XXXXX XXXXX SUPPLEMENTAL PENSION ARRANGEMENT EXHIBIT 10.14
Xxxx Xxxxxxx has agreed to provide a supplemental annual annuity
payable at age 65 to Xx. Xxxxx based on an additional notional Xxxx Xxxxxxx
contribution to the German Pension Plan of 50,000 DEM for each of 2001 and
2002 and 60,000 DEM for each additional year of employment with Xxxx Xxxxxxx
through 2011.
In addition, Xxxx Xxxxxxx has agreed that in the event that Xx.
Xxxxx terminates employment prior to completing ten years of service with
Xxxx Xxxxxxx and forfeits the employer provided benefit under the German
Pension Plan, Dade Xxxxxxx will provide him with a retirement benefit
equivalent to the employer provided 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-
65) and would be payable in the form of an annuity, the same form of benefit
payable from the German Pension Plan. The benefit would not include any
amounts based on Xxxxx Xxxxx'x own contributions that would be returned to
him upon his termination of employment.
This payment guarantee is contingent on Xx. Xxxxx terminating his
employment prior to achieving ten years of service with Xxxx Xxxxxxx. If Xx.
Xxxxx remains in employment with Xxxx Xxxxxxx or its successor beyond July
2008, at which time he becomes eligible for a benefit under the German
Pension Plan this portion of the agreement will become inoperative.
