Exhibit 10(24)
FOUNTAIN OIL INCORPORATED
EMPLOYMENT AGREEMENT
This agreement ("Agreement") is made this August 13, 1996, between FOUNTAIN OIL
INCORPORATED, a Delaware, USA registered company (hereinafter referred to as the
COMPANY) on the one part, and XXXXXX XXXXXXXXX (hereinafter referred to as the
EMPLOYEE) on the other part.
Whereas the parties have agreed as follows:
1. PERIOD/TERMINATION OF EMPLOYMENT. This agreement commences the day first
above written and can be terminated by either Party by giving to the other
Party three months notice in writing.
2. POWERS AND DUTIES. The Company has employed the Employee to serve as
Senior Vice President, Resource Management. The Employee in this position
will be part of the Corporate Management Team and will report to the
Executive Vice President, Asset Management. The Employee will exercise
such powers and perform such duties in relation to the business of the
Company as may from time to time be vested in or assigned to him by the
Company and he shall comply with all reasonable direction from time to time
given to him by the Company.
3. WORK LOCATION. The Employee will initially be located at the Company's
offices in Asker, Norway. A later transfer to another location and/or
position within the Company and its Branches and/or Subsidiary companies
could happen in agreement between the two Parties. The Company will
endeavor to accommodate the Employee's wishes as far as it is practicable
possible in this respect.
4. CONFIDENTIAL INFORMATION. The Employee shall not either during the
continuance of his employment hereunder or thereafter use to the detriment
or prejudice of the Company or (except in the proper course of his duties
hereunder) divulge to any person any trade secret or any other confidential
information concerning the business or affairs of the Company which may
have come to his knowledge during his employment hereunder.
5. COMPANY INFORMATION. The Employee shall at all times promptly give to the
Company all such information and explanations as it may require in
connection with matters relating to his employment hereunder or relating to
the business of the Company.
6. RETURN OF DOCUMENTS ETC. The Employee shall promptly whenever required by
the Company (and in any event upon the termination of his employment
hereunder) deliver to the Company all lists of clients or customers,
correspondence and all other documents, papers and records which may have
been prepared by him or have come into
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his possession in the course of his employment hereunder, and the Employee
shall not be entitled to and shall not retain any copy thereof. Title and
copyright thereto shall vest in the Company.
7. REMUNERATION. The Employee shall be paid by way of remuneration for his
services during employment hereunder a basic salary at the rate of 750.000
NOK per annum. Such salary shall be paid by equal monthly installments.
At the end of each fiscal year possible changes in the Employment
remuneration shall be discussed and decided by the Company.
In addition the Company will, with effect from full time engagement
assuming responsibilities as per job description, compensate for a
Pension/Insurance package at the cost of 12.5% of regular salary (excluding
overtime, bonus etc.). The local management of each company and/or Branch
will determine the Group policies to be entered into bearing in mind the
package should cover as a minimum (a) Life Insurance with death and
disability of US $100,000 and (b) Income Protection with disability of US
$1,500 per month index linked, starting after 6 months. Within the above
framework, the Employee is free to decide how the remainder of the 12.5%
allowance is to be used on (a) Pension (b) Life Insurance (c) Income
protection (permanent health insurance) (d) Private Health Care and (e)
Accident Insurance.
The Company reserves the right to review the 12.5% contribution over 3
years.
TAX POLICY
The Employee will be responsible for his personal taxes. The Company will
assist in the filing of the taxes.
8. EXPENSES. The Company shall reimburse the Employee all reasonable
traveling, hotel, entertainment and other out of pocket expenses that he
may incur in the execution of his duties hereunder in accordance with a
budget or extraordinary approved by the Company.
9. HOLIDAYS. In addition to Bank and other Public holidays the Employee shall
be entitled to 21 working days holiday in every calendar year to be taken
at such time or times as may be approved by the Company.
10. SICKNESS/INJURY. The Company shall pay to the Employee Statutory Sick Pay
(hereinafter referred to as SSP) in accordance with regulations prevailing
in the country of residence. These payments will be supplemented by the
Company up to full salary for the first 12 months of absence from work due
to sickness or injury. From 13 months the Employee shall be entitled to
disability payment as provided for under the Permanent Health Insurance
package plus eventual personal and State support. Additional coverage from
the one selected under the Company's 12.5% payment umbrella for the
Employee, is his personal responsibility.
11. SPECIAL TERMS.
(a) COMPANY SHARE ALLOCATION/BONUS PLAN
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The employee will participate in the Company Share Option/bonus plan and
allocations.
(b) TELEPHONE/FACSIMILE. The Company will pay for home telephones, mobile
phone, and two credit cards on behalf of the Employee.
(c) MEMBERSHIP IN PROFESSIONAL ORGANIZATION/CLUBS. The Company will pay
for membership fees in professional and social clubs that can and will
improve the business in relation to the employment. Special approvement is
needed if the membership exceeds $500 annually.
d) NEWSPAPERS, MEDIA INFORMATION. The Company will pay for economical and
technical publication needed for the business and two daily publications
sent to the home of the Employee.
12. START UP DATE.
The start up date will be to be agreed upon.
Signed, Signed,
Date and Place, Date and Place,
Oslo, 13/8 1996 Oslo, 13/8 1996
/s/Xxxxxx Xxxxxxxxx /s/Xxxxx Xxx
Employee, Xxxxxx Xxxxxxxxx Company, Xxxxx Xxx
Executive Vice President
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