PERSONAL / CONFIDENTIAL
Exhibit 10.55
PERSONAL / CONFIDENTIAL
Xx. Xxxxxxxx Xxxxx
Xxxxxxxxxxxxxxxx 00
0000 Xxxxxx
Date | June 10, 2011 | |
Reference | CM/em | |
Direct Dial | x00 00 000 00 00 | |
Telefax | x00 00 000 00 00 | |
between Xxxxxxx-Xxxxxx International Inc., Xxxxxxxxxx Xxxxxx, Xx Xxxxxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx, and Xx. Xxxxxxxx Xxxxx, born August 27, 1962 citizen of Germany.
The parties enter into an employment agreement on the terms and conditions set forth below:
Function | Head Process Analytics Division, Member of the Group Management Committee (GMC) of the XXXXXXX TOLEDO Group. | |
Employing Company / Position Location | Xxxxxxx-Xxxxxx International Inc., Xxxxxxxxxx Xxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx. The principal place of work is Greifensee, Switzerland. Given the international presence of the company, employee's duties will require regular business travel to the Group's various locations. If not otherwise stipulated in this agreement, the general rules of employment ("Allgemeine arbeitsvertragliche Bestimmungen (AVB)" of our Swiss operations) apply. | |
Remuneration | Base Salary of CHF 265'475.00 gross per annum, effective July 1, 2011 payable in twelve equal monthly installments of CHF 22'122.95 | |
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 bonus is currently CHF 119’464.00 gross (45% of base salary). The scaling of the bonus system, and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors. | ||
Expenses | Expense Allowance according to then-current regulations of CHF 10'500.-- per annum, payable in twelve monthly installments of CHF 875.--. No commuting or vehicle allowance will be paid. | |
Employment Agreement Xxxxxxxx Xxxxx dated June 10, 2011 Head Process Analytics Division | 2 | ||
Equity Incentive Plan | Participation in the XXXXXXX TOLEDO Equity Incentive Plan as may be amended from time to time. | |
Personnel Insurance | Additional Accident Insurance and Disability Insurance (coverage of salary in case of illness and accident), at XXXXXXX TOLEDO’s expense. Participation in the Xxxxxxx-Xxxxxx Fonds (pension plan for GMC members) as might be amended from time to time, at XXXXXXX TOLEDO’s expense for the “Standard plan minus”. The insured salary in the Xxxxxxx-Xxxxxx Fonds and other personnel insurances is 77.2727% of Target Salary, subject to limits applicable under Swiss law. | |
Vacation | 30 working days per calendar year, including compensation for overtime (“Zeitregelung mit pauschaler Abgeltung”). Unused vacation days in a given year will not be carried forward. | |
Duration /Notice Period | This employment agreement starts on July 1, 2011 and is of unlimited duration. The notice period is 12 months to the end of a month for both parties. | |
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. | |
Miscellaneous | Tax filings: | |
The parties acknowledge a separate agreement will be signed regarding tax equalization matters. | ||
Applicable Law and Jurisdiction | This agreement shall be governed by Swiss law. All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the Canton of Zurich, Switzerland. | |
Xxxxxxx-Xxxxxx International Inc. | The Employee | ||
Xxxxxxx Xxxxxxx | Christian Magloth | Xxxxxxxx Xxxxx | |
Enclosures:
- POBS Plus Regulations GMC
- POBS Plus Target Adjustments
- MT-Fonds Regulations
