Document:

f8k030612ex10i_jinmimi.htm

EXHIBIT 10.1

SUBSCRIPTION AGREEMENT

March 1, 2012

To:

G W bldg. Changxing Plaza Changxing Rd

Nabshan District Shenzhen

Guangdong

Attention:  Brian Cohen

 

1.   The Offering; Subscription.

(a)  This Subscription Agreement pertains to the offering by JINMIMI NETWORK INC., a Nevada corporation (the “Company”), of up to Five Hundred Thousand shares (500,000) of the Company’s common stock, par value $0.001 per share (the “Shares”), at a purchase price of Fifty cents  ($0.50) per Share, for an aggregate offering of Two Hundred and Fifty Thousand Dollars ($250,000).  The Shares are, depending upon the circumstances, referred to herein as the “Securities.”

(b)  The undersigned, intending to be legally bound, hereby offers to pur­chase from the Company 500,000 Shares, at purchase price of` US $0.50 per Share, for an aggregate purchase price of US$ 250,000.00.

 

2.   General Representations.  The Purchaser represents, acknowledges and agrees that:

 

(a) it is not a “U.S. person” as that term is defined in Regulation S1, promulgated under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”); and

 

(b) it will not be purchasing Securities for the account or benefit of any U.S. Person; the offer was not made to the Purchaser when it was in the United States; at the time the Purchaser’s buy order was delivered to the Company, the Purchaser was outside the United States; the Subscriber received and accepted this subscription and entered into this Agreement in its jurisdiction of residence; and such jurisdiction of residence is as set out on page 1 of this Agreement.

 

 

	
 1“U.S. person” is defined under Regulation S as:

	
(i)

	
Any natural person resident in the United States;

	
(ii)

	
Any partnership or corporation organized or incorporated under the laws of the United States;

	
(iii)

	
Any estate of which any executor or administrator is a U.S. person;

	
(iv)

	
Any trust of which any trustee is a U.S. person;

	
(v)

	
Any agency or branch of a foreign entity located in the United States;

	
(vi)

	
Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

	
(vii)

	
Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and

	
(viii)

	
Any partnership or corporation if:

	
  

	
(A)

	
Organized or incorporated under the laws of any foreign jurisdiction; and

	
  

	
(B)

	formed by a U.S. person principally for the purpose of investing any securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Act) who are not natural persons, estates or trusts.

 

  

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(c)           that the Securities acquired pursuant to this Agreement have not been registered under the U.S. Securities Act, and are being sold in reliance upon an exemption from registration afforded by Regulation S; and that the Securities have not been registered with any state securities commission or authority.  The Purchaser further understands that pursuant to the requirements of Regulation S, the Securities acquired herein may not be transferred, sold or otherwise exchanged unless in compliance with the provisions of Regulation S and/or pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption under the U.S. Securities Act.

(d)           the Securities are being purchased by the Purchaser for its own account, for investment only and not with a view toward resale or distribution thereof to any other person, and it is not participating, directly or indirectly, in any underwriting or distribution;

(e)           none of the Securities purchased by the Purchaser shall be sold or otherwise transferred contrary to the provisions of this Subscription Agreement or any federal or state securities law, and the Purchaser understands that unless the Securities are subsequently registered under the U.S. Securities Act, they may not in any event be sold or transferred except by a valid exemption from registration under the U.S. Securities Act;

(f)           any and all certificates representing the Securities purchased and any and all securities issued in replacement thereof or in exchange thereof shall bear the following legend or one substantially similar thereto, which the Purchaser has read and understands:

“THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE “ACT”) OR APPLICABLE STATE SECURITIES LAWS, AND THE TRANSFER THEREOF IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE ACT, PURSUANT TO REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION.  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

(g)           the Company shall have the right to issue stop transfer instructions on its official stock records, and the Purchaser acknowledges that the Company has informed the Purchaser of its intention to issue such instructions:

(h)           the Company presently has no plans to register the Securities, so that there may never be a public trading market for the Securities, with consequent possible indefinite illiquidity of the Securities;

(i)           hedging transactions involving the Securities may not be conducted unless in compliance with the U.S. Securities Act.

(j)           at no time has it been explicitly or implicitly represented, guaranteed or warranted to the Purchaser by the Company, its management, the agents or employees of the Company or any other person: (i) that the Purchaser will be able to transfer the Securities on any particular date; (ii) that if and when the Purchaser may wish to transfer the Securities, such securities will be validly transferable under federal and applicable state securities laws; (iii) that the Purchaser will realize any percentage or amount of profit, gain or other consideration as a result of any investment it has made or will make in the Company; or (iv)  that the Purchaser or other shareholders will receive any dividends or other distributions from the Company at any time;

 

(k)           investment in the Securities is a long-term, speculative investment which involves a substantial risk of loss to the Purchaser of its entire investment; that the Purchaser takes full cognizance of and responsibility for the risks related to the purchase of the Securities; the Purchaser has no need for liquidity with respect to its investment either now or within the foreseeable future; and the Purchaser can bear a complete loss of its investment without undue hardship to itself;

 

  

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(l)           the Purchaser and its purchaser representative, if any, has been afforded an opportunity to examine such documents and obtain such information, including the Company’s financial statements concerning the Company as it may have requested, and the Purchaser has had the opportunity to request such other information and ask questions of the officers and directors of the Company (and all information so requested has been provided) for the purpose of verifying the information furnished to it and for answering any question it may have had concerning the business, prospects and affairs of the Company;

(m)           the Purchaser understands and acknowledges that any projections or financial forecasts of the Company may likely prove to be incorrect in view of the early stage of the Company’s development; and no assurance has been given to it that actual results will correspond in any meaningful way with the results contemplated by the various projections, financial forecasts or predictions; and

(n)           the Purchaser has been advised to consult with its own investment adviser, attorney, and accountant regarding the Company’s prospects and legal and tax matters, concerning an investment in the Company, and has done so, to the extent it consider that to be necessary.

3.           Suitability Standards, Representations, and Warranties.  The Purchaser represents and warrants that all of the information which it has furnished in this Subscription Agreement is correct and complete as of the date of this Subscription Agreement, and will be correct and complete on the closing of the sale of the Shares subscribed for, and the representations and warranties and agreements herein shall survive the closing date and may be relied upon by the Company in its reliance upon an exemption from registration under the U.S. Securities Act and state securities laws.

4.           Indemnification.  The Purchaser understands the meaning and legal consequences of the representations and warranties contained in this Subscription Agreement and agrees to indemnify and hold harmless the Company, its officers and directors, and each agent and employee thereof, from and against any and all loss, damage, liability or expense (including judgments, fines, amounts paid in settlement, attorney’s fees and other legal costs actually incurred as a result of any such person or entity being made a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative, by reason of or arising from any breach of representation or warranty of it or any misrepresentation or misstatement of fact or omission to state or represent facts made by it to the Company, including without limitation, the information which it has furnished in this Subscription Agreement.

5.           Miscellaneous

(a)           The disclosure provided in this Subscription Agreement with respect to certain aspects of resale restrictions which applies to the Securities and securities laws of the United States is only a summary and is not intended to be exhaustive and does not refer to resale restrictions which may arise by reason of securities laws other than those of the United States.  THE SUBSCRIBER SHOULD CONSULT HIS OWN PROFESSIONAL ADVISORS REGARDING THIS AGREEMENT AND RESALE RESTRICTIONS APPLICABLE TO THE SHARES.

(b)           All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to the Company at the address set forth above and to the undersigned at the address set forth on the signature page hereof.

(b)           This Subscription Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any prior or contemporaneous representations, warranties, or agreements (whether oral or written), and may be amended or waived only by a writing executed by the party to be bound.

Very truly yours,

By:   _____________________________________________ (sign name)

 

 

       Name:  _______________________________ (print name)

  

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Subscription Information (to be completed by individual subscriber):

Number of Shares Purchased     500,000                                                                                                                                          

Purchase Price of Shares (Number of Shares Purchased x $0.50 per Share):  $____250,000______

Address:                ________________________________________________

________________________________________________

________________________________________________

Phone:                   ________________________________________________

 

Facsimile:               _______________________________________________ 

E-mail:                    ________________________________________________

Accepted and agreed to as of the above date.

Dated:  ______________________, 2012

JINMIMI NETWORK INC.,

By:  _________________________________________

        Name: Brian Cohen

        Title:  President

 

 

 

4ex10_1.htm

EXHIBIT 10.1

CONTRACT OF EMPLOYMENT

Entered into between:

Sinohub Electronics Shenzhen, Ltd.

(Herein after referred to as “the employer”)

Address of employer:

6/F, No. 5 Qiongyu Road

Central Area, Technology Park

Nanshan District

Shenzhen, China 518057

Legal Representative:

Li De Hai

Contact Person:

Zhao Xi Hang

Contact phone number:

+86-138-2319-3216

And

Henry T. Cochran

(Herein after referred to as “the employee”)

Address of employee:

Coastal Rose Garden II, 35-17C

Nanshekougang West, Wanghai Road

Shekou, Shenzhen

P.R. China 518028

ID card number:

711890358 (US Passport)

Contact phone number:

+86-139-2286-3021

According to the hereafter relative terms and regulations in China Employment Law, the employer and the employee hereafter sign the following contract and agree to obey it.

 

  

  

  

 

Term of the contract

1.1 The employer and the employee define the term of the contract in the fixed term way listed below:

	
  

	
a.

	
Fixed term: This contract will begin on January 1, 2012 and continue until December 31, 2012.

	
  

	
b.

	
No fixed term: This contract will begin on ............................................

	
  

	
c.

	
After completing some work: This contract will begin on .................... and continue until terminated on .................... when the work is done. The criteria of completion of the work is .....................

1.2 The term of the probation is  .............N/A .............. (It includes in the term of the contract. If no probation, please put in N/A.)

	
2.

	
Job description

Job Title: Chief Executive Officer

	
3.

	
Hours of work

3.1 The employer and the employee define hours of work in the no fixed working hours way listed below:

	
  

	
a.

	
Normal daily working hours will be .................... hours (no more than 8 hours), and the weekly working hours will be ....................hours (no more than 40 hours).

	
  

	
b.

	
No fixed working hours, i.e. after getting the approval of labor department, the employee will work without the regular fixed period of time.

	
  

	
c.

	
After getting the approval of labor department, the employee will work and be paid according to the accumulated hours.

3.2 Over time will only be worked if agreed upon between the parties as set out in Clause 41 in the employment Law.

	
4.

	
Wage

4.1 The employer must structure the wage system in compliance with relative laws and regulations and inform the employees. The employee wage shall be paid no less than the minimum wage of that year announced by the government.

4.2 Monthly wage of the employee is US$5,000 paid in RMB at the prevailing exchange rate (The employee wage during probation is N/A)

4.3 The employee wage shall be paid in cash on the last working day of every month and shall be: ........................................

4.4 In terms of overtime payment, public holidays, Paid Time Off and other special conditions of the employee, the employer must execute according to the Regulations of the Shenzhen Municipality on the Wage Payment to employees.

 

  

  

  

 

4.5 Other agreements between the employer and the employee as below:

................................................................................................................................................

 

	
5.

	
Protection of Employees and Other conditions of employment

5.1 The employer must provide the employee with working environment compliant with the national sanitation standard and labor protection devices in order to protect the employees at work.

5.2 Employee is engaged in .................................. which may lead to occupational harm ...................................., therefore, the employer must ............................................., and organize the employees to take physical examination .......................... (times) a year.

5.3 The employee is entitled to refuse to obey the instructions of the employer that are against the relative law and (or) regulations and may bring the harm to the security or health of the employee, who can report tot the relative organizations.

	
6.

	
Social insurance and labor protection allowances and welfare

6.1 The employer conducts social insurance procedures for employees. The insurance fee will be paid according to insurance law and regulations.

6.2 The employer offers sick leave and medical welfare when employee is sick or injured not related with work.

6.3 The employer conducts according to the Code of Occupational Disease Prevention of PRC and Work-related Injury Insurance Regulations when the employee has occupational disease, is injured or dead.

6.4 The employee is entitled to take public holidays, annual leave, honeymoon vacation and maternity leave, etc.

	
7.

	
Labor discipline

7.1 The discipline and regulations that the employer establishes must be open and informed to employees.

7.2 The employee must obey the relative national, provincial and municipal discipline and regulations and those established by the employer, and complete the assignment timely.

7.3 They employee must obey the relative national, provincial and municipal discipline of birth-control.

	
8.

	
Alternation of the contract

This contract can be altered or modified with the agreement of both parties. Any changes of the contract must be in written form.

	
9.

	
Dissolution of the contract

9.1 If one party or both parties of the contract proposes to dissolute the contract before the contract expires, the proposal must be compliant with the relative regulations.

9.2 The employer must pay the employee compensation of it confirms to the needed conditions.

 

  

  

  

 

9.3 When both parties dissolute the contract, the employer must inform the employee in written form and go through the corresponding procedure.

	
10.

	
Termination of employment

 

10.1 When the contract expires or the condition that both parties agree to terminate the contract occurs, this contract of employment is terminated. The employer must inform the employee in written form and go through the corresponding procedure.

10.2 When the contract expires, if both parties agree to renew it, needed procedures must be done with 30 days before the expiration of the contract.

	
11.

	
Liabilities for Breach of Contracts

 

11.1 Liabilities of the employer:

Local third party health insurance

Indemnification Agreement

Director and Officer Insurance

11.2 Liabilities of the employee:

Employee shall be liable for negligence, fraud and theft

	
12.

	
Dispute Principle

 

When dispute about employment arises between both parties, they should first resolve this by resorting to consultations by themselves. If it fails, both parties can apply for mediation at the labor dispute mediation commission of its own, or apply for arbitration directly at the labor dispute arbitration commission. If the parties agree to accept the award of arbitration, they must fulfill it. If the parties refuse to accept the award of arbitration over a personnel dispute, they may file an action in a people’s court according to law.

	
13.

	
Other conditions of employment both parties agree on:

 

................................................................................................................................................

................................................................................................................................................

................................................................................................................................................

................................................................................................................................................

................................................................................................................................................

 

	
14.

	
Other issues

14.1 For the matters not mentioned herein or terms against the applicable laws and standards, it must be carried on according to law.

14.2 The following regulations of the employer will be the appendix to this contract.

................................................................................................................................................

................................................................................................................................................

................................................................................................................................................

14.3 This contract is effective on the date since both parties sign. Any sign of erasure or authorized signature without approval in written form is invalid.

14.4 This contract is in duplicate and is to be held by both parties.

  

  

  

THUS DONE AND SIGNED AT SHENZHEN, PR CHINA ON THE FIRST DAY OF JANUARY, 2012.

 

	EMPLOYER	 	EMPLOYEE
	 	 	 
	/s/Li De Hai (CFO)  	 	 /s/Henry Cochran

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