PERSONAL / CONFIDENTIAL Mr. Gerhard Keller CH 8606 Greifensee, Switzerland Employment Agreement
Exhibit 10.57 |
Date | April 27, 2018 |
Reference | CM/em |
Direct Dial | 00 00 000 00 00 |
Telefax | 41 44 944 22 55 |
PERSONAL / CONFIDENTIAL
Xx. Xxxxxxx Xxxxxx
Xx Xxxxxxxxx 00
XX 0000 Xxxxxxxxxx, Xxxxxxxxxxx
between Xxxxxxx-Xxxxxx International Inc., Xxxxxxxxxx Xxxxxx, Xx Xxxxxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx (“Company”), and Xx. Xxxxxxx Xxxxxx, born Xxxxx 00, 0000, Xxxxx Citizen (“Employee”).
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 places of work are Urdorf and 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 Terms and Conditions of Employment ("GTCE") of our Swiss operations apply. |
Remuneration | Base Salary of CHF 290'000.00 gross per annum, effective with the starting date, payable in twelve equal monthly installments of CHF 24'166.65. 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 CHF 130'500.00 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. |
Expenses | Expense Allowance according to then-current regulations of CHF 10'500.00 per annum, payable in twelve monthly installments of CHF 875.00. No commuting or vehicle allowance will be paid. |
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 at XXXXXXX TOLEDO’s expense. Participation in the pension arrangement for GMC members as might be amended from time to time, with defined contributions at XXXXXXX TOLEDO's expense. The insured salary is 77.2727% of Target Salary, subject to limits applicable under Swiss law. |
Vacation | 27 working days per calendar year, including compensation for overtime as per Supplementary Regulations on Working Hours and Absences of our Swiss operations. Unused vacation days in a given year will not be carried forward. |
Exhibit 10.57 |
Duration / Notice Period | This employment agreement is effective as of July 1, 2018 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 | |
Tax Filings | The parties acknowledge a separate agreement will be signed regarding tax equalization matters. |
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 January 1, 1991 is taken into consideration where applicable. |
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. Employee
Christian Magloth Xxxxxxx Xxxxxx
Attachments:
▪ | POBS Plus – Incentive System for Members of the Group Management of XXXXXXX TOLEDO (07/2015) |
▪ | Spesenreglementsergänzung Gruppenleitung (04/1997) |