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:
The
Preamble to this Agreement forms an integral part
thereof.
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
|
|
|
3.1.1
|
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.
|
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
|
|