TERMINATION AGREEMENT between Laurent Lenoir as “Mr. Lenoir” and Taminco BVBA as “Taminco”
Exhibit 10.7
between
Xxxxxxx Xxxxxx
as “Xx. Xxxxxx”
and
Taminco BVBA
as “Taminco”
THIS TERMINATION AGREEMENT IS MADE BY AND BETWEEN,
On the one hand,
| 1. | Xx. Xxxxxxx Xxxxxx, residing at Xxxxxx Xx Xxxxxxxx 00x, 0000 Xxxxx; |
Hereinafter referred to as “Xx. Xxxxxx”;
And,
On the other hand,
| 2. | Taminco BVBA, a private limited liability company, duly incorporated and validly existing under the laws of Belgium, having its registered office at Xxxxxxxxxxxxxxxxxx 000, 0000 Xxxx, registered with the Register of Legal Entities of Ghent under number 0859.910.443; hereby duly represented by Xxxx Decat and Johan De Saegher in their capacity of Manager of the company; |
Hereinafter referred to as “Taminco”;
Xx. Xxxxxx and Taminco are hereinafter jointly referred to as “Parties” or, individually, as “Party”.
WHEREAS:
| A. | On 31 December 2009, Parties have entered into a management agreement (the “Agreement”), a copy of which is attached hereto as Annex 1. |
| B. | In light of the appointment of Xx. Xxxxxx as manager of Taminco and member of the board of managers, Parties have agreed to terminate the Agreement in mutual consent as from 1 October 2012. |
| C. | In the framework thereof, Parties now wish to confirm in writing their intention to terminate the Agreement by mutual consent. |
NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
| 1. | The Parties hereby confirm their intention to terminate the Agreement by mutual consent with effect as of 1 October 2012 (hereinafter the “Effective Date”). |
| 2. | Parties confirm that the outstanding fees due to Xx. Xxxxxx by Taminco for the services mentioned and specified in the Agreement for the period up until the Effective Date and outstanding fees due to Taminco by Xx. Xxxxxx have been paid in accordance with the Agreement. |
| 3. | As a result, Parties expressly confirm their agreement that, irrespective of what has been agreed in the Agreement or what is provided by law, no further termination notice period applies and that no compensation or indemnity of any kind was or will be due by either Party in the framework of the present termination of the Agreement. |
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| 4. | This termination agreement and all disputes arising here from or related hereto, shall be governed by and construed exclusively in accordance with the provisions included thereto in the Agreement. |
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IN WITNESS WHEREOF the Parties have signed this agreement on March 25, 2013 in two original copies, each Party acknowledges having received one duly signed original.
| For and on behalf of Taminco |
Xx. Xxxxxx | |||
| /s/ Xxxx Decat |
/s/ Xx. Xxxxxx | |||
| Name: Xxxx Decat | ||||
| Capacity: Manager | ||||
| /s/ Johan De Saegher |
||||
| Name: Johan De Saegher | ||||
| Capacity: Manager | ||||
Annex:
| 1. | Management Agreement dd. 31 December 2009 |
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