ACCORDANCE WITH THE TERMS THEREOF AS THEY MAY BE IN EFFECT
FROM TIME TO TIME, IN SO FAR AS SUCH BENEFITS ARE CAPABLE OF BEING PROVIDED IN
THE UNITED KINGDOM.
(B)
REIMBURSEMENT OF EXPENSES.
DURING THE
EMPLOYMENT TERM, THE COMPANY SHALL CAUSE THE EXECUTIVE TO BE REIMBURSED FOR ALL
REASONABLE BUSINESS EXPENSES INCURRED BY THE EXECUTIVE IN CARRYING OUT THE
EXECUTIVE'S DUTIES, SERVICES AND RESPONSIBILITIES UNDER THIS AGREEMENT, SO LONG
AS THE EXECUTIVE COMPLIES WITH THE GENERAL PROCEDURES OF THE COMPANY AFFILIATED
GROUP FOR SUBMISSION OF EXPENSE REPORTS, RECEIPTS OR SIMILAR DOCUMENTATION OF
SUCH EXPENSES APPLICABLE TO SENIOR MANAGEMENT GENERALLY.
(C)
CAR ALLOWANCE.
FOR EACH FULL TWELVE MONTH
PERIOD DURING THE EMPLOYMENT TERM, THE COMPANY SHALL CAUSE TO BE PAID TO THE
EXECUTIVE £10,620 AS A CAR ALLOWANCE.
(D)
PENSION.
FOR EACH FULL TWELVE MONTH PERIOD
DURING THE EMPLOYMENT TERM, THE COMPANY SHALL CAUSE A CONTRIBUTION OF 20% OF
BASE SALARY TO BE MADE TO AN AGREED-UPON PENSION SCHEME, AND, TO THE MAXIMUM
EXTENT POSSIBLE, SUCH CONTRIBUTION SHALL BE MADE TO A PENSION SCHEME APPROVED BY
THE INLAND REVENUE.
IN ADDITION, TO THE EXTENT IT HAS NOT ALREADY DONE SO, THE
COMPANY SHALL, FOR THE PERIOD FROM APRIL 1, 2003 TO THE EFFECTIVE DATE, CAUSE A
CONTRIBUTION OF 20% OF BASE SALARY TO BE MADE TO THE AGREED-UPON PENSION SCHEME
AT A RATE OF ANNUAL BASE SALARY OF £385,000 FOR THE PERIOD FROM APRIL 1, 2003
THROUGH AUGUST 15, 2003, AND AT A RATE OF
5
ANNUAL BASE SALARY OF £500,000 FOR THE PERIOD FROM AUGUST 15, 2003 THROUGH THE
EFFECTIVE DATE.
ALL SUCH CONTRIBUTIONS SHALL BE SUBJECT TO THE APPLICABLE
INLAND REVENUE RULES AND OTHER APPLICABLE LAW, AND, TO THE EXTENT ANY SUCH
CONTRIBUTION CANNOT BE MADE TO SUCH PENSION SCHEME UNDER APPLICABLE INLAND
REVENUE RULES OR APPLICABLE LAW, IT SHALL BE MADE AS DIRECTED BY THE EXECUTIVE.
6.
VACATIONS.
FOR EACH FULL TWELVE MONTH
PERIOD DURING THE EMPLOYMENT TERM, THE EXECUTIVE SHALL BE ENTITLED, IN ADDITION
TO PUBLIC AND STATUTORY HOLIDAYS, TO 28 DAYS OF PAID VACATION (PRORATED FOR ANY
PARTIAL CALENDAR YEAR), TO BE CREDITED AND TAKEN IN ACCORDANCE WITH THE POLICY
OF THE COMPANY AFFILIATED GROUP AS IN EFFECT FROM TIME TO TIME FOR ITS EXECUTIVE
OFFICERS.
7.
TERMINATION; SEVERANCE.
(A)
TERMINATION OF EMPLOYMENT.
THE COMPANY MAY
TERMINATE THE EMPLOYMENT OF THE EXECUTIVE WITHOUT CAUSE UPON 30 DAYS' WRITTEN
NOTICE TO THE EXECUTIVE (SAVE THAT THE COMPANY WILL NOT TERMINATE THE
EXECUTIVE'S EMPLOYMENT ON ILL HEALTH GROUNDS WHERE ANY ENTITLEMENT TO OR BENEFIT
OF A PERMANENT HEALTH SCHEME WOULD BE FORFEITED BY REASON OF SUCH TERMINATION).
THE COMPANY MAY (AT ITS DISCRETION) AT ANY TIME FOLLOWING THE GIVING OF SUCH
NOTICE (BUT NOT EXCEEDING THE LENGTH OF THE NOTICE GIVEN) CEASE TO PROVIDE WORK
FOR THE EXECUTIVE IN WHICH EVENT DURING SUCH NOTICE PERIOD THE OTHER PROVISIONS
OF THIS AGREEMENT SHALL CONTINUE TO HAVE FULL FORCE AND EFFECT BUT THE EXECUTIVE
SHALL NOT BE ENTITLED TO ACCESS TO ANY PREMISES OF THE COMPANY OR OF