Exhibit 10.7
EMPLOYMENT AGREEMENT
between
EAG Financial Informations XxxX, Xxxxxxx Xxxxxxx. 000-000, 60314 Frankfurt
am Main hereinafter referred to as the Company
and
Xx. Xxxxxx Tsirivakos, Lohrbergstr. 14, 64377 Maintal hereinafter
sometimes referred to as the Managing Director
The Company and Mr. Tsirivakos enter the following employment agreement:
Section 1. Responsibilities and duties
(1) Mr. Tsirivakos was appointed to the position of Managing
Director of shareholders' resolution of January 30, 1995. He
represents the Company in accordance with the Articles of
Incorporation and the directions given by the shareholders. He
represents the company severally.
(2) The Company may appoint further Managing Directors. The
shareholders determine and occasionally review the allocation of
duties between the Managing Directors.
(3) Mr. Tsirivakos manages the Company affairs in accordance with
applicable law, the Articles of Incorporation, the Company's
rules of procedure for the Managing Directors, if such rules
exist, and the directions of the shareholders.
(4) Mr. Tsirivakos is exempted from the restrictions of Section 181
BGB (German Civil Code).
Section 2. Additional Occupation
(1) Mr. Tsirivakos may pursue his independent occupation under the
firm name of Tsirivakos Software.
(2) Except for his occupation under Tsirivakos Software, Mr.
Tsirivakos shall dedicate his entire work efforts to the
company.
Section 3. Duration of contract, termination
(1) This agreement is effective on August 1, 1995.
(2) The Agreement is concluded for an indefinite period of time.
(3) This contract may be terminated by each party upon 3 months
notice to the end of a calendar year's quarter.
(4) Notice of termination must be given in writing. In the event
that Mr. Tsirivakos is not the sole Managing Director, notice of
termination may be given to the Company, otherwise notice must
be given to the shareholder with the highest propriety interest.
Notice of termination by the Company shall be effectuated in
writing by informing the Managing Director of the corresponding
shareholder resolution.
(5) After ordinary or extraordinary termination of this agreement,
regardless by which party, the company may with immediate effect
exempt Mr. Tsirivakos from his obligation to perform.
(6) Mr. Tsirivakos' appointment to Managing Director may be revoked
anytime by resolution of shareholders, without this affecting
any claims for compensation that Mr. Tsirivakos may have under
the contract. The revocation shall be deemed as termination to
the next applicable termination period.
Section 4. Compensation
The Managing Director shall receive a yearly salary of DM 108.000,00
before deductions. The yearly salary less legal deductions shall be
paid in 12 monthly rates at the end of each month.
Section 5. Continued payment of salary in case of illness or death
(1) In the event the Managing Director is prevented from performing
by reason of illness or other reasons for which he is not at
fault, he shall receive his salary without any deductions for a
period of 6 weeks. Notice of illness shall be given as required
by law.
(2) If Mr. Tsirivakos dies during the period of this agreement, his
widow and/or minor children shall receive the salary payments as
stated under Section 4 for a period of three months after the
month during which the death occurred.
Section 6. Reimbursements, Company Automobile
(1) The Company will reimburse the Managing Director for all
business expenses, such as travel expenses or others if they
were necessary and in the interest of the company, inasmuch as
individual proof of the expenses is provided.
(2) Mr. Tsirivakos is entitled to the use of a Company Automobile.
(3) The company is responsible for all expenses with regard to the
company car, such as taxes, insurance, cost of repairs, gas and
oil, except for the gas costs for private vacation trips outside
of Germany. The wage taxes resulting from the private use are
to be paid by Mr. Tsirivakos.
(4) The Managing Director's costs for private health insurance
covering himself and his minor children shall be reimbursed by
the company.
Section 7. Recreational vacation
(1) The Managing Director is entitled to vacation in accordance with
the law, but not less than 30 days a year.
(2) When planning a vacation, the Managing Director shall take into
consideration the urgency of work that needs to be done.
Vacation periods shall be agreed upon with the other Managing
Directors and shareholders. In any event the Managing Director
shall insure that the Company is afforded representation during
his absence.
(3) In the event, that the Managing Director is prevented from
taking his vacation because of contrary interests of the
Company, he may take the vacation within the first three months
of the following year. The claim for a precedent year expires
without compensation on the 31st of March.
Section 8. Confidentiality
(1) During and after the term of his employment, the Managing
Director shall not disclose to anyone business secrets,
disclosure of which may contrarily affect justified business
interests of the Company.
(2) The duty to confidentiality also includes information regarding
other firms of the group.
(3) The Managing Director acknowledges that he is to treat any
papers and documents and even his own notes as property of the
Company, and he is to hand them over to the Company when
requested, or when the employment ends.
(4) Any publications or speeches by the Managing Director require
prior consent of the Company.
(5) The duty to confidentiality includes the provision of this
agreement.
Section 9. Final Provisions
(1) Modifications and supplementations of this agreement must be in
writing.
(2) Place of performance and Venue shall be at the place of business
of the Company.
(3) If a provision of this agreement is invalid, the validity of the
remainder of the agreement shall not be affected thereby. The
parties shall replace the invalid provision with a provision
that as closely as possible achieves the business purpose of the
invalid provision.
Place Frankfurt Date 01 August 1995
/s/Xxxxxx Xxxxxxxx
For EAG GmbH and the shareholder
EAG EuroAmerican Group Inc.
/s/Xxxxxx Tsirivakos
Xxxxxx Tsirivakos
