Document:

Exhibit 10.29

 

EMPLOYMENT AGREEMENT

 

Party A: China Packaging Group Inc.

 

Party B: TJ Wu

 

Based on the PRC labor laws and regulations,
the parties agree to the following:

 

I.              Term
of Contract

 

This Agreement shall take effect on April 8,
2010.  Each party has the right to
terminate this Agreement with one month prior notice to the other party.

 

II.            Position
and Duties

 

1.             Position:
CFO

 

2.             Duties: Managing the financial and planning work of the company,
including without limitation, company strategy, financial strategy, budget and
management control, and financial management. 
Organize and establish the governance structure and the operating system
of Party A, and assist Party A to obtain financing and to go public via merger,
acquisition or otherwise.

 

III.           Salary
and Payment

 

1.             Monthly
payment is USD 8,000, and payable each month.

 

2.             Party B will also enjoy the welfare and employment benefits provided by
Party A based on its employment rules and system during his employment
with Party A.

 

IV.           Employment
Disciplines

 

Party B shall study carefully and comply with
the internal rules established by Party A, strictly comply with the
working process and labor disciplines, cherish the properties of Party A,
comply with professional ethics, actively participate in the training
activities organized by Party A, and consistently enhance his own professional
abilities.

 

V.            Amendment
and Termination of Contract

 

1.             This
Agreement can be terminated based on the agreement between the parties.

 

2.             Party
A can terminate this Agreement if Party B:

 

(1)           was proved to be unsatisfactory to the employment conditions during the
term of this Agreement;

 

(2)           seriously violates the employment and labor management system of Party
A;

 

 

(3)           causes material damages to the benefits of Party A due to Party B’s
ignorance or corruption;

 

(4)           establishes an employment relationship with any other employer and
adversely affects his completion of the work assignment for Party A, or refuses
to correct after informed by Party A; or

 

(5)           is sick or is injured due to non-work reasons, and cannot engage in the
duties of this Agreement after the expiration of the medical period provided by
laws and regulations, and cannot engage in any other work assignments provided
by Party A.

 

VI.           Relevant
Issues

 

Upon the execution of this Agreement by Party
B, Party B shall terminate all other employment agreements and other relevant
agreements with his original employer, and shall settle everything with his
original employer.  Party B shall be
solely responsible if he fails to terminate the agreement with his original
employer upon executing this Agreement with Party A.

 

VII.          Miscellaneous

 

Anything that is not covered under this
Agreement shall be governed by the State laws and regulations.

 

This Agreement is made in two copies, with each
party holding one copy.

 

 

[Executed by
Party A and Party B]

 

April 8, 2010

 

2Exhibit
10.32

 

Sino-foreign
Joint Venture Hangzhou Shengming Paper Co.,Ltd

 

Contract

 

Content

 

Preface

 

Chapter One Composition of
the Joint Venture

 

Chapter Two Scope and Scale
of Business

 

Chapter Three Total
Investment, Proportion of Investment and Transfer of Capital

 

Chapter Four Distribution of
Profits and Burden of Loss

 

Chapter Five Term and
Termination

 

Chapter Six Responsibilities

 

Chapter Seven Board of
Directors

 

Chapter Eight Board of
Supervisors

 

Chapter Nine Managing
Department

 

Chapter Ten Financial
Accounting System

 

Chapter Eleven Labor
Management

 

Chapter Twelve Procurement
of Equipments, Raw Materials and Accessories

 

Chapter Thirteen Tax Payment

 

Chapter Fourteen Insurance

 

Chapter Fifteen Liabilities
for Breach

 

Chapter Sixteen Force Majeure

 

Chapter Seventeen Dispute
Resolution

 

Chapter Eighteen Governing
Law

 

Chapter Nineteen
Modification or Dissolution of Contract

 

Chapter Twenty Effectiveness
of the Contract and Miscellaneous

 

According to Law of the
People’s Republic of China on Chinese-Foreign Equity Joint Ventures and other
related regulations of PRC, and on the basis of the principles of equality and
mutual benefit, and through friendly consultation, Zhejiang Shengda Color
Pre-printing Co. Ltd. and CHENG LOONG(HANHZHOU) INVESTMENT CO.,LTD agreed to
establish a joint venture (hereinafter referred to as JV) in Hangzhou, Zhejiang
province in PRC. The contract is hereby entered.

 

 

Chapter
One Composition of the Joint Venture

 

1.1 The Parties

 

Party A: Zhejiang Shengda
Color Pre-printing Co. Ltd.

 

Legal Address: Xiaoshan
Area, Hangzhou, Zhejiang province

 

Party B: CHENG
LOONG(HANGZHOU) INVESTMENT CO.LTD

 

Legal Address: Level 2.
Lotumau Centre, Vaca street, Apia, Western Samoa

 

Legal Representative: Zheng
Shuyun

 

Nationality: Samoa

 

1.2 Name and Legal Address
of the Joint Venture

 

Name: Hangzhou Shengming
Paper Co,.Ltd

 

Legal Address: Xiangheqiao
Villiage, Shang Town, Xiaoshan Area, Hangzhou, Zhejiang province, the People’s
Republic of China

 

The two parties can
establish offices or branches both in and outside China according to their
need.

 

1.3 The JV is established in
China and is a Chinese legal person. Therefore, all business operations shall
comply with Chinese laws, regulations and rules.

 

Chapter
Two Scope and Scale of Business

 

2.1 Scope and scale of
business: corrugated board and boxes

 

 

Chapter
Three Total Investment, Proportion of Investment and Transfer of Capital

 

3.1 Total investment: 29.98
million USD

 

Registered Capital: 12
million USD

 

	
  Including

  	
   Party A: 9 million, accounting for 75%

  
	
   

  	
   

  
	
   

  	
   Party B: 3 million, accounting for 25%

  

 

During the term of contract,
both parties shall not reduce their registered capital. Decreases due to
changes in total investment and business scope shall be approved by the
examination and approval organization.

 

3.2 Contribution of Capital

 

Party A: Existing fixed
capital assessed by legal assessment organs and RMB cash (Exchange rate is
calculated according to the middle rate of the market exchange rate published
by State Administration of Foreign Exchange)

 

Party B: USD spot exchange

 

3.3 When the joint venture
get licensed, in three months, Party A shall contribute all its fixed assets
into the JV and Party B shall contribute all spot exchange into the capital
fund account. Otherwise, it would be a breach of contract.

 

3.4 Increase, transfer or
other way of handling registered capital shall be approved by the board of
directors and be registered in the original examination and approval organ.

 

3.5 Whereas one party
intends to transfer total or partial capital contributions to a third party, it
shall seek the approval of the other party. The other party has the
preferential right to buy the transferring shares. The transfer deal offered to
a third party shall not be more favorable than the other party’s.

 

3.6 Form of
organization: limited liability company

Both parties share profits
and burdens of loss according to the proportion of capital contributed to the
registered total.

 

 

Chapter
Four Distribution of Profits and Burden of Loss

 

4.1 After paying the taxes
according to law, and the deductions set aside by the board of directors for
reserve fund, enterprise fund and employees’ welfare fund, the profits of the
JV are distributed according to investment proportions.

 

4.2 Debts of the JV shall
not exceed the registered capital.

 

4.3 Without the approval of
the other party, no party shall mortgage or pledge its total or partial stock
equity in the JV.

 

Chapter
Five Term and Termination

 

5.1 When the JV get
licensed, it can operate as a legal person for fifteen years.

 

5.2 An application to the
original examination and approval organ is needed for prolong of the term
agreed by both parties six months before the expiration of the term.

 

Chapter
Six Responsibilities

 

6.1 Party A’s:

 

Contribute its due share
according to 3.2.

 

Apply to and register in the
relevant departments for the establishment of the JV.

 

Assist designing and
construction of other engineering works of the facilities.

 

Assist workers of foreign
nationalities to get visas and work permits.

 

Liaison, coordinate and
communicate with relevant administrative bodies.

 

Participate in the purchase
of equipments and materials in foreign countries.

 

 

6.2 Party B’s:

 

Contribute its due share
according to 3.2.

 

Participate in the purchase
of equipments and materials in and outside China.

 

Train the technicians and
workers for the JV.

 

6.3 When the JV officially
opens, both parties shall attend to miscellaneous matters trusted by the JV.

 

Chapter
Seven Board of Directors

 

7.1 Board of directors is
the highest authority of the company.

 

The board of directors
(hereinafter referred to as the board) is composed of five directors, including
three from Party A, and two from Party B.

 

The chairman of the board is
designated by Party A. The vice chairman of the board is appointed by Party B.

 

7.2 The office term of
chairman, vice chairman and directors of the board is three years. They can
serve for another term of office if appointed consecutively.

 

Any party that needs to
change its appointed chairman, vice chairman or directors shall first inform
the other party.

 

7.3 The meetings of the
board shall be held with the presence of over two thirds of directors. Every
directors including the chairman enjoys one vote. The following matters shall
be unanimously approved by the whole board.

 

1. Modification of the
by-laws of the JV;

 

2. Termination and
dissolution of the JV;

 

3. Adjustment of registered
capital of the JV;

 

4. Merger or dismantlement
of the JV with other economic organizations;

 

 

5. Transfer of shares in the
JV by one or both parties;

 

6. Pledge of stock equity in
JV by one or both parties;

 

7. Use JV’s assets as
collateral;

 

8. All matters that needs to
be unanimously adopted by directors presented.

 

7.4 To make it effective,
the resolution of the board shall be signed by the chairman. A seal shall not
suffice.

 

7.5 To use assets of JV as
guarantee, pledge or collateral, parties involved shall seek the unanimous
approval and a written resolution of the board.

 

Chapter
Eight Board of Supervisors

 

8.1 Board of supervisors is
not established. Instead, both Party A and Party B shall designate one
supervisor for JV.

 

8.2 The office term of
supervisors is three years and can serve consecutively. Upon the expiration of
office term, where new supervisors are not yet appointed, or the original
supervisors resign, and before the new supervisors assume their positions, the
original supervisors shall fulfill their responsibilities according to laws,
regulations and by-laws of the company. Neither directors or senior managers
shall serve concurrently as supervisors.

 

8.3 Supervisors are
responsible to the share holders, and exercise the following powers:

 

1. Check how good the
company is managed;

 

2. Supervise the
administering practices of the directors, senior managers. Give suggestions to
remove from office those directors, senior managers who violate the laws,
regulations, by-laws or the resolutions of the board.

 

3. Ask directors and senior
managers to correct their behaviours and practices when

 

 

they harm the interest of
the company;

 

4. Summit proposal to the
board.

 

8.4 Supervisors can
investigate where they find the company is running abnormally.

 

Chapter
Nine Managing Department

 

9.1 Under the leadership of
the board, the General Manager is responsible for the administration of the
company. JV has a general manager who is appointed by Party A; and deputy
general manager who is designated by Party B. Both managers shall serve three
years.

 

9.2 The responsibility of
the general manager is to carry out the decisions of the board and organize and
conduct the daily management of the JV. Responsibly of the deputy general
manager is to assist the general manager according to the by-laws of JV.
Whereas is needed, the position of manager of quality, operation manager,
financal manager and managing department shall be established. They shall take
care of the daily work of the respective departments and be responsible to the
general manager and the deputy general manager.

 

9.3 The general manager and
deputy general manager shall be appointed or dismissed by the board. They shall
not take advantage of their positions and grab business opportunities that
belong to the JV, set up their own business or cooperate with others on the
same line of business. However, if the board approves such parctices, it is
fine. The managers of all departments shall be appointed by the general manager
and approved by the board.

 

Chapter
Ten Financial Accounting System

 

10.1 The financial and
accounting system of the JV shall be formulated in accordance

 

 

with relevant laws and
financial and accounting rules of PRC, and in line with the actual
conditions of the company. When the JV get registered, it shall be recorded
timely in the local financial and taxation authorities.

 

The JV can open RMB and
foreign exchange account in banks registered in China, and in banks outside
China that are approved and appointed by the company.

 

10.2 The accounting year the
JV shall coincide with the calendar year, i. e. , from January 1 to
December 31 on the Gregorian calendar.

 

The accounting of the JV
shall adopt the internationally used accrual basis and debit and credit
accounting system in their work.

 

All self-made bookkeeping
vouchers, documents, statements and book of accounts shall be written in Chinese.

 

10.3 The financial manager
is appointed by Party A.

 

Chapter
Eleven Labor Management

 

11.1 The employment,
dismissal, wage, welfare, labor protection, labor insurance and labor
disciplines of JV’s workers shall be decided according to the Labor Law of the
People’s Republic of China and labor contract signed by the workers and the JV.
In principle, all workers and staff of Party A shall be transferred to the JV.

 

11.2 The positions of
chairman, vice chairman, and directors shall all be non-paid, provided that
stipends may be paid for meeting attendance and transportation.

 

Chapter
Twelve Procurement of Equipments, Raw Materials and Accessories

 

12.1 All needed raw
materials, fuels, accessories and fittings, vehicles and office

 

 

supplies can be purchased by
the JV on its own. For those products that need to be purchased in foreign
countries, their prices shall not exceed the reasonable prices on the
international market, and they must must be applicable and advanced.

 

Chapter
Thirteen Tax Payment

 

13.1 The JV company shall
pay all the taxes and fees according to the tax laws of PRC and relevant
regulations.

 

13.2 All workers in the
company shall pay individual income taxes according to the Individual Income
Tax Law of the People’s Republic of China.

 

Chapter
Fourteen Insurance

 

14.1 All insurances shall be
covered by insurance companies within the borders of China.

 

Chapter
Fifteen Liabilities for Breach

 

15.1 If one party fails to
observe the contract or fail to do what is agreed between both parties, and
thus causing the loss of the other party, the party that bearing losses has the
right to ask for compensation and other remedial measures. Whereas remedial
measures are not suffice to compensate for the losses, the other party still
has the right to ask for compensation.

 

15.2 The compensation of one
party shall be equal to the losses of the other. Penalty shall be paid and
recompenses be given according to circumstances.

 

 

15.3 Whereas one party fails
to give its due contributions to the company, the observing party shall delay
the payments of interests to the breaching party from the first month of delay.
The observing party has the right to terminate the contract.

 

The interests overdue is
payed in the currency of respective parties.

 

Chapter
Sixteen Force Majeure

 

16.1 Delay of fulfilment or
inability of fulfilment of the contract due to unpredictable and unavoidable
earthquake, typhoon, serious flood and fire, war and other unforeseen disasters
shall not be considered as breach of contract. However, it must complies with
all the following rules:

 

16.1.1 Force majeure must
cause directly the hindrance, inability or delay of one party to observe the
contract.

 

16.1.2 The affected party
shall take timely and reasonable measures when the event happens.

 

16.1.3 The affected party
shall inform immediately the other party upon the influence of the event. In
fifteen days, the affected party shall inform in written form the other party
about the event and how it is handled and the reason why it fails to or delays
its fulfilment of its responsibilities. Moreover, relevant government agencies
in the place where the event happenes shall give proof of authenticity of such
a disaster.

 

16.2 When the influence of
the event is over and the event is handled properly, the affected party shall
inform immediately the other party.

 

Chapter
Seventeen Dispute Resolution

 

17.1 When both parties have
disputes, they shall resolve them through consultations.

 

 

If they are not willing to
consult or the results of consultation is unsatisfactory, they can seek the
arbitration of the Arbitration Committee of Hangzhou. The arbitration is final
and binding to both parties.

 

17.2 Arbitration fee shall
be borne by the losing party or decided by the arbitration committee.

 

Chapter
Nineteen Modification or Dissolution of Contract

 

19.1 When is approved by
both parties, the contract can be modified and changed. However, a written
agreement shall be signed by both parties and be approved by examination and
approval organ.

 

19.2 Other than the
expiration of term of operation, termination of contract and dissolution of the
company is agreed due to the following reasons:

 

1. Force majeure

 

2. Grave losses

 

3. Substantial breach of
contract by one party

 

4. Short of operation
purposes agreed by both parties, and no prospect

 

5. Other reasons stipulated
in contracts, by-laws and relevant laws and regulations

 

19.3 Both parties agree to
dissolve the contract.

 

19.4 No party can transfer
the rights and obligations ruled in the by-laws and attachments of the contract
to a third party without the written approval of the other party. Otherwise,
the transferred contract shall be deemed ineffective.

 

Chapter
Twenty Effectiveness of the Contract and Miscellaneous

 

20.1 By-laws, agreements and
attachments formulated according to the contract are

 

 

all part of the contract.

 

Where there is a conflict of
clauses between the contract and the attachment, the clauses in the contract
shall be prior ones.

 

20.2 The contract shall be
signed by both parties’ legal representatives and then be approved by the state
foreign trade department. Then the contract shall be valid.

 

Party A: Zhejiang Shengda
Color Pre-printing Co. Ltd.

 

Legal
Representative(signature)

 

Party B: CHENG
LOONG(HANGZHOU) INVESTMENT CO.,LTD

 

Legal
Representative(signature)

 

 

Signing Date: 28th December, 2008

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