Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) Appointment of Chief Operating Officer
The Board of Directors appointed Hui Zheng, age 42, as the registrant's Chief Operating Officer (principal operating officer) effective July 4, 2011 for a term of 3 years.
Mr. Zheng has more than 15 years of operational and business management experience at semiconductor equipment, semiconductor manufacturing, and solar wafers, cells, and modules manufacturing facilities. Prior to his appointment with the registrant, Mr. Zheng was Director of Business Development with JA Solar in China, a position he held since September 2008. Prior to that, he was a Member of the Technical Staff at Semiconductor Manufacturing International Corporation from July 2005 to September 2008 and Product Manager at Applied Materials from May 1997 to July 2005. Mr. Zheng received his Bachelor of Science degree in Mechanical Engineering at the University of Texas at Austin and his Masters of Science degree in Mechanical Engineering at San Jose State University. He also attended the MBA Program at Santa Clara University.
In accordance with labor laws of China, the registrant's wholly owned subsidiary, Perfectenergy (Shanghai) Limited ("Perfectenergy Shanghai") entered into an Employment Contract with Mr. Zheng on July 4, 2011 (the "Employment Contract") in connection with his services as the registrant's and Perfectenergy Shanghai's Chief Operating Officer. Mr. Zheng's compensation will consist of a monthly base salary of approximately $9,275 (RMB60,000). His employment may be terminated before the term of employment ends by either party with 30 days' written notice.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Exhibit Description
10.1 Employment Contract between Perfectenergy (Shanghai)
Limited and Eric Hui Zheng, dated July 4, 2011