Exhibit 10(h)
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PENSION PLAN AGREEMENT
Between
Kleber and Bindemittel-Gesellschaft m.b.H
4600 Wels, Xxxxxxxxx. 00
- hereinafter "Company" -
and
Xx. Xxxxxxx Lagally, 4600 Wels, Schafwiesenstr.70
- hereafter "Managing Director" -
the following Pension Agreement has been concluded:
1 The Managing Director will receive at the date of his retirement - at the
earliest at age 63 - a monthly pension of 1% of his average monthly
salary during the last 5 years (on the basis of 12 monthly salaries per
annum) prior to retirement, multiplied by the number of years of service
as of April 1, 1973.
Service years as of age 65 will not be considered.
2 In case of disability or death prior to the age of 65 the pension will be
calculated on the basis of the number of years of service the Managing
Director would have achieved at the age of 65. The average monthly salary
will be based on the last twelve months prior to disability or death. As
of age 61 the average monthly salary will be based on the monthly
salaries received in the period from the age of 60 until the moment of
disability or death.
Disability is proven when entitlement for the statutory disability
pension exists.
3 Pension payments resulting from this Agreement as well as statutory
social security may not exceed 75% of the average gross income received
during the last 5 years prior to becoming eligible for pension payment.
4 In case of death of the Managing Director
a) after the age of 63 the widow is entitled to 60%, a full orphan to
25% and a half orphan to 12.5% of the pension the Managing Director
would have been entitled to in accordance with Section 1 of this
Agreement
b) In case of pension entitlements due to disability or death prior to
the age of 65, the survivors remain entitled to the same pension
percentages as described under Section 4(a), but the pension will be
calculated in accordance with Section 2 of this Agreement.
c) The entitlement to survivor pension (widow pension) exists when the
Managing Director was married for at least 3 years at the moment of
this death and marriage was entered before retirement.
Orphan pension will be paid to natural or adopted children until the
age of 18. In case orphans have not yet completed their professional
education, orphan pension can be paid until the age of 25.
5 Any indemnity payment by the Company that the Managing Director might be
legally entitled to when leaving the Company will be offset against
pension payments, in this way that pension payments start after
expiration of the indemnity period.
6 The Company is confident to be able to maintain and fulfill its pension
obligations in full. However, the Company reserves the right to cut
pension payments in full or in part when its financial position has
undergone a lasting deterioration in such a substantial manner that
maintaining the agreed pension payments can no longer be reasonably
expected and would constitute an endangerment of the Company's viability.
Kleber and Bindermittel-Gesellschaft m.b.H
represented by its sole Quotaholder
ISAR-RAKOLL CHEMIE Ges.mbH Munchen
/s/Xx. Xxxxx /s/Xxxxxxx
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(Xx. Xxxxx) (Xxxxxxx)
February 5, 1980 /s/Xx.Xxxxxxx Lagally
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(Date and signature of Managing Director)
P.S.: Apart from the aforesaid the valid and relevant articles of the general
Company Pension Plan for the ISAR-RAKOLL CHEMIE Ges.mbH Munich employees
are applicable.
On behalf of X.X. Xxxxxx Company, I acknowledge that the above is a fair and
accurate translation of the Pension Plan Agreement between Kleber and
Bindemittel-Gesellschaft, Ges.mbH and Xx. Xxxxxxx Lagally.
/s/Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx
President, Chief Executive Officer
