Private and Confidential Mr. Peter Aggersbjerg CH 8606 Greifensee, Switzerland Employment Agreement

Exhibit 10.50

Private and Confidential

Mr. Xxxxx Aggersbjerg

Xx Xxxxxxxxx 00

XX 0000 Xxxxxxxxxx, Xxxxxxxxxxx

Employment Agreement

between Xxxxxxx-Xxxxxx International Inc., Xxxxxxxxxx Xxxxxx, Xx Xxxxxxxxx, 0000 Xxxxxxxxxx, Xxxxxxxxxxx (“Company”), and Mr. Xxxxx Aggersbjerg, born October 23, 1968 in Denmark (“Employee”).

The parties enter into an employment agreement on the terms and conditions set forth below:

Function	Head of Divisions & Operations, 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 place of work is 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 435’000.00 gross per annum, effective with the starting date, payable in twelve equal monthly installments of CHF 36'250.00.
	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 195'750.00 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.
Duration / Notice Period	This employment agreement is effective as of January 1, 2020 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.
Duration / Notice Period	This employment agreement is effective as of January 1, 2020 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	Employee agrees to keep confidential both during and after his employment with XXXXXXX TOLEDO all information of a confidential nature not generally known outside of XXXXXXX TOLEDO, and not to use such confidential information other than for purposes of performing his duties for XXXXXXX TOLEDO.
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 18, 2016 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. The Employee

/s/ Christian Magloth                                /s/ Xxxxx Aggersbjerg

Christian Magloth Xxxxx Aggersbjerg