DGAP-Adhoc: Advanced Inflight Alliance AG: Settlement with former Board of Directors member Otto Dauer

 | Source: EQS Group AG EQS Group AG 

Advanced Inflight Alliance AG  / Key word(s): Scheme of Arrangement

27.01.2011 19:34

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Nonbinding voluntary Translation:

Ad hoc Announcement in accordance with Section 15 of the Securities Trade
Act

Settlement with former Board of Directors member Otto Dauer

Munich, January 27th, 2011 - 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.

Advanced Inflight Alliance AG

Board of Directors


27.01.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Advanced Inflight Alliance AG
              Schellingstr. 35
              80799 München
              Deutschland
Phone:        +49 (0)89 613805-0
Fax:          +49 (0)89 613805-55
E-mail:       info@aialliance.com
Internet:     www.advanced-inflight-alliance.com
ISIN:         DE0001262186
WKN:          126218
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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