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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
DC 20549
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FORM
8-K
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CURRENT
REPORT
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Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
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Date
of report (Date of earliest event reported):
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May
7, 2008
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CHINA
SKY ONE MEDICAL, INC.
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(Exact
Name of Registrant as Specified in Charter)
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Nevada
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000-26059
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87-0430322
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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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Room
1706, No. 30 Di Wang Building, Gan Shui Road,
Nandang
District, Harbin, People’s Republic of China
150001
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(Address
of Principal Executive Offices)
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Registrant's
telephone number, including area code:
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86-451-53994073
(China)
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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:
Written communications pursuant to Rule 425 under the Securities
Act (17
CFR 230.425)
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))
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Item
1.01. Entry into a Material Definitive Agreement.
and
Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As
of May
7, 2008, Mr. Haifeng “Steve” Wang resigned as a secretary and member of the
Board of Directors (the “Board”) of China Sky One Medical, Inc. (the “Company”)
for personal reasons and Ms. Xiaoyan Han resigned as Chief Financial Officer
and
was appointed as Vice Chairman of the Board.
Simultaneously,
Mr. Xiaoqing
Liao was appointed to the Board and was appointed as Chief Financial Officer
and
Secretary of the Company and to similar positions with the Company’s operating
subsidiaries.
Liao
Xiaoqing, age 27, has been employed with the Company in various capacities
since
March 2008. Prior to such time and since March of 2005, Mr. Xiaoqing worked
for
Zhongjin Gold Corporation, a PRC state-owned company listed on the Shangai
Stock
Exchange, where he provided advice relating to acting as a company secretary
under PRC and law where he assisted with various restructurings. During this
time, Mr. Xiaoqing earned a certification from the Shanghai Stock Exchange
to
act as a company secretary for companies in the PRC. Between 2004 and March
2005, Mr. Xiaoqing worked as a law clerk in the Law Department of China National
Gold Group, a large mining company which was controlled by the Central
State-Owned Asset Committee, where his responsibilities included reporting
directly to senior management on international economic issues and trade
and on
due diligence. Between 2004 and March of 2005, Mr. Xiaoqing worked un England
as
an investment manager in the international trade division of Unisar Avionics
LTD, a company located in the United Kingdom. Mr. Xiaoqing graduated from
the
Zhongnan University of Economics and Law where he received a Bachelor or
Arts
degree in law with a minor in accounting and international finance in 2003.
Mr.
Xiaoqung also studied for one and half years in University of Newcastle upon
Tyne in the United Kingdom, where he received a Merit LLM degree in
international economics, international finance law and international accounting
in 2004.
Employment
Agreements
Simultaneously,
on May 7, 2008, the Company entered into a five year employment agreements
with
each of Mr. Liao Xiaoqing, the Company’s newly appointed Chief Financial Officer
and Secretary; Mr. Liu
Yan
Qing, the Company’s Chairman, President and Chief Executive Officer; and Ms. Han
Xiaoyan,
the
Company’s Vice Chairman. These employment agreements were approved by the
Compensation Committee of the Board of Directors and are summarized below.
Mr.
Liao
Xiaoquing’s employment agreement provides for initial compensation for Mr.
Xiaoqing of $25,800
dollars per year, of which $17,160 per year (or $1,430 per month) is paid in
cash and the remaining $8,640 shall be paid by issuance of shares of the
Company’s common stock issued under the Company’s 2006 Stock Incentive Plan, at
a presumed value of $10.50 per share. The employment agreement provides for
salary increases during the rest of the term of 30% to 50% each year, at the
discretion of the Board.
2
Mr.
Liu
Yan Qing’s employment agreement provides for initial compensation for Mr. Yan
Qing of $85,700 dollars per year, of which $34,320 per year (or $2,860 per
month) is paid in cash and the remaining $51,380 ($4,281.60 per month) shall
be
by paid issuance of shares of the Company’s common stock issued under the
Company’s 2006 Stock Incentive Plan, at a presumed value of $10.50 per share.
The employment agreement provides for salary increases during the rest of
the
term of 30% to 50% each year, at the discretion of the Board.
Ms.
Han
Xiaoyan employment agreement provides for initial compensation for Ms. Han
Xiaoyan of $65,800 dollars per year, of which $25,680 per year (or $2,140
per
month) is paid in cash and the remaining $40,120 (or approximately $3,343.34
per
month) shall be paid by issuance of shares of the Company’s common stock issued
under the Company’s 2006 Stock Incentive Plan, at a presumed value of $10.50 per
share. The employment agreement provides for salary increases during the
rest of
the term of 30% to 50% each year, at the discretion of the Board.
Under
the
Above agreements, the Company may issue shares as compensation in advance or
quarterly and may issue shares subject to forfeiture provisions in the event
of
cessation of the executive’s employment.
Item
7.01. Regulation FD Disclosure.
The
Company distributed a press release relating to the appointment of Mr. Liao
Xiaoquing, a copy of which is furnished as Exhibit 99.1 hereto.
Item
9.01. Financial
Statements and Exhibits
(d)
Exhibits.
The
exhibits listed in the following Exhibit Index are filed (or
furnished) as part of this Current Report on Form 8-K.
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Exhibit
No.
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Description
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10.1
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Employment
Agreement of Liu Yanqing, dated as of May 7, 2008. *
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10.2
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Employment
Agreement of Han
Xiaoyan, dated as of May 7, 2008.*
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10.3
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Employment
Agreement of
Liao Xiaoqing
,
dated as of May 7, 2008. *
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99.1
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Press
Release relating to resignation of Mr. Wang as director and Secretary
and
appointment of Mr. Liao Xiaoquing to the board and as Chief Financial
Officer and Secretary.
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*
To be
filed by amendment.
3
SIGNATURE
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.
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CHINA
SKY ONE MEDICAL, INC.
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(Registrant)
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Date:
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May
13, 2008
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By:
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Liu
Yan Qing
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Chairman,
Chief Executive Officer and
President
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4