EXHIBIT 10.1
Personal/Confidential
Mr. Joakim Weidemanis
5013 N. W. 60th Terrace
Gainesville, FL 62653 USA
Date: May 23, 2005
Re: PB/em
Phone: 41 1 944 2285
Fax: 41 1 944 2255
Employment Offer
Dear Joakim,
We are very satisfied about our various discussions and would like to offer
you the position of Head Product Inspection Division with METTLER TOLEDO
after a defined introduction period.
In the following outline we want to summarize for you the key elements of
our employment offer:
Introduction Period You will start as Head of Business
Development being responsible for specific
projects and assignments and report to the
acting Head Product Inspection Division,
Viggo Nielsen. No later than September 1,
2006, including a comprehensive introduction,
you will assume the responsibility for the
Product Inspection business as Head Product
Inspection Division and report to the CEO,
Robert F. Spoerry.
Position Location/
Employing Company The position is based in Tampa, Florida and
you will be employed by Mettler-Toledo, Inc.,
Columbus, Ohio. If not otherwise stipulated
in this letter, the Human Resources Policy
and the General Rules of Employment,
including Benefit Plans, of Mettler-Toledo,
Inc., apply. Remuneration Base Salary of USD
200,000 gross per annum, payable in 12
monthly installments of USD 16,666.67. In
addition to the base salary, you are eligible
for a Bonus in the Incentive Plan POBS Plus
which is based and calculated on the grade of
target achievement at the end of the business
year. For 100% target achievement, the bonus
is USD 75,000 -- gross (37.5% of the base
salary). The Regulations of the Incentive
System POBS Plus are attached to this letter.
For business year 2005, a minimum target
achievement of 100% is guaranteed and the
bonus is pro-rated, depending on the starting
date.
At the time of assuming full responsibility
for the Product Inspection Division the Base
Salary will be adjusted to USD 220,000 gross
per annum.
Equity Incentive Plan You are eligible to participate in the
METTLER TOLEDO Equity Incentive Plan as might
be amended from time to time. After taking up
service for METTLER TOLEDO, we anticipate a
grant of 10,000 stock options or an
equivalent equity based grant.
Car Allowance You shall be provided with a car allowance of
USD 833.00 gross per month, always in line
with the actually valid vehicle policy and
rules for the senior management staff of
Mettler-Toledo, Inc.
Personnel Insurance Participation in the Mettler-Toledo, Inc.
insurance benefit plans and arrangements as
actually valid or amended from time to time,
in particular 401 (k) Retirement Savings
Plan, Health Care coverage, Life, Accident
and Disability Income Protection.
Relocation Assistance Relocation assistance will be provided to
move your current residence to the Tampa
area. The company will provide reimbursement
of real estate commissions on the sale of
your current home along with transportation
of household goods, closing costs for the new
residence and a lump sum allowance. The
details are provided in the Relocation Policy
attached.
Vacation You are entitled to 20 paid vacation days in
each calendar year. You shall also be
entitled to all paid holidays.
Duration/
Notice Period/
Termination The employment starts on September 1, 2005,
or earlier. It is of unlimited duration. It
may be terminated by either party without
cause by giving twelve (12) months notice in
writing to the end of a month, and shall
terminate at the end of such notice period.
If the company, for any reason, does not
appoint the employee to the position of Head
Product Inspection Division or an equivalent
position by September 1, 2006, the employee
has the right to terminate the employment
without notice. In this case, the company
will pay the employee severance equal to 12
months of base salary.
METTLER TOLEDO may terminate the employee's
employment hereunder without any breach of
the employment agreement and without a twelve
month 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 may terminate the
employee's employment hereunder for
cause, with immediate effect.
Non-Competition While you are employed by METTLER TOLEDO, and
for a period of twelve months after the
termination of your employment, you shall not
knowingly engage in or be employed in any
business anywhere in the world which competes
with the principal businesses of METTLER
TOLEDO.
Applicable Law and
Jurisdiction The employment shall be governed by US Law.
All disputes concerning the terms and
conditions of this agreement shall be brought
before the ordinary courts in the State of
Ohio, USA.
We are pleased to welcome you to METTLER TOLEDO and are convinced that we
can offer you an attractive business environment. You will find a
challenging and rewarding function with broad professional and personal
development possibilities.
If you comply with the above, we ask you to kindly sign one copy and return
it to us.
Yours sincerely,
Mettler-Toledo International Inc.
Robert F. Spoerry Peter Buerker
Chairman, President and CEO Head Human Resources
- --------------------------------------
Joakim Weidemanis (Accepted)
- --------------------------------------
(Date)
Enclosures:- POBS Plus Regulations
- US Relocation Policy