Document:

Exhibit 10.12

 

Labor Contract

 

	
Party A: Beijing Dehaier Medical Technology Company Limited

	  
	
Party B: Xiaoqing Wang

	  
	
Signature Date: July 8, 2011

LABOR CONTRACT

 

Beijing Dehaier Medical Technology Co. Ltd. (hereinafter referred to as “Party A”)

 

and

 

	
Name of Employee: Xiaoqing Wang

	  	
Identification Card No.:          

(hereinafter referred to as “Party B”)

 

hereby execute this Contract in accordance with the applicable provisions of “The Labor Law of the People’s Republic of China” and other laws and regulations on the basis of equality, voluntariness and consensus.

 

Article I

 

Term of Contract and Probation Period

 

	
  

	
1.

	
The term of this Contract shall be from July 8, 2011 to July 8, 2012.

	
  

	
2.

	
This Contract shall take effect on the day Party B actually commences work for Party A.

	
  

	
3.

	
During probation period, Party A shall perform a performance review on Party B, and shall decide whether to formally hire Party B based on Party B’s work performance and capabilities. The probation period shall end upon notice from Party A of Party B’s formal hiring, and Party B shall become Party A’s formal employee. In the event that Party A does not believe that Party B fully meets hiring conditions, Party A may extend the probation period in accordance with applicable rules. During the probation period, in the event that Party A does not believe that Party B meets hiring conditions and decides not to hire Part A, this Contract shall be terminated automatically.

 

	
  

	
4.

	
On the day Party B reports to work, Party B shall provide Party A with the labor certificate or relevant severance certificates [from Party B’s previous employer]. In the event such proof is not provided within half a month, Party B must have a reasonable application and may get an extension only after Party A gives consent, and said extension shall not exceed one month. In the event that Party B fails to provide relevant proof within the prescribed timeframe, this Contract shall be automatically terminated.

 

  

  

  

 

Article 2

 

Job Post and Job Duties

 

	
  

	
1.

	
Party B shall hold the position of Chief Technology Officer with the Financial Department. Party B shall complete his work according to the job duties defined by Party A.

	
  

	
2.

	
Party A may change Party B’s job due to Party A’s business need or due to Party B’s capabilities or performance. Party B shall have the right to make his own comment, but shall comply with Party A’s work arrangements and shall complete the procedures for change according to the rules.

 

Article 3

 

Work Conditions and Labor Protection

 

	
  

	
1.

	
Party A shall implement a 40-hour work week system. Due to business needs, management, sales and service departments, etc., shall implement an irregular work system or comprehensive work hour system.

	
  

	
2.

	
In the event that Party A needs Party B to work overtime due to business needs, Party A may provide makeup breaks or compensation.

	
  

	
3.

	
Party A shall provide Party B with work environment and labor protection measures consistent with the requirements of the Chinese Government.

 

Article 4

 

Compensation

 

	
  

	
1.

	
In accordance with the current salary system of Party A, Party B’s total monthly salary shall be RMB15,000.

	
  

	
a.

	
[Reserved]

	
  

	
b.

	
The salary shall be RMB15,000, plus a bonus. The bonus shall be issued in accordance with relevant requirements of Party A.

 

	
  

	
2.

	
Party A shall issue the salary for the previous month on the 10th of each month.

 

	
  

	
3.

	
Party B’s personal income adjustment tax shall be borne by Party B himself, and shall be withheld by Party A.

 

  

  

  

 

	
  

	
4.

	
Party A may pay Party B a certain amount of subsidies and bonuses depending on the business operating status and Party B’s work performance.

	
  

	
5.

	
In the event that Party A implements a new salary system, adjusts salary levels or in the event that Party B’s duty post and position is changed, Party A may make an adjustment to Party B’s salary in accordance with the relevant rules.

 

Article 5

 

Labor Insurance, Welfare and Benefits

 

	
  

	
1.

	
Party shall pay relevant social insurance to designated authorities on Party B’s behalf in a timely manner in accordance with government requirements.

	
  

	
2.

	
Party B shall be entitled to legal holidays specified by the Chinese Government, as well as paid leaves, such as annual vacations, marital leave, bereavement leave and maternity leave, etc.

 

	
  

	
3.

	
During Party B’s employment with Party A, in the event of Party B’s sickness or non-job related injuries, Party B shall set Party B’s medical leave in accordance with government requirements.

Article 6

 

Labor Discipline

 

	
  

	
1.

	
Party B shall strictly comply with the various rules and regulations prepared by Party A in accordance with law.

	
  

	
2.

	
In the event that Party B has complied with rules and regulations in an exemplary manner or in the event that Party B has violated such rules and regulations, Party A shall reward and discipline Party B, as the case may be.

 

Article 7

 

Termination of, Changes to, Renewal and Dissolution of Labor Contract

 

	
  

	
1.

	
Upon the occurrence of any one of the following circumstances, this Labor Contract shall be terminated:

	
  

	
a)

	
The expiration of this Labor Contract;

	
  

	
b)

	
Party A has been declared bankrupt in accordance with law;

	
  

	
c)

	
Party A has been dissolved or revoked in accordance with law;

 

  

  

  

 

	
  

	
d)

	
Party B’s retirement, severance or death;

	
  

	
e)

	
Other circumstances specified by law and regulations;

	
  

	
2.

	
This Labor Contract may be terminated upon consensus between Party A and Party B;

	
  

	
3.

	
Upon its expiration, this Labor Contract may be renewed upon mutual agreement between Party A and Party B;

	
  

	
4.

	
Due to change of products, adjustment to business operations or due to policy adjustments and other changes of circumstances, Party A may change the relevant contents of this Contract and complete the procedures for such changes;

	
  

	
5.

	
Party B may terminate this Labor Contract at any time upon the occurrence of any one of the following circumstances:

	
  

	
a)

	
Party B is in the probation period;

	
  

	
b)

	
Part A forces Party B to perform labor through force, threat or illegal restriction on Party B’s personal freedom;

	
  

	
c)

	
Party A fails to pay labor compensation or provide work conditions;

	
  

	
d)

	
Upon confirmation by labor protection and labor health oversight authorities, Party A’s work safety and health conditions do not meet the standards of laws and regulations;

 

	
  

	
6.

	
Party B must give Party A 30 days of written notice when it requests termination of this Labor Contract. In the event that any special provisions have been covenanted regarding the deadline for advance notice, the requirement for such a prescribed deadline shall be met.

	
  

	
7.

	
Upon the occurrence of any one of the following circumstances, Party A may terminate this Labor Contract, but must give Party B 30 days written notice:

	
  

	
a)

	
In the event that Party B becomes sick or suffers non-work related injuries, after Party B’s medical leave has ended, Party B still has not recovered, or although Party B has recovered, Party B cannot perform the work on the original duty post or any other work arranged by Party A;

	
  

	
b)

	
Party B is incompetent, and still remains incompetent even after training or even though Party B’s duty post has been adjusted;

	
  

	
c)

	
There have been major changes to in objective circumstances used as the basis for the execution of this Labor Contract, rendering it impossible to perform the original Labor Contract, and the parties are still not able to reach an agreement on changes to this Labor Contract after their consultations;

 

  

  

  

 

	
  

	
8.

	
Party B may terminate this Labor contract at any time upon the occurrence of any one of the following circumstances on Party B’s part:

	
  

	
a)

	
Party B proves that Party A has not met the hiring conditions during the probation period;

	
  

	
b)

	
The cumulative number of days of Party B’s absence without leave and leave exceeds the number of days allowed by Party A;

	
  

	
c)

	
Party B seriously violates the labor discipline or the rules and regulations of the company;

	
  

	
d)

	
Party B neglects his duty and is engaged in malpractice for personal gains, causing substantial loss to Party A;

	
  

	
e)

	
Part B is held criminally liable in accordance with law; and

	
  

	
f)

	
Other circumstances specified by laws and regulations.

	
  

	
9.

	
The performance of this Labor Contract shall be suspended upon the occurrence of any one of the following circumstances:

	
  

	
a)

	
Party B is drafted into military service or performs other legally mandated obligations specified by the state;

	
  

	
b)

	
Party B is temporarily unable to perform the obligations under this Labor Contract, but there are still conditions and possibilities for the employee to continue to perform them; and

	
  

	
c)

	
Other circumstances set forth by laws and regulations or covenanted by this Labor Contract.

 

Article 8

 

Liabilities for Breach of This Labor Contract

	
  

	
1.

	
Upon the termination, dissolution of this Labor Contract or upon the occurrence of liability for breach of same, legal liabilities shall be undertaken in accordance with the applicable provisions of the “Labor Law” and state laws and regulations. In the event that any economic losses or damages have been caused to the other party, liabilities for damages shall be in accordance with law.

	
  

	
2.

	
In the event that when Party A terminates this Contract in accordance with Section 7, Article 7, and Party B terminates this Contract in accordance with Section 7, Article 7 and Clause 2, Section 2, Article 9, if no advance notice is given in accordance with the prescribed requirements or if advance notice is insufficient, compensation shall be paid at the number of deficient days multiplied by the average number of days of Party B’s actual monthly salaries.

 

  

  

  

 

	
  

	
3.

	
When Party B is engaged in professional and technical work or has access to Party A’s trade secrets or in the event Party B terminates this Contract in violation of Clause a, Section 2 and Section 3 Article 9 during the period of required service, Party B shall be liable for breach of contract and pay a penalty equivalent to three months’ salaries.

	
  

	
4.

	
In the event Party B has received training funded by Party A and terminates this Contract in violation of Clause a to Clause e, Section 8 Article 7 during the period of required service, Part B shall compensate Party A for the training fee, which shall be decreased by the year in accordance with the applicable state requirements.

 

Article 9

 

Other Matters Covenanted by the Parties Through Consultations

 

	
  

	
1.

	
Confidentiality

	
  

	
a)

	
Party A maintains a strict policy on confidentiality. Any violation by Party B of the confidentiality rule shall be a serious violation of this Contract. Upon severance, Party B shall not photocopy, take away or disclose in any manner any documents or information belonging to Party A, and shall maintain trade secrets for Party A.

	
  

	
2.

	
Denial of Access to Secrets

	
  

	
a)

	
Party B shall maintain trade secrets for Party A. Relevant workers who engage in professional and technical work or who have access to trade secrets shall give Party A three months of written notice when they request termination of their labor contracts. During this time, Party A may take corresponding measures to deny access to secrets.

	
  

	
b)

	
During Party B’s denial of access to secrets, Part A shall have the right to adjust Party B’s duty post, and may adjust Party B’s duty post salary based on the current duty post.

	
  

	
3.

	
The Required Service Period

	
  

	
a)

	
In the event that Party A has spent funds to hire Party B, has provided training or other special treatment to Party B, Party A may covenant a required service period with Party B.

	
  

	
b)

	
In the event that Party B terminates this Labor Contract during the required service period, Party B shall give Party A two months written notice, and shall compensate Part A in accordance with relevant requirements. At the same time, Party A may adjust Party B’s duty post.

 

  

  

  

 

	
  

	
4.

	
Non-competition

	
  

	
a)

	
Part B agrees not to be hired by another company without approval during the term of this Contract.

	
  

	
b)

	
Party B agrees not to engage in direct or indirect business contact with Part A and the affiliates thereof without approval for one year after the termination of this Contract; shall not engage in actions in competition with Party A and the affiliates thereof or engage in business of a similar nature in any manner, and Part A shall provide corresponding compensation.

	
  

	
5.

	
Intellectual Property: Party A shall own the rights to all intellectual property created by Party B relating to Party B’s employment during the service period, including inventions, creations, all patents, copyrights and other intellectual properties.

	
  

	
6.

	
Other Covenants

 

Article 10

 

For matters not covered by this Contract, decisions shall be made by reference to applicable provincial and local laws, regulations and policies, as well as the system of the company. In the absence of specific rules, such matters shall be resolved by Party A and Party B through friendly consultations.

 

Article 11

 

In the event that the provisions of this Contract contravene applicable provincial laws, regulations and policies, applicable provincial laws, regulations and policies shall control.

 

Article 12

 

This Contract shall be in duplicate copies, with one copy for each of the parties, and shall take effect upon affixation thereto of the signatures and seals of the parties.

 

Party A (Seal)

Beijing Dehaier Medical Technology Co. Ltd.

	
/s/ Ping Chen

	  	  
	
Signature of Authorized Representative:

	  	
  Date: July 8, 2011

	  	  	  
	
/s/ Xiaoqing Wang

	  	  
	
Party B’s signature:

	  	
  Date: July 8, 2011CONSULTING SERVICES AGREEMENT

THIS CONSULTING SERVICES AGREEMENT (the “Agreement”) is entered into on January 12, 2008, by and between American Scientific Resources, Inc. (“ASFX”) having its principal office located at 83 South Putt Corners Road, New Paltz, NY 12561, and Teresa McWilliams (“Consultant”), having its principal address 9642 Ridgecrest Court, Davie, FL 33328

WHEREAS, ASFX and have been in discussions and negotiations in connection with Consultant’s activities in providing advisory services to ASFX; and

WHEREAS, ASFX and Consultant have agreed on the scope of the advisory services Consultant shall render to ASFX and the compensation that ASFX shall pay to the Consultant for such services and both parties desires to set forth in this Agreement all the terms and provisions that shall govern their business relationship.

NOW THEREFORE, in consideration of the mutual promises made by the parties to each other, it is agreed as follows:

	
  

	
1.

	
Appointment. ASFX hereby appoints consultant to serve an independent Consultant to ASFX for the services described below for as long as this Agreement is in full force and effect, and Consultant hereby accepts such appointment.

	
  

	
2.

	
Scope of Services. ASFX and Consultant agree that ASFX has retained Consultant to render ASFX the following services:

	
  

	
A.

	
Accounting, Bookkeeping and Financial support services as described in “Attachment A – Scope of Services”, attached hereto and incorporated by reference, for calendar year beginning January 1, 2007 and thereafter.

The foregoing a hereinafter generally referred to as “services.”

	
  

	
3.

	
Compensation. In consideration for Consultant’s services, ASFX will compensate consultant in accordance with “Attachment B – Pricing Rates” attached hereto and incorporated by reference.   Consultant will submit invoices to ASFX on the first and fifteenth day of each calendar month.  Invoices are due upon receipt.

	
  

	
4.

	
Term and Termination. Subject to earlier termination, the term of this agreement shall begin on the date hereof and will continue in effect for a period of one year and renewable annually, thereafter (the “Term”). Either party may terminate this Agreement upon thirty days prior written notice.

  

  

  

	
  

	
5.

	
Independent Contractor Status. Consultant agrees that they are an independent contractor and is not an employee of ASFX and Consultant will not hold themselves out as such or as an agent or employee. Consultant has no authority or responsibility to enter into any contracts on behalf of ASFX.

	
  

	
6.

	
Confidential Information/Trade Secrets. During the course of the performance of the services, Consultant may have access to, have disclosed to them, or otherwise obtain information which ASFX identifies in writing or through labeling as being of a confidential and/or a proprietary nature to it (the “Confidential Information”). Consultant shall use such Confidential Information solely in performance of their obligation under this Agreement and shall not disclose or divulge it to, or use for the benefit of, any third parties without ASFX’s written consent. Information shall not be deemed as confidential if such information is i) already known to Consultant free of any restrictions at the same time it is obtained, ii) subsequently learned from an independent third party free of any restriction; or iii) available publicly.

	
  

	
7.

	
Publicity. Consultant will not represent its business relationship with ASFX or this Agreement to any persons or entities, publicity or privately in any term or to any extent, except as is described in Section 2 of this Agreement. Any press release or the public disclosure of this Agreement or of the business relationship between Consultant and ASFX must be approved in advance thereof by both Consultant and ASFX in writing. Neither party shall use the other’s name, logo, trademarks, or service marks in any advertising, publicity releases, or any other materials without that party’s prior written approval.

	
  

	
8.

	
Best Efforts. ASFX understands that Consultant shall utilize his/her best efforts in providing the Services set forth in Section 2. ASFX fully understands that Consultant does not and cannot promise that any specific result will be achieved through engagement of Consultant. Furthermore, ASFX understands that Consultant will never attempt to improperly influence any governmental or corporate official or entity or otherwise seek to accomplish any improper goal on behalf of ASFX.

	
  

	
9.

	
Dispute Resolution. The parties agree that any and all disputes rising out of or relating to this Agreement shall be determined exclusively by confidential, final and binding arbitration in New York City in accordance with the American Arbitration Association, except that ASFX and Consultant shall retain the right to seek injunctive and equitable relief for any actual or threatened breach of Sections 6 and 7 of this Agreement in any state, federal or international court of competent jurisdiction. Without limitation of the foregoing, each party acknowledges that it is hereby waiving any right to have such dispute resolved by jury trial.

	
  

	
10.

	
Contents of Agreement: Amendments.

No Amendments or modifications shall be binding upon either party unless made in writing and signed by both parties.

  

  

  

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

	 
Teresa McWilliams (CONSULTANT)

	 	American Scientific Resources, Inc. (ASFX)
	 	 	 	 	 
	
BY:

	
/s/ Teresa McWilliams

	  	
BY:

	
/s/ Christopher Tirotta

	
Name: 

	
Teresa McWilliams

	  	
Name: 

	
Christopher Tirotta, MD, MBA

	
Title:

	
Consultant

	  	
Title:

	
CEO/Chairman

  

  

  

Attachment A

Scope of Services

	
  

	
A.

	
General Services - Consultant will provide accounting, bookkeeping, and financial support services to ASFX and its subsidiaries with regard to day-to-day business operations in accordance with generally accepted industry standards.

	
  

	
B.

	
Month/Quarterly Financials - Consultant will provide ASFX with month-end and/or quarter-end closing of financial accounting books and records,  including but not limited to:

	
  

	
1.

	
General Ledger (GL) accounts analysis/reconciliation.

	
  

	
2.

	
Reconcile current inventory and oversee maintenance of accurate inventory reporting.

	
  

	
3.

	
Prepare and/or review bank reconciliations.

	
  

	
4.

	
Maintain spreadsheet of investment activities.

	
  

	
5.

	
Prepare FAS123R calculations for stock based compensation.

	
  

	
6.

	
Journal Entries (JE).

	
  

	
7.

	
Research and analyze U.S. GAAP standards, rules, and guidance when necessary to assure ASFX’s compliance.

	
  

	
8.

	
Prepare financial statements (Consolidated Balance Sheets (BS), Income Statements (IS) and Cash Flows (CF)) in accordance with U.S. GAAP.

	
  

	
9.

	
Quarterly flux analysis.

	
  

	
10.

	
Prepare and provide all supporting schedules of accounts as required by external financial auditors.

	
  

	
11.

	
Provide other documents and items as required by external financial auditors.

	
  

	
12.

	
Act as liaison with ASFX’s external financial audit firm(s) to facilitate quarterly financial reviews.

	
  

	
13.

	
Record any post financial audit adjustments as appropriate.

	
  

	
C.

	
Year End Financials - Consultant will provide ASFX with year-end closing of financial accounting books and records, including but not limited to:

	
  

	
1.

	
Prepare year-end financial statements (Consolidated BS, IS and Cash flows including full footnote disclosure, in accordance with U.S. GAAP)

	
  

	
2.

	
Prepare and provide all supporting schedules of accounts for year-end financial audit(s)

	
  

	
3.

	
Provide other documents and items as required by external auditors to complete the year-end financial audit(s).

	
  

	
4.

	
Act as liaison with external audit firm to facilitate the annual financial audit.

	
  

	
5.

	
Provide guidance and assistance to the executive team with regard to the issuance of 1099’s, etc.

  

  

  

	
  

	
D.

	
Securities and Exchange (SEC) Reports – Consultant will prepare of SEC reports such as 10-Q and 10-K

	
  

	
E.

	
Deliverables - Consultant will deliver to ASFX the following items;

	
  

	
1.

	
Quarterly Consolidated Financial statements which include:

A. Balance Sheets (BS),

B.  Income Statements (IS)

C. Statements of Cash Flow (CF))

	
  

	
2.

	
Quarterly flux analysis.

	
  

	
3.

	
All supporting schedules of accounts as required by external financial auditors.

	
  

	
4.

	
Provide other documents and items as required by external financial auditors.

	 	
5. 

	
Record any post financial audit adjustments as appropriate.

	 	
6. 

	
Consolidated Year-end financial statements

A. Balance Sheets (BS),

B.  Income Statements (IS)

C.  Statements of Cash Flow including full footnote disclosure

	
  

	
7.

	
Provide all year end supporting schedules of accounts for year-end financial audit(s)

	
  

	
8.

	
Provide other year end documents and items as required by external auditors to complete the year-end financial audit(s).

  

  

  

Attachment B

Pricing Rates

	
  

	
A.

	
General

	
  

	
1.

	
Pricing and hourly rates for Consultant are for the Scope of Services as stipulated in Attachment A and shall be incorporated thereto.

	
  

	
2.

	
Consultant reserves the right to re-price rates for additional work as may be requested by ASFX that is outside of the work specified in the Scope of Services contained within Attachment A.

	
  

	
B.

	
Rates

	
  

	
1.

	
Consultant’s hourly rate (“Rate”) shall be one hundred fifteen dollars ($95.00) per hour for each hour of service rendered.

	
  

	
2.

	
Partial hours shall be billed in increments of at least one quarter hours (.25 hours).

	
  

	
3.

	
Consultant may adjust the Rate for the use of subcontractors as may be required from time to time by ASFX. Consultant and ASFX will agree to the fee prior to engaging outside subcontractors if the rate exceeds the Rate of consultant.

	
  

	
C.

	
Invoicing

Consultant shall submit invoices to ASFX on the first and fifteenth day of each calendar month for which payment is due upon receipt.

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