Document:

Exhibit 10.1  SHS 2011 Q2 10-Q

    

Sauer-Danfoss ApS, Nordborgvej 81, DK-6430  Nordborg
	
		
	 
	 

	

CONTRACT OF EMPLOYMENT
	 

	
		
	 
	 

	Between
	Sauer-Danfoss ApS, 
Nordborgvej 81, DK-6430 Nordborg
CVR No. 25814363

	and
	Helge Jørgensen,
Runevænget 89, Guderup, 
DK-6430 Nordborg
CPR No. 220462-2097

CONTENTS

1.    Commencement and Area of Work        1
2.    Place of Work                2
3.    Hours of Work                2
4.    Salary                    2
5.    Incentives                2
6.    Work Equipment                2
7.    Travel, entertainment and training        3
8.    Pension                3
9.    Benefits                3
10.    Sickness                3
11.    Holiday Entitlement            3
12.    Personal Data and Data Security        4
13.    Intellectual Property Rights            4
14.    Duty of Confidentiality; Documents        4
15.    Return of Material                5
16.    Termination                5
17.    Severance pay                5
18.    Other material Provisions            5
19.    Signatures                5

	
		
	 
	CONTRACT OF EMPLOYMENT

	 
	 

	Between
	Sauer-Danfoss ApS
Nordborgvej 81
DK-6430 Nordborg
CVR No. 25814363
 (”the Company")

	 
	 

	and
	Helge Jørgensen
Runevænget 89, Guderup
DK-6430 Nordborg
CPR No. 220462-2097
(”the Executive Vice President")

	 
	 

	 

		
	1.
	Commencement and Area of Work

		
	1.
	The Executive Vice President will be employed as Executive Vice President and President for Work Function Division and Managing Director for Sauer-Danfoss ApS, and the employment shall commence on May 1, 2011. 

		
	2.
	This contract supersedes all other written or oral agreements between the Company or any associated company. The Executive Vice President's seniority will however remain unaffected by the conclusion of this contract, and shall be counted from August 1, 1985.

		
	3.
	The Executive Vice President shall currently report to Chief Executive Officer Sven Ruder in regards to his office as Executive Vice President and President for Work Function Division and to the Board of Directors of the Company in regards to his office as Managing Director.

		
	4.
	The Executive Vice President shall be responsible to the Board of Directors for the day-to-day management of all activities of the Company. The Board of Directors shall lay down the regulations for the activities of the Company at any time, and the Executive Vice President shall be responsible to the Board of Directors for ensuring that the activities of the Company are in accordance with such regulations and in general with the Articles of Association of the Company and statutory provisions. The Executive Vice President shall submit all matters of an unusual or significant nature to the Board of Directors. If so required, a job description will be worked out and updated and is to be considered an integrated part of the present contract. 

		
	5.
	The parties agree that the nature of the Company's business demands flexibility and that reallocation of duties etc. from time to time is a natural part of - and a precondition for - the employment relationship between the parties. The Company is a subsidiary of Sauer-Danfoss Inc., and new and/or other assignments may therefore be extended to the Company's associated companies as well.

		
	6.
	The Vice President shall perform his duties to the best of his ability, devoting his full time, attention and endeavours to promote the interests of the Company. The Executive Vice President shall not have any other paid work without the written consent of the Company. Also, the Executive Vice President shall not, without the written consent of the Company, have any unpaid work affecting his performance in any manner whatsoever or otherwise causing inconvenience to the Company.

		
	2.
	Place of Work

		
	1.
	The place of work will normally be the address of the Company at Nordborgvej 81, DK-6430 Nordborg. The Executive Vice President shall travel as required to perform his duties.

		
	3.
	Hours of Work

		
	1.
	The Executive Vice President's normal hours of work comprise 37 hours a week, exclusive of lunch breaks. 

		
	2.
	Due to the nature of the position, the Executive Vice President understands and accepts that from time to time overtime work outside normal working hours may be required. 

		
	3.
	No separate remuneration for overtime work shall be payable as such remuneration has been adequately taken into account and included in the agreed salary.

		
	4.
	Salary

		
	1.
	The annual fixed salary of the Executive Vice President shall be 1,800,000 DKK. 

		
	2.
	The salary will be payable in arrears in 12 equal monthly instalments of each 150,000 DKK, and will be transferred to the Executive Vice President's bank account on or before the last business day of each month.

		
	3.
	Following the Company's guidelines, the salary will be subject to an annual review. Any adjustment of the salary - based on such review - shall currently be effective as from April 1st, the first time per April 1st, 2012.

		
	5.
	Incentives

		
	1.
	If the Executive Vice President meets the criteria ruling at the time in question, the Executive Vice President may be enrolled to incentive plan(s), either in the Company or in the Company's parent corporation. The terms of such incentive plan(s) shall be determined in a separate agreement. The Company shall not be committed to renew the plan(s) or to maintain the size of the incentive(s) for the plan(s). Any incentive(s) will be paid in addition to the annual compensation mentioned in clause 4. 

		
	2.
	At accession, the Executive Vice President will be proposed participation in an Annual Incentive Plan (target 50%) and a Long-Term Incentive Plan (target 80%). Participation - as well as continued participation - will currently be subject to approval by the Executive Office and/or the Compensation Committee of the Sauer-Danfoss Inc. Board of Directors. The target percentages and payout formulas could change at any time based on plan design changes and/or market conditions.

		
	6.
	Work Equipment

		
	1.
	For the performance of the Executive Vice President's duties, the Company will provide such equipment that the Company decides is necessary for him to carry out his duties. Currently, such equipments include a mobile telephone, a laptop computer and Internet connection from home. Further the Company shall pay all business expenses related to subscriptions and periodicals to such extent as are agreed by the Chief Executive Officer.

		
	2.
	The tax consequences to the Executive Vice President of a private use of the facilities referred to in clause 6.1 shall be of no concern to the Company.

		
	7.
	Travel, entertainment and training

		
	1.
	Business travel and entertainment expenses incurred by the Executive Vice President in the interest of the Company will on presentation of vouchers and in compliance with the Company's regulations be reimbursed. 

		
	2.
	The Executive Vice President is responsible to maintain and update his qualifications, and at least once a year the Executive Vice President and the Chief Executive Officer plan and update the Executive Vice President's development plan.

		
	8.
	Pension

		
	1.
	The Executive Vice President participates in the Retirement Pension Plan as established by the Company. 

		
	2.
	Currently the Company's contribution is 12% and the Executive Vice President's contribution is 6%. The contributions are based on the fixed salary as specified in clause 4. The Company can decide to include other elements of the total remuneration as basis for the contributions.

		
	9.
	Benefits 

The Company will provide the Executive Vice President with benefits and insurances as according to the Company's policy at any time is provided for Executive Vice President positions. The Executive Vice President will receive a list of the benefits and insurances currently provided for the position.
		
	1.
	The Company shall provide the Executive Vice President with a company car for free use for the Executive Vice President and shall defray all expenses in connection with the use and maintenance of the car (including the costs of private use of the car by the Executive Vice President). The choice of the car is subject to approval by the Chief Executive Officer and shall be in accordance with the Company's Car Policy as well as the Sauer-Danfoss European Car Policy. 

The tax consequences to the Executive Vice President of the private use of the facilities referred to in clause 9.1 and 9.2 shall be of no concern to the Company.

		
	10.
	Sickness

		
	1.
	In case of absence due to sickness, the Executive Vice President shall notify the Company of such absence as soon as possible observing the Company's policy.

		
	2.
	At the request of the Company, the Executive Vice President shall provide documentation for sickness in the form of a doctor's medical certificate. 

		
	3.
	The Company will pay salary during temporary sickness periods according to the Salaried Employees Act and according to the Company's policy.

		
	11.
	Holiday Entitlement

		
	1.
	In addition to public holidays, the Executive Vice President shall be entitled to vacation according to the Holiday Act and in accordance with the Company's policy. Currently the number of vacation days amounts 25 workdays plus 5 workdays “feriefridage” annually.

		
	2.
	The Executive Vice President shall decide on the time of the vacation with due regard to the interests of the Company and shall timely notify the Chief Executive Officer thereof.

		
	12.
	Personal Data and Data Security

		
	1.
	The Executive Vice President understands and accepts that personal information registered by the Company as part of the employment is made accessible for HR staff and leaders - in the Company and the Company's associated companies - that have a work-related need for this information. 

		
	2.
	The Executive Vice President agrees to comply with the Company's and the Company's parent corporation's policies regarding the use of the Company's computers, e-mail system, Internet services and other software.

		
	13.
	Intellectual Property Rights

		
	1.
	All intellectual property rights, including copyrights, patentable inventions etc., created and/or developed by the Executive Vice President in the course of the employment shall be the property of the Company without any consideration being payable, see clause 13.3. This shall also apply to any intellectual property right created and/or developed by the Executive Vice President following termination of the employment where the right originates in whole or in part from work performed during the employment with the Company. 

		
	2.
	The Executive Vice President shall prove that any intellectual property right created and/or developed by the Executive Vice President up to 12 months following termination of the employment does not originate in whole or in part from work performed during the employment with the Company.

		
	3.
	The Executive Vice President shall not receive any separate consideration for the assignment or use of the said rights as such consideration is included in his regular salary, unless the Executive Vice President is entitled to reasonable compensation on the transfer of an intellectual property right or utility model.

		
	4.
	The rights of the Company under clause 13.1 shall apply to all intellectual property rights unless the Executive Vice President can prove that the activities resulting in such intellectual property rights were performed outside the business field of the Company, outside normal working hours and outside the premises of the Company, and that such activities were not performed following instructions given by the Company.

		
	5.
	The Executive Vice President shall promptly notify the Company upon becoming aware that an invention has been created and/or developed as a result of his work, or that such invention is expected to be created and/or developed.

		
	6.
	The Company may use this Contract of Employment as documentation for purposes of registering the said rights.

		
	14.
	Duty of Confidentiality; Documents

		
	1.
	The Executive Vice President shall have a duty of confidentiality in respect of the trade secrets of the Company and the Company's associated companies, save for matters of a nature requiring disclosure to third parties. Such duty of confidentiality shall also apply after termination of the employment.

		
	2.
	All documents relating to the affairs of the Company and the Company's associated companies, such as business relations, price lists, calculations etc., shall be kept in a proper and confidential manner and shall not be disclosed to any unauthorised third party. 

		
	3.
	The Executive Vice President has been duly informed of §10 in the Marketing Law concerning business secrets and technical construction drawings.

		
	4.
	The Parties agree that any violation of clauses 14.1 to 14.2 shall constitute a material breach entitling the Company to terminate the employment with immediate effect.

		
	15.
	Return of Material

		
	1.
	When the Executive Vice President actually leaves the Company, whatever caused and whether before or after expiry of the notice period, all material and property belonging to the Company and the Company's associated companies and in the possession of the Executive Vice President must be returned to the Company. The Executive Vice President is not entitled to exercise any lien on such material and property.

		
	16.
	Termination

		
	1.
	The Contract of Employment may be terminated by either party at the notice provided by the Salaried Employees Act.

		
	2.
	The Company is entitled to terminate the contract without notice in the event of the Executive Vice President's gross misconduct or serious breach of any of the terms of this agreement.  

		
	3.
	The contract will terminate without notice at the end of the month in which the Executive Vice President attains the official retirement age for Denmark.

		
	17.
	Severance pay

		
	1.
	If the Company with reference to clause 16.1 terminates the Contract of Employment, the Executive Vice President shall be entitled to a severance pay of 12 months' salary. The 12 month's salary includes severance pay according to the Salaried Employees Act and “Lederaftalen”.

		
	18.
	Other material Provisions

		
	1.
	This employment shall be governed by Danish law, and the Salaried Employees Act and “Lederaftalen” shall apply for this contract.

		
	2.
	The Executive Vice President shall read and adhere to the guidelines issued by the Company and the Company's parent corporation, including the Company's Employee Handbook, ethical rules, email and Internet policy, etc., which will be updated regularly. The Executive Vice President's attention is directed especially to the Code of Business Conduct and the Global Information Security Policy.

		
	19.
	Signatures

This Contract has been executed in two original copies, one for each of the parties.

	
			
	Place and date: Nordborg, May 10, 2011
	 
	Place and date:

	 
	 
	 

	For the Company:
	 
	 

	/s/ Tatjana Harttung
	 
	/s/ Helge Joergensen

	Tatjana Harttung, HR directorexhibit_10-4.htm

Manpower Inc.

100 Manpower Place

Milwaukee, Wisconsin 53217

May 10, 2011

Mr. Hans Leentjes:

I am very pleased that you have decided to join Manpower Inc. (the “Corporation”) as President – Northern Europe.  In this role you will report directly to me and will be part of our Executive Management Team.

1.   Position.  Effective as of January 10, 2011, your employment by the Corporation will be as President – Northern Europe.  Reporting to the CEO, you will be responsible for the leadership of the region through the application of Manpower’s vision, values and strategies.  In addition, subject to the approval of the Board of Directors at the Corporation’s next meeting, you will also be appointed as an Executive Vice President of the Corporation.  You agree to devote your best efforts and full business time to the performance of the duties assigned to you.   In your role as President – Northern Europe, from time to time you will be appointed as a director of certain of the Corporation’s subsidiary companies located in the region and you agree to accept such appointments. Your base of operations for the performance of your duties to the Corporation will be Diemen, The Netherlands.

2. Compensation.  Your base salary will be €290,000 per year, inclusive of holiday allowance.  You also will be eligible to receive an incentive bonus for each full calendar year during the term of your employment, starting with calendar year 2011.  This annual bonus under our current practice would be determined using a “balanced scorecard” approach.  Although it is subject to change, under this current approach, the amount of the bonus would be based on a comparison of actual performance-to-performance goals established for you at the beginning of each year.  Currently, there are two components to the balanced scorecard.  The first component is based on financial goals established at the beginning of each year.  The second component under this current approach would include both measurable and discretionary objectives in your role as head of the Northern Europe region that you and I would formulate at the beginning of each year.  Depending upon achievement of these goals and objectives, the total bonus under the current practice would range from zero to 150 percent of base salary, with the target bonus at 75 percent of base salary.  To the extent permitted by applicable law, your base salary and incentive bonus will be paid to you through the payroll system of Manpower Management B.V., on behalf of the Corporation, subject to applicable withholding taxes.

3. Benefits.  To the extent permitted by applicable law and except as otherwise provided in this letter agreement, the Corporation will provide you with, and you will be eligible for, all benefits of employment generally made available to senior executives of the Corporation from time to time (collectively, the “Benefit Plans”), subject to and on a basis consistent with the terms, conditions and overall administration of such Benefit Plans.  You will be considered for participation in Benefit Plans which by the terms thereof are discretionary in nature (such as stock option plans) on the same basis as other senior executives of the Corporation.  You also will be entitled to vacations and perquisites in accordance with the Corporation’s policies as in effect from time to time for senior executives of the Corporation.  The Corporation also would reimburse you for all expense incurred by you in the performance of your duties according to the Corporation’s regulations and procedures for expense reimbursement.  For the avoidance of doubt, you will not be eligible to participate in any (i) pension or similar retirement plan of the Corporation and (ii) invalidity or similar insurance, but instead shall be eligible solely to continue participation in the pension scheme and the invalidity insurance policy of Manpower Management B.V. as described in Paragraph 6 and 7 below.

4. Severance Protection.  While we look forward to a long and productive relationship, both you and the Corporation will be entitled to end the employment relationship at any time, for any reasons and with or without notice.  However, subject to the approval of the Executive Compensation & Human Resources Committee of the Board of Directors at its next meeting, the Corporation would enter into a severance agreement with you on terms similar to those severance agreements it has entered into with the other members of the Executive Management Team.

5. Car Program.  The Corporation will provide you with access to the current automobile you have been driving in connection with your employment by Manpower Management B.V. until the date that is approximately four (4) years from the initial date that Manpower Management B.V. first purchased the automobile and will continue to provide you with a new automobile approximately every four years while you are employed by the Corporation. The Corporation shall pay for the fuel and maintenance costs for the automobile.  Any taxes owed on the value of this automobile benefit shall be incurred by you.  Your participation in this car program shall be in lieu of any participation in a similar Benefit Plan offered to senior executives of the Corporation.

6. Pension.  For the duration of your employment with the Corporation and as long as you meet the relevant requirements of the scheme, the Corporation will continue your participation in the pension scheme described in Article 14 of your employment agreement with Manpower Management B.V. dated July 19, 2004 (the “2004 Agreement”) on the same terms and conditions, as such scheme may be amended from time to time. The Corporation has provided you with a copy of the current pension scheme regulations and you hereby acknowledge your receipt and acceptance of such regulations.  You hereby authorize the Corporation to withhold your contributions from your salary, to the extent possible in equal installments upon each salary payment.  Your participation in said pension scheme shall be in lieu of any participation in a similar Benefit Plan offered to senior executives of the Corporation.

7. Disability and Supplementary Invalidity Insurance.  The Corporation shall provide you with salary continuation in the event of your illness for up to two years.  The rate of this salary continuation shall be as follows:  100% of your base salary during the first year of illness and 70% of your base salary during the second year of illness.  Reference is made to the statutory exceptions listed in Clause 7:629 of the Dutch Civil Code.  Further, to the extent permitted by applicable law and the insurance carrier, the Corporation will enter into an arrangement with Manpower Management B.V. to continue your participation in the collective invalidity insurance policy described in Article 15 of the 2004 Agreement for the purpose of supplementing the legal benefit under the Invalidity Insurance Act to 70% of the average daily wage for WAO (Wet Arbeidsongeschik-theidsverzekering) purposes until the retirement age (i.e., age 65).  The cost of the premium for such insurance coverage, shall be borne by you.  Your participation in the programs described in this Paragraph 7 shall be in lieu of any participation in a similar Benefit Plan offered to senior executives of the Corporation.

8. Nondisclosure.  As a condition to your employment with the Corporation, simultaneous with the execution of this agreement, you will be required to sign a nondisclosure agreement that will include provisions related to the protection of Corporation confidential information and trade secrets.

9. Successors; Binding Agreement.  This letter agreement will be binding on the Corporation and its successors and will inure to the benefit of and be enforceable by your personal or legal representatives, heirs and successors.

10. Prior Agreements.  You agree that this letter agreement shall supersede any prior obligations of the Corporation or any member of the Manpower Group with respect to benefits payable to you upon the termination of your employment by the Corporation or any member of the Manpower Group, specifically those obligations set forth in the 2004 Agreement.

11. Notice.  Notices and all other communications provided for in this letter will be in writing and will be deemed to have been duly given when delivered in person, sent by telecopy, or mailed by registered or certified mail, return receipt requested, postage prepaid, and properly addressed to the other party.  All notices to the Corporation shall be to the Corporation’s United States headquarters and should be addressed to the attention of the Corporation’s Secretary and General Counsel.

12. Modification.  No provision of this letter may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing by you and the Corporation.

13. Withholding.  The Corporation would deduct from all amounts payable to you any required withholding or other charges and all such amounts stated above are before any such deductions.

14. Choice of Law.  This agreement shall be governed by the internal laws of the Netherlands, without regard to the conflict of laws.

 

I am very excited about you joining our Executive Management Team.  Please do not hesitate to call me if you have any questions.  If the foregoing is acceptable, please sign both originals below and return one to Mara Swan, Executive Vice President – Global Strategy and Talent.

 

	  	
  Sincerely,

	 	 
	
 

	  MANPOWER INC.
	
 

	  
	 	
  By:   Jeffrey A.  Joerres, 

  President and Chief Executive Officer

 

 

Agreed as of the 10th day of May 2011.

Hans Leentjes

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