Document:

<PAGE>

                                                                   Exhibit 10.46

                       SEPARATION AND RELEASE AGREEMENT
                       --------------------------------

     This Agreement is entered into as of this 1st day of September, 2000, by
and between NANCY URIDIL, ("the Employee") and THE DERBY CYCLE CORPORATION ("the
Company").

     In consideration of the mutual covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

1.   Consideration:
     --------------

     The Company will pay to the Employee, and pay on the Employee's
behalf, the amounts set forth on Schedule A (the "Consideration").
Simultaneously with the payment of the Consideration, the Company shall furnish
the Employee with evidence of all amounts paid on the Employee's behalf.

     The Employee agrees that these payments are more than the Company is
required to pay under its normal policies and procedures, or under any agreement
to which the Company and the Employee are parties, and the Employee further
agrees that she has entered into this Agreement in exchange for the
Consideration.

2.   Date of Payment:
     ----------------

     Unless Employee exercises her right to revoke this Agreement as provided in
paragraph 10, payment of the Consideration will be made within nine (9) business
days after this Agreement has been executed by the Employee.  If the Company
fails to pay all or any part of the Consideration when due hereunder, any unpaid
amounts shall bear interest at the rate of twelve (12%) percent per annum.  If
the Employee is required to bring suit to collect any such unpaid amounts, the
Company shall be liable for all of the Employee's costs and reasonable
attorneys' fees in connection with such suit.

3.   Complete Release:
     -----------------

     The Employee agrees to forever release and discharge the Company, its
affiliates, predecessors, successors, employees, officers, directors,
stockholders, assigns, agents and other representatives (the "Releasee") or
collectively the "Releasees") from all covenants, obligations, liabilities and
agreements, and Employee forever waives all claims, rights and causes of action
whatsoever, in law or in equity, whether known or unknown, asserted or
unasserted, suspected or unsuspected ("Claims") under federal, state or local
law ordinance, tort, express or implied contract, or public policy, that
Employee ever had, may in the future have or now has against Releasees in
connection with or arising in any manner whatsoever from, Employee's employment
with the Company or the termination of her
<PAGE>

employment with the Company, including without limitation (a) any rights the
Employee may have under any program, policy, procedure or agreement with the
Company, including, without limitation, the Employment Agreement between the
Employee and the Company dated as of April 30, 2000 (the "Employment
Agreement"), and the Letter Agreements between the Employee and Company dated
November 19, 1999 and December 6, 1999, (b) any rights the Employee may have to
the continued receipt of health, disability or life insurance-type benefits
(except for rights under COBRA), (c) any claims based on covenant of good faith
and fair dealing, and (d) any legal restriction on the Company's right to
terminate the employment of employees, or any federal, state or other
governmental statute, regulation or ordinance, including, but not limited to:
(i) Title VII of the Civil Rights Act of 1964, as amended (race, color,
religion, sex and national origin discrimination); (ii) the Civil Rights Act of
1991 (race, color, religion, sex, national origin, age and disability
discrimination); (iii) 42 U.S.C. Section 1981 (race discrimination); (iv) the
Age Discrimination in Employment Act, as amended (age discrimination); (v) the
Older Workers Benefit Protection Act (age discrimination); (vi) 29 U.S.C.
Section 206(d)(1) (equal pay); (vii) Section 503 and 504 of the Rehabilitation
Act of 1973 (handicap discrimination); (viii) the Americans with Disability Act
(disability discrimination); (ix) the WARN ACT (advance notice of certain
layoffs); (x) the Employee Retirement Income Security Act (pension and welfare
benefit plans); any state fair employment practice statutes; and any other
federal, state, or local law dealing with employment discrimination.

     The Employee acknowledges that:

     (a)  the Employee is waiving all claims under the foregoing laws, including
specifically the Age Discrimination in Employment Act, as amended;

     (b)  the Employee is waiving her rights or claims under the foregoing laws
in exchange for consideration which is in addition to anything of value to which
she is already entitled;

     (c)  the Employee has been advised to have an attorney review this
Agreement and has, in fact, had an attorney review this Agreement; and

     (d)  the Employee has a period of at least twenty-one (21) days within
which to consider this Agreement and the Employee also has seven (7) days within
which to revoke it after signing.

     This Agreement covers both claims that the Employee knows about and those
she may not know about. The Employee expressly waives all rights afforded by any
statute which limits the effect of a release with respect to unknown claims. The
Employee understands the significance of her release of unknown claims and her
waiver of statutory protection against a release of unknown claims.
<PAGE>

     Notwithstanding anything contained herein to the contrary, the following
matters are excepted and excluded from the Employee's release of the Releasees:

     (1) any and all of the obligations of any of the Releasees to the Employee
under this Agreement, including, without limitation, the obligation to pay the
Consideration;

     (2) the obligations of the Company to the Employee in connection with
vested rights of the Employee, if any, under any retirement plan; COBRA rights,
so-called; any conversion and other rights which survive termination of
employment under the terms of any group life, disability insurance and/or other
benefit plans of the Company in which the Employee participates or has
participated as an employee of the Company; and

     (3) any and all rights which the Employee may have, as an officer or
employee and/or former officer or employee of the Company, to be indemnified,
defended and/or held harmless by the Company.

4.   No Future Lawsuits:
     -------------------

     The Employee promises never to file a lawsuit or other complaint or charge
asserting any claims that are released in Section 3.

5.   Relocation Expenses:
     --------------------

     The Employee represents and warrants that the invoices listed in paragraph
3 of Schedule A reflect the only contracts, agreements or commitments (other
than those which have already been paid by the Employee or the Company) entered
into by the Employee in the Company's name for relocation-related expenses. The
Employee agrees to defend, indemnify and hold the Company harmless from any and
all claims or actions relating to commitments for relocation-related expenses
entered into by the Employee in the Company's name.

6.   Non-Admission of Liability:
     ---------------------------

     The Company has entered into this Agreement with the Employee to effect a
mutually acceptable termination of her employment with the Company. The Company
does not believe or admit that it (or any other person or entity described in
the first paragraph of Section 3) has done anything wrong in connection with the
Employee's employment or its termination.

7.   Non-Release of Future Claims:
     -----------------------------

     This Agreement does not waive or release any rights or claims that the
Employee may have under the Age Discrimination in Employment Act which arise
after the date the Employee signs this Agreement.

<PAGE>

8.   Consequences of Employee's Violation of Promises:
     -------------------------------------------------

     If the Employee breaks her promise in Section 4 by filing a lawsuit or
other complaint or charge based on claims that the Employee has released, as to
any person or entity she sues in violation of this Agreement, the Employee will
pay that person's or entity's reasonable attorneys' fees and all other costs
incurred in defending against the Employee's claim.  In addition, if the
Employee breaks the promises made in Section 4 or any other section of this
Agreement, she must repay the Consideration to the Company.

9.   Period for Review and Consideration of Agreement:
     -------------------------------------------------

     The Employee acknowledges that she has a period of at least twenty-one (21)
days to review and consider this Agreement before signing it. The Employee
understands that she may take as much of this period of time to consider this
Agreement as the Employee wishes prior to signing it.

10.  Employee's Rights to Revoke Agreement:
     --------------------------------------

     The Employee may revoke this Agreement within seven (7) days after the
Employee signs it. The last day on which this Agreement can be revoked is called
the "Last Revocation Day". Revocation can be made by delivering a written notice
of revocation to Gary Matthews, President, The Derby Cycle Corporation, 300
First Stamford Place, 5th Floor, Stamford, Connecticut 06902. For this
revocation to be effective, it must be received no later than the close of
business on the Last Revocation Day. If the Employee revokes this Agreement, it
shall not be effective and the Employee will not receive this Agreement, it
shall go into effect on the day after the Last Revocation Day.

11.  Return of Company's Property:
     -----------------------------

     The Employee represents and warrants that she has returned to the Releasee
all files, records, credit cards, keys and any other Releasee property in the
Employee's possession or control.

12.  Confidentiality:
     ----------------

     Employee agrees that she will keep the terms of this Agreement confidential
and will not disclose the facts or terms to anyone except to enforce the terms
hereof and/or to members of her immediate family, her attorney and persons
assisting her in financial planning or income tax preparation; provided,
however, that such other persons must be advised of Employee's confidentiality
obligations hereunder and must agree to keep such information confidential prior
to disclosure to them.
<PAGE>

     The Company agrees that it will keep the terms of this Agreement
confidential and will not disclose the facts or circumstances to anyone, except
to enforce the terms hereof and to those persons who have a need to know in the
course of the Company's business.

13.  Termination of Employment:
     --------------------------

     The Employee acknowledges that her employment with the Company terminated
on August 4, 2000.

     The Employee promises not to disparage the Releasees in any matter and not
to use or disclose any confidential information or trade secrets which the
Employee learned while employed by the Company . The Employee acknowledges and
agrees that she is bound by the non-compete and non-solicitation provisions of
paragraph 6 of the Employment Agreement.

     The Company promises not to disparage the Employee in any manner.

14.  Severability:
     -------------

     The provisions of this Agreement are severable, and, if any part of it is
found to be unenforceable, the other paragraphs shall remain fully valid and
enforceable.

15.  Choice of Laws/Venues:
     ----------------------

     This Agreement shall be governed by the substantive laws, statutes and
common laws of the State of Connecticut, without application of any of its
choice of law statutes or common law.

     The parties agree that the exclusive jurisdiction for any disputes arising
out of this Agreement shall be the state or federal courts of Connecticut.

16.  Entire Agreement/Binding Effect:
     --------------------------------

     This is the entire Agreement between the Employee and the Company with
respect to the termination of her employment, and the Company has made no
promises to the Employee other than those in this Agreement. This Agreement may
be modified only by a written agreement signed by the Company and Employee. This
Agreement is binding upon and shall inure to the benefit of the Employee, her
heirs, executors and administrators, and the Company, its successors and
assigns.

     THE EMPLOYEE ACKNOWLEDGES THAT SHE HAS READ THIS AGREEMENT, UNDERSTANDS IT
AND IS VOLUNTARILY ENTERING INTO IT.
<PAGE>

                                /s/Nancy Uridil
                                ---------------
                                NANCY URIDIL

                                THE DERBY CYCLE CORPORATION
                                By /s/Gary S. Matthews
                                ----------------------
                                Gary S. Matthews
                                Its President
<PAGE>

                                  SCHEDULE A
                                  ----------

1.  Repurchase of Stock. The Company agrees to repurchase at a purchase price of
    -------------------
$1,000 per share the 240 shares of Class A common stock and the 60 shares of
Class C common stock purchased by Employee pursuant to the Management Stock
Purchase Agreement dated as of April 30, 2000 (the "Stock Purchase Agreement").
Such purchase price shall be paid as follows: (a) the Promissory Note dated
April 30, 2000 in the amount of $225,000 from the Employee to the Company shall
be deemed paid in full and shall be cancelled; (b) the Company shall release the
Employee from all of her obligations under the Stock Purchase Agreement,
including, without limitation, the obligation in Section 1.1 to pay the Company
$37,500 on or before March 31,2001; and (c) the Company shall pay the Employee
$37,500; provided that simultaneously with such payment, the Employee delivers
to the Company a stock power transferring the shares of the Company.

2.  Business Expenses. The Company shall pay Employee $7,969.72 in reimbursement
    -----------------
for business travel expenses incurred prior to Employee's termination of
employment.

3.  Relocation Expenses Payments. The Company shall pay, on Employee's behalf,
    ----------------------------
the following invoices for expenses incurred in connection with her relocation,
copies of which are attached hereto:

    .  $1,694.90 to United Van Lines
    .  $1,838.37 to United Van Lines
    .  $7,492.55 to Armstrong Relocation

4.  Relocation Expenses Allowance. The Company shall pay Employee $66,574.18 as
reimbursement for the Employee's cost of relocating her residence to Stamford,
Connecticut.

5.  Severance.  The Company shall pay the Employee $16, 930.28 (less applicable
    ---------
withholding) as severance.<PAGE>

                                                                   Exhibit 10.47

                         EXECUTIVE SERVICES AGREEMENT
                         ----------------------------

       THIS EXECUTIVE SERVICES AGREEMENT is made this 22nd day of November, 2000
by and between THE DERBY CYCLE CORPORATION, a corporation organized and existing
under the laws of the state of Delaware, with its registered office at 1209
Orange Street, Wilmington, Delaware 19801 (the "Company") and WAMROX MANAGEMENT
LIMITED, a private limited company organized and existing under the laws of
Guernsey, with its registered office at Vue du Lac, Becquet Road, St. Peter
Port, Guernsey, GY1 2TH, Channel Islands ("WAMROX").

       WHEREAS, the Company requires the services of a senior executive with
international experience in the bicycle industry and in strategic business
planning and operations; and

       WHEREAS, WAMROX employs or has agreements for the services of certain
executives with experience relevant to the Company's business, including Mr.
Alan J. Finden-Crofts (the "Executive"), and has agreed to provide certain
services and personnel to the Company for the purpose of improving the
profitability of the Company's business, all on the terms and conditions set
forth in this Agreement;

       NOW, THEREFORE, in consideration of the premises and the mutual covenants
set out in this Agreement, the parties hereto agree as follows:

1.     SERVICES OF EXECUTIVE
       ---------------------

       (a)   The Company hereby agrees to engage WAMROX during the Engagement
Period, as defined in paragraph 3 below, to perform the duties specified in
Appendix A attached to this Agreement and made a part hereof, and WAMROX hereby
agrees to accept such engagement by the Company, all on and subject to the terms
and conditions contained in this Agreement.

       (b)   During the Engagement Period, WAMROX will provide to the Company on
a regular and continuing basis the part-time services of the Executive to serve
as Executive Chairman of the Company and to carry out the duties specified
<PAGE>

in Appendix A attached to this Agreement and made a part hereof. The Executive
shall be accountable to the Board of Directors of the Company and shall report
directly to Mr. Frederic V. Malek, a member of the Board of Directors nominated
by DC Cycle, L.L.C., a shareholder of the Company (Mr. Malek or his replacement
is referred to hereinafter as the "Thayer Representative"). The Company shall
ensure that the Executive has day-to-day contact with and assistance from Mr.
Robert E. Michalik, another member of the Board of Directors of the Company
nominated by DC Cycle, L.L.C.

       (c)   This Agreement shall only become binding on the Company and WAMROX
if approved within seven (7) days from the date hereof by the unanimous consent
of the Board of Directors of the Company and by each of DC Cycle, L.L.C.,
Perseus Cycle, L.L.C., Derby Finance S.a r.l and Quantum Industrial Partners
LDC.

2.     HOURS AND PLACES OF ENGAGEMENT
       ------------------------------

       The services to be provided by WAMROX and the Executive will be rendered
primarily in the countries of continental Europe, South Africa and the United
States of America. The Executive may be required to travel on the Company's
business to such places as the Board of Directors of the Company shall designate
from time to time. The Company shall have the right to require the Executive to
render services for up to seven (7) hours during any business day during the
Engagement Period. WAMROX confirms that its agreements with the Executive
provide that it may require the Executive, subject to the provisions of this
paragraph 2 of this Agreement, to devote such time and attention to the
performance of his duties under this Agreement as shall reasonably be required
by the Company. WAMROX and the Executive may engage in other business activities
which do not conflict with their respective duties under this Agreement.

3.     ENGAGEMENT PERIOD
       -----------------

       (a)   The term of the engagement of WAMROX under this Agreement (the
"Engagement Period") shall begin on January 2, 2001 and shall continue for a
continuous period of twenty-six (26) weeks thereafter unless terminated by a
notice from the Company which is duly authorized by the Thayer
<PAGE>

Representative; the date of termination provided for in such notice shall be not
less than two (2) weeks after the date of receipt of such notice by WAMROX;
provided, however, that the Engagement Period may also be terminated as follows:

       (i)    in the event the Executive dies or WAMROX is no longer able to
provide the services of the Executive to the Company during the Engagement
Period, the Engagement Period shall terminate on the date of death or the date
such services are no longer available, respectively;

       (ii)   in the event the Executive, by reason of physical or mental
disability (excluding infrequent and temporary absences due to ordinary
transitory illnesses), shall be unable for more than forty-five (45) days in the
aggregate during the Engagement Period to perform the services to be provided by
WAMROX under this Agreement, the Engagement Period shall terminate at the end of
the month following the month in which the Company shall have given notice to
WAMROX of its intention to terminate the Engagement Period because of such
disability; or

       (iii)  in the event DC Cycle, L.L.C., its parent company and its
affiliates no longer hold a majority of the voting capital stock of the Company,
the Engagement Period may be terminated by notice from WAMROX to the Company
which is received by the Company not less than three (3) days before the date of
termination.

4.     REMUNERATION OF WAMROX
       ----------------------

       The full and complete remuneration of WAMROX for its services under this
Agreement shall be as set forth in Appendix B attached to this Agreement and
made a part hereof.  As provided for in paragraph 8 of this Agreement, WAMROX
shall remain solely responsible for all remuneration and benefits of the
Executive for the services provided under this Agreement, unless otherwise
agreed in writing by WAMROX and the Company.
<PAGE>

5.     EXPENSES
       --------

       WAMROX and the Executive are authorized to incur reasonable expenses and
make reasonable disbursements in connection with the provision of services to
the Company under this Agreement, including expenses for telephone, telefax,
travel, subsistence and entertainment by or for the Executive. WAMROX or the
Executive shall submit all claims for reimbursement of such expenses directly to
the Company or the subsidiary of the Company for which such expenses were
incurred, and the Company shall ensure that such expenses are reimbursed to
WAMROX or the Executive at the end of each month during which an itemized
account of such expenses is submitted, together with such vouchers or receipts
for individual expense items as the Company may reasonably require. For the
avoidance of doubt, the following terms shall apply:

       (a)   automobile mileage charges for travel by the Executive shall be
reimbursed at the rate per mile published by the United Kingdom Automobile
Association; and

       (b)   day-time air travel by the Executive shall be in business class
and night-time air travel shall be in first class.

6.     PAYMENT OF FEES AND EXPENSES
       ----------------------------

       The fees payable in accordance with paragraph 4 of this Agreement shall
be paid on the last day of each calendar month (or the next succeeding business
day, if the last day of any month is not a business day in the United Kingdom).
Such fees shall be paid in pounds sterling, unless otherwise agreed by the
Company and WAMROX.

7.     WITHHOLDING TAXES
       -----------------

       The Company shall take all steps reasonably requested by WAMROX to make
payment of all amounts due to WAMROX under this Agreement without any
withholding for taxes in the United States of America, the United Kingdom, the
States of Guernsey or elsewhere. In the event that the Company is advised that
it may be required, under the laws of any country, to withhold any taxes on
amounts
<PAGE>

payable to WAMROX under this Agreement, legal counsel for the Company shall
consult with legal counsel for WAMROX with respect to the steps which should be
taken legally to minimize or avoid such withholding. If, after such
consultation, it is reasonably determined by the Company that such taxes are
required to be withheld by the Company, the Company shall withhold and pay over
such taxes to the appropriate authority, and the Company shall cooperate with
WAMROX in any manner reasonably requested by WAMROX to obtain a credit or
deduction, in the United States of America, the United Kingdom, Guernsey or
elsewhere, for such taxes paid.

8.     STATUS AND REMUNERATION OF THE EXECUTIVE
       ----------------------------------------

       Notwithstanding the fact that part-time services of the Executive may be
made available to the Company pursuant to this Agreement, the Executive and any
other employees of, or consultants to, WAMROX shall remain solely in the
employment, and under the supervision and control, of WAMROX, and WAMROX shall
have and retain the right to direct the Executive and any other employees of
WAMROX in all matters relating to the performance of their services. WAMROX
shall indemnify the Company and hold it harmless against any claims for salary,
bonus, pension rights, benefits or other amounts due to the Executive with
respect to his employment and against any claim for income or other taxes,
social security payments, National Insurance or pension contributions or other
employment costs which may be due with respect to the employment or services of
the Executive or other employees of WAMROX, other than the expenses provided for
in paragraph 5 above.

9.     REPORTS AND WRITTEN MATERIALS
       -----------------------------

       WAMROX shall, and shall ensure that the Executive shall, promptly
communicate and disclose to the Company all information, data and materials
obtained by it or him in the course of WAMROX's engagement under this Agreement.
All written reports, recommendations, advice, records, documents and other
materials with respect to the business or affairs of the Company and its
Subsidiaries which may be prepared by or come into the possession of WAMROX or
the Executive in the course of the engagement provided for in this Agreement
shall be the sole
<PAGE>

and exclusive property of the Company and, at the end of the Engagement Period,
or at the request of the Company during the Engagement Period, WAMROX and the
Executive shall promptly deliver all such materials to the Company or to such
other person as the Company may direct.

10.    CONFIDENTIAL INFORMATION
       ------------------------

       Except as otherwise specifically agreed between the parties, neither
WAMROX nor the Executive shall, at any time during the Engagement Period or
thereafter, communicate or disclose to any unauthorized person or use for its or
his own account or business any information, data, reports, recommendations,
advice, records, documents or other material referred to in paragraph 9 of this
Agreement above, or any other information concerning the business or affairs of
the Company or any of its Subsidiaries or associated companies. The obligations
contained in this paragraph 10 shall not apply in the event and to the extent
that the information, data, reports, recommendations, advice, records, documents
or other materials referred to in this paragraph 10 become generally known to or
available for use by the public, other than by an act or omission of the
Executive in violation of the terms of this Agreement.

11.    NON-COMPETITION
       ---------------

       During the Engagement Period and for a period of twelve (12) months
thereafter, WAMROX shall not, and WAMROX shall ensure that the Executive shall
not, except with the prior consent of the Board of Directors of the Company, be
directly or indirectly engaged, concerned or interested in any activities which
are competitive with the activities of the Company or any Subsidiary or
associated company to which WAMROX provides services during the course of its
engagement under this Agreement; provided, however, that WAMROX or the Executive
may remain or become a holder for the purpose of investment only of any shares
of or other investments in any partnership, company or corporation the business
of which is competitive with the business of the Company, its Subsidiaries or
associated companies at such time, so long as WAMROX and the Executive do not
own, in the aggregate, more than five percent (5%) of the issued shares (or
securities convertible into shares) or profit interests of any such partnership,
company or corporation.
<PAGE>

12.    ANNOUNCEMENTS
       -------------

       Neither party to this Agreement shall make any public announcement
relating to the engagement of WAMROX by, or the performance of services by the
Executive for, the Company without the prior consent of the other party to this
Agreement, which shall not be unreasonably withheld.

13.    OFFICE FACILITIES
       -----------------

       The Company shall ensure that its principal Subsidiaries make available
to the Executive during the Engagement Period full office and secretarial
facilities at such places as the Company and the Executive shall agree. To the
extent possible, Ms. Ann Atkin, an employee of a Subsidiary of the Company
located in Nottingham, England, shall provide primary secretarial services to
the Executive during the Engagement Period.

14.    NOTICES
       -------

       All notices, demands, consents or other communications under this
Agreement shall be given or made in writing, and shall be delivered personally,
sent by certified or registered airmail with postage prepaid or transmitted by
telefax or courier service, addressed to the other party at the address set out
at the head of this Agreement or at such other address as may be designated by
notice from such other party; provided, however, that any communication sent by
telefax shall be confirmed by mail as prescribed in this paragraph. Any notice,
demand, consent or other communication given or made by mail in the manner
prescribed in this paragraph shall be deemed to have been received seven (7)
days after the date of mailing.

15.    ADDITIONAL ACTION
       -----------------

       Each party to this Agreement shall execute and deliver such other
documents and do such other acts and things as may be necessary or desirable to
carry out the terms, provisions and purposes of this Agreement.
<PAGE>

16.    AMENDMENTS
       ----------

       No amendment, interpretation or waiver of any of the provisions of this
Agreement shall be effective unless made in writing and signed by the parties to
this Agreement.

17.    ASSIGNMENT BY THE COMPANY; SUBSIDIARIES
       ---------------------------------------

       This Agreement shall be binding upon and shall inure to the benefit of
the Company, its successors and assigns and any such successor or assigns shall
be deemed substituted for the Company as a party to this Agreement. The term
"successor" shall mean any person, firm, corporation or business entity which at
any time, whether by purchase, merger, assignment or otherwise, acquires all or
substantially all of the assets or business of the Company. The term
"Subsidiary" shall mean a corporation (or equivalent legal entity under the law
of any country) of which the Company owns directly or indirectly more than fifty
percent (50%) of the shares the holders of which are ordinarily and generally,
in the absence of contingencies or special arrangements, entitled to vote for
the election of directors (or the equivalent governing body of the corporation).
The Executive may be required to provide services under this Agreement to any
Subsidiary or associated company of the Company, and all such Subsidiaries or
associated companies shall be deemed to be included in the term "Company" for
the purposes of this Agreement, where the context so requires or permits.

18.    ASSIGNMENT BY WAMROX
       --------------------

       This Agreement shall be binding upon and shall inure to the benefit of
WAMROX and its successors and assigns, but the obligation of WAMROX to provide
the services of the Executive is personal and neither WAMROX nor any successor
or assign shall be authorized to provide the services of an individual in place
of the Executive.
<PAGE>

19.    ENFORCEMENT
       -----------

       The failure to enforce or to require the performance at any time of any
of the provisions of this Agreement shall in no way be construed to be a waiver
of such provisions, and shall not affect either the validity of this Agreement
or any part hereof or the right of any party thereafter to enforce each and
every provision in accordance with the terms of this Agreement.

20.    ENTIRE AGREEMENT
       ----------------

       This Agreement constitutes the entire agreement of the parties up to the
date hereof with respect to the engagement of WAMROX by the Company and the
remuneration therefor. The parties acknowledge and agree that the Executive is,
and shall remain, a member of the Board of Directors of the Company during the
Engagement Period; his rights and obligations in that office shall not be
affected in any way by the terms and conditions of this Agreement.

21.    GOVERNING LAW
       -------------

       This Agreement and the relationships of the parties in connection with
the subject matter of this Agreement shall be governed by and determined in
accordance with the laws of the state of Delaware.
<PAGE>

22.    SEVERABILITY
       ------------

       If any severable provision of this Agreement is held to be invalid or
unenforceable by any judgment of a tribunal of competent jurisdiction, the
remainder of this Agreement shall not be affected by such judgment, and the
Agreement shall be carried out as nearly as possible according to its original
terms and intent.

       Executed as of the date first above written by the duly authorized
representatives of the parties.

THE DERBY CYCLE CORPORATION                      WAMROX MANAGEMENT LIMITED

By: \s\ Frederic V. Malek                        By: \s\ Alan J. Finden-Crofts
Its: Chairman of the Board of Directors

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