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EXHIBIT 10.27    
  

 
 

EMPLOYMENT AGREEMENT DATED JUNE 24, 2002 BETWEEN
  VIA NET.WORKS, INC. AND KARL MAIER    
  

        This Employment Agreement (the "Agreement") is being entered into between VIA NET.WORKS, Inc. ("VIA") and Karl Maier (the "Executive"). For and in
consideration of the mutual promises contained herein, and for other good and sufficient consideration, receipt of which is hereby acknowledged, VIA and Executive (sometimes hereafter referred to as
the "parties") agree as follows: 

        1.    Title, Duties and Place of Work.    Executive shall serve as the President and Chief Operating Officer.
Executive shall also continue to serve as acting Chief Executive Officer for no consideration or compensation other than as set forth herein. Executive shall perform the duties of Chief Executive
Officer until such time as VIA appoints a permanent Chief Executive Officer and shall be those customarily performed by persons with similar positions in similar companies. Executive shall report to
VIA's Board of Directors or to the Chief Executive Officer, if and when a permanent Chief Executive Officer has been named by VIA. Executive shall serve VIA faithfully and to the best of his ability.
Executive's normal place of work will be the United Kingdom at the VIA office in the London area, or such other place within the European continent as VIA may reasonably require. 

        2.    Term.    Executive's employment with VIA under this Agreement shall continue for a three year period from
June 24, 2002, unless earlier terminated by either party in accordance with Paragraph 4 below. 

        3.    Compensation and Benefits.    

        (a)    Salary.    During Executive's employment, VIA shall pay Executive an annual base salary of not less than
US$350,000 ("Base Salary"). Executive's Base Salary shall be paid in accordance with VIA's usual
payroll practices and policies, taking into account expatriate payroll issues as appropriate, and shall be less standard deductions for all appropriate U.S. employment-related taxes. Executive shall
be eligible for merit and market-based increases in accordance with company policy, as may be determined from time to time by the Board of Directors or the Compensation Committee of the Board of
Directors. 

        (b)    Benefits.    During Executive's employment, Executive shall be eligible for all benefits, including stock
options, provided to other VIA executive employees working overseas, provided that Executive qualifies for such benefits. Any and all benefits offered by VIA may be supplemented, discontinued, or
changed from time to time at VIA's sole discretion and in accordance with VIA's policies and practices. 

        (c)    Expatriation and Relocation.    As consideration for the expatriation of the Executive, VIA shall pay an
additional monthly sum ("Expatriate Payment") in accordance with VIA's Foreign Assignment Policy. The Expatriate Payment shall cease immediately in the event that Executive's employment terminates for
any reason prior to the expiration of the term of his employment as set forth in Paragraph 2. The Expatriate Payment shall be the total consideration paid to Executive for his expatriation. VIA
shall also pay or reimburse Executive's relocation costs and expenses in accordance with VIA's Relocation Policy, attached hereto, for Executive's relocation from Boulder, Colorado to VIA's European
headquarters in the United Kingdom. Executive understands and acknowledges that the location of this office may change upon the appointment of a permanent Chief Executive Officer or other reason;
provided that if Executive is required to relocate, VIA's Relocation Policy shall apply. In the event of the termination of Executive's employment by VIA, except for a termination for Cause as defined
in Section 4(b) below, VIA shall pay Executive's relocation costs and expenses, in accordance with VIA's Relocation Policy, for Executive's relocation back to Boulder, Colorado or such other
place in the United States as designated by the 

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Executive. In the event of any conflict between VIA's Foreign Assignment Policy or VIA's Relocation Policy and the terms of this Agreement, this Agreement shall govern. 

        (d)    Bonus.    Subject to the last sentence of this paragraph 3(d), Executive shall be eligible for an annual
bonus up to 50% of his base salary. Determination of Executive's annual bonus shall be based 50% on the VIA's achievement of the corporate goals and 50% on achievement by Executive of his personal
goals. Both corporate and personal goals shall be established by the compensation committee of the Board of Directors each fiscal year. If Executive substantially exceeds the goals established by the
compensation committee, the Executive shall be eligible for an annual bonus, in the discretion of the Board of Directors, up to a maximum of 70% of his base salary. The annual bonus shall be payable
after completion of the independent audit of VIA's financial statements for each fiscal year ended. 

        (e)    Tax Equalization.    During the period of Executive's Employment during which he is covered under VIA's Foreign
Assignment Policy, VIA shall pay to the Executive or otherwise cause to be paid on behalf of Executive an additional amount so that, on an after-tax basis, the compensation and benefits
received by the Executive under this Agreement will not be less than the corresponding after-tax amount that the Executive would have received if such payments had not been subject to
taxes other than United States federal, state and local taxes. The Executive will use commercially reasonable efforts to minimize the amount of U.S. and non-U.S. taxes that are imposed on
such amounts. The amount of
the tax equalization payment shall be determined by an independent third party designated by VIA and reasonably acceptable to the Executive. The Executive will provide such third party with sufficient
information, including information concerning his income, deductions, tax payments and tax returns, from which it can calculate the amount of the payments that are due under this subsection. Any
foreign tax credits (resulting from non-U.S. taxes that were paid or reimbursed by VIA) that offset the Executive's U.S. taxes will be for the benefit of, and remitted to, VIA, as
applicable, as soon as practicable after the Executive receives a refund or other tax benefit from such credit. 

        4.    Termination.    Notwithstanding anything herein to the contrary, Executive's employment under this Agreement
shall terminate upon occurrence of any of the following: 

        (a)    By VIA.    

          (i)  VIA
may terminate Executive's employment at any time for any reason, without Cause and with or without notice, at any time after January 1, 2003. If VIA
terminates Executive's employment without Cause at any time after January 1, 2003 but before the expiration of the term set forth in Paragraph 2, then Executive shall be entitled to the
Severance amount set forth in Paragraph 5 below. After January 1, 2003, Executive shall not be entitled to Severance. VIA may terminate Executive's employment with Cause at any time. If
VIA terminates his employment with Cause, he shall not be entitled to any severance, but he shall be entitled to his base compensation through the date of termination. 

        (ii)  As
used herein, "Cause" shall mean any one or more of the following events: (aa) the commission of a criminal offence or a crime involving moral turpitude;
(bb) the commission of any material act of dishonesty; (cc) an act that in any way brings VIA or its affiliates into disrepute; (dd) gross negligence or willful misconduct in
performance of any duty owed by Executive to VIA or any of its affiliates; (ee) a serious or persistent breach of this Agreement by Executive; (ff) the failure of Executive to comply
with proper and lawful instructions or directions of the Board of Directors; (gg) to take, or fail to take, any action, within the scope of Executive's duties, which does or which may
materially or adversely affect VIA's business or operations; (hh) harassment or discrimination against VIA's employees, customers or vendors in violation of VIA's policies; or (ii) the
actual year end financial results of VIA for revenue, EBITDA and cash balances are 20% less (calculated individually or in 

39

 

the aggregate) than the financial results established as corporate goals as approved by the Board of Directors and the same may be modified by the Board of Directors from time to time through the end
of the relevant fiscal year, and which goals will take into account any material dispositions or acquisitions by VIA during the relevant fiscal year. 

        (b)    By Executive.    

          (i)  Executive
may terminate his employment at any time for any reason, with or without a good or important reason and with or without notice. In the event of such a
termination, Executive shall not be entitled to any severance, but he shall be entitled to base compensation through the date of termination and payment for all accrue but unused vacation through the
termination date. 

        (c)    Upon Death or Disability.    

        The
Executive's employment shall terminate upon death or because of disability. For purposes of this paragraph, disability shall occur if the Executive has been unable, by reason of
illness or injury, to perform his normal duties on behalf of VIA on a full time basis for a period of 90 days, whether or not consecutive, within the preceding 360-day period, or
the Executive has received disability benefits for permanent and total disability under any long-term disability income policy held by or on behalf of the Executive. If Executives
employment is terminated under this paragraph, VIA shall pay to the estate of the Executive or to the Executive, as the case may be, the compensation and benefits which would otherwise be payable to
him under Paragraph 3 hereof up to the date the termination of his employment occurs. However, any Executive Bonus, assuming the attainment of the goals set forth, for the fiscal year in which
termination occurs because of death or disability will be pro-rated based on his length of service with VIA in that year. 

        5.    Severance.    In the event Executive is eligible for severance as set forth in this Agreement, VIA shall pay
Executive an amount equal to nine months of his Base Salary in effect at the time of his termination, plus a pro-rated bonus based on achievement of corporate and personal goals to the
date of termination, determined in the reasonable discretion of the Compensation Committee Tax equalization benefits shall apply to this payment. The parties acknowledge and agree that payment of any
severance under this Paragraph 5 shall be contingent upon the Executive signing a Release of Claims (the "Release") in a form acceptable to VIA. This payment shall be made in a lump sum no
later than five (5) days after the expiration of any revocation period set forth in the Release and shall be reduced by standard deductions for federal, state, and local taxes as determined by
VIA. At the reasonable request of Executive and agreement of VIA, payment may be made over time in a manner agreed upon by the parties. 

        6.    Proprietary and/or Confidential Information.    Executive acknowledges that during his employment with VIA, he
has had and will have access to trade secrets and other confidential and/or proprietary information ("Confidential Information"). Executive agrees that he shall continue to abide and be bound by the
promises and obligations in all confidentiality agreements that he has or may have signed with VIA or its affiliates, including but not limited to the VIA NET.WORKS, INC. Employee
Confidentiality Agreement. In addition, Executive agrees that he will use his utmost diligence to preserve, protect, and prevent the disclosure of such Confidential Information, and that he shall not,
either directly or indirectly, use, misappropriate, disclose or aid any other person in disclosing such Confidential Information. Executive acknowledges that as used in this Agreement, Confidential
Information includes, but is not limited to, all methods, processes, techniques, practices, product designs, pricing information, billing histories, customer requirements, customer lists, employee
lists, salary information, personnel matters, financial data, operating results, plans, contractual relationships, projections for new business opportunities for new or developing business for VIA,
and technological innovations in any stage of development. "Confidential Information" also includes, but is not limited to, all notes, records, software, drawings, handbooks, manuals, policies,
contracts, memoranda, sales files, 

40

 

or any other documents generated or compiled by any employee of VIA. Such information is, and shall remain, the exclusive property of VIA, and Executive agrees that he shall promptly return all such
information to VIA upon the termination of his employment. 

        7.    Return of Property.    Executive agrees that upon the termination of his employment for any reason, he will
deliver to VIA the originals and all copies of all files, documents, papers, materials and other property of VIA or its affiliates relating to their affairs, which may then be in his possession or
under his control. Executive may retain only personal correspondence and notes relating to the duties and responsibilities of his employment. 

        8.    Binding Agreement.    This Agreement shall be binding upon and inure to the benefit of the parties and their
respective representatives, successors and assigns, and Executive's heirs, executors and administrators. 

        9.    Entire Agreement; Amendment.    This Agreement contains the entire agreement between the parties relating to the
subject matter of this Agreement, and the parties expressly agree that this Agreement supersedes any employment or consulting contract Executive has or may have with VIA and any other Agreement
between Executive and VIA, including without limitation any VIA stock plan. Each party acknowledges and agrees that in executing this Agreement they do not rely upon any oral representations or
statements made by the other party or the other party's agents, representatives or attorneys with regard to the subject matter of this Agreement. This Agreement may not be altered or amended except by
an instrument in writing signed by both parties hereto. 

        10.    Breaches or Violation.    Executive acknowledges that any breach of this Agreement (including without
limitation any breach of Paragraph 6) would cause VIA substantial irreparable injury. Executive agrees that in the event of any violation of this Agreement, in addition to any damages allowed
by law, VIA shall be entitled to injunctive and/or other equitable relief. 

        11.    Governing Law.    This Agreement shall be governed by, and construed in accordance with, the laws of the
Commonwealth of Virginia (excluding the choice of law rules thereof). The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not
strictly for or against any of the parties. 

        12.    Waiver.    Neither the waiver by either party of a breach of or default under any of the provisions of the
Agreement, nor the failure of such party, on one or more occasions, to enforce any of the provisions of the Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a
waiver of any subsequent breach or default of a similar nature, or as a waiver of any provisions, rights or privileges hereunder. 

        13.    Assignment.    This Agreement and the rights and obligations of the parties hereunder may not be assigned by
either party without the prior written consent of the other party. 

41

 

        IN
WITNESS HEREOF, THE PARTIES HAVE AFFIXED THEIR SIGNATURES BELOW: 

	KARL MAIER	 	VIA NET.WORKS, INC.

12100 Sunset Hills Road, Suite 110

Reston, Virginia 20190
	

/s/  KARL MAIER      
	
 	

By:	

/s/  STEVEN C. HALSTEDT      
Chairman of the Board of Directors
	

Date:	

        June 24, 2002
	
 	

 	

Date:	

        June 30, 2002

	

Witness:	

    
	
 	

 	

Witness:	

    

42

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EXHIBIT 10.27

EMPLOYMENT AGREEMENT DATED JUNE 24, 2002 BETWEEN VIA NET.WORKS, INC. AND KARL MAIERQuickLinks
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EXHIBIT 10.9    
  

Only
the German Text of this Agreement is legally binding. This English Translation is for convenience only 

 
 

Agreement on the Acquisition of Shares
  and
  Convertible Bonds
  of the Messer Griesheim Group GmbH & Co. KGaA    
  

between

	1.
	Messer
Griesheim Group GmbH & Co. KGaA

	2.
	MWW
Einundneunzigste Vermögensverwaltungs GmbH, in future to be named Messer Griesheim MIP GmbH

	3.
	GS
Capital Partners 2000 GmbH & Co. Beteiligungs KG;

GS Capital Partners 2000 Employee Fund, L.P. (USA);

GS Capital Partners 2000 Offshore, L.P. (Cayman Island);

GS Capital Partners 2000, L.P. (USA);

Stone Street Fund 2000, L.P. (USA) and

Bridge Street Special Opportunities Fund 2000, L.P. (USA)

—in the following together "Goldman Sachs"—

	4.
	Allianz
Capital Partners GmbH

	5.
	Messer
Industriegesellschaft mbH 

Mr.
                    ,
                    ,             

in the following the "Participant"—

 

 
 

Index    
  

	Defined Terms	 	 
	Preamble	 	 
	I. Shares	 	 
	§ 1 Acquisition of Shares	 	 
	§ 2 Acquisition Price	 	 
	§ 3 Warranty	 	 
	II. Convertible Bonds	 	 
	§ 4 Acquisition of Convertible Bonds	 	 
	§ 5 Issuing Price	 	 
	III. Exit and Co-Sale (Tag Along)	 	 
	§ 6 Exit by IPO	 	 
	§ 7 Tag-Along Right	 	 
	§ 8 Drag Along	 	 
	IV. Termination of Office	 	 
	§ 9 Call Option over the Shares	 	 
	§ 10 Put Option over the Shares	 	 
	V. General Provisions	 	 
	§ 11 Agreement on the Binding Exercise of Voting Rights	 	 
	§ 12 Taxes, Duties and other Expenditures	 	 
	§ 13 Choice of Law, Court of Arbitration	 	 
	§ 14 Limitation on Disposal, Repurchase Right	 	 
	§ 15 Confidentiality/Insider Rules	 	 
	§ 16 Miscellaneous	 	 
	§ 17 Risks	 	 
	Exhibit 1—Terms and Conditions of the Convertible Bonds Type A	 	 
	Exhibit 2—Voting Rights Agreement	 	 
	Exhibit 3—Arbitration Agreement	 	 

 

 
 

Defined Terms    
  

	Acceptance Notice	 	 
	ACP	 	 
	Acquisition Price	 	 
	Call Option	 	 
	Convertible Bonds	 	 
	Exit Event	 	 
	Financial Investors	 	 
	Goldman Sachs	 	 
	IPO	 	 
	Market Value	 	 
	Messer Griesheim GmbH	 	 
	Messer Group	 	 
	Messer Holding	 	 
	MIG	 	 
	Old Shares	 	 
	Participant	 	 
	Participants	 	 
	Pro Rata Market Value	 	 
	Put Option	 	 
	Recapitalisation	 	 
	Repurchase Price	 	 
	Sales Notice	 	 
	Securities Act	 	 
	Seller	 	 
	Shareholders' Committee	 	 
	Shares	 	 
	Tag-Along Offer	 	 
	Termination	 	 
	Terms of the Bonds	 	 
	Third Party	 	 
	Trade Sale	 	 
	Voting Rights Agreement	 	 

 
 

Preamble    
  

	1.
	Messer
Griesheim Group GmbH & Co. KGaA ("Messer Group") is the sole shareholder of Messer Griesheim Holding AG
("Messer Holding"), which is the sole shareholder of Messer Griesheim Gesellschaft mit beschränkter Haftung
("Messer Griesheim GmbH") having its seat in Frankfurt am Main. The shareholders of Messer Group are Messer Industrie GmbH
("MIG"), in which the members of the Messer family have pooled their interest in Messer Group, Allianz Capital Partners GmbH
("ACP") and Goldman Sachs. ACP and Goldman Sachs are together referred to as the "Financial Investors".

	2.
	Messer
Griesheim GmbH as well as the General Partner of Messer Group, Messer Griesheim Beteiligungsverwaltungs GmbH, have a shareholders' committee (the
"Shareholders' Committee"), to which the Participant has been appointed. The Financial Investors have acquired their participation in Messer Group and
therewith their direct participation in Messer Griesheim GmbH in 2001 and they intend to sell this participation within three to seven years from the time of such investment. The Financial Investors
and MIG want to offer the Participant and other members of the Shareholders' Committee (all members of the Shareholders' Committee with whom agreements similar to this Agreement have been entered
into, are together with the Participant, referred to as the "Participants") the opportunity to participate in the opportunities and risks of the
investment by the Financial Investors and MIG and any future restructuring of the Messer Group by the acquisition of a participation.

	3.
	For
this purpose, the Financial Investors and MIG have offered to the Participant through Messer Griesheim MIP GmbH (the "Seller") the
acquisition of shares in Messer Group. Furthermore, the Investors and MIG wish that the Participants shall also have the opportunity to acquire convertible bonds of Messer Group of Type A at the
nominal value of Euro 1.00, which would give them the right to convert them into new shares in Messer Group. The Financial Investors and MIG have passed on            a shareholders'
resolution
of Messer Group approving the issuance of such convertible bonds and instructing the General Partner of Messer Group to issue the convertible bonds to the Participants. This Agreement is being
executed pursuant to such shareholders' resolution of Messer Group.

	4.
	The
Financial Investors and MIG have agreed to the sale of shares to the Participants under the condition that the voting rights attached to such acquired shares of Messer Group may
only be exercised in co-ordination with the Financial Investors and MIG respectively according to the terms of a voting agreement to be executed by the Participants, the Financial
Investors and MIG. 

Therefore,
now the Participants agree on the basis of their negotiations on the Acquisition of Shares and Convertible Bonds: 

 
 

I.
  Shares    
  

 
  § 1
  Acquisition of Shares    
  

	(1)
	The
Seller hereby sells to the Participant and the Participant hereby purchases from the Seller, pursuant to this Agreement,            registered shares without par value of
Messer Group (the "Old Shares") which can only be transferred with the consent of the Messer Group.

	(2)
	Following
the receipt of the Acquisition Price the Seller will transfer the Old Shares to the Participant by way of a separate agreement.

	(3)
	The
Old Shares are entitled to a payment of dividends for the entire business year 2001. 

 

 
 

§ 2
  Acquisition Price    
  

	(1)
	The
Acquisition Price for each Old Share shall be Euro 74.25 (in words: Euro seventy-four and twenty-five cents). This results in a total purchase prise for
the Old Shares of Euro            (in words:
Euro                          ) (in the following the "Acquisition Price").

	(2)
	The
Acquisition Price is payable free of costs and expenses to an account to be notified by the Seller within a period of two weeks following the demand for payment by the Seller. 

 
 

§ 3
  Warranty    
  

	(1)
	The
Seller warrants that he may freely transfer the Old Shares and that the Old Shares are not encumbered with rights of third parties. Further warranties, liabilities and obligations
are excluded. Reference is expressly made to § 17 of this Agreement.

	(2)
	The
Participant represents and warrants that he (i) is an "accredited investor" within the meaning of the Securities and Exchange Commission Rule 501 of
Regulation D, as presently in effect and (ii) acknowledges that the Shares have not been registered under the US Securities Act of 1933, as amended (the  "Securities Act") in reliance on an
exemption from registration requirements of the Securities Act afforded by Section 4(2) thereof; and
(iii) is acquiring the Shares for his own account for the purpose of investment and not with a view to their distribution, and he will refrain from transferring or otherwise disposing of any of
the Shares, or any interest therein, in such manner as to violate the registration requirements of the Securities Act or any applicable state securities or blue sky laws; and (iv) has knowledge
and experience in financial and business matters such that he is capable of evaluating the merits and risks of an investment in the Shares; and (v) has received, reviewed and analysed
information concerning the Messer Group to enable him to evaluate the merits and risks of an investment in the Shares; and (vi) has had the opportunity at a reasonable time prior to the date of
this Agreement to ask questions of, and receive answers from, the Messer Group concerning the terms and conditions of the transactions contemplated hereby and to obtain any information reasonably
necessary to verify the accuracy of the information referred to in subsection (v) of this Section. 

 
 

II.
  Convertible Bonds    
  

 
  § 4
  Acquisition of Convertible Bonds    
  

The
Participant hereby acquires from Messer Group in his position as a member of the Shareholders' Committee of Messer Griesheim Beteiligungsverwaltungs GmbH and Messer Griesheim
GmbH            
registered convertible bonds of Type A issued by Messer Group in the nominal value of Euro 1.00 each (the "Convertible Bonds"). The Convertible Bonds
shall be issued in accordance with the Terms and Conditions (the "Terms of the Bonds") attached to this Agreement as  Exhibit 1 as soon as the
Participant has paid the total Issuing Price following the request for payment by Messer Group. 

 
 

§ 5
  Issuing Price    
  

	(1)
	The
issuing price per Convertible Bond is Euro 1.00. The total issuing price to be paid by the Participant to the Messer Group amounts to
Euro                    . 

 

	(2)
	The
total Issuing Price for the Convertible Bonds is payable free of expenses to an account notified by Messer Group within a period of two weeks following the demand of Messer Group. 

 
 

III.
  Exit and Co-Sale (Tag Along)    
  

The
Participant is aware that the Financial Investors will divest their investment in Messer Group following a reasonable period by way of an IPO or a Trade Sale. The parties agree that the
Participant, or the Security Agent, as the case may be, on his behalf in accordance with § 3 of the Security Transfer Agreement (and any reference to the Participant in the Part III
shall also be a reference to the Security Agent), shall only sell the Old Shares acquired by him as well as the New
Shares (as hereinafter defined) to be acquired by him following the exercise of the conversion right under the Convertible Bonds, in accordance with the following provision of this Agreement if and
when the Financial Investors sell their participation in the Messer Group (in whole or in part). In particular, the Participant is not entitled to sell, in whole or in part, assign or otherwise
encumber or transfer the Old Shares or the New Shares (together the "Shares") in any other way than as provided for in this Agreement. With respect
thereto the Parties agree: 

 
 

§ 6
  Exit by IPO    
  

	(1)
	In
the event of the admission of trading the shares in Messer Group at a stock exchange in Germany, the European Union or the USA (in the following an
"IPO"), the Participant shall, within a period of three years after the listing of the shares of the Messer Group, be entitled to sell the Shares at a
portion equal to the portion of shares which the Financial Investors are able to sell from their shareholding of Messer Group (if necessary in tranches). After expiration of this period, the
Participant is entitled to freely dispose of his Shares subject to the restrictions under sub-paragraph 2. When calculating the number of Shares which can be sold according to
sentence 1, the number of the New Shares to be acquired by the Participant under the Convertible Bonds held by him have to be added. For the purposes of this calculation, an Exit Event is considered
to have occurred within the meaning of the Terms of the Bonds.

	(2)
	The
Participant is obliged during the three-years' period according to sub-paragraph 1 to submit to the same extent as the Financial Investors to any Lock-up agreements
(if any) required under the relevant listing rules or requested by the banks leading the underwriting syndicate. The Participant is obliged to comply with all possible applicable Insider Rules.

	(3)
	The
Participant hereby undertakes to perform all necessary measures which the Financial Investors decide are necessary for an admission to the stock exchange dealing of Messer Group.
The Participant undertakes upon request of Messer Group to enter into all underwriting or similar agreements and to grant specific usual warranties and guarantees as to the Shares held by him to the
same extent as the Financial Investors as required by the banks leading or co-ordinating the underwriting syndicate in agreement with Messer Group and the Financial Investors.

	(4)
	In
the event the Old Shares of the Participant are held by the Security Trustee at the time of an IPO in accordance with the Security Agreement, to secure the obligations of the
Participant, the sale shall be made by the Security Trustee on behalf of the Participant upon instructions of the Participant in accordance with this § 6 and the Security Agreement. 

 

 
 

§ 7
  Tag-Along Right    
  

	(1)
	In
the event the Financial Investors intend to sell a portion of more than 50% of the shares held by them (in aggregate) in Messer Group to a Third Party, the Financial Investors will
inform the Participant in writing of the major conditions of the intended sale, in particular of the number of the shares to be sold and the consideration as well as the circumstances which may affect
the amount of the consideration (the "Sales Notice"). Together with the Sales Notice, the Financial Investors will offer the Participant the right to
include a proportion of his Shares (Old Shares and New Shares) (the "Tag-Along Offer") which is equal to the proportion of shares the
Financial Investors can sell in such sale to the total number of shares held by them at the relevant time or which they have sold in the past respectively. With respect to the calculation of the
number of Shares which the Participant can sell according to the Tag-Along Offer, the number of the New Shares to be acquired by the Participant under the Convertible Bonds held by him
have to be added. For the purposes of this calculation, an Exit Event shall be deemed to have occurred within the meaning of the Bond Terms. The commercial (and other) terms for such Tag Along sale
shall be the same as the terms of the sale by the Financial Investors, provided that it has to be ensured that any liability of the Participant vis-à-vis the
relevant buyer is limited to a maximum equal to the sales proceeds of each Share.

	(2)
	The
Tag-Along Offer can only be accepted by a written declaration to an agency nominated by the Financial Investors in the Tag-Along Offer within a period set
forth in the Tag-Along offer, provided that upon request of the Financial Investors such acceptance must be notarised. If the Participant has accepted the Tag-Along Offer, he
is obliged to sell the relevant portion of the Shares held by him to the potential buyer at the same price and on the same terms as the Financial Investors and subject to the same representations,
warranties and other restrictions and limitations agreed upon with the Financial Investors. As the case may be, the Participant is obliged to exercise his conversion right under the Convertible Bonds
to the extent necessary. The Tag Along Offer may provide that the Participant authorises the Financial Investors or a third party appointed by him to conclude the relevant sale and purchase agreement
with the potential buyer, subject to the same conditions or any third party purchaser to be determined by the Financial Investors. In the event the Tag-Along Offer provides for such power
of attorney, the Tag-Along Offer can only be accepted if the Participant grants the relevant Power of Attorney.

	(3)
	In
the event the Financial Investors have sold 50% or more of the shares held by them to a Third Party (as described in sub-paragraph 1),
sub-paragraph 1 through 3 shall be applicable with respect to all further transactions entered into by the Financial Investors with third parties, provided that the Participant
shall, in the event of the sale of all shares still held by the Financial Investors, be offered the opportunity to sell the remaining Shares. In this case, § 8
sub-paragraph 2 shall be applicable mutatis mutandis.

	(4)
	If
the Participant does not use his right to include a portion of his Shares in the Tag Along Offer, he shall not, as long as the Financial Investors participate in the Messer Group,
sell the Shares held by him until another event has occurred which triggers the right or obligation to sell shares in accordance with this Agreement. For sales pursuant to this § 7,
§ 6 subparagraph 4 shall apply mutatis mutandis.

 
 

§ 8
  Drag Along    
  

	(1)
	In
the event the Financial Investors intend to sell to a third party more than 50% of the shares held by them (in aggregate) in Messer Group (including MIG under the Call Option
granted to 

 

MIG
to acquire all shares in Messer Group) the Financial Investors or in the event the call option is exercised, MIG, may demand that the Participant sells all or a proportion of his Shares which is
equal to the proportion of the shares which the Financial Investors can sell to the total number of shares held by them in Messer Group. With respect to the calculation of the number of shares to be
sold in accordance with sentence 1, the number of New Shares to be acquired by the Participant by exercising the Convertible Bonds shall be taken into account. For the purposes of this calculation, an
Exit Event shall be deemed to have occurred within the meaning of the Terms of the Bonds. The Participant is obliged to exercise the conversion right with respect to to the respective number of
Convertible Bonds upon demand of the Financial Investors. In the event the sales proceeds per share (after deduction of transaction costs) should be below the conversion price, the Financial Investors
shall only request that the Participant sells an appropriate number of convertible bonds to them or to Messer Group at a par value of Euro 1.00 per Convertible Bond without additional compensation.
Moreover, the provisions of § 7 shall be applicable mutatis mutandis. 

	(2)
	In
the event the Financial Investors sell all shares in Messer Group (or after previous sale) still held by them to a third party, sub-paragraph 1 shall be
applicable accordingly, provided that the Participant is in this case obliged to sell all Shares held by him and exercise the conversion right under all Convertible Bonds still held by him.
Furthermore, the Participant is obliged, at the request of the Financial Investors or MIG, as applicable, to sell all Convertible Bonds which are not due for conversion but the conversion right of
which has not lapsed. With respect thereto, the Parties are obliged to agree upon a reasonable purchase price on the basis of the price for the for the sold Shares.

	(3)
	In
the case the Old Shares are held not by the Participant but by the Security Trustee when the Financial Investors shall be entitled to exercise their drag along right in accordance
with subparagraph 1 and 2 and the Participant irrevocably instructs the Security Trustee to take all necessary steps and make all declarations to fulfil the sale obligation of the Participant pursuant
to this § 8 and to transfer the Old Shares accordingly. 

 
 

IV.
  Termination of Office    
  

 
  § 9
  Call Option over the Shares    
  

	(1)
	In
the event the appointment of the Participant as a member of the Shareholders' Committee is terminated for whatsoever reason without being appointed as a member of the Shareholders'
Committee again (the "Termination") and if at that time no Exit Event (as defined in sub-paragraph 2 below) has occurred, the Seller
may in accordance with the following provisions, within a period of six months after the resignation, repurchase the shares held by the Participant (the "Call
Option") against payment of the purchase price set forth in sub-paragraph 4 (the "Repurchase Price").
§ 8 sub-paragraph 3 shall be applicable mutatis mutandis. The Repurchase Price shall in this case be paid by the Seller
to the Security Trustee.

	(2)
	Exit
Events in the meaning of this Agreement (in the following each an "Exit Event") are:

	(a)
	the
listing of the Shares of Messer Group at a stock exchange in Germany, the European Union or the USA (an "IPO"); or

	(b)
	the
sale (in one or more transactions) of more than 50% of the total shares then held by the Financial Investors in Messer Group to a third party (including another financial
investor), provided such third party is not an affiliate of Financial Investor within the 

 

meaning
of § 15 AktG or a fund managed by a Financial Investor (together, a "Third Party") (such sale, a "Trade
Sale"); or 

	(c)
	the
distribution of an amount of at least Euro 500,000,000 by Messer Group to the Financial Investors (as a result of the sale of the shares in Messer Griesheim Holding AG by Messer
Group or the distribution of dividends or other payments by Messer Griesheim Holding AG to Messer Group) (a "Recapitalisation"). 

	(3)
	With
respect to the obligations assumed pursuant to sub-paragraph 1, the Participant hereby unconditionally and irrevocably offers to the Seller the sale and the
transfer of his Shares in accordance with this Agreement and irrevocably instructs the Security Trustee in accordance with § 8 sub-paragraph 3 to take all necessary
steps required to fulfil the Call Option. The Seller can only accept this offer by written notice (the "Acceptance Notice") to the Participant. Such
Acceptance Notice shall not be required if the acceptance is declared before a German notary. In such case, the Seller has to instruct the notary to send a certified copy of the declaration of
acceptance to the last known address of the Participant. If the Acceptance Notice is made by the Seller a sale and transfer agreement with regard to the Shares held by the Participant will be executed
pursuant to which the Seller acquires these Shares in accordance with this Agreement. If, when the Call Option is exercised, the Shares are still held by the Security Trustee the transfer of the
Shares shall be effected in accordance with sub-paragraph 3 sentence 1 by the Security Trustee. The Seller may designate a third party of sufficient creditworthiness who shall,
instead of the Seller, assume the rights and obligations under the Call Option and any agreement entered into in accordance with this sub-paragraph.

	(4)
	The
Repurchase Price to be paid by the Seller for the Shares of the Participant shall, subject to this sub-paragraph 4, be equal to the Pro Rata Market Value (the
"Pro Rata Market Value") of the Shares. The Market Value (the "Market Value") on which the calculation
of the Pro Rata Market Value is based shall be in the event that (i) the Exit Event is an IPO, the weighted average closing price of the Messer Group shares during the first 10 days of
trading following the listing at the stock exchange at which the shares and (ii) the Exit Event is a Trade Sale, the price per share (after deduction of all costs and reductions related to such
sale) which a Third Party pays to the Financial Investors. 

The
Pro Rata Market Value shall be determined as follows: 

	 	 	Pro Rata Market Value = AP +	 	[	 	(MV - AP) × TB
 TI	 	]	 	 

	MV	=	 	Market Value per share
	

AP	

=	
 	

Acquisition Price pursuant to § 2 paid by the Participant per share
	

TI	

=	
 	

time (in whole months) between the acquisition of the shares relevant for the determination of the Market Value by the Financial Investors and the Exit Event
	

TB	

=	
 	

time (in whole months) between the acquisition by the Participant of the shares sold and the date leaving the Shareholders' Committee

The
Repurchase Price for the shares of the Participant to be paid by the Seller shall be equal to the Market Value if his membership in the Shareholders' Committee is terminated even if he has offered
to continue to serve as a member of the Shareholders' Committee and there is no good cause for the exclusion of a further membership of the Participant in the Shareholders' Committee.

 

	(5)
	The
Repurchase Price has to be paid by the Seller as follows:

	(a)
	a
partial amount in the amount of the Acquisition Price pursuant to § 2 within one month after the exercise of the Call Option by the Seller; and

	(b)
	a
possible (positive) balance between the Acquisition Price pursuant to § 2 and the Pro Rata Market Value or the Market Value (as the case may be) payable pursuant to
sub-paragraph 4 within one month after the occurrence of an Exit Event. 

If
the payment of the Seller exceeds the Pro Rata Market Value and the Market Value in accordance with (a) the Participant and his heirs/legatees are obliged to a repayment of the balance in
accordance with (b) upon demand by the Seller. 

	(6)
	The
Seller may chose that Messer Group will exercise the rights of the Seller under this § 9. In such case, the Seller shall be obliged to fulfil the payment obligation of
the Messer Group. 

 
 

§ 10
  Put Option over the Shares    
  

	(1)
	The
Participant and his heirs/legatees are entitled to demand from the Seller within a period of 6 months after the termination of the term of office as a member of the
Shareholders' Committee the acquisition of the shares held by him at the repurchase price determined in accordance with § 9 sub-paragraph 4 (the "Put
Option"). The Security Trustee shall be entitled to exercise the right instead of the Participant for which the Participant hereby gives his explicit and irrevocable consent
and authorises the Security Trustee accordingly.

	(2)
	In
the event the Participant or in the event of his death, his heirs/legatees exercise the Put Option, § 9 shall be applicable mutatis
mutandis provided that the Repurchase Price shall only be due and payable if the Seller itself has sold the shares to the other shareholders of Messer Group or to a third
party. The Seller will undertake all reasonable efforts to sell the Shares. The Participant is aware that the Seller may only sell the shares in accordance with the same restrictions as set forth in
Part III. of this Agreement. 

 
 

V.
  General Provisions    
  

 
  § 11
  Agreement on the Binding Exercise of Voting Rights    
  

The
Participant is obliged together with the other Participants, the Financial Investors and MIG to enter into an agreement on the binding exercise of his voting rights with respect to his shares
attached hereto as Exhibit 2 (the "Voting Rights Agreement"). 

 
 

§ 12
  Taxes, Duties and other Expenditures    
  

Possible
taxes, duties or other expenditures incurred in connection with the issue of the Convertible Bonds, the exercise of the conversion right under the Convertible Bonds, the delivery of New
Shares or the sale of Shares are to be borne solely by the Participant. He will take all actions required to meet all arising obligations of Messer Group, Messer Griesheim Beteiligungsverwaltungs GmbH
and Messer Griesheim GmbH for the retention or the payment of taxes and duties. 

 
 

§ 13
  Choice of Law, Court of Arbitration    
  

	(1)
	This
Agreement is subject to and governed by the laws of Germany. All rights and obligations of the Participant and Messer Group, the Seller and the other parties involved arising
under this Agreement shall be governed in any respect by the laws of Germany.

	(2)
	Place
of Performance for all obligations under this Agreement shall be the corporate seat of Messer Group.

	(3)
	An
arbitration court shall be competent to hear all disputes between the Participant, the Financial Investors, MIG, Messer Group and the Seller arising out of or in connection with
this Agreement, the Convertible Bonds or the Voting Agreement in preference to a court of law. The details have been agreed between the Parties in accordance with § 1031 of the German
Civil Procedures Act (Zivilprozeßordnung) in a separate arbitration agreement attached hereto as Exhibit 3. 

 
 

§ 14
  Limitation on Disposal, Repurchase Right    
  

	(1)
	The
Participant is aware that for the disposal of the shares in Messer Group requires pursuant § 6 sub-paragraph 5 of the Articles of Association the
approval of Messer Group and that the competence to give such approval is vested in the General Partner of Messer Group. The Messer Group already declares its approval with respect to any transfer of
shares in accordance with § 1 and §§ 9 and 10 of this Agreement.

	(2)
	In
the event that any insolvency proceedings are initiated over the assets of the Participant and in the event of attachment proceedings with respect to the Shares and/or Convertible
Bonds held by the Participant, the Seller shall have the right to purchase the Shares and Convertible Bonds if the insolvency proceedings are not suspended within a period of six months or if any such
attachment is not released within a period one month. §§ 9 and 11 shall be applicable mutatis mutandis. 

 
 

§ 15
  Confidentiality/Insider Rules    
  

	(1)
	The
Participant will treat this Agreement and all information made available to him about Messer Group, its shareholders, Messer Griesheim GmbH and its affiliates as confidential and, 

if
not otherwise provided for by law, make such information available only to his legal and tax advisors who are bound to professional secrecy rules. 

	(2)
	In
the event of an IPO, the Participant shall comply with any legal rules on insider trading and all other insider rules of Messer Group when exercising his rights under the
Convertible Bonds and when selling his shares. The Participant is aware that Messer Griesheim Holding AG has issued bonds and that he therefore may generally not make insider information about Messer
Griesheim Group available to third parties. 

 
 

§ 16
  Miscellaneous    
  

	(1)
	Any
amendments and additions to this Agreement must be executed in writing unless a stricter form is required by law. This also applies to the amendment of this clause.

	(2)
	In
the event a provision of this Agreement is or will be void or unenforceable, the validity or enforceability of the remaining provisions of this Agreement shall not be affected. The
invalid or unenforceable provision shall be deemed to be replaced by a provision of a comparable purpose and object. This shall also apply to all unforeseen gaps of the regulations in this Agreement.

	(3)
	This
Agreement has been translated into English. The English translation of this Agreement is for convenience only. The German version of this Agreement shall be legally binding.

	(4)
	The
Seller, Messer Group and the Financial Investors shall have the right to transfer their respective rights and/or obligations pursuant to this Agreement in whole or in
part (i) to affiliates or (ii) with the approval of Messer Group to a third party provided that it is of comparable creditworthiness. 

 
 

§ 17
  Risks    
  

	(1)
	Messer
Group, the Financial Investors, MIG and the Seller do not assume any responsibility for the development of the value of the Old Shares or the New Shares and the Convertible
Bonds. There is in particular no guarantee that the Participant may be able to exercise the Convertible Bonds under the Bond Terms of the Bonds or to sell the Old Shares or the New Shares with a
profit. The Participant purchases the Old Shares and the Convertible Bonds at his own risk. The Participant is aware that he takes the full value risk in respect of the shares and Convertible Bonds
acquired by him and that he may completely lose his investment.

	(2)
	The
Participant has the responsibility to obtain legal and tax advice which is necessary before signing this Agreement. In particular the Participant acknowledges that he has not
received any advice from any of the Parties hereto with respect to the taxation of possible benefits or losses that may be gained by the Participant under this Agreement. The Participant had the
opportunity to discuss all relevant questions with regard to his own investment decision relating to the provisions of this Agreement and the conditions of the companies with representatives of Messer
Group and Messer Griesheim GmbH.

	(3)
	The
acquisition of the Shares by the Participant may result in adverse tax consequences that may be avoided or mitigated by filing an election under Section 83(b) of the U.S.
Internal Revenue Code of 1986, as amended. Such election may be filed only within 30 days after the date of purchase. The Participant should consult with his tax advisors to determine the tax
consequences of acquiring the Shares and the advantages and disadvantages of filing the Section 83(b) election. The Participant acknowledges that it is his sole responsibility to file a
timely election under Section 83(b), even if the Participant requests the Seller or any of its representatives to make this filing on his behalf. 

 
 

Exhibit I—Terms and Conditions of the Convertible Bonds Type A    
  

 
  § 1
  Form and Nominal Amount    
  

	(1)
	The
Convertible Bond Type A of Messer Griesheim Group GmbH & Co. KGaA, Frankfurt am Main ("Issuer"), of 2001/2011 in the total
nominal amount of Euro 25,000 (in words: Euro twenty five thousand) is divided in 25,000 equally ranking bonds in the nominal amount of Euro 1.00 each (the
"Bonds"), nos. 0001 to 25,000.

	(2)
	The
Bonds are certificated by individual certificates. Every individual certificate bears the signature of two Managing Directors of the General Partner of the Issuer. Several
individual certificates of one holder shall be combined in one global certificate. More than one or all global certificates can be certificated in one or several global certificates. The Holders are
not entitled to request to receive single certificates or a global certificate.

	(3)
	The
holders of a Bond ("Holder") can neither legally transfer nor pledge his rights. The Issuer may allow the pledge or the transfer. 

 
 

§ 2
  Payment of Interest    
  

	(1)
	The
Bonds bear interest in the amount of 0.5% per year. The interest period commences on the day on which the Holder pays the issuing price for the Bonds to the Issuer and the
Convertible Bonds are issued. Interest is only due on the nominal amount. Interest shall be due and payable at the maturity date (§ 3). The interest bearing period ends at the date of the
date of repayment.

	(2)
	If
the conversion right (§ 6) is exercised there shall be no right to receive interest with respect to the converted amount of the Bonds. 

 
 

§ 3
  Repayment    
  

The
Issuer is obliged to repay the Bonds at their nominal amount, in case they are not converted, on the first business day following December 31, 2011 (the "Maturity
Date") or the date after which the conversion rights forfeit pursuant to § 6. Interest shall not be due for the period between the respective date and the date of
repayment. 

 
 

§ 4
  Termination    
  

	(1)
	The
Issuer shall not have the right to terminate the Bonds; this shall also be the case if the Issuer changes his legal form, merges with another enterprise or transfers its assets to
another company.

	(2)
	Each
Holder is entitled to require immediate repayment of the Bonds at the nominal amount plus accrued interest, if

	(a)
	the
Issuer generally ceases payments or declares to be insolvent; or

	(b)
	a
court opens insolvency proceedings against the assets of the Issuer or the Issuer files for insolvency or offers an extraordinary settlement in order to avert insolvency
proceedings; or

	(c)
	the
Issuer goes into liquidation unless such liquidation is performed in connection with a merger or another form of combination with another corporation and such other corporation
assumes all rights and obligations under the Convertible Bonds. 

The
right to terminate the Bonds for repayment shall cease to exist if the reason for the termination has been remedied before the exercise of the right. 

	(3)
	The
termination shall be carried out by registered mail addressed to the General Partner of the Issuer. 

 
 

§ 5
  Payments    
  

The
Issuer shall on the Maturity Date pay to the Holders principal and interest free of charge in freely convertible and available legal currency of the Federal Republic of Germany. 

 
 

§ 6
  Conversion Right    
  

	(1)
	Each
Holder has subject to the following provisions the irrevocable right to convert the respective Bonds into common stock of the company. Each Convertible Bond in the nominal amount
of Euro 1.00 shall give the right to be converted into 1 (one) registered share without par value of the company (each a "New Share").

	(2)
	In
connection with a conversion described in sub-paragraph (i) above, an additional payment in the amount of Euro 73.25 (the "Additional
Payment") has to be made for each New Share.

	(3)
	The
conversion right under the Bonds of each Holder shall only be exercised after the occurrence of an Exit Event. Exit Events in the meaning of the Terms and Conditions (in the
following alone "Exit Event") are:

	(a)
	the
listing of the Shares at a stock exchange in Germany, the European Union or the USA (in the following "IPO"); or

	(b)
	the
sale (in one or more transactions) of more than 50% of the shares held in the Issuer by GS Capital Partners 2000 GmbH & Co. Beteiligungs KG, GS Capital Partners 2000
Employee Fund, L.P. (USA), GS Capital Partners 2000 Offshore, L.P. (Cayman Island), GS Capital Partners 2000, L.P. (USA), Stone Street Fund 2000, L.P. (USA), Bridge Street Special Opportunities Fund
2000, L.P. (USA) and Allianz Capital Partners GmbH (the "Financial Investors") to a third party (including another financial investor), provided such
third party is not an affiliate in the meaning of § 15 AktG of a Financial Investors or a fund managed by Financial Investor (together in the following a "Third
Party") (in the following "Trade Sale"); or

	(c)
	the
distribution of an amount of at least Euro 500,000,000 by Messer Group to the Financial Investors (as a result of the sale of the shares in Messer Griesheim Holding AG by Messer
Group or the distribution of dividends or other payments by Messer Griesheim Holding AG to Messer Group) ("Recapitalisation"). 

	(4)
	The
conversion right can be exercised within a period of six months (the "Exercise Period") after the occurrence of an Exit Event. If
upon the expiration of the Exercise Period the New Shares acquired during the Exercise Period by exercise of the conversion right could not be sold to a Third Party subject to the limitations agreed
upon between the Issuer, the Financial Investors and the
Holder the Exercise Period will be extended until the expiration of three months after the sale is permitted. If the conversion rights are not exercised within the Exercise Period they will become
null and void without compensation. 

	(5)
	Notwithstanding
the restrictions under sup-paragraph 3 and 4, the conversion right of each Holder under the Convertible Bond can only be exercised if the following
conditions are fulfilled: 

 Performance Targets  

        100% of the conversion rights can be exercised if 

	(a)
	the
annual Internal Rate of Return (as defined in Exhibit A) the Financial Investors have achieved at the date of the occurrence
of the Exit Event averages to at least 30% per year since April 30, 2001; or

	(b)
	an
Exit Event occurs according to sub-paragraph 3 (a) or (b) prior to September 30, 2004; and

	(c)
	the
respective Holder is still member of the Shareholders' Committee of Messer Griesheim Beteiligungsverwaltungs GmbH and Messer Griesheim Gesellschaft mit beschränkter
Haftung. 

 Membership in the Shareholders' Committee  

If
the conversion rights of a Holder under the Bonds cannot be exercised in accordance with sub-paragraph (a) or sub-paragraph (b) above, the number of
the conversion rights which can be exercised upon the occurrence of an Exit Event shall be irrespective of the Holder still being a member of the Shareholders' Committee be contingent on the number of
the years the Holder has
been a member of the Shareholders' Committee of Messer Griesheim Beteiligungsverwaltungs GmbH; commenced business years shall be treated as full business years: 

	Retirement from the Shareholders'

Committee until and including
 
	 	Number of the

exercisable conversion rights

	December 31, 2002	 	40%
	December 31, 2003	 	60%
	December 31, 2004	 	80%
	December 31, 2005	 	100%

If
the number of Bonds issued to the Holder cannot be divided by 5 (five) when calculating the number of exercisable bonds will be rounded down to the next full number divisible by 5 (five). 

	(6)
	Conversion
rights which are already exercisable at the time of the death of the Holder shall remain in force and be passed over to the heirs. All other conversion rights shall expire
in the event of death. The Conversion Right can only be exercised jointly when the Bonds pass over to a majority of the heirs.

	(7)
	As
soon as and insofar as the conversion rights can no longer be exercised in accordance with the above-mentioned provisions in particular if the Holder retires from the Shareholders'
Committee for any reason, the Holder and his heirs respectively are obliged to return the Bonds to the Issuer. In this case the repayment is made notwithstanding § 3 step by step against
return of the Convertible Bonds. § 7 sub-paragraph 2 shall be applicable mutatis mutandis.

 
 

§ 7
  Exercise of the Conversion Right    
  

	(1)
	For
the exercise of the conversion right the Holder must declare the conversion (the "Conversion Declaration") by using the form to be
obtained from the Issuer and make Additional Payments (pursuant to § 6 (2)). The exercise of the conversion right requires that the Bonds for which the conversion right is supposed to be
exercised are submitted to the Issuer 

(if
certificates have been issued). The declaration is irrevocable. The conversion will only become effective upon receipt of the Declaration and the Additional Payment by the Issuer. 

	(2)
	If
the conversion right is exercised for a portion of the Bonds which is certificated in a global certificate the Issuer will issue a new global certificate for the Bonds not
converted.

	(3)
	The
contingent capital resolved by the in the Shareholders' Committee of the Issuer as of                          serves
for securing the conversion right.

	(4)
	The
New Shares issued upon the exercise of the conversion rights shall participate in the profits from the beginning of the business year in which they are issued. If the issue of the
New Shares occurs before an ordinary shareholders' meeting of the Issuer deciding on the use of the earnings for the preceding business year and if the share of the Issuer are listed on a stock
exchange then the New Shares shall participate in the profits from the preceding business year. The individual certification of the shares is excluded. 

 
 

§ 8
  Protection against Dilution    
  

If
during the term of the Bonds a change of the share capital of the Issuer or restructuring measures occur which directly affect the share capital of the Issuer and if this results in a change of the
value of the Convertible Bonds ("Dilution") (an "Adjustment Event"), then the Issuer shall make an
appropriate adjustment to the Additional Payment as compensation and/or to issue to the Holder an appropriate number of additional Bonds at a nominal value of Euro 1.00 so that the total value of the
conversion rights the Holder is entitled to after the respective measure corresponds to the total value of his conversion rights to which the Holder is entitled immediately before the respective
measures. The Issuer does not perform an adjustment insofar it is not permitted by law or is already provided for by law. 

 
 

§ 9
  Taxes and other costs    
  

Any
taxes or other expenses incurred in connection with the exercise of the Bonds, the issue of New Shares or payments to the Holders have to be borne by the Holder. 

 
 

§ 10
  Limitation of Liability    
  

The
liability of the Issuer, the legal representatives, employees and his agents for negligence as well as for consequential damages and lost profits is excluded. 

 
 

§ 11
  Publication    
  

All
notifications required under these terms and conditions will be made known to the Holder in an appropriate way if an announcement does not have to be made in the Federal Gazette and/or in
mandatory stock exchange journals. 

 
 

§ 12
  Miscellaneous    
  

	(1)
	Form
and content of the Bonds as well as the rights and obligations of the Holders under these terms and conditions are governed by the laws of the Federal Republic of Germany in
every respect.

	(2)
	The
Holders are obliged to comply with all legal requirements, in particularly all prohibitions of insider trading at any time when exercising any rights pursuant to these terms and
conditions or rights in connection therewith. 

	(3)
	Place
of performance is the respective corporate seat of the Issuer.

	(4)
	A
court of arbitration is shall hear all disputes arising out of or in connection with the terms and conditions or in preference to the courts of law. The Issuer and the respective
Holders have agreed upon the details in a separate arbitration agreement pursuant to § 1031 of the German Code of Civil Procedure (ZPO). 

 
 

§ 13
  Severability    
  

If
one of the provisions of these Terms and Conditions will in whole or in part be void or unenforceable the other provisions shall remain unaffected. The invalid or unfeasible provision shall be
deemed to be replaced by a provision comparable to the meaning and purpose of these Terms and Conditions. This also applies in the event of a gap in the regulations. Provisions which are in
contradiction with the Contingent Capital resolved in the Shareholders' Meeting as of                          shall be
deemed unenforceable for the purposes of this provision. 

 
 

Exhibit A—Bond Terms for the Convertible Bonds Type A
                    Definition of Internal Rate of Return

  

"Internal
Rate of Return" means the Return the Financial Investors achieve in respect of the shares sold upon the occurrence of an Exit Event (or in case of a recapitalisation by way of a
distribution). The Internal Rate of Return shall be calculated on the basis of the following formula: 

	

 	
 	
T

[SIGMA]
 t=0	
 	
CFt
(1 + IRR)t	
 	

+	
 	
E
 (1 + IRR)T	
 	

= 0

	"t"	means calendar months whereas "0" stands for the month starting with the acquisition of the shares by the Financial Investors and "T" for the month ending with the date of a closing of an Exit Event.
	

"CFt"	

means monthly "Net Cash Flows" starting from the date of closing of the acquisition of the shares sold and ending with the Exit Event in each case calculated per share sold.
	

"IRR"	

means monthly "Internal Rate of Return".
	

"E"	

means net pre tax cash payment per share sold (or in the case of a recapitalisation the payment respectively) received by the Financial Investors in connection with the Exit Event (in case of a gross dividend, Bruttodividende)
	

"Net Cash Flows"	

shall mean all net amounts of all Expenses and Revenues received or incurred by the Financial Investors.
	

"Expenses"	

shall be the sum of all contributions to the equity of Messer Group made by the Financial Investors until the fulfilment of the Exit Event including all other expenses of any kind to third parties in connection with the acquisition, the financing and
the holding of the shares and the indirect participation of Messer Group in Messer Griesheim GmbH borne by the Financial Investors, irrespective of the legal or financial form, e.g. as capital increase, payments into capital reserve, additional
contribution, shareholder loans as well as all other costs and expenses of the Financial Investors paid to third parties until the Exit Event.
	

"Revenues"	

shall mean all revenues from gross dividends (Bruttodividenden), interest and fees paid to the Financial Investors (but not to affiliates) in connection with the acquisition of the shares in Messer Group
or the indirect or the indirect acquisition of the shares in Messer Griesheim GmbH by Messer Group and the net sale proceeds (except for sales at an Exit Event) before taxes actually received by the Financial Investors and remaining with them. Sales
proceeds shall include any consideration in kind received by the Financial Investors in a merger, a swap or a similar shares transaction. The consideration in kind shall be included in the calculation of the Internal Rate of Return with the actual
value of the closing of the relevant transaction.

For
the purposes of the above calculation payments which the Financial Investors will receive for their participation in the General Partner will be treated as payment for shares in Messer Group. 

The
Internal Rate of Return will be set forth as binding by the Financial Investors. 

 
 

Exhibit 2—Voting Rights Agreement    
  

 
 

Exhibit 3—Arbitration Agreement    
  

QuickLinks

EXHIBIT 10.9

Agreement on the Acquisition of Shares and Convertible Bonds of the Messer Griesheim Group GmbH & Co. KGaA

Index

Defined Terms

Preamble

I. Shares

§ 1 Acquisition of Shares

§ 2 Acquisition Price

§ 3 Warranty

II. Convertible Bonds

§ 4 Acquisition of Convertible Bonds

§ 5 Issuing Price

III. Exit and Co-Sale (Tag Along)

§ 6 Exit by IPO

§ 7 Tag-Along Right

§ 8 Drag Along

IV. Termination of Office

§ 9 Call Option over the Shares

§ 10 Put Option over the Shares

V. General Provisions

§ 11 Agreement on the Binding Exercise of Voting Rights

§ 12 Taxes, Duties and other Expenditures

§ 13 Choice of Law, Court of Arbitration

§ 14 Limitation on Disposal, Repurchase Right

§ 15 Confidentiality/Insider Rules

§ 16 Miscellaneous

§ 17 Risks

Exhibit I—Terms and Conditions of the Convertible Bonds Type A

§ 1 Form and Nominal Amount

§ 2 Payment of Interest

§ 3 Repayment

§ 4 Termination

§ 5 Payments

§ 6 Conversion Right

§ 7 Exercise of the Conversion Right

§ 8 Protection against Dilution

§ 9 Taxes and other costs

§ 10 Limitation of Liability

§ 11 Publication

§ 12 Miscellaneous

§ 13 Severability

Exhibit A—Bond Terms for the Convertible Bonds Type A Definition of Internal Rate of Return

Exhibit 2—Voting Rights Agreement

Exhibit 3—Arbitration Agreement

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