EXHIBIT 10.13
XXXXX XXXXX SUPPLEMENTAL PENSION ARRANGEMENT
Xxxx Xxxxxxx has agreed to provide Xxxxx Xxxxx with a supplemental pension. In
addition we have agreed to a special guarantee with regard to his pension
accrual in accordance with the terms of his remuneration package. With regard to
the supplemental pension:
If your employment with Xxxx Xxxxxxx continues in good standing until
January of 2009, the company will provide you with a supplemental pension
arrangement in the amount of DEM 500,000 to be credited to your German
pension plan in 10 equal annual installments of DEM 50,000 beginning in
January of 2000. Each annual installment will be fully vested once credited
to your German supplemental pension plan.
In addition, we have agreed that in the event that he terminates employment
prior to completing ten years of service with Xxxx Xxxxxxx and forfeits his
company provided benefit under the Pensionkasse arrangement, the company will
provide him with a retirement benefit equivalent to the company-paid amount he
would have received had he been fully vested in the benefit accrued to the date
of his termination of employment. This benefit would be payable at the time
Xxxxx Xxxxx would otherwise be eligible to receive a retirement benefit (normal
retirement age- 60) and would be payable in the form of an annuity, the same
form as a benefit payable from the Pensionkasse. It would not include any
amounts based on Xxxxx Xxxxx'x own contributions that would be returned to him
upon his termination of employment. I assume the Pensionkasse could calculate
the benefit for us based on the company's contribution obligation for whatever
period of time Xx. Xxxxx is actually employed.
This payment is contingent on Xx. Xxxxx terminating prior to achieving ten years
of service with Xxxx Xxxxxxx (July, 2008). If he remains in employment with the
company or its successor and becomes eligible for a benefit under the
Pensionkasse, this portion of the agreement will become obsolete.
