Document:

Prepared by MERRILL CORPORATION

EXHIBIT 10.39

 

MODIFICATION AGREEMENT

 

THIS MODIFICATION AGREEMENT dated as of June 30, 2001 (the

“Modification”) is entered into among BOGEN COMMUNICATIONS INTERNATIONAL, INC.

and BOGEN

COMMUNICATIONS, INC., each a Delaware Corporation (singly, a

“Borrower” or collectively, the “Borrowers”) and KEYBANK NATIONAL ASSOCIATION

(“Key”) both in its individual capacity and, as Agent for the “Banks” [as that

term is defined in a “Credit Agreement” dated as of April 21, 1998 between the

Borrowers, the Banks and Key (the “Credit Agreement”)].

 

R E C I T A L S

 

A.            The Borrowers and

Key have negotiated and agreed to modify certain of the terms of the Credit

Agreement, the Loan Documents, the Acquisition Sublimit and the Working Capital

Sublimit (as each of those terms are defined in the Credit Agreement).

 

In consideration

of the premises and the mutual agreements herein contained and for other good

and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the parties hereto agree as follows:

 

1.             DEFINITIONS.

 

(a)           Except

as otherwise defined herein, capitalized terms used in this Modification shall

have those meanings set forth in the Credit Agreement.

 

(b)           The

following definition set forth in the Credit Agreement are modified as follows:

 

Loan Documents means the Credit Agreement, the Notes,

the Guaranty, the L/C Applications, the Collateral Documents and this

Modification.

 

Working Capital

Sublimit means

Five Million and NO/100ths ($5,000,000.00) Dollars.

 

Termination Date means the earlier to occur of (a) June

30, 2002, or such later date to which the Termination Date may be extended at

the request of the Borrowers and with the consent of each Bank, or (b) such

other date on which the Commitment shall terminate pursuant to Sections 6 or 12.

 

2.             WARRANTIES.  The Borrowers warrant to the Agent and the

Banks that:

 

(a)           Each

of the warranties set forth at Sections 9.1, 9.4, 9.5, 9.6, 9.7, 9.8, 9.9,

9.10, 9.11, 9.12, 9.13, 9.14, 9.15, 9.17, 9.18 and 9.19 are renewed and made

contemporaneous with the execution of this Modification.

 

(b)           Any

Schedules to the Credit Agreement which have not been replaced by Schedules

attached to this Modification, may be relied upon by the Banks and the Agent.

 

(c)           The

Borrowers and Guarantors warrant and certify to the Agent and the Banks that:

 

(i)            The

full amount of principal now owing on the Acquisition Sublimit is Zero ($0.00)

Dollars.

 

(ii)           The

full amount of principal now outstanding on the Working Capital Sublimit is

Zero ($0.00) Dollars and there are presently Letters of Credit outstanding

under the Working Capital Sublimit having aggregate Stated Amounts of Six

Hundred Thousand and NO/100ths ($600,000.00) Dollars.

 

(iii)          There

are no defenses, counterclaims, cross or other claims, demands or any offsets of

any nature whatsoever which can be asserted to (1) reduce or eliminate all or

any part of any liability under either of the Notes or (2) seek affirmative

relief or damages from the Agent or the Banks.

 

(iv)          All

of the provisions of the Loan Documents are in full force and effect.

 

(v)           Any

and all liens and security interests held by the Agent are in full force and

effect and there are no defenses to said liens and security interests.

 

(vi)          Neither of the

Borrowers nor any Guarantor have (1) filed a petition seeking relief under any

provision of any bankruptcy, reorganization, arrangement or dissolution law of

any jurisdiction, (2) made any assignments for the benefit of creditors, (3)

had a receiver, custodian, liquidator, trustee appointed by court order or (4)

failed to pay or admitted in writing an inability to pay, debts generally as

they become due.

 

3.             MODIFICATIONS TO CREDIT

AGREEMENT.  In addition to the

modifications to the DEFINITIONS set forth in SECTION 1 of the Credit

Agreement, the Credit Agreement is further modified as follows:

 

(a)           Borrowers

and the Agent have agreed pursuant to the provisions of Section 6.1 of the

Credit Agreement that the Borrowers have requested and the Agent and the Banks

have agreed that the Working Capital Sublimit is reduced from Seven Million and

NO/100ths ($7,000,000.00) Dollars to Five Million and NO/100ths ($5,000,000.00)

Dollars.

 

(b)           The

Facility Fee set forth at Section 5.1 is reduced from Sixty Seven Thousand Five

Hundred and NO/100ths ($67,500.00) Dollars to Twelve Thousand Five Hundred and

NO/100ths ($12,500.00) Dollars and said reduced amount shall be payable on the

date of execution of this document.

 

(c)           A

new Section 5.4 is added to the Credit Agreement:

 

“5.4             Reactivation

Fee.    Should the Agent permit a

Loan or Loans under the Acquisition Sublimit, the Borrowers will pay a fee (the

“Reactivation Fee”) on the date of funding of such borrowing in an amount

computed by multiplying the amount of such borrowing by thirty one hundredths

of one percent (0.3%) percent.”

 

(d)           Compliance

by the Borrowers with the provisions of Sections 10.6.1, 10.6.2, 10.6.3 and

10.6.4 is waived.

 

(e)           A

new subitem (8) is added to item (c) at Section 10.10 as follows:

 

“and (8) any other

conditions for such purchase or other acquisition established by the Banks or

the Agent have been fully satisfied.”

 

By adding this

subitem, it is the intent of the parties that Borrowers may submit requests for

approval of acquisitions and for funding under the Acquisition Sublimit

however, in considering any request, the Agent and the Banks may apply such

criteria to said request, including, inter alia, the conditions

and criteria set forth in the Credit Agreement, as the Agent and the Banks may

determine to be appropriate and the Borrowers acknowledge that the criteria for

any such borrowing may be materially different than the criteria set forth in

the Credit Agreement.

 

(f)            The

parties hereto have annexed to this Modification Schedules 9.8, 10.8, 12.1.11A

and 12.1.11B as replacements for the referenced Schedules attached to the

Credit Agreement.

 

4.             AFFIRMATION OF LOAN DOCUMENTS.  The Borrowers and the Guarantors hereby

covenant and agree that all of the promises made in this Modification and in

the other Loan Documents, except to the extent the same have been modified by

this Modification, are in all respects valid and binding promises of the

parties making the same, enforceable in accordance with their terms.

 

5.             CONFLICT RESOLUTION.   The Borrowers and the Guarantors hereby

agree that should there be a conflict between the terms of this Modification

and any of the other Loan Documents, the provisions of this Modification shall

prevail.

 

6.             AFFIRMATION OF LIENS AND

SECURITY INTERESTS.  The Borrowers

and the Guarantors hereby covenant and agree that the liens and security

interests granted to the Agent and the Banks pursuant to the Collateral

Documents shall continue to remain in full force and effect and shall also

continue as collateral for all of the obligations of the Borrowers under the

Loan Documents.

 

7.             AFFIRMATION OF GUARANTYS.  The Guarantors affirm their obligations as

guarantors of payment.

 

8.             AMENDMENT.  This Agreement may not be changed or

modified orally but only by an agreement in writing signed by the party or

parties against whom enforcement of any waiver, change, modification or

discharge is sought.

 

9.             ENTIRE AGREEMENT.   This Agreement constitutes the complete

agreement of the parties with respect to the subject matter referred to herein

and supercedes all prior or contemporaneous negotiations, promises, covenants,

agreements or representations of every nature whatsoever with respect thereto

all of which have been merged and finely integrated into this Agreement.  Each of the parties hereto understands that

in the event of any subsequent litigation, controversy or dispute concerning

any of the terms, conditions or provisions of this Agreement, no party shall be

permitted to offer or to introduce any oral evidence concerning any oral

promises or oral agreements between the parties relating to the subject matter

of this Modification not included or referred to herein and not reflected by a

writing.

 

10.           GOVERNING LAW.  This Modification shall be construed in

accordance with the Laws of the State of New York.

 

                IN WITNESS WHEREOF, the parties hereto have set their

hands and seals as of the day, month and year first above written.

 

	

   

  	

  BOGEN COMMUNICATIONS INTERNATIONAL, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Maureen A. Flotard

  
	

   

  	

   

  	

  Name: Maureen A. Flotard

  
	

   

  	

   

  	

  Title: Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  BOGEN COMMUNICATIONS, INC.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Maureen A. Flotard

  
	

   

  	

   

  	

  Name: Maureen A. Flotard

  
	

   

  	

   

  	

  Title: Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  BOGEN CORPORATION

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Maureen A. Flotard

  
	

   

  	

   

  	

  Name: Maureen A. Flotard

  
	

   

  	

   

  	

  Title: Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  APOGEE SOUND INTERNATIONAL, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Maureen A. Flotard

  
	

   

  	

   

  	

  Name: Maureen A. Flotard

  
	

   

  	

   

  	

  Title: Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  KEYBANK NATIONAL ASSOCIATION

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ William B. Palmer

  
	

   

  	

   

  	

  Name: William B. Palmer

  
	

   

  	

   

  	

  Title: Vice President

  

 

STATE

OF NEW JERSEY

 

COUNTY

OF BERGEN        ss:

 

On the 17th day of August in the year 2001 before me, the

undersigned, a notary public in and for said state, personally appeared Maureen A. Flotard, personally known to me or proved to me on the basis of satisfactory

evidence to be the individual whose name is subscribed to the within instrument

and acknowledged to me that she executed the same in her capacity, and that by

her signature on the instrument, the individual or the person upon behalf of

which the individual acted, executed this instrument.

 

	

   

  	

   

  	

  /s/ Constance H. Farrell

  
	

   

  	

   

  	

  NOTARY

  PUBLIC

  

 

STATE

OF NEW YORK

 

COUNTY

OF ALBANY      ss:

 

On the  21st day of

August in the year 2001 before me, the undersigned, a notary public in and for

said state, personally appeared William B. Palmer, personally known to me or

proved to me on the basis of satisfactory evidence to be the individual whose

name is subscribed to the within instrument and acknowledged to me that he

executed the same in his capacity, and that by his signature on the instrument,

the individual or the person upon behalf of which the individual acted,

executed this instrument.

 

	

   

  	

   

  	

  /s/ Jill L. Nasko

  
	

   

  	

   

  	

  NOTARY

  PUBLICPrepared by MERRILL CORPORATION

EXHIBIT 10.40

 

MANAGEMENT

CONTRACT

 

entered

into by and between

 

SPEECH

DESIGN Gesellschaft für elektronische Sprachverarbeitung mbH

Industriestraße

1, 82110 Germering

 

–

hereinafter referred to as „the Company“

and

 

Mr.

Kasimir Arciszewski

Schellingstraße

78,

80799

München

 

–

hereinafter referred to as „the Managing Director“

 

§ 1

Sphere

of Activities

 

1.          The Managing Director

(Geschäftsführer) was appointed by the Company. This appointment shall not

exclude the additional appointment of Mr. Hans Meiler. It is agreed, that the

Managing Director and Mr. Hans Meiler will be the sole managing directors of

the Company during the Contract Term. However, it is agreed by the parties that

the Company shall be entitled to appoint another Managing Director in any case

of termination of the Management Contract of Mr. Hans Meiler for whatever

reason, such Managing Director’s sphere of activities to be limited to the

sphere of activities of Mr. Hans Meiler.

 

2.          It shall be incumbent on the Managing

Director to scrupulously conduct the business of the Company and to perform the

obligations assigned to him by law, by the Company statutes as in effect from

time to time and the present contract with the appropriate responsibility.

 

3.          The Managing Director’s principal

function shall consist in the management and supervision of the fields of sales

and marketing, product planning, finances as well as it includes the taking,

coordination and execution of all measures.

 

4.          The Managing Director’s activities

shall be subject to the reciprocal coordination with the other Managing

Director.

 

5.          The Managing Director will freely

organize his sphere of activities and is not bound by the observance of

specific working hours or a specific place of office.

 

§ 2

Power

of Representation

 

1.          The Managing Director shall represent

the company jointly with Mr. Hans Meiler in and out of court as defined by his

appointment and the actual company statutes.

 

2.          The Managing Director is released from

the restrictions of section 181 German Civil Code („prohibition of self

contracting“) for all transactions between the Company on the one hand and

majority-owned enterprises of the Company on the other hand, namely at present

SATELCO AG, Switzerland, SPEECH DESIGN ISRAEL, Ltd., Israel and SPEECH DESIGN CARRIER

SYSTEMS GmbH, Germany. Such release from the restrictions of section 181 German

Civil Code applies also to the legal transactions undertaken in the past by the

Managing Director acting as representative of the Company on the one hand and

as representative of the abovelisted enterprises on the other hand. This

consent does not include any other consent or approval that might be necessary

in relation with such transactions for whatever other legal reason.

 

3.          The Managing Director shall be bound

to the resolutions and instructions of the Shareholders’ Meeting. The

Shareholders’ Meeting may in particular establish general policies with regard

to the way the business is to be conducted.

 

§ 3

Contract

Term, Termination

 

1.          This agreement enters into force on

July 1st, 2001 (hereinafter referred to as „Effective Date“) and

will end after three years on June 30th, 2004 (hereinafter referred

to as „Contract Term“) without notice. During the Contract Term the right to

terminate this agreement without cause is excluded. At the latest six months

before the end of contract the parties may enter into negotiations on the

renewal of this contract.

 

2.          Either party shall have the right to

terminate this agreement with cause for important reasons by written notice

effective immediately. Important reasons in the meaning of the sentence above

are in particular

 

2.1.   for the Company, if the Managing Director:

 

2.1.1.       is convicted of any relevant crime or

felony, or

 

2.1.2.       refuses to comply with material oral or

written decisions or instructions of the Company’s shareholders, provided the

Managing Director is given written notice and an adequate cure period of at

least ten days, and such failure is not cured within such cure period, or

 

2.1.3.       is grossly negligent or dishonest in

connection with the performance of his duties hereunder, or

 

2.1.4.       materially breaches affirmative or

negative covenants or undertakings hereunder.

 

2.2.   for the Managing Director, if

 

2.2.1.       the appointment of the Managing Director

as  Managing Director of the Company is

revoked without cause,

 

2.2.2.       contrary to Section 1 hereunder an

additional Managing Director or a permanent representative is appointed by the

shareholders of the Company with the right to instruct the Managing Director in

the normal course of business,

 

2.2.3.       the sphere of activities or the power to

represent the Company is materially restricted.

 

3.          In addition the Managing Director

shall have the right to terminate this agreement with six months prior written

notice, which notice will be effective by the end of the calendar month in

which it is given, in the event that

 

3.1.          the shareholders of the Company sell

all or substantially all of the tangible or intangible assets or properties of

the Company,

 

3.2.          the shareholders of the Company sell a

majority participation in the Company.

 

Exceptions:

The Managing

Director  will not have the termination

rights pursuant to section 3.1. or 3.2. above in the following cases:

a)     the sale or transfer of the Company ́s

assets / participation is either to the existing shareholders of the Company ́s

current sole shareholder, Bogen Communications International, Inc. or to a

majority-owned subsidiary of Bogen Communications International, Inc.

b)    the sale occurs in form of a public listing

of the Company ́s securities on a U.S. or European stock exchange

 

Notwithstanding § 1 section 1 above the

Company shall be entitled to appoint additional managing directors if the

Managing Director terminates the Management Contract pursuant to section 3.1.

or 3.2. above.

 

§ 4

Compensation

 

1.          The Managing Director shall receive

for his services a yearly gross salary amounting to 240.000,-- Deutsch Marks,

payable in twelve equal monthly installments of 20.000,-- Deutsch Marks each at

the end of each calendar month reduced by the statutory deductions. At the

latest three months prior to the end of every contract year, the aforesaid

remuneration will be subject to an upward revision, as may be agreed by the

parties.

 

2.          In addition the Managing Director

shall receive an annual performance-based bonus (hereinafter referred to as

„the Bonus“).

The Bonus is targeted at

DM 60.000,-- if the trend of business meets the expectations reflected in the

Company ́s budget for the respective calendar year.

Specifically, the above

target  Bonus is paid if the Company ́s

consolidated (US-GAAP) EBIT reaches the budgeted amount, no Bonus is paid if

EBIT is under 50% of the budgeted amount and a maximum Bonus of DM 90.000,-- is

paid if EBIT reaches 150% or more of the budgeted amount.

 

Within the range of 50%

to 100% of budgeted EBIT, the Bonus is calculated as follows:

 

Bonus = DM 60.000 *

(actual EBIT – (budget EBIT / 2)) / (budget EBIT / 2)

 

Examples:

a)     budget EBIT = 100, act. EBIT = 50   à

Bonus  = 0

b)     budget EBIT = 100, act. EBIT = 75   à

Bonus  = DM  30.000

c)     budget EBIT = 100, act. EBIT = 100  à

Bonus = DM  60.000

 

Within the range of 100%

to 150% of budgeted EBIT, the Bonus is calculated as follows:

 

Bonus = DM 60.000 * (1 +

(actual EBIT – budget EBIT) / budget EBIT)

 

Examples:

a)     budget EBIT = 100, act. EBIT = 100  à

Bonus  = DM  60.000

b)     budget EBIT = 100, act. EBIT = 125  à

Bonus  = DM  75.000

c)     budget EBIT = 100, act. EBIT = 150  à

Bonus  = DM  90.000

 

The annual Bonus is

payable on or before the later of a) March 31 of the following fiscal year, or

b) ten days after the audited financial statements for the prior fiscal year of

the Company have been finalized.

 

This agreement replaces

all other arrangements on bonuses to be paid to the Managing Director for the

year 2001.

 

3.          In addition the Managing Director is

entitled to participate in the Stock option plan of Bogen Communications

International, Inc., as defined in Exhibit A.

 

4.          In addition to the social security

contributions payable by employer by act of law the Company will also bear the

employee’s contributions to the statutory unemployment insurance and to the

statutory social security pension insurance and will therefore pay the Managing

Director a monthly amount corresponding to the employee’s contributions.

 

§ 5

Fringe

Benefits

 

1.          During the contract term the Company

shall provide the Managing Director with a Company car of the upper middle

class, the leasing rates for which shall not exceed DM 21.000,-- p.a., which

the Managing Director may also use for private travel. Possibly accruing wage

tax shall be borne by the Managing Director.

 

2.          Contingent existing personal accident

insurances and direct life insurances remain maintained during the Contract

Term at current premium levels subject to ordinary premium increases.

 

§ 6

Expenses

 

The

Company is under the obligation to reimburse the Managing Director for the

expenses incurred by him to the extent that such expenses are necessary and

appropriate. These expenses shall in the individual case be documented in

compliance with the applicable tax regulations unless these expenses are

accounted for at a flat rate in accordance with the said tax regulations.

 

§ 7

Vacation

 

1.          The Managing Director shall be

entitled to a vacation of six weeks per annum.

 

2.          Safeguarding the interests of the

Company, the proposed time of the vacation shall be subject to the coordination

with the other Managing Director and with the shareholders.

 

§ 8

Continued

payment of Salary in the Event of Illness

 

1.          If the Managing Director is prevented

from performing his duties by illness or by other circumstances beyond his

control, he shall receive the remuneration as set out in § 4 and § 5 up to a

period of 6 (six) months beginning with the month succeeding the month in which

the prevention begins.

 

2.          Any compensation for wages paid by

third parties, e.g. arising from disability income insurance or otherwise in

respect of salary, shall be deducted from the continued payment of the salary

owed by the Company in such a way that the amount of the aforesaid compensation

together with the Company’s continued payment of the salary amounts to the net

base salary the Managing Director would receive if he were able to work.

 

§ 9

Non-Competition

Clause

 

1.          During the Contract Term and for three

years after the expiration of the Management Contract  (hereinafter referred to as „the Non-Competition period“) the

Managing Director shall not whether directly or indirectly

 

1.1.          hire, solicit or encourage any

employee of the Company or any of its affiliates to leave the employment of the

Buyer or any of its affiliates, or

 

1.2.          hire, solicit or encourage any

consultant under contract with the Company or any of its affiliates to cease to

work with the Company or any of its affiliates, or

 

1.3.          actively engage in competing business

transactions, by way of employment or self-employment, occasionally or

commercially, or own an interest in any such business as a partner,

shareholder, director, officer, principal, agent, employee, trustee,

consultant, or in any other relationship or capacity, other than owning shares

of the Company, Bogen Communications International, Inc., any majority-owned

subsidiary of Bogen Communications International, Inc. or shareholders of the

Company or less than 1 % of the outstanding stock of any publicly traded

company.

 

Competing business transactions in terms

of section 1.3. shall be considered a) the development, production and/or

distribution of supplementary electronical equipment for telephone facilities

and/or services, such as PABX peripherals and unified messaging systems,

including, without limitation, any voicemail via voice or e-mail, computer

telephony integration and the like b) and any other business in which the

Company significantly participates during the Contract Term by development,

production and/or distribution. The geographic scope of application is limited

to Europe and any other area in which the Company or its affiliates do business

during the Contract Term.

 

2.          During the Non-Competition Period a

compensation for the abstention from acts of competition is to be paid by the

Company. The yearly compensation will amount to 50 % of the average fixed

remuneration of the Managing Director paid to the Managing Director in the last

twelve months before the expiration of the Management Contract (DM 120.000,--

p.a.). The compensation is payable in equal monthly installments at the end of

each calendar month.

 

3.          The Company may waive the prohibition

of competition in whole or for individual transactions at any time during the

Contract Term or during the Non-Competition Period with six months prior

written notice. The obligation to pay the compensation to the Managing Director

remains in full force if the waiver relates only to individual transactions and

expires upon the expiration of such notice period if the Company fully waives its

prohibition rights hereunder.

 

4.          In each case of violation of his

obligations under this § 9, the Managing Director shall pay a penalty of DM

50.000,--. In case of permanent violation of his obligations hereunder such

penalty is to be paid for each month during such violation period. The right of

the Company to claim for damages and/or injunctive relief remains unaffected.

 

§ 10

Business

and Trade Secrets

 

The

Managing Director shall be under the obligation to observe unrestricted and

complete secrecy of any and all Business and Trade Secrets as well as of all

other confidential information or details regarding the Company or its business

enterprise. The foregoing secrecy obligations will be effective even after

termination of this contract.

 

§ 11

Delivery

of Documents

 

Upon

termination of this contract the Managing Director shall be under the

obligation to return all documents, records, all existing electronic files and

other material relating to his activities as Managing Director to the Company

without being asked.

 

§ 12

Inventions,

Copyright

 

1.          Any rights in inventions or technical

improvements made or worked out by the Managing Director in the course of his

service for the Company, in relation with his activities for the Company, owing

to his experience resulting from his service for the Company or owing to works

carried out by the latter, may be exclusively used by the Company. Already at

the present time, the Managing Director shall assign all respective rights to

the Company. Regarding this matter the Company shall be under no obligation to

pay any additional remuneration. For lack of the Managing Director’s status as

employee, the Act on Employee Inventions shall not apply.

 

2.          Where, related to any of his duties or

to the experience resulting from his service for the Company or to the

performance rendered by the Company, copyrights for works are vested in the

person of the Managing Director, it is agreed herewith that he shall already at

the present time assign the exclusive and gratuitous right of use therein to

the Company.

 

§ 13

Absence

of Subsidiary Oral Agreements,

Amendments,

Written Form

 

1.          There are no subsidiary oral

agreements. Any contractual amendments require written form.

 

2.          The former contract of employment as

Managing Director, including all amendments and possible provisions as to the

payment of bonuses, shall cease to be in force upon the Effective Date.

 

§ 14

Severability

Clause

 

Should

any provision of this contract be or become invalid or unenforceable, this

shall not affect the validity of the remaining provisions. The invalid or

unenforceable provision shall be replaced by a regulation which comes closest

to the economic purpose of the invalid provision. The same shall apply in the

event that this contract is incomplete. This provision applies also if the

invalidity or unenforceability of a provision is due to the extent of a time

limit or period or of a geographic area. In this case the legally permitted

time limit or period or geographic area shall be applicable.

 

§ 15

Place

of Performance and Legal Venue

 

Place

of performance and legal venue for all legal disputes possibly arising out of

this contract shall be the legal seat of the Company.

 

§ 16

Declaration

of Intention

 

All

declarations of intention made by the Managing Director concerning the present

contract shall be addressed to the CEO (Chief Executive Officer) or the

President of the sole shareholder.

 

This

agreement is made in duplicate each copy being original, this 29th day of June,

2001.

 

	

  /s/

  Jonathan Guss

  	

   

  	

  /s/

  Kasimir Arciszewski

  
	

  –

  the company –

  	

   

  	

  –

  the Managing Director –

  
	

  represented

  by the shareholders

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