Document:

Exhibit 10.12 - Debts Settlement Agreement

Exhibit 10.12

Translated from Original Mandarin

Debts Settlement Agreement

Party A: Songyuan City Yuqiao Qianan Hong Xiang Oil and Gas development Co., Ltd

Party B: Songyuan City Yuqiao Oil and Gas development Co., Ltd

During period of both parties cooperatively developed the Qian112 oilfield from March of 2003 to March 31, 2006, Party B was previously responsible to redeem the oil sales revenue to Party A. In order to make a final
settlement to the debtor-creditor relationship between both parties which additionally confirmed by the accountants and auditors, both parties agree that Party B owed total amount of RMB 5,364,308.4 to Party A. Base on the mutual understanding, both
parties agree the following debts settlement: 

	
1.         	
Amount of the debts  
	 	
The total amount of the debts which Party B owes Party A is RMB 5,364,308.4
 
	 
	
2.         	
Term of Settlement  
	 	
Party B shall repay all the debts to Party A on or before May 30th, 2006.
 
	 
	
3.         	
Liability for the breach of agreement
 
	 	
  •	
If Party B fails to repay the debts to Party A in full amount on time, Party B

shall bear the 5% penalty to the total value of debts.
 
	 	
  •	
If Party B violates any terms of the settlement agreement, it could be treated

as the breach of agreement, Party A shall file a lawsuit against Party B at 

local court at any time.  

Party A: Songyuan City Yuqiao Qianan Hong Xiang Oil and Gas development Co. Ltd

[SEAL]

 

	
Legal representative of Party A 
	

/s/ Wang Hong Jun 

 

Party B: Songyuan City Yuqiao Oil and Gas development Co., Ltd

[SEAL]

 

	
Legal representative of Party B 
 
	

/s/Wang Bing Wu 

 

Date: April 12, 2006Exhibit 10.13

Translated from Original Mandarin

Guarantee Agreement

Loaner:   Songyuan City Yuqiao Qianan Hong Xiang Oil and Gas

              development Co., Ltd

Guarantor:   Ju Gui Zhi
According to the agreement made between Songyuan City Yuqiao Qianan Hong Xiang Oil and Gas development Co., Ltd (hereafter refers to as Hong’Xiang) and Songyuan City Yuqiao Oil and Gas Development Co., Ltd (hereafter
refers to as Yu’Qiao) on April 12, 2006, 

In case that Yu’Qiao fails to repay its debts of RMB 5,364,308.4 to Hong’Xiang in full amount according to the debts settlement agreement, the Guarantor shall voluntarily use her own funds which owed by
Hong’Xiang to redeem such debts and fulfill the responsibility of being the guarantor to Yu’Qiao.

This agreement will be effective immediately upon signing or seal.

 

	
Guarantor 

 
	
/s/ Ju Gui Zhi 

 April 12, 2006Exhibit 10.4

EXHIBIT 10.4

Teda Hotels Management Limited

PERSONAL AND CONFIDENTIAL EMPLOYMENT AGREEMENT

	

NAME 

	

Mok Yu Luk, Daley 

	

HKID No. 

	

E860799(4) 

	

POSITION 

	

Chief Financial Officer 

	

DIRECT SUPERIOR 

	

Reports directly to Chief Executive Officer

	

EMPLOYEE CATEGORY 

	

Permanent 

	

BASIC SALARY 

	

HK$ 50,000.00 

	

COMMENCEMENT DATE 

	

3 January 2006 

Dear Mr. Mok,

We, Teda Hotels Management Limited (hereinafter referred to as the “COMPANY”), have the pleasure to offer you the above stated position in accordance with the captioned schedule of terms and conditions stated
hereunder:

	
(1)	
 	
Working Hours 

	
 	
For Office staff : 

	
 	
 

	
 	
Office hours as determined by the COMPANY. 

	
 	
 

	
 	
Currently Monday to Friday : 9:00 a.m. to 17:30 p.m. 

	
 	
 

	
 	
Saturday : 9:00 a.m. to 13:00 p.m. 

	
 

	
(2)	
 	
Duties 

	
 	
Your duties shall include the major duties but not limited to those listed on the attachment for which you are employed and you are required to carry out other assignments on a regular basis which the COMPANY or your supervisor may call upon you to perform. You are required to hold extra positions in any of the Group’s company by your superior as assigned. 

	
 	
 

	
 
	
 	
 

	
 
	
 	
 

	
 
	
 	
 

	
 
	
 	
 

	
 
	
 

	
(3)	
 	
Meal-break 

	
 	
For each working day you will be entitled to one (1) hour meal-break, which is between 13:00 p.m. and 14:00 p.m. 

	
 	
 

	
 
	
 

	
(4)	
 	
Holidays 

	
 	
You are entitled to the following holidays: 

	
 	
 

	
 	
                                            Gazetted General Holidays. 

	
 

	
(5)	
 	
Annual Leave 

	
 	
Eighteen (18) working days of annual leave after serving every period of Twelve (12) months. 

	
 	
 

	
 
	
 

	
(6)	
 	
Employee Benefits	
 	
You are entitled to enjoy the employee benefits pertinent to your employee category. All benefits are subject to revision from time to time
as deemed appropriate by Management. 

	
 	
 
	
 
	
 

	
(7)	
 	
Year-End Bonus 

	
 	
You shall not be entitled any payment of year-end bonus under this agreement. Payment of any bonus or share option is of a gratuitous nature and is granted only at the discretion of the COMPANY and shall depend upon the business situation of the COMPANY, your overall performance and your contribution to the profitability of the COMPANY.
	
 	
 

	
 
	
 	
 

	
 
	
 	
 

	
 
	
 	
 

	
 

	
Employment Agreement for	
 	
 
	

P.2
	
 

	
(8)	
 	
Bonus Share 

	
 	
For the first two years of employment, you will be rewarded each year with 50,000 common stock of the listed company Teda Travel Group Inc. upon completion of one full year of service.
	
 

	
(9)
 

 

	
 

 
	
Termination of Employment
 

 

	
 

 
	
  a) 

	
During the first month of probationary period, no notice or payment in lieu is required. 

	
 

	
  b) 

	
During the second and third month of the probationary period or during the extended probationary period, seven days’ notice or payment in lieu is required.
	
 

	
  c) 

	
After confirmation into permanent employment, one month’snotice or payment in lieu is required. 

	
 

	
 

	
(10)	
 	
Transferability	
 	
For reasons of operations needs, reallocation of manpower, cross training, staff development, conflicts or on medical grounds, the Management reserves the rights to vary the nature of your duties according to your personal abilities to perform multi-tasks, which may include your possible transfer to other departments or secondment to other properties within our Group of Companies.
All benefits and entitlements due to such transfers will be adjusted accordingly. 

	
 

	
(11) 

	
 	
Uniform	
 	
Smart office attire is required.
	
 

	
(12) 

	
 	
Termination due to Misconduct, Unpunctuality, or Breach of Contract	
 	
Your employment can be terminated at any time, without notice or payment in lieu in the event of your serious misconduct, persistent unpunctuality, neglect of duty or breach of any of the terms and conditions of your employment, or of any rules and regulations governing your employment.
	
 

	
(13)	
 	
Rules & Regulations	
 	
You are to comply with all rules and regulations governing your
employment made by the COMPANY from time to time. You will also observe the House Rules made known to you from time to time by the COMPANY or your Department Head.
	
 

	
(14)	
 	
Rules of Bribery 

	
 	
 a)	
At any time during this agreement, you must inform the COMPANY if you or your immediate family have any financial interest in any business with which the COMPANY has business dealings or which competes with the COMPANY. 

	
 b)	
Unless permission is given by the COMPANY in advance, you or your immediate family must not accept any personal loan from the COMPANY’s suppliers, clients or business associates.
	
 c)	
Prior permission granted from the COMPANY must be received before taking up any outside work or in exchange for extra benefits. 

	
 d)	
Other than the salary, rewards and benefits specified in this agreement, you must seek permission from the COMPANY for the acceptance of any form of reward and advantage with your work. 

	
 

	
(15) 

	
 	
Training 

	
 	
It is expected that you will take interest in your professional and personal growth through devoting reasonable personal time to taking part in training and developmental activities arranged by the COMPANY.

	
Employment Agreement for 

	
 	
 

	

P.3 

	
 

	
(16) 

	
 	
Mandatory Provident Fund Scheme 

	
 	
This will be commended according to Hong Kong Special Administrative Region Government regulations and requirements. 

	

	
 

	
 	
 
	
 

	
(17) 

	
 	
Non-disclosure of Company’s Proprietary Information	
 	
The Teda Hotels Management Limited and its subsidiaries expect you to be discreet in all matters of proprietary information. You shall not, whether during or after the subsistence of this employment agreement, disclose to any third party any information or material relating to the Company, its business and its customers coming to your knowledge in the course of your work. Except in those circumstances where you have obtained the written consent from the Teda Hotels Management Limited or its subsidiaries, the Company will take disciplinary action including summary dismissal against you.
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 
	

	
 

	
 

Should you wish to accept the appointment on the aforesaid terms, kindly confirm your acceptance by signing the two (2) copies of this letter and returning them to us. If unconfirmed by you, this offer of employment will
automatically expire in 48 hours.

Our very best wishes for every success in your new appointment with Teda Hotels Management Limited. We indeed look forward to developing mutually beneficial relations.

Yours sincerely,

For and on behalf of

Teda Hotels Management Limited

	
/s/ 

	
 	
 

	
Hui Chin Tong, Godfrey 

	
 	
Date 

	
 Chief Executive Officer 

	
 	
 

I, Mok Yu Luk, Daley, fully understand all the details above and now confirm my acceptance of the aforesaid employment terms. I shall take full
responsibility of my job and agree to be transferred within our Group of Companies as the COMPANY deems appropriate.

	
/s/	
 	
 

	
Mok Yu Luk, Daley 

	
 	
Date 

	
Signature of Employee 

	
 	
 

	
 

	
c.c. 

	
 	
ORIGINAL FOR EMPLOYEE

COPY FOR PERSONAL FILE 

CFO

	
 	
Teda Travel Group Inc. (TTVL) level
	
 	
 
	
1.      	
Responsible for all accounting filings of the listed company.
	 
	
2.      	
Responsible for all legal related issues of the company
	 
	
3.      	
Liaise with financial advisor on fund raising issues.
	 
	
4.      	
Liaise with IR firm on share price and trading volume issues.
	 
	
5.      	
Liaise with PR on all press releases and company.
	 
	
6.      	
Liaise with Hong Kong and US auditors on all accounting.
	 
	
7.      	
Liaise with US lawyer on all SEC legal compliance issues for the company and for founding shareholders.
	 
	
8.      	
Review and update company structure from time to time.
	 
	
9.      	
Issue company accounting policies according to US SEC requirements from time to time.
	 
	
10.      	
Assist CEO in preparation of company presentation information and materials.
	 
	
11.      	
Responsible for arranging road shows and also representing the company in road shows.
	 
	
12.      	
Coordinate with investment bankers and potential investors.
	 
	
13.      	
Answer to all enquires raised by investors relating to company issues.
	 
	 	
Hong Kong Holding Company level 
	 
	
1.      	
Responsible for producing timely accounting statements and reports for auditors.
	 
	
2.      	
Responsible for the company’s secretarial issues.
	 
	
3.      	
Responsible for the coordination between Hong Kong office and Teda group
office in Tianjin.

	
4.       	
Responsible for producing regular budget, cash flow projection and other accounting reports for management purpose.

	 
	
5.       	
Responsible for the structuring and preparation of proposals for mergers and

acquisitions purposes.
	 
	
6.       	
Carry out due diligence checking for all mergers and acquisitions.

	 
	
7.       	
Carry out audit review for all M&A targets.

	 
	
8.       	
Handle the necessary documentations and procedures for all mergers and

acquisitions.
	
 	
 
	
 	

Beijing Office & Subsidiaries level

	
 	
 
	
1.       	
Coordinate with Beijing operation headquarters in all accounting and financial requirements.

	 
	
2.       	
Issue accounting and financial policies and guidelines for all subsidiaries.

	 
	
3.       	
Review all legal and accounting situation of all subsidiaries regularly.

	 
	
4.       	
Arrange and coordinate audit for all subsidiaries.

	 
	
5.       	
Responsible for performance financial analysis for each subsidiary.

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