Attached files
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| EX-10.1 - China Natural Gas, Inc. | v206312_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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): December 20, 2010
CHINA
NATURAL GAS, INC.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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001-31539
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98-0231607
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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19th
Floor, Building B, Van Metropolis
35
Tang Yan Road, Hi-Tech Zone
Xian,
710065, Shaanxi Province
China
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(Address
of Principal Executive Offices) (Zip Code)
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86-29-88323325
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(Registrant’s
telephone number, including area code)
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(Former
Name or Former Address, if Changed Since Last Report)
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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 Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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 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
On
December 20, 2010, the Board of Directors of China Natural Gas, Inc. (the
"Company") appointed Shaocheng "Bode" Xu, aged 36, as the Company’s Chief
Financial Officer. From March 2007 to December 2010, Mr. Xu served as the
chief financial officer for Yanglin Soybean, Inc., a China-based company listed
on the Over-the-Counter Bulletin Board (“OTCBB”), which is engaged in the
manufacturing, distribution and sales of non-genetically modified soybean
products. From 2006 to 2007, Mr. Xu was a senior financial consultant with
Dow Jones Business Consultants in Shanghai, where he assisted clients with
analyzing financial management processes and evaluating their financial
reporting and internal control systems. From 2005 to 2006, Mr. Xu was an
internal control operations supervisor with Citigroup Corporate Banking Asia
Pacific Operations Center in Shanghai, where he primarily focused on operations
management and reviewed procedures to improve the maintenance of client
information and documents. Mr. Xu also served as a Corporate
Management Coordinator at United Automotive Electronics System Co., Ltd., in
Shanghai, where he organized and coordinated production processes and formulated
and implemented the annual budget for the office electronics. He is an affiliate
of the Association of Chartered Certified Accountants (ACCA) and holds a Master
of Professional Accounting degree (MPAcc) from Shanghai University of Finance
and Economics and a BA degree
from Foreign Affairs College in Beijing.
On
December 20, 2010, the Company and Mr. Xu entered into an employment agreement
("Employment Agreement") for a term of three years. Under the terms
of the Employment Agreement, Mr. Xu will receive a total annual salary of
RMB600,000, to be paid in twelve monthly installments of
RMB50,000. However, during the probationary period, which consists of
the first six months of employment, 20% of the monthly salary will be withheld
and paid out in one installment upon the successful completion of the first year
of employment. In addition, upon the one year anniversary of his
employment with the Company, Mr. Xu will be entitled to receive a yet to be
determined amount of stock options. The stock options will vest in
equal increments over a four year period, commencing on the first year
anniversary of Mr. Xu's employment with the Company.
The
foregoing summary of the terms and conditions of the Employment Agreement is
qualified in its entirety by reference to the agreement, a copy of which is
filed as Exhibit 10.1 hereto and which is incorporated by reference into this
Item 1.01.
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
The
information in Item 1.01 above is incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
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Exhibit
No.
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Description
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10.1
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Employment
Agreement dated December 20, 2010 between the Company and Shaocheng
Xu
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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.
Dated:
December 23, 2010
| CHINA NATURAL GAS, INC. | |||
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By:
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/s/ Qinan Ji | |
| Name: | Qinan Ji | ||
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Title:
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Chief
Executive Officer
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