Amendment No. 1 to Employee Labor Agreement between Nutrastar International Inc. and Robert Tick

Contract Categories: Human Resources › Employment Agreements
Summary

Nutrastar International Inc. and Robert Tick have amended their original Employee Labor Agreement. Effective January 1, 2011, Robert Tick's monthly base salary is set at $16,000, paid at the end of each month. He is also eligible for 150,000 restricted shares and 150,000 incentive stock options, both with specified vesting schedules and terms. All other terms of the original agreement remain unchanged. This amendment is governed by Nevada law and represents the full understanding between the parties regarding these changes.

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EX-10.4 5 exhibit10-4.htm EXHIBIT 10.4 Nutrastar International Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

Exhibit 10.4

AMENDMENT NUMBER 1 TO EMPLOYEE LABOR AGREEMENT

THIS AMENDMENT NUMBER 1 TO EMPLOYEE LABOR AGREEMENT, dated as of January 24, 2011 (this “Amendment”), is entered into by and among Nutrastar International Inc., a Nevada corporation (the “Company”) and Robert Tick (the “Employee”).

WHEREAS, the Company and the Employee are parties to that certain Employee Labor Agreement, dated as of July 16, 2010 (the “Employment Agreement”). The parties to this Amendment desire to amend the Employment Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, the parties hereto agree as follows:

SECTION 1. Amendment. Sections 3A and 3B of the Employment Agreement are hereby deleted and shall be replaced with the following language:

3. Salary and Bonus

A. You monthly base salary effective January 1, 2011 is US$16,000 and shall be paid to the bank account designated by you at the last day of each month.

B. Annual Equity Incentives: You shall be eligible to receive the following:

 

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Total shares of Restrictive Stocks (RS): 150,000 at $0.001 per share

 
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    Vesting schedule:

     
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    25,000 shares on December 31, 2010;

     
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    25,000 shares on June 30, 2011;

     
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    25,000 shares on December 31, 2011;

     
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    25,000 shares on June 30, 2012;

     
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    25,000 shares on December 31, 2012; and

     
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    25,000 shares on June 30, 2013

             
     

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    Total shares of Incentive Stock Options (ISO): 150,000

     
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    Exercise period: 3 years from vesting date

     
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    Exercise (or strike) price: US$3.50 per share

     
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    Vesting schedule:

     
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    37,500 shares on June 30, 2011;

     
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    37,500 shares on December 31, 2011;

     
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    37,500 shares on June 30, 2012; and

     
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    37,500 shares on December 31, 2012

    SECTION 2. Full Force and Effect. All other provisions of the Employment Agreement not specifically amended in this Amendment shall remain in full force and effect.

    SECTION 3. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Nevada.

    SECTION 4. Entire Agreement. This Amendment along with the Employment Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Amendment.

    SECTION 5. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

    [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

    COMPANY:

    NUTRASTAR INTERNATIONAL INC.

    By:  /s/ Lianyun Han                                                            
    Name: Lianyun Han
    Title: Chief Executive Officer

    EMPLOYEE

    s/ Robert Tick                                                                       
    Name: Robert Tick