SEC Contract Filing

Filing Date: 2015-09-08

Document Content:
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<TYPE>EX-10
<SEQUENCE>6
<FILENAME>e105.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT - DR. YU WANG DATED AUGUST 28, 2015
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<p><b><u></u></b></p><div align="center"><b><u>EMPLOYMENT, LOCK-UP AND OPTIONS AGREEMENT</u></b></div><p></p>

<p>	This <i>Employment Agreement</i> (this "<u>Agreement</u>") dated August 28, 2015 is entered into by and between AmericaTowne, Inc., a Delaware corporation with a mailing address for notice purposes at 353 East Six Forks Road, Suite 270 in Raleigh, North Carolina 27609 (the "<u>Company</u>") and Dr. Yu Wang, an individual with a mailing address of 212 River Birch Lane, Chapel Hill, North Carolina 27514 USA (the "<u>Employee</u>").</p>

<p>	WHEREAS, Company wishes to compensate Employee for past services rendered and other consideration, and to retain the continued services of Employee, and the Employee wishes to continue with his employment by the Company in consideration of the stock issuance remuneration agreed to herein, including those options and lock-up periods set forth herein.</p>

<p>	NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Agreement, the parties agree as follows:</p>

	<p>1.&nbsp;&nbsp;&nbsp; <u>Employment</u>. The Company hereby employs Employee to serve as its "Vice President of Human Resources and Special Assignments" and Employee hereby accepts such employment by the Company, upon the terms and conditions herein provided.</p>

	<p>2. &nbsp;&nbsp;&nbsp;<u>Duties and Responsibilities</u>. Employee shall report to the Board of Directors of the Company pursuant to the procedures set forth in the Company's Bylaws. Employee agrees to discharge such duties as may be delegated to him from time-to-time by the Company. The Company reserves the right to change or modify the designation of Employee or his duties at Company's discretion from time-to-time. During the term of his employment, unless an actual conflict arises, Employee is authorized to engage in any other business or occupation provided he has the ability to dedicate, at the very least, twenty hours a month towards the performance of his duties hereunder. Employee is not prohibited from making passive or personal investments for which the expenditure of time is not required. Employee acknowledges that he shall travel, as reasonably required by the Company, in connection with his employment, subject to the Company paying any and all reasonable expenses in advance of such travel.</p>

<p>	3.&nbsp;&nbsp;&nbsp; <u>Location</u>. The initial principal location where the Employee shall perform services for the Company shall not be limited to any particular location; however, upon establishment by the Company of a permanent business location, the Employee agrees to report, as needed and no less than weekly, to the permanent business location.</p>

<p>	4.&nbsp;&nbsp;&nbsp; <u>Term</u>. This Agreement shall commence on the Effective Date and shall continue for a period of three year (the "Initial Term"). At the expiration of the Initial Term, this Agreement shall be extended for additional successive one (1) year terms at the option of the Company upon providing Employee with written notice no later than thirty (30) days prior to the expiration of the Initial Term (the "Renewal Term"). The Initial Term and Renewal Term are collectively defined herein as the "Term."</p>

<p>	5. &nbsp;&nbsp;&nbsp;<u>Vacation and Sick Leave</u>. Employee shall be entitled to the number of paid vacation days that is consistent with existing Company policies for its Employee officers, and as provided for in the Compensation Schedule. Employee shall also be entitled to all paid holidays given by the Company to its Employee officers.</p>

<p>	6.&nbsp;&nbsp;&nbsp; <u>Compensation</u>. The Company and the Employee agree that the Employee shall be compensated in the manner and form set forth in the "Compensation Schedule" attached hereto as Schedule A.</p>

<p>	7.&nbsp;&nbsp;&nbsp; <u>Termination</u>. The Company may terminate this Agreement without cause at any time upon thirty (30) days written notice to the Employee. The Employee may terminate this Agreement without cause at any time upon thirty (30) days' written notice to the Company. If requested by the Company, the Employee shall continue to perform his duties and shall receive a mutually agreeable salary up to the date of termination. In addition, the Company at its discretion may pay the Employee a severance allowance on the date of the termination.</p>

	<p>The Company may terminate this Agreement "for cause" immediately without any notice, and without compensation of any kind whether salary or severance, for any of the following events: (i) If Employee is convicted for an offence of felony or any act involving moral turpitude; (ii) If Employee commits any act of theft, fraud, dishonesty, or falsification of an employment record; (iii) If Employee commits any breach of this Agreement which remains uncured for a period of 14 days following written notice of such breach; (iv) If Employee fails to perform reasonable assigned duties, or fails to perform those duties expected of an officer of a publicly reporting company to the United States Securities and Exchange Commission; (v) If Employee improperly discloses Company's confidential information; or (vi) If Employee commits any act which causes detrimental effect to Company's reputation and business.</p>

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</p><p>	THE PARTIES AGREE THAT ANY COMPENSATION PAID PRIOR TO ANY EVENT OF TERMINATION, INCLUDING MONEY, STOCK OR OTHER FORMS OF COMPENSATION SHALL BE CONSIDERED FULLY EARNED AND NOT SUBJECT TO ANY CLAWBACK, UNLESS SUCH MONEY, STOCK OR OTHER FORM OF CONSIDERATION WAS OBTAINED THROUGH FRAUD, FALSE PRETENSES