Translation from Norwegian
August 10, 1972
Einar W. Sissener
CEO/President
Here
Position of CEO/President
On behalf of the Board of Directors, we hereby take the liberty
of confirming that you have taken office, as of July 1, 1972, as
CEO/President of our company.
Pursuant to our talks, I wish to underline that you may not
assume commissions or assignments outside the company, without
the Board's consent thereto, but must give the company all your
time and labour.
Your salary, working conditions, etc. shall at all times be
determined by the Board. Your salary shall be adjusted on the
Board's decision, having due regard to the company's growth,
general and special working conditions, as well as overall price
and salary trends.
In respect of your appointment, a mutual period of notice of one
year shall apply, entailing resignation at the following year-
end.
In respect of your appointment, the applicable pension age shall
be 67 years. Upon retirement when reaching pension age, you are
entitled to an annual pension amounting to 2/3 of the average
cash salary received during the last 3 years prior to retirement.
The company shall cover this pension commitment by means of an
insurance, insofar as such an arrangement is financially
practical. The amount of pension not covered by insurance shall
be paid directly and on a monthly basis by the company.
Your pension also entails a widow's pension amounting to 60% of
your pension, or 40% of your average annual cash salary during
the last 3 years prior to death, while still occupying a position
in the company. In the event you are survived by children under
the age of 20, the widow's pension shall be increased by 10% of
the amount of widow's pension for every child, until such child
has reached the age of 20.
Retirement pension and widow's pension shall both be indexed each
year on the basis of the consumer price index issued by the
Central Bureau of Statistics, the point of departure being the
index figure as of the 15th of the month prior to retirement or
death.
The Board is of the opinion that your salary, working conditions
and pension terms shall, in standard and in terms, correspond to
those applicable for similar positions in Norwegian industry
which one might naturally compare with.
Should circumstances arise entailing the termination of your
appointment, you are entitled to an indemnity, in addition to
your ordinary salary during the period of notice, corresponding
to two years' salary, if you, from the time of your appointment
with the company on January 1, 1960, have spent less than 20
years in the company's service, and 3 years' salary if you have
spent 20 years or more in the company's service.
You shall be entitled to a corresponding indemnity, in the event
expropriation or similar forced interventions on the part of
Government wholly or partially lead to such a reduction in the
company's activities that you no longer find it reasonable to
continue in your position. In both events, you shall, as far as
necessary, assist our companies with advice and guidance during
the period in which you are receiving indemnity payments.
In the unlikely event that a situation of conflict should arise
between yourself and the company's Board of Directors concerning
your work situation, in the broadest sense of the term, such
conflict shall be settled by arbitration. The arbitration board
shall consist of 3 members, of which you and the Board of
Directors shall appoint one each, the third member being
appointed by the Federation of Norwegian Industries. The
arbitration board's decision is final and binding and shall
comply with the provisions of the statute's arbitration chapter.
We feel confident of continued positive collaboration for the
good of the company.
Yours sincerely
A/S APOTHEKERNES LABORATORIUM
for Specialpraparater
(Illegible signature)