Document:

ex10_1.htm

    
      

    

    Exhibit
10.1

     

    
      As
approved by the Compensation Committee Feb 1, 2010

      

      Scientific
Learning Corporation

      2010
Profit Sharing Plan

       

      Plan
Name:  Scientific Learning FY 2010 Profit Sharing Plan (“the
Plan”).

       

      Purpose: To provide profit
sharing awards to participants when the Company achieves its collective annual
financial goals.

       

      Participants: All employees
who meet the following criteria (“Participants”):

      
        	
                 
      

              	
                1.

              	
                Not
      eligible for the Management Incentive Plan, sales commissions or bonuses
      or any other pay from an incentive
plan.

              

      

      
        	
                 
      

              	
                2.

              	
                Service
      with the Company of at least 3 months by the end of the plan
      year.

              

      

      

      Goals:  The amount
of the award paid under the Plan is based on shared Company financial goals,
which for 2010 are Booked Sales and EBITDAS. The entry, target and maximum
levels for those goals are as follows:

      

      
        	 
      	 	
                Entry
      Level

                (0%
      Goal Achievement)

              	 	 	
                Target
      Level (100% Goal Achievement)

              	 	 	
                Maximum
      Level

                (200%
      Goal Achievement)

              	 
	
                Booked
      Sales

              	 	$	58.5
      million	 	 	$	62.5
      million	 	 	$	66.5
      million	 
	
                EBITDAS

              	 	$	8.5
      million	 	 	$	10.5
      million	 	 	$	12.5
      million	 

      

      

      Awards:

      
        	
                 
      

              	
                1.

              	
                Until
      the entry level for both financial goals is achieved, no award is
      paid.

              

      

      
        	
                 
      

              	
                2.

              	
                Awards
      commence above the entry
      level for goal achievement, which means exceeding both Booked
      Sales of $62.5M and EBITDAS of
$10.5M.

              

      

      
        	
                 
      

              	
                3.

              	
                At
      the target level (100% achievement of both goals) the total award is 5% of
      Base Salary.

              

      

      
        	
                 
      

              	
                4.

              	
                At
      the maximum overachievement level for both goals, the total award is 10%
      of Base Salary (200% of the target
award).

              

      

      
        	
                 
      

              	
                5.

              	
                The
      percentage of the target level award to be paid will range from 10%, once
      the $58.5 million Booked Sales and $8.5 million EBITDAS entry levels are
      exceeded, to 200%, when the maximum level of $66.5 million Booked Sales
      and $12.5 million EBITDAS is achieved. The percentage will increase from
      10% to 200% as Booked Sales and EBITDAS increase. EBITDAS achievement is
      weighted slightly more than Booked Sales Achievement in determining the
      amount of the award.

              

      

      
        	
                 
      

              	
                6.

              	
                The
      amount of the awards will be calculated after the 2010 audited financial
      results are available.  The calculation of the award, including
      any rounding, will be in the sole and absolute discretion of the Company’s
      CFO, with approval by the CEO.

              

      

      
        
          SLC
Confidential

           

        

        
          Page 1 of
3

          
            

          

        

        
           

        

      

       

      
        As
approved by the Compensation Committee Feb 1, 2010

      

      Definitions:

      
        	
                 
      

              	
                1.

              	
                Base Salary:
      Participant’s base salary as of
12/31/10.

              

      

      
        	
                 
      

              	
                2.

              	
                EBITDAS:  Earnings
      before interest, taxes, depreciation, amortization and stock compensation
      expense, determined in accordance with SLC’s audited financial statements
      for 2010.

              

      

      
        	
                 
      

              	
                3.

              	
                Booked
      Sales:  Booked sales in 2010, determined in accordance
      with SLC’s audited financial statements for
  2010.

              

      

       

      General
Provisions:

      
        	
                 
      

              	
                1.

              	
                The
      Plan will be administered by Scientific Learning, which reserves the right
      to, at any time, amend, interpret, or terminate the Plan, in whole or in
      part.  The obligations of the Company as set forth in this
      document shall be subject to modification in such manner and to such
      extent as the Compensation Committee of the Board of Directors deem
      necessary, or as may be necessary to comply with any law, regulation or
      governmental order pertaining to compensation. The Compensation Committee
      has discretion to pay awards to reflect achievement even if specific goals
      are not met.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Death or
      Disability.  If a Participant dies or becomes disabled
      prior to the date the awards are paid, his/her cash payment amount will be
      prorated to include only the full fiscal quarterly periods for which the
      Participant was an active Scientific Learning employee.  For the
      purposes of this Plan “disability” means that as a result of physical or
      mental incapacity the Participant is unable to perform his or her duties
      on a full-time basis for a period of 120 consecutive days. In the case of
      death, the payment amount will be paid to the Participant’s estate
      according to applicable law and established guidelines and
      practices.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Paid or Unpaid
      Leave.  If a participant is on paid or unpaid leave of
      absence in 2010, his/her cash payment amount will be prorated to exclude
      that time he/she was on such leave.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Participants
      who are in a Profit Sharing Plan eligible position prior to October 1,
      2010 will be eligible for a pro-rated award (unless otherwise agreed to,
      in writing, at the time of the employment action).  Participants
      promoted out of a Profit Sharing Plan eligible position into to a MIP
      eligible position during 2010 will receive a pro-rated profit sharing plan
      award.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Except
      as provided in paragraphs 2 or 3 above, Plan Participants must be employed
      by Scientific Learning at the time that the award is no longer subject to
      a risk of forfeiture in order to receive payment of an award under this
      Plan. Awards will be paid in the first quarter of 2011, following the
      completion of the 2010 audit, provided that all awards shall be paid
      within two and one-half months following the end of the calendar year in
      which the awards are no longer subject to substantial risk of
      forfeiture.

              

        
          
            SLC
Confidential

             

          

          
            Page 2 of
3

            
              

            

          

          
             

          

        

      

      
         

        
          As
approved by the Compensation Committee Feb 1, 2010

           

          2010
Bonus Matrix

        

      

      
        	
                February
      2, 2010

              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                Booked
      Sales (in $M)

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                58.5

              	
                59.5

              	
                60.5

              	
                61.5

              	
                62.5

              	
                63.5

              	
                64.5

              	
                65.5

              	
                66.5

              	 
      	 
      
	 
      	
                12.5

              	
                120%

              	
                130%

              	
                140%

              	
                150%

              	
                160%

              	
                170%

              	
                180%

              	
                190%

              	
                200%

              	
                12.5

              	 
      
	 
      	
                12.0

              	
                105%

              	
                115%

              	
                125%

              	
                135%

              	
                145%

              	
                155%

              	
                165%

              	
                175%

              	
                185%

              	
                12.0

              	 
      
	 
      	
                11.5

              	
                90%

              	
                100%

              	
                110%

              	
                120%

              	
                130%

              	
                140%

              	
                150%

              	
                160%

              	
                170%

              	
                11.5

              	 
      
	 
      	
                11.0

              	
                75%

              	
                85%

              	
                95%

              	
                105%

              	
                115%

              	
                125%

              	
                135%

              	
                145%

              	
                155%

              	
                11.0

              	 
      
	 
      	
                10.5

              	
                60%

              	
                70%

              	
                80%

              	
                90%

              	
                100%

              	
                110%

              	
                120%

              	
                130%

              	
                140%

              	
                10.5

              	 
      
	
                EBITDAS
      (in $M)

              	
                10.0

              	
                45%

              	
                55%

              	
                65%

              	
                75%

              	
                85%

              	
                95%

              	
                105%

              	
                115%

              	
                125%

              	
                10.0

              	
                EBITDAS
      (in $M)

              
	 
      	
                9.5

              	
                30%

              	
                40%

              	
                50%

              	
                60%

              	
                70%

              	
                80%

              	
                90%

              	
                100%

              	
                110%

              	
                9.5

              	 
      
	 
      	
                9.0

              	
                15%

              	
                25%

              	
                35%

              	
                45%

              	
                55%

              	
                65%

              	
                75%

              	
                85%

              	
                95%

              	
                9.0

              	 
      
	 
      	
                8.5

              	
                0%

              	
                10%

              	
                20%

              	
                30%

              	
                40%

              	
                50%

              	
                60%

              	
                70%

              	
                80%

              	
                8.5

              	 
      
	 
      	 
      	
                58.5

              	
                59.5

              	
                60.5

              	
                61.5

              	
                62.5

              	
                63.5

              	
                64.5

              	
                65.5

              	
                66.5

              	 
      	 
      
	 
      	 
      	
                Booked
      Sales (in $M)

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                2010 Financial Targets:

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                Booked
      Sales - $62,550

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                EBITDAS
      - $10,514

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

       

      SLC
Confidential

       

      Page 3 of 3EMPLOYMENT
AGREEMENT

       

      This
EMPLOYMENT AGREEMENT (the “Agreement”) is made
and entered into as of the 1st day of February, 2010, by and between
SmartHeat Inc., a Nevada corporation (the “Company”),
and  Xudong Wang (the “Executive”).

      

      WITNESSETH:

       

      WHEREAS, the parties desire to
enter into this Agreement setting forth the terms and conditions for the
employment relationship of the Executive with the Company.

       

      NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants
and agreements contained herein, the parties hereto agree as
follows:

       

      1. EMPLOYMENT.

       

      1.1 Agreement to Employ.
The Company hereby agrees to employ Executive, and Executive hereby agrees to
serve, subject to the provisions of this Agreement, as an officer and employee
of the Company.

       

      1.2 Duties and Schedule.
Executive shall serve as the Company’s Vice President of Strategy and
Development and shall be responsible for development of corporate strategy,
mergers and acquisitions and investor relations and shall have such
responsibilities as designated by the Company’s Chief Executive Officer or the
Board of Directors of the Company (the “Board”) that are not
inconsistent with applicable laws, regulations and rules.  Executive
shall report directly to the Company’s Chief Executive Officer or the Board as
circumstances may require. Executive shall devote his best efforts and all of
his business time to his position with the Company and shall have no other
employment with a third party during the Term.

       

      2. TERM OF EMPLOYMENT.
Unless Executive’s employment shall sooner terminate pursuant to Section 4, the
Company shall employ Executive for a term commencing on the date hereof and
ending on June 30, 2013 (the “Term”).

       

      3. COMPENSATION.

       

      3.1   Salary. Executive’s
salary during the Term shall be RMB70,000 per month (the “Salary”) payable each
month.

       

      3.2   Options. Executive
shall be awarded options (the “Options”) to purchase
50,000 shares of common stock of the Company, par value $.001 per share (the
“Common
Stock”), exercisable at the closing price per share of the Company’s
Common Stock at the close of the market on the date of this Agreement. 25,000
Options shall vest on June 30, 2011 and 25,000 Options shall vest on June 29,
2012, unless the Executive is not employed by the Company on such dates, in
which case the unvested options shall lapse in full unless otherwise provided in
this Agreement. The vested Options shall expire five (5) years from the date of
vesting. If Executive is terminated for Cause (as defined below), or if Company
terminates Executive prior to the end of the Trial Term (as defined below) or
Executive voluntarily terminates his employment for any reason, any Options
which have not fully vested shall not vest and be automatically
terminated.  If Executive is terminated by the Company for any reason
except Cause or is terminated because of Death or Disability (as defined below),
any Options which have not vested, shall vest on a monthly pro rata basis to the
last date of the month of such termination.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      3.2.1 For
the purposes of this Agreement, “Cause” means
(i) fraud or material misappropriation with respect to the business or
assets of the Company; (ii) refusal or failure materially to perform his
duties and responsibilities to the Company for a period of at least ten
(10) days, which continues after the Executive receives notice of such
refusal or failure; (iii) conduct that constitutes disloyalty to the
Company and which materially harms the Company or conduct that constitutes
breach of fiduciary duty involving personal profit; (iv) conviction, or the
entry of a plea of guilty or nolo contendere by the Executive, of a felony or
crime, or willful violation of any law, rule, or regulation, involving moral
turpitude; (v) the use of drugs or alcohol which interferes materially with
the Executive’s performance of his duties; or (vi) material breach of any
provision of this Agreement. For the purposes of this Agreement, “Disability” means
Executive’s inability to render, for a period of two consecutive months,
services hereunder due to his physical or mental incapacity as solely determined
by the Board in good faith.

       

      3.3 
Bonus. At the
sole discretion of the Board, the Executive shall be eligible for an annual cash
bonus based on his attainment of pre-agreed upon objectives and the performance
of the Company.

       

      3.4 Vacation. Executive
shall be entitled to 8 days of paid vacation per year. In the event that
Executive remains employed by the Company 3 years past the end of the Term,
employee shall be entitled to 12 days of paid vacation.

       

      3.5 Business Expenses.
Executive shall be reimbursed by the Company for all ordinary and necessary
expenses incurred by Executive; provided that they are incurred and approved in
writing in accordance with the Company’s expense policy.

       

      3.6 Insurances and Social
Welfares. The Company shall provide all the necessary insurances and
social welfares, including but not limited to medical insurance, work injury
insurance, maternity insurance, retirement insurance, unemployment insurance and
housing fund, to the Executive according to relating policies of the Company and
the relevant laws and regulations of local governmental authorities and the
People’s Republic of China.

       

      4. TERMINATION.

       

      4.1 Trial Term. For the
first 3 months of the Term (the “Trial Term”), the
Company may terminate the employment hereunder for any reason and such
termination shall take effect upon the delivery of the Notice of Termination to
the Executive.  Executive shall be solely entitled to accrued and
unpaid Salary through such effective date.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      4.2 
Death. This
Agreement shall terminate immediately upon the death of Executive and
Executive’s estate or Executive’s legal representative, as the case may be,
shall be entitled to Executive’s accrued and unpaid Salary and vacation as of
the date of Executive’s death, plus all other compensation and benefits that
were vested through the date of Executive’s death.

       

      4.3 Disability. In the
event of Executive’s Disability, this Agreement shall terminate and Executive
shall be entitled to (a) accrued and unpaid Salary and vacation through the
first date that a Disability is determined; and (b) all other compensation and
benefits that were vested through the first date that a Disability has been
determined.

       

      4.4 Termination by Company for
Cause.  The Company may terminate the Executive for Cause
without notice and such termination shall take effect upon the receipt by
Executive of the Notice of Termination. Upon the effective date of the
termination for Cause, Executive shall be solely entitled to accrued and unpaid
Salary through such effective date.

       

      4.5 Voluntary Termination by
Executive.  The Executive may voluntarily terminate his
employment for any reason and such termination shall take effect 30 days after
the receipt by Company of the Notice of Termination. Upon the effective date of
such termination, Executive shall be entitled to (a) accrued and unpaid Salary
and vacation through such termination date; and (b) all other compensation and
benefits that were vested through such termination date.  In the event
Executive terminates without notice, it shall be deemed a termination by the
Company for Cause.

       

      4.6  Notice of
Termination.  Any termination of the Employment by the Company
or the Executive shall be communicated by a notice in accordance with Section
8.4 of this Agreement (the “Notice of
Termination”).   Such notice shall (a) indicate the
specific termination provision in this Agreement relied upon and (b) if the
termination date is for Cause, the date on which the Executive’s employment is
to be terminated.

       

      4.7  Severance. The
Executive shall not be entitled to severance payments upon any termination
provided in Section 4 herein.

       

      5. EMPLOYEE’S
REPRESENTATION. The Executive represents and warrants to the Company
that: (a) he is subject to no contractual, fiduciary or other obligation which
may affect the performance of his duties under this Agreement; (b) he has
terminated, in accordance with their terms, any contractual obligation which may
affect his performance under this Agreement; and (c) his employment with the
Company will not require him to use or disclose proprietary or confidential
information of any other person or entity.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      6. CONFIDENTIAL
INFORMATION  Except as
permitted or directed by the Chief Executive Officer of the Company in writing,
during the time the Executive is employed by the Company or at any time
thereafter, the Executive shall not use for his personal purposes nor divulge,
furnish, or make accessible to anyone or use in any way (other than in the
ordinary course of the business of the Company) any confidential or secret
information or knowledge of the Company, whether developed by himself or by
others. Such confidential and/or secret information encompassed by this
Section 6 includes, but is not limited to, the Company’s customer and
supplier lists, business plans, software, systems, and financial, marketing, and
personnel information. The Executive agrees to refrain from any acts or
omissions that would reduce the value of any confidential or secret knowledge or
information to the Company, both during his employment hereunder and at any time
after the termination of his employment. The Executive’s obligations of
confidentiality under this Section 6 shall not apply to any knowledge or
information that is now published publicly or that subsequently becomes
generally publicly known, other than as a direct or indirect result of a breach
of this Agreement by the Executive.

       

      7.  NON-COMPETITION:
NON-SOLICITATION; INVENTIONS.

       

      7.1 
Non-Competition.
 During the employment of the Executive under this Agreement and for a
period of six (6) months after termination of such employment, the
Executive shall not at any time compete on his own behalf, or on behalf of
any other person or entity, with the Company or any of its affiliates within all
territories in which the Company does business with respect to the business of
the Company or any of its affiliates as such business shall be conducted on the
date hereof or during the employment of the Executive under this Agreement. The
ownership by the Executive of not more than 5% of a corporation, partnership or
other enterprise shall not constitute a violation hereof.

       

      7.2 
Non-Solicitation.  During
the employment of the Executive under this Agreement and thereafter Executive
shall not at any time (i) solicit or induce, on his own behalf or on behalf
of any other person or entity, any employee of the Company or any of its
affiliates to leave the employ of the Company or any of its affiliates; or
(ii) solicit or induce, on his own behalf or on behalf of any other person
or entity, any customer or Prospective Customer of the Company or any of their
respective affiliates to reduce its business with the Company or any of its
affiliates. For the purposes of this Agreement, “Prospective Customer”
shall mean any individual, corporation, trust or other business entity which has
either (a) entered into a nondisclosure agreement with the Company or any
Company subsidiary or affiliate or (b) has within the preceding 12 months
received a currently pending and not rejected written proposal in reasonable
detail from the Company or any of the Company’s subsidiary or
affiliate.

       

      7.3 Inventions and
Patents. The Company shall be entitled to the sole benefit and exclusive
ownership of any inventions or improvements in products, processes, or other
things that may be made or discovered by Executive while he is in the service of
the Company, and all patents for the same. During the Term, Executive shall do
all acts necessary or required by the Company to give effect to this section
and, following the Term, Executive shall do all acts reasonably necessary or
required by the Company to give effect to this section.  In all cases,
the Company shall pay all costs and fees associated with such acts by
Executive.

       

      7.4 Return of
Property.  The Executive agrees that all property in the
Executive’s possession that he obtains or is assigned in the course of his
employment with the Company, including, without limitation, all documents,
reports, manuals, memoranda, customer lists, credit cards, keys, access cards,
and all other property relating in any way to the business of the Company, is
the exclusive property of the Company, even if the Executive authored, created,
or assisted in authoring or creating such property. The Executive shall return
to the Company all such property immediately upon termination of employment or
at such earlier time as the Company may request.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      7.5  Court Ordered
Revisions. If any portion of this
Section 7 is found by a court of competent jurisdiction to be invalid or
unenforceable, but would be valid and enforceable if modified, this
Section 7 shall apply with such modifications necessary to make this
Section 7 valid and enforceable.  Any portion of this Section 7
not required to be so modified shall remain in full force and effect and not be
affected thereby.

       

      7.6 Specific Performance.
The Executive acknowledges that the remedy at law for any breach of any of the
provisions of Section 7 will be inadequate, and that the Company shall be
entitled, in addition to any remedy at law or in equity, to preliminary and
permanent injunctive relief and specific performance.

       

      8. MISCELLANEOUS.

       

      8.1 Indemnification.  The
Company and each of its subsidiaries shall, to the maximum extent provided under
applicable law, indemnify and hold Executive harmless from and against any
expenses, including reasonable attorney’s fees, judgments, fines, settlements
and other legally permissible amounts (“Losses”), incurred in
connection with any proceeding arising out of, or related to, Executive’s
employment by the Company, other than any such Losses incurred as a result of
Executive’s negligence or willful misconduct.  The Company shall, or
shall cause a subsidiary thereof to, advance to Executive any expenses,
including attorney’s fees and costs of settlement, incurred in defending any
such proceeding to the maximum extent permitted by applicable
law.  Such costs and expenses incurred by Executive in defense of any
such proceeding shall be paid by the Company or applicable subsidiary in advance
of the final disposition of such proceeding promptly upon receipt by the Company
of (a) written request for payment; (b) appropriate documentation evidencing the
incurrence, amount and nature of the costs and expenses for which payment is
being sought; and (c) an undertaking adequate under applicable law made by or on
behalf of Executive to repay the amounts so advanced if it shall ultimately be
determined pursuant to any non-appealable judgment or settlement that Executive
is not entitled to be indemnified by the Company or any subsidiary
thereof.  The Company will provide Executive with coverage under all
directors and officers liability insurance policies that it has in effect during
the Term, with no deductible to Executive.

       

      8.2 Applicable
Law.  Except as may be otherwise provided herein, this
Agreement shall be governed by and construed in accordance with the laws of the
State of New York, applied without reference to principles of conflict of
laws.

       

      8.3 Amendments.  This
Agreement may not be amended or modified otherwise than by a written agreement
executed by the parties hereto or their respective successors or legal
representatives.

       

      8.4 Notices.  All
notices and other communications hereunder shall be in writing and shall be
given by hand-delivery to the other party, by an international mail courier, or
by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      If to the
Executive:

      

      Xudong
Wang

      c/o
SmartHeat Inc.

      A-1, 10,
Street 7, Shenyang Economic Development Zone

      Shenyang,
China 110027

      

      With a
copy to (which shall not constitute a notice):

       

      If to the
Company:

      A-1, 10,
Street 7, Shenyang Economic Development Zone

      Shenyang,
China 110027

      Attn:  Chief
Executive Officer

      

      With a
copy to (which shall not constitute notice):

      

      The
Newman Law Firm, PLLC

      44 Wall
Street, 20th Floor

      New York,
NY 10005

      Fax:
(212) 232-0386

      

      Or to
such other address as either party shall have furnished to the other in writing
in accordance herewith.  Notices and communications shall be effective
when delivered to the addressee.

      

      8.5 Withholding.  The
Company may withhold from any amounts payable under the Agreement, such federal,
state and local income, unemployment, social security and similar employment
related taxes and similar employment related withholdings as shall be required
to be withheld pursuant to any applicable law or regulation.

       

      8.6 Severability.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
and any such provision which is not valid or enforceable in whole shall be
enforced to the maximum extent permitted by law.

       

      8.7 Captions.  The
captions of this Agreement are not part of the provisions and shall have no
force or effect.

       

      8.8 Entire
Agreement.  This Agreement contains the entire agreement among
the parties concerning the subject matter hereof and supersedes all prior
agreements, understandings, discussions, negotiations and undertakings, whether
written or oral, between the parties with respect thereto.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

       

      8.9 Survival.   The
respective rights and obligations of the parties hereunder shall survive any
termination of this Agreement or the Executive’s employment hereunder to the
extent necessary to the intended preservation of such rights and
obligations.

       

      8.10 Waiver. Either
Party's failure to enforce any provision or provisions of this Agreement shall
not in any way be construed as a waiver of any such provision or provisions, or
prevent that party thereafter from enforcing each and every other provision of
this Agreement.

       

      8.11 Successors.  This
Agreement is personal to Executive and, without the prior express written
consent of the Company, shall not be assignable by Executive. This Agreement
shall inure to the benefit of and be enforceable by Executive’s estate, heirs,
beneficiaries, and/or legal representatives. This Agreement shall inure to the
benefit of and be binding upon the Company and its successors and
assigns.

       

      8.12 Joint
Efforts/Counterparts.   Preparation of this Agreement
shall be deemed to be the joint effort of the parties hereto and shall not be
construed more severely against any party.  This Agreement may be
signed in two or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same
instrument.

       

      8.13 Representation by
Counsel.   Each Party hereby represents that it has had
the opportunity to be represented by legal counsel of its choice in connection
with the negotiation and execution of this Agreement.

       

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

      

      
        
          
            	
                    EMPLOYEE:

                  	 
      	
                    SMARTHEAT
      INC.

                  
	 
      	 
      	 
      	 
      
	
                    /s/ Xudong Wang

                  	 
      	
                    By:

                  	
                      /s/ Jun Wang

                  
	
                    Xudong
      Wang

                  	 
      	Jun
      Wang
	 
      	 
      	Chief
      Executive Officer

          

        

      

      
        
           

        

        
          7

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