PENSION PLAN AGREEMENT
Kleber and Bindemittel-Gesellschaft m.b.H 4600 Wels, Kaplanstr. 30 - hereinafter "Company" -
Dr. Hermann Lagally, 4600 Wels, Schafwiesenstr.70 - hereafter "Managing Director" -
the following Pension Agreement has been concluded:
1 The Managing Director will receive at the date of his retirement - at the earliest at age 63 - a monthly pension
of 1% of his average monthly salary during the last 5 years (on the basis of 12 monthly salaries per annum) prior
to retirement, multiplied by the number of years of service as of April 1, 1973.
Service years as of age 65 will not be considered.
2 In case of disability or death prior to the age of 65 the pension will be calculated on the basis of the number of
years of service the Managing Director would have achieved at the age of 65. The average monthly salary will be
based on the last twelve months prior to disability or death. As of age 61 the average monthly salary will be
based on the monthly salaries received in the period from the age of 60 until the moment of disability or death.
Disability is proven when entitlement for the statutory disability pension exists.
3 Pension payments resulting from this Agreement as well as statutory social security may not exceed 75% of the
average gross income received during the last 5 years prior to becoming eligible for pension payment.
4 In case of death of the Managing Director
a) after the age of 63 the widow is entitled to 60%, a full orphan to 25% and a half orphan to 12.5% of the
pension the Managing Director would have been entitled to in accordance with Section 1 of this Agreement
b) In case of pension entitlements due to disability or death prior to the age of 65, the survivors remain entitled to
the same pension percentages as described under Section 4(a), but the pension will be calculated in accordance
with Section 2 of this Agreement.
c) The entitlement to survivor pension (widow pension) exists when the Managing Director was married