Exhibit 10(8)
FOUNTAIN OIL INCORPORATED
RESTATED EMPLOYMENT CONTRACT
This contract, as amended and restated, is made the 1st day of September, 1994.
and FOUNTAIN OIL INCORPORATED, a Delaware, USA registered company (hereinafter
referred to as the COMPANY) on the one part and XXXX X. TRULSVIK (hereinafter
referred to as the EMPLOYEE) on the other part.
Whereas the Parties have agreed as follows:
PERIOD/ This agreement commences 1st day of September, 1994 and
TERMINATION OF terminates on the 31st day of July, 1998.
EMPLOYMENT
POWERS AND The Company has employed the Employee to serve as PRESIDENT
DUTIES AND CHIEF EXECUTIVE OFFICER. The Employee in this position
will report to the Board. 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.
WORK LOCATION The Employee will be located at the Company's office in
Asker. 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.
CONFIDENTIAL The Employee shall not either during the continuance of
INFORMATION 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 The Employee shall at all times promptly give to the Company
INFORMATION 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 The Employee shall promptly whenever required by the Company
DOCUMENTS, ETC. (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.
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 NOK1,000,000 per annum.
Such salary as above shall be paid by equal monthly
instalments. 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 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 that
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 all rights to review the 12.5%
contribution every 3 years.
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.
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.
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.
SPECIAL TERMS (a) BONUS SCHEME. The Employee will participate in the
management bonus scheme and share option scheme, to be
established for the Company.
(b) TELEPHONE/FACSIMILE. The Company will pay for home
telephone, mobile phone and home facsimile on behalf of the
Employee.
(c) NEWSPAPERS. The Company will pay for two daily
newspapers.
(d) CREDIT CARD FEES. The Company will pay annual fees for
two credit cards.
(e) MEMBERSHIP IN PROFESSIONAL ORGANISATIONS/CLUBS. The
Company will pay membership fees in professional
organisations/clubs up to a maximum annual cost of
USD750.
/s/Einar Bandlien Asker 28.1.98
-------------------------- --------------
Signature/Company Place and Date
/s/Xxxx X. Trulsvik Asker 28.1.98
-------------------------- --------------
Signature/Employee Place and Date
