Document:

Exhibit
10.2                         

    

    CHINA
SLP FILTRATION TECHNOLOGY, INC.

    

    CHARTER
FOR THE COMPENSATION COMMITTEE

    OF

    THE
BOARD OF DIRECTORS

    

    Purpose

     

    China SLP
Filtration Technology, Inc. (the “Company”) established
a Compensation Committee (Committee) established to assist the Board of
Directors (the “Board”) in carrying
out its responsibilities relating to compensation of the Company’s directors,
executive officers, and employees.

     

    Committee Composition; Number and
Appointment.

     

    The
Committee shall be composed of two or more directors, who shall be appointed
annually and subject to removal at any time, by the Board of
Directors.

    

    Independence.

    

    Each
Committee member shall meet the independence requirements imposed by any stock
exchange or other marketplace on which the Company’s securities may be
listed.  No member of this Committee is to receive any compensation
from the Company other than the established Directors’ fees, options, and
expense reimbursement.

    

    Authority

    

    The
Committee has the power to conduct or authorize investigations into any matter
within its scope of responsibilities, and shall have unrestricted access to
Company management, employees and all information relevant to its
responsibilities. The Committee is empowered to engage compensation consultants,
legal experts and other advisors as it determines necessary to assist in
the evaluation of director, executive officer and employee compensation, and the
authority to determine the terms on which such consultants, legal
experts and other advisors is engaged.

     

    Specific
Responsibilities and Duties

     

    The
Committee shall perform the duties listed below and take such other action as it
determines reasonable, necessary or appropriate to carry out its
duties:

    

    
      	
               
      

            	
              •

            	
              Provide
      oversight and guidance for compensation and benefit philosophy for all
      employees of the Company;

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              •

            	
              Review
      and approve, at least annually, corporate goals and objectives
      relevant to CEO compensation, evaluate the CEO’s performance in light of
      those goals and objectives and have the sole authority to determine the
      CEO’s compensation level based on this evaluation. This includes salary,
      annual incentive and long-term incentive programs, whether stock, stock
      options or other equity-based incentive or cash, and determinations
      relating to the deductibility of compensation under Section 162(m) of the
      Internal Revenue Code of 1986;

            

    

     

    
      	
               
      

            	
              •

            	
              Review
      and approve other significant terms of employment for the
    CEO;

            

    

     

    
      	
               
      

            	
              •

            	
              Review
      and approve, at least annually, the compensation, including base
      salary and incentive awards and other significant terms of employment, for
      individuals reporting directly to the CEO and holding a position
      classified as Vice President or higher and any other officer of the
      Company who is subject to the reporting requirements of Section 16(a) of
      the Securities Exchange Act of 1934, as amended, such officers, together
      with the CEO being referred to as “Senior
  Management”;

            

    

     

    
      	
               
      

            	
              •

            	
              Review
      the performance of Senior
Management;

            

    

     

    
      	
               
      

            	
              •

            	
              Review
      and make recommendations to the Board with respect to incentive
      compensation plans and equity-based plans. The Committee will serve as the
      "Committee" established to administer equity-based and employee benefit
      plans, and as such will discharge any responsibilities imposed on the
      Committee under those plans, including making and authorizing grants, in
      accordance with the terms of those plans. The Committee may delegate to
      one or more executive officers the authority to make grants of stock
      options and stock awards to eligible individuals who are not executive
      officers and may revoke any such delegation of authority at any time. Any
      executive officer to whom the Committee grants such authority shall
      regularly report to the Committee grants so
  made;

            

    

     

    
      	
               
      

            	
              •

            	
              To
      the extent permitted by law or regulation, the Committee may form and
      delegate authority to subcommittees of at least two directors the
      authority to perform duties on its behalf including the authority to grant
      equity awards;

            

    

     

    
      	
               
      

            	
              •

            	
              Review
      and make recommendations to the Board on matters concerning directors’
      fees and other Board compensation
programs;

            

    

     

    
      	
               
      

            	
              •

            	
              Prepare
      a report on executive compensation for inclusion in the Company’s proxy
      statement, periodic reports or other filings in accordance with applicable
      rules and regulations.

            

    

     

    Other
Responsibilities

     

    
      	
               
      

            	
              •

            	
              Conduct
      an annual performance evaluation of the
  Committee.

            

    

     

    
      	
               
      

            	
              •

            	
              Take
      such further actions or provide such further advice and oversight as the
      full Board may from time to time delegate to the
  Committee.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Meetings

    

    The
Committee shall meet once per year, and may hold additional meetings as often as
may be necessary or appropriate, at the discretion of the Committee Chair. The
Company’s chief executive officer or other senior executive officer may request
that the Committee meet for a specific purpose. Meetings may be held in person
or by conference calls.

    

    The
Committee Chair may communicate with management or outside consultants and
advisors to review the agenda and solicit input on any additional topics that
should be covered. The Committee may request that members of management or
outside consultants and advisors of the Committee, be present to assist the
Committee in performing its duties.

    

    The
Committee should meet at least annually with the CEO, CFO, Director of Internal
Audit, and independent auditors separately to discuss any matter the Committee
or each of these groups believe should be discussed privately.

    

    Conduct
of Business

    

    All
meetings require the presence of a majority of the members of the Committee to
conduct business.  Each Committee member shall have one
vote.  All actions or determinations by the Committee must be by
majority vote of the members present.

    

    Attendance

    

    Members
of the Committee are expected to use reasonable efforts to attend each
meeting.  As necessary or desirable, the Committee Chair may request
that members of management, and such other persons as it deems appropriate in
order to carry out its responsibilities, to be present at meetings of the
Committee.

    

    Minutes

    

    Minutes
of each meeting shall be prepared under the direction of the Committee Chair and
circulated to Committee members for review and approval and then circulated to
the directors who are not members of the Committee. Copies are to be made
available to the Company’s independent auditors and lawyers upon
request.

    

    This
Charter is intended to provide a set of guidelines for the effective functioning
of the Committee. Accordingly, the Committee will review and reassess the
adequacy of this Charter. The Committee may modify or amend this Charter and the
authority and responsibilities of the Committee as necessary at any time subject
to Board approval.Exhibit
10.3                              

    

    CHINA
SLP FILTRATION TECHONLOGY, INC.

    CHARTER
OF

    THE
NOMINATING COMMITTEE

    OF
THE BOARD OF DIRECTORS

    

    I.
STATEMENT OF POLICY

    

    This
Charter specifies the scope of the responsibilities of the Nominating Committee
(the “Committee”) of the Board of Directors of China SLP Filtration Technology,
Inc. (the “Company”) and how the Committee carries out those responsibilities,
including its organization and membership requirements.

    

    The
primary responsibilities of the Committee are to: (i) develop and recommend to
the Board criteria for selecting qualified director candidates; (ii) identify,
review and evaluate individuals qualified to become Board members; (iii)
consider committee member qualifications, appointment and removal; and (iv)
assist the Board in its annual reviews of the performance of the Board, each
committee and management.

    

    II.
ORGANIZATION AND MEMBERSHIP REQUIREMENTS

    

    The
Committee shall be comprised of two or more directors, each of whom shall meet
the independence and experience criteria established by the rules of
NASDAQ.  The members of the Committee shall be appointed and may be
removed or replaced by the Board.  Unless the Board elects a
chairperson, the members of the Committee may designate a chairperson by
majority vote of the full Committee membership. The Committee may delegate
duties or responsibilities to subcommittees or to one member of the Committee
from time to time.  A majority of the members present shall represent
a quorum of the Committee, and, if a quorum is present, any action approved by
at least a majority of the members present shall represent the valid action of
the Committee.

    

    The
Committee may take action by written or electronic consent, provided that any
such action, to be effective, must be unanimously approved by the members of the
Committee. Actions taken by written or electronic consent shall be deemed
effective on the date specified in the consent, or, if the consent is silent as
to the effective date, the date on which the last of the members executes such
written consent.

    

    The
Committee shall have the authority to obtain advice or assistance from
consultants, legal counsel, accounting or other advisors as needed to perform
its duties hereunder, and to determine the terms, costs and fees for such
engagements. Without limitation, the Committee shall have sole authority to
retain or terminate any search firm to be used to identify director candidates
and to determine and approve the terms, costs and fees for such engagements. The
fees and costs of any consultant or advisor engaged by the Committee to perform
its duties hereunder shall be borne by the Company.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    III.
MEETINGS

    

    The
Committee shall meet from time to time as it deems necessary to fulfill its
responsibilities
hereunder, and may meet with management and directors at any time it deems
appropriate to discuss any matters before the Committee. The Committee shall
record minutes of the proceedings of all Committee meetings.

    

    IV.
COMMITTEE AUTHORITY AND RESPONSIBILITY

    

    To
fulfill its responsibilities and duties hereunder, the Nominating Committee
shall:

    

    
      	
              ·

            	
              evaluate
      the current composition of the Board of Directors and its Committees, and
      determine future requirements for director candidates. The Committee shall
      have the exclusive authority to make recommendations to the Board for
      approval for the election of new members to the
  Board.

            

    

    
      	
              ·

            	
              determine
      the Board’s criteria for selecting new directors, including desired board
      skills and attributes, and actively seek prospective individuals qualified
      to become board members.

            

    

    
      	
              ·

            	
               adopt and
      maintain a policy concerning the director nomination
    process.

            

    

    
      	
              ·

            	
              adopt
      a policy concerning the consideration of director candidates recommended
      by stockholders.

            

    

    
      	
              ·

            	
              consider
      stockholder nominees for election to the
Board.

            

    

    
      	
              ·

            	
              evaluate
      and propose nominations for election to the Board; except that if the
      Company is at any time legally required by contract or otherwise to
      provide any third party with the ability to nominate a director, the
      Committee need not evaluate or propose such nomination, unless required by
      contract or requested by the Board.

            

    

    
      	
              ·

            	
              review
      and make recommendations to the Board concerning membership of Board
      committees.

            

    

    
      	
              ·

            	
              seek
      input from the Compensation Committee, and then review and make
      recommendations to the Board concerning Board and Committee compensation
      and director retirement policies.

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