CONTRACT OF
EMPLOYMENT
This Agreement
is made on this day between:
(1) European Aeronautical Group AB, 556278-5864,
195 87 Stockholm (the“Company”); and
(2)
Johan Holmqvist, 660307-0035,
Gjörwellsgatan 45, Stockholm, SWEDEN (the
“Executive”)
The parties
have agreed on the following terms and conditions for the
Executive’s employment with the Company.
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1.1
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The Executive
will serve as Managing Director of the Company in
Sweden.
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1.2
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The
Executive’s employment will be in accordance with the terms
and conditions of this Agreement and the policies applicable from
time to time (the “Employment”).
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1.3
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The Employment
will commence on 01 February 2006 and will continue until
terminated in accordance with this Agreement.
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1.4
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The parties
agree that the Employment Protection Act does not apply with
regards to the Employment. Further, no collective bargaining
agreement applies, except that the Executive’s insurance,
pension, statutory holidays, other holidays and vacation (30
working days) will be regulated in accordance with the EAG Sweden
Collective Agreement.
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2.1
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The Executive
will have the authority and responsibilities as is customarily
given a Managing Director and shall lead the day to day activities
of the Company.
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2.2
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The Executive
shall comply with all instructions, rules and regulations issued by
the Company’s Board of Directors.
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2.3
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The Executive
shall work in a loyal and diligent manner for the Company. The
Executive must not perform any work, undertake any assignments or
carry out any other professional activities during the Employment
for any person or entity other than the Company without the prior
written consent of the Company’s Board of
Directors.
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2.4
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The Executive
shall serve as an Officer of the Company’s parent, Navtech,
Inc., and such subsidiaries of Navtech, Inc. as its Board of
Directors may require.
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3.1
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The Executive
is employed on a full time basis, i.e. forty (40) hours per
week.
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3.2
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The Executive
shall devote the whole of his time, attention and ability to his
duties during the Company’s normal working hours, and at such
other times as may be required for the proper performance by the
Executive of his duties under this agreement. The Executive is not
entitled to any overtime payment.
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The Executive
shall perform his daily work duties at the Company’s office
in Stockholm or at any other Company office within Sweden as the
Company may from time to time require. The Executive acknowledges
that he is required to travel to such places (both domestic and
international), as the performance of his duties under this
agreement requires.
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5.1
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The Executive
will receive a fixed gross annual salary of SEK 800,000
(“Base Salary”), to be paid on or about the 25
th day of each month.
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5.2
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The salary will
be reviewed annually. The review will generally take place during
the last quarter of each fiscal year and the next review will
accordingly take place in October 2006. Any salary review will take
effect from 1 November.
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5.3
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The Executive
authorizes the Company at any time during the Employment, and in
any event on termination howsoever arising, to deduct from the
Executive’s remuneration under this Agreement any monies due
from the Executive to the Company, including but not limited to,
any outstanding loans, advances, mistaken overpayments of salary
and excess holiday pay. This consent may be withdrawn by the
Executive at any time.
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6.1
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In addition to
the Base Salary, the Executive may be entitled to an annual bonus.
The bonus will be based on the Company result and the
Executive’s individual performance as outlined in the
enclosed bonus plan for FY06, Schedule A. However, the bonus is
payable at the sole discretion of the Company. Further, the maximum
amount of any bonus payment in any year shall be 20% of the yearly
Base Salary.
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6.2
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In order to be
considered for any bonus payment, the Executive must have been
employed by the Company throughout the whole of the respective
financial year. Further, the Executive must still be employed by
the Company and not under notice of termination on the last day of
the bonus period.
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The Executive
is entitled to a company car, without salary deduction to a maximum
value of 350 SEK (year 2006), all extra equipment included. The
Executive may use the company car for private purposes and the
benefit is taxable for the Executive.
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The Executive
is entitled to sick pay in accordance with mandatory law and the
Company’s policy as applicable from time to time.
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9.1
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The Company
will refund to the Executive all reasonable expenses properly
incurred by him in performing his duties under this agreement in
accordance with the Company policy. The Company will require the
Executive to produce receipts as proof that he has incurred the
expenses.
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9.2
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Allowance for
expenses ( Sw. traktamente ) will be paid as deducted by
the Swedish Tax Authority.
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10.1
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During and
after the Employment (without any limit in time) the
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