Employment
Contract
Skyflyer Technology GmbH,
Friedrich List Allee 10,
41488 Wegberg-Wildenrath
in the following the
“Employer”
and
Dieter Wagels
Kogenbroich 20
52511 Geilenkirchen
in the following the
“Employee”
Enter into the following employment
contract:
1
§
1 Employment contract start
date
The employment contract start
date is January 1 st , 2006. Regular termination prior
to the employment contract start date is excluded.
§ 2
Responsibilities
Mr. Dieter Wagels shall be
employed as Managing director
[“Geschäftsführer”]. Mr. Dieter Wagels shall
be responsible for the technical management for the
Employer.
Mr. Dieter Wagels is authorized
to solely represent the Employer.
§ 3
Remuneration
For his work, Mr. Dieter Wagels
shall receive the following remuneration:
Starting on January 1
st , 2006 a monthly salary in the total gross amount of
€ 2,330 (in words: two thousand three hundred and thirty
Euros).
At the end of 2007, Mr. Dieter
Wagels’ fixed monthly salary shall be reviewed to decide
whether it is still appropriate, and shall be newly established
together with the shareholders.
Further, Mr. Dieter Wagels shall
receive a profit share determined by the shareholders, at the end
of the fiscal year.
§ 4 Contract
period / Termination
The contract has a fixed period
until December 31 st , 2008. If it is not terminated at
that time or later by given one year’s notice, it is extended
by another three years.
Termination must occur by
registered letter or hand-delivery of a written notice.
2
Otherwise
the contract terminates at the end of the month in which Mr. Dieter
Wagels reaches the age of 65. Any potential extension of the
contract beyond that point in time shall be by mutual agreement
between Mr. Dieter Wagels and the Employer’s
shareholders.
In case of termination by Mr.
Dieter Wagels, the company may forego, in whole or in part, any
additional work by Mr. Dieter Wagels with the continued payment of
his fixed remuneration (fixed salary and guaranteed profit share)
until the end of the termination period. If the company foregoes
Mr. Dieter Wagels’ services, his entire remuneration from his
new employment shall be deducted from the remuneration thus
far.
In the event that Mr. Dieter
Wagels is temporarily prevented from fulfilling his
responsibilities as Managing director due to illness or for other
reasons beyond his control, Mr. Dieter Wagels shall receive the
fixed remuneration (fixed salary and guaranteed profit share) for a
period of 6 months, but not exceeding the contract
period
