EXHIBIT 10.16
[Letterhead of Xxxxxxx-Xxxxxx International Inc.]
Xx. Xxxxxxx X. Xxxxxxx
Xxxxxxxxxxxxxxxxxx 0
0000 Xxxxxxx-Xxxxx
Date May 21, 2001
Reference PB/vg
Direct Dial x00 0 000 00 00
Telefax x00 0 000 00 00
EMPLOYMENT AGREEMENT
between XXXXXXX-XXXXXX XXXX, Xx Xxxxxxxxx, 0000 Greifensee, and XXXXXXX X.
XXXXXXX, born January 30, 1967, citizen of Switzerland.
The parties enter into an employment agreement on the terms and conditions set
forth below:
Function Head of Process Analytics Division, Member of
the Group Management Committee (GMC) of the
XXXXXXX TOLEDO Group
Employing Company/ Xxxxxxx-Xxxxxx GmbH, Process Analytics,
Position Location Urdorf. 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 240'000.-- gross per
annum, effective June 1, 2001, payable in
twelve equal monthly installments of CHF
20'000.--.
Participation in the INCENTIVE PLAN POBS PLUS
for Members of the Group Management of XXXXXXX
TOLEDO.
The BONUS, in addition to the yearly base
salary, is based and calculated on the grade
of target achievement at the end of the
business year, as follows:
o 4.50% of base salary for the range of
90-110 target points;
o 3.75% of base salary for the range of
111-130 target points.
For 100% target achievement, the bonus is CHF
108'000.-- gross (45% of the base salary).
Expenses EXPENSE ALLOWANCE according to the
"Spesenreglement - Erganzung Gruppenleitung"
of CHF 10'500.-- per annum, payable in twelve
monthly installments of CHF 875.--. No
commuting allowance will be paid.
Stock Options Participation in the XXXXXXX TOLEDO Stock
Option Plan as may be amended from time to
time. Xxxxxxx Xxxxxxx will be granted 50'000
Stock Options when taking up the GMC
function.
Personnel Insurance o Participation in the Xxxxxxx-Xxxxxx Fonds
(pension plan for GMC members).
o Additional Accident Insurance, Disability
Insurance (coverage of salary in case of
illness and accident) The premiums for all
these insurances are fully paid by XXXXXXX
TOLEDO
Holidays 30 working days per calendar year, including
compensation for overtime ("Zeitregelung mit
pauschaler Abgeltung").
Duration/ This employment agreement starts on June 1,
Notice Period 2001. It is of unlimited duration. The notice
period is 6 months for both parties.
Non-Competition While Xxxxxxx Xxxxxxx is employed by XXXXXXX
TOLEDO, and for a period of twelve months
after the termination of his employment,
Xxxxxxx Xxxxxxx shall not knowingly engage in
or be employed in any business anywhere in
the world which competes with the principal
businesses of XXXXXXX TOLEDO.
Previous Employment With the effectiveness of this Employment
Agreements Agreement, all previous agreements with
XXXXXXX TOLEDO shall be considered as
cancelled. The acquired years of service
since May 1, 1998 are taken into
consideration where applicable.
Applicable Law and This agreement shall be governed by Swiss
Jurisdiction 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 GmbH The Employee
/S/ /S/ /S/
Xxxxxx X. Xxxxxxx Xxxxx Xxxxxx Xxxxxxx Xxxxxxx
