EXHIBIT 10.6
AMENDMENT NO.1
TO
EMPLOYMENT AGREEMENT
(Signed in Tel Aviv on 1st of March, 2011)
THIS AMENDMENT NO.1 TO EMPLOYMENT AGREEMENT (this "Amendment") shall become
effective as of the 1st day of January 2011 (the "Effective Date"), by and
between Inksure Technologies, Inc., a Delaware corporation (the "Company") and
Tal Gilat (the "Employee").
WHEREAS, the Company and the Employee have entered into an employment
agreement dated as of March 1st, 2010 (the "Agreement"); and
WHEREAS, the parties now wish to amend certain provisions of the
Agreement on the terms and conditions set forth hereinafter;
and
WHEREAS, except as set forth in this Amendment the other provisions of
the Agreement shall remain unchanged and in full force and
effect.
NOW, THEREFORE, in consideration of the mutual premises and agreements of the
parties contained herein, the parties agree as follows:
1. SALARY
Commencing on the Effective Date, the Employee's Base Salary as provided in
Section 3.1 of the Agreement shall be increased to sixty thousand New Israeli
Shekels (NIS 60,000). The remainder of Section 3.1 of the Agreement shall remain
unchanged and in full force and effect.
2. KEREN HISHTALMUT
Commencing on the Effective Date, Section 4.2 to the Agreement shall be amended
by canceling the tax-exemption limitation on the parties' contributions to the
Employees' advanced study fund ("Keren Hishtalmut"), so that the parties'
contributions (Company - 7.5% of Base Salary and Employee - 2.5% of Base Salary)
shall be made from the Employee's entire Base Salary, without regard to such
tax-exemption limitation.
3. COMPANY CAR
Commencing on the Effective Date, Section 4.6 of the Agreement shall amended so
that the Employee shall be entitled to return the Company's car, at any time. In
such case, the Employee's monthly Base Salary shall be increased by and
additional four thousand seven hundreds New Israeli Shekels (NIS 4,700),
commencing on the date of the car return. The remainder of Section 4.6 of the
Agreement shall remain unchanged and in full force and effect. For the avoidance
of any doubt, the Employee will not have to pay any charges or fees relating to
the early return of the car.
4. GENERAL
4.1 To the extent not changed by this Amendment, the remainder of the Agreement
shall continue in full force and effect.
4.2 Unless otherwise provided herein, all amendments to the Agreement shall
commence on the Effective Date.
4.3 In case of any contradiction between the provisions of the Agreement and
the provisions of this Amendment, the provisions of this Amendment shall
prevail.
4.4 This Amendment constitutes a notice of change of employment terms according
to the Israeli Employment Terms Notice Law, 2002.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the
Employment Agreement as of the date first written above.
INKSURE TECHNOLOGIES, INC. TAL GILAT
("Company") ("Employee")
By:_____________________ ________________________
Name: ▇▇▇▇ ▇▇▇▇▇ Tal Gilat
Title: Chairman of the Board