EXHIBIT 10.17
[Letterhead of Xxxxxxx-Xxxxxx International Inc.]
Xx. Xxxxxxx X. Xxxxxx
0000 Xxxxxxxx Xxxxx
Xxxxxx, XX 00000
XXX
Date December 11, 2001
Reference PB/vg
Direct Dial x00 0 000 00 00
Telefax x00 0 000 00 00
EMPLOYMENT AGREEMENT
between XXXXXXX-XXXXXX, INC., 0000 Xxxxxxx Xxxxxxx, Xxxxxxxx / XX 00000,
and XX. XXXXXXX X. XXXXXX, born October 28, 1964, citizen of the USA.
The parties enter into an employment agreement on the terms and conditions set
forth below:
Function Head of the Retail Division, Member of the
Group Management Committee (GMC) of the
XXXXXXX TOLEDO Group
Employing Company/ Xxxxxxx-Xxxxxx, Inc., Columbus / OH.
Position Location If not otherwise stipulated in this
agreement, the Human Resources Policy and the
General Rules of Employment including Benefit
Plans of Xxxxxxx-Xxxxxx, Inc. apply.
Remuneration BASE SALARY of USD 160'000.-- gross per
annum, effective October 1, 2001, payable in
twelve equal monthly installments of USD
13'333.--. This base salary remains unchanged
until March 31, 2003.
Participation in the INCENTIVE PLAN POBS PLUS
for Members of the Group Management of
XXXXXXX TOLEDO (Regulations valid as of March
14, 2000 enclosed).
The BONUS, in addition to the yearly base
salary, is based and calculated on the grade
of target achievement at the end of the
business year, as follows:
o 4.50% of base salary for the range of
90-110 target points;
o 3.75% of base salary for the range of
111-130 target points.
For 100% target achievement, the bonus is USD
72'000.-- gross (45% of the base salary).
Car Allowance Xxx Xxxxxx shall be provided with a car
allowance of USD 833.-- gross per month,
always in line with the actually valid
vehicle policy and rules for the senior
management staff of Xxxxxxx-Xxxxxx, Inc.
Stock Options Participation in the XXXXXXX TOLEDO Stock
Option Plan as may be amended from time to
time. Xxx Xxxxxx will be granted 50'000 Stock
Options at the next ordinary grant date after
taking up the GMC function.
Personnel Insurance Participation in the Xxxxxxx-Xxxxxx, Inc.
insurance benefit plans and arrangements as
actually valid or amended from time to time,
in particular Retirement Plan, 410 (k)
Retirement Savings Plan, Health Care
Programs, Life, Accident and Disability
Income Protection.
Vacations Xxx Xxxxxx shall be entitled to no less than
20 paid vacation days in each calendar year.
He shall also be entitled to all paid
holidays and personal days given by
Xxxxxxx-Xxxxxx, Inc. to its employees.
Duration/ This employment agreement starts on October
Notice Period/ 1, 2001. It is of unlimited duration. It may
Termination be terminated by either party without cause
by giving six (6) months notice in writing to
the end of a month, and shall terminate at
the end of such notice period.
XXXXXXX TOLEDO may terminate the employee's
employment hereunder without any breach of
the employment agreement and without a six
months notice period under the following
circumstances.
. Death: The employee's employment hereunder
shall terminate upon his death.
. Disability: If, as a result of the
employee's incapacity due to physical or
mental illness, the employee shall have
been absent from his duties hereunder on a
full-time basis for the entire period of
twelve consecutive months, and within
thirty (30) days after written notice of
termination is given (which may occur
before or after the end of such twelve
month period) shall not have returned to
the performance of his duties hereunder on
a full-time basis, XXXXXXX TOLEDO may
terminate the employee's employment
hereunder.
. XXXXXXX TOLEDO and Xxx Xxxxxx may
terminate the employee's employment
hereunder for cause, with immediate
effect.
Non-Competition While Xxx Xxxxxx is employed by XXXXXXX
TOLEDO, and for a period of twelve months
after the termination of his employment, Xxx
Xxxxxx shall not knowingly engage in or be
employed in any business anywhere in the
world which competes with the principal
businesses of XXXXXXX TOLEDO.
Previous Employment With the effectiveness of this Employment
Agreements Agreement, all previous agreements with
XXXXXXX TOLEDO shall be considered as
cancelled. The acquired years of service
since September 7, 1999 are taken into
consideration where applicable.
Applicable Law and This agreement shall be governed by US Law.
Jurisdiction All disputes concerning the terms and
conditions of this agreement shall be brought
before the ordinary courts in the State of
Ohio, USA.
Xxxxxxx-Xxxxxx, Inc. The Employee
/S/ /S/ /S/
Xxxxxx X. Xxxxxxx Xxxxx Xxxxxx Xxxxxxx X. Xxxxxx
Enclosure
