Exhibit 10.3


 


THIS
AGREEMENT is made the 
30th day of November 1998.


 


BETWEEN:
AON GROUP, INC. whose registered office is situated at
123 North Wacker Drive, Chicago, Illinois 60606, U.S.A. (“the Group”), AON
GROUP LIMITED (“the Company”) whose registered office is situated at 8
Devonshire Square, London. EC2M 4PL and Mr. Dennis Leonard Mahoney of Holne Chase Wilderness Road Chislehurst
Kent (“the Executive”) of the other part.


 


IT IS HEREBY AGEEED AS FOLLOWS:


 


1              (A)    The
Executive shall be employed by the Company in the capacity set out in paragraph
2 of the Schedule and shall perform such duties and exercise such powers
as the Group may from time to time decide, in a competent and expeditious
manner.


 


(B)    The
Executive shall, when reasonably required by the Group, perform services not
only for the Company but also for any other Group Company.


 


(C)    The
Executive shall comply with the reasonable directions from time to time of the
Board of Directors of the Group (“the Board”).


 


2              (A)    The Executive shall,
unless prevented by physical or mental incapacity, devote his whole time and
attention to the business of the Company and the Group and shall use his best
endeavours to promote their interests and financial success, giving to the
Company and the Group at all times the full benefit of his knowledge, expertise
and skill. He shall not knowingly do and shall exercise his best endeavours to
prevent there being done, any act or thing which may in any way be prejudicial
or detrimental to the Company or the Group.


 


(B)    The
Executive’s hours of work shall be such hours as may be reasonably necessary
for the proper discharge of his duties, but shall nor be less than 35 hours
during normal office hours.


 


3              (A)    This
Agreement shall commence on          November, 1998 and
shall supersede all or any existing agreements which may exist between the
Executive and any Group Company, and subject to the provisions for early
termination


 


1





















 


contained herein, the Executive’s employment shall continue until the
Planned Expiration Date as set forth in Paragraph 3 of the Schedule unless
the Company tenders earlier written notice equal to the number of months
between the date of the giving of notice and the Planned Expiration Date, or
the Executive’s giving to the Company 12 months’ written notice expiring at any time.


 


(B)    Notwithstanding
anything to the contrary in sub-clause 3(A) above, the Company may make a
payment of basic salary in lieu of notice. If the Company makes a payment of
basic salary in lieu of notice it will also, subject to sub-clauses 3(C) and
3(D) below make provision for:


 


(i)      the
continuation of additional benefits as set out in paragraph 16 of the Schedule hereto
from the date of the said termination for a period equivalent to the notice
period referred to in clause 3(A) above;


 


(ii)     the
continued provision of the Executive’s benefits in accordance with the rules and
regulations of the Group car scheme, from the date of the said termination for
a period equivalent to the notice period referred to in clause 3(A) above;


 


(iii)    subject
as mentioned in sub-paragraph (iv) of his paragraph 3(B), the Executive
will be granted pension benefits calculated as if the Executive had worked
until the expiry of the notice period referred to in clause 3(A) above, or
until the Executive’s Normal Retirement Date as specified in paragraph 9 of the
Schedule hereto (if earlier), at a salary equivalent to his basic salary
at the date of the said termination. The benefits shall be provided at the Company’s
discretion from either:


 


(a)   the
Exempt Approved Pension Scheme specified in paragraph 10 of the Schedule hereto
(subject to the consent of the trustees for the time being of the said scheme),
or


 


(b)   any
other Exempt Approved Scheme, or


 


(c)   a
combination of (a) and (b) above.


 


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(iv)    This
paragraph shall be subject to the consent of the Inland Revenue (if necessary)
and to any limits from time to time imposed by the Inland Revenue upon Exempt
Approved Schemes, and sub-paragraph 3(B)(iii) above shall operate only to
the extent (if at all) as permitted by the Inland Revenue. The expression “Exempt
Approved Scheme” shall have the meaning atttibuted to it by Section 592(1) of
the Income and Corporation Taxes Act 1988.


 


(v)     An
amount in substitution for any payment which might have been paid from
participation in any bonus scheme as described in 4(C) below.


 


(C)    The
provision of the additional benefits referred to in clause 3(B)(i) and (ii) above
will cease immediately should the Executive commence new employment at any time
prior to the expiry of the period referred to in clause 3(A) above.


 


(D)    If
renewed, this Agreement will terminate automatically on 20th September, 2010 the
Executive’s 60th birthday
as set out in paragraph 10 of the Schedule hereto. The Executive shall be
entitled to participate in any bonus scheme as described in 4(C) below, on
a pro-rata basis in his final year of service under this Agreement, should his
Normal Retirement Date fall other than on the date on which the bonus is
calculated.


 


4              (A)    The
Executive shall be paid an annual salary of not less than that specified in
paragraph 6 of the Schedule, and such salary will accrue from day to day and
will be paid monthly in arrears.


 


(B)    Dining
the period of his employment the Group shall annually, on the date specified in
paragraph 8 of the Schedule, review the Executive’s salary and any subsequent
increase will have regard to his performance and other circumstances which the
Group considers relevant.


 


(C)    The Executive shall be
eligible for the bonus set forth in paragraph 7 of the Schedule.


 


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(D)    As
of the date of this Agreement Executive shall receive 50,000 shares of Aon
Corporation common stock, $1.00 par value per share (the “Awards”) pursuant to
the Aon Stock Award Plan, as amended and restated through 1997, and as
thereafter amended from time to time (the “Plan”). The Awards shall be adjusted
for any stock splits, exchanges or recapitalizations, and, once made, shall
continue to vest in accordance with the Plan vesting schedule if Executive’s
employment is terminated by the Company (except if terminated pursuant to
Clause 14 herein in which event vesting shall immediately cease) and Executive
continues to abide by the provisions of Clauses 16 and 17 herein as if there
were no expiration of any temporal limitations in such Clauses 16 and 17.


 


(E)     The
Company shall be entitled to deduct from the Executive’s salary and benefits,
all sums owing from the Executive to the Company or any Group Company.


 


5              The
Company or a Group Company, as appropriate, shall pay or reimburse the
Executive for all expenses properly and reasonably incurred by him in the
performance of his duties, upon production of all relevant receipts and
vouchers where available.


 


6              The
Executive shall be entitled to:


 


(A)    membership
of the pension scheme as referred to in paragraph 11 of the Schedule, or such
Scheme or Schemes as the Company may from time to time operate for its
employees in accordance with his offer of membership, and the rules of the
Scheme or Schemes from time to time;


 


(B)    those
benefits as set out in paragraph 15 of the Schedule hereto;


 


(C)    Other benefits
including, but not limited to, those Benefits as set out in paragraph 16 of the
Schedule hereto, subject to the rules of each of the schemes from
time to time.


 


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7              (A)    The
rules governing absence from work due to sickness or injury are set out in
the Employee Handbook.


 


(B)    Subject
to those rules, the Executive shall be entitled to his full salary and benefits
for up to an aggregate of 6 (six) months in any 12 (twelve) month period for
absence due to sickness or injury, and thereafter will be eligible for
consideration to receive benefit under the Permanent Health Insurance Scheme.


 


8              The
Executive’s principal place of work at the date hereof is in London. The Executive
may be required to travel on the business of the Company or any Group Company
in the proper performance of his duties from time to time, and the Executive
shall work in such place or places as the Company or any Group Company shall
reasonably require.


 


9              The
Executive shall not, without the prior consent in writing of the Group obtained
from the President and Chief Operating Officer Aon Group Inc., be directly or indirectly
engaged, concerned or interested in the conduct or management of any other
business of any kind whatsoever, whether or not in competition with the Company
or any Group Company. Nothing in this clause shall, however, prevent the
Executive from holding or being beneficially interested in shares or securities
quoted on any recognized Stock Exchange or dealt in on the Unlisted Securities
Market or on any recognized Over-the-Counter Market, provided that the
Executive shall, if reasonably required by the Group, make a full disclosure to
the Group of such interest.


 


10            The
Executive shall:


 


(A)    at
all times during the period of his employment, keep secret and use only for the
Company and Group’s use and benefit, any Confidential Information;


 


(B)    at
all times after his employment has ended, for whatever reason, keep secret and
not use for his benefit or for the benefit of others any Confidential
Information obtained or which otherwise came into his possession during his
employment;


 


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(C)    The Executive shall
not make or write any statement for any representative of television, radio,
film or other similar media and shall not write any article for the press
or otherwise for publication on any matter connected with or related to the
business of the Company or any Group Company without first obtaining the
written approval of the President and Chief Operating Officer -Aon Group Inc., such approval not to be
unreasonably withheld.


 


(D)    on
the termination of his employment, for whatever reason, immediately return all
records, documents, computer disks, papers, notes (including copies) and
everything else which is in his possession or under his control and which
contains or records (in whatever form or media) Confidential Information and
shall not retain copies in any form or manner or media whatsoever.


 


11            (A)    It
shall be part of the duties of the Executive at all times to consider in what manner
and by what new methods or devices the services, processes, equipment or
systems of the Company or of any other Group Company with which he is
concerned, or (or which he is responsible, might be improved and, subject to
the provisions of S.39 of the Patents Act 1977, any Intellectual Property
created or developed by the Executive at any time during the continuance of his
employment, or in any way connected with that employment, must be disclosed to
the Company immediately and the Intellectual Property and all parents, designs,
trademarks, tradenames, goodwill copyrights and all other forms of Intellectual
Property associated therewith, shall to the fullest extent permitted by law
belong to, vest in and be the absolute, sole and unencumbered property of the
Company.


 


(B)    The
Executive warrants that there is no Intellectual Property made or written at
any time by him during the course of his employment by the Company or any other
Group Company which is not now wholly, legally and beneficially owned by the
Company.


 


(C)    The
Executive undertakes to notify and disclose to the Company in writing full
details of all Intellectual Property immediately upon becoming aware of its
production, and promptly whenever requested by the Company to hold upon trust
for the benefit of the Company any Intellectual Property to the


 


6





















 


extent that the same may not be and until the same is vested absolutely
in the Company.


 


(D)    The
Executive undertakes at the expense of the Company, to execute all such
documents, make such applications, give such assistance and do such acts and
things as may, in the opinion of the Board, be necessary or desirable to vest
in and register or obtain Letters Patent in the name of the Company and otherwise
to protect and maintain the Intellectual Property.


 


12            If
the Executive is dissatisfied with any disciplinary decision relating to him,
or if he has any grievance arising from his employment, he may refer any such
matter to the President and Chief Operating Officer- Aon Group Inc. and if the
grievance is not resolved by discussion with him, it will then be referred to
the Chairman and Chief Executive Officer - Aon
Corporation, whose decision will be conclusive.


 


13            The
Company may from time to time (including but without limitation during all or
part of any period of notice to terminate this agreement) suspend or exclude
the Executive from the performance of his duties and/or from all or any
premises of the Company or any Group Company for any period. The Executive
shall continue to receive his full remuneration and other benefits payable or
otherwise provided hereunder during such period.


 


14            (A)    Notwithstanding
the provisions of Clause 3, the Company shall be entitled to terminate the
Executive’s employment immediately without notice at any time during its
continuance, without payment in lieu of notice and without prejudice to any
other rights of the Company if:


 


(i)    the
Executive shall have acted in a manner which is prejudicial to the Company, the
Group or its or their businesses; or


 


(ii)   the
Executive shall be guilty of any misconduct, or shall fail or neglect
efficiently and diligently to perform his duties, or shall refuse or fail to
observe any of his obligations (other than minor failures which, being capable
of being remedied, are remedied forthwith by


 


7





















 


the Executive upon being notified thereof by the Board, a director, or
any nominee of the Board); or


 


(iii)    the
Executive is legally disqualified from being a director for any reason
whatsoever; or


 


(iv)    the
Executive becomes bankrupt, or makes any arrangement or composition with his
creditors: or


 


(v)     the
Executive is convicted of any criminal offence or is the subject of an adverse
finding of a disciplinary tribunal, other than an offence which, in the opinion
of the Company, does not affect his position as an employee of the Company
(bearing in mind the nature of the duties in which he is engaged and the capacity in which he is
employed); or


 


(vi)    the
Executive is guilty of any conduct tending to bring himself, the Company or any
Group Company into disrepute.


 


In the case of activities subject to review in (i) (ii) (v) and
(vi) above, the Board for the time being of Aon Group Inc. shall
determine, by a majority decision, whether in their opinion those activities
are such as to entitle the Company to terminate the Executive’s employment.


 


(B)    In
the event of the termination of the Executive’s employment by the Company under
this Clause, the Company shall not be obliged to make any further payment to
the Executive beyond the amount of any remuneration actually accrued to the
date of such termination and the Company shall be entitled to deduct from such
remuneration any sums owing to it by the Executive.


 


15            (A)    Upon
the termination of the Executive’s employment with the Company, for whatever
reason, the Executive shall, upon the request of the Company, resign without
claim for compensation from his office as a director of the Company and/or any
Group Company, or any other company in which the Company required him to hold
office in connection with his appointment and


 


8





















 


from all other offices and trusteeships held
by him in or in connection with such companies.


 


(B)    Should
the Executive fail to resign from his office as a director, or from any other
office or trusteeship as is referred to in sub-clause (A) above, either
during his employment when requested by the Company so to do, or termination,
the Company is irrevocably authorised by the Executive to appoint some person
in his place and on his behalf to execute any documents and to do all things
requisite to give effect thereto and the Executive agrees forthwith, on the
request of the Company, to ratify and confirm all such things done in pursuance
of this power.


 


16            (A)    After
the termination of his employment, the Executive shall not, without the prior
written consent of the Company, either alone or jointly with or on behalf of
any other person, directly or indirectly, as principal, partner, agent,
shareholder, director, employee, consultant, or in any other capacity:


 


(i)    at
any time during a period of 12 (twelve) months immediately following the said
termination:


 


(1)     cavass,
or solicit the custom of (or procure, or assist the canvassing or soliciting
the custom of); or


 


(2)     supply
(or procure, or assist the supply of) any services to or for the benefit of; or


 


(3)     interfere
with, or attempt to interfere with, or assist in the interference with the
business relationship of the Company, or any Group Company with:


 


any person, firm or company who was:


 


a)      a
Client with whom the Executive was involved, either directly or indirectly, or
had knowledge of their dealings with the Company, or any Group Company, by reason
of his employment, at any time
during the said period of 2 (two) years immediately prior to the said
termination; or


 


9





















 


b)      a
Prospective Client at the date of the said termination with whom the Executive
was involved, either directly or indirectly,


 


if such canvassing, solicitation, supply or interference is in respect
of services of a kind arranged or provided by the Company, or any Group
Company, during the period of 2 (two) years immediately prior to the said
termination and with which the Executive was concerned at any time during his
employment hereunder; or


 


(ii)   at
any time during the period of 12 (twelve) months immediately following the said
termination:


 


(1)   employ,
offer employment to, or engage in any capacity, or solicit the employment or
engagement of, or otherwise entice away from the employment of or from any
consultancy, office or agency relationship with the Company, or any Group
Company; or


 


(2)   procure
or assist any third party so to employ, offer, solicit or otherwise entice away:


 


any person who is employed by or is an agent, officer or consultant of
the Company or any Group Company who is or was personally known to the
Executive and who by reason of seniority or position is likely to be in
possession of confidential information which is likely to be of assistance to
any person firm or company competing with the Company or any Group Company
whether or not such person would commit a breach by reason of his leaving the
Company or any Group Company.”


 


(B)    The
12 (twelve) month period mentioned in sub-clauses 16(A)(i) and 16(A)(ii) above
shall be reduced by any period during which the Company, in exercising its
rights under the provisions of clause 13 above suspends the Executive from
performance of his duties and/or excludes the Executive from the premises of
the Company, or of any Group Company.


 


10





















 


(C)    The
Executive repeats the covenants given by himself the Company at sub-clause 16(A) above
as a separate covenant save that the words “(for whatever reason and howsoever
effected)” shall be deemed inserted after the words “his employment” in the
first line thereof”.


 


(D)    Each
of the obligations on the Executive contained in sub-clause (A) and (C) of
this Clause constitutes an entirely separate and independent restriction on the
Executive notwithstanding that they may be contained in the same paragraph,
sentence or phrase.


 


17            If
the Executive shall, whilst this Agreement is in force, (or at any time during
a period of 12 (twelve) months immediately following the termination of his
employment) receive from any person, firm or company an offer to provide
services in any capacity whatsoever, or to enter into employment where
acceptance of such offer, or the taking of such employment, might render him in
breach of the provisions of this Agreement, he shall promptly provide a copy of
this Agreement to the offerer.


 


18            No
amendment to this Agreement shah be effective unless made in writing and signed
by, or on behalf of, each of the parties hereto.


 


19            The
provisions of the Schedule hereto and any special terms endorsed upon this
Agreement, or otherwise agreed in writing by, or on behalf of, the parties
hereto, shall be read and construed as part of this Agreement and shall be
enforceable accordingly.


 


20            Compliance
with the provisions of the Employee Handbook are a term of this Agreement.
Where the terms and conditions differ, the terms and conditions of this
Agreement override those in the Employee Handbook.


 


21            The
Schedule to this Agreement sets out the particulars of the Executive’s
employment with the Company in accordance with the requirements of the Employment
Protection (Consolidation) Act 1978 Section 1, as amended by the Trade
Union Reform and Employment Rights Act 1993.


 


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22            In
this Agreement, the following expressions shall have the meanings assigned to
them, respectively:


 


	
   

  	
  “Associated
  Company”

  	
   

  	
  means any company, at
  least 20% of the equity share capital of which is beneficially owned by the
  Company, or any of its subsidiaries.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Client”

  	
   

  	
  means an insured party on
  insurance or reinsurance coverage arranged by the Company, or any Group
  Company, whether such coverage is arranged either directly, or through the
  intermediary of any other insurance or reinsurance broker or consultant.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Confidential
  Information”

  	
   

  	
  means all information
  which is of a confidential nature to the Company and the Group, including
  without limitation business methods and systems and contractual relations,
  whether with Clients, intermediaries, insurers or underwriters, lists of
  Clients, Prospective Clients, and any other clients, insurers or
  underwriters, and all confidential information relating to Clients or Prospective
  Clients or any other clients, including policy terms, conditions and rates,
  expiry dates, customer risk characteristics and information concerning the
  insurance arrangements for large and complex risks and whether or not any
  papers or documents are marked confidential.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Employee
  Handbook”

  	
   

  	
  the Aon Group Limited
  Employee Handbook, as amended from time to time.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Group”

  	
   

  	
  means the Company and all
  Associated Companies of it and its ultimate holding company.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Group
  Company”

  	
   

  	
  means any Company within
  the Group of which the Company is a member.

  



 


12





















 


	
   

  	
  “Intellectual
  Property”

  	
   

  	
  any design, literary or
  artistic work, invention, discovery or improvement in relation to methods and
  devices used by the Company or any Group Company.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Prospective
  Client”

  	
   

  	
  means a party for whom the
  Company or any Group Company is undertaking advisory, consultative or other
  work, with a view to arranging insurance or reinsurance coverage for that
  party, whether such coverage is to be arranged either directly or through the
  intermediary of any other insurance or reinsurance broker or consultant.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “Subsidiary”

  	
   

  	
  shall have the meaning
  ascribed thereto by the Companies Act 1985.

  



 


23            Any
notice under this Agreement may be served by the Company or any Group Company
on the Executive, either personally, or by leaving it at, or sending it by
registered post to his last known residential address, or by facsimile to the
Executive’s facsimile number.


 


Any notice under this Agreement may be saved by the Executive on the
Company, or any Group Company, by delivery to the President Aon Group Inc., or
by sending it by registered post to the registered office of Aon Corporation,
or by facsimile to Aon Corporation’s facsimile number, or to such other
address, or facsimile number as may be notified to the Executive from time to
time for this purpose.


 


Any notice sent by registered post, by either party, shall be deemed to
have been served on the second day following that on which it was posted
(excluding a Saturday, Sunday, Bank Holiday or Public Holiday) and, in proving
such service, it shall be sufficient to show that the notice was properly
addressed and posted.


 


Any notice given by facsimile, by either party, shall be deemed to have
been served at the time of transmission.


 


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24            This
Agreement shall be governed by,
and interpreted according to, the Laws of England.


 


25            In the event
of the termination of the Executive’s employment hereunder, the Company
reserves the right to require the Executive not to attend at its offices for
all or part of the Executive’s notice period, unless requested to do so. During
such period the Executive would remain an employee of the Company and continue
to enjoy benefits such as membership of the pension fund, BUPA und use of the
Company car but remain subject to the terms of the Executive’s employment
contract Salary will be paid monthly in the normal way. During the period of
notice when not required to attend at the offices of the Company the Executive
will also comply with the reasonable directions of the Company with regard to
its Clients and business. The Executive will not be entitled to receive any
payment in respect of outstanding unused holiday entitlement at the end of such
notice period.


 


End -
Next Page is Signature Page


 


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IN WITNESS whereof
this Agreement has been entered
into the day and year first above written.


 


 


SIGNED for and on behalf
of the Aon Group, Inc. by:


 


 


	
  DIRECTOR, PRESIDENT

  	
   

  
	
  AND CHIEF OPERATING OFFICER:

  	
  /s/ Michael D.
  O’Halleran

  	
   

  
	
   

  
	
   

  
	
  NAME (BLOCK CAPITALS)

  	
  MICHAEL D. O’HALLERAN

  	
   

  
	
   

  
	
   

  
	
  SIGNED for and on behalf of Aon Group
  Limited by:

  	
   

  
	
   

  
	
   

  	
   

  
	
  COMPANY
  SECRETARY

  	
  /s/ John Hill

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SIGNED as a deed an delivered by

  	
   

  
	
  the said Executive

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SIGNATURE

  	
   

  
	
   

  	
  /s/ Dennis L. Mahoney

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  FULL NAME

  	
   

  
	
  (BLOCK CAPITALS)

  	
  MR. DENNIS LEONARD MAHONEY

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DATE

  	
  30th
  November 1998

  	
   

  
	
   

  	
   

  
	
   

  	
  in the
  presence of:

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Chris
  Pritchard

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  Flat 3, 20 Holmbush Road

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Putney

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  London

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Occupation:

  	
  Secretary

  	
   

  
													



 


15





















 


THE SCHEDULE above
referred to:


 


1              THE EXECUTIVE:


 


	
   

  	
  NAME:

  	
  Mr Dennis Leonard Mahoney

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ADDRESS:

  	
  Holne Chase

  
	
   

  	
   

  	
  Wilderness Road

  
	
   

  	
   

  	
  Chislehurst Kent

  



 


2              CAPACITY OF
EMPLOYMENT OF THE EXECUTIVE:


 


	
   

  	
  Chairman & Chief Executive Officer

  
	
   

  	
  Aon Group Limited

  



 


3                      (i)    THE TERMS OF THIS AGREEMENT
WILL TAKE EFFECT FROM:


30th
November 1998


 


(ii)           THE
CONTINUOUS PERIOD OF EMPLOYMENT OF THE EXECUTIVE WITH THE COMPANY FOR STATUTORY
PURPOSES BEGAN ON:


 


07  June 1984


 


(iii)          PLANNED EXPIRATION DATE:


 


30th
November 2008


 


4                      THE
EMPLOYER: Aon Group
Limited


 


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  5

  	
   

  	
  ADDRESS OF
  WORKPLACE:

  	
   

  	
  10 Devonshire Square

  
	
   

  	
   

  	
   

  	
   

  	
  London

  
	
   

  	
   

  	
   

  	
   

  	
  EC2M 4PL

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6

  	
   

  	
  SALARY:

  	
   

  	
  £ 475,000 per annum

  
	
   

  	
   

  	
   

  	
   

  	
  Payable monthly in arrears

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7

  	
   

  	
  BONUS:

  	
   

  	
  A discretionary bonus opportunity of up to
  one hundred fifty percent (150%) of Salary.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8

  	
   

  	
  REVIEW DATE:

  	
   

  	
  1st April 2000 and annually
  thereafter on 1st April

  
	
   

  	
   

  	
   

  
	
  9

  	
   

  	
  NOTICE
  PERIOD:

  	
   

  	
  You are referred to clause 3 of this Agreement

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10

  	
   

  	
  NORMAL
  RETIREMENT DATE:

  	
   

  	
  20 September 2010

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11

  	
   

  	
  PENSION
  SCHEME:

  	
   

  	
  Alexander & Alexander UK Pension
  Scheme

  
	
   

  	
   

  	
   

  
	
  12

  	
   

  	
  A
  CONTRACTING-OUT CERTIFICATE is IN FORCE.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  13

  	
   

  	
  DISCIPLINARY
  AND GRIEVANCE PROCEDURES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  You are referred to Section 11 of the
  Employee Handbook and clause 12 of this Agreement

  
	
   

  	
   

  	
   

  
	
  14

  	
   

  	
  SICKNESS AND
  STATUTORY SICK PAY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  You are referred to Section 25 of this
  Employee Handbook and clause 7 of this Agreement

  
										



 


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15.                   BENEFITS:


 


(a)           a
minimum of 25 days paid annual holiday, at such time or times as shall be
agreed with the Company, in addition to public holidays;


 


(b)           reimbursement
of 75% of the
Executive’s home telephone bill;


 


(c)           provision
of motor car(s)/car allowance, in accordance with the rules and
regulations from time to time of the Group Car Scheme


 


(d)           Petrol
Card (Private Petrol for Company Car)


 


(e)           Mortgage
Subsidy


 


16.                   PRIVATE
MEDICAL INSURANCE SCHEME. Cover will be provided in accordance with the Scheme
arranged by the Company.


 


17.                   PERMANENT
HEALTH INSURANCE SCHEME. Cover will be provided in accordance with the Scheme arranged
by the Company.


 


18