Management Contract
By and between
FSE-Computer-Handel-Verwaltungs GmbH
represented by its sole agent, manager Xx. Xxxxxx Xxxxxx
(hereinafter referred to as "the company") - party of the first part -
and
Xx. Xxxxxx Xxxxxx
Xxxxxxxxx 00
00000 Xxxxx
- party of the second part -
the following employment contract is concluded, effective November 12, 1997:
Art. 1
The company employs Xx. Xxxxxx Xxxxxx as sole agent and manager.
The manager shall manage the company's business in accordance with the law, the
articles of association and this management contract. This includes in
particular the management of FSE-Computer-Handels GmbH & Co. KG.
Art. 2
The manager shall manage the business as a prudent businessman. He shall not be
authorized to assume or continue other activities without the consent of the
company. The consent shall be denied only for important reasons.
He shall keep all internal matters and events which are in the company's
interests confidential from all third parties, unless he has been expressly
released from this duty by the company.
The manager is released from the restriction of Art. 181 BGB [civil law].
Art. 3
For his activity, the manager shall receive a gross monthly salary of DM 25,000,
payable at the end of the month.
This salary shall cover the entire activity of the manager on the company's
behalf; no separate payment shall be made for overtime.
The company shall provide the manager with a top class car, which may also be
used for private purposes. The manager shall pay the tax on its use, pursuant to
the pertinent regulations.
Travel and other expenses shall be reimbursed by the company by a lump sum
allowed by the income tax law; additional amounts shall be refunded upon the
presentation of evidence.
Art. 4
The manager shall be entitled to 30 vacation days per year. Saturdays shall not
be considered business days.
The starting date of vacation shall be determined in agreement with the company.
If for business or personal reasons, the manager has been unable to take a
vacation by 3/31 of the following year, he shall receive 1/30 of his gross
salary per unused vacation day.
Art. 5
If the manager is temporarily prevented from exercising his activities by
sickness or other causes not due to his fault, he shall receive his full salary
pursuant to Art. 3 para 1 for up to 6 months.
Art. 6
This contract is concluded for 2 years. It may be terminated with 6-months
notice by either party, effective at the end of a calendar year.
This contract may be extended by one year by agreement between the company and
Xx. Xxxxxx Xxxxxx.
Art. 7
Amendments and supplements to this contract shall be made in writing.
Frankfurt, on November 13, 1997
/s/ Xx. Xxxxxx /s/ Xx. Xxxxxx
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Manager FSE-Computer-Handel-Verwaltungs GmbH
Xx. Xxxxxx Xxxxxx represented by its manager
