Settlement Agreement between China World Trade Corporation and James Mak (September 8, 2002)

Summary

China World Trade Corporation and James Mak have agreed to settle a consultant fee debt of $44,301 owed to James Mak. Instead of cash payment, the company will issue 35,000 shares of its common stock to James Mak. The company will cover all related issuance expenses. After the shares are issued, both parties agree not to pursue further claims regarding this debt, and James Mak will resign as a consultant. Both parties also agree to keep the details of this transaction confidential. The agreement is governed by Hong Kong law.

EX-10.2 10 u98389exv10w2.txt SETTLEMENT AGREEMENT DATED SEPT. 8, 2002 EXHIBIT 10.2 China World Trade Corporation - -------------------------------------------------------------------------------- SETTLEMENT AGREEMENT This Agreement dated 8 September, 2002 entered into between and by: PARTY A: China World Trade Corporation, c/o 4th Floor Goldlion Network Center, 138 Tiyu Road East, Tianhe, Guangzhou, the PRC 510620 PARTY B: James Mak RECITALS Party A is a public company with business provided in the major areas of business recreational club, online trading services, and trading brokerage and agency services; and Party A owed Party B a total amount of US$44,301.00 (the "Consideration Amount") of consultant fee as of 31 July 2002. WHEREAS: 1. Party B agrees to convert the Consideration Amount that Party A owned into the shares of the common stock of Party A which shall rank pari-passu to the existing common stock; and Party A agrees to issue or cause to issue a total of THIRTY-FIVE THOUSAND (35,000) POST 30-TO-1 REVERSE SPLIT SHARES of its common stock to Party B for the settlement of the Consideration Amount (the "Transaction"). 2. Party A agrees to pay for all the expenses in relation to the issuance of its shares of common stock to Party B. 3. Upon signing of this Agreement and the completion of the issuance of shares of the common stock of Party A to Party B, neither Party A nor Party B would claim the counter party for any form of additional damage and/or settlement regarding the Consideration Amount and Party B shall immediately resign as a consultant of the Company. 4. Both parties agree to keep all information regarding the Transaction and its business or affairs which are known to the Parties in connection with this Agreement strictly confidential and shall release such information only to parties authorized by either party. 5. This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region and the Parties shall submit to the jurisdiction thereof. For and on behalf of For and on behalf of Party A Party B /s/ John Hui /s/ James Mak - ------------------------------- ------------------------------- Mr. John HUI James Mak