2012 Amendment to Employment Agreement between Weifang Shengtai Pharmaceuticals Co., Ltd. and Yongqiang Wang
This amendment updates the employment agreement between Weifang Shengtai Pharmaceuticals Co., Ltd. (Party A) and Yongqiang Wang (Party B). It allows the company to adjust Mr. Wang’s compensation and position based on performance and business needs. Mr. Wang agrees to waive his U.S. Chief Financial Officer compensation, receiving only his China-based salary of RMB90,000. The amendment is effective upon signing and is part of the original 2009 employment agreement.
2012 Employment Agreement Amendment
Pursuant to People’s Republic of China Labor Law, People’s Republic of China Labor Contract Law and their rules promulgated thereunder, Party A and Party B hereby reach agreement as follows:
| I. | Party B agrees that Party A shall adjust Party B’s employment compensation and position according to Party B’s performance and Party A’s operational needs. |
| II. | To increase Party A’s cash flow and for future development, Party B agrees to waive the compensation for the employment as Chief Financial Officer of Shengtai Pharmaceuticals, Inc. in the United States. Party B is entitled to the compensation for the employment in China, totaling RMB90,000 ($14,253). |
| III. | This Amendment is a part of the Employment Agreement dated July 1, 2009 with same legal effect. |
| IV. | This Amendment becomes effective upon execution and shall be made two copies. Each Party shall keep one copy. |
Party A
/s/ Qingtai Liu
Weifang Shengtai Pharmaceuticals Co., Ltd.
Date: June 30, 2012
Party B
/s/ Yongqiang Wang
Yongqiang Wang
Date: June 30, 2012
