Attached files
| file | filename |
|---|---|
| EX-10.1 - QKL Stores Inc. | v199574_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act 1934
Date of
Report (date of earliest event reported): October 18, 2010
QKL
STORES INC.
(Exact
name of registrant as specified in charter)
|
Delaware
|
033-10893
|
75-2180652
|
|
(State
of Incorporation)
|
(Commission
File No.)
|
(IRS
Employer
Identification
No.)
|
1
Nanreyuan Street
Dongfeng
Road
Sartu
District
163300
Daqing, PRC
(Address
Of Principal Executive Offices) (Zip Code)
(011)
86-459-460-7825
(Registrant’s
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
5.02
|
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OFDIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMPENSATORYARRANGEMENTS OF CERTAIN
OFFICERS.
|
On
October 18, 2010, Ms. Crystal Chen resigned from her position as Chief Financial
Officer of QKL Stores Inc. (the “Company”) . On October 18, 2010, the
Company, through Daqing QKL Chain Commerce & Trade Co., Ltd. (the “QKL
Chain”), a company that the Company controls through a series of contractual
arrangements, entered into an employment contract (the “Employment Contract”)
with Mr. Tsz-Kit (Jerry) Chan to serve as Chief Financial Officer of
the Company. The appointment of Mr. Chan was unanimously
approved by the Company’s Board of Directors and
Compensation Committee.
The term
of the Employment Contract is for two years and will expire on October 17, 2012.
The term will automatically extend for two-year periods unless either party
provides thirty days’ written notice of termination of the Employment Contract
prior to the end of the initial term or any extension thereof. Pursuant to the
Employment Contract, Mr. Chan will receive an after-tax monthly salary of RMB
50,000 (approximately US$ 7,460) per month Mr. Chan will be granted stock
options on an annual basis based on his work performance and the performance of
the Company in accordance with the Company’s employee stock option
plan. According to the Employment Contract, the Company may terminate
the employment with Mr. Chan for causes defined in the Employment Contract with
thirty days’ advance written notice, in which event Mr. Chan will be entitled to
receive compensation in accordance with relevant laws and regulations. Under
certain circumstances provided in the Employment Contract, the Company may elect
to pay an additional month’s salary to replace its written notice advancement
obligation. Mr. Chan may terminate the employment with the Company by giving a
thirty-day advance written notice to the Company. Both the Company
and Mr. Chan may terminate the employment for causes provided in the Employment
Contract without advance written notice. The Employment Contract also contains
covenants regarding non-competition and confidentiality.
Mr. Chan,
age 34, is currently an independent non-executive Director of New
Smart Energy Group Limited, a Hong Kong main board-listed company, serving as
the chairman and a member of the Audit Committee. Mr. Chan was a partner in a
Hong Kong CPA firm, Albert Wong & Co, from 2007 to 2010, and was a manager
at that firm from 2005 to 2007. Mr. Chan graduated from the Hong Kong
Polytechnic University with a bachelor degree in Accountancy in 1998e and also
obtained an MBA from the Chinese University of Hong Kong in 2001. Mr. Chan is a
member of the Association of Chartered Certified Accountants (ACCA) and a fellow
member of the Hong Kong Institute of Certified Public Accountants (HKICPA), and
has the Practising Certificate of Hong Kong SAR. Mr. Chan is also a member of
the American Institute of Certified Public Accountants (AICPA), and holds an
active license in the Colorado State Board of Accountancy.
A copy of
the Employment Contract is attached as Exhibit 10.1 and is incorporated herein
by reference.
|
ITEM
9.01
|
FINANCIAL
STATEMENTS AND EXHIBITS.
|
Exhibits
10.1 Employment
Agreement effective as of October 18, 2010.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| QKL STORES INC. | |||
|
|
By:
|
/s/
Zhuangyi Wang
|
|
| Name: |
Zhuangyi
Wang
|
||
| Title: |
Chief
Executive Officer
|
||
Dated:
October 22, 2010