EXHIBIT 10.9
AGREEMENT
by and between
Dura Holding Germany GmbH
represented by Dura Operating Corporation
- hereinafter referred to as "the Company" -
and
Herrn/Xx. Xxxxxx xxx Xxxxxx
1.
Upon the Company's initiative, the employment relationship between the Company
and Xx. xxx Xxxxxx is hereby terminated by mutual consent and for business
requirements effective as at December 31, 2007 (hereinafter the "Termination
Date").
2.
During the period between October 1, 2006 and the Termination Date, the Company
shall continue to pay to Xx. xxx Xxxxxx his current monthly remuneration. During
this period bonus payments shall be made in accordance with the regulations
stipulated in 9.3 of the managing director's service agreement.
The Company shall pay the insurance premiums for the accident insurance
concluded in favor of Xx. xxx Xxxxxx until the Termination Date.
3.
Xx. xxx Xxxxxx shall revocably be released from his work duties for the Company.
The Company shall be entitled to determine the period in which the outstanding
vacation shall be taken during the time of release. His positions as managing
director shall be revoked. During the term of the employment, he shall be
prohibited to engage in a competing activity. Income resulting from utilizing
his work capacity elsewhere (in a non-competing activity) must be set off
against his claims under the service contract with the Company. Xx. xxx Xxxxxx
shall report such other income without solicitation. The exemptions granted in
2.1 and 9.3 of his managing director's service contract with respect to an
involvement in several agricultural farms shall remain unaffected by the above
regulation.
4.
Xx. xxx Xxxxxx shall retain his entitlements resulting from the pension
agreement (sec. 3.4) and the pension commitment dated 15. July/26. November
1997.
5.
Within 5 days upon signature of this Agreement, Xx. xxx Xxxxxx shall return to
the Company all office keys, cell phone, laptop and all other assets belonging
to the Company including documents. These items shall be returned at the
Company's office in Plettenberg.
Xx. xxx Xxxxxx'x shall remain entitled to use the company car (BMW 740 i) for a
period of twelve months starting after the time of release from his duties at
unchanged conditions. After this period Xx. xxx Xxxxxx shall return the company
car including the documents and keys to the Company.
Regarding these items, he shall have no right of retention.
6.
The Company shall supply Xx. xxx Xxxxxx with a favorable letter of reference,
commenting on his performance and conduct.
7.
Xx. xxx Xxxxxx'x obligation to keep secrecy still remains in force. Xx. xxx
Xxxxxx shall not disclose to any third party or use for his personal purposes
any confidential business or other information relating to the Company, its
affiliates or customers which has become known to him during the term of his
employment.
8.
Without delay, Xx. xxx Xxxxxx shall submit his final expense calculation. The
Company shall render account for such expenses, taken into account any advance
payments, if existing.
9.
Upon execution and performance of this Agreement neither party hereto shall have
any further rights or claims against the other party resulting from the
employment relationship.
10.
In case of inconsistencies between the German and the English version of the
Agreement, the German version shall prevail.
Rochester Hills, U.S.A.
October 20, 2006 Plc Henberg, dem 20.10.06
Place / Date Ort / Datum
/s/ Xxxxxx xxx Xxxxxx
------------------------------------- ----------------------------------------
Dura Holding Germany GmbH Xx. Xxxxxx xxx Xxxxxx
represented by Dura Operating Corp.
/s/ Xxxxxxx X. Xxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxx
/s/ Xxxxx X. Xxxxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxxxx
