Document:

Exhibit

WITHOUT PREJUDICE
SUBJECT TO CONTRACT

 
DATED
4 JUNE 2018
SETTLEMENT AGREEMENT
AMONG
PRA GROUP (UK) LIMITED
AND

TIKENDRA PATEL

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This AGREEMENT is made on 4 JUNE 2018
AMONG
		
	(1)
	PRA GROUP (UK) LIMITED, incorporated and registered in England and Wales with company number 04267803 whose registered office is at Wells House., 15-17 Elmfield Road, Bromley, Kent, BR1 1LT (the “Employer”); and

		
	(2)
	TIKENDRA PATEL of Street address, City, County, Post code (the “Executive”)

(together the “Parties”).
BACKGROUND
		
	A.
	The Executive has served as Chief Executive Officer of the Employer from 1 January 2016, under a service agreement with the Employer dated 19 February 2014 (the “Service Agreement”).

		
	B.
	The Executive gave notice of the termination of employment in accordance with the Service Agreement. The Parties have agreed that the Executive will immediately step down as Chief Executive Officer from the date of this Agreement, the Executive's twelve months' notice as set out in the Service Agreement will commence on 30 June 2018, the employment will terminate on the Separation Date (as defined below), and that from 30 June 2018 until the Separation Date the Executive will be placed on garden leave in accordance with clause 24 of the Service Agreement and clause 12 of this Agreement. 

		
	C.
	The Parties have also agreed that the Executive will immediately resign from all directorships and other positions he holds with any and all of the entities in the PRA Group, Inc. consolidated group of companies (each a “Group Company”) and pursuant to the other terms set out in this agreement (the “Agreement”).

		
	D.
	The parties have entered into this agreement to record and implement the terms on which they have agreed to settle any claims that the Executive has or may have in connection with his employment or its termination or otherwise against any Group Company or their officers or employees whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this agreement, and including, in particular, the statutory complaints that the Executive raises in this agreement.

		
	E.
	The parties intend this agreement to be an effective waiver of any such claims and to satisfy the conditions relating to settlement agreements in the relevant legislation.

IT IS AGREED THAT

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	1.
	INTERPRETATION

		
	1.1.
	Save as set out specifically in this Agreement, all defined terms shall have the same meaning as under the Service Agreement.

		
	1.2.
	In this Agreement:

"Adviser" means Daryl Cowan of DC Employment Solicitors;
“Claim” or “Claims” includes (without limitation) any and all actions, claims, rights, demands, and set-offs, including all causes of action and rights to bring any civil, criminal or regulatory complaint (whether before any court, tribunal, regulatory or other authority) arising or made (or to be made) in any jurisdiction whether in contract, tort or equity or under or in relation to any statute, regulation, rule or guidance. A Claim or Claims includes, but is not limited to, any action or proceedings of any kind for any relief including by way of equitable relief, damages, injunctions, declarations, costs and expenses (including, without limitation, the causes of action, suits or proceedings listed in Schedules 2 and 3);
"Post-Employment Notice Pay" has the meaning given in section 402D of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA).
"Post-Employment Notice Period" has the meaning given in section 402E(5) of ITEPA.
"Reaffirmation Letter" means the letter agreement to be entered into by the parties pursuant to clause 19 in the form set out at Schedule 5, under which the Executive reaffirms certain provisions of this Agreement on or after the Separation Date.
		
	1.3.
	The headings in this agreement are inserted for convenience only and shall not affect its construction.

		
	1.4.
	A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

		
	1.5.
	Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

		
	1.6.
	Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

		
	1.7.
	The Schedules shall form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

		
	1.8.
	A reference to a holding company or a subsidiary means a holding company or a subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006.

		
	2.
	ARRANGEMENTS ON TERMINATION

		
	2.1.
	The Executive's employment with the Employer shall terminate on 30 November 2018 (the "Separation Date"). Until 30 June 2018 the Executive will continue to perform his normal duties. On 30 June 2018 until the Separation Date the Executive will be placed on garden leave in accordance with clause 24 of the Service Agreement and clause 12 of this Agreement. 

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	2.2.
	The Employer shall pay the Executive his salary up to the Separation Date in the usual way. 

		
	2.3.
	The Employer shall continue to provide benefits to the Executive in the usual way up to the Separation Date.

		
	2.4.
	The Executive acknowledges that, in accordance with clause 9.3(e) of the Service Agreement, he no longer qualifies for a bonus payment under the Employer's annual bonus program, either in respect of any period worked before 30 June 2018, or any period worked thereafter. 

		
	2.5.
	The Employee's notice period under the Service Agreement is 12 months. The Employee will be placed on garden leave for 5 months from 30 June 2018 until the Separation Date. The Employer will pay the Executive in lieu of 7 months' notice in accordance with clause 20.1 of the Service Agreement and clause 3.1.2 of this Agreement. The parties accordingly believe that the Employee's Post-Employment Notice Period and Post-Employment Notice Pay are nil.

		
	2.6.
	The payments and benefits in this clause 2 shall be subject to the income tax and National Insurance contributions that the Employer is obliged by law to pay or deduct.

		
	2.7.
	The Executive shall submit on or before the Separation Date his expenses claims in the usual way and the Employer shall reimburse the Executive for any expenses properly incurred before the Separation Date in the usual way. 

		
	2.8.
	The Company shall deduct from the sums due under this clause 2 any outstanding sums due from the Employee to any Group Company.

		
	3.
	SEPARATION PAYMENTS

		
	3.1.
	Subject to and conditional on the Executive complying with the terms of this agreement, including, without limitation clause 19, the Employer shall within 14 days of the Separation Date or receipt by the Employer of a copy of this Agreement signed by the Executive, a copy of the Reaffirmation Letter signed by the Executive and both a letter from the Adviser dated today's date and a letter from the Adviser dated on or soon after the Separation Date in the form as set out in Schedule 1, whichever is later, pay to the Executive:

		
	3.1.1.
	£78,830.00 as an ex-gratia payment; and

		
	3.1.2.
	£236,090.39 as payment in lieu of 7 months' notice;

(together the "Separation Payment").
		
	3.2.
	The Separation Payment will be taxable as employment income save for the first £30,000 of the ex-gratia payment. The Employer and the Executive believe that the first £30,000 of the ex-gratia payment is payable free of tax and National Insurance Contributions. The Employer shall deduct income tax and National Insurance Contributions from the remainder of the Separation Payment at the appropriate rate.

		
	3.3.
	The Executive shall be responsible for any further tax and employee's National Insurance contributions due in respect of the Separation Payment and shall indemnify the Employer in respect of such liability in accordance with clause 11.1.

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	4.
	STOCK UNITS

		
	4.1.
	The Executive currently holds 10,789 shares of common stock granted to him as Restricted Stock Units ("RSUs") and/or Performance Stock Units ("PSUs") under the PRA Group, Inc. 2013 Omnibus Incentive Plan and 2016 Long Term Equity Incentive Plan (the "LTIP Plans"). With respect to any remaining RSUs and PSUs between the Executive and the Employer that are not yet vested (the “Unvested Stock Units”), this clause acknowledges and confirms that the Unvested Stock Units shall be immediately and automatically forfeited and neither the Executive, nor any successors, heirs, assigns, or legal representatives of the Executive shall not have any further rights or interest in the Unvested Stock Units in accordance with the terms of the Plans and the relevant RSU or PSU Agreement. 

		
	5.
	RESIGNATION OF DIRECTORSHIPS

		
	5.1.
	The Executive agrees that he: 

		
	5.1.1.
	shall with effect from the execution of this Agreement resign with immediate effect from all directorships referred to in the resignation letter set out in Schedule 4, shall vacate the role of Chief Executive Officer, and shall execute and deliver such letters, and shall resign with immediate effect from any and all other directorships and other positions he may hold in or on behalf of any Group Company, and shall carry out any other act required or requested by the Employer to effect his resignation from any and all such positions. The Employer shall, without undue delay, take such steps as are necessary to give effect to the Executive’s resignation from any directorships or other office, trusteeship or position that he holds;

		
	5.1.2.
	shall not at any time after the Separation Date represent himself as connected with the Employer or any Group Company in any capacity other than as a former director and employee; and

		
	5.1.3.
	irrevocably appoints the Employer to be his attorney in his name and on his behalf to sign, execute or do any instrument or thing and generally to use his name in order to give the employer and any Group Company the full benefit of the provisions of this clause.

		
	6.
	WAIVER OF CLAIMS

		
	6.1.
	In consideration of the above:

		
	6.1.1.
	the Executive accepts the terms of this Agreement in full and final settlement and release of:

		
	6.1.2.
	the Claims listed at Schedule 4 (the “UK Claims”), the claims listed at Schedule 5 (the “US Claims”), and any other Claims as defined in this Agreement; and

		
	6.1.3.
	any other Claims which the Executive has or may have now or in the future against the Employer or any Group Company or its or their current or former directors, officers, employees or workers arising out of or in connection with the Executive’s directorships, employment or other offices or positions, or their respective cessations (whether or not the Executive or the Employer or any Group Company could have contemplated 

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such a Claim at the date of this Agreement) but excluding any Claim in respect of any breach of this Agreement or personal injury Claims of which the Executive is currently unaware which the Executive may have relating to his employment with the Employer. 
		
	6.2.
	The Executive warrants that:

		
	6.2.1.
	before entering into this Agreement he received independent advice from the Adviser as to the terms and effect of this agreement and, in particular, on its effect on his ability to pursue any complaint before an employment tribunal or other court;

		
	6.2.2.
	the Adviser has confirmed to the Executive that they are a solicitor holding a current practising certificate and that there is in force a policy of insurance covering the risk of a claim by the Executive in respect of any loss arising in consequence of their advice;

		
	6.2.3.
	the Adviser shall sign and deliver to the Employer a letter in the form attached as Schedule 1 to this agreement;

		
	6.2.4.
	before receiving the advice the Executive disclosed to the Adviser all facts and circumstances that may give rise to a claim by the Executive against the Employer and any Group Company or its officers or employees;

		
	6.2.5.
	the only claims that the Executive has or may have against the Employer and any Group Company or their officers or employees (whether at the time of entering into this agreement or in the future) relating to his employment, directorships or other officer positions with any Group Company or their termination are specified in clause 6.1; and.

		
	6.2.6.
	the Executive is not aware of any facts or circumstances that may give rise to any claim against any Group Company or its officers or employees other than those claims specified in clause 6.1.

The Executive acknowledges that the Employer acted in reliance on these warranties when entering into this Agreement.
		
	6.3.
	The Executive acknowledges that the conditions relating to settlement agreements under section 147(3) of the Equality Act 2010, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 of the Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied.

		
	7.
	LEGAL FEES

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The Employer shall pay direct to the Executive’s legal adviser, provided the Employer receives within 14 days of the date of this agreement an invoice from it (addressed to the Executive and marked as payable by the Employer), its reasonable legal fees incurred solely in connection with advising the Executive on the termination of the Executive’s employment with the Employer and related resignations from directorships, up to a maximum of £2,000 (exclusive of VAT). The Employer shall pay direct to the Executive’s legal adviser, provided the Employer receives within 14 days of the Separation Date an invoice from it (addressed to the Executive and marked as payable by the Employer), its reasonable legal fees incurred solely in connection with advising the Executive on the termination of the Executive’s employment with the Employer and related resignations from directorships, up to a maximum of £500 (exclusive of VAT).

		
	8.
	EXECUTIVE AND EMPLOYER OBLIGATIONS

		
	8.1.
	The Executive confirms that following the Separation Date he will continue to be bound by:

		
	8.1.1.
	the Executive’s obligations owed to the Employer or any Group Company relating to confidential information (clause 18 of the Service Agreement); 

		
	8.1.2.
	the Executive’s obligations owed to the Employer or any Group Company under clause 16.3 and 17.3 of the Service Agreement, and

		
	8.1.3.
	the Executive’s obligations owed to the Employer or any Group Company relating to restrictive covenants (clause 19 of the Service Agreement).

		
	8.2.
	In addition to clause 8.1.3, the Employer shall pay £100 to the Executive as consideration for his entering into the restrictive covenant in clause 8.2.1, such sum to be paid within 14 days of the Separation Date or receipt by the Employer of a copy of this Agreement signed by the Executive, a copy of the Reaffirmation Letter signed by the Executive and both a letter from the Adviser dated today's date and a letter from the Adviser dated on or soon after the Separation Date in the form as set out in Schedule 1, whichever is later. The Employer shall deduct income tax and National Insurance contributions from this sum. 

		
	8.2.1.
	For a period of 6 months from the Separation Date, in competition with the business of the Employer or any Group Company within Europe, establish, carry on, be employed, concerned, interested in or engaged in, or perform services the same as or competitive or about to be competitive with the businesses of the Employer and the Group Companies at the Separation Date with which the Executive was involved to a material extent during the 12 months ending on the Separation Date. 

		
	8.3.
	The Executive shall not, save as required by law, at any time disclose the terms of this Agreement (other than to the Executive’s immediate family, professional advisers or HM Revenue & Customs) or the circumstances surrounding the cessation of the Executive’s directorships, employment or other offices or positions, including details regarding the negotiations leading to this Agreement. The Employer shall not disclose the terms of this agreement other than to their respective professional advisers and except as required by HM Revenue & Customs, or as otherwise required by law, regulation or necessary business practice or under the public 

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disclosure requirements of any jurisdiction in which that party is a public reporting or listed company.
		
	8.4.
	In addition to any other non-disparagement or similar obligations of the Executive under the Service Agreement, the Executive undertakes that at any time following the date hereof he will not make and shall use all reasonable endeavours to prevent the making of any disparaging or derogatory statements whether or not the statement is true, whether in writing or otherwise concerning the Employer or any Group Company or its or their past or current or future directors or officers or employees or consultants and in consideration of this the Employer undertakes that at any time following the date hereof it will not make and shall use all reasonable endeavours to prevent the making of any disparaging or derogatory statements whether or not the statement is true, whether in writing or otherwise concerning the Executive, excluding in all events any statements required to be made by law, regulation or necessary business practice, or under the public disclosure requirements of any jurisdiction in which that party is a public reporting or listed company.

		
	8.5.
	The Executive acknowledges that, except as set out in clauses 2 and 3 of this Agreement, there are no sums or securities owed to him by the Employer or any Group Company including any payments under any bonus, incentive, commission, share option or similar scheme and that neither the Employer nor any Group Company nor the trustees of any such scheme is or shall be liable to make any payment or provide him with shares or other benefits under any such scheme.

		
	9.
	COMPANY PROPERTY AND INFORMATION

		
	9.1.
	The Executive shall, before the Separation Date, return to the Employer:

		
	9.1.1.
	all Confidential Information and any copies;

		
	9.1.2.
	all property belonging to the Employer and any Group Company in satisfactory condition including (but not limited to) any car (together with the keys and all documentation relating to the car), company credit card, keys, security pass, identity badge, , ; and

		
	9.1.3.
	all documents and copies (whether written, printed, electronic, recorded or otherwise and wherever located) made, compiled or acquired by him during his employment with the Employer or relating to the business or affairs of any Group Company or their business contacts,

in the Executive's possession or under his control.

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	9.2.
	The Executive shall, before the Separation Date, erase irretrievably any information relating to the business or affairs of any Group Company or its business contacts from computer and communications systems and devices owned or used by him outside the premises of the Employer, including such systems and data storage services provided by third parties (to the extent technically practicable).

		
	9.3.
	The Executive shall be entitled to retain his iPhone and telephone number and laptop as provided by the Employer, subject to all Employer information being deleted from such items, and the Employer and the Executive shall work together to ensure that this is takes place within 28 days from the Separation Date. 

		
	10.
	EXECUTIVE WARRANTIES

		
	10.1.
	As at the date of this agreement, the Executive warrants and represents to the Employer that there are no circumstances of which the Executive is aware or of which the Executive ought reasonably to be aware that would amount to a repudiatory breach by the Executive of any express or implied term of the Service Agreement that would entitle (or would have entitled) the Employer to terminate the Executive's employment without notice or payment in lieu of notice and the Separation Payments are conditional on this being so. 

		
	10.2.
	The Executive agrees to make himself available to, and to cooperate with, the Employer or its advisers in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. The Executive acknowledges that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information in relation to any such process, preparing witness statements and giving evidence in person on behalf of the Employer. The Employer shall reimburse any reasonable expenses and loss of income incurred by the Executive together with any loss of income as a consequence of complying with his obligations under this clause, provided that such expenses or loss of income are verified and  approved in advance by the Employer.

		
	10.3.
	The Executive acknowledges that he is not entitled to any compensation for the loss of any rights or benefits under any bonus plan, benefit or award programme, share plan operated by any Group Company or any stand-alone share incentive arrangement, or for loss of any other benefit, payment or award he may have received had his employment not terminated other than the payments and benefits provided for in this Agreement.

		
	11.
	EXECUTIVE INDEMNITIES

		
	11.1.
	The Executive shall indemnify the Employer on a continuing basis in respect of any income tax, social insurance or National Insurance contributions (save for employers’ National Insurance contributions), or equivalent in any other jurisdiction wheresoever and howsoever arising, due in respect of the payments and benefits in clauses 2 and 3 (and any related interest, penalties, costs and expenses). The Employer shall give the Executive reasonable notice of any demand for tax which may lead to liabilities on the Executive under this indemnity, and shall provide the Executive with reasonable access to any documentation he may reasonably require to dispute such a claim (provided that nothing in this clause shall prevent the Employer from complying with its legal obligations). 

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	11.2.
	If the Executive breaches any material provision of this Agreement or pursues a Claim against any Group Company arising out of his directorships, employment or other positions or offices, or their respective cessations, he agrees to indemnify the relevant Group Company for any losses suffered as a result thereof, including all legal and professional fees. 

		
	12.
	GARDEN LEAVE

		
	12.1.
	During the period from 30 June 2018 to the Separation Date the Executive will be placed on garden leave in accordance with clause 24 of the Service Agreement ("Garden Leave"), and during Garden Leave the Executive shall not perform any services for the Employer or any Group Company. 

		
	12.2.
	During Garden Leave the Employer shall be under no obligation to provide any work to, or vest any powers in, the Executive, who shall have no right to perform any services for the Employer or any Group Company.

		
	12.3.
	Notwithstanding clause 12.1 and 12.2, the Employer may at its discretion require the Executive to perform duties (that could be required under the employment contract) at any time during the Garden Leave which duties may be withdrawn at any time at the Employer's discretion. For the avoidance of doubt, the Employer does not currently envisage a requirement to exercise this right but it will retain the right to do so during this period in case of unforeseen circumstances arising. Should the Employer require the Employee to deal with matters more substantive than transition queries/phone assistance or require him to return to the office for any reason, it will provide the Employee with one week of notice of this requirement.

		
	12.4.
	During the period of Garden Leave the Executive shall:

		
	12.4.1.
	continue to receive his salary and all contractual benefits in the usual way (subject to the rules of the relevant benefit schemes in force from time to time). The Employer will declare these benefits to HM Revenue and Customs at the appropriate time and the Executive will be liable for any further tax or National Insurance contributions due in relation to them;

		
	12.4.2.
	remain an employee of the Employer and bound by the terms of his employment contract, save as modified by this clause 12;

		
	12.4.3.
	not, without the prior written consent of the Company attend his place of work or any other premises of the Employer or any Group Company or access the information technology systems of the Employer or any Group Company;

		
	12.4.4.
	not, without the prior written consent of the Company contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Employer or any Group Company;

		
	12.4.5.
	be deemed to take any accrued but unused holiday entitlement; and

		
	12.4.6.
	(except during any periods taken as holiday in accordance with the Employer's usual procedures) be ready and available to perform such duties as the Employer may require under clause 12.3, ensuring that the Company knows where and how he can be contacted 

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during each working day and complying with any written requests to contact a specified employee of the Employer at specified intervals.
		
	13.
	ENTIRE AGREEMENT 

		
	13.1.
	Each party on behalf of itself and, in the case of the Employer, as agent for any Group Company acknowledges and agrees with the other party (the Employer acting on behalf of itself and as agent for each Group Company) that:

		
	13.1.1.
	this Agreement constitutes the entire agreement between the parties and any Group Company and supersedes and extinguishes all agreements, promises, assurances, warranties, representations and understandings between them whether written or oral, relating to its subject matter;

		
	13.1.2.
	in entering into this Agreement it does not rely on , and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement; and

		
	13.1.3.
	it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

		
	13.2.
	Nothing in this Agreement shall, however, operate to limit or exclude any liability for fraud.

		
	14.
	VARIATION 

No variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
		
	15.
	THIRD PARTY RIGHTS 

Except as expressly provided elsewhere in this Agreement, no person other than the Executive and any Group Company shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act.
		
	16.
	GOVERNING LAW 

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.
		
	17.
	JURISDICTION 

Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

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	18.
	SUBJECT TO CONTRACT AND WITHOUT PREJUDICE

This Agreement shall be deemed to be without prejudice and subject to contract until such time as it is signed by both parties and dated, when it shall be treated as an open document evidencing a binding agreement.
		
	19.
	REAFFIRMATION

		
	19.1.
	On or shortly after the Separation Date, the Executive shall sign and date the Reaffirmation Letter at Schedule 5 and shall ensure that the Adviser (or another relevant independent adviser within the meaning of the legislation settlement) signs and dates a letter in the form set out in Schedule 5. 

		
	19.2.
	The Employer's obligations under this Agreement (except under clause 2) are conditional on the Employer receiving the letters referred to in clause 19.1 duly signed and dated within 5 days of the Separation Date. 

		
	20.
	COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which, when executed, shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.
This agreement has been entered into on the date stated at the beginning of it.

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SCHEDULE 1

4 June 2018

Dear Sirs
We confirm that:
		
	1.
	Daryl Cowan of DC Employment Solicitors, Street address, City, County, Post code, a solicitor holding a current practising certificate, who has not acted in this matter for PRA Group (UK) Limited or any associated employer, has advised Tikendra Patel as to the terms of the attached Agreement and in particular as to its effect on his ability to pursue his rights before an employment tribunal.

		
	2.
	This firm holds a current contract of insurance or an indemnity provided for members of a professional body covering the risk of a claim by Tikendra Patel in respect of loss arising in consequence of the above advice.

		
	3.
	The conditions regulating settlement agreements under the provisions of the Equality Act 2010, the Employment Rights Act 1996 and the Working Time Regulations 1998, are satisfied.

Yours faithfully,

Daryl Cowan

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SCHEDULE 2
UK CLAIMS
		
	1.
	Any claim, cause of action, suit, or other process, including:

		
	(i)
	for breach of contract or wrongful dismissal;

		
	(ii)
	for unfair dismissal, under section 111 of the Employment Rights Act 1996;

		
	(iii)
	in relation to the right to a written statement of reasons for dismissal, under section 93 of the Employment Rights Act 1996;

		
	(iv)
	for a statutory redundancy payment, under section 163 of the Employment Rights Act 1996;

		
	(v)
	in relation to an unlawful deduction from wages or unlawful payment, under section 23 of the Employment Rights Act 1996;

		
	(vi)
	in relation to written employment particulars and itemised pay statements, under section 11 of the Employment Rights Act 1996;

		
	(vii)
	for a guarantee payment under section 35 of the Employment Rights Act 1996;

		
	(viii)
	for unlawful detriment, under section 48 of the Employment Rights Act 1996 or section 56 of the Pensions Act 2008;

		
	(ix)
	in relation to working time or holiday pay, under regulation 30 of the Working Time Regulations 1998;

		
	(x)
	for pregnancy or maternity discrimination, direct or indirect discrimination, harassment or victimisation related to sex, marital or civil partnership status, pregnancy or maternity or gender reassignment under section 120 of the Equality Act 2010 and/or direct or indirect discrimination, harassment or victimisation related to sex, marital or civil partnership status, gender reassignment, pregnancy or maternity under section 63 of the Sex Discrimination Act 1975 relating to suspension on medical or maternity grounds under section 70 of the Employment Rights Act;

		
	(xi)
	for direct or indirect discrimination, harassment or victimisation related to race under section 120 of the Equality Act 2010 and/or direct or indirect discrimination, harassment or victimisation related to race, colour, nationality or ethnic or national origin, under section 54 of the Race Relations Act 1976;

		
	(xii)
	for direct or indirect discrimination, harassment or victimisation related to religion or belief under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003;

		
	(xiii)
	for direct or indirect discrimination, harassment or victimisation related to sexual orientation, under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003;

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	(xiv)
	for direct or indirect discrimination, harassment or victimisation related to age, under section 120 of the Equality Act 2010 and/or under regulation 36 of the Employment Equality (Age) Regulations 2006;

		
	(xv)
	in relation to parental leave under section 80 of the Employment Rights Act;

		
	(xvi)
	in relation to flexible working under section 80H of the Employment Rights Act;

		
	(xvii)
	for direct or indirect discrimination, harassment or victimisation under section 120 of the Equality Act 2010;

		
	(xviii)
	in relation to the right to be accompanied under section 11 of the Employment Relations Act 1999;

		
	(xix)
	for harassment under the Protection from Harassment Act 1997;

		
	(xx)
	for failure to comply with obligations under the Human Rights Act 1998;

		
	(xxi)
	for failure to comply with obligations under the Data Protection Act 1998;

		
	(xxii)
	Any claim under any provision of directly applicable European law. 

		
	2.
	The Executive agrees that the above claims are released by the terms of this Agreement and that the Executive shall not bring any action or suit or cause any action or suit to be brought in respect of any claim which the Executive may have in respect of the matters listed above. To the extent that any dispute shall arise in respect of the releases given in this Agreement in respect of the claims, causes of action and suits listed in this schedule, then notwithstanding the provisions of clause 23 of the Agreement otherwise, English law shall apply to that dispute to the extent that it relates to any rights of the Executive under English law and the courts of England and Wales shall have jurisdiction to determine such matters. 

		
	3.
	Nothing in this Schedule 4 or the Agreement will prevent disclosure by the Executive of information:

		
	a.
	For the purposes of making a Protected Disclosure, provided that the disclosure is made in accordance with the provisions of the Employment Rights Act 1996;

		
	b.
	For the purpose of reporting misconduct, or a serious breach of regulatory requirements, to a regulator;

		
	c.
	For the purpose of reporting an offence to a law enforcement agency and/or cooperating with a criminal investigation or prosecution; and/or

		
	d.
	That has come into the public domain otherwise than by a breach of confidence by you or on your behalf.

{00586770.DOCX.7}                14                

SCHEDULE 3

US CLAIMS  

Any cause of action, suit, or other process, including, but not limited to (i) any claims, whether statutory, common law, or otherwise, arising out of the terms, conditions, termination or other cessation or other facts or circumstances of Executive’s directorships with any Group Company, employment by the Employer or Inspired US, or any other employment by or office- or position-holding with any Group Company; (ii) any claims, whether statutory, common law, or otherwise, arising out of the terms, conditions, termination or other cessation or other facts or circumstances of Executive’s directorships with any Group Company, employment by the Employer or Inspired US, or any other employment by or office- or position-holding with any Group Company; (iii) any claims for breach of contract, quantum meruit, unjust enrichment, breach of oral promise, tortuous interference with business relations, injurious falsehood, defamation, negligent or intentional infliction of emotional distress, invasion of privacy, and any other common law contract and tort claims; (iv) any claims for unpaid or lost benefits or salary, bonus, vacation pay, severance pay, or other compensation; (v) any claims for attorneys’ fees, costs, disbursements, or other expenses; (vi) any claims for damages or personal injury; (vii) any claims of employment discrimination, harassment, retaliation, or any other claims arising out of any legal restrictions on an employer's right to terminate employees, whether based on federal, state, or local law or judicial or administrative decision; and (viii) those arising under the National Labor Relations Act, 29 U.S.C. §151 et seq., Fair Labor Standards Act, 29 U.S.C. §201, et seq., Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq., Civil Rights Acts of 1964 and 1991, 42 U.S.C. §2000e et seq., Civil Rights Act of 1866, 42 U.S.C. §1981 et seq., Equal Pay Act of 1963, 29 U.S.C. §206(d), Americans with Disabilities Act, 42 U.S.C. §12101 et seq., Age Discrimination in Employment Act, 29 U.S.C. §621 et seq., Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq., Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., Consolidated Omnibus Budget Reconciliation Act of 1985, I.R.C. § 4980B, Genetic Information Nondiscrimination Act, 42 U.S.C. § 2000ff, Sarbanes-Oxley Act of 2002, 18 U.S.C. §1514A, et seq., Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub Law. No. 111-203, Delaware Discrimination in Employment Act, Delaware Persons With Disabilities Employment Protections Act, Delaware Whistleblowers’ Protection Act, Delaware Wage Payment and Collection Act, Delaware Fair Employment Practices Act, Delaware social media law and/or any other applicable United States federal, state or local statute, law, ordinance, regulation or order, or the common law, or any self-regulatory organization rule or regulation.
The Executive agrees that the above claims are released by the terms of this Agreement and that the Executive shall not bring any action or suit or cause any action or suit to be brought in respect of any claim which the Executive may have in respect of the matters listed above. To the extent that any dispute shall arise in respect of the releases given in this Agreement in respect of the claims, causes of action and suits listed in this schedule, then notwithstanding the provisions of clause 17 of the Agreement otherwise, Delaware law shall apply to that dispute without regard to conflicts of law, to the extent that it relates to any rights of the employee under US law and the courts of Delaware shall have jurisdiction over such matters. 

{00586770.DOCX.7}                15                

Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Employee from lawfully (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by the Securities and Exchange Commission, the Department of Justice, the Equal Employment Opportunity Commission, the Congress, or any other governmental or regulatory agency, entity, or official(s) or self-regulatory organization (collectively, “Governmental Authorities”) regarding a possible violation of any law, rule, or regulation; (ii) responding to any inquiry or legal process directed to Employee individually (and not directed to the Company and/or its subsidiaries) from any such Governmental Authorities; (iii) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law, rule, or regulation.  Nor does this Agreement require Employee to obtain prior authorization from the Company before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct.  Moreover, nothing in this Agreement prohibits Employee from disclosing a Company trade secret (i) in confidence to a Federal, State, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  If Employee files a lawsuit for retaliation by an employer for reporting a suspected violation of law, Employee may disclose a Company trade secret to the Employee’s attorney and use the trade secret information in the court proceeding if Employee files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

{00586770.DOCX.7}                16                

SCHEDULE 4

DIRECTOR RESIGNATION LETTER

Directors of the companies listed in the Appendix hereto
(together, the "Companies")
4 June 2018 
Dear Sirs,
RESIGNATION AS DIRECTOR, OFFICER, TRUSTEE, COMMITTEE MEMBER, OR FIDUCIARY OF THE COMPANIES
 
		
	1. 
	I hereby resign with effect from the date of this letter (the "Termination Date") from my office as a director of each of the Companies, any position of office of each of the Companies, and any trusteeship, any committee membership and any fiduciary position of any of the Companies and any of their benefit plans (the "Officer Positions"). 

		
	2.
	I acknowledge that:

		
	2.1
	I have no claims or rights of action arising from arising from the holding of the Officer Positions or their termination, whether under common law, contract, statute or otherwise, whether or not such claims are, or could be, known to the me or in my contemplation at the Termination Date in any jurisdiction; and 

		
	2.2
	there is no agreement or arrangement outstanding under which the Companies have or could have any actual or contingent obligation to me or to any person connected with me; and

		
	2.3 
	to the extent that any such claim, obligation or sum exists or may exist as at the date of this letter, I irrevocably and unconditionally waive such claim, obligation or sum and all rights of action I may have against the Companies so far as is possible under the applicable law of each Company.

		
	3.
	For the purposes of this letter a person shall be deemed to be connected with me if that person is so connected within the meaning of section 1122 of the Corporation Tax Act 2010 (or any equivalent legislation outside the UK).

		
	4.
	This letter and any disputes or claims (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this letter or its subject matter or formation.

		
	5. 
	This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

{00586770.DOCX.7}                17                

Yours faithfully,
	
		
	Signed as a deed by TIKENDRA PATEL
in the presence of:
	/s/ Tikendra Patel
TIKENDRA PATEL

	/s/ Cherie Harrington
	 

	SIGNATURE OF WITNESS
CHERIE HARRINGTON
	 

	NAME OF WITNESS:
Street address, City, County, Post code
ADDRESS OF WITNESS:
Executive Assistant
OCCUPATION OF WITNESS:
	 

{00586770.DOCX.7}                18                

APPENDIX
The Companies (together, the "Companies"):
	
			
	Company
	Jurisdiction of Incorporation
	Registered Address

	PRA Group (UK) Limited
	England & Wales
	Wells House, 15/17 Elmfield Road, Bromley, Kent, BR1 1LT, United Kingdom

	PRA Suomi Oy
	Finland
	PL 274, 00101 Helsinki, Finland

	PRA Deutschland GmbH
	Germany
	Landfermannstrasse 6, 47051 Duisburg, Germany

	PRA Group Italia srl
	Italy
	VIA MONTE ROSA 91 - 20149 MILANO (MI), Italy;

	PRA Group Norge AS
	Norway
	Dronning Eufemias Gate 60191 Oslo/ Postboks 9106 Gronland, 0133 Norway

	PRA Group Polska Holding Sp zoo
	Poland
	Prosta 68, 00-838 Warszawa

	PRA Iberia SLU
	Spain
	C/Albasanz, no 16, 3a planta 28037 Madrid

	PRA Group Sverige AB
	Sweden
	753 83 Uppsala, Uppsala län, Uppsala kommun, Sweden

{00586770.DOCX.7}                19                

SCHEDULE 5

REAFFIRMATION LETTER

Tikendra Patel
Street Address
City
County
Post code

[DATE]
Dear Tikendra,
Reaffirmation Letter
I am writing in connection with the settlement agreement between PRA Group (UK) Ltd (the "Employer") and you dated 4 June 2018 (the "Agreement"). This is the Reaffirmation Letter referred to at clause 19 of the Agreement.
Defined terms have the same meaning when used in this Reaffirmation Letter as in the Agreement.
In consideration of the Employer paying the Separation Payment to you in accordance with the terms of the Agreement, you expressly agree the following:
		
	1.
	WAIVER OF CLAIMS

		
	1.1
	You accept the terms of this Reaffirmation Letter in full and final settlement and release of:

		
	1.1.1
	the Claims listed at Schedule 2 (the “UK Claims”) of the Agreement, the claims listed at Schedule 3 (the “US Claims”) of the Agreement, and any other Claims as defined in the Agreement, in respect of the period up to and including the Separation Date; and

		
	1.1.2
	any other Claims which you have or may have now or in the future against the Employer or any Group Company or its or their current or former directors, officers, employees or workers arising out of or in connection with your directorships, employment or other offices or positions, or their respective cessations (whether or not you or the Employer or any Group Company could have contemplated such a Claim at the date of this Agreement) but excluding any Claim in respect of any breach of this Agreement or personal injury Claims of which you are currently unaware which you may have relating to your employment with the Employer. 

		
	1.2
	You warrant that:

		
	1.2.1
	before entering into this Reaffirmation Letter you received independent advice from the Adviser as to the terms and effect of the Reaffirmation Letter and, in particular, on 

{00586770.DOCX.7}                20                

its effect on your ability to pursue any complaint before an employment tribunal or other court;

		
	1.2.2
	the Adviser has confirmed to you that they are a solicitor holding a current practising certificate and that there is in force a policy of insurance covering the risk of a claim by you in respect of any loss arising in consequence of their advice;

		
	1.2.3
	the Adviser shall sign and deliver to the Employer a letter in the form attached as Schedule 1 to the Agreement in accordance with clause 19.1 of the Agreement;

		
	1.2.4
	before receiving the advice you disclosed to the Adviser all facts and circumstances that may give rise to a claim by you against the Employer and any Group Company or its officers or employees;

		
	1.2.5
	the only claims that you have or may have against the Employer and any Group Company or their officers or employees (whether at the time of entering into this agreement or in the future) relating to his employment, directorships or other officer positions with any Group Company or their termination are specified in clause 1.1; and

		
	1.2.6
	you are not aware of any facts or circumstances that may give rise to any claim against any Group Company or its officers or employees other than those claims specified in clause 1.1.

You acknowledge that the Employer acted in reliance on these warranties when entering into this Agreement.
		
	1.3
	You acknowledge that the conditions relating to settlement agreements under section 147(3) of the Equality Act 2010, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 of the Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied.

		
	1.4
	The waiver in paragraph 1.1 shall have effect irrespective of whether or not, at today's date, you are or could be aware of such claims or have such claims in your express contemplation (including such claims of which you become aware after today's date in whole or in part as a result of new legislation or the development of common law or equity).

{00586770.DOCX.7}                21                

		
	1.5
	You agree that, except for the payments and benefits provided for in the Agreement, and subject to the waiver in paragraph 1.1, you shall not be eligible for any further payment from any Group Company relating to your employment or its termination and without limitation to the generality of the foregoing, you expressly waive any right or claim that you have or may have to payment of bonuses, any benefit or award programme or grant of equity interest, or to any other benefit, payment or award you may have received had your employment not terminated or for any compensation for the loss of any such benefit, payment or award.

		
	2.
	WARRANTIES AND ACKNOWLEDGEMENTS

As at the date of this Reaffirmation Letter, you warrant and represent to the Employer that there are no circumstances of which you are aware or of which you ought reasonably to be aware that would amount to a repudiatory breach by you of any express or implied term of your contract of employment that would entitle (or would have entitled) the Employer to terminate your employment without notice or payment in lieu of notice and any payments to you pursuant to clauses 3 and 4 of the Agreement are conditional on this being so. 

		
	3.
	EXECUTIVE OBLIGATIONS

		
	3.1
	You confirm that following the Separation Date you will continue to be bound by:

		
	3.1.1
	your obligations owed to the Employer or any Group Company relating to confidential information (clause 18 of the Service Agreement); 

		
	3.1.2
	your obligations owed to the Employer or any Group Company under clause 16.3 and 17.3 of the Service Agreement, and

		
	3.1.3
	your obligations owed to the Employer or any Group Company relating to restrictive covenants (clause 19 of the Service Agreement).

Yours sincerely,

................................................................
For and on behalf of PRA Group (UK) Ltd

_____________________________________________________________________________

I agree to the above terms.

{00586770.DOCX.7}                22                

Signed     /s/ Tikendra Patel
Tikendra Patel

Date:      June 4, 2018

EXECUTED as a DEED by PRA    )
GROUP (UK) LIMITED    )
acting by MARTIN SJOLUND,     )
a director, in the presence of:    )
/s/ Martin Sjolund
Director

/s/ Tiana Peck

SIGNATURE OF WITNESS

NAME OF WITNESS: TIANA PECK

ADDRESS OF WITNESS: Street address, City, County, Post code

OCCUPATION OF WITNESS: Solicitor

EXECUTED as a DEED by TIKENDRA    )
PATEL    )
in the presence of:    )
/s/ Tikendra Patel
Tikendra Patel

/s/ Sherie Harrington

SIGNATURE OF WITNESS

NAME OF WITNESS: CHERIE HARRINGTON

ADDRESS OF WITNESS: Street address, City, County, Post code

OCCUPATION OF WITNESS: Executive Assistant

{00586770.DOCX.7}                23Exhibit

DATED 19 February 2014

AKTIV KAPITAL UK LTD

AN D

TIKENDRA PATEL

    

SERVICE AGREEMENT

SIDLEY

CONTENTS
	
			
	Clause
	 
	Page 

	1.
	INTERPRETATION
	1

	2.
	COMMENCMENT OF EMPLOYMENT
	2

	3.
	JOB TITLE
	2

	4.
	PLACE OF WORK
	2

	5.
	WORKING HOURS 
	2

	6.
	TERM
	3

	7.
	SCOPE OF DUTIES
	3

	8.
	INTERESTS OF THE EXECUTIVE
	4

	9.
	SALARY AND BONUS SCHEME
	4

	10.
	BENEFITS
	6

	11.
	PENSION
	6

	12.
	EXPENSES
	6

	13.
	DEDUCTIONS
	7

	14.
	HOLIDAYS
	7

	15.
	SICKNESS ABSENCES
	8

	16.
	INVENTIONS
	8

	17.
	OTHER INTELLECTUAL PROPERTY
	9

	18.
	CONFIDENTIAL INFORMATION
	10

	19.
	POST-TERMINATION RESTRICTIVE COVENANTS
	11

	20.
	TERMINATION OF CONTRACT
	14

	21.
	DISMISSAL, DISCIPLINARY AND GRIEVANCE PROCEDURES
	15

	22.
	SUSPENSION
	16

	23.
	RETURN OF COMPANY PROPERTY
	16

	24.
	GARDEN LEAVE
	16

	25
	DIRECTORSHIPS
	18

	26
	DATA PROTECTION
	18

	27.
	EXECUTIVE'S REPRESENTATIONS AND UNDERTAKINGS 
	19

	28.
	MONITORING
	20

	29.
	COLLECTIVE AGREEMENTS
	20

	30.
	GOVERNING LAW 
	21

	31.
	NOTICES
	21

	32.
	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	21

	33.
	WHOLE AGREEMENT
	21

	34.
	MISCELLANEOUS 
	22

	35.
	ASSIGNMENT
	22

THIS AGREEMENT is made the 19th February 2014

BETWEEN:

		
	(1)
	AKTIV KAPITAL UK LTD whose registered office is at Walls House, 15-17

Emfield Road. Bromley. Kent. BRI ILT (“the Company”); and 

		
	(2)
	TIKENDRA PATEL whose home address is Street address, City, County, Post code (“the Executive”).

INTRODUCTION 

		
	A.
	Subject to and conditional on the completion of the Acquisition (as defined below), the Company will employ and the Executive has agreed to be employed by the Company on the terms and conditions set out in this Agreement which will commence operation on the Commencement Date (as defined below).

		
	B.
	This Agreement sets out the Executive’s terms and conditions of employment with the company including the written particulars the Executive is entitled to receive under the Employment Rights Act 1996 as amended.

		
	C.
	To the extent that the terms of the agreement conflict with the term of employment set out in the UK Employee Handbook the terms of this Agreement will prevail.

IT IS AGREED as follows:

		
	1.
	INTERPRETATION

In this Agreement the following expressions have the following meanings:

		
	1.1
	“Acquisitions” means the acquisition of the entire issued share capital of Aktiv Kapital AS pursuant to sale and purchase agreement dated on or about the date of this Agreement among (1) Geveran Trading Co. Ltd; (2) a wholly owned subsidiary of Portfolio Associates. Inc. a Delaware corporation (PRA) and/or any affiliate of PRA as Purchaser; and (3) PRA as Guarantor;

		
	1.2
	“Board” means the Board of Directors from time to time of the Company or anyone any person or committee duly appointed by the Board of Directors as its representative for the purpose of this Agreement;

		
	1.3
	“Commencement Date” means the date of the completion of the Acquisition;

		
	1.4
	“Employment” means the Executive’s employment under this Agreement;

		
	1.5
	“Group” means the Company and the Company’s Associated Companies (which shall mean any holding company or any subsidiary of the Company or of such holding company as defined in Section 1159 of the Companies Act 2006 as amended) from time to time;

		
	1.6
	“Group Company” means a member of the Group and “Group Companies” will be interpreted accordingly;

		
	1.7
	“Working Day” is any day of the week other than Saturday, Sunday and UK bank or public holidays;

		
	1.8
	“Working Time Regulations” mean the Working Time Regulations 1998 as amended; and

		
	1.9
	“Termination Date” means the date of the termination of the Employment.

		
	2.
	COMMENCEMENT OF EMPLOYMENT

The Executive’s continues period of employment began on 1st December 2008. The Employment will continue until termination in accordance with the provisions of this Agreement.

		
	3.
	JOB TITLE 

		
	3.1
	The Company shall employ the Executive and the Executive shall serve the Company as chief Operating Officer, Europe/EMEA or in such other capacity as the company may from time to time require. At the commencement of this agreement, the Executive will report to the CEO, Europe/EMEA. However, the reporting structure may be changed at any time and the Executive may in the future report to such other person of body notified to him from time to time.

		
	3.2
	The Company may change the Executive's job title in its absolute discretion and as it considers necessary so long as this change is reasonable with regard to the Executive’s capabilities.

		
	3.3
	The Company may from time to time appoint any other person or persons to act jointly with the Executive in this appointment.

		
	4.
	PLACE OF WORK

		
	4.1
	The Executive’s place of work will be at his home or such other places as may replace it from time to time. However, the Executive agrees that:

		
	(a)
	the Executive may be required to work on a temporary or permanent basis, at any other place where the Company may be carrying on business; and

		
	(b)
	the Company reserves the right to require, on reasonable notice, the Executive to travel throughout the world from time to time in order to perform the obligations of the Executive to the Company, but unless otherwise agreed in writing, the Executive will not be required to work outside the UK for a continuous period of more than one month. 

		
	5.
	WORKING HOURS

		
	5.1
	The Executive’s normal working hours shall be 9:00 a.m. to 5.30 p.m. Mondays to Fridays and such additional hours as are necessary for the proper performance of his duties. The Executive acknowledge that he shall not receive or otherwise be entitled to further compensation, or time off in respect of such additional hours.

		
	5.2
	The parties each agree that the nature of the Executive’s position is such that his working time cannot be measured and, accordingly, his Employment comes within the scope of Regulation 20 of the Working Time Regulations. In the event that the Executive employment does not fall within the scope of Regulation 20 of the WTR, the Executive agrees that the limit on working time contained in Regulation 4(1) of the Working Time Regulations shall not apply to his employment with the Company and that his working week may not exceed 48 hours per week on average. The Executive may withdraw his agreement to work more than 48 hours per week on average by giving three months’ notice in writing to the Company.

		
	6.
	TERM

		
	6.1
	Subject to the terms of the Agreement, the Company shall employ the Executive until this Agreement is terminated by either party giving to the other written notice in accordance with clause 6.2.

		
	6.2
	The Company must give the Executive 12 months’ notice to terminate this Agreement and the Executive must give 12 months’ notice to terminate this Agreement (or such additional notice as required by applicable statue).

		
	7.
	SCOPE OF DUTIES

		
	7.1
	The Executives will perform such duties and responsibilities and exercise such powers as may from time to time lawfully be assigned to the Executive, consistent with his skills and experience. 

		
	7.2
	During the Employment the Executive shall:

		
	(a)
	devote the whole of his time, attention and skill during his working hours to the performance of his duties;

		
	(b)
	faithfully and diligently perform such duties and exercise such powers consistent with them as may from time to time be assigned to or vested in him by the Board and subject to such restriction as the Board may from time to time impose;

		
	(c)
	 use his best endeavors to promote, develop and protect the interest of the Group and shall not do anything that is harmful to those interests;

		
	(d)
	obey the reasonable and lawful directions of the Board and keep the CEO, Europe/EMEA at all times promptly and fully informed (in writing if so requested) of his conduct of the business of the Company and any Group Company;

		
	(e)
	comply with all of the Company’s rules, regulations, policies and procedures from time to time in force;

		
	(f)
	promptly make such reports in connection with affairs of the Company and the performance of his duties and responsibilities and such matters and at such times as are reasonable required;

		
	(g)
	report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other executive or director of the Company or any Group Company immediately on becoming aware of it; and

		
	(h)
	read and familiarize himself with (on a regular basis) and comply with all policies, rules and procedures (including the applicable handbook in your jurisdiction) as amended or replaced from time to time.

		
	7.3
	The Executive shall if and so long as the Company requires and without entitlement to any further remuneration that is provided for in this agreement;

		
	(a)
	carry out his duties on behalf of any Group Company as if they were duties to be performed by him on behalf of the Company hereunder;

		
	(b)
	subject to suitable directors’ and officers’ insurance being provided by the Company at the Company’s expense, act as a director or officer of any Group Company or hold any other appointment of office as nominee or representative of the Company or any Group Company without further compensation;

		
	(c)
	comply with the articles of association (as amended from time to time) and abide by his fiduciary duties of any Group Company of which he is a director; and

		
	(d)
	not do anything that would cause him to be disqualified from acting as a director.

		
	7.4
	Subject to obtaining the Executive’s prior agreement, the Company may transfer this Agreement to any Group Company at any time.

		
	7.5
	The Company may, on providing reasonable notice to the Executive, second the Executive (either on a permanent or a temporary basis) or transfer the Executive employment to another Group 

company provided always, however, that the terms of this Agreement will continue to apply and that should any secondment or transfer required the Executive to work outside of the UK for a period exceeding one month, the Executive has provided this prior written consent to such secondment or transfer.

		
	8.
	INTERESTS OF THE EXECUTIVE

		
	8.1
	During the Employment the Executive will not be directly or indirectly engaged or concerned in the conduct of any other business or activity which is similar to or competes with any activity carried on by any Group Company (except as a representative of the Company or with the prior written consent of the Board).

		
	8.2
	The Executive may not hold or be interested in investments which amount to more than one percent of the issued investment of any class of any one company which is in competition with any Group Company, whether or not those investments are listed or quoted on any recognized Stock Exchange or dealt in on the Alternative Investment Market.

		
	9.
	SALARY AND BONUS SCHEME

		
	9.1
	The Executive will be paid a gross base salary of £329,988 per annum (“Basic Salary”), payable by equal monthly installments in arrears by direct bank credit transfer on or before the last day of each calendar month. The Basic Salary payment shall be inclusive of any fees to which the Executive may be entitled as a director of the Company or any Group Company.

		
	9.2
	The Basic Salary will be reviewed by the Company in May of each year and a salary rise may be awarded in the absolute discretion of the Company. There is not guarantee of any salary rise but the Salary will not be adjusted downwards. Any salary increase is neither indicative nor determinative of the Executive’s right to a salary increase in any subsequent year.

		
	9.3
	The Executive will be included in the relevant Aktiv Kapital AS Group’s annual bonus program in operation from time to time. For the avoidance of any doubt, the Company may replace, amend or discontinue any such bonus scheme or schemes at any time. The Executive shall have no contractual rights to any bonus payments and such payments shall be in the absolute discretion of the Company taking into account such criteria as may be identified from time to time in its absolute discretion but which may include such criteria as personal performance, Company performance and overall Group performance. Without prejudice to such absolute discretion and to the specific rules of such bonus schemes as may from time to time be operated by the Company under current scheme, the Executive will have the opportunity to earn a target bonus of  £125,395 in connection with which the following terms will normally apply:

		
	(a)
	bonus targets are set annually (by 15 February in each calendar year);

		
	(b)
	bonus targets consist of personal targets as well as targets relating to the Company and/or the Group and the payable amount, which may be higher or lower than the target bonus amount (ranging from zero to 200 percent of the target bonus amount), is dependent on Company and  personal performance or such other targets or performance criteria as identified by the Company from time to time;

		
	(c)
	bonus payments are normally paid by 15 March of the following year, after the Company has presented its annual accounts;

		
	(d)
	bonus payments, if any, are subject to any withholdings or deductions required by law; 

		
	(e)
	to qualify for payment of a Bonus, the Executive must still be employed and not have given his notice of termination of employment to the Company as at the date the Bonus is paid;

		
	(f)
	the Company reserves the right to amend or replace the bonus scheme from time to time  (including the percentage of salary potentially payable) save that, once the bonus rules have been agreed in any year, the scheme for that year will not be amended;

		
	(g)
	bonuses shall not form part of the Executive’s normal remuneration and therefore, will not be taken into account with respect to calculating any payment on lieu of notice, termination pay, or redundancy or severance pay, if any. Bonuses shall also not form of the Executive’s remuneration for the purposes of any Company or Group benefit plan. The level of bonus paid by the Company to the Executive, if any, in any given year shall be neither indicative nor determinative of the Executive’s right to bonus, or the level of bonus payable, in any subsequent year. 

		
	9.4
	Any payments due to the Executive hereunder (including the Basis Salary and any bonus payments) shall be made less any necessary deductions or withholdings (including for or on account of income tax and national insurance contributions) as may be required by law.

		
	10.
	BENEFITS

		
	10.1
	The Executive (and his dependents where applicable) will be eligible to participate in all benefits provided to employees in accordance with the Company’s policies in force from time to time including the Company’s private health disability insurance and death in service policies. 

		
	10.2
	The Executive’s entitlement to and/or participation in any benefit scheme shall be subject to the rules of such scheme from time to time. Nothing in this Argument shall entitle the Executive to any payment direct from the Company. The Executive understands and agrees that if any issuer fails or refuses to provide him with any benefit under any insurance arrangement provided by the Company, the Executive will have no right of action against the Company in respect of such failure or refusal.

		
	10.3
	The Company reserves the right to change the provider/s with whom its insurance schemes are maintained and to change the rules of the scheme for the time being in force (including, but not limited to, the basis of cover and the scale or level of benefit) or to withdraw its insurance schemes in their entirety. Copies of the applicable supporting insurance policies and any additional scheme rules are available from the HR Department. If the Executive chooses not to join any scheme he/she will not be entitled to any sums by way of an alternative.

		
	10.4
	The Executive is permitted to use the mobile phone, computer and email provided by the Company for reasonable use.

		
	11.
	PENSISON

The Company will make a pension contribution of 12.5% of Basic Salary to an HMRC approved pension scheme as nominated by the Executive. 

		
	12.
	EXPENSES

		
	12.1
	The Executive will be reimbursed with all reasonable out of pocket expenses wholly, exclusively and necessarily incurred on the Company’s business in the performance of his duties under this Agreement.

		
	12.2
	This will include expenses of entertainment, subsistence and traveling subject to the Company’s guidelines/allowances current from time to time and subject to the Executive producing appropriate vouchers or other acceptable evidence in support of expense claims.

		
	12.3
	The decision of the Company as to what constitutes “wholly, exclusively and necessarily” incurred expenses shall be conclusive.

		
	13.
	DEDUCTIONS

The Executive hereby authorizes the Company to deduct from any remuneration and monies due to him including any pay in lieu of notice, any money owed to the Company or any Group company, including, but not limited to any overpayment of salary or expenses or payment made to the Executive by mistake or misrepresentation or default of the Executive or otherwise, and any debt owed by the Executive to the Company or any Group Company

		
	14.
	HOLIDAYS

		
	14.1
	The holiday year runs 1 January to 31 December. The Executive is entitled to holiday of 30 Working Days in each year in addition to all UK bank and public holidays.

		
	14.2
	On termination of employment, he shall be entitled to pay in lieu of any accrued but untaken holiday. For each day’s holiday that has been accrued but not taken, the Executive will be paid 1/260 of his basic salary (after statutory deductions). However, if the Executive has taken more holiday days than he entitled to in the holiday year in which he leaves, the Executive agrees that the Company will deduct from his final salary or other monies due to him on termination a sum representing 1/260 of his annual salary for each such day (after statutory deductions). If no final salary payment or other monies are due, the Executive agrees that he will immediately repay the outstanding sum to the Company as a debt immediately due and payable. If any holiday in excess of the annual entitlement is taken, the Company reserves the right to deduct the appropriate number of days’ pay from the Executive’s salary.

		
	14.3
	The Executive’s holiday should be taken at such times as may be convenient to the Company and the Executive must give written notice of not less than one month of his/her proposed holiday dates to the CEO, EMEA. The Company reserves the right, on receipt of his/her notice of proposed holiday dates, to refuse to allow him/her to take holiday on those dates.

		
	14.4
	The Executive will not, without the prior written consent of the Company, be allowed to take more than 10 Working Days’ holiday consecutive at any one time. 

		
	14.5
	The Executive is encouraged to take his/her full holiday entitlement and may not carry forward any days of unused holiday entitlement into the following holiday year without the expression permission of the Company. 

		
	14.6
	The Company reserves the right to require the Executive to take any unused holiday during his notice period.

		
	15.
	SICKNESS ABSENCES

		
	15.1
	If the Executive is going to be absent from work for any reason, the Executive must notify the CEO, Europe/EMEA on the first day of absence. The Executive will also be required to give details of the nature of his absence and any indication that can be given of his/her anticipated length of absence. While absent, the Executive must continue to report to the CEO, Europe/EMEA on a daily basis, or as frequently as required by the CEO, Europe/EMEA until the Executive returns to work. Entitlement to sick pay may be affected by late notification. For any absence he must fill in a self-certification form, copies of which are available from the HR Department.

		
	15.2
	When any period of absence continues beyond seven calendar days the Executive is required to obtain a medical certificate and to forward this to the CEO, Europe/EMEA. If illness continues after the expire of the first certificate, further certificates must be obtained as necessary to cover the whole period of absence and forwarded to the Company on each occasion. Failure to adequately document an illness or injury when requested could result in disciplinary action up to and including termination of employment.  

		
	15.3
	Where the Executive has taken a series of short-term absence or where the absence occurs immediately before or after a public holiday or annual leave, the Executive may be required to provide a medical certificate for each absence regardless of duration.

		
	15.4
	If the Executive shall be prevented by illness (including mental disorder), injury or other incapacity from properly performing his duties the Executive shall be entitled to receive sick pay subject to the provisions of the Company’s sick pay policies and procedures in force from time to time as set out in the Company’s employee handbook. The Executive’s entitlement to sick pay is six months at full pay followed by six months at half pay (inclusive of SSP)

		
	15.5
	Payment of Sick Pay beyond the period stipulated in clause 15.4 will be made entirely at the Company’s discretion.

		
	15.6
	The Company places importance on executives being fit for work and reserves the right to require the Executive to undergo a medical examination at any time (at the Company’s expense) by a doctors(s) appointed by the Company and in such circumstances the Executive consents to the doctor providing a report to the Company in accordance with the provisions of the Access to Medical Reports Act 1988. Failure to agree to such examination, or to comply with the company’s sickness absence procedures (as in force from time to time) may be grounds for disciplinary action, up to and including dismissal.

		
	16.
	INVENTIONS

		
	16.1
	The Executive agrees that he has a special obligation to further the interests of the Company and its Group Companies with respect to any invention created or discovered by him (or in the creation or discovery of which he has participated) in the course of the employment.

		
	16.2
	The Executive must disclose immediately, and promptly give full details, to the Company any discovery or invention or secret process or improvement in procedure made or discovered by the Executive during his/her Employment in connection with or any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use in connection with any such company (“Inventions”), which Inventions will belong to and be the absolute property of the Company or such other person, firm, company or organization as the Company may require without any payment to the Executive (except to the extent provided in Section 40 of the Patents Act 1977) other than agreed emoluments and reimbursements of out pocket expenses.  

		
	16.3
	If requested by the Board (whether during or after the termination of his/her employment) the Executive will at the expense of the Company:

		
	(a)
	give and supply all such information, data, drawings and assistance as may be necessary to enable the Company to exploit any such Inventions to the best advantage; and 

		
	(b)
	execute all documents and do all things as the Company may decide is necessary or desirable for obtaining patent or other protection for the Inventions in such parts of the world as may be specified by the Company and for vesting the same in the Company or as it may direct; and 

		
	(c)
	sign, execute or do any such instrument or thing and generally use his name for the purposes of giving to the Company (or its nominee) all the right and title to interest in all Inventions in the Company absolutely and as sole beneficial owner or in such other person, firm, company or organization as the Company may require to give it, or any Group Company, the full benefit of the provision of this clause; and 

		
	(d)
	both during and after termination of his/her employment at the Company’s expense anywhere in the world and at any time and at any time promptly do everything (including executing documents) that may be required by the Board to defend or protect  for the benefit of the 

Company or any Group Company all Inventions and the right and the title of the Company or any Group Company to them.

		
	16.4
	The Executive hereby irrevocably authorises the Company to appoint a person as his attorney in his name and on his behalf to execute any documents and to do everything necessary to effect his/her obligations under this clause on his/her behalf.

		
	16.5
	The provisions of this clause are without prejudice to the provisions of the Patents Act 1977. 

		
	17.
	OTHER INTELLECTUAL PROPERTY

		
	17.1
	The entire copyright and all similar rights (including future copyright, right to register trademarks or service marks and the right to register designs and design rights throughout the world in works of any description produced, originated and conceived, written or made by the Executive alone or with others in the course of or in connection with his employment) (“Works”) will vest in and belong to the Company absolutely throughout the world for the full periods of protection available in law throughout the world including all renewals and extensions.

		
	17.2
	Without prejudice to clause 16, the Executive hereby assigns to the Company by way of future assignment the entire copyright and/or similar rights in all Works. 

		
	17.3
	The Executive will (both during and after termination of his/her employment) at the Company’s request and expense anywhere in the world and at any time promptly disclose to the Company all Works and will do everything (including executing documents) that may be required by the Board to register, assure, defend or protect the rights of the Company in all Works.

		
	17.4
	The Executive hereby irrevocably authorises the Company to appoint a person as his attorney in his name and on his behalf to execute any documents and to do everything necessary to effect the obligations of the Executive under this clause on the Executive's behalf.

		
	17.5
	For the purposes of clause 16 and this clause, the Executive hereby irrevocably and unconditionally waives in favour of the Company the moral rights conferred on him/her by Chapter IV Part I of the Copyright Design and Patents Act 1988 in respect of any Inventions or Works in which the copyright is vested in the Company under clause 16, this clause or otherwise.  

		
	17.6
	If the Company shall at any time make an award or give any other form of recognition or benefit to the Executive in respect of an Invention or Works this shall not be deemed to be construed in any way as a waiver or diminution of the Company’s rights under this Agreement.

		
	17.7
	The covenants imposed on the Executive by clauses 16 and 17 shall bind the Executive both during and after his employment and shall be binding upon the personal representatives of the Executive in the event of his death.

		
	18.
	CONFIDENTIAL INFORMATION

		
	18.1
	In this Agreement, Confidential Information shall include, but is not limited to, the Company’s and the Group’s trade secrets, details of suppliers and their terms of business, details of customers and their requirements, the prices charged to and terms of business with customers, recruiting efforts and strategy, marketing plans and sales forecasts, financial information, results and forecasts (save to the extent that these are included in published audited accounts), any proposal relating to the acquisition or disposal of a company or a business or any part thereof or to any proposed expansion or contraction of activities, details of executives and officers and of the remuneration and other benefits paid to them, information relating to research activities, inventions, secret possessions, designs, formulae, and product lines, financial structure and performance and information which the Executive is aware of should reasonably be aware of or has been told is confidential and any information that has been given to the Company or any 

Group Company in confidence by customers, suppliers or other persons. The Executive will use his best endeavours to prevent the unauthorized copying use or disclosure of such information.

		
	18.2
	Save as required by law the Executive shall not, either during the Employment (except in the proper performance of his/her duties or pursuant to the Public Interest Disclosure Act 1998) or at any time (without limit) after the Termination Date:

		
	(a)
	divulge or communicate to any person, company, business entity or other organization any Confidential Information;

		
	(b)
	copy or reproduce in any form or by or on any media or allow others to access or copy or reproduce any Confidential Information;

		
	(c)
	use any Confidential Information for his/her own purpose or for any purposes other than those of the Company or any Group Company;

		
	(d)
	send, transmit, transfer or forward any Confidential Information to a private email account or any unauthorized recipient;

		
	(e)
	 through any failure to exercise due care and diligence, cause any unauthorized disclosure of any trade secrete or Confidential Information relating to the Company or any Group Company; or

		
	(f)
	so that those restrictions shall cease to apply to any information which shall become available to the public generally otherwise than through the default of the Executive, or which the Executive shall be required to divulge by law (provided that the Executive shall give prior written notice to the Company of the requirement to disclose and the information ad allow the Company to comment).

		
	18.3
	The undertakings and covenants in this clause shall be directly enforceable by the Company or any Group Company enjoying the benefit thereof and the Company may also enforce the same for the benefit of any Group Company as well as for its own benefit.

		
	18.4
	The Executive agrees that the restrictions set out above in this clause are in addition to and shall not affect all other express and implied duties of confidentiality owed by the Executive to the Company and shall survive the termination or expiry (howsoever arising) of his employment with the Company.

		
	19.
	POST-TERMINATION RESTRICTIVE COVENANTS

		
	19.1
	In this clause:

		
	(a)
	“Company Goods” means any product researched into developed, manufactured, distributed or sold by the Company with which the duties of the Executive were concerned or for which he was responsible during the 12 month immediately preceding the Termination Date;

		
	(b)
	“Company Services” means any services (including but not limited to technical an product support, technical advice and customer services) supplied by the Company with which the duties of the Executive were materially concerned or for which he was directly or ultimately responsible during the 12 months immediately preceding the Termination Date;

		
	(c)
	“Prospective Customer” means any person, firm, company or other organization whatsoever to whom the Company has offered to supply Company Goods or Company Services or the purchase of accounts or debt, or to whom the Company has provided details of the term on which it would or might be willing to supply Company Goods or Company Services or the purchases of accounts or debt, or with whom the Company has had any negotiations or 

discussions regarding the possible supply of Company Goods or Company Services or the purchase of accounts or debt during and in respect of whom the Executive had access to Confidential Information or with whose prospective custom the Executive has had material dealings of behalf of the Company during 12 months immediately preceding the Termination Date;

		
	(d)
	“Restricted Area” means Europe;

		
	(e)
	“Restricted Business” means those of the businesses of the Company and the Group Companies at the Termination Date with which the Executive was involved to a material extent during the period of 12 month ending on the Termination Date;

		
	(f)
	“Restricted Customer” means any firm, company or other person to whom or which, during the period of 12 month ending on the Termination Date, the Company supplied Company Goods or Company Services or the purchase of accounts or debt or was on the habit of dealing with the Company or any Group Company and in respect of whom the Executive had access to Confidential Information or with whom the Executive had material dealings during that 12 month period, and 

		
	(g)
	“Restricted Employee” means any person who, at the Termination Date, either:

		
	(i)
	was employed by the Company or any Group Company at a level at least equal to the Executive and was a person with whom the Executive had material contact; or 

		
	(ii)
	was employed by the Company or any Group Company and reported to the Executive directly or indirectly at any time during the 12 months prior to the Termination Date.

 
		
	19.2
	The Executive will not:

		
	(a)
	for a period of 12 months after the Termination Date, canvass solicit or entice away or assist in soliciting or endeavor to canvas, solicit, entice away from the Company or any Group Company the business or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business;

		
	(b)
	for a period of 12 month after the Termination Date, accept or facilitate the acceptance of, or deal with the custom or business of any Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business;

		
	(c)
	for a period of 12 months after the Termination Date, solicit, induce, entice away or offer employment to or engage or otherwise endeavor to solicit, induce or entice away from the Company or any Group Company any Restricted Employee;

		
	(d)
	for a period or 12 months after the Termination Date, canvass, solicit or entice away or assist in canvassing, soliciting or enticing away the custom or business of any Prospective Customer with a view to providing goods or services to that Prospective Customer in competition with any Restricted Business;

		
	(e)
	for a period of 12 months after the Termination Date, accept or facilitate the acceptance of, or deal with, in competition with the Company or any Group Company the custom or business of any Prospective Customer in competition with a view of providing goods or services to that Prospective Customer in competition with any Restricted Business;

		
	(f)
	for a period of 6 months after the Termination Date, in competition with the business of the Company or any Group Company within the Restricted Area establish, carry on, be employed concerned, interested in or engaged in or perform services the same as or competitive or about to be competitive with the Restricted Business.

		
	19.3
	Nothing in this clause shall prohibit the Executive seeking or procuring customers or doing business not related to the Restricted Business.

		
	19.4
	For any period the Executive is placed on garden leave in accordance with clause 24 below, such period shall reduce the period of restriction identified in clause 19.2 above. 

		
	19.5
	The obligation imposed on the Executive by this clause extended to him/her acting not only on his own account but also on behalf of any other firm, company or other person whether as principal, shareholder, director, Executive, agent, consultant, partner or in any other capacity whatsoever and shall apply whether the Executive acts directly or indirectly. For the avoidance of doubt the obligations imposed on the Executive by this clause shall not apply in respect of any activities as the Board may agree in writing with the Executive. 

		
	19.6
	The Executive understands and acknowledges that due to his/her position in the Company and any Group Company he will have access to Confidential Information vital to the continued success of the Company and any Group Company, together with influence over and connection with the Company’s and/or any Group Company’s customers, prospective customers and executives. He therefore agrees that the provisions of this clause are reasonable in their application to him and necessary, but not more than sufficient, to protect the legitimate interests of the Company and any Group Company.

		
	19.7
	The undertakings contained in this clause shall be directly enforceable by the Company or any Group Company enjoying the benefit thereof and the Company may also enforce the same for the benefit of any Group Company as well as for its own benefit.

		
	19.8
	Each of the covenants and obligations on the Executive’s part contained in each part of this clause shall by deemed to be separate and severable and enforceable by the Company accordingly. In the event that any of the restrictions shall be held void but would be valid if part of the wording thereof was deleted, such restriction shall apply with such deletion as may be necessary to make it valid and effective. If any restriction is found to be unenforceable for any reason, this will not affect the validity or enforceability of any other covenants.

		
	19.9
	Where this clause refers to the Group Company the said clause will with respect to each Group Company constitute a separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the remaining covenants in favour of the Company or any Group Company provided always that this clause shall only apply to those Group Companies to whom the Executive has given his/her services, or with whom he/she was concerned, in the 12 month immediately preceding the Termination Date.

		
	19.10
	If the Executive applies for or is otherwise offered employment or an engagement, appointment or consultancy at any time during his employment with the Company or at any time prior to the expire of the obligations contained in clause 19.2 of this Agreement, the Executive will provide a copy of this clause 19 to the person or entity that he has applied to or has made such offer.

		
	19.11
	The Executive agrees that the Company’s remedies at law for breach or threat of breach by the Executive of the provisions of this clause 19 or clause 18 may be inadequate, and that the Company shall be entitled to an injunction or injunctions to prevent breaches of such provisions and to enforce specifically such provisions, in additions to any other remedy to which the Company may be entitled at law or in equity.

		
	19.12
	The Executive shall not, at any time after the Termination Date, either on his own behalf or on behalf of any other person, firm or company directly or indirectly falsely represent himself as being in any way connected with or interested in the business of the Company or use any name which is identical or similar to or likely to be confused with the name of the Company or any product or service produced or provided by the Company. 

		
	19.13
	Both during his employment and from the Termination Date, the Executive will not at any time thereafter make any disparaging, untrue or misleading oral or written statement concerning the business and affairs of the Company and the Group or their respective current or former directors, officers, executives, consultants or shareholders. 

		
	20.
	TERMINATION OF CONTRACT

		
	20.1
	In the event the Executive’s employment is terminated on notice by either party in accordance with clause 6 above, the Company may, in its absolute discretion, make a payment in lieu of all or part of the outstanding notice period, calculated by reference to the Executive’s Basic Salary and contractual benefits such as pension payments, private health, disability insurance and death in service policy. 

		
	20.2
	The Executive’s employment may be terminated by the Company at any time without notice, payment in lieu of notice or compensation in lieu thereof for cause which shall include (without limitation) if he:

		
	(a)
	materially fails to perform his/her duties to a standard reasonably satisfactory to the Board after having received a written warning from the Company relating to the same or to the follow a lawful and reasonable direction, and having been given reasonable time to rectify his performance;

		
	(b)
	commits an act of: (i) gross misconduct or any serious breach or repeated or continued (after warning) material breach of his/her obligations under this Agreement; or (ii) fraud or dishonesty;

		
	(c)
	fails to maintain or becomes disqualified from maintaining registration with any regulatory body, membership of which is reasonably required by the Company for the Executive to carry out his/her duties or is prevented by applicable law or regulation from performing any part of his duties;

		
	(d)
	he/she guilty of conduct set out in the Company’s dismissal and disciplinary procedures which warrants dismissal without notice or is guilty of conduct which in the reasonable opinion of the Board brings, or which could bring, the Company or any Group Company into disrepute (or bring himself into disrepute in circumstances which have or could gave a material adverse effect on the Company or any Group Company);

		
	(e)
	commits any act of negligence, neglect of duty which is serious or mismanages the business of the Company or any Group Company or does any act which causes the Company to lose trust and confidence;

		
	(f)
	is declared bankrupt or otherwise enters into any arrangement with his/her creditors or has an interim order made against him/her under the Insolvency Act 1986 or has compounded with or makes any arrangement with his/her creditors generally;

		
	(g)
	 is disqualified from being a company director of the Company or any Group Company by reason of any order made under the Company Directors Disqualification Act 1986 or any other enactment; or 

		
	(h)
	is convicted of any criminal offence, and in the case of a monitoring offence, this results in imprisonment.

		
	21.
	DISMISSAL, DISCIPLINARY AND GRIEVANCE PROCEDURES

		
	21.1
	Details of the Company’s dismissal, disciplinary and grievance procedures are set out in the UK employee handbook. These procedures do not form part of the Executive’s contract of employment.  

		
	21.2
	If the Executive wishes to appeal against any disciplinary decision he should inform the HR Department in writing, within five working days that he wishes to appeal. The appeal decision will be final.

		
	21.3
	If the Executive wishes to bring a grievance he should inform the CEO, Europe/EMEA in writing, and if he wishes to appeal a grievance decision he should inform the HR Department, in writing, within five working days that he wishes to appeal. The appeal decision will be final.

		
	22.
	SUSPENSION

		
	22.1
	The company may suspend the Executive in order to investigate any allegation of misconduct against the Executive.

		
	22.2
	Throughout any such period of suspension or exclusion, the Executive shall continue to receive his normal salary and other contractual benefits to which he/she is entitled under this Agreement.

		
	22.3
	The Executive will have no claim for damages or any other remedy against the Company if the Employment is terminated for any of the reasons set out in this clause.

		
	23.
	RETURN OF COMPANY PROPERTY

Upon the termination of the Executive’s employment for whatever reason, and at any time at the request of the Company, the Executive shall immediately return to the Company all property that belongs to the Company or any Group Companies including:

		
	(a)
	any computer, printer or other such equipment, and all computer discs and other software. If the Executive has a password for any computer, the detail of the password;

		
	(b)
	all documents in whatever form, including any copies or summaries of the same and including the Executive’s working notes;

		
	(c)
	all other property belonging or relating to any of the Group Companies including but not limited to all copies of Confidential Information whether or not lawfully made or obtained (and the Executive shall delete Confidential Information from any document comprising a re-usable medium).

		
	24.
	GARDEN LEAVE

		
	24.1
	If either party gives notice to terminate the Employment the Company may require the Executive to comply with any or all of the provision below for all or part of the period of notice (the “Garden Leave Period”).

		
	24.2
	The Executive will not, without prior written consent of the Board, be employed or otherwise provide services to any third party, whether or not of a business nature during the Garden Leave Period. Further, the Executive will not, unless requested by the Company:

		
	(a)
	enter or attend the premises of the Company or any other Group Company; or

		
	(b)
	contact or have any communication with any customer or client of the Company or any other Group Company in relation to the business of the Company or any Group Company; or 

		
	(c)
	contact or have any communication with any Executive, 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; or

		
	(d)
	remain or become involved in any aspect of the business of the Company or any other Group Company except as required by such companies.

 
		
	24.3
	The Company may, in its absolute discretion:

		
	(a)
	assign the Executive to other duties;

		
	(b)
	request that the Executive be available by telephone during normal business hours; and 

		
	(c)
	instruct the Executive not to access or procure others to access the Company or Group database or Computer Systems.

		
	24.4
	The Company may require the Executive:

		
	(a)
	to comply with the provisions of clause 23; and

		
	(b)
	to immediately resign from any directorship which he/she holds in the Company, any other Group Company or any other company where such directorship is held as a consequence or requirement of the Employment, unless he/she is required to perform duties to which any such directorship relates, in which case he/she may retain such directorships while those duties are ongoing. The Executive hereby irrevocably appoints the Company to be his/her attorney to execute any instrument and do anything in his/her name and on his/her behalf to effect his/her resignation if he/she fails to do so in accordance with this clause.

		
	24.5
	During the Garden Leave Period, the Executive will be entitled to receive his/her salary and all contractual benefits in accordance with the terms of this Agreement. Any unused holiday accrued at the commencement of the Garden Leave Period and any holiday accrued during any such period will be deemed to be taken by the Executive during the Garden Leave Period. 

		
	24.6
	At the end of the Garden Leave Period, the Company may, at its sole and absolute discretion, pay the Executive salary and compensation for contractual benefits such as pension payments, private health, disability insurance and death in service policy in lieu of the balance of any period of notice given by the Company or the Executive (less any deductions the Company is required by law to make).

		
	24.7
	All the duties of the Employment (whether express or implied), including without limitation the Executive’s duties of fidelity, good faith and exclusive service, shall continue throughout the Garden Leave Period save as expressly varied by this clause. The Executive will continue to be employed to be employed by the Company and must not be employed or provide services to a third party.

		
	25.
	DIRECTORSHIPS

		
	25.1
	The Executive agrees that upon the termination of his/her employment for whatever reason he/she will resign all Company directorships in the Company or any Group company and will sign all necessary forms for such purpose.

		
	25.2
	If the Executive does not resign as an officer of the Company or any Group Company, having been requested to do so in accordance with the clause the Company will be appointed as his/her attorney at effect his/her resignation. By entering into this Agreement, the Executive irrevocably appoints the Company as his/her attorney to act on his/her behalf to execute any document or do anything in his/her name necessary to effect his/her resignation in accordance with this clause. If 

there is any doubt as to whether such a document (or other thing) has been carried out within the authority conferred by this clause, a certificate in writing (signed by any director or other secretary of the Company) will be sufficient to prove that the act or thing falls within that authority. 

		
	25.3
	The termination of any directorship or other office help by the Executive will not terminate the Executive’s employment or amount to a breach of terms of this agreement by the Company. 

		
	25.4
	During the Employment the Executive will not do anything which could cause him/her to be disqualified from continuing to act as a director of any Group Company. The Executive must not resign his/her office as a director of any Group Company without the Agreement of the Company. 

		
	26.
	DATA PROTECTION

		
	26.1
	The Company or its Group Companies will hold personal information about the Executive that will include details such as his/her name, address, age, bank details and emergency contact details. The Company or its Group Companies may also hold sensitive personal information (i.e. sensitive personal data as defined in the Data Protection Act 1998) about the Executive, for example, health and sickness information.

		
	26.2
	Personal information may be obtained from various sources including the Executive’s application form, references, medical assessments, appraisals, other performance assessments, appropriate personnel within the Company, customers, suppliers and other third parties.  

		
	26.3
	The Company will process the Executive’s personal information, including any sensitive personal information, for purposes connected with his/her employment, including, but not limited to, for example, salary and payroll, pension/life assurance, holiday entitlement, health and sickness records and assessments, disciplinary purposes, performance and references and the Company may disclose the Executive’s personal data to third parties for these purposes.

		
	26.4
	Given the international nature of the Group’s activities, a Group company may need to transfer personal data to another Group company, to governmental, regulatory or judicial authorities, auditors, legal advisors and agents as well as sub-contractors such as third party payroll, benefit or personnel administrators who may be located in countries outside the EEA (European Economic Area) including in the US whose data protection laws may not be equivalent to those in the EEA. Where there is such a transfer the Group company maintains appropriate measures to safeguard such personal data. The Executive has a right to access personal data that the Group holds about him.

		
	26.5
	By signing this Agreement the Executive will explicitly consent to the processing of his/her personal information as described. 

		
	26.6
	The Executive agrees to comply with all legal requirements in relation to such data and to abide by the Company’s and any applicable Group company data protection policy issued from time to time.

		
	27.
	EXECUTIVE’S REPRESENTATIONS AND UNDERTAKINGS

		
	27.1
	The Executive represents and warrants that:

		
	(a)
	he is permitted to live and work in the United Kingdom and if these circumstances change he will immediately inform the Company thereof;

		
	(b)
	he is not a party to any restrictions agreement, contract (whether of employment or otherwise), court order or understanding or subject to any prohibition or restraint imposed by 

any regulatory body which would in any way restrict or prohibit him from undertaking or performing any of the duties of his employment in accordance with this Agreement;

		
	(c)
	there are not matters or circumstances which, if known to the Company at the date of this Agreement, would entitle the Company to terminate the Executive’s employment;

		
	(d)
	as far as the Executive is aware, there is not threatened or pending, any action, suit or proceeding, investigation or inquiry before or by any court or other governmental or self-regulatory authority to which the Executive is a party or which concerns the Executive and the Executive is not aware of any circumstances which are likely to give rise to any such action, suit, proceeding, investigation or inquiry. The Executive agrees that he will report to the Company promptly in writing any pending or threatened regulatory or legal actions or, litigation or investigations involving the Executive, the Company or the Group or the reputation of the Executive or the Executive’s ability to continue to fulfil his responsibilities with respect to the Company or the Group and such actions will be reported no later than five calendar days following the date on which the Executive becomes aware of the action and determines that it may have such effect;

		
	(e)
	has not used or disclosed, and will not use or disclose, any confidential or proprietary information of any prior employer, partnership or business (save for information obtained during his time as a member of the Company) in connection with his duties for the Company and Group;

		
	(f)
	he does not have any interest or engagement of a commercial, consultative, managerial or employment nature, including as principal, shareholder, investor, director, executive, agent, consultant, partner or any similar role or position, in or with any company, firm, business entity or other undertaking outside the Group;

		
	(g)
	all information supplied by the Executive to the Company as to his background, employment history, work experience and academic record are correct, accurate and not misleading, with no material omissions; and

		
	(h)
	he has completed any background check or consent form as requested and the information provided in such background check or consent form is true, accurate and not misleading and that there are not material omissions.

		
	27.2
	If at any time the representations and warranties set out above are not fulfilled, the Executive’s employment may be terminated without notice, payment in lieu of notice or any other compensation thereof. For the avoidance of any doubt, the Company shall not be permitted to terminate the Executive’s employment without notice for a breach of the warranty set out at clause 27.1(d) as a result of a routine proceeding, investigation or inquiry before or by any court or other governmental or self-regulatory authority that is carried out in the ordinary course of business. Nothing in the clause 27.2 shall affect the Company’s rights of termination as set out in clause 20.2 of this Agreement.

		
	27.3
	The Executive undertakes not to disclose or communicate any terms of this Agreement to any other Executive of the Company (except for his line manager or any representative of the HR department) or to any third party (other than for the purpose of obtaining professional advice).

		
	28.
	MONITORING

In signing this Agreement, the Executive expressly agrees to the Company monitoring his/her performance at work, his/her conformity with Company rules, standard of conduct and policies in force from time to time and to ensure he/she is not using the Company’s facilities for any unlawful purposes subject to any applicable restrictions under applicable law. Such monitoring may take the form of interception of communications, for example opening and reviewing post 

addressed to or sent by him/her (including faxes and corresponding marked private and confidential but addressed to him/her at his/her place of work) on daily basis. The Executive’s use of Company facilities such as e-mail, the Internet, photocopying and telephones may also be monitored and/or recorded, where applicable, in accordance with lawful business practice from time to time. Disciplinary action, up to and including summary dismissal, may be taken where there has been inappropriate use of the Company’s facilities.

		
	29.
	COLLECTIVE AGREEMENTS

The Company is not a party to any Collective Agreements that affect the Executive’s employment.

		
	30.
	 GOVERNING LAW

This Agreement shall be governed by and constructed by laws of England and each of the parties hereto shall submit to the jurisdiction of the Courts of England.

		
	31.
	NOTICES

		
	31.1
	Any notices to be given under this Agreement shall be in writing. Notice to the Executive shall be sufficiently served by being delivered personally to him/her or by being sent by registered post addressed to him/her at his/her usual or last known address.

		
	31.2
	Notice to the Company shall be sufficiently served by being delivered to the Company Secretary or by being sent by registered post to the registered office of the Company. Any notice so posted shall be deemed served upon the third day following that on which it was posted.

		
	32.
	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

To the extent permitted by law, no person other than the parties to this Agreement and the Group Companies 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.

		
	33.
	WHOLE AGREEMENT

		
	33.1
	This Agreement supersedes and replaces any previous written or oral agreement between the parties with respect to the Executive’s employment including, but not limited to the employment agreement dated 1 August 2008 which shall be replaced in its entirety. It contains the whole agreement between the parties relating to the Employment at the date the Agreement was entered into (except for those terms implied by law which cannot be excluded by the agreement of the parties). The Executive acknowledges that he/she has not been induced to enter into this Agreement by nor is he relying on any understanding, representation, warranty, promise, or undertaking (whether innocently or negligently made) not expressly incorporated into it in entering into this Agreement. The Executive agrees and acknowledges that his/her only rights and remedies in relation to any representation, warranty, promise, or undertaking made or given in connection with this Agreement (unless such representation, warranty or undertaking was made fraudulently) will be for breach of the terms of the Agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statue).

		
	33.2
	Neither party’s rights or powers under this Agreement will be affected if:

		
	(a)
	one party delays in enforcing any provision of this Agreement; or 

		
	(b)
	one party grants time to the other party.

		
	33.3
	If either of the party agrees to waive his/her rights under a provision of this Agreement, that waiver will only by effective if it is in writing and is signed by him/her. A party’s agreement to waive any breach of any term or condition of this Agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition.

		
	34.
	MISCELLANEOUS 

		
	34.1
	This Agreement may only be modified by the agreement of the parties.

		
	34.2
	References in this Agreement to rules, regulations, policies, handbooks or other similar documents which supplement it, are referred to in it or describe any pensions or other benefits arrangement are references to the versions or forms of the relevant documents as amended or updated from time to time.

 
		
	35.
	ASSIGNMENT

The Company or any other Group company as applicable from time to time may transfer or assign its rights under this Agreement to its successor in title. The Executive may not assign his rights and obligations under this Agreement.

IN WITNESS WHEREOF, this Agreement is executed as a DEED and is delivered on the date of this Agreement by:

Executed as a deed by AKTIV KAPITAL UK LTD 
Acting by GEIR OLSEN                        
a Director,                /s/ Geir Olsen
in presence of:                
Witness signature:            /s/ May Engebretsen
Witness name:                May Engebretsen
Witness occupation:            Personal Assistant
Witness address:            Street name #
Post code, City
Norway

Executed as a deed by 
Acting by TIKENDRA PATEL        /s/ Tikendra Patel                
in presence of:                
Witness signature:            /s/ Henning Lauritsen
Witness name:                Henning Lauritsen
Witness occupation:            Group Tax Manager 
Witness address:            Street name #
Post code, London

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