NF ENERGY SAVING CORPORATION (NASDAQ:NFEC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

NF ENERGY SAVING CORPORATION (NASDAQ:NFEC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.

Yongquan Bi has resigned as the Chief Executive Officer of the Company, effective October 1, 2019.

Yongquan Bi will remain as the Chairman of the Board.

Mr. Tiewei Song, an existing director of the Company, has been appointed as the Chief Executive Officer of the Company. Mr. Tiewei Song will remain as director.

On October 1, 2019 the Company entered into an employment agreement (the “Executive Employment Agreement”) specifying the terms of Mr. Tiewei Song’s employment with the Company.

Mr. Tiewei Song’s compensation shall consist of an annual base salary of $500,000. He may also be entitled to termination payments and benefits as described in the Executive Employment Agreement filed herewith.

The Executive Employment Agreement is filed herewith as Exhibit 10.1.

Tiewei Song was elected to the Board of Directors on May 18, 2018. Mr. Song is currently serving as both the president and director of Shenyang Langzi Investment Management Co., Ltd., positions which he has held since 2012. From 2008 to 2013, Mr. Song was the chief representative of German Varengold Bank in China. From 1999 to 2008, Mr. Song was the executive director and president of Liaoning Jiachang Group. Mr. Song is a senior corporate executive with extensive experience in capital operation and business management. He is committed to studying capital operation architecture and successfully carried on the strategic planning for many companies. He also serves as a director of BIQI International Holdings Corp (OTCMKTS: BIQIF). Mr. Song graduated from Peking University with bachelor’s and masters degrees in mathematics.

10.1 Executive Employment Agreement dated October 1, 2019


NF Energy Saving Corp Exhibit
EX-10.1 2 f8k100119ex10-1_nfenergy.htm EXECUTIVE EMPLOYMENT AGREEMENT DATED OCTOBER 1,…
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About NF ENERGY SAVING CORPORATION (NASDAQ:NFEC)

NF Energy Saving Corporation is a provider of energy services. The Company’s principal business is the production and sales of energy-saving flow control equipment, and intelligent flow control equipment. The Company operates through two segments: Heavy manufacturing business and Energy-saving related business. The Heavy manufacturing business segment includes production of valves components and the provision of valve improvement and engineering services. The Energy-saving related business segment includes provision of energy-saving related re-engineering and technical services, and long-term construction project. It provides equipment related to desulfurization, denitration and dust removal for electric power generation, metallurgy, petrochemical, steel, cement and heating supply industries, and provides consulting services, such as energy efficiency optimization design, energy consuming equipment retrofit and engineering, equipment maintenance and services, and energy management.

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