Document:

Hybrid Coating Technologies Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Third Amendment to the Licensing Agreement previously entered
into on the 12th day of July, 2010 

 

Between:

 

Nanotech Industries Inc., a Delaware corporation. 

 

hereinafter referred to as “Licensor” or the “Company”

 

And:

 

Nanotech Industries International Inc., a Nevada corporation
(and a wholly owned subsidiary of Hybrid Coating Technologies Inc.)

hereinafter referred to as “NTI” 

 

(collectively referred to as the “Parties”)

 

WHEREAS the Parties previously entered into a Licensing
Agreement on July 12, 2010 (“Licensing Agreement”) and into an Amendment
Agreement on March 17, 2011 and into a Second Amendment Agreement on July 7,
2011 (collectively the “Agreement”);

WHEREAS for consideration duly acknowledged and
received, the Parties would like to amend the Agreement solely to extend the
Exclusivity Period;

WHEREAS to this end the Parties have agreed to enter
into this Third Amendment to the Licensing Agreement (“Third Amendment
Agreement”):

	 	1. 	
      The Exclusivity Period as defined in Section 3 (i) of the
      Licensing Agreement is hereby extended by a period of thirty-six months
      and shall terminate on July 12, 2016 (“Extended Exclusivity
    Period”).

	 	 	 
	 	2. 	
      Any reference to the Exclusivity Period in the Agreement,
      including but not limited to Section 3 of the Licensing Agreement, shall
      have the meaning of the Extended Exclusivity Period.

	 	 	 
	 	3. 	
      The Agreement, as amended by this Third Amendment
      Agreement, remains in full force and effect and is hereby ratified and
      confirmed. Provisions of the Agreement that have not been amended or
      terminated by this Third Amendment Agreement remain in full force and
      effect, unamended.

	 	 	 
	 	4. 	
      The Parties expressly warrant and guarantee that they
      have obtained all necessary requisite approvals and that they have the
      authority to enter into this Third Amendment Agreement.

	 	 	 
	 	5. 	
      The Preamble to this Third Amendment Agreement is
      incorporated herein by this reference and made a material part of this
      Third Amendment Agreement.

	 	 	 
	 	6. 	
      This Third Amendment Agreement may be signed in one or
      more counterparts, each of which so signed shall be deemed to be an
      original and such counterparts together shall constitute one and the same
      instrument.

     IN WITNESS WHEREOF, the
Parties have executed and delivered this Third Amendment Agreement on June 28,
2013. 

Nanotech Industries International Inc. 

By: /s/:Joseph Kristul

Title:
President

Nanotech Industries Inc.

By: /s/:Joseph Kristul

Title:
PresidentChina Valves Technology, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the "Agreement") is made effective
as of June 27, 2013, between CHINA VALVES TECHNOLOGY, INC., a Nevada corporation
(the "Company") and Mr. Renrui Tang (the "Executive"). 

1. EMPLOYMENT 

The Company hereby agrees to employ the Executive, and the
Executive hereby agrees to be employed by the Company, on the terms and
conditions set forth herein.

2. TERM 

The term ("Term") of this Agreement shall start on June 27,
2013 and will terminate on June 27, 2016 unless sooner terminated as hereinafter
provided.

3. POSITION AND DUTIES 

3.1 Position. The Executive hereby agrees to serve as Chief
Financial Officer of the Company. At the Company's request, the Executive may,
at the Executive's discretion, serve the Company and/or its respective
subsidiaries and affiliates in other offices and capacities in addition to the
foregoing, but shall not be required to do so. In the event that the Executive,
during the term of this Agreement, serves in any one or more of the
aforementioned capacities, the Executive's compensation shall not be increased
beyond that specified in Section 4 of this Agreement. In addition, in the event
the Company and the Executive mutually agree that the Executive shall terminate
the Executive's service in any one or more of the aforementioned capacities, or
the Executive's service in one or more of the aforementioned capacities is
terminated, the Executive's compensation, as specified in Section 4 of this
Agreement, shall not be diminished or reduced in any manner. 

3.2 Duties. The Company agrees that the duties that may be
assigned to the Executive shall be the usual and customary duties of the Chief
Financial Officer. 

3.3 Devotion of Time and Effort. Executive shall use
Executive's good faith best efforts and judgment in performing Executive's
duties as required hereunder and to act in the best interests of the Employers.
Executive shall devote such time, attention and energies to the business of the
Employers as are reasonably necessary to satisfy Executive's required
responsibilities and duties hereunder.

3.4 Other Activities. The Executive may engage in other
activities for the Executive's own account while employed hereunder, including
without limitation charitable, community and other business activities, provided
that such other activities do not materially interfere with the performance of
the Executive's duties hereunder. 

4. COMPENSATION AND RELATED MATTERS

4.1 Salary. During the Term, the Company shall pay the
Executive a salary of RMB 61,667 (approximately US$10,000) per month. The
Executive's performance and salary shall be subject to review at any time, and
an increase in salary, if one is so determined by the Board, shall be made, on a
basis consistent with the standard practices of the Company. 

4.2 Business Expenses. The Company shall promptly, in
accordance with Company policy, reimburse the Executive for all reasonable
business expenses incurred in accordance with and subject to the limits set forth in the Company's written policies with respect to
business expenses, upon presentation to the Company of written receipts for such
expenses.

1 

5. TERMINATION

5.1 Cause. The Company may terminate the Executive for Cause at
any time, upon written notice to Executive. For purposes of this Agreement,
"Cause" shall mean: 

(a) The Executive's conviction for commission of a felony or a
crime involving moral turpitude;

(b) The Executive's willful commission of any act of theft,
embezzlement or misappropriation against the Company; or 

(c) The Executive's material failure to perform his duties
hereunder. 

5.2 Termination Without Cause. The Company may terminate this
Agreement without Cause at any time, provided that the Company first delivers to
the Executive the Company's written election to terminate this Agreement at
least thirty (30) days prior to the effective date of termination. 

6. COMPENSATION UPON TERMINATION 

6.1 Termination for Cause. In the event the Executive's
employment shall be terminated for Cause pursuant to Section 5.1 hereof, the
Company shall pay the Executive his salary through the date of termination and
all and all stock options to purchase the Company's stock granted to the
Executive as of the date of termination and which have not vested prior to the
date of termination shall cease vesting. 

6.2 Termination without Cause, Termination by Mutual Agreement,
Disability or Death. In the event of a Termination without Cause pursuant to
Section 5.2, by mutual agreement of the parties hereto, or due to disability or
death of Executive, the Company shall pay the Executive through the date of
termination, and all stock options to purchase the Company's stock granted to
the Executive as of the Date of Termination and which have not vested prior to
the Date of Termination shall automatically become immediately exercisable by
the Executive on the Date of Termination and shall remain exercisable for a
period of five years from the date of termination.

7. CONFIDENTIALITY AND NON-SOLICITATION
COVENANTS 

7.1 Non-Competition. The Executive agrees that during the Term
of this Agreement prior to any termination of his employment hereunder and for a
period of two (2) years following the date on which the Executive's employment
hereunder is terminated, he will not directly or indirectly, without the prior
written consent of the Company, manage, operate, join, control, participate in,
or be connected as a stockholder (other than as a holder of shares publicly
traded on a stock exchange or the NASDAQ National Market System), partner, or
other equity holder with, or as an officer, director or employee of, any other
company whose business strategy is competitive with that of the Company, as
determined by a majority of the Company's independent directors ("Competing
Business").

7.2 Confidentiality. The Executive hereby agrees that the
Executive will not, during the Term or at any time thereafter directly or
indirectly disclose or make available to any person, firm, corporation,
association or other entity for any reason or purpose whatsoever, any
Confidential Information (as defined below). The Executive agrees that, upon
termination of his employment with the Company, all Confidential Information in
his possession that is in written or other tangible form (together with all
copies or duplicates thereof, including computer files) shall be returned to the
Company and shall not be retained by the Executive or furnished to any third
party, in any form except as provided herein; provided, however, that the
Executive shall not be obligated to treat as confidential, or return to the Company copies of any
Confidential Information that (i) was publicly known at the time of disclosure
to the Executive, (ii) becomes publicly known or available thereafter other than
by any means in violation of this Agreement or any other duty owed to the
Company by the Executive, or (iii) is lawfully disclosed to the Executive by a
third party. As used in this Agreement the term "Confidential Information" means
information disclosed to the Executive or known by the Executive as a
consequence of or through his relationship with the Company, about the owners,
employees, business methods, public relations methods, organization, procedures,
property acquisition and development, or finances, including, without
limitation, information of or relating to the Company and its affiliates. 

2 

7.3 Non-Solicitation. For a period of two (2) years following
the date on which the Executive's employment hereunder is terminated, the
Executive shall not solicit or induce any of the Company's employees, agents or
independent contractors to end their relationship with the Company, or recruit,
hire or otherwise induce any such person to perform services for the Executive,
or any other person, firm or company.

7.4 Return of Property. The Executive hereby acknowledges and
agrees that all Personal Property and equipment furnished to or prepared by the
Executive in the course of or incident to his employment, belongs to the Company
and shall be promptly returned to the Company upon termination of the Employment
Period. "Personal Property" includes, without limitation, all electronic devices
of the Company used by the Executive, including, without limitation, personal
computers, facsimile machines, cellular telephones, pagers and tape recorders
and all books, manuals, records, reports, notes, contracts, lists, blueprints,
maps and other documents, or materials, or copies thereof (including computer
files), and all other proprietary information relating to the business of the
Company. Following termination, the Executive will not retain any written or
other tangible material containing any proprietary information of the Company.

7.5 Reasonableness of Restrictions. Each of sections 7.1, 7.2,
and 7.3 set out above is acknowledged by Executive to be reasonable in duration,
extent and application and is the minimum protection necessary for the Company
in respect of its goodwill, Confidential Information, trade connections and
business. Each of the covenants and obligations on Executive’s part set out in
sections 7.1, 7.2, and 7.3 is deemed to be separate and severable and
enforceable by the Company accordingly. If any of the restrictions set out above
are held to be void but would be valid if part of the wording was deleted such
restriction shall apply with such deletion as may be necessary to make it valid
and effective. 

7.6 The restrictions set forth in Sections 7.1, 7.2, and 7.3
hereof shall not apply if the Executive's employment is terminated pursuant to
Section 5.4, 5.5 or 5.7 hereof or in the event that any form of compensation due
Executive pursuant to the provisions of Section 6 is not provided as required
when due. 

7.7 In the event of a breach by Executive of this Section 7,
any obligations for payment by the Company otherwise due pursuant to Section 5
hereof shall be void. 

8. GENERAL PROVISIONS 

8.1 Injunctive Relief and Enforcement. The Executive
acknowledges that the remedies at law for any breach by him of the provisions of
Section 7 hereof may be inadequate and that, therefore, in the event of breach
by the Executive of the terms of Section 7 hereof, the Company shall be entitled
to institute legal proceedings to enforce the specific performance of this
Agreement by the Executive and to enjoin the Executive from any further
violation of Section 7 hereof and to exercise such remedies cumulatively or in
conjunction with all other rights and remedies provided by law and not otherwise
limited by this Agreement.

8.2 Notice. For the purposes of this Agreement, notices,
demands and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when addressed as follows
and (i) when personally delivered, (ii) when transmitted by telecopy, electronic
or digital transmission with receipt confirmed, (iii) one day after delivery to
an overnight air courier guaranteeing next day delivery, or (iv) upon receipt if
sent by certified or registered mail. In each case notice shall be sent to: 

3 

	 	If to Executive: 	Mr. Renrui Tang 	 
	 	  	21F Kineer Plaza 	 
	 	  	226 Jinshui Road 	 
	 	  	Zhengzhou, Henan Province 	 
	 	  	People’s Republic of China 450008 	 
	 	  	  	 
	 	  	  	 
	 	If to the Company: 	China Valves Technology, Inc. 	 
	 	  	21F Kineer Plaza 	 
	 	  	226 Jinshui Road 	 
	 	  	Zhengzhou, Henan Province 	 
	 	  	People’s Republic of China 450008 	 
	 	  	Attn: Mr. Siping Fang, Chairman 	 

or to such other address as any party may have furnished to the
other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt. 

8.3 Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in
full force and effect. In addition, in the event any provision in this Agreement
shall be determined by any court of competent jurisdiction to be unenforceable
by reason of extending for too great a period of time or over too great a
geographical area or by reason of being too extensive in any other respect, each
such agreement shall be interpreted to extend over the maximum period of time
for which it may be enforceable and to the maximum extent in all other respects
as to which it may be enforceable, and enforced as so interpreted, all as
determined by such court in such action. 

8.4 Assignment. This Agreement may not be assigned by the
Executive, but may be assigned by the Company to any successor to its business
and will inure to the benefit and be binding upon any such successor.

8.5 Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. 

8.6 Headings. The headings contained herein are for reference
purposes only and shall not in any way affect the meaning or interpretation of
this Agreement. 

8.7 Choice of Law; Venue. This Agreement shall be construed,
interpreted and enforced in accordance with the laws of the State of Nevada
without giving effect to the principles of conflict of laws thereof. By
execution and delivery of this Agreement, the parties agree and accept that any
legal action or proceeding brought with respect to this Agreement shall be
brought in the court of appropriate jurisdiction in and for the County of Clark,
State of Nevada, and the parties expressly waive any objection to personal
jurisdiction, venue or forum non conveniens.

8.8 Entire Agreement. This Agreement contains the entire
agreement and understanding between the Company and the Executive with respect
to the employment of the Executive by the Company as contemplated hereby, and no
representations, promises, agreements or understandings, written or oral, not
herein contained shall be of any force or effect. This Agreement shall not be
changed unless in writing and signed by both the Executive and the Board. 

8.9 Amendments; Waivers. This Agreement may be amended or
modified, and any of the terms and covenants may be waived, only by a written
instrument executed by the parties hereto, or, in the case of a waiver, by the party waiving compliance. Any waiver by any
party in any one or more instances of any term or covenant contained in this
Agreement shall neither be deemed to be nor construed as a further or continuing
waiver of any such term or covenant of this Agreement. 

4 

IN WITNESS WHEREOF, the parties have executed this Employment
Agreement as of the date and year first above written. 

	 	“Company” 
	 	  
	 	CHINA VALVES TECHNOLOGY, INC., a Nevada
      corporation 
	 	  
	 	By:/s/ Siping
      Fang                  
       
	 	     Mr. Siping Fang, Chairman
    
	 	  
	 	“Executive” 
	 	  
	 	/s/ Renrui
      Tang                        
       
	 	Mr. Renrui Tang,CFO 

5

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