Document:

eesc8k20090911ex10-a.htm

Employment Agreement

 

Party A: Harbin Yifeng Eco-Environment Co., Ltd.  Tel: 53948666

	
Party B: Feng Yan
	
Gender: female   Degree: bachelor

	
 
	
Professional Title: senior engineer

	
 
	
ID: 230107611228122   Tel: 53956666

	
 
	
Address:Team 2 Committee 34, Dianta Toudao Street, Dongli District, Harbin, China

Party A assigns Part B Feng Yan   to work as President according to the requirements of business management and operation. Upon consultation on the basis of equality and free will, Party A and Party
B hereby enter into this contract and establish the labor relationship.

 

I Term

 

The term of this Contract shall commence on 11th Sep. 2009  and
ending on 10th Sep. 2011   . Upon the expiration of the contract, sign the new contract through mutual consultation.

 

II Labour Remuneration

 

Wages shall be paid monthly to Party B on 10th every month, not less than RMB  3800   .

 

III Labour Protection and Working Conditions

 

3.1 Party A must establish and perfect the system for occupational safety and health, strictly implement the rules and standards of the State on occupational safety and health, educate Party B on occupational safety and health, provide Party B with occupational safety and health conditions
conforming to the provisions of the State and necessary articles of labour protection.

3.2 Party A shall establish a system for vocational training, provide Party B with vocational training in a planned way and in the light of the actual situation of the unit. Party B shall accept morality education and labor skill training.

 

IV Obey Rules and Regulations

 

4.1 Party B shall respect the rules and regulations of Party A in accordance with the law; respect occupational safety health, process technique, operation rules and work specifications;

4.2 Party B shall cherish the property of Party A; respect occupational ethics and discipline.

4.3 Party B shall strictly obey working arrangement from leader and try to assist each department' work.

4.4 Party B shall observe discipline and obey the law, and keep the secrets of the company.

 

V Renewal, Revision, Cancellation and Termination of the Contract

5.1 Both of the parties shall revise the contract with mutual consultation under one of the following conditions:

  

  

  

1 Both of the parties reach a mutual agreement;

2 A significant change in the objective circumstances relied upon at the time of the conclusion of the employment contract renders the employment contract unable to be performed

3 changes in law, regulation and rules relied upon at the time of the conclusion of the employment contract

5.2 In any one of the following conditions, Party A shall give Party B 30 day’s prior written notice;

1 After expiration of the medical treatment period, Party B, as a result of illness or a non-work-related injury, is unable to perform the duties of his/her original job or the new job arranged by Party A;

2 Party B is incompetent and remains incompetent after training or adjustment of his/her position;

3 A significant change in the objective circumstances relied upon at the time of the conclusion of the employment contract renders the employment contract unable to be performed and, after consultation, Party A and Party B fail to reach agreement on amending the employment contract;

5.3 Party A shall cancel the contract for any one of the following reasons:

1 Party B is proved not to satisfy the conditions for Party A during the probationary period;

2 Party A seriously violates the discipline, rules and regulations

3 Party B commits a serious dereliction of duty or engages in jobbery, causing substantial damage to Party A

4 Party B is subject to criminal liability in accordance with the law

5.4 Party B, when planning to cancel labor contract, shall give Party A 30 day’s prior written notice. Party B can, at any time, notify Party A of his/her decision to cancel labor contract in any one of the following conditions,

1 During his/her probationary period

2 Party A fails to pay Party B the labor compensation or provide work conditions in accordance with the contract

3 Party A forces Party B to work by using violence, threats or illegally restraining Party B’s personal freedom

5.5 Party A shall not cancel the contract, in any one of the following conditions:

1 Party B is receiving treatment for his/her diseases or injuries during the prescribed period of time;

2 Party B is confirmed to have totally or partially lost his/her labor ability due to occupational diseases or work-related injuries;

3 Party B is a female employee during her pregnancy, puerperal, or nursing periods;

4 Other cases stipulated by laws and administrative decrees.

5.6 Party A shall cancel the contract in cases that he is experiencing serious difficulties or at the edge of bankruptcy in its production and operation, after the performance of legal proceedings, needs to reduce its workforce.

5.7 The contract shall terminate upon the expiration of the contract or when the conditions for terminations agreed upon by both parties arise.

  

  

  

VI Where a labour dispute takes place, the parties involved may apply to the labour dispute mediation committee of their unit for mediation; if the mediation fails and one of the parties
requests for arbitration, that party may apply to the labour dispute arbitration committee for arbitration. Either party may also directly apply to the labour dispute arbitration committee for arbitration. If one of the parties is not satisfied with the adjudication of arbitration, the party may bring the case to a people's court.

 

VII This contract has effect from the date of signing by authorized representative of both parties.

 

VIII Other affairs not included hereof shall be settled through friendly consultation, or performed in accordance with relevant regulations.

 

IX This contract is signed in two originals, each party holding one.

Party A: Harbin Yifeng Eco-Environment Co., Ltd

By: /s/

Party B: Feng Yan

By: /s/

Date: 11th Sep. 2009EXHIBIT 10.1

 

UNITED
STATES DEPARTMENT OF THE TREASURY

1500
Pennsylvania Avenue, NW

Washington,
D.C. 20220

 

September 16,
2009

 

Ladies and Gentlemen:

 

Reference is made to that
certain Letter Agreement incorporating the Securities Purchase Agreement — Standard
Terms (the “Securities Purchase Agreement”), dated
as of the date set forth on Schedule A hereto, between the United States
Department of the Treasury (the “Investor”) and
the company set forth on Schedule A hereto (the “Company”).
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Securities Purchase Agreement. Pursuant to the Securities
Purchase Agreement, at the Closing, the Company issued to the Investor the
number of shares of the series of its preferred stock set forth on Schedule A
hereto (the “Preferred Shares”) and a warrant
to purchase the number of shares of its common stock set forth on Schedule A
hereto (the “Warrant”).

 

In connection with the
consummation of the repurchase (the “Repurchase”) by
the Company from the Investor, on the date hereof, of the number of Preferred
Shares listed on Schedule A hereto (the “Repurchased Preferred
Shares”), as permitted by the Emergency Economic Stabilization Act
of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

(a)                                  The Company hereby acknowledges receipt
from the Investor of the share certificate(s) set forth on Schedule A
hereto representing the Preferred Shares; and

 

(b)                                 The Investor hereby acknowledges receipt
from the Company of a wire transfer to the account of the Investor set forth on
Schedule A hereto in immediately available funds of the aggregate purchase
price set forth on Schedule A hereto, representing payment in full for the
Repurchased Preferred Shares at a price per share equal to the Liquidation
Amount per share, together with any accrued and unpaid dividends to, but
excluding, the date hereof.

 

The Investor and the
Company hereby agree that, notwithstanding Section 4.4 of the Securities
Purchase Agreement, immediately following consummation of the Repurchase, but
subject to compliance with applicable securities laws, the Investor shall be
permitted to Transfer all or a portion of the Warrant or Substitute Warrant (as
defined below) with respect to, and/or exercise the Warrant or Substitute
Warrant for, all or a portion of the number of shares of Common Stock issuable
thereunder, at any time and without limitation, and Section 4.4 of the
Securities Purchase Agreement shall be deemed to be amended in order to permit
the foregoing. The Company shall take all steps as may be reasonably requested
by the Investor to facilitate any such Transfer.

 

 

In addition, the Company
agrees that within 15 calendar days of the date hereof the Company shall either
(a) deliver to the Investor a notice of intent to repurchase the Warrant
in accordance with Section 4.9(b) of the Securities Purchase
Agreement (the “Warrant Repurchase Notice”), or (b) issue
and deliver to the Investor a new warrant, in substantially the form of the
Warrant, except with the deletion of Section 13(H) thereof, to
purchase the number of shares of Common Stock into which the Warrant is then
exercisable (the “Substitute Warrant”), which
Substitute Warrant shall be deemed the “Warrant” for
all purposes under the Securities Purchase Agreement.

 

In the event that the
Company delivers a Warrant Repurchase Notice and the Company and the Investor
fail to agree on the Fair Market Value of the Warrant pursuant to the
procedures (including the Appraisal Procedure), and in accordance with the time
periods, set forth in Section 4.9(c) of the Securities Purchase
Agreement or the Company revokes the delivery of such Warrant Repurchase
Notice, then the Company shall deliver a Substitute Warrant to the Investor
within 5 calendar days of the earlier of the failure to agree on the Fair
Market Value and the revocation of the Warrant Repurchase Notice.

 

Effective as of the date
of receipt of the Substitute Warrant, if applicable, the Investor hereby
provides notice, pursuant to Section 4.5(p) of the Securities
Purchase Agreement, of its intention to sell the Substitute Warrant.

 

This letter agreement
will be governed by and construed in accordance with the federal law of the
United States if and to the extent such law is applicable, and otherwise in
accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such State.

 

This letter agreement may
be executed in any number of separate counterparts, each such counterpart being
deemed to be an original instrument, and all such counterparts will together
constitute the same agreement. Executed signature pages to this letter
agreement may be delivered by facsimile and such facsimiles will be deemed
sufficient as if actual signature pages had been delivered.

 

[Remainder of this page intentionally left blank]

 

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IN WITNESS WHEREOF, the
parties have duly executed this letter agreement as of the date first written
above.

 

	
   

  	
  UNITED STATES
  DEPARTMENT OF

  
	
   

  	
  THE TREASURY

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Herbert M.
  Allison, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Herbert M.
  Allison, Jr.

  
	
   

  	
   

  	
  Title: 

  	
  Assistant Secretary for

  
	
   

  	
   

  	
   

  	
  Financial Stability

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMPANY: MANHATTAN
  BANCORP

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean Fletcher

  
	
   

  	
   

  	
  Name: 

  	
  Dean Fletcher

  
	
   

  	
   

  	
  Title: 

  	
  Executive Vice
  President

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  

 

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