First Amendment to Employment Agreement between U.S. China Mining Group, Inc. and Hongwen Li

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between U.S. China Mining Group, Inc. and Hongwen Li, effective January 1, 2011. The main change is an increase in Mr. Li's annual salary to $200,000, to be paid according to the company's payroll schedule. All other terms of the original agreement remain unchanged. The amendment is effective upon signing by both parties.

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EX-10.1 2 ex10_1.htm FIRST AMENDMENT TO EMPLOYMENT AGREEMENT WITH MR. HONGWEN LI ex10_1.htm
Exhibit 10.1
 
FIRST AMENDMENT TO EMPLOYMENT CONTRACT
 
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), dated as of January 14, 2011, by and between Hongwen Li (the “Employee”) and U.S. China Mining Group, Inc., a Nevada corporation (the “Company”).
 
WHEREAS, the Employee and the Company previously entered into that certain Employment Agreement dated as of August 15, 2008 (the “Employment Agreement”); and
 
WHEREAS, the Employee and the Company desire to amend certain terms and provisions of the Employment Agreement;
 
NOW, THEREFORE, for and in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Employee and the Company hereby agree to amend the Employment Agreement as follows:
 
1.           Effective as of January 1, 2011, Section 6(a) of the Employment Agreement is hereby amended by deleting that section in its entirety and replacing it with the following:
 
“(a)           Annual Salary.  Executive shall be entitled to receive an annual salary of $200,000 (the “Annual Salary”), payable ratably in accordance with the Company’s payroll schedule.”
 
2.           Except as specifically amended herein, the Employment Agreement shall remain in full force and effect.
 
3.           This Amendment may be executed in one or more counterparts (including by facsimile or other electronic transmission), each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument.
 
(Signatures appear on following page)
 
 
 
 
 
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment effective as of the date specified above.
 
  “EMPLOYEE”:  
     
     
  /s/ Hongwen Li   
   Hongwen Li  
     
     
   “COMPANY”:  
   U.S China Mining Group, Inc.  
     
     
  By:  
/s/ Hongwen Li 
  
  Name: 
 Hongwen Li
  
  Title:  
  Chief Executive Officer