THIS AGREEMENT is entered into as of the 14th day of September, 1997, by and between Q. B. I. ENTERPRISES LTD. (the “Company”) and Ms. Smadar Samirah, Israel I.D. number 022498802 (the “Employee”).
The Company desires to employ the Employee as Financial Manager of the Company and the Employee desires to enter into such employment, on the terms and conditions hereinafter set forth.
NOW, THEREFORE in consideration of the respective agreements of the parties contained premises and of the mutual covenants herein contained, the parties hereby agree as follows:
The term of employment of the Employee under this Agreement shall commence on 14th September, 1997, and shall continue until terminated in accordance with the provisions of Section 5 below.
(a) The Employee shall be employed as Financial Manager of the Company. The Employee shall perform the duties, undertake the responsibilities and exercise the authority as determined from time to time by the Board of Directors and/or the President & Chief Executive Officer of the Company.
(b) The Employee agrees to devote total attention and full time to the business and affairs of the Company as required to discharge the responsibilities assigned to the Employee hereunder. 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.
(c) 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. The parties hereto confirm that this is a personal services contract and that the relationship between the parties hereto shall not be subject to any general or special collective employment agreement or any custom or practice of the Company in respect of any of its other employees or contractors.
(d) The Employee’s regular place of employment is at the Company’s offices in Israel. However, the Employee acknowledges that the Company may, from time to time, direct that his work be performed at other locations.
(a) The Company agrees to pay the Employee during the term of this Agreement a gross salary of NIS 16,000 (Sixteen Thousand New Israel Shekels) per month. Said salary shall be paid in arrears by the 5th day of each month in respect to a preceding month in which the Employee was in employment (hereinafter referred to as the “Salary”).
(b) The Salary specified in sub-clause 3(a) 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 Salary and/or benefits, 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.
(c) The Salary will be adjusted from time to time in accordance with the cost of living increments (Index) which apply to all employees in Israel.