Employment Agreement Summary between Haemonetics Corporation, Haemonetics GmbH, and Dr. Ulrich Eckert
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Summary
Haemonetics Corporation and its subsidiary, Haemonetics GmbH, have an employment agreement with Dr. Ulrich Eckert, who serves as President of Europe and Latin America. The agreement provides Dr. Eckert with salary, benefits, and pension participation in exchange for his services. If Dr. Eckert becomes disabled or dies, his salary and benefits continue for up to 18 months. The agreement is open-ended but can be terminated by either party with 12 to 23 months' notice, or immediately by the company with continued salary and benefits for the notice period.
EX-10.AO 4 d59864_ex10-ao.txt SUMMARY OF THE EMPLOYMENT AGREEMENT Exhibit 10AO Summary of the Employment Agreement between Haemonetics Corporation and Dr. Ulrich Eckert, President Europe and Latin America The Company and its wholly owned subsidiary, Haemonetics GmbH, are parties to an employment agreement with Dr Ulrich Eckert dated May 27, 2003. The agreement entitles Mr. Eckert to certain salary and benefits as are customarily made available, including participation in the Haemonetics GmbH sponsored pension plan, in exchange for his services as President of Europe and Latin America. The agreement provides for the continuation of his salary and benefits for up to 18 months in the event of his disability or death. While the agreement is for an indefinite period of time, either party to the agreement can terminate the agreement with a termination period of at least twelve months and up to twenty-three months, depending upon the timing of the notice. Additionally, Mr. Eckert's employment could be terminated immediately by the Company; however he would be entitled to a continuation of salary and benefits for the termination period.
