EX-10.17 4 ex10_17.txt EX10_17.TXT EXHIBIT 10.17 [Letterhead of Mettler-Toledo International Inc.] Mr. Timothy P. Haynes 4562 Dunleary Drive Dublin, OH 43017 USA Date December 11, 2001 Reference PB/vg Direct Dial +41 1 944 22 85 Telefax +41 1 944 22 55 EMPLOYMENT AGREEMENT between METTLER-TOLEDO, INC., 1900 Polaris Parkway, Columbus / OH 43240, and MR. TIMOTHY P. HAYNES, born October 28, 1964, citizen of the USA. The parties enter into an employment agreement on the terms and conditions set forth below: Function Head of the Retail Division, Member of the Group Management Committee (GMC) of the METTLER TOLEDO Group Employing Company/ Mettler-Toledo, Inc., Columbus / OH. Position Location If not otherwise stipulated in this agreement, the Human Resources Policy and the General Rules of Employment including Benefit Plans of Mettler-Toledo, Inc. apply. Remuneration BASE SALARY of USD 160'000.-- gross per annum, effective October 1, 2001, payable in twelve equal monthly installments of USD 13'333.--. This base salary remains unchanged until March 31, 2003. Participation in the INCENTIVE PLAN POBS PLUS for Members of the Group Management of METTLER TOLEDO (Regulations valid as of March 14, 2000 enclosed). The BONUS, in addition to the yearly base salary, is based and calculated on the grade of target achievement at the end of the business year, as follows: o 4.50% of base salary for the range of 90-110 target points; o 3.75% of base salary for the range of 111-130 target points. For 100% target achievement, the bonus is USD 72'000.-- gross (45% of the base salary). Car Allowance Tim Haynes shall be provided with a car allowance of USD 833.-- gross per month, always in line with the actually valid vehicle policy and rules for the senior management staff of Mettler-Toledo, Inc. Stock Options Participation in the METTLER TOLEDO Stock Option Plan as may be amended from time to time. Tim Haynes will be granted 50'000 Stock Options at the next ordinary grant date after taking up the GMC function. Personnel Insurance Participation in the Mettler-Toledo, Inc. insurance benefit plans and arrangements as actually valid or amended from time to time, in particular Retirement Plan, 410 (k) Retirement Savings Plan, Health Care Programs, Life, Accident and Disability Income Protection. Vacations Tim Haynes shall be entitled to no less than 20 paid vacation days in each calendar year. He shall also be entitled to all paid holidays and personal days given by Mettler-Toledo, Inc. to its employees. Duration/ This employment agreement starts on October Notice Period/ 1, 2001. It is of unlimited duration. It may Termination be terminated by either party without cause by giving six (6) months notice in writing to the end of a month, and shall terminate at the end of such notice period. METTLER TOLEDO may terminate the employee's employment hereunder without any breach of the employment agreement and without a six months notice period under the following circumstances. . Death: The employee's employment hereunder shall terminate upon his death. . Disability: If, as a result of the employee's incapacity due to physical or mental illness, the employee shall have been absent from his duties hereunder on a full-time basis for the entire period of twelve consecutive months, and within thirty (30) days after written notice of termination is given (which may occur before or after the end of such twelve month period) shall not have returned to the performance of his duties hereunder on a full-time basis, METTLER TOLEDO may terminate the employee's employment hereunder. . METTLER TOLEDO and Tim Haynes may terminate the employee's employment hereunder for cause, with immediate effect. Non-Competition While Tim Haynes is employed by METTLER TOLEDO, and for a period of twelve months after the termination of his employment, Tim Haynes shall not knowingly engage in or be employed in any business anywhere in the world which competes with the principal businesses of METTLER TOLEDO. Previous Employment With the effectiveness of this Employment Agreements Agreement, all previous agreements with METTLER TOLEDO shall be considered as cancelled. The acquired years of service since September 7, 1999 are taken into consideration where applicable. Applicable Law and This agreement shall be governed by US Law. Jurisdiction All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the State of Ohio, USA. Mettler-Toledo, Inc. The Employee /S/ /S/ /S/ Robert F. Spoerry Peter Burker Timothy P. Haynes Enclosure