This excerpt taken from the MTSL 20-F filed Apr 2, 2009.
Employment Agreement with President
On January 24, 2008, we entered into an employment agreement with Mr. Salansky in connection with his appointment as our President, effective as of February 10, 2008. Mr. Salanksy has served as a director of our company since April 2008. The employment agreement was approved by our shareholders at our 2008 annual general meeting, pursuant to the approval of our audit committee and board of directors. Under the employment agreement, Mr. Salansky has agreed to devote 60% of his working time to our business and affairs in his capacity as our President. Under the terms of the employment agreement, we agreed to provide Mr. Salansky with the following payment and benefits:
The employment agreement contains customary confidentiality and non-solicitation provisions as well as an undertaking of Mr. Salansky not to compete with us for 12 months following termination of his employment.
At our 2008 annual general meeting, our shareholders resolved, pursuant to the approval of our Audit Committee and Board of Directors, to authorize the Chairman of our Board of Directors to change Mr. Salanskys employment terms, so that he will serve as our President in a full time role, under the same terms and conditions as the original employment agreement, except that in such case we will pay him a gross monthly salary of NIS 53,000 (approximately $15,600) and he will be entitled to 24 days of paid vacation per each employment year. On December 1, 2008 Mr. Lior Salansky voluntarily and temporarily reduced his monthly salary by 15%. Effective as of January 2009, the Chairman of our Board of Directors changed Mr. Salanskys employment terms, so that he will serve as our President, devoting 90% of his time, and his employment terms were updated accordingly.