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**Exhibit      10.20**

**DATED      10 January 2006**

**VIEWSONIC      SARL **

**and**

**JAN      JENSEN**

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**DIRECTOR’S      SERVICE AGREEMENT**

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**asb      **
***law***

**Innovis      House**

**108      High Street**

**Crawley**

**West      Sussex**

**RH10      1AS**

**Tel:      01293 603627**

**Fax:      01293 603669**

**Ref:      AMDK/346968/2**

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**DIRECTOR’S      SERVICE AGREEMENT**

**DATED**

**PARTIES**

| (A) | **VIEWSONIC                SARL**a                company registered in France under number B 404 220 139 and whose                registered office is at Parc des Barbanniers, 1, allée des Bas Tilliers,                Gennevilliers, France(“the Company”);                and |
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| (B) | **JAN                JENSEN**                (“the Director”) |
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**OPERATIVE      PART**

| **1** | **DEFINITIONS** |
|-------|-----------------|

| 1.1 | In                  this Agreement the following words shall, unless the context otherwise                  requires, have the meanings set out                  below: |
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|   | Agreement | this                Agreement as may be amended, modified or supplemented from time to                time in                accordance with these provisions; |
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|   | Applicable                Exchange Rate | is                in respect of the period prior to 1 January 2005, the Exchange Rate                on the                Commencement Date, and thereafter such other greater or lesser sum                as may                be published in the ViewSonic Europe Internal Exchange Rate Document                on                the later of 1 January or 1 July immediately preceding the date of                payment                of sums due to the Director or benefits to which the Director is                entitled                in any calendar month; |
|--------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Board | the                Board of Directors from time to time of the                Company; |
|--------|-------|----------------------------------------------------------------------------------------|

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|   | Business | the                business of the Company from time to time which shall include without                limitation the development and exploitation of intellectual property                rights owned by the Company; |
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|   | Commencement                Date | 18                October 2004; |
|--------|----------------------------------|---------------------------------|

|   | Revision                Date to Director’s | 1                January 2006 |
|--------|--------------------------------------------------|-------------------------------|

|   | Confidential                Information | includes                but is not limited to:- |
|--------|-----------------------------------------|-------------------------------------------------|

|   | (i) | all                un-patented designs, drawings, data specifications, manufacturing                processes, testing procedures and all other technical business and                similar                information relating to the Business including all readable or computer                or                other machine readable data, logic, logic diagrams, flow charts,                coding                sheets, coding, source or object codes, listings, test data, test                routines, diagnostic programs or other material relating to or comprising                software which is part of the                Business; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all                strategic information being all and any forward plans whether in                intangible or tangible form developed by the Company relating to                the                development of the Business and information relating to the implementation                of any such strategies developed; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | pricing                information which shall include all and any rates used by the Company,                prices charged to and terms of business with clients, suppliers or                customers of the Company; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | statistical                information and methods which shall include information relating                to                research activities, designs, formulae and all and any statistical                methods                used by the Company; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (v) | management                information which shall include financial information, results and                forecasts (save to the extent that these are included in published                and                audited accounts), any proposals relating to the acquisition or disposal                of a firm or business or any part thereof or to any proposed expansion                or                contraction of activities, details of employees and officers and                of the                remuneration and other benefits paid as far as this information relates                to                the Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | corporate                information which shall include all and any information whether in                intangible or tangible form relating to the business methods, corporate                plans, management systems, finances, maturing new business opportunities                or research and development projects of the Company or any Group                Company;                and |
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|   | (vii) | any                confidential information which the Director is told is confidential                and                any information which has been given to the Company in confidence                by                businesses, investors, suppliers and other                persons. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Copyright                works | any                item of Confidential Information in which copyright or design right                subsists; |
|--------|--------------------------------|-----------------------------------------------------------------------------------------------------------------|

|   | Customer | any                person, firm, Company or other organisation who or which during the                Relevant Period is or was negotiating with the Company for the provision                of Relevant Services or to whom or which the Company shall at any                time                during the Relevant Period have provided any Relevant                Services; |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Documents | all                records, reports, documents, papers, computer generated data and                other                materials whatsoever originated by or upon behalf of the Director                pursuant                to this Agreement, including all and any data stored in any computer                system or database; |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Employee | any                person employed by the Company who either acts in a managerial or                technical capacity, is a sales representative or is in a skilled                or                supervisory position and with whom the Director had significant contact                during the Relevant Period; |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Exchange                Rate | the                rate of pounds sterling to euros published in the ViewSonic Europe                Internal Exchange Rate Document; |
|--------|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | Group | the                Company, its subsidiaries and any holding or parent company or subsidiary                of such holding or parent company from time to time, and ‘Group Company’                shall be construed accordingly; |
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|   | Incapacity | any                illness or other like cause which prevents the Director from attending                to                his duties; |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | Invention | any                invention or discovery conceived or originated or made by the Director                during the course of his                employment; |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Patent                Rights | any                patents and applications thereof relating to Inventions including                (without                prejudice to the generality of the foregoing) author certificates,                inventor certificates, improvement patents, utility certificates                and                models and certificates of addition and including any divisions,                renewals,                continuation, extensions or reissues                thereof; |
|--------|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Relevant                Period | the                period of twelve months up to and including the date of termination                of the                Director’s employment; |
|--------|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Relevant                Services | good,                products, and/or services similar to and/or competitive with those                supplied and/or marketed during the Relevant Period by the Company                to                Customers with which the Director was personally concerned and/or                for                which the Director was responsible to a material extent at any time                during                the Relevant Period; |
|--------|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Relevant                Supplier | any                supplier of the Company with which during the Relevant Period the                Director                or an Employee have dealt to a material extent in respect of Relevant                Services; |
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|   | Termination                Date | the                date of termination of the                employment; |
|--------|---------------------------------|--------------------------------------------------------------------------|

|   | ViewSonic                Europe Internal |   |
|--------|------------------------------------------|--------|

|   | Exchange                Rate Document | the                document published from time to time by ViewSonic Corporation Inc                setting                out the currency exchange rates applicable to transactions and payments                between Group Companies. |
|--------|---------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | All                references in this Agreement to statutory provisions shall extend                to those                provisions as re-enacted or modified and to regulations thereunder                and any                statutory replacement from time to time in                force. |
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| 1.3 | Words                and phrases defined in the Companies Acts 1985 and 1989 shall have                the                same meaning herein as therein but excluding any statutory modification                thereof not in force on the date of this                Agreement. |
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| 1.4 | References                to clauses, schedules and recitals are reference to clauses, sub-clauses,                schedules and recitals of this Agreement unless otherwise specified.                References to the singular shall include the plural and vice versa,                and                references to the masculine gender shall include the feminine and                neuter                genders and vice versa. |
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| 1.5 | Headings                are for convenience only and shall not affect the interpretation                or                construction of this Agreement. |
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| 1.6 | References                to the Company shall, unless the context otherwise requires be deemed                to                include any Group Company. |
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| 1.7 | The                Director shall obtain a Form E101 (otherwise known as a certificate                of                coverage as laid down in EU Regulation 1408/71 article 14.2b). The                Company                shall provide all reasonable assistance to the Director to enable                him to                obtain such a Form E101. |
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| **2** | **APPOINTMENT** |
|-------|-----------------|

| 2.1 | The                  employment of the Director commences on the Commencement Date and                  shall                  continue unless and until terminated by either party giving to                  the other                  not less than six months notice in writing or until terminated                  in                  accordance with the termination provisions of this Agreement provided                  below. |
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| 2.2 | No                  previous period of employment will count as part of the Director’s period                  of continuous employment with the                  Company. |
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| 2.3 | The                  Company shall be entitled in its discretion after notice shall                  have been                  given under the terms of this Agreement to require the Director                  to remain                  away from the offices of the Company or any Group Company during                  all or                  any part or parts of the unexpired period of the notice in which                  event the                  Director shall comply with any conditions laid down by the Company                  during                  such period. During any such period the Director’s employment will                  continue as will all terms expressly provided for under this Agreement                  together with any implied obligations including but not limited                  to good                  faith and confidentiality. The parties agree that the period of                  notice is                  a reasonable period of garden leave. |
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| **3** | **TITLE                AND PLACE OF WORK** |
|-------|--------------------------------------------|

| 3.1 | The                  Director will be employed by the Company as President and Managing                  Director ViewSonic Europe and the Director will be a member of                  the                  Board. |
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| 3.2 | The                  Director will be based at the Company’s offices in France, although his                  place or residence will be in Denmark. The Company reserves the                  right to                  appoint the Director to other positions as may reasonably be required,                  whether within the Company or any Group Company and to base the                  Director                  permanently or temporarily at other locations in the UK or abroad.                  The                  Company will use its reasonable endeavours to provide the Director                  with                  reasonable notice of any relocation temporary or                  otherwise. |
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| 3.3 | The                  Director may be required to work at any of the Company’s or Group                  Company’s offices. The Director will also be expected to travel throughout                  Europe and overseas in the performance of his duties for such periods                  as                  the Company may reasonably require. The Director will be expected                  to work                  for at least one day in every week from his home in                  Denmark. |
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| **4** | **DUTIES** |
|-------|------------|

| 4.1 | The                Director shall during his employment under this                Agreement: |
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|   | 4.1.1 | perform                the duties and exercise the powers which the Board may from time                to time                properly assign to him in his capacity as Managing Director* *in                connection with the business of the Company, including undertaking                duties                on the Board of the Company and the Group as required from time to                time by                the Board; and |
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|   | 4.1.2 | do                all in his power to promote develop and extend the business of the                Company                and the Group and at all times and in all respects conform to and                comply                with the proper and reasonable directions and regulations of the                Board. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.3 | in                the absence of any specific directions from the Board (but subject                always                to the memorandum and articles of association of the Company) have                the                general control and responsibility for the management of the business                of                the Company; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.4 | devote                the whole of his time, attention and ability to the duties of his                employment with the Company; and |
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|   | 4.1.5 | at                all times keep the Company promptly and fully informed (in writing                if so                requested) of his conduct of the business or affairs of the Company                and                provide such explanations as the Company may require;                and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.6 | work                and faithfully serve the Company to the best of the Director’s ability and                use his best endeavours to promote the interests of the Company;                and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.7 | not                to make any untrue or disparaging statements relating to the Group; |
|--------|-------|----------------------------------------------------------------------------------------|

| 4.2 | The                Director’s normal duties are set out in the attached Job Description. |
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| 4.3 | The                Director will (without further remuneration) if and for so long as                the                Company requires and for so long as the Director remains employed                by the                Company: |
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|   | 4.3.1 | carry                out duties on behalf of any Group                Company |
|--------|-------|-------------------------------------------------------------------------------|

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|   | 4.3.2 | act                as an officer of any Group Company or hold any other employment or                office                as nominee or representative of the                Company; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.3 | carry                out such duties and the duties attendant on any such employment as                if they                were duties to be performed by him on behalf of the                Company. |
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| 4.4 | For                  the avoidance of doubt, unless specifically authorised in writing,                  the                  Director shall not be entitled to and is specifically prohibited                  from                  entering into on behalf of the Company any binding contracts or                  arrangements involving or relating to the Company when in                  Denmark. |
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| **5** | **TIME                AND ATTENTION** |
|-------|---------------------------------------|

| 5.1 | During                the                continuance of his employment under this Agreement the Director shall                unless prevented by Incapacity devote his whole time and attention                to the                business of the Company and shall not without the prior written consent                of                the Board: |
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|   | 5.1.1 | engage                in any other business; or |
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|   | 5.1.2 | be                concerned or interested in any other business of a similar nature                to or                competitive with that carried on by the Company or any of its Group                Companies or which is a supplier or customer of the Company or of                its                Group Companies |
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| **6** | **INTELLECTUAL                PROPERTY RIGHTS** |
|-------|-------------------------------------------------|

| 6.1 | Forthwith                following the conception, origination or making of an Invention by                the                Director during the course of his employment, the Director shall                disclose                full details of such Invention to the Company. Further, forthwith                following the origination or development of any Confidential Information                during the course of his employment, the Director shall disclose                and make                available such Confidential Information to the                Company. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6.2 | The                Company shall, in its sole discretion, be entitled to apply for Patent                Rights in respect of any Invention conceived, originated or made                by the                Director and shall be responsible for the maintenance and renewal                of the                Patent Rights. |
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| 6.3 | The                Director agrees to assign to the Company all rights, title and interest                in                and to any Inventions or Confidential Information made, originated                or                developed during the course of their employment together with any                other                intellectual property rights arising out of the course of his employment                and further agrees to assist the Company in connection with any                application for Patent Rights and to do all such acts and things                as the                Company’s legal advisers may advise are necessary or desirable in                connection with any such assignment or assistance. The Director                irrevocably appoints the Company to be his attorney or agent in his                name                and on his behalf to do all such acts and things and to sign all                such                deeds and documents as may be necessary in order to give the Company                the                full benefit of the provisions of this Agreement and, in particular                but                without limitation of this clause, the Director agrees that, with                respect                to any third party, a certificate signed by any duly authorised officer                of                the Company that any act or thing or deed or document falls within                the                authority hereby conferred shall be conclusive evidence that this                is the                case. |
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| 6.4 | The                Director assigns to the Company by way of future assignment of copyright                the copyright subsisting in the Copyright Works and in the documents                originated by the Director for all the classes of act which by virtue                of                the Copyright Designs and Patents Act 1988 the owner of the copyright                has                the exclusive right to do throughout the world and for the whole                period                for which copyright is to subsist. |
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| 6.5 | The                Director warrants that any Inventions, Confidential Information,                Copyright                Works or Documents conceived, originated, made or developed by the                Director will not infringe any intellectual property rights of which                a                third party is the proprietor including, in particular but without                limitation, any patents, copyrights, registered designs or rights                of                confidence. The Director agrees to indemnify the Company against                any and                all liability, loss, damage, costs and expenses which the Company                or a                third party may incur or suffer whether direct or consequential (including                but without limitation any economic loss or other loss of profits,                business or goodwill) as a result of any dispute or contractual,                tortious                or other claims or proceedings brought against the Company by a third                party alleging infringement of its intellectual property rights by                reason                of the use or exploitation of any Invention, Confidential Information,                Copyright Works or Documents conceived, originated, made or developed                by                the Director or any of its personnel PROVIDED ALWAYS                that: |
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|   | 6.5.1 | the                Company shall forthwith give written notice to the Director of any                claims                or proceedings following receipt of                them; |
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|   | 6.5.2 | the                Company shall make no admission of liability and must give the Director                sole authority to defend or settle the claims or proceedings at the                Director’s cost and expense; |
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|   | 6.5.3 | the                Company must give the Director all reasonable assistance in connection                with the claims or proceedings at the Director’s cost and                expense; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5.4 | in                addition to the aforesaid indemnity, where an injunction restraining                use                or exploitation by the Company of any Invention Patent Rights Confidential                Information Copyright Works or Documents is, in the opinion of the                Company’s legal advisers, likely to be granted by the Court to the third                party, the Director shall do all such acts and things either to render                them non-infringing without affecting any of the Director’s other duties                and obligations under this Agreement or shall obtain a licence from                the                third party granting the Company the right to continue using                them. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7** | **CONFIDENTIAL                INFORMATION / COMPANY                DOCUMENTS** |
|-------|--------------------------------------------------------------------------------|

| 7.1 | The                  Director shall neither during the employment (except in the proper                  performance of its duties) nor at any time after the termination                  of his                  employment:- |
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|   | 7.1.1 | divulge                or communicate to any person, company, business entity or other                organisation; or |
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|   | 7.1.2 | use                for his own purpose or for any purposes other than those of the                Company; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | 7.1.3 | through                any failure to exercise due care and diligence cause any unauthorised                disclosure of |
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| 7.2 | All                notes, memoranda, records, lists of customers and suppliers and employees,                correspondence, documents, computer and other discs and tapes, data                listings, codes, designs and drawings and other documents and material                whatsoever (whether made or created by the Director or otherwise)                relating                to the business of the Company (and any copies of the same)                - |
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|   | 7.2.1 | shall                be and remain the property of the Company;                and |
|--------|-------|------------------------------------------------------------------------------------|

|   | 7.2.2 | shall                be handed over by the Director to the Company on demand and in any                event                on the termination of the                employment. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | The                  Director may not at any time during or after the termination of                  his                  employment make, disclose or publish any untrue, disparaging or                  misleading                  remarks about the Company, its customers, suppliers or employees                  or any of                  the Company’s associated companies or their customers, suppliers or                  employees. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | All                  enquiries from the press should be directed towards the ViewSonic                  Corporation Marketing Department. The Director should assume that                  anything                  he says to the press could be published and therefore, he should                  never                  have dealings with the press ‘off the record’. Failure to observe this                  rule may result in disciplinary action being taken by the Company. |
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| 7.5 | The                  provisions in this clause will also apply as if references to any                  associated company were substituted for references to the                  Company. |
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| **8** | **HOURS                  OF WORK** |
|-------|------------------------------------|

| 8.1 | The                  Director’s normal hours of work will be from 9 am to 5pm Monday to Friday                  (including a half hour lunch break) or such other hours as are                  deemed                  necessary to ensure the discharge of the Director’s duties under the terms                  of this employment. The Director may be required to work over and                  above                  the number of hours specified in this clause without additional                  remuneration so as to meet the needs of the                  business. |
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| **9** | **REMUNERATION                  AND DISCRETIONARY                  BONUS** |
|-------|----------------------------------------------------------------------------|

| 9.1 | The                Director shall be paid for his services to the Company with effect                from                the revision date to the Directors Service Agreement a basic salary                at a                rate of €7,210                gross per calendar month in arrears. This salary will be paid in                euros,                from which the Company will make statutory and voluntary deductions,                and                make payment of such net sum in euros by bank transfer on or about                the                25th                day of each calendar month (or such higher rate as may from time                to time                be agreed). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9.2 | For                    such period as the Director may hold a Form E101 (as referred                    to in clause                    1.7), the Company shall pay to the Director sums saved by the                    Company in                    respect of employer’s United Kingdom National Insurance contributions.                    This salary will be converted (if necessary) into sterling based                    on the                    Applicable Exchange Rate, from which the Company will make statutory                    and                    voluntary deductions, convert the net sum back into euros based                    on the                    Applicable Exchange Rate and make payment of such net sum in                    euros by bank                    transfer on or about the 25th day of each calendar                    month. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | The                    Director shall also be paid an allowance with effect from the                    revision                    date to the Directors Service Agreement at a rate of €583.33 gross per                    calendar month in arrears in respect of personal travel and accommodation                    expenses (which does not form part of pensionable pay). The Company                    will                    make statutory and voluntary deductions, and make payment of                    such net sum                    in euros by bank transfer on or about the 25th day of each calendar                    month                    (or such higher rate as may from time to time be                    agreed). |
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| 9.4 | Rates                    of pay are reviewed in 1 April each year without any obligation                    to                    increase the same. The basic salary shall be deemed to include                    any fees                    receivable by the Director in his position as a director of the                    Company. |
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| 9.5 | The                    Director shall be entitled to receive an on-target commission                    of €42,000                    per annum (in accordance with the commission accelerator schedule                    in force                    at the time subject to achieving performance targets), details                    of which                    will be supplied separately and which may be reviewed on a quarterly                    basis. This commission will either be converted into sterling                    based on the                    Applicable Exchange Rate, from which the Company will make statutory                    and                    voluntary deductions, convert the net sum back into euros based                    on the                    Applicable Exchange Rate and make payment of such net sum in                    euros by two                    half-yearly instalments in January and July in arrears by bank                    transfer on                    or about the 25th day of those months. The Director may alternatively                    be                    paid the commission by a Group Company. Your entitlement to commission                    will cease on the date of termination and your accrued entitlement                    for the                    period up to the date of termination may be paid after the date                    of                    termination as provided separately. No commission is payable                    in respect of                    any period after the date of termination. |
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| 9.6 | No                    payments are made for overtime. For the purposes of the Working                    Time                    Regulations 1998 (as amended), the Director is considered a managing                    executive who can determine the duration of his working time. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9.7 | For                    the avoidance of doubt, the Director will be liable to and personally                    responsible for all UK, Danish or other taxes and national insurance                    contributions (or equivalent) assessed as payable in respects                    of all sums                    received from the Company during this employment. The Director                    shall also                    be personally responsible for any professional fees incurred                    in this                    regard. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.8 | Also                    for the avoidance of doubt, 80% of remuneration received by the                    Director                    from the Company during this employment shall relate to duties                    performed                    in the United Kingdom. The remaining 20% of remuneration received                    shall                    relate to duties performed in Denmark in accordance with Clause                    3.3. |
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| **10** | **DEDUCTION                    FROM WAGES** |
|--------|---------------------------------------------|

| 10.1 | The                    Company reserves the right at any time during, or in any event                    upon                    termination, to deduct from the Director’s salary and/or any commission                    payment and/or any other monies due to the Director, an amount                    equivalent                    to any of the                    following: |
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|   | 10.1.1 | any                  overpayment of salary, bonus, commission, remuneration or other                  payment                  made to the Director during the course of this                  employment; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.2 | the                  amount of any expenses claimed by the Director and paid but subsequently                  disallowed by the Company; |
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|   | 10.1.3 | the                  outstanding amount of any loan or advance made by the Company to                  the                  Director; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.4 | any                  cost of repairing any damage to or loss of property of, any fines                  or                  charges imposed upon or any other loss sustained by the Company                  or any                  third party, caused by the Director’s breach of contract or breach of the                  Company’s rules or as a result of the Director’s negligence or                  dishonesty. |
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| **11** | **PENSION** |
|--------|-------------|

| 11.1 | The                  Company will make a monthly contribution of 10% of the Director’s basic                  monthly salary into a personal pension scheme of his choice, provided                  that                  such pension scheme is approved by the United Kingdom Inland Revenue                  or                  Denmark Inland Revenue. No contracting out certificate under the                  Pension                  Schemes Act 1993 is in force. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **12** | **EXPENSES** |
|--------|--------------|

| 12.1 | The                  Company will reimburse the Director for all travelling, hotel,                  entertainment and other expenses (in euros and in accordance with                  the                  Applicable Exchange Rate where applicable) reasonably incurred                  by him in                  the proper performance of his duties subject to the Director complying                  with such guide-lines or regulations issued by the Company from                  time to                  time in this respect and to the production to the Company of such                  vouchers                  or other evidence of actual payment of the expenses as the Company                  may                  reasonably require. |
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| 12.2 | The                  Director will use any Company credit or chargecard only for the                  expenses                  reimbursable under Clause 12.1 above, and will return it to the                  Company                  forthwith upon request or on the termination of his                  employment. |
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| 12.3 | The                  Company will pay (in euros and in accordance with the Applicable                  Exchange                  Rate where applicable) the costs of telephone and broadband rental                  in                  respect of the Director’s home telephone and internet access respectively,                  together with the cost of all calls made in performing his duties                  under                  this Agreement, upon receipt of a copy of the relevant telephone                  or other                  bill. |
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| 12.4 | Any                  benefits provided by the Company to the Director or the Directors                  family                  which are not expressly referred to in this Agreement are ex gratia                  and                  are at the entire discretion of the Company and do not form part                  of the                  Director's terms of employment. |
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| **13** | **DEBTS                  TO THE COMPANY** |
|--------|-------------------------------------------|

| 13.1 | If                  at any time money is owed and payable by the Director to the Company,                  whether under this Agreement or otherwise, it is agreed that the                  Company                  may deduct the sum or sums from time to time owed to it from any                  payment                  due to the Director from the Company, howsoever arising. |
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| **14** | **VEHICLES** |
|--------|--------------|

| 14.1 | The                  Director shall receive a car allowance of €805 gross per calendar month in                  arrears. This allowance will be converted into sterling based on                  the                  Applicable Exchange Rate, from which the Company will make statutory                  and                  voluntary deductions, convert the net sum back into euros based                  on the                  Applicable Exchange Rate and make payment of such net sum in euros                  by bank                  transfer on or about the 25th day of each calendar month (or such                  higher                  car allowance as may from time to time be agreed). The Company                  reserves                  the right to replace the car allowance with a leased company                  car. |
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| 14.2 | In                the event that the car allowance is replaced with a leased company                car                (“the Vehicle”), the Company will provide the Director with the Vehicle                (within an annual leasing allowance of the sterling equivalent of€27,600                in accordance with the Applicable Exchange Rate) for use for private                and                business purposes in accordance with the Company’s car policy as it may                vary from time to time. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | The                Vehicle will be of a type determined by the Company (BMW 525 saloon                manual                or equivalent Audi, Saab or Jaguar model) and may be changed at such                intervals as it may determine. The Company may in its discretion                withdraw                the use of the Vehicle from the Director at any time without giving                a                reason or paying compensation, in which case the Director will be                entitled                to receive the car allowance referred to in this                clause. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | The                Company will be responsible for all running costs incurred in respect                of                the Vehicle, including petrol for private and business mileage in                respect                of which the Company may provide the Director with a fuel                card. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.5 | The                Director will maintain the Vehicle in good running order and in a                clean                and tidy condition. The Director shall ensure that the Vehicle is                checked                (including oil, water, battery and tyres) before each journey and                any                faults are recorded in the appropriate log and appropriate action                taken.                The Director shall ensure that the Vehicle is regularly serviced                bearing                in mind that at least seven days’ notice is required. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.6 | The                Director shall keep such records relating to the Vehicle’s use as are                necessary to satisfy any queries which may be raised by the Inland                Revenue                or other relevant taxation authorities. The Director will also be                wholly                responsible for the payment of any taxes assessed in respect of the                Director’s use of the Vehicle. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.7 | The                Director                will return, at his own expense and without the need for any prior                request                by the Company, the Vehicle and the keys to the head office of the                Company                immediately following termination of his employment or at any other                time                if so requested by the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.8 | The                Director shall not cause anything to be done to the Vehicle, either                directly or indirectly, which might invalidate any warranty in force                or                damage the Vehicle itself. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.9 | The                Director shall be liable for any fine or penalty charge imposed on                him and                shall reimburse the Company in respect thereof should such sum be                paid by                the Company on the Director’s                behalf. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.10 | The                Director will immediately inform the Company                if:- |
|-------|-------------------------------------------------------------------------------------|

----

|   | 14.10.1 | he                is prosecuted or is to be prosecuted for any road traffic offence                in the                United Kingdom; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.10.2 | his                driving licence is endorsed; or |
|--------|---------|----------------------------------------------------|

|   | 14.10.3 | he                is disqualified from holding a driving licence in the United                Kingdom. |
|--------|---------|--------------------------------------------------------------------------------------------------------|

| 14.11 | The                Director will on request from the Company produce his driving licence(s)                for inspection.                If                the Director is required to use his own vehicle for Company business,                he                is required to ensure that it is fully insured at all times and that                such                insurance will cover any equipment or other company property carried                in                the vehicle. The Director may be required to produce proof of cover                on                request. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.12 | The                Director must ensure that he uses mobile phones responsibly and in                accordance with legal requirements, irrespective of whether or not                the                Company has supplied him with the mobile phone or the mobile phone                is his                personal property**.**For                the avoidance of doubt, the Director shall not use a hand-held mobile                phone whilst driving. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **15** | **HOLIDAYS** |
|--------|--------------|

| 15.1 | The                Director is entitled to 25 working days paid holiday in each holiday                year                in addition to any statutory public holidays granted in England and                Wales. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | The                holiday will be taken at dates agreed in advance with the Board of                the                Company. Whilst every endeavour will be made to co-operate with fixing                the                dates of holiday, such dates will remain in the ultimate discretion                of the                Company. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | Holidays                must be taken in the year of entitlement and may not be carried forward                to                the following year except with prior agreement of the Board of the                Company. The holiday year runs concurrently with the calendar year. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Upon                termination of this employment the Director will be entitled to pay                in                lieu of any unused holiday entitlement or be required to pay to the                Company pay received for holiday taken in excess of holiday entitlement.                Any sums so due may be deducted from any money owing to the Director.                Holiday pay will be paid at the net basic                rate. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | The                Company reserves the right to require the Director to take any unused                holiday during the notice period, even if booked to be taken after                the end                of the notice period. For the purpose of calculating any holiday                pay due                to the Director or owed by the Director to the Company one day’s pay shall                be the basic annual pay divided by                260. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **16** | **COMPUTERS** |
|--------|---------------|

| 16.1 | The                  Director will be authorised to gain access to certain computer                  systems,                  programs and data. He must use all computer systems in a responsible                  manner and with due regard to any risks relating to such use In                  particular                  but without prejudice to the generality of the foregoing the Director                  should have due regard to risks relating                  to:- |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.1 | loading                any program into any computer; |
|--------|--------|-------------------------------------------------------|

|   | 16.1.2 | electronic                data transferor; |
|--------|--------|--------------------------------------------|

|   | 16.1.3 | loading                any disks or CD Roms; |
|--------|--------|----------------------------------------------|

|   | 16.1.4 | downloading                of any files from the internet; |
|--------|--------|------------------------------------------------------------|

|   | 16.1.5 | use                of the internet; |
|--------|--------|-------------------------------------|

|   | 16.1.6 | connection                of any new hardware to any of the Company’s                systems. |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | 16.1.7 | using                any Company equipment to visit any inappropriate internet                site. |
|--------|--------|-----------------------------------------------------------------------------------------------------|

| 16.2 | The                  Director will be responsible for any action taken against the Company                  for                  breaches of copyright or otherwise resulting from the inappropriate                  use by                  the Director of any computer equipment of the                  Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | Breach                  of obligations under this Clause 16 in any way that has an adverse                  effect                  on the Company renders the Director liable to summary                  dismissal. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | The                  Company reserves the right to monitor on a regular basis the Director’s                  use of its computer and/or telecommunications systems, including                  phone                  calls, facsimile, e-mails and use of the Internet in order to ensure                  compliance with the provisions of this                  clause. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **17** | **ILLNESS,                MEDICAL MATTERS AND                INSURANCES** |
|--------|---------------------------------------------------------------------------|

| 17.1 | In                the event of the Director’s Incapacity due to sickness or                injury                or                for any other reason they are unable to attend work, the Director                should                contact another director of the Company as early as possible (and                in any                event within three hours of the time the Director should have started                work) on the first day of absence and each day thereafter, with an                estimate of how long the Director will be away from work. If the                Director                cannot notify the Company himself he should arrange for someone else                to do                it for him. At this time full reasons must be given of the nature                of any                sickness or injury. Failure to notify the Company without good reason                will                amount to unauthorised absence and may lead to disciplinary action. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.2 | If                the Director is absent for one days or more, immediately upon returning                to                work the Director shall complete a self-certification form, as evidence                of                their Incapacity, in respect of each day of                absence. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | If                the Director is absent for seven days or more, the Director must                on the                eighth day of absence provide the Company with a medical certificate                from                a General Practitioner stating the reason for absence and provide                subsequent certificates to cover any subsequent periods of                absence. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | In                the event that the notification requirements referred to in Clauses                17.1                to 17.3 are complied with, by the Director, he shall be entitled                to                receive his full net salary and benefits for the first three months                of                absence. The Director will not be entitled to any further payments                following the expiry of the first three months of continued absence.                The                Director will not be entitled to payments under this clause in excess                of                three months net salary and benefits in any 12 month                period. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.5 | Subject                to the rules of Statutory Sick Pay, all other pay for any period                when the                Director is unable to work through Incapacity will be at the discretion                of                the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.6 | From                time to time the Company may reasonably require the Director to undergo                a                medical examination by a medical practitioner appointed by the Company.                The costs of any such medical examination will be borne by the Company.                The Director hereby consents to any report arising out of such examination                being given to the Company by that medical                practitioner. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7 | In                the event that the Director shall unreasonably refuse to undergo                any such                medical examination, the Company may withhold all or any part of                the                salary and other entitlements of the                Director. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.8 | In                the event that a medical practitioner appointed by the Company requires                details of the Director’s medical history or access to any medical report                prepared for them then the Director will (subject always to the Director’s                rights under the Access to Medical Records Act 1988) not unreasonably                refuse their consent to a request that a medical practitioner appointed                by                the Company makes to any medical practitioner of the Directors for                such                details or access. For the purposes of the Access to Medical Records                Act                1988 the Director hereby authorise any medical practitioner appointed                by                the Company to make any such request to any medical practitioner                of the                Director’s for such details or                access. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.9 | The                Company will take out and maintain insurance cover on behalf of the                Director for life insurance with an insurance company and the details                and                type of cover will be at the discretion of the Company. These details                are                available from the Human Resources Department on                request. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.10 | If                the Director’s absence due to sickness or injury is occasioned by the                actionable negligence of a third party in respect of which damages                are                recoverable, then all sums paid by the Company shall constitute loans                to                the Director who shall:- |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.10.1 | forthwith                notify the Company of all relevant circumstances and of any claim,                compromise, settlement or judgment made or awarded in connection                therewith; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.10.2 | if                the Company so requires, refund to the Company such sum as the Company                may                determine not exceeding the lesser of:- |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.10.2.1 | the                amount of damages recovered by the Director under such compromise,                settlement or judgment; or |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 17.10.2.2 | the                sums advanced to the Director in respect of the period of                incapacity. |
|--------|-----------|---------------------------------------------------------------------------------------------------------|

| 17.11 | The                Company shall be entitled to retain sensitive personal data relating                to                the Director’s health for any or all of the purposes set out in this                clause. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **18** | **TERMINATION                OF DIRECTORSHIP** |
|--------|------------------------------------------------|

| 18.1 | The                employment of the Director under this Agreement shall terminate                automatically in the event of his ceasing to be a director of the                Company                and in that event the Director shall have no claim for damages against                the                Company unless he shall cease to be a Director of the Company by                virtue of                a resolution passed by the members of the Company in general meeting,                and                at the time of such removal the Company shall not be otherwise entitled                to                terminate his employment under this                Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **19** | **N****OTICE                PROVISIONS, DISMISSAL AND                SUSPENSION** |
|--------|-----------------------------------------------------------------------------------|

| 19.1 | This                Agreement shall be subject to termination by: |
|------|-------------------------------------------------------------------|

----

|   | 19.1.1 | either                party upon giving notice in writing to the other party in accordance                with                Clause 2.1 above; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.2 | the                Company giving not less than three months’ notice in writing at any time                when the Director is or has been incapacitated by ill health or accident                (incurred otherwise than in the due performance of his duties hereunder)                from performing his duties hereunder and shall have been so incapacitated                for a total period of one hundred and eighty days or more in the                preceding                twelve months; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.3 | the                Company giving summary notice in writing to the Director if the Director                - |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | 19.1.3.1 | commits                any material or persistent breaches of this                Agreement; |
|--------|----------|----------------------------------------------------------------------------------------------|

|   | 19.1.3.2 | mismanages                the business of the Company or any of the Group Company so as to                cause the                Company financial loss; |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.3.3 | is                guilty of conduct tending to bring himself or the Company or any                of the                Group Company into disrepute; |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.3.4 | becomes                of unsound mind or commits an act of bankruptcy or compounds with                his                creditors generally; |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.3.5 | is                disqualified from holding the office of                director |
|--------|----------|-----------------------------------------------------------------------------------|

| 19.2 | The                  Company may at any time and for whatever reason suspend the Director                  from                  his employment hereunder on full salary for such period of time                  as is                  necessary for the Company to carry out any necessary investigations                  to                  consider the Director’s future employment with the                  Company. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | Should                  the Director fail to resign as a Director, if so requested to do                  so by the                  Company, the Director hereby irrevocably authorises the Company                  to                  nominate a person to sign the relevant resignation documentation                  on their                  behalf. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.4 | The                Company                may, at its option, pay salary in lieu of notice but nothing in these                terms and conditions of employment shall prevent the Company from                terminating the Director’s employment without notice or payment in lieu of                notice in appropriate circumstances. Where a payment in lieu of notice                is                made, the Director will be paid his basic salary only and his entitlement                to any benefits or payment for any benefits shall cease on his termination                date |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.5 | This                  employment will automatically terminate without notice at the end                  of the                  month in which the Director attains the age of 65. After the Director                  reach this age, any further employment and the terms of such employment                  will be totally at the discretion of the                  Company. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.6 | The                  Director will be subject to a three month probationary period,                  at the end                  of which the Director’s performance will be                  reviewed. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **20** | **POSITION                ON TERMINATION** |
|--------|--------------------------------------------|

| 20.1 | Upon                the termination by whatever means of their employment under this                Agreement                the Director shall at the request of the Company immediately resign                from                office as a director of the Company and from such offices held by                him in                any Group Company as may be so requested without claim for compensation                and in the event of his failure so to do, the Company is hereby                irrevocably authorised to appoint some person in his name and on                his                behalf to sign and deliver such resignation or resignations to the                Company                and to each of the Group Companies of which the Director is at the                material time a director or other                officer. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **21** | **POST                TERMINATION** |
|--------|-------------------------------------|

| 21.1 | Upon                the termination of the employment (howsoever occurring) the Director                shall                immediately deliver up to the Company all correspondence documents                specifications and property belonging to the Company or any Group                Company                which may be in his possession or under his control or in the possession                or control of his personal                representatives. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | After                the termination of his employment, the Director shall not represent                himself as being in any way connected with the Company or any Group                Company.  |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | The                Director covenants with the Company that he will not, without the                prior                written consent of the Company: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.3.1 | for                a period of six months after the termination of the Director’s employment,                either alone or jointly with or as a director, manager, agent, consultant,                partner, or employee of any person, firm, company or other organisation                directly or indirectly carry on or be engaged in any activity or                business                which is engaged or concerned with the supply of Relevant                Services; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 21.3.2 | for                a period of nine months after the termination of the Director’s                employment, canvass, solicit, approach, deal with, entice away or                cause to                canvassed, solicited, approached, dealt with or enticed away any                Customer                for business in respect of Relevant                Services; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.3.3 | for                a period of nine months after the termination of the Director’s                employment, interfere or seek to interfere with the continuation                of                supplies to the Company from any Relevant                Supplier; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.3.4 | for                a period of nine months after the termination of the Director’s                employment, solicit, interfere with or attempt to entice away any                Employee. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | The                Director acknowledges that: |
|------|------------------------------------------------|

|   | 21.4.1 | each                of the foregoing sub-clauses constitutes an entirely separate and                independent restriction on him; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.4.2 | the                duration, extent and application of each of the restrictions are                no                greater than is necessary for the protection of the Company’s                interests; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.4.3 | the                duration of each of the restrictions shall be reduced by any period                of                time during which the Company requires the Director not to attend                his                place of work during any period of notice of termination. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.4.4 | the                restrictions contained in this clause are considered to be reasonable                but                if any of the restrictions are found to be void in circumstances                where it                would be valid if some part of it were deleted it is agreed that                the** **restrictions                shall apply with such deletion as is necessary to make it                valid. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **22** | **NO                OBLIGATION TO THIRD                PARTIES** |
|--------|------------------------------------------------------------------|

| 22.1 | The                  Director undertakes that he is at liberty to take up employment                  with the                  Company and perform all the obligations set out in this Agreement                  without                  limitation or breach of any obligations or duties he has to a third                  party. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **23** | **INDEMNITIES                AND DIRECTORS AND OFFICERS’INSURANCE** |
|--------|---------------------------------------------------------------------------|

| 23.1 | The                Director will indemnify the Company in respect of any liability incurred                by the Company as a direct consequence of the Directors negligence,                breach                of contract, breach of duty or breach of trust in relation to the                affairs                of the Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.2 | The                    Company will at its discretion take out and maintain insurance                    cover on                    behalf of the Director for Directors’ and Officers’ Insurance and details                    are available on request from the Human Resources                    Department. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **24** | **DISCIPLINARY                    PROCEDURE** |
|--------|-----------------------------------------------|

| 24.1 | The                    procedure laid down is in accordance with the procedure annexed                    hereto at                    Schedule A to this Agreement, which is not to be regarded as                    contractually                    binding save as far as required under legislation in force from                    time to                    time. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.2 | The                    Director shall refer any grievance relating to any disciplinary                    decision                    to the Board whose decision shall be                    final. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **25** | **GRIEVANCE                    PROCEDURE** |
|--------|--------------------------------------------|

| 25.1 | The                    Director shall refer any grievance relating to his employment                    hereunder or                    relating to any disciplinary decision to the Board whose decision                    shall be                    final. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **26** | **COLLECTIVE                    AGREEMENTS** |
|--------|----------------------------------------------|

| 26.1 | This                    employment is unaffected by the terms of any collective                    agreement. |
|------|---------------------------------------------------------------------------------------------------------------|

| **27** | **GENERAL** |
|--------|-------------|

| 27.1 | This                    Agreement (together with the Company’s Employee Handbook) embodies and                    sets forth the entire agreement and understanding of the parties                    and                    supersedes all prior oral or written agreements understandings                    or                    arrangements relating to the subject matter of this Agreement.                    Neither                    party shall be entitled to rely on any agreement, understanding                    or                    arrangement, which is not expressly set forth in this Agreement                    or                    Employee Handbook. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.2 | The                    Company reserves the right to vary the terms and conditions of                    this                    Agreement which will be notified to the Director in writing within                    one                    month of such variation. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.3 | In                    the event of any conflict between the terms set out in this Agreement                    and                    the Company’s Employee Handbook, the terms of this Agreement shall                    prevail. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.4 | This                    Agreement shall not be amended, modified, varied or supplemented                    except in                    writing signed by duly authorised representatives of the                    parties. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.5 | No                    failure or delay on the part of either party hereto to exercise                    any right                    or remedy under this Agreement shall be construed or operate                    as a waiver                    thereof nor shall any single or partial exercise of any right                    or remedy as                    the case may be. The rights and remedies provided in this Agreement                    are                    cumulative and are not exclusive of any rights or remedies provided                    by                    law. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **28** | **NOTICES** |
|--------|-------------|

| 28.1 | Any                notice to be given hereunder shall be in writing and be sufficiently                served in the case of the Director by being delivered either personally                to                him or sent by registered post addressed to him at his usual or last                known                place of abode or in the case of the Company by being delivered at                or sent                by registered post or recorded delivery addressed to its registered                office                and any such notice if so posted shall be deemed to be served on                the                second day following that on which it was                posted. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **29** | **STATEMENT                OF EMPLOYMENT PARTICULARS** |
|--------|--------------------------------------------------------|

| 29.1 | The                Company and the Director agree that this Agreement constitutes a                Statement                of Employment Particulars in accordance with Section 1 Employment                Rights                Act 1996. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **30** | **LAW                AND JURISDICTION** |
|--------|-----------------------------------------|

| 30.1 | The                terms of this Agreement shall be governed by the Laws of England                and Wales                and the Courts of England and Wales shall have exclusive jurisdiction                in                all matters relating thereto. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SCHEDULE      A**

**DISCIPLINARY      PROCEDURE**

| 1 | In                  the first instance the Board will establish the facts surrounding                  the                  complaint (if necessary) taking into account the statements of                  any                  available witnesses. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | If                  the Board considers that it is not necessary to resort to the formal                  warning procedure, the Board will discuss the matter with the Director                  suggesting areas for improvements The discussion will in so far                  as is                  possible be in private and the Director will be informed that no                  formal                  disciplinary action is being taken. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | If                  the Board considers that it is necessary to invoke the formal warning                  procedure, the Board will inform the Director in writing giving                  detail as                  to the proposed venue date and time of the meeting together with                  detail as                  to the matter to be discussed. The following procedure will then                  apply but                  depending upon the seriousness of the offence may be invoked at                  any level                  including summary dismissal. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1 | In                  the case of minor offences the Director will be given a formal                  oral                  warning in the event that the Board deems fit. He will be advised                  that the                  warning constitutes the first formal stage of the disciplinary                  procedure                  and that a note will be placed on his personal file and will remain                  on                  file for the period of 6 months. The nature of the offence and                  the likely                  consequences of further offences or a failure to improve will be                  explained                  to him. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | In                  the case of serious offences or a repetition of earlier minor offences                  the                  Director will be given a written warning in the event that the                  Board deems                  fit which will remain on file for the period of 12 months. The                  warning                  will set out the precise nature of the offence the likely consequences                  of                  further offences and specifying if appropriate the improvement                  required                  and over what period. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | In                  the case of a further repetition of earlier offences or if the                  Director                  still fails to improve or if the offence whilst falling short of                  gross                  misconduct is serious enough to warrant only one written warning                  the                  Director will receive in the event that the Board deems fit one                  written                  warning which will remain on file for the period of 9 months. The                  warning                  will set out the precise nature of the offence containing a statement                  that                  any recurrence will lead to dismissal or whatever other penalty                  is                  considered appropriate and specifying if appropriate the improvement                  required and over what period. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.4 | In                  the case of gross misconduct or if all previous stages of the warning                  procedure have been exhausted the Director will normally be dismissed                  but                  only after consideration of other possible disciplinary action                  including                  (but without limitation) demotion or transfer, loss of seniority                  or salary                  increment suspension with or without                  pay. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Where                  the Director is accused of an act of gross misconduct, he may be                  suspended                  from work for such period as the Board decides on full pay pending                  outcome                  of the investigation into the alleged                  offence. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | In                  all cases before any disciplinary action (including warnings) is                  taken the                  Director will be interviewed by the Board and will be informed                  of the                  allegations made against him. He will be given the opportunity                  to state                  his case and at the interview may be accompanied by a colleague                  or trade                  union representative of his choice. If the complaint is upheld                  the                  Director will be informed of the disciplinary action to be taken                  the stage                  in the disciplinary procedure to be adopted depending upon the                  seriousness                  of the offence and of the right to                  appeal. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | The                  following are non-exhaustive examples of the sort of offences which                  if                  committed will normally lead to formal disciplinary action being                  taken. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1 | Minor                  offences (oral warning) poor job performance involving sub-standard                  work                  punctuality, absenteeism or any minor breach of the Company’s                  regulations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Serious                  offences (written warnings) negligence resulting in minor loss                  damage or                  injury failure to comply with specific instruction irresponsibility                  in                  relation to the Company’s employees activities or impropriety in relation                  to the Director’s tasks for the Company whether or not within working                  hours which the Company reasonably considers to be detrimental                  to or                  conflicting with the interests of the Company or its clients or                  likely to                  affect the Director’s standard of work failure to disclose any personal                  interest of the employee which conflicts with any matter of a client                  or                  customer with which the Director is engaged or any breach of confidence                  relating to the Company or its clients’ or customers’                  affairs. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.3 | Gross                  misconduct (dismissal) negligence resulting in serious loss damage                  or                  injury, assault or attempted assault, theft, malicious damage to                  property,                  wilful disregard of duties or of instructions relating to the employment,                  deliberate and serious breach of confidence relating to the Company’s or                  its clients’ or customers’ affairs, the use for personal ends of                  confidential information obtained by the Director in the course                  of his                  employment, falsification of records, conduct violating common                  decency,                  being incapable through alcohol or under the influence of drugs,                  conviction on a criminal charge relevant to the Director’s employment or                  misuse of the Company’s computer and telecommunications systems. In                  serious cases dismissal will normally be without                  notice. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | The                  Director has the right to appeal against any disciplinary decision.                  The                  appeal must be instituted in writing and be received by the Chairman                  within 5 working days of the decision being appealed. The Appeal                  Notice                  must specify the Grounds of Appeal and be addressed to the Chairman.                  The                  Appeal will then be heard at a hearing by the Board whose decision                  will be                  final. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IN      WITNESS**

| SIGNED                as a DEED by JAMES CHU  | )      | /s/                James Chu       |
|-----------------------------------------------|--------|------------------------------------|
|                                          |   |                               |
| on                behalf of the COMPANY       | )      |                               |
|                                          |   |                               |
| in                the presence of :-          | )      | /s/                James A. Morlan |
|                                          |   |                               |
|                                          |   |                               |
|                                          |   |                               |
|                                          |   |                               |
| SIGNED                as a DEED by JAN JENSEN | )      | /s/                Jan Jensen      |
|                                          |   |                               |
| in                the presence of :-          | )      | /s/                Thomas Bucknall |

----