Exhibit 10(12)
FOUNTAIN OIL INCORPORATED
EMPLOYMENT CONTRACT
This contract is made 10th day of August, 1995, between FOUNTAIN OIL
INCORPORATED, a Delaware, U.S.A. registered company (hereinafter referred to as
the COMPANY) on the one part, and XXXXX XXX (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 10th day of
August, 1995 and can be terminated by either Party by giving to the other
Party six (6) months notice in writing.
2. POWERS AND DUTIES. The Company has employed the Employee to serve as
SENIOR VICE PRESIDENT PROJECT DEVELOPMENT. The Employee in this position
will report to Exeuctive Vice President International (International
Operations) and to Executive Vice President Technology (EOR Technology) as
the case may be. The Employee shall 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 shall comply with all
reasonable direction from time to time given to him by the Company. A job
description will be written for the position outlining the major
responsibilities and duties.
3. WORK LOCATION. The Employee will be located at the Company's office in
Asker, Norway. Transfer to another location and/or position within the
Company and its Branches could happen at a later stage. The Company will
endeavour to accommodate the Employee's wishes as far as is practicable 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 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 his employment hereunder a basic salary at the rate of NOK
1.000.000,- per annum.
Such salary as above shall be paid by equal monthly installments. At the
end of each fiscal year possible changes in the Employee's remuneration
shall be discussed and decided by the Company.
In addition the Company will, with effect from 1 April, 1995, pay for
Pension/Insurance package at the cost of 12.5% of regular salary (excluding
any 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 USD 100,000 and (b) Income Protection with disability of USD
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 all rights to review the 12.5% contribution every 3
years.
8. EXPENSES. The Company shall reimburse the Employee all reasonable
travelling, hotel, entertainment and other out of pocket expenses that
he/she may incur in the execution of his duties hereunder in accordance
with a budget approved by the Company.
9. HOLIDAYS. In addition to Bank and other Public holidays the Employee shall
be entitled to 25 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 as well as any State support.
11. SPECIAL TERMS.
(a) BONUS SCHEME. The Employee will participate in the management bonus
scheme and share option scheme, to be established for the Company.
(b) TELEPHONE/FACSIMILE. The Company will pay for home telephone, mobile
phone, and home facsimile on behalf of the Employee.
(c) NEWSPAPERS. The Company will pay for two daily newspapers.
(d) CREDIT CARD FEES. The Company will pay annual fees for two credit
cards.
(e) MEMBERSHIP IN PROFESSIONAL ORGANISATIONS/CLUBS. The Company will pay
membership fees in professional organisations/Clubs up to a maximum annual
cost of US$750.-.
/s/ Xxxx X. Trulsvik Houston 15. Nov, 1995
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Signature/Company Place and Date
/s/ Xxxxx Xxx Stavanger 15 November 1995
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Signature/Employee Place and Date
