During the Employment the Executive shall receive as remuneration a basic salary at the rate of (pound)50,000 per annum to be paid by equal monthly installments on the last day of each calendar month. Any increase in remuneration shall be notified in writing to the Executive and the details thereof shall be entered in the table in Schedule 1 to the Company's signed copy of this Agreement and initialed by an officer of the Company.
During the Employment the Executive will not be employed by, affiliated with (except as the holder, directly or indirectly, of less than 5 per cent of the shares) work for, or render services similar to those which the Executive is involved during the Employment on behalf of, any firm or business organization that competes or is planning to compete with the Restricted Business, or render services to, or assist in any way, any competitor of the Group by working on or having any involvement with products or services that are similar to the Restricted Business.
During the Employment the Employee will work in a loyal and diligent manner for the Company and devote all care and skill to fulfilling the obligations under this Agreement as well as at all times promoting, observing and protecting the Company's interests and maintaining the Company's goodwill and not knowingly do or willingly permit to be done anything that may result in prejudice, loss or injury to the Company.
During the Employment. Period the Employee agrees to serve as President of Petromoly, except as may be modified by the written agreement of the parties hereto. In his capacity as President, Employee will have full control of, and be responsible for, the day to day operations of Petromoly and will perform such duties and responsibilities for Petromoly as may from time to time be assigned to him by the Board of Directors of Petromoly. Employee shall have supervision and responsibility for all areas of Petromoly, and shall report directly to the Chairman of the Board of Petromoly. Employee shall have no responsibility for payroll nor for the filing of any payroll tax return, nor for payment of any tax of any kind that may be due or payable by Petromoly or any of its divisions.
During the Employment the Company shall pay to the Executive a basic salary of CHF 250’000.-- per annum. Factors influencing the salary determination are the job requirements, the required educational background, experience, individual performance and the local labour market. You will be paid in thirteen (13) installments on a monthly basis. The 13th instalment will be paid together with the December salary or on a pro rata basis at the end of your employment contract. In addition, the Company shall pay to the Executive a lunch allowance of CHF 2’016.-- per annum. The lunch allowance will be paid in twelve (12) installments on a monthly basis. The monthly salary is paid in Swiss Francs, on or around the 27th at the end of each month into the Executive’s designated bank account.
During the Employment the Executive will not (without the written consent of the Board) remain or become a director of any corporation (which is not a Group Company), nor, subject to sub-clause 3.4 below, will be he be directly or indirectly engaged, concerned or interested in any other business, trade or occupation.
During the Employment the Employee shall forthwith disclose to the Employer all Works. The Employee acknowledges and agrees that it may not use the Works for any other purpose than for the Employment. The Employee represents that (i) the results (including Works) from the Employee’s Employment do not infringe upon third party intellectual property rights and/or (ii) its activities and the results (including Works) ensuing from its activities in the course of the Employment, are not (otherwise) unlawful vis-à-vis third parties.
During the Employment the Employee shall be provided with Company equipment as necessary for the performance of his duties, shall promptly report to the Company any loss of or damage to such Company equipment and shall return it upon request or immediately upon Termination.
During the Employment the Employee shall well, faithfully and diligently serve the Company and use his utmost endeavours to maintain, extend, develop and promote its interests, and shall (subject to holidays as hereinafter provided or unless prevented by ill-health) devote the whole of his time, attention and abilities during normal business hours to its affairs provided that he also attends to the business of the Company during such other hours as may reasonably be required for the proper discharge of his duties hereunder. Normal business hours are defined as eight hours per day.
During the Employment the Company shall pay to the Executive a salary at the rate of (pound)200,000 per year which shall accrue from day to day and be payable by equal monthly instalments in arrears on the last working day of each calendar month or on the first working day thereafter. Subject to Inland Revenue approval, to be sought as soon as possible, one quarter of the salary shall be paid to the Executive in the United Kingdom and shall have P A YE and Class 1 National Insurance Contributions deducted at source, and three quarters shall be payable in Switzerland. In the event that Inland Revenue approval is not obtained or is withdrawn the salary shall be paid to the Executive wholly in the United Kingdom and shall have P A YE and Class 1 National Insurance Contributions deducted at source. The salary shall be deemed to include any fees receivable by the Executive as a Director of the Company, or of any other company or unincorporated body in which he holds office as nominee or representative of the Company, if any.
