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EXHIBIT 10.7
[OZ LOGO]
OZ hf.
Snorrabraut 54
105 Reykjavik
EMPLOYMENT CONTRACT
OZ hf., Snorrabraut 54 Reykjavik, identification number 591291-3009 and Xxxxx
Xxxxxxx Xxxxxxxx, Miohusum 7, Kt. 010766-4519, hereinafter referred to as
employee, have agreed to the following employment contract:
A. SPECIAL TERMS
OZ hf. xxxxxx employs employee as Managing Director of OZ hf in Iceland and
Chief Operating Officer (COO) of XX.XXX in a full time 100% position. Employees
supervisor is the CEO of XX.XXX.
Monthly compensation will be ISK 750.000.
Employee has the right to purchase 200.000 shares of XX.XXX for the next 3 years
according to the Company's Employee Stock Option Plan.
Employee receives an automobile for personal use valued at ca. ISK 3.000.000 to
be leased by the Company.
In case of termination by the Company employee receives 6 months base salary.
All other benefits under this contract terminate as of date of termination.
The special terms of this chapter supersede the general terms of chapter B.
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Employment Contract
1. XXXX
Xxxxxxxxxxx xxxxxxxxxxx eru fost heildarlaun fyrir starfio og er pvi ekki
greitt serstaklega fyrir yfirvinnu eoa veittar serstakar uppbaetur, svo sem
orlofs- eoa desemberuppbot.
Laun skulu tekin til endurskoounar a 6 manaoa fresti, i januar og juli hvert ar,
og skal vio pa endurskooun taka mio af almennum launabreytingum svo sem
vegna kjarasamninga stettarfelaga eoa breytinga a visitolu.
Se einhverra hluta vegna, svo sem vio upphaf starfs, starfslok eoa vegna
launalauss leyfis, aoeins unnio hluta ur manuoi er greitt hlutfallslega mioao
vio fjolda unninna daga sem hlutfall af fjolda virkra daga i viokomandi manuoi.
Laun greioast manaoarlega eftir a, fyrsta virkan dag naesta manaoar. Starfsmaour
skal gefa OZ hf upplysingar um vioskiptareikning i bankastofnun sem laun skulu
leggjast inn a.
2. Vinnutimi
Vinnuskylda er ao lagmarki 40 klukkustundir a xxxx mioao vio 5 virka daga i
xxxx. Hlutfallslega par xx xxxx almennan fridag upp a virkum degi.
Almennir fridagar eru allir helgidagarpjookirkjunnar, sumardagurinn fyrsti,
1. mai, 17. juni og fyrsti manudagur i agust. Beri aofangadag og gamlarsdag upp
a virkan dag teljastpeir sem halfur fridagur hvor.
Vinnudagur skal hefjast fyrir kl. 10:00 ardegis og standa ao lagmarki til kl.
16:00 siodegis, enda se ekki serstaklega um annao samio vio yfirmann. A
timabilinu fra kl. 10:00 til 16:00 eru vioveruskylda a vinnustao ogpvi
porf a sampykki yfirmanns seporf a fjarveru apessum tima.
Oski yfirmaour eftir ao starfsmaour vinni lengur en til kl. 23 pannig ao
ekki naist ao lagmarki 11 xxxxxx hvild fyrir upphaf naesta vinnudags, ma
starfsmaour xxxxxx pvi ao hefja storf naesta dag par til 11 xxxxxx hvild
er nao.
Oski yfirmaour eftir ao starfsmaour vinni yfirvinnu, skal starfsmanni veittur
launaour fridagur fyrir hverjar 6 klukkustundir sem unnar eru umfram 50 xxxxxx
vinnuviku eoa hlutfallslega par xx xxxx fridag upp a virkum degi. pessir
fridagar skulu teknir i samraoi vio yfirmann.
Starfsmanni er skylt ao fylla skilmerkilega ut vinnuskyrslu fyrir hverja xxxx xx
xxxxx yfirmanni til staofestingar i upphafi naestu vinnuviku.
3. Matartimar
Matartimi i hadegi xxxx xxxx 1/2 klukkustund a timabilinu 12:00 til 13:00 og
telst xxxx til venjulegs vinnutima.
Vinni starfsmaour yfirvinnu fra kl. 18:00 til kl. 21:00 a xxxx xxxx
a 1/2 klukkustund i kvoldmat a timabilinu 19:00 til 20:00 og skal maturpa xxxx
tiltaekur a vinnustao.
4. Orlof
Xxxxx xxxx xxxx tveir xxxxx fyrir hvern unninn manuo a sioasta orlofsari og
reiknast halfur manuour eoa xxxxx xxxxx manuour, en skemmri timi telst ekki meo
Orlof skal avallt tekio i samraoi vio yfirmann.
Veikist starfsmaour i orlofi pao alvarlega xx xxxx geti ekki notio
orlofsins, skal xxxx a fyrsta degi, tilkynna OZ hf. um veikindin og hja hvaoa
laekni xxxx hyggst fa laeknisvottoro. Xxxx xxxx pao og standi veikindin
samfellt lengur en prja solarhringa, a starfsmaour rett a uppbotarorlofi
jafn xxxxxx xxxx og veikindin sannanlega voruou. Undir framangreindum
kringumstaeoum skal starfsmaour avallt faera sonnur a veikindi sin meo
laeknisvottoroi. OZ hf. a rett a ao lata laekni vitja starfsmanns er veikst
hefur i orlofi.
Faeoingarorlof allt ao 6 manuoum telst til unnins tima vio utreikning
orlofsrettar.
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Employment Contract
Ao ooru leyti fer um orlof skv. logum um orlof nr. 30/1987.
5. Serstakar skyldur
Starfsmaour skal sinna peim storfum sem yfirmaour felur honum.
An fyrirfram gefins sampykkis OZ hf skal starfsmanni i oheimilt ao starfa
hja oorum vinnuveitanda eoa ao oorum launuoum verkefnum.
I 6 manuoi frapvi ao raoningarsambandi vio OZ hf lykur er starfsmanni
oheimilt xx xxxxx eftir vioskiptum vio vioskiptavini OZ hf. eoa bjooa oorum
starfsmonnum OZ hf. storf annarsstaoar.
Oll gogn og upplysingar, i hvaoa formi sempaer kunna ao vera, svo sem
baekur, skyrslur, spjaldskrar, vinnugogn ofl., hvort sem eru a tolvutaeku formi
eoa ekki og vioskiptasambond sem starfsmaour aflar eoa kemst yfir i starfi sinu
hja OZ hf. eoa fyrirtaekjum i eigu OZ hf., eru eign OZ hf. eoa fyrirtaekja OZ
hf. og skulu skilinpar eftir ef starfsmaourinn haettir storfum. Starfsmenn
vio grafiska honnun skulupo eiga rett til eignareintaka af myndverkum sem
peir skapa i storfum sinum fyrir OZ hf. Notkun slikra eignareintaka skal
takmarkast vio einkasyningar og notkun til kynningar a eigin haefni,p.e. til
geymslu i ferilskra.
Starfsmaour skal xxxxx fyllstu pagmaelsku um hvaoeina xx xxxx verour askynja
um starfsemi OZ hf i starfi sinu. Pagnarskyldan gildir eins pott
raoningarsamband se ekki lengur fyrir hendi. Xxxxxxxxxxx er oheimilt ao tja sig
um malefni OZ hf., starfsmenn eoa eigendur, i fjolmiolum eoa a xxxxx opinberan
xxxx eftir xx xxxx laetur af storfum hja OZ hf. OZ hf. skal bundinn xxxx xxxxx
skyldu gagnvart starfsmanni.
Xxxxxxxxxx er ljost xx xxxxx upplysingar, hugmyndir, vinnuaoferoir,
vinnuskipulag, oll verkefni, lokio og olokio, aaetlanir eoa framtioarmarkmio og
hvaoeina annao sem felur i ser veromaeti fyrir OZ hf. er atvinnuleyndarmal og
eign OZ hf. Ipvi felst ao starfsmanni xx xxx ollu oheimilt ao ljostra upp
eoa hagnyta a nokkurn xxxx, i hverjum tilgangi sem xxx xxxx xx xxxx slik
atvinnuleyndarmal eoa aora serstaka vitneskju um starfsemi eoa vioskipti OZ. hf.
eoa fyrirtaekja i eigu OZ. hf., sem xxxx hefur oolast i starfi sinu fyrir OZ.
hf. og brotio getur i baga vio hagsmuni OZ hf.
Ao ooru leyti fer um meofero trunaoarupplysinga eftir reglum OZ hf. a hverjum
tima.
Brjoti starfsmaour paer serstoku skyldur sem her er lyst xxxxx
vinnusambandio er i gildi, skal teljast um verulega vanefnd ao raeoa sem heimili
OZ hf riftun a samningnum.
6. Hugverkarettur
Verk starfsmanns ipagu OZ hf. samkvaemt samningipessum eru eign OZ hf.
Xxxxxxxxx jafnt hvort um er ao raeoa verk sem hofundarettur naer til, sbr.
b-lio 00.xx. hofundarlaga nr. 73/1972, uppfinningu sem vernduo verour meo
einkaleyfi, hugmynd, aofero, atvinnuleyndarmal eoa hvers xxxxx hugverk sem
starfsmaourproar eoa vinnur ao samkvaemt samningipessum. Starfsmanni er
ljost ao oll slik verk veroa orjufanlegur hluti annarrar framleioslu OZ hf.
Xxxxxxxxxxx skal skylt ao veita OZ hf pa aostoo sem yfirmaour starfsmanns
eoa stjornendur OZ xx xxxxx til verndar hofundaretti hvar sem er i heiminum,
hvort sem xx xxx skraningu einkaleyfa eoa a xxxxx xxxx. OZ hf er samkvaemt
pessu heimil hver su nyting a afuroum starfsmanns i vinnu fyrir OZ hf sem
stjornendur pess meta xxxxx, p. a m. til breytinga.
Xxxxxxxxxxx skal, ao osk yfirmanns, skylt ao aostooa vio breytingar a forriti
eoa annarri afuro starfa sinna fyrir OZ hf.
7. Vinna utan vinnustaoar
Se vinna unnin utan vinnustaoar greioir OZ hf. feroakostnao fra vinnustao til
afangastaoar og til baka, hotelkostnao og dagpeninga fyrir hvern dag
feroarinnar. Dagpeningar eru til greioslu faeois og feroakostnaoar a vioverustao
og fer upphaeo dagpeninga eftir reglum OZ hf. hverju xxxxx.
Starfsmaour skal sjukra-, slysa-, feroa-, og farangurstryggour a feroum sinum a
vegum OZ hf. skv. reglum OZ hf. hverju xxxxx.
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Employment Contract
8. Greioslur xxxxx i slysa- og veikindatilfellum
Forfallist starfsmaour fra xxxxx xxxxx slysa vio vinnuna, a beinni leio til eoa
fra vinnu, eoa vegna atvinnusjukdoma, sem orsakast xx xxxxx, skal xxxx xx greidd
laun fyrir dagvinnu i allt ao 3 manuoi samkvaemt peim samningi sem
viokomandi tok laun eftir.
Launagreioslum til starfsmanns i veikindaforfollum xxxx xxxx a 1. xxx xxxx
pannig ao tveir xxxxx greioast fyrir hvern unnin manuo. Eftir eitt ar i
starfi skal xxxx launagreioslum til starfsmanns i veikindaforfollum hans
pannig, ao tveir manuoir greioast a hverjum 12 manuoum. Eftir fimm ar i
starfi skal xxxx launagreioslum til starfsmanns i veikindaforfollum hans
pannig, ao 4 manuoir greioast a hverjum 12 manuoum. Eftir 10 ar i starfi
skulu launagreioslur xxxx i 6 manuoi a hverjum 12 manuoum.
Ef starfsmaour veikist og getur xx xxxx sokum ekki xxxx xxxxx, skal xxxx
xxxxx tilkynna pao yfirmanni sinum sem akveour hvort laeknisvottoros
skuli krafist. OZ hf. greioir laeknisvottoro i pessu tilviki.
Starfsmaour a rett a faeoingarorlofi samkvaemt logum nr. 57 fra 1987 um
faeoingarorlof asamt sioari breytingum. Um greioslur i faeoingarorlofi fer
samkvaemt akvaeoum laga um almannatryggingar.
Eftir 2 ara starf teljast fjarvistir vegna faeoingarorlofs allt ao 6 manuoum til
starfstima vio mat a veikindarretti.
Foreldri, eoa forraoamaour barns, skal eftir fyrsta starfsmanuo heimilt ao verja
samtals 7 vinnudogum a hverju xxxx manaoa timabili, til aohlynningar sjukum
bornum sinum undir 13 ara aldri xx xxxxx dagvinnulaunum sinum, enda veroi
annarri umonnun ekki komio vio.
9. Lifeyrissjooir
Um lagmarksiogjald til lifeyrissjoos fer samkvaemt akvaeoum laga um
skyldutryggingu lifeyrisrettinda og starfsemi lifeyrissjooa, nr. 129 fra 1997.
Lifeyrissjoosiogjald starfsmanns, sem dregio er af launum hans og
lifeyrissjoosiogald sem greitt er af OZ hf., skal greitt til pess
lifeyrissjoos sem starfsmaourinn kys, enda starfi sjoourinn samvkaemt reglugero
staofestri af fjarmalaraouneytinu og starfsmaour eigi ekki skylduaoild ao oorum
lifeyrissjooi.
10. Uppsagnarfrestur
Uppsogn xxxx xxxx skrifleg og se uppsagnarfrestur einn manuour eoa lengri skal
xxxx bundinn vio manaoamot.
Eftir 2 ara starf teljast fjarvistir vegna faeoingarorlofs allt ao 6 manuoum til
starfstima vio mat a uppsagnarfresti
Pessi uppsagnarakvaeoi gildapo ekki ef starfsmaour synir vitaveroa
vanraekslu i starfi sinu eoa OZ hf. gerist brotlegt gagnvart starfsmanni.
11. Annao
Efni pessa samnings eru trunaoarmal. OZ hf. leggur aherslu a aopeir seu
ekki raeddir vio aora, hvorki innan fyrirtaekis ne utan.
Risi agreiningur um samning pennan ma xxxx xxxx undir Heraosdom Reykjavikur.
Reykjavik, ___________________.
Fyrir hond OZ hf. Starfsmaour
____________________________________ ______________________________________
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[OZ LOGO]
OZ hf.
Snorrabraut 54
105 Reykjavik
EMPLOYMENT CONTRACT
OZ hf., Snorrabraut 54 Reykjavik, identification number 591291-3009 and
Xxxxx Xxxxxxx Xxxxxxxx, Miohusum 7, Kt. 010766-4519, hereinafter referred to as
employee,
have agreed to the following employment contract:
A. SPECIAL TERMS
OZ hf. xxxxxx employs employee as Managing Director of OZ hf in Iceland and
Chief Operating Officer (COO) of XX.XXX in a full time 100% position. Employees
supervisor is the CEO of XX.XXX.
Monthly compensation will be ISK 750.000.
Employee has the right to purchase 200.000 shares of XX.XXX for the next 3 years
according to the Company's Employee Stock Option Plan.
Employee receives an automobile for personal use valued at ca. ISK 3.000.000 to
be leased by the Company.
In case of termination by the Company employee receives 6 months base salary.
All other benefits under this contract terminate as of date of termination.
The special terms of this chapter supersede the general terms of chapter B.
OZ hf. Confidential page 1
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Employment Contract
B. GENERAL TERMS
1. Wages
Employee's monthly compensation as stated above will be considered the total
compensation for such position and no further wages or bonuses will be paid.
Wages will be reevaluated every six months, in January and July of each year.
Such reevaluation shall be based upon general changes in salaries due to new
agreements made by labor unions or due to changes in price indexes.
If, due to any reason, such as at the beginning or termination of employment or
due to unpaid leave of absence, the employee works only a part of a month, the
employee will receive relative compensation based on the number of days worked
in proportion to the number of work days in the month in question.
Wages will be paid monthly on the first work day of the succeeding month. The
employee shall give OZ hf. information about the bank and account, which the
compensation shall be paid into.
2. Workdays and working hours
The employee shall work a minimum of 40 hours per week based on 5 workdays per
week, Monday through Friday, less any general holidays occurring on a workday.
General holidays are all legal holidays, The First Day of Summer, 1st of May,
17th of June and the First Monday of August. If the 24th of December and the
31st of December occur on a workday each will be considered as half a working
day.
If not otherwise approved by a supervisor, the employee shall work from 10 AM
the latest each workday morning and remain on site at least until 4 PM. The
employee's supervisor must approve any absence during this time.
The employee shall in the beginning of each week file a detailed work-report
accounting for the hours worked during the previous week. The employee shall
directly turn such work-report in to his supervisor for confirmation purposes.
3. Lunch and dinner breaks
Lunchtime will be 1/2 an hour, any time between 12 PM and 1 PM. Lunchtime is
included in the calculation of working hours.
The employee has the right to a dinner break, included in the calculation of
working hours, if he works overtime between 6 PM and 9 PM. Meals will in such
case be provided at the work site between 7 PM and 8 PM.
4. Vacation
Vacation shall be two days for every full month worked during the previous year.
Half a month or more shall be considered as a full month but less than half a
month will not be considered at all.
Use of vacation days shall always subject to prior approval by supervisor.
The employee shall, if he can not enjoy his vacation due to serious illness,
notify OZ hf. of his sickness and inform the corporation of the name of the
doctor, which he intends to ask for a health certificate to certify
OZ hf. Confidential page 2
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Employment Contract
his illness. If the employee remains sick continuously for 72 hours following
such notification, the employee has the right to extra vacation days
corresponding to the consecutive days of illness. Under these conditions the
employee must always prove his illness by referring to a health certificate. If
the employee becomes ill during vacation, OZ hf. has the right to have a doctor
verify the employee's condition.
Leave of absence due to childbirth, up to a maximum of six months, will be
considered as workdays when vacation rights are calculated.
Vacation rights will otherwise depend on the Vacation Act no. 30/1987.
5. Special duties and obligations
The employee shall fulfill his duties as instructed by his supervisor at all
times. OZ hf. has the right to direct the employee from one project to another
and/or transfer the employee from one department to another as considered
necessary by the corporation's supervisors.
Without OZ's hf. approval, the employee shall not work for other employers or
receive any compensation for work elsewhere.
During the period of six months following the termination or completion of this
contract, the employee shall not seek the business of OZ's clients or offer
employment elsewhere to any current employees of OZ hf.
Any data, material, papers or information, in any form whatsoever, such as
books, reports, data sheets, working material, and so forth, that have been
stored digitally, printed, or are kept in any other form, or business
relationships that the employee obtains or comes by during his employment by OZ
hf., are exclusive possessions of OZ hf. Employee must under all conditions
leave such material in the possession of OZ at the completion or termination of
his employment. However, employees working as graphical designers, have the
right to withhold a copy of their own work of authorship, for the sole purpose
of demonstrating to others their prior work as designers.
The employee is bound to secrecy as regards everything he learns about OZ hf.'s
operations during his employment for OZ hf. Such obligation of secrecy remains
also after the termination or completion of the employee's employment with OZ
hf. The employee is prohibited to discuss, divulge, or disclose any matters
affecting or relating to the business OZ hf., its employees or owners, publicly
or to any member of the mass media after the termination or completion of this
contract. OZ hf. shall be bound to the same kind of secrecy towards the
employee.
The employee agrees that all information, ideas, work methods, work processes,
all projects whether in process or completed, plans or future goals, and
everything else which has any value for OZ hf., is a trade secret and the sole
property of OZ hf. For that reason the employee is strictly prohibited to
disclose or use in any way, for any purpose whatsoever, such trade secrets or
any other specific knowledge of OZ hf.'s trade or operations or any businesses
owned by OZ hf., which he has learned of during his employment for OZ hf.
In addition to the terms stated in this contract the special policies and
procedures issued by OZ hf. regarding the treatment of confidential information
bind the employee.
Violation of the terms set out above will be considered a material breach of
this contract and will, not exclusive of other sanctions, entitle OZ hf. to
immediate termination of this contract.
OZ hf. Confidential page 3
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Employment Contract
6. Intellectual property rights
Any intellectual property made by the employee for OZ hf. under the duration of
this contract is and shall be the sole property of OZ hf. That applies to any
copyright in correspondence and according to Article b-42 of the Copyright Act
no. 73/1972, any invention which can be protected by patent, ideas, methods,
trade secrets, or any other intellectual property rights that the employee works
with under this contract. The employee agrees that any such work will be an
undivided part of OZ hf.'s production and its exclusive property.
The employee shall assist OZ hf. in any way OZ hf. sees fit and necessary to
protect any intellectual property rights, such as copyrights or patent rights,
anywhere in the world. Accordingly OZ hf. has the right to use in any way OZ
chooses, including changing or adding to, any product or idea produced by the
employee during the course of employment.
Employee shall, pursuant to OZ hf.'s request, assist with all changes made to
software or any other product made by the employee during his employment for OZ
hf.
7. Travel expenses
OZ hf. will reimburse employee for any and all necessary, customary, and usual
expenses incurred by him while traveling for and on behalf of OZ hf. pursuant to
OZ hf.'s directions. The amount of expenses paid is subject to policy rules
issued by OZ hf.
Employee shall receive health-, accident- and travel insurance while traveling
on behalf of OZ hf., subject to policy rules issued by OZ hf.
8. Accident or illness. Compensation
If employee can not work, as result of an accident that occurred while he was
performing his duties as employee, on his way to or from work, or because of a
occupational hazard, he shall receive compensation in the form of normal months
wages according to this contract for the maximum time period of three months.
Employee's compensation during time of illness shall be; during the first year
of employment: two days wages for every one month of work; after one year of
employment: two months wages for every 12 months of work after five years of
employment: four months for every 12 months of work; and after ten years of
employment: 6 months for every 12 months of work.
Employee shall notify OZ hf. if he becomes ill and can not perform his duties
according to this contract. OZ hf. then decides if employee must provide a
health certificate, which in such case will be paid by OZ hf.
Employee has the right to leave in case of childbirth in accordance with Act no.
57/1987 on Leave Due to Childbirth as amended. In such case employee has the
right to payments in accordance with the Social Security Act.
After two years of employment, leave due to childbirth up to the time period of
six months, will be considered as time of employment with respect to rights to
compensation during time of illness.
If the employee is a parent or a custodian of a child, he has the right to leave
up to a total of seven working days for every twelve months of employment with
full compensation as stated above, if necessary to nurse his sick child of
twelve years old or younger.
OZ hf. Confidential page 4
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Employment Contract
9. Pension Fund
Payments to a pension fund will be made in accordance with law no. 129/1997. The
employee's premium, deducted from the compensation stated above in Article 1,
and the premium paid by OZ hf., shall be paid to the pension fund chosen by the
employee, provided that the pension fund operates in accordance with a directive
approved by the Ministry of Finance and the employee is not obliged to pay to
another pension fund.
10. Option to terminate
During the first three months of employment, both parties have the option to
terminate this contract with one week's prior notice. After the first three
months of employment and for the next three months thereafter both parties have
the right to terminate this contract with one month's prior notice. After six
months of employment, both parties have the right to terminate this contract
with three month's prior notice.
Notice of termination shall be in writing. After six months of employment,
notice of termination shall be effective as of the beginning of the next month
following XX's receipt of the notice of termination.
After two years of employment, leave due to childbirth up to a maximum of six
months, will be counted as workdays in determining the necessary notice for
termination of employment.
These provisions, concerning the option to terminate will not be binding in case
of serious misconduct on behalf of the employee while performing his duties as
employee or in case of misconduct by OZ hf. towards the employee.
11. Miscellaneous
This contract shall remain confidential. OZ hf. emphasizes that no subject
matter of this contract shall be disclosed or discussed with others, whether
within the company or elsewhere.
The City Court of Reykjavik may resolve any controversy arising under this
contract.
Reykjavik, Iceland.
On behalf of OZ hf.: Employee:
XXXXX XXXXXXXX /s/ XXXXX XXXXXXX XXXXXXXX
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OZ hf. Confidential page 5
