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EMPLOYMENT AGREEMENT

Employment Agreement

EMPLOYMENT AGREEMENT | Document Parties: FUTUREIT, INC. | SQL Express You are currently viewing:
This Employment Agreement involves

FUTUREIT, INC. | SQL Express

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Title: EMPLOYMENT AGREEMENT
Date: 8/11/2009

EMPLOYMENT AGREEMENT, Parties: futureit  inc. , sql express
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Exhibit 10.1

EMPLOYMENT AGREEMENT

Made and entered into this 28th day of December 2008.

Between:

FutureIT Inc. (or it's subsidiary), a company duly registered and incorporated under the laws of the United State of America , with principal offices at 4 Ha'melacha Street P.O.B 1301, Lod 71520 (hereinafter the " Company ");



On the first part;

And:

Mr. Ehud Isaacs, Israeli ID No xxxx of xxxxxxxx, xxxxxxx. xxxxxxx, (hereinafter the " Employee ").



On the second part

Whereas,

the Company is engaged in the development, marketing, sale and support of software products that provide easy-to-use comprehensive database management and monitoring solutions for small/ medium sized enterprises, or SMEs, and larger enterprises, running different applications in a Microsoft Structured Query Language, or SQL Server, environment, versions 2000,2005 and 2008, supporting all editions as well as Microsoft SQL Server Desktop Engine, or MSDE, and SQL Express.



Whereas,

the Employee has the experience, know-how and qualifications to serve as a CFO of the Company (hereinafter " CFO "); and



Whereas,

the Company has offered that the Employee undertakes employment with the Company as its CFO and the Employee agrees to be employed as such, all in accordance with the terms and conditions of this Agreement.



NOW, THEREFORE , in consideration of the mutual covenants and conditions hereinafter set forth, it is agreed by the parties as follows:

1.

Preamble



        The Preamble to this Agreement forms an integral part thereof.

2.

Employment



The Company hereby employs the Employee, and the Employee hereby agrees to serve as the Company’s CFO . The Employee shall perform the duties, undertake the responsibilities, and exercise the authority customarily performed, undertaken, and exercised

 

2.1

Excluding periods of vacation and sick leave to which the Employee is entitled hereunder, the Employee agrees to devote total attention, full time, at his working hours, to the business and affairs of the Company as required to discharge the responsibilities assigned to the Employee hereunder. The Employee’s duties shall be in the nature of management duties that demand a special level of loyalty, and accordingly, the Law of Work Hours and Rest – 1951 shall not apply to this Agreement. During the term of this Agreement the Employee shall not be engaged in any other employment, nor engage in any other business activities for any other person, firm or company without the prior written consent of the Company.

 

1



 

2.2

The Employee shall report to the C.E.O of the Company.



 

2.3

The Employee warrants that in view of his position, his agreement with the Company is a personal agreement and this Agreement will accordingly not be governed by any collective agreement and/or various extension orders, unless expressly provided otherwise herein.



 

2.4

The term of employment under this Agreement shall commence on 28.12.08 (the “ Effective Date ”).



3.

Salary and Other Payments



 

3.1

Base Salary



 

3.1.1

The Company shall pay the Employee a monthly base salary of 14,000 NIS (Fourteen) Thousand NIS (hereinafter the “ Base Salary ”) gross, payable each month not later than the Ninth day of each month. At December 2009, there will be another Salary discussion.



 

3.1.2

The Base Salary specified above includes remuneration for working overtime and on days of rest, and the Employee shall not be entitled to any further remuneration or payment whatsoever other than the Base Salary, unless expressly specified in this Agreement. The Employee acknowledges that the Salary to which he is entitled pursuant to this Agreement constitutes due consideration for him working overtime and on the weekly rest or holidays.



4.

Employee Benefits



        The Employee shall be entitled to the following benefits:

 

(i)

Manager’s Insurance. At the end of each month during the employment of the employee hereunder, the Company will pay to an insurance company of the Employee’s choice as premium for manager’s insurance for the Employee, an amount equal to 13.3% of the Base Salary together with up to 2.5% of the Base Salary for disability, and will deduct from each payment of the Base Salary and pay to such insurance company an amount equal to 5% of the Base Salary, which shall constitute the Employee’s contribution to such premium.

 

2



 

(ii)

Keren Hishtalmut Fund. After 6 month from the Effective date, at the end of each month during the employment of the Employee hereunder, the Company will pay an amount equal to 7.5% (seven and one-half percent) of the Base Salary to a Keren Hishtalmut Fund designated by the Employee (the “ Fund ”) (“ the Company’s Payment to the Fund ”), and will deduct from each payment of the Base Salary and pay to such Fund an amount equal to 2.5% of the Base Salary, which shall constitute the Employee’s contribution to such Fund, provided, however, that the Company’s Payment to the Fund shall not exceeds the maximum deductible amount permitted pursuant to the applicable law.



 

(iii)

Sick Leave . The Employee shall be entitled to fully paid sick leave pursuant to the Sick Pay-Law – 1976.



 

(iv)

Vacation. The Employee shall be entitled to an annual vacation pursuant to the law after pre coordination and receiving the Company’s consent to the predicted date for vacation.



 

(v)

Dmey Havra’a The Employee shall be entitled to Dmey Havra’a as provided in a Collective Bargaining Agreement to which the General Labor Union of the Workers in Israel is a party regarding the payment of Dmey Havra’a that is in force and effect.



 

(vi)

Automobile During the term of this Agreement the Company shall, provide the Employee with a car, group 2 (Mazda 3 or similar).



 

The Company shall pay all costs associated with the operation and maintenance of the car, whether fixed or variable, including, fuel.



 

For the avoidance of doubt, it is hereby emphasized that the Company shall not be obliged to pay any fines related to the use of the Employee’s automobile. Additionally, expenses related to damages from accident, theft, etc. including insurance deductibles and vehicle repair expenses are the sole responsibility of the Employee.



 

The employee is responsible for cleaning the car, taking it


 
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