Amendment Agreement to the Employment Contract of 18 September 2019 between
Exhibit 4.22
Amendment Agreement to the Employment Contract
of 18 September 2019
between
ads-tec Energy XxxX, Xxxxxxxx-Xxxxx-Xxxxxx 0, 00000 Xxxxxxxxx, represented by its Managing Directors Xxxxxx Xxxxxxx and Xxxxxx Xxxx
– hereinafter "ads E" –
and
Xxxxx Xxxxxx, Xxxxxxxxxxxxxxxxxxxxxxxx 00, 00000 Xxxxxxxxxxx
Preliminary remark
Xxxxx Xxxxxx has been working for ads E in Nürtingen as Head of production, product management, logistics (Chief Operation Officer, "COO") since 1 September 2019. The ads-tec group is continuing to develop at a highly dynamic pace. Based on the excellent cooperation to date, Xxxxx Xxxxxx is now also to take on further tasks with an even higher level of responsibility. In this connection the parties agree the following, expressly maintaining all other provisions set out in the Employment Contract of 18 September 2019 together with any amendment agreements:
| 1. | Position, role, area of responsibility |
| a) | With effect from 1st December 2021, from most likely 1st December 2021, at the latest 01.01.2022 (depending on closing date) and as part of his duties of employment with ads E, Xxxxx Xxxxxx will additionally take on the role of CPO (Chief Production Officer) of the corporate group comprised of ads-tec Energy plc and all of its direct and indirect subsidiaries (including ads E) (the “Group”). He is responsible for production and quality worldwide. |
| b) | His tasks will in particular include management of production, quality, health safety and operating purchase, logistics and service. |
ads-tec Energy GmbH
Xxxxxxxx-Xxxxx-Xxxxxx 0
X-00000 Xxxxxxxxx |
Tel.: x00 0000 0000-0
Fax: x00 0000 0000-000
xxx.xxx-xxx.xx, xxxxxxx@xxx-xxx.xx |
Geschäftsführer: Xxxxxx Xxxxxxx, Xxxxxx Xxxx
USt-IdNr.: DE31 56 72 626
Registergericht Stuttgart HRB 762810 |
Baden-Württembergische Bank
IBAN: XX00000000000000000000
BIC: XXXXXXXX000 |
| 2. | Parallel employment relationships, agreements with third parties |
The Group is aware that Xx. Xxxxxx will continue to perform his duties at ads E as CPO to a correspondingly reduced extent. However, the reduction will only be in correlation to the expansion of his duties for the Group agreed in this amendment agreement. In turn, ads E is also aware that Xx. Xxxxxx in the future will fulfil his new role as CPO of the Group. There is all-round mutual agreement on this.
| 3. | Fixed remuneration |
Due to Hakan Konyars' increased responsibility, the current fixed remuneration will be increased to EUR 200.000,00 gross with effect from beginning of this contract. Payment will be in twelve equal monthly instalments, in each case at the end of the month, into the account of Xx. Xxxxxx into which payments are currently made, in Euros.
The fixed remuneration and the other remuneration components will be deemed to fully compensate Xx. Xxxxxx for his activity in connection with his employment by ads E. Any overtime, based on the current individual regular weekly working hours of at least 40 hours, will also be deemed paid.
| 4. | Further benefits |
Additionally, Xx. Xxxxxx will be granted the following further benefits for his services as CPO of the Group.:
| a) | Annual incentive (discretionary bonus): Annual target bonus of EUR 110.000,00 gross in the event that the targets set out in the business plan are achieved in full (100 %). Notwithstanding such target, the specific amount, if any, of any annual bonus shall be determined by the Group in consultation with ads E based on achievement of certain individual and Company goals to be established by the Group for each fiscal year. Any annual bonus will be paid within 90 days following the end of the fiscal year in which the applicable services were performed, in accordance with the Group´s bonus payment practices in effect from time to time. |
| b) | Legal protection: The intention is for Xx. Xxxxxx to be included in a D&O insurance policy still to be taken out by the Group. Such insurance is currently not yet available. Until this insurance is taken out with legal effect and until Xx. Xxxxxx is included in the group of insured persons, ads E agrees to create earmarked provisions of up to EUR 5,000,000.00 for any potential legal defense of the executive officers of the Group. |
Seite 2 von 3
| 5. | Contract as of 18.09.2019 to continue |
In all other respects, the Employment Contract of 18 September 2019 continues to apply.
Nürtingen (place), 21.12.2021
| /s/ Xxxxxx Xxxxxxx | /s/ Xxxxxx Xxxx | /s/ Xxxxx Xxxxxx | ||
| Xxxxxx Xxxxxxx, Xxxxxx Xxxx as representatives of ads-tec Energy GmbH | Xxxxx Xxxxxx, CPO | |||
Seite 3 von 3
