Exhibit 10.12
 EMPLOYMENT CONTRACT  English Translation]
 
  A) Starting date, rank and duties
  B) Group
 C) Exclusive nature of employment relationship




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D) Place where the service will be rendered
    E) Duration
  F) Timetable
  G) Confidentiality
 Disclosure of
professional secrets Disclosure of scientific or Industrial secrets
 H) Company assets and corporate policies




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I) Economic treatment
  1)
    
    As total remuneration for your work and in payment of your obligation, you
will be paid, divided into 13 monthly payments, a gross annual fixed salary of           
        .The economic treatment mentioned in the previous paragraph has been calculated as a
whole also in anticipation of every, and any, future salary increase deriving from
changes in rank or from amendments in the National Collective Employment Contract for
Executives of Companies Producing Goods and Services. In particular, it is understood
that the economic treatment may be absorbed, up to its amount, by any increase deriving
from sources that govern the relationship, including increases in seniority, if still
applicable.2)
    
    The Company reserves the right to launch Variable Bonus Plans, as established
unilaterally and at its own discretion from time to time on an annual basis by the
Company itself, also with reference to the relevant duration, targets, methods of
discretional assessment of performances, to the amount linked to the achievement of
said targets and to the procedures for the relevant payment/s. Regarding this, you
explicitly acknowledge that the terms and conditions of each Variable Bonus Plan, and
the targets prescribed therein and the amount of the Bonuses, are the expression of
the bonus policies of the Company for each period of annual duration of said plans
and, consequently, such plans must not be put in relationship with, or linked to any
other and different previous or future plan. Consequently, the Company shall be
entitled to repeal or not to renew annual Variable Bonus Plans. Currently said Plans
are composed of:3)
 a.
    
    an individual performance bonus linked to the results of the
individual performance and Company assessments on said performances, as
communicated and established, unilaterally and at its own discretion by the
Company; it shall be paid upon completion of the assessment process, according
to the procedures established by the Company and notified annually, currently
established as in one




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single instalment, during the month of December (with the December payslip);b.
    
    an Annual Bonus, as a bonus linked to achieving the results
of the annual budget (Management Plan) and to the assessment of individual
performance, as notified and established unilaterally and at its own
discretion by the Company; it shall be paid upon completion of the assessment
process, according to the procedures established by the Company and notified
annually, currently established as in one single instalment, during the month
of December (with the December payslip);
 I) 2)
 -
    
    the annual individual performance bonus mentioned in
letter a), above for the year, shall be paid only if the employment
relationship has been constant at the date of payment, currently
established as during the month of December and in proportion to the actual
working presence during the period;-
    
    the bonus mentioned in letter b) above shall be paid
only if the employment relationship has been constant and in proportion to
the actual working presence during said FY.
   L) Supplementary insurance treatment
  M) Inventions
 Inventions




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N) Agreement of non-competition




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O)
    
    Miscellaneous
     
 For acceptance