AGREEMENT
Exhibit 10.2
THIS AGREEMENT (the “Agreement”) is made the 12th of September, 2011 between PPG Industries Europe Sàrl whose registered office is at Xxxxx xx Xxxxx 00, 0000 Xxxxx, Xxxxxxxxxxx (the “Company”), and Pierre-Xxxxx Xx Xxxxxx (the “Employee”) who is employed by the Company pursuant to an employment agreement between the Employee and the Company dated July 1st, 2008 (the “Swiss Employment Agreement”).
Preamble
WHEREAS, the Parties have jointly decided and agreed to terminate the Swiss Employment Agreement effective August 31, 2011, due to the reassignment of the Employee to a promotional position implying concrete advantages in the United States with PPG Industries, Inc. (PPG US), which is reflected in a new employment agreement with PPG US;
NOW, THEREFORE, the Parties agree as follows:
Clause 1: Basis of Agreement
The Parties have entered into this Agreement as the entire agreement to record and implement the terms upon which they have agreed to terminate the Swiss Employment Agreement.
Clause 2: Termination Date
By signing this Agreement, the Parties mutually renounce the three-month notice period set forth in, and terminate, the Swiss Employment Agreement effective August 31, 2011 (the “Termination Date”).
The Employee expressly acknowledges that he renounces any rights he has related to the duration and contractual notice period provided for in the Swiss Employment Agreement, in particular, but not solely, those rights which could be related to article 324a and 336x of the Swiss Code of Obligations.
Clause 3: Remuneration
Up to the Termination Date, the Employee is to be paid in accordance with the Swiss Employment Agreement. Following the Termination Date, all compensation and benefits will be governed solely by the new employment agreement with PPG US. This Agreement will have absolutely no impact on the other awards granted to the Employee up to the Termination Date (non qualified Stock Options Award, time-based RSU, performance-based RSU and TSRs). Any necessary steps will be undertaken by the Company in order to allow the Employee to comply with any tax obligations related to awards prior to the Termination Date.
Clause 4: Full and final settlement
The Parties acknowledge and agree that, except as provided in this Agreement, they will have no further obligations and/or rights arising out of the Swiss Employment Agreement.
Clause 5: Governing Law and Jurisdiction
This Agreement is governed by the law of Switzerland. Any dispute is subject to the exclusive jurisdiction of the courts and tribunals of the canton of Vaud, Switzerland.
IN WITNESS whereof this Agreement has been signed on behalf of the Company and signed by the Employee the day and year first above written.
SIGNED by
Duly authorised for and on behalf of THE COMPANY:
| Xxxxx Xxxxxxxxxx | Pierre-Xxxxx Xx Xxxxxx | |||||
| HR Director Europe | ||||||
| Rolle, | /s/ Xxxxx Xxxxxxxxxx |
/s/ Pierre-Xxxxx Xx Xxxxxx | ||||
| September 12, 2011 | ||||||
