Exhibit 10(10)
FOUNTAIN OIL INCORPORATED
EMPLOYMENT CONTRACT
This contract is made 1st day of February, 1995, between FOUNTAIN OIL
INCORPORATED, a Delaware, U.S.A. registered company (hereinafter referred to as
the COMPANY) on the one part, and XXXXXX XXXXXX (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 1st day of
February, 1995 and can be terminated by either Party by giving to the other
Party six months notice in writing.
2. POWERS AND DUTIES. The Company has employed the Employee to serve as CHIEF
FINANCIAL OFFICER/EXECUTIVE VICE PRESIDENT. The Employee in this position
will report to the Chief Exeuctive Officer. 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/her by the
Company and shall comply with all reasonable direction from time to time
given to him/her 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
London, UK. 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/her employment hereunder or thereafter use to the
detriment or prejudice of the Company or (except in the proper course of
his/her 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/her knowledge during his/her 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/her 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/her 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/her or
have come into his/her possession in the course of his/her 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/her services during his/her employment hereunder a basic salary at the
rate of (Pounds)65,000 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 the right 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/her 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 to be established for the Company.
(b) VISITS TO NORWAY. The Company will pay for two return tickets to
Norway for the Employee and wife. The trips will be combined with business
when possible.
(c) RELOCATION. The Company will pay moving costs for the Employee when
going back to Oslo.
(d) NEXT WORK LOCATION. The Employee will work in London for another one
to two years, thereafter, he will be given the opportunity to work in
Asker, Norway.
(e) TELEPHONE/FACSIMILE. The Company will pay for home telephone, mobile
phone, and home facsimile on behalf of the Employee.
(f) NEWSPAPERS. The Company will pay for two daily newspapers.
(g) MEMBERSHIP IN PROFESSIONAL ORGANISATIONS/CLUBS. The Company will pay
membership fees in professional organisations/Clubs up to a maximum annual
cost of US$750.
(h) HOUSING. The Company will, as long as the employee is working in
London, pay house rent up to a maximum of GB(Pounds)1,600 per month. The
amount to be escalated annually in line with the retail price index
(minimum 3% maximum 7%).
/s/ Xxxxxxx Xxxxxx London 12.5.95
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Signature/Company Place and Date
/s/ Xxxxxx Xxxxxx London 23.4.95
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Signature/Employee Place and Date
