Contract
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Exhibit 10.59
PERSONAL / CONFIDENTIAL
Xx. Xxxxx X. Xxxxxx
0000 Xxxxxxx Xxxxx
Xxx Xxxxxx XX 00000
XXX
Date | October 27, 2016 |
Reference | CM/em |
Direct Dial | 00 00 000 00 00 |
Telefax | 41 44 944 22 55 |
between Xxxxxxx-Xxxxxx International Inc., Xx Xxxxxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx (“Company”), and Xx. Xxxxx X. Xxxxxx, US citizen (“Employee”).
The parties enter into an employment agreement on the terms and conditions set forth below:
Function | Chief Financial Officer (CFO), Member of the Group Management Committee ("GMC") of the XXXXXXX TOLEDO Group. |
Location | The principal place of work is at the premises of the Company in Columbus, OH. Given the international presence of the company, employee’s duties will require regular business travel to the Group’s various locations. |
Remuneration | Base Salary of USD 355’000.-- (gross, before taxes and other withholdings) per annum, effective with the starting date, payable in semi-monthly installments of USD 14'791.66. |
Participation in the Incentive Plan POBS Plus for Members of the Group Management of XXXXXXX TOLEDO pursuant to the then-current plan and regulations. Under this plan Employee is eligible to earn a cash incentive based upon achievement of various financial and personal targets. For 100% target achievement, the cash incentive is currently USD 159’750.-- gross (45% of base salary). The scaling of the incentive system and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors. | |
Equity Incentive Plan | Participation in the XXXXXXX TOLEDO Equity Incentive Plan as may be amended from time to time. |
Car Allowance | Car Allowance of USD 10'000.-- per annum, payable in semi-monthly installments of USD 416.67. |
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Exhibit 10.59
Vacation | 27 working days per calendar year, including two personal holidays. |
Other benefits | All other employment benefits (including but not limited to 401(k) retirement savings plan and insurances) will be in accordance with the rules and regulations for senior management of Xxxxxxx-Xxxxxx, LLC. |
Duration / Notice Period | This employment agreement is effective as of January 1, 2017 and is of unlimited duration. It may be terminated by either party without cause by giving twelve (12) months notice in writing to the end of a month and shall terminate at the end of such notice period. |
Non-Competition | While Employee is employed by XXXXXXX TOLEDO and for a period of twelve months after his termination, Employee shall not directly or indirectly (a) engage in or be employed in any business anywhere in the world which competes with the businesses of XXXXXXX TOLEDO, or (b) solicit for hire or hire any XXXXXXX TOLEDO employee. |
Confidentiality | Employee agrees to keep confidential both during and after his employment with XXXXXXX TOLEDO all information of a confidential nature not generally known outside of XXXXXXX TOLEDO, and not to use such confidential information other than for purposes of performing his duties for XXXXXXX TOLEDO. |
Previous Employment Agreements | With the effectiveness of this employment agreement, all previous employment agreements or amendments to such employment agreements with XXXXXXX TOLEDO shall be considered cancelled. The acquired period of service since November 3, 1997 is taken into consideration where applicable. |
Applicable Law and Jurisdiction | This agreement shall be governed by the laws of the State of Ohio. All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the State of Ohio. |
Xxxxxxx-Xxxxxx International Inc. The Employee
/s/ Xxxxxxx X. Xxxxxxxx /s/ Christian Magloth /s/ Xxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxxxx Christian Magloth Xxxxx X. Xxxxxx
Attachments:
▪ | POBS Plus – Incentive System for Members of the Group Management of XXXXXXX TOLEDO (12/2013) |
