Document:

Exhibit
10.23

MAN SANG HOLDINGS, INC. 
2007
STOCK OPTION PLAN 

     1. Establishment and Purpose of this
Plan. Under this 2007 Stock Option Plan (this
“Plan”) of Man Sang Holdings, Inc. (the
“Company”), options (the “Options”) may be granted to eligible employees and
consultants (the “Optionees”) to purchase shares of the Company’s common stock,
par value US$0.001 per share (the “Common Stock”). This Plan is designed to
enable the Company and its subsidiaries to attract, retain and motivate selected
Optionees by providing for or increasing the proprietary interests of such
Optionees in the Company. This Plan is not intended to affect and shall not
affect any share option, equity-based compensation, or other benefits that the
Company or its subsidiaries may have provided, or may separately provide in the
future pursuant to any agreement, plan, or program that is independent of this
Plan.

     2. Common Stock Subject to this Plan. The
maximum number of shares of Common Stock for which Options granted hereunder may
be exercised is 1,500,000, subject to adjustments as provided in Sections 6 and
9. Common Stock subject to unexercised portions of any Option granted under this
Plan which expire or terminate or are cancelled may again be available for
subsequent Options under this Plan. When the exercise price for an Option
granted under this Plan is paid with previously outstanding Common Stock or with
Common Stock as to which any Option is being exercised, as permitted in Section
4, the total number of shares of Common Stock for which Options may be granted
under this Plan shall be irrevocably reduced by the total number of shares of
Common Stock for which such Option is thus exercised, without regard to the
number of Common Stock received or retained by the Company in connection with
that exercise. 

     3. Eligibility. 

          (a) General Rule. The Board or
the Committee (defined below in Section 8) shall grant the Options to the
employees and the consultants of the Company. The employee to be considered for the
grant of Options hereunder is any person (including an officer) regularly
employed by the Company or its subsidiaries in a managerial, professional or
technical capacity on a full-time and salaried basis. The consultant to be
considered for the grant of Options hereunder is any person who is a natural
person who provides services to the Company or its subsidiaries that are not in
connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s
securities. 

          (b) Grant of Options. Subject
to the provisions of this Plan, the Board or the Committee shall determine from
the employees and consultants of the Company those individuals to whom Options
under this Plan may be granted, the number of shares of Common Stock subject to
each Option and the price (if any) to be paid for the Common Stock. Each Option
shall be evidenced by an option agreement signed by the Company and the Optionee
(the “Option Agreement”). 

     4. Options. 

          (a) Maximum Option Term. Each
Option Agreement shall specify a term at the end of which the Option
automatically expires, subject to early termination provided herein and therein;
provided, that, no Option granted under this Plan may be exercised in whole or
in part more than ten (10) years after its date of grant. 

          (b) Exercise
Price.

               (i) The exercise price for each Option granted hereunder shall be
(A) determined by the Board (as defined below) or the Committee (as defined
below), (B) set forth in the Option Agreement and (C) not less than one hundred
percent (100%) of the Fair Market Value (as defined below) of the Common Stock,
on the date of the grant of the Option. 

               (ii) “Fair Market Value” of a share of Common Stock on a specified
date means: (A) if the Common Stock is then traded on the New York Stock
Exchange or the American Stock Exchange (collectively, the “Exchange”), the
closing price on such date of a share of the Common Stock as traded on such
Exchange on which it is then traded; or (B) if the Common Stock is not then
traded on the Exchange but is quoted on NASDAQ or a successor quotation system,
(1) the mean between the closing composite inter-dealer “bid” and “ask” prices
for the Common Stock as quoted by NASDAQ or such successor quotation system on
such date, or (2) if no “bid” and “ask” prices are quoted on such date, then on
the next preceding date on which such prices are quoted; or (C) if the Common
Stock is not then traded on the Exchange or quoted on the NASDAQ but is
otherwise traded in the over-the-counter market, the mean between the composite
inter-dealer “bid” and “ask” prices on such date; or (D) if sub-sections (A) to
(C) do not apply, the fair market value, determined in good faith by the Board
or the Committee. 

1

               (iii) The per Common Stock exercise price of an Option shall not be
below the par value of each Common Stock. 

          (c) Exercise of Option. The
times, circumstances and conditions under which an Option shall be exercisable
shall be determined by the Board or the Committee in its sole discretion and set
forth in the Option Agreement. The Board or the Committee shall have the
discretion to determine whether and to what extent the vesting of Options shall
be tolled during any unpaid leave of absence; provided, however, that in the
absence of such determination, vesting of Options shall be tolled during any
such leave approved by the Company.

          (d) Minimum Exercise Requirements. An Option may not be exercised for a fraction of a share. The Board or
the Committee may require in an Option Agreement that an Option be exercised as
to a minimum number of shares of Common Stock, provided that such requirement
shall not prevent an Optionee from purchasing the full number of shares of
Common Stock as to which the Option is then exercisable. 

          (e) Methods of Exercise.

               (i) Prior to its expiration pursuant to the terms of the
applicable Option Agreement, and subject to the times, circumstances, and
conditions for exercisability contained in the applicable Option Agreement, each
Option may be exercised, in whole or in part (provided that the Company shall
not be required to issue fractional shares), by delivery of written notice of
exercise to the secretary of the Company accompanied by the payment of the full
exercise price of the Common Stock being purchased. Unless otherwise provided in
the applicable Option Agreement, payment for Common Stock purchased upon any
exercise of an Option granted under this Plan shall be made by one (or approved
by the Board or the Committee, a combination) of the following methods:

                    (A) in full in cash payable to the Company concurrently with such
exercise; 

                    (B) if and to the extent the Option Agreement so provides and the
Company is not then prohibited from purchasing or acquiring shares of such
Common Stock, in whole or in part with the Common Stock, delivered in lieu of
cash concurrently with such exercise, that (1) are owned by the relevant
Optionee who is purchasing the Common Stock pursuant to an Option, (2) are to be
valued on the basis of the Fair Market Value (as defined in Section 4(b)(ii)) of
the Common Stock, (3) are all, at the time of such delivery, free and clear of
any and all claims, pledges, liens and encumbrances, and (4) are duly endorsed
for transfer to the Company; provided, that, if payment of exercise price by
Common Stock is permitted for the exercise of an Option granted under this Plan
in accordance with the foregoing provision, the relevant Optionee may, in lieu
of using the previously outstanding Common Stock, use some of the Common Stock
as to which the Option is then being exercised; or

                    (C) a cashless exercise program that the Board or the Committee
may approve, from time to time in its discretion. 

               (ii) The Board or the Committee shall have the discretion to
exclude from an Option Agreement any method of payment set forth above. The
Company shall not be required to deliver Common Stock pursuant to the exercise
of an Option until payment of the full exercise price therefore is received by
the Company. 

          (f) Termination of Continuous Service. (i) The Board or the Committee may establish and set forth in the
applicable Option Agreement the terms and conditions on which an Option shall
remain exercisable, if at all, following termination of an Optionee’s Continuous
Service (as defined below). The Board or the Committee may waive or modify these
provisions at any time. To the extent that an Optionee is not entitled to
exercise an Option at the date of his or her termination of Continuous Service,
or if the Optionee (or other person entitled to exercise the Option) does not
exercise the Option to the extent so entitled within the time specified in the
Option Agreement or below (as applicable), the Option shall terminate and the
Common Stock underlying the unexercised portion of the Option shall revert to
this Plan and become available for future Options. In no event may any Option be
exercised after the expiration of the Option term as set forth in the Option
Agreement. 

2

     The following provisions shall apply
to the extent an Option Agreement does not specify the terms and conditions upon
which an Option shall terminate when there is a termination of an Optionee’s
Continuous Service: 

                    (A) Termination other than Upon Disability or Death or for Cause.
In the event of termination of an Optionee’s
Continuous Service (other than as a result of Optionee’s death, disability,
retirement or termination for Cause (as defined below)), the Optionee shall have
the right to exercise an Option at any time within thirty (30) days following
such termination to the extent the Optionee was entitled to exercise such Option
at the date of such termination.

                    (B) Disability. In the event of
termination of an Optionee’s Continuous Service as a result of his or her
disability, the Optionee shall have the right to exercise an Option at any time
within one (1) year following such termination to the extent the Optionee was
entitled to exercise such Option at the date of such termination.

                    (C) Retirement. In the event of
termination of an Optionee’s Continuous Service as a result of an Optionee’s
retirement, the Optionee shall have the right to exercise the Option at any time
within six (6) months following such termination to the extent the Optionee was
entitled to exercise such Option at the date of such termination. 

                    (D) Death. In the event of the
death of an Optionee during the period of Continuous Service since the grant
date of an Option as set forth in the Option Agreement, or within thirty (30)
days following termination of the Optionee’s Continuous Service, the Option may
be exercised, at any time within one (1) year following the date of the
Optionee’s death, by the Optionee’s estate or by a person who acquired the right
to exercise the Option by bequest or inheritance, but only to the extent the
right to exercise the Option had vested at the date of death or, if earlier, the
date the Optionee’s Continuous Service terminated. 

                    (E) Cause. If the Board or the
Committee determines that an Optionee’s Continuous Service was terminated due to
Cause, the Optionee shall immediately forfeit the right to exercise any Option
(whether or not exercisable as of the date of such termination) and such Option
shall be considered immediately null and void. 

                    (F) Definitions. For the
purposes of this Plan, “Continuous Service” means the absence of any
interruption or termination of service as an employee or consultant. Continuous
Service shall not be considered interrupted in the case of: (1) sick leave; (2)
military leave; (3) any other leave of absence approved by the Board or the
Committee, provided, that, such leave is for a period of not more than ninety
(90) days, unless reemployment upon the expiration of such leave is guaranteed
by contract or statute, or unless provided otherwise pursuant to Company policy
adopted from time to time; or (4) in the case of transfers between locations of
the Company or between the Company or its subsidiaries. Changes in status
between service as an employee and a consultant will not constitute an
interruption of Continuous Service. “Cause” means for termination of an
Optionee’s Continuous Service will exist if the Optionee is terminated from
employment or other service with the Company for any of the following reasons:
(1) the Optionee’s conviction of a felony or any crime involving moral
turpitude, fraud or misrepresentation committed in connection with his or her
employment or service with the Company; (2) the Optionee’s failure to
substantially perform his or her duties and responsibilities to the Company or
deliberate violation of a material Company policy; (3) the Optionee’s commission
of any material act or acts of fraud, embezzlement, dishonesty, or other willful
misconduct; (4) the Optionee’s material unauthorized use or disclosure of any
proprietary information or trade secrets of the Company or any other party to
whom the Optionee owes an obligation of non-disclosure as a result of his or her
relationship with the Company; or (5) Optionee’s willful and material breach of
any of his or her obligations under any written agreement or covenant with the
Company. 

     5. Non-transferability of Options. Any
Option granted under this Plan shall by its terms not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner by the Optionee
other than by will or the laws of descent and distribution and is exercisable
during the Optionee’s lifetime only by him or if the Optionee is disabled or
deceased, by his guardian or duly authorized legal representative or
estate. 

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     6. Adjustments Upon Changes in
Capitalization.

          (a) If the outstanding shares of Common Stock then subject to this
Plan are increased or decreased, or are changed into or exchanged for a
different number or kind of shares or securities, as a result of one or more
reorganizations, stock splits, reverse stock splits, stock dividends or the
like, appropriate adjustments shall be made at the sole discretion of the Board
or the Committee in the number and/or kind of shares or securities for which
Options may thereafter be granted under this Plan and for which Options then
outstanding under this Plan may thereafter be exercised.

          (b) In the event of any such transaction or event, the Board or
the Committee may provide in substitution for any or all outstanding Options
under this Plan such alternative consideration as it may in good faith determine
to be equitable under the circumstances and may require in connection therewith
the surrender of all Options so replaced. In any case, such substitution of
securities shall not require the consent of any person who is granted Options
pursuant to this Plan. 

          (c) Any such adjustment in outstanding Options shall be made
without changing the aggregate exercise price applicable to the unexercised
portions of such Options. 

          (d) Except as expressly provided herein, no issuance by the
Company of shares of any class, or securities convertible into shares of any
class, shall affect, and no adjustment by reason thereof shall be required to be
made with respect to, the number or price of the Common Stock subject to any
Option. 

     7. Plan Duration. This Plan shall
continue in effect for a term of ten (10) years from the date of the adoption of
this Plan unless this Plan is terminated under Section 11 below. 

     8. Administration. 

          (a) This Plan shall be administered by the Company’s board of
directors (the “Board”) or, at the discretion of the Board, by a committee (the
“Committee”) of not less than two members of the Board each of whom shall not at
any time during his service as an administrator of this Plan be eligible to be
considered for the grant of an Option. The Board may at any time appoint
additional members to the Committee, remove and replace members of the Committee
and fill vacancies on the Committee however caused. 

          (b) The interpretation and construction by the Committee of any
term or provision of this Plan, of any Option granted under it or the Option
Agreement shall be final, unless otherwise determined by the Board, in which
event such determination by the Board shall be final. The validity of any such
interpretation, construction, decision or finding of fact shall not be given de
novo review if challenged in court, by arbitration, or in any other forum, and
shall be upheld unless clearly arbitrary or capricious. The Board or the
Committee may from time to time adopt rules and regulations for carrying out
this Plan and, subject to the provisions of this Plan, may prescribe the form or
forms of the Option Agreement evidencing any option granted under this Plan.

          (c) Subject to the provisions of this Plan, the Board or, by
delegation from the Board, the Committee, shall have full and final authority in
its discretion to select the employees or consultants to be granted Options, to
grant such Options and to determine the number of shares of Common Stock to be
subject thereto, the exercise prices, the terms of exercise, the expiration
dates and other pertinent provisions thereof. 

     9. Corporate
Reorganizations.

          (a) Upon (i) the dissolution or liquidation of the Company, (ii) a
reorganization, merger or consolidation of the Company as a result of which the
outstanding securities of the class then subject to Options hereunder are
changed into or exchanged for cash or property or securities not of the
Company’s issue, or any combination thereof, (iii) a sale of substantially all
assets of the Company to another corporation or person, or (iv) the acquisition
of Common Stock representing more than eighty percent (80%) of the voting power
of the Common Stock of the Company then outstanding by another corporation or
person, this Plan shall terminate, and all Options theretofore granted hereunder
shall terminate, unless provision be made in writing in connection with such
transaction for the continuance of this Plan and/or for the assumption of
Options covering the stock of a successor employer corporation, or a parent or
subsidiary thereof, with appropriate adjustments as to the number and kind of
shares and prices, in which event this Plan and Options theretofore granted
shall continue in the manner and under the terms so provided.

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          (b) If this Plan and unexercised Options shall terminate pursuant
to paragraph (a) above, all persons entitled to exercise any unexercised
portions of Options then outstanding shall have the right, at such time prior to
the consummation of the transaction causing such termination as the Company
shall designate, to exercise the unexercised portions of their Options,
including the portions thereof which would, but for paragraph (a), not yet be
exercisable.

     10. Resales. After the registration of the
Common Stock for resale by the Optionees who are granted Options hereunder on a
Form S-8 Registration Statement by the Company, the Common Stock issued on the
exercise of an Option granted under this Plan may be freely resold without
restrictions unless (a) otherwise specified in the Option Agreement or (b) the
Optionee is deemed to be an “affiliate” of the Company (as defined in Rule 144
and Rule 405 of the United States Securities Act of 1933, as amended (the
“Act”)) at the time of resale. The Optionee who is deemed to be an “affiliate”
of the Company may resell publicly the shares acquired upon exercise of an
Option by complying with the terms and conditions of Rule 144 under the Act or
pursuant to a separate registration statement under the Act. 

     11. Amendment, Suspension and Termination
of Plan. 

          (a) Subject to legal requirements relating to the administration
of options and share-based plans under applicable U.S. federal and state laws,
any applicable stock exchange or self regulatory organization rules or
regulations, and the applicable laws of any other country or jurisdiction where
Options are granted, as such laws, rules, regulations and requirements shall be
in place from time to time (the “Applicable Law”), the Board may from time to
time terminate, suspend or amend this Plan in such respects as it may deem
advisable, including any such amendment effected to conform to any change in the
Applicable Law, or the Options granted hereunder; provided, that, no such
amendment shall change the following unless approved by the shareholders of the
Company within twelve (12) months following the date such amendment is adopted:

               (i) the maximum aggregate number of Common Stock for which Options
may be granted under this Plan, except as required under any adjustment pursuant
to Section 6;

               (ii) the requirements as to eligibility for participation in this
Plan in any material respect; or 

               (iii) extend the term of this
Plan. 

          (b) no amendment, suspension, or termination of this Plan shall
materially and adversely affect Options already granted unless either it relates
to an adjustment pursuant to Section 6 above, or it is otherwise mutually agreed
between the Optionee and the Board, which agreement must be in writing and
signed by the Optionee and the Company.

     12. Legal Restrictions. If in the opinion
of legal counsel for the Company, the issuance or sale of any shares of Common
Stock pursuant to the exercise of an Option granted hereby shall be unlawful for
any reason, including (but not by way of limitation) the inability or failure of
the Company to obtain from any governmental authority or regulatory body any
consent or approval deemed necessary by such counsel for such issuance or sale,
the Company shall not be obligated and shall have no liability for failure, to
issue or sell any Common Stock pursuant to the exercise of an Option to an
Optionee or any other authorized person unless the Company receives evidence
satisfactory to its legal counsel that the issuance and sale of the Common Stock
shall not constitute a violation of any Applicable Law. The Company shall in no
event be obligated to take any action which may be required in order to permit,
or to remedy or remove any prohibition or limitation on, the issuance or sale of
such Common Stock to any Optionee or other authorized person. 

     13. Choice of Law. The validity,
interpretation and administration of this Plan and of any rules, regulations,
determinations or decisions made thereunder, and the rights of any and all
persons having or claiming to have any interest therein or thereunder, shall be
determined exclusively in accordance with the laws of the State of Nevada.
Without limiting the generality of the foregoing, the period within which any
action in connection with this Plan must be commenced shall be governed by the
laws of the State of Nevada, without regard to the place where the act or
omission complained of took place, the residence of any party to such action or
the place where the action may be brought or maintained. If any provision of
this Plan is held by a court of competent jurisdiction to be invalid and
unenforceable, the remaining provisions shall continue to be fully
effective. 

5

     14. Headings. The headings in this Plan
are for convenience only and are not to be used in interpreting the meaning or
effect of any provisions hereof.

     15. No Stockholder Rights. Neither an
Optionee nor any transferee of an Optionee shall have any rights as a
stockholder of the Company with respect to any Common Stock underlying any
Option until the date of issuance of a stock certificate to an Optionee or a
transferee of an Optionee for such Common Stock in accordance with the Company’s
governing instruments and Applicable Law. Prior to the issuance of Common Stock
pursuant to an Option, an Optionee shall not have the right to vote or to
receive dividends or any other rights as a stockholder with respect to the
Common Stock underlying the Option, notwithstanding its exercise in the case of
Options. No adjustment will be made for a dividend or other right that is
determined based on a record date prior to the date the stock certificate is
issued, except as otherwise specifically provided for in this Plan. 

     16. No Employment Rights. This Plan shall
not confer upon any Optionee any right to continue an employment, service or
consulting relationship with the Company, nor shall it affect in any way an
Optionee’s right or the Company’s right to terminate the Optionee’s employment,
service, or consulting relationship at any time, with or without cause.

     AS ADOPTED
BY THE BOARD OF DIRECTORS OF MAN SANG HOLDINGS, INC., SUBJECT TO SHAREHOLDER
APPROVAL, ON JUNE 26, 2007. 

	  	MAN
      SANG HOLDINGS, INC.  
	  
	  
	By:
        	/s/ CHENG Chung Hing 	 
	  	CHENG
      Chung Hing 
		President 

6Exhibit
10.24

SERVICE AGREEMENT –
WONG HUNG FLAVIA YUEN YEE

Dated the 8th day of August,
2008

 
MAN SANG INTERNATIONAL
LIMITED

AND

WONG HUNG FLAVIA YUEN
YEE

 

___________________________________

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		4
			 		
	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 8th day of August, 2008 

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)	WONG HUNG FLAVIA
      YUEN YEE of 42-A, One Robinson Place,
      70 Robinson Road, Mid-Levels, 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);
	 
	 	“month” means calendar
      month;
	 
	 	And
	 
	 	“Secretary” means the company
      secretary for the time being of the Company.
	 
	1.02	References herein to Clauses are
      to clauses in the Agreement unless the context requires
    otherewise.
	 
	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.

1

	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 the 8th
      day of August, 2008 (hereinafter
      called the “Commencement Date”) for a term of three (3) years until
      terminated by either party giving to the other a) not less than seven (7)
      days’ notice in writing during a probationary period of three months from
      the Commencement Date; and b) not less than two (2) months’ notice in
      writing after the probationary period. 
	 
	4. 	EXECUTIVE’S DUTIES 
	 
	 	The
      Executive shall, during the continuance of her employment
      hereunder: 
	 
	 	(a)	serve the Company as
      an executive director and, in such capacity, perform the duties and
      exercise the powers from time to time assigned to or vested in her 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 she 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 her best endeavours to promote the
      business and interests thereof; 
	 
	 	(d)	devote herself
      exclusively and diligently to the business and interests of the Group and
      personally attend thereto at all times during usual business hours and
      during such other times as the Company may reasonably require except in
      case of incapacity through illness or accident in which case she shall
      forthwith notify the Secretary of the Company of such incapacity and shall
      furnish to the Board such evidence thereof as it may require;

	 
	 	(e)	keep the Board
      promptly and fully informed (in writing if so requested) of her conduct of
      the business or affairs of the Group and provide such explanations as the
      Board may require in connection therewith;

2

	 	(f)	carry out her duties and exercise her
      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 her duties or powers under this
      Agreement; and 
	              
    	              
    	
	 	(g)	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). 
	  
	5.	REMUNERATION
  
		 
	 	The remuneration of the
      Executive shall be: 
	  
	 	(a)	an annual salary package of
      HK$2,000,000.00 to be payable in 13 equal installments in each fiscal year
      of the Company, of which 12 installments shall be payable on a monthly
      basis and one (1) installment shall be payable in each December in arrears
      (and on a pro rata basis if the Executive has served the Company less than
      one year at the end of the first December), 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
      herself in relation to her 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 of
      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 her
      employment shall have been terminated pursuant to Clause 10.02, in which
      case no discretionary bonus is payable. 

3

	6.	OTHER
      BENEFITS 
	              
    	 
	 	(a)	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. 
		              
    	 
	 	(b)	The Executive shall be
      entitled to five (5) million share options to be granted by the Company on
      the Commencement Date which are exercisable upon completion of her first
      year of service with the Company (but shall lapse if employment is
      terminated by either party within one year from the Commencement Date) and
      till the third anniversary from the date of grant, and any such options
      remaining unexercised shall lapse thereafter. 
	  
	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 her 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 her 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 her (and of recovering the same) and
      any other monies owed by her 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 her 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 she has been employed by the Company, such leave to be taken
      immediately prior to the termination of her employment; and
  

4

		(c)	
      if for any reason the Executive
      shall not have taken her full entitlement of leave in any particular year
      she 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 she be entitled to additional
      leave in any year in respect of leave not taken in previous
      years.

		              
    	 
	10.	
      TERMINATION 

	              
    		 
	10.01	
      If the Executive is at any time
      incapacitated by illness, injury or accident from performing her duties
      hereunder and (if so required) furnishes the Board with evidence
      satisfactory to it of such incapacity and the cause thereof she shall be
      entitled to receive her full salary for the first three (3) months or any
      shorter period during which such incapacity continues and if she continues
      so incapacitated for a longer period than three (3) consecutive months or
      if she 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 her 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
      her 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 her creditors generally, or become through mental disorder incapable
      of managing her own affairs, or fail to pay her personal debts or shall be
      guilty of persistent insobriety or be convicted to any criminal offense
      involving her 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 her 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 her in any member of the Group (and
      the Executive irrevocably authorizes the Company in her name and on her
      behalf to execute all documents and do all things necessary to effect such
      resignation in the event of her failure to do so);
  and

5

	 	(b)	shall cease to be entitled to any benefits under this
      Agreement; 
		              
    	
	 	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 two
      (2) 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
      UNDERTAKING 
	 
	11.01	The Executive shall not
      either during the continuance of her 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 her own purpose or for any purposes other
      than those of the Group and shall use her best endeavours to prevent the
      unauthorized 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
      her knowledge during or in the course of her 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. 

6

	11.02	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 her 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, her
      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 base 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.

			 
	11.03	
      The Executive shall not file, or
      cause to be files, 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. 

	              
    	              
    	 
	11.04	
      The Executive shall not at any
      time during the continuance of her 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 recognized 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 she was responsible during
      her said employment.

7

	11.05   
        	The Executive shall
      not at any time during the continuance of her employment hereunder or for
      a period of twelve (12) months thereafter either on her 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 her said employment. 
	              
    	 
	11.06   
        	The Executive shall
      not at any time during the continuance of her 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 her said employment, whether or not
      such person would commit any breach of her contract of employment by
      reason of leaving the service of the relevant member of the Group.
    
	  
	11.07   
        	The Executive shall
      not at any time or for any purpose after termination of this employment
      hereunder use either the English or Chinese name of the Company or any
      name similar thereto in connection with her own or any other name in any
      way calculated to suggest that she is or has been connected with the
      Company’s business, nor in any way hold herself out as having had any such
      connection. 
	  
	11.08   
        	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 recognized 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 member(s) of the Group but would be
      valid if part of the working 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 ad after the term of this Agreement and at
      the request and costs of the Company, insofar as it is within her 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
      authorizes the Company for the purposes aforesaid in the name of the
      Executive and execute any document or do anything on her 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 her 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:  		WONG HUNG Flavia
      Yuen Yee 
		  	 	42-A, One
      Robinson Place 
		  		70 Robinson
      Road 
		  		Mid-Levels  
		  		Hong
      Kong.  
		  		Attention: Wong
      Hung Flavia Yuen Yee 

		Any notice, demand or other
      communication so address 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 dispatched 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
      government 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  	)  		/s/ CHENG
      Chung Hing 
	for and on
      behalf of the Board of  	)  	
	MAN SANG
      INTERNATIONAL LIMITED  	)  	
	in the presence
      of:  	)  	
	  		
	 		
	 		
	  		
	     		
	SIGNED
      by  	)  		/s/ WONG HUNG
      Flavia Yuen Yee
	WONG HUNG Flavia
      Yuen Yee  	)  	
	in the presence
      of:  	)  	

11

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