EXHIBIT 10.27
INDIVIDUAL EMPLOYMENT CONTRACT
Made and Executed on the 15th of July, 1998
Between: Moked Ituran Partnership (1995)
0 Xxxxxxxx Xxxxxx
Azor
(hereinafter: "the Partnership")
and Xx. Xxxxxx Xxxxxxxx
00 Xxxxxx Xxxxxx
Shomron
(hereinafter: "the Employee")
Whereas The Employee began to work for the Partnership on July 19, 1998;
And whereas The parties have come to an agreement regarding the
Employee's terms of employment as an employee of the
Partnership.
THE PARTIES HAVE THEREFORE STIPULATED AND AGREED AS FOLLOWS:
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Beginning on July 19, 1998, the Employee will be employed pursuant to the terms
set out in this agreement.
1. SALARY
A. The Employee's salary for a full time position will be NIS
24,000 gross per month, as of the salary for the month of
July, paid on August 1, 1998 (hereinafter: "the Salary").
B. The said Salary will be updated on the date of the payment
with a Cost of Living supplement at a rate of 80% of the
increase in the Consumer Price Index. The base index will
the index for the month of June, as published on July 15, 1998.
The new index shall be the CPI as it is known at the time that the
salary is updated.
The above-mentioned update includes the entire COL supplement as may be
paid from time to time to all salaried workers in the economy, as well
as all of the national and/or company-based salary supplements, and the
Employee hereby waives any such supplement.
2. COMPANY CAR
2.1 The Company shall provide you with a car and will cover the
expenses for its maintenance and operation subject to any
relevant law. The type of the car and the size of its engine
shall be determined by the company. You will pay the tax
required for the income credited to you due to your full-time
use of the company car and this tax will be deducted from your
salary.
2.2 You are asked to maintain the good condition of the car and to
use it for a reasonable amount of driving, subject to the
company's car guidelines and to the company's instructions, as
such may be from time to time.
2.3 You must return the car at any time the Company asks and in
any event upon the conclusion of the employee-employer
relationship.
3. In addition to the said Salary, the Employee will be entitled to the
following terms:
A. An annual vacation of 5 workdays per year, with this right being
cumulative up to a maximum of 3 years' accumulation.
B. 22 paid sick days per year, upon presentation of documentation of
illness, with this right being cumulative over the entire period of
the Employee's employment at the company. This right may not be
redeemed and is intended to be used in actuality only in the event
of illness.
C. Thirteen days of paid recuperation per year, to be paid one time
per year, without any right to accumulation, at the rates
established by the company's management from time to time.
D. Paid leave on Jewish holidays and Independence Day which do not
fall on the Sabbath (up to a total of 9 days per year).
E. Managers' insurance, based on his Salary as described in Section 1A
above, at the rate of:
- 8 1/3% (eight and one-third percent) pursuant to the
Partnership's standard managers' insurance terms. The provision
will be at the expense of the Partnership's obligation to pay
severance pay pursuant to Section 14 of the Severance Pay Law,
on demand.
- 5% of the Salary will be transferred for benefits. An additional
5% of the Employee's said salary will, at the same time, be
deducted for benefits.
- 2.5% disability insurance in the context of the managers'
insurance policy.
F. The Partnership's contribution into the ________ Continuing
Education Fund, where the employer's provision will be 7.5% of the
Salary, and the Employee's provision will be 2.5% of the Salary.
G. Salary supplement benefits during active reserve duty.
4.
A. The Employee agrees that the Partnership will refer him for work at
the Ituran Location and Control Company Ltd. (hereinafter: "the
Company"), in the context of his employment at the Partnership.
B. The Employee hereby undertakes to be loyal to the Partnership; to
comply with the Partnership's procedures and the instructions given
by his superiors; to keep confidential any professional, commercial
or business information he has received regarding the Partnership's
affairs; and not to exploit or use any such information or transfer
it to any person.
C. The Employee undertakes not to work for any competing entity or
association, for a period of 18 months following the termination of
the employment relationship between himself and the Partnership,
and to continue to safeguard the confidentiality any professional,
commercial or business information regarding the Partnership's
affairs that he has received.
H. The Employee agrees that any invention and/or patent that he
invents during the course of and/or as a result of his
employment will be considered to be a service invention owned by
the employer, for which the Employee is entitled to compensation as
the Partnership may determine from time to time.
5. The Employee hereby agrees that during the time of his employment at
the Partnership, he will not be permitted to engage in any other work.
6. The Employee agrees that the Partnership will be entitled to deduct
from his Salary any tax and/or payment which is imposed on employees
pursuant to any law, and that Health Tax or any other tax which may
replace the Health Tax, which is paid to the National Insurance
Institute will also be deducted, even if it is paid to a different
entity.
7.
A. The Employee hereby confirms that the terms of his employment
pursuant to this agreement are personal and confidential, and he
undertakes to maintain their confidentiality.
B. The Employee hereby declares that he is free to enter into this
agreement and that he has no obligations, to any person or entity
whatsoever, that impact negatively upon his undertakings pursuant
to this agreement, whether as an employee or as an independent
contractor. The parties agree that the Employee undertakings
pursuant to this agreement will apply so long as the Employee is
employed by the Partnership pursuant to this agreement.
8. The Company may terminate your employment immediately, without prior
notice and without your having any right to severance pay, in the event
of a breach of trust, disclosure of professional/business secrets, or
the commission of a criminal offense connected to your employment which
involves your dishonor or personal moral blame.
A. The Employee may terminate this agreement, and discontinue the
employee-employer relationship with the Partnership, provided that
he has given the Company written notice of such three months in
advance.
B. Once the employment relationship has been terminated as described
in Section 7A above, the Company shall pay the Employee severance
pay as a result of the dismissal, pursuant to any relevant law, and
in accordance with the Salary described in Section 1A, less the
full redemption values of the managers' insurance policies that
have accumulated in the Employee's
name, which policies shall be released to the Employee by the
Company upon the conclusion of the employee-employer relationship.
This will be subject to the provisions of Section 8 below and [the
Company] will conduct a final accounting for the Employee.
9. In the event that the agreement is terminated and the employee-employer
relationship is terminated, for any reason whatsoever, the Employee
must transfer his position to his replacement or to his supervisor in
an appropriate manner, and return to the Company, upon the termination
of his employment, any material, equipment, tools or documents given to
him or which he has received in connection with his work.
AND IN WITNESS THEREOF THE PARTIES HAVE AFFIXED THEIR SIGNATURES
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_____________ (Signature)
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The Partnership Employee
