Secondment Agreement
Exhibit
10.44
PureDepth
Incorporated
Limited
PARTIES
|
The
parties to this Agreement are Xxxx Xxxx (“Employee”) and PureDepth Incorporated
Limited (a company duly incorporated in New Zealand), (“PureDepth
NZ”).
BACKGROUND
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A.
|
The
parties acknowledge that the Employee is employed as Chief Executive
Officer by PureDepth, Inc., a corporation organised and existing under the
laws of Delaware in the United States of America (“PureDepth,
Inc.”). PureDepth NZ is an indirect, wholly-owned subsidiary of
PureDepth Inc. PureDepth NZ is predominantly responsible for
research and development of products, control of manufacturing processes
and market evaluations for PureDepth,
Inc.
|
B.
|
PureDepth,
Inc. and the Employee are party to an Employment Agreement with an
effective date of 27 August 2008 (“Master Employment
Agreement”).
|
C.
|
As
part of his role as Chief Executive Officer of PureDepth, Inc., the
Employee is to be seconded to PureDepth NZ for periods of
time. During such secondments, the Employee will continue to be
employed by PureDepth, Inc., but certain conditions under the Master
Employment Agreement will be suspended for the duration of the
secondment.
|
D.
|
This
Agreement contains the terms and conditions which apply to the Employee
during a secondment, and will be considered to be a fixed term employment
agreement under New Zealand law.
|
1.
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Variation
|
1.1
|
If
the parties agree to make changes to this Agreement it will need to be
done in writing.
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2.
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Position
and Duties
|
2.1
|
During
a secondment, the Employee’s position is Chief Executive Officer of
PureDepth NZ. The title may only be changed with the agreement
of the Employee. The duties in relation to PureDepth NZ will be
as set out in the First Schedule to this Agreement. PureDepth
NZ may need to amend or alter these duties from time to time to reflect
changing requirements but will consult the Employee before doing
so. In addition the Employee will be required to carry out
duties not specified in the position description but consistent with the
Employee’s role.
|
2.2
|
During
a secondment, the Employee’s employment will be based at the place set out
in the Second Schedule to this Agreement. The Employee may, as a
reasonable incident of the work, be required to work in other
locations.
|
3.
|
Fixed
Term Employment
|
3.1
|
This
secondment is for a fixed period, and will come to an end in accordance
with this Agreement. When this secondment comes to an
end, the Employee’s fixed term employment with PureDepth NZ will come to
an end, and all terms of the Master Employment Agreement will continue in
force.
|
2
3.2
|
The
secondment and therefore employment with PureDepth NZ is for a limited
duration as the purpose of the secondment is for the Employee to
personally oversee the implementation of the business plan determined by
the Board until the 12 month milestone ending on 31 January
2010.
|
3.3
|
The
secondment and therefore employment with PureDepth NZ will expire on
31 January 2010.
|
3.4
|
Nothing
within this Agreement prevents the Board of PureDepth, Inc. from
immediately requiring the Employee to attend to or give priority to his
obligations as Chief Executive Officer of PureDepth, Inc. If
the Board of Directors of PureDepth, Inc. and the Employee mutually agree
that the Employee is to be permanently repatriated to the United States of
America (or elsewhere) to carry out his role as Chief Executive Officer of
PureDepth Inc., the secondment, and this Agreement will come to an
immediate end.
|
3.5
|
The
parties acknowledge that this secondment is dependent on the Employee
remaining employed as Chief Executive Officer of PureDepth, Inc., subject
to the Master Employment Agreement. If, for any reason, the
Employee’s employment with PureDepth, Inc. is terminated under clause 8 of
the Master Employment Agreement, the secondment, and this fixed term
agreement, will come to an immediate
end.
|
3.6
|
Nothing
in this Agreement shall prevent the parties, at or before the expiry of
the agreement, from varying any of its terms, or from entering into a
subsequent employment agreement provided however that nothing in this
clause or elsewhere in this Agreement should be interpreted or understood
to give the Employee any expectation that this Agreement will be renewed,
or that any subsequent agreement will be entered
into.
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4.
|
Obligations
|
4.1
|
PureDepth
NZ will act in good faith towards the Employee, providing fair
and proper treatment in all aspects
of employment.
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4.2
|
The
Employee agrees to carry out his responsibilities honestly and diligently
and to the best of his ability during normal working
hours.
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4.3
|
The
Employee agrees not to make any statement or take any actions at any time
which are intended to or likely to adversely affect PureDepth NZ’s
business or reputation, or those of its related
companies.
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4.4
|
The
Employee will be required to comply with PureDepth NZ’s rules, policies
and procedures which may be change from time to time. PureDepth NZ will
consult with the Employee before any such changes are made, where
practicable.
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5.
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Hours
of Work
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5.1
|
The
Employee’s minimum hours of work shall be not less than 40 hours per week
to be worked on any days of the week but usually Monday to
Friday. Additional hours shall be worked from time to time as
required by PureDepth NZ in order to meet the demands of the
position.
|
3
5.2
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Rest
periods and meal breaks shall be as agreed but shall be consistent with
the service requirements of the business as determined by PureDepth
NZ.
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6.
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Remuneration
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6.1
|
During
the period of the Secondment, the Employee shall receive the Base Salary
as set out in the Second Schedule (“Salary”), and any bonus due to the
Employee pursuant to the Master Employment Agreement
(“Bonus”). The Salary and any proportion of the Bonus,
attributable to the Employee’s work while in New Zealand, are together
referred to as “Pay”.
|
6.2
|
PureDepth,
Inc. will pay via Administaff, on behalf of PureDepth Incorporated
Limited, the net Salary into the employee’s current nominated United
States bank account, after any Federal tax deductions and/or State tax
deductions on the same withholding tax basis that has been applied under
the Master Employment Agreement from 27 August 2008 and will pay any
Bonus, when and if it falls due, on the same
basis.
|
6.3
|
PureDepth
Incorporated Limited will submit to the Inland Revenue in New Zealand
source deductions required in New Zealand for the employee’s
.
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6.4
|
The
parties and PureDepth, Inc. recognise that the Employee has tax obligation
in New Zealand and the United States, and will take such steps that are
required of each of them to ensure
that:
|
6.4.1.1
|
any
tax paid in New Zealand in respect of the Pay of the Employee is applied
to and set off against his United States tax Federal and/or State
obligations at the end of each United States tax year;
and
|
6.4.1.2
|
the
net pay (including Pay and any other taxable payment or taxable benefit
pursuant to the Master Employment Agreement) after all taxes paid in New
Zealand and the United States is, following the application of tax paid
referred to in clause 6.4.1.1, the same amount as if the Employee was only
employed in and only a tax resident of the United States. This
may require a party or PureDepth, Inc. to make a payment to the another
party or PureDepth, Inc.
|
6.5
|
The
purpose of provisions 6.2 to 6.4 is to ensure that the Employee receives
no more and no less than the net pay that the Employee would have
received had the Employee only worked in and only been a tax
resident in the United States.
|
6.6
|
For
the avoidance of doubt, the parties acknowledge that Clauses 4.1 (Base
Salary) and Clause 5 (Customary Fringe Benefits) of the Master Employment
Agreement shall be suspended during the term of this Secondment
Agreement. Clauses 4.2 (Performance-Based Compensation Bonus)
and 4.3 (Options) of the Master Employment Agreement will continue to
apply during the secondment.
|
6.7
|
PureDepth
NZ will provide medical insurance to the Employee while in New
Zealand.
|
4
6.8
|
PureDepth
NZ will reimburse the Employee for all actual and reasonable out of pocket
expenses approved by PureDepth NZ and incurred in the discharge of the
Employee’s duties and responsibilities. Receipts and supporting
vouchers may be required. The Employee will be reimbursed mileage where
appropriate at the rate prescribed by PureDepth NZ’s policy, which may be
altered from time to time. For the duration of the secondment,
Clause 6 (Business Expenses) of the Master Employment Agreement will be
suspended.
|
6.9
|
The
remuneration and additional employment benefits provided under this
Agreement shall be deemed to fully compensate the Employee for all time
worked and duties performed under this
Agreement.
|
6.10
|
The
Employee agrees that deductions may be made from his remuneration for any
time lost through default, sickness or bereavement (where there is no sick
leave or bereavement leave available), or agreed leave without pay, or in
instances of overpayment. Any other deductions, other than
statutory matters such as income tax debts, will require the
Employee’s specific written
approval.
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6.11
|
On
termination, PureDepth NZ will pay the Employee any outstanding monies
without undue delay. If the Employee owes any debts to
PureDepth NZ at the time of termination, the Employee consents to such
debts being deducted from any final pay
owing.
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7.
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Relocation
|
7.1
|
PureDepth
NZ will provide furnished accommodation and a late model lease vehicle for
the duration of the secondment to a standard reasonably commensurate with
the position.
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8.
|
Public
Holidays
|
8.1
|
During
the term of the secondment, the parties will observe public holidays in
accordance with the Xxxxxxxx Xxx 0000 and its amendments. For
the purpose of this clause, public holidays shall be New Years Day, Second
Day of January, Waitangi Day, Good Friday, Easter Monday, ANZAC Day,
Queen’s Birthday, Labour Day, Christmas Day, Boxing Day and the
appropriate provincial Anniversary
Day.
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8.2
|
Due
to the nature of the role the Employee may occasionally be required to
work on these days. Where the Employee is required by to work on a public
holiday and that day is one of the Employee’s usual working days, the
Employee will be paid relevant daily pay for the time actually worked plus
half that amount again, and in addition a paid alternative day holiday
will be able to be taken.
|
8.3
|
When
the Employee takes an alternative holiday, the Employee will be paid
relevant daily pay for the day which is taken as the alternative
holiday.
|
9.
|
Annual
Leave
|
9.1
|
The
Employee is entitled to accrue paid annual holiday in accordance with the
Xxxxxxxx Xxx 0000, and as provided in the Second
Schedule. For the avoidance of doubt this holiday
is in substitution for and not additional to the “paid vacation” referred
to within clause 5 of the Master Employment
Agreement.
|
5
9.2
|
Annual
Leave is to be taken in accordance with PureDepth NZ’s leave policy, and
to be taken at times which will not unreasonably impinge upon the
performance of the Employee’s duties and responsibilities under this
Agreement.
|
9.3
|
As
PureDepth NZ’s offices may close over the Christmas / New Year period, the
Employee may be required to take a portion of leave during this
time. PureDepth NZ will notify the Employee each year what days
this involves.
|
9.4
|
In
the event of termination of employment, outstanding annual leave will be
paid to you.
|
9.5
|
For
the avoidance of doubt, the paid vacation referred to in Clause 5
(Customary Fringe Benefits) of the Master Employment Agreement shall not
apply during the secondment.
|
9.6
|
For
the avoidance of doubt, nothing in this clause shall be taken or
understood as implying that the secondment or the fixed term employment
shall continue for longer than the term described in Clause 3 of this
Agreement.
|
10.
|
Entitlement
to Sick Leave and Bereavement
Leave
|
10.1
|
After
his first six months of current continuous service, the Employee will be
entitled to sick leave and bereavement leave as provided for in this
Agreement, at a rate equivalent to what the Employee would have been paid
had he worked on that day.
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10.2
|
The
Employee must notify PureDepth NZ if he intends to take sick leave or
bereavement leave as early as possible on the day he is intending to take
as sick leave or bereavement leave.
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11.
|
Sick
Leave
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11.1
|
The
Employee may take up to 5 days sick leave for each 12 months following his
first six months of current continuous service if the Employee, Employee’s
spouse (including de facto partner) or any person who depends on the
Employee for care is sick or
injured.
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11.2
|
In
certain circumstances, the Employee may be required to produce proof of
sickness or injury.
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11.3
|
The
Employee is not entitled to be paid for any sick leave that has not been
taken before his employment with PureDepth NZ
ends.
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12.
|
Bereavement
Leave
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12.1
|
The
Employee may take up to 3 days bereavement leave on the death of a spouse,
parent, child, brother or sister, grandparent, grandchild or spouse’s
parent.
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12.2
|
The
Employee make take 1 day of bereavement leave on the death of any other
person if PureDepth NZ accepts that the Employee has suffered a
bereavement.
|
6
13.
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Parental
Leave
|
13.1
|
PureDepth
NZ applies the standard provisions of the Parental Leave and Employment
Protection Xxx 0000 in respect of parental
leave.
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14.
|
Jury
Service
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14.1
|
Where
the Employee is required to undertake Jury Service, the difference between
the fees (excluding reimbursing payments) paid by the Court and the
Employee’s normal pay for the period shall be made by PureDepth NZ for a
maximum of up to five days jury service in any one year, provided that the
Employee returns to work immediately on any day not actually spent serving
on a jury, and further provided that the Employee produces the Court
expenses voucher to PureDepth NZ.
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14.2
|
The
Employee should advise PureDepth NZ as soon as practicable if called for
jury service.
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15.
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Inventions
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15.1
|
Any
and all inventions, discoveries, developments and innovations in relation
to PureDepth NZ business concepts conceived by the Employee during the
term of this Agreement relative to his duties will be the absolute and
exclusive property of PureDepth NZ.
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15.2
|
By
entering into this Agreement, the Employee assigns all right, title, and
interest in the same to PureDepth
NZ.
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15.3
|
By
entry into this Agreement, any and all inventions, discoveries,
developments and innovations conceived, made or undertaken by the Employee
prior to the term of this Agreement and utilised by the Employee in
rendering duties to PureDepth NZ are licensed to PureDepth NZ for use in
its operations and for an infinite duration. This license is
non-exclusive, and may be assigned without the Employee’s prior written
approval by PureDepth NZ to a parent or related company of PureDepth
NZ.
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16.
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Confidentiality
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16.1
|
The
Employee acknowledges that, during the term of this Agreement, the
Employee will have access to and become acquainted with various trade
secrets, inventions, innovations, processes, information, records and
specifications owned or licensed by PureDepth NZ and/or its related
companies and/or used by PureDepth NZ or its related companies in
connection with the operation of the business including, without
limitation, PureDepth NZ’s product processes, methods, customer lists,
accounts and procedures ("Confidential
Information").
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16.2
|
The
Employee agrees that he will not disclose any Confidential Information,
directly or indirectly, or use any Confidential Information in any manner,
either during the term of this Agreement or at any time after the
termination of this Agreement (for whatever reason) except as required in
the course of this Agreement with PureDepth
NZ.
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16.3
|
All
files, records, documents, blueprints, specifications, information,
letters, notes, media lists, original artwork, creative work, programming
code, notebooks, and similar items relating to PureDepth NZ, whether
prepared by the Employee or otherwise coming into the Employee’s
possession, will also comprise Confidential Information and will
accordingly be the absolute and exclusive property of PureDepth
NZ.
|
7
16.4
|
The
Employee will not retain any copies of any Confidential Information
without PureDepth NZ’s prior written permission. Upon the
expiration or earlier termination of this Agreement, or whenever requested
by PureDepth NZ, the Employee will immediately deliver to PureDepth NZ all
such Confidential Information in the Employee’s possession or under the
Employee’s control.
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16.5
|
The
Employee further agrees that he will not disclose the terms of this
Agreement to any person, unless, prior to such disclosure and confirmed in
writing for the benefit of PureDepth NZ, the relevant person or entity has
agreed to confidentiality on the same
terms.
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16.6
|
For
the avoidance of doubt, the parties acknowledge that clause 10
(Confidentiality and Proprietary Right) of the Master Employment
Agreement, and the Confidentiality Agreement referred to in
that clause, continue to apply in their entirety during this
Agreement.
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17.
|
Conflicts
Of Interest
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17.1
|
The
Employee will not at any time during the term of this Agreement be
directly or indirectly interested, engaged or concerned in, or assist
financially or provide management duties to, any business the same as
PureDepth NZ (with the exception of PureDepth NZ’s related companies),
whether on the Employee’s own account or as a consultant to or a partner,
agent, trustee, employee, shareholder, member or director, or as
beneficiary under a trust, or in any other way whatsoever, without the
prior written consent of PureDepth
NZ.
|
17.2
|
For
the avoidance of doubt, the parties acknowledge that Clause 7 of the
Master Employment Agreement (No Conflict of Interest)continues to apply
during the term of this Agreement.
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18.
|
Right
To Injunction
|
18.1
|
The
parties to this Agreement acknowledge that the duties to be rendered by
the Employee and the rights and privileges granted to PureDepth NZ under
this Agreement are of a special, unique, unusual, and extraordinary
character which gives them a peculiar value, the loss of which cannot be
reasonably or adequately compensated by damages in any action at law, and
the breach by the Employee of any of the provisions of this Agreement will
cause PureDepth NZ irreparable injury and damage. The Employee
expressly agrees that PureDepth NZ will be entitled to injunctive and
other equitable relief in the event of, or to prevent a breach of any
provision of this Agreement by the Employee. Resort to such
equitable relief, however, will not be construed to be a waiver of any
other rights or remedies that PureDepth NZ may have for damages or
otherwise. The various rights and remedies of PureDepth NZ
under this Agreement or otherwise will be construed to be cumulative, and
no one of them will be exclusive of any other or of any right or remedy
allowed by law.
|
8
19.
|
Safety,
Health and Welfare
|
19.1
|
If
the Employee has any concerns about the safety of the workplace, PureDepth
NZ must be notified as soon as possible, and the parties will discuss ways
that PureDepth NZ can assist to eliminate, isolate, or minimise any
hazards.
|
20.
|
Termination
of Secondment and Fixed Term
Employment
|
20.1
|
Notwithstanding
the fixed term nature of this Agreement, in the event of termination of
this secondment during its term, the following conditions will
apply:
|
20.1.1
|
Where
notice is given by either party, it must be in writing and shall be the
period specified in the Second Schedule (except in the case for
redundancy) or less by mutual agreement. If the Employee does
not give the required notice the equivalent amount of salary will be
forfeited.
|
20.1.2
|
In
the event of serious misconduct or gross negligence, termination without
notice will occur. PureDepth NZ may suspend the Employee on pay
pending an investigation into any suspected serious misconduct or gross
negligence.
|
20.1.3
|
In
the event that the Employee is unable to properly perform his duties under
this Agreement by reason of ill-health, accident or otherwise , the
Employee acknowledges that the secondment, and therefore employment, may
be terminated.
|
20.2
|
Where
following notice given in accordance with this Agreement PureDepth NZ does
not require you to work out all or part of the notice period, your
employment will terminate at an earlier date nominated by us, in which
case payment in lieu of the balance of the original notice period will be
made. In this case the employment will be deemed to have ended
and all benefits under this Agreement to have ceased on the last day of
actual performance of work unless we have specifically agreed otherwise in
writing.
|
20.3
|
For
the avoidance of doubt, the parties agree that if this Secondment
Agreement is terminated, the Employee’s employment with PureDepth NZ will
terminate, and the terms of the Master Employment Agreement will continue
in force (unless and until the Master Employment Agreement is terminated
in accordance with its terms).
|
21.
|
Redundancy
|
21.1
|
Notwithstanding
the fixed term nature of this Agreement, if a redundancy situation occurs,
the following clauses shall apply.
|
21.2
|
Where,
either:
|
|
(a)
|
the
Employee’s position is no longer required,
or
|
|
(b)
|
the
Employee’s position or its requirements permanently change to such an
extent that the Employee is unable to fill the position in a manner
satisfactory to PureDepth NZ, then
|
|
one
month’s notice of termination of employment will be
given. PureDepth NZ will consult with the Employee with the
objective of exploring possible alternatives to redundancy. The Employee
will become redundant (with employment terminated) at the expiry of the
notice period or such earlier time where the Employer does not require
notice to be worked out unless the parties have both agreed on another
alternative.
|
9
21.3
|
In
any case of restructuring where PureDepth NZ’s business, or any part of
it, is sold or contracted out, PureDepth NZ will, during negotiations for
the sale or contracting out, raise with the third party the possibility of
offering the Employee ongoing employment, including consideration as to
whether the Employee may transfer on the same terms and conditions of
employment.
|
21.4
|
In
the event that the Employee’s employment is terminated for reasons of
redundancy, no redundancy compensation will be
paid.
|
21.5
|
For
the avoidance of doubt, when the Employee’s employment comes to an end by
operation of this fixed term agreement, this shall not constitute a
redundancy and the Employee will not be entitled to notice of
redundancy, or compensation.
|
22.
|
Employment
Relationship Problems
|
22.1
|
PureDepth
NZ will promote mediation as the primary problem solving mechanism under
this Agreement.
|
22.2
|
Employment
relationship problems include:
|
|
·
|
A
personal grievance
|
|
·
|
A
breach of this Agreement
|
|
·
|
A
dispute over the interpretation, application or operation of this
Agreement
|
|
·
|
Any
unfair bargaining which leads to this
Agreement
|
|
·
|
A
question about whether or not the Employee is an
employee
|
|
·
|
Arrears
of wages or holiday pay
|
|
·
|
Wrongful
suspension if the Employee is a non-striking
employee.
|
22.3
|
If
the Employee considers that he has an employment relationship problem he
should advise PureDepth NZ immediately of the existence and nature of the
problem and let PureDepth NZ know that the Employee wants
something done about it. If the problem is a personal grievance
this must be raised within 90 days of the action causing the
grievance. In some cases this time can be extended and in some
cases the Employee may wish to proceed under the Human Rights Xxx 0000
instead of the Employment Relations Xxx 0000. Once the Employee
has alerted PureDepth NZ to the existence of an employment
relationship problem, the Employee may, if necessary, clarify the nature
of the problem and the outcomes
sought.
|
22.4
|
The
parties will then attempt to resolve the matter together. If
the parties are unable to do so either party may request assistance from
the mediation service provided by the Department of Labour. If
the parties are still not able to resolve it, either is entitled to apply
to the Employment Relations Authority (or in certain circumstances the
Employment Court) to make a decision on the matter. If either
party is not happy with a decision of the Employment Relations Authority,
either party is entitled to apply to the Employment Court within 28 days
of that decision to have the matter heard
there.
|
23.
|
Misrepresentation
|
23.1
|
In
entering into this Agreement PureDepth NZ has relied upon the Employee’s
statements and representations in relation to skills, knowledge and
history. Should the Employee have provided PureDepth NZ with incorrect
information or failed to provide information when required, this may be
regarded as serious misconduct which could lead to
dismissal.
|
10
24.
|
Statutory
Provisions/Governing
Law
|
24.1
|
This
Agreement includes all terms implied by operation of law or incorporated
by statute or otherwise.
|
24.2
|
The
laws of New Zealand shall govern this
Agreement.
|
11
Acknowledgement
of Employee
By
signing this Agreement, the Employee agrees to accept the secondment, and
employment on the terms and conditions offered above and understands that those
terms become a fixed term employment agreement replacing and superseding all
previous contracts or agreements, save as is expressly provided.
The
Employee acknowledges that before signing this Agreement he was supplied a copy
of it and advised that he was entitled to seek independent advice about the
Agreement. The Employee also acknowledges that he was given a
reasonable opportunity to seek that advice.
The
Employee understands and acknowledges that this employment is for the period of
the secondment only, and that he has no expectation of ongoing employment with
PureDepth NZ beyond the term of this Agreement, as set out in clause
3.
The
Employee acknowledges that he has not been induced to enter into this Agreement
by oppressive means or undue influence or duress.
The
Employee also acknowledges that he will undertake to become fully
familiar with the rules, policies and procedures referred to in Clause 4of this
Agreement and accepts that he will observe them fully during the secondment and
employment.
Signed:
|
/s/
Xxxxxx X Xxxx
|
Date: 1/8/2009 |
Xxxx
Xxxx
|
Signed
for PureDepth
Incorporated Limited
/s/
Xxxx Xxxxx
|
Date: 1/8/2009 | |
Xxxx
Xxxxx - Director
|
12
First
Schedule
Position:
|
CHIEF
EXECUTIVE OFFICER
|
Reports
to:
|
The
Board of Directors
|
Responsible
to:
|
The
Board of Directors
|
Essential
Relationships:
|
The
Board of Directors, the Executive Management Team and the PureDepth Inc.,
including its Directors, shareholders and
employees.
|
Primary
Functions
Overall
responsibility for the strategy, operational management and profitability of
PureDepth NZ including but not limited to the following:-
·
|
Recommending to the Board the
business plan and implementing the business plan determined by the
Board of Directors;
|
·
|
Achieving performance targets as
agreed with the Board of Directors from time to
time;
|
·
|
Determining the organizational
design, resources, and skills required by the business plan; agree with
the Board and
implement;
|
·
|
Provide leadership to the senior
management and the
company;
|
·
|
Developing and maintaining
PureDepth NZ’s corporate
culture;
|
·
|
Taking appropriate steps to
further the commercial and financial market awareness of the company, it’s
products and services;
|
·
|
Determining the company’s cash
and funding requirements and agree with the Board the plan to
achieve;
|
·
|
Maintaining, recruiting, managing
and developing suitable staff to achieve PureDepth’s
objectives;
|
·
|
Ensure adequate control and
development processes are in place to support the business requirements
and audit/legal
requirements;
|
·
|
Ensuring
compliance with statutory reporting requirements as well as all applicable
laws;
|
·
|
Provide regular updates to the
Board on progress, issues, opportunities,
etc
|
13
Second
Schedule
1
|
Name
|
Xxxx
Xxxx
|
2
|
Date
of Commencement of this Agreement
|
1
January 2009
|
3
|
Termination
of this Agreement
|
As
set out in clauses 3, 20 and 21 of this Agreement
|
4
|
Usual
Place of Performance of Work
|
Auckland
|
5
|
Notice
|
One
month
|
6
|
Remuneration
|
Your
commencing base salary shall be the equivalent of US$250,000 per annum,
for the period of your fixed term employment (“Base
Salary”). This will be paid fortnightly by direct credit to
your nominated bank account.
|
7
|
Annual
leave
|
4
weeks per annum
|
8
|
Additional
Employment Benefits
|
Mobile
Phone
A
mobile phone will be provided primarily for business
use. Reasonable private use is permitted.
Internet
Connection
We
will reimburse you for the reasonable costs associated with maintaining a
broadband internet connection in your home for the purpose of accessing
our
server.
|
14