Exhibit 4.103
PARTY A: CHINA FINANCE ONLINE (BEIJING) CO. LTD.
PARTY B: XXXX XXXXXX
DATE: JUNE 21, 2010
[Translated from Chinese original]
This Contract is entered into by the following two parties in Beijing on June 21, 2010:
PARTY A:
China Finance Online (Beijing) Co. Ltd. (“Party A” hereafter), a company duly organized and
registered and validly existing in the People’s Republic of China.
PARTY B:
Xxxx Xxxxxx (“CEO” hereafter), citizen of the People’s Republic of China (ID certificate number: [ ], address: [ ]).
Pursuant to the Labor Law of the People’s Republic of China and other applicable laws and
regulations and upon consultation in the spirit of equality and free will, Party A and Party B
hereby enter into this Contract providing for Party A’s employment of Party B as a contract-based
executive-level manager.
| 1. |
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CHAPTER ONE CONTRACT TERM |
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| 1.1 |
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Party A and Party B agree that the term of this Contract shall be as follows: |
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(a) |
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Fixed Term: Three years, from June 21, 2010 to June 20, 2013 |
| 1.2 |
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If it is the Parties’ intention to continue performance under this Contract, either Party may
inform the other of its or his intention to renew the Contract Term by a 30- day notice prior
to the expiration of the Term. |
| 2. |
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CHAPTER TWO JOB RESPONSIBILITIES |
| 2.1 |
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The Company hereby employs Xx. Xxxx to serve as the Company’s CEO in consideration of its
business needs. The scope and responsibilities of the CEO job include the following: |
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(a) |
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To formulate and implement relevant policies, procedures and strategies
to ensure the realization of the Company’s business strategy; |
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(b) |
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To establish a strong management system and strict internal control; |
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(c) |
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To supervise all managing and financial activities to ensure their
compliance with Chinese law and the Company’s policy; |
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(d) |
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To be responsible for timely submitting to the Board of Directors
accurate reports on team management; |
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(e) |
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To establish and direct a mechanism for solving business problems and to
timely solve problems that may arise in the company’s business operations; |
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(f) |
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To establish and direct a mechanism for reducing costs and increasing
efficiency; |
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(g) |
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To be responsible for the Company’s business planning;
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(h) |
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To participate in business development and strategic planning; |
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(i) |
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To supervise and direct the work of the CFO, COO and other senior
management officers; |
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(j) |
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To carry out strategic acquisition, capital management, etc. pursuant to
the requirements of the Board of Directors; |
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(k) |
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To provide comments to the Board of Directors on business issues of the
Company; |
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(l) |
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Other responsibilities stipulated by the Board of Directors. |
| 2.2 |
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The CEO shall perform his duties diligently and competently pursuant to the requirements for
the position. |
| 3. |
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CHAPTER THREE COMPENSATIONS AND STOCK OPTIONS |
| 3.1 |
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The salary of the CEO shall be Eight Hundred and Eighty Thousand Yuan (RMB 880,000) per annum
(before tax). |
| 3.2 |
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The pay day of the Company will be between the first and the fifth days of each month and, if
such days are during a holiday period, then the pay day will be the first working day after
the holiday period. |
| 3.3 |
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The Company’s employees shall pay personal income taxes pursuant to regulations of the
government tax agency, and the Company shall withhold a corresponding amount from the monthly
salary of each employee and pay that amount on behalf of the employee to the relevant tax
agency. |
| 3.4 |
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In addition to what is provided for under the foregoing Article 3.3, the Company shall have
the right to make other deductions from the employees’ salaries in accordance with laws and
regulations of the State. |
| 3.5 |
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Party B’s compensations also include stock options, which will be spelled out in more details
by the Compensation Committee of the company. |
| 4. |
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CHAPTER FOUR REWARDS AND PENALTIES |
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| 4.1 |
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The CEO shall abide by various rules and regulations stipulated by the Company under the law. |
| 4.2 |
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Without prior written consent of the Company, the CEO shall not accept money, gifts or any
other kinds of benefits from any customer, collaborating company or other related company. |
| 4.3 |
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The CEO shall serve the Company faithfully and competently and the Company will not permit
the CEO to engage in any other job on part-time basis during the term of employment. |
| 4.4 |
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The Company shall impose penalties on the CEO pursuant to regulations of the Company, if the
CEO violates the Company’s rules or regulations. |
| 5. |
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CHAPTER FIVE CONFIDENTIALITY AND NON-COMPETITION |
| 5.1 |
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The CEO shall safeguard the intellectual property rights and secrets of the Company, abide by
relevant confidentiality agreements to which the Company is a party regarding manufacturing
technologies, marketing, and unpatented technologies, and shall not engage in any business or
activity that competes against the business of the Company. Specific obligations are set forth
in a separate Intellectual
Property, Confidentiality and Non-Competition Agreement between the Parties. |
| 6. |
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CHAPTER SIX AMENDMENT, RESCISSION, AND TERMINATION |
| 6.1 |
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If Party B is derelict of his duties or has committed any gross errors on the job, including
without limitation violating the Intellectual Property, Confidentiality and Non-Competition
Agreement between the Parties or laws or regulations of the State, and impairing shareholders’
rights or interests, the Company shall have the right to rescind this Labor Contract
immediately and shall only have to pay Party B the salary for the current month without any
other compensation. |
| 6.2 |
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If Party B seeks to rescind this Contract before the end of the Contract Term for personal
reasons, Party B shall notify the Company in writing thirty (30) days in advance, and the
Company shall pay Party B the salary for the current month without any other compensation. |
| 6.3 |
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During Party B’s term of employment, if the Company deems that the CEO has failed to reach
the expected target or achieve the expected results, the Company has the right to rescind this
Labor Contract; however, the Company shall notify Party B in writing thirty (30) days in
advance and shall pay Party B three months’ salary as compensation. |
| 6.4 |
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If the Company proposes any amendment to certain provisions of this Contract due to any
change in the objective conditions upon which this Contract is premised, or if the CEO
proposes any amendment for personal reasons, the proposing Party shall notify the other Party
in writing thirty (30) days in advance, and the Contract may be amended accordingly after both
Parties agree to the proposed amendments upon consultation. |
| 6.5 |
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The CEO may not rescind this Contract pursuant to the foregoing Article 6.4 before all his
liabilities for breach under this Contract and the Intellectual Property, Confidentiality and
Non-Competition Agreement have been cleared. |
| 6.6 |
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The employment relationship between the Company and the CEO shall be terminated upon
expiration of the Term of this Labor Contract. When this Contract is rescinded or terminated,
Party B shall properly hand over his work to Party A. All office supplies, equipment,
facilities and documents that Party B used or handled while working for Party A shall be
delivered in good condition to Party A’s takeover person. Otherwise, Party A shall have the
right to refuse to proceed with
relevant procedures, hold Party B liable for breach pursuant to the terms of the
Contract, and may claim liquidated damages from Party B. |
| 6.7 |
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Regardless of the reasons for his leaving the Company, Party B shall not defame or xxx the
Company, raid the Company for employees, or engage in any business or activity that competes
against the Company’s business except if the Company has committed tax evasion or has
otherwise violated the law in its business operations. |
| 6.8 |
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Upon rescission or termination of this Contract, the Company shall complete the procedures
for rescinding or terminating the Labor Contract within the stipulated time period, unless
otherwise agreed upon in this Contract. |
| 7. |
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CHAPTER SEVEN LIABILITY FOR BREACH |
| 7.1 |
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Under either of the following circumstances, the Party in question shall be liable for breach
of the Contract: |
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(a) |
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The Company violates the provisions of this Contract and unilaterally
rescinds this Contract, unless otherwise provided for in this Contract; |
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(b) |
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The CEO quits his job without the Company’s consent. |
| 7.2 |
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Either Party in breach of this Contract shall pay to the other Party liquidated damages. The
standard liquidated damages shall be twice the salary Party B actually received for the month
prior to the date of the breach. |
| 7.3 |
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If the liquidated damages provided for under the foregoing Article 7.2 is not enough to cover
the losses of the other Party, then the breaching Party shall compensate the other Party for
the actual losses caused by the breach. |
| 7.4 |
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The CEO warrants (1) that all the relevant information he provides to the company, including
without limitation information about his identification, address, education, work experiences
and professional skills, are true; (2) that, in working for the Company and entering into this
Labor Contract with the Company, the CEO has not violated any agreement on confidentiality or
non-competition he entered into with his previous employers or any other company or
individual. If the CEO breaches this warranty, the Company has the right to rescind this
Contract and demand that the CEO compensate the Company for any losses resulting from the
breach. |
| 8. |
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CHAPTER EIGHT MISCELLANEOUS |
| 8.1 |
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The Employee Handbook and other rules and regulations of the Company are part of this Labor
Contract. |
| 8.2 |
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This Contract has two counterparts, one for the Company, one for the employee. This Contract
shall become effective upon execution by both Parties. Both counterparts shall have equal
legal effect. |
| 8.3 |
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If any of the provisions of this Contract conflicts with laws and regulations of the State,
the laws and regulations of the State shall prevail. |
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Party A: China Finance Online (Beijing) Co., Ltd. |
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(Seal) |
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/s/ [COMPANY SEAL]
Signature of Authorized representative
Date: JUNE 21, 2010
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Party B: Xxxx Xxxxxx |
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/s/ Xxxx Xxxxxx
Date: JUNE 21, 2010
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