EXHIBIT 10
9 September 1997
Raz Xxxxxxxxx
00 Xxxxxxx Xxxxxx
Dear Raz:
This letter confirms the terms under which you have been and will be employed by
Ampal Industries (Israel) Limited on a part time basis. The terms of this
letter agreement shall be effective for all purposes as of 1 January 1997.
1. You will be an employee of Ampal Industries (Israel) Limited and will
devote not less than 50% of your business time to Ampal related matters.
Your work will involve strategic planning matters, review of new and
existing investments and such other matters as you and the Chief Executive
Officer of Ampal-American Israel Corporation ("Ampal US") determine to be
appropriate.
2. As compensation for your services, you will receive a salary of
US$100,000 per annum, payable in the equivalent in NIS and subject to all
required income tax withholding. Social benefits, as required by law and
as agreed to between you and the Chief Executive Officer shall be in
addition to this salary. You will be also be entitled to reimbursement of
all expenses incurred by you in connection with your employment and work
for Ampal, subject to documentation in accordance with the customary
policies of the company, and for reimbursement of your automobile expenses.
3. Your status as an employee of Ampal Industries (Israel) Limited may be
terminated at any time by you or by Ampal (subject to the approval of the
Executive Committee of the Board of Directors of Ampal US) on not less than
30 days prior notice. The terms of this agreement may be amended by mutual
agreement of you and the company provided such amendment is approved by the
Executive Committee of the Board of Directors of Ampal US and by the
Related Party Committee of the Board of Directors of Ampal US.
2
Please sign the enclosed copy of this letter to confirm your agreement to the
foregoing.
Very truly yours,
Ampal Industries (Israel) Limited
By: /s/ Xxxxxxxx Xxxxxxxx
----------------------------
Accepted and agreed to:
/s/ Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx
