UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): April 25, 2008
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
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(Commission
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(I.R.S.
Employer
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of
Incorporation)
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File
Number)
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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
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| ITEM
5.02 |
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; APPOINTMENT OF CERTAIN
OFFICERS.
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On
April
25, 2008, Yip Kam Ming resigned as the chief financial officer and secretary
of
China Display Technologies, Inc. (the “Company”), to pursue other
interests.
On
April
30, 2008, the Company elected Jason Ye as the Company’s chief financial officer
and secretary, effective May 1, 2008. Mr. Ye, 29, has served as the Company’s
financial manager since October 2007. From December 2004 to October 2007,
Mr. Ye
served as a financial advisor for several foreign capital corporations and
Hong
Kong exchange listed banking companies. From April 2003 to December 2004,
Mr. Ye
was senior client manager in the credit department of China Minsheng Banking
Co., Ltd. Shenzhen Xiangmi Sub-Branch. Mr. Ye holds a Bachelor’s degree in
International Finance from South China Normal University.
The
Company entered into an employment agreement, effective May 1, 2008, with
Mr.
Ye. Pursuant to the employment agreement, Mr. Ye will serve as the Company’s
chief financial officer until the employment agreement is terminated. Mr.
Ye
will receive a base monthly salary of 30,000 China Yuan (approximately $4,290).
Following a three month probation period, and during the term thereof, Mr.
Ye
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 of the employment agreement, the Company shall grant to Mr. Ye 10,000
shares of the Company’s common stock per year. The initial grant shall vest in
nine equal monthly installments, commencing July 31, 2008. Mr. Ye shall be
eligible for additional annual grants of 10,000 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. Thereafter, 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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10.1 |
Employment
Agreement, dated as of May 1, 2008, by and between China Display
Technologies, Inc., and Jason Ye
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99.1 |
Press
release, dated April 30,
2008
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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:
May 1, 2008
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By: |
/s/
Lawrence Kwok-Yan Chan |
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Lawrence
Kwok-Yan Chan |
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Chief
Executive Officer
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