Document:

exv4w35

 

Exhibit 4(c)(v)

THIS AGREEMENT is made on the 13th day of December 2004 BETWEEN SIX CONTINENTS PUBLIC LIMITED
COMPANY whose registered office is situated at 67 Alma Road, Windsor, Berkshire SL4 3HD
(hereinafter called “the Company”) of the first part and Andrew Cosslett of Gate House,
Pollards Park, Nightingale Lane, Chalfont St Giles, HP8 4SN (hereinafter called “the
Executive”) of the second part.

	 	 	Words importing the singular include the plural and vice versa, words importing the gender
include every gender and references to persons include bodies incorporate and
unincorporate.

     NOW IT IS HEREBY AGREED as follows :

	1.	 	The Executive warrants that he is not prevented from taking up and performing the employment
contemplated by this Agreement as a result of any obligation or duty owed to a third party
whether contractual or otherwise but excluding any such obligation or duty fully disclosed by
the Executive to the Company prior to the date of this Agreement.

	2.	 	2.1 Subject to clause 2.2 below, the Company will employ the Executive and the Executive
will serve the Company as Chief Executive of Intercontinental Hotels Group PLC and the
Executive shall perform the duties and exercise the powers which may from time to time be
reasonably assigned to or vested in him by the Directors of Intercontinental Hotels Group PLC
or a duly authorised committee thereof (hereinafter called “the Board”) including such duties
and powers in relation to any Associated Company (as hereinafter defined) of the Company
(hereinafter together with the Company called “the Group” and the expression “Group Company”
shall mean a member of the Group) as the Board shall reasonably cause to be assigned to or
vested in him.

2.2 Notwithstanding any other provision of this Agreement, during the Restraint Period the
Executive shall not have assigned to him any duties or powers relating to the Britvic
Group nor shall he perform any duties or exercise any powers relating to the Britvic Group
nor shall he be engaged or be concerned in the business of the Britvic Group.

 

 

	 	 	For the purposes of this clause 2.2:

	 	(i)	 	“Britvic Group” shall mean Britannia Soft Drinks Limited and its subsidiaries
(applying the definition of “subsidiary” set out in Section 736 of the Companies Act
1985); and
	 
	 	(ii)	 	“Restraint Period” shall be the period from the Commencement Date until 26
weeks thereafter.

	3.	 	3.1 This Agreement shall commence on 31st March 2005 or such earlier date as the
parties shall agree (the “Commencement Date”) and, subject to the provisions for earlier
termination herein contained, continue until terminated at any time by:

3.1.1 at any time before the first anniversary of the Commencement
Date, the Company giving to the Executive written notice expiring
on or at any time after the second anniversary of the Commencement
Date; or

3.1.2 at any time on or after the first anniversary of the
Commencement Date, the Company giving to the Executive not less
than twelve months’ previous written notice; or

3.1.3. the Executive giving to the Company not less than six months’ previous
written notice; or

3.1.4 the Executive reaching age 60.

	 	 	With reference to sub-Clauses 3.1.1, 3.1.2 and 3.1.3 the Company shall have the absolute
discretion to waive the requirement for the Executive to work during his notice period for
a maximum period of six months and the Executive agrees that during any period in which the
Company has waived this requirement (a “Garden Leave Period”) he shall undertake such work
as the Company may from time to time reasonably require of him and shall not, unless
required by the Company, enter or attend the premises of the Company or any other Group
Company or contact or have any communication with any employee, officer, director, agent or
consultant of the Company or any other Group Company in relation to the business of the
Company or any other Group Company. The Company agrees that at the end of the Garden Leave
Period it will not require the Executive to return to work for the remainder of his notice
period.

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	4.	 	The Executive’s normal place of work shall be 67 Alma Road, Windsor,
Berkshire but the Executive shall work at such location or locations as shall
be necessary or convenient for the performance of his duties pursuant to
Clause 2.
	 
	5.	 	5.1 The Executive’s employment is subject to the Terms and Conditions
of Employment contained in the Employee Handbook, of which the
Executive hereby acknowledges he has a full knowledge and
understanding. Copies of this document may be obtained from Human
Resources. The Company undertakes that any changes in such Terms and
Conditions shall be updated in the Handbook.
	 
	 	 	5.2     In the event of any conflict arising between this Agreement and the
Memorandum of Terms and Conditions of Employment contained in the
Handbook the terms of this Agreement shall prevail.
	 
	 	 	5.3     Details of disciplinary and grievance procedures are contained in the
Handbook. The Executive should apply to the Chairman of the Board if he
is dissatisfied with any disciplinary decision relating to him. If during the
course of employment the Executive should have any grievance in
connection with that employment, he should in the first instance raise it
with the Chairman of the Board..
	 
	6.	 	6.1 Subject to the Company’s right to suspend the Executive under sub-
Clauses 3.1 and 16.10, the Executive shall unless prevented by ill-health
throughout the said term devote the whole of his working time under this
Agreement, and his attention and abilities to the business of the Group
except as provided in sub-Clause 6.2 below and shall obey the reasonable
and lawful orders from time to time of the Board and in all respects
conform to and comply with the directions and requests made by the Board
and shall well and faithfully serve the Group and use his best endeavours to
promote the interests thereof.
	 
	 	 	6.2     The Executive shall not without the consent of the Company (such consent not to be
unreasonably withheld) be directly or indirectly engaged or concerned or interested in any
other business (which consent may be given subject to such terms or conditions which the
Company may require, the breach of which shall be deemed to be a breach of this Agreement).
This sub-clause shall also apply to any other activity during hours in which the Executive
would not normally be engaged in duties on the Company’s behalf. However, the Executive may
be the holder of not in excess of five (5) per cent, of the outstanding voting shares of
any publicly traded company.

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	 	 	6.3     The Executive shall be entitled to purchase goods or services from
the companies within the Group with the benefit of such discounts and
commissions as are from time to time authorised by the Executive
Committee.
	 
	 	 	6.4     As soon as reasonably practicable after the Executive becomes
aware of any wrongdoing by any employee of any Group Company where
the Executive reasonably concludes that the wrongdoing is sufficiently
serious the Executive will bring the wrongdoing to the attention of the
Executive Committee.
	 
	7.	 	7.1     Subject as hereinafter provided the Executive shall during the
continuance of this Agreement be remunerated for his services under this
Agreement (inclusive of any remuneration to which he may be entitled as
an officer of the Company or any company within the Group) by the
payment of an annual gross salary of £650,000 per annum (or such higher
amount as may be agreed between the Board and the Executive) payable
not less frequently than monthly in arrears. In the event of any increase of
salary being so agreed the increase shall thereafter have effect as if it were
specifically provided for as a term of this Agreement.
	 
	 	 	7.2     Any advance of a cash float to cover business expenses or an advance of pay which has
not been recovered will be repayable by the Executive in the event of the termination of
this employment. Any moneys repayable will be deducted from the outstanding final salary
payment or holiday pay and any shortfall will be recoverable from the Executive.
	 
	8.	 	In addition to the said fixed salary the Executive shall be reimbursed by the
Company such travelling general and entertainment expenses as shall
properly be incurred by and properly claimed by him and vouched for in
connection with the Group’s business.
	 
	9.	 	The Executive shall be entitled throughout the term of this Agreement to
the following benefits :
	 
	 	 	9.1     Use of a suitable motor car as approved by the Company for use in connection with the
performance of his duties and for his own personal and private use, all costs to be borne
by the Company except fuel costs incurred during holidays outside the United Kingdom.
	 
	 	 	The Executive is to ensure that the motor car is at all times in a proper state and has a
current MOT Test Certificate and that in connection with its use

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	 	 	he shall at all times observe Company car user guidelines and be the holder of a proper
driving licence.

	 	 	9.2     Membership of the following Group schemes on such terms as are
from time to time in force:

9.2.1     Intercontinental UK Executive Pension Plan — Final Salary
Section (including the Intercontinental Executive Top Up Scheme)
in respect of which a contracting-out certificate is in force for the
said employment. Details of pension arrangements are contained in
the current handbook on the Intercontinental Executive Pension
Plan.

9.2.2     Intercontinental UK Private Healthcare Plan.

	 	 	9.3     Payment by the Company of up to two subscriptions to recognised
professional bodies where such professional body is directly related to the
Executive’s current job or to his normal professional skill.
	 
	10.	 	10.1     The Executive shall be entitled to five weeks’ paid holiday in each
year at such time or times as may be agreed between him and the Company
and shall also be entitled to all relevant Public and Bank Holidays in
England and Wales.
	 
	 	 	Holidays are earned on a monthly pro-rata basis by reference to the current holiday year.
Holiday pay is based upon the gross salary of the Executive payable pursuant to sub-Clause
7.1 above. In the event that the Executive does not take 5 weeks holiday in any year,
whatever the reason, he shall not be entitled to receive pay in lieu of holidays not
taken. If the Executive leaves the Company he may receive payment for any pro-rata holiday
entitlement earned but not taken for the current holiday year.
	 
	 	 	10.2     The Executive will be required to work a minimum of 35 hours per week and such
additional hours as the requirements of his duties dictate. There shall be no normal
working hours and there shall be no entitlement to additional remuneration for any
additional work undertaken by the Executive except and to the extent such remuneration may
have been agreed between him and the Board.
	 
	11.	 	11.1     The Executive may during his employment have access to
information about the business and finances of the Company and of each
Associated Company and customers of the Company or any Associated
Company and its and their dealings, transactions, affairs, plans and

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	 	 	proposals, all of which information is or may be secret or confidential and important to the
Company and its Associated Companies and any such customers. In this Agreement such information is
called “Confidential Information” and includes, without limitation, confidential or secret
information relating to:-

11.1.1 ideas;

11.1.2 business methods;

11.1.3 finances;

11.1.4 prices;

11.1.5 business, financial, marketing, development or manpower plans;

11.1.6 customer lists or details;

11.1.7 computer systems and software;

11.1.8 know-how or other matters connected with the products or
services manufactured, marketed, provided or obtained by the
Company or its Associated Companies or any such customers.

	 	 	11.2     The Executive shall not without the prior written consent of the Company other than in the
proper performance of his duties either during his employment or at any time after its
termination:-

11.2.1     disclose to any person (except to those authorised by the
Company to know), or

11.2.2     use for his own purposes or for any purposes other than those
of the Company, or

11.2.3     through any failure to exercise all due care and diligence,
cause or permit any unauthorised disclosure of,

	 	 	any Confidential Information save that these restrictions shall cease to apply to information
which (otherwise than through the default of the Executive) becomes available to the public
generally.

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	 	 	11.3     All notes, memoranda, papers, documents, correspondence and
writing (which shall include information recorded or stored in writing or on
magnetic tape or disc or otherwise recorded or stored for reproduction
whether by mechanical or electronic means and whether or not such
reproduction will result in a permanent record being made) which from
time to time may be in the possession of the Executive (whether made by
the Executive or not) relating to the business of the Company or its
Associated Companies shall be and remain the property of the Company or
Associated Company to whose business they relate and shall be delivered
by the Executive to the Company or Associated Company to which they
belong immediately upon request and in any event upon termination of the
Executive’s employment and the Executive shall not make or keep any
copies or extracts of such notes, memoranda, records, papers, documents,
correspondence and writing.
	 
	 	 	11.4     The provisions of sub-Clauses 11.1, 11.2 and 11.3 shall apply
mutatis mutandis in relation to each of the companies within the Group to
trade secrets or confidential information which the Executive may have
received or obtained while in the service of the Company and the Executive
will upon the request of any such company enter into a separate agreement
or undertaking with such company to the like effect.
	 
	 	 	11.5     Nothing in this Agreement will prevent the Executive from making a
“protected disclosure” in accordance with the provisions of the
Employment Rights Act 1996 (as amended by the Public Interest
Disclosure Act 1998).
	 
	12.	 	Where deemed necessary by the Company or statute, the Executive should
at all times during the period of his employment with the Company
(hereinafter called “the Employment”) maintain his membership, where
appropriate, of all professional, trade and other bodies necessary for the full
performance of his duties hereunder.
	 
	13.	 	13.1     If the Executive (whether alone or with others) shall at any time
during the period of the Employment make an invention (whether or not
patentable) within the meaning of the Patents Act 1977 (hereinafter called
“Invention”) relating to or capable of being used in the business of the
Company or any other member of the Group he shall promptly disclose to
the Company full details thereof to enable the Company to assess the
Invention and to determine whether under the applicable law the Invention
is the property of the Company provided that any Invention which does not
belong to the Company shall be treated as confidential by the Company.

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	 	 	13.2     If any Invention belongs to the Company or any Associated
Company the Executive shall consider himself as a trustee for the Company
or any Associated Company (as the case may be) in relation to each such
Invention and shall, at the request and expense of the Company, do all
things necessary to vest all right, title and interest in any such Invention in
the Company or any Associated Company (as the case may be) or its
nominee absolutely as legal and beneficial owner and to secure and
preserve full patent or other appropriate forms of protection therefore in any
part of the world.
	 
	 	 	13.3     If any Invention does not belong to the Company or any Associated
Company, the Company shall have the right to acquire for itself or its
nominee the Executive’s rights therein within three months after disclosure
pursuant to sub-Clause 13.1 on fair and reasonable terms to be agreed or in
default of agreement within one month to be acquired at a price to be
determined by a single expert to be nominated in default of agreement, at
the request of either the Company or the Executive, by the President for the
time being of the Chartered Institute of Patent Agents or in default by the
Courts.
	 
	 	 	13.4     If the Executive (whether alone or with others) shall at any time
during the period of the Employment create or make any discovery, design
or other work (whether registerable or not and whether or not a copyright
work), which is not an Invention or made or created by the Executive and
wholly unconnected with the Employment (hereinafter called “Works”), the
Executive shall forthwith disclose to the Company full details thereof and
shall consider himself as a trustee for the Company in relation to all such
Works. The Executive shall at the request and expense of the Company
execute and do all instruments and things necessary to vest all right, title
and interest in and to any such Works in the Company or its nominee
absolutely as legal and beneficial owner.
	 
	 	 	13.5     In consideration of the Company entering into this Agreement the
Executive hereby assigns to the Company by way of assignment of future
copyright the copyright, design and other proprietary rights if any for the
full term thereof throughout the world in respect of all copyright works
created or made by the Executive during the period of the Employment
(except only those copyright works created or made by the Executive and
wholly unconnected with the Employment).
	 
	 	 	13.6     If the Executive (whether alone or with others) shall at any time
during the period of the Employment generate any idea, method or
information relating to the business, finances or affairs of the Company or

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	 	 	capable of use by the Company which is not an Invention or Works (hereinafter called
“Information”) he shall promptly disclose to the Company full details thereof and the
Executive acknowledges such Information belongs to the Company.

	 	 	13.7     The Executive hereby irrevocably waives any rights the Executive
may have under Chapter IV (moral rights) of Part I of the Copyright,
Designs and Patents Act 1988 and any foreign corresponding rights in
respect of all Works.
	 
	 	 	13.8     Rights and obligations under Clause 13 shall continue in force after
the termination of this Agreement in respect of each Invention, Works and
Information and shall be binding upon the representatives of the Executive.
	 
	14.	 	If the Executive shall unreasonably have refused or failed to agree or accept
employment which is (a) suitable for him having regard to his status and
responsibilities and (b) is offered to him on terms (whether financial or
otherwise) no less favourable to him than the terms currently in effect under
this Agreement either by:

	 	(a)	 	a company or person which has acquired or agreed to acquire the
whole or a substantial part of the undertaking and assets of the
Company; or
	 
	 	(b)	 	a company or person which shall own or have agreed to acquire a
controlling interest in the equity share capital of the Company; or
	 
	 	(c)	 	any subsidiary or associate of either of the above; or
	 
	 	(d)	 	any subsidiary or associated company of the Company;
then the Executive shall have no claim against the Company by reason of the subsequent
termination of this Agreement.

	15.	 	The Executive may be required by the Company at any time to undergo an
appropriate medical examination as determined by a doctor appointed by
the Company.
	 
	16.	 	16.1     The appointment of the Executive hereunder shall be subject to
termination by the Company at the latter’s absolute discretion:-

16.1.1 By six months’ notice in writing given at any time while the Executive is
incapacitated by reason of ill-health or otherwise from

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performing his duties hereunder having been so incapacitated for a continuous
period of not less than three hundred and sixty five days or for more than one
period of sickness totalling three hundred normal working days or more in any one
period of one hundred and four weeks and, subject to the Company being satisfied
by medical opinion, the provisions of the Intercontinental Executive Pension Plan
for early retirement due to ill-health shall apply.

16.1.2 Forthwith by summary written notice if the Executive shall have committed
any material breach or repeated or continued (after written warning) any breach of
his obligations hereunder (whether expressed or implied) or shall have been guilty
of conduct which has brought himself or any company within the Group into
disrepute or shall have been bankrupted or compounded with his creditors
generally.

	16.2	 	If during the continuance of his employment the Executive shall be
incapacitated as referred to in sub-Clause 16.1.1 he shall receive the full
amount of his salary hereunder and all other benefits to which he is entitled
for the first twenty-six weeks of such incapacity, one half of such salary
and the full amount of such benefits for the next thirteen weeks and
thereafter the provision of salary and benefits shall be at the discretion of
the Company. The Board may require the Executive to furnish satisfactory
medical evidence of such incapacity and the cause thereof.
	 
	16.3	 	In the case of termination under sub-Clause 16.1 the Company shall have
the absolute discretion to waive the requirement for the Executive to work
during his notice period.
	 
	16.4	 	The Executive’s office as a director of Intercontinental Hotels Group PLC
or any other Group Company is subject to the Articles of Association of the
relevant company (as amended from time to time). If the provisions of this
Agreement conflict with the provisions of the Articles of Association, the
Articles of Association will prevail but without prejudice to any rights the
Executive has or may have to compensation under this Agreement or
otherwise.
	 
	16.5	 	The Executive must resign from any office held in any Group Company
(other than as a director of Intercontinental Hotels Group PLC) if he is
asked to do so by the Company.
	 
	16.6	 	If the Executive does not resign as an officer of a Group Company, having
been requested to do so in accordance with sub-Clause 16.5, the Company

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	 	 	will be appointed as his attorney to effect his resignation. By entering into this
Agreement, the Executive irrevocably appoints the Company as his attorney to act on his
behalf to execute any document or do anything in his name necessary to effect his
resignation in accordance with sub-Clause 16.5. If there is any doubt as to whether such a
document (or other thing) has been carried out within the authority conferred by this
sub-Clause 16.6, a certificate in writing (signed by any director or the secretary of the
Company) will be sufficient to prove that the act or thing falls within that authority.

	16.7	 	The termination of any directorship or other office held by the Executive
(other than his directorship of Intercontinental Hotels Group PLC) will not
terminate the Executive’s employment or amount to a breach of terms of
this Agreement by the Company.
	 
	16.8	 	During his employment the Executive will use his best endeavours not to
act or fail to do any act within his control which could cause him to be
disqualified from continuing to act as a director of any Group Company.
	 
	16.9	 	The Executive must not, during the period of his employment under this
Agreement, resign his office as a director of any Group Company without
the consent of Intercontinental Hotels Group PLC (such consent not be
unreasonably withheld) except that if the Executive has reasonable cause he
may resign his office as a director of any Group Company which is not
Intercontinental Hotels Group PLC or, a subsidiary of Intercontinental
Hotels Group PLC (as defined in section 735 of the Companies Act 1985)
or a company falling within the terms of Clause 21.2 or Clause 21.3 hereof.
	 
	16.10	 	Without prejudice to the Executive’s right to remuneration and other
benefits hereunder if the Executive is suspected of gross misconduct, the
Company shall have the right at any time to require the Executive not to
attend at any place of work or otherwise to suspend the Executive from the
performance of any duties under this Agreement and during the period of
such suspension the Company may assign his duties, titles, or powers to
another. The Company undertakes to conduct the investigation into any
such misconduct expeditiously and inform the Executive regularly as to its
progress.
	 
	17.	 	The expiration or determination of this Agreement for any reason shall not affect the
obligations entered into hereunder on the part of the Executive and expressed to operate or
have effect thereafter.

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	18.	 	18.1 In this Clause 18 the expressions below have the meaning ascribed to them
respectively below:
	 
	 	 	“Competing Enterprise” shall mean any person, corporation, partnership, venture or other
entity (“entity”) which engages either (i) in the business of managing, franchising,
running, leasing, owning or joint venturing at least 50 hotels, or (ii). which purchases or
take options on hotel rooms (“hotel booking”) and in the case of (i) and (ii) the entity’s shares are publicly traded and such entity has a market capitalisation of not less than one
billion pounds sterling (for these purposes “market capitalisation” shall be the aggregate
market value of the ordinary shares of the entity);
	 
	 	 	“Garden Leave Period” has the meaning given in sub-Clause 3.1;
	 
	 	 	“Relevant Period” means the period of six months beginning with the date the Executive’s
employment terminates but reduced by one day for each day of a Garden Leave Period;
	 
	 	 	“Restricted Activities” means executive, managerial, directorial, administrative,
strategic, business development or supervisory responsibilities and activities relating to
all aspects of hotel ownership, hotel management, hotel franchising, hotel joint-venturing
or hotel booking but excluding (a) the Executive’s employment by a unit of a Competing
Enterprise which unit is not itself engaged in Restricted Activities, so long as the
Executive’s duties and responsibilities with respect to such employment are limited to the
business of such unit, or (b) the Executive’s employment by an entity which includes a
Competing Enterprise where such Competing Enterprise produces revenues that account for
less than 5% of the gross revenues of the entity and such Competing Enterprise is not a
material part of the Executive’s responsibilities.
	 
	 	 	18.2     The Executive agrees that during the Relevant Period he will not without the prior
written consent of the Company:

(i)     become associated with or engage in any Restricted Activities with respect to
any Competing Enterprise whether as officer, employee, principal, partner, agent,
executive, independent contractor or shareholder (other than as a holder of not in
excess of 5% of the outstanding voting shares of any publicly traded company); and

(ii)     solicit or attempt to solicit for employment with or on behalf of any
corporation, partnership, venture or other business entity, any

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person who was a band 4 level or above employee of the Company or any other Group
Company (including for this purpose any General Manager of any hotel owned by the
Company or any other Group Company) and with whom the Executive had contact or
dealings in performing the duties of his employment at any time during the period
of 12 months ending on the date the Executive’s employment terminated.

	 	 	18.3     The Executive agrees that each of the paragraphs contained in sub-
Clause 18.2 above constitute an entirely separate and independent covenant
on his part and the validity of one paragraph shall not be affected by the
validity or unenforceability of another.
	 
	 	 	18.4     The Executive agrees that he will at the request and cost of the
Company enter into a direct agreement or undertaking with any Group
Company whereby he will accept restrictions and provisions corresponding
to the restrictions and provisions contained in sub-Clauses 18.1(i), and
18.2(ii) above (or such of them as may be reasonable and appropriate in the
circumstances) in relation to such activities and such areas and for such a
period as such company may reasonably require for the protection of its
legitimate interests but provided that the duration of such restrictions and
provisions are no greater than the Relevant Period.
	 
	 	 	18.5     The Executive agrees that having regard to the facts and matters set
out above the restrictive covenants contained in this Clause 18 are
necessary for the protection of the business and confidential information of
the Company and other Group Companies.
	 
	 	 	18.6     The Executive and the Company agree that while the restrictions
imposed in this Clause 18 are considered necessary for the protection of the
Company and other Group Companies it is agreed that if any one or more
of such restrictions shall either taken by itself or themselves together be
adjudged to go beyond what is reasonable in all the circumstances for the
protection of the Company’s or any Group Company’s legitimate interest
but would be adjudged reasonable if any particular restriction or restrictions
were deleted or if any part or parts of the wording thereof were deleted,
restricted or limited in a particular manner then the said restrictions shall
apply with such deletions, restrictions or limitations as the case may be.
	 
	19.	 	19.1     Upon termination of this Agreement howsoever arising the Executive will resign without
claim for compensation from all offices (including directorships) held in any company within
the Group (but

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	 	 	without prejudice to any claim for compensation the Executive has or may have under this
Agreement or otherwise) and will authorise the Company to appoint a person to execute any
such resignation in his name.
	 
	 	 	19.2     All equipment, records, papers and documents kept or made by or supplied to the
Executive relating to the business of the Group shall be and remain the property of the
Group and on the termination of the Executive’s employment hereunder shall so far as they
are in his possession be delivered up to the Company.
	 
	20.	 	Subject to the provisions of and so far as may be consistent with the
Companies Act 1985 as amended by the Companies Act 1989, the
Uncertificated Securities Regulations 2001 and every other statute for the
time being in force concerning companies and affecting the Company, the
Company hereby agrees that the Executive shall be indemnified by the
Company out of the Company’s own funds against and/or exempted by the
Company from all costs, charges, losses, expenses and liabilities incurred
by the Executive in actual or purported execution and/or discharge of his
duties and/or the exercise or purported exercise of his powers and/or
otherwise in relation to or in connection with his duties, powers or office
including (without prejudice to the generality of the foregoing) any liability
incurred by the Executive in defending any proceedings, civil or criminal,
which relate to anything done or omitted or alleged to have been done or
omitted by him as an officer or employee of the Company and in which
judgment is given in his favour (or the proceedings are otherwise disposed
of without any finding or admission of any material breach of duty on his
part) or in which he is acquitted or in connection with any application under
any statute for relief from liability in respect of any such act or omission in
which relief is granted to him by the court.

	21.	 	‘Associated Company’ is defined as any company which for the time being
is:
	 
	 	 	21.1     a company having an ordinary share capital (as defined in section
832 of the Income and Corporation Taxes Act 1988) of which not less than
10 per cent is owned directly or indirectly by the Company applying the
provisions of section 838 of the Income and Corporation Taxes Act 1988 in
the determination of ownership; and/or
	 
	 	 	21.2     a holding company (as defined in section 736 of the Companies Act
1985) of the Company; and/or

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	 	 	21.3     a subsidiary (as defined in section 736 of the Companies Act 1985)
of any such holding company other than the Company; and/or
	 
	 	 	21.4     any other company on behalf of which the Executive carries out
duties at the request of the Company; and/or
	 
	 	 	21.5     any other company to which any company in the Group renders
managerial or administrative services in the ordinary course of its business.
	 
	22.	 	Notices may be given by either party by first class recorded delivery letter
addressed to the other party at (in the case of the Company) its registered
office for the time being and (in the case of the Executive) his last known
address and any such notice shall be deemed to have been given at the time
at which the letter would be delivered in the ordinary course of first class
post.
	 
	23.	 	To the extent permitted by law, no person other than the parties to this
Agreement and the Group shall have the right to enforce any term of this
Agreement under the Contracts (Rights of Third Parties) Act 1999. For the
avoidance of doubt, save as expressly provided in this clause the
application of the Contracts (Rights of Third Parties) Act 1999 is
specifically excluded from this Agreement, although this does not affect
any other right or remedy of any third party which exists or is available
other than under this Act.
	 
	24.	 	This Agreement shall be governed by and interpreted in accordance with
English law and the parties hereby agree to submit to the exclusive
jurisdiction of the English Courts.

15

 

AS WITNESS the hands of the parties the day and year first before written

EXECUTED as a DEED by

SIX CONTINENTS PUBLIC LIMITED COMPANY acting by:

	 	 	 
	Director

	 	 
	 
	 	 
	Director

	 	 
	 
	 	 
	EXECUTED as a DEED by
	 	 
	

	 	 
	 
	 	 
	Andrew Cosslett
	 	 
	 
	 	 
	in the presence of:
	 	 
	 
	 	 
	Witness Name
	 	 
	 
	 	 
	Witness Occupation

	 	SVP & Head of Reward
	 
	 	 
	Witness Address

	 	67 Alma Road

Windsor

SL4 3HD

16Exhibit 10.21

                    AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT

The Exclusive License Agreement by and between, John & Katherine Bracey
(LICENSOR) and Geotheatre Productions Inc. (LICENSEE) dated March 13th 2001 is
amended as follows:

The payment or accrual of the minimum annual royalty of $18,000.00 is waived
until January 1, 2005.

Dated:

Signature: /s/ John & Katherine Bracey   Signature: /s/ John Bracey
         -----------------------------             -----------------------------
John & Katherine Bracey (LICENSOR)               John Bracey, President
                                                 for Geotheatre Productions Inc.
                                                 (LICENSEE)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]