| 1) |
The
Parties hereby amend the Agreement by increasing Monthly Base Salary
as
referred to in Section 4 and subsequent letters by the amount of
£992
effective March 1st
2007:
|
| 2) |
The
Parties hereby agree that clause 11 referring to the payment of a
car
allowance is now deleted and that no company car allowance shall
be
payable.
|
| 3) |
The
Parties hereby amend the Agreement by deleting the words: “The Executive
will also be reimbursed, subject to the production of vouchers,
subscription costs and annual fees for membership to a local club
(eg golf
club)” from clause 5 of the
Agreement.
|
| 4) |
Notwithstanding
the foregoing, for purposes of determining (a) the Annual Bonus
pursuant to Section 4 of the Agreement and any amount credited by
the
Company into a Company deferred compensation plan, the increase in
Annual
Base Salary pursuant to Section 4 of the Agreement shall not be effective
until April 1, 2007. For all other purposes, including, but not limited
to, Section 4 of the Agreement, the increase in Annual Base Salary
pursuant to Section 2 of this Amendment shall be effective on
March 1, 2007.
|
| 5) |
A
cost of living allowance of £1,233 per month will be paid with effect from
1st
March.
|
| 6) |
Moving
costs covering legal, removal, estate agent and relevant tax costs
will be
reimbursed including personal taxes on these paid 1/3rd
when incurred, 1/3rd
on
the first anniversary and 1/3rd
on
the second anniversary. In addition one month’s salary to cover
miscellaneous relocation costs will be paid in March
2007.
|
| 7) |
Mortgage
support will be paid on the following reducing
basis
|
| · |
£38,500
paid April 2007
|
| · |
£28,875
paid April 2008
|
| · |
£19250
paid April 2009
|
| · |
£9625
paid April 2010
|
| 8) |
Capitalized
terms used but not defined in this Amendment shall have the meanings
ascribed to such terms in the
Agreement.
|
| 9) |
This
Amendment, which may be executed in one or more counterparts, is
executed
as and shall constitute an amendment to the Agreement, and shall
be
construed in connection with and as a part of the Agreement. Except
as
amended by this Amendment, all the terms and provisions of the Agreement
shall remain in full force and effect.
|
| 10) |
This
Amendment embodies the entire agreement and understanding between
the
Parties related to the subject matter hereof, and supercedes and
replaces
any other agreement or understanding between the Parties regarding
the
subject matter of this Amendment, whether written or oral, prior
to this
Amendment. This Amendment may not be modified, amended, varied or
supplemented except by an instrument in writing signed by Company
and
Executive.
|
| 11) |
This
Amendment shall be governed by and construed in accordance with English
Law.
|