Contract Period Termination. The contract has a fixed period until December 31st, 2008. If it is not terminated at that time or later by given one year’s notice, it is extended by another three years. Termination must occur by registered letter or hand-delivery of a written notice. Otherwise the contract terminates at the end of the month in which Xx. Xxxxxx Xxxxxx reaches the age of 65. Any potential extension of the contract beyond that point in time shall be by mutual agreement between Xx. Xxxxxx Xxxxxx and the Employer’s shareholders. In case of termination by Xx. Xxxxxx Xxxxxx, the company may forego, in whole or in part, any additional work by Xx. Xxxxxx Xxxxxx with the continued payment of his fixed remuneration (fixed salary and guaranteed profit share) until the end of the termination period. If the company foregoes Xx. Xxxxxx Xxxxxx’ services, his entire remuneration from his new employment shall be deducted from the remuneration thus far. In the event that Xx. Xxxxxx Xxxxxx is temporarily prevented from fulfilling his responsibilities as Managing director due to illness or for other reasons beyond his control, Xx. Xxxxxx Xxxxxx shall receive the fixed remuneration (fixed salary and guaranteed profit share) for a period of 6 months, but not exceeding the contract period. After the 6 months, the supervisory board shall make a decision regarding continued payment, if need be. In case of death, his widow, Xxx. Xxxxx Xxxxxx, shall receive the fixed remuneration (fixed salary and prorated guaranteed profit share) for 3 months, however, not for longer than the contract duration. The continued payment of the remuneration shall begin after the end of the month, in which the death occurred.
Contract Period Termination. 6.1. A contractual relationship between the parties shall in principle be deemed to be concluded for an indefinite period.
Contract Period Termination. The contract period is indefinite. It may be terminated at the end of each calendar year by giving one year’s notice. Termination must occur by registered letter or hand-delivery of a written notice. Otherwise the contract terminates at the end of the month in which Xx. Xxxxxx reaches the age of 65. Any potential extension of the contract beyond that point in time shall be by mutual agreement between Xx. Xxxxxx and the Employer’s shareholders. In case of termination by Xx. Xxxxxx, the company may forego, in whole or in part, any additional work by Xx. Xxxxxx with the continued payment of his fixed remuneration (fixed salary and guaranteed profit share) until the end of the termination period. If the company foregoes Xx. Xxxxxx’x services, his entire remuneration from his new employment shall be deducted from the remuneration thus far. In the event that Xx. Xxxxxx is temporarily prevented from fulfilling his responsibilities as Managing director due to illness or for other reasons beyond his control, Xx. Xxxxxx shall receive the fixed remuneration (fixed salary and guaranteed profit share) for a period of 6 months, but not exceeding the contract period. After the 6 months, the supervisory board shall make a decision regarding continued payment, if need be. In case of death, his widow, Xxx. Xxxxxxxxx Xxxxxx, xxx Xxxx, shall receive the fixed remuneration (fixed salary and prorated guaranteed profit share) for 3 months, however, not for longer than the contract duration. The continued payment of the remuneration shall begin after the end of the month, in which the death occurred.
Contract Period Termination
