Employment Agreement between Peter Aggersbjerg and Mettler-Toledo International Inc., dated as of December 15, 2017
EX-10.50 2 exhibit1050peteraggersbjer.htm EXHIBIT 10.50 EMPLOYMENT AGREEMENT PETER AGGERSBJERG Exhibit
EXHIBIT 10.50
Date | December 15, 2017 |
Reference | CM/em |
Direct Dial | 41 44 944 24 45 |
Telefax | 41 44 944 22 55 |
PERSONAL / CONFIDENTIAL
Mr. Peter Aggersbjerg
Employment Agreement
between Mettler-Toledo International Inc., Greifensee Branch, Im Langacher, 8606 Greifensee, Switzerland (“Company”), and Mr. Peter Aggersbjerg, born October 23, 1968 in Denmark (“Employee”).
The parties enter into an employment agreement on the terms and conditions set forth below:
Function | Head Laboratory Division, Member of the Group Management Committee ("GMC") of the METTLER TOLEDO Group. |
Employing Company / Position Location | Mettler-Toledo International Inc., Greifensee Branch, 8606 Greifensee, Switzerland. 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 Terms and Conditions of Employment ("GTCE") of our Swiss operations apply. |
Remuneration | Base Salary of CHF 315’000.00 gross per annum, effective with the starting date, payable in twelve equal monthly installments of CHF 26'250.00. |
Participation in the Incentive Plan POBS Plus for Members of the Group Management of METTLER 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 cash incentive is currently CHF 141'750.00 gross (45% of base salary). The scaling of the incentive system and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors. | |
Expenses | Expense Allowance according to then-current regulations of CHF 10'500.00 per annum, payable in twelve monthly installments of CHF 875.00. No commuting or vehicle allowance will be paid. |
Equity Incentive Plan | Participation in the METTLER TOLEDO Equity Incentive Plan as may be amended from time to time. |
Housing Allowance | The company will continue to contribute an amount of up to CHF 1'500.00 per month for housing at the principle place of work until end of February 2018. Thereafter, Employee agrees to maintain accommodation at his own expense, i.e. no housing allowance or reimbursement will be paid/granted anymore. |
2 | |
Personnel Insurance | Additional Accident Insurance and Disability Insurance at METTLER TOLEDO’s expense. Participation in the pension arrangement for GMC members as might be amended from time to time, with defined contributions at METTLER TOLEDO's expense. The insured salary is 77.2727% of Target Salary, subject to limits applicable under Swiss law. |
Vacation | 27 working days per calendar year, including compensation for overtime as per Supplementary Regulations on Working Hours and Absences of our Swiss operations. Unused vacation days in a given year will not be carried forward. |
Duration / Notice Period | This employment agreement is effective as of January 1, 2018 and is of unlimited duration. It may be terminated by either party without cause by giving twelve (12) months notice in writing to the end of a month and shall terminate at the end of such notice period. |
Non-Competition | While Employee is employed by METTLER 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 METTLER TOLEDO, or (b) solicit for hire or hire any METTLER TOLEDO employee. |
Confidentiality | Employee agrees to keep confidential both during and after his employment with METTLER TOLEDO all information of a confidential nature not generally known outside of METTLER TOLEDO, and not to use such confidential information other than for purposes of performing his duties for METTLER TOLEDO. |
Tax Filings | The parties acknowledge a separate agreement will be signed regarding tax equalization matters. |
Previous Employment Agreements | With the effectiveness of this employment agreement, all previous employment agreements or amendments to such employment agreements with METTLER TOLEDO shall be considered cancelled. The acquired period of service since January 18, 2016 is taken into consideration where applicable. |
Applicable Law and Jurisdiction | 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. |
Mettler-Toledo International Inc. The Employee
Christian Magloth Peter Aggersbjerg
Attachments:
▪ | POBS Plus – Incentive System for Members of the Group Management of METTLER TOLEDO (12/2013) |
▪ | Spesenreglementsergänzung Gruppenleitung (04/1997) |
