UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported) December 17, 2007
CHINA
DISPLAY TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-21419
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23-2753988
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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12A
Block, Xinhe Road, Xinqiao No. 3
Industrial
Zone, Shajing District, Baoan Town
Shenzen,
China 150090
(Address
of principal executive offices) (zip code)
86-0755-29758811
(Registrant's
telephone number, including area code)
Copies
to:
Asher
S.
Levitsky P.C.
Jeff
Cahlon
Sichenzia
Ross Friedman Ference LLP
61
Broadway
New
York,
New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
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 (see General Instruction A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a -12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d -2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e -4(c))
ITEM
1.01 ENTRY
INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM
5.02 DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; APPOINTMENT OF CERTAIN
OFFICERS.
As
previously reported, on December 17, 2007, China Display Technologies, Inc.
(the
“Company”) appointed Yip Kam Ming as the Company’s chief financial officer and
secretary, effective January 15, 2008. Chi-wai Tse resigned as the Company’s
chief financial officer and secretary effective on January 15,
2008.
Mr.
Yip,
age 38, has been chief financial officer and secretary of ALCO, Inc., an
insurance brokerage company, since 2005. From 2002 to 2005, Mr. Yip worked
for
Intac International Holdings Limited, initially as a financial controller,
and
from 2004 as group financial controller. At InTac, Mr. Yip oversaw the
preparation of consolidated accounts and set up accounting procedures. Mr.
Yip
is a fellow member of the Association of Chartered Certified Accountants and
a
member of Hong Kong Institute of Certified Public Accountants. Mr. Yip received
a degree from the Curtin University of Technology and has a Master’s degree in
corporate finance from the Hong Kong Polytechnic University.
The
Company entered into an employment agreement, effective January 15, 2008 (the
“Effective Date”), with Mr. Yip (the “Employment Agreement”). Pursuant to the
Employment Agreement, Mr. Yip will serve as the Company’s chief financial
officer commencing on the Effective Date, and continuing until the Employment
Agreement is terminated pursuant to the terms thereof. Mr. Yip will receive
a
base monthly salary of Hong Kong $65,000. Following a three month probation
period, and during the term thereof (the “Term”), Mr. Yip will receive an annual
bonus equal to one month’s salary, and will be eligible for additional bonus
payments and salary increases in the Company’s discretion.
During
the Term, the Company shall grant to Mr. Yip 50,000 shares of the Company’s
common stock per year (the “Grant”). The initial Grant shall vest in nine equal
monthly installments, commencing April 15, 2008 through and including January
15, 2009.The Company shall make an additional 50,000 share Grant at the
commencement of the Term. Mr. Yip shall be eligible for additional annual Grants
of 50,000 shares, in the Company’s discretion.
During
the probationary period, the Employment Agreement may be terminated for any
reason by either party without any prior notice and without payment of any
severance. During the Term, the Employment Agreement may be terminated by either
party for any reason on not less than 30 days’ written notice, provided that the
Company may elect to terminate the Employment Agreement forthwith upon payment
of one month’s base salary.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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Exhibit
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Number
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Description
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10.1
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Employment
Agreement, dated as of January 15, 2008, by and between China Display
Technologies, Inc., and Yip Kam Ming (previously filed)
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CHINA
DISPLAY TECHNOLOGIES, INC.
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Date:
January 18, 2008
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By:
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/s/
Lawrence Kwok-Yan Chan
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Lawrence
Kwok-Yan Chan
Chief
Executive Officer
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