Personal/Confidential Robert F. Spoerry c/o Mettler-Toledo International Inc.
Exhibit
10.2 Employment
Agreement between Xxxxxxx-Xxxxxx International Inc. and Xxxxxx X. Xxxxxxx,
dated
November 1, 2007.
Personal/Confidential
Xxxxxx
X.
Xxxxxxx
c/o
Xxxxxxx-Xxxxxx International Inc.
Xx
Xxxxxxxxx
0000
Xxxxxxxxxx
Xxxxxxxxxxx
Date:
November 1, 2007
between
Xxxxxxx-Xxxxxx International Inc., Xxxxxxxxxx Xxxxxx, Xx Xxxxxxxxx, 0000
Xxxxxxxxxx, Xxxxxxxxxxx, and Xxxxxx X. Xxxxxxx. The parties enter
into an employment agreement on the terms and conditions set forth
below:
Function. Executive
Chairman of the Board of Directors.
Duties. Initially,
to help assure a smooth transition to the new CEO; on an ongoing basis,
assisting in strategic, organizational and corporate governance matters, as
well
as facilitating interaction between the Board of Directors and management and
assisting with other matters as determined from time to time in agreement with
the Board of Directors and CEO.
Employing
Company / Position Location. Xxxxxxx-Xxxxxx International Inc.,
Xxxxxxxxxx Xxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx. The principal place
of work is Greifensee, Switzerland. If not otherwise stipulated in
this agreement, the general rules of employment ("Allgemeine arbeitsvertragliche
Bestimmungen (AVB)" of our Swiss operations) apply.
Remuneration. Base
Salary of CHF 600’000.-- gross per annum, effective January 1, 2008 and to be
evaluated annually, payable in twelve equal monthly installments of CHF
50'000.--. 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 Bonus
based upon achievement of various financial and personal targets. For
100% target achievement, the bonus is currently CHF 300’000.-- gross (50%
of base salary). The scaling of the bonus system, and selection and
weighting of targets, including personal targets, are at the sole discretion
of
the Compensation Committee of the Board of Directors.
Expenses
/ Company Car. Expense Allowance according to then-current
regulations of CHF 15'600.-- per annum, payable in twelve monthly
installments of CHF 1’300.--. Employee shall be provided with the company car
that he has been provided to date, and XXXXXXX TOLEDO will pay or reimburse
employee for all reasonable expenses associated with the operation of the
car.
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
(coverage of salary in case of illness and accident), at XXXXXXX TOLEDO’s
expense. Participation in the Xxxxxxx-Xxxxxx Fonds (pension plan for
GMC members) as might be amended from time to time, at XXXXXXX TOLEDO’s
expense. The insured salary in the Xxxxxxx-Xxxxxx Fonds and other
personnel insurances shall be the maximum amount applicable under Swiss
law.
Vacation. 30
working days per calendar year, including compensation for overtime
("Zeitregelung mit pauschaler Abgeltung"). Unused vacation days in a
given year will not be carried forward.
Duration
/ Notice Period . This employment agreement starts on January 1, 2008
and is of unlimited duration. The notice period is 12 months to the
end of a month for both parties.
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.
Previous
Employment Agreements. With the effectiveness of this employment
agreement, all previous employment agreements with XXXXXXX TOLEDO shall be
considered cancelled. The acquired years of service since September 1, 1983
are
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.
Xxxxx
X.
Xxxxxxxxxx Xxxxx
Xxxxxx
The
Employee
Xxxxxx
X.
Xxxxxxx
