Press release BoxID: 401318 (Advanced Inflight Alliance AG)
  • Advanced Inflight Alliance AG
  • Schellingstraße 35
  • 80799 München
  • Contact person
  • Susanne Rehm
  • +49 (89) 613805-0

Settlement with former Board of Directors member Otto Dauer

(PresseBox) (Munich, ) Advanced Inflight Alliance AG (ISIN DE0001262186, WKN 126218, located at: Schellingstr. 35, 80799 Munich) today reached a court settlement with the former Chairman of the Board of Directors Otto Dauer.

On March 3rd, 2010 the Supervisory Board did withdraw Otto Dauer for cause from the Board of Directors and did terminate the management contract with an extraordinary notice of cancellation. The original duration of the extraordinarily terminated management contract was until May 2014. In addition the company did retain the contractually agreed management bonus for 2009 and 2010. Otto Dauer filed a lawsuit against the effectiveness of the extraordinary notice of cancellation for his management contract and claimed the payment of the management bonus for 2009 and 2010 on a pro-rata basis. In the financial year 2009 the remuneration for Otto Dauer totalled TEUR 789.

Both parties now agreed in court that the management contract with Otto Dauer is annihilated as of March 31st, 2010 and that Otto Dauer receives a payment of TEUR 700, which includes TEUR 450 for the outstanding management bonus 2009 and 2010 and TEUR 250 in compensation. With this payment all claims in conjunction with the management contract of Otto Dauer are compensated.

After the consideration of already accrued provisions for the retained management bonus for 2009 as well as 2010 the settled agreement will have an extraordinary impact of approximately TEUR 250 on the results for the financial year 2010.

This court settlement may be revoked within two weeks by the Supervisory Board of the company. Otto Dauer has no right of revocation.