Document:

Unassociated Document

    AMENDMENT
      NO. 3 TO

    FORTUNET,
      INC.

    EXEMPT

    EMPLOYMENT
      AGREEMENT

     

    This
      Amendment No. 3 to FortuNet, Inc. Exempt Employment Agreement (the “Amendment”)
      is
      entered into on April 1, 2007 (the “Effective
      Date”)
      by and
      between FortuNet, Inc., a Nevada corporation (the “Company”),
      and
      Jack B. Coronel (“Employee”).

     

    R
      E C I T A L S

     

    WHEREAS,
      the Company and Employee have entered into that certain Exempt Employment
      Agreement, dated as of September 9, 2002 and amended by Amendment No. 1 thereto
      dated as of September 9, 2002 and Amendment No. 2 thereto dated July 6, 2006
      (the “Agreement”);
      and

     

    WHEREAS,
      the Company and Employee desire to amend the Agreement in accordance with the
      terms of this Amendment.

     

    NOW,
      THEREFORE, for good and valuable consideration, receipt of which is hereby
      acknowledged, the Company and Employee hereby agree to amend the Agreement
      as
      follows:

     

    A
      M E N D M E N T

     

    1.  Definitions;
      References; Interpretation.
      Except
      as otherwise provided herein, capitalized terms used in this Amendment shall
      have the definitions set forth in the Agreement. Each reference to “this
      Agreement,” “hereof,” “hereunder,” “herein” and “hereby” and each other similar
      reference contained in the Agreement shall from and after the date hereof refer
      to the Agreement, as amended hereby.

     

    2.  Amendment.
      Section
      3 of the Agreement is hereby amended to provide that, effective as of April
      1,
      2007, Employee’s annual salary will be One Hundred Seventy Five Thousand dollars
      ($175,000).

     

    3.  Terms
      of Agreement.
      Except
      as expressly modified hereby, all terms, conditions and provisions of the
      Agreement shall continue in full force and effect.

     

    4.  Conflicting
      Terms.
      In the
      event of any inconsistency or conflict between the Agreement and this Amendment,
      the terms, conditions and provisions of this Amendment shall govern and
      control.

     

    5.  Entire
      Agreement.
      This
      Amendment and the Agreement constitute the entire and exclusive agreement
      between the parties with respect to the subject matter hereof. All previous
      discussions and agreements with respect to this subject matter are superseded
      by
      the Agreement and this Amendment. This Amendment may be executed in one or
      more
      counterparts, each of which shall be an original and all of which taken together
      shall constitute one and the same instrument.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, each of the undersigned has executed this Amendment as of
      the
      date first set forth above, to be effective upon the Effective
      Date.

     

    
      	FORTUNET,
              INC.  	JACK B.
              CORONEL 
	 	 	 
	By 	/s/ Yuri
              Itkis                   
               	/s/ Jack B.
              Coronel                  
               
	 	Yuri Itkis, 	Jack B. Coronel 
	 	
              Chief
                Executive OfficerUnassociated Document

    AMENDMENT
      NO. 2 TO

    FORTUNET,
      INC.

    EXEMPT

    EMPLOYMENT
      AGREEMENT

     

    This
      Amendment No. 2 to FortuNet, Inc. Exempt Employment Agreement (the “Amendment”)
      is
      entered into on April 1, 2007 (the “Effective
      Date”)
      by and
      between FortuNet, Inc., a Nevada corporation (the “Company”),
      and
      William R. Jacques, Jr. (“Employee”).

     

    R
      E C I T A L S

     

    WHEREAS,
      the Company and Employee have entered into that certain Exempt Employment
      Agreement, dated as of January 10, 2005, as amended by Amendment No. 1 thereto
      dated July 6, 2006 (the “Agreement”);
      and

     

    WHEREAS,
      the Company and Employee desire to amend the Agreement in accordance with the
      terms of this Amendment.

     

    NOW,
      THEREFORE, for good and valuable consideration, receipt of which is hereby
      acknowledged, the Company and Employee hereby agree to amend the Agreement
      as
      follows:

     

    A
      M E N D M E N T

     

    1.  Definitions;
      References; Interpretation.
      Except
      as otherwise provided herein, capitalized terms used in this Amendment shall
      have the definitions set forth in the Agreement. Each reference to “this
      Agreement,” “hereof,” “hereunder,” “herein” and “hereby” and each other similar
      reference contained in the Agreement shall from and after the date hereof refer
      to the Agreement, as amended hereby.

     

    2.  Amendment.
      Section
      3 of the Agreement is hereby amended to provide that, effective as of April
      1,
      2007, Employee’s annual salary will be One Hundred Twenty Five Thousand dollars
      ($125,000).

     

    3.  Terms
      of Agreement.
      Except
      as expressly modified hereby, all terms, conditions and provisions of the
      Agreement shall continue in full force and effect.

     

    4.  Conflicting
      Terms.
      In the
      event of any inconsistency or conflict between the Agreement and this Amendment,
      the terms, conditions and provisions of this Amendment shall govern and
      control.

     

    5.  Entire
      Agreement.
      This
      Amendment and the Agreement constitute the entire and exclusive agreement
      between the parties with respect to the subject matter hereof. All previous
      discussions and agreements with respect to this subject matter are superseded
      by
      the Agreement and this Amendment. This Amendment may be executed in one or
      more
      counterparts, each of which shall be an original and all of which taken together
      shall constitute one and the same instrument.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, each of the undersigned has executed this Amendment as of
      the
      date first set forth above, to be effective upon the Effective
      Date.

     

    
      
        	FORTUNET,
                INC.  	WILLIAM R. JACQUES,
                JR.
	 	 	 
	By 	/s/ Yuri
                Itkis                   
                 	/s/ William R. Jacques,
                Jr.       
	 	Yuri Itkis, 	William R. Jacques, Jr.
	 	
                Chief
                  Executive OfficerExhibit
      10.8

    

    Ref.
      No.:
      3770502007 - 100000200

     

    Loan
      Contract

    (Summary
      Translation)

     

    Bank
      of
      Communication

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Ref
      No.:
      3770502007 - 100000200

    

    Loan
      Contract 

    

      
        	
                Borrower:
                  

              	
                Fuwei
                  Films (Shandong) Co., Ltd.

              
	
                Legal
                  Representative: 

              	
                Xiaoan
                  He

              
	
                Legal
                  Address: 

              	
                Hi-Tech
                  Development Zone, Dong Ming Road, 

              
	 	
                Weifang

              
	
                Correspondence
                  Address: 

              	
                Same
                  as above

              
	 	 
	
                Lender:
                  

              	
                Weifang
                  Branch, Bank of Communication

              
	
                Responsible
                  Person: 

              	
                Kongrui
                  Jiang

              
	
                Correspondence
                  Address: 

              	
                358
                  Dong Fang, Dong Street,
                  Weifang

              

      

    Both
      parties agree to the following terms:

     

    
      	
              1

            	
              Loan

            

    

    
      	 	 

      	
              1.1

            	
              Currency:
                Renminbi (RMB)

            

    

    
      	 	 

      	
              1.2

            	
              Amount:
                100,000,000

            

    

    
      	 	 

      	
              1.3

            	
              The
                proceeds of the Loan under this Contract shall be used for industrial
                working capital.

            

    

    
      	 	 

      	
              1.4

            	
              Loan
                Period: Commencing from January 15, 2007, to January 15,
                2008.

            

    

    

    
      	
              2

            	
              Interest
                Rate and Computation of
                Interest

            

    

    
      	 	 

      	
              2.1

            	
              Interest
                rate: 6.732% (√ annually monthly).

            

    

    
      	 	 

      	
              2.2

            	
              Computation
                of Interest

            

    

    
      	 	 

      	
              2.2.1

            	
              Normal
                interest = interest rate under this Contract X proceeds of the Loan
                X
                number of days of use. Number of days of use is calculated from the
                drawing date to the maturity date. 

            

    

    
    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	
              2.2.2

            	
              The
                penalty interest of the overdue loan and appropriated loan is calculated
                based on the amount and the actual number of days overdue or appropriated.
                If the currency of the loan is Renminbi (RMB), the overdue penalty
                interest rate is equal to the loan interest rate set forth in this
                Contract plus 50% of such loan’s interest rate, and the appropriated
                penalty interest rate is equal to the loan interest rate set forth
                in this
                Contract plus 100% of such loan interest rate. If the currency of
                the loan
                is a foreign currency, the aforesaid penalty interest rates are equal
                to
                the loan interest rate set forth in this Contract plus 20% of such
                loan
                interest rate. 

            

    

    
      	 	 

      	
              2.3

            	
              The
                loan under this Contract uses the second (2nd)
                method mentioned below for payment of interest. On the maturity date,
                the
                interest shall be paid together with the principal. The date of payment
                of
                interest is the date of the settlement of
                interest:

            

    

    
      	 	 	 

      	 	
              1.

            	
              Interest
                settlement on the 20th
                day of the last month of each quarter;
                or

            

    

    
      	 	 	 

      	 	
              2.

            	
              Interest
                settlement on the 20th
                day of each month.

            

    

    
      	 	 

      	
              3

            	
              Granting
                and Repayment of Loan

            

    

    
      	 	 

      	
              3.1

            	
              Borrower
                shall start the related procedure three (3) business days prior to
                drawing
                the proceeds of the Loan in accordance with the following loan drawing
                schedule: (N/A)

            

    

     

       Drawing
      Date        Drawing
      Amount

    ___
      day
      ___ month ___ Year; _______________(amount in capitalization)

    ___
      day
      ___ month ___ Year; _______________(amount in capitalization)

    ___
      day
      ___ month ___ Year; _______________(amount in capitalization)

    ___
      day
      ___ month ___ Year; _______________(amount in capitalization)

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    
      	
              3.2

            	
              Unless
                all of the following conditions are satisfied, Lender has the right
                to
                refuse to grant the Loan:

            

    

    
      	 	 	 

      	 	
              1.

            	
              Borrower
                has already completed the statutory procedures including obtaining
                related
                permit, approval and registration from the government and such permit,
                approval and registration remain in full force and
                effect.

            

    

    
      	 	 	 

      	 	
              2.

            	
              The
                guarantee contract (if any) under this Contract has come into effect
                and
                remains in full force and effect.

            

    

    
      	 	 	 

      	 	
              3.

            	
              The
                financial condition of the Borrower does not have any substantial
                adverse
                changes; and

            

    

    
      	 	 	 

      	 	
              4.

            	
              Borrower
                is not in breach of this Contract. 

            

    

    
      	 	 

      	
              3.3

            	
              The
                actual drawing date and drawing amount shall be in accordance with
                the
                promissory note.

            

    

    
      	 	 

      	
              3.4

            	
              Borrower
                shall not repay the Loan prior to the scheduled date without having
                a
                written consent from Lender.

            

    

    
      	 	 

      	
              4

            	
              Representation
                and Guarantee of the
                Borrower

            

    

    
      	 	 

      	
              4.1

            	
              Borrower
                is an independent entity and has the necessary contractual capacity
                to
                perform this Contract and will be liable for its non-performance
                of its
                obligations hereunder.

            

    

    
      	 	 

      	
              4.2

            	
              The
                execution and performance of this Contract is the true intention
                of the
                Borrower, and the Borrower has all necessary consents, approvals
                and
                authorizations to perform its obligations.

            

    

    
      	 	 

      	
              4.3

            	
              All
                the documents, reports, data and information provided by the Borrower
                to
                the Lender during the execution and performance of this Contract
                are true,
                accurate, complete and in full effect, and Borrower has not withheld
                any
                information which may affect the evaluation of its financial status
                and
                repayment ability. 

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	5	
              Rights
                and Obligations of Lender

            

    

     

    
      	
              5.1

            	
              Lender
                has the right to be repaid the principal, receive interest (including
                compound, overdue and appropriated penalty interest) and the necessary
                expenses from the Borrower in accordance with this Contract. Lender
                has
                the right to exercise any other rights under the relevant laws and
                regulations or stipulated in this Contract.

            

    

    
      	 	 

      	
              5.2

            	
              Except
                as otherwise specified under this contract, Lender shall keep all
                the
                financial and operation data and information confidential unless
                compelled
                by requirements of applicable laws and regulations.
                

            

    

     

    
      	6	
              Rights
                and Obligations of
                Borrower

            

    

     

    
      	
              6.1

            	
              Borrower
                shall repay the Loan under this Contract and pay the interest hereunder
                in
                accordance with the date, amount, currency set forth in this Contract.
                

            

    

    
      	 	 

      	
              6.2

            	
              Borrower
                shall not use the proceeds of the Loan for any usage not stipulated
                in
                this Contract. 

            

    

    
      	 	 

      	
              6.3

            	
              Borrower
                shall be liable for the expenses under this Contract, including but
                not
                limited to, expenses for notary service, authentication, evaluation
                and
                registration.

            

    

    
      	 	 

    

    
      	
              6.4

            	
              Borrower
                shall comply with the operation procedure and the general practice
                of the
                Lender and loan application, including but not limited to, facilitating
                Lender’s examination and supervision on Borrower’s operation status, and
                providing all the financial statements, or any other data and information
                requested by Lender, and shall guarantee that such documents, data
                and
                information are true, complete and accurate.

            

    

    
      	 	 

      	
              6.5

            	
              If
                any one of the following events occurs, Borrower shall notify the
                Lender
                within thirty (30) days and shall not commence such activities unless
                the
                Loan and interest under this Contract are repaid completely, or a
                repayment schedule and guarantee are approved and accepted by the
                Lender.
                These are as follows:

            

    

    
      	 	 	 

      	 	
              1.

            	
              Selling,
                donating, renting, lending, assigning, mortgaging, pledging or disposing
                of all or substantial part of its
                assets.

            

    

    
    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              2.

            	
              Any
                substantial changes in organization or structure of the Borrower,
                including but not limited to, its operation, subcontracting, lease,
                affiliation, company restructuring, joint-stock, merger (consolidation),
                equity joint-venture (non-equity), spin-off, incorporation of subsidiary,
                asset assignment, reduction of registered capital, etc.
                

            

    

    
      	 	 

      	
              6.6

            	
              Borrower
                shall notify the Lender within seven (7) days of occurrence of any
                of the
                following events: 

            

    

    
      	 	 	 

      	 	
              1.

            	
              Amendment
                of the Articles of Association, change of Borrower’s name, change of legal
                representative , change of domicile, change of address, and change
                in the
                scope of its business.

            

    

    
      	 	 	 

      	 	
              2.

            	
              Borrower
                or Guarantor’s (if any) intention to file for
                bankruptcy.

            

    

    
      	 	 	 

      	 	
              3.

            	
              Borrower’s
                involvement in any major litigation or arbitration, or any lien or
                encumbrance is imposed on its
                assets.

            

    

    
      	 	 	 

      	 	
              4.

            	
              Borrower’s
                guarantee to any other third party, which will have an adverse effect
                on
                its financial status and ability to perform its obligations under
                this
                Contract.

            

    

    
      	 	 	 

      	 	
              5.

            	
              Borrower
                enters into a contract which will have a material adverse effect
                on its
                operation and financial status. 

            

    

    
      	 	 	 

      	 	
              6.

            	
              Borrower
                or Guarantor (if any) stops its operation, its business terminates
                or its
                business license is revoked.

            

    

    
      	 	 	 

      	 	
              7.

            	
              Borrower’s
                legal representative or senior management has committed a criminal
                offence.

            

    

    
      	 	 	 

      	 	
              8.

            	
              Borrower
                faces substantial hardship in managing its business or any other
                event
                which will have an adverse effect on the financial status or ability
                of
                the Borrower to repay the Loan.

            

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    
      	
              6.7

            	
              Any
                changes to the form of collateral under this Contract that may have
                adverse effect on Lender’s right shall be made upon Lender’s consent.
                

            

    

     

    
      	7	
              Maturity
                Repayment of the Loan before the Maturity
                Date

            

    

     

    
      	
              7.1

            	
              In
                the event of the occurrence of any of the following events, Lender
                has the
                right to suspend the drawing of the proceeds of the Loan and require
                repayment of the principal of the Loan partially or completely before
                the
                maturity date and demand that the Borrower repay the principal of
                the Loan
                and pay the interest hereunder. These are as
                follows:

            

    

    
      	 	 	 

      	 	
              1.

            	
              Borrower’s
                representations and warranties in Section 4 are not true;
                

            

    

    
      	 	 	 

      	 	
              2.

            	
              Borrower
                is in breach of this Contract;

            

    

    
      	 	 	 

      	 	
              3.

            	
              The
                events set forth in Section 6.6 have occurred and Lender believes
                that
                such event will have a material adverse effect on its rights as a
                creditor; or

            

    

    
      	 	 	 

      	 	
              4.

            	
              Borrower
                has delayed its performance or is in breach of other contracts entered
                into between Borrower and Lender, and has not provided the Lender
                with any
                remedy upon notification by Lender.

            

    

     

    
      	8	
              Breach
                of Contract

            

    

     

    
      	
              8.1

            	
              In
                the event that Borrower fails to repay the principal or interest
                in full
                in a timely fashion, or to use the proceeds of the Loan as set forth
                in
                this Contract, Lender has the right to use the overdue penalty interest
                rate and appropriate penalty interest rate to calculate the
                interest.

            

    

    
      	 	 

      	
              8.2

            	
              In
                the event that Borrower fails to repay the principal or interest
                in full
                in a timely fashion, Borrower shall be liable for the Lender’s expenses in
                exercising its creditor’s rights, including litigation cost (arbitration
                fee), costs of preservation of asset, costs of publication, enforcement
                costs, legal fees, travel and other expenses.

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

      

    
      	
              8.3

            	
              In
                the event that Borrower avoids Lender’s supervision, fails to repay the
                principal or the interest of the Loan or avoids the repayment
                intentionally, Lender has the right to inform relevant government
                authority and to publish the payment notification in the news
                media.

            

    

     

    
      	9	
              Withdrawal
                Instruction

            

    

     

    
      	9.1	
              In
                the event that Borrower is overdue in payment in respect of principal,
                interest, penalty interest, compound interest or other expenses,
                Lender is
                authorized to withdraw the money from any other bank accounts of
                Borrower
                with Bank of Communication to setoff the said outstanding payment.
                

            

    

     

    
      	9.2	
              After
                the aforesaid withdrawal, Lender shall inform the Borrower of such
                account
                number, loan contract reference number, promissory note reference
                number,
                amount of withdrawal, and the outstanding Loan amount.
                

            

    

     

    
      	9.3	
              If
                the amount of withdrawal is not sufficient to setoff the aforesaid
                payment, the overdue expenses shall be settled first. If the principal
                and
                interest are overdue for less than ninety (90) days, the remaining
                balance
                shall be first used to settle the overdue interest, penalty interest
                and
                compound interest, then shall be used to settle the overdue principal.
                In
                the event that the overdue payment or interest is overdue for more
                than
                ninety (90) days, the remaining balance shall be used to settle the
                overdue principal, then shall be used to settle the overdue interest,
                penalty interest or compound interest.

            

    

     

    
      	9.4	
              If
                the currency of the aforesaid withdrawal amount is different from
                the
                currency of the Loan, the exchange rate determined by Bank of
                Communication on the date of withdrawal shall be used for the currency
                conversion calculation. 

            

    

     

    
      	10	
              Dispute
                Resolution

            

    

     

    
      	
              10.1

            	
              Any
                dispute arising from or in connection with this Contract shall be
                resolved
                by the first method listed below:

            

    

     

    
      	 	
              1.

            	
              File
                a lawsuit to the competent court in the place where Lender is located;
                or
                

            

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              2.

            	
              Submit
                the disputes to _____________________ arbitration committee for
                arbitration in accordance with the currently effective arbitration
                rules
                of such committee. The arbitral award is final and is legally binding
                upon
                both Parties. 

            

    

    

    
      	11	
              Miscellaneous

            

    

     

    
      	
              11.1

            	
              This
                Contract comes into effect upon both Parties’ execution of this
                contract.

            

    

     

    
      	
              11.2

            	
              This
                Contract is executed in five (5) counterparts. Each of the Parties
                and
                Guarantor shall keep one counterpart.

            

    

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Contract as of the day and year first set
      forth below.

    

      
        	
                January
                  15, 2007

              	
                January
                  15, 2007

              
	 	 
	
                Borrower
                  (seal):

              	
                Lender
                  (seal):

              
	 	 
	
                Legal
                  Representative or Authorized Person

              	
                Responsible
                  Person or Authorized Person

              
	 	 
	
                Xiaoan
                  He

              	
                Bank
                  of Communication

              
	 	 
	
                (signature
                  or seal)

              	
                (signature
                  or seal)

              

      

    

     

    
      
        
        

      

      
        -9-

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