PERSONAL EMPLOYMENT CONTRACT
XX. X. XXXXXX
IN MEDIS EL
1. SALARY
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The agreement includes the salary, conditions and fringe benefits to
the manager of the Company for the period: October 1, 2000-September 30, 2002.
The annual compensation is as follows:
o Monthly salary U.S.$20,000 (in N.I.S. when paid).
o U.S.$1,250 educational fund.
o U.S.$1,250 gross-up for educational fund.
o U.S.$3,000 - rent participation
o U.S.$3,000 - gross-up for rent participation
o Bonus of three months' salary
2. FRINGE BENEFITS
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o managers insurance based on U.S.$20,000 monthly salary.
o Life insurance for the benefit of the Company and severance
insurance to employee.
o Annual vacation 22 working days.
o Right for sick leave 30 days a year and right to accumulate
up to 3 months.
o Professional training fund "Yahav".
o Use of the company's car and all expenses related.
o Payment for telephone by the company.
o Payment of 15 recreation days per year at the rate per Law (to
date N.I.S. 500 per day).
Automatic transfer of the rights under the managers insurance from
employer to employee on sole demand by the employee on retirement or
resignation.
3. EXTRA RIGHTS FOR MANAGERS
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6 months salary notification of resignation or dismissal. Payment of 6
months salary (period of adjustment) (in the period full salary and fringe
benefits) inclusive in case of change of ownership of the Company and dismissal
by new owners.
The manager will be insured by personal insurance against all claims
as for directors.
The manager will be entitled to 100,000 stock options per year under
the Medis Technologies Ltd. stock options plan. Price and other terms to be
determined. The manager will be entitled to acquire options each time the
Company goes public, at terms and conditions agreed with the Board of Directors.
In the frame of benefits to the manager and on the basis of the
performance of the Company, the manager will be entitled to options, bonuses and
other benefits according to resolution taken by the Board in each case or event.
Date: October 18, 2000
/S/ XXX XXXXXX
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Employee
/S/ XXXXXX X. XXXXXX
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Chairman of the Board
