EXHIBIT 10.26
INDIVIDUAL EMPLOYMENT AGREEMENT
Made and Executed on the 20th of August, 1995
Between: Moked Ituran Partnership (1995)
0 Xxxxxxxx Xxxxxx
Azor
(hereinafter: "the Partnership")
and Xx. Xxxxx Xxxxxx, ID Number 000000000
00 Xxxxx Xxxxxx
Ra'anana
(hereinafter: "the Employee")
Whereas The Employee began to work for the partnership on August 20, 1995;
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:
Beginning on August 20, 1995, 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 of 9.0 hours gross
total per day, plus a 30 minute lunch break at the Employee's
expense, five days a week, for a total of 187 hours net per month,
will be NIS 8,000 gross salary per month, as of the salary for the
month of August, which is to be paid on September 1, 1995
(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
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base index will the index for the month of July, as published on
August 15, 1995.
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. In addition to the said Salary, the Employee will be entitled to the
following terms:
A. Payment for overtime hours, if the Employee works such hours
beyond the regular work day (of 9 hours total - on a monthly
basis), will be at rates fixed by the Hours of Work and Rest Law.
The calculation will be based on the Salary as described in
section 1(A) above.
B. An annual vacation of 22 workdays per year, with this right being
cumulative up to a maximum of 3 years' accumulation.
C. Paid sick leave of 22 days per year, upon presentation of
documentation of illness, with this right being cumulative over
the Employee's entire period of the employment with the company.
This right may not be redeemed and is intended to be used in
actuality only in the event of illness.
D. Thirteen days of paid recuperation leave per year, to be paid once
a year, without any right to accumulation, at the rates
established by the company's management from time to time.
E. Paid leave for Jewish holidays and Israel Independence Day when
these do not fall on the Sabbath (up to a total of 9 days per
year).
F. Managers' insurance, based on his Salary, as described in section
1(A) above, at the rate of:
- 8-1/3%, 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.
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- 2.5% disability insurance as part of the managers'
insurance policy.
G. The Partnership's contribution into the Kinneret 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.
H. Salary supplement benefits during active reserve duty.
I. Reimbursement of the gross sums paid for monthly car insurance
premiums, at the Partnership's standard rates as they may be from
time to time.
3.
A. 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.
B. 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.
C. 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.
4. The Employee hereby agrees that during the time of his employment with
the Partnership, he will not be permitted to engage in any other work.
5. The Employee hereby agrees that the Partnership will be entitled to
deduct from his Salary any tax and/or payment that is imposed on
employees pursuant to any law, and that the Employer Matching Tax and
Health Tax paid to the National Insurance Institute will also be
deducted, even if it is paid to a different entity.
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6.
A. The Employee hereby affirms 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 may negatively effect his undertakings pursuant to
this Agreement, whether as an employee or as an independent
contractor. The parties hereby agree that the Employee's
undertakings pursuant to this Agreement will apply so long as the
Employee is employed by the Partnership pursuant to this
Agreement.
C. The Employee will have a trial period of two months from the
beginning of the employment period. The provisions of Section 7
below shall apply only upon the conclusion of the two-month trial
period.
However, if during such period, the Partnership shall cease its
operations for any reason whatsoever, the Employee will be
entitled to three months prior notice.
7.
A. The Partnership may, at any time, bring this Agreement to a
conclusion, and to discontinue the employer-employee relationship
with the Employee, provided the Partnership gives the Employee
written notice three months in advance. If notice is given to the
Employee before nine months have elapsed from the signing of the
Agreement, the notification period shall be supplemented such that
the cumulative period of employment will be 12 months from the
date of the Agreement.
If the Employee commits a fundamental breach of this Agreement,
the Partnership may terminate this Agreement and terminate the
employee-employer relationship, upon giving written notice thirty
days in advance.
B. The Employee may terminate this Agreement and discontinue the
employee-employer relationship with the Partnership, provided he
has given the company written notice of such six months in advance
during the first year of activity and three months in advance from
the second year and onwards.
C. Once the employment relationship as described in Section 7(A)
above has been terminated, the company shall pay the Employee
severance pay pursuant to his
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dismissal, in accordance with any relevant law and according to
the Salary described in Section 1(A), less the redemption values
of the managers' insurance policies that have accrued in the
Employee's name, which will be released to the Employee by the
company upon the termination of the employee-employer
relationship, subject to the provisions of Section 8 below. The
Partnership will also release the funds that have accrued in the
Continuing Education Fund and will conduct a final accounting for
the Employee.
D. Once the employee-employer relationship has been terminated as
described in Section 7(B) above, then, if the conditions set forth
in the section below have been met, the Partnership shall act in
accordance with the provisions of Section 7(C) above.
8. The parties agree that the Employee will not be entitled to severance pay
or to the release of the employer's share of the managers' insurance
policies in cases in which the dismissal was caused by a fundamental
breach of this Agreement, including a breach of trust and/or disclosure
of professional and/or business secrets and/or the commission of other
serious disciplinary offenses.
9. In the event the Agreement is terminated and the employee-employer
relationship is discontinued 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.
10. In addition to the above provisions, the Employee will be entitled to
reimbursement of tuition for a course given by IBM for professional
retraining for academics in software engineering, in the amount of NIS
7,600. The Employee will return the above-mentioned reimbursement if he
does not actually work at for the company for at least 12 months.
AND IN WITNESS THEREOF THE PARTIES HAVE AFFIXED THEIR SIGNATURES
(Stamp and signature:)
Moked Ituran Partnership (1995)
3 Hashikma Azor) (Signature)
---------------- -----------
THE PARTNERSHIP THE EMPLOYEE
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APPENDIX TO THE INDIVIDUAL EMPLOYMENT CONTRACT
Moked Ituran Partnership (1995) and
Xxxxx Xxxxxx, ID Number 000000000
Hereby stipulate and agree that:
1) As a result of the Employee's employment in a position that requires a
special degree of personal trust, the Employee's salary shall be, as
of February 26, 1996, 10,700 gross, on a global basis. (This amount
includes a supplement for overtime hours that the Employee may work,
and the Employee will not be paid additional payment for hours he may
work beyond 9 hours per day), as of the salary for March 1996, which
is paid on April 1, 1996.
2) Section 2(A) of the Individual Employment Contract, made and executed
on the August 20, 1995, is hereby nullified.
3) The other provisions of the Individual Employment Contract, made and
executed on the August 20, 1995, will continue to apply without
change.
AND IN WITNESS THEREOF THE PARTIES HAVE AFFIXED THEIR SIGNATURES
(Stamp and signature:)
Moked Ituran Partnership (1995)
3 Hashikma Azor) (Signature)
---------------- -----------
THE PARTNERSHIP THE EMPLOYEE
Date of signature:
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