Document:

f8k021111ex10xii_westergaard.htm

 

Exhibit 10.12

Employment Agreement

Party A (the Employer): Fujian Jinjiang Chendai Ansheng Shoes and Clothing Co., Ltd.

Address: Chendai Andou Industry Park

Tel: 0595-85187788

Legal Representative: Ding Jinbiao

Party B (the Employee): Ding Shunmei

Sex: Female

Residential Address: Chendai Andou Industry Park

Hukou Address: Macau

Tel: 13328527788

ID Card No.:

According to “Employment Contract Law of PRC” and related regulations, on the basis of equality and mutual benefit, and through friendly consultations, the Parties hereby mutually agree as follows:

1. Term of Employment

(1) Fixed-Term: From __ to __, including a probation period of __ month(s), from __ to __.

(2) Open-Term: From Dec. 1st, 2010 to the date when any mandatory condition to terminate this Agreement occurs.

(3) Project-Term: From __to the date when the project is completed.

2. Work Content and Place

(1) Party B shall work at the position of General Manager with location in Jinjiang .

(2) Party A shall have right to change Party B’s position according to the company’s needs and performance of Party B.

(3) Party B agrees to fully complete with the assigned work on time at the position designated by Party A.

3. Working Time and Holiday

(1) Party A shall comply with the working time regulated by the country, and adjust different working schedule for different positions. Party B shall comply with the working time set up by Party A.

(2) As the industry of Party A is special, Party A shall have right to adjust Party B’s working time, working shift, holiday according to Party B’s position needs.

4. Compensation

(1) Party B’s salary in probation period is ___. After the probation period, Party B’s salary will be calculated according to item [a)] of the following:

a) Time rate wage. The monthly salary is RMB 25,000.

b) Piece rate wage. Party A shall set up reasonable salary system. The Parties hereto shall confirm the piece rate wage by friendly consultations.

 

  

  

  

 

c). other ways_____________________.

Party A shall pay Party B the salary monthly in proper currency on the 10th day of each month. Party B’s salary shall not be lower than the Lowest Salary Standard, set up by the government. The overtime salary shall be paid according to relevant laws.

(2) Party A shall have right to adjust Party B’s salary according to company’s business status, by-laws, Party B’s performance, work period, award and penalty and position. If Party B’s position is changed, Party B’s salary shall be adjusted to be the same with other employees at the same position, but shall not be lower than local lowest salary standard.

5. Social Insurance

The Parties shall buy social insurance and pay the premium. Party A shall have right to deduct the part of premium borne by Party B from his/her salary.

When this Agreement is terminated, Party A shall transfer Party B’s social insurance and employment files, and issue a letter certifying Party B’s resignation. Party B shall properly hand over his/her work.

6. Labor Protection, Working Condition, Protection against Occupational Hazards

(1) Party A shall provide Party B proper labor protection, working condition according to relevant laws and regulations, in order to make Party B healthy and safe on working.

(2) Party A shall train Party B on working safety, by-laws, practice and skills. Party B shall strictly comply with the regulations on labor protection and practice.

7. Covenants

(1) Particular provision on training:

(2) Particular provision on trade secret protection:

(3) Particular provision on supplementary insurance and welfare:

(4) Other provision:

8. Change of Agreement

This Agreement may be changed based on mutually consultations. Any change shall be made in written in an addendum and signed by the Parties. The addendum shall be deemed as an attachment to this Agreement, and have the same validity with this Agreement.

9. If the Parties terminate or renew this Agreement, the Parties shall comply with the relevant laws and regulations.

10. Dispute Settlement

In the event of any dispute relating to this Agreement, the Parties may settle it by consultations. If the consultations fail, either Party may apply for mediation to the labor dispute mediation committee of the company. If the mediation fails, either Party may file with local labor dispute arbitration commission. If either Party does not agree with the arbitration award, the Party may file a law suit with local people’s court within 15 days after receipt of arbitration award.

 

11. If anything is not provided in this Agreement, the Parties shall determine by mutual consultations or according to relevant laws and regulations. If any provision hereunder conflicts with new laws and regulations, the new laws and regulations prevail.

 

	
Party A:

/s/ Jinjiang Chendai Ansheng Shoes and Clothing Co., Ltd.  

	 	Jinjiang Chendai Ansheng Shoes and Clothing Co., Ltd.
	 
	
Date: Dec. 1st, 2010

	
Authenticated by:

	
Date:

	
Party B: /s/ Ding Shunmei          

	 	Ding Shunmei

	
Date: Dec. 1st, 2010

	
Authenticated by:

	
Date:fs1a2ex10ii_chinateletech.htm

Exhibit 10.2

 

Share Transfer Agreement

 

This agreement is made on the                                        day of                                      , 2010 in China

 

BETWEEN

 

	
Seller:

	
 Liu Dong (Holder of the PRC passport number G28108652), a PRC national residing at RoomA,20/F, International Trade Residential and commercial Building, Nanhu Road, Shenzhen China 518002(Mr. Liu)

 

	
Seller:

	
 2hao Yuan (Holder of the PRC passport number G34862025), a PRC national residing at 904, Block C, 149 Fengyuan Road, Guangzhou, China, 510130(Mr. 2hao)

 

And

 

	
Buyer:

	
China Teletech Limited( "CTL"),a BVI company with register address in P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands;

 

 

Whereas:

 

The Seller Mr. Liu and Mr. 2hao (collectively called "the sellers") are the shareholders of Shenzhen Rongxin Investment Company Limited ("the compnay"). The sellers hold 100% equity interest in the company. See details in Exibit 1. The Sellers agree to transfer all of their equity interest in the company to CTL according to the terms and conditions as follow:

 

1. Definition

 

 

	1.1	The following terms shall have the following meanings, unless there are additional provisions in this agreement:

 

 

	 	Shares	The shares of the company
	 	 	 
	 	"RMB"	The legal Currency used in China
	 	 	 
	 	Shares to be sold 	The 100% shares registered in the componay and owned by the sellers, and will be transferred to the buyer and/or nominee of the buyer.
	 	 	 
	 	Closing date 	Shall have the meaning set forth in Section 3.1

 

  

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	 	This Agreement 	This agreement and its amendments if any;
	 	 	 
	 	Purchased pric 	The purchased price is set forth in Section 3 of this agreement.
	 	 	 
	 	Property encumbrances	The guarantee, lien, mortgage, restriction, charge, pledge, rights of others, The rights of other charges, encumbrances, Choice, right, priority, or equity interests that are attached to the shares for sale, or other liabilities that may constitute a restriction on property rights.

 

	 	
The schedules and appendices of this agreement constitute part of this agreement, and have the same eauql legal effect as other contents of this agreement.

	 	 

	1.2	
In the agreement, unless otherwise stated,

	 	 
	a.	All section, subsection, paragraph, item, appendices and schedules mentioned are the section, subsection, paragraph, item, appendices and schedules in this agreement.
	 	 
	b.	Any regulations and legal provisions, including regulations and legal provisions that will be added, modified or re-formulated in future.
	 	 
	c.	"Company" shall have the meaning includes any company,enterprise or other corporate established by any form in any place.
	 	 
	d.	"person" shall have the meaning includes any individual, firm, company, government, state, national institutions or any enterprise, association or partnership( no matter with independent legal qualification or not); and
	 	 
	e.	Titles or index of the agreement is only used for easy reading, not effect on the explanation of the document
	 	 
	2.	The shares to be sold
	 	 
	2.1	According to the terms and conditions of this agreement, the sellers agree to sell the shares to the buyer, and the buy agrees to purchase the shares. The purchased price shall be paid by the buyer according to Section 3 of this agreement.

 

 

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	2.2	The sellers hereby state that the shares to be sold don't have any encumberence or other third party right, and any affixed interest of the shares will be transferred to the buyer on or after the date of this agreement.
	 	 
	3.	Purchase price and closing.
	 	 
	3.1	The sellers transfer 100% shares of the company to the buyer at the price of total RMB 5,000,000. RMB 2,550,000 will be paid to Mr. Liu, and RMB 2,450,000 will be paid to Mr. 2hao. The purchase price will be paid to the sellers within one month after the date when CTL get public listing overseas.
	 	 
	3.2	If the buyer fails to close the transaction due to the buyer's liabilities or default, the sellers will have the right to terminate this agreement. Then the rights and legal responsibilities of both parities shall be terminated (but any previous claim aroused by breach of this agreement is an exception).
	 	 
	3.3	If the sellers fail to close the transaction due to the buyer's liabilities or default, the sellers shall refund the total purchase price to the buyer, and the buyer shall also has the right to cancel this agreement.Then the rights and legal responsibilities of both parities shall be terminated (but any previous claim aroused by the breach of this agreement is an exception)
	 	 
	3.4	If there is untrth information disclosed by the sellers in this agreement or schedule cause damages to the buyer, the sellers shall bear the responsibility of compensation.
	 	 
	4.	Transfer of debt.
	 	 
	4.1	The sellers and buyer agree that all receivable liabilities and proceeds of the company occur from the closing date of the transaction shall belong to the buyer.
	 	 
	4.2	The sellers and buyer agree that all liabilities (including but not limited to loan guarantee provided by any person or compnay) of the company occurred before the closing date shall be borne or dismissed by the sellers.
	 	 
	5.	General regulations.
	 	 
	5.1	Preface and all schedules of this agreement are truth and accurate in material aspects.
	 	 
	5.2	The sellers are entitled and authorized to sell, transfer or handle the shares which have no mortgages, liens, guarantee or any other kinds of encumberences. All rights and interest affixed to the shares to be sold will belong to the buyer or its assignees on and after the date of this agreement.

 

 

 

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	5.3	The shares to be sold have no pledge, third party right or claim, and are legally and beneficially owned by the sellers, including all rights affixed to the shares or rights brought by the shares. All legal and economic liabilities result from economy disputes, ligigations and Statutory taxes occurred prior to the registration of shareholder changes shall be borne by the sellers. 
	 	 
	6.	The sellers and the company.
	 	 
	6.1	The sellers and the company have rights to enter into this agreement and fufil its responsibilities under this agreement.
	 	 
	6.2	This agreement has Legal, valid and binding obligation on the sellers and the company, and can require any party to enforce this agreement In accordance with the terms of this Agreement
	 	 
	7.	Confidential and notice
	 	 
	7.1	Both parties shall keep confidential of the contents of this agreement, and shall not reveal any content of this agreement to any other persons or release any content of this agreement by any form, except that (1) Any disclosures of the regulations of applicable law or securities exchange institutions; (2) the disclosed information is public available and its disclosure is not result from the violations of the breaker of this agreement; (3) any disclosures made to any party's shareholder, legal consultant, accountants, financial consultant or other professional consultant; (4) disclosures granted by any party to the other party of this agreement.
	 	 
	 	Before any party releases any date to the public by the form of notice or announcement, the draft of the notice or announcement shall be delivered to the other party for review.
	 	 
	8.	Expense.
	 	 
	8.1	Both parties shall bear its own expense including legal fees related to negotiation, draft, or finalizing this Agreement.
	 	 
	8.2	The taxes or charges resulting from this Agreement shall be borne by both parties respectively.
	 	 
	9.	Miscellaneous.
	 	 
	9.1	This agreement is binding to both parties or their successors. And both parties have equal rights and interest. Any party shall no transfer or remise, or have intentions to transfer or remise any rights or obligations of this agreement without consent of the other party.

 

 

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	9.2	If any regulation of this agreement is invalid, illegal or unenforceable, it will not affect other regulations of this agreement.
	 	 
	9.3	Unless otherwise stated, time is an important factor of this agreement.
	 	 
	9.4	This agreement can be signed by both parties on different texts. Each text of this agreement is originl when it is signed and dilievered. All original copies of this agreement constitute the same agreement.
	 	 
	9.5	This agreement and related agreements constitute the whole and only agreement to sell and purchase of the shares to be sold between the two parties.Unless otherwise stated, this agreement takes place any previous draft, negotiation, commitment, statement and arrangements no matter in written or not.
	 	 
	9.6	This agreement is gouvern by Chinese law. Any dispute aroused by or related to this agreement shall be submitted to the Guangzhou Arbitration Commission. The arbitration sall be final and binding. 
	 	 
	 	 

 

  

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Signature page

 

	
Seller:

	Liu Dong Liu	 
	/s/ Liu Dong Liu	 

 

 

	
Seller:

	Zhao Yuan	 
	/s/ Zhao Yuan	 

 

 

	
Seller:

	China Teletech Limited	 
	 	 
	On behalf of China Teletech Limited 	 
	 	 
	/s/ Zhao Yuan	 

 

 

  

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Exhibit 1

 

Details of the Company

 

 

	Company name:	Shenzhen Rongxin Investment Company Limited
	 	 
	registered address:	RoomA, 20/F, International Trade Residential and commercial Building, Nanhu Road, Shenzhen China
	 	 
	Registered capital:	RMB10,000,000
	 	 
	legal representative:	Liu Dong
	 	 

                                             

	Shareholder: 	Name	paid capital amount	percentage of equity interest 
	 	 	 	 
	 	
Liu Dong

	
RMB 5,100,000

	
51%

	 	
Zhao Yuan

	
RMB 4,900,000

	
49%

	 	
Total

	
RMB 10,000,000

	
100%

 

 

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