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 14, 2016
SUTOR
TECHNOLOGY GROUP LIMITED
(Exact
name of registrant as specified in its charter)
Nevada |
001-33959 |
87-0578370 |
(State of Incorporation) |
(Commission File No.) |
(IRS Employer ID No.) |
No. 8, Huaye Road
Dongbang Industrial Park
Changshu, China 215534
(Address of Principal
Executive Offices)
(86) 512-52680988
Registrant’s Telephone Number, Including
Area Code:
(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):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On and effective January 11, 2016, Mr.
Xinchuang Li resigned as a member of the Board of Directors (the “Board”) and a member of the Board’s Audit,
Compensation and Governance and Nominating Committees of Sutor Technology Group Limited (the “Company”). Mr. Li’s
resignation was due to personal reasons and was not a result of any disagreement with the Company on any matter relating to the
Company’s operations, policies or practices. On the same day, the Board appointed Mr. Hui Sheng as a director of the Company,
to each of the Audit, Compensation and Governance and Nominating Committees of the Company and as the Chair of the Governance and
Nominating Committee, effective immediately.
Mr. Sheng, age 35, is one of the founders
of Shanghai Guandian Electronic Commerce Company Limited. He has rich experience in e-commerce. Before Shanghai Guandian, he served
as the E-business Operating Director of Drmat (China) Process Distribution Center Company Limited, a global bulk commodity process
distribution company, where he was responsible for online marketing and market development strategy. Mr. Sheng graduated from Nanjing
University and majored in computer science.
There is no family relationship exists
between Mr. Sheng and any directors or executive officers of the Company. In addition, there are no arrangements or understandings
between Mr. Sheng and any other person pursuant to which he was appointed as a director of the Company, to each of the Audit, Compensation
and Governance and Nominating Committees of the Company and as the Chair of the Governance and Nominating Committee, and there
are no related party transactions with respect to Mr. Sheng that would require disclosure under Item 404(a) of Regulation S-K.
On January 12, 2016, the Company entered
into an independent director contract with Mr. Sheng, under which Mr. Sheng will receive an annual salary of RMB150,000 (approximately
$22,770). In addition, the Company agreed to indemnify Mr. Sheng against expenses, judgments, fines, penalties or other amounts
actually and reasonably incurred by him in connection with any proceeding if he acts in good faith and in the best interests of
the Company.
The foregoing description does not purport
to be a complete statement of the parties’ rights and obligations under the independent director contract and is qualified
in its entirety by reference to the provisions of such agreement attached to this report as Exhibit 10.1.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits
Exhibit |
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Description |
10.1 |
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Independent Director Contract, dated January 12, 2016, by and between the Company and Hui Sheng |
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.
Sutor Technology Group Limited |
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Date: January 14, 2016 |
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/s/ Lifang Chen |
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Chief Executive Officer |
Exhibit 10.1
SUTOR TECHNOLOGY GROUP LIMITED
INDEPENDENT DIRECTOR’S CONTRACT
THIS INDEPENDENT DIRECTOR’S
CONTRACT (the “Agreement”) is made as of the 12th day of January, 2016 and is by and between Sutor Technology
Group Limited, a Nevada corporation (hereinafter referred to as the “Company”), and Hui Sheng (hereinafter referred
to as the “Director”).
AGREEMENT
In consideration for
the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged,
the Company and the Director hereby agree as follows:
1. DUTIES.
The Company requires that the Director be available to perform the duties of an independent director customarily related to this
function as may be determined and assigned by the Board of Directors and as may be required by the Company’s constituent
instruments, including its Articles of Incorporation, Bylaws and its corporate governance and board committee charters, each as
amended or modified from time to time, and by applicable law, including the Nevada Revised Statutes. The Director agrees to devote
as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the
Audit Committee, Compensation Committee, Governance and Nominating Committee and such other committees as the Director may hereafter
be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors
arising under Chapter 78 of the Nevada Revised Statutes.
2. TERM.
The term of this Agreement shall commence as of the date hereof and shall continue until the Director’s removal, resignation
at any time, with or without cause, and with or without notice.
3. COMPENSATION.
For all services to be rendered by Director in any capacity hereunder, the Company agrees to pay Director a fee of RMB 150,000
in cash during this term, paid monthly.
4. EXPENSES.
In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable
business related expenses incurred in good faith in the performance of the Director’s duties for the Company. Such payments
shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement
shall be accompanied by sufficient documentary matter to support the expenditures.
5. CONFIDENTIALITY.
The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished,
the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs,
including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets
of the Company (“Confidential Information”). The Director covenants not to, either directly or indirectly, in
any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.
6. NON-COMPETE.
During the term of this Agreement and for a period of twelve (12) months following the termination of this agreement (the “Restricted
Period”), the Director shall not, directly or indirectly, (a) in any manner whatsoever engage in any capacity with any
business competitive with the Company’s current lines of business or any business then engaged in by the Company, any of
its subsidiaries or any of its affiliates (the “Company’s Business”) for the Director’s own benefit
or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (b) have any interest as owner,
sole proprietor, stockholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business
competitive with the Company’s Business; provided, however, that the Director may hold, directly or indirectly,
solely as an investment, not more than one percent (1%) of the outstanding securities of any person or entity which is listed on
any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or
entity is engaged in a business competitive with the Company’s Business. In addition, during the Restricted Period, the Director
shall not develop any property for use in the Company’s Business on behalf of any person or entity other than the Company,
its subsidiaries and affiliates.
7. TERMINATION.
With or without cause, the Company and the Director may each terminate this Agreement at any time, and the Company shall be obligated
to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted
herefrom shall prevent the stockholder(s) of the Company from removing the Director with immediate effect at any time for any reason.
8. INDEMNIFICATION.
The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the State of Nevada,
and as provided by, or granted pursuant to, any charter provision, Bylaw provision, agreement (including, without limitation, the
Indemnification Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in
the Director’s official capacity and as to action in another capacity while holding such office.
9. EFFECT
OF WAIVER. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed
as a waiver of any subsequent breach thereof.
10. NOTICE.
Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature
page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities
and Exchange Commission and if by fax to 0086-512-52687706.
11. GOVERNING
LAW. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the
laws of the State of Nevada without reference to that state’s conflicts of laws principles.
12. ASSIGNMENT.
The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder
shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the
Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without
the prior written consent of the Company.
13. MISCELLANEOUS.
If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such
invalidity or illegality, the remaining terms and provisions of this Agreement shall remain in full force and effect in the same
manner as if the invalid or illegal provision had not been contained herein.
14. ARTICLE
HEADINGS. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.
15. COUNTERPARTS.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument.
Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.
16. ENTIRE AGREEMENT.
Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject
matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.
[Signature Page Follows]
IN WITNESS WHEREOF,
the parties hereto have caused this Independent Director’s Contract to be duly executed and signed as of the day and
year first above written.
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SUTOR
TECHNOLOGY GROUP LIMITED |
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By: |
/s/ Lifang Chen |
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Name: Lifang Chen Title: Chief Executive Officer & President |
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INDEPENDENT DIRECTOR |
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By: |
/s/ Hui Sheng |
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Name: Hui Sheng |
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Address: |
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