<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Current Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>March 1, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>China Premium Lifestyle Enterprise, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 0.8pt; text-decoration: underline; text-align: center">Nevada</TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; text-decoration: underline; text-align: center">333-120807</TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; text-decoration: underline; text-align: center">11-3718650</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center">of incorporation)</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">28/F, King Palace Plaza,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">No. 52A Sha Tsui Road,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: black"><U>Tsuen Wan, N.T.
Hong Kong</U></FONT><U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(+852) 2954-2469</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">__________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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
( <U>see</U> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 12pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9; Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 12pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9; Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 12pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9; Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used in this Current Report, the
terms &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; and the &ldquo;Company&rdquo; mean China Premium Lifestyle Enterprise,
Inc., a Nevada corporation, and our consolidated subsidiaries, taken together as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>Item 5.02 &#9;Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><I>Renewal of Executive Officer Employment
Agreements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 1, 2012, the Company
entered into renewals of its employment agreements with its Chief Executive Officer, Chief Financial Officer and Chief Operating
Officer. The new employment agreements are retroactively effective to November 6, 2011 and will expire effective December 31, 2012
unless previously terminated pursuant to the terms of such employment agreements. The principal terms of the new employment agreements
are summarized below. Copies of the new agreements are attached to this Current Report as Exhibits 10.1, 10.2 and 10.3, and are
incorporated herein by reference. The summaries of the agreements offered below are qualified, in their entirety, by the text of
the attached exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">Under
the new employment agreement between the Company and Mr. Richard Man Fai Lee effective November </FONT>6<FONT STYLE="color: black">,
2011, Mr. Lee was re-appointed Chief Executive Officer and President of the Company for a term ending December 31, 2012 at an annual
salary of $126,072. Mr. Lee&rsquo;s annual salary remains unchanged under his new employment agreement. Mr. Lee is eligible for
a bonus for each calendar year in an amount to be determined by the Company&rsquo;s Board of Directors. Mr. Lee is also entitled
to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business development,
travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Lee is also entitled to all insurance
and other benefit plans and policies maintained for the Company&rsquo;s senior executives, as well as coverage under the Company&rsquo;s
indemnification policies and director and officer liability policies in amounts reasonably determined by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="color: black">Under
the new employment agreement between the Company and Mr. Herbert Adamczyk effective November </FONT>6<FONT STYLE="color: black">,
2011, Mr. Adamczyk was re-appointed Chief Operating Officer of the Company for a term ending December 31, 2012 at an annual salary
of $84,048. Mr. Adamczyk&rsquo;s annual salary remains unchanged under his new employment agreement. Mr. Adamczyk is eligible for
a bonus for each calendar year in an amount to be determined by the Company&rsquo;s Board of Directors. Mr. Adamczyk is also entitled
to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business development,
travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Adamczyk is also entitled to all
insurance and other benefit plans and policies maintained for the Company&rsquo;s senior executives, as well as coverage under
the Company&rsquo;s indemnification policies and director and officer liability policies in amounts reasonably determined by the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in"><FONT STYLE="color: black">Under
the new employment agreement between the Company and Mr. Joseph Tik Tung Wong effective November </FONT>6<FONT STYLE="color: black">,
2011, Mr. Wong was re-appointed Chief Financial Officer, Treasurer and Secretary of the Company for a term ending December 31,
2012 at an annual salary of $52,530. Mr. Wong&rsquo;s annual salary remains unchanged under his new employment agreement. Mr. Wong
is eligible for a bonus for each calendar year in an amount to be determined by the Company&rsquo;s Board of Directors. Mr. Wong
is entitled to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business
development, travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Wong is also entitled
to all insurance and other benefit plans and policies maintained for the Company&rsquo;s senior executives, as well as coverage
under the Company&rsquo;s indemnification policies and director and officer liability policies in amounts reasonably determined
by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.55in">Each employment agreement
states that the officer&rsquo;s (the &ldquo;Executive&rdquo;) employment may be terminated prior to the expiration of the one-year
term upon the occurrence of the following: <B>(a)</B> voluntarily termination of the agreement by the Executive giving two (2)
months&rsquo; notice in writing; <B>(b)</B> the Executive&rsquo;s death; <B>(c) </B>termination of the Executive by the Company
for &quot;cause&quot;, which is defined as any of the following: (i) the Executive is convicted of, or pleads nolo contendere to,
a felony, (ii) the Executive commits an act of fraud, bad faith or willful misconduct against the Company that is materially detrimental
to the Company, or (iii) the Executive materially breaches any of the terms of the Agreement and fails to cure the breach within
thirty (30) days after written notice has been provided by the Company to the Executive regarding the specific nature of such breach;
<B>(d)</B> a good faith determination by the Board based upon the certification of a mutually agreed licensed physician and/or
psychiatrist that the Executive has become so physically or mentally incapacitated or disabled as to be unable to satisfactorily
perform his duties for one hundred twenty (120) consecutive days, or one hundred eighty (180) days in any three hundred sixty (360)
day period; <B>(e) </B>termination of the Executive by the Company for any reason other than for &quot;cause&quot; as defined in
(c) above; and <B>(f)</B> upon termination by the Executive of his employment for &ldquo;good reason&rdquo;, which is defined as
the occurrence of any of the following events without the express written consent of the Executive: (i) reduction in the Executive's
Salary or the benefits set forth above, or (ii) breach by the Company of any term of the employment agreement .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"><B>(d)</B>&#9;<B>Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 11%; vertical-align: top; border-bottom: black 1.5pt solid; padding-right: 0.8pt">Exhibit No.</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 87%; vertical-align: top; border-bottom: black 1.5pt solid; padding-right: 0.8pt">Description</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit&nbsp;10.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Richard Man Fai LEE.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit&nbsp;10.2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Herbert ADAMCZYK.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit 10.3</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Joseph Tik Tung WONG.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"><B>CHINA PREMIUM LIFESTYLE ENTERPRISE, INC.,</B>&#9;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"><B>a Nevada corporation</B></P>
</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Dated: March 1, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Joseph Tik Tung WONG</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Joseph Tik Tung WONG<BR></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chief Financial Officer,
Treasurer and Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>



</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT INDEX</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 11%; vertical-align: top; padding-right: 0.8pt; text-decoration: underline">Exhibit No.</TD>
    <TD STYLE="width: 1%; vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 88%; vertical-align: top; padding-right: 0.8pt; text-decoration: underline">Description</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit&nbsp;10.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Richard Man Fai LEE.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit&nbsp;10.2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Herbert ADAMCZYK.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Exhibit 10.3</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; text-align: justify">Employment Agreement dated March 1, 2012 by and between the Company and Mr. Joseph Tik Tung WONG.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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[{"type": "8-K", "sequence": "1", "filename": "v304437_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 24767}]
{"company-data": {"conformed-name": "China Premium Lifestyle Enterprise, Inc.", "cik": "0001309346", "assigned-sic": "5500", "irs-number": "113718650", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-120807", "film-number": "12656761"}, "business-address": {"street1": "28/F, KING PALACE PLAZA", "street2": "NO. 52A SHA TSUI ROAD", "city": "TSUEN WAN, N.T.", "state": "K3", "zip": "00000", "phone": "011 852 29542469"}, "mail-address": {"street1": "28/F, KING PALACE PLAZA", "street2": "NO. 52A SHA TSUI ROAD", "city": "TSUEN WAN, N.T.", "state": "K3", "zip": "00000"}, "former-company": {"former-conformed-name": "XACT AID INC", "date-changed": "20041122"}}
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
March 1, 2012
Date of Report (Date of earliest event reported)
China Premium Lifestyle Enterprise, Inc.
(Exact name of Registrant as specified in its
charter)
Nevada
333-120807
11-3718650
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer
of incorporation)
Identification No.)
28/F, King Palace Plaza,
No. 52A Sha Tsui Road,
Tsuen Wan, N.T.
Hong Kong
(Address of principal executive offices)
(Zip Code)
(+852) 2954-2469
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 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))
As used in this Current Report, the
terms "we", "us", "our" and the "Company" mean China Premium Lifestyle Enterprise,
Inc., a Nevada corporation, and our consolidated subsidiaries, taken together as a whole.
Item 5.02 	Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Renewal of Executive Officer Employment
Agreements
On March 1, 2012, the Company
entered into renewals of its employment agreements with its Chief Executive Officer, Chief Financial Officer and Chief Operating
Officer. The new employment agreements are retroactively effective to November 6, 2011 and will expire effective December 31, 2012
unless previously terminated pursuant to the terms of such employment agreements. The principal terms of the new employment agreements
are summarized below. Copies of the new agreements are attached to this Current Report as Exhibits 10.1, 10.2 and 10.3, and are
incorporated herein by reference. The summaries of the agreements offered below are qualified, in their entirety, by the text of
the attached exhibits.
Under
the new employment agreement between the Company and Mr. Richard Man Fai Lee effective November
6
,
2011, Mr. Lee was re-appointed Chief Executive Officer and President of the Company for a term ending December 31, 2012 at an annual
salary of $126,072. Mr. Lee's annual salary remains unchanged under his new employment agreement. Mr. Lee is eligible for
a bonus for each calendar year in an amount to be determined by the Company's Board of Directors. Mr. Lee is also entitled
to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business development,
travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Lee is also entitled to all insurance
and other benefit plans and policies maintained for the Company's senior executives, as well as coverage under the Company's
indemnification policies and director and officer liability policies in amounts reasonably determined by the Company.
Under
the new employment agreement between the Company and Mr. Herbert Adamczyk effective November
6
,
2011, Mr. Adamczyk was re-appointed Chief Operating Officer of the Company for a term ending December 31, 2012 at an annual salary
of $84,048. Mr. Adamczyk's annual salary remains unchanged under his new employment agreement. Mr. Adamczyk is eligible for
a bonus for each calendar year in an amount to be determined by the Company's Board of Directors. Mr. Adamczyk is also entitled
to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business development,
travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Adamczyk is also entitled to all
insurance and other benefit plans and policies maintained for the Company's senior executives, as well as coverage under
the Company's indemnification policies and director and officer liability policies in amounts reasonably determined by the
Company.
Under
the new employment agreement between the Company and Mr. Joseph Tik Tung Wong effective November
6
,
2011, Mr. Wong was re-appointed Chief Financial Officer, Treasurer and Secretary of the Company for a term ending December 31,
2012 at an annual salary of $52,530. Mr. Wong's annual salary remains unchanged under his new employment agreement. Mr. Wong
is eligible for a bonus for each calendar year in an amount to be determined by the Company's Board of Directors. Mr. Wong
is entitled to reimbursement for all reasonable and necessary business and entertainment expenses, including expenses for business
development, travel, meals and accommodations, incurred in connection with the performance of his duties. Mr. Wong is also entitled
to all insurance and other benefit plans and policies maintained for the Company's senior executives, as well as coverage
under the Company's indemnification policies and director and officer liability policies in amounts reasonably determined
by the Company.
Each employment agreement
states that the officer's (the "Executive") employment may be terminated prior to the expiration of the one-year
term upon the occurrence of the following:
(a)
voluntarily termination of the agreement by the Executive giving two (2)
months' notice in writing;
(b)
the Executive's death;
(c)
termination of the Executive by the Company
for "cause", which is defined as any of the following: (i) the Executive is convicted of, or pleads nolo contendere to,
a felony, (ii) the Executive commits an act of fraud, bad faith or willful misconduct against the Company that is materially detrimental
to the Company, or (iii) the Executive materially breaches any of the terms of the Agreement and fails to cure the breach within
thirty (30) days after written notice has been provided by the Company to the Executive regarding the specific nature of such breach;
(d)
a good faith determination by the Board based upon the certification of a mutually agreed licensed physician and/or
psychiatrist that the Executive has become so physically or mentally incapacitated or disabled as to be unable to satisfactorily
perform his duties for one hundred twenty (120) consecutive days, or one hundred eighty (180) days in any three hundred sixty (360)
day period;
(e)
termination of the Executive by the Company for any reason other than for "cause" as defined in
(c) above; and
(f)
upon termination by the Executive of his employment for "good reason", which is defined as
the occurrence of any of the following events without the express written consent of the Executive: (i) reduction in the Executive's
Salary or the benefits set forth above, or (ii) breach by the Company of any term of the employment agreement .
Item 9.01      Financial
Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
Exhibit 10.1
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Richard Man Fai LEE.
Exhibit 10.2
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Herbert ADAMCZYK.
Exhibit 10.3
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Joseph Tik Tung WONG.
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
thereunto duly authorized.
CHINA PREMIUM LIFESTYLE ENTERPRISE, INC.,
a Nevada corporation
Dated: March 1, 2012
By:
/s/ Joseph Tik Tung WONG
Joseph Tik Tung WONG
Chief Financial Officer,
Treasurer and Secretary
EXHIBIT INDEX
Exhibit No.
Description
Exhibit 10.1
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Richard Man Fai LEE.
Exhibit 10.2
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Herbert ADAMCZYK.
Exhibit 10.3
Employment Agreement dated March 1, 2012 by and between the Company and Mr. Joseph Tik Tung WONG.