Common use of Engagement in other businesses Clause in Contracts

Engagement in other businesses. 3.1 During the term of his employment hereunder (the “Term”), the CEO is obligated to put his entire working capacity at the disposal of the Group and work completely and loyally in the interest of the Group. Only upon having obtained the prior approval of the Company’s board of directors, the CEO may be financially involved in other businesses or undertake tasks such as for instance board seats in other businesses, provided that such tasks do not conflict with the interests of the Group nor affects the performance of the CEO in the Group. It is a prerequisite for such engagement in other businesses that the CEO submits a written request to the board of directors for its approval and that the written request contains a description of the character and volume of the task. In the event the board of directors cannot meet the CEO’s request for approval of permission to perform such other task, the Company shall communicate its rejection in writing and without any delay as well as the Company shall state the reason for its rejection.

Engagement in other businesses. 3.1 3.1. During the term of his employment hereunder (the “Term”), the CEO EXECUTIVE is obligated to put his entire working capacity at the disposal of the Group and work completely and loyally in the interest of the Group. Only upon having obtained the prior approval of the Company’s board of directors, the CEO EXECUTIVE may be financially involved in other businesses or undertake tasks such as for instance board seats in other businesses, provided that such tasks do not conflict with the interests of the Group nor affects the performance of the CEO EXECUTIVE in the Group. It is a prerequisite for such engagement in other businesses that the CEO EXECUTIVE submits a written request to the board of directors for its approval and that the written request contains a description of the character and volume of the task. In the event the board of directors cannot meet the CEOEXECUTIVE’s request for approval of permission to perform such other task, the Company shall communicate its rejection in writing and without any delay as well as the Company shall state the reason for its rejection.