Package. (1) During your temporary secondment, you shall receive an annual basic salary of € 125,000 gross payable in equal parts at the end of each month. During your assignment abroad, this basic salary shall be continued as a ‘shadow salary’ to provide a financial basis for computing your pension provision, setting up accruals and fixing your remuneration for the period following your return. Salary reviews shall be performed by AWW in consultation with us. The current remuneration package is enclosed in this contract. (3) During the temporary secondment, you shall receive an annual allowance of € 70,000 (gross) for your raised responsibility as Member of the Board. (4) In addition, you shall receive a monthly foreign allowance of € 2,500 (net) during the duration of the temporary secondment. (5) During the temporary secondment, you shall receive a performance-related bonus according to AWW regulations to a maximum amount of 50% of your basic salary according to (1) plus your Board Member allowance according to (2). The amount payable depends on the degree of performance achievement. In addition, you shall be entitled to the long-term bonus of AWW, details of which shall be subject to the agreement to be concluded with AWW. (6) All payments shall be made in Euros to your usual salary account unless you provide us with details of an alternative account in the USA and the part amount to be credited at least six weeks prior to the next due payment. All transfer costs shall be borne by us.
Appears in 2 contracts
Sources: Secondment Contract (American Water Capital Corp.), Secondment Contract (American Water Works Company, Inc.)