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EXHIBIT 10.7
March 19, 1999
To: Xxxxxx Xxxxxx
Subject: Assignment in the United States
Dear Xxxxxx,
We are pleased to confirm your appointment as Executive Vice President and Chief
Divisional Officer. This position will be based in Atlanta, Georgia and is
effective on March 19, 1999. In this position you will report to Xxxxxxx
Xxxxxxxxxx. This agreement supersedes all other agreements that were previously
in place.
BASE SALARY: Your base salary will be $300,000.00 (U.S.) per year and will be
paid to you in semi-monthly payments to a bank in the United States.
STOCK OPTIONS: You will receive an additional stock option for 300,000 shares.
This option will be effective on March 19, 1999 and the standard stock option
plan terms and conditions will apply.
RELOCATION COST: You will receive a one time payment on $70,000 to cover the
move from Germany to Atlanta.
TEMPORARY LIVING: You will be provided with temporary living until you are
relocated to Atlanta.
BENEFITS: Health - You will continue with your German health care coverage and
will receive international coverage with Deutscher Ring and this cost will be
paid by LHS. You may choose to join the American health plans if you wish.
Detailed information will be provided to you about all benefit plans. Vacation -
You will receive 30 days of paid leave per year. Home Leave - You and your
family will be provided with one home leave per year which will be paid by the
company. Airfare will be in business class.
OTHER BENEFITS: LHS will pay the school tuition cost for your son in Atlanta.
INCOME TAX POLICIES - You will be under the US tax system during this assignment
and will make normal tax contributions as required. LHS will provide you with
tax planning and income tax return preparation service with the firm of Ernst
and Young. If you choose to remain in the German social programs your normal
contributions will be deducted from you pay and be applied to your German
account.
CONDITIONS OF EMPLOYMENT: Notification - This employment agreement is for no
specific period of time and may be terminated by you at any time with one
hundred and eighty (180) days written notice to LHS. Your employment with LHS
may be terminated by the company at any time with one hundred and eighty (180)
days written notice to you.
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TERMS - Your employment with LHS may be terminated with "cause" at any time
without notice. For purposes of this agreement, "cause" is defined as (i) any
conduct by you as an employee of LHS involving moral turpitude (ii) any
dishonesty by you in performance of your duties as an employee of LHS including
you knowing failure to disclose or stop the dishonesty of others, (iii) any act
or omission by you that has the potential of injuring the reputation of LHS. LHS
may set off against amounts owed to you any losses LHS sustains as a result of
the facts or actions that constitute cause for your termination.
You agree to uphold the confidentiality concerning all LHS internal activities
and products with regard to any third party without express consent from LHS
management. You will be required to sign the standard LHS-U.S. employee
agreement regarding confidentiality of company information.
COMPLIANCE WITH POLICIES AND LAWS: You will bound by any and all LHS policies,
work rules and standards of conduct and pledge to observe order and discipline
of work. You agree to observe all laws of the United States of America and
exercise judgment in the best interest of the Company.
If you agree to the terms and conditions outlined, please sign below.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Vice President
Human Resources
Concur: /s/ Xxxxxx Xxxxxx Date: 3/13/99
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Xxxxxx Xxxxxx
