EMPLOYMENT CONTRACT
Exhibit 10.4
EMPLOYMENT CONTRACT
THIS EMPLOYMENT AGREEMENT is made this 01st day of AUGUST, 2022, (the Effective Date”), between MANADR PTE LTD, (hereinafter referred to as “Employer”, or the Company), having a principal place of business at 0 Xxxxxxx Xxxxx, #00 - 00 / 00, Xxxxxx Xxxxxxxx, Xxxxxxxxx 000000 and XXXX XXXX XXXX (hereinafter referred to as “Employee”) who resides in . In consideration of the mutual covenants contained in this Agreement, the Employer and the Employee hereby agree as follows:
1. | Term of Employment. |
A. | Employer employs Employee and Employee accepts employment with the Employer for a period of twelve (12) months beginning on the 01 day of AUGUST, 2022; however, this Agreement may be terminated earlier as provided elsewhere in this Agreement. This Agreement shall be automatically renewed yearly beyond the period herein identified for an additional period of up to three (3) years, beyond which the terms and conditions herein may be subjected to changes as set by the company. |
2. | Duties of Employee. |
A. | Employee is employed as the Company’s FINANCIAL CONTROLLER. |
B. | Employee shall perform the duties and responsibilities customarily assigned to a company’s FINANCIAL CONTROLLER and as set forth in Exhibit A of this agreement. Employee shall report to and be subject to the direction and control of the CEO and COO of MANADR PTE LTD. |
C. | Employee shall devote a reasonable amount of his productive time, ability, and attention to the business of Employer during the term of this contract. |
3. | Compensation of Employee. |
B. | Quarterly Incentive. As additional compensation, the Employer agrees to pay to the Employee, Performance Incentives in accordance with the Performance Incentive Plan set forth on Table 2, attached. The computation as determined by the firm shall be final and conclusive for such purposes on both the Employer and the Employee. Refer Employee Incentive Plan 2023 v1, Table 1. |
C. | Six Monthly Incentive. Employee is eligible to receive a cash incentive based upon individual and company performance as determined by the Employer in its sole discretion. The incentive will be earned on six monthly basis, and paid sixty (60) days after the closing of the quarter. To determine the incentive, the Employer will use the following criteria, to arrive at their decision; increase in revenue, earnings, cash flow, debt reduction; economic value added, return on net assets, return on stockholders’ equity, return on assets, return on capital, stockholder returns, return on sales, gross or net profit margin, productivity, expense, margins, operating efficiency, objective measures of customer satisfaction, working capital, financing, earnings per share, market share, inventory turns, acquisitions or strategic transactions, or other means of bringing additional value to the Employer. Refer Employee Incentive Plan 2023 v1, Table 1. |
E. | Annual Wage Supplement (AWS). Employer, in its sole discretion, may pay Employee an AWS, in such amount and under such terms and conditions as it determines to be appropriate and in the best interest of the Company. The AWS to be paid under this Agreement shall be determined in accordance to completion of twelve (12) months’ service on 31st December from the start date of the Employee employment. The actual quantum of the AWS will also depend on the performance of the Company. Employee will not be entitled to AWS if he/she is serving his/her notice of resignation. Refer Employee Incentive Plan 2023 v1, Table 1. |
4. | Confidential Information. |
B. | Confidential Information means and includes all oral, written and/or tangible information relating to the business, products, affairs, performance and finances of the Company, which for the time being is confidential, proprietary to it and/or not generally available to the public or treated by it as such and including, but not limited to, information relating in whole or in part to trade secrets, present and future products, services, business plans and strategies, marketing ideas and concepts, especially with respect to unannounced products and services, present and future product plans, pricing, volume estimates, financial data, product enhancement information, business plans, marketing plans, sales strategies, customer information (including customers’ Confidential applications and environments), market testing information, development plans, specifications, customer requirements, designs, plans or other technical and business information. |
C. | Intellectual Property includes ideas, concepts, creations, discoveries, inventions, improvements, know how, trade or business secrets ; trademarks, service marks, designs, utility models, tools, devices, models, methods, procedures, processes, systems, principles, algorithms, works of authorship, flowcharts, drawings, books, papers, models, sketches, formulas, teaching techniques, electronic codes, proprietary techniques, research projects, and other confidential and proprietary information, computer programming code, databases, software, programs, data, documents, instruction manuals, records, memoranda, notes, user guides; in either printed or machine- readable form, the whether or not copyrightable or patentable, or any written or verbal instruction or comments. |
5. | Non-Competition and Other Restrictive Covenants. |
6. | Termination. |
A. | Termination With Notice. During the period of employment, if either party decides to terminate this employment agreement, with or without cause, the period of notice of termination shall be ninety (90) days, or pay in lieu of notice of termination. |
a. | Previously possessed related knowledge, competency, qualifications, behaviour and biography declared either by documentation or orally, during the course of the employment evaluation leading to final employment, concealed false information; | |
b. | Refusal to perform duties assigned, or disobedience of orders and directives issued to the Employee; | |
c. | Violation of any rule or regulation of which the Employee has notice and that may be established from time to time for the conduct of the Company’s business; | |
d. | Unlawful misconduct by the Employee, including, without limitation, the commission of an act of fraud or embezzlement against the Company or commission of a crime involving moral turpitude; |
e. | Consistent wilful misconduct or negligence in performing of the Employee’s duties; | |
f. | Engaged in conduct materially detrimental to the business of the Employer; | |
g. | Breach of fiduciary duty in connection with the Employee’s employment with the Company; | |
h. | Being absent or being unable to perform the Employee’s duties and alleging ill-health as the cause thereof, the Employee shall refuse to medical practitioner nominated by the Company to examine the Employee or shall fail to give to such medical practitioner the information necessary to report upon the Employee’s state of health; | |
i. | Breach of any of the provision of this Agreement. |
C. | In the event of the bankruptcy or insolvency of Employer, this Agreement and all the obligations of either party hereunder shall terminate. |
7. | Miscellaneous. |
F. | Stock Option. Refer MHNS Employee Incentive Plan for Stock Options. |
H. | Waiver. Waiver by either party of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent breach hereof. |
SIGNED by
/s/ Xxxxxx Xxxx Xxx Xxx | ||
Name: | Xx Xxxxxx Xxxx Xxx Xxx | |
Designation: | Co-CEO | |
FOR AND ON BEHALF OF MANADR PTE LTD |
/s/ Xxxx Xxxx Xxxx | ||
EMPLOYEE | ||
Name: | Xxxx Xxxx Xxxx | |
NRIC: |
1st July 2023
Xxxx Xxxx Xxxx
[Address]
Dear Xxxx Xxxx
LETTER OF PROMOTION
We are pleased to inform you that you have been promoted to Chief Financial Officer (CFO) with effect from 1st July 2023.
All other terms and conditions of employment remain unchanged, unless otherwise specified by the Company.
Thank you for your dedication and contribution to the company. We trust that you will continue to serve the company with diligence. Keep up the good work!
Yours sincerely
/s/ Xxxxxx Xxxx | |
Xx Xxxxxx Xxxx COO, Manadr Pte Ltd |