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Exhibit 4.2
PERSONAL & CONFIDENTIAL
Dear ________,
I refer to our various recent discussions and have pleasure in confirming our
offer of employment to you as _______________ , Bluegum Group Pty Limited.
(Please note your working title internally and in the Australasian market will
be ________________ .) In this position you will report to myself as Chief
Executive Officer.
The following terms and conditions of employment will apply:
EMPLOYMENT STATUS
Permanent full time
LOCATION
Liverpool
REMUNERATION
Your fixed remuneration package will be A$________ per annum. This includes
company contribution to superannuation. Your salary will be paid monthly by
Bluegum Telecommunications Pty Limited on the 15th of each month by electronic
funds transfer to your nominated bank account.
In addition, you will be eligible to receive variable remuneration of __%
(threshold 1 satisfactory performance) or __% (threshold 2 - superior
performance) of A$_______ per annum (to be adjusted annually in the same manner
and by the same percentage as your fixed remuneration package) against the
achievement of performance objectives to be mutually agreed.
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SHARES
Initially you will receive 10,000 share options in the company. These options
will have a strike price to be determined by the Board. You may be granted
further options in the future at the discretion of the Board.
In addition, to increase your equity in the company you will be encouraged to
purchase employee shares as they become available. In this connection we are
actively pursuing an initial parcel of 15,000 shares.
MOTOR VEHICLE
The company operates a novated lease arrangement with Lease Plan Australia
Limited. Should you wish to take up this option, the value of your novated lease
will be deducted from your fixed remuneration package.
LEAVE
Four weeks annual leave and NSW statutory holidays will apply. Leave loading is
included in your fixed remuneration package.
You will be entitled to up to 15 days paid Personal Leave each year cumulative
to 90 days. Personal Leave includes sick leave, carer's leave, compassionate
leave, etc. In addition, salary continuance insurance providing 75% of your
fixed remuneration package after a waiting period of three months for up to 24
months will be provided.
SUPERANNUATION
Company contribution to superannuation is _% of your fixed remuneration package.
Any future variations to this percentage will be funded from your fixed
remuneration package. These contributions will be paid to the Bluegum Colonial
Master Trust Fund. Additional contributions on either a pre or post tax basis
are at your discretion.
HOURS OF WORK
You will be expected to work such reasonable hours as necessary and mutually
agreed to complete your work.
REMUNERATION REVIEWS
Your fixed remuneration package will be reviewed annually on the basis of
individual and team contribution, company performance and market surveys.
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TERMINATION OF EMPLOYMENT
Should you wish to resign, a minimum of three calendar months notice will be
required.
On acceptance of our offer of employment you will be provided with an Executive
Service Agreement which will remain in force for a period of three years from
the date of commencement of your employment with Bluegum. Should your employment
be terminated during this period, unless for poor performance or summary
dismissal, you will be compensated the greater of:
(a) the amount of your package payable on the termination date as if
you had continued to be employed from termination date until
three years from date of commencement of employment, or
(b) the amount of your package payable on the termination date as if
you continued to be employed for a one year period from the
termination date.
After three years from date of commencement of employment Bluegum may terminate
your employment by giving three months notice.
CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY
In your position you will have access to company confidential information and as
such will be required to sign a Confidentiality Agreement on commencement of
employment.
PROVISION OF INFORMATION
It is understood that all of the information provided by you as a part of your
selection process is true and correct. The supply of false information renders
you liable for dismissal.
SECURITY
Details of the company's security policy will be explained to you on
commencement of employment. However, you should be aware that security staff or
other authorised representatives of the company may require you to open your
personal property for inspection during the course of your employment.
DATE OF COMMENCEMENT
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I would be grateful if you would indicate your understanding and acceptance of
the above terms and conditions of employment by signing below and returning one
copy of this letter to me.
I look forward to welcoming you to the Bluegum team and to working with you in
the future.
Yours sincerely,
Paul Zuber
Chief Executive Officer
Accepted
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Date
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