Employment Offer Letter between NESS Technologies, Inc. and Ivan Hruška (President NESS Europe)
NESS Technologies, Inc. offers Ivan Hruška the position of Senior Executive (President NESS Europe), starting March 1, 2004, with an annual compensation of €322,700, split between fixed salary and performance-based bonuses. The role includes benefits such as a company car, health insurance, and 25 vacation days. Employment is "at will" with a six-month notice period for termination. The offer is subject to a formal employment agreement to be signed within 30 days. Hruška will oversee NESS operations in Europe and report to the Executive Vice President for International Sales.
Exhibit 10.25
Private & confidential
Ivan Hruka
Kuzmányho 7
040 01 Koice
Slovakia
| NESS Technologies, Inc. |
January 29, 2004
Dear Ivan,
I am writing on behalf of NESS Technologies Inc. to offer you a position in NESS, on the following terms and conditions.
1. Duration of contract
You will join NESS Technologies Inc. on at will employment commencing March 1, 2004.
2. Position and responsibilities
You will be employed as Senior Executive (President NESS Europe) in NESS Technologies, Inc. and you will be reporting to the Executive Vice President for International Sales. You will be responsible for all operations of NESS in the territory of Europe. You will be seconded to Czech Republic to NESS Czech s.r.o.
3. Employment conditions
Your gross annual total compensation will be 322.700 EUR payable monthly (60% of the total compensation shall be a fixed salary component payable monthly, and 40% of the total compensation shall be a variable bonus related component payable 50% quarterly and 50% at the end of the year) excluding benefits listed below NESS will calculate the Czech income tax liability, settle it on your behalf and deduct the payment from the above gross salary.
The Bonuses are payable quarterly will be based on quarterly achieved EBIT results of the managed company (EBIT=Operating profit). Base for measurement is the agreed budgeted quarterly EBIT and the actual achieved EBIT. The quarterly maximum bonus payment may not exceed 50% of year end (YED) bonuses. After the audited YED results are finalized, the annual part of the bonus will be calculated and the balance will be paid on the basis of annual achieved EBIT vs. budgeted annual EBIT. The maximum Total Bonus payment will not exceed 100% of the agreed Budget.
You will be entitled to 25 days of vacation per annum in addition to local Czech public holidays. Your annual salary will be reviewed yearly each January.
NESS Czech will provide a car for your business and personal use. All company costs in respect of the car will be borne by NESS Czech excluding petrol for private usage.
Ness Czech will pay the health insurance premium for the BUPA International scheme, for you and your direct dependants. You will be liable for any charges not covered by the BUPA International scheme.
Ness Czech will pay for IAPA insurance cover.
NESS Czech will provide you with any necessary tools needed for successfully running the business, as agreed with you superior.
4. Termination
NESS Technologies Inc. reserves the right to summarily terminate this contract should you commit any acts that contravene the provision of this contract or are deemed to be a gross breach of professional conduct.
The notice period will be six (6) months for both parties commencing on the first day of the next calendar month following the calendar month in which the notice is properly delivered to the other Party
5. General
This offer letter does not constitute a legally binding agreement between the Parties unless supplement by an Employment Agreement signed by both Parties within 30 days after its signature by both Parties.
I look forward to you joining the company. Please sign the attached copy of this letter to confirm your acceptance of these terms and conditions.
Yours sincerely
/s/ Raviv Zoller |
| /s/ Shai Onn |
Raviv Zoller, |
| Shai Onn |
CEO Ness Technologies, Inc. |
| President European Operations |
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| Ness Technologies, Inc. |
| I confirm acceptance of the above terms and conditions of employment: | |||||
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| Signed: | /s/ Ivan Hruka |
| Date: | 2/26/04 |
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