Document:

f8k010909ex10i_chinayida.htm

    EMPLOYMENT
AGREEMENT

    

    THIS
AGREEMENT made as of the
12th day of January 2009 (the “Effective Date”), between  China Yida Holding, Co.
(the “Company”) and George Wung
(the “Executive”).

    

    In
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

    
 

    
      
        	
                1.  

              	
                Employment

              

      

       

    

    The
Company shall employ the Executive, and the Executive accepts employment with
the Company, upon the terms and conditions set forth in this Agreement for the
period commencing on the Effective Date and ending on the fifth (5) anniversary
thereof  (the “Employment Period”).

    

    
      	
              2.  

            	
              Position
      and Duties

            

    

    

    During
the Employment Period, the Executive shall serve as the Chief Financial Officer
of the Company. The Executive shall report to the President and Chief Executive
Officer (the “CEO”) and shall devote her best efforts and her full business time
and attention (except for permitted vacation periods and reasonable periods of
illness or other incapacity) to the business and affairs of the Company. The
Executive shall perform her duties and responsibilities to the best of her
abilities in a diligent, trustworthy, businesslike and efficient manner and in
compliance with applicable Company policies.

    

    
      	
              3.  

            	
              Cash
      Compensation

            

    

    

    (a) For the
first, second and third year during the Employment Period, the Executive’s
annual base salary shall be $60,000 (in US dollars), respectively, (the “Base
Salary”). Salary shall be payable bi-weekly. The CEO periodically may review the
Executive’s Base Salary for potential upward adjustment.

    

    (b) In
addition to the Base Salary, the Executive shall be eligible to receive an
annual bonus at the end of each fiscal year during the Employment Period based
upon the Executive’s performance and the Company’s operating results during such
year.

    

    
      	
              4.  

            	
              Stock
      Option

            

    

     

        The Executive
shall receive certain stock options of the Company upon the Effective Date of
this Agreement, subject to terms and conditions, to be determined by the Board
of Directors (the “Board”), in its sole discretion.

    

             The
Executive shall be entitled to vest his stock option three years after the
commencement of his employment with the Company.

     

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              5.  

            	
              Benefits

            

    

    

    (a) During
the Employment Period, the Executive shall be entitled to all benefits generally
made available to the Company’s senior executives. During the Employment Period,
the Executive shall be reimbursed for medical and health insurance
premiums.

    

    (b) During
the Employment Period, the Executive shall be entitled to thirty (30) days of
paid vacation per year in addition to the US public holidays. Unused vacation
days may be carried over to the following year.

    

    (c) During
the Employment Period, the Executive shall be reimbursed for all reasonable
business expenses incurred in connection with the performance of her duties for
the Company.

    

    (d) The
Executive shall be reimbursed for expenses associated with H1B working visa
transfer and for payments made to her prior employer associated with the U.S.
permanent residency petition at the beginning of the employment with the
Company.

    

    
      	
              6.  

            	
              Termination

            

    

    

    The
Executive’s employment with the Company shall be terminated prior to the
expiration of the Employment Period upon the occurrence of any one or more of
the following events:

    

    (a) Immediately,
upon the Executive’s death.

    

    (b) At the
election of the Company, upon thirty (30) days’ prior written notice to the
Executive, during the continuance of the Executive’s Disability (defined as
permanent or long-term incapacity to perform the essential functions of the
Executive’s job, with or without reasonable accommodation, as determined by the
Board in its good faith judgment).

    

    © At the
election of the Company, upon thirty (30) day’s prior written notice to the
Executive, with or without Cause.

    

    In each
case, the “Termination Date” shall be the date as of which the Executive’s
employment terminates.

    

    
      	
              7.  

            	
              Nondisclosure
      and Nonuse of Confidential
Information

            

    

    

    (a) The
Executive will not disclose or use at any time, during the Employment Period and
for a period of twelve (12) months thereafter, any Confidential Information (as
defined below) of which the Executive is or becomes aware, whether or not such
information is developed by her, except to the extent that such disclosure or
use is directly related to and required by the Executive’s performance of duties
assigned to 

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

      the
Executive by the Company. The Executive will take all appropriate steps to
safeguard Confidential Information and to protect it against disclosure, misuse,
espionage, loss and theft. The Executive shall deliver to the Company at the
termination of the Employment Period or at any time the Company may request all
memoranda, notes, plans, records, reports, computer tapes and software and other
documents and data (and copies thereof) relating to the Confidential
Information, work product or the business of the Company which she may then
possess or have under her control.

    

    

    (b) As used
in this Agreement, the term “Confidential Information” means information that is
not generally known to the public and that is used, developed or obtained by the
Company in connection with its business, including but not limited to (i)
information, observations and data obtained by the Executive while employed by
the Company concerning the business or affairs of the Company, (ii) products or
services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses,
(vi) drawings, photographs and reports, (vii) computer software, including
operating systems, applications and program listing, (viii) flow charts, manuals
and documentation, (ix) data bases, (x) accounting and business methods, (xi)
inventions, devices, new developments, methods and processes, whether patentable
or unpatentable and whether or not reduced to practice, (xii) customers and
clients and customer or client lists, (xiii) other copyrightable works, (xiv)
all production methods, processes, technology and trade secrets, and (xv) all
similar and related information in whatever form. Confidential information will
not include any information that has been published in a form generally
available to the public prior to the date the Executive proposes to disclose or
use such information. Confidential Information will not be deemed to have been
published merely because individual portions of the information have been
separately published, but only if all material features comprising such
information have been published in combination.

    

    
      	
              8.  

            	
              Non-Solicitation;
      Non-Competition

            

    

    

    (a) The
Executive acknowledges that in the course of her employment with the Company she
will become familiar with the Company’s Confidential Information and that her
services will be of special, unique and extraordinary value to the Company.
Therefore, the Executive agrees that, during the Employment Period and for a
period of twelve (12) months following the termination of this Agreement, the
Executive will not, without the prior written approval of the Company, on her
own behalf or in the service of or on behalf of others, solicit, divert, or
attempt to appropriate, to any competitor, any person or entity who is a
customer of the Company or an actively sought prospective customer of the
Company during the term of the Agreement.

    

    (b) During
the Employment Period and for a period of twelve (12) months thereafter, the
Executive shall not directly or indirectly through another entity (i) induce or
attempt to induce any employee of the Company to leave the employ of the
Company, or in any way interfere with the relationship between the Company, on
the one hand, and any employee thereof, on the other hand, (ii) hire any person
who was an employee of the Company at any time during the Employment Period
within one year of the termination of such person’s employment of the Company,
or (iii) induce or attempt to induce any 

     

     

    
      
        
        

      

      
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      customer,
supplier or other business relation of the Company to cease doing business with
the Company, or in any way interfere with the relationship between any such
customer, supplier or business relation, on the one hand, and the Company, on
the other hand.

    

    

    
      	
              9.  

            	
              Indemnification

            

    

    

    The
Company shall indemnify and hold the Executive to harmless to the full extent
permitted by the Nevada Revised Statutes, and other relevant statutes. In
addition, the Company may, for its own benefits, in its sole discretion,
maintain “key-man” life and disability insurance policies covering the
Executive.

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first written
above.

    

    

    

      
        	 	China Yida Holding,
      Co.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Minhua Chen	 
	 	 	Minhua
      Chen	 
	 	 	Chairman
      & CEO	 
	 	 	 	 

      

    

    

    
      
        	 	Executive	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ George Wung	 
	 	 	 George
      Wung	 
	 	 	 	 
	 	 	 	 

      

    

     

     

    4ex10-1.htm

     

    
      

      

    

    
      SETTLEMENT
AGREEMENT AND

      GENERAL
MUTUAL RELEASE

      

      This
Settlement Agreement and General Mutual Release (“Agreement”) is made and
entered into as of December ___, 2008, by and between Ethos Environmental, Inc.
(“ETHOS”) and MKM Opportunity Master Fund, Limited, a Cayman Islands corporation
(“MKM”).  ETHOS and MKM are sometimes referred to herein as “Party” or
“Parties”.

      

      RECITALS

       

      WHEREAS,
on or about August 1, 2008, Ethos issued a Convertible Promissory Note to MKM
for the principal amount of $300,000 (the “Note”).

       

      WHEREAS,
on or about August 1, 2008, Ethos issued a Common Stock Purchase Warrant to MKM
for 1,000,000 shares of Ethos common stock (the “August Warrant”).

       

      WHEREAS,
on or about October 1, 2008, Ethos issued a Common Stock Purchase Warrant to MKM
for 500,000 shares of Ethos common stock (the “October Warrant”).

       

      WHEREAS,
The Note, August Warrant and October Warrant shall collectively be referred to
as the “Prior Agreements.”

       

      WHEREAS,
the parties have resolved to terminate the Prior Agreements and enter into a new
Common Stock Purchase Warrant and a new Convertible Promissory Note pursuant to
terms and conditions herein.

       

      AGREEMENT

      

      NOW,
THEREFORE, in consideration of the mutual covenants set forth in this Agreement,
and for other good and valuable consideration, the receipt and adequacy of which
is acknowledged, the Parties covenant and agree as follows:

      

      A. Consideration.  As
full consideration for the Settlement and Mutual General Release
hereunder:

      

      1. MKM shall
provide additional financing to ETEV in the amount of: (i) $150,000 within three
(3) business days from the date of the Agreement; and, (ii) $100,000 within
thirty (30) days from the date of this Agreement; and,

       

      2. ETEV
shall: (i) issue to MKM five hundred thousand (500,000) shares of ETEV common
stock within ten (10) business days from the date of this Agreement; (ii) pay
five thousand dollars ($5,000) to MKM within ten (10) business days from the
date of this Agreement; (iii) shall issue to MKM a five year Common Stock
Purchase Warrant for the purchase of one million five hundred thousand
(1,500,000) shares at a purchase price of $.25 per share; and, (iv) ETEV shall
issue a replacement Convertible Promissory Note (the “New Note) in the principal
amount of $450,000 bearing simple interest at a rate of ten percent (10%) per
annum,  with the face value of the New Note to be increased to
$550,000 upon receipt of the additional financing amount as set forth in Section
A(1)(ii) above, with the New Note maturing and becoming due and payable on
September 30, 2009.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      B. Breach;
Action for Damages.  Either Party may seek damages against the
other resulting from a breach of this Agreement.

      

      C. Attorneys’
Fees.  In the event of any action or proceeding instituted
between the Parties in connection with any breach of this Agreement, the
prevailing Party shall be entitled to recover from the losing Party all of the
prevailing Party’s litigation costs and expenses, including attorneys’ fees and
non-statutory costs.

      

      D. Each
Party to Bear Previous Fees and Costs.  Except as otherwise set
forth herein, each Party hereto shall be responsible for payment of its own
attorneys’ fees, costs, and all other expenses incurred at any time with respect
to the drafting of this Agreement.

      

      E. No
Waiver.  The waiver by any party of the performance of any
covenant, condition, promise or breach shall not invalidate this Agreement, nor
shall it waive that Party’s or any other Party’s right to future performance of
such covenant, condition or promise.  The failure to pursue or the
delay in pursuing any remedy or in insisting upon full performance any covenant,
condition or promise shall not prevent a party from later pursuing remedies or
insisting upon full performance for the same or similar defaults, breaches or
failures.

      

      F. Notices.  All
notices, approvals, requests, demands and other communications required or
permitted to be given under this Agreement shall be in writing and shall either
be delivered in writing personally or sent by overnight mail delivery or sent by
certified first class mail, postage prepaid, deposited in the United States
mail, and properly addressed to the Party at its address below, or at any other
address that such Party may designate by written notice to the other Parties,
with copies to the counsel at the addresses shown below, or to such other
counsel as the Parties may designate by written notice to the other
Parties.  Notice shall be effective immediately upon personal
delivery, after five (5) calendar days if made by regular mail or after two (2)
business days if given by overnight mail or by facsimile.

      

      
        	
                If
      to ETHOS

                 

                 

                 

                 

                 

                With
      a copy to:

              	
                Ethos
      Environmental, Inc.

                Attn:
      Corey P. Schlossmann

                6800
      Gateway Park Drive

                San
      Diego, CA  92154

                Fax:
      (619) 575-9300

                 

                Luis
      Carrillo, Esq.

                6800
      Gateway Park Drive

                San
      Diego, CA  92154

                Fax:  (619)
      575-9300

              
	
                If
      to MKM:

                 

              	 
      

      

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      G. Mutual
Release.  MKM, on the one hand, and ETHOS, on the other hand,
for themselves and their respective predecessors, successors, affiliates,
officers, directors, principals, partners, employees, executors, beneficiaries,
representatives, agents, assigns, attorneys, and all others claiming by or
through them hereby release and forever discharge each other and their
respective predecessors, successors, affiliated entities, subsidiaries, parent
companies, affiliates, officers, directors, principals, partners, employees,
executors, beneficiaries, representatives, agents, assigns, and attorneys from
any and all claims, causes of action, suits, proceedings, debts, contracts,
controversies, claims and demands of any kind, nature or description, that were
alleged, or could have been alleged, related to or arising out of the Prior
Agreements, whether based upon a tort, contract or other theory of recovery, and
whether for compensatory damages, punitive damages or other relief in law,
equity or otherwise.

      

      H. Release
of Unknown Claims Arising from Actions.  The Parties
acknowledge that they are familiar with Section 1542 of the California Civil
Code, which provides as follows:

      

      A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

      

      The
Parties expressly waive and relinquish any and all rights and benefits which
they may have under, or which may be conferred upon them by the provisions of
Section 1542 of the California Civil Code, as well as under any other similar
state or federal statute or common law principle, with respect to all claims
alleged, or that could have been alleged, related to or arising out of the Prior
Agreements.  The Parties acknowledge that such waiver shall not
prevent the Parties from seeking damages against the other resulting from a
breach of this Agreement.

      

      I. Entire
Agreement; No Oral Modification. This Agreement constitutes the complete
and entire written agreement of compromise, settlement and release between the
Parties and constitutes the complete expression of the terms of the settlement.
All prior and contemporaneous agreements, representations, and negotiations are
superseded and merged herein. The terms of this Agreement can only be amended or
modified by a writing, signed by duly authorized representatives of all Parties
hereto, expressly stating that such modification or amendment is
intended.

      

      J. Future
Actions.  The Parties hereto agree that, for their respective
selves, heirs, executors and assigns, they will abide by this Agreement, which
terms are meant to be contractual, and further agree that they will do such acts
and prepare, execute and deliver such documents as may reasonably be required in
order to carry out the purposes and intents of this Agreement.

      

      K. Authority
to Execute.  Each Party executing this Agreement represents
that it is authorized to execute this Agreement. Each person executing this
Agreement on behalf of an entity, other than an individual executing this
Agreement on his or her own behalf, represents that he or she is authorized to
execute this Agreement on behalf of said entity.

      

      L. Warranty
Against Assignment.  The Parties represent and warrant to each
other that they have not and will not encumber, assign or transfer or purport to
encumber, assign or transfer, in whole or in part, to any person, firm or
corporation whatsoever, any claim, debt, liability, demand, obligation, cost,
expense, damage, action or cause of action herein released or
settled.

      

      M. Binding
on Successors.  This Agreement shall inure to the benefit of
and shall be binding upon the Parties hereto and their respective heirs,
executors, successors, and assigns.

      

      N. Construction
of Agreement.  The Parties and their counsel have reviewed and
negotiated this Agreement, and the normal rule of construction to the effect
that any ambiguities in an agreement are to be resolved against the drafting
party shall not be employed in the interpretation of this
Agreement.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      O. Headings.  Headings
are informational only and shall not be used to interpret this
Agreement.

      

      P. Voluntary
Agreement.  The Parties have read this Agreement, have had the
benefit of counsel and freely and voluntarily enter into this
Agreement.

       

      Q. Tax
Consequences.  The Parties to this Agreement acknowledge and
understand that there may be certain tax consequences which arise as a result of
the execution and performance of this Agreement and, by executing this
Agreement, each Party confirms that no other Party to this Agreement or any
counsel has made any representations regarding such consequences.

       

      R. Severance.  If
a provision of this Agreement is held to be illegal or invalid, such provision
shall be (a) rewritten by the Court to be legal and valid so long as the
rewritten provision remains consistent with the intent of the Parties expressed
herein or (b) deemed to be severed and deleted.  Neither such revision
nor such severance and deletion shall affect the validity of the remaining
provisions.

       

      S. Counterparts.  This
Agreement may be executed in counterparts and, if so executed, each counterpart
shall have the full force and effect of an original. Further, a telecopied
signature page by any signatory shall constitute an original for all
purposes.

      

      T. Governing
Law.  This Agreement shall be construed and enforced according
to the laws of the State of California.

       

      IN
WITNESS WHEREOF, the Parties have entered into this Agreement made and effective
as of the date first hereinabove written.

       

      
        
          	
                  Dated:  December
      __, 2008

                	
                  Ethos Environmental,
      Inc.

                
	
                  By:

                	 	 
	 	Name: Thomas
      Maher
	 	Title: Chief
      Financial Officer

        

      

       

      

      
        
          	
                  Dated:  December
      __, 2008

                	
                  MKM Opportunity Master Fund,
      Limited

                
	
                  By:

                	 	 
	 	Name:

        

      

      

       

      
        
           

        

        
          4

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