Date March 22, 2010 Reference PB/em Direct Dial +41 44 944 22 85 Telefax +41 44 944 22 55
Exhibit 10.58
PERSONAL / CONFIDENTIAL
▇▇. ▇▇▇▇▇▇▇▇▇ Magloth
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▇▇▇▇ ▇▇▇▇▇
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Date
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March 22, 2010 | |||
Reference
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PB/em | |||
Direct Dial
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▇▇▇ ▇▇ ▇▇▇ ▇▇ ▇▇ | |||
Telefax
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▇▇▇ ▇▇ ▇▇▇ ▇▇ ▇▇ |
between ▇▇▇▇▇▇▇-▇▇▇▇▇▇ International Inc., ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇, and ▇▇. ▇▇▇▇▇▇▇▇▇ Magloth, born ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇.
The parties enter into an employment agreement on the terms and conditions set forth below:
Function
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Head Human Resources, Member of the Group Management Committee (GMC) of the ▇▇▇▇▇▇▇ TOLEDO Group. | |
Employing Company / Position Location
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▇▇▇▇▇▇▇-▇▇▇▇▇▇ International Inc.,
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇. The principal place of
work is Greifensee, Switzerland.
Given the international presence of
the company, employee’s duties will
require regular business travel to
the Group’s various locations.
If not otherwise stipulated in this agreement, the general rules of employment (“Allgemeine arbeitsvertragliche Bestimmungen (AVB)” of our Swiss operations) apply. |
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Remuneration
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Base Salary of CHF 280’020.00 gross per annum, effective October 15, 2010 payable in twelve equal monthly installments of CHF 23’335.00. | |
| Participation in the Incentive Plan POBS Plus for Members of the Group Management of ▇▇▇▇▇▇▇ TOLEDO pursuant to the then-current plan and regulations. Under this plan employee is eligible to earn a cash incentive based upon achievement of various financial and personal targets. For 100% target achievement, the bonus is currently CHF 126’009.00 gross (45% of base salary). The scaling of the bonus system, and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors. | ||
Expenses
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Expense Allowance according to then-current regulations of CHF 10’500.— per annum, payable in twelve monthly installments of CHF 875.—. No commuting or vehicle allowance will be paid. |
Employment Agreement Christian Magloth dated March 22, 2010
Head Human Resources |
2 |
Equity Incentive Plan
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Participation in the ▇▇▇▇▇▇▇ TOLEDO Equity Incentive Plan as may be amended from time to time. | |
Personnel Insurance
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Additional Accident Insurance and
Disability Insurance (coverage of
salary in case of illness and
accident), at ▇▇▇▇▇▇▇ TOLEDO’s
expense.
Participation in the ▇▇▇▇▇▇▇-▇▇▇▇▇▇ Fonds (pension plan for GMC members) as might be amended from time to time, at ▇▇▇▇▇▇▇ TOLEDO’s expense for the “Standard plan minus”. The insured salary in the ▇▇▇▇▇▇▇-▇▇▇▇▇▇ Fonds and other personnel insurances is 77.2727% of Target Salary, subject to limits applicable under Swiss law. |
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Vacation
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30 working days per calendar year, including compensation for overtime (“Zeitregelung mit pauschaler Abgeltung”). Unused vacation days in a given year will not be carried forward. | |
Duration /Notice
Period
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This employment agreement starts on October 15, 2010 and is of unlimited duration. The notice period is 12 months to the end of a month for both parties. | |
Non-Competition
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While employee is employed by ▇▇▇▇▇▇▇ TOLEDO and for a period of twelve months after his termination, employee shall not directly or indirectly (a) engage in or be employed in any business anywhere in the world which competes with the businesses of ▇▇▇▇▇▇▇ TOLEDO, or (b) solicit for hire or hire any ▇▇▇▇▇▇▇ TOLEDO employee. | |
Confidentiality
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Employee agrees to keep confidential both during and after his employment with ▇▇▇▇▇▇▇ TOLEDO all information of a confidential nature not generally known outside of ▇▇▇▇▇▇▇ TOLEDO, and not to use such confidential information other than for purposes of performing his duties for ▇▇▇▇▇▇▇ TOLEDO. | |
Miscellaneous
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Tax filings: | |
| The parties acknowledge a separate agreement will be signed regarding tax equalization matters. | ||
Applicable Law and Jurisdiction
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This agreement shall be governed by Swiss law. All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the Canton of Zurich, Switzerland. |
Employment Agreement Christian Magloth dated March 22, 2010
Head Human Resources |
3 |
▇▇▇▇▇▇▇-▇▇▇▇▇▇ International Inc.
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The Employee | |
| ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | ▇▇▇▇▇ ▇▇▇▇▇▇ | ▇▇▇▇▇▇▇▇▇ Magloth |