Document:

FIRST
AMENDMENT

    TO

    EMPLOYMENT
CONTRACT

     

    WHEREAS,
SUN LINE INDUSTRIAL LIMITED (the “Company”) has entered into an employment
agreement (the “Agreement”) with CHIN HIEN TAN (the “Executive”), dated February
4, 2010;

     

    WHEREAS,
the Company is a wholly-owned subsidiary of Plastec International Holdings
Limited (“Plastec”);

     

    WHEREAS,
GSME ACQUISITION PARTNERS I (“GSME”) and Plastec have entered into an Amended
and Restated Agreement and Plan of Reorganization, dated September 13, 2010, as
amended on December 9, 2010 (“Merger Agreement”), pursuant to which Plastec will
become a wholly-owned subsidiary of GSME (the “Merger”) and as a result of the
Merger, the Company will become an indirect wholly-owned subsidiary of
GSME;

     

    WHEREAS,
the Company and the Executive desire to amend the Agreement in connection with
the Merger;

     

    NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants and
conditions set forth herein and the performance of each, the parties hereby
agree to amend the Agreement as follows:

     

    
      	
              1.

            	
              Section
      I, “Position,” is hereby deleted in its entirety and replaced with the
      following:

            

    

    

    
      	
              1.
      Position :

            	 
      	
              Executive
      shall serve as General Manager of the Company. The Executive will also
      serve as Chief Operating Officer of GSME and such other positions as now
      or hereafter held with other subsidiaries of Plastec. Executive hereby
      agrees to devote his full business time, attention and efforts to promote
      and further the business of Plastec and its subsidiaries, including the
      Company (collectively, the “Plastec Group”) and not to be engaged in any
      other business activity pursued for gain, profit or other pecuniary
      advantage without the prior written consent of the Board of Directors of
      GSME (the “Board”).

            

    

     

    
      	
              2.

            	
              Section
      5, “Termination,” is hereby deleted in its entirety and replaced with the
      following:

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
              5.
      Termination :

            	
              This
      Agreement shall terminate on the third anniversary of the closing of the
      Merger, subject to earlier termination as provided
  herein:

            
	 
      	 
      
	 
      	
              (a)  Death. The
      death of Executive shall immediately terminate this
    Agreement.

            
	 
      	 
      
	 
      	
              (b)
      Disability. If,
      as a result of Executive’s incapacity due to physical or mental illness,
      Executive shall not have performed his duties hereunder on a full-time
      basis for ninety (90) days or more in any one hundred twenty (120) day
      period, Executive’s employment under this Agreement may be terminated by
      the Company upon thirty (30) days written notice if Executive is unable to
      resume his full time duties at the conclusion of such notice
      period.

            
	 
      	 
      
	 
      	
              (c)
      Termination by the
      Company.

            
	 
      	 
      
	 
      	
              (i)     For Cause. The Company
      may terminate this Agreement immediately upon written notice to Executive
      for cause, which shall be: (1) Executive’s conviction of, or plea of nolo contendere to, a
      felony or other crime involving moral turpitude; (2) Executive’s breach of
      any fiduciary duty owed to the Company or Plastec or their affiliates, or
      breach of the provisions of Section 14 or Section 18 hereof, (3) any other
      material breach by Executive of this Agreement that is not cured within
      ten (10) days of written notice to Executive, or (4) Executive’s
      commission of (A) any act of willful dishonesty or fraud, (B) any act of
      embezzlement or other misappropriation of Company assets, or (C) gross
      negligence or intentional nonperformance of duties, so long as such breach
      or matter is not corrected or cured to the Company’s reasonable
      satisfaction within ten (10) days of notice to Executive
      thereof.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	 
      	
              (ii)    Without Cause. In
      addition to the provisions of Section 5(c)(i), the Company may, at any
      time, terminate this Agreement upon giving ninety (90) days’ written
      notice to Executive, if such termination is approved by a majority of the
      Board.

            
	 
      	 
      
	 
      	
              (d)  Termination by Executive.
      Executive may terminate this Agreement (A) for cause immediately
      upon giving written notice to the Company for cause in the event of (1) a
      material breach by the Company of the terms of this Agreement, (2) the
      duties with which the Board has assigned Executive are no longer
      commensurate with his position as the General Manager of the Company or
      Chief Operating Officer of GSME in tandem with other positions/offices
      incidental thereto, or (3) a material change in the aggregate benefits
      provided to Executive (other than reductions in benefits which apply to
      all employees of the Company, generally); or (B) without cause, at any
      time, upon giving ninety (90) days’ written notice to the
      Company.

            
	 
      	 
      
	 
      	
              (e)  Payment Through Termination.
      Upon termination of this Agreement (A) for reasons specified in
      Section 5(a) or (b) or by the Company for cause pursuant to Section
      5(c)(i) or by Executive without cause pursuant to Section 5(d)(B),
      Executive (or Executive’s estate, as applicable) shall be entitled to
      receive all benefits and reimbursements accrued right up to and due
      through the effective date of termination and all other rights and
      obligations under this Agreement shall cease as of the effective date of
      termination; (B) by the Company without cause pursuant to Section 5(c)(ii)
      or by Executive for cause pursuant to Section 5(d)(A), aside from
      entitling to receive all benefits and reimbursements accrued right up to
      and due through the effective date of termination, Executive shall
      nevertheless be entitled to receive all applicable compensation and
      benefits (including bonuses and such other executive perquisites) which
      would have been accrued to him with respect to the unexpired term of this
      Agreement as if his employment had never been terminated prematurely. In
      any event, Executive’s obligations under Sections 14, 18 and 19 shall
      survive termination in accordance with their
  terms.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              3. 

            	
              The
      Agreement is hereby amended to add the following new Section
      18:

            

    

    

    
      	
              18.
      Non-Competition :

            	
              (a)  Executive
      shall not during the period of his employment by the Company and for a
      continuous period of 1 year after cessation of his employment with the
      Company for whatever reason, for himself or on behalf of, or in
      conjunction with, any other person, persons, company, partnership, limited
      liability company, corporation or business of whatever
    nature:

            
	 
      	 
      
	 
      	
              (i)   engage (as an
      officer, director, manager, member, shareholder, owner, partner, joint
      venturer, trustee, or in a managerial capacity, whether as an employee,
      independent contractor, agent, consultant or advisor, or as a sales
      representative) in any entity that designs, researches, develops, markets,
      sells or licenses products or services that are substantially similar to
      or competitive with the business of the Plastec Group from time to time or
      as at the date of cessation of Executive’s employment with the
      Company,

            
	 
      	
              (ii)        
      call upon any person who is at that time, or within the preceding twelve
      (12) months has been, an employee of the Plastec Group, for the purpose,
      or with the intent, of enticing such employee away from, or out of, the
      employ of the Plastec Group or for the purpose of hiring such person for
      Executive or any other person or entity, unless any such person’s
      employment with respect to the Plastec Group was terminated more than six
      (6) months prior thereto;

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	 
      	
              (iii)       
      call upon any person/entity who is then or has been within one year prior
      to that time, a customer of the Plastec Group, for the purpose of
      soliciting or selling products or services in competition with the Plastec
      Group; or

            
	 
      	
              (iv)         call
      upon any prospective acquisition or investment candidate, on Executive’s
      own behalf or on behalf of any other person or entity, which candidate was
      known by Executive to have, within the previous twelve (12) months, been
      called upon by the Plastec Group or for which the Plastec Group made an
      acquisition or investment analysis or contemplated a joint marketing or
      joint venture arrangement with, for the purpose of acquiring or investing
      or enticing such entity into a joint marketing or joint venture
      arrangement.

            
	 
      	 
      
	 
      	
              (b)  Because
      of the difficulty of measuring economic losses to the Company and the
      Plastec Group as a whole as a result of a breach of the foregoing
      covenant, and because of the immediate and irreparable damage that could
      be caused to the Company and the Plastec Group as a whole for which it
      would have no other adequate remedy, Executive agrees that the foregoing
      covenant may be enforced by the Company on its own behalf and on behalf of
      the Plastec Group in the event of breach by him, by injunctions and
      restraining orders.

            
	 
      	 
      
	 
      	
              (c)  It
      is agreed by the parties that the foregoing covenants in this Section 18
      impose a reasonable restraint on Executive in light of the activities,
      business and plans of the Company and the Plastec Group as a whole; it is
      also the intent of the Company and Executive that such covenants be
      construed and enforced in accordance with any change in the activities,
      business or plans of the Company and the Plastec Group as a whole
      throughout the Term.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	 
      	
              (d)  The
      covenants in this Section 18 are severable and separate, and the
      unenforceability of any specific covenant shall not affect the provisions
      of any other covenant.

            
	 
      	 
      
	 
      	
              (e)  All
      of the covenants in this Section 18 shall be construed as an agreement
      independent of any other provision in this Agreement, and the existence of
      any claim or cause of action of Executive against the Company, whether
      predicated on this Agreement or otherwise, shall not constitute a defense
      to the enforcement of such covenants; provided, however, that the failure
      to make payments or benefits to Executive under Section 9 of this
      Agreement shall constitute such a defense.

            
	 
      	 
      
	 
      	
              (f)  Notwithstanding
      any of the foregoing, if any applicable law shall reduce the time period
      during which Executive shall be prohibited from engaging in any
      competitive activity described in Section 18(a) hereof, the period of time
      for which Executive shall be prohibited pursuant to Section 18(a) hereof
      shall be the maximum time permitted by
law.

            

    

     

    
      	
              4. 

            	
              The
      Agreement is hereby amended to add the following new Section
      19:

            

    

    

    
      	
              19.
      Return of Property:

            	
              At
      such time, if ever, as Executive’s employment with the Company is
      terminated, he shall be required to participate in an exit interview for
      the purpose of assuring a proper termination of his employment and his
      obligations hereunder. On or before the actual date of such termination,
      Executive shall return to the Company all records, materials and other
      physical objects relating to his employment with the Company, including,
      without limitation, all Company credit cards and access keys and all
      materials relating to, containing confidential
  information.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    
      	
              5.

            	
              This
      First Amendment to the Agreement shall become effective only upon
      consummation of the Merger. This First Amendment to the Agreement shall
      become null and void on the termination of the Merger Agreement prior to
      the consummation of the transactions contemplated
  thereby.

            

    

     

    [Signature
Page Follows]

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment to the
Agreement as of December 16, 2010.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                SUN
      LINE INDUSTRIAL LIMITED

                              
	 
      	 
      
	
                                By:

                              	
                                

                              
	 
      	
                                Name:

                              
	 
      	
                                Title:

                              
	 
      	 
      
	
                                EXECUTIVE

                              
	 
      	 
      
	
                                /s/ TAN,
      CHIN HIEN

                              
	
                                TAN,
      CHIN
HIEN

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        8FIRST
AMENDMENT

      TO

      EMPLOYMENT
CONTRACT

       

      WHEREAS,
SUN LINE INDUSTRIAL LIMITED (the “Company”) has entered into an employment
agreement (the “Agreement”) with HO LEUNG NING (the “Executive”), dated April
30, 2005;

       

      WHEREAS,
the Company is a wholly-owned subsidiary of Plastec International Holdings
Limited (“Plastec”);

       

      WHEREAS,
GSME ACQUISITION PARTNERS I (“GSME”) and Plastec have entered into an Amended
and Restated Agreement and Plan of Reorganization, dated September 13, 2010, as
amended on December 9, 2010 (“Merger Agreement”), pursuant to which Plastec will
become a wholly-owned subsidiary of GSME (the “Merger”) and as a result of the
Merger, the Company will become an indirect wholly-owned subsidiary of
GSME;

       

      WHEREAS,
the Company and the Executive desire to amend the Agreement in connection with
the Merger;

       

      NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants and
conditions set forth herein and the performance of each, the parties hereby
agree to amend the Agreement as follows:

       

      
        	
                1.

              	
                Section
      1, “Position,” is hereby deleted in its entirety and replaced with the
      following:

              

      

       

      
        
          	 
      	
                  1.
      Position :

                	
                  Executive
      shall serve as Deputy General Manager of the Company. The Executive will
      also serve as Chief Financial Officer of GSME and such other positions as
      now or hereafter held with other subsidiaries of Plastec. Executive hereby
      agrees to devote his full business time, attention and efforts to promote
      and further the business of Plastec and its subsidiaries, including the
      Company (collectively, the “Plastec Group”) and not to be engaged in any
      other business activity pursued for gain, profit or other pecuniary
      advantage without the prior written consent of the Board of Directors of
      GSME (the “Board”).

                

        

      

       

      
        	
                2.

              	
                Section
      5, “Termination,” is hereby deleted in its entirety and replaced with the
      following:

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      
 

      
        
          
            
              
                	
                            

                      	
                        5. Termination
      :

                      	
                        This
      Agreement shall terminate on the third anniversary of the closing of the
      Merger, subject to earlier termination as provided
  herein:

                      
	 
      	 
      	 
      
	 
      	 
      	
                        (a)
      Death. The death
      of Executive shall immediately terminate this
Agreement.

                      
	 	 	 
	 
      	 
      	
                        (b)
      Disability. If,
      as a result of Executive’s incapacity due to physical or mental illness,
      Executive shall not have performed his duties hereunder on a full-time
      basis for ninety (90) days or more in any one hundred twenty (120) day
      period, Executive’s employment under this Agreement may be terminated by
      the Company upon thirty (30) days written notice if Executive is unable to
      resume his full time duties at the conclusion of such notice
      period.

                      
	 	 	 
	 
      	 
      	
                        (c)
      Termination by the
      Company.

                      
	 	 	 
	 
      	 
      	
                            (i)     For Cause. The
      Company may terminate this Agreement immediately upon written notice to
      Executive for cause, which shall be: (1) Executive’s conviction of, or
      plea of nolo contendere
      to, a felony or other crime involving moral turpitude; (2)
      Executive’s breach of any fiduciary duty owed to the Company or Plastec or
      their affiliates, or breach of the provisions of Section 14 or Section 18
      hereof, (3) any other material breach by Executive of this Agreement that
      is not cured within ten (10) days of written notice to Executive, or (4)
      Executive’s commission of (A) any act of willful dishonesty or fraud, (B)
      any act of embezzlement or other misappropriation of Company assets, or
      (C) gross negligence or intentional nonperformance of duties, so long as
      such breach or matter is not corrected or cured to the Company’s
      reasonable satisfaction within ten (10) days of notice to Executive
      thereof.

                      

              

            

          

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

           

          
            
              	 
      	 
      	
                      (ii)     Without Cause.
      In addition to the provisions of Section 5(c)(i), the Company may, at any
      time, terminate this Agreement upon giving ninety (90) days’ written
      notice to Executive, if such termination is approved by a majority of the
      Board.

                    
	 	 	 
	 
      	 
      	
                      (d)
      Termination by
      Executive. Executive may terminate this Agreement (A) for cause
      immediately upon giving written notice to the Company for cause in the
      event of (1) a material breach by the Company of the terms of this
      Agreement, (2) the duties with which the Board has assigned Executive are
      no longer commensurate with his position as the Deputy General Manager of
      the Company or Chief Financial Officer of GSME in tandem with other
      positions/offices incidental thereto, or (3) a material change in the
      aggregate benefits provided to Executive (other than reductions in
      benefits which apply to all employees of the Company, generally); or (B)
      without cause, at any time, upon giving ninety (90) days’ written notice
      to the Company.

                    
	 
      	 
      	 
      
	 
      	 
      	
                      (e)
      Payment Through
      Termination. Upon termination of this Agreement (A) for reasons
      specified in Section 5(a) or (b) or by the Company for cause pursuant to
      Section 5(c)(i) or by Executive without cause pursuant to Section 5(d)(B),
      Executive (or Executive’s estate, as applicable) shall be entitled to
      receive all benefits and reimbursements accrued right up to and due
      through the effective date of termination and all other rights and
      obligations under this Agreement shall cease as of the effective date of
      termination; (B) by the Company without cause pursuant to Section 5(c)(ii)
      or by Executive for cause pursuant to Section 5(d)(A), aside from
      entitling to receive all benefits and reimbursements accrued right up to
      and due through the effective date of termination, Executive shall
      nevertheless be entitled to receive all applicable compensation and
      benefits (including bonuses and such other executive perquisites) which
      would have been accrued to him with respect to the unexpired term of this
      Agreement as if his employment had never been terminated prematurely. In
      any event, Executive’s obligations under Sections 14, 18 and 19 shall
      survive termination in accordance with their
  terms.

                    

            

          

        

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                3.

              	
                The
      Agreement is hereby amended to add the following new Section
      18:

              

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      18.
      Non-Competition :

                                    	
                                      (a)
      Executive shall not during the period of his employment by the Company and
      for a continuous period of 1 year after cessation of his employment with
      the Company for whatever reason, for himself or on behalf of, or in
      conjunction with, any other person, persons, company, partnership, limited
      liability company, corporation or business of whatever
    nature:

                                    
	 	 
      	 
      
	 	 
      	
                                      (i)     
      engage (as an officer, director, manager, member, shareholder, owner,
      partner, joint venturer, trustee, or in a managerial capacity, whether as
      an employee, independent contractor, agent, consultant or advisor, or as a
      sales representative) in any entity that designs, researches, develops,
      markets, sells or licenses products or services that are substantially
      similar to or competitive with the business of the Plastec Group from time
      to time or as at the date of cessation of Executive’s employment with the
      Company;

                                    
	 	 
      	
                                      (ii)      call
      upon any person who is at that time, or within the preceding twelve (12)
      months has been, an employee of the Plastec Group, for the purpose, or
      with the intent, of enticing such employee away from, or out of, the
      employ of the Plastec Group or for the purpose of hiring such person for
      Executive or any other person or entity, unless any such person’s
      employment with respect to the Plastec Group was terminated more than six
      (6) months prior
thereto;

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          	 	 
      	
                                  (iii)     call
      upon any person/entity who is then or has been within one year prior to
      that time, a customer of the Plastec Group, for the purpose of soliciting
      or selling products or services in competition with the Plastec Group;
      or

                                
	 	 
      	
                                  (iv)     call
      upon any prospective acquisition or investment candidate, on Executive’s
      own behalf or on behalf of any other person or entity, which candidate was
      known by Executive to have, within the previous twelve (12) months, been
      called upon by the Plastec Group or for which the Plastec Group made an
      acquisition or investment analysis or contemplated a joint marketing or
      joint venture arrangement with, for the purpose of acquiring or investing
      or enticing such entity into a joint marketing or joint venture
      arrangement.

                                
	 	 	 
	 	 
      	
                                  (b)
      Because of the difficulty of measuring economic losses to the Company and
      the Plastec Group as a whole as a result of a breach of the foregoing
      covenant, and because of the immediate and irreparable damage that could
      be caused to the Company and the Plastec Group as a whole for which it
      would have no other adequate remedy, Executive agrees that the foregoing
      covenant may be enforced by the Company on its own behalf and on behalf of
      the Plastec Group in the event of breach by him, by injunctions and
      restraining orders.

                                
	 	 	 
	 	 
      	
                                  (c)
      It is agreed by the parties that the foregoing covenants in this Section
      18 impose a reasonable restraint on Executive in light of the activities,
      business and plans of the Company and the Plastec Group as a whole; it is
      also the intent of the Company and Executive that such covenants be
      construed and enforced in accordance with any change in the activities,
      business or plans of the Company and the Plastec Group as a whole
      throughout the
Term.

                                

                        

                      

                    

                  

                   

                  
                    
                      
                      

                    

                    
                      5

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      	 	 
      	
                              (d)
      The covenants in this Section 18 are severable and separate, and the
      unenforceability of any specific covenant shall not affect the provisions
      of any other covenant.

                            
	 	 	 
	     	 
      	
                              (e)
      All of the covenants in this Section 18 shall be construed as an agreement
      independent of any other provision in this Agreement, and the existence of
      any claim or cause of action of Executive against the Company, whether
      predicated on this Agreement or otherwise, shall not constitute a defense
      to the enforcement of such covenants; provided, however, that the failure
      to make payments or benefits to Executive under Section 9 of this
      Agreement shall constitute such a defense.

                            
	 	 	 
	 	 
      	
                              (f)
      Notwithstanding any of the foregoing, if any applicable law shall reduce
      the time period during which Executive shall be prohibited from engaging
      in any competitive activity described in Section 18(a) hereof, the period
      of time for which Executive shall be prohibited pursuant to Section 18(a)
      hereof shall be the maximum time permitted by
  law.

                            

                    

                  

                

              

            

          

        

      

       

      
        	
                4.

              	
                The
      Agreement is hereby amended to add the following new Section
      19:

              

      

       

      
        
          	    	
                  19.
      Return of Property:

                	
                  At
      such time, if ever, as Executive’s employment with the Company is
      terminated, he shall be required to participate in an exit interview for
      the purpose of assuring a proper termination of his employment and his
      obligations hereunder. On or before the actual date of such termination,
      Executive shall return to the Company all records, materials and other
      physical objects relating to his employment with the Company, including,
      without limitation, all Company credit cards and access keys and all
      materials relating to, containing confidential
  information.

                

        

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	
                5.

              	
                This
      First Amendment to the Agreement shall become effective only upon
      consummation of the Merger. This First Amendment to the Agreement shall
      become null and void on the termination of the Merger Agreement prior to
      the consummation of the transactions contemplated
  thereby.

              

      

       

      [Signature
Page Follows]

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment to the
Agreement as of December 16, 2010.

      

      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	
                                  SUN
      LINE INDUSTRIAL LIMITED

                                
	 
      	 
      
	 
      	
                                  By: 

                                	
                                  

                                
	 
      	 
      	
                                  Name:

                                
	 
      	 
      	
                                  Title:

                                
	 
      	 
      
	 
      	
                                  EXECUTIVE

                                
	 
      	 
      
	 	/s/
      NING,
      HO LEUNG
	 
      	
                                  NING,
      HO
LEUNG

                                

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          8

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