EMPLOYMENT CONTRACT
This Contract is made on this 15th day of March, 2007 between:
1. Averox FZ-LLC of X. X. Xxx 000000, Xxxxx, Xxxxxx Xxxx Xxxxxxxx (the
"Company")
2. Xxxxxx Xxxx, a British national, holder of Passport No. 000000000 of
United Kingdom (the "Employee")
WHEREAS
The Company and the Employee have agreed on the employment of the Employee by
the Company upon the terms and conditions set out below.
NOW THEREFORE THE PARTIES agree as follows:
1. Operative
The Company employs, and the Employee accepts employment with the Company,
to work for the Company in the Dubai Internet City in the Dubai
Technology, Electronic Commerce and Media Free Zone (the "Free Zone") as a
Senior Vice President Sales (the "Employment").
2. Remuneration
2.1 In consideration of the Employee undertaking the Employment for the
Company, the Company shall pay the Employee as follows:
2.1.1 a basic salary of Dirhams One Hundred & Twenty Thousand Only
(Dhs. 120,000/-) per day/month/year;
2.1.2 a housing allowance of Dirhams Sixty thousand Only (Dhs.
60,000) per month/year;
2.1.3 a transport/recreation/other allowance of Dirhams Thirty Nine
Thousand Only (Dhs. 39,000) per month/year;
2.2 The amount set out in Clauses 2.1, 2.2 and 2.3 above are
collectively referred to hereafter as the "Remuneration".
2.3 The Company shall pay the Employee the Remuneration in twelve (12)
equal instalments in arrears during the Employment.
3. Term
This Employment Contract shall be for a:
Unlimited period commencing on March 15th, 2007 (an "Unlimited Contract");
or
4. Probation
The Employee shall work under a probation period of Three (3) months
calculated as from the commencement date of this Employment Contract set
out in Clause 3 above (any probation period may not exceed six (6)
months). In the event of termination of the Employment during this
probationary period, the Employee will not be entitled to receive any end
of service benefits or other compensation whatsoever.
5. Holidays
The Employee is entitled to paid annual vacation of Twenty (20)
calendar/working days (subject to a minimum of thirty (30) calendar days).
The annual vacation period shall be calculated pro rata for any period of
less than a year provided the Employee has completed at least one year of
service.
6. Air Tickets
6.1 The Company shall provide a one-way air ticket to the Employee at
the termination of this Employment Contract to repatriate the
Employee to his place of origin.
6.2 The Company shall provide at least once a year during the term of
Employment a return air ticket to the Employee to his place of
origin.
7. Termination
7.1 A Limited Contract shall expire on the expiry date set out in Clause
3 above.
7.2 An Unlimited Contract shall be terminated on the provision by either
of the Company or the Employee of thirty (30) days' notice in
writing to the other.
7.3 The Company may dismiss the Employee without notice as provided for
in Articles 88 through 120 of the Labour Law.
8. Renewal
A Limited Contract will be renewed automatically should the Employee
continue the Employment after the expiry date set out in Clause 3 above
where the Company does not otherwise object and unless either the Company
or the Employee has given written notification to the other at least
thirty (30) days prior to the expiry date declining to renew the
Employment. Any employment under a Limited Contract renewed under this
Clause 8 shall be deemed to be an Unlimited Contract for any period of
renewal.
9. Governing Law
This Employment Contract and the Employment shall be governed by and
construed in accordance with the United Arab Emirates Federal Labour Law
for the Private Sector (being Federal Law No. 8 of 1980 as amended) unless
and until the Dubai Internet City puts into place any different rules and
regulations concerning employment in the Dubai Internet City.
10. Restraint of Trade
Upon the termination of this Employment, the Employee covenants and agrees
with the Company that the Employee will not work for a period of one (1)
year following termination of the Employment with any company that is a
direct competitor of the Company in the United Arab Emirates, or solicit
business from or contract business with any customer of the Company.
11. Targets & Goals
Your target is to generate $2 Million software sales or $3 Million network
or other products sales on 25% margins. If you achieve your targets
successfully Averox will pay you an OTE: US$150,000 per annum plus share
options as per company policy. For each quarter of every running fiscal
year Averox expects from you $ 0.65 to $1 Million sales of software and/or
other products. In case you fail to meet the expected quarterly targets,
Averox reserves the right to redefine or even seize the OTE promised with
you.
Signed By
/s/ Xxxxxx Xxxxxxx /s/ Xxxxxx Xxxx
------------------------------ ------------------------------
Averox FZ-LLC Xxxxxx Xxxx
(the "Company") (the "Employee")
Name: Xxxxxx Xxxxxxx
Title: Chairman of the
Board and Chief
Executive Officer,
(Principal Executive Officer)
