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EXHIBIT 10.21
MANAGEMENT AGREEMENT
BETWEEN: FINANCIAL INFORMATION CONSULTING SERVICES GROUP, a Belgian
naamloze vennootschap with registered office at 87 Xxxxxxxxxxxxx,
0000 Xxxxxxxxx, Xxxxxxx and registered with the Registry of
Commerce of Brussels under number 515.450,
hereafter, the "Company";
AND: Michel Akkermans, residing at 3040 Xxxxxxxxxx, Xxxxxxxxxxx 00,
and PAMICA NV with registered office at 3040 Huldenberg,
Xxxxxxxxxxx 00, Xxxxxxx and registered with the Registry of
Commerce of Leuven under number 84.728,
hereafter, the "Directors";
IT HAS BEEN AGREED AS FOLLOWS:
Article 1.
The Company has entrusted daily management of the Company to the Directors.
The Company cannot entrust daily management to any other person during the Term
of this Agreement without the agreement of the Directors.
Article 2.
For the services mentioned above, the Company pays to the Directors an on target
remuneration of 15 Million BEF for 1999. This is split into a fixed part of 60%,
9 Million BEF and a variable part which amounts to 6 Million BEF on target. The
criteria for the exact determination of this variable part will be established
by the board of directors. The on target remuneration will be automatically
adjusted for inflation on an annual basis.
The total remuneration and other conditions of the management agreement can be
reviewed by the board of directors.
The split of the remuneration between the Directors, will be communicated to the
company by the Directors.
For 1998, a remuneration of 12 Million BEF is due.
The Directors will benefit from the normal fringe benefits (e.g. a company
car). All expenses which the Directors make on behalf of the company will be
re-imbursed.
Article 3.
3.1. The Directors agree during the term of this Agreement, and for a period
of two years after its termination:
(i) not be involved directly or indirectly in whatever capacity in any
business which competes with the activities of the Company in the
countries of the European Union and the United States of America;
(ii) not to solicit or try to solicit customers for goods or services
of a similar nature as those of the Company from any person, firm
or corporation which was a customer of the
