<SEC-DOCUMENT>0001010549-11-000554.txt : 20110601
<SEC-HEADER>0001010549-11-000554.hdr.sgml : 20110601
<ACCEPTANCE-DATETIME>20110601143036
ACCESSION NUMBER:		0001010549-11-000554
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110525
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110601
DATE AS OF CHANGE:		20110601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA PHARMA HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001106644
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				731564807
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34471
		FILM NUMBER:		11884656

	BUSINESS ADDRESS:	
		STREET 1:		2ND FLOOR, NO. 17, JINPAN ROAD
		STREET 2:		HAIKOU
		CITY:			HAINAN PROVINCE
		STATE:			F4
		ZIP:			570216
		BUSINESS PHONE:		8689866811730

	MAIL ADDRESS:	
		STREET 1:		2ND FLOOR, NO. 17, JINPAN ROAD
		STREET 2:		HAIKOU
		CITY:			HAINAN PROVINCE
		STATE:			F4
		ZIP:			570216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TS ELECTRONICS INC
		DATE OF NAME CHANGE:	20030818

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOFTSTONE INC
		DATE OF NAME CHANGE:	20030128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOFTSTONE INC /DE/
		DATE OF NAME CHANGE:	20010808
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cphi8k060111.htm
<DESCRIPTION>CHINA PHARMA HOLDINGS, INC,.
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): May 25, 2010</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Second Floor, No. 17, Jinpan Road</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Haikou, Hainan Province, China&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;570216</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 25, 2011, the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors of China Pharma Holdings, Inc., a Delaware corporation (the &#8220;Company&#8221;), approved an increase in the base salary of, and the grant of certain equity compensation to, the Company&#8217;s Chief Executive Officer and Chief Financial Officer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Compensation to Ms. Zhilin Li</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Committee determined that, effective immediately, Ms. Zhilin Li, the Company&#8217;s Chairman and Chief Executive Officer, shall be entitled to an annual base salary of $220,000.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In addition, under the 2010 Long-Term Incentive Plan of the Company (the &#8220;2010 Incentive Plan&#8221;), the Committee granted to Ms. Li 75,000 shares of restricted stock, of which (i) 50,000 shares shall vest on May 25, 2012, and (ii) 25,000 shares shall vest on the six-month anniversary of the achievement of certain performance-based vesting criteria. The grant of restricted stock was made pursuant to the Company&#8217;s Form of Restricted Stock Grant Agreement filed as Exhibit 10.1 hereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the 2010 Incentive Plan, the Committee also granted Ms. Li non-qualified stock options to purchase 50,000 shares of common stock at an exercise price of $2.54 per share, the closing price of the Company&#8217;s common stock on the day prior to the day of grant, expiring on May 25, 2013, of which (i) 25,000 shares shall vest on May 25, 2012, and (ii) 25,000 shares shall vest on the three-month anniversary of the achievement of certain performance-based vesting criteria.&#160;&#160;The grant of options was made pursuant to the Company&#8217;s Form of Non-Qualified Stock Option Grant Agreement filed an Exhibit 10.2 hereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Compensation to Mr. Frank Waung</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Committee determined that, effective as of April 28, 2011, Mr. Frank Waung, the Company&#8217;s Chief Financial Officer, shall be entitled to an annual base salary of $165,000.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Furthermore, under the 2010 Incentive Plan, the Committee granted to Mr. Waung 50,000 shares of restricted stock, of which (i) 25,000 shares shall vest on April 28, 2012, and (ii) 25,000 shares shall vest on the six-month anniversary of the achievement of certain performance-based vesting criteria. The grant of restricted stock was made pursuant to the Company&#8217;s Form of Restricted Stock Grant Agreement filed as Exhibit 10.1 hereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the 2010 Incentive Plan, the Committee also granted Mr. Waung non-qualified stock options to purchase 50,000 shares of common stock at an exercise price of $2.54 per share, the closing price of the Company&#8217;s common stock on the day prior to the day of grant, expiring on May 25, 2013, of which (i) 25,000 shares shall vest on April 28, 2012, and (ii) 25,000 shares shall vest on the three-month anniversary of the achievement of certain performance-based vesting criteria. The grant of options was made pursuant to the Company&#8217;s Form of Non-Qualified Stock Option Grant Agreement filed an Exhibit 10.2 hereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In addition, effective April 28, 2011, the Company renewed the employment agreement with Mr. Waung on the form of the previous employment agreement to reflect the terms referenced above.&#160;&#160;A copy of the employment agreement is enclosed hereto as Exhibit 10.3.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following is filed as an exhibit to this report:</font></div>

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<DESCRIPTION>FORM OF RESTRICTED STOCK GRANT AGREEMENT
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Participant&#8217;s employment with the Company and/or its Subsidiaries terminates for any reason (other than due to Disability, Retirement or death) prior to the vesting of all or any portion of the Restricted Shares awarded under this Agreement, such Restricted Shares shall immediately be cancelled and the Participant (and the Participant&#8217;s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted Shares.&#160;&#160;The Board or the Committee, in its sole discretion, may determine, prior to or within ninety (90) days after the date of any such termination, that all or a portion of any the Participant&#8217;s unvested Restricted Shares shall not be so cancelled and forfeited.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.3</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Participant&#8217;s employment with the Company and/or its Subsidiaries terminates due to the Participant's death, Disability or Retirement, the Participant shall become 100% vested in the Restricted Shares awarded under this Agreement as of the date of any such termination.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.4</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Participant's employer ceases to be a Subsidiary of the Company, that event shall be deemed to constitute a termination of employment under section 3.2 above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Delivery of Restricted Shares</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Subject to Section 8.4 of the Plan, if the Restricted Shares awarded by this Agreement become vested, the Participant shall be entitled to receive unrestricted shares of Common Stock. To avoid confusion, the restriction referenced hereto refers to the restriction posed by the Plan, as opposed to the restrictions under the Securities Act of 1933.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">shall not, prior to vesting, be pledged, encumbered or otherwise hypothecated in any way by the Participant (or any beneficiary(ies) of the Participant) and shall not, prior to vesting, be subject to execution, attachment or similar legal process.&#160;&#160;Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Shares, or the levy of any execution, attachment or similar legal process upon the Restricted Shares, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Entire Agreement; Amendment</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;This Agreement contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.&#160;&#160;This Agreement may only be modified or amended by a writing signed by both the Company and the Participant.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Notices</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Any notice which may be required or permitted under this Agreement shall be in writing and shall be delivered in person, or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows:</font></div>

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<DOCUMENT>
<TYPE>EX-10.2
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<FILENAME>cphi8kex102060111.htm
<DESCRIPTION>FORM OF NON-QUALIFIED STOCK OPTION GRANT AGREEMENT
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Number of Option Shares subject to this Option: </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">________</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this &#8220;Agreement&#8221;), dated as of the Grant Date specified above, is entered into by and between China Pharma Holdings, Inc., a Delaware corporation (the &#8220;Company&#8221;), and the Optionee specified above, pursuant to the 2010 Long-Term Incentive Plan of the Company, as in effect and as amended from time to time (the &#8220;Plan&#8221;); and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the non-qualified stock option provided for herein to the Optionee.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>NOW, THEREFORE, in consideration of the mutual covenants and premises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Incorporation By Reference; Plan Document Receipt</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the grant of the option hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.&#160;&#160;Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto under the Plan.&#160;&#160;The Optionee hereby acknowledges receipt of a true copy of the Plan and that the Optionee has read the Plan carefully and fully understands its content.&#160;&#160;In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Grant of Option</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The Company hereby grants to the Optionee, as of the Grant Date specified above, a non-qualified stock option (this &#8220;Option&#8221;) to acquire from the Company at the Per Share Exercise Price specified above the aggregate number of shares of the Common Stock specified above (the &#8220;Option Shares&#8221;).&#160;&#160;This Option is not to be treated as (and is not intended to qualify as) an incentive stock option within the meaning of Section 422 of the Code.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">No Dividends Equivalents</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The Optionee shall not be entitled to receive a cash payment in respect of the Option Shares underlying this Option on any dividend payment date for the Common Stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">4.1</font>&#160;&#160;Unless otherwise provided in Section 4.4 below or determined by the Committee, this Option shall become exercisable in accordance with and to the extent provided by the terms and provisions of Section&#160;6.6 of the Plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">4.2</font>&#160;&#160;Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, this Option shall expire and shall no longer be exercisable after the expiration of two years from the Grant Date (the &#8220;Option Period&#8221;).</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Optionee's employment with the Company and/or one of its Subsidiaries terminates for any reason, any then unexercisable portion of this Option shall be forfeited and cancelled by the Company.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">6.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Optionee&#8217;s employment with the Company and/or its Subsidiaries terminates for any reason other than due to the Optionee's death or disability (as defined and determined by the Company), the Optionee&#8217;s rights, if any, to exercise any then exercisable portion of this Option, shall terminate ninety (90) days after the date of such termination, but not beyond the expiration of the Option Period, and thereafter such Option shall be forfeited and cancelled by the Company.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">6.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If Optionee's termination of employment with the Company and/or its Subsidiaries is due to the Optionee's death or disability, the Optionee (or the Optionee's estate, designated beneficiary or other legal representative, as the case may be and as determined by the Committee) shall have the right, to the extent exercisable immediately prior to any such termination, to exercise this Option at any time within the one (1) year period following such termination due to death or disability, but not beyond the expiration of the Option Period, and thereafter such Option shall be forfeited and cancelled by the Company.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.4</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board or the Committee, in its sole discretion, may determine that all or any portion of this Option, to the extent exercisable immediately prior to the Optionee's termination of employment with the Company and/or its Subsidiaries for any reason, may remain exercisable for an additional specified time period after the period specified above in this Section 6 expires (subject to any other applicable terms and provisions of the Plan and this Agreement), but not beyond the expiration of the Option Period.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.5</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Optionee's employer ceases to be a Subsidiary of the Company, that event shall be deemed to constitute a termination of employment under Section 6.2 above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Headings</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Further Assurances</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as any party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.</font></div>

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<TYPE>EX-10.3
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<DESCRIPTION>EMPLOYMENT AGREEMENT
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This EMPLOYMENT AGREEMENT is made and entered into on <font style="DISPLAY: inline; TEXT-DECORATION: underline">May 31</font>, 2011 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;), by and between CHINA PHARMA HOLDINGS, INC., a Delaware corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), having its principal place of business at 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> floor, No. 17 Jinpan Rd. Haikou, Hainan, People&#8217;s Republic of China 570216, and Frank Waung (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employee</font>&#8221;), with United States Social Insurance No. <font style="DISPLAY: inline; TEXT-DECORATION: underline">### ## #### </font>(Collectively the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Parties</font>&#8221;).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#36825;&#20221;&#21327;&#35758;&#26159;&#30001;&#20013;&#22269;&#21307;&#33647;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;&#65288;&#8220;&#20844;&#21496;&#8221;&#65289;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font>&#19968;&#23478;&#24503;&#25289;&#21326;&#24030;&#20844;&#21496;&#65292;&#20854;&#33829;&#19994;&#24635;&#37096;&#35774;&#22312;&#20013;&#22269;&#28023;&#21335;&#30465;&#28023;&#21475;&#24066;&#37329;&#30424;&#36335;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">17</font>&#21495;&#22025;&#28023;&#22823;&#21414;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2</font>&#27004;&#65292;&#37038;&#32534;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">570216</font>&#65292;&#21644;&#27754;&#20854;&#26041;&#65288;&#8220;&#38599;&#21592;&#8221;&#65289;&#65292;&#20854;&#32654;&#22269;&#31038;&#20250;&#20445;&#38505;&#21495;&#30721;&#26159; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">### ## #### </font>&#31614;&#35746;&#30340;&#32856;&#29992;&#21327;&#35758;&#65292;&#21327;&#35758;&#31614;&#32626;&#20110;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011-5-</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">31.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WITNESSETH:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#26465;&#27454;</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Company is engaged in the business of develop, manufacture, and market specialty pharmaceutical products in China (the &#8220;business&#8221;); and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#37492;&#20110;&#65292;&#20844;&#21496;&#26159;&#19968;&#23478;&#22312;&#20013;&#22269;&#20174;&#20107;&#30740;&#21457;&#65292;&#29983;&#20135;&#65292;&#38144;&#21806;&#30340;&#19987;&#19994;&#30340;&#21046;&#33647;&#20225;&#19994;&#12290;&#24182;&#19988;</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, Employee has represented that he has the experience, background and expertise necessary to enable him to be the Company&#8217;s Chief Financial Officer; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#37492;&#20110;&#65292;&#38599;&#21592;&#34920;&#31034;&#20854;&#32463;&#39564;&#12289;&#32972;&#26223;&#30693;&#35782;&#21644;&#19987;&#19994;&#30693;&#35782;&#33021;&#22815;&#20351;&#20182;&#32988;&#20219;&#20844;&#21496;&#30340;&#39318;&#24109;&#36130;&#21153;&#23448;&#65307;&#24182;&#19988;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, based on such representation, and the Company&#8217;s reasonable due diligence, the Company wishes to employ Employee as its Chief Financial Officer, and Employee wishes to be so employed, in each case, upon the terms hereinafter set forth;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#37492;&#20110;&#65292;&#22522;&#20110;&#38599;&#21592;&#36825;&#26679;&#30340;&#38472;&#36848;&#21644;&#20844;&#21496;&#21512;&#29702;&#30340;&#23613;&#32844;&#35843;&#26597;&#65292;&#20844;&#21496;&#24895;&#24847;&#32856;&#29992;&#38599;&#21592;&#20316;&#20026;&#20854;&#39318;&#24109;&#36130;&#21153;&#23448;&#65292;&#21516;&#26102;&#65292;&#38599;&#21592;&#20063;&#24895;&#24847;&#34987;&#32856;&#29992;&#65292;&#25152;&#26377;&#24773;&#20917;&#31526;&#21512;&#19979;&#25991;&#38472;&#36848;&#30340;&#26465;&#27454;&#12290;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements herein contained, and other good and valuable consideration, the parties agree as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#29616;&#22312;&#65292;&#22240;&#27492;&#65292;&#22522;&#20110;&#19978;&#36848;&#30340;&#21069;&#25552;&#21644;&#30456;&#20114;&#30340;&#32422;&#23450;&#21644;&#21327;&#35758;&#65292;&#20197;&#21450;&#20854;&#20182;&#26377;&#21033;&#30340;&#21644;&#26377;&#20215;&#20540;&#30340;&#32771;&#34385;&#22240;&#32032;&#65292;&#21452;&#26041;&#21516;&#24847;&#20197;&#19979;&#65306;</font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DEFINITIONS.</font> As used herein, the following terms shall have the following meanings:</font></div>
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<div>&#160;</div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#23450;&#20041;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#30001;&#20110;&#22312;&#27492;&#25152;&#29992;&#21040;&#30340;&#65292;&#20197;&#19979;&#26415;&#35821;&#30340;&#24847;&#24605;&#24212;&#22914;&#19979;&#65306;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Affiliate&#8221; means any Person controlling, controlled by or under common control with the Company.</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#24402;&#23646;&#8221;&#25351;&#20219;&#20309;&#20154;&#25511;&#21046;&#12289;&#34987;&#25511;&#21046;&#25110;&#22312;&#20844;&#21496;&#30340;&#20849;&#21516;&#25511;&#21046;&#20043;&#19979;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Board&#8221; means the Board of Directors of the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#33891;&#20107;&#20250;&#8221;&#25351;&#20844;&#21496;&#30340;&#33891;&#20107;&#20250;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Cause&#8221; means (i) conviction of any crime whether or not committed in the course of his employment by the Company; (ii) Employee&#8217;s refusal to carry out instructions of the Chief Executive Officer; or (iii) the breach of any representation, warranty or agreement between Employee and the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#35785;&#35772;&#8221;&#25351;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">i)</font>&#20219;&#20309;&#29359;&#32618;&#30340;&#23450;&#32618;&#65292;&#19981;&#31649;&#26159;&#21542;&#22312;&#20854;&#22312;&#20844;&#21496;&#30340;&#26399;&#38388;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">ii) </font>&#38599;&#21592;&#25298;&#32477;&#25191;&#34892;&#39318;&#24109;&#36130;&#21153;&#23448;&#25110;&#32773;&#31526;&#21512;&#33891;&#20107;&#20250;&#39318;&#24109;&#36130;&#21153;&#23448;&#32844;&#21153;&#30340;&#25351;&#20196;&#65307;&#25110;&#32773;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">iii) </font>&#36829;&#21453;&#38599;&#21592;&#21644;&#20844;&#21496;&#31614;&#35746;&#30340;&#20219;&#20309;&#20107;&#23454;&#38472;&#36848;&#12289;&#21512;&#21516;&#25285;&#20445;&#25110;&#21327;&#35758;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Date of Termination&#8221; means (a) in the case of a termination for which a Notice of Termination (as hereinafter defined in section 5.3) is required, 30 days from the date of actual receipt of such Notice of Termination or, if later, the date specified therein, as the case may be, and (b) in all other cases, the actual date on which the Employee&#8217;s employment terminates during the Term of Employment(as hereinafter defined in section 3) (it being understood that nothing contained in this definition of &#8220;Date of Termination&#8221; shall affect any of the cure rights provided to the Employee or the Company in this Agreement).</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#32456;&#27490;&#26085;&#26399;&#8221;&#25351;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">A</font>&#65289;&#23545;&#20110;&#38656;&#35201;&#32456;&#27490;&#36890;&#30693;&#30340;&#21512;&#21516;&#32456;&#27490;&#65288;&#22914;&#19979;&#25991;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.3</font>&#37096;&#20998;&#23450;&#20041;&#30340;&#65289;&#65292;&#38656;&#35201;&#22312;&#23454;&#38469;&#25910;&#21040;&#32456;&#27490;&#36890;&#30693;&#30340;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">30</font>&#22825;&#65292;&#25110;&#32773;&#26356;&#20037;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">B</font>&#65289;&#22312;&#25152;&#26377;&#20854;&#20182;&#24773;&#20917;&#65292;&#22312;&#38599;&#21592;&#30340;&#32856;&#29992;&#26399;&#38388;&#30340;&#23454;&#38469;&#32856;&#29992;&#32456;&#27490;&#26085;&#26399;&#65288;&#22914;&#19979;&#25991;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#37096;&#20998;&#23450;&#20041;&#30340;&#65289;&#65288;&#36825;&#34987;&#29702;&#35299;&#20026;&#21253;&#25324;&#22312;&#36825;&#20010;&#8220;&#32456;&#27490;&#26085;&#26399;&#8221;&#23450;&#20041;&#20869;&#30340;&#25152;&#26377;&#24773;&#20917;&#37117;&#19981;&#33021;&#24433;&#21709;&#22312;&#36825;&#20221;&#21327;&#35758;&#20013;&#38599;&#21592;&#21644;&#20844;&#21496;&#30340;&#20219;&#20309;&#34917;&#25937;&#26435;&#21033;&#12290;&#65289;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Disability&#8221; means Employee&#8217;s inability to render for a period of three consecutive months, services hereunder due to his physical or mental incapacity.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#20260;&#27531;&#8221;&#25351;&#38599;&#21592;&#30001;&#20110;&#29983;&#29702;&#21644;&#24515;&#29702;&#19978;&#30340;&#27531;&#30142;&#32780;&#36830;&#32493;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#20010;&#26376;&#26080;&#27861;&#20026;&#20844;&#21496;&#25552;&#20379;&#26381;&#21153;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Effective Date&#8221; means <font style="DISPLAY: inline; TEXT-DECORATION: underline">April 28, 2011.</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#29983;&#25928;&#26085;&#26399;&#8221;&#25351;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011</font>&#24180;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4</font>&#26376;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">28</font>&#26085;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&#160;</div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Person(s)&#8221; means any individual or entity of any kind or nature, including any other person as defined in section 3(a)(9) of the Securities Exchange Act of 1934, and as used in Section 13(d) and 14(d) thereof.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#20154;&#8221;&#25351;&#20219;&#20309;&#24615;&#36136;&#21644;&#31181;&#31867;&#30340;&#20219;&#20309;&#20010;&#20154;&#25110;&#23454;&#20307;&#65292;&#21253;&#25324;&#22914;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1934</font>&#24180;&#35777;&#21048;&#20132;&#26131;&#27861;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a</font>&#65289;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9)</font>&#23450;&#20041;&#30340;&#20219;&#20309;&#20854;&#20182;&#20154;&#65292;&#20197;&#21450;&#22914;&#20851;&#20110;&#22312;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">13(d)</font>&#21644;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">14(d)</font>&#20013;&#25152;&#29992;&#30340;&#20154;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Prospective Customer&#8221; shall mean any Person 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&#8217;s subsidiary or Affiliate.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;&#28508;&#22312;&#23458;&#25143;&#8221;&#25351;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a</font>&#65289;&#24050;&#32463;&#19982;&#20844;&#21496;&#25110;&#25152;&#26377;&#23376;&#20844;&#21496;&#25110;&#38468;&#23646;&#20844;&#21496;&#31614;&#35746;&#20102;&#20445;&#23494;&#21327;&#35758;&#65307;&#25110;&#32773;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">b</font>&#65289;&#22312;&#21069;&#36848;&#30340;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">12</font>&#20010;&#26376;&#20869;&#20174;&#20844;&#21496;&#25110;&#32773;&#20219;&#20309;&#20844;&#21496;&#30340;&#23376;&#20844;&#21496;&#25110;&#38468;&#23646;&#20844;&#21496;&#20013;&#25910;&#21040;&#19968;&#20221;&#30456;&#24403;&#35814;&#32454;&#30340;&#26410;&#20915;&#21644;&#27809;&#26377;&#21542;&#23450;&#30340;&#20070;&#38754;&#25552;&#35758;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">EMPLOYMENT.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#32856;&#29992;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.1&#160;&#160;Agreement to Employ. Effective as of the Effective Date, the Company hereby agrees to employ Employee, and Employee hereby agrees to serve, subject to the provisions of this Agreement, as an officer and Employee of the Company.</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#32856;&#29992;&#21327;&#35758;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#20174;&#36215;&#25928;&#26085;&#26399;&#24320;&#22987;&#36215;&#25928;&#65292;&#26681;&#25454;&#36825;&#20221;&#21327;&#35758;&#30340;&#35268;&#23450;&#65292;&#20844;&#21496;&#22312;&#27492;&#21516;&#24847;&#32856;&#29992;&#38599;&#21592;&#65292;&#21516;&#26102;&#38599;&#21592;&#22312;&#27492;&#21516;&#24847;&#25285;&#20219;&#20844;&#21496;&#30340;&#23448;&#21592;&#21644;&#38599;&#21592;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.2&#160;&#160;Duties and Schedule. Employee shall serve as the Company&#8217;s full time Chief Financial Officer and shall have such responsibilities as designated by the Company&#8217;s Chief Executive Officer or the Board, or the Audit Committee thereof, as circumstances may require.</font></div>

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</div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#36131;&#20219;&#21644;&#35758;&#31243;&#12290;&#38599;&#21592;&#23558;&#25285;&#20219;&#20844;&#21496;&#30340;&#39318;&#24109;&#36130;&#21153;&#23448;&#24182;&#19988;&#25215;&#25285;&#30001;&#20844;&#21496;&#39318;&#24109;&#25191;&#34892;&#23448;&#25110;&#32773;&#33891;&#20107;&#20250;&#21046;&#23450;&#30340;&#36131;&#20219;&#12290;&#38599;&#21592;&#24212;&#30452;&#25509;&#21521;&#20844;&#21496;&#39318;&#24109;&#25191;&#34892;&#23448;&#25110;&#33891;&#20107;&#20250;&#25110;&#23457;&#35745;&#22996;&#21592;&#20250;&#25253;&#21578;&#65292;&#22914;&#26524;&#24773;&#20917;&#35201;&#27714;&#30340;&#35805;&#12290;</font></div>

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<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 18pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TERM OF EMPLOYMENT. Unless Employee&#8217;s employment shall sooner terminate pursuant to section 5, the Company shall employ Employee for a term commencing on the Effective Date and ending on the first anniversary thereof (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>&#8221;) . The term shall automatically renew for an additional year unless either party provides notice to the other that the Term shall not continue within 60 days prior to the end of the prior Term. The period during which Employee is employed pursuant to this Agreement shall be referred to as the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>&#8221; or the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term of Employment</font>&#8221;.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>&#160;</div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#32856;&#29992;&#26399;&#38480;&#12290;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#38500;&#38750;&#38599;&#21592;&#30340;&#32856;&#29992;&#26681;&#25454;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5</font>&#37096;&#20998;&#23558;&#24456;&#24555;&#32456;&#27490;&#21327;&#35758;&#22806;&#65292;&#20844;&#21496;&#23558;&#32856;&#29992;&#38599;&#21592;&#30340;&#26399;&#38480;&#20174;&#36215;&#25928;&#26085;&#26399;&#24320;&#22987;&#33267;&#31532;&#19968;&#20010;&#21608;&#24180;&#26085;&#65288;&#8220;&#26399;&#38480;&#8221;&#65289;&#12290;&#36825;&#19968;&#26399;&#38480;&#23558;&#33258;&#21160;&#24310;&#32493;&#33267;&#19979;&#19968;&#24180;&#65292;&#38500;&#38750;&#20219;&#20309;&#19968;&#26041;&#25552;&#21069;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">60</font>&#22825;&#20197;&#20070;&#38754;&#26041;&#24335;&#21521;&#21478;&#22806;&#19968;&#26041;&#20986;&#31034;&#32456;&#27490;&#36890;&#30693;&#12290;&#38599;&#21592;&#26681;&#25454;&#27492;&#21327;&#35758;&#32856;&#29992;&#30340;&#26102;&#38388;&#23558;&#34987;&#31216;&#20026;&#8220;&#26399;&#38480;&#8221;&#25110;&#8220;&#32856;&#29992;&#26399;&#38480;&#8221;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="TEXT-ALIGN: left; WIDTH: 18pt">
<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COMPENSATION.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#34218;&#37228;</font></font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.1&#160;&#160;Salary. Employee&#8217;s salary during the Term shall be USD$165,000.00 per year (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Salary</font>&#8221;), payable in monthly payments and in US Dollars. All applicable withholding taxes shall be deducted from such payments. The Board will review Employee&#8217;s Salary at least once per year and may, in its discretion, increase or decrease the Salary in accordance with the Company&#8217;s compensation policies. A discretionary bonus, if any, may be paid each year as determined solely by the Board.</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#34218;&#27700;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">. </font>&#22312;&#21327;&#35758;&#26399;&#38480;&#26399;&#38388;&#38599;&#21592;&#30340;&#34218;&#27700;&#20026;&#27599;&#24180;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">USD$</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">165,000.00</font>&#32654;&#20803;&#65288;&#8220;&#34218;&#27700;&#8221;&#65289;&#65292;&#27599;&#26376;&#25903;&#20184;&#19968;&#27425;&#65292;&#20197;&#32654;&#20803;&#25903;&#20184;&#12290;&#20381;&#25454;&#32654;&#22269;&#30456;&#20851;&#27861;&#24459;&#35268;&#23450;&#65292;&#25152;&#26377;&#36866;&#29992;&#30340;&#39044;&#25187;&#36171;&#31246;&#24212;&#20174;&#26032;&#27700;&#20013;&#25187;&#21462;&#12290;&#33891;&#20107;&#20250;&#33267;&#23569;&#27599;&#24180;&#23457;&#26597;&#38599;&#21592;&#30340;&#34218;&#27700;&#65292;&#24182;&#19988;&#26681;&#25454;&#20844;&#21496;&#30340;&#37228;&#34218;&#25919;&#31574;&#21333;&#26041;&#20915;&#23450;&#22686;&#21152;&#25110;&#38477;&#20302;&#38599;&#21592;&#34218;&#27700;&#12290;&#37196;&#24773;&#20998;&#32418;&#65292;&#33509;&#20986;&#29616;&#20998;&#32418;&#24471;&#24773;&#20917;&#65292;&#20165;&#20381;&#25454;&#33891;&#20107;&#20250;&#30340;&#20915;&#35758;&#36827;&#34892;&#25903;&#20184;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.2&#160;&#160;&#160;Restricted Stock. Subject to the Company&#8217;s 2010 Long-Term Incentive Plan and the restricted share award agreement entered into between the Company and the Employee (the &#8220;2011 Restricted Share Award Agreement&#8221;) simultaneously with this Agreement, the Company will grant 50,000 shares of restricted stock to the Employee, of which (i) 25,000 shares shall vest on April 28, 2012, being the one-year anniversary of the Effective Date, and (ii) 25,000 shares shall vest six month following the closing of the achievement of certain performance-based vesting criteria, as defined in the 2011 Restricted Share Award Agreement (the &#8220;Vesting Condition&#8221;).&#160;&#160;If this Agreement is terminated either by the Company (except for termination for Cause) or by the Employee (except for termination in bad faith) before April 28, 2012, the number of restricted shares that shall become immediately vested shall be calculated as following: 50,000 restricted shares (in the event the Vesting Condition is satisfied by April 27, 2012) or 25,000 restricted shares (in the event the Vesting Condition is not satisfied by April 27, 2012) times the following fraction: (i) the number of months from the Effective Date to the termination date (including the last month the Employee is employed even though it may not be a full calendar month) divided by (ii) twelve (12). For the sake of clarity, for the purpose of calculating the fraction, the first month starts from April 28, 2011 and ends on May 27, 2011;</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.2 </font>&#38480;&#21046;&#32929;&#12290;&#20381;&#29031;&#20844;&#21496;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2010</font>&#38271;&#26399;&#28608;&#21169;&#35745;&#21010;&#65292;&#20197;&#21450;&#20844;&#21496;&#21644;&#38599;&#21592;&#31614;&#35746;&#30340;&#38480;&#21046;&#32929;&#22870;&#21169;&#21327;&#35758;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011</font>&#38480;&#21046;&#32929;&#22870;&#21169;&#21327;&#35758;&#65289;&#65292;&#20844;&#21496;&#21521;&#38599;&#21592;&#25480;&#20104;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5</font>&#19975;&#25903;&#38480;&#21046;&#32929;&#65292;&#20854;&#20013;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1</font>&#65289;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.5</font>&#19975;&#25903;&#23558;&#20110;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012-4-28</font>&#26085;&#29983;&#25928;&#65292;&#21363;&#8220;&#29983;&#25928;&#26085;&#8221;&#21518;&#19968;&#21608;&#24180;&#26085;&#65292;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2</font>&#65289;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.5</font>&#19975;&#25903;&#23558;&#20110;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012</font>&#24180;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4</font>&#26376;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">27</font>&#26085;&#20043;&#21069;&#65292;&#19979;&#19968;&#27425;&#22914;&#12298;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011</font>&#38480;&#21046;&#32929;&#22870;&#21169;&#21327;&#35758;&#12299;&#25152;&#35268;&#23450;&#30340;&#26576;&#39033;&#19994;&#32489;&#22522;&#30784;&#30340;&#34920;&#29616;&#26631;&#20934;&#65288;&#8220;&#29983;&#25928;&#26465;&#20214;&#8221;&#65289;&#23454;&#29616;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6</font>&#20010;&#26376;&#36215;&#29983;&#25928;&#12290;&#22914;&#26524;&#26412;&#21512;&#21516;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012-4-28</font>&#26085;&#20043;&#21069;&#34987;&#20844;&#21496;&#65288;&#25490;&#38500;&#8220;&#26377;&#29702;&#30001;&#8221;&#30340;&#32456;&#27490;&#65289;&#25110;&#32773;&#38599;&#21592;&#65288;&#25490;&#38500;&#19981;&#33391;&#20225;&#22270;&#30340;&#32456;&#27490;&#65289;&#32456;&#27490;&#65292;&#21017;&#38480;&#21046;&#32929;&#23558;&#31435;&#21363;&#29983;&#25928;&#65292;&#23558;&#25353;&#29031;&#20197;&#19979;&#26041;&#24335;&#35745;&#31639;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5</font>&#19975;&#25903;&#38480;&#21046;&#32929;&#65288;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012-4-27</font>&#20043;&#21069;&#23436;&#25104;&#8220;&#29983;&#25928;&#26465;&#20214;&#8221;&#30340;&#24773;&#20917;&#19979;&#65289;&#65292;&#25110;&#32773;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.5</font>&#19975;&#25903;&#38480;&#21046;&#32929;&#65288;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012-4-27</font>&#20043;&#21069;&#26410;&#23436;&#25104;&#8220;&#29983;&#25928;&#26465;&#20214;&#8221;&#30340;&#24773;&#20917;&#19979;&#65289;&#20056;&#20197;&#20197;&#19979;&#20998;&#25968;&#65306;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1</font>&#65289;&#20998;&#23376;&#20026;&#33258;&#29983;&#25928;&#26085;&#36215;&#65292;&#25130;&#33267;&#32456;&#27490;&#26085;&#30340;&#26376;&#20221;&#25968;&#65288;&#21253;&#21547;&#38599;&#21592;&#34987;&#20844;&#21496;&#32856;&#29992;&#30340;&#26368;&#21518;&#19968;&#20010;&#26376;&#20221;&#65292;&#21363;&#20415;&#19981;&#26159;&#19968;&#20010;&#23436;&#25972;&#30340;&#26085;&#21382;&#26376;&#65289;&#65292;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2</font>&#65289;&#20998;&#27597;&#26159;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">12</font>&#12290;&#20026;&#20102;&#28548;&#28165;&#36215;&#35265;&#65292;&#20026;&#20102;&#35745;&#31639;&#35813;&#20998;&#25968;&#65292;&#31532;&#19968;&#20010;&#26376;&#20174;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011-4-28</font>&#36215;&#31639;&#65292;&#20174;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011-5-27</font>&#32467;&#26463;&#12290;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;4.3&#160;&#160;Options. Subject to the Company&#8217;s 2010 Long-Term Incentive Plan and the non-qualified stock option agreement entered into between the Company and the Employee simultaneously with this Agreement (the &#8220;2011 Stock Option Agreement&#8221;), the Company will grant 50,000 options to the Employee at the exercise price equal to $2.54, the last reported closing price of the Company&#8217;s common stock prior to the date of grant, expiring on the two-year anniversary of the Effective Date, of which (i) 25,000 shares shall vest on the one-year anniversary of the Effective Date, (ii) 25,000 shares shall vest on the date that is three months following the achievement of the Vesting Condition. If this Agreement is terminated either by the Company (except for termination for Cause) or by the Employee (except for termination in bad faith) before April 28, 2012, the number of options that shall become immediately exercisable shall be calculated as following: 50,000 options (in the event the Vesting Condition is satisfied by April 27, 2012) or 25,000 options (in the event the Vesting Condition is not satisfied by the time set forth therein) times the following fraction: (i) the number of months from the Effective Date to the termination date (including the last month the Employee is employed even though it may not be a full calendar month) divided by (ii) twelve (12). For the sake of clarity, for the purpose of calculating the fraction, the first month starts from April 28, 2011 and ends on May 27, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#26399;&#26435;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#20381;&#25454;&#23558;&#34987;&#20844;&#21496;&#33891;&#20107;&#20250;&#36890;&#36807;&#24182;&#19988;&#23558;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">SEC</font>&#22791;&#26696;&#30340;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2010</font>&#38271;&#26399;&#28608;&#21169;&#35745;&#21010;&#20197;&#21450;&#20844;&#21496;&#19982;&#38599;&#21592;&#31614;&#32626;&#30340;&#38750;&#21512;&#26684;&#32929;&#31080;&#26399;&#26435;&#21327;&#35758;&#65292;&#24182;&#20381;&#29031;&#26412;&#21327;&#35758;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011</font>&#32929;&#31080;&#26399;&#26435;&#21327;&#35758;&#65289;&#65292;&#20844;&#21496;&#23558;&#21521;&#38599;&#21592;&#25480;&#20104;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5</font>&#19975;&#32929;&#26399;&#26435;&#65292;&#25191;&#34892;&#20215;&#26684;&#20026;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">$2.54</font>&#65292;&#21363;&#20844;&#21496;&#26222;&#36890;&#32929;&#26368;&#21518;&#19968;&#20010;&#25253;&#21578;&#30340;&#38381;&#24066;&#20215;&#26684;&#65292;&#33258;&#29983;&#25928;&#26085;&#21518;&#20004;&#24180;&#22833;&#25928;&#65292;&#20854;&#20013;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(i) 2.5</font>&#19975;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">_</font>&#32929;&#23558;&#22312;&#29983;&#25928;&#26085;&#21518;&#19968;&#24180;&#29983;&#25928;&#65292;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(ii) 2.5</font>&#19975;&#32929;&#23558;&#22312;&#21512;&#26684;&#34701;&#36164;&#32467;&#26463;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#20010;&#26376;&#29983;&#25928;&#12290;&#22914;&#26524;&#26412;&#21512;&#21516;&#22312;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2012-4-28</font>&#26085;&#20043;&#21069;&#34987;&#20844;&#21496;&#65288;&#25490;&#38500;&#8220;&#26377;&#29702;&#30001;&#8221;&#30340;&#32456;&#27490;&#65289;&#25110;&#32773;&#38599;&#21592;&#65288;&#25490;&#38500;&#19981;&#33391;&#20225;&#22270;&#30340;&#32456;&#27490;&#65289;&#32456;&#27490;&#65292;&#21017;&#38480;&#21046;&#32929;&#23558;&#31435;&#21363;&#29983;&#25928;&#65292;&#23558;&#25353;&#29031;&#20197;&#19979;&#26041;&#24335;&#35745;&#31639;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1</font>&#65289;&#20998;&#23376;&#20026;&#33258;&#29983;&#25928;&#26085;&#36215;&#65292;&#25130;&#33267;&#32456;&#27490;&#26085;&#30340;&#26376;&#20221;&#25968;&#65288;&#21253;&#21547;&#38599;&#21592;&#34987;&#20844;&#21496;&#32856;&#29992;&#30340;&#26368;&#21518;&#19968;&#20010;&#26376;&#20221;&#65292;&#21363;&#20415;&#19981;&#26159;&#19968;&#20010;&#23436;&#25972;&#30340;&#26085;&#21382;&#26376;&#65289;&#65292;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2</font>&#65289;&#20998;&#27597;&#26159;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">12</font>&#12290;&#20026;&#20102;&#28548;&#28165;&#36215;&#35265;&#65292;&#20026;&#20102;&#35745;&#31639;&#35813;&#20998;&#25968;&#65292;&#31532;&#19968;&#20010;&#26376;&#20174;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011-4-28</font>&#36215;&#31639;&#65292;&#20174;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2011-5-27</font>&#32467;&#26463;&#12290;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.4&#160;&#160;Vacation. Employee shall be entitled to fifteen (15) days of paid vacation per year taken at such times so as to not materially impede his duties hereunder. Employee shall be entitled to a pro rata number of days of paid vacation during the period beginning on the Effective Date through the end of the first fiscal year. Vacation days that are not taken may not be carried over into future years. Illness days shall be consistent with the Company&#8217;s standard policies and applicable US law. Employee should be entitled to standard US federal government holidays in addition to vacation or illness days.</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#20551;&#26399;&#12290;&#38599;&#21592;&#23558;&#33719;&#24471;&#27599;&#24180;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">15</font>&#22825;&#24102;&#34218;&#20551;&#26399;&#65292;&#22312;&#20854;&#20551;&#26399;&#26399;&#38388;&#19981;&#24471;&#23454;&#36136;&#24615;&#38459;&#30861;&#20854;&#19979;&#25991;&#25552;&#21040;&#36131;&#20219;&#12290;&#38599;&#21592;&#22312;&#36215;&#25928;&#26085;&#26399;&#33267;&#31532;&#19968;&#20010;&#36130;&#24180;&#32467;&#26463;&#36825;&#19968;&#26399;&#38388;&#23558;&#25353;&#27604;&#20363;&#32473;&#20104;&#24102;&#34218;&#20551;&#26399;&#30340;&#22825;&#25968;&#12290;&#26410;&#20241;&#30340;&#20551;&#26399;&#22825;&#25968;&#19981;&#33021;&#24310;&#33267;&#19979;&#19968;&#24180;&#12290;&#30149;&#20551;&#24212;&#31526;&#21512;&#20844;&#21496;&#30340;&#26631;&#20934;&#20445;&#38505;&#21333;&#21644;&#36866;&#29992;&#30340;&#32654;&#22269;&#27861;&#24459;&#12290;&#38500;&#20102;&#24102;&#34218;&#20551;&#26399;&#25110;&#30149;&#20551;&#22806;&#65292;&#38599;&#21592;&#23558;&#32473;&#20104;&#32654;&#22269;&#32852;&#37030;&#25919;&#24220;&#30340;&#26631;&#20934;&#20551;&#26399;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.5&#160;&#160;Business Expenses. Employee shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Employee in the performance of his duties hereunder on behalf of the Company, not to exceed $500 per month without the prior written approval of the Company.</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#21830;&#19994;&#36153;&#29992;&#12290;&#20844;&#21496;&#35201;&#25253;&#38144;&#38599;&#21592;&#20195;&#34920;&#20844;&#21496;&#23653;&#34892;&#20854;&#32844;&#36131;&#26102;&#20135;&#29983;&#30340;&#25152;&#26377;&#26085;&#24120;&#30340;&#24517;&#35201;&#30340;&#36153;&#29992;&#65292;&#22312;&#27809;&#26377;&#24471;&#21040;&#20844;&#21496;&#20107;&#20808;&#30340;&#20070;&#38754;&#25209;&#20934;&#20043;&#21069;&#36153;&#29992;&#27599;&#26376;&#19981;&#24471;&#36229;&#36807;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">500</font>&#32654;&#20803;&#12290;</font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TERMINATION.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#32456;&#27490;&#21327;&#35758;</font></div>

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<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1&#160;&#160;Termination Due to Death or Disability</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.1 </font>&#22240;&#27515;&#20129;&#25110;&#20260;&#27531;&#32456;&#27490;&#21327;&#35758;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1.1&#160;&#160;Death. This Agreement shall terminate immediately upon the death of the Employee. Upon Employee&#8217;s death, Employee&#8217;s estate or Employee&#8217;s legal representative, as the case may be, shall be entitled to Employee&#8217;s accrued and unpaid Salary and vacation as of the date of Employee&#8217;s death, plus all other compensation and benefits that were vested through the date of Employee&#8217;s death.</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.1.1</font>&#27515;&#20129;&#12290;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#22240;&#38599;&#21592;&#30340;&#27515;&#20129;&#23558;&#31435;&#21051;&#32456;&#27490;&#21327;&#35758;&#12290;&#26681;&#25454;&#38599;&#21592;&#30340;&#27515;&#20129;&#12289;&#38599;&#21592;&#30340;&#36130;&#20135;&#25110;&#38599;&#21592;&#30340;&#27861;&#23450;&#20195;&#34920;&#20154;&#65292;&#35270;&#24773;&#20917;&#32780;&#23450;&#65292;&#24212;&#32473;&#20104;&#38599;&#21592;&#25130;&#33267;&#38599;&#21592;&#27515;&#20129;&#26085;&#26399;&#24212;&#35745;&#30340;&#26410;&#20184;&#34218;&#37329;&#21644;&#20551;&#26399;&#65292;&#21152;&#19978;&#26082;&#23450;&#30340;&#25152;&#26377;&#20854;&#20182;&#30340;&#37228;&#34218;&#21644;&#27941;&#36148;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1.2&#160;&#160;Disability. In the event of Employee&#8217;s Disability, this agreement shall terminate and Employee shall be entitled to (a) accrued and unpaid 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.</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.1.2 </font>&#20260;&#27531;&#12290;&#22914;&#26524;&#38599;&#21592;&#20260;&#27531;&#30340;&#21457;&#29983;&#65292;&#36825;&#20221;&#21327;&#35758;&#23558;&#32456;&#27490;&#65292;&#24182;&#19988;&#38599;&#21592;&#23558;&#32473;&#20104;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a) </font>&#25130;&#33267;&#20260;&#27531;&#30830;&#23450;&#30340;&#31532;&#19968;&#22825;&#24212;&#35745;&#30340;&#26410;&#20184;&#20551;&#26399;&#65292;&#21644;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">b)</font>&#25152;&#26377;&#20854;&#20182;&#25130;&#33267;&#20260;&#27531;&#30830;&#23450;&#31532;&#19968;&#22825;&#26082;&#23450;&#30340;&#37228;&#34218;&#21644;&#27941;&#36148;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2&#160;&#160;Termination. Both the Company and the Employee may terminate the employment hereunder by delivery of written notice to the other party at least thirty (30) days prior to termination date or with a shorter notice period if agreed upon by the Parties provided, however, that in the event of a breach of this agreement by the Employee or an event which would constitute &#8220;Cause&#8221;, the Company may immediately terminate this agreement upon written notice with no waiting period. Upon the effective date of termination under this section 5.2, Employee shall be entitled to (a) accrued and unpaid vacation through such effective date; and (b) all other compensation and benefits that were vested through such effective date.</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.2 </font>&#32456;&#27490;&#21327;&#35758;&#12290;&#20844;&#21496;&#21644;&#38599;&#21592;&#37117;&#21487;&#20197;&#33267;&#23569;&#25552;&#21069;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">30</font>&#22825;&#25552;&#20986;&#19968;&#20221;&#20070;&#38754;&#36890;&#30693;&#25110;&#32773;&#22914;&#26524;&#21452;&#26041;&#21516;&#24847;&#21518;&#30340;&#30701;&#26102;&#38388;&#20869;&#26469;&#32456;&#27490;&#21327;&#35758;&#65292;&#28982;&#32780;&#65292;&#22914;&#26524;&#38599;&#21592;&#36829;&#21453;&#21327;&#35758;&#25110;&#32773;&#26500;&#25104;&#8220;&#35785;&#35772;&#8221;&#30340;&#20107;&#20214;&#30340;&#21457;&#29983;&#65292;&#20844;&#21496;&#23558;&#31435;&#21051;&#20197;&#20070;&#38754;&#36890;&#30693;&#32456;&#27490;&#21327;&#35758;&#12290;&#26681;&#25454;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.2</font>&#32456;&#27490;&#21327;&#35758;&#30340;&#26377;&#25928;&#26085;&#26399;&#65292;&#38599;&#21592;&#23558;&#32473;&#20104;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a) </font>&#25130;&#33267;&#32456;&#27490;&#26377;&#25928;&#26085;&#26399;&#24212;&#35745;&#30340;&#26410;&#20184;&#20551;&#26399;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">b</font>&#65289;&#25130;&#33267;&#32456;&#27490;&#26377;&#25928;&#26085;&#26399;&#26082;&#23450;&#30340;&#25152;&#26377;&#20854;&#20182;&#37228;&#34218;&#21644;&#27941;&#36148;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.3&#160;&#160;Notice of Termination. Any termination of the Employment by the Company or the Employee shall be communicated by a notice in accordance with section 8.4 of this agreement (the &#8220;Notice of Termination&#8221;).</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.3 </font>&#32456;&#27490;&#36890;&#30693;&#12290;&#30001;&#20844;&#21496;&#25110;&#38599;&#21592;&#25552;&#20986;&#30340;&#20219;&#20309;&#32456;&#27490;&#32856;&#29992;&#23558;&#26681;&#25454;&#21327;&#35758;&#30340;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.4</font>&#65288;&#8220;&#32456;&#27490;&#36890;&#30693;&#8221;&#65289;&#36890;&#30693;&#21478;&#22806;&#19968;&#26041;&#12290;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.4&#160;&#160;Payment. The Employee shall not be entitled to severance payments upon any termination provided in section 5 herein.</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.4 </font>&#20184;&#27454;&#12290;&#26681;&#25454;&#22312;&#27492;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5</font>&#37096;&#20998;&#25552;&#20986;&#30340;&#20219;&#20309;&#32456;&#27490;&#21327;&#35758;&#65292;&#38599;&#21592;&#19981;&#33021;&#34987;&#20013;&#27490;&#20854;&#20184;&#27454;&#12290;</font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">EMPLOYEE&#8217;S REPRESENTATION. The Employee 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.</font></div>
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<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#38599;&#21592;&#30340;&#20195;&#34920;&#12290;&#38599;&#21592;&#20195;&#34920;&#20844;&#21496;&#24182;&#21521;&#20844;&#21496;&#20445;&#35777;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a</font>&#65289;&#38599;&#21592;&#19981;&#21463;&#21487;&#33021;&#24433;&#21709;&#20854;&#23653;&#34892;&#26412;&#21512;&#21516;&#20041;&#21153;&#30340;&#22865;&#32422;&#30340;&#12289;&#21463;&#25176;&#30340;&#25110;&#20854;&#20182;&#20041;&#21153;&#32422;&#26463;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">b) </font>&#23545;&#20110;&#20854;&#20182;&#21487;&#33021;&#24433;&#21709;&#20854;&#23653;&#34892;&#26412;&#21512;&#21516;&#30340;&#20854;&#20182;&#25152;&#31614;&#35746;&#30340;&#21512;&#32422;&#20041;&#21153;&#65292;&#38599;&#21592;&#24050;&#32463;&#26681;&#25454;&#36825;&#20123;&#21512;&#21516;&#30340;&#26465;&#27454;&#20104;&#20197;&#32456;&#27490;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">c) </font>&#20182;&#19982;&#20844;&#21496;&#30340;&#32856;&#29992;&#19981;&#35201;&#27714;&#20182;&#20351;&#29992;&#25110;&#25259;&#38706;&#20219;&#20309;&#20854;&#20182;&#20010;&#20154;&#25110;&#23454;&#20307;&#30340;&#36130;&#20135;&#25110;&#26426;&#23494;&#20449;&#24687;&#12290;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NON-COMPETITION; NON-DISCLOSURE; INVENTIONS.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7. </font>&#19981;&#24471;&#31454;&#20105;&#65307;&#19981;&#24471;&#27844;&#38706;&#65307;&#21457;&#26126;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Trade Secrets. Employee acknowledges that his employment position with the Company is one of trust and confidence. Employee further understands and acknowledges that, during the course of Employee&#8217;s employment with the Company. Employee will be entrusted with access to certain confidential information, specialized knowledge and trade secrets which belong to the Company, or its subsidiaries, including, but not limited to, their methods of operation and developing customer base, its manner of cultivating customer relations, its practices and preferences, current and future market strategies, formulas, patterns, patents, devices, secret inventions, processes, compilations of information, records, and customer lists, all of which are regularly used in the operation of their business and which Employee acknowledges have been acquired, learned and developed by them only through the expenditure of substantial sums of money, time and effort, which are not readily ascertainable, and which are discoverable only with substantial effort, and which thus are the confidential and the exclusive Property of the Company and its subsidiaries(hereinafter &#8220;Trade Secrets&#8221;) . Employee covenants and agrees to use his best efforts and utmost diligence to protect those Trade Secrets from disclosure to third parties. Employee further acknowledges that, absent the protections afforded the Company and its subsidiaries in section 7, Employee would not be entrusted with any of such Trade Secrets. Accordingly, Employee agrees and covenants (which agreement and covenant shall survive the termination of this agreement regardless of the reason) as follows:</font></div>

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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1 </font>&#21830;&#19994;&#31192;&#23494;&#12290;&#38599;&#21592;&#25215;&#35748;&#20854;&#19982;&#20844;&#21496;&#30340;&#32856;&#29992;&#26159;&#21487;&#20449;&#30340;&#21644;&#26426;&#23494;&#30340;&#12290;&#38599;&#21592;&#36827;&#19968;&#27493;&#26126;&#30333;&#21644;&#25215;&#35748;&#22312;&#38599;&#21592;&#32856;&#29992;&#26399;&#38388;&#65292;&#38599;&#21592;&#23558;&#34987;&#22996;&#25176;&#25509;&#35302;&#20844;&#21496;&#25110;&#20854;&#23376;&#20844;&#21496;&#30340;&#26576;&#20123;&#26426;&#23494;&#20449;&#24687;&#12289;&#29305;&#21035;&#20449;&#24687;&#21644;&#21830;&#19994;&#31192;&#23494;&#65292;&#21253;&#25324;&#65292;&#20294;&#19981;&#38480;&#20110;&#65292;&#20182;&#20204;&#33829;&#36816;&#30340;&#26041;&#27861;&#21644;&#24320;&#21457;&#23458;&#25143;&#30340;&#22522;&#30784;&#65292;&#20854;&#32500;&#25252;&#23458;&#25143;&#20851;&#31995;&#30340;&#26041;&#27861;&#65292;&#20854;&#24815;&#20363;&#21644;&#20248;&#24800;&#25919;&#31574;&#65292;&#24403;&#21069;&#21644;&#26410;&#26469;&#30340;&#24066;&#22330;&#31574;&#30053;&#65292;&#20934;&#21017;&#65292;&#27169;&#24335;&#65292;&#35774;&#22791;&#65292;&#31192;&#23494;&#21457;&#26126;&#65292;&#31243;&#24207;&#65292;&#20449;&#24687;&#30340;&#27719;&#32534;&#65292;&#35760;&#24405;&#65292;&#21644;&#23458;&#25143;&#21517;&#21333;&#12290;&#25152;&#26377;&#36825;&#20123;&#37117;&#29992;&#20110;&#20182;&#20204;&#30340;&#19994;&#21153;&#33829;&#36816;&#12290;&#38599;&#21592;&#31435;&#32422;&#24182;&#21516;&#24847;&#23613;&#20854;&#26368;&#22823;&#30340;&#21162;&#21147;&#21644;&#23613;&#32844;&#19981;&#21521;&#31532;&#19977;&#26041;&#27844;&#38706;&#36825;&#20123;&#21830;&#19994;&#31192;&#23494;&#12290;&#38599;&#21592;&#36827;&#19968;&#27493;&#25215;&#35748;&#65292;&#32570;&#23569;&#20844;&#21496;&#21450;&#20854;&#23376;&#20844;&#21496;&#22312;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#37096;&#20998;&#25552;&#20379;&#30340;&#20445;&#25252;&#65292;&#38599;&#21592;&#23558;&#19981;&#24471;&#22996;&#25176;&#20219;&#20309;&#21830;&#19994;&#31192;&#23494;&#12290;&#27492;&#22806;&#65292;&#38599;&#21592;&#21516;&#24847;&#24182;&#31435;&#32422;&#20197;&#19979;&#26041;&#38754;&#65306;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Employee will at no time take any action or make any statement that will disparage or discredit the Company, any of its subsidiaries or their products or services;</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.1 </font>&#21592;&#24037;&#22312;&#20219;&#20309;&#26102;&#20505;&#19981;&#24471;&#20570;&#20986;&#20219;&#20309;&#36140;&#25439;&#20844;&#21496;&#65292;&#25110;&#20844;&#21496;&#30340;&#19979;&#23646;&#26426;&#26500;&#65292;&#20135;&#21697;&#21450;&#26381;&#21153;&#30340;&#20030;&#21160;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period of Employee&#8217;s with the Company and for 60 months immediately following the Termination of such employment. Employee will not disclose or reveal to any person, firm or corporation other than in connection with the business of the Company and its subsidiaries or as may be required by law, any Trade Secrets used or useable by the Company or any of its subsidiaries, divisions or Affiliates (collectively the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Companies</font>&#8221;) in connection with their respective businesses, known to Employee as a result of his employment by the Company, or other relationship with the Companies, and which is not otherwise publicly available. Employee further agrees that during the Term of this Agreement and at all times thereafter, he will keep confidential and not disclose or reveal to any person, firm or corporation other than in connection with the business of the Companies or as may be required by applicable law, any information received by him during the course of his employment with regard to the financial, business, or other affairs of the Companies, their respective officers, directors, customers or suppliers which is not publicly available;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.2 </font>&#38599;&#21592;&#22312;&#32844;&#26399;&#38388;&#21644;&#31163;&#32844;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">60</font>&#20010;&#26376;&#65292;&#19981;&#24471;&#27844;&#38706;&#20854;&#20316;&#20026;&#38599;&#21592;&#25152;&#20102;&#35299;&#30340;&#65292;&#20294;&#23578;&#26410;&#32463;&#20844;&#21496;&#20844;&#24067;&#30340;&#20219;&#20309;&#21516;&#20844;&#21496;&#20154;&#20107;&#65292;&#19994;&#21153;&#65292;&#21830;&#19994;&#65292;&#19979;&#23646;&#26426;&#26500;&#65292;&#20998;&#25903;&#32467;&#26500;&#30456;&#20851;&#30340;&#20219;&#20309;&#20449;&#24687;&#12290;&#38599;&#21592;&#36827;&#19968;&#27493;&#21516;&#24847;&#22312;&#26412;&#21512;&#21516;&#26399;&#38388;&#25110;&#32773;&#22833;&#25928;&#20043;&#21518;&#65292;&#20182;&#23558;&#20445;&#23494;&#24182;&#19988;&#19981;&#21521;&#20219;&#20309;&#20154;&#22763;&#65292;&#20844;&#21496;&#65292;&#26426;&#26500;&#27844;&#38706;&#20844;&#21496;&#30340;&#19994;&#21153;&#25110;&#32773;&#22312;&#20854;&#23601;&#32844;&#26399;&#38388;&#25152;&#20102;&#35299;&#30340;&#20854;&#20182;&#26377;&#20851;&#20844;&#21496;&#19994;&#21153;&#65292;&#36130;&#21153;&#65292;&#25110;&#32773;&#20844;&#21496;&#20154;&#20107;&#65292;&#33891;&#20107;&#65292;&#23458;&#25143;&#65292;&#20379;&#24212;&#21830;&#31561;&#26410;&#32463;&#20844;&#24320;&#30340;&#20107;&#23452;&#12290;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.3&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the Termination of Employee&#8217;s employment with the Company, Employee will return to the Company all documents, customer lists, customer information, product samples, presentation materials, drawing specifications, equipment and other materials relating to the business of any of the Companies, which Employee hereby acknowledges are the sole and exclusive property of the Companies or any one of them. Nothing to his personal entitlements and obligations, his rolodex, his personal correspondence files; and any additional personal property;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.3 </font>&#22312;&#38599;&#21592;&#23601;&#20219;&#26399;&#28385;&#26102;&#65292;&#24212;&#24403;&#21521;&#20844;&#21496;&#24402;&#36824;&#25152;&#26377;&#30340;&#25991;&#20214;&#65292;&#23458;&#25143;&#21517;&#21333;&#65292;&#23458;&#25143;&#20449;&#24687;&#65292;&#20135;&#21697;&#26679;&#26412;&#65292;&#25512;&#20171;&#36164;&#26009;&#65292;&#22270;&#32440;&#65292;&#22120;&#26448;&#65292;&#20197;&#21450;&#20854;&#20182;&#30340;&#21516;&#20844;&#21496;&#30456;&#20851;&#30340;&#25152;&#26377;&#26448;&#26009;&#65292;&#38599;&#21592;&#22312;&#27492;&#25215;&#35748;&#20844;&#21496;&#23545;&#19978;&#36848;&#29289;&#21697;&#30340;&#21807;&#19968;&#25152;&#26377;&#26435;&#12290;&#20294;&#26412;&#21327;&#35758;&#19981;&#23384;&#22312;&#20219;&#20309;&#38480;&#21046;&#38599;&#21592;&#23545;&#20854;&#31169;&#20154;&#25991;&#20214;&#65292;&#36164;&#26009;&#65292;&#20854;&#21517;&#29255;&#30418;&#65292;&#31169;&#20154;&#24448;&#26469;&#20449;&#20214;&#30340;&#25152;&#26377;&#24615;&#30340;&#35268;&#23450;&#12290;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.4&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the Term of the Agreement and, for a period of three(3) months immediately following the Termination of the Employee&#8217;s employment with the Company, Employee will not : compete, or participate as a shareholder, director, officer, partner(limited or general ), trustee, holder of a beneficial interest, employee, agent of or representative in any business competing directly with the Companies without the prior written consent of the Company, which may be withheld in the Company&#8217;s sole discretion; provided, however, that nothing contained herein shall be construed to limit or prevent the purchase or beneficial ownership by Employee of less than five percent of any security registered under Section 12 or 15 of the Securities Exchange Act of 1934;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.4 </font>&#22312;&#26412;&#21327;&#35758;&#26399;&#38388;&#21644;&#21327;&#35758;&#26399;&#28385;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#20010;&#26376;&#20043;&#20869;&#65292;&#22312;&#26410;&#32463;&#20844;&#21496;&#20070;&#38754;&#35768;&#21487;&#30340;&#24773;&#20917;&#19979;&#65292;&#38599;&#21592;&#19981;&#24471;&#23601;&#20219;&#20219;&#20309;&#21516;&#20844;&#21496;&#30452;&#25509;&#31454;&#20105;&#30340;&#26426;&#26500;&#30340;&#32929;&#19996;&#65292;&#33891;&#20107;&#65292;&#25191;&#34892;&#23448;&#65292;&#21512;&#20249;&#20154;&#65292;&#21463;&#25176;&#20154;&#65292;&#21033;&#30410;&#30456;&#20851;&#26041;&#65292;&#38599;&#21592;&#65292;&#20195;&#29702;&#25110;&#20195;&#34920;&#12290;&#20294;&#26412;&#26465;&#27454;&#30340;&#35268;&#23450;&#19981;&#38480;&#21046;&#38599;&#21592;&#20381;&#25454;&#12298;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1934</font>&#35777;&#21048;&#27861;&#26696;&#12299;&#36141;&#20080;&#25110;&#25345;&#26377;&#20219;&#20309;&#35777;&#21048;&#19981;&#36275;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5%</font>&#30340;&#32929;&#20221;&#12290;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.5&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the Term of the Agreement and, for a period of eighteen (18) months immediately following the Termination of the Employee&#8217;s employment with the Company, Employee will not:</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.5 </font>&#22312;&#26412;&#21327;&#35758;&#26399;&#38388;&#65292;&#20197;&#21450;&#21327;&#35758;&#33410;&#20043;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">18</font>&#20010;&#26376;&#20869;&#65292;&#38599;&#21592;&#19981;&#24471;&#65306;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.5.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">solicit or accept competing business from any customer of any of the Companies or any person or entity known by Employee to be or have been, during the preceding 18 months, a customer or Prospective Customer of any of the Companies without the prior written consent of the Company;</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.5.1</font>&#22312;&#26410;&#32463;&#20844;&#21496;&#20070;&#38754;&#35768;&#21487;&#30340;&#24773;&#20917;&#19979;&#65292;&#20174;&#19981;&#24471;&#25509;&#21463;&#26126;&#30693;&#26159;&#26469;&#33258;&#20844;&#21496;&#23458;&#25143;&#30340;&#35831;&#27714;&#25110;&#32773;&#23545;&#20844;&#21496;&#20135;&#29983;&#31454;&#20105;&#30340;&#19994;&#21153;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.5.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">encourage, request or advise any such customer or Prospective Customer of any of the Companies to withdraw or cancel any of their business from or with any of the Companies; or</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.5.2 </font>&#40723;&#21169;&#65292;&#24314;&#35758;&#65292;&#25110;&#32773;&#35201;&#27714;&#20219;&#20309;&#20844;&#21496;&#30340;&#23458;&#25143;&#25764;&#38144;&#25110;&#32773;&#20013;&#26029;&#21516;&#20844;&#21496;&#30340;&#21830;&#19994;&#24448;&#26469;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.6&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Employee will not during the period of his employment with the Company and, subject to the provisions hereof for a period of eighteen (18) months immediately following the Termination of Employee&#8217;s employment with the Company.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.6</font>&#22312;&#26412;&#21327;&#35758;&#26399;&#38388;&#65292;&#20197;&#21450;&#21327;&#35758;&#33410;&#20043;&#21518;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">18</font>&#20010;&#26376;&#20869;&#65292;&#38599;&#21592;&#19981;&#24471;&#65306;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.6.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">conspire with any person employed by any of the Company with respect to any of the matters covered by this Section 7;</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.6.1 </font>&#21516;&#20844;&#21496;&#20219;&#20309;&#20154;&#23494;&#35851;&#20851;&#20110;&#26465;&#27454;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#30340;&#20107;&#39033;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.6.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">encourage, induce or solicit any person employed by any of the Companies to facilitate Employee&#8217;s violation of the covenants in this Section 7;</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.6.2 </font>&#40723;&#21169;&#65292;&#35825;&#23548;&#65292;&#25110;&#32773;&#21327;&#21161;&#20219;&#20309;&#20844;&#21496;&#20854;&#20182;&#38599;&#21592;&#20174;&#26410;&#36829;&#32972;&#26412;&#21327;&#35758;&#26465;&#27454;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#30340;&#20107;&#39033;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.6.3&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">assist any entity to solicit the employment of any Employee of any of the Companies; or</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1.6.4&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">employ or hire any Employee of any of the Companies, or solicit or induce any such person to join the Employee as a partner, investor, coventurer, or otherwise encourage or induce them to Terminate their employment with any of the Companies.</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.1.6.4 </font>&#38599;&#29992;&#20844;&#21496;&#20219;&#20309;&#21592;&#24037;&#65292;&#25110;&#32773;&#40723;&#21169;&#12289;&#35825;&#23548;&#20219;&#20309;&#20844;&#21496;&#21592;&#24037;&#21152;&#20837;&#20854;&#32452;&#32455;&#25104;&#20026;&#20854;&#21512;&#20249;&#20154;&#65292;&#25237;&#36164;&#20154;&#65307;&#25110;&#32773;&#40723;&#21169;&#12289;&#35825;&#23548;&#20219;&#20309;&#20844;&#21496;&#21592;&#24037;&#32456;&#27490;&#21516;&#20844;&#21496;&#30340;&#38599;&#20323;&#20851;&#31995;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Employee expressly acknowledges that all of the provisions of this Section 7 of this Agreement have been bargained for and Employee&#8217;s agreement hereto is an integral part of the consideration to be rendered by the Employee which justifies the rate and extent of the compensation provided for hereunder.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.2 </font>&#38599;&#21592;&#29305;&#27492;&#21516;&#24847;&#30693;&#24713;&#26412;&#21327;&#35758;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#26465;&#27454;&#30340;&#25152;&#26377;&#20869;&#23481;&#65292;&#24182;&#19988;&#25152;&#20139;&#21463;&#30340;&#26032;&#37228;&#24453;&#36935;&#24050;&#32463;&#32771;&#34385;&#21040;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#26465;&#27454;&#30340;&#35268;&#23450;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.3&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Employee acknowledges and agrees that a violation of any one of the covenants contained in this Section 7 shall cause irreparable injury to the Company, that the remedy at law for such a violation would be inadequate and that the Company shall thus be entitled to temporary injunctive relief to enforce that covenant until such time that a court of competent jurisdiction either (a) grants or denies permanent injunctive relief or (b) awards other equitable remedy(s) as it sees fit.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.3 </font>&#38599;&#21592;&#29305;&#27492;&#21516;&#24847;&#30693;&#20854;&#36829;&#32972;&#31532;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7</font>&#26465;&#27454;&#23558;&#20026;&#20844;&#21496;&#24102;&#26469;&#19981;&#21487;&#20462;&#22797;&#30340;&#25439;&#22833;&#65292;&#30456;&#20851;&#27861;&#24459;&#30340;&#35268;&#23450;&#21487;&#33021;&#19981;&#36275;&#20197;&#23545;&#20844;&#21496;&#30340;&#24357;&#34917;&#65292;&#22240;&#27492;&#20844;&#21496;&#22312;&#27861;&#24237;&#20570;&#20986;&#36866;&#24403;&#35009;&#20915;&#22914;&#65306;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">a</font>&#65289;&#25480;&#20104;&#25110;&#25298;&#32477;&#27704;&#20037;&#24615;&#31105;&#20196;&#25937;&#27982;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">b</font>&#65289;&#25480;&#26435;&#20854;&#20182;&#20844;&#24179;&#30340;&#34917;&#25937;&#25514;&#26045;&#65288;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">s</font>&#65289;&#22312;&#20844;&#21496;&#30475;&#26469;&#36866;&#24403;&#30340;&#25514;&#26045;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#20043;&#21069;&#26377;&#26435;&#37319;&#21462;&#20020;&#26102;&#30340;&#31105;&#27490;&#20196;&#12290;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.4&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Successors.</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.4 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#32487;&#20219;&#32773;</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.4.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Employee.</font> This Agreement is personal to Employee and, without the prior express written consent of the Company, shall not be assignable by Employee, except that Employee&#8217;s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of pursuant to testamentary disposition, interstate, succession or a qualified domestic relations order or in connection with a Disability. This Agreement shall inure to the benefit of and be enforceable by Employee&#8217;s estate, heirs, beneficiaries, and/or legal representatives.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.4.1 </font>&#38599;&#21592;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#26412;&#21327;&#35758;&#20165;&#23545;&#38599;&#21592;&#26412;&#20154;&#29983;&#25928;&#65292;&#22312;&#27809;&#26377;&#33719;&#24471;&#20844;&#21496;&#30340;&#20070;&#38754;&#35768;&#21487;&#20043;&#21069;&#65292;&#38599;&#21592;&#26080;&#26435;&#20998;&#27966;&#20854;&#22312;&#26412;&#21327;&#35758;&#39033;&#19979;&#30340;&#26435;&#21033;&#65292;&#38500;&#33719;&#24471;&#26032;&#37228;&#30340;&#26435;&#21147;&#32780;&#22806;&#12290;&#26412;&#21327;&#35758;&#39033;&#19979;&#35268;&#23450;&#30340;&#34218;&#37228;&#25903;&#20184;&#23558;&#20381;&#25454;&#38599;&#21592;&#30340;&#24847;&#24535;&#65292;&#25110;&#32773;&#22312;&#38599;&#21592;&#26080;&#27861;&#36827;&#34892;&#24847;&#24535;&#34920;&#36848;&#30340;&#24773;&#20917;&#19979;&#65292;&#20381;&#25454;&#38599;&#21592;&#30340;&#22320;&#20301;&#65292;&#32487;&#25215;&#20154;&#65292;&#21463;&#30410;&#20154;&#65292;&#20197;&#21450;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">/</font>&#25110;&#32773;&#27861;&#24459;&#20195;&#34920;&#20154;&#36827;&#34892;&#32771;&#34385;&#12290;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.4.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The Company</font>. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.</font></div>
</div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.4.2 </font>&#20844;&#21496;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#26412;&#21327;&#35758;&#23545;&#20844;&#21496;&#65292;&#21363;&#20854;&#32487;&#20219;&#32773;&#65292;&#20998;&#27966;&#32773;&#22343;&#26377;&#25928;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.5&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Inventions and Patents</font>. 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 Employee while he is in the service of the Company, and all patents for the same. During the Term, Employee shall do all acts necessary or required by the Company to give effect to this Section and, following the Term. Employee 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 Employee.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.5 </font>&#21019;&#24847;&#21644;&#21457;&#26126;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#38599;&#21592;&#22312;&#32844;&#26399;&#38388;&#65292;&#20844;&#21496;&#24212;&#24403;&#20316;&#20026;&#38599;&#21592;&#25152;&#26377;&#30340;&#22312;&#32844;&#30340;&#21019;&#24847;&#65292;&#21457;&#26126;&#65292;&#25913;&#36827;&#65292;&#19987;&#21033;&#30340;&#21807;&#19968;&#21033;&#30410;&#25152;&#26377;&#20154;&#12290;&#23601;&#26412;&#26465;&#27454;&#25152;&#35268;&#23450;&#30340;&#20107;&#23452;&#65292;&#38599;&#21592;&#24212;&#24403;&#20840;&#21147;&#37197;&#21512;&#20844;&#21496;&#12290;&#20844;&#21496;&#24212;&#24403;&#21521;&#38599;&#21592;&#25903;&#20184;&#25152;&#26377;&#21516;&#26412;&#26465;&#27454;&#30456;&#20851;&#30340;&#25104;&#26412;&#31561;&#36153;&#29992;&#12290;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">MISCELLANEOUS.</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8. <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#26434;&#39033;</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnification. </font>The company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Employee harmless from and against any expenses, including reasonable attorney&#8217;s fees, judgments, fines, settlements and other legally permissible amounts (&#8220;Losses&#8221;), incurred in connection with any proceeding arising out of, or related to, Employee&#8217;s employment by the Company, other than any such Losses incurred as a result of Employee&#8217;s negligence or willful misconduct.&#160;&#160;The Company shall, or shall cause a subsidiary thereof to, advance to Employee any expenses, including attorney&#8217;s fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law.&#160;&#160;Such costs and expenses incurred by Employee 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 up on 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 Employee to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that Employee is not entitled to the indemnified by the Company or any subsidiary thereof, the Company will provide Employee with coverage under all director&#8217;s and officer&#8217;s liability insurance policies which it has in effect during the Term, with no deductible to Employee.</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#36180;&#20607;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#38500;&#38750;&#26159;&#30001;&#20110;&#38599;&#21592;&#30340;&#36807;&#22833;&#12289;&#30095;&#24573;&#25110;&#32773;&#25925;&#24847;&#34892;&#20026;&#65292;&#20844;&#21496;&#21450;&#20854;&#19979;&#23646;&#21333;&#20301;&#29305;&#27492;&#21516;&#24847;&#20381;&#25454;&#36866;&#29992;&#27861;&#24459;&#30340;&#26368;&#22823;&#38480;&#24230;&#65292;&#20026;&#38599;&#21592;&#25215;&#25285;&#20854;&#22312;&#32844;&#26399;&#38388;&#30001;&#20110;&#20026;&#20844;&#21496;&#25552;&#20379;&#26381;&#21153;&#25152;&#20851;&#32852;&#30340;&#27861;&#24459;&#36153;&#29992;&#12290;&#20844;&#21496;&#21450;&#20854;&#19979;&#23646;&#21333;&#20301;&#29305;&#27492;&#21516;&#24847;&#22312;&#30456;&#20851;&#35785;&#35772;&#32467;&#26463;&#20043;&#21069;&#65292;&#20381;&#25454;&#20197;&#19979;&#25152;&#33719;&#24471;&#30340;&#20197;&#19979;&#24773;&#20917;&#65292;&#20026;&#38599;&#21592;&#25903;&#20184;&#25152;&#26377;&#20854;&#22312;&#32844;&#26399;&#38388;&#30001;&#20110;&#20026;&#20844;&#21496;&#25552;&#20379;&#26381;&#21153;&#25152;&#20851;&#32852;&#30340;&#27861;&#24459;&#36777;&#25252;&#36153;&#29992;&#65306;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1</font>&#65289;&#25903;&#20184;&#30340;&#20070;&#38754;&#35831;&#27714;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2</font>&#65289;&#35777;&#26126;&#21457;&#29983;&#65292;&#24635;&#39069;&#65292;&#24615;&#36136;&#30340;&#21512;&#29702;&#30340;&#25991;&#20214;&#65307;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3</font>&#65289;&#20381;&#25454;&#36866;&#29992;&#27861;&#24459;&#65292;&#25110;&#20195;&#34920;&#38599;&#21592;&#25152;&#20570;&#20986;&#23558;&#36827;&#34892;&#20607;&#36824;&#30340;&#32972;&#20070;&#65292;&#20026;&#38599;&#21592;&#25552;&#21069;&#20607;&#36824;&#30340;&#37329;&#39069;&#65288;&#35813;&#37329;&#39069;&#26368;&#32456;&#23558;&#34987;&#21028;&#23450;&#20026;&#38599;&#21592;&#26080;&#26435;&#21521;&#20844;&#21496;&#25552;&#20986;&#20195;&#20607;&#65289;&#12290;&#20844;&#21496;&#23558;&#21521;&#38599;&#21592;&#20219;&#26399;&#20869;&#21521;&#20854;&#25552;&#20379;&#25152;&#26377;&#30340;&#33891;&#20107;&#65292;&#25191;&#34892;&#23448;&#36131;&#20219;&#20445;&#38505;&#65292;&#20445;&#37329;&#19981;&#30001;&#38599;&#21592;&#25215;&#25285;&#12290;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicable Law.</font> Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applied without reference to principles of conflict of laws.</font></div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.2 </font>&#36866;&#29992;&#27861;&#24459;&#65292;&#38500;&#21478;&#26377;&#35268;&#23450;&#22806;&#65292;&#26412;&#32856;&#29992;&#21327;&#35758;&#23558;&#25353;&#29031;&#24503;&#25289;&#21326;&#24030;&#27861;&#24459;&#26469;&#35299;&#37322;&#65292;&#19981;&#36866;&#29992;&#20110;&#27861;&#24459;&#20914;&#31361;&#21407;&#21017;&#12290;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.3&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments</font>. 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.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#20462;&#35746;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#38500;&#38750;&#32463;&#21512;&#21516;&#21452;&#26041;&#12289;&#25110;&#20854;&#32487;&#20219;&#32773;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">/</font>&#27861;&#24459;&#20195;&#34920;&#30340;&#20070;&#38754;&#35768;&#21487;&#65292;&#26412;&#21327;&#35758;&#19981;&#24471;&#20462;&#35746;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.4<font style="DISPLAY: inline; TEXT-DECORATION: underline"> Notices.</font> All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed or by email as follows:</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.3 </font>&#36890;&#30693;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#25152;&#26377;&#36890;&#30693;&#25110;&#32773;&#20854;&#20182;&#24448;&#26469;&#22343;&#38656;&#35201;&#32463;&#30001;&#20070;&#38754;&#30340;&#24418;&#24335;&#65292;&#20197;&#25163;&#22836;&#20256;&#36882;&#25110;&#32773;&#20854;&#20182;&#30331;&#35760;&#30340;&#24418;&#24335;&#36827;&#34892;&#65292;&#35201;&#27714;&#22238;&#25191;&#65292;&#37038;&#36164;&#39044;&#20184;&#65292;&#25269;&#21046;&#65292;&#25110;&#32773;&#36890;&#36807;&#30005;&#23376;&#37038;&#20214;&#65292;&#22914;&#19979;</font></div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block">&#160;</div>

<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">If to the Employee</font></font></div>
</td>
<td width="88%">

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#38599;&#21592;&#22320;&#22336;<font style="DISPLAY: inline; FONT-FAMILY: times new roman">:</font></font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Frank Waung</font>&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72 Great Hills Rd,</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short Hills, NJ 07078</font></font></div>
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<td width="88%"><font style="TEXT-DECORATION: underline">frank@chinapharmaholdings.com</font></td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">For Company:</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Zhilin Li</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">President &amp; Chief Executive Officer</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">China Pharma Holdings, Inc.</font></font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17 Jinpan Road, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> Floor</font></font></div>
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<td width="88%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Haikou, Hainan Province, PR China&#160;</font></td>
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<td width="88%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tel: 86-898-66811730&#160;</font></td>
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<td width="88%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fax: 86-898-66819024&#160;</font></td>
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<td width="88%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">hps@chinapharmaholdings.com</font></font></td>
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<div>&#160;</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 actually received by the addressee.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#25110;&#20854;&#20182;&#19968;&#26041;&#21521;&#21478;&#19968;&#26041;&#25552;&#20379;&#30340;&#20854;&#20182;&#22320;&#22336;&#12290;&#24403;&#25910;&#21040;&#23545;&#26041;&#22320;&#22336;&#21518;&#24212;&#26377;&#25928;&#30340;&#36827;&#34892;&#27807;&#36890;&#12290;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">8.5</font>&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Withholding.</font> 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.</font></div>
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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#25187;&#27454;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#20381;&#25454;&#30456;&#20851;&#32852;&#37030;&#27861;&#24459;&#65292;&#20844;&#21496;&#21487;&#33021;&#25187;&#38500;&#38599;&#21592;&#30340;&#25152;&#24471;&#31246;&#65292;&#20107;&#19994;&#31246;&#65292;&#31038;&#20250;&#23433;&#20840;&#31246;&#65292;&#20197;&#21450;&#20854;&#20182;&#21516;&#38599;&#29992;&#30456;&#20851;&#30340;&#31246;&#27454;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">8.6</font>&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability.</font> 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.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.8 </font>&#36951;&#20135;&#20139;&#26377;&#26435;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#26412;&#21327;&#35758;&#32456;&#27490;&#21518;&#65292;&#21327;&#35758;&#21452;&#26041;&#20013;&#21508;&#26041;&#22343;&#20139;&#26377;&#21508;&#33258;&#30340;&#26435;&#21147;&#21644;&#20041;&#21153;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.9 </font>&#36829;&#32422;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#26412;&#21327;&#35758;&#20013;&#26576;&#26041;&#23545;&#21327;&#35758;&#30340;&#26576;&#31181;&#36829;&#32972;&#19981;&#26500;&#25104;&#20854;&#23545;&#21327;&#35758;&#20854;&#20182;&#35268;&#23450;&#30340;&#25152;&#26377;&#30340;&#36829;&#32972;&#65292;&#20063;&#19981;&#26500;&#25104;&#23545;&#21478;&#19968;&#26041;&#20381;&#25454;&#21327;&#35758;&#25191;&#34892;&#30340;&#20041;&#21153;&#30340;&#35905;&#20813;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="DISPLAY: inline">8.11</font></font>&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Representation by Counsel</font>. 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.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.11 </font>&#24459;&#24072;&#20195;&#34920;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>&#26412;&#21327;&#35758;&#20013;&#20219;&#20309;&#19968;&#26041;&#22343;&#21487;&#30001;&#20854;&#24459;&#24072;&#20316;&#20026;&#20195;&#34920;&#65292;&#21442;&#19982;&#21327;&#35758;&#30340;&#21327;&#21830;&#21644;&#25191;&#34892;&#12290;</font></div>

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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.12 <font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement.</font> This Agreement, the 2011 Restricted Share Award Agreement and the 2011 Stock Option Agreement by and between the same Parties as those to this Agreement constitute the entire understanding of the Parties regarding the rights and obligations by and between the Parties associated with the Employee&#8217;s employment during the Term and supersedes all previous discussion and negotiation on the subject, whether written or oral, between the Parties with respect thereto. For the purpose of clarification, (1) the Amendment to the Employment Agreement dated as of September 28, 2009, the Employment Agreement dated as of April 28, 2009 and the option agreement dated as of October 13, 2009 govern the rights and obligations by and between the Parties associated with the Employee&#8217;s employment during the term from April 28, 2009 through April 27, 2010 only, and (2) the Employment Agreement and the 2010 Share Option Agreement both dated as of April 28, 2010 govern the rights and obligations by and between the Parties associated with the Employee&#8217;s employment during the term from April 28, 2010 through April 27, 2011 only.</font></div>

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