EMPLOYMENT AGREEMENT
Exhibit
10.9
THIS
EMPLOYMENT AGREEMENT
(this
“Agreement”), is made and entered into as of the 16 day of November, 2005 (the
“Effective Date”), by and between MODIGENETECH LTD.,
an
Israeli corporation (“Employer”), and Xx. Xxxx Xxxx, ID no.58432790
(“Employee”).
RECITALS
A.
|
Employer
desires to have Employee serve in the position of VP of Product
Development and Employee desires to serve in such
position.
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B.
|
Employer
and Employee have made commitments to each other on a variety of
important
issues concerning Employee’s employment, including the performance that
will be expected of Employee, the compensation that Employee will
be paid,
how long and under what circumstances Employee will remain employed
and
the financial details relating to any decision that either Employee
or
Employer might ever make to terminate this
Agreement.
|
C.
|
Employer
and Employee believe that the commitments they have made to each
other
should be memorialized in writing, and that is the purpose of this
Agreement.
|
NOW,
THEREFORE,
in
consideration of the premises and of the covenants and agreements hereinafter
contained, it is covenanted and agreed by and between the parties hereto as
follows:
AGREEMENTS
Section
1. Term.
Employee’s employment hereunder shall be for a term of one______ (_1) years
commencing the Effective Date (the “Term”). The Term shall automatically extend
for one (1) additional year on each subsequent anniversary of the Effective
Date
(the “Automatic Extension”), unless either party provides written notice to the
other not less than ninety (90) days prior to such anniversary of the Effective
Date. If the Automatic Extension is terminated, then Employee’s employment
hereunder shall terminate as of the last day of the then current
Term.
Section
2. Position
and Duties.
Employer
hereby employs Employee as the VP of Product Development. Employee will devote
Employee’s full business time and best efforts to the performance of Employee’s
duties hereunder and will not engage in any other business, profession or
occupation for compensation or otherwise which would conflict or interfere
with
the rendition of such services, without the prior written consent of the Board
of Directors of Employer (the “Board”); provided,
that
nothing herein shall preclude Employee, subject to the prior approval of the
Board, from engaging in other business professions or occupations for
compensation or otherwise or from accepting appointment to or continuing to
serve on any board of directors or trustees of any business corporation or
any
charitable organization; provided
further,
that, in
each case, and in the aggregate, such activities do not conflict or interfere
with the performance of Employee’s duties hereunder or conflict with
Section
7.
Employee’s duties and authority shall consist of and include all duties and
authority customarily performed and held by persons holding equivalent positions
with business organizations similar in nature and size to Employer, as such
duties and authority are reasonably defined, modified and delegated from time
to
time by the Chief Executive Officer (“CEO”) and the President. Employee shall
have the powers necessary to perform the duties assigned to him.
1
Section
3. Compensation.
Employee’s monthly salary and other terms of employment shall be as set forth in
the Notice to Employee attached hereto as Exhibit
A,
as
required by law, and as may be amended from time to time. As compensation for
the services to be provided by Employee hereunder, Employee shall receive the
following compensation, expense reimbursement and other benefits:
(a) Base
Salary.
Employee
shall receive an aggregate monthly base salary of Twenty five thousands NIS
(NIS_25000) payable in installments in accordance with the regular payroll
schedule of Employer
but no
later than the 9th
day of
each month
(“Base
Salary”). The Base Salary shall be subject to review annually commencing on
January 1, 2006, and shall be maintained or increased during the term
hereof as the Board may determine from time to time.
(b) Performance
Bonus.
Employee shall be eligible to receive an annual cash bonus up to 25% of Base
Salary, as determined by the Board, payable within ninety (90) days after the
end of the fiscal year of Employer, which shall be based upon performance
criteria established by the CEO (“Performance Bonus”).
(c) Equity
Performance Awards.
The
Company will recommend to the Board of Directors of the Employer’s parent
company, Modigene Inc., to grant Employee 25,000 options to purchase common
stock of Modigene Inc. In
the
event such options are granted by Employer's parent company, the
terms
of such an option award shall be detailed in a separate option grant
agreement.
(d) Discretion
of the Board.
Additional incentive compensation shall be at the discretion of the
Board.
(e) Car.
Employee
shall be entitled to use a Company car (Mazda 3 1600 or a car of equivalent
class, as shall be determined by the Employer) pursuant to the terms and
conditions of the Employer’s car policy as shall be adopted by Employer and may
be amended by Employer from time to time (the “Car Policy”). Employer shall
gross up Employee’s Base Salary any tax liability incurred with respect to the
car’s “value equivalent” (the value of the car usage) for tax purposes as
updated from time to time. Subject
to applicable law, in the event that Employee fail to timely pay any fines,
penalties, costs or other obligations in respect of the car (excluding any
costs
and payments which are borne by Employer pursuant to the terms of the Car
Policy), Employer shall be entitled to pay such fines, penalties, costs or
other
obligations and to deduct such costs from Employee’s Base Salary.
(f) Mobile
Phone.
Employer
shall furnish Employee with a cellular telephone, and the shall bear all
business-related cellular phone expenses for using such telephone, but shall
not
bear any personal-related cellular phone expenses for using such telephone.
Any
tax to be imposed on Employee with respect to such telephone will be borne
by
Employee.
2
(g) Insurance
Policy.
Employer
shall provide Employee with customary “Executive’s Insurance Policy” or other
comprehensive pension arrangement, at Employee’s choice, (including disability
insurance and loss of working capacity insurance) collectively, the “Pension
Insurance”) and shall pay for that purpose sums which shall not exceed 15.83 %
of the Base Salary) in addition to Employees own payments. In the event of
an
increase in the Base Salary, all such sums shall be based on the increased
Base
Salary.
(h) Study
Fund.
Employer
shall contribute an aggregate monthly amount equal to 7.5% of the Salary towards
an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”). Employee
shall contribute, and for that purpose Employee hereby irrevocably authorizes
and instructs Employer to deduct from Employee’s Base Salary at source, an
aggregate monthly amount equal to 2.5% of the Base Salary as Employee’s
participation in such Advanced Study Fund. Employee will bear any and all taxes
applicable in connection with amounts payable by Employee and/or Employer to
the
Advanced Study Fund.
(i) Vacations,
Sick Leave. Employee
shall be entitled to an annual vacation of 22 days per annum, which vacation
shall be taken at a time or times mutually agreeable to Employer and Employee.
In addition, Employee shall be entitled to paid sick leave (“Dmei Xxxxxxx”) as
prescribed under Israeli law.
(j) Reimbursement
of Expenses.
Employee
shall be reimbursed, upon submission of appropriate vouchers and supporting
documentation, for all travel, entertainment and other out-of-pocket expenses
reasonably and necessarily incurred by Employee in the performance of his duties
hereunder. Any expense greater than $50 shall be pre-approved by the CEO in
writing or via email
(k) Withholding.
Employer
shall be entitled to withhold from amounts payable to Employee hereunder, any
federal, state or local withholding or other taxes or charges which it is from
time to time required to withhold. Employer shall be entitled to rely upon
the
opinion of its legal counsel with regard to any question concerning the amount
or requirement of any such withholding.
Section
4. Work
and Rest Hours Law, 1951.
Employee
acknowledges and agrees that Employee’s employment with the Employer is a senior
position and requires a special degree of personal trust, and that the law
known
as “Work and Rest Hours Law, 1951” (“Chok Shot Avoda Vemenucha”) shall not apply
to Employee’s relationship with Employer. Accordingly, the monthly salary
payable to Employee is a gross global salary inclusive of remuneration for
working overtime and on days of rest. Employee acknowledges and agrees that
unless expressly specified in this Agreement, Employee shall not be entitled
to
any further remuneration or payment whatsoever other than the monthly Base
Salary and benefits expressly provided herein, regardless of any current or
future custom between Employer and its employees.
3
Section
5. Confidentiality
and Loyalty.
(a) Confidentiality.
(i) Employee
will not at any time (whether during or after Employee’s employment with
Employer) (x) retain or use for the benefit, purposes or account of
Employee or any other Person; or (y) disclose, divulge, reveal,
communicate, share, transfer or provide access to any Person outside Employer
(other than its professional advisers who are bound by confidentiality
obligations), any non-public, proprietary or confidential
information - including, without limitation trade secrets, know-how,
research and development, software, databases, inventions, processes, formulae,
technology, designs and other intellectual property, information concerning
finances, investments, profits, pricing, costs, products, services, vendors,
customers, clients, partners, investors, personnel, compensation, recruiting,
training, advertising, sales, marketing, promotions, government and regulatory
activities and approvals - concerning the past, current or future
business, activities and operations of Employer, its subsidiaries or affiliates
and/or any third party that has disclosed or provided any of same to Employer
on
a confidential basis (“Confidential Information”) without the prior written
authorization of the Board.
(ii) “Confidential
Information” shall not include any information that is (a) generally known
to the industry or the public other than as a result of Employee’s breach of
this covenant or any breach of any other confidentiality obligations by third
parties; (b) made legitimately available to Employee by a third party
without breach of any confidentiality obligation; or (c) required by law to
be disclosed; provided,
that
Employee shall give prompt written notice to Employer of such requirement,
disclose no more information than is so required, and cooperate with any
attempts by Employer to obtain a protective order or similar
treatment.
(iii) Except
as
required by law, Employee will not disclose to anyone, other than Employee’s
immediate family and legal or financial advisors, the existence or contents
of
this Agreement; provided,
that
Employee may disclose to any prospective future employer the provisions of
Section
5
and
Section
7
of this
Agreement provided they agree to maintain the confidentiality of such terms.
Notwithstanding anything herein to the contrary, any party to this Agreement
(and any employee, representative, or other agent of any party to this
Agreement) may disclose to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transactions contemplated by this
Agreement and all materials of any kind (including opinions or other tax
analyses) that are provided to it relating to such tax treatment and tax
structure. However, any such information relating to the tax treatment or tax
structure is required to be kept confidential to the extent necessary to comply
with any applicable federal or state securities laws.
(iv) Upon
termination of Employee’s employment with Employer for any reason, Employee
shall (x) cease and not thereafter commence use of any Confidential
Information or intellectual property (including, without limitation, any patent,
invention, copyright, trade secret, trademark, trade name, logo, domain name
or
other source indicator) owned or used by Employer, its subsidiaries or
affiliates; (y) immediately destroy, delete or return to Employer, at
Employer’s option, all originals and copies in any form or medium (including
memoranda, books, papers, plans, computer files, letters and other data) in
Employee’s possession or control (including any of the foregoing stored or
located in Employee’s office, home, laptop or other computer, whether or not
Employer property) that contain Confidential Information or otherwise relate
to
the business of Employer, its affiliates and subsidiaries, except that Employee
may retain only those portions of any personal notes, notebooks and diaries
that
do not contain any Confidential Information; and (z) notify and fully
cooperate with Employer regarding the delivery or destruction of any other
Confidential Information of which Employee is or becomes aware.
4
(b) Intellectual
Property.
(i) If
Employee creates, invents, designs, develops, contributes to or improves any
works, either alone or with third parties, at any time during Employee’s
employment by Employer and within the scope of such employment and/or with
the
use of any of Employer resources (“Employer Works”), Employee shall promptly and
fully disclose same to Employer and hereby irrevocably assigns, transfers and
conveys, to the maximum extent permitted by applicable law, all rights and
intellectual property rights therein (including rights under patent, industrial
property, copyright, trademark, trade secret, unfair competition and related
laws) to Employer to the extent ownership of any such rights does not vest
originally in Employer.
(ii) Employee
agrees to keep and maintain adequate and current written records (in the form
of
notes, sketches, drawings, and any other form or media requested by Employer)
of
all Employer Works. The records will be available to and remain the sole
property and intellectual property of Employer at all times.
(iii) Employee
shall take all requested actions and execute all requested documents (including
any licenses or assignments required by a government contract) at Employer’s
expense (but without further remuneration) to assist Employer in validating,
maintaining, protecting, enforcing, perfecting, recording, patenting or
registering any of Employer’s rights in Employer Works. If Employer is unable
for any other reason to secure Employee’s signature on any document for this
purpose, then Employee hereby irrevocably designates and appoints Employer
and
its duly authorized officers and agents as Employee’s agent and attorney in
fact, to act for and in Employee’s behalf and stead to execute any documents and
to do all other lawfully permitted acts in connection with the
foregoing.
(iv) Employee
shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with
Employer any confidential, proprietary or non-public information or intellectual
property relating to a former employer or third party without the prior written
permission of such third party. Employee hereby indemnifies, holds harmless
and
agrees to defend Employer and its officers, directors, partners, employees,
agents and representatives from any breach of the foregoing covenant. Employee
shall comply with all relevant policies and guidelines of Employer, including
regarding the protection of confidential information and intellectual property
and potential conflicts of interest. Employee acknowledges that Employer may
amend any such policies and guidelines from time to time, and that Employee
remains at all times bound by their most current version.
(v) The
provisions of this Section
5
shall
survive the termination of Employee’s employment for any reason.
5
Section
6. Termination.
(a) Voluntary
Termination by Employee or Expiration of Term.
If
Employee voluntarily terminates his employment under this Agreement, provided
that he provides prior written notice according to Israeli law, or if the Term
expires pursuant to notice provided under Section
1,
then
Employer shall only be required to pay Employee such Base Salary as shall have
accrued through the effective date of such termination and other payments to
which Employee is entitled to receive according to Israeli law, and Employer
shall not be obligated to pay any performance bonus for the then current fiscal
year of Employer, or have any further obligations to Employee. Notwithstanding
the foregoing, if Employee voluntarily terminates his employment due to
Employer’s material breach of its obligation to pay Employee pursuant to this
Agreement and Employee has given Employer notice and a reasonable period to
cure
such breach, then Employer shall pay Employee severance payment and all other
payments to which Employee is entitled to receive according to Israeli law.
In
such case, Employer shall not be obligated to pay any remaining performance
bonus for the then current fiscal year of Employer, or have any further
obligations to Employee.
(b) Premature
Termination by Employer.
In the
event of the termination of this Agreement by Employer prior to the last day
of
the then current term for any reason other than a termination in accordance
with
the provisions of Section
6(c)
(Termination for Cause), then notwithstanding any mitigation of damages by
Employee, Employer shall pay Employee severance payment and other payments
to
which Employee is entitled to receive according to Israeli law, and Employer
shall not be obligated to pay any remaining performance bonus for the then
current fiscal year of Employer, or have any further obligations to Employee.
Employer shall provide employee with 90 day notice of premature
termination.
(c) Termination
for Cause.
This
Agreement may be terminated for cause as hereinafter defined. “Cause” shall
mean:(i) a material violation by Employee of any applicable material law or
regulation respecting the business of Employer; (ii) Employee
being found guilty of a felony or an act of dishonesty in connection with the
performance of his duties as an officer of Employer, or which disqualifies
Employee from serving as an officer or director of Employer; (iii) the
willful or negligent failure of Employee to perform his duties hereunder in
any
material respect after receipt of written notice from the board and a reasonable
opportunity to cure; (iv) the willful or negligent failure of Employee to
obey the reasonable lawful directives of the CEO or President after receipt
of
written notice from the board and a reasonable opportunity to cure; and
(v) to the extent permitted by applicable law, the development by Employee
of any drug, alcohol or other substance abuse problems, or the commission of
a
crime involving moral turpitude. Upon a termination of Employee’s employment
with Employer for Cause, Employee shall be entitled to receive from Employer
only such payments as are due and owing to Employee as of the effective date
of
such termination.
Section
7. Restrictive
Covenant.
(a) Restrictive
Covenant.
Employee acknowledges and recognizes the highly competitive nature of the
businesses of Employer and its affiliates and accordingly agrees as
follows:
6
(i) During
the term of Employee’s employment and, for a period of one year following the
date Employee ceases to be employed by Employer (the “Restricted Period”),
Employee will not, whether on Employee’s own behalf or on behalf of or in
conjunction with any person, firm, partnership, joint venture, association,
corporation or other business organization, entity or enterprise whatsoever
(“Person”), directly or indirectly solicit or assist in soliciting in
competition with Employer; the business of any client or prospective
client:
A. with
whom
Employee had personal contact or dealings on behalf of Employer during the
one
year period preceding Employee’s termination of employment;
B. with
whom
employees reporting to Employee had had personal contact or dealings on behalf
of Employer during the one year immediately preceding Employee’s termination of
employment; or
C. for
whom
Employee had direct or indirect responsibility during the one year immediately
preceding Employee’s termination of employment.
(ii) During
the Restricted Period, Employee will not directly or indirectly:
A. engage
in
any business that competes with the business of Employer or its affiliates
(including, without limitation, businesses which Employer or its affiliates
have
specific plans to conduct in the future and as to which Employee is aware of
such planning) in any county of any state of the United States or a comparable
jurisdiction of Israel where Employer or its affiliates manufactures, produces,
sells, leases, rents, licenses or otherwise provides its products or services
(“Competitive Business”);
B. enter
the
employ of, or render any services to, any Person (or any division or controlled
or controlling affiliate of any Person) who or which engages in a Competitive
Business;
C. acquire
a
financial interest in, or otherwise become actively involved with, any
Competitive Business, directly or indirectly, as an individual, partner,
shareholder, officer, director, principal, agent, trustee or consultant;
or
D. interfere
with, or attempt to interfere with, business relationships (whether formed
before, on or after the date of this Agreement) between Employer or any of
its
affiliates and customers, clients, suppliers or investors of Employer or its
affiliates.
(iii) Notwithstanding
anything to the contrary in this Agreement, Employee may, directly or indirectly
own, solely as an investment, securities of any Person engaged in the business
of Employer or its affiliates which are publicly traded on a national or
regional stock exchange or on the over-the-counter market if Employee
(A) is not a controlling person of, or a member of a group which controls,
such Person and (B) does not, directly or indirectly, own five percent (5%)
or more of any class of securities of such Person.
7
(iv) During
the Restricted Period, Employee will not, whether on Employee’s own behalf or on
behalf of or in conjunction with any Person, directly or
indirectly:
A. Solicit
or encourage any employee of Employer or its affiliates to leave the employment
of Employer or its affiliates; or
B. hire
any
such employee who was employed by Employer or its affiliates as of the date
of
Employee’s termination of employment with Employer, or who left the employment
of Employer or its affiliates coincident with, or within one year prior to
or
after, the termination of Employee’s employment with Employer, unless such
employee has not been employed by Employer for a period of six
months.
(b)
Remedies
for Breach of Restrictive Covenant.
Employee
acknowledges that the restrictions contained in Section
5
(Confidentiality and Loyalty) and Section
7
(Restrictive Covenant) of this Agreement are reasonable and necessary for the
protection of the legitimate business interests of Employer, that any violation
of these restrictions would cause substantial injury to Employer and such
interests, that Employer would not have entered into this Agreement with
Employee without receiving the additional consideration offered by Employee
in
binding himself to these restrictions and that such restrictions were a material
inducement to Employer to enter into this Agreement. Employee further
acknowledges that a portion of his salary and benefits is paid to him in
consideration for the obligations contained in Sections 5 and 7 of this
Agreement. By signing below Employee represents that his execution and
performance of his obligations under this Agreement will not violate any
agreement to which he is a party or by which he is bound or any applicable
law
or equity principle, and agree to maintain such non violation. In the event
of
any violation or threatened violation of these restrictions, Employer, in
addition to and not in limitation of, any other rights, remedies or damages
available to Employer under this Agreement or otherwise at law or in equity,
shall be entitled to preliminary and permanent injunctive relief to prevent
or
restrain any such violation by Employee and any and all persons directly or
indirectly acting for or with him, as the case may be.
(c)
Enforceability.
It is
expressly understood and agreed that although Employee and Employer consider
the
restrictions contained in this Section
7
to be
reasonable, if a final judicial determination is made by a court of competent
jurisdiction that the time or territory or any other restriction contained
in
this Agreement is an unenforceable restriction against Employee, the provisions
of this Agreement shall not be rendered void but shall be deemed amended to
apply as to such maximum time and territory and to such maximum extent as such
court may judicially determine or indicate to be enforceable. Alternatively,
if
any court of competent jurisdiction finds that any restriction contained in
this
Agreement is unenforceable, and such restriction cannot be amended so as to
make
it unenforceable, such finding shall not affect the enforceability of any of
the
other restrictions contained herein.
Section
8. General
Provisions.
(a) Successors;
Assignment. This
Agreement shall be binding upon and inure to the benefit of Employee, Employer
and his and its respective personal representatives, successors and assigns,
and
any successor or assign of Employer shall be deemed the “Employer” hereunder.
Employer shall require any successor to all or substantially all of the business
and/or assets of Employer, whether directly or indirectly, by purchase, merger,
consolidation, acquisition of stock, or otherwise, by an agreement in form
and
substance satisfactory to Employee, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent as Employer would
be
required to perform if no such succession had taken place.
8
(b) Entire
Agreement; Modifications.
This
Agreement constitutes the entire agreement between the parties respecting the
subject matter hereof, and supersedes all prior negotiations, undertakings,
agreements and arrangements with respect thereto, whether written or oral.
Except as otherwise explicitly provided herein, this Agreement may not be
amended or modified except by written agreement signed by Employee and
Employer.
(c) Enforcement
and Governing Law.
The
provisions of this Agreement shall be regarded as divisible and separate; if
any
of said provisions should be declared invalid or unenforceable by a court of
competent jurisdiction, the validity and enforceability of the remaining
provisions shall not be affected thereby. This Agreement shall be construed
and
the legal relations of the parties hereto shall be determined in accordance
with
the laws of the Israel without reference to the law regarding conflicts of
law.
(d) Waiver.
No
waiver by either party at any time of any breach by the other party of, or
compliance with, any condition or provision of this Agreement to be performed
by
the other party, shall be deemed a waiver of any similar or dissimilar
provisions or conditions at the same time or any prior or subsequent
time.
(e) Notices.
Notices
pursuant to this Agreement shall be in writing and shall be deemed given when
received; and, if mailed, shall be mailed by Israeli registered or certified
mail, return receipt requested, postage prepaid; and if to Employer, addressed
to the principal headquarters of Employer, attention: President, or,
if to
Employee, to his home address set forth below Employee’s signature on this
Agreement, or to such other address as the party to be notified shall have
given
to the other.
(f) Good
Faith.
The
parties will deal with each other in good faith with respect to this
Agreement.
[Remainder
of Page Intentionally Left Blank]
9
IN
WITNESS WHEREOF,
the
parties have executed this Agreement as of the date first above
written.
MODIGENETECH LTD. |
EMPLOYEE
|
||
By:
/s/
Xxxx
Xxxxx
|
/s/
Xxxx Xxxx
|
||
Title: President
|
Address:
|
||
10
Exhibit
A
NOTIFICATION
TO EMPLOYEE OF EMPLOYMENT CONDITIONS
Date:
January 21, 2006
1. |
Name
of Employer: ModigeneTech Ltd.
Legal
Entity: Private Company
Identification
Number: 51- 3105205
Address:
3 Xxxx Xxxxxxx Xxxxxx, Xxxxxxxx #0, Xxxxxxx Xxxx, Xxx-Xxxxx,
Xxxxxx
|
Name
of
Employee: Xxxx Xxxx
Identification
Number: 58432790
Address:
30, Xxxxxx Xxxxx xx. Xxxx-Xxxxx, 00000, Xxxxxx
2. |
Date
of Commencement of Employment: November 16,
2005
|
Term
of
Employment: Employment is for one year period.
3.
|
Main
Responsibilities of Employee: All managerial activities related to
directing the product development of the
company
|
4.
|
Name
of Employee’s direct supervisor or direct supervisor’s title: the
Company’s Chief Executive Officer.
|
5. |
The
basis upon which Employee’s salary is made:
monthly.
|
6.
|
Employee’s
salary is set in accordance with the
following:
|
The
aggregate fixed payment (gross) to be made to Employee in accordance with the
Base Salary is 25000 NIS. All payments to be made to Employee as compensation
are as follows:
Fixed
Payments
|
Non
Fixed Payments
|
|||||
Payment
Type
|
Timing
of payment
|
Payment
Type
|
Timing
of payment
|
|||
Salary
(gross) NIS _25000 (inclusive of all such payments that the Company
is
required to pay under any applicable law)
|
In
accordance with the Company’s normal payroll procedures but no later than
the 9th
day of each month.
|
|||||
Recreation
Pay (Dmei Havraa)
|
Once
a year in accordance with applicable law
|
7.
|
Employee’s
working week shall consist of 43 hours. As the position in the Company
requires a special degree of personal trust, Employee may be required
to
work overtime and on days of rest.
|
11
8. The
rest
days are Friday and Saturday.
9.
|
Employee
declares and agrees that Employer’s
rules and regulations, as shall be adjusted from time to time by
Employer
in
its sole discretion, shall apply to Employee’s employment with
Employer
and
shall be part of the terms and conditions of Employee’s employment with
Employer.
|
10.
|
Payment
of Social Benefits to which Employee will be entitled (percentage
of
salary and supplements)*, **:
|
Payment
Type
|
The
institution to whom payment is made and name of the
plan
|
Payment
by Employee (in percentage)
|
Payment
by Employer (in percentage)
|
Payment
Commencement Date
|
||||
Managers
Insurance Policy
Education
Fund
|
________
________
|
5%
2.5%
|
13
1/3% (8 1/3% for severance pay and 5% for pension benefits) and
up to 2.5%
for disability insurance
7.5%
|
Nov16,
2005____,
Jan.
1st_____,2006
|
11.
|
Employer
is not, nor is an association that Employer belongs to, a party to
a
collective agreement that address the employment terms of
Employee.
|
This
notification is not an employment agreement, but rather an Employer notification
regarding the main terms and conditions of Employee’s employment with
Employer;
this
notification is without prejudice to Employee’s rights pursuant to applicable
law, any extension order, any collective agreement and his/her employment
agreement.
SIGNATURE
OF EMPLOYER:
|
DATE:
|
/s/Xxxx
Xxxxx
|
|
SIGNATURE
OF EMPLOYEE:
|
DATE:
|
/s/
Xxxx Xxxx
|
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