Document:

EX 10.2

    O2DIESEL
      CORPORATION

    2004
      STOCK INCENTIVE PLAN

     

    FORM
      OF RESTRICTED STOCK AGREEMENT

     

    Restricted
      Stock Agreement (“Agreement”) between O2Diesel Corporation (the “Company”) and
      __________ (the “Grantee”) dated __________, 2006 (the “Date of
      Grant”).

     

    
      	1.	
              Grant;
                Plan Incorporated by Reference.

            

    

     

    
      	 	
              (a)

            	
              The
                shares of common stock, $0.0001 par value, of the Company listed
                on
                Exhibit A to this Agreement (the “Restricted Stock”) are hereby issued
                pursuant to the terms of the O2Diesel Corporation 2004 Stock Incentive
                Plan (the “Plan”) and constitute an Award under Section 9 of the Plan.
                Upon execution of this Agreement, the Company shall cause the shares
                of
                Restricted Stock to be issued in the Grantee's name. During the Restricted
                Period, the shares of Restricted Stock issued hereunder shall contain
                the
                following legend:

            

    

     

    “This
      certificate and the shares of stock represented hereby are subject to the terms
      and conditions (including the risks of forfeiture and restrictions against
      transfer) contained in the O2Diesel Corporation 2004 Stock Incentive Plan
      (“Plan”) and an agreement entered into between the registered owner and O2Diesel
      Corporation (“Agreement”). Release from such terms and conditions shall be made
      only in accordance with the provisions of the Plan and the Agreement, a copy
      of
      each of which is on file in the office of the Secretary of O2Diesel
      Corporation.”

     

    
      	 	
              (b)

            	
              Capitalized
                terms used and not otherwise defined in this Agreement shall have
                the
                respective meanings ascribed to them in the Plan. The Compensation
                Committee of the Board of Directors of the Company (the “Committee”)
                administers the Plan and its determinations regarding the interpretation
                and operation of the Plan are final and binding. A copy of the Plan
                has
                been provided to you.

            

    

     

    
      	
              2.

            	
              Schedule
                for Vesting of Rights.
                Subject to Section 8 hereof, the schedule for vesting of rights (i.e.,
                the
                date(s) upon which the restrictions, as set forth in this Agreement,
                on
                Grantee’s rights with respect to the Restricted Stock shall lapse such
                that the shares of Restricted Stock are non-forfeitable) is set forth
                in
                Exhibit
                A.

            

    

     

    
      	
              3.

            	
              Rights
                as a Stockholder or Employee.
                The Grantee shall have all the rights of a shareholder with respect
                to the
                Restricted Stock except as provided in Section 4 hereof. Accordingly,
                the
                Grantee shall have the right during the Restricted Period to vote
                the
                Restricted Stock and to receive any dividends paid to or made with
                respect
                to the
                Restricted Stock. All such rights shall cease upon forfeiture of
                the
                Restricted Stock. 

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              4.

            	
              Award
                not Transferable.
                

            

    

     

    
      	 	
              (a)

            	
              During
                the Restricted Period relating to any particular shares of Restricted
                Stock, neither such shares of Restricted Stock or nor any rights
                relating
                to such shares may be sold, transferred, assigned, exchanged, pledged,
                hypothecated or otherwise encumbered or disposed of by the
                Grantee.

            

    

     

    
      	 	
              (b)

            	
              The
                Company shall not be required (i) to transfer on its books any shares
                of
                Restricted Stock which shall have been sold or transferred in violation
                of
                any of the provisions set forth herein, or (ii) to treat as owner
                of such
                shares or to accord the right to vote or to pay dividends to any
                transferee to whom such shares shall have been so
                transferred.

            

    

     

    
      	
              5.

            	
              Termination
                of Restrictions.
                In the event that the Restricted Period shall terminate with respect
                to
                particular shares of Restricted Stock and such shares of Restricted
                Stock
                shall not theretofore have been forfeited to the Company, the Company
                shall reissue the shares of Restricted Stock without the legend referred
                to in Section 2 hereof and shall deliver in certificated form such
                unrestricted shares to the Grantee or his or her legal
                representative.

            

    

     

    
      	
              6.

            	
              Section
                83(b) Election.
                If the Grantee timely files an election pursuant to Section 83(b)
                of the
                Code in respect of the Restricted Stock, the Grantee shall promptly
                deliver to the Company a copy thereof.

            

    

     

    
      	
              7.

            	
              Taxes.
                Any obligation of the Company to deliver shares upon the termination
                of
                the Restricted Period with respect to any shares of Restricted Stock,
                and
                any obligation to deliver any dividends on any shares of Restricted
                Stock,
                shall be subject to the satisfaction of all applicable federal, state
                and
                local tax withholding requirements. Unless otherwise determined by
                the
                Committee, withholding requirements with respect to shares of Restricted
                Stock (i) for which no Section 83(b) election is made, shall be satisfied
                by the Company’s retention of shares, with a Fair Market Value equal to
                the Company’s required withholding obligation, otherwise issuable to the
                Grantee as the result of the termination of the Restricted Period,
                and
                (ii) for which a Section 83(b) election is made, shall be satisfied
                by the
                Grantee’s delivery of cash to the Company in an amount equal to the
                required withholding. Unless otherwise determined by the Committee,
                withholding requirements with respect to any dividend paid on shares
                of
                Restricted Stock during the Restricted Period shall be satisfied
                (i) in
                the case of a cash dividend, by the Grantee’s delivery of cash to the
                Company in an amount equal to the required withholding, and (ii)
                in the
                case of a stock dividend, by the Company withholding shares from
                such
                dividend with a Fair Market Value equal to the Company’s required
                withholding obligation. The Grantee hereby authorizes and agrees
                to all
                such tax withholding. For purposes of this Section 7, shares that
                are
                withheld to satisfy any applicable withholding obligation shall be
                valued
                at their Fair Market Value on the date the withholding obligation
                arises
                and in no event shall the aggregate
                Fair Market Value of the shares withheld exceed the minimum amount
                of
                taxes required to be
                withheld.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      	
              8.

            	
              Forfeiture.
                Notwithstanding anything to the contrary in this Agreement, if the
                Grantee's employment with the Company is terminated for any reason,
                all
                shares of Restricted Stock subject to the provisions hereof which
                are not
                vested (or do not become vested) at the time of such termination
                shall be
                forfeited by the Grantee, and neither the Grantee nor any successors,
                heirs, assigns or personal representatives of the Grantee shall thereafter
                have any further rights or interest in such shares or the certificates
                representing such shares. Ownership of any Restricted Stock forfeited
                pursuant to this Section 8 shall be transferred back to the
                Company.

            

    

     

    
      	
              9.

            	
              Subject
                to the Plan.
                The Restricted Stock and this Agreement are subject to the terms
                and
                conditions of the Plan, which are incorporated herein by reference
                and
                made a part hereof, but the terms of the Plan shall not be considered
                an
                enlargement of any benefits under this Agreement. In addition, the
                Restricted Stock and this Agreement are subject to any rules and
                regulations promulgated by the Committee in accordance with its authority
                under the Plan.

            

    

     

    
      	
              10.

            	
              Restricted
                Period.
                For purposes of this Agreement, “Restricted Period” shall mean, with
                respect to any shares of Restricted Stock, the period of time between
                the
                Date of Grant and the date on which rights in such shares of Restricted
                Stock become vested in accordance with Section 2 hereof or are
                forfeited.

            

    

     

    [Signatures
      on next page]

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement effective on
      the
      date first set forth above.

     

    
      	
              GRANTEE

            	 	
              O2DIESEL
                CORPORATION

            
	
            	 	 
	  
	 	   

	
            	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
      A

     

    GRANTEE:
       

     

    DATE
      OF
      GRANT:  

     

    NUMBER
      OF
      SHARES:  

     

    VESTING
      SCHEDULE: 

     

    ___________
      shares vest on ________ if not previously forfeited.

     

    ___________
      shares vest on ________ if not previously forfeited.

     

    ___________
      shares vest on ________ if not previously forfeited.

     

     

    EFFECT
      OF
      DEATH OR DISABILITY:
       

     

    Notwithstanding
      the vesting schedule set forth above, if the Grantee’s employment is terminated
      due to death or disability, the Grantee shall, as of the date of such death
      or
      disability become fully vested in all shares granted hereunder. For purposes
      of
      this paragraph, disability shall mean total and permanent disability under
      Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, or the
      Grantee becoming entitled to long-term disability benefits under the long-term
      disability plan of the Company.EXHIBIT
      10.52

     

    English
      Translation of Employment Agreement

    

    
      	
              Employer
                (Party A):

            	
              Winner
                Industries (Shenzhen) Co., Ltd.

            
	
              Address:

            	
              Winner
                Insutrial Park, Bulong Road, Longhua, Shenzhen

            
	
              Legal
                Representative:

            	
              Jianquan
                Li

            
	
              Telephone:

            	
              0755-28138888

            
	
               

            	
               

            
	
              Employee
                (Party B):

            	
              Nianfu
                Huo

            
	
              Gender:

            	
              Male

            

    

     

    In
      accordance with the Labor Law of People's Republic of China (“PRC”) and relevant
      laws and regulations, both Parties have reached the following agreement pursuant
      to the principles of equality, free will and mutual negotiation:

     

    
      	
              1.

            	
              Term

            

    

    

    
      	
              1.1

            	
              Term
                of Employment

            

    

    Both
      Parties agree that the term of the employment shall be from January
      1st,
      2005 to
      January 1st,
      2008.

    

    
      	
              1.2

            	
              Term
                of Probation

            

    

    There
      is
      no probation period.

    

    
      	
              2.

            	
              Work
                Position

            

    

    

    
      	
              2.1

            	
              The
                work position of Party B will be vice president of Party
                A.

            

    

     

    
      	
              2.2

            	
              The
                work duty of Party B is to be in charge of the projects management
                and
                construction of Party A.

            

    

     

    
      	
              2.3

            	
              This
                Agreement shall be amended in case that Party A intends to adjust
                the work
                position of Party B. Both Parties shall reach and sign the relevant
                written agreement or letter of notifications which shall be attached
                to
                this Agreement.

            

    

     

    
      	
              2.4

            	
              A
                supplementary agreement shall be signed in case that Party A intends
                to
                second Party B to work in other
                entities.

            

    

     

    
      	
              3.

            	
              Work
                Time

            

    

    

    
      	
              3.1

            	
              The
                work time shall be standard work time: 7.5 hours per day and 40 hours
                per
                week with at least one day break for each
                week;

            

    

     

    
      	
              3.2

            	
              For
                any overtime working for the purpose of production or operation of
                Party
                A, provisions of Article 41 of the Labor Law shall
                apply.

            

    

     

    
      	
              4.

            	
              Salary

            

    

    

    
      	
              4.1

            	
              The
                salary of Party B for his normal work time (no more than 20.92 days
                each
                month) shall be calculated in accordance with the relevant provisions
                of
                the Administrative Manual for Remunerations of Party
                A.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              4.2

            	
              The
                pay day shall be the 15th
                day of each month. Party A shall pay the salary in cash at least
                once a
                month and shall not withhold and reduce Party B's salary without
                justifiable reasons.

            

    

     

    
      	
              4.3

            	
              The
                overtime work pay, holiday pay and salary under other special
                circumstances of Party B shall be carried out in accordance with
                the Rules
                on the Salary Payment for Employees in Shenzhen and other relevant
                PRC
                laws and regulations.

            

    

     

    
      	
              5.

            	
              Labor
                Protection and Labor
                Conditions

            

    

    

    
      	
              5.1

            	
              Party
                A shall provide Party B with safe and healthy labor conditions and
                necessary labor protection equipments as legally
                required;

            

    

     

    
      	
              5.2

            	
              Party
                A shall arrange free medical examination for Party B once a
                year;

            

    

     

    
      	
              5.3

            	
              Party
                B is entitled to refuse to obey Party A's orders which are in violation
                of
                relevant laws and may be hazardous to health and safety and is entitled
                to
                demand Party A to correct its action or report to competent
                authorities.

            

    

     

    
      	
              6.

            	
              Social
                Insurance and Welfare

            

    

    

    
      	
              6.1

            	
              Party
                A shall purchase social insurance for Party B in accordance with
                relevant
                laws. In case of breach of this obligation by Party A, Party B is
                entitled
                to report to social insurance administrative authority for proper
                treatment.

            

    

     

    
      	
              6.2

            	
              In
                case of illness or industrial injury of Party B, Party A shall grant
                Party
                B medical treatment break in accordance with PRC laws and shall pay
                salary
                for the period of medical treatment break in accordance with the
                Rules on
                the Salary Payment for Employees in Shenzhen. If Party A fails to
                purchase
                medical insurance for Party B, Party A shall pay for the medical
                treatment
                as required by the relevant medical insurance
                rules.

            

    

     

    
      	
              6.3

            	
              In
                case of occupational disease, industrial injury or decease caused
                by work
                of Party B, Party A shall carry out its obligations under the Law
                of
                Prevention and Treatment of Occupational Disease, Rules on Insurance
                for
                Industrial Injury and other relevant PRC laws and
                regulations.

            

    

     

    
      	
              6.4

            	
              Party
                A shall grant Party B national holiday, maternity leave, annual leave,
                family reunion leave, wedding leave and funeral leave etc and pay
                salary
                for such period in accordance with relevant PRC
                law.

            

    

    

    

    
      	
              7.

            	
              Work
                Discipline

            

    

    

    
      	
              7.1

            	
              Party
                A shall notify Party B with all the rules and regulations which are
                established by Party A through due procedures and in accordance with
                national and provincial laws and regulations. Party A is entitled
                to
                examine, assess the implementation of such rules and regulations
                by Party
                B and grant award or punishment
                accordingly.

            

    

     

    
      	
              7.2

            	
              Party
                B shall abide by the relevant national, provincial and municipal
                laws and
                regulations and the rules and regulations of Party A as mentioned
                in the
                above clause. Party B shall abide by the safety operation procedures
                and
                complete his work assignment on
                time.

            

    

     

    
      	
              7.3

            	
              Party
                B shall abide by the relevant national, provincial and municipal
                rules on
                family planning.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              8.

            	
              Amendment

            

    

    

    
      	
              8.1

            	
              Any
                Party who intends to amend this Agreement shall notify the other
                Party in
                writing.

            

    

     

    
      	
              8.2

            	
              This
                Agreement may be amended by both Parties through due
                procedures.

            

    

     

    
      	
              9.

            	
              Termination
                before Expiry

            

    

    

    
      	
              9.1

            	
              The
                termination of this Agreement before expiry by both Parties shall
                be
                carried out in accordance with relevant laws and regulations and
                Party A
                shall pay the compensation to Party B if it is so required by
                laws.

            

    

     

    
      	
              9.2

            	
              Both
                Parties shall go through the relevant procedures within 3 days after
                the
                termination of this Agreement.

            

    

     

    
      	
              10.

            	
              Termination

            

    

    

    
      	
              10.1

            	
              This
                Agreement shall terminate upon expiry of its term or under other
                circumstances as agreed by both
                Parties.

            

    

     

    
      	
              10.2

            	
              Party
                A shall notify Party B in writing of its intention to renew or terminate
                this Agreement before the expiry of this Agreement. Both Parties
                shall
                complete the due procedures to renew this Agreement 30 days in advance
                before the expiry date or complete the due procedures to terminate
                this
                Agreement within 3 days after the expiry date of this
                Agreement.

            

    

     

    
      	
              11.

            	
              Breach
                of Contract

            

    

    

    
      	
              11.1

            	
              In
                case that Party A fails to perform its obligations in accordance
                with the
                relevant laws, it shall be deemed as breach of contract by Party
                A. Party
                B is entitled to demand compensation in accordance with the Labor
                Law and
                terminate this Agreement;

            

    

     

    
      	
              11.2

            	
              Party
                B shall fully perform its duties, complete his work assignment and
                abide
                by this Agreement and work disciplines. In case of breach of the
                above
                obligations by Party B, Party B shall bear the liabilities accordingly
                and
                Party A is entitled to terminate this
                Agreement.

            

    

     

    
      	
              12.

            	
              Dispute
                Settlement

            
	 	 
	 	Any
              labor dispute between the Parties shall be settled first by friendly
              consultation, and then be submitted to the Labor Dispute Mediation
              Commission of Party A for mediation. In case that the dispute cannot
              be
              settled by mediation, such dispute shall be submitted to the local
              Labor
              Dispute Arbitration Commission for arbitration within 60 days after
              the
              occurrence of the dispute. Either party may also submit the dispute
              for
              arbitration directly. Any Party may submit the dispute to the People's
              Court within 15 days if it is not satisfied with the arbitration
              award.

    

     

    
      	
              13.

            	
              Other
                Issues

            
	 	 
	 	 N/A

    

     

    
      	
              14.

            	
              For
                any unaddressed issues or any clause of this Agreement which is in
                conflict with current PRC laws and regulations, provisions of the
                current
                laws and regulations shall apply.

            

    

     

    
      	
              15.

            	
              This
                Agreement shall come into effect once it is signed or stamped by
                both
                Parties.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              16.

            	
              This
                Agreement has two originals and each Party shall hold one
                original.

            

    

     

    
      	
              Party
                A:

            	
              Winner
                Industries (Shenzhen) Co., Ltd.

            
	
              Legal
                Representative:

            	
              Jianquan
                Li

            
	
               

            	
               

            
	
              Party
                B:

            	
              Nianfu
                Huo

            
	
               

            	
               

            
	
              Date:

            	
              January
                1st,
                2005

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