Document:

Exhibit 10.21

 

Executive Director Contract for Services

 

(Vorstandsanstellungsvertrag)

 

DI Dr. Markus Seiser

 

(hereinafter
referred to as the “Contract”)

 

entered
into by and between

 

IRM
Integriertes Ressourcen Management AG

FN 176325 a

Wienerbergstrasse 31-39

A-1120 Vienna

(hereinafter referred to as the “Company”)

 

represented
by the Chairman of the supervisory board Mr. Kevin James Hesselbirg

 

and

 

	
  Mr.

  	
   

  	
  DI DR Markus Seiser, born 17.01.1971

  
	
  Citizenship:

  	
   

  	
  Austrian

  
	
  Bank Accont:

  	
   

  	
  BA 904094232 BLZ 20151

  

(hereinafter referred to as “Director”),

 

as
follows:

 

§ 1

Responsibilities and Functions

 

1.1           Director is appointed member of the
managing board of the Company (“Vorstandsmitglied”).  This Contract for Services is entered into to
govern the relationship between Company and Director.  This Contract replaces the Contract of
Employment between the Company and Director of 28.11.2003.  For the purpose of all claims depending on
length of service, his previous service with the Company will be credited.

 

1.2           It is currently intended to reorganize
the Company from a stock corporation (Aktiengesellschaft,
AG) to a limited liability company (Gesellschaft
mit beschränkter Haftung; GmbH). 
In case of such a reorganization of the Company to a limited liability
company, Director will be appointed managing director (GmbH-Geschäftsführer) of the Company.  Such reorganization shall result in the
conversion of this Vorstandsanstellungsvertrag into a
GmbH-Geschäftsführervertrag; in particular, Director shall not be entitled to early
termination or to any benefits resulting from such conversion.  The field of activity / competence of
Director as well as all other provisions of this Contract shall mainly remain
unchanged except fields of activity / competence 

 

 

because of structural changes due to corporate integration, unless a
provision is only applicable to directors of a stock corporation or ineffective
as a matter of law.

 

1.3           Director is obliged to conduct and
represent the Company’s business with the care and diligence of a prudent
businessman.  His responsibilities and
obligations are set forth by law (including but not limited to the Stock
Corporation Act – “Aktiengesetz”), the Company’s articles of association, the
Company’s shareholder and supervisory board resolutions adopted from time to
time, and, in particular, the rules of procedure of the managing /
supervisory board (“Geschäftsordnung des Vorstands / Ausfsichtsrats”), if any,
adopted by the supervisory board and the terms and conditions of this Contract.

 

1.4           Until further notice, Director will act
as the Company’s CEO.  Director shall be
entitled to the title “CEO”.  In case two
or more directors are appointed, Director shall be entitled to act as chairman
of the board of directors.  In this case,
Director shall also be entitled to the title “chairman of the board of
directors”.

 

1.5           Director shall be authorized to represent
the Company jointly together with a member of the board of directors, which is
authorized to represent the Company individually.

 

1.6           The Company may unilaterally change the
Director’s responsibilities at any time, thereby taking into account his
qualifications and workload.  This right
refers also to any transfer of his duty station within Vienna and his removal
as Director of the Company.

 

1.7           During the term of this Contract Director
is obliged to accept the appointment/election by the competent administrative
bodies as managing director, member of the board of directors or supervisory
board of companies associated or affiliated to the Company, unless such
appointment/election is unreasonable in consideration of Director’s workload,
the type of his qualification or function as member of the Company’s board of
directors.  This provision does not apply
to the function as managing director in terms of the Austrian Industrial Code (gewerberechtlicher Geschäftsführer).  Director is not entitled to receive
remuneration (except for attendance fees and expenses) from the Company for the
exercise of any of the functions referred to in this paragraph.  Director assigns any claims for remuneration
(except for attendance fees and expenses) against third parties to the Company.

 

1.8           The appointment of further Directors
shall not be excluded.  Director shall
coordinate his activities with other Directors, if any, in a cooperative
manner.

 

1.9           Director has to perform his activity
full-time and is obliged to provide the Company his complete working capacity.

 

1.10         Director’s duty station shall be the
Company’s registered office in Vienna.  A
relocation of the duty station within Vienna shall not affect the employment
relationship between the Company and Director. 
Further, Director is obliged to make business trips to the extent this
is necessary for or conducive to the proper management of the Company’s
business.

 

2

 

§ 2

Term

 

This Contract replaces the current contract with the
Company commenced on 7.08.2003 and this Contract shall be concluded for the
remainder of the term of the original contract, i.e. for a fixed term until
07.08.2008.  Thereafter, the term of the
Contract shall be extended automatically for another 2 year term, unless the
supervisory board / or the majority shareholder notifies Director at least 3
months prior to the expiry of the initial term that Director will not be
re-appointed as member of the board of directors or Director objects to an
extension of this Contract in writing at least 3 months prior to the expiry of
its initial term.  During each of the
above terms including the initial term until 07.08.2008, this Contract may be
terminated by either party by giving 6 months prior notice by registered letter
effective the end of each calendar month.

 

§ 3

Remuneration

 

3.1           Director shall receive a fixed monthly
salary of gross EUR 11,900.00 less statutory deductions, payable in fourteen
monthly installments.  The monthly salary
is due and payable in arrears on the last day of the month; the 13th and the
14th installments are made at the latest on 30 June and 30 November of
each calendar year.  Any payments under
this Contact shall be made to Director’s bank account referred to on the front page of
this Contract.  The Company shall be
notified immediately of any change of Director’s bank details in writing.

 

3.2           In addition to his fixed salary, Director
shall receive

 

a.             a performance-based cash bonus according
to the IRM standard bonus scheme set forth in Exhibit 3.2.a and subject to
the terms and conditions set forth herein:

 

(i)            70% of the bonus shall be calculated on
the basis of the degree of attainment of the following budget figures (the “Company Targets”):  (a) annual revenues; and (b) annual
earnings before interest and taxes. 
Attainment of Company Targets shall be calculated on the basis of the
Company’s budget approved by the supervisory board, or if disputed, on the
basis of the Company’s budget determined by the supervisory board.  The budget value shall be considered full
target attainment.  80% of the budget
value shall be considered non-attainment of target.  Between 80% and 100% of the budget value
target attainment shall be apportioned pro rata.

 

(ii)           30% of the bonus shall be calculated on
the basis of personal targets to be agreed year by year in advance between
Director and the Company.  Attainment of
personal targets shall be discussed between the parties and finally determined
by the supervisory board.

 

(iii)          Maximum
bonus payment:  EUR 50,000 per business
year.

 

3

 

(iv)          Accrued bonus payments will be made
within the first quarter of the year following accrual of bonus entitlements.

 

(v)           If this Contract is terminated, accrued
bonus entitlements shall be paid to Director on a pro rata basis, unless (a) this
Contract is terminated by the Company due to a gross violation of Director’s
duties (grobe Pflichtverletzung)
pursuant to Sec 75 para 4 AktG as set forth in § 12 or as set forth in § 13
hereof or (b) this Contract is terminated by Director without good cause (ungerechtfertigter vorzeitiger Austritt).  In case of a reorganisation of the Company to
a GmbH (see § 1.2) accrued bonus payments shall not be paid to Director on a
pro rata basis if (a) this Contract is terminated by the Company for good
cause (Entlassung) or (b) this
Contract is terminated by Director without good cause (ungerechtfertigter vorzeitiger Austritt).

 

subject to Director being employed with the Company
through January 31, 2010 a retention payment up to a maximum amount of EUR
89,379.99 (the “Retention Bonus”)
and subject to the following terms and conditions:

 

(i)            the amount of the Retention Bonus, if
any, payable to Director on January 31, 2010 shall be determined pursuant
to the calculation set out in Exhibit 3.2.b.

 

(ii)           Director shall not be entitled to the
Retention Bonus if (a) this Contract is terminated by the Company on or
before January 31, 2010 due to a gross violation of Director’s duties (grobe Pflichtverletzung) pursuant to Sec
75 para 4 AktG as set forth in § 12 or as set forth in § 13 hereof or (b) this
Contract is terminated by Director on or before January 31, 2010 without
good cause (ungerechtfertigter vorzeitiger
Austritt).  In case of a
reorganisation of the Company to a GmbH (see § 1.2) Director shall not be
entitled to the Retention Bonus if (a) this Contract is terminated by the
Company on or before January 31, 2010 for good cause (Entlassung) or (b) this Contract is
terminated by Director on or before January 31, 2010 without good cause (ungerechtfertigter vorzeitiger Austritt).

 

c.             subject to Director being employed with
the Company through the due dates set out in (i) and (ii) and in
accordance with (iii) below a severance payment (Freiwillige Abfertigung) equal to EUR
26,000 and a cash bonus equal to EUR 50,000 due and payable as follows:

 

(i)            an amount equal to EUR 26,000 shall be
due and payable within 30 (thirty) days from the date of registration of the
Company’s conversion into a limited liability company (Gesellschaft mit beschränkter Haftung; GmbH)
in the Austrian Companies Register; and

 

(ii)           an amount equal to EUR 50,000 shall be
due and payable on January 31, 2010;

 

4

 

(iii)          Director
shall not be entitled to the payments pursuant to this paragraph 3.2.c if (a) this
Contract is terminated by the Company on or before the due dates due to a gross
violation of Director’s duties (grobe
Pflichtverletzung) pursuant to Sec 75 para 4 AktG as set in § 12 or
as set forth in § 13 hereof or (b) this Contract is terminated by Director
on or before the due dates without good cause (ungerechtfertigter
vorzeitiger Austritt).  In
case of a reorganisation of the Company to a GmbH (see § 1.2) Director
shall not be entitled to the payments pursuant to this paragraph 3.2.c if (a) this
Contract is terminated by the Company on or before the due dates for good cause
(Entlassung) or (b) this
Contract is terminated by Director on or before the due dates without good
cause (ungerechtfertigter vorzeitiger
Austritt).

 

d.             During the duration of this Contract
Director will be provided a premium middle-class car for business and private
use.  Director shall bear the tax burden
on the private use.

 

3.3           Director is obliged to work overtime to
the extent this is necessary for or conducive to the proper management of the
Company’s business.  The remuneration
hereunder settles also any overtime, including any travel time, Director may
work.

 

3.4           A Company car provided by the Company is
not part of the remuneration hereunder and does not reduce Director’s gross
remuneration.  Any changes to Director’s
net remuneration resulting from the tax treatment of the private use of the
company car shall not be affected by this provision.

 

3.5           The Company’s supervisory board intends
to pass a resolution on the raise of Director’s monthly salary according to 3.1
above at the end of each business year, if the Company’s result situation
allows such raise.  By passing such
resolution the supervisory board shall take into account depreciation, if any,
since the previous assessment of Director’s monthly salary.

 

3.6           The payments and amounts hereunder shall
be gross payments and amounts, from which taxes and duties shall be
deducted.  Director shall be responsible
for all taxes, duties and social security payments, except for the Company’s
contributions to social security payments (Dienstgeberbeiträge
zur Sozialversicherung) pursuant to mandatory law.  Director shall thus only be entitled to net
payments.

 

§ 4

Reimbursement of Travel Expenses and Disbursements, Benefits

 

4.1           On business trips, Director is entitled
to travel first class by rail and by plane premium economy class or business
class upon prior approval of the Company’s supervisory board / majority
shareholder in case of overseas business trips. 
On all other flights Director shall travel economy class.  Director shall be entitled to reasonable
reimbursement of other expenses he may incur in performing his responsibilities
as Director of the Company provided he is able to submit the relevant
documentation.  

 

5

 

Director shall be entitled to reimbursement of daily diets, in
accordance with the applicable provisions of collective bargaining
agreements.  Director shall only be
entitled to reimbursement of daily diets if a detailed travel report, which specifies
the daily work load and actual time spent correctly, is turned in for each
single travel day.  The travel reports of
a working week shall be turned in gathered in the form of a travel expense
report.  The entitlement to reimbursement
of diets shall be forfeited if travel reports are not turned in or if travel
reports are incomplete or incorrect.

 

4.2           Director shall be entitled to an accident
insurance at the Company’s expense according to the following terms:

 

	
  Death

  	
   

  	
  EUR 75,000 (seventy
  five thousand)

  
	
   

  	
   

  	
   

  
	
  Invalidity

  	
   

  	
  EUR 100,000 (one hundred
  thousand) to EUR 500,000 (five hundred thousand)

  

 

Director is entitled to appoint a beneficiary of
payments in case of death.

 

4.3           Director shall be included in the Company’s
D&O insurance policy for executive employees.

 

§ 5

Vacation

 

Director is entitled to 30 working days (not including
Saturdays) of paid vacation for each vacation year; each vacation year
commences on the anniversary of the commencement date of this Contract.  Unconsummated leave days shall be forfeited
on the 30th of June of every following year.  Timing and length of vacation shall be agreed
with the Company.  The timing of vacation
shall be chosen by reasonably taking into account the Company’s interests.  If several Directors are appointed, they
shall procure that one Director is present at all times.

 

§ 6

Transactions Requiring Approval

 

Director is familiar with the terms of the Company’s
articles of association, in particular but not limited to § 5.3 of the articles
of association of the Company or any equivalent provision of the articles of
association as amended from time to time, which – in accordance with sec 95
para 5 AktG – provides that the conclusion of certain transactions or the
implementation of certain actions requires the prior consent of the supervisory
board.  Director is further obliged to
obtain the prior consent of the corporate bodies with respect to all matters
for which consent has to be obtained from these bodies by virtue of the law,
any provisions of the articles of association or by virtue of shareholder
resolution, in particular under rules of procedure for the Directors as
amended form time, if any.  If the
Company is reorganized from a stock corporation to a limited liability company
(see 1.2 above), the provisions of the Limited Liability Company Act on 

 

6

 

requirements as to approval of certain transactions or
actions as well as any provisions of articles of association or by virtue of
shareholder resolution, in particular under rules of procedure for the
managing directors as amended form time, if any, shall be applicable
accordingly.

 

§ 7

Confidentiality Obligation

 

7.1           Director shall keep strictly confidential
all business matters, internal business relations or results as well as all
matters of the Company which come to his knowledge during his activities for
the Company.  This obligation survives
the termination of this Contract and applies not only towards third parties,
but also towards the Company’s entire staff, unless these secrets must be disclosed
to them for business reasons.  Director
knows about the special provisions on the punishability of the violation of
trade and business secrets according to sec. 11 of the Unfair Competition Act.  A violation of the confidentiality obligation
hereunder shall be considered as ground for Director’s discharge and entitles
the Company to damages against Director. 
The obligation of secrecy does not apply if Director is obliged by law
to disclose information to any authorities.

 

7.2           All items, in particular all
documentation, records and correspondence the Company made available to
Director for the performance of his responsibilities shall remain the Company’s
property.  Director shall be obliged to
return to the Company at his own initiative no later than upon termination of
this Contract all documents, printed matter, all books, records and business
papers entrusted to him as well as all other results of his activities
available in any form whatsoever (including any data carrier, such as CD-Rom or
any equivalent on which business results are saved), and he may not retain any
copies thereof.

 

§ 8

Non-Competition Clause

 

8.1           Director shall place his whole working
capacity and its results as well as any and all experiences and knowledge
solely at the Company’s disposal.

 

8.2           Director is subject to the prohibition of
competition in accordance with sec 79 AktG (Stock Corporation Act – “Aktiengesetz”).  Therefore, Director may not without the
consent of the supervisory board in writing engage in the Company’s line of
business for his own account (selbständig)
or for the account of another (unselbständig)
or acquire a direct or indirect (e.g. through a trustee) participation in
another company as a personally liable shareholder or acquire any other equity
participation whatsoever (including, for example, silent participations) or
hold a position as managing body (e.g. managing board) or as supervisory body
(e.g. supervisory board or advisory board) or as an advisor (e.g. consultant),
except for acquisition of shares in a listed company not exceeding 3% (three
percent) of the nominal capital or of the voting rights solely for the purpose
of investing his own assets.  For a
violation of this provision Director shall pay damages, or, in the alternative,
the Company may also choose in its sole discretion to request from Director 

 

7

 

that a transaction concluded on his own account be treated as concluded
on the Company’s account and that Director assigns any consideration or claim
arising out of or in connection with such transaction to the Company.  Nothing in this paragraph shall prevent the
Company from recalling Director prematurely (sec 75 para 4 AktG) and from
terminating this Contract due to the violation of the prohibition of
competition.

 

8.3           Further to the prohibition of competition
according to sec 79 AktG, Director may not engage in any case in side-line
activities against payment or engage in side-line activities without payment
during his working time that is to be dedicated to the Company, even if they do
not cover the Company’s line of business, unless the supervisory board
expressly approves these side-line activities in advance.  Any acceptance of offices as member of the
supervisory board or advisory board – even in companies not engaged in the
Company’s line of business – and the acceptance of offices in chambers,
federations and other associations of companies requires the prior consent in
writing of the supervisory board.

 

8.4           The supervisory board may revoke any
consent according to this provision at any time.  In this case Director is obliged to terminate
the respective occupation(s) and/or step down from the respective function(s) within
a reasonable time limit.

 

8.5           For a period of 12 months from termination
of the employment relationship between Director and the Company Director may
not engage in the Company’s line of business for his own account or for the
account of another or acquire a direct or indirect (e.g. through a trustee)
participation in another company as a personally liable shareholder or acquire
any other equity participation whatsoever (including, for example, silent
participations) or hold a position as managing body (e.g. managing board) or as
supervisory body (e.g. supervisory board or advisory board) or as an advisor
(e.g. consultant), except for acquisition of shares in a listed company not
exceeding 3% (three percent) of the nominal capital or of the voting rights
solely for the purpose of investing his own assets.  Director shall be obliged to disclose to the
Company any participation referred to herein.

 

8.6           For a violation of paragraph 8.5 above,
the Company may request in its sole discretion from Director to pay to the
Company a no-fault penalty amounting to 8 gross monthly most recent
remuneration, such penalty being payable for each violation committed in a
particular case.  Such penalty shall not
be subject to equity reduction by courts. 
Director shall nevertheless be bound to comply with all contractual
obligations hereunder.  In case of a
reorganization of the Company to a GmbH this § 8.6 shall no longer be
applicable.

 

8.7           The Company reserves the right to insist
in its sole discretion on compliance with Director’s obligations under this § 8
in case this Contract is terminated for grounds not attributable to Director,
whereby Director remains entitled to remuneration according to §3.1 for a term
to be agreed between Director and the Company.

 

8

 

§ 9

Nonsolicitatlon; Noninterference

 

9.1           Director
agrees that during the period commencing on the date hereof and ending on the
date of termination of this Contract and for an additional 18 months
thereafter, Director shall not in the line of the Company’s business, without
the Company’s prior written consent, directly or indirectly, knowingly solicit
or encourage to leave the employment of the Company, any employee of the
Company or hire any employee who has left the employment of the Company after
the date of this Agreement within one year of the termination of such employee’s
employment with the Company.

 

9.2           Director
also agrees that during his employment with the Company and for an additional
12 months after the termination of this Contract, Director will not directly or
indirectly solicit, accept any business from or accept employment with any
existing customer of the Company, or induce, encourage or attempt to interfere
or entice any person or entity to cease or reduce doing business with the Company,
or to cease or reduce their utilization of the services of the Company,
including but not limited to customers, clients, referral sources, and/or
strategic partners or business relationships of the Company.

 

9.3           The
Company reserves the right to insist in its sole discretion on compliance with
Director’s obligations under this § 9 in case this Contract is terminated for
grounds not attributable to Director, whereby Director remains entitled to
remuneration according to § 3.1 for a term to be agreed between Director
and the Company.

 

§ 10

Incapacity of Work and Sickness

 

10.1         Director
has to notify Company of any incapacity of work and of the reasons and the
supposed duration thereof.  Furthermore
Director has to provide a medical certificate confirming his incapacity within
3 work days.

 

10.2         If
Director is not able to perform his work due to sickness or accident, which was
neither caused intentionally or by gross negligence of Director, he is entitled
to continued full payment of the Company for the duration of the incapacity up
to a maximum period of 6 months per calendar year and for another 3 months
49% of his payment.  Any payment received
by Director from Public Social Security reduces the obligation of the Company
to continue offering payment to the Director in the amount of such payment from
Public Social Security.

 

§ 11

Inventions, Copyrights

 

11.1         Director
is required to conceive, develop, make or produce certain work product pursuant
to his employment with the Company. 
Director hereby agrees to promptly and fully disclose to the Company any
and all work product now or hereafter conceived, developed, made or produced by
Director within the scope of employment with the 

 

9

 

Company including, without limitation, any inventions, discoveries,
data, documentation, enhancements, modifications, know-how, improvements,
creative works, software information, trademarks, trade names, techniques,
procedures, training aids and instructional manuals, in whatever form, whether
or not during regular hours of work or on the Company’s premises, during
Directors employment by the Company or during any transition period after any
suspension or termination of Director’s employment by the Company
(collectively, the “Work Product”).

 

11.2         Director
hereby agrees to keep and maintain reasonably accurate records relating to the
conception, development and use of all Work Product, which records will be the
sole and exclusive property of the Company. 
Upon termination of Director’s employment with the Company, Director
will surrender possession of such records to the Company.

 

11.3         In
Accordance with Sec 7 Patent Act (PatG)
the Company alone shall be – to the extent permissible under the applicable
laws – entitled to the rights of inventions or technological improvements which
Director shall have made during his work for the Company or due to experiences
made or work done by the Company. 
Director hereby assigns all respective rights to the Company.  Moreover, particularly with respect Director’s
claim for remuneration, the provisions of the Austrian Patent Act (PatG) and the Utility Model Act (GMG) apply.

 

11.4         Director
hereby irrevocably and comprehensively assigns free of charge all rights to the
Work Product, whatever their legal nature may be according to the present or
future state of the law (according to Austrian, foreign and/or international
law), in particular, but not limited to copyrights or any other property or
intellectual property rights (collectively, the “Rights”) to the Company.

 

11.5         The
assignment of Rights to Work Product which pre-date entering into effect of
this Contract are subject to a separate agreement between the Company and
Director as set forth in Exhibit 11.5, which shall form an integral part
of this Contract.

 

§ 12

Revocation

 

12.1         Director
may be recalled prematurely by the supervisory board for good cause as set
forth in sec 75 para 4 AktG, including but not limited to gross violation of
the Director’s duties, incapacity or no-confidence vote by the shareholders
meeting.

 

12.2         If
the Company is reorganized from a stock corporation to a limited liability
company (see 1.2 above), the provision of the Limited Liability Company Act on
the recall of managing directors’ appointment (Sec
16 GmbHG) shall be applicable as of the effective date of such
reorganization.

 

12.3         In
case of revocation, the Company shall be entitled to terminate this Contract
prematurely, if dismissal for cause is justified in analogy to sec 27 AngG or
as set forth herein.

 

10

 

12.4         In
case of revocation for withdrawal of trust by the general assembly, the Company
shall be entitled to terminate this Contract prematurely even if dismissal for
cause would not be justified in analogy to sec 27 AngG or as set forth herein.

 

§ 13

Termination of Employment

 

13.1         The
Company’s right to terminate this Contract for cause shall remain
unaffected.  Termination for cause shall
be permissible especially (but without limitation) if Director has

 

a.             has
become prohibited by law from being or acting as a Director or from carrying
out any of the duties or functions he is employed under this Contract to carry
out; or

 

b.             become
subject to insolvency proceedings or such proceedings have been dismissed for
lack of assets; or

 

c.             been
convicted of any criminal offence (Vergehen)
as defined in the Criminal Code (Strafgesetzbuch)
other than an offence related to driving of motor vehicles or similar; or

 

d.             committed
any serious breach or repeated or continued any breach or failure of any of his
duties or obligations under this Contract; or

 

e.             been
guilty of conduct tending to bring himself or the Company or any of its
affiliates into disrepute; or

 

f.              solicited
or attempt or entice away any client, customer, distributor, supplier, employee
or consultant of the Company or any of its affiliates; or

 

g.             been
found to have secured the employment by misrepresentation or fraud; or

 

h.             committed
any material breach of any other agreements to which both the Company and Directors
is a party; or

 

i.              not
complied with any lawful order or restriction into him by the relevant
corporate body.

 

13.2         Dismissal
of Director as a result of Director’s revocation according to § 13 above shall
be interpreted, in case of doubt, as termination of this Contract by the
Company as of the earliest permissible date.

 

13.3         If
Director prematurely resigns without good cause or if he has caused his own
premature dismissal, the Company shall be entitled to compensation of the
damage it has incurred (§ 28 Austrian Act on Employees).

 

11

 

13.4         Notwithstanding
the damage actually incurred, the parties expressly agree on liquidated damages
so that Director, should he prematurely retire without good cause or in the
event of a premature dismissal caused by him, shall pay to the Company as
penalty the same amount the Company would have had to pay as termination
compensation in the event of any premature resignation of Director caused by
the Company.

 

13.5         In
any case of termination the Company may grant garden leave to Director
irrespective of the effectiveness of the termination and subject to his further
rights.

 

13.6         Upon
termination of this Contract, Director shall undertake to resign from any and
all positions that he took over or fulfilled due to this Contract or in
connection herewith – in case of a premature release at the time of the
release.

 

13.7         Director
and the Company agree and Director expressly acknowledges that Director shall
not be entitled to any compensation of whatever kind or nature arising out of
or in connection with the termination of this Contract, including without
limitation for any severance pay (Abfertigung),
unless otherwise expressly provided in this Contract.

 

§ 14

Claims

 

14.1         Director
acknowledges that any one-time benefits or payments, or any benefits and
payments, which he may receive outside of this Contract, for whatever reason,
do not create any future claims whatsoever or alter this Contract.

 

14.2         Any
payments to Director are subject to the correctness of the respective
amounts.  Director is obliged to repay
any payments to which he is not entitled by law or under this Contract, in
particular but not limited to reimbursement of supplementary claims for income
tax or social security contributions.

 

14.3         Any
objections to salary statements must be asserted by giving written notice
within three months from receipt of the respective salary statement.  After expiry of this time limit salary
statements shall be deemed approved by Director and the latter waives any
claims whatsoever with respect to the respective salary periods.

 

§ 15

Forfeiture of Claims

 

All claims arising hereunder shall be forfeited unless
asserted by Director by giving written notice to the Company three months from
maturity of the claims.  Timely assertion
of these claims will preserve the statutory limitation period.  This provision also applies to claims for
reimbursement of expenses.

 

12

 

§ 16

Final Provisions

 

16.1         This
Contract shall be governed by the laws of Austria except for its conflict of
law rules.  Due to Director’s position as
an executive of the Company, the statutory provisions governing working time
and the Austrian Employment Act does not apply, unless explicitly stated in
this Contract.

 

16.2         This
Contract contains any and all collateral agreements of the parties.  No additional collateral agreements have been
made except as mentioned herein.

 

16.3         Amendments
of and modifications to this Contract shall be made in writing to be
effective.  This shall also apply to any
waiver of the written form requirement.

 

16.4         If
any provision of this Contract is or becomes invalid or unenforceable, the
validity of the remaining provisions of this Contract shall not be
affected.  In lieu of the invalid or
unenforceable provision, such valid and enforceable provision shall apply which
most closely corresponds to the intended economic purpose of the invalid or
unenforceable provision.  The same shall
apply if there are any gaps in this Contract.

 

16.5         Place
of performance and jurisdiction for all disputes in connection with this
Contract shall be Vienna.

 

16.6         This
Contract is drawn up in two counterparts. 
The Company and Director each receive one counterpart.

 

	
  Vienna, this 12.01.2006

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Markus
  Seiser

  	
   

  
	
  DI Dr. Markus Seiser, born 17.01.1971

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Kevin James Hesselbirg, born 23.07.1965

  	
   

  

 

13

Exhibit 3.2.b.

 

Amount
of the Retention Bonus to be calculated as follows:

 

Calculation:

 

	
   

  	
  EUR 488.000

  
	
  minus

  	
  EUR amount of total
  warranty claims as per clause 7.10.7 of the Share Purchase Agreement (Total
  Warranty claim @ 49%)

  
	
   

  	
   

  
	
   

  	
  EUR Assessment Basis

  
	
   

  	
  18,32%

  
	
  =

  	
  EUR Retention Bonus
  Amount

  

 

Exhibit 11.5

 

ASSIGNMENT OF RIGHTS

 

1.             Director herewith
confirms that all Rights (as set forth in the Contract) to the Work Product (as
set forth in the Contract) pre-dating entering into effect of the Contract (in
the following referred to as “Past Work
Product”) unrestrictedly and irrevocably belong to the Company.

 

2.             Director
expressly confirms and acknowledges herewith the – in every respect
comprehensive and irrevocable – assignment/transfer of Rights to the Past Work
Product to the Company.  This
assignment/transfer includes, but is not limited to, – to the extent
permissible under the applicable laws – all rights of inventions or
technological improvements which Director has made during his work for the
Company or due to experiences made or work done by the Company (Sec 7 Patent
Act (PatG) and Sec 7 Utility
Patent Act (GMG)).

 

3.             To the extent
that the Company has not already been comprehensively assigned the Rights to
the Past Work Product as set forth above in Sec. 1 and 2, Director herewith
explicitly assigns and grants such rights to the Company.  Such assignment of rights shall be exclusive,
thus also excluding any further rights of Director.

 

4.             The Company
therefore has in particular the irrevocable, exclusive, unrestricted as to
time, content and territory worldwide rights to exploit all Rights to the Past
Work Product, especially the right to entire and/or partial publication,
reproduction, dissemination, processing, translation, sending, intangible
reproduction, making available to the public and any and all other use possible
now or in the future (irrespective whether known today) as well as the right to
exert the rights according to § 20 and 21 (1) Austrian Copyright
Protection Act.  The Company is in
particular also entitled to assign these rights entirely or partly to third
parties, to grant sublicenses respectively rights of exploitation and/or
exploitation permissions.  The Company is
not obliged to use the Past Work Product, in particular, § 29 Austrian
Copyright Protection Act shall not apply. 
To the extent permissible under the applicable laws, Director waives the
right to be named.

 

5.             Director
expressly confirms not to be restricted in the assignment of Rights hereunder
by any prior assignment of rights to any third party and that no rights of
third parties are in conflict with and/or prevent the assignment hereunder.

 

6.             This
comprehensive transfer/assignment of Rights has already been fully and finally
compensated by the remuneration paid by the Company to Director.

 

 

	
  Vienna, 12.04.2006  

  	
   

  	
  /s/ Markus Seiser 

  
	
  Place, Date 

  	
   

  	
  DI Dr. Markus
  Seiser, born 17.01.1971Exhibit
10.22

 

OPEN LINK
FINANCIAL, INC.

1502 Reckson Plaza

Uniondale, New York  11556

 

September 30, 2007

 

[INSERT NAME AND ADDRESS]

 

Re:          Cancellation of Unvested
Restricted Stock

 

Dear [INSERT NAME OF
ADDRESSEE]:

 

Open Link Financial, Inc.
(hereinafter “Open Link” or the “Company”), pursuant to the Restricted Stock
Agreement between you and the Company dated as of [INSERT DATE] (the “Stock
Agreement”), granted to you [INSERT NUMBER] shares of Company stock, par value
$.001 per share (the “Restricted Shares”), under the Open Link Financial, Inc.
2006 Stock Option and Grant Plan (the “Plan”). 
A copy of the Stock Agreement is attached as Exhibit A and a copy
of the Plan is attached as Exhibit B.

 

The Restricted Shares are
subject to a vesting schedule whereby 20% of the Restricted Shares would vest
on March 1, 2007, with the remaining Restricted Shares vesting in 5%
increments during each calendar quarter thereafter.  As of September 30, 2007, [INSERT
NUMBER] of the Restricted Shares are vested (the “Vested Shares”), and [INSERT
NUMBER] of the Restricted Shares are unvested (the “Unvested Shares”).

 

You generally will not
recognize taxable income upon the grant of a restricted stock award until the
shares vest.  When the shares vest, you
will recognize ordinary income in an amount equal to the fair market value of
the shares (less any amounts paid for the shares) at that time.  However, you may elect under Section 83(b) of
the Internal Revenue Code of 1986, as amended (the “Code”), to recognize
ordinary income in the year in which the stock award is granted in an amount
equal to the fair market value of the shares subject to the grant (less any
amounts paid for such shares) at that time, determined without regard to any
restrictions, provided that you do so no later than 30 days after the date of
grant.  Any gain or loss recognized by
you upon a later disposition of the shares will be capital gain or loss.  This election is commonly referred to as an “83(b) election.”

 

It is our understanding
that you intended to make an 83(b) election with respect to the Restricted
Shares.  In this respect, you recognized
[INSERT AMOUNT] of taxable income with respect to the Restricted Shares in 2006
(the “83(b) Income Amount”), and the Company withheld and/or you paid to
the Company [INSERT AMOUNT] for applicable withholding taxes (the “Withheld Tax
Amount”).  You and the Company entered
into a loan agreement whereby the Company loaned you the Withheld Tax Amount
(the “Loan”).  The Company issued you a Form W-2
for 2006 that reflected the 83(b) Income Amount as wages and the Withheld
Tax Amount as withheld taxes.

 

 

[INSERT NAME OF ADDRESSEE]

[INSERT DATE]

 

It has recently come to
our attention that a valid 83(b) election was not made because the
election was not filed with the Internal Revenue Service (the “IRS”) by you or
on your behalf within the required time period or included with your personal
2006 tax return.  As a result, the 83(b) Income
Amount should not have been included in your income for 2006; rather, the fair
market value of the Vested Shares (less any amounts paid for the shares) should
have been included in your income when those shares vested, and the fair market
value of the Unvested Shares (less any amounts paid for the shares) will be
included in your income when those shares vest.

 

In order to address the
invalid 83(b) election and the resulting taxes to you, the parties hereto agree
as follows:

 

1.             Cancellation of Unvested Shares.  The Unvested Shares shall be immediately
cancelled as of September 30, 2007 and you shall have no further right,
title or interest in such Unvested Shares. 
You acknowledge and agree that any of the Unvested Shares held by you
shall be promptly returned to the Company.

 

2.             Vested Shares.  The Vested Shares shall remain outstanding, subject
to the terms and conditions of the Stock Agreement and the Plan.

 

3.             Taxes.

 

a.  The Company shall issue you a corrected Form W-2
for 2006 that will not include as income the 83(b) Income Amount.  You agree to file amended federal and state
tax returns for 2006 and to repay to the Company the Withheld Tax Amount, with
such repayment occurring by the earlier of (i) 5 business days of receipt
of any tax refund you receive from the IRS or any applicable state taxing
authority, as applicable, with respect to your amended 2006 tax returns, or (ii) December 31,
2007.  Your Loan will be deemed paid in
full upon payment of the Withheld Tax Amount to the Company.

 

b.  With respect to the Vested Shares: (i) the
fair market value of such shares on the date such shares vested is included in
your income and will be reflected as wages on a Form W-2 (the “Vested Amount”);
(ii) the Vested Amount will be subject to all applicable taxes and
withholding which the Company will pay directly to the applicable government
authorities and such taxes and withholding will also be included in your income
and will be reflected as wages on your Form W-2; and (iii) the
Company shall pay to you within 30 days of the date hereof an additional
payment (the “Gross-Up Payment”) such that the net amount retained by you,
after reduction for all U.S. federal, state and local income or payroll taxes
with respect to the amounts in (i), (ii), and (iii), should be sufficient for
you to pay your remaining taxes with respect to the foregoing.  For purposes of determining the amount of the
Gross-Up Payment, the Company assumes you pay U.S. federal income taxes at the
highest marginal rate of U.S. federal income taxation in the calendar year in
which the Gross-Up Payment is to be made and state and local taxes at the
highest marginal rate of taxation in the state and locality of your residence,
net of the maximum reduction in U.S. federal income taxes which could be
obtained from deduction of such state and local taxes.

 

2

 

[INSERT NAME OF ADDRESSEE]

[INSERT DATE]

 

c.  You agree that you have not relied on any
advice from the Company or its attorneys concerning the tax consequences of the
consideration set forth in this Agreement, but that you relied on your own
judgment and/or the advice of your personal counsel.  The payments described this Agreement will be
reported via the appropriate tax forms.  The
Company shall have the right to withhold from any amount payable to you
hereunder an amount necessary in order for the Company to satisfy any
withholding tax obligation it may have under applicable law.

 

4.             Mutual Non-Admission of
Liability.  Nothing contained in this
Agreement shall be deemed to constitute an admission or evidence of any
wrongdoing or liability on the part of the Company or you.

 

5.             Cooperation.  You and the Company agree to cooperate with
each other to the maximum extent possible in giving effect to this Agreement
and the transactions contemplated hereby.

 

6.             Confidentiality.  You agree to maintain the confidentiality of,
and refrain from disclosing, making public, or discussing in any way whatsoever
the terms and conditions of this Agreement and any documents and information
provided in connection herewith. 
Notwithstanding the foregoing, it is understood that as the sole
exceptions to this confidentiality provision: 
(i) you may discuss this Agreement with your spouse and immediate
family; (ii) you may permit attorney(s), accountant(s) and tax
advisor(s) of your choice to review this Agreement in connection with the
receipt of advice on the taxability of any amounts or your rights hereunder, or
to answer inquiries with respect thereto; (iii) you may disclose the terms
of this Agreement to the IRS and any similar state taxing authorities, if
requested by such authorities or as necessary to comply with all applicable
income tax laws; and (iv) you may disclose the terms and conditions of
this Agreement as required by law or legal process.  To the extent that you divulge the terms and
conditions of this Agreement to any of the individuals described in (i) and
(ii) above, you shall advise each such individual of this confidentiality
provision and instruct each such individual of the confidential nature of this
Agreement and that each such individual must comply with the confidentiality
terms of this Agreement and not divulge any of the terms and conditions
thereof.

 

7.             Modifications.  This Agreement may not be changed orally, and
no modification, amendment or waiver of any of the provisions contained in this
Agreement, nor any future representation, promise or condition in connection
with the subject matter of this Agreement, shall be binding upon any party
hereto unless made in writing and signed by such party.

 

8.             Governing Law.  This Agreement shall be subject to and
governed by and interpreted in accordance with the laws of the State of New
York without regard to conflicts of law principles.

 

9.             Acknowledgment.  You acknowledge and agree that:

 

a.     The Company advises you to consult with an
attorney before signing this Agreement.

 

3

 

[INSERT NAME OF ADDRESSEE]

[INSERT DATE]

 

b.     You have obtained independent legal advice
from an attorney of your own choice with respect to this Agreement, or you have
knowingly and voluntarily chosen not to do so.

 

c.     You have read and understand this entire
Agreement.

 

d.     You have entered into this Agreement
knowingly and voluntarily.

 

10.           This Agreement contains the entire
agreement between the parties and supersedes any and all previous agreements
between them, whether oral or written, with respect to the subject matter
hereof, provided that the Stock Agreement shall continue in full force
and effect with respect to the Vested Shares.

 

11.           If this Agreement conforms to your
understanding and is acceptable to you, please indicate your agreement by signing and dating the enclosed copy of
this Agreement in the space provided below and returning the executed Agreement
to the Company at the following address: 
Open Link Financial, Inc., 1502 Reckson Plaza, Uniondale, New York,
11556, Attn: Kevin Hesselbirg.

 

Sincerely yours,

 

OPEN LINK FINANCIALS, INC.

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Kevin Hesselbirg

  	
   

  	
   

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:
  September 30, 2007

  
	
  [INSERT NAME]

  	
   

  	
   

  

 

4

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