Amendment Agreement to Chinese Labor Contract between Solar Enertech Corp. and Susan Y H Yao

Contract Categories: Human Resources › Employment Agreements
Summary

Solar Enertech Corp. and Susan Y H Yao have amended their original labor contract dated May 16, 2011. The amendment replaces the previous obligation to grant 500,000 stock options with a grant of 1,000,000 restricted shares, which will vest over three years with a one-year cliff and monthly vesting thereafter. No further equity will be issued under this agreement. All other terms of the original employment contract remain unchanged.

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EX-10.3 3 v231343_ex10-3.htm EXHIBIT 10.3 Unassociated Document
 
Exhibit 10.3


Amendment Agreement
to the original Chinese Labor Contract of Susan Y H Yao


This amendment agreement is entered by and between Solar Enertech Corp. (the “Company”) and Susan Y H Yao (the “Employee”) on August 10, 2011.

On May 16, 2011, the Company and the Employee entered a labor contract complying with China law. The key elements in the original labor contract are as follows:

Name: Ms. Susan Y H Yao.
Position: CFO
Contract length: May 16, 2011 to May 15, 2014
Compensation: monthly salary of 50,000 RMB yuan
Bonus: approximately one month’s pay at the end of year
Incentives:
 
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Option to purchase 500,000 shares the company’s common stock;
 
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A commute vehicle provided by the company
 
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Lunch and cell phone expenses
Social security benefits and insurance

This Amendment is made in reference of the stock options contemplated to be granted therein the original labor contract.

The parties confirm that the grant of 1,000,000 restricted shares, vesting over 3 years, subject to a 1 year cliff and the balance vesting in equal monthly installments thereafter, is to supersede any obligation to grant the 500,000 options referenced in her letter and no further obligation to issue equity exists.
 
 
/s/ Leo Shi Young
/s/ Susan Y H Yao
Solar Enertech Corp
Susan Y H Yao