Document:

Unassociated Document

Suresh Capital Maritime Partners Germany GmbH

Suresh Capital Maritime Partners I-B Germany GmbH

Reederei Hartmann GmbH & Co. KG

ATL Offshore GmbH

UOS United Offshore Support GmbH & Co. KG

HARTMANN OFFSHORE GmbH & Co. KG

ATL Offshore GmbH & Co. “ISLE OF BALTRUM” KG

ATL Offshore GmbH & Co. MS “JUIST” KG

ATL Offshore GmbH & Co. MS “NORDERNEY” KG

ATL Offshore GmbH & Co. “ISLE OF LANGEOOG” KG

ATL Offshore GmbH & Co. “ISLE OF AMRUM” KG

ATL Offshore GmbH & Co. “ISLE OF SYLT” KG

ATL Offshore GmbH & Co. “ISLE OF WANGEROOGE” KG

ATL Offshore GmbH & Co. “ISLE OF NEUWERK” KG

ATL Offshore GmbH & Co. “ISLE OF USEDOM” KG

ATL Offshore GmbH & Co. “ISLE OF MEMMERT” KG

ATL Offshore GmbH & Co. “ISLE OF MELLUM” KG

ATL Offshore GmbH & Co. “ISLE OF FEHMARN” KG

 

STANDSTILL AGREEMENT

  

  

Page 1 of 7

  

 

Between

 

	
1.

	
Suresh Capital Maritime Partners Germany GmbH, registered in the Commercial Register of the District Court of Aurich under HR B 200300, Garrelstrasse 14, 26789 Leer, Germany

- “SCMP” -,

 

	
2.

	
Suresh Capital Maritime Partners I-B Germany GmbH, registered in the Commercial Register of the District Court of Aurich under HR B 110278, Schaarsteinwegsbrücke 2, 20459 Hamburg, Germany

- “SCMP” -,

 

	
3.

	
Reederei Hartmann GmbH & Co. KG, registered in the Commercial Register of the District Court of Aurich under HR A 111383, Neue Strasse 24, 26789 Leer, Germany

- “RHKG” -,

 

	
4.

	
ATL Offshore GmbH, registered in the Commercial Register of the District Court of Aurich under HR B 111472, Neue Strasse 24, 26789 Leer, Germany

- the “General Partner” –,

 

	
5.

	
UOS United Offshore Support GmbH & Co. KG, registered in the Commercial Register of the District Court of Aurich under HR A 200662, Nesseufer 14 a, 26789 Leer, Germany

- “UOS KG” -

 

	
6.

	
HARTMANN OFFSHORE GmbH & Co. KG, registered in the Commercial Register of the District Court of Aurich under HR  A 201032, Neue Strasse 24, 26798 Leer, Germany

- “HARTMANN OFFSHORE” –

 

	
7.

	
ATL Offshore GmbH & Co. “ISLE OF BALTRUM” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200150, Neue Strasse 24, 26789 Leer, Germany

- “Baltrum KG” -,

 

	
8.

	
ATL Offshore GmbH & Co. MS “JUIST” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200138, Neue Strasse 24, 26789 Leer, Germany

- “Juist KG” -,

 

	
9.

	
ATL Offshore GmbH & Co. MS “NORDERNEY” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200152, Neue Strasse 24, 26789 Leer, Germany

- “Norderney KG” -,

 

	
10.

	
ATL Offshore GmbH & Co. “ISLE OF LANGEOOG” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200142, Neue Strasse 24, 26789 Leer, Germany

- “Langeoog KG” -,

 

  

Page 2 of 7

  

 

	
11.

	
ATL Offshore GmbH & Co. “ISLE OF AMRUM” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200311, Neue Strasse 24, 26789 Leer, Germany

- “Amrum KG” -,

 

	
12.

	
ATL Offshore GmbH & Co. “ISLE OF SYLT” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200288, Neue Strasse 24, 26789 Leer, Germany

- “Sylt KG” -,

 

	
13.

	
ATL Offshore GmbH & Co. “ISLE OF WANGEROOGE” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200364, Neue Strasse 24, 26789 Leer, Germany

- “Wangerooge KG” -,

 

	
14.

	
ATL Offshore GmbH & Co. “ISLE OF NEUWERK” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200347, Neue Strasse 24, 26789 Leer, Germany

- “Neuwerk KG” -,

 

	
15.

	
ATL Offshore GmbH & Co. “ISLE OF USEDOM” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200346, Neue Strasse 24, 26789 Leer, Germany

- “Usedom KG” -,

 

	
16.

	
ATL Offshore GmbH & Co. “ISLE OF MEMMERT” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200393, Neue Strasse 24, 26789 Leer, Germany

- “Memmert KG” -,

 

	
17.

	
ATL Offshore GmbH & Co. “ISLE OF MELLUM” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200363, Neue Strasse 24, 26789 Leer, Germany

- “Mellum KG” -,

 

	
18.

	
ATL Offshore GmbH & Co. “ISLE OF FEHMARN” KG, registered in the Commercial Register of the District Court of Aurich under HR A 200377, Neue Strasse 24, 26789 Leer, Germany

- “Fehmarn KG” -,

 

 

- Baltrum KG, Juist KG, Norderney KG, Langeoog KG, Amrum KG, Sylt KG, Wangerooge KG, Neuwerk KG, Usedom KG, Memmert KG, Mellum KG and Fehmarn KG shall also be referred to jointly as the “KGs”

 

- All of the above named parties shall also each be referred to individually as a “Party” and jointly as “Parties” -

 

  

Page 3 of 7

  

Introduction

	
(A)

	
Until June 2011, SCMP or SCMP I-B, respectively, held 75 % of the partnership interests in each of the KGs and RHKG, UOS and Hartmann Offshore together held 25 % of the partnership interests in each of the KGs. Each of the KGs conducts the business of owning and operating one A.H.T.S. vessel.

	
(B)

	
By way of Agreement on Loan Agreements and Transfer of Shares dated 21 June 2011 SCMP has transferred its complete partnership interests in Baltrum KG, in Langeoog KG and in Amrum KG and part of its partnership interest in Wangerooge KG to RHKG and to Hartmann Offshore and holds no more partnership interests in Baltrum KG, in Langeoog KG and Amrum KG and a partnership interest of 36.09 % in Wangerooge KG.

	
(C)

	
By letter of 18 November 2011, the General Partner has called for the payment of unpaid capital with a due date for payment on 25 November 2011 as follows:

	
KG

	
Called against

	
Amount

EUR

	
Juist KG

	
SCMP

	
1,495,000

	
Norderney KG

	
SCMP

	
2,270,000

	
Sylt KG

	
SCMP

	
4,000,000

	
Neuwerk KG

	
SCMP

	
3,995,000

	
Usedom KG

	
SCMP

	
3,970,000

To date, SCMP has not effected payment. Section 4.4 of the partnership agreements of the KGs provides that the General Partner is entitled to agree either on the termination of the partnership with SCMP or decide on its exclusion as limited partner of the KG’s if SCMP does not pay the due amounts after a reminder of 4 weeks.

	
(D)

	
The Parties, i.e. SCMP and SCMP I-B on the one hand and the other limited partners in the KGs plus the General Partner on the other hand are currently negotiating an equitable agreement with a view to overcome the financial difficulties of the KGs and to enable the limited partners in the KGs to restructure their business relationship with one another.

	
(E)

	
The Parties had a meeting with Nord/LB on 29 November in Hanover as well as several meetings between representatives of SCMP and RHKG. They also made subsequent telephone calls and are engaged in an e-mail correspondence. The Parties wish to proceed with their negotiations towards an appropriate agreement as per section (D) above and wish to suspend any timelines running under the partnership agreements.

 

  

Page 4 of 7

  

Against this background the Parties agree:

	
1.

	
Standstill

The due date for the capital calls made by the General Partner against SCMP as described in section (C) of the introduction, which has expired on Friday, November 25, 2011, is hereby extended to Tuesday, January 31, 2012. To the extent payments are not affected by the expiration of the extended due date, the General Partner is entitled, based on section 4.4 of the partnership agreements, to decide on the exclusion of SCMP as limited partner of the KGs immediately and without a further reminder.

	
2.

	
Good Faith Negotiations

The Parties undertake to pursue their negotiations towards an appropriate agreement as described in section (E) of the introduction in good faith. They will involve Nord/LB closely and in any event to the extent necessary to comply with the terms of the Nord/LB Loans.

	
3.

	
Form of Agreement

The Parties agree to enter into this Standstill Agreement by way of exchanging signed pdf-copies hereof via e-mail.

	
4.

	
Applicable Law / Jurisdiction

	
4.1

	
This Agreement and all claims and rights arising out of or in connection with this Agreement, with the exclusion of those rules of private international law that lead to the application of the law of another state, shall be exclusively governed by German law and shall be construed and enforced in accordance with German law.

	
4.2

	
Exclusive jurisdiction for all disputes out of or in connection with this Agreement, its completion or its implementation shall be Hamburg to the extent permissible by law.

  

Page 5 of 7

  

 

 

	 	 	 	 	 
	Dallas, Texas, December 22, 2011	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Darrell Cain/	 	 	 	 
	
 
Suresh Capital Maritime Partners Germany GmbH

represented by its managing director Darrell Cain

	 	 	
 

	 
	
 

	 	 	
 

	 
	 	 	 	 	 
	/Sivagnanam Suresh/	 	 	 	 
	 
Suresh Capital Maritime Partners I-B Germany GmbH

represented by its managing director Sivagnanam Suresh

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
Reederei Hartmann GmbH & Co. KG

represented by its general partner Reederei Alfred Hartmann Verwaltungsgesellschaft mbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH

represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Andre Groeneveld/	 	 	 	 
	 
UOS United Offshore Support GmbH & Co. KG

represented by its general partner UOS Verwaltungs GmbH

which in turn is represented by its managing director Andre Groeneveld

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Heiko Dirks/	 	 	 	 
	 
HARTMANN OFFSHORE GmbH & Co. KG

represented by its general partner HARTMANN OFFSHORE Verwaltungs GmbH

which in turn is represented by its managing director Heiko Dirks

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF BALTRUM KG”

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
 
ATL Offshore GmbH & Co. MS “JUIST” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
 
ATL Offshore GmbH & Co. MS “NORDERNEY” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 

 

  

Page 6 of 7

  

 

	 	 	 	 	 
	
/Dr. Niels Hartmann/

	 	 	 	 
	
 
 
ATL Offshore GmbH & Co. “ISLE OF LANGEOOG” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	
 

	 
	
 

	 	 	
 

	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
 
ATL Offshore GmbH & Co. “ISLE OF AMRUM” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF SYLT” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF WANGEROOGE” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF NEUWERK” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF USEDOM” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
ATL Offshore GmbH & Co. “ISLE OF MEMMERT” KG”

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
 
ATL Offshore GmbH & Co. MS “MELLUM” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/Dr. Niels Hartmann/	 	 	 	 
	 
 
ATL Offshore GmbH & Co. MS “FEHMARN” KG

represented by its general partner ATL Offshore GmbH

which in turn is represented by its managing director Dr. Niels Hartmann

	 	 	 	 

 

  

Page 7 of 7Unassociated Document

Shenzhen Municipality

Labor Contract

(Applicable to full-time employees)

Prepared by Shenzhen Municipal Bureau of Labor and Social Security

 

 

 

 

 

 

  

  

  

Party A (Employer)

	
Name:

	
Shenzhen Image Technologies Co., Ltd.

	
Address:

	
Room 01B, 02/F, Podium Building, Guodu Golf Garden(Luzhi Xuan, Luyi Xuan and Lutao Xuan), North of Xinsha Road, Futian District, Shenzhen City

	
Legal Representative (Major Principal)

	
Zeng Hua

	
Contact:

	
Zeng Hua

	
Telephone:

	
0755-22211114                                                

Party B (Employee)

	
Name:   

	
Wang jing

	
Sex: 

	
Female

	
ID Card (Passport) No.:

	
 

	
Address:

	
  

	
Telephone:

	
  

In accordance with the Labor Law of the People's Republic of China (hereinafter referred to as “Labor Law”), Labor Contract Law of the People's Republic of China (hereinafter referred to as “Labor Contract Law”) and other relevant laws and regulations, Party A and Party B, on the basis of legality, fairness, equality, voluntariness as well as honesty and credibility, conclude this Contract through amicable negotiation and observe all the provisions herein.

I. Term of Contract

	
(I)

	
Party A and Party B agree to decide the term of the Contract by the following1st way:

	
1.  

	
Fixed term: from September 1, 2011 to September 1, 2014.

	
2.  

	
Flexible term: from  to .

	
3.  

	
Taking the completion of a specific amount of work as a term: from  to the completion of  work task. The mark of the completion of the work task is  .

	
(II)

	
Probationary period is                       (the probationary period is included in the term of the Contract and, in case of no probationary period, please fill in “none”).

II. Content and Place of Work

The work content (post or job category) of Party B is CEO                 .

The workplace of Party B is Room 01B, 02/F, Podium Building, Guodu Golf Garden, North of Xinsha Road, Futian District, Shenzhen City

 

  

  

  

 

III. Working Hours, Rest and Holidays

	
(I)

	
Party A and Party B agree to decide the working hours of Party B by the following 1st way:

	
1.  

	
Standard working hours system, namely working 7 hours (no more than 8 hours) per day, 35 hours (no more than 40 hours) per week and having at least one day off per week.

	
2.  

	
System of working at irregular time, namely the post of Party B carries out the system of working at irregular time with the approval of administrative department of labor security.

	
3.  

	
System with integrative computation of working hours, namely the post of Party B carries out the system with integrative computation of working hours with the approval of administrative department of labor security.

	
(II)

	
If Party A needs to extend working hours due to production and business, it shall execute in accordance with Article 41 ofLabor Law.

	
(II)

	
Party B is entitled to legal holidays, marriage leave, maternity leave and funeral leave by law.

	
(IV)

	
The arrangement of other rest and holidays for Party B:                                .

IV. Labor Remuneration

	
(I)

	
Party A establishes wage distribution system by law and notifies Party B of the same. The wage paid to Party B by Party A may not be less than the minimum wage stipulated by the municipal government for the current year.

	
(II)

	
The monthly wage of Party B is 8000 yuan (the monthly wage during probationary period is   yuan) or executed in accordance with 

 

	
(III)

	
Party A will pay Party B’s wage on the5th day of every month. Party A shall pay Party B’s wage in the form of currency at least once a month.

	
(IV)

	
The payment of Party B’s overtime wage, leave pay, and the wage under special circumstances will be executed in accordance with relevant laws and regulations.

	
(V)

	
Other agreement of Party A and Party B on wage is                          .

V. Social Insurances and Benefits

	
(I)

	
Party A and Party B will, in accordance with relevant national, provincial and municipal regulations, participate in social insurances and pay social insurance premiums.

	
(II)

	
If Party B suffers disease or the injury unrelated to job, Party A shall, in accordance with relevant national, provincial and municipal regulations, give Party B treatment period and benefits of treatment period.

	
(III)

	
If Party B suffers occupational disease or work-related injury, Party A shall execute in accordance withLaw of Occupational Disease Prevention and Treatment and Regulations on Work-related Injury Insurances.

	
(IV)

	
Party A provides Party B with the following benefits:, benefits of festival, etc.                                         .

 

  

  

  

 

VI. Labor Protection, Labor Conditions and Protection for Occupational Hazards

	
(I)

	
Party A shall, in accordance with relevant national, provincial and municipal regulations on labor protection, provide Party B with such workplace and necessary labor protective devices as conform to national safety and health standards to protect conscientiously Party B’s safety and health in production and work.

	
(II)

	
Party A shall, in accordance with relevant national, provincial and municipal regulations, make special labor protection well for female employees and juvenile workers.

	
(III)

	
Since                   occupational hazards may take place while Party B is engaged in                    work, Party A shall take the protective measures of and organize health examination for Party B once a year.

	
(IV)

	
Party B has the right to refuse Party A’s directions against regulations and orders to work at risk; if the acts of Party A endanger life security and physical health, Party B has the right to require Party A to rectify or report to relevant department.

VII. Rules and Regulations

	
(I)

	
Party A establishes rules and regulations by law and notifies Party B of the same.

	
(II)

	
Party B shall observe relevant national, provincial and municipal laws and regulations as well as the rules and regulations established by Party A by law, complete work task on schedule, improve professional skills and comply with safe operation procedures and professional ethics.

	
(III)

	
Party B shall comply conscientiously with relevant national, provincial and municipal regulations on family planning.

VIII. Modification of Contact

The Contract may be modified in writing through mutual negotiation. The modified contract text shall be in two originals, one for each party.

IX. Cancellation and Termination of Contract

	
(I)

	
The Contract may be cancelled through mutual negotiation.

	
(II)

	
Party B may cancel the Contract by a written notice to Party A 30 days in advance; Party B may, during probationary period, cancel the Contract by a notice to Party A 3 days in advance.

	
(III)

	
In case of any of the following circumstances of Party A, Party B may cancel the Contract by a notice to Party A:

	
1.  

	
Party A fails to provide labor protection or labor conditions as specified herein;

	
2.  

	
Party A fails to pay labor remuneration in full promptly;

	
3.  

	
Party A fails to pay social insurance premiums for Party B by law;

	
4.  

	
Party A’s rules and regulations violate laws and damage Party B’s interests;

	
5.  

	
Party A, by means of fraud or duress or through taking advantage of Party B’s precarious position, causes Party B to conclude or modify the Contract against Party B’s will and thus causes the Contract to be void;

	
6.  

	
Party A relieves its legal liabilities and excludes Party B’s rights and thus causes the Contract to be void;

	
7.  

	
Party A violates laws, administrative regulations and mandatory provisions and thus causes the Contract to be void;

 

  

  

  

 

	
8.  

	
Other circumstances that Party B may cancel the Contract in accordance with laws and administrative regulations.

	
(IV)

	
If Party A compels Party B to work with violence, threats or illegal restriction of personal freedom; or Party A gives the directions against regulations and orders Party B to work at risk and endangers Party B’s life security, Party B may cancel the Contract promptly without any notice to Party A.

	
(V)

	
In case of any of the following circumstances of Party B, Party A may cancel the Contract:

	
1.  

	
Party B is proved ineligible during probationary period;

	
2.  

	
Party B violates Party A’s rules and regulations seriously;

	
3.  

	
Party B neglects of duty and commits illegalities for personal gains seriously and brings material damage to Party A;

	
4.  

	
Party B establishes labor relationship with other employers simultaneously and bring serious impacts to the completion of work task of Party A, or refuses to amend after Party A has pointed out;

	
5.  

	
Party B, by means of fraud or duress or through taking advantage of Party A’s precarious position, causes Party A to conclude or modify the Contract against Party A’s will and thus causes the Contract to be void;

	
6.  

	
Party B is investigated with criminal responsibilities by law.

	
(VI)

	
In case of any of the following circumstances, Party A may cancel the Contract by a written notice to Party B 30 days in advance or paying a monthly wage to Party B additionally;

	
1.  

	
Party B suffers disease or the injury unrelated to job and, after expiration of stipulated treatment period, fails to resume the previous work or the work arranged by Party A otherwise;

	
2.  

	
Party B is unqualified for work and, after training or post adjustment, is still unqualified;

	
3. 

	
The objective circumstances based on which the Contract is concluded are changed materially and the Contract fails to be performed therefore; moreover, Party A and Party B fail to reach an agreement on alteration of the Contract through mutual negotiation.

	
(VII)

	
In case of any of the following circumstances, if Party A needs to reduce more 20 employees or the number of employees reduced is less than 20 but accounts for over 10% of total employees of Party A, Party A may reduce employees unless and until Party A explains the facts to labor union or the staff for their opinions and reports employees reduction plan to labor administrative department:

	
1.  

	
Party A restructures in accordance with Enterprise Bankruptcy Law;

	
2.  

	
Party A sustains serious difficulties in production and business;

	
3.  

	
In case of conversion of production, material technological innovation or adjustment of operating mode, Party A still needs to reduces employees after alteration of the Contract;

	
4.  

	
The objective circumstances based on which the Contract is concluded are changed materially and the Contract fails to be performed therefore。

 

  

  

  

 

	
(VIII)

	
The Contract will be terminated in case of any of the following circumstances:

	
1.  

	
The Contract expires;

	
2.  

	
Party B starts to enjoy basic pension insurance by law;

	
3.  

	
Part B dies, or is pronounced dead or missing by a people’s court;

	
4.  

	
Party A is pronounced bankrupt by law;

	
5.  

	
Party A’s business license is revoked, or Party A is ordered to close down or rescinded, or Party A decides to dissolve in advance;

	
6.  

	
Other circumstances stipulated by laws and administrative regulations.

X. Economic Compensation

	
(I)

	
In case of any of the following circumstances, Party A shall pay economic compensation to Party B:

	
1.  

	
Party A puts forward the cancellation of the Contract in accordance with Clause (I) of Article 9 hereof and cancels the Contract through negotiation with Party B:

	
2.  

	
Party B cancels the Contract in accordance with Clause (III) and (IV) of Article 9 hereof;

	
3.  

	
Party A cancels the Contract in accordance with Clause (VI) of Article 9 hereof;

	
4.  

	
Party A cancels the Contract in accordance with Clause (VII) of Article 9 hereof;

	
5.  

	
Except as Party A maintains or raises the terms and conditions of the Contract in respect of the renewal hereof and Party B disagrees renewal, the fixed labor contract is terminated in accordance with Item 1, Clause (VIII), Article 9 hereof;

	
6.  

	
The Contract is terminated in accordance with Item 4 and 5, Clause (VIII), Article 9 hereof;

	
7.  

	
Other circumstances stipulated by laws and administrative regulations.

	
(II)

	
If Party A and Party B cancel or terminate the Contract, the standards of issuance of economic compensation shall be executed in accordance withLabor Contract Law and relevant national, provincial and municipal regulations. Party A shall, at the time when Party B completes work handover, pay to Party B economic compensation if any.

XI. Procedures of Cancellation and Termination of Contract

If Party A and Party B cancel or terminate the Contract, Party B shall transact work handover subject to mutual agreement. Party A shall issue written certificate to Party B by law and shall, within 15 days, handle the procedures for the transfer of achieves and social insurances of Party B.

XII. Dispute Settlement

Any labor disputes between Party A and Party B shall be settled through negotiation. In case no settlement can be reached, either party may seek for settlement from the labor union of the unit, or apply for mediation to the labor dispute mediation committee of the unit, or apply directly for arbitration to labor dispute arbitration committee. If both parties hereto have no objection to arbitration award, both parties must fulfill the same. In case either party is unwilling to accept arbitration award, such party may lodge a suit before a people’s court.

 

  

  

  

XIII. Other Matters Both Parties Deem Appropriate:

 

 

XIV. Miscellaneous

	
(I)

	
Any matters not covered herein, or any conflict between the provisions hereof and prevailing laws and regulations shall be executed in accordance with prevailing laws and regulations.

	
(II)

	
The Contract will come into force as soon as being signed and/or sealed by Party A and Party B. Any alteration or allograph without written authorization shall be null and void.

	
(III)

	
The Contract is in two originals, one for each party.

Party A: (Seal)

Legal Representative (Major Principal): Zeng Hua (Signature)

Dated:

Party B: (Signature) Wang Jing

Dated: August 31, 2011

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