EMPLOYMENT AGREEMENT
This Employment Agreement between Industri-Matematik Datsystem AB, organization
number 556246-8040, ("The Company") and Per-Olof Ekholtz, personal ID number
471026-2439, Odalgrand 8, XX 000 00, XXXXXXXX, Xxxxxx, ("POEZ") is made and
entered into on this date as follows:
1. Position and Responsibilities
1.1 The Company hereby employs POEZ as vice president effective as of May 1,
1989 for an unspecified term.
1.2 POEZ is responsible as vice president of The Company, while adhering to the
laws of incorporation, The Company's bylaws, and the directions and
instructions of the Board of Directors, for leading, managing , and
developing the business of The Company.
1.3 POEZ shall apply his full efforts to The Company and pledges that, while
employed by The Company, he will not undertake other employment or
assignments outside of The Company or otherwise engage in other business
activities without first obtaining the concurrence of The Company.
Board-of-Directors work (on free time) for ConNova Invest AB and Xxxx &
Terminaldata AB [is approved].
2. Salary
2.1 A fixed salary of SEK 36,000 per month will be paid. The stated salary
applies until further notice and will be adjusted annually by agreement
between the parties. Special compensation for overtime work will not be
paid.
2.2 POEZ shall be entitled to an profit-based bonus according to attachment 1.
3. Other Benefits
3.1 The Company shall provide a company car for POEZ's business and private use
in the price range of SEK 180,000 including VAT. The Company shall be
responsible for all operating costs for the car.
3.2 In the event of illness, POEZ is entitled to compensation from The Company
according to the standard rates which apply for salaried employees of The
Company
3.3 POEZ is entitled to 35 vacation days per year.
3.4 With respect to business travel, POEZ shall receive reimbursement of travel
expenses, by his own choice, either in accordance with The Company's
applicable per diem rates or by reimbursement of actual expenses within
reason.
3.5 Further, POEZ shall receive compensation for his expenses for representation
on The Company's behalf, it being the prerogative, however, of the Board of
Directors to judge the degree to which the representation outlays are
considered reasonable.
4. Pension
The current in-force pension insurance policy shall remain in effect.
5. Confidentiality and Non-competition
5.1 POEZ pledges that while employed at The Company as well as after termination
of employment he will keep in confidence and not disclose to third parties
any information concerning The Company's business activities or dealings and
financial condition. POEZ shall immediately upon termination of employment
leave with The Company all documentation and personal notes belonging to The
Company or concerning The Company's business activities which POEZ has
obtained in his position as vice president.
5.2 POEZ pledges that while employed at The Company and for a period of twelve
(12) months after termination of employment he will not undertake work or
directly or indirectly engage in any activity which competes with The
Company's business activities.
6. Termination of Employment
6.1 Employment may be terminated by either party on the giving of twelve (12)
months prior notice.
6.2 With notice of termination given by either party, POEZ, if The Company so
requires, shall immediately leave his position as [vice] president of The
Company. If POEZ is not required to remain at the disposal of The Company
during the notice period, he is entitled, except as noted in paragraph 6.3
below, during the entire notice period to receive his full salary and other
benefits to the extent to which he was entitled at the time notice of
termination was given.
6.3 If POEZ grossly neglects to perform his duties and responsibilities as
required under this Agreement, The Company shall be entitled to immediately
terminate his employment without observing the notice period.
6.4 Any dispute which may arise out of or in connection with the implementation,
interpretation, or application of this Agreement shall be settled in
accordance with applicable law in the Swedish courts.
This Employment Agreement has been executed in two copies, of which the Parties
have received one copy each.
Place: Stockholm Place: Stockholm
Date: January 10, 1991 Date: January 10, 1991
INDUSTRI-MATEMATIK DATASYSTEM AB
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Xxxx Xxxxxxx Per-Olof Ekholtz
BONUS
The bonus is a profit-based salary component which is figured on bonus-related
income for Industri-Matematik Datasystem AB (IMDS) for each financial reporting
year.
The bonus-related income for IMDS is defined as income before appropriations and
taxes as reported in the income statement.
The bonus will be paid out on the condition that at least 75% of the target
income is reached in Industri-Matematik Datasystem. The term income is
understood here to mean reported income before appropriations and taxes.
The bonus to be paid is 1.0 % of the bonus-related income for IMDS. The Bonus
will be paid out after the issuance of the year-end financial statements.
Stockholm; January 10, 1991
INDUSTRI-MATEMATIK DATASYSTEM AB
------------------------- ----------------------
Xxxx Xxxxxxx Per-Olof Ekholtz
To: Per-Olof Ekholtz
From: Stig Durlow
Copies: Salary Office
Per Ljungberg
Stockholm; August 25, 1997
AGREEMENT
This hereby confirms our agreement that effective from May 1, 1997 you will
receive a monthly salary of SEK 57,000.
Sincerely,
INDUSTRI-MATEMATIK DATASYSTEM AB
--------------------------
Stig Durlow, CEO
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Bonus Plan FY98
Per-Olof Ekholtz
This document describes your bonus plan for FY98 (970501-980430)
The variable portion of your salary (the bonus) includes two components: (1) one
which is tied to the company's total revenue, and (2) one which is tied to the
company's pre-tax income, as defined below. In both cases, the reference is to
the business activities of Industri-Matematik International Corp. (IMIC). Each
of the targets are based on the information set forth in attachment 1.
The total payable bonus can vary from SEK 0 to SEK 300,000 with the target bonus
set at SEK 150,000. The target bonus of SEK 150,000 is realized when the total
revenue and pre-tax income targets are reached. (The total revenue target for
IMIC is defined as US $ 85,000,000 and the pre-tax income target as US $
14,050,000.)
The maximum bonus payable is SEK 300,000.
7. The bonus relating to total revenue is paid as follows:
Total revenue (USD) Bonus (SEK)
74,375,000 0
85,000,000 75,000
95,625,000 150,000
The maximum bonus payable for this component is SEK 150,000.
8. The bonus relating to pre-tax income is paid as follows:
Pre-tax income (USD) Bonus (SEK)
10,537,000 0
14,050,000 75,000
17,562,000 150,000
The maximum bonus payable for this component is SEK 150,000.
Other terms and conditions:
- If Per-Olof Ekholtz terminates employment during the budget year, no bonus
is payable.
- Vacation compensation is not accrued on bonus payments
- Should the company's budget be changed, especially as a result of a business
acquisition or divestiture, then the calculations contained herein shall be
changed in the corresponding month for that period for which the change
applies.
- The bonus will be paid out after the company's annual financial statements
have been audited and approved.
For Industri-Matematik International Corp.
------------------------------------------ 970918
Stig Durlow Date
The above bonus plan is hereby accepted and agreed to:
------------------------------------------ 970903
Per-Olof Ekholtz Date
