Delek Group (TASE: DLEKG, OTCQX: DGRLY) (“the Company”) announced that on October 31, 2012 and November 1, 2012, the Audit Committee and the Board of Directors of the Company approved entering into a service agreement (the "Agreement") with Mr. Gideon Tadmor, through a wholly owned subsidiary (collectively, "Tadmor") who serves as an officer in charge of the exploration area of oil and gas. This replaces the existing employment conditions of Gideon Tadmor.
The principal terms of the agreement with Tadmor are as follows:
Gideon Tadmor will continue to serve as an officer to the Company, responsible for the area of its oil and gas exploration (and, among others, he will continue to serve in his position as Chairman of Delek Drilling Management (1993) Ltd. and CEO of Avner Oil and Gas Ltd., all subject to the decisions made within these corporations), and he will be responsible for, subject to the decisions of the CEO of the Company, natural gas transmission and exports (upstream, midstream and downstream).
The agreement was effective from November 1, 2012, for a period of twenty-four months. For his services, Tadmor shall be paid monthly management fee of NIS 129,500 per month linked to the CPI plus benefits.
Should Tamar start production earlier than June 30, 2013, a special bonus will be awarded to Tadmor in the amount of U.S. $ 400,000.
Tadmor will also be entitled to a special bonus for transactions relating to the sale of gas assets by the gas partnerships. This will amount to an accumulated average of 0.4% of the sum attributed to the consideration received by the partnerships for the sale of the gas assets.
This is a convenience summary of the recent HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on November 1, 2012.
Source: Delek Group
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today