Document:

Unassociated Document

 

AOXIN TIANLI GROUP, INC.

2014 Share Incentive Plan

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS RESTRICTED STOCK AWARD AGREEMENT, (this “Agreement”), dated as of February 3,2015 (the “Date of Grant”), is made by and between Aoxin Tianli Group, Inc., a company organized under the laws of the British Virgin Islands  (the “Company”), and Jun Wang (the “Grantee”).

 

WHEREAS, the Company has adopted the Aoxin Tianli Group, Inc. 2014 Share Incentive Plan (the “Plan”), pursuant to which the Company may grant Restricted Stock Awards;

 

WHEREAS, the Company desires to grant to the Grantee the number of shares of Restricted Stock provided for herein;

 

NOW, THEREFORE, in consideration of the recitals and the mutual agreements herein contained, the parties hereto agree as follows:

 

Section 1. Grant of Restricted Stock Award

 

(a) Grant of Restricted Stock. The Company hereby grants to the Grantee 80,000 shares (the “Shares”) of Restricted Stock (the “Award”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.

 

(b) Incorporation of Plan; Capitalized Terms. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Compensation Committee of the Board of Directors (the “Committee”) shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his/her legal representative in respect of any questions arising under the Plan or this Agreement.

 

Section 2. Terms and Conditions of Award

 

The grant of Restricted Stock provided in Section 1(a) shall be subject to the following terms, conditions and restrictions:

 

(a) Ownership of Shares. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess all incidents of ownership of the Shares of Restricted Stock granted hereunder, including, without limitation, (i) the right to vote such Shares of Restricted Stock, and (ii) subject to Section 2(b), the right to receive dividends with respect to such Shares of Restricted Stock (but only to the extent declared and paid to holders of Common Shares by the Company in its sole discretion), provided, however, that any such dividends shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Stock.

 

(b) Dividends. Any dividends with respect to Restricted Stock (whether such dividends are paid in cash, stock or other property) (i) shall be subject to the same restrictions (including the risk of forfeiture) as the Restricted Stock with regard to which they are issued; (ii) shall herein be encompassed within the term “Restricted Stock”; (iii) may be held by the Company for the Grantee prior to vesting; and (iv) if so held by the Company, shall be paid or otherwise released to the Grantee, without interest, promptly after the vesting of the Restricted Stock with regard to which they were issued. If dividends are released to the Grantee prior to the vesting of the Restricted Stock with regard to which they were issued, and such Restricted Stock fails to vest and is forfeited for any reason, Grantee shall return or repay such dividends to the Company, without interest, promptly following the forfeiture event.

 

  

  

  

 

(c) Restrictions. The Shares shall be subject to the following restrictions:

	
1.  

	
The Shares shall be subject to the restriction on resale applicable to Affiliates (as defined in Rule 405 of the Securities Act of 1933, as amended (the “Securities Act”)) and the certificates evidencing the Shares shall be endorsed with a legend to such effect, and in addition, none of the Shares may be sold prior to the filing by the Company with the Securities and Exchange Commission of its Annual report on Form 10-K for the fiscal year ended December 31, 2014

	
2.  

	
24,000 of the Shares shall not vest until the first anniversary of the Date of Grant subject to the fulfillment by the Grantee of performance criteria established by the President and Chief Executive Officer of the Company, as determined by him based upon an evaluation prepared in accordance with criteria specified by him.

	
3.  

	
An additional 24,000 of the Shares shall not vest until the second anniversary of the Date of Grant subject to the fulfillment by the Grantee of performance criteria established by the President and Chief Executive Officer of the Company, as determined by him based upon an evaluation prepared in accordance with criteria specified by him.

The Restricted Stock and any interest therein, may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of (each, a “Transfer”), except by will or the laws of descent and distribution, during any period of time during which the Transfer of such Restricted Stock is restricted hereunder. Any attempt to Transfer any Restricted Stock in contravention of the above restriction shall be null and void and without effect.

 

(d) Certificate; Book Entry Form; Legend. The Company shall issue the Shares of Restricted Stock either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends, or notations, as applicable, referring to the terms, conditions and restrictions applicable to the Award. The Grantee agrees that any certificate issued for Restricted Stock prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend:

 

“This certificate and the shares of stock represented hereby are subject to the terms and conditions, including forfeiture provisions and restrictions against transfer (the “Restrictions”), contained in the Aoxin Tianli Group, Inc. 2014 Share Incentive Plan, as amended, and an agreement entered into between the registered owner and the Company. Any attempt to dispose of these shares in contravention of the Restrictions, including by way of sale, assignment, transfer, pledge, hypothecation or otherwise, shall be null and void and without effect.”

 

(e) Lapse of Restrictions. Subject to Section 2(f) below, upon the lapse of restrictions relating to any Shares of Restricted Stock, the Company shall, as applicable, either remove the notations on any such Shares of Restricted Stock issued in book-entry form or deliver to the Grantee or the Grantee’s personal representative a stock certificate representing a number of Common Shares, free of the restrictive legend described in Section 2(d), equal to the number of Shares of Restricted Stock with respect to which such restrictions have lapsed. If certificates representing such Restricted Stock shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended Common Shares.

 

(f) Termination of Employment. Notwithstanding Section 2(c), in the event of the termination of the Grantee’s employment or service with the Company or any subsidiary of the Company for any reason prior to the lapsing of restrictions in accordance with Section 2(e) with respect to any portion of the Restricted Stock granted hereunder, such portion of the Restricted Stock held by the Grantee shall be automatically forfeited by the Grantee as of the date of termination.

 

Any Shares of Restricted Stock forfeited pursuant to this Agreement shall be transferred to, and reacquired by, the Company without payment of any consideration by the Company, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such Shares. If certificates for any such Shares containing restrictive legends shall have theretofore been delivered to the Grantee (or his/her legatees or personal representative), such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer.

 

(g) Corporate Transactions. The following provisions shall apply to the corporate transactions described below:

 

(i) In the event of a proposed dissolution or liquidation of the Company, the Award will terminate and be forfeited immediately prior to the consummation of such proposed transaction, unless otherwise provided by the Committee.

 

  

  

  

 

(ii) In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, the Award shall be assumed or substituted with an equivalent award by such successor corporation, parent or subsidiary of such successor corporation; provided that the Committee may determine, in the exercise of its sole discretion, that in lieu of such assumption or substitution, the Award shall be vested and non-forfeitable and any conditions or restrictions on the Award shall lapse, as to all or any part of the Award, including Shares as to which the Award would not otherwise be non-forfeitable.

 

(h) Income Taxes. Except as provided in the next sentence, the Company shall withhold and/or reacquire a number of Shares having a Fair Market Value equal to the taxes that the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Stock (with such withholding obligation determined based on any applicable minimum statutory withholding rates), in connection with the vesting of the Restricted Stock. In the event the Company cannot (under applicable legal, regulatory, listing or other requirements) satisfy such tax withholding obligation in such method, the Grantee makes a Section 83(b) election pursuant to Section 2(i) below, or the parties otherwise agree in writing, then the Company may satisfy such withholding by any one or combination of the following methods: (i) by requiring the Grantee to pay such amount in cash or check; (ii) by deducting such amount out of any other compensation otherwise payable to the Grantee; and/or (iii) by allowing the Grantee to surrender Common Shares of the Company which (a) in the case of shares initially acquired from the Company (upon exercise of a stock option or otherwise), have been owned by the Grantee for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (b) have a Fair Market Value on the date of surrender equal to the amount required to be withheld. For these purposes, the Fair Market Value of the Shares to be withheld or repurchased, as applicable, shall be determined on the date that the amount of tax to be withheld is to be determined.

 

(i) Section 83(b) Election. The Grantee hereby acknowledges that he or she may file an election pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Shares of Restricted Stock (less any purchase price paid for the Shares), provided that such election must be filed with the Internal Revenue Service no later than thirty (30) days after the grant of such Restricted Stock. The Grantee will seek the advice of his or her own tax advisors as to the advisability of making such a Section 83(b) election, the potential consequences of making such an election, the requirements for making such an election, and the other tax consequences of the Restricted Stock award under federal, state, and any other laws that may be applicable. The Company and its affiliates and agents have not and are not providing any tax advice to the Grantee.

 

Section 3. Miscellaneous

 

(a) Notices. Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company to the Chief Executive Officer of the Company at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address appearing on the books of the Company or to the Grantee’s residence or to such other address as may be designated in writing by the Grantee. Notices may also be delivered to the Grantee, during his or her employment, through the Company’s inter-office or electronic mail systems.

 

(b) No Right to Continued Employment. Nothing in the Plan or in this Agreement shall confer upon the Grantee any right to continue in the employ of the Company or any subsidiary of the Company, or shall interfere with or restrict in any way the right of the Company or any subsidiary of the Company ,which is hereby expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason whatsoever, with or without Cause and with or without advance notice.

 

(c) Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

 

(d) Imposition of Other Requirements. If the Grantee relocates to another country after the Date of Grant, the Company reserves the right to impose other requirements on the Grantee’s participation in the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

 

  

  

  

 

(e) Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee.

 

(f) Invalid Provision. The invalidity or unenforceability of any particular provision thereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted.

 

(g) Modifications. No change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the parties hereto.

 

(h) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto.

 

(i) Governing Law. This Agreement and the rights of the Grantee hereunder shall be construed and determined in accordance with the laws of the British Virgin Islands.

 

(j) Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

 

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

 

By Grantee’s signature and the signature of the Company’s representative below, or by Grantee’s acceptance of this Award through the Company’s online acceptance procedure, this Agreement shall be deemed to have been executed and delivered by the parties hereto as of the Date of Grant.

 

	 	
AOXIN TIANLI GROUP, INC.

	 	 	 
	
 

	
By: 

	/s/ Ping Wang
	 	 	Ping Wang
	 	Its:	President and CEO

 

	 	 	 
	
 

	
Signature:

	/s/ Jun Wang
	 	 	 
	 	 Printed Name:	Jun WangUnassociated Document

 

EMPLOYMENT CONTRACT

BETWEEN: Wuhan Fengxin Agricultural Science and Technology Development Co., Ltd., a company legally incorporated under the laws of People’s Republic of China, having a mailing address at Suite K, 12th Floor, Building A, Jiangjing Mansion, 228 Yanjiang Ave., Jiang’an District, Wuhan, acting and represented herein by Mr. WANG PING, chairman of the board, declaring duly authorized, (hereinafter called the "FENGXIN")

 

AND:   Mr. Wang Ping ,

 

(FENGXIN and Wang Ping hereinafter collectively called "Parties")

 

1. PREAMBLE

The preamble is an integral part of this contract.

WHEREAS FENGXIN requires the services of Wang Ping as President and CEO;

 

WHEREAS, Wang Ping agreed to provide FENGXIN his full-time services as President and CEO;

 

WHEREAS the parties wish to confirm their agreement in writing;

 

WHEREAS the parties have the capacity and quality of exercise all the rights necessary for the conclusion and implementation of the agreement found in this contract;

 

THEREFORE THE FOREGOING, THE PARTIES AGREE AS FOLLOWS:

 

2. PURPOSE

 

2.1 Services

 

Wang Ping agrees to assume full-time for FENGXIN (minimum of forty (40) hours per week) the role of president and CEO during the entire duration of the contract;

 

2.2 Term

 

This contract is for an initial term of 36 months, renewable for an additional period of 24 months unless either party terminates it in writing at least three (3) months before the expiration of the initial term;

3. CONSIDERATION

 3.1 Service Awards

 

In consideration of the provision of services, FENGXIN to pay Wang Ping, as compensation;

 

The gross amount of US 162,075 dollars annually is constituted by a basis compensation of US 55,105 dollars and a conditional Year-end awards that no more than US 106,970 dollars.

 

  

  

  

 

The basis compensation is calculated at the rate of twelve (12) equal monthly installments consecutively of US 4,592 dollars each, less withholding taxes applicable.

The Year-end award shall only be paid under the condition of 3.3.3.

 

3.2 Expenditure incurred

 

FENGXIN will reimburse Wang Ping all reasonable expenses incurred in connection with this Agreement, upon presentation of appropriate documentation;

 

3.3 Terms and conditions of payment

 

3 .3.1 The price payable by FENGXIN to Wang Ping is as follows:

 

3.3.2 The sum of US 4,592 dollars on the 6th of each month from April, 2014.

 

3.3.3 The sum of Year-end award shall be paid on the Dec 31, 2014, Dec 31, 2015and Dec 31, 2016 only under the condition that FENGXIN’s annual profit reach or over 150% of its last year’s annual profit. And the data of each FENGXIN’s annual profit shall in accordance with audit report issued at the end of each corresponding year.

3.3.4 Expenses will be reimbursed on presentation of an expense account on the 24th of each month.

 

4. SPECIAL PROVISIONS

 

4.1 Obligations of FENGXIN

 

FENGXIN agrees and undertakes to WANG PING as follows:

 

FENGXIN to bring WANG PING collaboration and will provide information necessary to ensure the full and faithful discharge of services to be rendered;

 

4.2 Obligation to WANG PING

 

WANG PING agrees and undertakes to FENGXIN to the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.

 

4.3 Commitment to confidentiality and nondisclosure

 

WANG PING recognizes that certain disclosures to be provided by FENGXIN have or may have considerable strategic importance, and therefore represent trade secrets for purposes of this contract. During the term of this Contract and for a period of 36 months following the end of it, WANG PING is committed to FENGXIN to:

 

a) keep confidential and not disclose the information;

 

  

  

  

 

b) take and implement all appropriate measures to protect the confidentiality of the information;

 

c) not disclose, transmit, exploit or otherwise use for its own account or for others, elements of information;

 

4.4 Exclusivity of service provider

 

During the term of this Contract and for a period of 24 months following the end of it, WANG PING is committed to FENGXIN not render services to or for direct or indirect competitors of FENGXIN.

 

4.5 Responsibilities

 

4.5.1 Board Administration and Support -- Supports operations and administration of Board by advising and informing Board members, interfacing between Board and staff, and supporting Board's evaluation of chief executives;

 

4.5.2 Program, Product and Service Delivery: Oversees design, marketing, promotion, delivery and quality of programs, products and services;

 

4.5.3 Financial, Tax, Risk and Facilities Management:  Recommends yearly budget for Board approval and prudently manages organization's resources within those budget guidelines according to current laws and regulations;

 

4.5.4 Human Resource Management: Effectively manages the human resources of the organization according to authorized personnel policies and procedures that fully conform to current laws and regulations;

 

4.5.5 Community and Public Relations: Assures the organization and its mission, programs, products and services are consistently presented in strong, positive image to relevant stakeholders;

 

4.5.6 Fundraising (nonprofit-specific):Oversees fundraising planning and implementation, including identifying resource requirements, researching funding sources, establishing strategies to approach funders, submitting proposals and administrating fundraising records and documentation.

 

4.6 Relationship between the parties

 

Neither party may bind the other in any way whatsoever to anyone, except in accordance with the provisions of this contract.

 

4.7 Representations and Warranties WANG PING

 

WANG PING represents and warrants to FENGXIN that:

 

a) He has the capacity required to undertake under this contract, such capacity was not limited by any commitment to another person;

 

  

  

  

 

b) He has the expertise and experience required to execute and complete the its obligations under this contract;

 

c) He will make services efficient and professional manner, according to the rules generally accepted by industry;

 

4.8 Termination of Contract

 

Either party may terminate this contract at any time, upon presentation of a 60 days notice given to the other party. Amounts due and options purchases of shares will be delivered when calculated on a pro-rata to the time elapsed since the last payment or the last delivery of stock options.

 

5. GENERAL PROVISIONS

 

Unless specific provision to the contrary in this Agreement, the following provisions apply.

 

5.1 Force Majeure

 

Neither party can be considered in default under this contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.

 

5.2 Severability

 

The possible illegality or invalidity of an article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of other items, paragraphs or provisions of this contract, nor the rest of this article, this paragraph or provision unless a contrary intention is evident in the text.

 

5.3 Notices

 

Any notice to a party is deemed to have been validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed at the beginning of this contract or any other address that the party may indicate a similar notice to another party. A copy of any notice sent by mail must be sent by one mode of delivery mentioned above.

 

5.4 Titles

 

The headings used in this contract are only for reference and convenience only. They do not affect the meaning or scope of the provisions they designate.

 

5.5 No Waiver

 

The inertia, neglect or delay by any party to exercise any right or remedy under this Agreement shall in no way be construed as a waiver of such right or remedy.

 

5.6 Rights cumulative and not alternative

 

All the rights mentioned in this Agreement are cumulative and not alternative. The waiver of a right should not be construed as a waiver of any other right.

 

  

  

  

 

5.7 Totality and entire agreement

 

This contract represents the full and entire agreement between the parties. No statement, representation, promise or condition not contained in this agreement can and should be allowed to contradict, modify or affect in any manner whatsoever the terms thereof.

 

5.8 Contract Amendment

 

This contract may be amended only by a writing signed by all parties.

 

5.9 Gender and Number

 

All words and terms used in this agreement shall be interpreted as including the masculine and feminine and singular and plural as the context or meaning of this contract.

 

5.10 Assignable

 

Neither party may assign or otherwise transfer to any third party or of his rights in this contract without the prior written permission of the other party to that effect.

 

5.11 Computation of time

 

In computing any period fixed by the contract:

 

a) the day that marks the starting point is not counted, but the terminal is;

 

b) non-juridical days (Saturdays, Sundays and holidays) are counted;

 

c) when the last day is not legal, the deadline is extended to the next juridical day.

 

5.12 Currencies

 

All sums of money under this contract refer to US Dollars.

 

5.13 Applicable Laws

 

This contract is subject to the laws of the People’s Republic of China.

 

5.14 Election of domicile

 

The parties agree to elect domicile in the judicial district of Wuhan P.R.China, and chose it as the appropriate district to hear any claim arising from the interpretation, application, and performance, the entry into force, validity and effect of this contract.

 

  

  

  

 

5.15 Copies

 

When initialed and signed by all parties, each copy of this contract shall be deemed an original, but these examples do not reflect all one and the same agreement.

 

5.16 Scope of Contract

 

This contract binds the parties and their successors, heirs and assigns, respectively.

 

5.17 Solidarity

 

If a party consists of two or more persons, they are forced and severally liable to the other party.

 

5.18 Time is of Essence

 

If a party must fulfill an obligation under this contract within a specified time, the passage of time will effectively be part of this notice.

 

6. EFFECTIVE DATE OF CONTRACT

 

This Agreement shall enter into force April 1st, 2014

 

 

SIGNED BY THREE (3) copies,

 

IN THE CITY OF WUHAN, HUBEI PROVINCE, 

DATED April 1st, 2014.

 

 

Wuhan Fengxin Agricultural Science and Technology Development Co., Ltd

 

 

By: /s/ Hanying Li

 

 

/s/ Ping Wang 

Ping Wang

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