Employment Agreement between Fresh Del Monte Produce N.V. and Hani El-Naffy as President & COO
Fresh Del Monte Produce N.V. and Hani El-Naffy have entered into an employment agreement appointing Mr. El-Naffy as President and Chief Operating Officer. He will receive an annual salary of $800,000, plus an annual bonus based on the company's after-tax net profits. The agreement also provides for a company car, participation in employee benefit plans, and requires Mr. El-Naffy to comply with confidentiality and invention assignment terms. The agreement is governed by Florida law and remains effective for three years after termination regarding confidentiality obligations.
Exhibit 10.6
De Ruyterkade 62, Curacao, Netherlands Antilles
Telephone: (+599) 9 61 55 55, Fax: (+599) 9 61 26 64
January 13, 1997
Mr. HANI EL-NAFFY
Del Monte Fresh Produce N. A., Inc.
800 Douglas Entrance
Coral Gables, FL 33134
Dear Hani:
Re: Employment Agreement
In consideration of the mutual covenants and conditions, this letter will confirm the agreement by and between Fresh Del Monte Produce N.V. (together with its subsidiaries and affiliates, the “Company”), and Mr. Hani El-Naffy (the “Executive”) as follows:
1. You will be employed as President and Chief Operating Officer of Fresh Del Monte Produce N.V. reporting to the Chairman and Chief Executive Officer of the Company.
2. Effective December 20,1996, your annual salary will be Eight Hundred Thousand U.S. Dollars ($800,000.00), payable on a bi-monthly basis. You will be entitled to a bonus payable annually effective year 1997 and every year thereafter, while you are employed, on the after tax net profit of Fresh Del Monte Produce N.V. and its affiliates/Global Reefer Carriers (FreshGlo).
*two percent (2%) of net after tax profit from US$1.00 to US$20,000,000.00
*one and a half percent (1.5%) of net after tax profit for any amount over US$20,000,000.00.
3. You will be eligible to use a company car, at company expense. However, a portion, attributable to personal use, shall be considered taxable income to you.
4. You shall be entitled to participate in all the medical and benefit plans offered to employees of Del Monte Fresh Produce Company.
5. You agree to abide by the Employee Agreement Relating to Assignment of Invention and Non- Disclosure of Confidential Information. The terms of this Agreement shall survive your separation with the Company for a period of three (3) years from the effective date of termination.
6. In the event that anyone or more of the provisions of this letter agreement shall be held invalid, the remaining provisions of the letter agreement shall not in any way be affected or impaired thereby.
7. This letter agreement supersedes all prior agreements, representations and understandings. Any modification to this agreement must in writing.
8. This letter agreement is to be governed by and construed in accordance with the laws of the State of Florida.
The acceptance of the reciprocal rights and conditions above is evidenced by your signing this letter in the space provided below and returning a fully-executed original to the Company for its files.
| Very truly yours; | ||
| Fresh Del Monte Produce N.V. | ||
| By: | /s/ Mohammad Abughazaleh | |
| Name: | Mohammad Abughazaleh | |
| Title: | Chairman and Chief Executive Officer | |
| Accepted and Agreed to this 14 day of January 1997. | ||
| By: | /s/ Hani El-Naffy | |
| Name: | Hani El-Naffy | |
