Exhibit 10.07


 


INDIVIDUAL EMPLOYMENT CONTRACT


 


INDIVIDUAL EMPLOYMENT CONTRACT FOR UNDETERMINED TIME
EXECUTED, FROM ONE PART, BY EL BANCO NACIONAL DE MEXICO, S.A. AND, FROM THE
OTHER PART, JOSE MANUEL MEDINA MORA ESCALANTE, WHOM SHALL BE DESIGNATED
HEREINAFTER AS “THE BANK” AND “THE EMPLOYEE”, RESPECTIVELY.


 


STATE


 


El Banco Nacional de México, S.A., is a private
institution that holds deposits and savings, and performs fiduciary functions, that
is of Mexican nationality, with domicile in México City, D.F., and that
operates pursuant to a grant issued by the Department of the Treasury and
Public Credit.


 


The employee states:


 


a)            That he is of: Mexican nationality.


 


b)            Date of Birth: August 25, 1950.


 


c)            Sex: Masculine.


 


d)            Marital Status: Single.


 


e)            With domicile in México City, D.F.


 


Both parties execute this Employment Contract pursuant
to the following:


 


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TERMS


 


I.              The Employee binds himself to render, subject to the subordination of
the officers designated by the Bank to such effects, his personal and trustworthy
services as an Auxiliary.  The Bank shall
have the right to remove the Employee from such position as it may need, within
the same location, to another position in which the Employee shall enjoy, at
least, the same salary and category, pursuant to the terms of Article 17
of the Employment Regulations for the Employees of Credit Institutions and
Auxiliary Organizations.


 


II.            The Employee shall render his services to the Bank in that place in
which the Bank may have established its offices or in those other places in
which his services may be necessary depending on the nature of the same; the
Employee, however, shall not be removed from the city in which he was contracted
without his express written consent.


 


The above-mentioned provision shall not be effective
with respect to employees whose services will require that they be in
continuous mobilization.  In all cases,
the relocation expenses of the employee shall be borne by the Bank, subject to
the applicable substantiation requirements.


 


III.           The compensation that the Bank shall pay the employee for his services shall
be $2,000 monthly.  All payment shall be
made in legally tender currency and with unlimited liberatory power, covering
the past 


 


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semi-monthly period (“quincena”), payable on the
fifteenth and the last day of each month, at the offices of the Bank.


 


IV.           The employee binds himself to execute receipts in favor of the Bank for
the totality of the wages earned up to the date of the execution of such
receipts, attesting as to the employee’s acquiescence to the time worked and
the compensation which he is receiving.


 


Both parties agree that any claim connected to this
particular shall be presented when the receipt is executed.


 


V.            The parties agree that the working week shall consist of forty two
hours, which shall be distributed among the week’s six working days, in
accordance with the needs of the Bank and as provided by Articles 59, 60 and 61
of the Federal Employment Act.


 


The Bank may, on a temporary basis, reduce the number
of obligatory working hours, but this reduction, whatever it may be, shall not
be considered as a binding precedence to the Bank.


 


VI.           The employee shall be obliged to work during the time identified as extraordinary
time within the limits, manner and conditions established by the Federal
Employment Act, but only if he had been expressly ordered to do so by the Bank.


 


VII.          If on account of special circumstances the ordinary working hours of the
employee have to be increased, these services shall be considered as rendered
in extraordinary time and shall be compensated semi-monthly (“quincenalmente”) at
a rate of one hundred percent of the hourly wages applicable to the employee’s ordinary
working compensation, with the exception made for the case referred to in 


 


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Article 169 of the Federal Employment Act
which prohibits women from rendering extraordinary services.  In the case of a violation to this provision,
the extraordinary hours shall be paid at a rate of 200% of the hourly wages
applicable to the employee’s ordinary working hours.


 


VIII.        The employee’s
extraordinary working time shall not exceed three hours daily, nor more than
three times a week.  In those cases in
which the employee voluntarily renders his services as extraordinary time in
excess of the above-mentioned limitations, said hours shall be compensated at
the rate of 200% of the hourly wages applicable to the employee’s ordinary working
hours.


 


IX.           The employee agrees that he shall devote to the discharge of his working
duties all the time necessary within his regular working hours so that there
may be no delays in the same.


 


X.            The employee shall enjoy:


 


a)             one free day for each six working days.


 


b)            on the free days established by the Federal Employment Act and the days
designated by the Regulations as the days in which the Credit Institutions and
Auxiliary Organizations may be closed, in the event the employee renders his
services on the day designated as his free weekly day, the Bank shall pay the
employee, regardless of the salary to which he may be entitled for such free
day, a salary equal to twice the salaries applicable for such services
rendered.


 


c)             annual vacations on the terms and duration established by the Employment
Regulations for the Employees of Credit Institutions 


 


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and
Auxiliary Organizations, in accordance with the employee’s service seniority.


 


XI.           The employee shall exhaust the vacations mentioned in the above-mentioned
paragraph within the period of six months following the completion of a year of
service, on the date fixed to such effects by the Bank, in such a way that it will
not affect the Bank ́s operations.  At the
commencement of the vacation period, the Bank shall pay the employee the wages attributable
to such period and shall also pay the employee 50% of the wages applicable to
the working days within the vacation period.


 


XII.         The Bank shall deliver to the employee not later than December 20
of each year, a bonus (“gratification”) which shall not be less than the amount
of wages applicable to a month, when the employee has worked for the full year,
but in the event that the employee has worked for less than the full year, it
shall receive a bonus (“gratification”) that will be proportional to the time
he has worked.  If the bonus (“gratification”)
were in excess of the amounts indicated in this paragraph, the difference shall
be considered as an extraordinary bonus (“gratification”) and shall not be
considered a binding precedent.


 


XIII.        When
the employee reaches age 55, with 35 years of service, or age 60, regardless of
his seniority, he shall be entitled to a life long retirement pension in
accordance with the terms and duration established by the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations.  The employee shall 


 


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also be entitled to the benefits established in
the Bank’s internal retirement and pension plan in the form and terms provided
therein.


 


XIV.        In
the event of the death of the employee, the person or persons designated by him,
among those relatives that depend economically from him, shall be entitled to death
benefits under the terms and duration established by the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations.


 


XV.         The employee shall be entitled to medical benefits, library, capacitation
courses, conferences, educational financial aid, rent subsidies, meal subsidy,
facilities for the purchase of clothing articles, loans for the acquisition or
construction of his living house that may be established or granted by the Bank
subject to the Employment Regulations for the Employees of Credit Institutions
and Auxiliary Organizations.  Any benefits
granted to the employee by the Bank in excess of those indicated under the above-mentioned
Regulations, shall not establish a binding precedent.


 


XVI.        The
employee shall be obliged to undertake those medical examinations established
by the Bank and to put into effect those corrective measures that the Bank or
the applicable authority may establish.


 


XVII.       This
present agreement shall be suspended, rescinded or terminated in those cases
referred to in chapters third, fourth and fifth of the Second Title of the
Federal Employment Act.  The employee
obliged himself to follow the conditions imposed by the Internal Employment
Regulations 


 


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as well as the applicable provisions for the
management of personnel that may be established by the Bank.


 


XVIII.     This
present agreement shall have an indeterminate duration.


 


The employee binds himself to notify the Bank in
writing, at least fifteen days in advance, of his decision to quit his position
with the Bank.


 


XIX.        The
parties agree that any controversy that may arise in connection with the
interpretation or the discharge of the obligations imposed by this agreement,
shall be submitted to the Department of the Treasury and Public Credit through
the National Banking Commission and in the event that the dispute cannot be resolved
in this matter, to whatever may be decided on the matter by the Federal
Mediation and Arbitration Board, applying to this effect the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations and the
Federal Employment Act.


 


This agreement shall be effective and signed in
duplicate in the city of Mex. D.F., the 8th day of the month of November, 1971, keeping
the original the Bank and a copy the employee.


 


 


	
   

  	
   

  	
  BANCO NACIONAL DE MEXICO, S.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE EMPLOYEE

  	
   

  	
  THE BANK

  
	
   

  	
   

  	
   

  
	
  JOSE MANUEL MEDINA MORA ESCALANTE

  	
   

  	
   

  



 


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