Addendum to Employment Agreement Between Peter Chang, Shing Mei Enterprises Ltd., and Acheron Inc.

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum modifies the employment agreement between Peter Chang and Shing Mei Enterprises Ltd., with Acheron Inc. also consenting. It grants Peter Chang up to 1,000,000 shares of Acheron Inc. common stock, to be released in stages based on specific financial and reporting milestones for 2007 and 2008. Shares are held in escrow until each milestone is met; if a milestone is not achieved, the corresponding shares are cancelled. All other terms of the original agreement remain unchanged.

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EX-10.4 3 v105981_ex10-4.htm Unassociated Document
ADDENDUM TO EMPLOYMENT AGREEMENT

Reference is made to that certain employment agreement (the “Agreement”) dated January 31, 2008 by and between Peter Chang and Shing Mei Enterprises Ltd., (“Shing Mei”) a corporation organized under the laws of Samoa. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.

The parties hereby agree that the Employee shall receive up to 1,000,000 shares of common stock of Acheron Inc. (“Acheron”) of which the Company is a wholly owned subsidiary, in accordance with the following schedule:

Event
  
 Shares Released
  
Timely filing of Shing Mei’s 2007 audited financials
    
125,000
  
2007 pre tax income greater than $4,000,000 reported by Shing Mei
    
125,000
  
Timely filing of the Company’s 2008 annual report on Form 10-K
    
125,000
  
2008 pre tax income equal to or greater than $11,000,000 reported by the Company
    
625,000
  
 
All shares will be held in escrow until their respective dates of release. In the event that any of these events do not occur, the relevant number of shares will be returned to Acheron for cancellation immediately following each date.

Except as specifically amended or modified herewith, the Agreement is ratified and confirmed in all respects.

Dated: March 5, 2008 and effective as of February 8, 2008.


SHING MEI ENTERPRISES LTD.


BY: /s/Agatha Shen
Agatha Shen


/s/Peter Chang
Peter Chang


AGREED AND CONSENTED:

ACHERON, INC.


BY: /s/Agatha Shen
Agatha Shen