Document:

exhbiit10_33.htm

    LOAN
AGREEMENT

     

    DATED
AS OF NOVEMBER 11, 2008

     

    
      	
               BY
      AND BETWEEN: 

                 

              

            	
              Hotel
      Outsource Management International, Inc., a Delaware corporation
      whose address for the purposes of notices sent under this Agreement shall
      be One Embarcadero Center, Suite 500, San Francisco, CA 94111, Fax:
      +1-415-433 5994, e-mail: jackronnel@my-homi.com;
      with a copy to Reif & Reif Law Offices, 17-4 Yitzchak Rabin Rd., Bet
      Shemesh 99585, Israel, Fax: +972-2-999-7993, e-mail: Mail@ReifLaw.com
      (the “Borrower”);

            

    

     

    
      	
               
      

            	
              AND:

            	
              (1) Avraham
      Bahry, of 1 Gan HaShikmim Street, Ganei-Yehuda-Savyon 56905,
      Israel, and

            

    

    
      	
               
      

            	
              (2) Daniel
      Cohen, of 10 Iris Street, PO Box 4591, Caesarea 30889, Israel (each
      of them a “Lender” and collectively, the
      “Lenders”);

            

    

     

    
      	
               
      

            	
              WHEREAS:

            	
              Borrower
      requires immediate funds, which, in the current economic climate, it has
      not been able to obtain in a timely manner from banking institutions, as
      interim financing until receipt of the proceeds which it anticipates
      receiving from the rights offering which it expects to proceed imminently,
      as soon as the SEC Registration Statement becomes effective (a revised
      Form S-1 was filed by Borrower on November 4, 2008) (the “Rights
      Offering”); and

            

    

     

    
      	
               
      

            	
              WHEREAS:

            	
              Borrower
      has requested that Lenders, who hold office as Chairman and President of
      Borrower, respectively, assist Borrower by agreeing to loan such funds to
      Borrower in the amount and under the terms set forth in this Agreement
      below; and

            

    

     

    
      	
               
      

            	
              WHEREAS:

            	
              Each
      Lender is willing to make a loan to Borrower, all subject to and in
      accordance with the terms of this
Agreement;

            

    

     

    THEREFORE,
THE PARTIES HAVE MADE CONDITION AND AGREED AS FOLLOWS:

     

    
      	
               1.  

            	
              The
      Loan

            

    

     

    
      	
               1.1.  

            	
              Upon
      the terms and conditions set forth in this Agreement, Lenders agrees to
      loan to Borrower the principal amount of $300,000 – (three hundred
      thousand US Dollars) (The “Loan”), as
follows:

            

    

     

    a.       Avraham
Bahry: $200,000;

     

    b.       Daniel
Cohen: $100,000;

     

    
      	
               1.2.  

            	
              The
      Loan will be made available to Borrower within 3 business days of the date
      hereof (hereinafter: the “Loan Date”), by means of SWIFT wire transfer to
      Borrower's account No. 0605079633 at HSBC Republic Bank, a division of
      HSBC Bank USA, in the branch located at 452, Fifth Avenue, New York, NY
      10018.

            

    

     

    
      	
               2.  

            	
              Interest

            

    

     

    
      	
               2.1.  

            	
              Borrower
      shall pay interest on the entire outstanding balance of the Loan,
      commencing as of the Loan Date, at the rate of 6% per annum (the
      “Interest”).

            

    

     

    
      	
               2.2.  

            	
              On
      the Repayment Date (as defined below), Borrower shall pay Lenders, pari
      passu, all of the Interest that has accrued and is outstanding on the Loan
      up until that date.

            

    

     

    
      	
               3.  

            	
              Repayment

            

    

     

    
      	
               3.1.  

            	
              Borrower
      shall repay the entire Loan, with all accrued Interest, in a single, cash
      payment to each Lender, pari passu, no later than the 4 month anniversary
      of the Loan Date (the “Repayment
Date”).

            

    

     

    
      	
               3.2.  

            	
              Notwithstanding
      the foregoing, and notwithstanding Lenders’ declaration that, as at the
      date hereof, they would prefer for the Loan to be repaid in cash, the
      Lenders nevertheless agree that Borrower may elect to effect repayment of
      any part, or all, of the Loan and/or accrued Interest, pari passu to the
      Lenders, no later than the Repayment Date, by means of the issue to the
      Lenders of shares of Borrower’s common stock. The purchase price of each
      share so issued shall be deemed to be the same price per share as in the
      Rights Offering (the “Price Per Share”), such that the outstanding balance
      of the Loan plus accrued Interest shall be reduced, at the time of issue
      of such shares, by the quantity of shares so issued multiplied by the
      Price Per Share. If, for example, the Price Per Share is $0.05 and if the
      Repayment Date falls exactly on the 4 month anniversary of the Loan Date,
      and the outstanding balance of the Loan plus the accrued Interest is
      $306,000, then the issue, on that date, of 6,120,000 shares of Borrower’s
      common stock, to the order of the Lenders, as set forth herein, would
      constitute full repayment of the Loan and all accrued
      Interest.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    For any
sums that may be payable by a Lender in the Rights Offering, in respect of
shares which such Lender may subscribe for in such Rights Offering, up to the
total amount then owed by Borrower to such Lender under this Agreement, such
Lender, or Borrower, may elect, by written notice to the other, that such sums
be offset against the outstanding balance of the Loan and accrued Interest then
owed to such Lender.

     

    
      	
               3.3.  

            	
              If
      Borrower elects to repay any part of the Loan and/or accrued Interest by
      means of the issue of shares as set forth in Section 3.2 above, then the
      shares must be duly issued in Lenders’ names, or to their order, pan
      passu, and registered in Lenders’ names, or to their order, in Borrower’s
      share register, and duly executed share certificates must be delivered to
      Lenders, or to their order, all no later than the Repayment
      Date.

            

    

     

    
      	
               3.4.  

            	
              For
      avoidance of any doubt, Borrower undertakes to fully repay the Loan and
      all accrued Interest, no later than the Repayment Date, either by means of
      a cash payment as set forth in Section 3.1 above, or by means of a share
      issue, as set forth in Sections 3.2 and 3.3 above, or by means of a
      combination of such cash payment and such share issue, provided that all
      such repayments are made for both Lenders, pari
  passu.

            

    

     

    
      	
               3.5.  

            	
              Borrower
      may at any time prepay to the Lenders, pari passu, any part of the
      outstanding balance of the Loan and accrued Interest, by any of the
      methods set forth in Section 3.4
above.

            

    

     

    
      	
               3.6.  

            	
              Without
      derogating from any statutory remedies and/or other remedies available
      under the terms of this Agreement, if Borrower is in default under this
      Agreement and does not fully repay the Loan and accrued Interest in the
      manner set forth above, no later than the Repayment Date, then each Lender
      shall be entitled to elect, by means of written notice to Borrower,
      whether repayment of such Lender’s portion of the outstanding balance of
      the Loan and accrued Interest must be made by means of cash payment, or by
      means of share issue under the principles outlined above, or by a
      combination of these methods, and Borrower undertakes to comply with such
      election by each Lender.

            

    

     

    
      	
               4.  

            	
              Late
      Payment

            

    

     

    Without
derogating from any statutory remedies and/or other remedies available under the
terms of this Agreement, any sums not paid by Borrower at the appointed time
under this Agreement shall be subject to interest at the highest rate of
interest then charged by Bank Leumi of Israel in respect of Dollar sums
overdrawn beyond an agreed credit facility, such interest to accrue from the
date payment was originally due until the date of actual payment; this interest
rate shall initially be determined on the date payment was originally due, and
thereafter monthly until the date of actual payment. Nothing in this Section 4
may be construed in any way as derogating from Borrower’s undertaking and
obligation to repay the Loan and pay the Interest as set forth above. Arrears
interest accruing pursuant to the terms of this Section 4 shall, for all intents
and purposes, be deemed part of the Interest, as defined herein.

     

    
      	
               5.  

            	
              Specified
      Purpose of Loan

            

    

     

    
      	
               5.1.  

            	
              The
      Parties hereby confirm and agree that Borrower requested the Loan for the
      sole purpose of using all of said Loan to finance its activity in the
      ordinary course of business, including making financing available to one
      or more of its subsidiaries, to finance their activity in the ordinary
      course of business (the “Specified
Purpose”).

            

    

     

    
      	
               5.2.  

            	
              Borrower
      hereby undertakes to use the Loan solely for the Specified Purpose and not
      to use any part of the Loan for any purpose other than the Specified
      Purpose.

            

    

     

    
      	
               5.3.  

            	
              Borrower
      hereby recognizes and acknowledges that the Lenders’ consent to make the
      Loan to Borrower in accordance with the terms hereof is inter alia subject
      to and in reliance upon Borrower’s undertaking as set forth in Section 5.2
      above, which is a fundamental condition of this
  Agreement.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    
      	
               6.  

            	
              Borrower’s
      General Covenants

            

    

     

    
      	
               6.1.  

            	
              Borrower
      shall keep proper records and books of account in accordance with
      generally accepted accounting principles consistently applied, and shall
      maintain, preserve and keep all of its properties and assets in good
      working order and condition, subject to ordinary wear and
      tear.

            

    

     

    
      	
               6.2.  

            	
              Borrower
      shall conduct its affairs in such manner as is appropriate for a public
      company whose shares are traded on the New York OTCBB, and in accordance
      with all laws and regulations by which it is
  bound.

            

    

     

    
      	
               6.3.  

            	
              Other
      than in the ordinary course of business or otherwise as agreed to in
      writing by the Lenders, on a case by case basis, Borrower shall not
      create, incur, or assume any indebtedness, nor shall it create incur,
      assume or suffer any mortgage, pledge, lien, security interest, charge or
      encumbrance of any kind or nature in or upon any of its property or
      assets, whether now owned or hereafter acquired, nor shall it sell, lease,
      assign, transfer or otherwise dispose of any of its assets, including its
      accounts receivable.

            

    

     

    
      	
               7.  

            	
              Representations
      and Warranties

            

    

     

    Borrower
hereby represents and warrants to the Lenders as follows:

     

    
      	
               7.1.  

            	
              that
      it is duly organized and existing under the laws of the jurisdiction in
      which it was incorporated, with the requisite corporate or other power to
      own and operate its properties and assets, and to carry on its business as
      presently conducted and to execute and perform its obligations under this
      Agreement;

            

    

     

    
      	
               7.2.  

            	
              that
      this Agreement is valid and binding upon it and it is bound by it and
      obliged to act in accordance with its terms; and that the execution and
      performance by it of this Agreement, and compliance therewith, and the
      consummation of the transactions contemplated by this Agreement will not
      result in any violation of and will not conflict with, or result in a
      breach of any of the terms of, or constitute a default under, any
      document, other obligation, law, regulation or order to which it is or
      will be party or by which it is or will be
  bound;

            

    

     

    
      	
               7.3.  

            	
              that
      all actions on its part and on the part of its directors, required for the
      authorization, execution, and performance by it, of this Agreement, and
      the consummation of all the transactions contemplated herein, have been
      obtained, or that they will be obtained within 30 days of the date hereof
      and until such time as they are obtained no use will be made of the Loan,
      which will, until such time, be deemed held in trust for Lenders by
      Borrower;

            

    

     

    
      	
               7.4.  

            	
              that
      this Agreement and the entire contents thereof do not require that any
      notice be made to any  authorities, other
      than notice which has already been made by Borrower or which will
      be made by Borrower in a timely manner (such as a Form 8-K), in
      accordance with all laws and regulations by which Borrower is bound, in
      accordance with directions which Borrower will receive from its US Legal
      Counsel.

            

    

     

    
      	
               8.  

            	
              Events
      of Default

            

    

     

    The
occurrence and continuation of any of the following events shall be considered
an Event of Default upon the occurrence of which the entire unpaid balance of
the Loan and Interest, and all reasonable costs of collection, including
reasonable attorney fees and expenses, shall become immediately due and
payable:

     

    
      	
               8.1.  

            	
              Borrower
      shall fail to make any payment which it is obliged to make under the terms
      of this Agreement and such failure is not fully remedied within thirty
      (30) days after the occurrence
thereof;

            

    

     

    
      	
               8.2.  

            	
              for
      the avoidance of doubt it is hereby stipulated and emphasized that it is
      the fundamental obligation and undertaking of Borrower to repay the Loan
      and pay the Interest, in their entirety, on the Repayment Date, and that
      failure by Borrower to repay the Loan and pay the Interest, in their
      entirety, on the Repayment Date, shall be considered an Event of Default,
      regardless of the reason for such failure, and without either Lender being
      required to deliver any kind of notice to
  Borrower;

            

    

     

    
      	
               8.3.  

            	
              Borrower
      shall default in the performance of any material covenant or obligation
      contained herein or in any other agreement, debenture, pledge, promissory
      note or other instrument of indebtedness with a Lender and such default is
      not remedied within thirty (30) days after the occurrence
      thereof;

            

    

     

    
      	
               8.4.  

            	
              Borrower
      uses and/or attempts and/or permits use of the Loan, or any part thereof,
      for any purpose other than the Specified
  Purpose;

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               8.5.  

            	
              any
      representation or warranty made by or on behalf of Borrower to the
      Lenders, howsoever in connection with the Loan and/or this Agreement,
      shall at any time prove to have been incorrect or
    misleading;

            

    

     

    
      	
               8.6.  

            	
              any
      judgment materially affecting the ability of Borrower to repay the Loan
      and pay the Interest shall be entered against Borrower or any attachment,
      levy or execution against a substantial portion of its properties shall
      remain unpaid, or shall not be released, discharged, dismissed, suspended
      or stayed for a period of thirty (30) days or more after its entry, issue
      or levy, as the case may be;

            

    

     

    
      	
               8.7.  

            	
              any
      proceedings seeking to declare Borrower bankrupt, or insolvent, or seeking
      liquidation, winding up, reorganization, arrangement with creditors,
      composition of debts or any other similar proceedings shall be initiated
      against Borrower, and such proceeding shall not be dismissed within thirty
      (30) days;

            

    

     

    
      	
               8.8.  

            	
              any
      event shall occur materially affecting the ability of Borrower to repay
      the Loan and pay the Interest under the terms of this
      Agreement.

            

    

     

    
      	
               9.  

            	
              Miscellaneous

            

    

     

    
      	
               9.1.  

            	
              In
      view of the fact that the Lenders are shareholders in Borrower and Avraham
      Bahry is currently the Chairman of Borrower’s Board of Directors and
      Daniel Cohen is being nominated to serve on the Board, each Lender hereby
      agrees that, so long as he owns more than 1% of Borrower’s issued and
      outstanding share capital or is a member of Borrower’s Board of Directors,
      he will not participate in any vote taken by any of the organs within
      Borrower’s corporate structure in connection with this Agreement. This
      clause is in addition to, and without derogating from, the provisions of
      applicable law that may apply to this Agreement in connection with its
      being an agreement between a corporation and individuals who are
      shareholders and directors of that
corporation.

            

    

     

    
      	
               9.2.  

            	
              Each
      Lender shall be entitled, at any time and without requiring the consent of
      Borrower or any other individual, to assign all or any part of its rights
      under this Agreement, to any other entity. Borrower shall not be entitled
      to assign all or any part of its rights and/or obligations under this
      Agreement, without both Lenders’ advance written
  consent.

            

    

     

    
      	
               9.3.  

            	
              No
      Amendment to this Agreement, or any part thereof, shall be valid or
      binding upon the Parties unless drawn up in writing and signed by both
      Parties.

            

    

     

    
      	
               9.4.  

            	
              As
      used in this Agreement, the term “including”, and all derivations thereof,
      shall mean “including, without limitation”, unless expressly stipulated to
      the contrary. Where the context permits, use of the singular number
      includes the plural and vice versa and words denoting any gender shall
      include all genders. The Preamble, and any Appendices, Exhibits or
      Schedules to this Agreement, constitute an integral part hereof. Section
      headings are for convenience purposes only, and may not be used in the
      construction or interpretation of this
  Agreement.

            

    

     

    
      	
               9.5.  

            	
              No
      failure or delay on the part of any party in exercising any right and/or
      remedy to which it may be entitled hereunder and/or by law shall operate
      as a waiver by that party of any right whatsoever. No waiver of any right
      under this Agreement shall be deemed as a waiver of any further or future
      right hereunder, whether or not such right is the same kind of right as
      was waived in a previous instance.

            

    

     

    
      	
               9.6.  

            	
              In
      case any provision of the Agreement shall be declared invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby and shall
      continue in full force and effect.

            

    

     

    
      	
               9.7.  

            	
              This
      Agreement constitutes the entire agreement between the parties with
      respect to the subject matter hereof and replaces any previous agreements
      between the parties, if at all, whether written or verbal, pertaining to
      any of the subject-matter hereof

            

    

     

    
      	
               9.8.  

            	
              This
      Agreement shall be governed by and construed in accordance with the laws
      of Israel, without regard to its rules of conflict of laws. The parties
      hereby agree and submit to the exclusive jurisdiction of the competent
      courts in the city of Tel-Aviv, with respect to any claim or dispute
      arising out of and/or in connection with this Agreement. For this purpose,
      Borrower hereby gives notice that an address for service of court papers
      in any action relating to this Agreement shall be c/o HOMI Israel Ltd.,
      Gav-Yam Center, Building #3, 3rd Floor, 9 Shenkar Street, Herzliya Pituach
      46725, Israel.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
               9.9.  

            	
              Notices
      sent by one party to the other under this Agreement will be sent by
      registered mail to the addresses specified herein, delivered by hand, or
      transmitted by fax and will be deemed to have reached their destination
      within 5 days of being deposited with the Post Office for dispatch as
      registered mail (10 days in the case of air mail), upon actual delivery
      when delivered by hand, and upon receipt of the recipient’s confirmation
      of receipt when sent by fax.

            

    

     

    
      	
               9.10.  

            	
              This
      Agreement may be executed in any number of counterparts, in original or by
      facsimile, and each such counterpart hereof shall be deemed to be an
      original instrument, but all such counterparts together shall constitute
      one and the same agreement.

            

    

     

    IN WITHESS
WHEREOF THE PARTIES EXECUTED THIS

    LOAN
AGREEMENT ON THE DATE FIRST ABOVE WRITTEN:

     

     

    
      	
              SIGNED
      for and on behalf of

            	
              )

            
	
              Hotel
      Outsource Management International, Inc.

            	
              )

            
	 
      	
              )

            
	
              By:

            	
              )

            
	 
      	 
      
	
              SIGNED
      by:

            	
              )

            
	
              Avraham
      Bahry

            	
              )

            
	 
      	 
      
	
              SIGNED
      by:

            	
              )

            
	
              Daniel
      Cohen

            	
              )

            

    

    
      
         

      

      
        5exhibit10_34.htm

    
      
         

      

      
        
          Execution
Copy  

        

        
          
 

      

      
         

      

    

    Employment
Agreement

     

    Effective
as of 1st day of January, 2008

     

    
      	
              By
      and Among:

            	
              HOMI
      Europe S.a.r.l., a
      company incorporated and existing under the laws of Luxembourg, whose
      address for the purposes of this Agreement shall be c/o Monica Rosenblatt,
      6, rue Adolphe, Luxembourg, Fax: +352-222117, (“Employer”);
      with a copy to Reif & Reif Law Offices, 17-4 Yitzchak Rabin Rd., Bet
      Shemesh 99585, Israel, Fax: +972-2-999-7993, e-mail: mailbox@ReifLaw.com;

            

    

     

    
      	
              And:

            	
              Jacob
      Ronnel, whose address for the purposes of this Agreement shall be
      Ave.
      De Chatelaine 91, Geneva 1219
      Switzerland, email: jackronnel@my-homi.com
      (“Manager”);

            

    

     

    
      	
              Whereas:

            	
              Employer
      is engaged in the development, manufacture and supply of computerized
      minibars, and in the supply of services relating to minibars and/or other
      appliances containing food and/or drink and/or other products;
      and

            

    

     

    
      	
              *

            

    

    
      	
              Whereas:

            	
              Employer
      wishes to employ Manager in the position specified in Exhibit
      A’ to this Agreement (hereinafter: the “Position”)
      in reliance upon the representations and undertakings of Manager as set
      forth herein; and

            

    

     

    
      	
              Whereas:

            	
              Manager
      declares that he possesses the know-how, the experience, the abilities and
      the skill that are required in order to fulfill Manager’s duties in the
      Position to Employer’s satisfaction;
and

            

    

     

    
      	
              Whereas:

            	
              Manager
      declares that there is no bar, legal, contractual or howsoever otherwise,
      to Manager’s (i) entering into this Agreement, (ii) being employed by
      Employer pursuant hereto and (iii) fulfilling all of Manager’s duties in
      the Position; and

            

    

     

    
      	
              Whereas:

            	
              A
      material and advance condition of Employer’s employing Manager under this
      Agreement is Manager’s undertaking to maintain the Trade Secrets (as
      defined below) in strict confidence, as set forth in this
      Agreement;

            

    

     

    
      	
              Whereas:

            	
              The
      Parties wish to define and establish the terms and conditions which will
      apply to their relations for the duration of Manager’s employment by
      Employer, all as set forth in this Agreement, including any and all
      Appendices hereto (hereinafter: the “Agreement”);

            

    

     

     

    Therefore,
the parties have made condition and agreed as follows:

     

     

    
      	
              1.  

            	
              Appointment;
      Duration; Terms of
Employment

            

    

     

     

    
      	
              1.1  

            	
              Subject
      to the terms hereof, Employer agrees to employ Manager as a salaried
      employee, in the Position and Manager hereby accepts the appointment,
      under and subject to the terms and conditions of this Agreement. Manager
      hereby agrees to serve in the Position, or in any other position or
      capacity to which he may be elected or appointed by Employer from time to
      time.

            

    

     

    
      	
              1.2  

            	
              Manager’s
      employment with Employer shall be deemed to have commenced as of the date
      of this Agreement, and shall continue until duly terminated in accordance
      with the provisions hereof.

            

    

    
      	
              *

            

    

     

    
      
         

      

      
        2

        
          
 

      

      
         

      

    

    
       

      
        
           

        

        
          
            
              Employment
Agreement

              HOMI
Europe – Jacob Ronnel

              Execution
Copy  

            

          

          
            
 

        

         

      

    

     

    
      	
              1.3  

            	
              The terms of salary
      and other compensation to which Manager will be entitled during the period
      of employment are set forth in Exhibit
      A’ attached hereto. The
      provisions contained in Exhibit A’ constitute an exhaustive list of
      Manager’s rights and entitlements vis a vis
      Employer.

            

    

     

    
      	
              1.4  

            	
              Employer
      shall be entitled, in its discretion and from time to time, to amend work
      procedures relating to the Position and/or Manager’s place of work,
      including the possible full-time and/or part-time, temporary and/or
      permanent transfer of Manager’s employment to one or more affiliated
      companies of Employer (each, an “Affiliate”),
      in which case any such affiliate may also be designated by Employer as
      being included in the definition of “Employer” herein, all the foregoing
      in accordance with Employer’s needs and without prejudice to Manager’s
      statutory rights, and each such designated Affiliate shall then be
      entitled to require Manager to fulfill Manager’s undertakings and
      obligations herein.

            

    

     

    
      	
              2.  

            	
              Manager’s
      Representations and
Undertakings

            

    

     

    Manager
represents, confirms and undertakes that:

     

    
      	
              2.1  

            	
              the
      very best of Manager’s time, energy and abilities will be dedicated to
      performing all of the duties which will be assigned to Manager by Employer
      from time to time during the course of Manager’s employment with Employer,
      all subject to the scope of the Position as set forth in Exhibit
      A’;

            

    

     

    
      	
              2.2  

            	
              the
      Position will be filled by Manager, and all of the duties assigned to
      Manager in the course of Manager’s employment with Employer will be
      discharged, with dedication and skill, in accordance with the procedures
      and directions which will be established by Employer from time to
      time;

            

    

     

    
      	
              2.3  

            	
              the
      duties assigned to Manager in the course of employment with Employer shall
      be discharged by Manager in good faith and with integrity, for the good of
      Employer and its Affiliates alone, and Manager will refrain from any
      action which could harm Employer and/or any Affiliate, or cause any kind
      of damage to Employer and/or any Affiliate, and/or their assets,
      interests, reputation and/or goodwill, in any way
    whatsoever;

            

    

     

    
      	
              2.4  

            	
              he
      will perform and execute all his duties as directed by Employer, it being
      acknowledged and agreed that Employer may, from time to time, extend or
      curtail precise duties and job expectations of Manager; without
      limitation, Manager will carry out such directions as are issued in
      writing by Employer;

            

    

     

    
      	
              2.5  

            	
              other
      than as set forth in Exhibit A’, Manager will not be permitted to receive
      any payment, consideration, reward or other benefit, whether monetary or
      otherwise, in respect of Manager’s employment with Employer or howsoever
      in connection therewith, from any person or entity whatsoever, including
      Employer and/or any of Employer’s customers and/or
      suppliers;

            

    

     

    
      	
              2.6  

            	
              Manager
      is aware that, during the course of employment with the Employer,
      important and valuable equipment which is used by Employer in the conduct
      of its business may be placed under Manager’s care and/or control; and
      Manager undertakes to take excellent care of all such equipment and to
      prevent any damage or loss to the equipment (except for reasonable wear
      and tear), for the duration of Manager’s employment with the Employer; and
      Manager agrees that if Manager shall be in breach of this provision and as
      a direct result damage is caused to the equipment, then Employer shall be
      entitled, without derogating from its other statutory remedies, to deduct
      the value of such damage from Manager’s salary, without the need to
      produce evidence quantifying the actual damage
  caused;

            

    

     

    
      	
              2.7  

            	
              he
      will promptly disclose to the Chairman of HOMI Inc (as defined below) full
      details of any material business transaction concerning Employer, or any
      other matter coming to his attention or knowledge that may affect the
      interests of Employer; Manager shall regularly and periodically make
      available to Employer full information about any and all matters affecting
      the business of Employer in which he may be or become involved and any
      acts he may perform, whether for or on his own behalf or on behalf of
      Employer;

            

    

     

    
      
         

      

      
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              Employment
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              HOMI
Europe – Jacob Ronnel

              Execution
Copy  

            

          

          
            
 

        

         

      

    

     

    
      	
              2.8  

            	
              in
      respect of all periods up to the date of this Agreement, he received all
      sums and all benefits, of any kind whatsoever, which he may at any time
      have been entitled, directly and/or indirectly, to receive from Employer
      and/or from any Affiliate, and Manager neither has, nor shall have, and
      Manager hereby waives, all manner of claims, demands, causes and/or
      grounds of action, of any kind whatsoever, against Employer and/or any
      Affiliate, howsoever in respect of all periods up to the date of this
      Agreement and Manager hereby indemnifies and holds harmless Employer and
      all its Affiliates and their respective shareholders, directors and
      officers, from and against any and all damages which they may sustain,
      including, without limitation, reasonable legal fees and/or any other
      expense which they may incur, as a result of breach of Manager’s
      representations and/or undertakings and/or waiver under this Sub-Section
      2.8.

            

    

     

    
      	
              3.  

            	
              HOMI
      Companies

            

    

     

    Employer is indirectly owned by Hotel
Outsource Management International, Inc. (“HOMI Inc”),
which owns and/or will own, directly or indirectly, shares in a number of
companies, around the world, all of which shall be deemed Affiliates for the
purposes of this Agreement (collectively with Employer, “HOMI
Companies”). Notwithstanding the definition of the Position in Exhibit
A’, it is hereby acknowledged and agreed by the Parties that employment
relations will exist solely between Employer and Manager and that no employment
relations will exist, at any time during the duration of this Agreement, between
Manager and any other of the HOMI Companies, unless such relations are
established by a written employment agreement, approved by the Board of
Directors of the relevant HOMI Company and signed by that HOMI Company’s
authorized signatories, who shall not have a personal interest in the matter.
Manager hereby acknowledges that Employer’s willingness to pay the salary and
benefits set forth in Exhibit A’ is inter alia in reliance upon the provisions
of this Section 3  above, and it
is agreed that it is the intention of both Parties that the total amount of
salary and benefits to which Manager will be entitled, from any and all HOMI
Companies, in respect of all duties relating to HOMI Companies, will not exceed
the salary and benefits set forth in Exhibit A’. Manager hereby confirms that
any and all claims which Manager may at any time have, howsoever in connection
with this Agreement and/or with the filling of the Position, can be brought
against Employer alone, but cannot under any circumstances be brought against
any other HOMI Company and/or Affiliate, and Manager hereby waives any and all
such claims against all other HOMI Companies and Affiliates, and Manager hereby
indemnifies and holds harmless Employer and all its Affiliates and their
respective shareholders, directors and officers, from and against any and all
damages which they may sustain, including, without limitation, reasonable legal
fees and/or any other expense which they may incur, as a result of breach of
Manager’s undertakings and/or waiver under this Section 3.

     

    
      	
              4.  

            	
              Confidentiality;
      Ownership of Rights

            

    

     

    
      	
              4.1  

            	
              Manager
      represents that he is aware that, in the context of and/or in the course
      of and/or as a result of Manager’s employment with Employer and/or
      howsoever otherwise, information and/or documents and/or trade secrets
      and/or commercial secrets of HOMI Companies, may become known to Manager
      (jointly and severally hereinafter: “Trade
      Secrets”), and Manager undertakes, as an integral and fundamental
      condition of Employer’s willingness to hire Manager, to maintain in
      strictest confidence any and all Trade Secrets that may become known to
      Manager, and to refrain from making any use thereof, other than in the
      context of discharging Manager’s duties in the Position and for the
      purpose of fulfilling Manager’s undertakings towards Employer as set forth
      herein, and to the best interests of the HOMI Companies
    alone.

            

    

     

    
      	
              4.2  

            	
              Without
      limitation to the generality of other related provisions herein, Manager
      specifically undertakes not to disclose any information howsoever relating
      to HOMI Companies’ activity to any third party
  whatsoever.

            

    

     

    
      
         

      

      
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                Employment
Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy  

              

            

            
              
 

          

           

        

         

      

    

    
      	
              4.3  

            	
              In
      addition to the provisions of this Section 4 above, and without
      derogating therefrom, Manager confirms and agrees that all documents
      and/or other material which may be given to Manager or otherwise be in
      Manager’s possession in the context of and/or in the course of and/or as a
      result of Manager’s employment with Employer, is the property of HOMI
      Companies and, for as long as such shall be in Manager’s possession,
      Manager shall look after it in such way as to ensure that no unauthorized
      use may be made of it. Any and all such documents and/or material shall be
      returned to Employer by Manager forthwith upon their no longer being need
      by Manager in furtherance of Manager’s duties herein, or upon Employer’s
      first demand, whichever comes sooner, without Manager retaining any copy
      thereof.

            

    

     

    
      	
              4.4  

            	
              Manager
      represents and confirms that Manager is aware and agrees, that Employer
      and/or other HOMI Companies shall be the owner of all of the rights in and
      to all of the fruits of Manager’s labor and all of the work product, of
      any kind whatsoever, that are related and/or that pertain, directly or
      indirectly, to Manager’s work hereunder (hereinafter: “Work
      Product”), and Manager undertakes not to make any use whatsoever,
      at any time whatsoever, of the Work Product, or any part thereof, other
      than solely for HOMI Companies’ benefit and in the context of Manager’s
      work for Employer under the terms hereof. For avoidance of doubt, it is
      hereby stipulated that any and all Work Product, and any and all
      information relating, directly or indirectly, to any and all Work Product,
      shall for all intents and purposes be deemed to be Trade Secrets. In the
      event of any dispute arising between the Parties as to the inclusion of
      any item within the definition of Work Product as defined above, the
      burden of proof shall rest with Manager alone, and until such time as
      Manager may, if at all, convince Employer that it is not Work Product,
      Manager undertakes to treat it as Work Product, and all the provisions
      hereof applying to Work Product shall also apply in such
    case.

            

    

     

    
      	
              4.5  

            	
              For avoidance of any doubt, it is
      hereby stipulated that all Work Product will be the property of Employer
      and/or HOMI Companies alone, and Manager shall not be entitled to any
      consideration or benefit, of any kind whatsoever, in connection with such
      Work Product, over and above Manager’s wages as defined herein, and
      Employer and HOMI Companies will be entitled to take, or refrain from
      taking, whatever action they see fit in relation to such Work Product, in
      their discretion, without the need to provide the reasons behind their
      decision, or to update Manager as to their decisions. Manager undertakes
      to sign any document that may be presented to Manager by Employer, such as
      may reasonably and customarily be required in order to implement and give
      effect to the provisions of Sections 4.4 and 4.5 above, including, without limitation,
      assignments and/or transfers of patents, copyright and/or any other
      similar right.

            

    

     

    
      	
              4.6  

            	
              It is acknowledged that Manager
      will likely become acquainted with sensitive and classified Trade Secrets
      and Work Product in the course of Manager’s relations with HOMI Companies
      under this Agreement as mentioned in this Section 4 above. It is further acknowledged that such Trade
      Secrets and Work Product would give HOMI Companies’ competitors an unfair
      and unlawful advantage in trade, and that HOMI Companies’ business is
      based, and fundamentally dependent, on the continued secrecy of such Trade
      Secrets and Work Product. Such Trade Secrets and Work Product are
      proprietary to, and owned exclusively by HOMI Companies, and unauthorized
      disclosure and/or use of such Trade Secrets and/or Work Product would be
      very likely to cause material damage to HOMI Companies. With all of the
      foregoing in mind, Manager hereby undertakes, in addition to, and without
      derogating from Manager’s non-disclosure undertakings, in order to reduce
      the risk of unauthorized disclosure and/or use of Trade Secrets and/or
      Work Product, that Manager will not, at any time during the Term of this
      Agreement and for a further period of 12 (twelve) months following
      termination of this Agreement, for whatever reason, either personally or
      by means of any person and/or entity acting on Manager’s behalf and/or
      howsoever otherwise, directly or indirectly, do any of the
      following:

            

    

     

    
      
         

      

      
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                Employment
Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy

                  

                

              

            

          

           

        

        
           

        

      

    

    
      	
              a.  

            	
              be
      employed by, consult to, participate in, or howsoever be connected with
      any Competitor of Employer, where “Competitor” means any entity engaged in
      competing activity in the field of development, manufacture and/or supply
      of computerized minibars, and/or in the supply of services relating to
      minibars and/or other refrigerators containing food and/or drink and/or
      other products, in any country in which Manager discharges his duties for
      Employer;

            

    

     

    but
only where Manager’s said activity is in the same or similar fields in which
Manager was actually engaged by Employer and/or in relation to which Manager was
in possession of and/or had access to Trade Secrets and/or Work
Product.

     

    
      	
              4.7  

            	
              If Manager shall directly or
      indirectly perform any of the activities specified in Section
      4.6a above during the period of
      restriction specified in Section 4.6 above, then Manager undertakes to pay to
      Employer a sum equal to 35% of all income generated by such activities,
      for as long as such activities continue, without prejudice to all other
      rights and entitlements of Employer in such circumstances, pursuant to
      this Agreement and to applicable
  law.

            

    

     

    
      	
              4.8  

            	
              Manager
      hereby covenants and agrees that, at all times during the term of his
      employment with Employer, and for a period of five (5) years following its
      termination, Manager will not directly or indirectly solicit any employees
      of Employer and/or of any of the HOMI Companies to encourage or otherwise
      entice said employees to leave the employ of Employer or HOMI
      Companies.

            

    

     

    
      	
              4.9  

            	
              Manager
      undertakes to make every reasonable effort to prevent any conflict of
      interest arising between his employment with Employer and activities
      and/or transactions involving his close
  relatives.

            

    

     

    
      	
              4.10  

            	
              Employer and Manager acknowledge
      that they are familiar with the present and proposed operation of the
      Employer and agree and confirm that the restrictive covenant set forth in
      this Section 4 is reasonable
      with respect to its subject matter, duration and
      application.

            

    

     

    
      	
              4.11  

            	
              The provisions of this Section
      4 are intended to supplement,
      and not derogate from, Employer’s rights under applicable law, and these
      provisions shall remain in full and binding effect for the entire duration
      of this Agreement and for an unlimited period following the termination or
      cancellation of this Agreement at any time and under any
      circumstances.

            

    

     

    
      	
              5.  

            	
              Set-Off

            

    

     

    
      	
              5.1  

            	
              For
      the entire duration of Manager’s employment by Employer, and at any time
      following its termination, Employer shall, to the fullest extent permitted
      by law, have an absolute right, exercisable at its sole discretion, to
      withhold payment of any moneys owed to Manager, including salary,
      indebtedness or other monetary compensation of whatever kind or nature,
      and to offset and deduct therefrom (to the extent available), the full
      amount of any moneys which Employer has expended or may be required to
      expend in payment of sums which might arise out of or relate to the
      intentional or gross negligent acts of Manager, misrepresentations of or
      fraud by Manager, including (i) recovering any Employer property in
      Manager’s possession or improperly disposed by Manager, (ii) any money
      damages (whether compensatory, punitive or otherwise) paid under court
      order or by way of compromise and settlement of claims, (iii) court costs
      and reasonable attorney's fees, and (iv) fines or penalties imposed by any
      government agency or action, statute, or judicial
  decree.

            

    

     

    
      	
              5.2  

            	
              Nothing
      in the foregoing remedies shall be deemed to limit or prevent the exercise
      by Employer of any other available rights and
  remedies.

            

    

     

    
      
         

      

      
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              Employment
Agreement

              HOMI
Europe – Jacob Ronnel

              Execution
Copy  

            

          

          
            
 

        

         

      

    

     

    
      	
              6.  

            	
              Termination

            

    

     

    
      	
              6.1  

            	
              The
      Manager’s employment pursuant to this Agreement may be terminated by the
      Parties as follows:

            

    

     

    
      	
              a.  

            	
              Without
      cause by either Party upon the provision of 120 days prior written notice
      to the other Party.

            

    

     

    
      	
              b.  

            	
              In
      the event of violation by Manager of any material term of this Agreement,
      including any act of gross misconduct adversely affecting the business of
      Employer, conviction of a crime of moral turpitude or sentencing to a
      prison term, repeated and unexcused absenteeism  or tardiness,
      or any act of dishonesty or disloyalty constituting a violation of
      Manager’s trust or fiduciary responsibility toward Employer - immediately
      upon the provision of written notice. In this event, to the full extent
      allowable by law, Manager will not be entitled to advance notice
      compensation or any other kind of compensation on account of said
      termination.

            

    

     

    
      	
              6.2  

            	
              Upon
      termination of Manager’s employment, Manager agrees, upon request by
      Employer, to hand over the Position to his replacement in an orderly
      manner as determined by Employer.

            

    

     

    
      	
              7.  

            	
              Material
      Provisions and Injunctive
Relief

            

    

     

    
      	
              7.1  

            	
              It is hereby agreed that
      paragraphs2 and 4 herein are Material
      Provisions.

            

    

     

    
      	
              7.2  

            	
              In
      the event of actual or threatened breach of any Material Provision herein,
      the Parties expressly agree that Employer shall be entitled to obtain a
      preliminary restraining order and injunction restraining and enjoining
      Manager and each and every other person, firm, organization, association,
      or corporation associated with the breach from violating these
      provisions.  Nothing in this Agreement or the provisions hereof
      shall be construed so as to prohibit Employer from pursuing any other
      available remedy for such breach, including, without limitation, payment
      of compensatory damages. The parties agree that should Manager be found in
      violation of the above provisions, he shall be liable for payment of
      reasonable costs and attorneys fees incurred by Employer in enforcing its
      rights.

            

    

     

    
      	
              8.  

            	
              Assignment

            

    

     

    The
duties and obligations of employment are personal to Manager, who shall have no
right to assign his rights or delegate his duties under this Agreement to any
other party. Nothing in this paragraph shall be construed as limiting the right
of Employer to assign this Agreement or any of its rights or delegate its duties
hereunder, and such assignment will not be construed as termination of this
Agreement, provided that such assignment or delegation shall not alter the
financial arrangements or basic rights and duties of Manager as provided in this
Agreement.

     

    
      	
              9.  

            	
              Divisibility

            

    

     

    In the
event that any portion of any restrictive covenant set forth in this Agreement
is held to be unreasonable, arbitrary or against public policy, then such
unreasonable portion shall be considered divisible both as to time and
geographical area.  Should any such covenant be held unreasonable,
arbitrary or against public policy, then a lesser time period and/or
geographical area which are determined to be maximum permissible but still
reasonable, non-arbitrary and not against public policy shall be enforceable
against Manager.

     

    
      
         

      

      
        7

        
          
 

      

      
         

      

      

        
          
             

          

          
            
              
                Employment
Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy  

              

            

            
              
 

          

           

        

         

      

    

    
      	
              10.  

            	
              Entire
      Agreement

            

    

     

    This
Agreement constitutes a special, individual employment agreement and comprises
the full and exhaustive agreement between the Parties in connection with the
employment relations between them. With respect to these employment relations,
no other arrangements and/or agreements, currently in existence or to be in
existence in the future at Employer, or any collective agreements that apply to
and/or that may apply to other employees of Employer, if at all, will apply to
Manager. For avoidance of doubt, this Agreement voids and comes in place of any
prior arrangement or agreement, if at all, verbal or written, concerning
employment relations between the Parties, if at all, and this Agreement alone
shall exclusively apply to and be binding upon the Parties in respect of said
employment relations. Notwithstanding the foregoing, nothing in this Agreement
may be construed as diminishing in any way any undertakings and/or obligations
of Manager, if at all, towards Employer and/or HOMI Companies with respect to
any period prior to this Agreement being signed.

     

    
      	
              11.  

            	
              Miscellaneous

            

    

     

    The
Preamble, and any Appendices, Exhibits or Schedules to this Agreement,
constitute an integral part hereof. Section headings are for convenience
purposes only, and may not be used in the construction or interpretation of this
Agreement. No failure or delay on the part of any party in exercising any right
and/or remedy to which it may be entitled hereunder and/or by law shall operate
as a waiver by that party of any right whatsoever. No waiver of any right under
this Agreement shall be deemed as a waiver of any further or future right
hereunder, whether or not such right is the same kind of right as was waived in
a previous instance. No Amendment to this Agreement, or any part thereof, shall
be valid or binding upon the Parties unless drawn up in writing and signed by
both Parties. In case any provision of the Agreement shall be declared by a
competent court to be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby and shall continue in full force and effect. Any use of the
word “including” in this Agreement shall be construed as meaning “including,
without limitation”, unless expressly stipulated to the contrary. All pronouns
contained herein, and any variations thereof, shall be deemed equally to refer
to the masculine, feminine or neutral, singular or plural, as the context may
require. This Agreement shall be governed by and construed in accordance with
the laws of Luxembourg, without regard to its rules of conflict of laws. The
Parties hereby agree and submit to the exclusive jurisdiction of the competent
courts in Luxembourg, with respect to any claim or dispute arising out of and/or
in connection with this Agreement. Notices sent by one party to the other under
this Agreement will be sent by registered mail to the addresses specified in the
Preamble, delivered by hand, transmitted by fax, or sent by e-mail or other
electronic means of communication and will be deemed to have reached their
destination 7 days after being deposited with the Post Office for dispatch as
registered mail, upon actual delivery when delivered by hand, and upon receipt
of the recipient’s written confirmation (including electronic confirmation) of
receipt when sent by fax, e-mail or other electronic means of
communication.

     

    In
witness whereof the parties have executed this

     

    Employment
agreement on the date first above written:

     

     

     

    
      	
              ______________________

              Employer

            	 
      	
              ______________________

              Manager

            

    

     

    
      
        
           

        

         

      

      
        8 

        
          
 

      

       

    

    
      
         

      

      
        Execution
Copy  

        
          
 

      

       

    

    Exhibit
A’

     

    Effective
as of 1st day of January, 2008

     

    To the
Individual Employment Agreement  (“Agreement”)

    Between
HOMI Europe S.A.R.L. and Jacob
Ronnel

    dated as of
1 January  2008

     

    Definition
of Position and Terms of Employment

     

     

    All terms that are
capitalized herein and that are defined in the Agreement and not otherwise
defined in this Exhibit A’ shall have the meanings given thereto in the
Agreement. In the event of any
inconsistency or contradiction between the provisions of this Exhibit and the
provisions of the Agreement, the provisions of the Agreement shall prevail and
be binding upon the Parties.

     

     

    
      	
              1.  

            	
              Definition
      of Position

            

    

     

    
      	
              1.1  

            	
              Position
      - CEO of Employer. In the context of this position, Manager will fulfill
      duties normally associated with this office, in accordance with the
      directions that will be given from time to time by Employer, including
      General Management; Business Development; Marketing, and such
      like.

            

    

     

    
      	
              1.2  

            	
              To
      the extent required by one or more other HOMI Companies, Manager will hold
      office as CEO and/or President of such other HOMI Companies, and Manager’s
      work in holding such office and discharging the duties associated
      therewith will be deemed part of his duties hereunder, subject to the
      provisions of Section 3 of the Agreement and Manager will not be entitled
      to additional payment in this
regard.

            

    

     

    
      	
              1.3  

            	
              The
      Position is a full time position, with it being understood that, in view
      of the seniority of the Position, Manager shall be required, according to
      Employer’s needs, to work more hours than a non-management employee,
      including outside of normal working hours (Sunday to Friday, 0900-1800),
      and in this respect each Party shall show consideration for the needs and
      constraints of the other.

            

    

     

    
      	
              1.4  

            	
              Most
      of Manager’s work shall be performed in Western Europe, including
      Luxembourg, Italy, France, Germany, Malta,
UK.

            

    

     

    
      	
              2.  

            	
              Cost
      of Employment; Salary

            

    

     

    
      	
              2.1  

            	
              For
      all services and duties rendered in any and all capacities by Manager to
      Employer and/or to HOMI Companies as of the date the Agreement is signed,
      including, without limitation, overtime and work outside of normal work
      hours, Employer will pay Manager salary and benefits as set forth
      herein.

            

    

     

    
      	
              2.2  

            	
              The
      all inclusive total monthly cost to HOMI Companies of Manager’s employment
      by Employer under this Agreement shall be €8,750 (eight thousand, seven
      hundred and fifty Euros) (hereinafter: the “Cost of
      Employment”). Cost of Employment includes all wages and benefits
      whatsoever to which Manager is entitled under this Agreement and/or by
      law, and all Employer withholding taxes and Employer deductions and
      contributions of all kinds and all other sums of any kind which form part
      of the cost to HOMI Companies of Employer’s employing Manager under the
      Agreement, with the exception of sums which are clearly and unequivocally
      defined herein as being payable to Manager in addition to the Cost of
      Employment.

            

    

     

    
      
         

      

      
        2

        
          
 

      

      
         

      

      

        
          
             

          

          
            
              
                Exhibit
A’ to Employment Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy  

              

            

            
              
 

          

           

        

      

       

    

    
      	
              2.3  

            	
              Manager’s
      wages for the term of Manager’s employment under the Agreement shall be in
      the form of a monthly salary, which shall be paid to Manager immediately
      following the end of each month of employment pursuant to the Agreement,
      in respect of the immediately preceding month. The amount of said monthly
      salary, defined in gross terms, shall equal the Cost of Employment, less
      all other elements included in the Cost of Employment that are not said
      salary (hereinafter: the “Salary”).

            

    

     

    
      	
              2.4  

            	
              Manager
      hereby confirms that he elected to be employed by Employer under this
      Agreement subject to Luxembourg Law, instead of being employed by HOMI
      Inc. or any other of the HOMI Companies, being aware that, in view of the
      circumstances of his work, residence and travel, he may not be entitled to
      National Insurance coverage in any country, or other social security
      and/or benefits normally associated with an employee. Manager hereby
      confirms that he will make all his own arrangements in respect of health,
      disability and accidents insurance, at his own cost, covering all of his
      activity in the Position. Manager hereby waives, all manner of claims,
      demands, causes and/or grounds of action, of any kind whatsoever, against
      Employer and/or any Affiliate, howsoever in respect of any and all
      injuries, accidents, losses, lack of benefits, lack of social security
      and/or National Insurance, and Manager hereby indemnifies and holds
      harmless Employer and all its Affiliates and their respective
      shareholders, directors and officers, from and against any and all damages
      which they may sustain, including, without limitation, reasonable legal
      fees and/or any other expense which they may incur, as a result of breach
      of Manager’s undertakings and/or waiver as set forth herein. Manager is
      aware that Employer is relying on the representations and waivers and
      undertakings herein in enetering into this Agreement, and that in the
      absence of such representations and waivers and undertakings it would not
      have entered into this Agreement, and instead Manager would have been
      employed by another of the HOMI Companies, in a country in which Manager
      could have been entitled to National Insurance coverage and other social
      benefits.

            

    

     

    
      	
              3.  

            	
              Car
      Allowance; Cellular Phone;
      Internet

            

    

     

    
      	
              3.1  

            	
              Employer
      shall pay to Manager an allowance of €800 per month, towards Manager’s car
      expenses, instead of providing Manager with the use of a car. This
      allowance shall not be included in the Cost of
  Employment.

            

    

     

    
      	
              3.2  

            	
              Manager
      shall have the right to the use of one or more cellular phones belonging
      to Employer, as Employer shall make available to Manager from time to time
      (hereinafter: the “Phone”),
      and Employer shall bear the expenses of operating the Phone. Such expenses
      shall not be included in the Cost of Employment. Manager undertakes to
      return the Phone to Employer immediately upon termination of the
      Agreement, for whatever reason.

            

    

     

    
      	
              3.3  

            	
              Employer
      shall reimburse Manager for the monthly cost of a fixed Internet
      connection at any location shown to be necessary by Manager, until such
      time as Employer may decide otherwise. This reimbursement shall not be
      included in the Cost of Employment.

            

    

     

    
      	
              4.  

            	
              Office

            

    

     

    
      	
              4.1  

            	
              Employer
      shall make available to Manager, in order to perform his duties under the
      Agreement, an office/Studio in Geneva or such other location as Employer
      shall determine, in coordination with Manager, to be leased by Employer
      (hereinafter: the “Office”).

            

    

     

    
      	
              4.2  

            	
              Employer
      shall bear the cost of the Office and its upkeep, including, but not
      necessarily limited to: rent, utilities, Internet, telephone, furnishings,
      office equipment and supplies, as reasonably deemed necessary by Employer.
      The costs outlined in this Section 4.2 shall be incurred by Employer, and
      shall
      not be included in the Cost of
  Employment.

            

    

     

    
      
         

      

      
        3

        
          
 

      

      
         

      

      

        
          
             

          

          
            
              
                Exhibit
A’ to Employment Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy  

              

            

            
              
 

          

           

        

      

       

    

    
      	
              5.  

            	
              International
      Travel

            

    

     

    It is
acknowledged that a substantial amount of international travel shall be required
in the context of the Position. The expenses incurred in such travel, including
flight (upgradeable economy, subject to upgrade by Manager on his own account),
accommodation, per diem (outside Switzerland and Israel), land travel and the
like, shall be paid by Employer, and shall
not be included in the Cost of Employment.

     

    
      	
              6.  

            	
              Reimbursements

            

    

     

    It is
Employer’s policy to independently purchase such equipment and incur such
expenses as it deems necessary from time to time in furtherance of its
operations, including all the expenses which Employer has agreed to pay as set
forth herein. However, if, from time to time, Employer requests from Manager, or
it is otherwise absolutely necessary that Manager incur such an expense on
Employer’s behalf and at Employer’s request, then Manager will file an expense
report, in accordance with Employer policy, and produce receipts evidencing the
expenditure. Such expenses will be reimbursed to Manager if approved in
writing by HOMI Inc’s Chairman. Use of a credit card issued in Employer’s name,
if at all, shall be in strict compliance with Employer’s written policies and
directions in such regard and Employer may at any time cancel such credit cards
and/or Manager’s use thereof, in Employer’s discretion.

     

    
      	
              7.  

            	
              Bonus and
      Options

            

    

     

    
      	
              7.1  

            	
              In
      the event that the Board of Directors of Employer and/or HOMI Inc may
      approve a management bonus program, it is understood that various members
      of management of HOMI Companies could receive rights under such program,
      including the function of HOMI Companies’ CEO, in which case Manager shall
      be entitled to whatever bonus may be designated in such program to HOMI
      Companies’ CEO (the “Bonus”),
      and such Bonus shall  not
      be included in the Cost of
Employment.

            

    

     

    
      	
              7.2  

            	
              In
      the event that the Board of Directors of Employer and/or HOMI Inc may
      approve an employee stock option plan, it is understood that various
      members of management of HOMI Companies could receive rights under such
      plan, including the function of HOMI Companies’ CEO, in which case Manager
      shall be entitled to whatever specific rights may be designated in such
      plan to HOMI Companies’ CEO, for the duration of the Agreement, and such
      rights shall
      not be included in the Cost of
  Employment.

            

    

     

    
      	
              7.3  

            	
              The
      timing and manner of grant and/or implementation of any rights pursuant to
      this Section 7 shall be at such times and in such manner as approved by
      the Board of Directors as specified
above.

            

    

     

    
      	
              8.  

            	
              Vacation;
      Convalescence; Sick Pay

            

    

     

    
      	
              8.1  

            	 

    

     

    
      	
              a.  

            	
              Manager
      will be entitled to 30 days of fully-paid annual vacation (said quantity
      including 22 work days and the intervening Fridays and Saturdays). Unused
      annual vacation days may be accumulated from one year to the next,
      provided that Manager’s total aggregate, cumulative entitlement to
      vacation days at any time cannot exceed a ceiling of 45 vacation
      days.

            

    

     

    
      	
              b.  

            	
              Employer
      will determine the timing of the annual vacation, as much as possible
      giving consideration to Manager’s needs and requests, and to the projects
      that are underway at that time and the degree of flexibility that can be
      shown by Employer.

            

    

     

     

    
      
         

      

      
        4

        
          
 

      

      
         

      

      

        
           

          
            
              
                Exhibit
A’ to Employment Agreement

                HOMI
Europe – Jacob Ronnel

                Execution
Copy  

              

            

            
              
 

          

           

        

         

      

    

    
      	
              8.2  

            	
              Any
      entitlement of Manager in relation to Sick Pay and Convalescence Pay shall
      be as determined by applicable law and are already included in the Cost of
      Employment.

            

    

     

    
      	
              9.  

            	
              Taxes

            

    

     

    All
payments and benefits due from Employer to Manager under the terms of this
Agreement will be subject to the deduction of all local, state and federal
taxes, social security payments, if at all, and any other withholding payments
required by law, at Manager’s cost.

     

     

     

     

     

    
      	
              ______________________

              Employer

            	 
      	
              ______________________

              Manager

            

    

     

     

     

     

     

     

     

     

     

     

     

    
      
        
           

        

      

      
        5 

        
          
 

      

       

    

    
      
         

      

      
        Execution
Copy  

        
          
 

      

       

    

    Exhibit
B’

     

    Effective
as of 1st day of January, 2008

     

    To the
Individual Employment Agreement  (“Agreement”)

    Between
HOMI Europe S.A.R.L. and Jacob
Ronnel

    dated as of
1 January  2008

     

    Relations
Following Termination of Employment

     

     

    All terms that are
capitalized herein and that are defined in the Agreement and not otherwise
defined in this Exhibit B’ shall have the meanings given thereto in the
Agreement. In the event of any
inconsistency or contradiction between the provisions of this Exhibit and the
provisions of the Agreement, the provisions of the Agreement shall prevail and
be binding upon the Parties.

     

     

    
      	
              1.  

            	
              Nature
      of Relations Following End of Employment
  Relations

            

    

     

     

    
      	
              1.1  

            	
              For
      a period of twenty-four months following the end of employment relations,
      for whatever reason, between Employer and Manager (the “Service
      Period”), Manager undertakes to provide Employer and/or any other
      of the HOMI Companies, as designated in writing by Employer, with
      services, in operations and/or sales and/or marketing, as designated in
      writing by Employer (“Services”).

            

    

     

    
      	
              1.2  

            	
              Services
      will be on an independent contractor basis, without employment relations
      existing between Manager and any HOMI Company, and the terms included in
      Sections 2 and 4 of the Agreement shall be deemed to apply to the Services
      relations between the Parties during the Service Period, mutatis
      mutandis, provided that the non-compete restriction contained in
      Section 4.6 of the Agreement shall continue in force for the entire
      Service Period, and not just for the first 12 months following the end of
      employment relations.

            

    

     

    
      	
              1.3  

            	
              During
      the first year of Service Period (“Year
      One”), Employer may require that 60 hours’ Services will be
      provided by Manager each month, and Manager undertakes to meet such
      request, and this number shall be reduced to 45 monthly hours during the
      second year of the Service Period (“Year
      Two”).

            

    

     

    
      	
              1.4  

            	
              In
      return for Services provided by Manager during Service Period, and in
      consideration for the non-compete provisions, which will remain in force
      for the entire Service Period as stated above, Employer shall pay Manager
      the sum of $4,500 per month during the Service Period, against due
      presentation of a tax invoice in Manager’s
name.

            

    

     

    
      	
              1.5  

            	
              For
      the duration of Year One, Employer shall pay the sum set forth in
      Section1.4 above, whether or not it requests to receive the Services, and
      shall be exempt from paying such sum (but the non-compete provisions shall
      remain effective) only
      if Manager does not supply the Services, even though Employer demanded
      such services. At any time in Year Two, Employer may elect to cease making
      such payments, in which case Manager shall, from that point forward, no
      longer be required to supply Services and no longer be bound by the
      non-compete restriction contained in Section 4.6 of the
      Agreement.

            

    

     

     

     

     

     

    
      	
              ______________________

              Employer

            	 
      	
              ______________________

              Manager

            

    

     

    
      
        
           

        

        1

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