Exhibit 10(16)
FOUNTAIN OIL INCORPORATED
EMPLOYEE CONTRACT
This contract is made the 1st day of June, 1995 and FOUNTAIN OIL INCORPORATED,
a Delaware, USA registered company (hereinafter referred to as the COMPANY) on
the one part and Xxxxx X. Xxxxxx, (hereinafter referred to as the EMPLOYEE) on
the other part.
Whereas the parties have agreed as follows:
PERIOD/TERMINATION OF EMPLOYMENT
This agreement commences 1st day of June, 1995 and can be terminated by
either Party by giving to the other Party 2 month(s) notice in writing.
POWERS AND DUTIES
The company has employed the Employee to serve as Corporate Secretary. The
Employee in this position will report to Xxxxxx Xxxxxx functionally and
Xxxx Xxxxxx administratively. The Employee shall exercise such powers and
perform 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.
WORK LOCATION
The Employee will be located at the Company's offices in Houston, TX.
Transfer to another location and/or position within the Company and its
Branches could happen at a later stage. The Company will endeavor to
accommodate the Employees wishes as far as is practicable in this respect.
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.
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.
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 list 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 no be entitled to and shall not retain any
copy thereof. Title and copyright thereto shall vest in the Company.
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
$42,000.00 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 April 1, 1995, pay for a
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 $50,000 and (b) Income Protection with disability of
USD $500 per week, 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 (d)
Private Health Care and (e) Accident Insurance.
The Company reserves the right to review the 12.5% contribution every three
years.
EXPENSES
The Company shall reimburse the Employee a reasonable traveling, hotel,
entertainment and other our 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.
HOLIDAYS
In addition to Public holidays the Employee shall be entitled to 15 working
day holiday in every calendar year to be taken at such time or times as may
be approved by the Company.
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.
/s/ Xxxx Xxxxxx Houston 9/25/95
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Signature/Company Location and Date
/s/ Xxxxx X. Xxxxxx Houston 9/25/95
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Signature/Employee Location and Date
