Document:

exv10w2

 

Draft of 10 June 2002

SERVICE AGREEMENT

     This SERVICE AGREEMENT is made and entered into as of June 10, 2002, by and between Optelecom,
Inc., a Delaware corporation (the “Company”), and James Armstrong, an individual (“Employee”).
Other capitalized terms shall have the respective meanings set forth in Section 15 and elsewhere
herein.

RECITALS:

     WHEREAS, the Company desires to employ Employee on terms that will encourage the attention
and dedication of Employee to the Company as one of its key employees; and

     WHEREAS, Employee is willing to accept such employment by the Company on the terms and
conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
parties agree as follows:

     1. Employment. The Company hereby employs Employee, and Employee hereby
accepts employment with the Company, on the terms and conditions set forth in this Agreement,
which terms and conditions shall supersede all terms and conditions of any other oral or
written
employment agreement(s) entered into between the Company and Employee prior to the date
hereof.

     2. Term
of Agreement. The Employee’s employment is intended to be on an “at-will”
basis and shall continue until terminated as provided in Section 14 hereof.

     3. Duties. Employee shall serve as the Chief Financial Officer of the Company,
reporting to Edmund Ludwig, Chief Executive Officer of the Company, or such other person(s) as
may be designated from time to time by the Company. Employee shall perform the duties required
of Employee to the best of Employee’s ability, experience and talents, all to the reasonable
satisfaction of the Company. Employee agrees to devote his entire working time, energy and
skills to such employment during the Employment Period, and shall not during the Employment Period
render any services of a business, commercial or professional nature to any person or
organization other than the Company or be engaged in any other business activity, except as permitted by
Section 10 of this Agreement. Such duties shall be rendered at such place or places as the Company
shall in good faith require; provided that Employee’s place of employment during the Employment Period
shall not be more than forty (40) miles from the Seller’s current location without Employee’s
prior consent.

     Employee represents and warrants that he is not a party to or bound by any agreement or
contract or subject to any restrictions, particularly, but without limitation, in connection with
any previous employment, which prevent Employee from entering into and performing his obligations
under this Agreement.

 

 

Draft of 10 June 2002

     4. Compensation. During the Employment Period, Employee shall be compensated for
his services as follows:

     (a) Base Salary. Employee shall be paid a basic salary in the annualized amount
of not less than $117,500 payable in substantially equal bi-monthly or other
installments in
accordance with the general practice of the Company, subject to any and all customary
payroll deductions for the FICA, federal, state and local taxes, and fringe benefits.
Employee’s base salary will be reviewed annually and subject to adjustment by the
Company,
in its sole discretion.

     (b) Bonus. Employee shall be eligible for an annual bonus based upon
Employee’s individual performance and specified sales, sales growth and profitability
goals and objectives for the Company to be developed annually in good faith by the Company
in consultation with Employee.

     (c) Stock Options. Employee shall be eligible for the award if stock options
in the Company as provided in the Employee Stock Option Plan then in effect.

     (e) Other Benefits. Employee shall also be a participant, to the extent he
meets all eligibility requirements of general application, in any and all employee benefit
plans in which the Company’ s employees are entitled to participate, including, but not
limited to, a 401(k) plan, group hospitalization, medical and disability plans.

     5. Employee Expenses. During the Employment Period, Employee shall be entitled to
be reimbursed for reasonable or necessary expenditures incurred in the performance of
Employee’s
duties hereunder and approved by the Company, subject to the submission by Employee of the
documentation necessary to support the deductibility of such expenses by the Company on its
federal, state and local income tax returns.

     6. Vacation. During the Employment Period, Employee shall be entitled to three (3)
weeks paid vacation in accordance with the Company’s regular vacation policies in effect from
time to time.

     7. No Competing Business. Employee hereby agrees to adhere to the non-competition
policy of the Company as acknowledged by the Employee.

     8. No Interference with the Business. Employee hereby agrees to adhere to the post-
employment non-interference policy of the Company as acknowledged by the Employee.

     9. No Disclosure of Confidential Information. Employee hereby agrees to
adhere to the
confidentiality policy of the Company as acknowledged by the Employee.

     10. Permitted Activities. The restrictions set forth in Sections 7, 8 and 9 of this
Agreement shall not apply to Permitted Activities or to actions taken by Employee during the time

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Draft of 10 June 2002

Employee may be employed by the Company to the extent, but only to the extent, that such
actions
are (i) necessary in connection with such employment, or (ii) expressly approved in writing by the
Company.

     12. Reduction
of Restrictions by Court Action. If the length of time, type of
activity,
geographic area or other restrictions set forth in the restrictions of Sections 7, 8 or 9 are
deemed unreasonable in any court proceeding, the parties hereto agree that the court may reduce such
restrictions to ones it deems reasonable to protect the substantial investment of the Company
and Affiliates in their business and the goodwill attached thereto.

     13. Remedies. Employee understands that the Company will not have an adequate
remedy at law for the material breach or threatened breach by Employee of any one or more of
the covenants set forth in this Agreement and agrees that in the event of any such material breach
or threatened breach, Company may, in addition to the other remedies which may be available to
it, to injunctive relief (without bond) and to enjoin Employee from the breach or threatened breach
of such covenants.

     14. Termination.

	 	(a)	 	The Employment Period shall terminate upon the first to occur
of:

	 	(i)	 	the Employee’s death,
	 
	 	(ii)	 	the Disability of Employee,
	 
	 	(iii)	 	the termination of the Agreement by the Company for Cause,
	 
	 	(iv)	 	at any time by the Company for any reason upon thirty (30)
day’s prior written notice to Employee, or
	 
	 	(v)	 	at any time by Employee for any reason upon thirty (30)
day’s prior written notice to Company.

	 	(b)	 	The termination of the Employment Period as provided above shall not relieve
Employee of his obligations under Sections 7, 8 and 9 of this Agreement.
	 
	 	(c)	 	If this Agreement is terminated pursuant to Paragraph 14(a)(i) or 14(a)(ii)
above,
Employee or Employee’s estate will continue to receive his Base Salary for two (2)
months following termination, notwithstanding the terms and conditions of any death
or disability payments due under applicable benefit plans of the Company then in
effect.

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Draft of 10 June 2002

	 	(d)	 	If this Agreement is terminated by the Company pursuant to Section 14(a)(iii) or
Section 14(a)(v) of this Agreement, Employee shall not be entitled to receive any
further pay or benefits following the date on which employment ends.
	 
	 	(e)	 	If this Agreement is terminated pursuant to Paragraph 14(a)(iv) above, Employee
shall be entitled to receive his Base Salary and any bonus earned by Employee for a
period of eight (8) months following termination. Employee shall also receive any
and all employee benefits accrued through the termination date, the amount, form and
payment of which shall be determined in accordance with the terms of such employee
benefit plans.

     15. Survival following Change of Control. Notwithstanding any other provision within this
Agreement, this Agreement shall survive any Change in Control, as defined herein, that shall
occur within one
(1) year from the effective date of this Agreement

     16. Definitions. As used in this Agreement, terms defined in the preamble and
recitals of
this Agreement shall have the meanings set forth therein and the following terms shall have the
meanings set forth below:

     “Cause” shall include, without limitation, (i) Employee’s gross negligence in the
performance or non-performance of any of Employee’s responsibilities to the Company
hereunder, (ii) Employee’s failure to follow the Company’s reasonable instructions with
respect to the performance of Employee’s duties hereunder, (iii) Employee’s inability,
refusal or failure to continue to perform the duties required hereunder at any time, (iv)
excessive absenteeism or flagrant neglect of work, (v) serious misconduct or conviction of
a felony or fraud, (vi) disclosure of any proprietary information of the Company without
the consent of the Company, (vii) aiding a competitor of the Company to the detriment of
the Company, and/or (viii) the breach of any other covenants or agreements of Employee
under this Agreement; provided Employee shall be given written notice by the Company and
twenty (20) days to cure any conduct which the Company in good faith determines qualifies
under subclauses (i) through (iv) above.

     “Change of Control” shall mean:

(a) Any Person (as defined conventionally in the context of corporate ownership)
becomes the beneficial owner directly or indirectly (within the meaning of Rule 13(d)(3) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of more than 50% of
the Employer’s then outstanding voting securities (measured on the basis of voting power);
(b) The closing of an agreement of merger or consolidation with any other corporation or
business entity, other than (x) a merger or consolidation which would result in the voting
securities of the Employer outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the
surviving
entity), in combination with the ownership of any trustee or other fiduciary holding
securities
under an employee benefit plan of the Employer, at least 50% of the combined voting power
of the voting securities of the Employer or such surviving entity outstanding immediately

4

 

Draft of 10 June 2002

after such merger or consolidation, or (y) a merger or consolidation effected to
implement a re-capitalization of the Employer (or similar transaction) in which no Person
acquires more than 50% of the combined voting power of the Employer’s then outstanding
securities; or (c) The liquidation or dissolution of the Employer or upon the closing of a
sale or disposition by the Employer of all or substantially all of the Employer’s assets.

     “Disability” shall mean any illness, disability or incapacity of such a character as
to render Employee unable to perform his duties hereunder (which determination shall be
made by the Company) for a total period of ninety (90) days, whether or not such days are
consecutive, during any consecutive twelve (12) month period.

     “Employment Period” shall mean the period between the date of execution of this
agreement and the termination of employment pursuant to Paragraph 14 of this Agreement.

     “Permitted Activities” shall mean (i) owning Company common stock, (ii) serving as an
officer or employee of the Company, (iii) Employee’s equity investments in the equity shares or debt securities of publicly-traded companies provided that Employee is not
involved in the management of such business and such activities do not interfere with the
Company’s business or Employee’s duties and responsibilities under this Agreement, or (iv)
any other activities approved in writing by the Company.

     16. Notices. All notices, demands or other communications required or provided
hereunder shall be in writing and shall be deemed to have been given and received when delivered
in person or transmitted by facsimile transmission (telecopy) to the respective parties, or five
(5) days after dispatch by certified mail, postage prepaid, addressed to the parties at the
addresses set forth below or at such other addresses as such parties may designate by notice to
the other parties:

	 	 	 	 
		If to Company:

	 	Clyde A. Heintzelman
		 

	 	9300 Gaithe Road
		 

	 	GAITHE’S BURG, MD 20877
		 

	 	 
		 
	 	 
		If to Employee:

	 	Jim Armstrong
		 

	 	47425 RIVER FALLS DRIVE
		 

	 	POTOMAC FALLS, VA 20165

5

 

Draft of 10 June 2002

     17. Binding Effect; Assignment. This Agreement shall be binding upon and inure to
the
benefit of and be enforceable by the parties’ successors and permitted assigns. This Agreement and
the rights and obligations of the parties hereunder may not otherwise be assigned or delegated by
either party without the prior written consent of the other party hereto.

     18. Entire Agreement. This Agreement constitutes the entire agreement between the
parties concerning the subject matter hereof and supercedes any and all prior and
contemporaneous
agreements, written or oral, between the parties relating to the subject matter hereof.

     19. Amendment. No amendment or modification of the terms of this Agreement shall be
binding upon either party unless reduced to writing and signed by a duly appointed officer of
the Company and Employee.

     20. Severability. In the event that any provision or portion of this Agreement shall
be determined to be invalid or unenforceable for any reason, the remaining provisions and
portions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the
fullest extent permitted by law.

     21. Waiver. The failure of either party to insist, in any one or more instances, upon
performance of the terms or conditions of this Agreement shall not be construed as a waiver or
relinquishment of any right granted hereunder or of the future performance of any such term,
covenant or condition.

     22. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed the original without, but all of which together shall constitute one and
the same instrument.

     23. Headings. Headings of the sections and subsections of this Agreement are inserted
for convenience of reference only and shall not constitute a part hereof.

     24. Litigation Expenses. All litigation expenses of the Company or Employee in
enforcing any of the provisions of this Agreement, including reasonable attorneys’ fees, shall
be borne by the party who may be found in default or noncompliance with the provisions of this
Agreement.

     25. Governing Law. This Agreement and the rights and obligations of the parties
hereunder shall be governed, construed and enforced in accordance with the internal laws of
the State

6

 

Draft of 10 June 2002

of Maryland, excluding any choice of law rules which may direct the application of the laws
of another jurisdiction.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	 	OPTELECOM, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Clyde A. Heintzelman
	 

	 	 	 	 
	 

	 	Name:
	 	Clyde A. Heintzelman
	 

	 	 	 	 
	 

	 	Title:
	 	Chairman
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 
	 

	 	     /s/
James Armstrong
	 

	 	 
	 

	 	     James
Armstrong

7

 

FIRST AMENDMENT TO SERVICE AGREEMENT

     This FIRST AMENDMENT TO SERVICE AGREEMENT is made and entered into this 6 day of June, 2005
by and between Optelecom-NKF, Inc., a Delaware corporation (the “Company”) and James Armstrong,
and individual ( “Employee”). All capitalized terms used and not defined herein shall have the
respective meanings set forth in the Service Agreement between the Company and Employee dated as
of June 10, 2002 (the “Service Agreement”).

     WHEREAS the Company and the Employee have entered into the Service Agreement setting forth
the terms and conditions of Employee’s employment by the Company; and

     WHEREAS the Company and Employee are desirous of amending the Service Agreement and such
Amendment has been reviewed and approved by the Compensation Committee of the Board of Directors
of the Company.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in the
Service Agreement and herein, the parties agree as follows:

     1. Paragraph 14 (a) (iv) of The Service Agreement shall be and hereby is
deleted in its entirety and replaced with the following:

     “(iv) at any time by the Company for any reason other than for Cause upon thirty (30)
days’ prior written notice to Employee, or”

     2. Paragraph 14 (e) of The Service Agreement shall be and hereby is deleted
in its entirety and replaced with the following:

     “(e) If this Agreement is terminated pursuant to Paragraph 14(a)(iv) above, Employee
shall be entitled to receive his Base Salary, any bonus earned through the termination date
and to participate in all employee benefit plans for a period of twelve (12) months
following termination. Employee shall also receive any and all employee benefits accrued
through the termination date, the amount, form and payment of which shall be determined in
accordance with the terms of such employee benefit plans then in place at the Company.
Notwithstanding, should the employee be terminated pursuant to Paragraph 14(a)(iv) above
following a Change of Control as defined herein, the employee shall be entitled to receive
his Base Salary, any bonus earned through the termination date and to participate in all
employee benefit plans for twenty-four (24) months following termination pursuant to
Paragraph 14(a)(iv) above.”

     3. Paragraph 15 of the Service Agreement shall be and hereby is deleted in
its entirety and replaced with the following:

 

 

     “15. Survival following Change of Control. Notwithstanding any other provision
within this Agreement, this Agreement shall survive any Change in Control, as defined
herein, that shall occur within two (2) years from the effective date of this Agreement.”

     3. All other terms and conditions of the Service Agreement shall remain unchanged.

     IN WITNESS WHEREOF, the parties, intending to be legally bound, have executed this First
Amendment to the Service Agreement as of the date set forth above.

	 	 	 	 	 
	 	 	OPTELECOM-NKF, INC.
	 
	 	 	 	 
	 

	 	By:
	 	     /s/ Edmund Ludwig
	 

	 	 	 	 
	 

	 	 	 	     Edmund Ludwig, President
	 
	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 
	 

	 	     /s/
James Armstrong
	 

	 	 
	 

	 	     James
Armstrong

2 

 

 

SECOND AMENDMENT TO SERVICE AGREEMENT

          This SECOND AMENDMENT TO SERVICE AGREEMENT is made and entered into this 28th day of
November, 2005 by and between Optelecom-NKF, Inc., a Delaware corporation (the “Company”) and
James Armstrong, and individual (“Employee”). All capitalized terms used and not defined herein
shall have the respective meanings set forth in the Service Agreement between the Company and
Employee dated as of June 10, 2002 (the “Service Agreement”).

          WHEREAS the Company and the Employee have entered into the Service Agreement setting forth
the terms and conditions of Employee’s employment by the Company; and

          WHEREAS the Company and Employee are desirous of amending the Service Agreement and such
Amendment has been reviewed and approved by the Compensation Committee of the Board of Directors
of the Company.

          NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in the
Service Agreement and herein, the parties agree as follows:

          1. Paragraph 3 of The Service Agreement shall be and hereby is deleted in its entirety and
replaced with the following:

          “3. Duties. Employee shall serve as the Executive Vice President and Chief Operating
Officer, North American Operations of the Company, reporting to Edmund Ludwig, President and Chief
Executive Officer of the Company, or such other person(s) as may be designated from time to time by
the Company. Employee shall perform the duties required of Employee to the best of Employee’s
ability, experience and talents, all to the reasonable satisfaction of the Company. Employee agrees
to devote his entire working time, energy and skills to such employment during the Employment
Period, and shall not during the Employment Period render any services of a business, commercial or
professional nature to any person or organization other than the Company or be engaged in any other
business activity, except as permitted by Section 10 of this Agreement. Such duties shall be
rendered at such place or places as the Company shall in good faith require; provided that
Employee’s place of employment during the Employment Period shall not be more than forty (40) miles
from the Seller’s current location without Employee’s prior consent.

          Employee represents and warrants that he is not a party to or bound by any agreement or
contract or subject to any restrictions, particularly, but without limitation, in connection with
any previous employment, which prevent Employee from entering into and performing his obligations
under this Agreement.”

 

 

          2. Paragraph 4 (a) of The Service Agreement shall be and hereby is deleted
in its entirety and replaced with the following:

          “(a) Base Salary. Employee shall be paid a basic salary in the annualized
amount of not less than $190,000 payable in substantially equal bimonthly or other
installments in accordance with the general practice of the Company, subject to any and all
customary payroll deductions for the FICA, federal, state and local taxes, and fringe
benefits. Employee’s base salary will be reviewed annually and subject to adjustment by the
Company, in its sole discretion.”

          3. Paragraph 6 of the Service Agreement shall be and hereby is deleted in its
entirety and replaced with the following:

          “6. Vacation. During the Employment Period, Employee shall be entitled to four (4)
weeks paid vacation in accordance with the Company’s regular vacation policies in effect from time
to time.”

          4. All other terms and conditions of the Service Agreement and its
Amendments shall remain unchanged.

          IN WITNESS WHEREOF, the parties, intending to be legally bound, have executed this First
Amendment to the Service Agreement as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	OPTELECOM-NKF, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Edmund Ludwig	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Edmund Ludwig, President and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ James Armstrong	 	 
	 	 	 	 	 
	 

	 	 	 	     James Armstrong	 	 

2exv10w3

 

	 	 	 	 	 	 	 	 	 
	 

	 	EMPLOYMENT CONTRACT
	 	 	 	 	 	ARBEIDSOVEREENKOMST
	 
	 	 	 	 	 	 	 	 
	The undersigned:	 	 	De ondergetekenden:
	 
	 	 	 	 	 	 	 	 
	1.

	 	The private limited company NKF
ELECTRONICS B.V., hereinafter
referred to as: ‘NKF’, with its
registered office in Amsterdam and
its principal place of business in
(2801 DD) Gouda at Zuidelijk Halfrond
4, duly represented in this matter by
Mr. Ed Ludwig, CEO of Optelecom-NKF,
Inc. and a Director of NKF
Electronics B.V. under the Articles
of Association;
	 	 	1.	 	 	De besloten
vennootschap met
beperkte
aansprakelijkheid
NKF ELECTRONICS
B.V., hierna te
noemen: “NKF”,
statutair gevestigd
te Amsterdam en
kantoorhoudende te
(2801 DD) Gouda aan
het Zuidelijk
Halfrond 4, te
dezen rechtsgeldig
vertegenwoordigd
door de heer Ed
Ludwig, CEO
Optelecom Inc. en
tevens statutair
directeur van NKF
Electronics B.V. ;
	 
	 	 	 	 	 	 	 	 
	and

	 	 	 	 	en
	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	Mr. THOMAS WILHELMUS MARTINUS
OVERWIJN, date of birth 9 April 1962,
resident in (2267 BJ) Leidschendam at
Lindelaan 13, hereinafter referred to
as: ‘Mr. Overwijn’ and/or ‘the
Managing Director’;
	 	 	 	 	 	De heer THOMAS
WILHELMUS MARTINUS
OVERWIJN, geboren
op 9 april 1962,
wonende te (2267
BJ) Leidschendam
aan de Lindelaan
13, hierna tevens
te noemen: “de heer
Overwijn” en/of “de
statutair
directeur”;
	 
	 	 	 	 	 	 	 	 
	hereinafter jointly referred to as: ‘the parties’.	 	 	hierna gezamenlijk te noemen: “de partijen”.
	 
	 	 	 	 	 	 	 	 
	WHEREAS

	 	 	IN AANMERKING NEMENDE DAT:

	 
	 	 	 	 	 	 	 	 
	a

	 	On 1 September 1990 Mr. Overwijn
entered the employment of (the legal
predecessor of) NKF for an indefinite
period of time.
	 	 	a	 	 	De heer Overwijn op 1 september 1990 voor
onbepaalde tijd in dienst is getreden bij
(de rechtsvoorgangster van) NKF.
	 
	 	 	 	 	 	 	 	 
	b

	 	On 8 March 2005 the shares in NKF
were transferred to Optelecom Inc.,
located in Germantown, Maryland
(United States of America), whose
name has subsequently been changed to
Optelecom-NKF, Inc.,hereinafter
referred to as: ‘Optelecom’.
	 	 	b	 	 	De aandelen van NKF per 8 maart 2005 zijn
overgedragen aan Optelecom Inc., gevestigd
te Germantown Maryland (Verenigde Staten van
Amerika), hierna te noemen: “Optelecom”.
	 
	 	 	 	 	 	 	 	 
	c

	 	Mr. Overwijn was appointed Managing
Director of NKF under the Articles of
Association pursuant to a resolution
of the General Meeting of
Shareholders as of 9 March 2005.
	 	 	c	 	 	De heer Overwijn tot statutair directeur van
NKF is benoemd bij besluit van de algemene
vergadering van aandeelhouders gedateerd 9
maart 2005. Een kopie van dit besluit is aan
deze arbeidsovereenkomst gehecht.
	 
	 	 	 	 	 	 	 	 
	d

	 	Mr. Overwijn accepted this
appointment.
	 	 	d	 	 	De heer Overwijn deze benoeming heeft
geaccepteerd.
	 
	 	 	 	 	 	 	 	 
	e

	 	Mr. Overwijn is part of the so-called
‘key personnel’ at NKF and Optelecom
wishes to bind Mr. Overwijn to NKF
for an extended period of time.
	 	 	e	 	 	De heer Overwijn tot het zogenaamde
‘key-personnel’ van NKF behoort en Optelecom
de heer Overwijn voor langere tijd wenst te
binden aan NKF.

 

 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	f

	 	The parties wish to extend the
employment contract between them for
an indefinite period on the following
terms, which will apply between the
parties effective from 1 April 2005.
	 	 	f	 	 	Partijen de tussen hen geldende
arbeidsovereenkomst wensen voort te zetten
voor onbepaalde tijd onder de navolgende
condities, welke met ingang van 1 april 2005
tussen partijen gelden.
	 
	 	 	 	 	 	 	 	 
	 

	 	DECLARE TO HAVE AGREED AS FOLLOWS:
	 	 	 	 	 	VERKLAREN HET VOLGENDE TE ZIJN

OVEREENGEKOMEN:
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 1 Commencement and duration
	 	 	 	 	 	Artikel 1 Aanvang en duur
	 
	 	 	 	 	 	 	 	 
	1.

	 	The parties agree that the employment
contract between them will be
extended for an indefinite period
effective from 1 April 2005.
	 	 	1.	 	 	Partijen komen overeen dat de tussen hen
bestaande arbeidsovereenkomst wordt
voortgezet voor onbepaalde tijd per 1 april
2005.
	 
	 	 	 	 	 	 	 	 
	2.

	 	For the purpose of determining Mr.
Overwijn’s length of service 1
September 1990 will be the
commencement date of the employment.
	 	 	2.	 	 	Ten behoeve van de anciënniteit van de heer
Overwijn geldt de datum van 1 september 1990
als datum van indiensttreding.
	 
	 	 	 	 	 	 	 	 
	3.

	 	This employment contract is extended
for an indefinite period and can be
terminated by either party in writing
and effective from the end of any
calendar month, subject to a notice
period of three months for Mr.
Overwijn and four months for NKF.
	 	 	3.	 	 	Deze arbeidsovereenkomst wordt voortgezet
voor onbepaalde tijd en kan door ieder der
partijen schriftelijk en tegen het eind van
een kalendermaand worden opgezegd met
inachtneming van een opzegtermijn van drie
maanden voor de heer Overwijn en zes maanden
voor NKF.
	 
	 	 	 	 	 	 	 	 
	4.

	 	This employment contract will in any
case be terminated without prior
notice being necessary on the first
day of the month following the month
in which the employee attains
pensionable age.
	 	 	4.	 	 	In elk geval eindigt deze
arbeidsovereenkomst op de eerste dag van de
maand volgend op de maand waarin de
werknemer de voor hem geldende
pensioengerechtigde leeftijd bereikt zonder
dat voorafgaande opzegging is vereist.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 2 Position and responsibilities
	 	 	 	 	 	Artikel 2 Functie en plichten
	 
	 	 	 	 	 	 	 	 
	1.

	 	Effective from 1 April 2005 Mr.
Overwijn will be employed in the
position of Managing Director. Mr.
Overwijn was appointed Managing
Director in accordance with Article
12.2 of the NKF Articles of
Association pursuant to a resolution
of the General Meeting of
Shareholders on 9 March 2005.
	 	 	1.	 	 	De heer Overwijn is met ingang van 1 april
2005 werkzaam in de functie van statutair
directeur. De heer Overwijn is tot statutair
directeur benoemd, conform het bepaalde in
artikel 12.2 van de statuten van NKF, bij
het besluit van de algemene vergadering van
aandeelhouders gedateerd 9 maart 2005.
	 
	2.

	 	In his position of Managing Director,
Mr. Overwijn undertakes to perform
all the activities associated with
this
	 	 	2.	 	 	De heer Overwijn verplicht zich in zijn
functie van statutair directeur alle daartoe
benodigde werkzaamheden te verrichten,

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	position, in accordance with the
provisions of section 5 of Book 2 of
the Dutch Civil Code, the NKF
Articles of Association and the
guidelines formulated by the General
Meeting of Shareholders (hereinafter:
the AGM). As such the Managing
Director is accountable to the AGM.
	 	 	 	 	 	in vereenstemming met het bepaalde in afdeling
5 van Boek 2 BW, de statuten van NKF en de
door de algehele vergadering van
aandeelhouders (hierna: “AVA”) vastgestelde
richtlijnen. Als zodanig is de statutair
directeur verantwoording verschuldigd aan de
AVA.
	 
	 	 	 	 	 	 	 	 
	3.

	 	Mr. Overwijn undertakes to take or
refrain from any actions as required
in the pursuit of his
responsibilities as a good employee
and undertakes to be fully committed
to NKF and to represent and promote
the company’s interests to the best
of his ability.
	 	 	3.	 	 	De standplaats van de heer Overwijn is
Gouda. De statutair directeur verplicht zich
desalniettemin werkzaamheden c.q. zijn
werkzaamheden te verrichten op een andere
plaats dan waar gewoonlijk de arbeid wordt
verricht en/of op andere tijden dan
gewoonlijk indien het belang van NKF dit
vergt, tenzij zulks vanwege bijzondere
omstandigheden niet van de statutair
directeur kan worden gevergd.
	 
	 	 	 	 	 	 	 	 
	4.

	 	Mr. Overwijn will be based in Gouda.
The Managing Director nonetheless
undertakes to perform work or his
activities in places other than the
usual workplace and/or at times other
than the usual working hours if this
is required in the best interest of
NKF, unless this cannot reasonably be
expected from the Managing Director
as a result of special circumstances.
	 	 	4.	 	 	De standplaats van de heer Overwijn is
Gouda. De statutair directeur verplicht zich
desalniettemin werkzaamheden c.q. zijn
werkzaamheden te verrichten op een andere
plaats dan waar gewoonlijk de arbeid wordt
verricht en/of op andere tijden dan
gewoonlijk indien het belang van NKF dit
vergt, tenzij zulks vanwege bijzondere
omstandigheden niet van de statutair
directeur kan worden gevergd.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 3 Working hours and salary
	 	 	 	 	 	Artikel 3 Arbeidsduur en salaris
	 
	 	 	 	 	 	 	 	 
	1.

	 	The working hours are 40 hours a
week. The start and finish times will
be determined in consultation with
NKF. The Managing Director undertakes
to work overtime if circumstances so
demand. Overtime hours are not
remunerated separately. Any overtime
remuneration is deemed to be
incorporated in the Managing
Director’s salary.
	 	 	1.	 	 	De arbeidsduur bedraagt 40 uur per week. De
werktijden worden in overleg met NKF
vastgesteld. Indien omstandigheden hiertoe
nopen verplicht de statutair directeur zich
tot het verrichten van overwerk. Overwerk
wordt niet afzonderlijk vergoed. Vergoeding
van eventuele overuren wordt geacht begrepen
te zijn in het salaris van de statutair
bestuurder.
	 
	2.

	 	Taking into account the provisions of
Article 12.4 of the NKF Articles of
Association, the Managing Director’s
gross annual salary has been set at
EUR 105,000 inclusive of holiday
allowance, exclusive of other
emoluments. The employee will receive
the salary in twelve equal monthly
instalments, paid no later than the
last day of each calendar month.
Although the CAO (Collective
Employment Contract) for management
level personnel in de metal and
electronics sector does not apply to
this
	 	 	2.	 	 	Het bruto jaarsalaris van de statutair
directeur is, met inachtneming van het
bepaalde in artikel 12.4 van de statuten van
NKF, bepaald op EUR 105.000 inclusief
vakantiegeld, exclusief andere emolumenten.
Het salaris wordt in twaalf gelijke delen
per kalendermaand aan de werknemer betaald.
Uitbetaling vindt plaats uiterlijk de
laatste dag van de kalendermaand. Ondanks
dat de CAO voor het hoger personeel in de
metaalelektro niet van toepassing is op deze
arbeidsovereenkomst, komen partijen
uitdrukkelijk overeen dat de

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	employment contract, the parties
expressly agree that salary increases
will be implemented in accordance
with this CAO.
	 	 	 	 	 	salarisverhogingen conform deze CAO gevolgd
zullen worden.
	 
	 	 	 	 	 	 	 	 
	4.

	 	The Managing Director is offered the
opportunity to participate in the
Optelecom Inc. ‘Corporate Incentive
Plan’.
	 	 	4.	 	 	Aan de statutair directeur wordt de
mogelijkheid geboden om deel te nemen aan
het “Corporate Incentive Plan” van Optelecom
Inc.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 4 Holiday allowance, leave
days, scheduled hours off and ADV
(reduction in working hours) days
	 	 	 	 	 	Artikel 4 Vakantietoeslag, vakantiedagen,

roostervrije uren en ADV-dagen
	 
	 	 	 	 	 	 	 	 
	1.

	 	The Managing Director will receive a
holiday allowance on a monthly basis
with the payment of the gross annual
salary in accordance with the
provisions of Clause 3, subclause 2.
The holiday year runs from 1 July to
30 June of the next year.
	 	 	1.	 	 	De statutair directeur ontvangt de
vakantietoeslag maandelijks bij de
uitbetaling van het bruto jaarsalaris
conform het bepaalde in artikel 3 lid 2
plaats. Het vakantiejaar loopt van 1 juli
tot en met 30 juni van het daaropvolgende
jaar.
	 
	 	 	 	 	 	 	 	 
	2.

	 	Each calendar year the Managing
Director is entitled to 27 leave
days. Contrary to the provisions of
Article 7:638 of the Dutch Civil
Code, NKF will determine the holiday
dates in consultation with the
Managing Director and as much as
possible in accordance with the
wishes of the Managing Director,
unless the company’s interest
dictates otherwise. Each calendar
year the Managing Director is
entitled to a contiguous holiday
period of no less than two
consecutive weeks.
	 	 	2.	 	 	De statutair directeur heeft per
kalenderjaar recht op 27 vakantiedagen. In
afwijking van het bepaalde in artikel 7:638
BW stelt NKF, na overleg met de statutair
directeur, de vakantie vast, zoveel mogelijk
in overeenstemming met de wensen van de
statutair directeur, tenzij het
bedrijfsbelang zich hiertegen verzet. De
statutair directeur heeft per kalenderjaar
recht op een aaneengesloten periode van
minimaal twee opeenvolgende weken.
	 
	 	 	 	 	 	 	 	 
	3.

	 	The Managing Director is entitled to
13 ADV days per year, expressly in
accordance with the arrangement
included in the CAO for management
personnel in the metal and
electronics sector.
	 	 	3.	 	 	De statutair directeur heeft jaarlijks recht
op 13 ADV-dagen, uitdrukkelijk conform de
regeling zoals opgenomen in de CAO voor het
hoger personeel in de metaalelektro.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 5 Expenses
	 	 	 	 	 	Artikel 5 Onkostenvergoeding
	 
	 	 	 	 	 	 	 	 
	1.

	 	An allowance for any potential
business expenses that cannot be
submitted in a separate claim, the
Managing Director, provided he is
actively performing his duties, will
receive an amount of EUR 200 per
month, to be paid with the salary
payment for the month in question. If
the tax inspector and/or the employed
persons’ insurance administration
agency should at any time decide that
	 	 	1.	 	 	Als vergoeding voor te maken zakelijke
onkosten welke zich niet voor afzonderlijke
declaratie lenen, ontvangt de statutair
directeur, zolang de statutair directeur
feitelijk werkzaam is, een bedrag van EUR
200 per maand, uit te betalen tegelijk met
de salarisbetaling over de desbetreffende
maand. Mocht de inspecteur van de
belastingdienst en/of de
uitvoeringsinstelling UWV te eniger tijd
beslissen dat ter zake van de vergoeding

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	the reimbursement referred to in this
subclause was (partially) subject to
wage tax and/or social security
contributions, the mandatory
deductions will be made at that time
and will be at the Managing
Director’s expense. Starting from
that moment, any future compensation
will be reduced to a level where
payment is not subject to taxation.
	 	 	 	 	 	bedoeld in dit lid (gedeeltelijk)
loonbelasting en/of sociale premies
verschuldigd zijn geweest, dan zullen de
verplichte inhoudingen alsnog worden
gepleegd en komen deze alsnog voor rekening
van de statutair directeur. Ingaande dat
moment zal c.q. zullen de betrokken
vergoedingen voor de toekomst worden
teruggebracht tot het niveau waarop
onbelaste betaling kan plaatsvinden.
	 
	 	 	 	 	 	 	 	 
	2.

	 	The Managing Director will have the
use of a credit card for all
(necessary) expenses he incurs in the
performance of his duties. The
Managing Director will account for
his expenses to NKF by providing
original bills/receipts with the
credit card statements, to be signed
by the Managing Director, submitted
to the NKF accounts department and
approved by Optelecom-NKF, Inc.
	 	 	2.	 	 	Aan de statutair directeur is een creditcard
ter beschikking gesteld ten behoeve van alle
(noodzakelijke) onkosten welke de statutair
directeur in de uitoefening van zijn functie
maakt. De statutair directeur verantwoordt
aan NKF de gedane uitgaven door de
creditcard afschriften te voorzien van de
originele nota’s die door de de statutair
directeur worden afgetekend en bij de
boekhouding van NKF worden ingeleverd.
	 
	 	 	 	 	 	 	 	 
	3.

	 	NKF will pay for the purchase and
operating expenses of a mobile
telephone, taking into account the
relevant (tax-related) statutory
	 	 	3.	 	 	NKF neemt voor haar rekening de kosten voor
de aanschaf en het gebruik van een mobiele
telefoon met inachtneming van de
desbetreffende (fiscale) wettelijke
bepalingen. De mobiele telefoon dient door
de statutair directeur voornamelijk voor
zakelijke doeleinden te worden gebruikt. De
statutair directeur is verplicht de mobiele
telefoon op eerste verzoek van NKF bij NKF
in te leveren.
	 
	 	 	 	 	 	 	 	 
	4.

	 	NKF will provide the Managing
Director with a computer and
peripherals at its own expense,
exclusively in the context of and for
the performance of the agreed work,
provided the Managing Director is
actively performing his duties.
	 	 	4.	 	 	NKF stelt op haar kosten aan de statutair
directeur, zolang de statutair directeur
feitelijk werkzaam is en uitsluitend in het
kader van en voor het verrichten van de
overeengekomen werkzaamheden, een computer
en randapparatuur ter beschikking.
	 
	 	 	 	 	 	 	 	 
	5.

	 	If the Managing Director is unable to
actively perform his duties for a
period exceeding 3 months,
irrespective of the reasons, he will
not be entitled to the allowance and
reimbursements described in this
Clause.
	 	 	5.	 	 	Indien de statutair directeur, ongeacht de
oorzaak hiervan, langer dan 3 maanden zijn
functie feitelijk niet uitoefent, heeft hij
geen recht op de vergoedingen zoals
omschreven in dit artikel.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 6 Leased car
	 	 	 	 	 	Artikel 6 Lease-auto
	 
	 	 	 	 	 	 	 	 
	 

	 	NKF will provide the Managing
Director with a car for the
performance of his duties at a lease
price of EUR 850 per month exclusive
of VAT, in
	 	 	 	 	 	Ten behoeve van de uitoefening van zijn functie, stelt NKF

aan de statutair directeur een auto ter beschikking voor een leaseprijs van EUR 850 per maand

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	accordance with the lease
arrangement that applies within NKF.
The Managing Director will receive a
copy of the lease arrangement, which
will constitute part of the
employment contract between the
parties. The Managing Director is
obliged to return the car to NKF no
later than the date on which the
employment contract between the
parties is terminated.
	 	 	 	 	 	exclusief BTW, conform de binnen NKF geldende
leaseregeling. Een exemplaar van de
leaseregeling wordt aan de statutair
directeur ter beschikking gesteld en maakt
onderdeel uit van de arbeidsovereenkomst die
tussen partijen geldt. De statutair
directeur is verplicht de auto, uiterlijk op
de dag waarop de tussen partijen bestaande
arbeidsovereenkomst eindigt, aan NKF ter
beschikking te stellen.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 7 Illness/Occupational

disability
	 	 	 	 	 	Artikel 7 Ziekte/Arbeidsongeschiktheid
	 
	 	 	 	 	 	 	 	 
	1.

	 	If the Managing Director is prevented
from performing his duties as a
result of illness, he will be
entitled to receive the salary
stipulated in Clause 3 for a maximum
period of 52 weeks for the duration
of the employment contract.
	 	 	1.	 	 	Indien de statutair directeur door ziekte
verhinderd is zijn werkzaamheden te
verrichten houdt hij, zolang de
arbeidsovereenkomst voortduurt, voor een
periode van maximaal 52 weken recht op het
in artikel 3 genoemde salaris.
	 
	 	 	 	 	 	 	 	 
	2.

	 	If the Managing Director’s illness
continues beyond the period
stipulated in subclause 1, the
Managing Director will be entitled to
receive 70% of the salary stipulated
in Clause 3 for the duration of the
employment contract.
	 	 	2.	 	 	Indien de ziekte van de statutair directeur
na ommekomst van de in lid 1 genoemde
periode voortduurt, houdt de statutair
directeur, zolang de arbeidsovereenkomst
voortduurt, recht op 70% van het in artikel
3 genoemde salaris.
	 
	 	 	 	 	 	 	 	 
	3.

	 	In respect of illness notification,
illness and/or occupational
disability, the Managing Director
will act in accordance with the NKF
regulations.
	 	 	3.	 	 	De De statutair directeur houdt zich in
geval van ziekmelding, ziekte en/of
arbeidsongeschiktheid aan de namens NKF
aangegeven voorschriften.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 8 Pension
	 	 	 	 	 	Artikel 8 Pensioen
	 
	 	 	 	 	 	 	 	 
	 

	 	The Managing Director will continue
to participate in the (compulsory) sectoral pension fund: ‘Stichting
Bedrijfstakpensioenfonds voor de
Metalektro’ (Sectoral Pension Fund
for the Metal and Electronics
Sector). At present the employee’s
share (40%) of the pension
contribution is deducted from his
salary on a monthly basis. A separate
policy has been taken out for the
remaining amount. By mutual
arrangement, NKF and the Managing
Director will ensure a correct
adjustment to/transfer of the current
pension scheme.
	 	 	 	 	 	De statutair directeur blijft deelnemen in
het (verplichte) bedrijfstakpensioenfonds: “Stichting Bedrijfstakpensioenfonds voor de
Metalektro”. Thans wordt maandelijks het
werknemersaandeel (40%) in de pensioenpremie
op het salaris ingehouden. Voor het excedent
gedeelte is een aanvullende verzekering
afgesloten. NKF en de statutair directeur
zullen in onderling overleg zorgdragen voor
een correcte aanpassing c.q. overdracht van
de thans geldende pensioenregeling.

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	Clause 9 Insurance and liability
	 	 	 	 	 	Artikel 9 Verzekeringen en aansprakelijkheid
	 
	 	 	 	 	 	 	 	 
	1.

	 	The Managing Director participates in
the group health insurance policy NKF
has taken out for him and his family.
The Managing Director has been
furnished with a copy of the policy
terms. The Managing Director accepts
the fact that the policy terms may
change from time to time. NKF pays
50% of the premium for this insurance
policy to a maximum of 50% of the
premium applicable to standard class
3 health insurance. A Managing
Director’s personal contribution to
this policy is deducted from his
salary on a monthly basis.
	 	 	1.	 	 	De statutair directeur neemt deel in de door
NKF afgesloten collectieve
ziektekostenverzekering ten behoeve van
zichzelf en zijn gezin. Een exemplaar van de
polisvoorwaarden is aan de statutair
directeur ter hand gesteld. De statutair
directeur aanvaardt dat de polisvoorwaarden
van tijd tot tijd kunnen wijzigen. NKF
draagt 50% van de premie van deze
verzekering met een maximum van 50% van de
premie zoals deze geldt voor een
standaardziektekostenverzekering van klasse
3. De eigen bijdrage van een statutair
directeur in deze verzekering wordt
maandelijks op zijn salaris ingehouden.
	 
	 	 	 	 	 	 	 	 
	2.

	 	The Managing Director participates in
the WAO (Invalidity Insurance Act)
shortfall insurance policy and the
WAO excess insurance policy NKF has
taken out for its employees (with the
Nationale Nederlanden insurance
company). Effective from the date
this contract is signed the premiums
for the WAO shortfall insurance will
be fully paid by the employee (whose
share in these premiums will be
deducted by NKF from his salary in
equal monthly instalments) and the
premium for the WAO excess insurance
will be fully paid by NKF.
	 	 	2.	 	 	De statutair directeur neemt deel in de (bij
Nationale Nederlanden) door NKF ten behoeve
van haar werknemers gesloten
WAO-gatverzekering en een
WAO-excedentverzekering. Bij ondertekening
van deze overeenkomst komt de premie voor
de WAO-gatverzekeringen volledig voor
rekening van de werknemer (welk aandeel in
deze premies door NKF in gelijke
maandelijkse delen op het salaris ingehouden
wordt) en de premie voor de
WAO-excedentverzekering volledig voor
rekening van NKF.
	 
	 	 	 	 	 	 	 	 
	3.

	 	Subject to acceptance on normal
premium terms by an insurance company
to be designated by NKF, NKF will
take out a manager’s liability
insurance policy on behalf of the
Managing Director. NKF will pay the
full premium for this policy.
	 	 	3.	 	 	NKF sluit onder voorbehoud van aanvaarding
door een door NKF aan te wijzen verzekeraar
onder normale premievoorwaarden ten behoeve
van de statutair directeur een verzekering
af tegen bestuurdersaansprakelijkheid. De
premie voor deze verzekering komt volledig
ten laste van NKF.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 10 Signing bonus
	 	 	 	 	 	Artikel 10 Tekengeld
	 
	 	 	 	 	 	 	 	 
	 

	 	Upon acceptance of his appointment to
Managing Director, and after signing
this employment contract, Mr.
Overwijn will receive a bonus
consisting of a participating
interest in the Option plan for
25,000 options having an issue date
of 1 April 2005. The ‘Stock Option
Plan’ regulations apply to this
participating interest. A copy of
these regulations is
	 	 	 	 	 	De heer Overwijn ontvangt bij acceptatie van
zijn benoeming tot statutair directeur en na
ondertekening van deze arbeidsovereenkomst
een bonus die bestaat uit een participatie
in het Optieplan voor 25,000 options per 1
april 2005. Op deze particpatie is het
reglement van het Stock Option Plan van
toepassing, van welk reglement een kopie als
bijlage bij deze overeenkomst is

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	attached to this contract.
	 	 	 	 	 	aangehecht.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 11 Additional activities
	 	 	 	 	 	Artikel 11 Nevenactiviteiten
	 
	 	 	 	 	 	 	 	 
	 

	 	For the duration of his employment,
the Managing Director is prohibited
from engaging in paid or unpaid
additional activities without prior
written permission from the General
Meeting of Shareholders. This
prohibition also includes supervisory
directorships and other committee
positions.
	 	 	 	 	 	Het is de statutair bestuurder verboden om
gedurende zijn dienstverband gehonoreerde of
niet-gehonoreerde nevenactiviteiten te
verrichten, behoudens voorafgaande
schriftelijke toestemming van de algemene
vergadering van aandeelhouders. Onder dit
verbod wordt mede verstaan het bekleden van
commissariaten en andere bestuursfuncties.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 12 Third-party remuneration
	 	 	 	 	 	Artikel 12 Beloningen van derden
	 
	 	 	 	 	 	 	 	 
	 

	 	The Managing Director will not accept
monies or other remuneration from
third parties in respect of his work
for NKF and/or companies affiliated
with NKF.
	 	 	 	 	 	De statutair directeur zal geen gelden of
andere beloningen van derden aannemen in
verband met zijn werkzaamheden ten behoeve
van NKF en/of de met haar gelieerde
vennootschappen.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 13 Confidentiality
	 	 	 	 	 	Artikel 13 Geheimhouding
	 
	 	 	 	 	 	 	 	 
	 

	 	Both during the term of the
employment contract and after its
termination — irrespective of the way
in which and the reason why the
employment contract was
terminated -
the Managing Director is prohibited
from passing on to third parties,
either directly or indirectly, in any
form or in any manner, any aspect of
the knowledge he has acquired in
respect of the business and interests
of NKF and/or its affiliated
companies, its customers and other
business relations, all this in the
broadest meaning of the word, unless
the performance of his duties demands
that third parties are informed of
such matters.
	 	 	 	 	 	Zowel gedurende de loop van de
arbeidsovereenkomst als na afloop — ongeacht
de wijze waarop en de reden waarom de
arbeidsovereenkomst tot een einde is gekomen
- is het de statutair
bestuurder verboden om
op enige wijze aan derden, direct of
indirect, in welke vorm en op welke wijze
dan ook, enige mededeling te doen van
hetgeen te zijner kennis is gekomen
aangaande de zaken en belangen van NKF en/of
de met haar gelieerde vennootschappen, haar
cliënten en andere relaties, een en ander in
de ruimste zin des woords, tenzij de
uitoefening van zijn functie vereist dat
derden van zodanige aangelegenheden in
kennis worden gesteld.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 14 Documents and other items
made available by NKF
	 	 	 	 	 	 Artikel 14 Ter beschikking gestelde zaken en

documenten
	 
	 	 	 	 	 	 	 	 
	 

	 	In the event of his suspension and in
the event of the termination of the
employment contract, irrespective of
the way in which and the reason why
the employment contract was
	 	 	 	 	 	In geval van schorsing en bij
beëindiging van de arbeidsovereenkomst, ongeacht de
wijze waarop en de reden waarom de
arbeidsovereenkomst tot een einde komt, zal
de statutair directeur op het eerste

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	terminated, the Managing Director
will return all NKF property in his
possession, as well as all documents
that are in any way related to NKF
and/or its affiliated companies, its
customers and other business
relations, all this in the broadest
meaning of the word, as well as
copies of such documents and
property, at NKF’s first request to
this effect. The Managing Director
will return all items made available
to him by NKF no later than the last
day of the employment contract. Upon
termination of the employment
contract, the Managing Director will
return any items he has on loan from
NKF. The Managing Director may be
held responsible for any damage to or
loss of the items loaned to him
and/or made available to him. NKF
reserves the right to deduct any
amounts the Managing Director is
liable for in respect of the
compensation of such damage/loss from
the final salary payment due to the
Managing Director at the end of his
employment.
	 	 	 	 	 	daartoe strekkende verzoek van NKF alle zich onder
hem bevindende eigendommen van NKF alsmede
alle bescheiden die in enigerlei verband
staan met NKF en/of met de aan haar
gelieerde vennootschappen, met haar cliënten
en andere relaties, een en ander in de
ruimste zin des woords, alsmede kopieën van
dergelijke bescheiden en eigendommen ter
beschikking stellen van NKF. Alle aan de
statutair directeur door NKF ter beschikking
gestelde zaken zal de statutair directeur in
ieder geval op de laatste dag van de
arbeidsovereenkomst weer aan NKF ter
beschikking hebben gesteld respectievelijk
bij NKF hebben ingeleverd. Bij beëindiging
van de arbeidsovereenkomst levert de
statutair directeur eventuele hem door NKF
in bruikleen gegeven, ter beschikking
gestelde goederen bij NKF in. Voor schade
aan of vermissing van de in bruikleen
gegeven en/of ter beschikking gestelde
goederen kan de statutair directeur
aansprakelijk worden gesteld. NKF behoudt
zich het recht voor de bedragen die de
statutair directeur in verband met de
vergoeding van deze schade dient te betalen
te verreken met het nog aan de statutair
directeur bij het einde van zijn
arbeidsovereenkomst uit te betalen salaris.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 15 Publication
	 	 	 	 	 	Artikel 15 Publicaties
	 
	 	 	 	 	 	 	 	 
	 

	 	The Managing Director is not
permitted to publish
information/articles or give lectures
and/or perform any other public
speaking engagements in which he uses
information he has acquired in the
course of his work for NKF or that
relates to the content of his work
for NKF, without express prior
written permission from NKF.
	 	 	 	 	 	Behoudens voorafgaande schriftelijke
toestemming van NKF is het de statutair
directeur niet toegestaan gegevens/artikelen
te publiceren, lezingen en/of voordrachten
en dergelijke te verzorgen, waarbij gebruik
gemaakt wordt van de op grond van de
werkzaamheden voor NKF verworven kennis of
welke betrekking hebbend op de inhoud van de
werkzaamheden voor NKF.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 16 Intellectual property rights
	 	 	 	 	 	Artikel 16 Intellectuele eigendomsrechten
	 
	 	 	 	 	 	 	 	 
	1.

	 	All rights to intellectual property,
products, works and/or services
developed by the Managing Director
during the term of his employment
contract are the property of NKF,
irrespective of whether the
intellectual
	 	 	1.	 	 	Alle rechten van intellectuele eigendom,
producten, werken en/of diensten door de
statutair directeur ontwikkeld gedurende
zijn arbeidsovereenkomst behoren aan NKF
toe, ongeacht of de intellectuele eigendom
is ontstaan tijdens of buiten

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	property was created
during or after working hours and
irrespective of whether the creation
and/or invention and/or contrivance
of intellectual property is/was
directly or indirectly inherent in
the nature of the agreed work.
	 	 	 	 	 	werktijd en evenzeer ongeacht of de aard van de
overeengekomen werkzaamheden het tot stand
(doen) brengen respectievelijk het uitvinden
en/of bedenken van intellectuele eigendom
direct of indirect met zich meebrengt.
	 
	 	 	 	 	 	 	 	 
	2.

	 	The Managing Director is obliged to
notify the General Meeting of
Shareholders forthwith of all
intellectual property and to provide
all information and/or fulfil all
formalities required to enable NKF to
register and/or obtain said
intellectual property rights and,
where necessary, to register the
intellectual property rights in the
name of NKF after initial
registration in the Managing
Director’s name. Unless prescribed
otherwise by law, the Managing
Director will not be entitled to have
his name registered in respect of the
intellectual property.
	 	 	2.	 	 	De statutair directeur is verplicht van alle
intellectuele eigendom onverwijld mededeling
te doen aan de algemene vergadering van
aandeelhouders en zal alle informatie
verschaffen en/of alle formaliteiten
vervullen die nodig zijn om NKF in staat te
stellen tot de inschrijving c.q. verkrijging
van de bedoelde intellectuele
eigendomsrechten en, indien noodzakelijk,
voor overschrijving op naam van NKF na
eerdere inschrijving op naam van de
statutair directeur. Tenzij de wet anders
voorschrijft, komt de statutair directeur
geen recht op naamsvermelding toe.
	 
	 	 	 	 	 	 	 	 
	3.

	 	The Managing Director is not entitled
to exploit any products, works and/or
services he has developed during the
term of his employment contract in
any way — both during and after the
aforementioned period — or to allow
others to exploit such products,
works and/or services.
	 	 	3.	 	 	De statutair directeur is niet gerechtigd de
door hem gedurende deze arbeidsovereenkomst
ontwikkelde producten, werken en/of diensten
- zowel tijdens als ook na voornoemde
periode — op welke wijze ook te exploiteren
of te laten exploiteren.
	 
	 	 	 	 	 	 	 	 
	4.

	 	The Managing Director’s salary is
deemed to include a reimbursement for
the (potential) loss of any
intellectual property. The Managing
Director acknowledges that this is
the case.
	 	 	4.	 	 	In het salaris van de statutair directeur
wordt geacht begrepen te zijn een vergoeding
voor het (eventuele) gemis aan rechten van
intellectuele eigendom. De statutair
directeur erkent dit.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 17 Non-competition clause
	 	 	 	 	 	Artikel 17 Non-concurrentiebeding
	 
	 	 	 	 	 	 	 	 
	1.

	 	For a period of one year after
termination of the employment
contract, irrespective of the way in
which and the reason why the
employment contract was terminated,
the Managing Director is prohibited
from starting, managing, co-managing
or employing someone to manage a
business that is similar or related
to the business of NKF and/or its
affiliated companies in Europe or in
any other place in which or to which
NKF and/or companies affiliated with
NKF trade and/or manufacture products
and/or provide services, or from
being directly or indirectly involved
in or having a financial interest, in
any form, in such
	 	 	1.	 	 	Het is de statutair bestuurder niet
toegestaan, zonder voorafgaande
schriftelijke toestemming van of namens de
algemene vergadering van aandeelhouders, om
gedurende een periode van één jaar na het
eindigen van de arbeidsovereenkomst,
ongeacht de wijze waarop en de redenen
waarom de arbeidsovereenkomst tot een einde
is gekomen, in Europa of elders waarnaar of
waarin NKF en/of met NKF gelieerde
ondernemingen producten verhandelen en/of
fabriceren en/of diensten verlenen, een
onderneming gelijksoortig of verwant aan die
van NKF en/of de aan haar gelieerde
vennootschappen te vestigen, te drijven,
mede te drijven of te doen

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	companies, or to
work for such companies in any way,
either for remuneration or otherwise,
or to have any share of such
companies of any nature other than
shares in a company that is listed on
the stock exchange, without prior
written permission from or on behalf
of the General Meeting of
Shareholders. The General Meeting of
Shareholders will only refuse to give
such written permission if failure to
enforce the non-competition clause
would be severely detrimental to the
interests of NKF and/or companies
affiliated with NKF.
	 	 	 	 	 	drijven, hetzij direct hetzij indirect of financieel in welke vorm dan ook bij een dergelijke
onderneming belangen te hebben of daarin of
daarvoor op enigerlei wijze werkzaam te
zijn, hetzij tegen een vergoeding, hetzij om
niet, of daarin een aandeel van welke aard
dan ook te hebben, anders dan aandelen in
een ter beurze genoteerde vennootschap. De
algemene vergadering van aandeelhouders zal
de schriftelijke toestemming slechts
weigeren indien door het niet handhaven van
het non-concurrentiebeding NKF en/of de met
haar gelieerde vennootschappen/ondernemingen
in ernstige mate in haar belangen wordt
geschaad.
	 
	 	 	 	 	 	 	 	 
	2.

	 	Until such time as the General
Meeting of Shareholders releases the
Managing Director from the provisions
of the previous subclause, NKF will
pay the General Manager, after
termination of the employment
contract, a month-to-month allowance
that is equal to 1/12 of the final
salary (excluding emoluments) for the
duration of the non-competition
clause. The Managing Director will
deduct any income received from other
sources in this period from this
allowance. ‘Other income’ refers to
income from employment and/or social
security and income received under
Clause 19 of this employment
contract. The Managing Director will
not be entitled to any payment if he
contravenes the non-competition
clause, if he is dismissed instantly
for cause, if the employment contract
is dissolved as a result of an urgent
reason or if the employment contract
is terminated as a result of the
Managing Director attaining
pensionable age.
	 	 	2.	 	 	Totdat de algemene vergadering van
aandeelhouders de statutair directeur
ontheft van het bepaalde in het voorgaande
lid zal NKF aan de statutair directeur na
het einde van de arbeidsovereenkomst voor de
duur van het non-concurrentiebeding van
maand tot maand een vergoeding betalen
gelijk aan 1/12 van het laatstelijk genoten
salaris (exclusief emolumenten). Op deze
vergoeding wordt het door de statutair
directeur gedurende deze periode uit anderen
hoofde genoten inkomen in mindering
gebracht. Onder inkomen wordt verstaan
inkomen uit hoofde van arbeid en/of sociale
zekerheid. De statutair directeur heeft geen
recht op enige betaling indien hij het
non-concurrentiebeding overtreedt, indien
hij op staande voet ontslagen is, indien de
arbeidsovereenkomst op grond van een
dringende reden is ontbonden of de
arbeidsovereenkomst eindigt op grond van het
bereiken van de pensioengerechtigde
leeftijd.
	 
	 	 	 	 	 	 	 	 
	3.

	 	Neither is the Managing Director
allowed to employ staff members
and/or persons who are or were
employed by NKF and/or by companies
affiliated with NKF in the period up
to two years prior to the termination
of the Managing Director’s employment
contract, or to encourage such
persons to terminate their employment
with NKF for a period of two years
after termination of this contract.
	 	 	3.	 	 	Het is de statutair directeur gedurende de
hierboven vermelde periode evenmin
toegestaan om werknemers en/of personen die
in de periode van twee jaar voorafgaande aan
het einde van de arbeidsovereenkomst met de
statutair directeur, een dienstbetrekking
hebben of hebben gehad met NKF en/of met de
aan heer gelieerde vennootschappen, te
bewegen de arbeidsovereenkomst met NKF te
beëindigen en/of in dienst te nemen.

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	Clause 18 Penalty clause
	 	 	 	 	 	Artikel 18 Boetebeding
	 
	 	 	 	 	 	 	 	 
	 

	 	If the Managing Director acts in a
manner that contravenes the
provisions of Articles 11, 13, 15
and/or 17 he will, contrary to the
provisions of Article 7:650 of the
Dutch Civil Code, forfeit to NKF an
immediately payable penalty that is
not subject to any further reminder,
notice of default or intervention by
the courts of EUR 5,000 per
infringement, to be increased by an
amount of EUR 250 for each day or
part-day the infringement continues
and without prejudice to NKF’s option
to claim reimbursement of the full
damages, as well as compliance, in
lieu of this penalty.Payment of the
penalty stipulated in this Clause
does not release the Managing
Director from the obligations
stipulated in Clauses 11, 13, 15
and/or 17.
	 	 	 	 	 	Indien de statutair directeur handelt in
strijd met het bepaalde in de artikelen 11,
13, 15 en/of 17 verbeurt hij, in afwijking
van het bepaalde in artikel 7:650 BW aan NKF
een terstond en zonder nadere aanmaning,
ingebrekestelling of rechterlijke
tussenkomst opeisbare boete van EUR 5.000
per overtreding, te vermeerderen met een
bedrag van EUR 250 voor iedere dag of deel
van een dag dat de overtreding voortduurt en
onverminderd de bevoegdheid van NKF in
plaats van deze boete vergoeding te vorderen
van de volledige schade alsmede nakoming.
Betaling van de in dit artikel genoemde
boete ontslaat de statutair directeur niet
van de in de artikelen 11, 13, 15 en/of 17
opgenomen verplichtingen.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 19 Compensation in the event
of dismissal
	 	 	 	 	 	 Artikel 19 Schadevergoeding bij ontslag
	 
	 	 	 	 	 	 	 	 
	1.

	 	If NKF terminates the employment
contract at any time, other than as a
result of instant dismissal for an
urgent reason within the meaning of
the law of which the Managing
Director has been informed forthwith,
and other than as a result of an
illness of the Managing Director
extending beyond two years, the
Managing Director will be entitled to
claim compensation from NKF as
follows. The term ‘termination of the
employment contract’ in this Clause
expressly does not refer to the legal
termination of the employment
contract as a result of the Managing
Director attaining pensionable age as
described in Clause 1, fourth
subclause, but does refer to
dissolution of the contract by order
of the Court.
	 	 	1.	 	 	Indien NKF op enig moment tot beëindiging
van de arbeidsovereenkomst overgaat, anders
dan door middel van een ontslag op staande
voet wegens een onverwijld aan de statutair
directeur medegedeelde dringende rede in de
zin van de wet en anders dan na 2 jaar
ziekte van de statutair directeur, heeft de
statutair directeur jegens NKF recht op een
vergoeding als volgt. Onder beëindiging van
de arbeidsovereenkomst in dit artikel wordt
uitdrukkelijk niet bedoeld de beëindiging
van rechtswege van de arbeidsovereenkomst
wegens het bereiken van de
pensioengerechtigde leeftijd als omschreven
in artikel 1 vierde lid maar wèl mede
begrepen een door de rechter uitgesproken
ontbinding.
	 
	 	 	 	 	 	 	 	 
	2.

	 	The compensation will be an amount
equal to one year’s salary at the
rate he is being paid at the time of
termination in the event his
employment has been terminated by NKF
without urgent reason or, in the
event his employment is terminated as
a result of a change of control of
either
	 	 	2.	 	 	De vergoeding komt overeen met een bedrag
ter grootte van één jaarsalaris op het
moment van de beëindiging indien de
beëindiging door NKF is geschied zonder
dringende reden of indien de
arbeidsovereenkomst is beëindigd als een
gevolg van een wijziging in de zeggenschap
van NKF of Optelcom, twee

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	NKF or Optelecom, two years’
salary. This compensation will be
paid within 1 month of the (formal)
termination of the employment
contract in a manner to be stipulated
by the Managing Director, provided
this method is permitted under tax
legislation.
	 	 	 	 	 	jaarsalarissen. Deze vergoeding zal binnen 1 maand worden
betaald op een door de statutair directeur
aan te geven wijze mits fiscaal toelaatbaar.
	 
	 	 	 	 	 	 	 	 
	3.

	 	In this Clause, the term ‘salary’
refers to the amount of the salary
referred to in Clause 3, subclause 2,
increased by the average bonus
received as referred to in Clause 10
in the 3 years immediately preceding
the termination of the employment and
increased by the allowance referred
to in Clause 5, subclause 1 of this
contract.
	 	 	3.	 	 	Onder salaris in dit artikel wordt verstaan
de som van het in artikel 3 lid 2 bedoelde
salaris, vermeerder met de over de laatste 3
jaar onmiddellijk voorafgaand aan de
beëindiging van de arbeidsovereenkomst
gemiddeld genoten bonus als bedoeld in
artikel 10 vermeerderd met de vergoeding als
bedoeld in artikel 5 lid 1 van deze
overeenkomst.
	 
	 	 	 	 	 	 	 	 
	4.

	 	The provisions of this Clause do not
affect the Managing Director’s right
to claim further compensation
pursuant to Article 7:681 of the
Dutch Civil Code.
	 	 	4.	 	 	Het bepaalde in dit artikel laat onverlet de
bevoegdheid van de statutair directeur om
verdere vergoedingen te vorderen op grond
van artikel 7:681 BW.
	 
	 	 	 	 	 	 	 	 
	5.

	 	The parties also wish to agree that
the Managing Director will be
entitled to the same compensation
described in this Clause if the
Managing Director should decide, for
reasons of his own, to terminate his
employment contract with NKF within
one year after the control of NKF,
including, in this context, the
control of a legal entity that has
direct or indirect control of NKF,
was changed at any time in the sense
that the majority shareholding in NKF
or in the aforementioned legal entity
is now held directly or indirectly by
a natural person or legal entity not
being the natural person or legal
entity holding the majority
shareholding at the time this
contract was signed.
	 	 	5.	 	 	Partijen wensen tevens overeen te komen dat
aan de statutair bestuurder eenzelfde
vergoeding als in dit artikel omschreven
toekomt indien de statutair directeur, om
hem moverende redenen, zou besluiten de
arbeidsovereenkomst met NKF op te zeggen,
binnen een jaar nadat op enig moment de
zeggenschap in NKF, waaronder in dit verband
begrepen de zeggenschap in een rechtspersoon
die (in)direct de zeggenschap heeft in NKF,
zal zijn gewijzigd in die zin dat de
meerderheid van de aandelen in NKF
respectievelijk de hiervoor bedoelde
rechtspersoon (in)direct gehouden zal worden
door een natuurlijke of rechtspersoon, niet
zijnde degene die op het tijdstip van
ondertekening van deze arbeidsovereenkomst
de meerderheid van de aandelen houdt.
	 
	 	 	 	 	 	 	 	 
	 

	 	Clause 20 Applicable law
	 	 	 	 	 	Artikel 20 Toepasselijk recht
	 
	 	 	 	 	 	 	 	 
	 

	 	Dutch law applies to this contract
and to all disputes, agreements,
arrangements, conditions, guidelines
and the like arising from this
contract.
	 	 	 	 	 	Deze overeenkomst en alle daaruit
voortvloeiende en daarmee verband houdende
geschillen, overeenkomsten, regelingen,
voorwaarden, richtlijnen en dergelijke
worden beheerst door Nederland recht.

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	Clause 21 Final provisions
	 	 	 	 	 	Artikel 21 Slotbepalingen
	 
	 	 	 	 	 	 	 	 
	1.

	 	The Managing Director will comply
with the general regulations and/or
policy rules that apply at NKF, for
instance rules or regulations
relating to good order, health and
safety, and with all measures taken
by NKF with a view to the good order
and proper proceedings within the
company.
	 	 	1.	 	 	De statutair directeur zal zich houden aan
de in de onderneming van NKF geldende
voorschriften en/of beleidsregels in
algemene zin, zoals met betrekking tot de
goede orde, veiligheid en gezondheid, en
alle maatregelen door NKF genomen met het
oog op de goede orde en de goede gang van
zaken in de onderneming.
	 
	 	 	 	 	 	 	 	 
	2.

	 	Announcements to employees that are
made by means of a written
confirmation of the announcement in
question posted in the appointed
places or published in the personnel
newsletter must be considered to have
been made to each individual
employee.
	 	 	2.	 	 	Mededelingen aan de werknemers, die bekend
gemaakt worden door middel van bevestiging
van deze mededeling op de daartoe bestemde
plaatsen dan wel plaatsing in het
personeelsorgaan, worden geacht schriftelijk
te zijn geschied aan elk der werknemers
afzonderlijk.
	 
	 	 	 	 	 	 	 	 
	3.

	 	NKF may ask the Managing Director to
submit to a search by members of the
security service. The Managing
Director agrees to cooperate with
such searches.
	 	 	3.	 	 	NKF kan verlangen dat de statutair directeur
zich onderwerpt aan een visitatie door leden
van de bewakingsdienst. De statutair
directeur verbindt zich aan deze visitatie
zijn medewerking te verlenen.
	 
	 	 	 	 	 	 	 	 
	4.

	 	Pursuant to the provisions of Clause
1.2, subclause 2 (scope of
application) of the Collective
Employment Contract (CAO) for
management personnel in the metal and
electronics sector, this CAO does not
apply to this employment contract,
with the exception of those CAO
provisions the parties have expressly
agreed in Clause 3, subclause 2, and
Clause 4, subclause 3, of this
contract.
	 	 	4.	 	 	Op deze arbeidsovereenkomst is de
collectieve arbeidsovereenkomst voor het
hogere personeel in de Metalektro niet van
toepassing op grond van het bepaalde in
artikel 1.2 lid 2 (werkingsfeer) van deze
CAO met uitzondering van de bepalingen uit
de CAO de uitdrukkelijk tussen partijen is
overeengekomen in artikel 3 lid 2 en artikel
4 lid 3 van deze overeenkomst.
	 
	 	 	 	 	 	 	 	 
	5.

	 	All arrangements, conditions,
guidelines etc. referred to in this
contract or listed in this contract
as being applicable are deemed to
form part of this contract, unless
the contrary has been expressly
stipulated. Among other things, these
arrangements include the NKF
personnel guide. A copy of this guide
is available for perusal at the
personnel department and at the
various company departments and will
be provided upon request.
	 	 	5.	 	 	Alle regelingen, voorwaarden, richtlijnen
etc waarnaar in deze overeenkomst wordt
verwezen of waarvan wordt vermeld dat zij
van toepassing zijn, worden geacht onderdeel
van deze overeenkomst uit te maken, tenzij
het tegendeel uitdrukkelijk is bepaald. Tot
deze regelingen behoort onder meer de
personeelsgids van NKF. Een exemplaar van
deze personeelsgids ligt bij de afdeling
personeelszaken en bij de respectievelijke
afdelingen ter inzage en is op verzoek
verkrijgbaar.
	 
	6.

	 	If one or more of the emoluments
listed in this contract must be
considered taxable or liable for the
payment of social security
contributions within the meaning of
the Wages and Salaries Tax Act and/or
social security legislation, the
relevant wage tax and
	 	 	6.	 	 	Indien één of meer van de in deze
overeenkomst genoemde emolumenten als
belastbaar respectievelijk premieplichtig
loon in de zin van de Wet op de
Loonbelasting en/of sociale
verzekeringswetten moet worden beschouwd,
komen loonbelasting en het

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	the employee
component of the social security
contributions will be at the expense
of the Managing Director.
	 	 	 	 	 	werknemersdeel in de sociale verzekeringspremies voor rekening
van de statutair directeur.
	 
	 	 	 	 	 	 	 	 
	7.

	 	NKF reserves the right, within the
bounds of reasonableness, to make
changes, additions or adjustments to
this employment contract and to the
arrangements, conditions etc.,
including the NKF personnel guide,
that this contract refers to if, in
NKF’s opinion, (compelling)
circumstances give NKF cause to do
so.
	 	 	7.	 	 	NKF behoudt zich binnen de grenzen der
redelijkheid het recht voor om deze
arbeidsovereenkomst en de regelingen,
voorwaarden, richtlijnen en dergelijke
waaronder de personeelsgids van NKF,
waarnaar in deze overeenkomst wordt
verwezen, te wijzigen c.q. aan te vullen en
aan te passen indien (zwaarwichtige)
omstandigheden daartoe naar het oordeel van
NKF aanleiding geven.
	 
	 	 	 	 	 	 	 	 
	8.

	 	This contract replaces all previous
contracts and/or (verbal)
arrangements.
	 	 	8.	 	 	Deze overeenkomst treedt in plaats van alle
voorafgaande overeenkomsten en/of
(mondelinge) afspraken.
	 
	 	 	 	 	 	 	 	 
	9.

	 	This employment contract can only be
deviated from in writing and any
amendments will only be valid if they
have been signed for approval by both
parties.
	 	 	9.	 	 	Van deze arbeidsovereenkomst kan uitsluitend
schriftelijk worden afgeweken en deze
aanpassing dient door beide partijen voor
akkoord getekend te worden alvorens deze
tussen partijen geldt.
	 
	 	 	 	 	 	 	 	 
	10.

	 	This employment contract will be
translated into English. In the event
of any lack of clarity or discrepancy
between the text of the Dutch and
English employment contract, the text
of the English employment contract
will prevail.
	 	 	10.	 	 	Deze arbeidsovereenkomst wordt vertaald in
het Engels. Bij enige onduidelijkheid c.q.
discrepantie tussen de tekst van de
Nederlandse en Engelse arbeidsovereenkomst
prevaleert de tekst van de Engelse
arbeidsovereenkomst.
	 
	 	 	 	 	 	 	 	 
	 

	 	Agreed and signed in duplicate in
....... on ...... 2005
	 	 	 	 	 	Aldus overeengekomen en ondertekend in

tweevoud te ...... op ...... 2005
	 
	 	 	 	 	 	 	 	 
	 

	 	for NKF Electronics B.V.	 	 	 	 	 	namens NKF Electronics B.V.
	 
	 	 	 	 	 	 	 	 
	 

	 	Mr. Edmund Ludwig	 	 	 	 	 	de heer Ed Ludwig
	 
	 	 	 	 	 	 	 	 
	 

	 	on behalf of the Employee	 	 	 	 	 	namens de werknemer
	 
	 

	 	Mr. Th.W.M. Overwijn	 	 	 	 	 	de heer Th.W.M. Overwijn

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