Document:

Exhibit 10.30

Exhibit 10.30

Emerson Radio Consumer Products Corp. 85 Oxford Drive, Moonachie, NJ 07074 (973) 884-5800

Effective as of September 4, 2010 (the “Effective Date”)

Greenfield Pitts

212 East 48th Street

Apartment 3C

New York, NY 10017

RE: CONSULTING SERVICES

Dear Greenfield:

Your have informed Emerson Radio Corp. (“Emerson”) that, effective September 3, 2010, you are: (a)
voluntarily resigning from your (i) positions as Executive Vice President and Chief Financial
Officer of Emerson, (ii) position as a member of Emerson’s Board of Directors, and (iii) employment
with Emerson; and (b) terminating the March 30, 2007 Offer of Employment from Emerson that you
accepted on April 3, 2007 (the “Employment Agreement”).

This
letter agreement (the “Agreement”), when signed by you, will confirm the agreement between you
and Emerson relating to certain consulting services to be provided by you for Emerson following
your resignation.

	 	1.	 	Emerson has agreed to waive your obligation to provide ninety (90) days advance written
notice of resignation and termination of the Employment Agreement.
However, this Agreement is
subject to you memorializing your voluntary resignation by signing and delivering the
resignation letter in the form attached to this Agreement as
Exhibit A (the “Resignation
Letter”). Notwithstanding anything contained herein to the contrary, if the Resignation
Letter is not signed by you and delivered to Emerson on or before September 3, 2010, this
Agreement shall be void and of no force and effect.

	 	2.	 	During the Consulting Period (as defined below), Emerson hereby engages you, and you
hereby agree to serve, as an independent contractor to provide the Consulting Services (as
described below) to Emerson. The Consulting Services shall consist of providing business and
management advisory services to, and serving as a general resource with respect to business
and management matters for, the Chief Executive Officer of Emerson (the “CEO”), as and when
requested by the CEO (or the CEO’s nominee). It is hereby agreed that the level and types of
Consulting Services contemplated by this Agreement shall be designated solely by Emerson
management. The Consulting Services shall be provided by you on a non-exclusive basis.
Accordingly, subject to your compliance with your obligations under this Agreement the
Surviving Employment Agreement Provisions (as defined below) and the Covenants Agreement
(as defined below), nothing in this Agreement shall restrict your right to become employed
by or engaged to perform services for, another Individual, entity or business enterprise
during the Consulting Period.

	 	3.	 	The Consulting Period shall commence on the Effective Date (as defined above) and,
subject to earlier termination in accordance with Section 4 below, shall continue until
September 3, 2011 (the “Expiration Date”).

	 	4.	 	This Agreement and the Consulting Period shall automatically terminate on the Expiration
Date. Further, It is understood and agreed that Emerson may terminate this Agreement and
the Consulting Period at any time prior to the Expiration Date (Immediately upon notice to
you). In the event of your (a) failure to satisfactorily perform the Consulting Services,
(b) negligence in the performance of the Consulting Services, (c) breach of your obligations
under this Agreement, the Surviving Employment Agreement Provisions, or the Covenants
Agreement, (d) failure to comply with any of Emerson’s policies and/or procedures applicable
to independent contractors, (e) inability to perform the Consulting Services due to your
disability or death, (f) gross negligence or misconduct in the performance of the Consulting
Services, (g) material breach of your obligations under this Agreement, the Surviving
Employment Agreement Provisions or the Covenants Agreement that has or may reasonably be
expected to have a material adverse effect on the reputation or Interests of Emerson, (h)
material failure to comply with any of Emerson’s policies and/or procedures applicable to
Independent contractors, (i) failure to comply with applicable laws and/or regulations with
respect to Emerson operations or the performance of the Consulting Services, (j) dishonesty
or other willful acts that are (or reasonably could be) detrimental to Emerson or its good
will or damaging to its relationships with its customers, investors, suppliers, employees or
agents, or (k) conviction of, or plea of guilty or no contest to, felony or any crime
involving moral turpitude, dishonesty or theft.

 

 

 

Emerson Radio Consumer Products Corp. 85 Oxford Drive, Moonachie, NJ 07074 (973) 884-5800

	 	5.	 	You shall devote your best efforts and abilities to the performance of the Consulting
Services and the Consulting Services shall be performed by you in a first-class workman-like
manner. You warrant and covenant that, in performing the Consulting Services you will
strictly comply with the descriptions as to the requirements of the Consulting Services as
designated by Emerson’s management and shall perform only such services as a specifically
requested by the CEO or the CEO’s nominee.

	 	6.	 	Unless other wise required from time to time upon notice to you by the CEO (or the CEO’s
nominee), the Consulting Services shall be performed by you from your home office located at
your residence, namely 212 East 48th Street, Apartment 3C, New York, NY 10017.

	 	7.	 	Emerson shall reimburse you
for reasonable and necessary business expenses (Including
transportation and lodging expenses) incurred by you in connection with the performance of
the Consulting Services provided that (I) you obtain advance written permission to incur the
expense from the CEO or the CEO’s nominee, and (II) promptly submit reasonable
documentation substantiating such expenses. Notwithstanding the foregoing, it is understood
and agreed that Emerson shall not be responsible for any costs incurred by you in traveling
occasionally to Emerson’s offices in New Jersey during the Consulting Period.

	 	8.	 	You shall keep and maintain all records regarding the Consulting Services for not less
than seven (7) years following the termination of this Agreement and shall provide to
Emerson, upon request, all reports regarding the Consulting Services, in the time frame and
form requested by Emerson. You shall permit Emerson or an authorized Emerson representative,
upon telephone notice and at no charge to Emerson, to inspect books and records relating to
the Consulting Services.

	 	9.	 	During the Consulting Period, for all Consulting Services rendered by you under this
Agreement, you shall earn consulting fees (the “Consulting Fees”) at the rate of Ten
Thousand Four Hundred Sixteen and 67/100 United States Dollars (USD $10,416.67) per month
(prorated for partial months). You shall be required to maintain and submit to Emerson
monthly invoices with respect to the Consulting Services in the manner requested from time
to time by the CEO (or the CEO’s nominee). The Consulting Fees shall be payable to you in
arrears on a monthly basis, within twenty (20) days following Emerson’s receipt of your
monthly invoice. All Consulting Fees shall be payable without deduction for federal income,
social security or state or local income taxes.

	 	10.	 	Upon the expiration or earlier termination of this Agreement in accordance with Section
4, Emerson’s sole obligation to you under this Agreement or otherwise shall be to pay to
you any Consulting Fees that were earned (but not yet paid) by you through the date of such
expiration or earlier termination and reimburse you for expenses incurred by you through the
date of such expiration or earlier termination in accordance with (and subject to) Section 7
above (collectively, the “Accrued Obligations”). Notwithstanding the foregoing, in the event
that Emerson terminates this Agreement and the Consulting Period prior to December 3, 2010
and such termination is other than as a result of the occurrence of any of the events set
forth in clauses (f), (k) (Inclusive) of the second sentence of Section 4 above, then. In
addition to the Accrued Obligations, Emerson also shall pay to you an amount equal to (A)
the sum of (i) $62,500, and (ii) the costs incurred by you (or that will otherwise become
due and payable by you) with respect to continuing health and dental insurance coverage for
you and your dependents under COBRA through December 3, 2010, less (B) the Consulting Fees
earned by you through the effective date of termination of this Agreement and the Consulting
Period. Upon the expiration or earlier termination of this Agreement and the Consulting
Period, you shall promptly return to Emerson all Confidential Information (as defined
below), and any and all reports, documents, catalogs, literature, materials and tangible
property supplied by, or belonging to Emerson, or created during the performance of, or
relating to, the Consulting Services.

 

 

 

Emerson Radio Consumer Products Corp. 85 Oxford Drive, Moonachie, NJ 07074 (973) 884-5800

	 	11.	 	You acknowledge that (a) Emerson is the sole owner of all proprietary and intellectual
property rights in any way related to the services that you provided in the past in your
capacity as an employee or otherwise, or as part of any future Consulting Services, and (b)
all information regarding such rights, Emerson or the Consulting Services, as well as any
programs and codes resident on, or to be installed in, Emerson’s computers and networks,
AS400 and all other Emerson information including, but not limited to, any computers,
programs, pricing, customers, vendors, accounting, boat systems, imports, payables,
receivables, models, sales and finance modules and data, is confidential (hereafter
“Confidential Information”) and shall (a) not be disclosed by you to any third parties, (b)
be used by you solely to the extent required to perform the Consulting Services, and (c) not
be used to the detriment of Emerson. You agree to keep confidential, respect and protect the
Confidential Information.

	 	12.	 	During the Consulting Period, you shall not, directly or indirectly, (a) anywhere in the
world, either directly or indirectly, whether alone or as an owner, shareholder, partner,
member, joint venturer, officer, director, consultant, independent contractor, agent,
employee or otherwise of any company or other business enterprise, assist in, engage in or
otherwise be connected to or benefit from any business competitive with that of Emerson,
(ii) contact, communicate, solicit, transact business with or perform services for (or
assist any third party in contacting, communicating, soliciting, transacting business with
or performing any services for) any person or entity that is or was (at any time within 12
months prior to the contact, communication, solicitation, transaction of business, or
performance of services), a customer or supplier (or prospective customer or supplier being actively solicited) of Emerson, provided that you
knew (or reasonably should have known) that such person or entity was a customer, supplier,
prospective customer or prospective supplier, or (iii) engage in any activities that
conflict with the interests of (or give the appearance of conflicting with the interests of)
Emerson. In addition, during the Consulting Period and for one (1) year after the expiration
or earlier termination of this Agreement, you shall not, (a) directly or indirectly,
solicit, recruit, hire, engage or refer (or assist any third party in soliciting,
recruiting, hiring, engaging or referring) any person or entity who or which either is, or
during the twelve (12) months immediately preceding the termination of this Agreement was,
an employee, agent, consultant or independent contractor or Emerson; or (b) interfere with,
disrupt, or attempt to interfere with or disrupt, the relationships, contractual or
otherwise, between Emerson and any of its independent contractors, agents or employees.
Notwithstanding the foregoing, in the event that Emerson terminates this Agreement and the
Consulting Period prior to December 3, 2010 and such termination is other than as a result
of the occurrence of any of the events set forth in clauses (f)-(k) (inclusive) of the
second sentence of Section 4 above, you shall not be bound by the post termination
restrictions set forth in the preceding sentence; provided,
however, nothing shall limit your
obligation to continue to comply with the Surviving Employment Agreement Provisions and the
Covenants Agreement.

	 	13.	 	You warrant that the performance of the Consulting Services by you shall be in accordance
with generally applicable standards in the industry and you shall comply with all applicable
laws, rules and regulations. You further represent and warrant that the performance of the
Consulting Services will not result in the violation of, or in any way infringe upon, the
rights of Emerson or any third parties, including such parties’ property, contractual,
employment, trade secret, proprietary and non-disclosure rights, or any trademarks,
copyrights or patent rights and you further warrant and represent that you have the right to
execute and perform the Consulting Services hereunder without causing any breach of any
agreement.

 

 

 

Emerson
Radio Consumer Products Corp. 85 Oxford Drive, Moonachie, NJ 07074 (973) 884-5800

	14.	 	(A) You shall
Indemnify, defend and hold Emerson, its affiliates and subsidiaries, and each of their
respective officers, directors, shareholders, members, partners, employees and agents (the
“Indemnified Parties”) harmless from and against any and
all demands, claims, damages, losses, costs
and expenses arising out of or resulting from your gross negligence
or without misconduct in the performance of the
Consulting Services and any material breech of this Agreement (Including reasonable costs, fees of
attorneys, accountants and expert witnesses). No settlement shall be made without Emerson’s prior written
consent.

(B) Emerson shall Indemnify, defend and hold you harmless from and against any and all
demands, claims, damages, losses, costs and expenses (including reasonable costs, fees of
attorneys, accountants and expert witnesses) in connection with any
action, claim or other proceeding
brought against you (other than any action, claim or other proceeding brought by or in the right of Emerson) arising out of your engagement as a consultant under this Agreement or your
performance
of the Consulting Services under this Agreement; provided
however, Emerson shall have no obligation
to you under this Section 14(B) if such action, claim or other
proceeding arises out of your willful misconduct or gross negligence
in the performance of the Consulting Services or material breach of your
obligations under this Agreement. No settlement shall be made without
your prior written consent.

	15	 	With the exception of
damages arising out of your willful misconduct or gross negligence or the breach of your
obligations under the Surviving Employment Agreement Provisions, the
Covenants Agreement or Section 12 of
this Agreement,  your aggregate liability to Emerson for damages
arising out of a breach of your
obligations under this Agreement or your performance of the Consulting Services shall be limited to
the amounts paid to you by Emerson pursuant to this Agreement.

	 
	16.	 	It is expressly understood
and agreed that you are acting solely as an independent contractor
in performing the Consulting Services. Neither party to this Agreement has any authority to
bind or commit the other nor will either party’s acts or
omissions be deemed the acts of the other. Emerson shall
carry no workers’ compensation insurance or any health or
accident insurance to cover you. Emerson shall not pay any
contributions to Social Security, unemployment insurance, federal or
state withholding taxes, or
provide any other contributions or benefits which might be expected
in an employer-employee
relationship and you expressly waive any right to such participation or coverage. By accepting the Agreement,
you agree that you shall make such contributions, obtain workers’ compensation insurance and pay
applicable taxes and, without limitation of Section 14 above, you
hereby indentitify and hold harmless the
Indemnified Parties in the event of your failure to do so.

	 
	17.	 	By accepting this Agreement, you acknowledge that (a) the Employment Agreement and your
employment with Emerson terminated on September 3, 2010, (b) your obligations under Section 5 of the
Employment Agreement captioned “Confidential Information” (the “Surviving Employment Agreement
Provisions”) and your obligations under the Employee Covenants Agreement that you signed (the “Covenants
Agreement”) survive the termination of the Employment Agreement and the termination of your employment, and (c)
Emerson has fully satisfied all of its obligations to you with
respect to your employment (whether under
the Employment Agreement or otherwise). However, nothing in this
Agreement is intended to limit your
rights (a) to seek indemnification under applicable law (including the General Corporation Law of the State of
Delaware), Emerson’s Certificate of incorporation, Emerson’s
Bylaws and any other agreement between
Emerson and you, (b) under the 2004 Non-Employee Outside
Director Stock Option Plan (the “Plan”) with
respect to options to purchase shares of Emerson’s common stock
previously granted to you under the Plan that are
vested as of September 3, 2010 (c) under Emerson’s 401(k) Plan, or (d) or under COBRA.

	 
	18.	 	This Agreement and any and
all matters arising directly or indirectly herefrom shall be governed by
the laws of the State of New Jersey, without reference to office of
law rules. With respect to any and all
actions arising out of this Agreement, the Consulting Services or the termination thereof,  the
parties irrevocably consent to the exclusive jurisdiction of the state and federal courts of the
State of New Jersey. However, nothing herein shall preclude Emerson’s right to make application
for, and seek enforcement of, injective or other equitable relief in any court having jurisdiction.

 

 

 

Emerson
Radio Cunsumer Products Corp. 85 Oxford Drive, Moonachie, NJ 07074 (973) 884-5800

	19.	 	All notices, requests, demands and other communications required or permitted hereunder shall
be given in writing and shall be deemed to have been duly given (i) on the date delivered if
personally delivered, (ii) upon receipt by the receiving party of any notice sent by registered or
certified mail (first-class mail, postage pre-paid, return receipt
requested), or (iii) on the date
targeted for delivery if delivered by nationally recognized overnight
courier or similar courier service, addressed in the case of (x) notices to you, to 212 East 48th Street,
Apartment 3C, New York, NY 10017, and (y) to Emerson, to 85 Oxford Drive, Moonachie, NJ 07074
(Attn: CEO). Any party may notify the other party in writing of a change in address by giving
notice in the manner provided in this Section 18. Service of process in connection with any suit,
action or proceeding may be served on each party hereto anywhere in the world by the same methods
as are specified for the giving of notices under this Agreement.

	 
	20.	 	This Agreement is personal to you and you shall not assign or sub-contract the whole or any
part of this Agreement, the performance of the Consulting Services, or your duties hereunder
without Emerson’s prior written consent in each instance.

	 
	21.	 	This Agreement sets for the entire understanding of the parties and may not be modified,
amended or changed, and no provisions may be waived, except in a
writing signed by the party to be
bound.
This Agreement supersedes any and all other agreements between you and Emerson with respect to the
matters set forth herein.

	 
	22.	 	This Agreement and the rights and obligations hereunder do not and shall not confer any rights
 to any third parties and no third parties shall have any rights under this Agreement. All remedies
available to either party for breach of this Agreement are cumulative and may be exercised concurrently or separately. The exercise of any one remedy shall not be deemed an election of such
remedy to the exclusion of other remedies. If any provision is held to be unenforceable by a court
of competent jurisdiction as written, then such provision shall be deemed limited and restricted to
the extent that the court shall deem the provision to be enforceable. If any provision of this
Agreement shall to any extent be finally held to be prohibited, invalid or unenforceable in any jurisdiction, the remaining provisions of this Agreement shall remain in full force and effect,
and any such prohibition, invalidation or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

	 
	23.	 	The rights and obligations set forth in this Agreement which by their nature are intended to
survive the termination of this Agreement, shall survive the termination of this Agreement.

 

 

 

Emerson
Radio Cunsumer Products Corp. 85 Oxford Drive, Moonachie, NJ
07074 (973) 884-5800

This Agreement is first being forwarded to you for review. If acceptable, please acknowledge your
agreement to the terms as set forth above by signing and returning a copy of this letter to
Emerson, to the attention of Kristy Koller, Human Resource Manager. This Agreement shall not
become effective or be binding upon Emerson until signed by a duly authorized officer of Emerson.

Sincerely,

EMERSON
RADIO CORP.

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Adrian Ma	 	3 September 2010	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Adrian Ma
	 	Date:	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 	 	 

Accepted and Agreed:

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Greenfield Pitts	 	3 Sept. 2010	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Greenfield Pitts
	 	Date:Exhibit 10.31

Exhibit 10.31

DATED
THE
31ST
DAY OF MARCH 2011

EMERSON RADIO MACAO COMMERCIAL OFFSHORE LIMITED

and

MR. HON TAK KWONG

CONTRACT OF EMPLOYMENT

 

 

 

 CONTENTS

	 	 	 	 	 	 	 
	Clause	 	Heading	 	Page	 
	 
	 	 	 	 	 	 
	1.
	 	Interpretation	 	 	1	 
	 
	 	 	 	 	 	 
	2.
	 	Appointment	 	 	1	 
	 
	 	 	 	 	 	 
	3.
	 	Commencement Date	 	 	2	 
	 
	 	 	 	 	 	 
	4.
	 	Executive’s Duties	 	 	2	 
	 
	 	 	 	 	 	 
	5.
	 	Remuneration and Benefits	 	 	3	 
	 
	 	 	 	 	 	 
	6.
	 	Leave	 	 	3	 
	 
	 	 	 	 	 	 
	7.
	 	Termination	 	 	4	 
	 
	 	 	 	 	 	 
	8.
	 	Executive’s Undertakings	 	 	5-6	 
	 
	 	 	 	 	 	 
	9.
	 	Intellectual Properties	 	 	6-7	 
	 
	 	 	 	 	 	 
	10.
	 	Entire Agreement	 	 	7	 
	 
	 	 	 	 	 	 
	11.
	 	Miscellaneous	 	 	7-8	 
	 
	 	 	 	 	 	 
	12.
	 	Execution	 	 	8	 

 

 

 

THIS
AGREEMENT is made on the
31st day of March 2011.

BETWEEN:

	(1)	 	EMERSON RADIO MACAO COMMERCIAL OFFSHORE LIMITED of
Alameda Dr. Carlos D’ Assumpcao, Nos 335-341, Hotline Centro, 17 andar R-U, Macau (“the
Company”); and

	 
	(2)	 	Mr. HON Tak Kwong of 456 Alexandra Road, NOL Building, #12-01, Singapore 119962. (“the
Executive”).

WHEREBY IT IS AGREED as follows:

	1.	 	INTERPRETATION

	1.01	 	In this Agreement, unless the context requires otherwise;

	 	 	“Basic Salary” means that part of the remuneration of the Executive as is referred to
in Clause 5(a);

	 	 	“Board” means the board of directors for the time being of the Company;

	 	 	“Group” means the Company and its subsidiaries from time to time and “member of the
Group” shall be construed accordingly; and

	 	 	“month” means calendar month.

	1.02	 	References herein to Clauses are to clauses in this Agreement unless the context requires
otherwise.

	1.03	 	The headings are inserted for convenience only and shall not affect the construction of this
Agreement.

	1.04	 	Unless the context requires otherwise, words importing the singular include the plural and
vice versa and words importing a gender include every gender.

	2.	 	APPOINTMENT

	 	 	The Company will employ the Executive and the Executive will serve the Company as Deputy
Chief Executive Officer upon the terms and conditions hereinafter appearing.

 

- 1 -

 

	3.	 	COMMENCEMENT DATE

	 	 	Employment will commence on 1st April 2011 (the “Commencement Date”).

	4.	 	EXECUTIVE’S DUTIES

	 	 	The Executive shall, during the continuance of his employment hereunder:

	 	(a)	 	serve the Company as Deputy Chief Executive Officer and, in such
capacity, perform the duties and exercise the powers from time to time assigned to
or vested in his by the Board;

	 	(b)	 	comply with and conform to any lawful and reasonable instructions or
directions from time to time given or made by the Board and faithfully and
diligently serve the Group and use his best endeavours to promote the business and
interests thereof;

	 	(c)	 	devote himself exclusively and diligently to the business and interests
of the Group and personally attend thereto at all times during usual business hours
and during such other times as the Company may reasonably require except in case of
incapacity through illness or accident in which case he shall forthwith notify the
Personnel Manager of the Company of such incapacity and shall furnish to the Board
such evidence thereof as it may require;

	 	(d)	 	not demand or accept or permit any member of his family to demand or
accept from third parties any gifts, benefits or advantages offered or given to the
Executive or a member of his family by reason of his employment with the Company.

	 	(e)	 	be permitted to be employed on a part-time basis by The Grande Holdings
Limited or any of its subsidiaries and engage in other business activities approved
in advance by the Board, provided that, such other business activities do not (i)
conflict with the interests of the Company, (ii) inhibit, conflict with, or limit
your ability to perform your duties to the Company, or (iii) otherwise violate your
obligations under the Company’s Code of Ethics for Senior Financial Officers or the
Company’s Code of Conduct for Officers, Directors and Employees.

 

- 2 -

 

	5.	 	REMUNERATION AND BENEFITS

	 
	 	 	The remuneration of the Executive shall be:

	 	(a)	 	a fixed salary at the rate
of Hong Kong Dollars Two Hundred Forty Three
Thousand and Seven Hundred Fifty only (HK$243,750.00) per month payable in arrears;

	 	(b)	 	an annual discretionary bonus payable at any time and in such sum as the Board
may in its absolute discretion determine. This will only be payable to those
Executives still under employment of the Group on the date the discretionary bonus
is to be distributed.

	6.	 	LEAVE

	 	 	The Executive shall be entitled after completion of each year of service with the
Company to twelve (12) working days leave with full pay, which leave shall be taken at
such time or times as may be convenient to the Board having regard to the exigencies of
the Company’s business provided that:

	 	(a)	 	if the employment of the Executive hereunder is to cease on the
completion of any year of service, the Executive shall be entitled to take his said
leave immediately prior to the end of such year of service notwithstanding that at
that time such year of service shall not have been completed;

	 	(b)	 	if the employment of the Executive hereunder is to cease (for any
reason other than termination pursuant to Clause 7) during any year of service, the
Executive shall be entitled to an amount of leave proportionate to the part of the
year during which he has been employed by the Company, such leave to be taken
immediately prior to the termination of his employment; and

	 	(c)	 	if for any reason the Executive shall not have taken his full
entitlement of leave in any one year he shall not have any claim against the
Company in respect thereof nor, unless the reason is the exigencies of the
Company’s business (of which the Company shall be the sole judge), shall he be
entitled to additional leave in any year in respect of leave not taken in previous
years.

 

- 3 -

 

	7.	 	TERMINATION

	7.01	 	If the Executive is at any time incapacitated by illness, injury or accident from performing
his duties hereunder and (if so required) furnishes the Board with evidence satisfactory to
them of such incapacity and the cause thereof, he shall be entitled to receive his full salary
for the first month or any shorter period during which such incapacity continues and if he
continues so incapacitated for a longer period than two (2) consecutive months or if he is so
incapacitated at different times for more than sixty (60) days in any one period of fifty-two
(52) consecutive weeks then, and in either of such cases, his employment may be determined by
the Company by one (1) month’s notice in writing.

	7.02	 	The Employee’s employment hereunder may be determined at any time after the expiration of the
probationary period of service, if any, by either of the parties hereto giving to the other
not less than one (1) months’ prior written notice provided that the Company may elect to
terminate the Employee’s employment hereunder forthwith upon payment to the Executive of not
less than one (1) months’ Basic Salary in lieu of notice.

	7.03	 	Unless otherwise agreed by the Company, the employee will retire on the first day of the
following month immediately after his 60th birthday without further notice required by either
party.

	7.04	 	The Employee shall not at any time during the continuance of his employment hereunder in
Singapore, Macau, Hong Kong and the People’s Republic of China
carry on or be employed,
concerned or interested directly or indirectly whether as shareholder, director, employee,
partner, agent or otherwise and whether alone or jointly with others in any business in which
the Company and / or any member of the Group is engaged in during the continuance of the said
employment in competition with the Company and / or any member of the Group.

	7.05	 	In the event of termination of the Employee’s employment for whatever reason, the Executive
shall (where relevant) forthwith resigns as Deputy Chief Executive Officer or of any member of
the Group and shall cease to be entitled to any benefits under this
Agreement.

	7.06	 	Any delay or forbearance by the Company in exercising any right to terminate this Agreement
shall not constitute a waiver of such right.

 

- 4 -

 

	8.	 	EXECUTIVE’S UNDERTAKINGS

	8.01	 	The Executive shall not either during the continuance of his employment hereunder or
at any time thereafter divulge to any person whomsoever or to any body corporate or
unincorporate and shall use his best endeavours to prevent the unauthorized publication or
disclosure of any trade secret or any confidential information concerning the business or
finances of the Company and any member of the Group or any of its dealings, transactions or
affairs which may come to his knowledge during or in the course of his employment.

	8.02	 	Forthwith upon the termination of the employment of the Executive hereunder, and/or at any
other time if the Company shall so request, the Executive shall deliver to the Company all
documents (including correspondence, lists of customers, notes, memoranda, plans, drawings
and other documents of whatsoever nature) models or samples made or compiled by or delivered
to the Executive during his employment hereunder and concerning the business, finances or
affairs of the Company and any member of the Group. For the avoidance of doubt it is hereby
declared that the property in all such documents as aforesaid shall at all times be vested in
the Company or the relevant member of the Group.

	8.03	 	The Executive shall not at any time during the continuance of his employment hereunder or for
a period of twelve (12) months thereafter in Hong Kong and the People’s Republic of China
carry on or be employed, concerned or interested directly or indirectly whether as
shareholder, director, employee, partner, agent or otherwise and whether alone or jointly with
others in any business in which the Company and/or any member of the Group is engaged in
during the continuance of the said employment in competition with the Company and/or any
member of the Group.

	8.04	 	The Executive shall not at any time during the continuance of his employment hereunder or for
a period of twelve (12) months thereafter either on his own account or in conjunction with or
on behalf of any other person or body corporate or unincorporate in competition with the
Company or any member of the Group directly or indirectly solicit or entice away from the
Company or any member of the Group any person or body corporate or unincorporate who now is or
at any time during or at the date of the termination of the said employment may have become a
customer or supplier or prospective customer or supplier of the Company or any member of the
Group and with whom the Executive had personal contact or dealings during his said employment.

 

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	8.05	 	The Executive shall not at any time during the continuance of his employment
hereunder or for a period of twelve (12) months thereafter either on his own account or in
conjunction with or on behalf of any other person or body corporate or unincorporate directly
or indirectly solicit or entice away from the Company or any member of the Group or employ or
otherwise engage any person who now is or at any time during or at the date of the termination
of the said employment may have become an Executive of the Company or any member of the Group
and with whom the Executive had contact during this said employment.

	8.06	 	The Executive shall not at any time or for any purpose after termination of his employment
hereunder use either the English or Chinese name of the Company or any name similar thereto in
connection with his own or any other name in any way calculated to suggest that he is or has
been connected with the Company’s business, nor in any way hold herself out as having had any
such connection.

	9.	 	INTELLECTUAL PROPERTIES

	9.01	 	Unless otherwise expressly agreed between the parties hereto during the continuance
of this Agreement:-

	 	(a)	 	the whole interest of the Executive in any Inventions shall become the
absolute beneficial property of the Company without any payment to the Executive
therefor;

	 	(b)	 	the Executive shall promptly communicate to the Company full
particulars of all Inventions and, if any of the Inventions is capable of being
protected by any Registrable Rights, the Company shall decide whether and where
applications shall be made for such Registrable Rights in respect of the same;

	 	(c)	 	all such Registrable Rights shall be applied for and taken out at the
Company’s expense and in the name of the Company (or any member of the Group) or if
the Company shall require in the joint names of the Executive and the Company and
the Executive shall concur in applying for the same and shall (at the Company’s
expense) prepare all such drawings specifications models and designs as may be
necessary and give every assistance in the Employee’s power to procure the grant of
such Registrable Rights; and

	 	(d)	 	when granted the interest
(if any) of the Executive in such Registrable
Rights shall be unconditionally assigned by the Executive to the Company or as the
Company may direct and the renewal fees payable in respect thereof shall be paid by
the Company or any member of the Group for so long as it considers fit to keep the
same alive.

 

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	9.02	 	In Clause 9.01:-

	 	(a)	 	“Inventions” means any invention, formula, process or improvement,
trade mark or name, copyright, design, plan, drawing, specification or device of
whatever nature which relates to the business and/or products of the Company or any
member of the Group, and is invented, developed, devised or otherwise acquired by
the Executive (whether alone or jointly with any other person) during the
continuance of this Agreement; and

	 	(b)	 	“Registrable Rights” means letters patent, registered designs,
trademarks or similar commercial monopoly rights created by registration (whether
in Hong Kong, the United Kingdom, the United States of America or elsewhere in the
world).

	10.	 	ENTIRE AGREEMENT

	 	 	This Agreement constitutes the entire understanding between the parties hereto and
supersedes any prior understanding and/or agreements between:

	 	(i)	 	Executive and

	 	(ii)	 	the Company or any member of the Group, in respect of the
subject matters of this Agreement.

	11.	 	MISCELLANEOUS

	11.01	 	The expiration or termination of this Agreement howsoever arising shall not operate to
affect such of the provisions hereof as in accordance with their terms are expressed to
operate or have effect thereafter.

	11.02	 	In the event of any variation of the remuneration payable to the Executive hereunder being
made by consent of the parties hereto such variation shall not constitute a new agreement but
(subject to any express agreement to the contrary) the employment of the Executive hereunder
shall continue subject in all respects to the terms and conditions of this Agreement with such
variation as aforesaid.

	11.03	 	Each notice, demand or other communication given or made under this Agreement shall be in
writing and delivered or sent to the relevant party at its address or fax number set out below
(or such other address or fax number as the addressee has by five (5) days’ prior written
notice specified to the other party):

 

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	To the Company:

	 	The Personnel Manager

Emerson Radio Macao Commercial Offshore
Limited

Alameda Dr. Carlos D’ Assumpcao

Nos 335-341, Hotline Centro

17 andar R-U, Macau
	 
	 	 
	To the Employee:

	 	Mr. HON Tak Kwong
 456 Alexandra
Road
 NOL Building
 #12-01, Singapore
119962

	 	 	Any notice, demand or other communication so addressed to the relevant party
shall be deemed to have been delivered (a) if given or made by letter, when actually
delivered to the relevant address; (b) if given or made by fax, when despatched.

	11.04	 	If at any time any provision
of this Agreement is or becomes illegal, invalid or
unenforceable in any respect, the legality, validity and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired thereby.

	11.05	 	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written.

	 	 	 	 	 	 	 

	SIGNED by

	 	 	)	 	 	 
	for and on behalf of

Emerson Radio Macao Commercial

    Offshore Limited

in the presence of:

	 	 	)

)

)

)	 	 	
	 
	 	 	 	 	 	 
	SIGNED by

Mr. HON Tak Kwong

in the presence of:

		 	)

)
)	 	 	

 

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