02-02-09 - Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On February 2, 2009 Mr. Fong Heung Sang (Dexter), was appointed Chief Financial Officer of the Company for a fixed term of two years. Mr. Fong will also serve as a member of the Company’s board of directors.
Pursuant to his employment, Mr. Fong will be entitled to receive an annual base salary of $70,000, increasing to $90,000 in June 2009 and further increasing to $110,000 in January 2010 and has been granted options to acquire 750,000 shares of the Company’s common stock which will vest in equal installments over the twenty-four month period of his employment.
Mr. Fong, age 49, served as Executive Vice President of Corporate Development of FUQI International, Inc. (Nasdaq GM:FUQI), a leading designer of high quality precious metal jewelry in China from December 2006 to January 2009. Mr. Fong served as the managing partner of Iceberg Financial Consultants, a financial advisory firm based in China that advises Chinese clients in capital raising activities in the United States from January 2004 to November 2006.
In connection with the foregoing, Yong Ling ceased to act as the Company’s Chief Financial Officer immediately prior to Mr. Fong’s appointment. Mr. Ling has also resigned his position on the Company’s board of directors. Mr. Ling will retain his position as Chief Accounting Officer of Sichuan Apollo Solar Science & Technology Co., Ltd, a wholly owned subsidiary of Apollo Solar Energy, Inc.
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