Document:

Unassociated Document

     

    

      [THE
        KNOT
        LOGO]

      

      August
        7,
        2008

      

      Mr.
        Jeremy Lechtzin

      

      Re:
        Terms
        of Employment

      

      Dear
        Jeremy:

      

      It
        gives
        me great pleasure to confirm the terms by which The Knot, Inc. will continue
        your employment under the new title Senior
        Vice President, General Counsel and Secretary,
        reporting to the Chief Executive Officer. Upon your designation by the Board
        of
        Directors, you will serve as an executive officer of The Knot. 

       

      The
        terms
        of this agreement will be effective upon approval of the Compensation Committee
        of the Board of Directors. This agreement supersedes the terms contained
        in your
        offer of employment dated April 26, 2007.

       

      Compensation
        Terms

       

      Base
        Salary

       

      Your
        annualized salary rate is $235,000 (“Base Salary”), which will be paid
        semi-monthly, on the 15th and on the last workday of the month. With respect
        to
        your Base Salary for 2009 and thereafter, the Compensation Committee shall
        review your performance and Base Salary annually for potential increases.
        Your
        Base Salary will be subject to withholding of income, social security and
        employment taxes in accordance with The Knot’s normal practices.

       

      Incentive
        Bonus

       

      For
        2008,
        you will be eligible to receive a cash bonus at the discretion of the Chief
        Executive Officer. With respect to 2009 and thereafter, you will be eligible
        to
        earn an annual cash incentive bonus expressed as a percentage of Base Salary.
        Each year, your target and maximum bonus opportunities will be set by the
        Compensation Committee. The amount of your actual bonus will be determined
        according to your achievement of certain performance criteria established
        by the
        Compensation Committee. The incentive bonus will be conditioned upon the
        other
        terms and conditions of the incentive compensation program for executive
        officers, as may be in effect from time to time, and is payable within thirty
        (30) days following the completion of The Knot’s annual audit and approval by
        the Compensation Committee. The incentive bonus is not guaranteed and is
        completely discretionary; you may receive an incentive bonus in one year
        but not
        the next.

       

      Restricted
        Stock Grant

       

      You
        will
        receive a restricted stock grant of 25,000 shares, which will vest over a
        four-year term, with the first 25% of the grant vesting on the first anniversary
        of the grant date, and the balance of the grant vesting in equal annual
        installments thereafter. The restricted stock grant will be made as soon
        as
        possible following the effective date of this agreement, and will be subject
        to
        the standard terms and conditions of The Knot’s 1999 Stock Incentive Plan and a
        restricted stock agreement between you and The Knot. Your restricted stock
        agreement will provide that
        if
The
        Knot
        is acquired by merger, asset sale or sale of more than 50% of its voting
        securities by the stockholders (in each case in accordance with the definition
        of “change in control” under the Stock Incentive Plan), in addition to those
        shares of restricted stock that have previously vested before such change
        in
        control in accordance with the regular vesting schedule, an amount of shares
        of
        restricted stock shall vest upon such event equal to the greater of (1) the
        shares of restricted stock that would otherwise have vested during the one
        year
        period following the change in control, and (2) 50% of the shares of restricted
        stock that are not vested on the date of the change in control.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

        
          Mr.
            Jeremy Lechtzin

          August
            7,
            2008

          Page
            2

        

         

      

      Other
        Compensation

       

      You
        will
        be eligible to participate in future incentive compensation programs for
        executive officers, if and when such programs are established by the
        Compensation Committee of the Board of Directors, at a level commensurate
        with
        your position at the time awards are granted and on the same general terms
        and
        conditions as apply to the other executive officers of The Knot. Without
        limiting the foregoing, your participation in future equity grant programs
        made
        available to executive officers will not be reduced as compared to other
        executive officers because of your restricted stock grant made pursuant to
        this
        agreement. In addition, in no event will the terms of equity awards granted
        to
        you (including your restricted stock grant made pursuant to this agreement)
        with
        respect to accelerated vesting upon a “change in control” be less favorable than
        the terms made available to any other executive officer, and The Knot will
        cause
        any award to be modified if and as necessary to carry out this
        provision.

       

      Severance

       

      If
        your
        employment is involuntarily terminated without cause by The Knot or a successor
        entity, or if you resign for “Good Reason,” you shall receive a lump-sum payment
        equal to your annualized Base Salary, at your rate of pay in effect immediately
        prior to such termination or resignation, and for 12 months after such
        termination or resignation receive all benefits (other than vesting of any
        equity award) that were associated with your employment immediately prior
        to
        such termination or resignation (to the extent and at such levels that these
        benefits remain available to employees of The Knot generally during such
        12-month period). The Knot shall pay the lump-sum payment in connection with
        an
        involuntary termination without cause upon such termination, and the lump-sum
        payment in connection with a Good Reason resignation within 10 business days
        of
        the end of the Cure Period, as defined below.

       

      An
        involuntary termination “without cause” shall mean a termination of employment
        other than for death, disability, termination for Cause or any resignation
        by
        you other than a resignation for Good Reason. “Cause” shall mean (1) your
        willful failure to perform the principal elements of your duties to The Knot
        or
        any of its subsidiaries, which failure is not cured within 20 days following
        written notice to you specifying the conduct to be cured, (2) your conviction
        of, or plea of nolo contendere to, a felony (regardless of the nature of
        the
        felony) or any other crime involving dishonesty, fraud, or moral turpitude,
        (3)
        your gross negligence or willful misconduct (including but not limited to
        acts
        of fraud, criminal activity or professional misconduct) in connection with
        the
        performance of your duties and responsibilities to The Knot or any of its
        subsidiaries, (4) your failure to substantially comply with the rules and
        policies of The Knot or any of its subsidiaries governing employee conduct
        or
        with the lawful directives of the Board of Directors of The Knot, or (5)
        your
        breach of any non-disclosure, non-solicitation, non-competition or other
        restrictive covenant obligations to The Knot or any of its subsidiaries.
“Good
        Reason” shall mean (1) any reduction of your Base Salary, (2) the relocation of
        your principal place of business outside of New York City, or (3) the material
        diminution of your responsibilities or authority, any reduction of your title
        or
        any change in the reporting structure set forth in the first paragraph hereof,
        provided, however, that no Good Reason shall exist if you have not given
        written
        notice to The Knot within ninety (90) days of the initial existence of the
        Good
        Reason condition(s) and until The Knot has had thirty (30) days to cure such
        event (the “Cure Period”) after the date on which you give The Knot written
        notice specifying such event in specific detail before such event permits
        you to
        terminate your employment for Good Reason.

      
         

        
          
             

          

          
             

            
              

            

          

          
             

          

          
            Mr.
              Jeremy Lechtzin

            August
              7,
              2008

            Page
              3

             

          

        

      

      Benefits
        and Other Terms

       

      Benefits
        and Expenses

       

      You
        will
        continue to participate in The Knot benefits program as in effect on the
        date
        hereof. You will be eligible for 15 vacation days per year. A full description
        of your benefits is contained in official plan documents that are available
        to
        you. Please be advised that The Knot reserves the right to amend, change
        and
        terminate its policies, programs and employee benefit plans at any time during
        your employment.

       

      At-Will
        Employment

       

      Please
        understand that your employment will be “at will,” meaning that either you or
        The Knot may terminate the relationship at any time, with or without cause
        or
        notice. Please also note that The Knot reserves the right to revise, supplement,
        or rescind any of its policies, practices, and procedures (including those
        described in the Employee Handbook) as it deems appropriate in its sole and
        absolute discretion.

       

      

      Compliance
        With Section 409A of the Internal Revenue Code

       

      The
        intent of the parties is that payments and benefits under this agreement
        comply
        with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
        and the regulations and guidance promulgated thereunder (collectively, “Section
        409A”), and, accordingly, to the maximum extent permitted, this agreement shall
        be interpreted to be in compliance therewith. If you notify The Knot (with
        specificity as to the reason therefor) that you believe that any provision
        of
        this agreement (or of any award of compensation, including equity compensation
        or benefits) would cause you to incur any additional tax or interest under
        Section 409A and The Knot concurs with such belief or The Knot (without any
        obligation whatsoever to do so) independently makes such determination, The
        Knot
        shall, after consulting with you, reform such provision to try to comply
        with
        Section 409A through good faith modifications to the minimum extent reasonably
        appropriate to conform with Section 409A. To the extent that any provision
        hereof is modified in order to comply with Section 409A, such modification
        shall
        be made in good faith and shall, to the maximum extent reasonably possible,
        maintain the original intent and economic benefit to you and The Knot of
        the
        applicable provision without violating the provisions of Section
        409A.

       

      A
        termination of employment shall not be deemed to have occurred for purposes
        of
        any provision of this agreement providing for the payment of any amounts
        or
        benefits upon or following a termination of employment unless such termination
        is also a “separation from service” within the meaning of Section 409A and, for
        purposes of any such provision of this agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service.”
If you are deemed on the date of termination to be a “specified employee” within
        the meaning of that term under Section 409A(a)(2)(B) of the Code, then with
        regard to any payment or the provision of any benefit that is specified as
        subject to this Section or that is otherwise considered deferred compensation
        under Section 409A payable on account of a “separation from service,” such
        payment or benefit shall be made or provided at the date which is the earlier
        of
        (A) the expiration of the six (6)-month period measured from the date of
        such
“separation from service” and (B) the date of your death (the “Delay Period”).
        Upon the expiration of the Delay Period, all payments and benefits delayed
        pursuant to this Section (whether they would have otherwise been payable
        in a
        single sum or in installments in the absence of such delay) shall be paid
        or
        reimbursed to you in a lump sum, and any remaining payments and benefits
        due
        under this agreement shall be paid or provided in accordance with the normal
        payment dates specified for them herein. For purposes of this agreement,
        the
        term “Separation Pay Limit” shall mean two (2) times the lesser of (A) your
        annualized compensation based on your annual rate of pay for your taxable
        year
        preceding the taxable year in which you have a “separation from service,” and
        (B) the maximum amount that may be taken into account under a tax qualified
        plan
        pursuant to Section 401(a)(17) of the Code for the year in which you incur
        a
“separation from service.”

      
         

        
          
             

          

          
             

            
              

            

          

          
             

          

          
            Mr.
              Jeremy Lechtzin

            August
              7,
              2008

            Page
              4

             

          

        

      

      All
        expenses or other reimbursements under this agreement shall be made on or
        prior
        to the last day of the taxable year following the taxable year in which such
        expenses were incurred by you (provided that if any such reimbursements
        constitute taxable income to you, such reimbursements shall be paid no later
        than March 15th of the calendar year following the calendar year in which
        the
        expenses to be reimbursed were incurred), and no such reimbursement or expenses
        eligible for reimbursement in any taxable year shall in any way affect the
        expenses eligible for reimbursement in any other taxable year.

       

      In
        the
        event that it is determined that any payment or distribution of any type
        to or
        for your benefit, whether paid or payable or distributed or distributable,
        pursuant to the terms of this agreement would be subject to the additional
        tax
        and interest imposed by Section 409A, or any interest or penalties with respect
        to such additional tax (such additional tax, together with any such interest
        or
        penalties, are collectively referred to as the “409A Tax”), then you shall be
        entitled to receive an additional payment (a “409A Tax Restoration Payment”) in
        an amount that shall fund the payment by you of any 409A Tax as well as all
        income taxes imposed on the 409A Tax Restoration Payment, any 409A Tax imposed
        on the 409A Tax Restoration Payment and any interest or penalties imposed
        with
        respect to taxes on the 409A Tax Restoration Payment or any 409A
        Tax.

       

      *  *  *  *  *

      
         

        
          
             

          

          
             

            
              

            

          

          
             

          

          
            Mr.
              Jeremy Lechtzin

            August
              7,
              2008

            Page
              5

          

        

      

      Please
        indicate your acceptance of these terms by returning the original signed
        and
        dated version of this agreement to my attention.

       

      Sincerely,

      

      /s/
        DAVID
        LIU

      

      David
        Liu

      Chief
        Executive Officer

      

      

      By
        signing, dating and returning this agreement, you accept our terms of
        employment.

      

      

        
          	
                  /s/
                    JEREMY LECHTZIN

                	
                  8/7/08

                
	
                  Jeremy
                    Lechtzin

                	
                  DateTERMINATION
      AND MUTUAL RELEASE AGREEMENT

     

    This
      TERMINATION AND MUTUAL RELEASE AGREEMENT (“Agreement”) is made and entered into
      effective as of November 3, 2008, by and between CHINA
      TEL GROUP, INC.,
      a
      Nevada corporation (“CHTL”), and ASIA
      SPECIAL SITUATION ACQUISITION CORPORATION,
      a
      Cayman Islands corporation (“ASSAC”). CHTL and ASSAC shall be individually
      referred to as a “Party” and collectively referred to herein as the
“Parties”.

    

    RECITALS

    

    WHEREAS,
      the
      Parties have entered into that certain Stock Purchase Agreement dated
      July 8, 2008 and as amended and restated as of August 4, 2008
      (collectively, the “Stock Purchase Agreement”);and

    

    WHEREAS,
      the Parties have entered into that certain Agreement and Plan of Merger, dated
      July 8, 2008 (the “Merger Agreement”); and

    

    WHEREAS,
      the
      Parties desire to terminate the Stock Purchase Agreement and to generally and
      mutually release each other from any and all claims one may have against the
      other, in accordance with the terms of this Agreement.

    

    NOW,
      THEREFORE,
      for the
      valuable consideration described herein, the adequacy of which is hereby
      expressly acknowledged, the Parties hereto hereby agree as follows:

     

    AGREEMENT

    

    1. Termination
      of Stock Purchase Agreement.
      The
      Parties hereto hereby mutually agree that the Stock Purchase Agreement and
      the
      Merger Agreement is hereby terminated. Neither Party shall be further obligated
      under the Stock Purchase Agreement and/or the Merger Agreement and there is
      no
      further expectation on the part of either Party that the other Party shall
      perform under the terms of the Stock Purchase Agreement and/or the Merger
      Agreement.

    

    EXHIBIT
      A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2. Release
      by CHTL.
      Except
      for the obligations created under this Agreement, CHTL hereby releases on its
      own behalf and on behalf of all of its affiliated companies, predecessors,
      successors, and assigns and any of its past or present officers, directors,
      employees, agents, managers, members, partners, shareholders, principals, or
      representatives, ASSAC and any of its predecessors, successors, and assigns
      and
      any of its past or present officers, directors, employees, agents, managers,
      members, partners, shareholders, principals, or representatives, from any and
      all rights, claims, liabilities, demands, actions, proceedings, causes of
      action, in law or in equity, by reason of any matter, event, cause or thing
      whatsoever, including, but not limited to the obligations of ASSAC under the
      Stock Purchase Agreement and/or the Merger Agreement.

    

    3. Release
      by ASSAC.
      Except
      for the obligations created under this Agreement, ASSAC hereby releases on
      its
      own behalf and on behalf of all of its predecessors, successors, and assigns
      and
      any of its past or present officers, directors, employees, agents, managers,
      members, partners, shareholders, principals, or representatives, CHTL and any
      of
      its affiliated companies, predecessors, successors, and assigns and any of
      its
      past or present officers, directors, employees, agents, managers, members,
      partners, shareholders, principals, or representatives, from any and all rights,
      claims, liabilities, demands, actions, proceedings, causes of action, in law
      or
      in equity, by reason of any matter, event, cause or thing whatsoever, including,
      but not limited to the obligations of CHTL under the Stock Purchase Agreement
      and/or the Merger Agreement.

    

    EXHIBIT
      A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    4. Section
      1542 Waiver.
      The
      Parties and each of them expressly waive all rights and benefits under Section
      1542 of the California Civil Code, or any similar provision under any other
      applicable state or federal law, which provides as follows:

    

    “A
      general release does not extend to claims which the creditor does not know
      or
      suspect to exist in his favor at the time of executing the release, which if
      known by him must have materially affected his settlement with the
      debtor.”

    

    Each
      of
      the Parties acknowledges that they have been advised by their respective
      attorneys concerning and are familiar with the above provisions of California
      Civil Code Section 1542.

    

    5. Entire
      Agreement.
      This
      Agreement constitutes the entire agreement and understanding between the Parties
      with respect to the settlement and compromise of the matters set forth herein.
      All prior and contemporaneous conversations, negotiations, possible and/or
      alleged agreements, representations, covenants and warranties between the
      parties hereto are merged herein. This Agreement may be changed only with the
      mutual written consent of all Parties.

    

    6. No
      Admission.
      Nothing
      in this Agreement is to be construed as an admission of wrongdoing or liability
      by any Party hereto, as such wrongdoing or liability is expressly denied, and
      no
      finding thereof has been made by any arbitrator, court or other tribunal. There
      are no allegations on the part of either Party of any wrongdoing or liability
      attributed to the actions or inactions of the other Party.

    

    7. Acknowledgement
      of Understanding and Legal Representation.
      Each
      Party hereto acknowledges that it has been represented by competent legal
      counsel of its own choosing, in connection with the negotiation, drafting,
      and
      execution of this Agreement. Accordingly, the language used in this Agreement
      will be deemed to be language chosen by all Parties hereto to express their
      mutual intent, and no rule of strict construction against any Party hereto
      will
      apply to any term or condition of this Agreement. Each Party represents and
      warrants that it has read and fully understands and agrees to all provisions
      contained herein, and that it has entered into this Agreement voluntarily as
      its
      free act and deed. Each of the undersigned Parties and their counsel has each
      reviewed this Agreement, and the rule of construction to the effect that any
      ambiguities are to be resolved against the drafting Party shall not be employed
      in the interpretation of the Agreement. Each Party further represents and
      warrants that its claims which are the subject of this Agreement have not been
      alienated or assigned to any person or entity not a Party to this Agreement
      and
      are not now nor ever have been at issue in any bankruptcy proceedings.

    

    EXHIBIT
      A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    8. Costs.
      Unless
      expressly set forth herein, the Parties agree that each Party will bear its
      own
      costs and attorneys’ fees with respect to this matter, including the costs and
      fees associated with the preparation and execution of this
      Agreement.

    

    9. Severance.
      Any
      provision of this Agreement that is prohibited or unenforceable shall be
      ineffective to the extent of such prohibition or unenforceability only, without
      invalidating the remaining provisions hereof.

    

    10. Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed to be one and the same instrument.

    

    11. Dispute
      Resolution.
      In the
      event of a dispute related to or arising from the terms of this Agreement,
      such
      dispute: (i) shall be resolved before the American Arbitration Association
      in
      Orange County, California; (ii) the prevailing Party shall be entitled to all
      attorneys fees and costs and (iii) the Parties agree that this Agreement shall
      be governed by, and construed and enforced in accordance with, the laws of
      the
      State of California, without regard to choice of law principles.

    

    EXHIBIT
      A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    12.Signatures.
      Each
      Party represents and warrants that the person signing this Agreement on its
      behalf is fully authorized and empowered to do so. Signatures provided by
      facsimile shall be deemed original signatures and shall be binding signatures
      in
      all respects.

    

    [This
      page intentionally left blank. Signature page to
      follow.]

    

    EXHIBIT
      A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement as of the date set forth at the
      beginning of this Agreement. 

    

    
      	
              CHTL

            	 	
              ASSAC

            
	 	 	 
	
              CHINA
                TEL GROUP, INC.,
                a
                Nevada corporation

            	 	
              ASIA
                SPECIAL SITUATON ACQUISITON CORP.,
                a
                Cayman Islands corporation

            
	 	 	 
	
              By

            	
              /s/
                George Alvarez

            	 	
              By

            	
              /s/
                Gary T. Hirst

            
	 	 	 	 	 
	 	
              George
                Alvarez 

            	 	 	
              Gary
                T. Hirst 

            
	 	
              Print
                Name

            	 	 	
              Print
                Name

            
	 	 	 	 	 	 	 
	 	
              Its

            	
              Chief
                Executive Officer

            	 	 	
              Its

            	
              President

            
	 	 	
              Title

            	 	 	 	
              Title

            

    

    

    EXHIBIT
      A

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