Document:

Ex-10.07

 

EXHIBIT 10.07

(Quintiles Transnational Corp. Logo)

EXECUTIVE EMPLOYMENT AGREEMENT

	 	 	 
	 	 	
     This Executive Employment Agreement (“Agreement”), dated
as of February 8, 2002, is made and entered into by QUINTILES
TRANSNATIONAL CORP., a North Carolina corporation (hereinafter
the “Company”) and Oppel Greeff (hereinafter the “Executive”).
The Company desires employ Executive as its Head of EDLS and
CPO Head of South America, India and Latin America and provide
adequate assurances to Executive and Executive desires to
accept such employment on the terms set forth below, which
terms Executive agreed to in Executive’s offer letter.
	 	 	 
	 	 	
     In consideration of the mutual promises set forth below
and other good and valuable new consideration, the receipt and
sufficiency of which the parties acknowledge, the Company and
Executive agree as follows:
	 	 	 
	 	 	
     1. EMPLOYMENT. The Company employs Executive and
Executive
accepts employment on the terms and conditions set forth
in this Agreement
	 	 	 
	 	 	
     2. NATURE OF EMPLOYMENT. Executive shall serve as Head
of
EDLS and CPO Head of South America, India and Latin
America and have such
responsibilities and authority as the Company may
assign from time to time.
Additionally, Executive agrees to perform such other
duties consonant with those of an
executive at his level as the Company may set from time to
time.
	 
	 	 	
          2.1 Executive shall perform all duties and exercise all
authority in
accordance with, and shall otherwise comply with, all
Company policies, procedures,
practices and directions.
	 	 	 
	 	 	
          2.2 Executive shall devote all working time, best efforts, knowledge
and experience to perform successfully his duties and
advance the Company’s and/or its
Affiliates’ interests. During his employment, Executive
shall not engage in any other
business activities of any nature whatsoever (including
board memberships) for which he
receives compensation without the Company’s prior written
consent; provided, however,
this provision does not prohibit him from personally
owning and trading in stocks,
bonds, securities, real estate, commodities or other
investment properties for his own
benefit, which do not create actual or potential conflicts
of interest with the Company
and/or its Affiliates. As used in this Agreement,
“Affiliates” shall mean: (i) any

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Company’s parent, subsidiary or related entity; and/or (ii) any entity
directly or indirectly controlled or beneficially owned in whole or part by
the Company or Company’s parent, subsidiary or related entity.
	 	 	 
	 	 	
          2.3 Executive’s base of operation shall be Durham, North Carolina,
subject to business travel as may be necessary in the performance of
Executive’s duties.
	 	 	 
	 	 	
     3. COMPENSATION.
	 
	 	 	
          3.1 Base Salary. Executive’s monthly salary for all services rendered
shall be $21,666.66 (less applicable withholdings), payable in accordance
with the
Company’s policies, procedures and practices as they may exist from time
to time.
Executive’s salary shall be reviewed in accordance with the Company’s
policies,
procedures and practices as they may exist from time to time.
	 	 	 
	 	 	
          3.2 Executive Compensation Plan. Executive may participate as a
Level 2.5 employee in the Executive Compensation Plan (or successor plans)
(“ECP”)
which may be made available from time to time to Company executives at
Executive’s
level; provided, however, that Executive’s participation is subject to the
applicable
terms, conditions and eligibility requirements of the plan documents, some
of which are
within the plan administrator’s discretion, as they may exist from time to
time.
	 	 	 
	 	 	
          3.3 Tax Returns. Executive shall be entitled to tax return preparation
and reasonable financial planning, consultation and advice by the
Company’s accounting
firm and/or legal counsel and/or financial consultants as the Company may
provide from
time to time to Company executives at Executive’s level.
	 	 	 
	 	 	
          3.4 Other Benefits. Executive may participate in all medical, dental
and disability insurance, 401(k), pension, personal leave, car allowance
and other
employee benefit plans and programs, except Executive may not receive
severance
payments other than specified in this Agreement; provided, however, that
Executive’s
participation in benefit plans and programs is subject to the applicable
terms, conditions
and eligibility requirements of these plans and programs, some of which
are within the
plan administrator’s discretion, as they may exist from time to time.
	 	 	 
	 	 	
          3.5 Business Expenses. Executive shall be reimbursed for reasonable
and necessary expenses actually incurred by him in performing services
under this

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Agreement in accordance with and subject to the terms and conditions of the
applicable Company reimbursement policies, procedures and practices as they
may exist from time to time. Expenses covered by this provision include but
are not limited to travel, entertainment, professional dues, subscriptions and
dues, fees and expenses associated with membership in various professional,
and business and civic associations of which Executive’s participation is in
the Company’s best interest.
	 	 	 
	 	 	
          3.6 Nothing in this Agreement shall require the Company to create,
continue or refrain from amending, modifying, revising or revoking any of
the plans,
programs or benefits set forth in Sections 3.2 through 3.5. Any
amendments,
modifications, revisions and revocations of these plans, programs and
benefits shall
apply to Executive.
	 	 	 
	 	 	
          3.7 If, at any time during which Executive is receiving salary or
post-termination payments from the Company, he receives payments on account of
mental or
physical disability from any Company-provided plan, then the Company,
at its
discretion, may reduce his salary or post-termination payments by the
amount of such
disability payments.
	 	 	 
	 	 	
     4. TERM OF EMPLOYMENT. The original term of employment shall be for a one
(1) year period commencing on February 1, 2002 and terminating on January
31, 2003, subject to the following provisions:
	 	 	 
	 	 	
          4.1 Upon the expiration of the original or any renewal term of
employment, Executive’s employment shall be automatically renewed for an
additional
one (1) year period unless, at least ninety (90) days prior to the renewal
date, either party
gives the other party written notice of its intent not to continue the
employment
relationship. During any renewal term of employment, the terms,
conditions and
provisions set forth in this Agreement shall remain in effect unless
modified in
accordance with Section 15.
	 	 	 
	 	 	
          4.2 Either party may terminate the employment relationship without
cause at any time upon giving the other party ninety (90) days written
notice.
	 	 	 
	 	 	
          4.3 The Company may terminate the Executive’s employment
relationship immediately without notice at any time for the following
reasons which shall
constitute “Cause”: (i) Executive’s death; (ii) Executive’s physical or
mental inability to

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perform the essential functions of his duties satisfactorily for a period of
180 consecutive days or 180 days in total within a 365-day period as
determined by the Company in its reasonable discretion and in accordance with
applicable law; (iii) any act or omission of Executive constituting willful
misconduct (including willful violation of the Company’s policies), gross
negligence, fraud, misappropriation, embezzlement, criminal behavior, conflict
of interest or competitive business activities which, as determined by the
Company in its reasonable discretion, shall cause material harm, or any other
actions that are materially detrimental to the Company or any Affiliates’
interest; (iv) any other reason recognized as “cause” under applicable law; or
(v) Executive’s material breach of this Agreement.
	 	 	 
	 	 	
          4.4 Executive may terminate Executive’s employment with the
Company as a result of the Company’s failure to cure its material breach
of this
Agreement after Executive has given the Company notice of the material
breach and at
least thirty (30) days to cure the breach (or such longer period as may be
reasonably
required to cure the breach as long as the Company is making good faith
efforts to do
so).
	 	 	 
	 	 	
          4.5 This Agreement shall terminate upon the termination of the
employment relationship with the following exceptions: Section 6 (Trade
Secrets,
Confidential Information, Company Property and Competitive Business
Activities), 7
(Intellectual Property Ownership), 8 (License), 9 (Release), and 12
(Change in Control)
shall survive the termination of Executive’s employment and/or the
expiration or
termination of this Agreement, regardless of the reasons for such
expiration or
termination.
	 	 	 
	 	 	
     5. COMPENSATION AND BENEFITS UPON TERMINATION.
	 	 	 
	 	 	
          5.1 The Company’s obligation to compensate Executive ceases on the
effective termination date except as to: (i) amounts due at that time;
(ii) any amount
subsequently due pursuant to the plan described in Section 3.2; and
(iii) any
compensation and/or benefits to which he may be entitled to receive
pursuant to Sections
5.2, 5.3,5.4 or 5.5.
	 	 	 
	 	 	
          5.2 If the Company terminates Executive’s employment pursuant to
Sections 4.1 (notice of non-renewal) or 4.2 (without cause), then the
Company’s sole
obligation shall be to pay Executive: (i) amounts due on the effective
termination date;

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(ii) any amounts subsequently due pursuant to the plan described in Section
3.2; and (iii) subject to Executive’s compliance with Sections 6,7,8 and 9 and
subject to Sections 3.7 and 5.6, an amount equal to his then current monthly
salary (less applicable withholdings) for the twelve (12) month
non-competition period set forth in Section 6.3, payable in equal monthly
installments.
	 	 	 
	 	 	
          5.3 During the period during which Executive receives
post-termination payments pursuant to Section 5.2, he may continue to
participate, to the
extent permitted by the applicable plans and subject to their terms,
conditions and
eligibility requirements, in all employee welfare benefits plans (as
defined by the
Employee Retirement Income Security Act of 1974, as amended) in which
Executive
participated on his effective termination date. The Company will pay or,
at the
Company’s discretion, reimburse Executive for the premiums actually paid,
to continue
coverage under such plans during the period. Notwithstanding the Company’s
payment
of or reimbursement for the premiums, any coverage under such plans shall
be subject to
the terms, conditions and eligibility requirements of such plans, and
nothing in this
Section shall constitute any guaranty of coverage.
	 	 	 
	 	 	
          5.4 If the Company terminates Executive’s employment as provided in
Sections 4.3 (i) (death), (ii) (physical or mental inability to perform),
(iii) (materially
harmful acts or omissions), (iv) (other reasons recognized as “cause”) or
(v) (Executive’s
material breach) or if the Executive terminates his employment pursuant to
Section 4.1
(notice of non-renewal) or Section 4.2 (without cause), then the Company’s
sole
obligation shall be to pay Executive: (i) amounts due on the effective
termination date
and (ii) any amounts subsequently due pursuant to the plan described in
Section 3.2.
Executive, except when employment terminates pursuant to Section 4.3(i)
(death), shall
comply with Sections 6,7,8 and 9 of this Agreement upon expiration or
termination of
this Agreement.
	 	 	 
	 	 	
          5.5 If Executive terminates the employment relationship as a result of
the Company’s failure to cure its material breach of this Agreement after
he has given
the Company notice of the material breach and 30 days in which to cure the
breach (or
such longer period as may be reasonably required to cure the breach as
long as the
Company is making good faith efforts to do so), pursuant to Section 4.4 of
this
Agreement, then the Company’s sole obligation to Executive in lieu of any
other
damages or other relief to which he otherwise may be entitled shall be (i)
an amount
equal to amounts due at the time of his termination; and (ii) subject to
Executive’s

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compliance with Sections 6, 7, 8 and 9 and subject to Sections 3.7 and 5.6,
liquidated damages in an amount equal to his then current monthly salary (less
applicable withholdings) for the twelve (12) month non-competition period set
forth in Section 6.3, payable in equal monthly installments.
	 	 	 
	 	 	
          5.6 The Company’s obligation to provide the payments under Sections
5.2 and 5.5 is conditioned upon Executive’s execution of an enforceable
release of all
claims and his compliance with Sections 6, 7, 8 and 9 of this Agreement.
If Executive
chooses not to execute such a release or fails to comply with these
sections, then the
Company’s obligation to compensate him ceases on the effective termination
date except
as to amounts due at that time and any amount subsequently due pursuant to
the plan
described in Section 3.2.
	 	 	 
	 	 	
          5.7 Executive is not entitled to receive any compensation or benefits
upon his termination except as: (i) set forth in this Agreement; (ii)
otherwise required by
law; or (iii) otherwise required by any employee benefit plan in which he
participates.
Nothing in this Agreement, however, is intended to waive or supplant any
death,
disability, retirement, 401(k) or pension benefits to which he may be
entitled under
employee benefit plans in which he participates.
	 	 	 
	 	 	
     6. TRADE SECRETS, CONFIDENTIAL INFORMATION,
COMPANY PROPERTY AND COMPETITIVE BUSINESS ACTIVITIES.
Executive acknowledges that: (i) the Company and its Affiliates have worldwide
business operations, a worldwide customer base, and are engaged in the business
of contract research, sales and marketing, healthcare policy consulting and
health information management services to the worldwide pharmaceutical,
biotechnology, medical device and healthcare industries; (ii) by virtue of his
employment by and upper-level position with the Company, he has or will have
access to Trade Secrets and Confidential Information (as defined in Sections
6.1(5) and 6.1(6)) of the Company and its Affiliates, including valuable
information about their worldwide business operations and entities with whom
they do business in various locations throughout the world, and has developed
or will develop relationships with their customers and others with whom they do
business in various locations throughout the world; and (iii) the Trade Secret,
Confidential Information and Competitive Business Activities’ provisions set
forth in this Agreement are reasonably necessary to protect the Company’s and
its Affiliates’ legitimate business interests, are reasonable as to the time,
territory and scope of activities which are restricted, do not interfere with
public policy or public interest and

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are described with sufficient accuracy and definiteness to enable him to
understand the scope of the restrictions imposed on him.
	 	 	 
	 	 	
          6.1 Trade Secrets and Confidential Information. Executive acknowledges
that: (i) the Company and/or its Affiliates will disclose to him certain Trade
Secrets and Confidential Information; (ii) Trade Secrets and Confidential
Information are the sole and exclusive property of the Company and/or its
Affiliates (or a third party providing such information to the Company and/or
its Affiliates) and the Company and/or its Affiliates or such third party owns
all worldwide rights therein under patent, copyright, trademarks, trade
secret, confidential information or other property right; and (iii) the
disclosure of Trade Secrets and Confidential Information to Executive does not
confer upon him any license, interest or rights of any kind in or to the Trade
Secrets or Confidential Information.
	 	 	 
	 	 	
               6.1(1) Executive may use the
Trade Secrets and Confidential Information
only while he is employed or otherwise retained by the Company and only then
in accordance, with applicable Company policies and procedures and solely for
the Company’s benefit. Except as authorized in the performance of services for
the Company, Executive will hold in confidence and will not, either directly
or indirectly, in any form, by any means, or for any purpose, disclose,
reproduce, distribute, transmit, reverse engineer, decompile, disassemble, or
transfer Trade Secrets or Confidential Information or any portion thereof.
Upon the Company’s request, Executive shall return Trade Secrets and
Confidential Information and all related materials.
	 	 	 
	 	 	
               6.1(2) If Executive is required
to disclose Trade Secrets or Confidential
Information pursuant to a court order, subpoena or other government process or
such disclosure is necessary to comply with applicable law or defend against
claims, he shall: (i) notify the Company promptly before any such disclosure
is made; (ii) at the Company’s request and expense take all reasonably
necessary steps to defend against such disclosure, including defending against
the enforcement of the court order, other government process or claims; and
(iii) permit the Company to participate with counsel of its choice in any
proceeding relating to any such court order, subpoena, other government
process or claims.
	 	 	 
	 	 	
               6.1(3) Executive’s obligations
with regard to Trade Secrets shall remain
in effect for as long as such information shall remain a trade secret under
applicable law.

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               6.1(4) Executive’s obligations
with regard to Confidential Information
shall remain in effect while he is employed or otherwise retained by the
Company and/or its Affiliates and for fifteen (15) years thereafter.
	 	 	 
	 	 	
               6.1(5) As used in this
Agreement, “Trade Secrets” means information of
the Company, its Affiliates and its and/or their licensors, suppliers,
customers, or prospective licensors or customers, including, but not limited
to, data, formulas, patterns, compilations, programs, devices, methods,
techniques, processes, financial data, financial plans, product plans, or
lists of actual or potential customers or suppliers, which: (i) derives
independent actual or potential commercial value, from not being generally
known to or readily ascertainable through independent development or reverse
engineering by persons or entities who can obtain economic value from its
disclosure or use; and (ii) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy.
	 	 	 
	 	 	
               6.1(6) As used in this
Agreement, “Confidential Information” means
information other than Trade Secrets, that is of value to its owner and is
treated as confidential, including, but not limited to, future business plans,
licensing strategies, advertising campaigns, information regarding executives
and employees, and the terms and conditions of this Agreement; provided,
however, Confidential Information shall not include information which is in
the public domain or becomes public knowledge through no fault of Executive.
	 	 	 
	 	 	
          6.2 Company Property. Upon termination of his
employment, Executive shall
(i) deliver to the Company all records, memoranda, data, documents and other
property of any description which refer or relate in any way to Trade Secrets
or Confidential Information, including all copies thereof, which are in his
possession, custody or control; (ii) deliver to the Company all Company and/or
Affiliates property (including, but not limited to, keys, credit cards, client
files, contracts, proposals, work in process, manuals, forms, computer stored
work in process and other computer data, research materials, other items of
business information concerning any Company and/or Affiliates client, or
Company and/or Affiliates business or business methods, including all copies
thereof) which is in his possession, custody or control; (iii) bring all such
records, files and other materials up to date before returning them; and (iv)
fully cooperate with the Company in winding up his work and transferring that
work to other individuals designated by the Company.

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          6.3 Competitive Business Activities. During his
employment and the one
(1) year following his effective termination date (regardless of the reason
for the termination), Executive will not engage in the following activities:
	 	 	 
	 	 	
               (A) on Executive’s own or
another’s behalf, whether as an officer, director, stockholder, partner, associate, owner,
employee, consultant or otherwise, directly or indirectly:
	 	 	 
	 	 	
                    (i)
compete with
the Company or its Affiliates within
the geographical areas set forth in Section 6.3(1); except that Executive,
without violating this provision, may become employed by any company which is
engaged in the integrated development, discovery, manufacture, marketing and
sale of pharmaceutical drugs that does not engage in contract sales and/or
research;
	 	 	 
	 	 	
                    (ii)
within the geographical areas set forth in Section
6.3(1), solicit or do business which is the same, similar to or otherwise in
competition with the business engaged in by the Company or its Affiliates,
from or with persons or entities: (A) who are customers of the Company or its
Affiliates; (B) who Executive or someone for whom he was responsible
solicited, negotiated, contracted or serviced on the Company’s or its
Affiliates’ behalf; or (C) who were customers of the Company or its Affiliates
at any time during the last year of Executive’s employment with the Company;
	 	 	 
	 	 	
                    (iii)
offer employment to or otherwise solicit for employment any employee or other person who had been employed by
the Company
or its Affiliates during the last year of Executive’s employment with the
Company; or
	 	 	 
	 	 	
               (B) directly or indirectly take
any action which is materially
detrimental or otherwise intended to be adverse to the Company’s and/or
Affiliates’
goodwill, name, business relations, prospects and operations.
	 	 	 
	 	 	
               6.3(1) The restrictions set
forth in Section 6.3 apply to the following
geographical areas; (i) within a 60-mile radius of the Company and/or its
Affiliates where the Executive had an office during the Executive’s employment
with the Company and/or its Affiliates; (ii) any city, metropolitan area,
county (or similar political subdivision in foreign countries) in which
Executive’s substantial services were provided, or for which Executive had
substantial responsibility, or in which Executive

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performed substantial work on Company and/or Affiliates’ projects, while
employed by the Company; and (iii) any city, metropolitan area, county (or
similar political subdivisions in foreign countries) in which the Company or
its Affiliates is located or does or, during Executive’s employment with
Company, did business.
	 	 	 
	 	 	
               6.3(2) Notwithstanding
the foregoing, Executive’s ownership, directly or
indirectly, of not more than one percent of the issued and outstanding stock
of a corporation the shares of which are regularly traded on a national
securities exchange or in the over-the-counter market shall not violate
Section 6.3.
	 	 	 
	 	 	
          6.4 Remedies. Executive acknowledges that his failure
to abide by the
Trade Secrets, Confidential Information, Company Property or Competitive
Business Activities provisions of this Agreement would cause irreparable harm
to the Company and/or its Affiliates for which legal remedies would be
inadequate. Therefore, in addition to any legal or other relief to which the
Company and/or its Affiliates may be entitled by virtue of Executive’s failure
to abide by these provisions: (i) the Company will be released of its
obligations under this Agreement to make any post-termination payments,
including but not limited to those otherwise available pursuant to Sections
5.2, 5.3, 5.4, 5.5; (ii) the Company may seek legal and equitable relief,
including but not limited to preliminary and permanent injunctive relief, for
Executive’s actual or threatened failure to abide by these provisions; (iii)
Executive will return all post-termination payments received pursuant to this
Agreement, including but not limited to those received pursuant to Sections
5.2, 5.3, 5.4, 5.5; (iv) Executive will indemnify the Company and/or its
Affiliates for all expenses including attorneys’ fees in seeking to enforce
these provisions; and (v) if, as a result of Executive’s failure to abide by
the Trade Secrets, Confidential Information, Company Property or Competitive
Business Activities provisions, any commission or fee becomes payable to
Executive or to any person, corporation or other entity with which Executive
has become employed or otherwise associated, Executive shall pay the Company or
cause the person, corporation or other entity with whom he has become employed
or otherwise associated to pay the Company an amount equal to such commission
or fee. In the event that the Company exercises its right to discontinue
payments under this provision and/or Executive returns all post-termination
payments received pursuant to this Agreement, Executive shall remain obligated
to abide by the Trade Secrets, Confidential Information, Company Property and
Competitive Business Activities provisions set forth in this Agreement.

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          6.5 Tolling. The period during which Executive must
refrain from the
activities set forth in Sections 6.1 and 6.3 shall be tolled during any
period in which he
fails to abide by these provisions.
	 	 	 
	 	 	
          6.6 Other Agreements. Nothing in this Agreement shall
terminate,
revoke or diminish Executive’s obligations or the Company’s and/or its
Affiliates’ rights
and remedies under law or any agreements relating to trade secrets,
confidential
information, non-competition or intellectual property which Executive has
executed in
the past or may execute in the future or contemporaneously with this
Agreement.
	 	 	 
	 	 	
     7. INTELLECTUAL PROPERTY OWNERSHIP.
	 	 	 
	 	 	
          7.1 As used in this Agreement, “Work Product” shall
mean the data,
materials, documentation, computer programs, inventions (whether or not
patentable),
improvements, modifications, discoveries, methods, developments, picture,
audio, video,
artistic works and all works of authorship, including all worldwide rights
therein under
patent, copyright, trademark, trade secret, confidential information or
other property
right, created or developed in whole or in part by Executive, while
employed by the
Company (whether developed during work hours or not), whether prior or
subsequent to
the date of this Agreement.
	 	 	 
	 	 	
          7.2 All Work Product shall be considered work made
for hire by
Executive and owned by the Company. If any of the Work Product may
not, by
operation of law be considered work made for hire by Executive for the
Company, or if
ownership of all right, title, and interest of the intellectual property
rights therein shall
not otherwise vest exclusively in the Company, Executive hereby assigns to
the
Company, and upon the future creation thereof automatically assigns to the
Company,
without further consideration, the ownership of all Work Product. The
Company shall
have the right to obtain and hold in its own name copyrights,
registrations and any other
protection available in the Work Product. Executive agrees to perform,
during or after
his employment, such further acts which the Company requests as may be
necessary or
desirable to transfer, perfect and defend its ownership of the Work
Product.
	 	 	 
	 	 	
          7.3 Notwithstanding the foregoing, this Agreement
shall not require
assignment of any invention that: (i) Executive developed entirely on his own
time without using the Company’s equipment, supplies, facilities, Trade Secrets
or Confidential Information; and (ii) does not relate to the Company’s business
or actual or

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anticipated research or development or result from any work performed by
Executive for the Company.
	 	 	 
	 	 	
          7.4 Executive shall promptly disclose to the Company
in writing all
Work Product conceived, developed or made by him, individually or jointly.
	 	 	 
	 	 	
     8. LICENSE. To the extent that any preexisting materials are contained in
Work Product which Executive delivers to the Company or its customers,
Executive
grants to the Company an irrevocable, nonexclusive, worldwide,
royalty-free license to:
(i) use and distribute (internally or externally) copies of, and prepare
derivative works
based upon, such preexisting materials and derivative works thereof; and
(ii) authorize
others to do any of the foregoing.
	 	 	 
	 	 	
     9. RELEASE. Executive acknowledges that: (i) as a part of his services, he
may provide his image, likeness, voice or other characteristics; and (ii)
the Company
may use his image., likeness, voice or other characteristics and expressly
releases the
Company, its Affiliates and its and/or their agents, employees, licensees
and assigns
from and against any and all claims which he has or may have for invasion
of privacy,
right of privacy, defamation, copyright infringement or any other causes
of action arising
out of the use, adaptation, reproduction, distribution, broadcast or
exhibition of such
characteristics.
	 	 	 
	 	 	
     10. EMPLOYEE REPRESENTATION. Executive represents and warrants
that his employment and obligations under this Agreement will not (i) breach
any duty or obligation he owes to another or (ii) violate any law, recognized
ethics standard or recognized business custom.
	 	 	 
	 	 	
     11. OFFICERS AND DIRECTORS INDEMNIFICATION
PROVISIONS. To the.extent Executive serves as a Company and/or Affiliate
officer or
director, Executive.shall be entitled to insurance under Company’s
directors and officers’
indemnification policies comparable to any such insurance covering
executives of the
applicable entity serving in similar capacities. Further, the Company’s
bylaws shall
contain provisions granting to Executive the maximum indemnity protection
allowed
under applicable law and the Company hereby agrees to indemnify and hold
harmless
Executive in accordance with such maximum indemnity protection allowed
under
applicable law.

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     12. CHANGE IN CONTROL.
	 	 	 
	 	 	
          12.1 For purposes of this Agreement, a “Change in Control”
shall mean the occurrence of any one of the following:
	 	 	 
	 	 	
               (A) An acquisition (other than
directly from the Company) of
any voting securities of the Company by any “Person” (as such term is used
in Sections
3(A)(9), 13(D)(3) and 14(D)(2) of the Securities Exchange Act of 1934, as
amended (the
“Act”)), after which such Person, together with its “affiliates” and
“associates” (as such
terms are defined in Rule 12b-2 under the Act), becomes the “beneficial
owner” (as such
term is defined in Rule 13d-3 under the Act), directly or indirectly, of
more than one-
third (33.33%) of the total voting power of the Company’s then outstanding
voting
securities, but excluding any such acquisition by the Company, any Person
of which a
majority of its voting power or its voting equity securities or equity
interests is owned,
directly or indirectly, by the Company (for purposes hereof, a
“Subsidiary”), any
employee benefit plan of the Company or any of its Subsidiaries (including
any Person
acting as trustee or other fiduciary for any such plan), or Dennis B.
Gillings;
	 	 	 
	 	 	
               (B) The shareholders of the
Company approve a merger, share
exchange, consolidation or reorganization involving the Company and any
other
corporation or other entity that is not controlled by the Company, as a
result of which
less than two-thirds (66.66%) of the total voting power of the outstanding
voting
securities of the Company or of the successor corporation or entity after
such transaction
is held in the aggregate by the holders of the Company’s voting securities
immediately
prior to such transaction;
	 	 	 
	 	 	
               (C) The shareholders of the
Company approve a liquidation or
dissolution of the Company, or approve the sale or other disposition by the
Company of all or substantially all of the Company’s assets to any Person
(other than a transfer to a Subsidiary of the Company);
	 	 	 
	 	 	
               (D) During any period of 24
consecutive months, the individuals who
constitute the Board of Directors of the Company at the beginning of such
period (the “Incumbent Directors”) cease for any reason to constitute at least
two-thirds of the Board of Directors; provided, however, that a director who is
not a director at the beginning of such period shall be deemed to be an
Incumbent Director if such

13

 

	 	 	 
	 	 	
director is elected or recommended for election by at least two-thirds
(66.66%) of the directors who are then Incumbent Directors.
	 	 	 
	 	 	
          12.2 Termination Following Change in Control.
After the occurrence of a Change in Control, Executive shall be entitled to receive payments and
benefits pursuant to this Agreement if, at the time of the Change in Control,
(i) Executive is in ECP Levels 1 to 2 and his employment is terminated
pursuant to Sections 12.2(A), (B), or (C) below, or (ii) Executive is in ECP
Levels 2.5 to 4 and his employment is terminated pursuant to Sections 12.2(B)
or (C) below.
	 	 	 
	 	 	
               (A) Within eighteen (18) months
following a Change in Control, Executive
terminates his employment with Company by giving written notice of such
termination to Company.
	 	 	 
	 	 	
               (B) Within eighteen (18) months
following a Change in
Control, Company terminates Executive’s employment for reasons other than
“Cause” as
such term is defined in Section 4.3 hereof.
	 	 	 
	 	 	
               (C) Within eighteen (18) months
following a Change in
Control, Executive terminates his employment with the Company for “Good
Reason.”
For purposes of this Agreement, “Good Reason” shall mean the occurrence
after a
Change in Control of any of the following events or conditions:
	 	 	 
	 	 	
                    (i) a
change in Executive’s status, title, position or
responsibilities (including reporting responsibilities) which, in Executive’s
reasonable judgment, represents an adverse change from his status, title,
position or responsibilities in effect immediately prior thereto; the
assignment to Executive of any duties or responsibilities which in Executive’s
reasonable judgment, are inconsistent with his status, title, position or
responsibilities; or any removal of Executive from or failure to reappoint or
reelect him to any such positions, status, or title except in connection with
the termination of his employment for Cause or by Executive other than for Good
Reason,
	 	 	 
	 	 	
                    (ii) a
reduction in Executive’s base salary;

14

 

	 	 	 
	 	 	
                    (iii) the
Company’s requiring Executive to be
based at
any place outside a thirty (30) mile radius from Executive’s principal place
of residence, except for reasonably required travel on Company’s business
which is not greater than such travel requirements prior to the Change in
Control;
	 	 	 
	 	 	
                    (iv) the
failure by the Company to continue in effect
any compensation, welfare or benefit plan in which Executive is participating
at the time of a Change in Control, including benefits pursuant to the
Executive Compensation Plan or similar plans, without substituting plans
providing Executive with substantially similar or greater benefits, or the
taking of any action by the Company which would adversely affect Executive’s
participation in or materially reduce Executive’s benefits under any such
plans or deprive Executive of any material fringe benefit enjoyed by Executive
at the time of the Change in Control;
	 	 	 
	 	 	
                    (v) any
purported termination of Executive’s
employment for Cause without grounds therefor;
	 	 	 
	 	 	
                    (vi) the
insolvency or the filing (by any party including the Company)
of a petition for bankruptcy of the Company;
	 	 	 
	 	 	
                    (vii) any
material breach by the Company of any
provision of this Agreement after Executive has given the Company notice of
the material breach and at least thirty (30) days to cure the breach (or such
longer period as may be reasonably required to cure the breach as long as the
Company is making good faith efforts to do so); or
	 	 	 
	 	 	
                    (viii) the
failure of the Company to obtain an agreement,
satisfactory to Executive, from any successor or assign of the Company to
assume and agree to perform this Agreement.
	 	 	 
	 	 	
         12.3 Severance Pay and Benefits. If Executive’s employment
with the
Company terminates under circumstances as described in Section 12.2. above,
Executive shall be entitled to receive all of the following:
	 	 	 
	 	 	
               (A) all accrued compensation
through the termination date, plus any Bonus
for which the Executive otherwise would be eligible in the year of termination,
prorated through the termination date, payable in cash. For purposes of

15

 

	 	 	 
	 	 	
Sections 12.3(A) and 12.3(B), “Bonus” shall be defined as any benefits for
which Executive would be eligible under the Executive Compensation Plan
described in Section 3.2 of this Agreement. The amount of such Bonus shall be
paid in cash and, for purposes of Sections 12.3(A) and 12.3(B), shall be
calculated as if Executive had achieved 100% of Executive’s performance goals
for that year.
	 	 	 
	 	 	
               (B) a severance
payment equal to two and ninety-nine
hundredths (2.99) times the amount of Executive’s most recent annual
compensation,
including the amount of his most recent annual Bonus. The severance amount
shall be
paid (i) in cash in thirty-four (34) equal monthly installments commencing
one month
after the termination date, or (ii) in a lump sum, within one month after
the termination
date, at the sole option of the Executive.
	 	 	 
	 	 	
               (C) the Company shall
maintain in full force and effect, for
eighteen (18) months after the termination date, all life insurance,
health, accidental
death and dismemberment, disability plans and other benefit programs in
which
Executive is entitled to participate immediately prior to the termination
date, provided
that Executive’s continued participation is possible under the general
terms and
provisions of such plans and programs. Executive’s continued participation
in such plans
and programs shall be at no greater cost to Executive than the cost he
bore for such
participation immediately prior to the termination date. If Executive’s
participation in
any such plan or program is barred, Company shall arrange upon comparable
terms, and
at no greater cost to Executive than the cost he bore for such plans and
programs prior to
the termination date, to provide Executive with benefits substantially
similar to, or
greater than, those which he is entitled to receive under any such plan or
program; and
	 	 	 
	 	 	
               (D) a lump sum payment
(or otherwise as specified by
Executive to the extent permitted by the applicable plan) of any and all
amounts
contributed to a Company pension or retirement plan which Executive is
entitled to
under the terms of any such plan through the date of termination.
	 	 	 
	 	 	
          12.4 Stock Options.
	 	 	 
	 	 	
               (A) Upon a Change in
Control, all options (“Options”) to purchase Common
Stock of the Company held by Executive as of the date of the Change in Control
shall become fully vested and exercisable.

16

 

	 	 	 
	 	 	
               (B) If Executive’s
employment with the Company terminates pursuant
to Section 12.2, then the Options shall remain exercisable until the later of:
	 	 	 
	 	 	
                    (i) the
expiration
of the applicable period for exercise
following termination of employment set forth in the Option agreements (or in
any other agreement between Executive and the Company that supersedes the
Option agreements); or
	 	 	 
	 	 	
                    (ii) three
(3) years after the date of termination (to the
extent of the terms of the Options); provided, however, that any “incentive
stock options” within the meaning of Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”), that are exercised more than ninety (90)
days after the date of termination pursuant Section 12.2 shall be treated for
tax purposes as nonqualified stock options.
	 	 	 
	 	 	
          12.5 Excise Tax Payments.
	 	 	 
	 	 	
               (A) If any payment or benefit
(within the meaning of Section
280G(b)(2) of the Code), to Executive or for his benefit pursuant to this
Agreement (a
“Payment”) is subject to the excise tax imposed by Section 4999 of the
Code (the “Excise
Tax”), then the amount of the Payment net of all taxes other than the
Excise Tax (the
“Net Amount”) shall be calculated. Executive shall then receive, in
addition to the
Payment, an additional payment (the “Gross-Up Payment”), which shall be an
amount
such that, after payment of all taxes (including the Excise Tax) on the
Payment and the
Gross-Up Payment, Executive shall retain an amount equal to the Net
Amount.
	 	 	 
	 	 	
               (B) An initial determination
as to whether a Gross-Up Payment
is required pursuant to this Agreement and the amount of such Gross-Up
Payment shall
be made at Company’s expense by an accounting firm selected by Company and
reasonably acceptable to Executive which is designated as one of the five
largest
accounting firms in the United States (the “Accounting Firm”). The
Accounting Firm
shall provide its determination (the “Determination”), together with
detailed supporting
calculations and documentation to Company and Executive within ten days of
the date
Executive’s employment terminates if applicable, or such other time as
requested by
Company or by Executive (provided Executive reasonably believes that any
of the
Payments may be subject to the Excise Tax) and if the Accounting Firm
determines that
no Excise Tax is payable by Executive with respect to a Payment, it shall
furnish
Executive with an opinion reasonably acceptable to Executive that no
Excise Tax will be

17

 

	 	 	 
	 	 	
imposed with respect to any such Payment. Within ten days of the delivery of
the Determination to Executive, Executive shall have the right to dispute the
Determination (the “Dispute”). The Gross-Up Payment, if any, as determined
pursuant to this Section 12.5 shall be paid by Company to Executive within
five days of the receipt of the Accounting Firm’s determination. The existence
of the Dispute shall not in any way affect Executive’s right to receive the
Gross-Up Payment in accordance with the Determination. Upon the final
resolution of a Dispute, Company shall promptly pay to Executive any
additional amount required by such resolution. If there is no Dispute, the
Determination shall be binding, final and conclusive upon Company and
Executive subject to the application of Section (C) below.
	 	 	 
	 	 	
               (C) Notwithstanding
anything in this Agreement to the
contrary, in the event that, according to the Determination, an Excise Tax
will be
imposed on any Payment, Company shall pay to the applicable government
taxing
authorities as Excise Tax withholding, the amount of the Excise Tax that
the Company
has actually withheld from the Payment and the Gross-Up Payment, as
applicable.
	 	 	 
	 	 	
               (D) If Executive is subject
to taxation under a non-United
States taxing authority and an excise tax similar to the Excise Tax is
imposed on any
Payment by such non-United States taxing authority, then Executive shall
be entitled to
receive a Gross-Up Payment as calculated pursuant to Section 12.5(a)
above, based upon
the lesser of such non-United States excise tax imposed and the Excise Tax
that would
have been imposed had the Payment been subject to United States taxation.
	 	 	 
	 	 	
     13. NOTICES. All notices, requests, demands and other communications
required or permitted to be given in writing pursuant to this Agreement shall
be deemed given and received: (A) upon delivery if delivered personally; (B) on
the fifth (5th) day after being deposited with the U.S. Postal Service if
mailed by first class mail, postage prepaid, registered or certified with
return receipt requested, at the addresses set forth below; (C) on the next day
after being deposited with a reliable overnight delivery service; or (D) upon
receipt of an answer back confirmation, if transmitted by telefax, addressed to
the below indicated telefax number. Notice given in another manner shall be
effective only if and when received by the addressee. For purposes of notice,
the addresses and telefax number (if any) of the parties shall be as follows:

18

 

	 	 	 	 	 
	 	 	
If to the Executive, to :
	 	Oppel Greeff
	 	 	 	 	111 Beaver Dam Run
	 	 	 	 	Durham, NC 27703
	 	 	 	 	 
	 	 	
If to the Company, to:
	 	Quintiles Transnational Corp.
	 	 	 	 	4709 Creekstone Drive
	 	 	 	 	Riverbirch Building, Suite 300
	 	 	 	 	Durham, North Carolina 27703-8411
	 	 	 	 	Attn: General Counsel

	 	 	 
	 	 	
provided that: (A) each party shall have the right to change its address for
notice, and the person who is to receive notice, by the giving of fifteen (15)
days’ prior written notice to the other party in the manner set forth above;
and (B) notices shall be effective if given to the other party in the manner
set forth above regardless of whether a copy was received by the additional
addressee specified above.
	 	 	 
	 	 	
     14. WAIVER OF BREACH. The Company’s or Executive’s waiver of any
breach of a provision of this Agreement shall not waive any subsequent
breach by the
other party.
	 	 	 
	 	 	
     15. ENTIRE AGREEMENT. Except as expressly provided in this
Agreement, this Agreement: (i) supersedes all other understandings and
agreements, oral
or written, between the parties with respect to the subject matter of this
Agreement; and
(ii) constitutes the sole agreement between the parties with respect to
this subject matter.
Each party acknowledges that: (i) no representations, inducements,
promises or
agreements, oral or written, have been made by any party or by anyone
acting on behalf
of any party, which are not embodied in this Agreement; and (ii) no
agreement, statement
or promise not contained in this Agreement shall be valid. No change or
modification of
this Agreement shall be valid or binding upon the parties unless such
change or
modification is in writing and is signed by the parties.
	 	 	 
	 	 	
     16. SEVERABILITY. If a court of competent jurisdiction holds that any
provision or sub-part thereof contained in this Agreement is invalid,
illegal or
unenforceable, that invalidity, illegality or unenforceability shall not
affect any other
provision in this Agreement. Additionally, if any of the provisions,
clauses or phrases in
the Trade Secrets, Confidential Information or Competitive
Business Activities

19

 

	 	 	 
	 	 	
provisions set forth in this Agreement are held unenforceable by a court of
competent jurisdiction, then the parties desire that they be “blue-penciled’
or rewritten by the court to the extent necessary to render them enforceable.
	 	 	 
	 	 	
     17. PARTIES BOUND. The terms, provisions, covenants and agreements
contained in this Agreement shall apply to, be binding upon and inure to
the benefit of
the Company’s successors and assigns. The Company, at its discretion, may
assign this
Agreement to Affiliates, Because this Agreement is personal to
Executive, Executive
may not assign this Agreement.
	 	 	 
	 	 	
     18. GOVERNING LAW. This Agreement and the employment relationship
created by it shall be governed by North Carolina law without giving
effect to North
Carolina choice of law provisions. The parties hereby consent to
jurisdiction in North
Carolina for the purpose of any litigation relating to this Agreement and
agree that any
litigation by or involving them relating to this Agreement shall be
conducted in the
courts of Wake County, North Carolina or the federal courts of the United
States for the
Eastern District of North Carolina.
	 	 	 
	 	 	
     IN WITNESS WHEREOF, the parties have entered into this Agreement on the
day and year first written above.

	 	 	 
	 	 	

	 	 	
NAME
	 	 	 
	 	 	
QUINTILES TRANSNATIONAL CORP.
	 	 
	 	By:	

	 	 	
Title: VP, Global HR OPS

20Ex-10.08

 

EXHIBIT 10.08

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

     THIS
AMENDMENT (this “Amendment”) dated as of November
17, 2003 by and
between QUINTILES TRANSNATIONAL CORP., a North Carolina corporation (the
“Company”) and Oppel Greeff (“Executive”).

     WHEREAS, the Company and Executive have entered into that certain
Executive Employment Agreement, dated as of February 8, 2002 (the “Agreement”);
and

     WHEREAS, the Company and Executive desire to amend the Agreement to
reflect the acquisition of the Company by Pharma Services Holding, Inc., a
Delaware Corporation (“Pharma”) pursuant to that certain Agreement and Plan of
Merger, dated as of April 10, 2003 by and among the Company, Pharma and Pharma
Services Acquisition Corp., a North Carolina corporation and wholly-owned
subsidiary of Pharma.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
and the representations and warranties herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree that the Agreement shall be
amended as follows, effective upon, and only upon, the Executive’s execution
hereof prior to November 17, 2003:

1.     Section 2 of the Agreement shall be amended by adding the following sentence
to the end of the first paragraph thereof:

        Executive shall also serve, without additional compensation, in such other
officer and director positions of Affiliates to which he may be appointed.

2.     Section 3.1 of the Agreement shall be amended to replace “$21,666.66” with
“$33,333.33”, effective as of the Change in Control (as defined in Section
12.1, as amended by this Agreement).

3.     Section 3.2 of the Agreement shall be amended to read as follows:

		
	 	     3.2 Annual Cash Bonus Plan. Executive may participate on a basis
commensurate with his position as a senior executive officer, as
determined by the Company, in the Company’s annual cash bonus plan which
may be made available from time to time to Company executives; provided,
however, that Executive’s participation is subject to the applicable
terms, conditions and eligibility requirements of the plan documents,
some of which are within the plan administrator’s discretion, as they may
exist from time to time.

4.     Section 5.2 shall be amended to read as follows:

 

 

     5.2 If the Company terminates Executive’s employment pursuant to Section
4.1 (notice of non-renewal) or 4.2 (without cause), or if Executive terminates
Executive’s employment pursuant to Section 4.4 (breach of Agreement), then the
Company’s sole obligation to Executive, in lieu of any other damages or other
relief to which he otherwise may be entitled, shall be to pay: (i) amounts due
on the effective date of the termination; (ii) any amounts subsequently due
pursuant to the plan described in Section 3.2; and (iii) subject to Executive’s
compliance with Sections 6, 7, 8 and 9 and subject to Sections 3.7 and 5.6
(release), 36 monthly payments, where each payment equals Executive’s monthly
rate of base salary in effect at the time of such termination multiplied by
1.55.

5.     The first sentence of Section 5.3 of the Agreement shall be amended by
adding “(but in no event after the date the Executive becomes eligible for
comparable coverage)” immediately after the reference to Section 5.2.

6.     Section 5.5 of the Agreement shall be deleted in its entirety and labeled
“[Reserved]”.

7.     Section 12.1 of the Agreement shall be amended to read as follows:

		
	 	     12.1 For purposes of this Agreement, a “Change in Control” shall
mean the consummation of the transactions pursuant to that certain
Agreement and Plan of Merger, dated as of April 10, 2003, as amended, by
and among the Company, Pharma Services Holding, Inc., a Delaware
corporation (“Pharma”), and Pharma Services Acquisition Corp., a North
Carolina corporation and wholly-owned subsidiary of Pharma (as such
agreement may be amended from time to time, the “Merger Agreement”).

8.     Section 12.2 of the Agreement shall be deleted in its entirety and labeled
“[Reserved]”.

9.     Section 12.3 of the Agreement shall be amended to read as follows:

		
	 	     12.3 Bonus. As soon as practicable following the occurrence of the
Change in Control, Executive shall be entitled to a cash bonus equal to
$500,000, less applicable withholdings. Such bonus shall not be taken
into account for purposes of determining any entitlement pursuant to
Section 5.2.

10.     Section 12.4 of the Agreement shall be amended by deleting subsection (B)
thereof, and by adding the following to the end of subsection (A):

		
	 	Executive acknowledges that all unexercised Options will be cancelled
upon the Change in Control, including without limit those with an
exercise price per share greater than or equal to $14.50, and will be
treated in the manner described in Section 2.9 of the Merger Agreement.

2

 

11.     Subsection (B) of Section 12.5 of the Agreement shall be amended to read as
follows:

		
	 	     (B) The Company will determine whether a Gross-Up Payment is
required pursuant to this Agreement and the amount thereof (the
“Determination”). If it is subsequently determined by the Internal
Revenue Service (“IRS”) on audit that Executive is in fact subject an
Excise Tax larger than that on which the Company based its Determination,
then the Company shall recalculate the Gross-Up Payment and pay to
Executive the additional amount required (including any interest or
penalties incurred by Executive due to the increase in the Excise Tax).
The Company, at its cost, may, on Executive’s behalf, challenge any
assessment or imposition of any Excise Tax by the IRS, and Executive will
assist and cooperate with the Company with respect to any such challenge.
Should Executive receive a refund of any Excise Tax previously paid,
Executive shall repay to the Company the portion of any Gross-Up Payment
made in respect of the Excise Tax so refunded. Executive will, with
respect to the applicability of the Excise Tax, take a position
consistent with that of the Company at all times.

12.     Section 15 of the Agreement shall be amended to read as follows:

     15.     ENTIRE AGREEMENT. This Agreement, along with three letters from
Pharma to Executive, one dated September 12, 2003 relating to the acquisition
of stock of Pharma by rollover, and two dated October 30, 2003 relating to the
acquisition of stock under the Pharma Stock Incentive Plan (collectively, the
“Pharma letters”), (i) supersede all other understandings, offers and
agreements, oral or written, between or among Executive, Pharma, the Company or
any of their affiliates; and (ii) constitute the sole agreement between or
among Executive, Pharma and the Company with respect to employment,
compensation (including equity compensation) and benefits. Executive
acknowledges that: (i) no representations, inducements, promises or
agreements, oral or written, have been made by any party or by anyone acting on
behalf of any party, which are not embodied in this Agreement or the Pharma
letters; and (ii) no agreement, statement or promise not contained in this
Agreement or the Pharma letters shall be valid. No change or modification of
this Agreement shall be valid or binding upon the parties unless such change or
modification is in writing and is signed by the parties.

13.     A new Section 19 shall be added to the Agreement to read as follows:

     19.     TAX WITHHOLDING. The Company shall have the right to deduct and
withhold such amounts from any payment made hereunder as may be necessary to
enable the Company to satisfy any applicable withholding obligation imposed by
law.

3

 

     IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by
Executive and by a duly authorized officer of the Company as of the date and
year first above written.

	 	 	 
	 	 	
QUINTILES TRANSNATIONAL CORP.
	 	 	 
	 	 	
By: /s/ John S. Russell

	 	 	
Name: John S. Russell
	 	 	
Title:
	 	 	 
	 	 	
/s/ Oppel Greeff
	 	 	

	 	 	
Oppel Greeff

4

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