Attached files
| file | filename |
|---|---|
| EX-10.1 - Deyu Agriculture Corp. | v207686_ex10-1.htm |
| EX-99.1 - Deyu Agriculture Corp. | v207686_ex99-1.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 OF 1934
DATE OF
REPORT (Date of Earliest Event Reported): January 10, 2011
DEYU AGRICULTURE
CORP.
(Exact
name of registrant as specified in Charter)
|
Nevada
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333-160476
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80-0329825
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File No.)
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(IRS
Employee Identification No.)
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Room
808, Tower A,
Century
Centre, 8 North Star Road
Beijing, People’s Republic
of China
(Address
of Principal Executive Offices)
(212)
465-2647
86-13828824414
(Issuer
Telephone number)
N/A
(Former
Name or Former Address, if changed since last report)
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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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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
1.01 Entry Into A Material Definitive Agreement.
In
connection with the appointment by the Board of Directors of Deyu Agriculture
Corp., a Nevada corporation (the “Company”) of Mr.
Charlie Lin as the Company’s new Chief Financial Officer, the appointment of
which is more fully set forth in Item 5.02 herein below, the Company and Mr Lin
entered into a Contract of Employement (the “Employment
Agreement”), effective as of January 10, 2011. As compensation
for the services rendered by Mr. Lin under the Employment Agreement, as a gross
salary and prior to any deductions or withholdings, Mr. Lin will shall be paid a
monthly salary of $10,000 during the first three months of employment and, after
the confirmation of the employment of Mr. Lin upon the satisfactory performance
of the duties of Mr. Lin, Mr. Lin shall be paid the monthly salary of
$11,000. Mr. Lin shall also be paid a year-end bonus at the
discretion of the Company’s Chief Executive Officer and such bonus, if any, will
be normally paid prior to the Chinese New Year. Mr. Lin shall also be
entitled to a fixed monthly allowance of $2,000 per month for health and medical
insurance and life insurance and reimbursement of expenses, including certain
travel and office expenses. Mr. Lin shall also be entitled to 13
working days’ vacation for completion of each fiscal year and pro-rata to the
length of service of the year rendered. In addition to any other
benefits or compensation set forth above, the Mr. Lin shall be entitled to
participate in the Company’s employee stock option plan at a level commensurate
with Mr. Lin’s position as Chief Financial Officer. The forgoing description of
the Employment Agreement does not purport to be complete and is qualified in its
entirety by reference to such document, which is attached as Exhibit
10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
Item
1.02 Termination of a Material Definitive Agreement.
On July
16, 2010, the Company filed Amendment No. 1 to the Company’s Current Report on
Form 8-K which had originally been filed on June 23, 2010 to include a copy of
the employment agreement, dated June 18, 2010, by and between the Company and
the Company’s Chief Financial Officer, Mr. David Lethem (the “Lethem
Agreement”). Effective January 10, 2011, the Board of
Directors of the Company accepted the amicable resignation of Mr. David Lethem
as the Company’s Chief Financial Officer and Acting Corporate Secretary and as a
result, the Company and Mr. Lethem terminated the Lethem Agreement effective as
of January 10, 2011. No early termination penalties were incurred by
either the Company or Mr. Lethem.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As set
forth in Item 1.02 above, effective January 10, 2011, the Board of Directors of
the Company accepted the amicable resignation of Mr. David Lethem as the
Company’s Chief Financial Officer and Acting Corporate Secretary.
Effective
January 10, 2011, the Company appointed Mr. Charlie Lin to serve as the
Company’s new Chief Financial Officer. Mr. Lin is a Certified Public
Accountant, a Certified Financial Manager and a Certified Management
Accountant. From March 2008 through January 2011, Mr. Lin previously
served as Corporate Controller of Microfabrica, Inc., a private medical device
company based in Van Nuys, California where he was in charge of, among other
things, accounting, tax, purchasing, financial and operation
analyses. Mr. Lin also has experience securing venture capital
funding and has extensive experience working with Microfabrica’s big four
accounting firm in connection with the company’s annual audits. From
April 2006 through March 2008, Mr. Lin served as Controller of Ricon
Corporation, a private subsidiary of Westinghouse Air Brake Technology Corp.
(NYSE: WAB) based in Panorama City, California. From March 2004
through April 2006, Mr. Lin served as Controller of ProAction Products, Inc., a
private injection molding company based in Van Nuys, California. Mr.
Lin was trained as an auditor for Arthur Anderson LLP from 1992 to 1995 and he
earned his Bachelors of Science of Accounting and his Masters of Science of
Acounting degrees from the University of Wisconsin. Mr. Lin is a
Member of the American Institute of Certified Public Accountants, the Illinois
CPA Society and the Institute of Management Accountants. There is no
family relationship between Mr. Lin and any of the other officers and directors
of the Company.
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Also effective January 10, 2011, the Company appointed Mr. Michael Han
to serve as the Company’s Corporate Secretary. From April 2009 through January
2011, Mr. Han served as Vice President for Beijing Jinhuanya Management
Consulting Co., Ltd., a PRC company. From April 2006 through March 2009, Mr. Han
previously served as Vice President and Manager of the Administration Department
of General Circuits (Beijing) Ltd., a PRC company, where he was in charge of
Administration, Finance, Marketing and International Sales and Business
Development. From April 2001 through March 2006, Mr. Han served as Senior Key
Account Manager of Shougang NEC Electronics Co., Ltd., a PRC electronics
company. Mr. Han earned his Bachelors of Science degree in Metal Forming &
Metal Materials from the College of Beijing Iron & Steel Technology and his
Masters in Business Administration degree from Tsinghua University. There is no
family relationship between Mr. Han and any of the other officers and directors
of the Company. Currently the Company has not entered into any employment
agreement with Mr. Han. Attached hereto as Exhibit 99.1 is a press release
which announces the Company’s appointments of
Mr. Lin and Mr. Han.
Item
9.01 Financial Statements and Exhibits.
(a) Not
applicable.
(b) Not
applicable.
(c) Not
applicable.
(d) Exhibit
No. Description:
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EXHIBIT
NO.
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DESCRIPTION
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LOCATION
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10.1
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Contract
of Agreement, effective as of January 10, 2011, by and between
Deyu Agriculture Corp. and Charlie Lin
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Provided
herewith
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| 99.1 |
Press Release, dated January 10, 2011
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Provided herewith |
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this Report on
Form 8-K to be signed on its behalf by the undersigned hereunto duly
authorized.
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DEYU
AGRICULTURE CORP.
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Date: January
10, 2011
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By:
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/s/
Jianming Hao
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Jianming
Hao
Chief
Executive Officer
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