Exhibit 10.14
INDIVIDUAL EMPLOYMENT AGREEMENT
This agreement is entered as of January 1, 1992
BETWEEN
Scope Metal Trading and Technical Services LTD.,
a corporation with its principal place of business at Mazkeret Batia
(the "COMPANY")
AND
Uri Lado
(the "EMPLOYEE")
WHEREAS the Company desires to continue to employ the Employee, and the Employee
desires to continue his employment with the Company; and
WHEREAS, the Company and the Employee wish to set forth the terms and conditions
of the Employee's employment with the Company;
THEREFORE it is mutually covenanted and agreed by and among the parties as
follows:
1. INTRODUCTION, TITLES AND APPENDIXES
a. The introduction to this Agreement is an inseparable part of the
Agreement.
b. The titles of the Agreement are only for convenience and shall not be
used for purpose of interpretation.
c. The appendixes attached hereto shall constitute an inseparable part of
this Agreement.
2. EMPLOYMENT
It is agreed that the Employee shall continue to work in and for the
Company, upon the terms and conditions hereafter set forth.
3. TERM OF EMPLOYMENT
The term of this Agreement shall be five (5) years unless agreed upon
otherwise between the parties.
Notwithstanding the aforementioned, each party shall be entitled to end
this agreement with one year notice in advance. as determined by the party
wishing to terminate the Agreement or any renewal term thereof.
POSITION
Employee shall be employed as CEO of the Company.
4. DUTIES AND RESPONSIBILITIES
a. Employee shall perform his duties faithfully and to the best
of his ability, to use all of his skills, expertise and
knowledge for the benefit of the Company and the promotion
of its' goals at a high and efficient level, all according
to the requirements of his position and as required by the
Company.
b. During the period of Employment, The Employee shall devote
his time, attention and energies to the business of the
Company. c. Employee agrees not to cause or enable damage to
the intellectual property of the Company
5. COMPENSATION
a. In consideration of the services rendered by the Employee hereunder,
the Company shall pay the Employee a monthly base salary of NIS 12,500
before tax.
b. The salary set forth above is linked to the monthly consumer price
index.
c. Employee shall receive an increase of 5% (five percent) of his linked
monthly salary at the end of each full year of employment during the
term of this Agreement. After such increase the salary will continue
to be linked each month for the following year and so forth.
d. All tax payments made pursuant to this Agreement shall be borne by the
Employee unless stipulated otherwise in this Agreement.
6. BENEFITS
a. Manager's Insurance
1) The Company shall procure a full and maximal Manager's Insurance
Policy in the name of the Employee that will also include life
insurance and compensation for lost of working ability.
2) The Employee agrees to pay his part of the Policy and allows the
Company to deduct from Employee's salary his payment under such
Policy.
3) The parties agree that payments by the Company towards the Policy
under this section shall be in lieu of any statutory obligations
to pay severance pay.
4) The policy will include an explicit section that grants the
Employee all present or future rights derived from the Policy.
b. Vacation
1) Employee shall be entitled to 24 working days paid vacation
annually, of employment and in accordance with applicable legal
requirements.
2) The Employee is entitled to be paid for his unused vacation days
but may not accumulate such days for a period longer than one (1)
year.
c. Recuperation Pay
The Employee shall be entitled to Recuperation Pay in accordance with
Israeli Law.
d. Bonus
a. The Company may pay to the Employee an annual bonus at its sole
discretion and without legal or other obligations of the Company. The
Company will consider the Employee's performance and his contribution
to the Company's business and the success of the Company's business
activities in that year. The discretion in this matter is total and
unappealable. The Company shall not have to give reasons for its
discretion in this matter.
b. It is agreed that the bonus, if paid, will not be part of Employee's
salary for any calculation. The grant\non grant of the bonus shall not
form the cause of any action of any kind of the Employee.
7. CAR
a. The Employee shall be entitled to the use of a manager's automobile
provided by the Company, model and year to be determined by the
Company.
b. The Company will bear all expenses of the Employee for the car's
use-expenses including insurance, gas, licensing, repairs etc.
c. The Employee will keep the car in good condition, drive it carefully
and maintain it according to the manufacturer's and Company's
instructions.
d. The Employee will notify immediately of any damage or accident caused
to the car during/arising out of his use of it.
e. In case of termination of employment for any reason, the Employee will
return the car to the Company in good condition no later than his last
day of employment unless otherwise agreed by the Company in writing.
Employee recognizes and acknowledges that the car is the property of
the Company and he has no rights regarding it.
f. The taxable value of the car shall be fully paid by the Employee.
8. CONFIDENTIALITY
a. In this agreement the meaning of 'companies controlled by the Company'
is companies and\or partnerships in which the Company holds at least
half of the shares issued and/or the right to appoint half or more of
it's directors and/or holds half or more of partnership percentage
and\or has the right to appoint half or more of the Company's
management.
b. During his employment and at any time after the termination of his
employment with the Company, Employee shall not for himself or others,
or make any use of any confidential information, or any other
proprietary data of the Company or its subsidiaries. The Employee
shall hold and safeguard the Confidential Information in trust for the
Company and shall not misappropriate or disclose or make available to
anyone for use outside the Company organization at any time in any
way.
'Confidential Information' - any information identified with the
Company or companies controlled by it and not in the public domain
consisting but not necessarily limited to:
a. Research and development
b. Business activities of the Company or it's controlled
companies
c. Customers lists and sources of supply
d. Marketing or merchandising systems
9. GENERAL
a. Any representation, statement, obligation, warrant and etc.
dated before the execution of this Agreement are hereby
terminated and invalid unless specified otherwise in this
Agreement.
b. If any of the provisions in this Agreement shall be
terminated by court or announced invalid for any reason, the
rest of the Agreement shall remain in force.
c. The Parties' addresses shall be as specified in the
Introduction to this Agreement. Any notice by registered
post shall be deemed as received 72 hours after such message
has been sent by mail and if delivered by hand- at the time
of delivery.
d. The Parties sign this Agreement after reviewing it carefully
and they declare of their awareness to the obligations made
herein and their implication.
IN WITNESS WHEREOF, the parties have executed this Agreement
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Company Employee
