Document:

Point Acquisition Corporation - Exhibit 10.7 - Prepared By TNT Filings
Inc.

Exhibit 10.7 

EMPLOYMENT AGREEMENT 

(English Translation) 

Party A Henan Gengsheng Refractories Co., Ltd.               
Nature Foreign Invested Enterprise 

Address No.88 Gengsheng Avenue, Da Yugou Town, Gongyi City Henan Province,
Zip Code 451271 

Party B Bi, Zhenyong        
Gender: Male 

Present Address Jianxi District, Luoyang, Henan, P.R.China 

 

 

 

 

EMPLOYMENT AGREEMENT 

Party A Henan Gengsheng Refractories Co., Ltd. and
Party B Bi, Zhenyong , in order to establish employment relationship and
define their rights and obligations, hereby execute this Agreement in accordance
with the applicable provisions of the Labor Law of the People’s Republic of
China and other laws and regulations on the basis of equality and mutual
agreement. 

Article 1 Term of Contract and Probation Period 

The term of this Agreement shall be three years, from Jan.
1, 2007 through Dec. 31, 2009, during this period, there shall be a
probation period of ___ years ___ months, from ___ to ___. 

Article 2 Job Post and Duties 

1) Party A hires Party B as the Manager due to Party
A’s business need. Party A shall provide Party B with necessary work
environment. 

2) Party B shall at all times be subject to and comply with
Party A's policies, rules and procedures then in effect. Party B shall complete
his work assignment and meet the quality index according to the job and duties
defined by Party A. 

3) Party B’s job is to daily management of production and
operations of the Party A. 

4) Party A may change Party B's job or position due to Party
A's business need on the basis of mutual agreement and consent. 

Article 3 Work Conditions and Labor Protection 

1) Party A shall provide Party B with a work environment and
labor protection measures consistent with the national standard required by the
government. 

2) Party A shall provide Party B with a work environment and
labor protection measures consistent with the requirements of the national
government. 

3) Party B engaged in work with occupational hazards shall be
given physical examination once a year consistent with relevant national
regulations. 

4) Party A shall provide female workers and juvenile workers
with special protection in accordance with relevant national law and
regulations. 

5) During working, Party B shall strictly comply with safe
operation regulations, and have the right to refuse to follow orders if the
management personnel of Party A direct or force Party B to work in violation of
regulations, and to criticize, expose and accuse any acts endangering the safety
of their life and physical health. 

1

6) Party B shall not start on a job requiring special skills unless Party B
holds a Special Work Certificate after Party A’s professional training in
accordance with national regulation or Party B has held such a certificate. 

Article 4 Work Conditions and Labor Protection 

1) Party A shall implement a 8 hours work system. 

a) Party B’s work time defined by
Party A shall not be over 8 hours a day if an irregular work system is
implemented. In the event that Party A needs Party B to work overtime due to
special business needs, Party B shall not overwork for more than 3 hours a day
on precondition of Party B’s health being protected. 

b) Where a comprehensive or an
irregular working system approved by the labor administrative departments,
working time shall be executed in accordance with relevant national regulations.

2) Party B shall be entitled to legal rest specified by the
national government. 

3) Party B shall be entitled to legal holidays specified by
the national government. 

Article 5 Compensation 

1) In the event that Party B has accomplished the work
assigned by Party A, Party B’s salary shall be fully and timely issued at least
once a month by Party A in the designated currency, with the salary issuing date
being . 

2) Standard and way of Party A’s salary payment to Party B is
Annual Salary . 

3) Party B’s temporary month compensation of the probation
period shall be RMB . 

4) Party B’s salary issued by Party A shall comply with the
provincial government regulation on minimum salary. 

5) Party A shall gradually increase Party B’s salary level
upon the economic performance being enhanced. 

6) In the event that Party A needs Party B to work overtime
due to business needs out of legally designated working time, and with Party B
has finished the norm work and / or work assignment, Party A shall provide Party
B with compensation in accordance with the national laws and regulations. 

Article 6 Labor Insurance, Welfare and Benefits 

1) Parties shall fully pay relevant social insurance to designated
authorities on Party B’s behalf in a timely manner in accordance with government
requirements. 

2) In the event of Party B’s job related injures, Party A shall provide Party
B compensation in accordance with government rule and regulation. 

3) Party B shall be treated by Party A according to Party A’s policy during
Party B’s pregnancy, maternal leave or breast-feeding period. 

4) Party B shall be entitled to other insurance and welfare in accordance
with national and local government regulations. 

Article 7 Labor Discipline 

2

1) Party A shall establish internal rules and regulations
strictly in accordance with relevant national laws and regulations. 

2) Party B shall strictly abide by the various rules and
regulations designated by Party A, as well as Party A’s management. 

3) Party B may be disciplined by Party A in accordance with
relevant rules and policies in the event that Party B violates rules and
regulations. 

Article 8 Termination of Employment Agreement 

1) This Agreement may be terminated upon its expiration. 

2) This Agreement may be terminated when Party B reaches his
or her retiring age stipulated by the laws. 

3) This Agreement may be terminated upon the occurrence of
any one of the circumstances designated by the Parties. 

Article 9 Amendment 

Upon the occurrence of any of the following circumstances,
the Parties may amend the relevant provisions of this Agreement:. 

1) Due to change of business scope or adjustment to business
operations; 

2) There have been changes of related laws, rules and
regulations, and governmental policies; 

3) Due to the force majeure, the Agreement can not be
executed; 

4) Party B is unable to perform the obligations under this
Agreement due to Party B’s health problem; 

5) There have been major changes to objective circumstances,
rendering it impossible to enforce the original Agreement. 

Article 10 Discharge of Obligations under the Agreement 

1) The obligations under the Agreement may be discharged upon
mutual consent of the Parties; 

2) Upon the occurrence of any one of the following
circumstances, Party A may terminate this Agreement at any time: 

a) Party B has not met the hiring
conditions during the probation period; 

b) Party B seriously violates the
rules and regulations of the Party A; 

c) Party B grossly neglects his
duties under this Agreement and is engaged in malpractice for personal gains,
causing substantial loss to Party A; 

d) Party B is held criminally liable.

3) Upon the occurrence of any one of the following
circumstances, Party A may terminate this Agreement with 30 days written notice
to Party B: 

a) In the event that Party B becomes
sick or suffers non-work related injuries, after Party B’s medical leave has
ended, Party B still cannot perform the work on the original duty or any other
work arranged by Party A; 

b) Party B is incompetent, and still
remains incompetent even after training or even though Party B's duty has been
adjusted; 

3

c) The parties are not able to reach an agreement on amend
this Agreement after their consultations. 

4) Party A may terminate this Agreement when Party A is on
the verge of bankruptcy, subject to the reorganization process or under serious
operational loss. Party A shall declare the circumstances to the Labor Union or
all the staff members for their advice and report to the Labor Department at the
same time. 

5) Upon the occurrence of any one of the following
circumstances, Party A shall not terminate this Agreement pursuant to Sections
3) and 4) in Article 10: 

a) Party B is sick or injured and is
in designated medical treatment period. 

b) Party B is in pregnancy, maternal
leave or breast-feeding period; 

c) Other circumstances specified by
laws and regulations. 

6) In the event that Party B has professional disease or
suffers work related injuries, after Party B's medical treatment has ended,
Party B is completely or partially unable to perform the obligations under this
Agreement as per the judgment of county-level or above Labor Judgment
Commission, Party B shall be treated in accordance with the relevant state
regulations, and Party A shall not terminate this Agreement pursuant to Sections
3) and 4) in Article 10. 

7) Party B may terminate this Agreement at any time upon the
occurrence of any one of the following circumstances, but must give Party A 30
days written notice: 

a) Party B is in the probation
period; 

b) Party A forces Party B to perform
labor through force, threat or illegally restricts on Party B's personal
freedom; 

c) Party A fails to pay labor
compensation or provide required work conditions. 

Article 11 Other circumstances covenanted by the Parties (The
covenanted circumstances shall not conflict with relevant state laws and
regulations) 

________________________________. 

Article 12 Economic Compensation and Liability for Breach of
Contract 

1) In the event that Party A terminates this Agreement
pursuant to Section a), b), c) and d) of Article 10, Party A shall give Party B
economic compensation in accordance with regulations of Economic Compensation
Measures on Breaching and Discharging Employment Contract issued by the
State Labor Department. 

2) Upon the
occurrence of any one of the following circumstances, Party A shall give Party B
economic compensation consistent with regulations of Economic Compensation
Measures on Breaking and Discharging Employment Contract and Compensation
Measures of Illegally Reaching and Discharging Employment Contract issued by
the State Labor Department: 

4

a) Party A reduces or delays payment of Party B’s
salary intentionally; 

b) Party A refuses to pay Party B for Party B’s
overtime work; 

c) Party A pays Party B a salary lower than the
minimum local salary; 

d) Party A does not give Party B economic
compensation in accordance with state regulations after the employment agreement
is terminated; 

e) Party A violates state laws and regulations on
protection of female workers and juvenile workers and infringes Party B’s legal
interests causing substantial loss to Party B; 

f) Party A terminates the Agreement without
legitimate reasons specified by relevant laws and regulations, or breach the
confidentiality obligations defined in this Agreement causing substantial loss
to Party B. 

Article 13 Labor Disputes 

When a labor dispute between the parties arises during the
term of this Agreement, the Parties may seek for a settlement through
consultation; or either party may submit the dispute to a labor dispute
mediation committee of the mediation; if the mediation fails and one of the
parties requests for arbitration, that party may submit the dispute to the labor
dispute arbitration committee. Either party may also directly submit the dispute
to the labor dispute arbitration committee for arbitration within 60 days
following the date of the occurrence of a labor dispute. If one of the parties
is not satisfied with the arbitral award, the party may bring the case to a
court with jurisdiction within 15 days of the date of receiving the arbitral
award. 

Article 14 Party B shall be compensated no less favorable than the
compensation provided in the collective contract of Party A. 

Article 15 Relevant laws and regulations shall apply to circumstances not
covered by this Agreement. 

Article 16 Party A and Party B shall each hold one original copy of this
Agreement. This Agreement will be invalid in case of any alteration or being
signed without authorization.

Article 17 The renewal date of this Agreement is in January of each
year. Party B shall give Party A a 30-day written notice if Party B decides not
to extend the Agreement. 

	Party A	(Signature)	Party B	(Signature)
	 	 	 	 
	Henan
    Gengsheng Refractories Co., Ltd.	/s/
    Zhenyong Bi
	(Corporate
    Seal)	 	 
	 	 	 	 
	Date: 
    January 1, 2007	 	 

5Point Acquisition Corporation - Exhibit 10.8 - Prepared By TNT Filings
Inc.

Exhibit 10.8 

EMPLOYMENT AGREEMENT 

(English Translation) 

Party A Henan Gengsheng Refractories Co., Ltd.               
Nature Foreign Invested Enterprise 

Address No.88 Gengsheng Avenue, Da Yugou Town, Gongyi City Henan Province,
Zip Code 451271 

Party B Hu, Bo        
Gender: Male 

Present Address No. 17. Zhengtong Road, Da Yugou Town, Gongyi City, Henan
Province Zip code 451271

 

 

 

 

EMPLOYMENT AGREEMENT 

Party A Henan Gengsheng Refractories Co., Ltd. and
Party B Hu, Bo, in order to establish employment relationship and
define their rights and obligations, hereby execute this Agreement in accordance
with the applicable provisions of the Labor Law of the People’s Republic of
China and other laws and regulations on the basis of equality and mutual
agreement. 

Article 1 Term of Contract and Probation Period 

The term of this Agreement shall be three years, from Jan.
1, 2007 through Dec. 31, 2009, during this period, there shall be a
probation period of ___ years ___ months, from ___ to ___. 

Article 2 Job Post and Duties 

1) Party A hires Party B as the Vice-Manager due to Party
A’s business need. Party A shall provide Party B with necessary work
environment. 

2) Party B shall at all times be subject to and comply with
Party A's policies, rules and procedures then in effect. Party B shall complete
his work assignment and meet the quality index according to the job and duties
defined by Party A. 

3) Party B’s job is to daily management of production and
operations of the Party A. 

4) Party A may change Party B's job or position due to Party
A's business need on the basis of mutual agreement and consent. 

Article 3 Work Conditions and Labor Protection 

1) Party A shall provide Party B with a work environment and
labor protection measures consistent with the national standard required by the
government. 

2) Party A shall provide Party B with a work environment and
labor protection measures consistent with the requirements of the national
government. 

3) Party B engaged in work with occupational hazards shall be
given physical examination once a year consistent with relevant national
regulations. 

4) Party A shall provide female workers and juvenile workers
with special protection in accordance with relevant national law and
regulations. 

5) During working, Party B shall strictly comply with safe
operation regulations, and have the right to refuse to follow orders if the
management personnel of Party A direct or force Party B to work in violation of
regulations, and to criticize, expose and accuse any acts endangering the safety
of their life and physical health. 

1

6) Party B shall not start on a job requiring special skills unless Party B
holds a Special Work Certificate after Party A’s professional training in
accordance with national regulation or Party B has held such a certificate. 

Article 4 Work Conditions and Labor Protection 

1) Party A shall implement a 8 hours work system. 

a) Party B’s work time defined by
Party A shall not be over 8 hours a day if an irregular work system is
implemented. In the event that Party A needs Party B to work overtime due to
special business needs, Party B shall not overwork for more than 3 hours a day
on precondition of Party B’s health being protected. 

b) Where a comprehensive or an
irregular working system approved by the labor administrative departments,
working time shall be executed in accordance with relevant national regulations.

2) Party B shall be entitled to legal rest specified by the
national government. 

3) Party B shall be entitled to legal holidays specified by
the national government. 

Article 5 Compensation 

1) In the event that Party B has accomplished the work
assigned by Party A, Party B’s salary shall be fully and timely issued at least
once a month by Party A in the designated currency, with the salary issuing date
being . 

2) Standard and way of Party A’s salary payment to Party B is
Annual Salary . 

3) Party B’s temporary month compensation of the probation
period shall be RMB . 

4) Party B’s salary issued by Party A shall comply with the
provincial government regulation on minimum salary. 

5) Party A shall gradually increase Party B’s salary level
upon the economic performance being enhanced. 

6) In the event that Party A needs Party B to work overtime
due to business needs out of legally designated working time, and with Party B
has finished the norm work and / or work assignment, Party A shall provide Party
B with compensation in accordance with the national laws and regulations. 

Article 6 Labor Insurance, Welfare and Benefits 

1) Parties shall fully pay relevant social insurance to designated
authorities on Party B’s behalf in a timely manner in accordance with government
requirements. 

2) In the event of Party B’s job related injures, Party A shall provide Party
B compensation in accordance with government rule and regulation. 

3) Party B shall be treated by Party A according to Party A’s policy during
Party B’s pregnancy, maternal leave or breast-feeding period. 

4) Party B shall be entitled to other insurance and welfare in accordance
with national and local government regulations. 

Article 7 Labor Discipline 

2

1) Party A shall establish internal rules and regulations
strictly in accordance with relevant national laws and regulations. 

2) Party B shall strictly abide by the various rules and
regulations designated by Party A, as well as Party A’s management. 

3) Party B may be disciplined by Party A in accordance with
relevant rules and policies in the event that Party B violates rules and
regulations. 

Article 8 Termination of Employment Agreement 

1) This Agreement may be terminated upon its expiration. 

2) This Agreement may be terminated when Party B reaches his
or her retiring age stipulated by the laws. 

3) This Agreement may be terminated upon the occurrence of
any one of the circumstances designated by the Parties. 

Article 9 Amendment 

Upon the occurrence of any of the following circumstances,
the Parties may amend the relevant provisions of this Agreement:. 

1) Due to change of business scope or adjustment to business
operations; 

2) There have been changes of related laws, rules and
regulations, and governmental policies; 

3) Due to the force majeure, the Agreement can not be
executed; 

4) Party B is unable to perform the obligations under this
Agreement due to Party B’s health problem; 

5) There have been major changes to objective circumstances,
rendering it impossible to enforce the original Agreement. 

Article 10 Discharge of Obligations under the Agreement 

1) The obligations under the Agreement may be discharged upon
mutual consent of the Parties; 

2) Upon the occurrence of any one of the following
circumstances, Party A may terminate this Agreement at any time: 

a) Party B has not met the hiring
conditions during the probation period; 

b) Party B seriously violates the
rules and regulations of the Party A; 

c) Party B grossly neglects his
duties under this Agreement and is engaged in malpractice for personal gains,
causing substantial loss to Party A; 

d) Party B is held criminally liable.

3) Upon the occurrence of any one of the following
circumstances, Party A may terminate this Agreement with 30 days written notice
to Party B: 

a) In the event that Party B becomes
sick or suffers non-work related injuries, after Party B’s medical leave has
ended, Party B still cannot perform the work on the original duty or any other
work arranged by Party A; 

b) Party B is incompetent, and still
remains incompetent even after training or even though Party B's duty has been
adjusted; 

3

c) The parties are not able to reach an agreement on amend
this Agreement after their consultations. 

4) Party A may terminate this Agreement when Party A is on
the verge of bankruptcy, subject to the reorganization process or under serious
operational loss. Party A shall declare the circumstances to the Labor Union or
all the staff members for their advice and report to the Labor Department at the
same time. 

5) Upon the occurrence of any one of the following
circumstances, Party A shall not terminate this Agreement pursuant to Sections
3) and 4) in Article 10: 

a) Party B is sick or injured and is
in designated medical treatment period. 

b) Party B is in pregnancy, maternal
leave or breast-feeding period; 

c) Other circumstances specified by
laws and regulations. 

6) In the event that Party B has professional disease or
suffers work related injuries, after Party B's medical treatment has ended,
Party B is completely or partially unable to perform the obligations under this
Agreement as per the judgment of county-level or above Labor Judgment
Commission, Party B shall be treated in accordance with the relevant state
regulations, and Party A shall not terminate this Agreement pursuant to Sections
3) and 4) in Article 10. 

7) Party B may terminate this Agreement at any time upon the
occurrence of any one of the following circumstances, but must give Party A 30
days written notice: 

a) Party B is in the probation
period; 

b) Party A forces Party B to perform
labor through force, threat or illegally restricts on Party B's personal
freedom; 

c) Party A fails to pay labor
compensation or provide required work conditions. 

Article 11 Other circumstances covenanted by the Parties (The
covenanted circumstances shall not conflict with relevant state laws and
regulations) 

________________________________. 

Article 12 Economic Compensation and Liability for Breach of
Contract 

1) In the event that Party A terminates this Agreement
pursuant to Section a), b), c) and d) of Article 10, Party A shall give Party B
economic compensation in accordance with regulations of Economic Compensation
Measures on Breaching and Discharging Employment Contract issued by the
State Labor Department. 

2) Upon the
occurrence of any one of the following circumstances, Party A shall give Party B
economic compensation consistent with regulations of Economic Compensation
Measures on Breaking and Discharging Employment Contract and Compensation
Measures of Illegally Reaching and Discharging Employment Contract issued by
the State Labor Department: 

4

a) Party A reduces or delays payment of Party B’s
salary intentionally; 

b) Party A refuses to pay Party B for Party B’s
overtime work; 

c) Party A pays Party B a salary lower than the
minimum local salary; 

d) Party A does not give Party B economic
compensation in accordance with state regulations after the employment agreement
is terminated; 

e) Party A violates state laws and regulations on
protection of female workers and juvenile workers and infringes Party B’s legal
interests causing substantial loss to Party B; 

f) Party A terminates the Agreement without
legitimate reasons specified by relevant laws and regulations, or breach the
confidentiality obligations defined in this Agreement causing substantial loss
to Party B. 

Article 13 Labor Disputes 

When a labor dispute between the parties arises during the
term of this Agreement, the Parties may seek for a settlement through
consultation; or either party may submit the dispute to a labor dispute
mediation committee of the mediation; if the mediation fails and one of the
parties requests for arbitration, that party may submit the dispute to the labor
dispute arbitration committee. Either party may also directly submit the dispute
to the labor dispute arbitration committee for arbitration within 60 days
following the date of the occurrence of a labor dispute. If one of the parties
is not satisfied with the arbitral award, the party may bring the case to a
court with jurisdiction within 15 days of the date of receiving the arbitral
award. 

Article 14 Party B shall be compensated no less favorable than the
compensation provided in the collective contract of Party A. 

Article 15 Relevant laws and regulations shall apply to circumstances not
covered by this Agreement. 

Article 16 Party A and Party B shall each hold one original copy of this
Agreement. This Agreement will be invalid in case of any alteration or being
signed without authorization.

Article 17 The renewal date of this Agreement is in January of each
year. Party B shall give Party A a 30-day written notice if Party B decides not
to extend the Agreement. 

	Party A	(Signature)	Party B	(Signature)
	 	 	 	 
	Henan
    Gengsheng Refractories Co., Ltd.	/s/
    Bo Hu
	(Corporate
    Seal)	 	 
	 	 	 	 
	Date: 
    January 1, 2007	 	 

5

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