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EXHIBIT 10.1(F)
AGREEMENT CONCERNING PURCHASE OF OIN SPRINKLER
1. The agreement concerns purchase of OIN Sprinkler.
The purchase concerns computer equipment, software, leased car
(MB180), premises, etc, and purchase of the OIN Sprinkler goodwill/
know-how.
2. Employment
Odd Xxxx Xxxxxxx will be an employee of Simex AS, and enters the
position as manager for the Sprinkler department. His superior is
department manager, Piping.
3. The consideration is as follows:
Cash NOK 450.000,-.
Stocks - NOK 22.500,- per piece (Simex NK Technologies Inc.)
4. Quarantine concerning the start-up of competitive activity.
If Odd Xxxx Xxxxxxx may not, within a period of 3 years estimated from
the date of contract, start up activity concerning Sprinkler.
5. Employment - dismissal with notice
If Odd Xxxx Xxxxxxx infringes this agreement by dismissal with notice/
resignation, fraud or culpable negligence, Simex may claim
compensation equivalent with the consideration. Reimbursement of the
consideration as follows:
- resignation after 1 year, reimbursement of 3/3 of
consideration.
- resignation after 2 years, reimbursement of 2/3 of
consideration.
- resignation after 3 years, reimbursement of 1/3 of
consideration
- This agreement is binding for 3 years.
6. Termination
By termination because of other reasons than the ones specified in
item 5 from Simex, item 4 and 5 will be annulled.
7. Guarantees and other responsibilities will be take care of by OIN
Sprinkler.
Forus 22.09.98
Xxxxx Xxxxx (sign) Odd Xxxx Xxxxxxx (sign)
Simex AS OIN Sprinkler
