Manager Employment Contract - Sequenom Gesellschaft fur Genomanalytik mbH and Karsten Schmidt

Manager Employment Contract - Sequenom Gesellschaft fur Genomanalytik mbH and Karsten Schmidt

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Manager Employment Contract - Sequenom Gesellschaft fur Genomanalytik mbH and Karsten Schmidt

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(ENGLISH TRANSLATION) MANAGER EMPLOYMENT CONTRACT between SEQUENOM Gesellschaft fur Genomanalytik mbH, Mendelssohnstr. 15, d22761 Hamburg, Germany (hereinafter referred to as the "Company") and Dr. Karsten Schmidt, Brauweilerstrasse 4, 95025 Pulheim, Germany (hereinafter referred to as the "Manager")

(S)1 Activities
1. The Manager has been appointed as the Managing Director of the Company effective 5/1/99 by shareholder resolution dated 4/30/99.
2. The Manager shall conduct the business of the Company with the degree of care of an ordinary businessman and conscientiously satisfy the obligations and duties assigned to him by statute, the articles of incorporation and the instructions issued to him by the general meeting of shareholders pursuant to the articles of incorporation, as well as the obligations and duties assigned to him by the by‑laws for management, if such by‑laws exist, and this contract.

(S)2 Management and Representation
1. The Manager shall represent the Company judicially and extrajudicially. He shall represent the Company in accordance with the articles of incorporation.
2. Within the internal relationship between the parties, the Manager shall comply with the restrictions imposed upon him by the Company's articles of incorporation and, in particular, obtain the necessary consent of the general meeting of shareholders prior to the submission of legal declarations within the meaning of (S) 12 (4) of the articles of incorporation. The Manager shall be bound by resolutions of the general meeting of shareholders.
3. The general meeting of shareholders shall be entitled at all times to declare that transactions and measures beyond the transactions covered in paragraph 2 require consent as a general matter or in individual cases.
4. All measures which are beyond the ordinary course of business shall require the prior consent of the general meeting of shareholders.
5. The Manager shall provide the shareholders with the necessary documents concerning the Company's course of business in accordance with the applicable reporting system. He shall report directly to the shareholders concerning all matters in accordance with the articles of incorporation.

(S)3 Contract term
This contract shall begin when the Manager is appointed as the manager and shall end at the end of the month in which the Manager reaches the age of 65.

(S)4 Termination
1. Both parties may terminate this contract upon notice of 6 months effective at the end of the relevant calendar quarter (regular termination). Regular termination of this contract at a point in time prior to April 30, 2000, shall be barred.
2. Termination of this contract by either party for good cause shall remain unaffected. Good cause shall specifically exist for the Company if the Manager violates the provisions of this contract or the restrictions with respect to management imposed upon him within the internal relationship of the parties.
3. Following dismissal under corporate law, the Company shall be entitled, at its election, to release the Manager until the end of the employment relationship or entrust him with different duties which may be viewed as reasonable in light of the Manager's professional qualifications.
4. Termination must be effected via registered mail.

(S)5 Remuneration
1. As remuneration for his activities, the Manager shall receive a gross salary in the amount of DM 160,000.00, payable in 12 equal monthly sums at the end of the month, with retention of the statutory deductions. The gross salary shall be reviewed reasonably and adjusted annually; this shall take place for the first time on May 1, 2000.
2. The remuneration defined herein shall constitute payment for the entirety of the Manager's activities. Additional work, as well as work on Sundays and holidays, shall not be separately remunerated.
3. There is no pension commitment.
4. For a transition period of a maximum of one year, the Company shall reimburse the Manager for the expenditures incurred for a second place of residence in Hamburg. For this purpose, the Company shall provide a Company‑owned apartment at Neumunsterschen Strasse 22, 20251 Hamburg, at no charge.
5. For the move from Pulheim to Hamburg (or the surrounding area), the Company shall reimburse the costs incurred (upon documentation) up to a total amount of DM 10,000.00.

(S)6 Expenses/Business trips/Automobile
1. The Company shall be obligated to reimburse the Manager for necessary and reasonable outlays, to the extent that they are made in the interests of the Company. Outlays shall be documented in individual cases, unless lump‑sum amounts permissible under the tax regulations are settled.
2. The expenditures which the Manager incurs during business trips for travel costs, additional food expense, lodging costs and telephone charges, as well as all other necessary expenditures, shall be reimbursed on a lump‑sum basis in accordance with the Company's applicable guidelines for travel costs settlement or, to the extent that said guidelines are not applicable, in accordance with the applicable tax guidelines.
3. The Manager shall receive a mid‑class automobile up to the new automobile purchase costs in the maximum amount of half of his gross annual salary; said automobile may also be used for personal travel, but the Manager shall declare the monetary‑equivalent benefit for tax purposes.

(S)7 Vacation
1. The Manager shall have a right to annual vacation of 30 working days.
2. The timing of vacations shall be coordinated with the general meeting of shareholders in adherence with the interests of the Company.
3. No compensation shall be granted for vacation which is not granted during the calendar year. Vacation which is not taken may only be made up through September of the following year.

(S)8 Continued payment of salary in the event of illness
1. In the event of illness or other non‑culpable inability to work, monthly remuneration shall continue to be paid for a period of six months, but not beyond the end of this employment contract. Continued payment shall begin with the month which follows the occurrence of inability to work.
2. Payments by third parties, such as payments on the basis of liability claims or arising from daily benefits insurance, etc., shall be credited toward the payments by the Company in such manner that the aggregate of such other payments and the payments by the Company do not exceed the pro rata portion of net payments which the Manager would have had he not be unable to work. The pro rata portion of net payments shall be the portions of the after‑tax annual salary within the meaning of (S) 5 par. 1 which are allocable to the illness period.

(S)9 Total activity, Secondary employment
1. The Manager shall make the entirety of his work capacity, as well as all of his experience and knowledge, available to the Company.
2. Any other secondary work activity, regardless of whether or not it is geared toward profit, shall require the prior written consent of the general meeting of shareholders. The Manager shall be obligated to notify the Company in writing in advance concerning any actual or possible secondary employment which requires consent.
3. Consent granted in accordance with par. 2 may be revoked at a later point in time if it becomes apparent that it is in conflict with the interests of the Company.
4. At the end of the employment relationship— or, in the case of early release, at the time of release—the Manager shall be obligated pursuant to resolution of the general meeting of shareholders to resign from all offices which he assumed or performed on the basis above or in connection with his activity with the Company.

(S)10 Prohibition against competition
1. During the term of this contract, the Manager shall not be permitted to work—on a dependent or independent basis, for his own account or for the account of the third party—for a company which engages in mass spectrometric biopolymer analysis and/or develops methods and/or devices which are necessary for that purpose.
2. In the same manner, the Manager shall be barred from advising or otherwise furthering such a company, even on a temporary or occasional basis, and shall be barred from directly or indirectly obtaining an equity interest in a company in the same sector. Equity interests of not more than 5% of the capital stock of exchange‑listed stock corporations shall be excluded from this prohibition against competition.
3. The prohibition against competition set forth in the foregoing paragraph shall continue to be applicable for a period of one year after the end of the contract.
4. For each case of violation of the prohibition against competition, the Manager shall be obligated to pay a contractual penalty in the amount of DM 50,000.00. If a violation is continued for more than four weeks, each four weeks of the continuation of the violation shall be deemed to constitute an independent violation.

(S)11 Business and trade secrets
1. The Manager shall be obligated to keep confidential all information of which he becomes aware during his work for the Company, which relates to or is connected with the Company's business, particularly with respect to business and trade secrets.
2. Disclosure to third parties shall only be permitted to the extent that the action is being taken in performance of a contractual obligation of the Company or for the purpose of protecting Company interests.
3. This obligation shall survive beyond the end of the employment relationship. The Manager is aware of the special provisions concerning the criminal punishability for the violation of business and trade secrets in accordance with (S) 17 of the Act Concerning Unfair Competition.

(S)12 Surrender of documents
At the end of this contract (or, in the case of early release, at the time of release), the Manager shall be obligated to return all documents, records and other materials related to his managerial activity to the Company on an unsolicited basis, along with an assurance of completeness.

(S)13 Drawing of loans
The Manager shall not be permitted to draw loans from the Company; this shall include advances against salary or bonuses in excess of the monthly salary.

(S)14 Insurance
The Manager shall be insured by the Company against work accidents under a group accident insurance policy. The maximum insured sum shall be five times the annual salary. The Manager may be insured by the Company for his benefit under a term life insurance policy in the amount of the applicable maximum tax sum. The general meeting of shareholders shall decide on the amount of the insured sum and shall reasonably take the circumstances into account. The Company shall bear the premiums. The Manager shall be obligated to permit any necessary health examination to be performed.

(S)15 Rights arising from inventions and suggestions for technical improvement
1. The Manager shall be obligated to promptly report to the Company in writing each invention which he makes during the term of the employment relationship arising from his work in the business operation or substantially based on experience or work of the business operation.
2. Within four months from the report, the Company shall be entitled to claim the invention by written declaration to the Manager. Upon receipt of the declaration, the invention shall pass to the Company along with all rights domestically and abroad.
3. If the Company does not claim the invention within four months, the Manager may freely dispose of the invention.
4. The Manager who has made use of a free invention during the term of the employment relationship shall communicate this to the Company promptly in writing.
5. The Company shall be exclusively entitled to rights to inventions or technical improvements which the Manager has made or develops during his work for the Company, in connection with his work for the Company or on the basis of work for the Company. The Manager hereby assigns all relevant rights to the Company; the Company hereby accepts said assignment.

(S)16 Assignment of salary and Compensation claims
1. The Manager may only pledge or assign his salary claims to third parties with the prior written consent of the general meeting of shareholders.
2. In particular, the Manager shall bear the costs which the Company incurs as a result of the attachment, pledge or assignment. The costs which are to be reimbursed shall be a lump‑sum amount of 1% of the attached sum. Upon providing proof that the costs are actually higher, the Company shall be entitled to apply said actual costs and offset them against the Manager's remuneration claims.

(S)17 Exclusion periods
All claims arising from the employment relationship must be asserted in writing by the contracting parties within a period of six months from their due date, but no later than within three months after the end of the employment relationship, and, in the event that they are rejected by the other party, must be sued upon within a period of additional two months. Claims which are not asserted or sued on within this period shall be time‑barred.

(S)18 Miscellaneous
1. Any modification, supplementation or termination of this contract must be in writing in order to be legally valid. The shall also apply to a modification of the provision of the preceding sentence. Oral understandings— even those prior to the conclusion of the contract—shall have no legal validity.
2. The laws of the Federal Republic of Germany shall be applicable to this contract.
3. All declarations by the Manager which relate this contract shall be directed to the general meeting of shareholders.
4. If a provision of this contract is or should become invalid or unenforceable, the contract shall otherwise remain valid. A valid or enforceable provision which comes as close as possible to the invalid or unenforceable provision from an economic standpoint shall be deemed to be agreed upon in place of the invalid or unenforceable provision. The same shall apply in the event that there is a loophole in this contract. (handwritten)

Hamburg, May 3, 1999 Hamburg, April 30, 1999------------------------------------- -----------------------------------------------/s/ Dr. Karsten Schmidt /s/ illegible------------------------------------- -----------------------------------------------Dr. Karsten Schmidt SEQUENOM Gesellschaft fur Genomanalytik mbH

GESCHAFTSFUHRER-ANSTELLUNGSVERTRAGZwischenSEQUENOM Gesellschaft fur Genomanalytik mbH, Mendelssohnstr, 15d22761 Hamburg (im folgenden "Gesellschaft" genannt) und Herrn Dr. Karsten Schmidt, BrauweilerstraBe Pulheim (im folgenden ,,Geschsaftsfuhrer" genannt)(S) 1 Taigkeit 1. Der Geschaftsfuhrer ist durch GesellschafterbeschluB vom ab dem zum Geschaftsfuhrer der Gesellschaft bestellt worden. 2. Der Geschaftsfuhrer hat die Geschafte der Gesellschaft mit der Sorgfalt eines ordentlichen Kaufmanns zu fuhren und die ihm durch Gesetz, den Gesellschaftsvertrag, die laut Gesellschaftsvertrag ergangenen Weisungen der Gesellschafterversammlung, die Geschaftsordnung fur die Geschaftsfuhrung, sofern eine besteht, und die in diesem Vertrag ubertragenen Verpflichtungen und Obliegenheiten verantwortungsbewuBt zu erfullen.(S) 2 Geschaftsfuhrung und Vertretung 1. Der Geschaftsfuhrer vertritt die Gesellschaft gerichtlich und auBergerichtlich. Er vertritt die Gesellschaft satzungsgemaB.2. Der Geschaftsfuhrer hat im Innenverhaltnis die ihm im Gesellschaftsvertrag der Gesellschaft auferlegten Beschrankungen zu beachten und insbesondere vor Abgabe rechtsgeschaftlicher Erklarungen im Sinne von (S) 12 (4) des Gesellschaftsvertrages die erforderliche Zustimmung der Gesellschafterversammlung einzuholen. Der Geschaftsfuhrer ist an Beschlusse der Gesellschafterversammlung gebunden.3. Die Gesellschafterversammlung ist jederzeit berechtigt, Geschafte und MaBnahmen uber die in Absatz 2 erfaBten Geschafte hinaus generell oder m Einzelfall fur zustimmungs-bedurftig zu erklaren.4. Alle MaBnahmen, die auBerhalb des gewohnlichen Geschaftsbetriebes liegen, bedurfen der vorherigen Zustimmung der Gesellschafterversammlung.5. Der Geschaftsfuhrer wird den Gesellschaftern die entsprechend dem jeweiligen geltenden Reporting-System erforderlichen Unterlagen uber den Geschaftsgang der Gesellschaft zur Verfugung stellen. Er wird in allen Angelegenheiten direkt gemaB Satzung an die Gesellschafter berichten.Geschaftsfuhrer-Anstellungsvertrag Herr Dr. Karsten Schmidt (S) 3 Vertragsdauer Dieser Vertrag beginnt mir der Bestellung des Geschaftsfuhrers zum Geschaftsfuhrer und endet mit Ablauf des Monats, in dem der Geschaftsfuhrer das 65, Lebensjahr vollendet.(S) 4 Kundigung1. Beide Parteien konnen diesen Vertrag mit einer Frist von 6 Monaten zum Ende eines Kalendervierteljahres kundigen (ordentliche Kundigung). Eine ordentliche Kundigung dieses Vertrages zu einem Zeitpunkt vor dem 30. April 2000 ist ausgeschlossen.2. Die Kundigung dieses Vertrages aus wichtigem Grund bleibt fur beide Seiten unberuhrt. Ein wichtiger Grund fur die Gesellschaft liegt insbesondere vor, wenn der Geschaftsfuhrer gegen die Bestimmungen dieses Vertrages oder die ihm im Innenverthaltnis auferlegten Beschrankungen hinsichtlich der Geschaftsfuhrung verstoBt.3. Nach der gesellschaftsrechtlichen Abberufung ist die Gesellschaft berechtigt, den Geschaftsfuhrer nach ihrer Wahl bis zur Beendigung des Dienstverhaltrisses freizustellen oder ihn mit anderweitigen Aufgaben zu betrauen, die mit Rucksicht auf die berufliche Qualificatino des Geschaftsfuhrers als zumutbar angesehen werden konnen.4. Die Kundigung hat per eingeschriebenen Brief zu erfolgen.(S) 5 Vergutung1. Der Geschaftsfuhrer erhalt als Vergutung fur seine Tatigkeit ein Bruttogehalt in Hohe von 160.000,- DM, zahlbar in 12 gleichen Monatsbetragen unter Einbehaltung der gesetzlichen Abzuge jeweils am Ende des Monats. Das Bruttogehalt wird jahrlich uberpruft und angemessen angepaBt, erstmals zum 01. Mai 2000.2. Mit den hier festgelegten Vergutungen ist die gesamte Tatigkeit des Geschaftsfuhrers abgegolten. Mehrarbeit sowie Sonn- und Feiertagsarbeit werden nicht gesondert vergutet.3. Eine Versorgungszusage besteht nicht.4. Fur einen Ubergangszeitraum von maximal einem Jahr erstattet die Gesellschaft dem Geschaftsfuhrer die Aufwendungen fur einen zweiten Wohnsitz in Hamburg. Die Gesellschaft stellt heirfur die firmeneigene Dienstwohnung in der Neumunsterschen StraBe 22, 20251 Hamburg kostenfrei zur Verfugung.5. Fur den Umzug von Pulheim nach Hamburg (oder Umgebung) erstattet die Gesellschaft anfallende Kosten nach Beleg bis zu einer Gesamthohe von DM 10.000 DM.(S) 6 Spesen / Dienstreisen / Auto1. Die Gesellschaft ist dem Geschaftsfuhrer zum Ersatz notwendiger und angemessener Auslagen verpflichtet, soweit diese im Interesse der Gesellschaft aufgewendet wurden. Die Auslagen sind im Einzelfall zu belegen, sofern nicht nach den steuerlichen Vorschriften zulassige Pauschalbetrage abgerechnet werden.sh

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