Exhibit 10(25)
This Contract of Employment is made 5 day of May 1997 by and between FOUNTAIN
OIL NORWAY A/S, a Norwegian registered company (hereinafter referred to as the
Company) on the one part and RUNE XXXXXXX (hereinafter referred to as the
Employee) on the other part.
Whereas the Parties have agreed as follows:
EMPLOYMENT: The Employee is employed as Vice President, Finance.
The Employee will carry out such work, as directed by the
Management of the Company, and which is within the Company's
normal business activities and within the qualifications of
the Employee. A Job Description will be written for the
position outlining the major responsibilities and duties.
STARTING DATE/ The Employee started employment 5 May, 1997.
TRIAL PERIOD/
PERIOD OF NOTICE: The trial period is three months from starting date of
employment. During the trial period this Contract can be
terminated by either Party giving 14 days' notice in writing.
The Company may prolong the trial period, if the Employee has
been absent from work during the trial period. In such a case
the Employee must be notified in writing about the
prolongation prior to the end of the trial period.
After the trial period the employment is terminable by either
Party giving six (6) months notice in writing from the end of
a calendar month. In addition, the rules in the Working
Environment Act (S)58, section 3 and 4 will apply.
TRAVEL: The Employee agrees to make any business travel in Norway and
abroad which is necessary for the execution of the
employment. The Company shall reimburse the Employee all
reasonable expenses according to corporate travel policy.
PLACE OF WORK: The permanent working place is at the Company's offices in
Asker. The Employee may periodically, or on a part time
basis, be engaged at one of the Company's offices abroad or
at the office of a partner company. The Company will
endeavour to accommodate the Employee's wishes as far as is
practicable in this respect. If the Employee is seconded to
an assignment abroad, a separate contract will be made to
cover the assignment.
WORKING HOURS: The normal working hours are 37,5 hours per week plus lunch.
Lunch hours are not paid for.
LOYALTY AND The Employee must under all circumstances act in a loyal
PROFESSIONAL way towards the Company. He/she must not take employment
SECRECY: with, assist or run businesses which compete directly or
indirectly with the activities of the Company. Nor must the
Employee receive benefits from the Company's customers or
their business relations, except for benefits of trifling
value, without the Company's explicit consent.
Information which may be harmful to the Company commercially
or otherwise must not in any way be communicated to
outsiders, neither before nor after termination of the
employment. The same applies with regard to the Company's
customers and other business relations.
The Employee shall promptly, whenever required by the Company
(and in any event upon the termination of the 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 the Employee or have
come into his/her possession in the course of the 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.
COMPANY The Employee shall at all times give to the Company all
INFORMATION: such information and explanations as it may reasonably
require in connection with matters relating to his/her
employment hereunder or relating to the business of the
Company.
REMUNERATION: The Company shall pay the Employee a salary, which at the
starting date is at an annual rate of NOK950.000,- with
NOK79.167,- to be paid on the 20th each month. The Employee
is not entitled to overtime payment. The salary shall be
reviewed annually at 1 May.
The Company is entitled to make deductions in salary and
other benefits as well as vacation pay in case of wrongful
payments of salary, vacation pay and other benefits, and in
case of loans and disbursements in favour of the Employee.
The Company will, with effect from starting date/according to
corporate policy, pay for a pension/insurance package at the
cost of 12.5% of basic salary (excluding any overtime, bonus
etc.) less personal tax and the Company's payroll tax. The
Company will determine the Group policies to be entered into,
bearing in mind that the package should include necessary
local coverage. Within the above framework, the Employee is
free to decide how the remainder is to be used on
pension/life insurance/income protection/private health care
and accident insurance. The Company reserves the right to
review and change the 12.5% contribution every third year.
VACATION: The Employee's right to vacation and vacation pay as well as
the rules for determining the time of vacation is regulated
by the Norwegian Vacation Act, 1988.
SPECIAL TERMS: According to corporate policy, the Employee shall be entitled
to the following:
Bonus Scheme. The Employee will be eligible to participate in
the Management bonus Scheme and Share option Scheme, which
may be in effect for the Company.
Telephone/facsimile. The Company will reimburse the Employee
upon production of paid receipts the costs related to home
telephone, mobile phone and home facsimile.
Newspapers. The Company will reimburse the Employee upon
production of paid receipts the cost of 2 daily newspapers.
Credit Card Fees. The Company will reimburse the Employee the
annual fee for 2 credit cards upon production of paid
receipts.
Membership in Professional Organization/Clubs. The Company
will pay for membership fees up to USD750,- per year in
professional and social clubs, that can and will improve the
business in relation to the employment.
MISCELLANEOUS: The Company's Personnel Handbook and the prevailing Work
Regulations with subsequent amendments should be read in
conjunction with this Contract.
DISPUTES: This Contract shall be governed by and construed in
accordance with Norwegian Law.
This contract is issued in two identical copies, whereof each Party keeps a
copy.
Asker, 5 May, 1997
Fountain Oil Norway AS
/s/Xxxx X. Trulsvik /s/Rune Xxxxxxx
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Signature/Company Signature/Employee
