ABROAD FOR THE PERFORMANCE OF YOUR DUTIES.
5.
Remuneration, Expenses and Deductions
5.1
YOUR BASIC SALARY IS £110,000 PER ANNUM (OR SUCH HIGHER SUM AS THE
COMPANY MAY SUBSEQUENTLY DETERMINE AND NOTIFY TO YOU) PAYABLE BY CREDIT TRANSFER
MONTHLY IN ARREARS, LESS TAX AND NI CONTRIBUTIONS. ALTHOUGH THE COMPANY WILL
REVIEW YOUR BASIC SALARY ANNUALLY, YOU HAVE NO ENTITLEMENT TO A SALARY INCREASE
IN ANY YEAR.
5.2
YOU WILL BE PAID OR REIMBURSED FOR ANY REASONABLE EXPENSES
PROPERLY INCURRED BY YOU WHILE PERFORMING YOUR DUTIES ON BEHALF OF THE COMPANY,
SUBJECT TO YOUR PRODUCING RECEIPTS IN RESPECT OF SUCH EXPENSES WHEN REQUESTED BY
THE COMPANY, AND SUBJECT TO YOUR COMPLIANCE WITH THE COMPANY'S RULES AND
POLICIES RELATING TO EXPENSES.
5.3
THE COMPANY SHALL BE ENTITLED AT ANY TIME DURING YOUR EMPLOYMENT,
OR IN ANY EVENT ON TERMINATION, TO DEDUCT FROM YOUR REMUNERATION HEREUNDER ANY
MONIES PROPERLY DUE FROM YOU TO THE COMPANY INCLUDING BUT NOT LIMITED TO ANY
OUTSTANDING LOANS, ADVANCES, RELOCATION EXPENSES, TRAINING COSTS, THE COST OF
REPAIRING ANY DAMAGE OR LOSS TO THE COMPANY'S PROPERTY CAUSED BY YOU (AND OF
RECOVERING THE SAME), ANY SUMS DUE FROM YOU UNDER PARAGRAPH 6.2 BELOW AND ANY
OTHER MONIES OWED BY YOU TO THE COMPANY.
5.4
THE EXECUTIVE SHALL ALSO BE ENTITLED TO RECEIVE BY WAY OF FURTHER
REMUNERATION A BONUS OF UP TO £40,000 PER ANNUM SUBJECT TO REASONABLE
PERFORMANCE TARGETS BEING MET AND CALCULATED IN ACCORDANCE WITH A FORMULA TO BE
SET IN ADVANCE AND DECIDED UPON AT THE SOLE DISCRETION OF THE BOARD, FOLLOWING
DISCUSSION WITH THE EXECUTIVE.
THE BONUS ENTITLEMENT, CALCULATION AND PAYMENT
THEREOF SHALL BE AGREED ON A SIX MONTHLY BASIS.
2
6.
Holidays
6.1
IN ADDITION TO THE PUBLIC HOLIDAYS NORMALLY APPLICABLE IN ENGLAND,
YOU ARE ALSO ENTITLED TO 25 WORKING DAYS' PAID HOLIDAY IN EACH COMPLETE CALENDAR
YEAR.
THE COMPANY'S HOLIDAY YEAR IS FROM 1 JANUARY TO 31 DECEMBER.
6.2
ON THE COMMENCEMENT AND TERMINATION OF YOUR EMPLOYMENT, YOU WILL
BE TREATED AS HAVING ACCRUED HOLIDAY ON A PRO RATA BASIS OF 2 DAYS' HOLIDAY FOR
EACH COMPLETE MONTH OF SERVICE IN THAT HOLIDAY YEAR CALCULATED BY REFERENCE TO
YOUR FIRST OR LAST DATE AT WORK (AS APPROPRIATE).
IF, ON THE TERMINATION OF
YOUR EMPLOYMENT, YOU HAVE EXCEEDED YOUR ACCRUED HOLIDAY ENTITLEMENT, THIS EXCESS
WILL BE DEDUCTED FROM ANY SUMS DUE TO YOU.
IF YOU HAVE HOLIDAY ENTITLEMENT
STILL OWING THE COMPANY MAY, AT ITS SOLE DISCRETION, REQUIRE YOU TO TAKE ALL OR
PART OF YOUR OUTSTANDING HOLIDAY DURING YOUR NOTICE PERIOD OR TO PAY YOU A SUM
IN LIEU OF ACCRUED HOLIDAY.
6.3
YOU MUST OBTAIN THE PRIOR APPROVAL OF THE BOARD BEFORE BOOKING
HOLIDAY DATES.
NOT MORE THAN TWO WEEKS MAY BE TAKEN AT ANY ONE TIME, SAVE AT
THE BOARD'S DISCRETION.
6.4
HOLIDAY ENTITLEMENT FOR ONE HOLIDAY YEAR MUST BE TAKEN IN THE SAME
HOLIDAY YEAR.
FAILURE TO DO SO WILL RESULT IN FORFEITURE OF ANY SUCH ACCRUED
HOLIDAY NOT TAKEN UNLESS YOU OBTAIN PRIOR CONSENT FROM THE BOARD FOR