees of the Board to which he may
be appointed from time to time and as Chairman of one or more committees to
which he may be appointed in such capacity from time to time, and intending to
be legally bound hereby, the Company and the Director hereby agree as follows:

1. 

 Term. The
Director hereby agrees to act as a director of the Company upon the terms and
conditions contained in this Agreement and in accordance with the provisions of
the amended and restated memorandum and articles of association of the Company,
as may be further amended from time to time (the “Articles”). The term of
this Agreement shall commence as of the date of the Director’s appointment by
the Board and shall continue until the Director’s earlier resignation or removal
from office in accordance with the Articles. 

2. 

 Compensation. As
compensation for his services, the Company agrees to grant to the Director, upon
the establishment by the Company of an equity incentive plan for its directors
and officers, which shall be established promptly by the Company, 20,000
restricted ordinary shares of the Company, and on each
anniversary of the Director’s appointment thereafter  that the Director
is a director of the Company (whether or not the Director is a director
subsequent to such anniversary), 20,000 restricted ordinary shares of the
Company and an option for the purchase of 20,000 ordinary shares of the Company.
The options granted to the Director shall have an exercise price equal to the
market closing price of the Company’s ordinary shares on the grant date, or, if
no such market closing price information is available, the Compensation
Committee or the Board shall determine the exercise price based on its analysis
of the ordinary shares’ fair market value. The stock options and restricted
shares will vest in accordance with the following schedules: Each stock option
will vest as to 50% of the underlying shares 12 months after issuance, and the remaining 50% will vest after an
additional 12 months. 50% of the restricted shares will vest immediately upon
issuance and 50% will vest 12 months after issuance, but regardless of vesting
status all restricted shares will remain subject to a 180-day lock-up period
commencing on the date of the Director’s removal or resignation from the Board. 

3. 

 Independence.
The Director acknowledges that his appointment hereunder is contingent upon the
Board’s determination that he is “independent” with respect to the Company, as
such term is defined by Section 5605(a)(2) of the Nasdaq Stock Market Rules, and
that his appointment may be terminated by the Company in the event that the
Director does not maintain such independence. 

4. 

 Duties.
The Director shall exercise his powers in good faith and in the best
interests of the Company, including but not limited to, the following: 

(a) 

 Conflicts of Interest.
In the event that the Director has a direct or indirect financial or personal
interest in a contract or transaction to which the company is a party, or the
Director is contemplating entering into a transaction that involves use of
corporate assets or competition against the Company, the Director shall promptly
disclose such potential conflict to the applicable Board committee and proceed
as directed by such committee. 

(b) 

 Corporate
Opportunities. Whenever the Director becomes aware of a business
opportunity, related to the Company’s business, which one could reasonably
expect the Director to make available to the Company, the Director shall
promptly disclose such opportunity to the applicable Board committee and proceed
as directed by such committee. 

(c) 

 Candor. The Director
shall ensure that, through the appropriate legal channels, he provides to the
Company’s shareholders all material relevant information known to him when a
voting or investment decision has been submitted to the shareholders. 

(d)

 Confidentiality. The
Director agrees and acknowledges that, by reason of the nature of his duties as
Director, he will have or may have access to and become informed of confidential
and secret information which is a competitive asset of the Company
(“Confidential Information”), including without limitation any
lists of customers or suppliers, distributors, financial statistics, research
data or any other statistics and plans or operation plans or other trade secrets
of the Company and any of the foregoing which belong to any person or company
but to which the Director has had access by reason of his relationship with the
Company. The Director agrees faithfully to keep in strict confidence, and not,
either directly or indirectly, to make known, divulge, reveal, furnish, make
available or use (except for use in the regular course of his employment duties)
any such Confidential Information. The Director acknowledges that all manuals,
instruction books, price lists, information and records and other information
and aids relating to the Company’s business, and any and all other documents
containing Confidential Information furnished to the Director by the Company or
otherwise acquired or developed by the Director, shall at all times be the
property of the Company. Upon termination of the Director’s services hereunder,
the Director shall return to the Company any such property or documents which
are in his possession, custody or control, but his obligation of confidentiality
shall survive such termination until and unless any such Confidential
Information shall have become, through no fault of the Director, generally known
to the public. The obligations of the Director under this subsection are in
addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company
under general legal or equitable principles.

2 

5. 

 Expenses. Upon
submission of adequate documentation by the Director to the Company, the
Director shall be reimbursed for all reasonable expenses incurred by him in
connection with his positions as a member of the Board and for his services as a
member of each committee of the Board to which he may be appointed. 

6. 

 Withholding. The
Director agrees to cooperate with the Company to take all steps necessary or
appropriate for the withholding of taxes by the Company required under law or
regulation in connection herewith, and the Company may act unilaterally in order
to comply with such laws. 

7. 

 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns. 

8. 

 Recitals. The
recitals to this Agreement are true and correct and are incorporated herein, in
their entirety, by this reference. 

9. 

 Validity. The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. 

10. 

 Headings and
Captions. The titles and captions of paragraphs and subparagraphs
contained in this Agreement are provided for convenience of reference only, and
shall not be considered terms or conditions of this Agreement. 

11. 

 Neutral
Construction. Neither party hereto may rely on any drafts of this
Agreement in any interpretation of the Agreement. Both parties to this Agreement
have reviewed this Agreement and have participated in its drafting and,
accordingly, neither party shall attempt to invoke the normal rule of
construction to the effect that ambiguities are to be resolved against the
drafting party in any interpretation of this Agreement. 

12. 

 Counterparts.
This Agreement may be executed in one (1) or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one
and the same instrument. 

13. 

 Miscellaneous.
This Agreement shall be construed under the laws of the State of New York,
without application to the principles of conflicts of laws. This Agreement
constitutes the entire understanding between the parties with respect to its
subject matter, and there are no prior or contemporaneous written or oral
agreements, understandings, or representations, express or implied, directly or
indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and
all prior and contemporaneous discussions and understandings of the parties
hereto and/or their affiliates. The Director acknowledges that he has not relied
on any prior or contemporaneous discussions or understandings in entering into
this Agreement. The terms and provisions of this Agreement may be altered,
amended or discharged only by the signed written agreement of the parties
hereto. 

3 

IN WITNESS WHEREOF, the parties hereto have executed
this Independent Director Agreement as of the day and year first above written.

COMPANY: 

DRAGON ACQUISITION CORPORATION, 
a
Cayman Islands company 

By:/s/ Weiqing
Zhang                         
 
Name: Weiqing Zhang 
Title: Chief Executive Officer 

DIRECTOR: 

/s/ Peter
Linneman                                 
 
Dr. Peter LinnemanDragon Acquisition Corporation: Exhibit 10.4 - Filed by newsfilecorp.com

Exhibit 10.4 

INDEPENDENT DIRECTOR AGREEMENT 

THIS INDEPENDENT DIRECTOR
AGREEMENT (this “Agreement”) is made and entered into this 22nd day
of June, 2010 by and between DRAGON ACQUISITION CORPORATION, a
company established under the laws of the Cayman Islands (the “Company”)
and Mr. Ruiping Tao, an individual residing at 201, Building 4#, No. 11 Fotao
Road, Shinan District, Qingdao, People’s Republic of China (the
“Director”). 

RECITALS: 

WHEREAS, the Company has
appointed the Director to serve on the Company’s board of directors (the
“Board”) and the Director desires to accept such appointment to serve on
the Board; and 

WHEREAS, the Director has
been appointed as a member of one or more committees of the Board; and 

WHEREAS, the Director has
been appointed to serve as Chairman of one or more committees of the Board. 

AGREEMENT: 

NOW, THEREFORE, in
consideration of the foregoing and the Director’s services to the Company as a
member of the Board, as a member of such Committees of the Board to which he may
be appointed from time to time and as Chairman of one or more committees to
which he may be appointed in such capacity from time to time, and intending to
be legally bound hereby, the Company and the Director hereby agree as follows:

1. 

 Term. The
Director hereby agrees to act as a director of the Company upon the terms and
conditions contained in this Agreement and in accordance with the provisions of
the amended and restated memorandum and articles of association of the Company,
as may be further amended from time to time (the “Articles”). The term of
this Agreement shall commence as of the date of the Director’s appointment by
the Board and shall continue until the Director’s earlier resignation or removal
from office in accordance with the Articles. 

2. 

 Compensation.
The Company agrees to compensate the Director, and the Director agrees to
accept, an annual compensation fee in the amount of RMB 120,000 for his service
as (a) a member of the Board, (b) as a member of each committee of the Board to
which he may be appointed and (c) as Chairman of each committee of the Board to
which he may be appointed (collectively referred to hereinafter as the
“Annual Fee”). The Annual Fee shall be payable in cash and shall be paid
to the Director, pro rata, on the last day of each fiscal quarter. In the event
that the Director serves less than a full year on the Board, the Company shall
only be obligated to pay the pro rata portion of such Annual Fee to the Director
for his services performed during such year. 

3. 

 Independence.
The Director acknowledges that his appointment hereunder is contingent upon the
Board’s determination that he is “independent” with respect to the Company, as
such term is defined by Section 5605(a)(2) of the Nasdaq Stock Market Rules, and
that his appointment may be terminated by the Company in the event that the
Director does not maintain such independence. 

4. 

 Duties.
The Director shall exercise his powers in good faith and in the best
interests of the Company, including but not limited to, the following: 

(a) 

 Conflicts of Interest.
In the event that the Director has a direct or indirect financial or personal
interest in a contract or transaction to which the company is a party, or the
Director is contemplating entering into a transaction that involves use of
corporate assets or competition against the Company, the Director shall promptly
disclose such potential conflict to the applicable Board committee and proceed
as directed by such committee. 

(b) 

 Corporate
Opportunities. Whenever the Director becomes aware of a business
opportunity, related to the Company’s business, which one could reasonably
expect the Director to make available to the Company, the Director shall
promptly disclose such opportunity to the applicable Board committee and proceed
as directed by such committee. 

(c) 

 Candor. The Director
shall ensure that, through the appropriate legal channels, he provides to the
Company’s shareholders all material relevant information known to him when a
voting or investment decision has been submitted to the shareholders. 

(d) 

 Confidentiality. The
Director agrees and acknowledges that, by reason of the nature of his duties as
Director, he will have or may have access to and become informed of confidential
and secret information which is a competitive asset of the Company
(“Confidential Information”), including without limitation any
lists of customers or suppliers, distributors, financial statistics, research
data or any other statistics and plans or operation plans or other trade secrets
of the Company and any of the foregoing which belong to any person or company
but to which the Director has had access by reason of his relationship with the
Company. The Director agrees faithfully to keep in strict confidence, and not,
either directly or indirectly, to make known, divulge, reveal, furnish, make
available or use (except for use in the regular course of his employment duties)
any such Confidential Information. The Director acknowledges that all manuals,
instruction books, price lists, information and records and other information
and aids relating to the Company’s business, and any and all other documents
containing Confidential Information furnished to the Director by the Company or
otherwise acquired or developed by the Director, shall at all times be the
property of the Company. Upon termination of the Director’s services hereunder,
the Director shall return to the Company any such property or documents which
are in his possession, custody or control, but his obligation of confidentiality
shall survive such termination until and unless any such Confidential
Information shall have become, through no fault of the Director, generally known
to the public. The obligations of the Director under this subsection are in
addition to, and not in limitation or preemption of, all other obligations of
confidentiality which the Director may have to the Company under general legal
or equitable principles. 

2 

5. 

 Expenses. Upon
submission of adequate documentation by the Director to the Company, the
Director shall be reimbursed for all reasonable expenses incurred by him in
connection with his positions as a member of the Board and for his services as a
member of each committee of the Board to which he may be appointed. 

6. 

 Withholding. The
Director agrees to cooperate with the Company to take all steps necessary or
appropriate for the withholding of taxes by the Company required under law or
regulation in connection herewith, and the Company may act unilaterally in order
to comply with such laws. 

7. 

 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns. 

8. 

 Recitals. The
recitals to this Agreement are true and correct and are incorporated herein, in
their entirety, by this reference. 

9. 

 Validity. The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. 

10. 

 Headings and
Captions. The titles and captions of paragraphs and subparagraphs
contained in this Agreement are provided for convenience of reference only, and
shall not be considered terms or conditions of this Agreement. 

11. 

 Neutral
Construction. Neither party hereto may rely on any drafts of this
Agreement in any interpretation of the Agreement. Both parties to this Agreement
have reviewed this Agreement and have participated in its drafting and,
accordingly, neither party shall attempt to invoke the normal rule of
construction to the effect that ambiguities are to be resolved against the
drafting party in any interpretation of this Agreement. 

12. 

 Counterparts.
This Agreement may be executed in one (1) or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one
and the same instrument. 

13. 

 Miscellaneous.
This Agreement shall be construed under the laws of the State of New York,
without application to the principles of conflicts of laws. This Agreement
constitutes the entire understanding between the parties with respect to its
subject matter, and there are no prior or contemporaneous written or oral
agreements, understandings, or representations, express or implied, directly or
indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and
all prior and contemporaneous discussions and understandings of the parties
hereto and/or their affiliates. The Director acknowledges that he has not relied
on any prior or contemporaneous discussions or understandings in entering into
this Agreement. The terms and provisions of this Agreement may be altered,
amended or discharged only by the signed written agreement of the parties
hereto. 

3 

IN WITNESS WHEREOF, the parties hereto have executed
this Independent Director Agreement as of the day and year first above written.

COMPANY: 

DRAGON ACQUISITION CORPORATION, 
a
Cayman Islands company 

By:/s/ Weiqing
Zhang                
 
Name: Weiqing Zhang 
Title: Chief Executive Officer 

DIRECTOR: 

/s/ Ruiping
Tao                            
 
Ruiping Tao

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