Document:

Unassociated Document

    

    
      	
              Dated

            	
              November
                2008

            

    

    

    

    

     

    Protrust
      Financial Services Group S.A.

    

    and

    

    Premier
      Wealth Management, Inc. 

    (formerly
      Tally-Ho Ventures, Inc.)

    

    and

    

    Master
      Trust S.A. 

    (formerly
      Protrust Private Clients S.A.)

    
       

       

       

      
        

      

    

     

    DEED
      OF SETTLEMENT
 

    
      

    

     

     

    

      ADDLESHAW
        GODDARD

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Contents

    

      
        	
                1

              	
                Interpretation

              	
                1

              
	
                2

              	
                Exchange

              	
                3

              
	
                3

              	
                Full
                  and final settlement

              	
                3

              
	
                4

              	
                Bank
                  points

              	
                4

              
	
                5

              	
                Communication
                  of Settlement

              	
                4

              
	
                6

              	
                Non-admission
                  of liability

              	
                4

              
	
                7

              	
                Confidentiality

              	
                4

              
	
                8

              	
                Remedies
                  and waivers

              	
                5

              
	
                9

              	
                Successors
                  and assignees

              	
                5

              
	
                10

              	
                Representations

              	
                5

              
	
                11

              	
                Entire
                  Agreement

              	
                5

              
	
                12

              	
                Cost
                  and expenses

              	
                6

              
	
                13

              	
                Co-operation

              	
                6

              
	
                14

              	
                Invalidity

              	
                6

              
	
                15

              	
                Counterparts

              	
                6

              
	
                16

              	
                Choice
                  of governing law and jurisdiction

              	
                6

              
	 	 	
                 

              
	
                SCHEDULE
                  - IRREVOCABLE STOCK POWER

              	
                8

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      Deed of Settlement
      is made
      on November 2008 

    

    Between

     

    
      	
              (1)

            	
              Protrust
                Financial Services Group S.A. whose
                registered office is at Via Frasca 5, P.O. Box 5237, CH-6901, Lugano,
                Switzerland (Protrust);

            

    

     

    
      	
              (2)

            	
              Premier
                Wealth Management, Inc.
                (formerly Tally-Ho Ventures, Inc.) (No. 3594839)
                whose registered office is at 3422 Old Capitol Trail, Suite 584,
                Wilmington, New Castle 19808, Delaware, USA (PWM);
                and

            

    

     

    
      	
              (3)

            	
              Master
                Trust S.A.
                (formerly Protrust Private Clients SA) (No. CH-514.3.008.409-1) whose
                registered office is at Corso Elvezia 4, CH-6900, Lugano, Switzerland
                (Master
                Trust);

            

    

    

    each
      of
      the above being a Party
      and
      together the Parties
      to
      this
      Deed.

    

    Whereas

    

    
      	
              (A)

            	
              Protrust
                and PWM entered into an agreement, dated 4 August 2006, in accordance
                with
                which Protrust agreed to sell (and did sell) and PWM agreed to buy
                (and
                did buy) all of the issued shares in Master Trust. The consideration
                for
                the transaction was to be satisfied by PWM by a payment of US$2m
                on the
                date of completion, by the provision of a promissory note under the
                terms
                of which PWM agreed to pay Protrust the sum of US$3m and by the issue
                to
                Protrust of 1,500,000 shares in PWM. In addition, PWM granted to
                Protrust
                a put option in relation to the PWM Shares in accordance with the
                terms of
                which, on written demand by Protrust at any time during 2007, PWM
                agreed
                to buy some or all of the PWM Shares from Protrust at a price of
                US$2 per
                share.

            

    

    

    
      	
              (B)

            	
              On
                15 April 2008,
                Protrust issued a claim against PWM in the Commercial Court, Queen's
                Bench
                Division of the High Court of Justice of England and Wales, at the
                Royal
                Courts of Justice in London with the Claim No. 2008 Folio 362. The
                claim
                was for damages for breach of the Put Option. On 11 July 2008, Protrust
                entered a judgment in default of a Defence against PWM in the sum
                of
                US$1,986,681.85 plus costs.

            

    

    

    
      	
              (C)

            	
              The
                Parties have now agreed to a full and final settlement of Protrust's
                claim
                in respect of the Put Option and of any and all other issues which
                may
                arise between them in relation to PWM's acquisition of all of the
                issued
                shares in Master Trust.

            

    

    

    It
      is agreed

     

    
      	
              1

            	
              Interpretation

            

    

    

    
      	
              1.1

            	
              In
                this Deed and the recitals to it:

            

    

    

    Action
      means
      the claim issued by Protrust against PWM in the Commercial Court, Queen's Bench
      Division of the High Court of Justice of England and Wales, at the Royal Courts
      of Justice in London with the Claim No. 2008 Folio 362

    

    Associated
      Company means
      a
      company which is from time to time a subsidiary or a holding company of Protrust
      or PWM or a subsidiary of a holding company of Protrust or PWM or either of
      them
      (other than Protrust and PWM themselves) In this definition subsidiary
      and
holding
      company
      have the
      same meanings as in Section 736 of the Companies Act 1985, as originally
      enacted

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Bank
      Points
      means a
      rebate of the margin charged by banks in respect of loans made to the customers
      of Master Trust which typically amounts to 0.2 to 0.25 per cent. of the value
      of
      loans outstanding payable annually

    

    Claim
      means
      the
      Action and/or any claim, potential claim, counterclaim, potential counterclaim,
      right of set-off or indemnity, cause of action, liability, loss, damage, right
      or interest of any kind or nature whatsoever, whether known or unknown,
      suspected or unsuspected, however and whenever arising and in whatever capacity
      and jurisdiction, including without limitation a claim for interest or
      costs

    

    Exchange
      Date
      has the
      meaning provided in clause 2

    

    Protrust
      Group means
      Protrust and each of its Associated Companies, affiliates, directors, officers,
      employees, agents, advisers, representatives, successors and assigns from time
      to time, including each of the above in their several and individual capacities
      and, for the avoidance of any doubt, includes Mr Alexander Bell, Chief Executive
      Officer of Protrust whose address is c/o Protrust Financial Services Group
      S.A.,
      Via Frasca 5, P.O. Box 5237, CH-6901, Lugano, Switzerland.

    

    PWM
      Group means
      PWM
      and each of its Associated Companies, affiliates, directors, officers,
      employees, agents, advisers, representatives, successors and assigns from time
      to time, including each of the above in their several and individual capacities
      

    

    PWM
      Shares means
      1,500,000 duly authorised, validly issued and fully paid shares of common stock
      in the capital of PWM which are held by Protrust which were issued to Protrust
      as part of the consideration for PWM's acquisition of Master Trust in August
      2006 and which were subject to the Put Option

    

    Proceedings
      means
      any
      legal, arbitral, administrative, regulatory or other action or
      proceeding

    

    Promissory
      Note
      means
      the promissory note between PWM and Protrust, dated on or about 4 August
      2006

    

    Put
      Option
      means
      the put option deed between Protrust and PWM, dated on or about 4 August 2006,
      in relation to the PWM Shares

    

    Settled
      Claims means
      all
      Claims, rights, actions and causes of action (including claims for interest
      and
      costs) existing as at the date hereof which either Party has or may have against
      the other arising out of or in connection with PWM's acquisition of all of
      the
      issued shares in Protrust Private Client SA (now Master Trust) including, but
      not limited to, the Action, or out of or in connection with any agreement
      entered into between the Parties or action taken by either Party against the
      other since 1 August 2006 (including, but not limited to, the Put Option, the
      Promissory Note, the Share Pledge Agreement and the Transitional Services
      Agreement) in connection with PWM's acquisition of all of the issued shares
      in
      Protrust Private Clients SA (now Master Trust) or relating to any PWM Shares
      held by any member of the Protrust Group, any other securities of PWM acquired
      by any member of the Protrust Group, or any private or public statement,
      disclosure document or public filing made with the United States Securities
      and
      Exchange Commission (save in relation to any claims connected to or arising
      from
      wilful concealment, bad faith or fraud (or their equivalent in other
      jurisdictions)). 

    

    Settlement
      Sum means
      the
      amount of US$1,000,000 to be paid by PWM to Protrust pursuant to clause
3

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Share
      Pledge Agreement
      means
      the share pledge agreement between PWM, Protrust and Master Finance Holdings
      SA
      and dated on or about 4 August 2006.

    

    Transitional
      Services Agreement
      means
      the transitional services agreement between Protrust, PWM and Master Trust,
      dated on or about 4 August 2006

    

    
      	
              1.2

            	
              The
                headings in this Deed are for convenience only and do not affect
                its
                construction or interpretation.

            

    

     

    
      	
              2

            	
              Exchange

            

    

     

    
      	
              2.1

            	
              Exchange
                shall take place on the day on which Ashurst LLP and Addleshaw Goddard
                LLP
                have received counterparts to this Deed executed by each of the parties
                hereto and date this Deed (having been authorised to do so by Protrust
                and
                PWM respectively) (the "Exchange
                Date"). 

            

    

     

    
      	
              2.2

            	
              Upon
                exchange PWM agrees to cause the Settlement Sum to be paid to Protrust
                for
                value such payment to be made in cleared funds on the Exchange Date
                by
                telegraphic/Swift transfer to the account of Protrust
                at:

            

    

    

    Bank.
      XXXXXXXXXXXXXXXXXXXX

    

    Account
      No. XXXXXXXXXXXXXXXX

    

    IBAN
      No.
      XXXXXXXXXXXXXX

    

    BIC:
      XXXXXXXXXXX

     

    
      	
              3

            	
              Full
                and final settlement

            

    

    

    
      	
              3.1

            	
              Upon
                payment of the Settlement Sum in accordance with clause 2.2
                above Protrust shall:

            

    

    

    
      	 	
              (a)

            	
              (on
                behalf of itself and the Protrust Group) accept payment of the Settlement
                Sum and the agreement by the PWM Group to fulfil the obligations
                and give
                the covenant contained in this Deed in full and final settlement
                of any
                Settled Claims that Protrust and/or any member of the Protrust Group
                has
                or may have against PWM or any member of the PWM Group;
                and

            

    

    

    
      	 	
              (b)

            	
              execute
                the irrevocable stock power share transfer of the PWM Shares in favour
                of
                PWM for cancellation (in the form set out in the Schedule to this
                Deed and
                send such executed share transfer form by recorded delivery to Addleshaw
                Goddard LLP (marked for the attention of Robert Harvey) and
                PWM agrees to accept such transfer. Protrust agrees to take all such
                further actions and execute and provide to PWM all such further documents
                as may be reasonably necessary to effect the transfer of the PWM
                shares to
                PWM and Protrust shall be reimbursed by PWM for any reasonable costs
                and/or expenses which Protrust incurs in complying with this clause
                3.1(b).

            

    

    

    
      	
              3.2

            	
              The
                Settlement Sum is paid gross of all taxes and any tax liability arising
                out of or in connection with the Settlement Sum shall be for the
                sole
                account of Protrust.

            

    

    

    
      	
              3.3

            	
              Save
                in relation to the obligations arising under this Deed, Protrust
                agrees
                that, upon payment of the Settlement Sum, it shall, and shall procure
                that
                all members of the Protrust Group shall release and discharge PWM
                and all
                members of the PWM Group from any liability to, or Claim by, Protrust,
                any
                member of the Protrust Group and/or any other person on behalf of
                Protrust
                (including its successors and assigns), arising out of or in connection
                with the Settled Claims.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              3.4

            	
              Save
                in relation to the obligations arising under this Deed, PWM agrees
                that,
                upon payment of the Settlement Sum, it shall, and shall procure that
                all
                members of the PWM Group shall release and discharge Protrust and
                all
                members of the Protrust Group from any liability to, or Claim by,
                PWM, any
                member of the PWM Group and/or any other person on behalf of PWM
                (including its successors and assigns), arising out of or in connection
                with the Settled Claims.

            

    

    

    
      	
              3.5

            	
              Subject
                to payment of the Settlement Sum, PWM and each of the companies in
                the PWM
                Group and Protrust and each of the companies in the Protrust Group
                covenant that neither it nor any member of the PWM Group or the Protrust
                Group respectively will bring any Claims or commence any Proceedings
                whatsoever in any jurisdiction against PWM or any member of the PWM
                Group,
                Protrust, or any member of the Protrust Group arising from, or in
                connection with the Settled Claims.

            

    

     

    
      	
              4

            	
              Bank
                points

            

    

    

    PWM,
      each
      of the companies in the PWM Group and Master Trust unconditionally and
      irrevocably waive any past or future right or entitlement to or in respect
      of
      the Bank Points and hereby agree and acknowledge that the Bank Points are and
      shall remain due and payable to the Protrust Group as they arise. 

     

    
      	
              5

            	
              Communication
                of Settlement

            

    

     

    
      	
              5.1

            	
              PWM
                and each of the companies in the PWM Group agree to consult with
                Protrust
                and to take into account any reasonable written comments from Protrust
                (to
                be provided within 3 days of the date on which the draft filing is
                provided to Ashurst LLP) on the content of the regulatory filings
                that PWM
                is required to make in relation to the settlement of the Action and
                the
                contents of this Deed. 

            

    

    

    
      	
              5.2

            	
              Subject
                to payment of the Settlement Sum, Protrust agrees that it shall instruct
                Ashurst LLP to write to Addleshaw Goddard LLP to confirm that the
                judgment
                for the Claimant in default, dated 11 July 2008 is satisfied and
                to
                confirm that Protrust consents to an entry in the Register of Judgments,
                Orders and Fines to that effect. 

            

    

     

    
      	
              6

            	
              Non-admission
                of liability

            

    

    

    It
      is
      expressly agreed and acknowledged by each of the Parties that the execution
      and
      performance of this Deed is not, and will not be presented or construed as,
      any
      admission of any liability on the part of any of the Parties save in respect
      of
      the performance of the terms of this Deed and any obligations arising
      hereunder.

     

    
      	
              7

            	
              Confidentiality

            

    

    

    
      	
              7.1

            	
              Each
                Party covenants that it will keep confidential the contents of this
                Deed
                and the terms of all negotiations entered into between the Parties
                or
                their respective advisors in connection with this Deed, including
                all
                information and documentation generated or obtained (whether received
                in
                writing or orally) by each Party in connection with the dispute and
                such
                negotiations (Confidential
                Information)
                and that it shall not disclose the Confidential Information to any
                other
                person except:

            

    

    

    
      	 	
              (a)

            	
              to
                another of the Parties or members of their respective Groups;
                and/or

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              to
                the Parties’ respective Auditors, legal and financial advisors,
                consultants, bankers and any relevant insurer;
                and/or

            

    

    

    
      	 	
              (c)

            	
              if
                and to the extent required by the law of any relevant jurisdiction;
                and/or

            

    

     

    
      	 	
              (d)

            	
              subject
                to clause 5.1
                above, if and to the extent required by any securities exchange or
                regulatory or governmental body to which that Party is subject or
                submits,
                wherever situated, whether or not the requirement for information
                has the
                force of law;

            

    

    

    
      	 	
              (e)

            	
              where
                full details of this Deed have already come into the public domain
                other
                than as a result of a disclosure by any Party;
                and/or

            

    

    

    
      	 	
              (f)

            	
              to
                enable enforcement of this Deed;
                and/or

            

    

    

    
      	 	
              (g)

            	
              save
                as is set out at (a) to (f) above with the prior written consent
                of the
                other Party to this Deed, such consent not to be unreasonably withheld.
                

            

    

     

    
      	
              7.2

            	
              Each
                Party covenants that neither it nor any member of the Protrust Group
                or
                the PWM Group (respectively) shall make nor permit to be made any
                statements (whether oral or written) which touch upon or concern
                each
                Party's relationship with the other Party or any Associated Company
                of the
                other Party which are critical, adverse, negative or derogatory,
                or which
                might be detrimental to the interests of the other Party and/or any
                Associated Company and/or its or their clients, customers, suppliers,
                employees, consultants, directors and/or
                officers.

            

    

     

    
      	
              8

            	
              Remedies
                and waivers

            

    

    

    No
      delay
      or omission on the part of any of the Parties in exercising any right, power
      or
      remedy provided by law, or under this Deed, shall impair such right, power
      or
      remedy or operate as a waiver thereof, and the single or partial exercise of
      any
      right, power or remedy provided by law, or under this Deed, shall not preclude
      any other or further exercise of it or the exercise of any other right, power
      or
      remedy.

     

    
      	
              9

            	
              Successors
                and assignees

            

    

    

    The
      benefits of this Deed shall enure to the benefit of the successors in title
      and
      assignees of each of the Parties. 

     

    
      	
              10

            	
              Representations

            

    

    

    Each
      of
      the Parties to this Deed represents and warrants to each of the other Parties
      that such Party has the capacity, power and authority to enter into this Deed
      and the obligations assumed by such Party are such Party’s legal and valid
      obligations.

     

    
      	
              11

            	
              Entire
                Agreement

            

    

    

    
      	
              11.1

            	
              This
                Deed constitutes the whole and only agreement between the Parties
                relating
                to the subject matter of this Deed and shall only take effect in
                relation
                to each Party upon its execution of this
                Deed.

            

    

    

    
      	
              11.2

            	
              This
                Deed may only be varied in writing signed by each of the
                Parties.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              12

            	
              Cost
                and expenses

            

    

    

    Each
      Party shall bear its own costs and expenses in relation to the dispute and
      in
      relation to the negotiation, preparation, execution and implementation of this
      Deed.

     

    
      	
              13

            	
              Co-operation

            

    

     

    The
      Parties shall deliver or cause to be delivered such instruments and other
      documents at such times and places as are reasonably necessary or desirable,
      and
      shall take any other action reasonably requested by the other party for the
      purpose of putting this Deed into effect.

     

    
      	
              14

            	
              Invalidity

            

    

    

    If
      at any
      time any provision of this Deed is or becomes illegal, invalid or unenforceable
      in any respect under the law of any jurisdiction, that shall not affect or
      impair:

    

    
      	 	
              (a)

            	
              the
                legality, validity or enforceability in that jurisdiction of any
                other
                provision of this Deed; or

            

    

    

    
      	 	
              (b)

            	
              the
                legality, validity or enforceability under the law of any other
                jurisdiction of that or any other provision of this
                Deed.

            

    

     

    
      	
              15

            	
              Counterparts

            

    

    

    This
      Deed
      may be executed in any number of counterparts, and by the Parties on separate
      counterparts, but shall not be effective until each Party has signed at least
      one counterpart. Each counterpart shall constitute an original of this Deed,
      but
      all the counterparts shall together constitute one and the same instrument.
      

     

    
      	
              16

            	
              Choice
                of governing law and
                jurisdiction

            

    

    

    
      	
              16.1

            	
              This
                Deed shall be governed by, and construed in accordance with, English
                law.

            

    

    

    
      	
              16.2

            	
              The
                Courts of England are to have exclusive jurisdiction to settle any
                dispute
                arising out of, or in connection with, this Deed. Any proceeding,
                suit or
                action arising out of, or in connection with, this Deed shall therefore
                be
                brought in the English courts.

            

    

    

    

    This
      document is executed as a deed and is delivered and takes effect at the date
      written at the beginning of it.

    

      
        	
                Signed
                  as a deed

              	
                )

              	 	 
	
                by
                  Protrust Financial Services Group S.A.

              	
                )

              	 	   

	
                acting
                  by a director

              	
                )

              	 	
                Director

              
	
                in
                  the presence of

              	
                )

              	 	 

      

    

     

    

    ____________________________

    Signature
      of witness

    

    Print
      Name:___________________

     

    Address:

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  Signed
                    as a deed

                	
                  )

                	 	 
	
                  by
                    Premier Wealth Management, Inc.

                	
                  )

                	 	   

	
                  acting
                    by a director

                	
                  )

                	 	
                  Director

                
	
                  in
                    the presence of

                	
                  )

                	 	 

        

      

       

    

    

    
      ____________________________

      Signature
        of witness

      

      Print
        Name:___________________

       

      Address:

    

    

    
      
        

          
            	
                    Signed
                      as a deed

                  	
                    )

                  	 	 
	
                    by
                      Master Trust S.A.

                  	
                    )

                  	 	   

	
                    acting
                      by a director

                  	
                    )

                  	 	
                    Director

                  
	
                    in
                      the presence of

                  	
                    )

                  	 	 

          

        

         

      

      

      
        ____________________________

        Signature
          of witness

        

        Print
          Name:___________________

         

        Address:

         

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

    

    SCHEDULE

    IRREVOCABLE
      STOCK POWER

    

    

    FOR
      VALUE RECEIVED,
      the
      undersigned does hereby irrevocably sell, assign and transfer to: Premier Wealth
      Management, Inc., a corporation formed under the laws of the State of Delaware
      and formerly known as Tally Ho Ventures, Inc. (the “Company”), One Million Five
      Hundred Thousand (1,500,000) shares of the Common Stock of Premier Wealth
      Management, Inc. standing in his, hers or its name(s) on the books of said
      corporation represented by Certificate No(s) __ herewith,
      and do hereby irrevocably constitute and appoint
      __________________________________________as
      attorney to transfer the said stock on the books of said Corporation with full
      power of substitution in the premises.

    

      
        	
                (if
                  Shareholder is a Corporation)

              	 	 	
                (if
                  Shareholder is an individual)

              
	 	 	 	 	 	 	 	 
	
                 

              	 	  	 	 	 	 	 
	
                        
                  

              	 	 	 	 
	
                (Name,
                  type of entity, and state of organization)

              	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                By:

              	       
	 	 	
                Signature:
                  

              	    

	 	 	 	 	 	 	 	 
	
                Print
                  Name: 

              	  
	 	 	
                Print
                  Name:

              	    

	 	 	 	 	 	 	 	 
	
                Title:

              	   
	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                Dated

              	
                October
                  __, 2008

              	 	 	
                Dated

              	____________________________,
                2008

      

    

     

    

    NOTARY/APOSTILE
      OR MEDALLION SIGNATURE GUARANTEE:

     

     

     

      
        

      

    

     

     

    
      
        
        

      

      
        8Unassociated Document

     

    EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT is made as of this 6th day of November, 2008, by and
      between China Premium Lifestyle Enterprise, Inc., a Nevada corporation (the
      "Company") and Richard Man Fai Lee, an individual (the
      "Executive").

     

    BACKGROUND

     

    The
      Company and the Executive desire to enter into this Agreement to assure the
      Company of the services of the Executive and to set forth the rights and the
      duties of the parties hereto.

     

    AGREEMENT

     

    In
      consideration of the mutual covenants, terms and conditions hereinafter
      contained, and for other good and valuable consideration, the parties hereby
      agree as follows:

     

    1. Term
      of Employment.
      The
      Company hereby employs the Executive and the Executive hereby accepts such
      employment commencing on November 6, 2008, and terminating on November 5, 2010
      (the "Term"), unless sooner terminated as provided herein.

     

    2. Duties.
      The
      Executive shall serve as the Chief Executive Officer and President of the
      Company, with the powers and duties consistent with such position. The Executive
      may be reassigned or transferred to another management position only upon the
      Company obtaining the Executive’s prior written consent. The Executive shall
      also be subject to the policies and procedures generally applicable to executive
      employees of the Company. 

     

    3. Compensation.

     

    3.1 Salary.
      The
      Company shall pay the Executive a salary of US$148,320 per year (the "Salary").
      The Salary shall be subject to annual review and upward adjustment or no
      adjustment in the sole discretion of the Company. The Salary shall be payable
      in
      equal installments monthly consistent with the Company's regular business
      practice.

     

    3.2 Bonus.
      In
      addition to the Salary, the Executive shall be eligible to receive a bonus
      for
      each calendar year in an amount to be determined by the Board of Directors
      of
      the Company.

     

    3.3 Expense
      Reimbursement; Expense Allowance.
      The
      Company shall reimburse the Executive for reasonable and necessary business
      and
      entertainment expenses incurred by him in connection with the performance of
      his
      duties hereunder, including, but not limited to, expenses for business
      development, travel, meals and accommodations and related expenditures at the
      same or higher levels as the Executive incurred during the course of duty.
      The
      Company shall reimburse the Executive for all such expenses within thirty (30)
      days upon presentation by the Executive, from time to time, of an itemized
      written accounting of such expenditures. 

     

    3.4 Benefits.
      The
      Company shall provide the Executive with the following benefits during the
      Term
      and any renewals thereof:

     

    (a) Participation
      in Benefit Plans and Policies.
      The
      Executive shall be entitled to participate in all insurance and other benefit
      plans and policies maintained for senior executives of the Company.

     

    (b) Indemnification.
      The
      Executive shall, in addition to any other legal or contractual rights to
      indemnification provided by the Company, be provided coverage under
      indemnification policies and director and officer liability policies maintained
      by the Company in amounts reasonably determined by the Company.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    4. Termination.

     

    4.1 Termination
      Events.
      The
      Executive's employment shall terminate prior to the expiration of the Term
      upon
      the happening of any of the following events:

     

    (a) Voluntary.
      Voluntary termination by the Executive by giving three (3) months’ notice in
      writing;

     

    (b) Death.
      The
      death of the Executive;

     

    (c) For
      Cause.
      For
      "cause" by the Company, defined as any of the following: (i) the Executive
      is
      convicted of, or pleads nolo contendere to, a felony; (ii) the Executive has
      committed an act of fraud, bad faith or willful misconduct against the Company
      that is materially detrimental to the Company; or (iii) the Executive has
      materially breached any of the terms of this Agreement after written notice
      has
      been provided by the Company to the Executive regarding the specific nature
      of
      such breach and the Executive fails to cure such breach within thirty (30)
      days.

     

    (d) Disability.
      Upon
      the good faith determination of the Board that the Executive has become so
      physically or mentally incapacitated or disabled as to be unable to
      satisfactorily perform his duties hereunder for a period of one hundred twenty
      (120) consecutive calendar days or for one hundred eighty (180) days in any
      three hundred sixty (360) day period, such determination based upon a
      certificate as to such physical or mental disability issued by a licensed
      physician and/or psychiatrist (as the case may be) mutually agreed upon by
      the
      Executive and the Company;

     

    (e) Without
      Cause.
      Termination for any reason other than for "cause" as defined in Section 4.1(c)
      hereof.

     

    (f) By
      the
      Executive For Good Reason.
      If the
      Company takes any of the actions described in this subsection (f), the Executive
      may terminate employment for "good reason" at any time upon written notice
      to
      the Company. For purposes of this Agreement, the Executive may terminate this
      Agreement pursuant to this subsection (f) for "good reason" upon the occurrence
      of any of the following events without the express written consent of the
      Executive:

     

    (i) a
      reduction in the Executive's Salary or the benefits set forth above;
      and

     

    (ii) the
      Company has breached any of the terms of this Agreement.

     

    4.2 Obligations
      After Voluntary Termination; For Cause Termination.
      In the
      event that the Executive's employment is terminated pursuant to Sections 4.1(a)
      or (c) hereof, the Company shall pay to the Executive or his representatives
      on
      the date of termination of employment ("Termination Date"):

     

    (a) all
      Salary compensation as is due pursuant to Section 3.1 herein, prorated through
      the Termination Date;

     

    (b) all
      expense reimbursements due and owing the Executive through the Termination
      Date
      under Section 3.3 hereof, including reimbursements for reasonable and necessary
      business expenses incurred prior to the Termination Date, as long as the
      Executive submits a written accounting of such expenses in accordance with
      Section 3.3 herein within forty-five (45) days of the Termination Date;
      and

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (c) all
      benefits due the Executive, including benefits under insurance, group health
      and
      retirement benefit plans pursuant to Section 3.4 hereof in accordance with
      the
      Company's standard policy, through the Termination Date.

     

    4.3 Obligations
      After Termination Without Cause, Death, Disability or Termination by the
      Executive For Good Reason.
      In the
      event that the Executive's employment is terminated pursuant to Section 4.1(b),
      (d), (e) or (f) hereof, on the Termination Date, the Company shall:

     

    (a) pay
      to
      the Executive or his representatives all Salary compensation as is due or will
      be due pursuant to Section 3.1 herein through the entire Term of this
      Agreement;

     

    (b) pay
      to
      the Executive or his representatives all expense reimbursements due and owing
      the Executive through the Termination Date under Section 3.3 hereof, including
      reimbursements for reasonable and necessary business expenses incurred prior
      to
      the Termination Date, as long as the Executive submits a written accounting
      of
      such expenses in accordance with Section 3.3 hereof within forty-five (45)
      days
      of the Termination Date; and

     

    (c) pay
      to
      the Executive or his representatives all benefits due the Executive, including
      benefits pursuant to Section 3.4 hereof in accordance with the Company's
      standard policy, through the Termination Date.

     

    4.4 Withholding.
      The
      Company shall have the right to deduct from the compensation due to the
      Executive any and all sums required for social security and withholding taxes
      and for any other federal, state, or local tax or charge which may be in effect
      or hereafter enacted or required by law as a charge on compensation of the
      Executive. 

     

    4.5 Provision
      of Benefits.
      Should
      the continuation of any benefits to be provided to the Executive following
      the
      termination of the Executive's employment hereunder be unavailable under the
      Company's benefit plans for any reason, the Company shall pay for the Executive
      to receive such benefits under substantially similar plans from similar third
      party providers.

     

    5. Assignment.
      This
      Agreement is personal in nature and neither of the parties hereto shall, without
      the written consent of the other, assign or otherwise transfer this Agreement
      or
      its obligations, duties and rights under this Agreement; provided, however,
      that
      in the event of the merger, consolidation, transfer or sale of all or
      substantially all of the assets of the Company, this Agreement shall, subject
      to
      the provisions hereof, be binding upon and inure to the benefit of such
      successor and such successor shall discharge and perform all of the promises,
      covenants, duties and obligations of the Company hereunder.

     

    6. Miscellaneous.

     

    6.1 Entire
      Agreement; Modification.
      This
      Agreement contains the entire agreement of the parties relating to the subject
      matter hereof, and the parties hereto have made no agreements, representations
      or warranties relating to the subject matter of this Agreement that are not
      set
      forth otherwise herein. This Agreement supersedes any and all prior agreements,
      written or oral, between the Executive and the Company. No modification of
      this
      Agreement shall be valid unless made in writing and signed by the parties
      hereto.

     

    6.2 Severable
      Provisions.
      The
      provisions of this Agreement are severable and if any one or more provisions
      may
      be determined to be illegal or otherwise unenforceable, in whole or in part,
      the
      remaining provisions of the Agreement shall nevertheless be binding and
      enforceable.

     

    6.3 Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the internal
      substantive laws of the State of Nevada, USA without regard to conflicts of
      laws
      principles. All controversies, claims, actions or causes of action arising
      between the parties hereto and/or their respective successors and assigns,
      shall
      be subject to arbitration which arbitration shall be conducted in Los Angeles
      County, California before a retired judge of the California Superior Court
      or
      the United States District Court pursuant to the rules of and administered
      by
      JAMS/Endispute.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    6.4 Notices.
      All
      notices and other communications under this Agreement shall be in writing and
      mailed, telecopied, or delivered by hand or by a nationally recognized courier
      service guaranteeing overnight delivery to a party, at the following address
      (or
      to such other address as such party may have specified by notice given to the
      other party pursuant to this provision):

    
       

      
        	 	
                If
                  to the Executive, to:

              	
                Mr.
                  Richard Man Fai Lee

              

      

      c/o
        Wo
        Kee Hong Group 

      10/F.,
        Block A, Wo Kee Hong Building,

      585-609
        Castle Peak Road,

      Kwai
        Chung, N.T., Hong Kong.

    

    
       

      
        	 	
                If
                  to the Company, to:

              	
                China
                  Premium Lifestyle Enterprise, Inc.

              

      

      500
        North
        Rainbow Boulevard, 

      Suite
        300, Las Vegas, Nevada 89107, USA.

    

     

    All
      such
      notices and communications shall be sent by commercial courier service and
      shall
      be effective upon receipt. Copies for convenience may also be sent by Facsimile
      and/or e-mail.

     

    6.5 Counterparts.
      This
      Agreement may be executed in more than one counterpart, each of which shall
      be
      deemed to be an original, and all such counterparts together shall constitute
      one and the same instrument.

    

    

    [The
      remainder of this page is left blank intentionally. Signatures
      follow.]

     

    
 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Employment Agreement is executed as of the day and year
      first above written.

     

    
      	
              Executive:
                RICHARD MAN FAI LEE
 	 	
              CHINA
                PREMIUM LIFESTYLE ENTERPRISE, INC., a Nevada
                corporation
 
	 	 	 
	/s/ Richard
              Man Fai Lee 	By:
              	/s/ Herbert
              Adamczyk
	
              
Richard
              Man Fai Lee 	 	
              

              Name:
                Herbert Adamczyk

            
	
              Dated:
                November 6, 2008

            	 	
              Title:
                Chief Operating Officer

              Dated:
                November 6, 2008

            

    

    

    
      
        
        

      

      
        5

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