Document:

exv10w9

 

Exhibit 10.9

QUANEX BUILDING PRODUCTS

SUPPLEMENTAL EMPLOYEES RETIREMENT PLAN

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I NAME AND PURPOSE
	 	 	I-1	 
	 
	ARTICLE II DEFINITIONS AND DESIGNATIONS
	 	II-1
	 
	 	 	 	 
	2.01 “Actuarial Equivalent”
	 	II-1
	2.02 “Affiliate”
	 	II-1
	2.03 “Applicable Covered Employee”
	 	II-1
	2.04 “Board”
	 	II-1
	2.05 “Change in Control”
	 	II-1
	2.06 “Code”
	 	II-3
	2.07 “Committee”
	 	II-3
	2.08 “Company”
	 	II-3
	2.09 “Covered Employee”
	 	II-3
	2.10 “Disability”
	 	II-3
	2.11 “Early Retirement Date”
	 	II-3
	2.12 “Earnings”
	 	II-3
	2.13 “Effective Date”
	 	II-3
	2.14 “Employee”
	 	II-3
	2.15 “Final Average Earnings”
	 	II-3
	2.16 “Forfeiting Act”
	 	II-4
	2.17 “Incentive Bonus”
	 	II-4
	2.18 “Normal Retirement Date”
	 	II-4
	2.19 “Participant”
	 	II-4
	2.20 “Plan”
	 	II-4
	2.21 “Plan Year”
	 	II-4
	2.22 “Qualified Plan”
	 	II-4
	2.23 “Qualified Plan Benefit”
	 	II-4
	2.24 “Restricted Period”
	 	II-5
	2.25 “Service”
	 	II-5
	2.26 “Social Security Benefit”
	 	II-5
	2.27 “Separation From Service”
	 	II-5
	 
	 	 	 	 
	ARTICLE III PARTICIPATION
	 	III-1
	 
	3.01 Eligibility to Participate
	 	III-1
	3.02 Reemployment
	 	III-1
	 
	 	 	 	 
	ARTICLE IV RETIREMENT BENEFITS
	 	IV-1
	 
	4.01 Normal Retirement Benefit
	 	IV-1
	4.02 Deferred Retirement Benefit
	 	IV-1
	4.03 Early Retirement Benefit
	 	IV-1
	4.04 Disability Benefit
	 	IV-1
	4.05 Deferred Vested Benefit
	 	IV-2
	4.06 Change of Control Benefit
	 	IV-2
	4.07 Forms of Payment
	 	IV-3
	4.08 Forms of Payment Elections
	 	IV-3
	4.09 Lump Sum Payment Of Small Amounts
	 	IV-4
	4.10 Time of Payment of Benefit
	 	IV-4

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE V DEATH BENEFITS
	 	 	V-1	 
	 
	 	 	 	 
	5.01 In General
	 	 	V-1	 
	5.02 Death During Employment
	 	 	V-1	 
	5.03 Death After Separation From Service
	 	 	V-1	 
	 
	 	 	 	 
	ARTICLE VI BENEFICIARIES
	 	VI-1
	 
	 	 	 	 
	6.01 Designation of Beneficiary
	 	VI-1
	6.02 Payment of Benefits Upon Death
	 	VI-1
	6.03 Minors and Persons Under Legal Disability
	 	VI-1
	 
	 	 	 	 
	ARTICLE VII FORFEITURE FOR CAUSE
	 	VII-1
	 
	 	 	 	 
	ARTICLE VIII AGREEMENT FUNDED THROUGH RABBI TRUST
	 	VIII-1
	 
	 	 	 	 
	ARTICLE IX PLAN COMMITTEE
	 	IX-1
	 
	 	 	 	 
	9.01 Committee
	 	IX-1
	9.02 General Rights, Powers and Duties of Plan Committee
	 	IX-1
	9.03 Rules and Decisions
	 	IX-1
	9.04 Committee Procedures
	 	IX-2
	9.05 Authorization of Benefit Payments
	 	IX-2
	9.06 Application and Forms of Benefits
	 	IX-2
	9.07 Facility of Payment
	 	IX-2
	9.08 Claims Procedure
	 	IX-2
	9.09 Responsibility
	 	IX-3
	 
	 	 	 	 
	ARTICLE X AMENDMENT AND TERMINATION
	 	 	X-1	 
	 
	 	 	 	 
	10.01 Amendment
	 	 	X-1	 
	10.02 Right to Terminate Plan
	 	 	X-1	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	XI-1
	 
	 	 	 	 
	11.01 Inalienability of Benefits
	 	XI-1
	11.02 No Implied Rights
	 	XI-1
	11.03 Actions By Company
	 	XI-1
	11.04 Binding Effect
	 	XI-1
	11.05 Number and Gender
	 	XI-1
	11.06 Governing Law
	 	XI-1
	11.07 Section 409A
	 	XI-1
	11.08 Amendment and Restatement of the Plan
	 	XI-2

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ARTICLE I

NAME AND PURPOSE

     This agreement by Quanex Building Products Corporation (the “Company”),

     Quanex Corporation (“Quanex”) previously established the Quanex Corporation Supplemental
Benefit Plan (the “Prior Plan”) to provide a retirement pay supplement for a select group of
management or highly compensated employees so as to retain their loyalty and to offer a further
incentive to them to maintain and increase their standard of performance. The Prior Plan was
adopted effective February 28, 1980 and amended and restated October 22, 1981, November 1, 1988,
June 1, 1999, January 1, 2004 and January 1, 2005.

     In connection with the transactions contemplated by the Distribution Agreement dated as of
December 19, 2007 among Quanex Corporation, Quanex Building Products Corporation LLC, and Quanex
Building Products Corporation (the “Distribution Agreement”), Quanex, Quanex Building Products
Corporation LLC (the “LLC”) and the Company determined to spin-off from the Prior Plan a mirror
image pension plan for the exclusive benefit of employees previously employed by Quanex in
connection with its Building Products businesses and the employees of the corporate office of
Quanex who are employed by the LLC or the Company at or after the “Distribution” (as defined in the
Distribution Agreement). In connection with the Distribution, the Company assumed the sponsorship
of the spun-off portion of the Prior Plan.

     Effective as of, and contingent upon, the closing of the Distribution (the “Effective Date”),
the LLC and the Company agree that the spun-off portion of the Prior Plan shall be amended and
restated as the “Quanex Building Products Corporation Supplemental Employees Retirement Plan” (the
“Plan”) as set forth herein.

     Except as may be otherwise provided herein, the terms used in the Plan shall have the meanings
specified in the Qualified Plan.

I-1

 

ARTICLE II

DEFINITIONS AND DESIGNATIONS

     2.01 “Actuarial Equivalent” means equality in value of the aggregate amounts expected to be
received under different forms of payment calculated utilizing the mortality and interest rate
assumptions specified in the Qualified Plan at the time of the calculation.

     2.02 “Affiliate” means all business organizations which are members of a controlled group of
corporations (within the meaning of section 414(b) of the Code), or which are trades or businesses
(whether or not incorporated) which is under common control (within the meaning of section 414(c)
of the Code), or which are members of an affiliated service group of employers (within the meaning
of section 414(m) of the Code), which related group of corporations, businesses or employers
includes Quanex.

     2.03 “Applicable Covered Employee” means any of the following:

     (a) a Covered Employee of Quanex;

     (b) a Covered Employee of an Affiliate; and

     (c) a former employee who was a Covered Employee at the time of termination of
employment with Quanex or an Affiliate.

     2.04 “Board” means the Board of Directors of the Company.

     2.05 “Change in Control” means the occurrence of any of the following after the Effective
Date:

     (a) the acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Covered Person”) of beneficial ownership
(within the meaning of rule 13d-3 promulgated under the Exchange Act) of 20 percent or more
of either (i) the then outstanding shares of the common stock of the Company (the
“Outstanding Company Common Stock”), or (ii) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this subsection (a) of this Section 2.05, the following acquisitions
shall not constitute a Change in Control of the Company: (i) any acquisition directly from
the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any entity
controlled by the Company, or (iv) any acquisition by any corporation pursuant to a
transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this
Section 2.05; or

II-1

 

     (b) individuals who, as of the Effective Date, constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of
Directors; provided, however, that any individual becoming a director
subsequent to the Effective Date whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a Covered Person other than the Board; or

     (c) the consummation of (xx) a reorganization, merger or consolidation or sale of the
Company, or (yy) a disposition of all or substantially all of the assets of the Company (a
“Business Combination”), in each case, unless, following such Business Combination, (i) all
or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, direct or
indirectly, more than 80 percent of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a corporation which
as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership immediately prior to such Business Combination of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may
be, (ii) no Covered Person (excluding any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 20 percent or more of, respectively, the then outstanding shares of
common stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation, except to the
extent that such ownership existed prior to the Business Combination, and (iii) at least a
majority of the members of the board of directors of the corporation resulting from such
Business Combination, were members of the Incumbent Board at the time of the execution of
the initial agreement, or of the action of the Board of Directors, providing for such
Business Combination; or

     (d) the approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

     Notwithstanding the foregoing, for purposes of a distribution from the Plan, including upon a
termination of the Plan, the term “Change of Control” shall means a change in the ownership or
effective control of the Company, or a change in the ownership of a substantial

II-2

 

portion of the assets of the Company as described in Section 409A of the Code.

     2.06 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     2.07 “Committee” means the Committee established under Article IX to administer the Plan.

     2.08 “Company” means Quanex Building Products Corporation.

     2.09 “Covered Employee” means an individual (i) described in section 162(m)(3) of the Code or
(ii) subject to the requirements of Section 16(a) of the Securities Act.

     2.10 “Disability” shall mean the Participant (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, or (ii) is, by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than three months under
an accident and health plan covering employees of the Participant’s employer.

     2.11 “Early Retirement Date” means the first day of any month after a Participant’s attainment
of age 55 and the completion of five years of Service.

     2.12 “Earnings” means all wages as defined in section 3401 of the Code (for purposes of income
tax withholding) for services rendered in the course of employment with the Company; modified by
excluding reimbursements or other expense allowances, fringe benefits (cash and noncash), moving
expenses, deferred compensation, welfare benefits, BeneFlex dollars under the Company’s medical
reimbursement plan, Incentive Bonuses and restricted stock awards and stock options; and modified
further by including elective contributions under a cafeteria plan maintained by the Company that
is governed by section 125 of the Code and elective contributions to any plan maintained by the
Company that contains a qualified cash or deferred arrangement under section 401(k) of the Code.
For purposes of this Section, the term “Company” includes Quanex Corporation and its Affiliates.

     2.13 “Effective Date” has the meaning ascribed to it in Article I of the Plan.

     2.14 “Employee” means any person hired by the Company who is receiving remuneration in the
form of a salary for personal services rendered to the Company.

     2.15 “Final Average Earnings” means the highest monthly average of a Participant’s Earnings
which is produced by averaging his Earnings and Incentive Bonuses over any 36 consecutive month
period during the 60 consecutive month period immediately preceding the date of the Participant’s
Separation From Service. However, for the purposes of this definition,

II-3

 

no more than three Incentive Bonuses shall be taken into account in calculating a
Participant’s earnings over any 36 consecutive month period.

     2.16 “Forfeiting Act” means the Participant’s fraud, dishonesty, willful destruction of
Company property, committing of a felony, revealing Company trade secrets, acts of competition
against the Company or acts in aid of a competitor of the Company.

     2.17 “Incentive Bonus” means any annual cash-based incentive bonus compensation earned under
the Company’s 2008 Omnibus Incentive Plan (or any successor plan awarding such compensation) and,
if applicable, Quanex’s Employeee Incentive Compensation Plan (or any predecessor plan awarding
such compensation) and 2006 Omnibus Incentive Plan (or any predecessor plan awarding such
compensation), whether or not deferred under the Company’s deferred compensation plan(s) or
Quanex’s deferred compensation plan(s). An Incentive Bonus does not include any form of long-term
incentive bonus.

     2.18 “Normal Retirement Date” means the first day of the month coincident with or next
following a Participant’s 65th birthday.

     2.19 “Participant” means an Employee designated by the Board as eligible for participation in
the Plan, and who meets the requirements of Article III.

     2.20 “Plan” means the Quanex Building Products Corporation Supplemental Employees Retirement
Plan.

     2.21 “Plan Year” means the period commencing on November 1 and ending on October 31.

     2.22 “Qualified Plan” means the Quanex Building Products Group Salaried and Nonunion Employee
Pension Plan (or its predecessor or successor plan) maintained by the Company which is intended to
meet the requirements of section 401(a) of the Code.

     2.23 “Qualified Plan Benefit” means the aggregate of all benefits which would be payable to
the Participant from the Qualified Plan payable on or after his Normal Retirement Date. In
calculating the amount of the Qualified Plan Benefit, for the purposes of the Plan the following
shall apply:

     (a) If the normal form of benefit of the Qualified Plan is other than a straight life
annuity, the benefit shall be expressed in the form of a straight life annuity by using the
actuarial assumptions contained in the Qualified Plan.

     (b) If benefits under the Qualified Plan are paid or are payable to the Participant
prior to the date his benefits commence under the Plan, the Actuarial Equivalent of such
benefits as of his Normal Retirement Date (as defined in the Qualified Plan) shall be used.

II-4

 

     (c) The amount of a Participant’s Qualified Plan Benefit shall be determined based on
the provisions of the Qualified Plan as in effect on the date his benefits under the Plan
are determined.

     (d) The amount of a Participant’s Qualified Plan Benefit shall be determined by
disregarding any offset for benefits payable under a terminated retirement plan that was
previously maintained by the Company or one of its Affiliates.

     2.24 “Restricted Period” means, for any qualified defined benefit plan sponsored by Quanex or
an Affiliate, any period during which the plan is in at-risk status as described in section 409A of
the Code.

     2.25 “Service” means service for purposes of the Qualified Plan. In determining a
Participant’s Service, all years of Service after the Participant’s date of hire shall be taken
into account.

     2.26 “Social Security Benefit” means, for all purposes other than determining the Disability
benefit, the monthly amount payable commencing on the later of the Participant’s 65th birthday or
the date of his Separation From Service under the provisions of Title II of the Social Security
Act. Such benefit shall be determined based on (1) the Participant’s average monthly wage or
indexed earnings (as defined in the Social Security Act, as amended) on the date of his Separation
From Service, computed under the Social Security Act as in effect on the January 1 of the calendar
year in which benefits are determined and using the Participant’s annual total wages from the
Company for the prior calendar year, as defined in section 3121(b), assuming his wages increased
prior thereto at the rate of increase in the average per worker total wages reported by the Social
Security Administration, and assuming continuation of such wages without increase thereafter until
his Separation From Service (with no wages thereafter); and (2) the Table of Primary Social
Security Benefits under the Social Security Act as in effect on the January 1 of the calendar year
in which his Separation From Service actually occurs. “Social Security Benefit” means, for
purposes of determining a Disability benefit, any actual disability benefit for which the
Participant is eligible under Title II of the Social Security Act.

     2.27 “Separation From Service” means a Participant’s complete separation from service with the
Company and all of its Affiliates. The determination of whether a Participant incurs a Separation
From Service will be determined in accordance with section 409A of the Code.

II-5

 

ARTICLE III

PARTICIPATION

     3.01 Eligibility to Participate. An Employee shall become eligible to become a Participant in
the Plan by designation of the Board. The Committee shall notify each Participant of his
eligibility. Each designated Employee shall furnish such information and perform such acts as the
Committee may require prior to becoming a Participant.

     3.02 Reemployment. Any person who Separates From Service with the Company shall not be
eligible to participate in the Plan upon his reemployment by the Company unless the Board so
determines. In such event, the Board shall specify whether and under what conditions the person
shall receive credit for all or any of his Service completed prior to reemployment.

III-1

 

ARTICLE IV

RETIREMENT BENEFITS

     4.01 Normal Retirement Benefit. Subject to Article VIII, if a Participant Separates From
Service with the Company on or after his Normal Retirement Date, he will be entitled to a monthly
benefit payable to the Participant for life only in an amount equal to:

     (a) 2.75 percent of his Final Average Earnings multiplied by his years of Service (not
in excess of 20 years), less

     (b) the sum of:

     (1) the Participant’s Qualified Plan Benefit, and

     (2) one-half of the Participant’s Social Security Benefit multiplied by a
fraction (which shall not exceed one) the numerator of which is the Participant’s
number of years of Service and the denominator of which is 20.

     Notwithstanding any other provision of the Plan, a Participant’s monthly benefit under this
Section 4.01 shall not be less than his monthly benefit accrued as of the date of the execution of
this Agreement.

     4.02 Deferred Retirement Benefit. If a Participant Separates From Service with the Company on
or after his Normal Retirement Date, he will be entitled to a monthly benefit payable to the
Participant for life only determined in accordance with the provisions of Section 4.01. The
benefit will not be actuarially increased to reflect the later benefit payment date or his shorter
life expectancy. In determining a Participant’s deferred retirement benefit, his Service
subsequent to his Normal Retirement Date and the computation of his Final Average Earnings shall
take into account his Service after his Normal Retirement Date.

     4.03 Early Retirement Benefit. If a Participant Separates From Service with the Company on or
after his Early Retirement Date but before age 65, he shall be entitled to a monthly benefit
payable to the Participant for life only determined in accordance with the provisions of
Section 4.01 based upon his years of Service and Final Average Earnings on the date of his
Separation From Service. The monthly amount shall be reduced by five percent for each year (and
fractional year) that the Participant’s benefit commencement precedes the Participant’s
65th birthday.

     4.04 Disability Benefit. If a Participant who has completed six months of Service Separates
From Service with the Company prior to his Early Retirement Date due to his Disability, he shall
receive a monthly Disability benefit, for so long as he has a Disability but no longer than his
Normal Retirement Date (on which date the Participant shall be treated as a retiree entitled to
benefits under Section 4.01), in an amount equal to:

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     (a) 50 percent of the sum of his monthly Earnings in effect at the date of his
Disability and the monthly equivalent of the average of his Incentive Bonuses for the prior
three Plan Years (or, if the Participant has not received Incentive Bonuses for the prior
three Plan Years because he has not completed three full years of Service, the average of
the Incentive Bonuses he has received or, if he has not received any Incentive Bonus because
he has not completed a full year of Service, the amount of his target Incentive Bonus for
theyear in which the Disability occurs), less

     (b) the sum of the following amounts that are actually being paid to the Participant
during such month:

     (1) the Participant’s Qualified Plan Benefit;

     (2) the Participant’s Social Security Benefit;

     (3) the Participant’s benefit under the Company’s group long-term disability
insurance plan;

     (4) the Participant’s benefit under an individual disability policy provided by
the Company, and;

     (5) the Participant’s benefit under the Company’s wage continuation policy
plan.

     Upon the occurrence of the Normal Retirement Date of a former Participant with a Disability,
he will be entitled to a monthly benefit payable to him for life only determined in accordance with
the provisions of Section 4.01. In determining his benefit payable upon the occurrence of his
Normal Retirement Date, his Final Average Earnings and his years of Service shall be determined as
of the date of his Disability.

     4.05 Deferred Vested Benefit. If a Participant Separates From Service with the Company prior
to his Early Retirement Date but has five or more years of Service, he will upon attaining age 55
be entitled to the lump sum Actuarial Equivalent of a monthly benefit payable to the Participant
for life only determined in accordance with the provisions of Section 4.01 based upon his years of
Service and Final Average Earnings at his Separation From Service. The benefit calculated under
Section 4.01 however, shall be reduced, using the factors described in Section 4.03. If the
Participant has fewer than five years of Service when he Separates From Service prior to his Early
Retirement Date, he shall not be entitled to any benefits under the Plan.

     4.06 Change of Control Benefit. Notwithstanding any other provisions of the Plan, if a
Participant’s Separation From Service occurs after a Change of Control, he will be entitled to the
lump-sum Actuarial Equivalent of a monthly benefit payable to the Participant for life only
determined in accordance with the provisions of Section 4.01 based upon his years of Service and
Final Average Earnings at his Separation From Service. The benefit calculated under Section 4.01
shall not be reduced because of the Participant’s age or early payment of his benefit

IV-2

 

under the Plan. Any benefit paid pursuant to this Section 4.06 shall be in lieu of any other
benefit otherwise payable to the Participant under the Plan.

     4.07 Forms of Payment. Subject to the provisions of Section 4.09, a Participant who is
entitled to a benefit under Section 4.01, 4.02, or 4.03 may elect, in accordance with procedures
established by the Committee, to have his benefit paid in one of the following forms, each of which
shall be the Actuarial Equivalent of the Participant’s benefit accrued under Section 4.01, 4.02, or
4.03, as applicable:

     (a) A lump sum payment.

     (b) An optional form of payment permitted under the Qualified Plan.

     (c) Monthly, quarterly, or annual installment payments for a specified number of years
(not in excess of 20). Such payments shall be made to the Participant while he is alive,
and the balance of the payments shall be paid on an installment basis to his designated
beneficiary if he dies prior to the payment of all the installment payments.

     If a Participant fails to make a valid election concerning the form of his payment as required
under Section 4.08, his benefit shall be paid in the form of a lump sum.

     All payments under the Plan shall be made in cash.

     4.08 Forms of Payment Elections. A newly eligible Participant may make an initial payment
election (an “Initial Payment Election”) within the 30-day period after he becomes eligible
to participate in the Plan. The last timely Initial Payment Election received by the Committee
shall be irrevocable, unless changed in accordance with this Section. Any Initial Payment Election
that is not timely received shall be treated as not having been made and the Participant shall be
deemed to have elected a lump sum payment of his or her benefit under the Plan.

     A Participant may elect to change the form of payment of his or her Plan benefits if such
election is received by the Committee at least 12 months prior to the date payment of the benefit
will be made or commence. Such an election change shall not take effect until at least 12 months
after the date on which the change in payment election is received by the Committee and the payment
may not be made or commence no earlier than five years following the date on which the payments
would otherwise have been made or commenced. A change from one form of an annuity to another form
of annuity that is Actuarially Equivalent shall not constitute a change in form of payment and may
be made at any time before the payment is to be made or commence.

     Special 409A Transition Election. Pursuant to, and in accordance with, the transition
guidance issued by the Internal Revenue Service under section 409A of the Code, and as such
guidance was modified by I.R.S. Notice 2007-86, each Participant may elect during 2008, at such
time(s) as determined by the management of the Company after consultation with the Compensation
Committee of the Company, to change the form of payment election the

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Participant previously elected under the Plan including amounts deferred and vested prior to
January 1, 2005; provided, that any such election may not permit the payment of any benefit that is
payable during 2008 to be deferred to a subsequent year or any benefit that is otherwise payable
during a year subsequent to 2008 to be paid in 2008.

     4.09 Lump Sum Payment Of Small Amounts. Notwithstanding any other provision of the Plan, if
the present value of a benefit payable under Section 4.01, 4.02, or 4.03 of the Plan is less than
or equal to $20,000, such benefit shall be paid in the form of a lump sum in cash.

     4.10 Time of Payment of Benefit.

     The payments provided for Normal Retirement, Deferred Retirement, and Early Retirement shall
be paid or commence to be paid on the 90th day after the Participant’s Separation From
Service.

     The monthly Disability benefit shall commence being paid on the first day of the month
coincident with or next following the Participant’s Separation From Service due to Disability and
shall cease with the last payment prior to his recovery or attainment of his Normal Retirement
Date. If a former Participant who terminated employment with the Company due to Disability
continues to have a Disability until his Normal Retirement Date, the lump sum payment then due
shall be paid on his Normal Retirement Date.

     A Participant’s Change of Control benefit shall be payable on the 90th day after
the date of his Separation From Service.

     A Participant’s deferred vested benefit shall be payable on the 90th day after the
Participant’s Separation From Service.

     Notwithstanding anything to the contrary in this Plan, if an Employee is determined to be a
“specified employee” for the year in which the Separation From Service occurs (as determined under
Section 409A of the Code) payments due to the Separation From Service of such Employee, excluding
due to death or Disability but including due to Retirement, may not be made before the date which
is six (6) months after the date of such Employee’s Separation From Service (a “Six-Month Delay”),
or, if earlier the former Employee’s death. In the event of a Six-Month Delay, the benefits that
would have been paid during such delay if the delay had not been imposed, shall be paid in a lump
sum as soon as is administratively practicable following the expiration of the Six-Month Delay and
any other benefits to be paid after the end of the Six Month Delay shall be paid in accordance with
the terms of the Plan.

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ARTICLE V

DEATH BENEFITS

     5.01 In General. The benefits under the Plan payable subsequent to a Participant’s or former
Participant’s death shall be limited to those contained in this Article, and shall in any case be
subject to Article VII.

     5.02 Death During Employment. If a Participant’s death occurs while he is in the employ of
the Company, no death benefit shall be payable under the Plan with respect to the Participant.

     5.03 Death After Separation From Service.

     (a) In General. Except as provided in this Section, no benefits shall be payable to or
on behalf of a Participant or former Participant whose death occurs subsequent to his
Separation From Service.

     (b) Before Benefits Commence. If a former Participant dies before his benefit is paid
or commences to be paid but after his Separation From Service on or after his Normal
Retirement Date, his Early Retirement Date or a Change of Control, or after he has become
entitled to a deferred vested benefit under Section 4.05, his designated beneficiary, if
any, shall be entitled to receive a lump sum benefit equal to the benefit which he would
have received had he lived to the date his benefit would have been paid out. If a former
Participant dies before his benefit commences to be paid and he was eligible for a
Disability benefit, his designated beneficiary, if any, shall be entitled to receive a lump
sum benefit which is Actuarially Equivalent to a survivor annuity equal to the survivor
portion of a qualified joint and 50 percent survivor annuity as if the former Participant
had been entitled to elect and had elected such survivor annuity on the day before his
death. The survivor lump sum death benefit shall be payable on the 90th day following the
date of the Former Participant’s death. In calculating the survivor portion for the
survivor lump sum benefit, the benefit shall be reduced in the same manner it is reduced
under Section 4.03, 4.04, or 4.05, whichever is applicable, for payment earlier than Normal
Retirement Date. In the event of a Participant’s Separation From Service after a Change of
Control, the death benefits payable under this Section 5.03 on his behalf will not be
reduced for payment before the Participant’s Normal Retirement Date.

     (c) After Disability Benefits Commence. If a former Participant who is receiving a
Disability benefit dies prior to reaching his Normal Retirement Date but while he still has
a Disability, his designated beneficiary shall receive a lump sum benefit which is
Actuarially Equivalent to the survivor portion of a qualified joint and 50 percent survivor
annuity as if the former Participant had been entitled to elect and had elected such
survivor annuity on the day before his death. Such benefit shall be payable on the 90th day
after his death.

V-1

 

     (d) After Benefits Under Section 4.01, 4.02 or 4.03 Commence. If a former Participant
dies after receiving payments pursuant to Section 4.01, 4.02, or 4.03 of the Plan, his
designated beneficiary shall be entitled to receive any death benefit payable under the
optional form of payment selected by the former Participant.

V-2

 

ARTICLE VI

BENEFICIARIES

     6.01 Designation of Beneficiary. Each Participant or former Participant beneficiary(ies)
under the Plan shall be the Participant’s beneficiary(ies) designated under the Qualified Plan or,
if none, as determined under the terms and provisions of the Qualified Plan.

     6.02 Payment of Benefits Upon Death. If a Participant’s or former Participant’s death occurs
prior to payment of his benefit, the benefit payable upon his death, if any, shall be paid to the
persons or persons designated as his primary beneficiary, but if the primary beneficiary does not
survive him, then to the person or persons designated as the contingent beneficiary. If no primary
or contingent beneficiary survives him or if no beneficiary designation is in effect upon his
death, then the benefit under Article V shall be paid to his spouse. If his spouse does not
survive him, then the benefit shall be paid to his descendants who survive him by right of
representation, and if no descendants of the Participant or former Participant survive him, then to
his estate.

     6.03 Minors and Persons Under Legal Disability. Payments to a minor or a person under a legal
disability shall be made by the Company at the direction of the Committee as follows:

     (a) to the natural or adoptive parents or legal guardian or conservator of such person,
or to any other person in loco parentis;

     (b) to a custodian for such person under the Uniform Gifts to Minors Act or Gifts of
Securities to Minors Act; or

     (c) by expending amounts directly for the education and support of such person.

VI-1

 

ARTICLE VII

FORFEITURE FOR CAUSE

     Except with respect to persons whose Separations From Service with the Company occur after a
Change of Control, notwithstanding any other provision of the Plan to the contrary, in all cases
where a written document is executed by the Company expressly making acts of competition against
the Company or acts in aid of a competitor of the Company by the Participant or former Participant
a Forfeiting Act, if the Participant commits one or more Forfeiting Acts during his employment with
the Company or following his Separation From Service, any and all unpaid benefits due the
Participant or his designated beneficiary shall be forfeited. This provision shall apply
regardless of the date the Company first learns of the occurrence of a Forfeiting Act.

VII-1

 

ARTICLE VIII

AGREEMENT FUNDED THROUGH RABBI TRUST

     The Company shall pay the benefits due the Participants and former Participants under the
Plan; however, should it fail to do so when a benefit is due, such benefit shall be paid by the
trustee of that certain Trust Agreement entered into, by and between the Company and Bank of
America (the “Trust”). In any event, if the Trust fails to pay for any reason, the Company still
remains liable for the payment of all benefits provided by the Plan. The Company may contribute at
any time and from time to time such assets to the Trust as it, in its sole discretion, shall
determine and shall have the right at any time and from time to time to borrow from the Trust the
fair market value of assets held in the Trust which are in excess of the net present value of the
largest benefit all Participants and former Participants are entitled to under the Plan as of the
beginning of the Plan Year during which the loan is made (exclusive of any Disability or death
benefit). Any such loan shall be evidenced by an instrument in writing, shall bear interest at
such rate as the Company would be required to pay to its prime lender under the same terms (except
for the security), shall provide a repayment schedule which would repay but only to the extent of
the funds so borrowed, such amount as is necessary to maintain at the beginning of each Plan Year
during the existence of the loan, non-borrowed funds in the Trust at a level at least equal to the
net present value of all benefits calculated under the preceding sentence and shall provide for
prepayment at the Company’s election, without penalty. The above calculations shall use the same
actuarial factors set out in the definition of Actuarial Equivalent under Section 2.01. All assets
contributed shall be held in and administered according to the terms of the Trust which are
incorporated by reference in the Plan for all purposes. However, in no event shall the rights of
Participants and former Participants in the assets held by the Trust be greater than the rights of
unsecured creditors of the Company. Nothing contained in the Plan or the Trust constitutes a
secured promise by the Company that the assets of the Company will be sufficient to pay any benefit
to any person.

     Notwithstanding the foregoing, no assets shall be set aside or reserved (directly or
indirectly) in a trust (or other arrangement as determined by the Internal Revenue Service), or
transferred to a trust or other arrangement established to fund the Company’s obligations under the
Plan during any Restricted Period for purposes of paying benefits to an Applicable Covered
Employee. The rule contained in the preceding sentence does not apply to assets set aside,
reserved or transferred before or after a Restricted Period.

VIII-1

 

ARTICLE IX

PLAN COMMITTEE

     9.01 Committee. The Plan shall be administered by the Committee, which shall have three
members designated in writing by the Company. Any person may resign from the Committee upon 30
days’ prior notice to the Company and to any other member of the Committee. The Company may remove
any member of the Committee by written notice to him and to any other member of the Plan Committee.
The Company shall fill any vacancy and shall give written notice thereof to the other members of
the Committee. In the interim, the other member(s) of the Committee shall have full authority to
act. If, at any time, there are no members of the Committee, then the Board shall serve as the
Committee.

     9.02 General Rights, Powers and Duties of Plan Committee. The Committee shall be responsible
for the management, operation and administration of the Plan. In addition to any powers, rights
and duties set forth elsewhere in the Plan, it shall have the following powers and duties:

     (a) to adopt such rules and regulations consistent with the provisions of the Plan as
it deems necessary for the proper and efficient administration of the Plan;

     (b) to enforce the Plan in accordance with its terms and any rules and regulations it
establishes;

     (c) to maintain records concerning the Plan sufficient to prepare reports, returns and
other information required by the Plan or by law;

     (d) to construe and interpret the Plan and to resolve all questions arising under the
Plan;

     (e) to direct the Company to pay benefits under the Plan, and to give such other
directions and instructions as may be necessary for the proper administration of the Plan;

     (f) to employ or retain agents, attorneys, actuaries, accountants or other persons, who
may also be employed by or represent the Company, and

     (g) to be responsible for the preparation, filing and disclosure on behalf of the Plan
of such documents and reports as are required by any applicable federal or state law.

     The Committee shall have no power to add to, subtract from or modify any of the terms of the
Plan, or to change or add to any benefits provided by the Plan, or to waive or fail to apply any
requirements of eligibility for benefits under the Plan.

     9.03 Rules and Decisions. The Committee may adopt such rules and actuarial tables as it deems
necessary, desirable or appropriate. All rules and decisions of the Committee shall

IX-1

 

be uniformly and consistently applied to all Participants in similar circumstances. When
making a determination or calculation, the Committee shall be entitled to rely upon information
furnished to it by a Participant or beneficiary, the Company, and the legal counsel, actuary and
accountant for the Company.

     9.04 Committee Procedures. The Committee may act at a meeting or in writing without a
meeting. The Committee shall elect one of its members as chairman and appoint a secretary, who may
or may not be a Committee member. The Secretary shall keep a record of all meetings and forward
all necessary communications to the Company. The Committee may adopt such bylaws and regulations
as it deems desirable for the conduct of its affairs. All decisions of the Committee shall be made
by the vote of the majority, including actions in writing taken without a meeting. A dissenting
Committee member who, within a reasonable time after he has knowledge of any action or failure to
act by the majority, registers his dissent in writing delivered to the other Committee members and
the Company, shall not, to the extent permitted by law, be responsible for any such action or
failure to act.

     9.05 Authorization of Benefit Payments. The Committee shall issue directions to the Company
concerning all benefits which are to be paid pursuant to the provisions of the Plan. The Company
shall furnish the Committee such data and information as it may require. The records of the
Company shall be determinative of each Participant’s period of employment, Separation From Service
and the reason therefor, leave of absence, reemployment, years of Service, Earnings, and Final
Average Earnings. Participants and their beneficiaries shall furnish to the Committee such
evidence, data, or information, and execute such documents, as the Committee requests.

     9.06 Application and Forms of Benefits. The Committee may require a Participant or former
Participant to complete and file with the Committee an application for retirement benefits and all
other forms approved by the Committee, and to furnish all pertinent information requested by the
Committee. The Committee may rely upon all such information so furnished it, including the
Participant’s or former Participant’s current mailing address.

     9.07 Facility of Payment. Whenever, in the Committee’s opinion, a person entitled to receive
any payment of a benefit or installment thereof hereunder is under a legal disability or is
incapacitated in any way so as to be unable to manage his financial affairs, the Committee may
direct the Company to make payments to such person or to his legal representative or to a relative
or friend of such person for his benefit, or the Committee may direct the Company to apply the
payment for the benefit of such person in such manner as the Committee considers advisable. Any
payment of a benefit or installment thereof in accordance with the provisions of this Section shall
be a complete discharge of any liabilities for the making of such payment under the provisions of
the Plan.

     9.08 Claims Procedure. The Committee shall make all determinations as to the right of any
person to receive benefits under the Plan. Any denial by the Committee of a claim for benefits
under the Plan by a Participant, former Participant beneficiary of a former Participant
(collectively referred to herein as “Claimant”) shall be stated in writing by the Committee and

IX-2

 

delivered or mailed to the Claimant on the 90th day after receipt of the claim, unless special
circumstances require an extension of time for processing the claim. If such an extension of time
is required, written notice of the extension shall be furnished to the Claimant on the 90th day
after receipt of the claim and the claim shall thereafter be paid on the 180th day after the date
of receipt of the initial claim. Such notice shall set forth the specific reasons for the denial,
specific reference to pertinent provisions of the Plan upon which the denial is based, a
description of any additional material or information necessary for the Claimant to perfect his
claim with an explanation of why such material or information is necessary, and an explanation of
claim review procedures under the Plan written to the best of the Committee’s ability in a manner
that may be understood without legal or actuarial counsel. A Claimant whose claim for benefits has
been wholly or partially denied by the Committee may, within 90 days following the date of such
denial, request a review of such denial in writing addressed to the Committee. The Claimant shall
be entitled to submit such issues or comments, in writing or otherwise, as he shall consider
relevant to a determination of his claim, and he may request a hearing in person before the
Committee. Prior to submitting his request, the Claimant shall be entitled to review such
documents as the Committee shall agree are pertinent to his claim. The Claimant may, at all stages
of review, be represented by counsel, legal or otherwise, of his choice, provided that the fees and
expenses of such counsel shall be borne by the Claimant. All requests for review shall be promptly
resolved. The Committee’s decisions with respect to any such review shall be set forth in writing
and shall be mailed to the Claimant on the 60th day following receipt by the Committee of the
Claimant’s request unless special circumstances, such as the need to hold a hearing, require an
extension of time for processing, in which case the Committee’s decision shall be so mailed on the
120th day after receipt of such request.

     9.09 Responsibility. No member of the Committee or of the Board shall be liable to any person
for any action taken or omitted in connection with the administration of the Plan unless
attributable to his own fraud or willful misconduct; nor shall the Company be liable to any person
for any such action unless attributable to fraud or willful misconduct on the part of a director,
officer or employee of the Company.

IX-3

 

ARTICLE X

AMENDMENT AND TERMINATION

     10.01 Amendment. The Plan may be amended in whole or in part by the Company at any time.
Notice of any such amendment shall be given in writing to the Committee and to each Participant,
former Participant, and beneficiary of a deceased former Participant; provided, however, that no
such amendment shall have the effect of reducing that portion of the benefit the Participant or
former Participant ultimately becomes entitled to below that amount he would have received for
Service to the date of the amendment under the formula set out in the Plan prior to the amendment.

     10.02 Right to Terminate Plan. The Company reserves the right to terminate the accrual or
vesting of additional benefits under the Plan by any or all Participants at any time by written
notice to the Committee. The Committee shall notify any Participant affected by such termination
of such action and its effective date within 30 days after it receives notice from the Company. A
Participant whose accrual of additional benefits is terminated shall not lose any previously
accrued and vested benefits, and, subject to Article VII, any such vested benefits shall be payable
at the time and in the manner provided hereunder. The Board may terminate the Plan within the 30
days preceding or 12 months following a Change of Control, as defined by section 409A of the Code,
or as otherwise permitted under section 409A of the Code, and distribute the accrued vested
benefits of the Participants’ to Participants in the manner and the time as determined by the
Committee, in its sole discretion, subject to the preceding sentence and as permitted by
section 409A of the Code.

X-1

 

ARTICLE XI

MISCELLANEOUS

     11.01 Inalienability of Benefits. The right of any Participant, former Participant or
beneficiary to any benefit or payment under the Plan shall not be subject to voluntary or
involuntary transfer, alienation, pledge, assignment, garnishment, sequestration or other legal or
equitable process. Any attempt to transfer, alienate, pledge, assign or otherwise dispose of such
right or any attempt to subject such right to attachment, execution, garnishment, sequestration or
other legal or equitable process shall be null and void.

     11.02 No Implied Rights. Neither the establishment of the Plan nor any modification thereof
shall be construed as giving any Participant, former Participant beneficiary or other person any
legal or equitable right unless such right shall be specifically provided for in the Plan or
conferred by affirmative action of the Company in accordance with the terms and provisions of the
Plan.

     11.03 Actions By Company. All actions by the Company under the Plan shall be taken by the
Board or by a person or persons designated by the Board.

     11.04 Binding Effect. The provisions of the Plan shall be binding on the Company, the
Committee, and all persons entitled to benefits under the Plan, together with their respective
heirs, legal representatives and successors in interest.

     11.05 Number and Gender. Wherever appropriate, the singular shall include the plural, the
plural shall include the singular, and the masculine shall include the feminine or neuter.

     11.06 Governing Law. The Plan shall be construed and administered according to the laws of
the State of Texas.

     11.07 Section 409A. The Plan is intended to be a nonqualified deferred compensation
arrangement and is not intended to meet the requirements of section 401(a) of the Code. The Plan
is intended to meet the requirements of section 409A of the Code and may be administered in a
manner that is intended to meet those requirements and shall be construed and interpreted in
accordance with such intent. To the extent that a deferral, accrual, vesting or payment of an
amount under the Plan is subject to section 409A of the Code, except as the Committee otherwise
determines in writing, the amount will be deferred, accrued, vested or paid in a manner that will
meet the requirements of section 409A of the Code, including regulations or other guidance issued
with respect thereto, such that the deferral, accrual, vesting or payment shall not be subject to
the excise tax applicable under section 409A of the Code. Any provision of the Plan that would
cause the deferral, accrual, vesting or payment of an amount under the Plan to fail to satisfy
section 409A of the Code shall be amended (in a manner that as closely as practicable achieves the
original intent of the Plan) to comply with section 409A of the Code on a timely basis, which may
be made on a retroactive basis, in accordance with regulations and

XI-1

 

other guidance issued under section 409A of the Code. In the event additional regulations or
other guidance is issued under section 409A of the Code or a court of competent jurisdiction
provides additional authority concerning the application of section 409A of the Code with respect
to the distributions under the Plan, then the provisions of the Plan regarding distributions shall
be automatically amended to permit such distributions to be made at the earliest time permitted
under such additional regulations, guidance or authority that is practicable and achieves the
intent of the Plan prior to its amendment to comply with section 409A of the Code.

     11.08 Amendment and Restatement of the Plan. Except as specifically provided, the amendment
and restatement of the Prior Plan effective as of January 1, 2005, and this Plan effective as of
the Effective Date shall apply only to amounts deferred and vested on or after January 1, 2005.
The provisions of the Prior Plan prior to its amendment and restatement effective as of January 1,
2005 shall apply to any amounts that were earned and vested under the Prior Plan on or before
December 31, 2004. The amendment and restatement of the Plan is not intended to be a material
modification of the Plan or Prior Plan with respect to amounts deferred and vested on or before
December 31, 2004, and, any provision of the Plan that is considered to be a material modification
of the Plan or Prior shall be retroactively amended to the extent required to prevent such
provision from being considered a material modification of the Plan with respect to such amounts.

XI-2exv10w33

 

Exhibit 10.33

DATED                       15 October 2007

OPPENHEIM IMMOBILIEN-

KAPITALANLAGEGESELLSCHAFT mbH

to

FOX WILLIAMS LLP

and

BACHE EQUITIES LIMITED

and

THOMAS WEISEL PARTNERS INTERNATIONAL LIMITED

and

THOMAS WEISEL PARTNERS GROUP INC

 

LICENCE TO ASSIGN UNDERLEASE

relating to Fifth Floor, Ten Dominion Street,

London EC2M 2EE

 

Lacon House

84 Theobald’s Road

London WC1X 8RW

Tel: +44 (0)20 7524 6000

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	Subject matter	 	Page
	1.

	 	DEFINITIONS
	 	 	2	 
	2.

	 	INTERPRETATION
	 	 	3	 
	3.

	 	CONSENT TO THE ASSIGNMENT
	 	 	3	 
	4.

	 	AUTHORISED GUARANTEE AGREEMENT
	 	 	4	 
	5.

	 	NOTIFICATION OF ASSIGNMENT
	 	 	4	 
	6.

	 	GUARANTEE
	 	 	4	 
	 

	 	General
	 	 	4	 
	 

	 	Guarantee
	 	 	4	 
	 

	 	Indemnity
	 	 	5	 
	 

	 	No discharge of Assignee’s Guarantor
	 	 	5	 
	 

	 	Waiver by Assignee’s Guarantor of its rights
	 	 	6	 
	 

	 	Ultimate balance and suspense account
	 	 	7	 
	 

	 	Assignee’s Guarantor to take a new lease
	 	 	8	 
	 

	 	Supplementary provisions
	 	 	9	 
	7.

	 	JURISDICTION
	 	 	10	 
	8.

	 	GENERAL
	 	 	10	 
	 

	 	SCHEDULE Form of authorised guarantee agreement to be entered into by the Undertenant
	 	 	11	 

 

 

LICENCE TO ASSIGN UNDERLEASE

					
	DATE
	 	 
	 	15 OCTOBER 2007

PARTIES

	(1)	 	OPPENHEIM IMMOBILIEN-KAPITALANLAGEGESELLSCHAFT mbH (a company incorporated in Germany) of
Marie-Curie Strasse 6, 65189 Wiesbaden, Germany, whose address for service in the United
Kingdom is care of Oppenheim Property Fund Management Limited, 11 Hanover Square, London W1S
1YQ (the “Landlord”); and

	(2)	 	FOX WILLIAMS LLP (registered number OC320160) the registered office of which is at Ten
Dominion Street, London EC2M 2EE (the “Tenant”); and

	(3)	 	BACHE EQUITIES LIMITED (incorporated and registered in England and Wales under company number
5695090), the registered office of which is at 9 Devonshire Square, London EC2M 4HP (the
“Undertenant”); and

	(4)	 	THOMAS WEISEL PARTNERS INTERNATIONAL LIMITED (incorporated and registered in England and
Wales under company number 3719559), the registered office of which is at 11 The Gardens,
Pirbright, Woking, Surrey GU24 0JD (the “Assignee”); and

	(5)	 	THOMAS WEISEL PARTNERS GROUP INC (incorporated and registered in Delaware under company
number C2814019), the registered office of which is at One Montgomery Street,
37th Floor, San Francisco CA 94104 (the “Assignee’s Guarantor”).

RECITALS

	(A)	 	The Landlord is entitled to the reversion immediately expectant on the Term.

	(B)	 	The Tenant is entitled to the reversion immediately expectant on the Underlease Term.

	(C)	 	The unexpired residue of the Term is vested in the Tenant.

	(D)	 	The unexpired residue of the Underlease Term is vested in the Undertenant.

	(E)	 	The Lease contains a covenant binding on the Tenant not to assign the Lease without the
written consent of the Landlord.

	(F)	 	The Underlease contains a covenant binding on the Undertenant not to assign the Underlease
without the written consent of the Tenant, and the Undertenant wishes to assign the Underlease
to the Assignee.

1

 

IT IS AGREED AS FOLLOWS:

	1.	 	DEFINITIONS

In this licence (except where otherwise expressly provided) the following definitions apply:

“Assignee”

means the fourth party to this licence;

“Assignee’s Guarantor”

means the fifth party to this licence;

“Assignment”

means the assignment of the Underlease by the Undertenant to the Assignee;

“Landlord”

means the first party to this licence and its successors in title and persons
entitled to the reversion immediately expectant on the termination of the Lease;

“Lease”

means a lease of the Premises dated 31 July 2001 and made between (1) Allied
Dunbar Assurance plc and (2) Paul Lawrence Osborne, Nigel Miller, Stephen Sidkin
and Mark Andrew Watson and any document supplemental to or varying such lease
whether entered into before or after the date of this licence and including this
licence;

“Premises”

means Ten Dominion Street, London EC2M 2EE, as more particularly described in the
Lease;

“Tenant”

means the second party to this licence;

“Term”

means the term of years created by the Lease and the period of any holding over;

“Underlease”

means an underlease of the Underlet Premises dated 8 June 2004 and made between
(1) Paul Lawrence Osborne, Nigel Miller, Stephen Sidkin and Mark Andrew Watson
and (2) Prudential-Bache International Limited and any document supplemental to
or varying such underlease whether entered into before or after the date of this
licence and including this licence;

“Underlease Term”

means the term of years created by the Underlease;

2

 

“Underlet Premises”

means Fifth Floor, Ten Dominion Street, London EC2M 2EE, as more particularly
described in the Underlease;

“Undertenant”

means the third party to this licence.

	2.	 	INTERPRETATION

	2.1	 	The clause headings are for reference only and do not affect the construction of this
licence.

	2.2	 	General words introduced by the word “other” do not have a restrictive meaning by reason of
being preceded by words indicating a particular class of acts, things or matters.

	2.3	 	Obligations owed by or to more than one person are owed by or to them jointly and severally.

	2.4	 	Unless otherwise specified, a reference to legislation (including subordinate legislation) is
to that legislation as consolidated, amended or re-enacted from time to time and includes all
orders, regulations consents, licences, notices, bye-laws and codes of practice made or
granted under such legislation.

	2.5	 	A reference to a person includes an individual, a corporation, company, firm or partnership,
government body or agency, whether or not legally capable of holding land.

	2.6	 	Words importing one gender include all other genders and words importing the singular include
the plural and vice versa.

	2.7	 	Unless otherwise stated, a reference to a clause or schedule is to a clause of or schedule to
this licence and a clause includes a sub-clause.

	2.8	 	Where a sum becomes payable, it shall be paid within three working days, unless otherwise
specified by the Landlord in writing.

	3.	 	CONSENT TO THE ASSIGNMENT

	3.1	 	The Landlord and the Tenant consent to the Assignment on the terms of this licence.

	3.2	 	The covenants and agreements in this licence on the part of the Tenant, the Undertenant, the
Assignee and the Assignee’s Guarantor are entered into by them in consideration of the
Landlord and the Tenant giving consent to the Assignment.

	3.3	 	If the Assignment has not been completed within one month from the date of this licence or if
the condition in clause 4 is not fulfilled, the consent given in clause 3.1 will lapse and
become void but without prejudice to the other provisions of this licence.

3

 

	4.	 	AUTHORISED GUARANTEE AGREEMENT

It is a condition of the grant by the Landlord and the Tenant of consent to the Assignment
that the Undertenant executes and completes an authorised guarantee agreement in the form set
out in the Schedule to this licence, and delivers it to the Tenant, no later than the date of
the instrument of the Assignment, and the Undertenant covenants with the Landlord and the
Tenant so to do.

	5.	 	NOTIFICATION OF ASSIGNMENT

The Assignee covenants with the Tenant, who in turn covenants with the Landlord, to give
written notice to the Landlord of completion of the Assignment within one month of completion
of the Assignment, and to provide to the Landlord a certified copy of the completed
Assignment, and to pay the Landlord’s notification fee of fifty pounds (£50) plus value added
tax or an amount equal to value added tax.

	6.	 	GUARANTEE

	6.1	 	General

The Assignee’s Guarantor’s obligations under this clause 6 will take effect immediately
upon completion of the Assignment.

	6.2	 	Guarantee

The Assignee’s Guarantor irrevocably and unconditionally guarantees to the Landlord, the
Tenant and the Undertenant:

	6.2.1	 	that until such time as the Assignee is released pursuant to the Landlord and Tenant
(Covenants) Act 1995, the Rent and other sums due under the Underlease will be duly and
punctually paid, and that all the other obligations of the Assignee under the Underlease will
be duly complied with; and

	6.2.2	 	the Assignee will comply with the obligations it enters into in any authorised guarantee
agreement entered into by it pursuant to the Underlease,

in any case whether during or after the end of the Underlease Term (however and whenever
it ends).

	6.3	 	The Assignee’s Guarantor agrees that if at any time the Rent or other sums due under the
Underlease (or any authorised guarantee agreement entered into by the Assignee pursuant to the
Underlease) are not paid on their due date, or any of the other obligations of the Assignee
under the Underlease (or any authorised guarantee agreement entered into by the Assignee
pursuant to the Underlease) are not duly complied with, it shall pay such Rent or other sum or
comply with such obligation as the case may be.
	 
	6.4	 	The Assignee’s Guarantor’s liability under this deed shall be as principal debtor and not
merely as surety.

4

 

	6.5	 	Indemnity
	 
	 	 	As a separate and independent obligation under this licence, the Assignee’s Guarantor
agrees to indemnify the Landlord, Tenant and Undertenant and keep the Landlord, Tenant and
Undertenant indemnified against any cost, loss, claim, expense or liability arising out of
or resulting from:

	6.5.1	 	any failure of the Assignee duly and punctually to pay the Rent or any other sums due under
the Underlease or to comply with its obligations under the Underlease (or any authorised
guarantee agreement entered into by the Assignee pursuant to the Underlease);
	 
	6.5.2	 	any of the obligations of the Assignee under the Underlease (or any authorised guarantee
agreement entered into by the Assignee pursuant to the Underlease) being or becoming wholly or
in part void, voidable or unenforceable by the Landlord or the Tenant against the Assignee or
any other person;
	 
	6.5.3	 	the Underlease (or the Assignee’s obligations under it) being disclaimed;
	 
	6.5.4	 	the Underlease being forfeit;
	 
	6.5.5	 	the Underlease being surrendered by the Assignee acting by an Insolvency Practitioner
appointed to it or over it or in relation to any of its assets or undertaking (whether such
Insolvency Practitioner is appointed in England and Wales or in any other jurisdiction and
whether or not such Insolvency Practitioner is appointed in relation to any or all of the
Assignee’s assets in England and Wales or in any other jurisdiction);
	 
	6.5.6	 	the Underlease being varied or the obligations of the Assignee thereunder being in any way
altered without the consent of the Landlord or the Tenant by virtue of any arrangement or
composition or otherwise; or
	 
	6.5.7	 	the Assignee (being a company) ceasing to exist (whether or not capable of reconstitution or
reinstatement),

	 	 	and to pay to the Landlord and/or the Tenant and/or the Undertenant (as appropriate) the
amount of such cost, loss, claim expense or liability, whether or not the Landlord or the
Tenant or the Undertenant has sought to enforce any rights or remedies against the
Assignee or any other person who is liable.
	 
	6.6	 	No discharge of Assignee’s Guarantor
	 
	 	 	Without prejudice to sub-section 18(3) of the Landlord and Tenant (Covenants) Act 1995,
the Assignee’s Guarantor’s liability under this licence shall be and remain in full force
and effect and will not be avoided, released, discharged or reduced nor will the rights of
the Landlord or the Tenant be prejudiced or affected by any of the following:

	6.6.1	 	any time, indulgence or concession granted by the Landlord and/or the Tenant to the Assignee
or to any other person who is liable;
	 
	6.6.2	 	the Landlord and/or the Tenant dealing with, varying or failing to perfect or enforce any of
its rights or remedies against the Assignee or any other person who is liable;
	 
	6.6.3	 	the existence of or dealing with, varying or failing to perfect or enforce any security
which may be or become available to the Landlord and/or the Tenant;

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	6.6.4	 	any act or neglect of the Landlord and/or the Tenant whereby the benefit of any security or
any right or remedy against any person who is liable is released, lost or diminished;
	 
	6.6.5	 	any variation of, addition to or reduction from the terms of the Underlease whether or not
the same confers only a personal right or obligation;
	 
	6.6.6	 	any invalid or ineffective payment by the Assignee or any other person who is liable;
	 
	6.6.7	 	any right to set off (whether legal or equitable), counterclaim or deduction which may have
accrued to the Assignee or the Assignee’s Guarantor;
	 
	6.6.8	 	any non-acceptance of the Rent or other sums due under the Underlease, in circumstances in
which the Landlord and/or the Tenant has reason to suspect a breach of the tenant’s
obligations under the Underlease;
	 
	6.6.9	 	any waiver by the Landlord and/or the Tenant of any right to forfeit the Underlease;
	 
	6.6.10	 	a surrender of part of the Underlet Premises demised by the Underlease, except that the
Assignee’s Guarantor will have no liability in relation to the surrendered part in respect of
any period after the date of the surrender;
	 
	6.6.11	 	any death, incapacity, disability or change in the constitution, status or name of the
Assignee, the Assignee’s Guarantor or of any other person who is liable or of the Landlord
and/or the Tenant;
	 
	6.6.12	 	any amalgamation or merger by the Landlord, the Tenant or the Assignee with any other
person, any restructuring or the acquisition of the whole or any part of its assets or
undertaking of the Landlord, the Tenant or the Assignee by any other person;
	 
	6.6.13	 	the Assignee or any other person who is liable entering into any voluntary arrangement or
composition with any of its creditors (whether or not such arrangement or composition binds or
is expressed to bind the Landlord and/or the Tenant);
	 
	6.6.14	 	the appointment of any Insolvency Practitioner to, over or in relation to any of the assets
or undertaking of the Assignee (whether such Insolvency Practitioner is appointed in England
and Wales or in any other jurisdiction and whether or not such Insolvency Practitioner is
appointed in relation to any or all of the Assignee’s assets in England and Wales or in any
other jurisdiction);
	 
	6.6.15	 	any provisions of the Underlease being or becoming wholly or in part void, voidable or
unenforceable by the Landlord and/or the Tenant against the Assignee or any other person; or
	 
	6.6.16	 	any other act, omission or thing by virtue of which, but for this provision, the Assignee’s
Guarantor would have avoided or been released or discharged from its obligations under this
licence in whole or in part, or the rights or remedies of the Landlord and/or the Tenant would
have been prejudiced or affected, other than a release by deed entered into by the Landlord
and/or the Tenant in accordance with the terms of such deed,

	 	 	and the parties acknowledge that each of the matters listed above is separate and
independent and is not to be interpreted in the light of any other.
	 
	6.7	 	Waiver by Assignee’s Guarantor of its rights

	6.7.1	 	Until all the obligations of the Assignee’s Guarantor under this licence have been paid,
discharged or satisfied irrevocably and in full (and notwithstanding payment of a

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	 	 	dividend in any liquidation or bankruptcy or under any compromise or arrangement), the
Assignee’s Guarantor agrees not, without the consent of the Landlord and the Tenant,
to:

	 	(a)	 	exercise any rights of reimbursement, indemnity or contribution
against the Assignee or any other person who is liable;
	 
	 	(b)	 	accept repayment in whole or in part of any indebtedness now or
hereafter due to the Assignee’s Guarantor from the Assignee or from any other
person who is liable;
	 
	 	(c)	 	demand or accept any security from the Assignee or any other person
who is liable in respect of the obligations of the Assignee’s Guarantor under this
licence or in respect of any indebtedness due to the Assignee’s Guarantor from the
Assignee or any other person who is liable, and any security received by the
Assignee’s Guarantor in breach of the above or any such security held by the
Assignee’s Guarantor at the date of completion of the Assignment shall be held by
the Assignee’s Guarantor on trust for the Landlord and/or the Tenant and delivered
to the Landlord and/or the Tenant on demand;
	 
	 	(d)	 	claim any set-off (whether legal or equitable), counterclaim or
deduction against the Assignee or any other person who is liable;
	 
	 	(e)	 	benefit or seek to benefit from any security or other right or remedy
now or hereafter held by or accruing to the Landlord and/or the Tenant in respect
of the liabilities guaranteed under this licence or to exercise any right of
subrogation; or
	 
	 	(f)	 	claim or prove in competition with the Landlord and/or the Tenant in
the liquidation, bankruptcy or arrangement of the Assignee or any other person who
is liable, or have the benefit of or share in any payment or distribution from the
same and any money or other property received by the Assignee’s Guarantor in
breach of this shall be held by the Assignee’s Guarantor on trust for the Landlord
and/or the Tenant and delivered to the Landlord and/or the Tenant on demand.

	6.7.2	 	The obligations of the Assignee’s Guarantor under this licence may be enforced by the
Landlord and/or the Tenant against the Assignee’s Guarantor at its discretion and without
enforcing or seeking to enforce its rights or remedies against the Assignee or any other
person who is liable or pursuing any other right or remedy or having recourse to any security
available to it.

	6.8	 	Ultimate balance and suspense account

	6.8.1	 	All dividends and moneys received by the Landlord and/or the Tenant from the Assignee or any
other person which are not paid into a suspense account and which are capable of being applied
by the Landlord and/or the Tenant in satisfaction of the liabilities guaranteed under this
licence will not prejudice the right of the Landlord and/or the Tenant to recover from the
Assignee’s Guarantor the ultimate balance which, after receipt of such dividends and moneys,
may remain owing or be expressed to be owing to the Landlord and/or the Tenant.
	 
	6.8.2	 	Any money received in respect of the liabilities guaranteed under this licence may be placed
to the credit of a suspense account (with a view to preserving the rights of the Landlord
and/or the Tenant to prove for the whole of its claims against the Assignee or any other
person who is liable) and/or may be applied in or towards satisfaction of such

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	 	 	of the liabilities guaranteed under this licence as the Landlord
and/or the Tenant may from time to time conclusively determine in
their absolute discretion.

	6.9	 	Assignee’s Guarantor to take a new lease

	6.9.1	 	In this clause a “Relevant Event” is:

	 	(a)	 	the surrender of the Underlease by the tenant for the time being
under the Underlease acting by a Insolvency Practitioner appointed to it, over it
or in relation to any of its assets or undertaking (whether such Insolvency
Practitioner is appointed in England and Wales or in any other jurisdiction and
whether or not such Insolvency Practitioner is appointed in relation to any or all
of the Assignee’s assets in England and Wales or in any other jurisdiction); or
	 
	 	(b)	 	the disclaimer of the Underlease, or of the obligations in it of the
tenant for the time being under the Underlease; or
	 
	 	(c)	 	the forfeiture of the Underlease; or
	 
	 	(d)	 	the tenant for the time being under the Underlease (being a company)
ceasing to exist (whether or not it is capable of being reconstituted or
reinstated).

	6.9.2	 	If a Relevant Event occurs the Assignee’s Guarantor agrees, at the request of the Landlord
and/or the Tenant made within 12 months following the Landlord and/or the Tenant having notice
of the Relevant Event, to take a new lease of the Underlet Premises from the Tenant.
	 
	6.9.3	 	Such new lease shall:

	 	(a)	 	be for a term commencing on the date of the Relevant Event and be
equal to the unexpired residue of the Underlease Term (or the residue which would
be unexpired but for the Relevant Event) as at the date of the Relevant Event;
	 
	 	(b)	 	reserve a rent equal to the Rent reserved under the Underlease
immediately before the Relevant Event;
	 
	 	(c)	 	have no provision for a rent-free period;
	 
	 	(d)	 	have no break clause;
	 
	 	(e)	 	otherwise be on the same terms as the Underlease (mutatis mutandis);
and
	 
	 	(f)	 	take effect from the date of the Relevant Event.

	6.9.4	 	The new lease will take effect subject to the Lease and the Underlease, if and to the extent
that they are still subsisting, and subject to any underlease or other interest created or
permitted by the tenant under the Underlease at the time of the Relevant Event or its
predecessors in title thereto.
	 
	6.9.5	 	The Assignee’s Guarantor shall pay the Landlord’s and the Tenant’s costs and expenses (on an
indemnity basis) in connection with the grant of such new lease and any consent and shall
execute and deliver a counterpart of it and any consent to the Landlord and the Tenant.
	 
	6.9.6	 	If the Landlord and/or the Tenant do not require the Assignee’s Guarantor to take a new
lease of the Underlet Premises in circumstances other than where there has been a disclaimer,
the Assignee’s Guarantor shall nevertheless pay on demand to the Tenant a sum equal to the
Rent and other sums due under the Underlease which would have been payable but for the
Relevant Event in respect of the period from the date of the

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	 	 	Relevant Event until 12 months after it or, if sooner, the date the Underlet Premises are re-let.

	6.10	 	Supplementary provisions

	6.10.1	 	The provisions of clause 6 of this licence are in addition to any other security or any
other right or remedy held by or available to the Landlord and/or the Tenant from time to
time.
	 
	6.10.2	 	The Landlord and the Tenant are under no obligation to take up or to maintain any other
security in respect of the liabilities guaranteed by this licence.
	 
	6.10.3	 	As and when called upon to do so by either the Landlord, the Tenant or the Assignee, the
Assignee’s Guarantor shall enter into any document supplemental to the Underlease (by deed if
required) for the purpose of consenting to the Assignee entering into such supplemental
document and confirming that, subject only to sub-section 18(3) of the Landlord and Tenant
(Covenants) Act 1995, all the obligations of the Assignee’s Guarantor will remain in full
force and effect in respect of the Underlease.
	 
	6.10.4	 	The Assignee’s Guarantor agrees to pay to the Landlord and the Tenant on demand, and on an
indemnity basis, all legal and other costs and expenses and a sum equal to all value added tax
thereon which may be payable by the Landlord and the Tenant in relation to the enforcement of
the Assignee’s Guarantor’s obligations in this licence.
	 
	6.10.5	 	The Assignee’s Guarantor agrees to pay interest on each amount due from it under this
licence, at the Interest Rate for the period starting with the date that such amount became
due from the Tenant and/or Assignee’s Guarantor (as the case may be) until payment (both
before and after any judgment) but provided that the Assignee’s Guarantor shall not be liable
to pay interest upon interest due from the Assignee and paid by the Assignee’s Guarantor.
	 
	6.10.6	 	All payments to be made by the Assignee’s Guarantor under this licence shall be made in full
and the Assignee’s Guarantor shall claim no allowance in respect of any set-off (whether legal
or equitable), counterclaim or deduction whatsoever whether accruing to the Assignee’s
Guarantor or to any other person.
	 
	6.10.7	 	Each of the provisions of clause 6 is distinct and severable from the others, and if at any
time one or more such provisions is or becomes illegal, invalid or unenforceable (either
wholly or to any extent), the validity, legality and enforceability of the remaining
provisions (or the same provision to any other extent) will not be affected or impaired.
	 
	6.10.8	 	Any notices given in connection with clause 6 of this licence must be in writing and will
only be validly served if sent by first class post, or registered post or by recorded delivery
and addressed to the Landlord or the Tenant or the Assignee or the Tenant’s Guarantor or the
Assignee’s Guarantor at its address given in this licence or, in the case of the Landlord, at
such other address as the Landlord has notified to the Assignee’s Guarantor in writing. A
notice sent by post from within the United Kingdom and correctly addressed and properly
stamped will be conclusively treated as having been delivered two working days after posting.
	 
	6.10.9	 	This guarantee and indemnity will enure for the benefit of the Landlord and the Tenant and
their successors in title without any need for express assignment.

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	7.	 	JURISDICTION

	7.1	 	Except where otherwise provided if any dispute shall arise between the parties hereto with
respect to the construction or effect of this licence or any clause or thing therein or herein
contained or the rights, duties or liabilities of the parties under or by virtue of or arising
out of or in consequence of the Lease, the Underlease, the subject of this licence or any
thing therein or herein contained or any of such rights, duties and liabilities or otherwise
in connection with the demised premises or any proceedings instituted or prosecuted or
maintained it shall be determined by the English courts according to the laws of England.
	 
	7.2	 	The High Court of Justice in England shall have jurisdiction to entertain any action or
proceedings whatsoever in respect of the Lease, the Underlease, the subject of this licence or
any of the provisions thereof or hereof or any matter or thing arising thereunder or hereunder
or by virtue or in consequence thereof or hereof.

	8.	 	GENERAL

	8.1	 	This licence is supplemental and collateral to the Lease and the Underlease and is a deed.
	 
	8.2	 	Neither this licence nor the Assignment will release or lessen the liability under the Lease
of the Tenant or under the Underlease of the Undertenant or any other person, whether before
or after the date of this licence.
	 
	8.3	 	Any breach of the terms of this licence will give rise to a right of re-entry under the Lease
and the Underlease.
	 
	8.4	 	Unless expressly stated nothing in this licence will create any rights in favour of any
person pursuant to the Contracts (Rights of Third Parties) Act 1999.

IN WITNESS of which this deed has been duly executed and is delivered on the date written at the
beginning of this deed.

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SCHEDULE

Form of authorised guarantee agreement to be entered into by the Undertenant

THIS GUARANTEE is made                the day of                     BETWEEN:

(1) (name of outgoing tenant) [of (address) (or as appropriate) the registered office of which is
at (address)] [Company Registration no ...] (‘the Guarantor’) and

(2) (name of landlord) [of (address) (or as appropriate) the registered office of which is at
(address)] [Company Registration no ...] (‘the Landlord’)

NOW THIS DEED WITNESSES as follows:

	1	 	DEFINITIONS AND INTERPRETATION

For all purposes of this guarantee the terms defined in this clause have the meanings specified.

	1.1	 	‘The Assignee’

‘The Assignee’ means (insert name of incoming tenant).

	1.2	 	‘The Lease’

‘The Lease’ means the lease dated (date) and made between (name of original landlord) and (name of
original tenant) for a term of (number) years commencing on and including (commencement date) [and
varied by a deed dated (date) and made between (names of parties)].

	1.3	 	‘The Demised Premises’

‘The Demised Premises’ means the premises demised by the Lease.

	1.4	 	‘The Liability Period’

‘The Liability Period’ means the period during which the Assignee is bound by the tenant covenants
of the Lease.

	1.5	 	Terms from the Landlord and Tenant (Covenants) Act 1995

The expressions ‘authorised guarantee agreement’ and ‘tenant covenants’ have the same meaning in
this guarantee as in the Landlord and Tenant (Covenants) Act 1995 section 28(1).

	1.6	 	References to Clauses

Any reference in this deed to a Clause without further designation is to be construed as a
reference to the Clause of this deed so numbered.

	2	 	RECITALS

	2.1	 	Consent required

By Clause (insert number) of the Lease, the Landlord’s consent to an assignment of the Lease is
required.

	2.2	 	Agreement to consent

The Landlord has agreed to give consent to the assignment to the Assignee on condition that the
Guarantor enters into this guarantee.

	2.3	 	Effective time

This guarantee takes effect only when the Lease is assigned to the Assignee.

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	3	 	GUARANTOR’S COVENANTS

In consideration of the Landlord’s consent to the assignment, the Guarantor covenants with the
Landlord and without the need for any express assignment with all his successors in title as set
out in this Clause 3.

	3.1	 	Payment and performance

The Assignee must punctually pay the rents reserved by the Lease and observe and perform the
covenants and other terms of it throughout the Liability Period, and if at any time during the
Liability Period the Assignee defaults in paying the rents or in observing or performing any of the
covenants or other terms of the Lease the Guarantor must pay the rents and observe or perform the
covenants or terms in respect of which the Assignee is in default, and make good to the Landlord on
demand, and indemnify the Landlord against, all losses, damages, costs and expenses resulting from
such non-payment non-performance or non-observance notwithstanding :

3.1.1

any time or indulgence granted by the Landlord to the Assignee, or any neglect or forbearance of
the Landlord in enforcing the payment of the rents or the observance or performance of the
covenants or other terms of the Lease, or any refusal by the Landlord to accept rents tendered by
or on behalf of the Assignee at a time when the Landlord is entitled, or will after the service of
a notice under the Law of Property Act 1925 section 146 be entitled, to re-enter the Demised
Premises,

3.1.2

that the terms of the Lease may have been varied by agreement between the parties with the consent
of the Guarantor

3.1.3

that the Assignee has surrendered part of the Demised Premises, in which event the liability of the
Guarantor under the Lease is to continue in respect of the part of the Demised Premises not
surrendered after making any necessary apportionments under the Law of Property Act 1925 section
140, and

3.1.4

anything else by which, but for this Clause 3.1, the Guarantor would have been released.

	3.2	 	New lease following disclaimer

If, during the Liability Period, any trustee in bankruptcy or liquidator of the Assignee disclaims
the Lease, the Guarantor must, if required by notice served by the Landlord within 60 days of the
Landlord’s becoming aware of the disclaimer, take from the Landlord forthwith a lease of the
Demised Premises for the residue of the contractual term of the Lease as at the date of the
disclaimer, at the rent then being paid under the Lease and subject to the same covenants and terms
as in the Lease-except that the Guarantor need not ensure that any other person is made a party to
that lease as guarantor the new lease to commence on the date of the disclaimer. The Guarantor must
pay the proper costs of the new lease and execute and deliver to the Landlord a counterpart of it.

	3.3	 	Payments following disclaimer

If, during the Liability Period, the Lease is disclaimed and for any reason the Landlord does not
require the Guarantor to accept a new lease of the Demised Premises in accordance with Clause 3.2,
the Guarantor must pay to the Landlord on demand an amount equal to the rents reserved by the Lease
for the period commencing with the date of the disclaimer and ending on whichever is the earlier of
the date 6 months after the disclaimer the date, if any, on which the Demised Premises are relet,
and the end of the contractual term of the Lease.

	4	 	LANDLORD’S COVENANT

The Landlord covenants with the Guarantor that he will notify the Guarantor in writing within 7
days of being informed of the facts bringing the Liability Period to an end.

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	5	 	SEVERANCE

	5.1	 	Severance of void provisions

Any provision of this deed rendered void by virtue of the Landlord and Tenant (Covenants) Act 1995
section 25 is to be severed from all remaining provisions, and the remaining provisions are to be
preserved.

	5.2	 	Limitation of provisions

If any provision in this deed extends beyond the limits permitted by the Landlord and Tenant
(Covenants) Act 1995 section 25, that provision is to be varied so as not to extend beyond those
limits.

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	Signed as a deed on behalf of OPPENHEIM
IMMOBILIEN-KAPITALANLAGEGESELLSCHAFT mbH,
a company incorporated in Germany, by [
	 	 
	] and [
	 	 
	     ], being persons who, in
accordance with the laws of the territory,
are acting under the authority of the
company:
	 	 
	 

	 	/s/ Peter W.J. Le Loux
	 

	 	Authorised signatory
	 
	 

	 	/s/ Mario Leissner
	 

	 	Authorised signatory

14

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