The Officer. This Agreement is personal to the Officer and shall not be assignable by the Officer, except that the Officer’s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of pursuant to testamentary disposition, intestate succession or pursuant to a domestic relations order of a court of competent jurisdiction. This Agreement shall inure to the benefit of and be enforceable by the Officer’s heirs, beneficiaries and/or legal representatives.
The Officer shall receive as a consideration for the personal services provided to PETROLÍFERA, from October 1, 2011 and during the term of his labor hiring agreed for an indefinite term, an annual gross income in the amount of S/. 240,000.00 (Two hundred forty thousand and 00/100 Nuevos Soles), amount that includes the monthly gross salary for each of the twelve (12) months of the year as retribution for his personal services, the mandatory bonuses, one in July and the other in December, the amount of the family allowance, in case he is entitled to it according to the provisions of the Law Nº 25129, the social benefit called compensation for time of services (“CTS”) and the other rights and benefits that may result applicable according to Peruvian labor laws. The deductions, contributions, mandatory withholdings and other applicable ones or resulting applicable shall be deducted from this amount. It is placed on record that the mandatory bonuses, one to be received in July and the other in December, as well as the compensation for time of services that form Free English translation of Spanish language document part of the annual gross income of THE OFFICER shall be paid or deposited to the latter in the way and on the time established by law of each matter. The salary may be increased by decision of PETROLÍFERA, and this will not imply any modification to the terms and conditions of this labor contract agreed for an indefinite term.
The Officer. THE OFFICER is a professional in engineering, who declares to be an engineer geologist, with professional title granted by the National University of San Marcos of the Republic of Peru, and to have vast knowledge and broad experience in the field of his profession, particularly within the hydrocarbon sector, which will enable him to be in the position to fulfill the needs of GRAN TIERRA in order to occupy the high office of General Manager, performing the pertinent duties and assuming the responsibilities resulting therefore.
The Officer in consideration of the services hereby agreed ---------- upon, shall be entitled to an annual compensation of one hundred seventy two thousand five hundred reais (R$ 172,500.00), payable in twelve (12) installments of fourteen thousand three hundred seventy-five reais (R$ 14,375.00) each.
