EXHIBIT 10.15
EMPLOYMENT CONTRACT
1. EMPLOYER AND EMPLOYEE:
This contract of employment is executed and entered into by and
between:
"The EMPLOYER": Eugene Science (CEO: Seung-kwon Noh)
"The EMPLOYEE": Jae Hong Yoo
(National Registration Number: 630611-1019719
2. TERMS AND CONDITIONS:
The EMPLOYER and the EMPLOYEE agree on the following:
1) Duration of Contract: From 28/07/2002 to ___________________
(dd/mm/yyyy) (dd/mm/yyyy)
2) Job Position: ______________Division/Department HR AND FINANCE
Team
The EMPLOYER may change the position/division if required, and
the EMPLOYEE will accept the change(s) without objections.
3) Salary: 36,000,000 Wons per Year
A. The amount stated above includes wages for at least
300 work hours per year (or 25 work hours per month),
bonuses, transportation, food, and other work related
expenses.
B. Compensation for unused vacation days: The EMPLOYEE
should use all vacation days. The EMPLOYER will pay
ordinary wages for unused vacation days.
4) Salary Payment Method
The monthly wage amount is equal to the annual salary amount
(stated above) divided by 12 (twelve). The EMPLOYER will pay
the EMPLOYEE the monthly wage on the 21st day of each month.
5) Severance/ Retirement Pay
A. If the employment ends after one year or more from
the beginning date, the EMPLOYEE is entitled to a
severance/retirement pay. The EMPLOYER will make this
payment within 14 days from the ending date of the
employment, or another date that the EMPLOYER and the
EMPLOYEE agree on.
B. The severance/retirement pay amount is calculated as
follows:
Payment amount = (Total wage amount for the last 3
months of the employment / 3) x (Total number of days
of the employment / 365)
6) Probation Period
A. There will be 3 months of probation period for a
newly hired employee.
B. If the EMPLOYEE fails to demonstrate adequate work
performance and attitude, the EMPLOYER may cancel the
employment contract without a prior notice, and the
EMPLOYEE will accept the cancellation without
objections.
C. During the probation period, the EMPLOYER will pay
the EMPLOYEE 80% of the salary stated on this
contract.
3. MISCELLANEOUS
1) The EMPLOYEE agrees with the above terms and, according to
article 7 of the Salary and Wage Policy, not to reveal his/her
salary amount to other employees, or purposefully find out
other employee's salary amount. Failure to comply with this
may result in disadvantages to the EMPLOYEE in the performance
reviews.
2) If the EMPLOYEE wishes to end the employment, he/she should
submit a written notification with handover plans for his/her
job duties to the EMPLOYER at least 15 days prior to his/her
requested resignation date. The employment will continue for
15 days or as the EMPLOYEE and EMPLOYER agree on, after such
notification.
3) The Company Policy will be referred to matters that are not
specified herein.
CONTRACT DATE: 28/07/2002
THE EMPLOYER: Seung-kwon Noh, CEO, Eugene Science
THE EMPLOYER: Name JAE HONG YOO (signature) /S/ JAE HONG YOO
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