AGREEMENT ON THE SUCCESSION OF PENSION OBLIGATIONS
AGREEMENT ON THE SUCCESSION OF PENSION OBLIGATIONS
ALPHARMA INC, Company xxx.xx. 123 456 789, and Xxxxxx Xxxx, Norwegian xxxx.xx. 000000 00000, have today entered into the following agreement:
1. SUCCESSION OF RUNNING PENSION OBLIGATIONS
APHARMA INC. hereby transfers all pension obligations related to Xxxxxx Xxxx as of January 1st 2007 to Vital Forsikring ASA, cf. offer of December 22 2006. With that, Vital Forsikring ASA assumes all administration and payment obligations to Xxxxxx Xxxx from ALPHARMA INC. Xxxxxx Xxxx consents to the succession.
2. TERMS OF PENSION SUCCESSION.
ALPHARMA INC. will immediately enter into a pension succession ("avløsningspensjon") agreement the ("Agreement") with Vital Forsikring ASA providing that yearly benefits will be paid in accordance with the agreed pension obligations in the agreement between ALPHARMA INC and Xxxxxx Xxxx of 29 June 2006 and the original agreement of 26 October 2000, subject to the terms agreed to below.
The pension is to be discontinued at 78 years. Any excess of the insurance coverage paid to Vital Forsikring ASA is non-refundable and will remain as property of Vital Forsikring ASA
Xxxxxx Xxxx has read the terms of the Agreement and finds the terms thereunder acceptable.
Upon the fulfillment of this agreement, all pension rights and obligations between the parties are concluded.
3. DISPUTES
Disputes relating to the understanding of this Agreement are to be settled amicably. In the event of failure to reach an amicable resolution, unresolved matters are to be determined by way of arbitration pursuant to the Norwegian arbitration act of May 14th 2004.
Fort Xxx, NJ December 28, 2006__
Place Date
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__/s/ Xxxxxxx X. Campbell___ |
/s/ Xxxxxx Xxxx |
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Xxxxxx Xxxx |
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