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EXHIBIT 10.12

October 9, 2020
Mr. Ryan Stash Houston, Texas 77042

Dear Ryan:

On behalf of Evolution Petroleum (the “Company”), I am pleased to offer you the position of Chief Financial Officer of the Company and its subsidiaries. Your position reports directly to the President and Chief Executive Officer of the Company and to the Board and is based in Houston at the Company’s principal corporate office. Our offer and your employment are contingent upon a satisfactory background investigation and your ability to establish your eligibility to work in the United States.

Details of the offer are as follows:

You will commence employment effective October 30, 2020 with an annual base salary of
$265,000, payable in accordance with the Company’s normal payroll policies and procedures that may be changed from time to time. You will also be reimbursed for reasonable business expenses in accordance with the Company’s policies and procedures as in effect from time to time.

On or about your hire date, the Board will award you, as a sign-on bonus, (1) a cash amount of
$50,000 and (2) 80,000 restricted shares of the Company’s common stock. The shares subject to this award will vest on a pro rata basis annually over a period of four years on the anniversary of your hire date, subject to your continued employment and other terms and conditions set forth in the award agreement.

In addition to your base salary and the sign-on bonus award, you will be eligible to participate in the Company’s annual short-term incentive plan (STIP) and long-term incentive plan (LTIP) as follows:

•Your annual STIP award will have a target of 75% of your base salary.   STIP awards will be subject to achievement of certain individual and audited corporate performance goals. Any discretionary component will be determined by the Board upon recommendation of the Compensation Committee of the Board in its sole discretion. STIP awards are paid in cash and/or stock as determined by the Board. Your first eligibility for an annual STIP award will be fiscal 2021.

•Your annual LTIP award will be determined by the Board in its sole discretion. Based on recent historical practices, the aggregate of the targets for the LTIP award for your

EXHIBIT 10.12

position would initially be set at 100% of your base salary, subject to the sole discretion of the Board both as to the amount and type of awards. LTIP awards will be subject to time vesting and achievement of certain corporate performance goals. Your first eligibility for an annual LTIP award will be fiscal 2021.
You will be eligible for twenty days of paid vacation each calendar year, prorated for 2020, increasing to twenty-five days annually on January 1, 2023, which amounts accrue with service during each year in accordance with corporate procedures. You will also be eligible for any other benefits offered by the Company to its executives, including subsidized health insurance.
As a named executive officer of the company, you will also be covered by the Company's Director and Officer insurance policy.
All benefit plans are subject to change from time to time.
You will be required to adhere to all policies of the Company, which are attached and as the same may be modified from time to time, including retention of a substantial portion of stock awards.
You will be granted access to the Company’s most sensitive confidential and proprietary information. As a condition of your employment, you will be required to enter into a standard agreement as to confidentiality and noncompetition.
We believe this position offers significant challenge and growth opportunities for you and believe you have the skills and experience to be successful. We look forward to your acceptance of this offer. In accepting our offer of employment, you understand that your employment will be on an at-will basis, and that neither you nor any Company representative has entered into a contract regarding the terms or the duration of your employment. As an at-will employee, you will be free to terminate your employment at any time, with or without cause or advance notice. Likewise, the Company will have the right to reassign you, change your compensation, or terminate your employment at any time, with or without cause or advance notice. Further, by signing this letter agreement you warrant that you do not have any agreements that may restrict your ability to perform the duties of the position that you are being offered, including any agreements with respect to non-disclosure of confidential information, non- competition, customer non-solicitation, or employee non-competition, customer non-solicitation, or employee non-solicitation. If you have any such agreement, you must immediately provide a copy to the Company, and this offer is contingent on the Company’s review, evaluation and acceptance of such agreement. You are further directed, should you accept this offer, that you are not to use any trade secret or confidential information of any former employment in connection with your employment with the Company. You may not bring any such information onto Company premises, and you may not transfer any such information to any Company devices, computer networks, or information systems.

EXHIBIT 10.12

To accept this offer, please sign and date in the space below and return the executed copy to me.
Please call with any questions.

Regards,

Jason Brown
Chief Executive Officer Evolution Petroleum Corporation

Accepted by:    
    Ryan Stash

  Date:        10/14/20

EXHIBIT 10.12evcc_ex101.htm

 EXHIBIT 10.1
  
 The closing of this transaction is subject to certain terms and conditions more fully described in the 
 Acquisition Agreement. COMPANY ACQUISITION AGREEMENT
  
 Transferor (hereinafter referred to as Party A): 雍佰朝新零售(深圳)有限公司
 Legal representative or designated representative:
  
 Transferee: (hereinafter referred to as Party B): Environmental Control Corp.
 Legal representative or designated representative:
  
 Hereinafter, Party A and Party B are individually referred to as “one party” and collectively referred to as “both parties”.
  
 In accordance with the Contract Law, Company Law and other relevant laws and regulations, the parties to this Agreement, based on the principle of equality and mutual benefit, have reached an Agreement on the overall assignment/transfer of Party A’s company through friendly negotiation as follows, in order to keep their trustworthiness.
  
 1 Prerequisites
  
 	 1.1
	 This Agreement shall take effect as soon as all the following conditions are met:

	  
	  

	 (a)
	 Party A shall submit to Party B a copy of the resolution of the authority specified in the articles of association of the transferor approving the transfer of all equity and all assets of the company;

	  
	  

	 (b)
	 Party A’s financial accounts are true and clear; All creditor’s rights and debts of the company have been legally and effectively stripped before the transfer;

	  
	  

	 (c)
	 The audit results or financial evaluations of the audit institution or accounting personnel appointed by Party B on Party A’s financial status are consistent with the transfer statement and attachments.

	  
	  

	 1.2
	 If the above preconditions have not been met within days from the date of signing this Agreement, this Agreement will not be legally binding; Neither party hereto shall bear any other liability except that the fault party causing the failure of this Agreement shall bear the contracting loss of RMB, and neither party hereto shall claim against the other party based on this Agreement.

  
 2 Subject Matter
  
 Party A agrees to transfer all equity and other assets of the company held by its shareholders to Party B in accordance with the terms of this Agreement; Party B agrees to transfer all equity and assets held by Party A in accordance with the terms of this Agreement. After receiving the above equity and assets, Party B shall enjoy 100% equity and corresponding shareholder rights of the company according to law.
  
 3 Price for the Transfer of Equity and Assets
  
 This transfer is transferred in the form of share exchange, and the transferor transfers 100% of the equity to Party B.
  
 	 
	1
	

	 

  
 4 Equity and Asset Transfer
  
 “After the consummation of the share exchange contemplated herein”, Party A shall complete the following procedures and transfer:
  
 	 4.1
	 Transfer the management rights of the company to Party B (including but not limited to replacing all the staff of the board of directors, board of supervisors, general manager, etc., with personnel appointed by Party B);

	  
	  

	 4.2
	 Actively assist and cooperate with Party B in revising and signing the relevant documents required for the transfer of equity and all assets in accordance with relevant laws, regulations and the articles of association, and jointly handle the change registration procedures of the company’s relevant industrial and commercial administrative authorities;

	  
	  

	 4.3
	 Deliver all the documents and materials stipulated in Article 16 of this Agreement to Party B and transfer the relevant physical assets to Party B;

	  
	  

	 4.4
	 Transfer all documents that Party A can legally and effectively transfer company equity and assets to Party B.

  
 5 Payment of Equity and Asset Transfer Price
  
 6 Obligations of the Transferor
  
 	 6.1
	 Party A shall cooperate and assist Party B in the audit and financial evaluation of the company.

	  
	  

	 6.2
	 Party A shall sign all relevant documents related to the transfer of such equity and assets that shall be signed and provided by Party A in a timely manner.

	  
	  

	 6.3
	 The Party accordance with the provisions of the Agreement, to assist Party B shares and apply for approval of such transfer of assets, filing procedures and change of business registration procedures.

  
 7 Obligations of the Transferee
  
 	 7.1
	 Party B shall promptly pay the full price of such shares and the transfer of assets to Party A in accordance with the provisions of Article 4 of this Agreement.

	  
	  

	 7.2
	 Party B will, in accordance with the provisions of this Agreement, be responsible for urging the company to timely go through the formalities for approval of such equity and asset transfer and industrial and commercial change registration.

	  
	  

	 7.3
	 Party B shall promptly issue relevant documents that shall be signed or issued by Party B in order to complete the transfer of such equity and assets.

  
 	 
	2
	

	 

  
 8 Representations and Warranties
  
 	 8.1
	 The transferor hereby irrevocably represents and warrants:

	  
	  

	 (a)
	 Party A voluntarily transfers all the equity and all assets of the company it owns.

	  
	  

	 (b)
	 With regard to this transaction, all statements, explanations, guarantees, promises, and all information presented and transferred by Party A to Party B are true, legal, and valid, and there is no falsification, forgery, concealment, omission and other falsehoods.

	  
	  

	 (c)
	 Party A has not established any form of guarantee on the equity and all assets owned by it, nor has any legal flaws in any form, and guarantees that Party B will not encounter any form of rights obstacles or threats of obstacles of similar nature after the transfer of such equity and all assets.

	  
	  

	 (d)
	 Party A guarantees that it has made a full and true disclosure of the equity and the background of all assets and the actual status of the company, and has not concealed any content that will have a material or potential adverse impact on Party B’s exercise of equity.

	  
	  

	 (e)
	 Party A has all the legal rights of such equity and assets to enter into this Agreement and perform this Agreement. Party A’s signing and performance of the rights and obligations under this Agreement does not violate the provisions of the articles of association, and there are no legal obstacles or restrictions.

	  
	  

	 (f)
	 The representative of party A signing the Agreement has been authorized to sign this Agreement through all necessary procedures.

	  
	  

	 (g)
	 After this Agreement comes into effect, it will constitute a legal, effective and binding document for the shareholders of Party A.

  
 8.2 The transferee hereby irrevocably represents and warrants:
  
 	 (a)
	 Party B voluntarily accepts all equity and assets transferred by Party A.

	  
	  

	 (b)
	 Party B has full power to enter into this Agreement and perform its rights and obligations under this Agreement, does not violate the provisions of Party B’s articles of association, and there are no legal obstacles or restrictions.

	  
	  

	 (c)
	 Party B guarantees that the intention to transfer such equity and all assets is true, and has sufficient conditions and ability to perform this Agreement.

	  
	  

	 (d)
	 The representative of Party B signing this Agreement has been authorized to sign this Agreement through all necessary procedures.

  
 9 Guarantee Clause
  
 For the obligations and responsibilities of Party A under this Agreement.
  
 10 Liability for breach of contract 
  
 	 10.1
	 if either party fails to perform its obligations in accordance with the provisions of this Agreement, it shall be liable for breach of contract to the relevant parties in the following ways:

	  
	  

	 (a)
	 Either party violates the statement and guarantee in Article 7 of this Agreement, thus causing losses to the other party.

	  
	  

	 (b)
	 If Party B fails to pay Party A the transfer price of such equity and assets in a timely manner in accordance with the provisions of this Agreement, it shall bear 0.03% of the daily liquidated damages based on the overdue payment amount.

   
 	 
	3
	

	 

  
 	 10.2
	 The above provisions do not affect the right of the contract party to request damages for losses that cannot be compensated under this article in accordance with laws, regulations or other provisions of this Agreement.

  
 11 Applicable Law and Dispute Resolution
  
 	 11.1 
	 The Contract Law, the Company Law and other laws and regulations shall apply to the conclusion, effectiveness, interpretation, performance and dispute resolution of the Agreement. In case of any conflict between any content of this Agreement and laws and regulations, the provisions of laws and regulations shall prevail.

	  
	  

	 11.2
	 The Parties shall solve any dispute or claim arising from or relating to this Agreement thorough negotiation. If the Parties fail to reach an Agreement after negotiation within 30 days, both parties have the right to bring a lawsuit to the people’s court where the Agreement was signed.

  
 12 Modification, Alteration and Supplement 
  
 Modifications, changes, and supplements to this Agreement shall be carried out in written form after the two parties have reached an Agreement through consultation, and will become effective after being formally signed by both parties.
  
 13 Special Agreement
  
 Except in order to comply with relevant laws and regulations, the existence, content, and disclosure of this Agreement and announcements shall be subject to written approval and consent of Party B in advance.
  
 14 Effectiveness
  
 	 14.1
	 The Agreement is legally signed by both parties, submitted to their respective board of directors or shareholders meeting for approval, and becomes effective after being approved by the company’s shareholders meeting.

	  
	  

	 14.2
	 This Agreement is in triplicate, each party holds one copy, and the third copy is kept in the company; several copies are used for approval and filing.

  
 15 Others
  
 	 15.1
	 Matters not covered in this Agreement shall be agreed upon by the parties to a supplementary Agreement.

	  
	  

	 15.2
	 The company will officially change its name to Yong Bai Chao New Retail Corp. (Stock Code: YBC)

  
 	 
	4
	

	 

  
 Transferor:
  
 Authorized Representative: 
  
 September 14, 2021 
  
 Transferee:
  
 Authorized Representative:
  
 September 14, 2021
  
 	 
	5

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