Document:

exv10w48

 

Exhibit 10.48

SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT

          THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), made as of this 8th
day of July, 2005, by and between The Cronos Group, a société anonyme holding organized and
existing under the laws of Luxembourg (the “Company”), and Peter J. Younger
(“Younger”),

W I T N E S S E T H:

          WHEREAS, the Company and Younger are parties to the 2001 Amended and Restated Employment
Agreement, dated as of December 1, 2001, as amended by that certain Amendment to Employment
Agreement, dated as of October 1, 2003 (the Amended and Restated Employment Agreement, as amended,
is referred to hereinafter as the “Employment Agreement”); and

          WHEREAS, the Company and Younger desire to amend the Employment Agreement to revise the
transaction bonus payable to Younger thereunder;

          WHEREAS, the Company and Younger desire to clarify the medical severance payable to Younger in
the event of his termination of employment entitling him to receive severance benefits under the
Employment Agreement;

          NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the Company and Younger hereby agree as follows:

     1. Defined Terms. All capitalized terms used herein and not defined herein shall have
the meaning given to them by the Employment Agreement.

     2. Transaction Bonus. Section 4(b) of the Employment Agreement is hereby amended in
its entirety to read as follows:

     “(b) In the event that during the Term any “Change in Control” (as defined in
Exhibit A to this Agreement) of the Company occurs, Younger shall receive in a
single sum a cash bonus in an amount equal to (i) Younger’s average annual
compensation for the five years ended the December 31 prior to the date of the
event constituting a Change in Control,” (ii) times three (3), (iii) minus one
dollar. For purposes of this provision, “compensation” shall include, and only
include, Younger’s annual salary (Section 3 of this Agreement), and bonus (Section
4(a) of this Agreement), as the same may be amended from time to time. The
foregoing sum is referred to herein as the “Transaction Bonus”. The
Company shall pay Younger the full dollar amount of the Transaction Bonus no later
than thirty (30) days after the date such Change in Control has occurred.
Notwithstanding any contrary provision of this Agreement,

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payment of the Transaction Bonus shall be subject to any reduction required
by Section 13 hereof.”

          3. Severance Benefit – Medical. (a) The first paragraph of Section 9(e) of the
Employment Agreement is hereby amended in its entirety to read as follows:

          “(e)(1) Younger shall be entitled to medical severance as specified in
paragraphs (2)-(5) below for twelve (12) months after the date of termination or,
if Younger makes the election to receive the “Non-Solicitation Payment” referred
to in Section 10 of this Agreement, for twenty-four (24) months after the date of
termination (said number of months) (twelve (12) or twenty-four (24)) referred to
hereinafter as the “Multiplier”).

          (2) Medical severance shall be payable to Younger pursuant to the provisions
of paragraph (4) below in the event that, on or prior to the date Younger’s
employment with the Company terminates under circumstances that would entitle him
to the payment of severance under this Section 9, the Company’s counsel or
independent auditors advise the Company that payment of medical severance benefits
under the provisions of paragraph (4) below will not be subject to the provisions
of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) or, if
subject to the provisions of Section 409A of the Code, complies with the
requirements thereof such that the medical severance benefits payable to Younger
under paragraph (4) below will not be subject to the interest and additional tax
payable under Section 409A(a)(1)(B). Otherwise the medical severance payable to
Younger shall be governed by the provisions of paragraph (3) below.

          (3) In the event that Younger’s employment with the Company terminates under
circumstances that would entitle him to the payment of severance under Section 9
of this Agreement and the condition stated in paragraph (2) above for the
application of paragraph (4) below has not been met, then and in such event
Younger shall be paid an amount equal to the product obtained by multiplying (i)
the monthly premium payable by the Company (and, for purposes of this subsection
(e) “Company” includes any subsidiary of the Company providing health insurance
benefits to Younger) under COBRA to continue the health insurance benefits that
were available to him at the time of his termination by (ii) the Multiplier. The
medical severance payable to Younger under this paragraph (3) shall be paid to
Younger in one lump sum, within thirty (30) days of his termination of employment.

          (4)(A) In the event that Younger’s employment with the Company terminates
under circumstances that would entitle him to the payment of severance under this
Section 9 and, by the date of Younger’s

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termination, the condition stated in paragraph (2) above for the application
of this paragraph (4) has been met, then and in such event, in lieu of medical
severance payable under paragraph (3) above, Younger shall be entitled to
reimbursement, monthly, from the Company for the premiums paid by the Company
under COBRA to continue the health insurance benefits available generally to the
employees of the Company. The Company’s obligation to reimburse Younger for COBRA
premiums shall extend for that number of months equal to the Multiplier or for as
long as COBRA coverage (including any state coverage) is available to Younger,
whichever period first expires. In the event that the Company terminates its
health plan or any benefit thereof (e.g., dental or vision) that was available to
Younger at the time Younger’s employment with the Company was terminated, and for
which COBRA coverage is available to Younger, then and in such event the Company
shall pay to Younger, in one lump sum, within thirty (30) days of termination of
such coverage, an amount equal to the reimbursement paid by the Company to Younger
for such coverage for the month prior to its termination, multiplied by the number
of remaining months the Company would have reimbursed Younger for COBRA premiums
under this paragraph (4) had the Company not terminated its health plan (or any
benefit thereof). In the event that the Company does not terminate its health
plan in its entirety but only a benefit thereof (such as dental or vision), then
and in such event a lump-sum payment shall be made to Younger hereunder only if an
identifiable portion of the COBRA premium is attributable to the terminated
benefit of the Company’s health plan. Nothing in this paragraph shall be
interpreted to provide assurance to Younger that, after any lump-sum payment is
made to Younger hereunder, Younger shall be capable of securing health plan
coverage or benefits thereafter.

               (B) If, after termination of employment by the Company, Younger is receiving
medical severance benefits under the provisions of this paragraph (4), and health
benefits are available to Younger from another company or entity, then and in such
event (i) Younger shall notify the Company that health benefits are available to
Younger from another company or entity, and (ii) the Company’s obligation to
provide further medical severance benefits to Younger under this Section 9(e)
shall terminate.

          (5) In the event that, pursuant to Section 10 of this Agreement, Younger, by
reason of his violation of the provisions of Section 12 of this Agreement, is
obligated to repay to the Company the Non-Solicitation Payment, then and in such
event Younger’s entitlement to medical severance under this subsection (e) shall
be limited to a period of twelve (12) months after the date of termination and
Younger shall promptly repay to the Company any reimbursement or payment made to

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him or for his benefit attributable to the second 12-month period after the
date of termination.”

          (b) Nothing in Section 9 of the Employment Agreement or in this Amendment shall require the
Company to continue to provide health insurance benefits for its employees generally, including
Younger, or to continue to maintain the current level and amount of coverage under its health
insurance plan(s).

          4. Payment of Severance Benefits Conditional Upon Release. The Company’s obligation
to provide severance benefits to Younger under the provisions of Section 9 of the Employment
Agreement shall be conditioned on Younger’s execution and continued compliance in all material
respects with the restrictive covenants set forth in the Release of Claims attached hereto as
Appendix A.

          5. Deletion of Exhibit B to Employment Agreement. Exhibit B to the Employment
Agreement, “Transaction Bonus,” is hereby deleted from the Employment Agreement.

          6. Continuance in Force of Employment Agreement. Other than as specifically amended
hereby, the terms and provisions of the Employment Agreement shall remain in full force and effect.

          IN WITNESS WHEREOF, the Company and Younger have executed this Amendment as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	“COMPANY”	 	 
	 
	 	 	 	 	 	 
	 	 	THE CRONOS GROUP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dennis J. Tietz	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Dennis J. Tietz

Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	“YOUNGER”	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Peter J. Younger	 	 
	 	 	 	 	 
	 	 	Peter J. Younger	 	 

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Appendix A

Form of Release of Claims

 

 

RELEASE OF CLAIMS

          1. Release of Claims (“Release”). In consideration of the payments and benefits to be
made by ___, a ___ corporation (“Employer”) to
___ (“Employee”) under that certain Employment Agreement, dated as of
___, as amended ___ (hereinafter, “Employment Agreement”), and with the
intention of binding Employee and Employee’s heirs, executors, administrators and assigns, Employee
does hereby release, remise, acquit and forever discharge Employer and each of its subsidiaries and
affiliates (the “Employer Affiliated Group”), their present and former officers, directors,
executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof),
and the successors, predecessors and assigns of each of the foregoing (collectively, the
“Employer Released Parties”), of and from any and all claims, actions, causes of action,
complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial
obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law,
equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether
now known or unknown, suspected or unsuspected which Employee, individually or as a member of a
class, now has, owns or holds, or has at any time heretofore had, owned or held, against any
Employer Released Party in any capacity, including, without limitation, any and all claims (i)
arising out of or in any way connected with Employee’s service to any member of the Employer
Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service
in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive
payments, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity,
defamation, intentional infliction of emotional harm or other tort, and (iv) for any violation of
applicable state and local labor and employment laws (including, without limitation, all laws
concerning unlawful and unfair labor and employment practices), any and all claims based on the
Employee Retirement Income Security Act of 1974 (“ERISA”), any and all claims arising under
the civil rights laws of any federal, state or local jurisdiction, including, without limitation,
Title VII of the Civil Rights Act of 1964 (“Title VII”), the Americans with Disabilities
Act (“ADA”), Sections 503 and 504 of the Rehabilitation Act, the Family and Medical Leave
Act, the Age Discrimination in Employment Act (“ADEA”), the California Labor Code, and any
and all claims under any whistleblower laws or whistleblower provisions of other laws, excepting
only:

          (a) rights of Employee under this Release and the Employment Agreement;

          (b) rights of Employee relating to equity awards held by Employee as of his or her
termination date;

          (c) the right of Employee to receive COBRA continuation coverage in accordance with
applicable law;

          (d) rights to indemnification Employee may have (i) under applicable corporate law,
(ii) under the bylaws or articles of incorporation of any

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Employer Released Party, or (iii) as an insured under any director’s and officer’s
liability insurance policy now or previously in force;

          (e) claims (i) for benefits under any health, disability, retirement, deferred
compensation, life insurance or other similar employee benefit plan or arrangement of the
Employer Affiliated Group, and (ii) for earned but unused vacation pay through the
termination date in accordance with applicable Employer policy; and

          (f) claims for the reimbursement of unreimbursed business expenses incurred prior the
date (“Termination Date”) of Employee’s termination of employment by Employer.

          2. Waiver of Unknown Claims. In connection with this Release, and subject to
exceptions (a)-(f) of Section 1 of this Release, Employee acknowledges that he or she is aware that
he or she may later discover facts in addition to or different from those which he or she currently
knows or believes to be true with respect to the subject matters of this Release, but that it is
Employee’s intention hereby fully, finally, and forever, to settle and release all of these matters
which now exist, may exist, or previously existed between Employee and the Employer Released
Parties, whether known or unknown, suspected or unsuspected. In furtherance of such intent, the
releases given herein shall be and shall remain in effect as full and complete releases,
notwithstanding the discovery or existence of such additional or different facts. In this regard,
and subject to the exceptions (a)-(f) of Section 1 of this Release, Employee specifically waives
the benefits of the provisions of Section 1542 of the Civil Code of the State of California and any
other analogous state or federal law or regulation. Said Section 1542 of the California Civil Code
reads as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH DEBTOR.

          3. No Admissions. Employee acknowledges and agrees that this Release is not to be
construed in any way as an admission of any liability whatsoever by any Employer Released Party,
any such liability being expressly denied.

          4. Application to all Forms of Relief. This Release applies to any relief no matter
how called, including, without limitation, wages, back pay, front pay, compensatory damages,
liquidated damages, punitive damages for pain or suffering, costs and attorney’s fees and expenses.

          5. Specific Waiver. Employee specifically acknowledges that his or her acceptance of
the terms of this Release is, among other things, a specific waiver of his or her rights, claims
and causes of action under Title VII, ADEA, ADA and any state or

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local law or regulation in respect of discrimination of any kind; provided, however, that
nothing herein shall be deemed, nor does anything herein purport, to be a waiver of any right or
claim or cause of action which by law Employee is not permitted to waive.

          6. No Complaints or Other Claims. Employee acknowledges and agrees that he or she has
not, with respect to any transaction or state of facts existing prior to the date hereof, filed any
complaints, charges or lawsuits against any Employer Released Party with any governmental agency,
court or tribunal.

          7. Conditions of Release.

               (a) Terms and Conditions. From and after the Termination Date, Employee shall abide
by all the terms and conditions of this Release and the terms and conditions set forth in the
Employment Agreement, which is incorporated herein by reference.

               (b) Confidentiality. Employee shall not, without the prior written consent of
Employer or as may otherwise be required by law or any legal process, or as is necessary in
connection with any adversarial proceeding against any member of the Employer Affiliated Group (in
which case Employee shall cooperate with Employer in obtaining a protective order at Employer’s
expense against disclosure by a court of competent jurisdiction), communicate, to anyone other than
Employer and those designated by Employer or on behalf of Employer in the furtherance of its
business, any trade secrets, confidential information, knowledge or data relating to any member of
the Employer Affiliated Group, obtained by Employee during Employee’s employment by Employer that
is not generally available public knowledge (other than by acts by Employee in violation of this
Release).

               (c) Return of Employer Material. Employee represents that he or she has returned to
Employer all Employer Material (as defined below). For purposes of this Section 7(c), “Employer
Material” means any documents, files and other property and information of any kind belonging
or relating to (i) any member of the Employer Affiliated Group, (ii) the current and former
suppliers, creditors, directors, officers, employees, agents and customers of any of them, or (iii)
the businesses, products, services and operations (including, without limitation, business,
financial and accounting practices) of any of them, in each case whether tangible or intangible
(including, without limitation, credit cards, building and office access cards, keys, computer
equipment, cellular telephones, pagers, electronic devices, hardware, manuals, files, documents,
records, software, customer data, research, financial data and information, memoranda, surveys,
correspondence, statistics and payroll and other employee data, and any copies, compilations,
extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only
information (x) that is generally available public knowledge or (y) that relates to Employee’s
compensation or employee benefits.

               (d) Cooperation. Following the Termination Date, Employee shall reasonably cooperate
with Employer upon the reasonable request of Employer and

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be reasonably available to Employer with respect to matters arising out of Employee’s services
to the Employer Affiliated Group.

               (e) Nondisparagement. Employee agrees not to communicate negatively about or
otherwise disparage any Employer Released Party or the products or businesses of any of them in any
way whatsoever.

               (f) Nonsolicitation. Employee agrees that for the period of time beginning on the
date hereof and ending on the second anniversary hereof, Employee shall not, either directly or
indirectly, solicit, entice, persuade, induce or otherwise attempt to influence any person who is
employed by any member of the Employer Affiliated Group to terminate such person’s employment by
such member of the Employer Affiliated Group. Employee also agrees that for the same period of
time he or she shall not assist any person or entity in the recruitment of any person who is
employed by any member of the Employer Affiliated Group. The Employee’s provision of a reference
to or in respect of any individual shall not be a violation this Section 7(f).

               (g) No Representation. The Employee acknowledges that, other than as set forth in the
Employment Agreement, (i) no promises have been made to him or her, and (ii) in signing this
Release Employee is not relying upon any statement or representation made by or on behalf of any
Employer Released Party and each or any of them concerning the merits of any claims or the nature,
amount, extent or duration of any damages relating to any claims or the amount of any money,
benefits, or compensation due Employee or claimed by Employee, or concerning the Release or
concerning any other thing or matter.

               (h) Injunctive Relief. In the event of a breach or threatened breach by Employee of
this Section 7, Employee agrees that Employer shall be entitled to injunctive relief in a court of
appropriate jurisdiction to remedy any such breach or threatened breach, Employee acknowledging
that damages would be inadequate or insufficient.

          8. Voluntariness. Employee agrees that he or she is relying solely upon his or her
own judgment; that Employee is over eighteen years of age and is legally competent to sign this
Release; that Employee is signing this Release of his or her own free will; that Employee has read
and understood the Release before signing it; and that Employee is signing this Release in exchange
for consideration that he or she believes is satisfactory and adequate.

          9. Legal Counsel. Employee acknowledges that he or she has been informed of the right
to consult with legal counsel and has been encouraged to do so.

          10. Complete Agreement/Severability. This Release constitutes the complete and final
agreement between the parties and supersedes and replaces all prior or contemporaneous agreements,
negotiations, or discussions relating to the subject matter of this Release. All provisions and
portions of this Release are severable. If any provision or portion of this Release or the
application of any provision or portion of the

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Release shall be determined to be invalid or unenforceable to any extent or for any reason,
all other provisions and portions of this Release shall remain in full force and shall continue to
be enforceable to the fullest and greatest extent permitted by law.

          11. Acceptance. Employee acknowledges that he or she has been given a period of
twenty-one (21) days within which to consider this Release, unless applicable law requires a longer
period, in which case Employee shall be advised of such longer period and such longer period shall
apply. Employee may accept this Release at any time within this period of time by signing the
Release and returning it to Employer.

          12. Revocability. This Release shall not become effective or enforceable until seven
(7) calendar days after Employee signs it. Employee may revoke his or her acceptance of this
Release at any time within that seven (7) calendar day period by sending written notice to
Employer. Such notice must be received by Employer within the seven (7) calendar day period in
order to be effective and, if so received, would void this Release for all purposes.

          13. Governing Law. Except for issues or matters as to which federal law is
applicable, this Release shall be governed by and construed and enforced in accordance with the
laws of the State of California without giving effect to the conflicts of law principles thereof.

          Please indicate your acceptance of this Release by signing and dating this page and returning
it to Employer. A duplicate of this Release should be maintained for your records.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	“EMPLOYER”	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 
	 	By	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ACCEPTED AND AGREED:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	“EMPLOYEE”	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

A-5exv10w49

 

Exhibit 10.49

CRONOS CONTAINERS LIMITED

AND

FRANK VAUGHAN

 

SERVICE AGREEMENT

 

Edwin Coe

2 Stone Buildings

Lincoln’s Inn

London WC2A 3TH

Ref: RJH/ZS/66-12639

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Index to Clauses

	 	 	 
	1

	 	Interpretation
	2

	 	Appointment and duration
	3

	 	Duties of the Executive
	4

	 	Place of work and residence
	5

	 	Pay
	6

	 	Pension
	7

	 	Insurance benefits
	8

	 	Expenses
	9

	 	Holiday
	10

	 	Sickness
	11

	 	Confidentiality
	12

	 	Termination of agreement
	13

	 	Provisions after Termination
	14

	 	General

          Schedule 1      Particulars Required by the Employment Rights Act 1996

          Schedule II      Severance policy

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SERVICE AGREEMENT

THIS AGREEMENT is made this 20 day of April 2000

BETWEEN:-

	(1)	 	CRONOS CONTAINERS LIMITED a company incorporated in England and Wales with
company number 1543912 and whose registered office is at Orchard Lea, Winkfield Lane,
Winkfield, Windsor SL4 4RU (“the Company”); and
	 
	(2)	 	FRANK VAUGHAN of 151 Broad Hinton, Twyford, Berkshire, RG10 OXJ (“the Executive”).

WHEREAS:

	(A)	 	The Executive employment with the Company commenced on 7 May 1991
	 
	(B)	 	The Company has appointed the Executive in the capacity as Vice President, Finance of the Company.

NOW THEREFORE in consideration of the mutual obligations and covenants contained herein, the
adequacy and sufficiency of which are hereby acknowledged, the parties HAVE AGREED AS FOLLOWS:-

	1	 	Interpretation

	 	1.1	 	The headings and marginal headings to the clauses are for convenience only and
have no legal effect.
	 
	 	1.2	 	Any reference in this Agreement to any Act or delegated legislation includes
any statutory modification or re-enactment of it or the provision referred to.

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	 	1.3	 	In this Agreement:

‘THE BOARD’ means the Board of Directors of the Company and includes any committee of the
Board duly appointed by it.

‘GROUP
COMPANY’ means any company which for the time being is a company having an ordinary
share capital (as defined in s 832 of the Income and Corporation Taxes Act 1988) of which
not less than 25 per cent is owned directly or indirectly by the Company or its holding
company applying the provisions of s 838 of the Income and Corporation Taxes Act 1988 in
the determination of ownership

‘CHAIRMAN’ means the Chairman of the Board or any person or persons jointly holding such
office of the Company from time to time and includes any person(s) exercising substantially
the functions of a managing director or chief executive officer of the Company.

	2	 	Appointment and duration

	 	2.1	 	The Company appoints the Executive and the Executive agrees to serve as Vice
President, Finance of the Company or in such other appointment as may from time to
time be agreed. The Executive accepts that the Company may at its discretion direct
him to perform other duties or tasks not within the scope of his normal duties and
the Executive agrees to perform such duties or undertake such tasks as if they were
specifically required under this Agreement provided performance of any such duties
or tasks by the Executive shall not affect the Executive’s right to the remuneration
provided for under this Agreement.
	 
	 	2.2	 	The appointment commenced on 1 October 1998 and shall continue (subject to
earlier termination as provided in this Agreement) until 30 November 2001 and thereafter
shall continue until terminated by either party giving to the other not less than 3
months written notice.
	 
	 	2.3	 	The Company may from time to time appoint any other person or persons to act
jointly with the Executive in his appointment.
	 
	 	2.4	 	The Executive warrants that by virtue of entering into this Agreement or any
other agreement between a Group Company and the Executive, he will not be in breach of

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	 	 	 	any express or implied terms of any contract with or of any other obligation to any
third party binding upon him.

	3	 	Duties of the Executive

	 	3.1	 	The Executive shall at all times during the period of this Agreement:

	 	3.1.1	 	devote the whole of his time, attention and ability to the duties of his appointment;
	 
	 	3.1.2	 	faithfully and diligently perform those duties and exercise such powers
consistent with them which are from time to time assigned to or vested in
him;
	 
	 	3.1.3	 	obey all lawful and reasonable directions of Chairman of the
Company and/or the board;
	 
	 	3.1.4	 	use his best endeavours to promote the interests of the
Company and its Group Companies;
	 
	 	3.1.5	 	keep the Chairman and/or the Board promptly and fully informed
(in writing if so requested) of his conduct of the business or affairs of the Company and its
Group Companies and provide such explanations as the Chairman and/or the
Board may required;
	 
	 	3.1.6	 	not at any time make any untrue or misleading statement relating to the Company or any Group Company.
	 
	 	3.1.7	 	not take any action prejudicial to the interests of the
Company or any Group Company.

	 	3.2	 	The Executive shall (without further remuneration) if and for so long as the
Company require during the period of this Agreement:

	 	3.2.1	 	carry out the duties of his appointment on behalf of any Group Company;

5

 

	 	3.2.2	 	act as an officer of any Group Company or hold any other appointment
or office as nominee or representative of the Company or any Group Company;
	 
	 	3.2.3	 	carry out such duties and the duties attendant on any such
appointment as if they were duties to be performed by him on behalf of the Company.

	4	 	Place of work and residence
	 
	 	 	The Executive shall perform his duties at the business premises of the Company at Orchard
Lea, Winkfield Lane, Winkfield, Windsor, Berkshire, England and/or such other place of
business of the Company or of any Group Company as the Company requires.
	 
	5	 	Pay

	 	5.1	 	During his appointment the Company shall pay the Executive:-

	 	5.1.1	 	a salary at the rate of £79,972 per year which shall accrue
day-to-day and be payable by equal monthly instalments in arrears on or about the
25th day of each month. The salary shall be deemed to include any fees receivable by the
Executive as a Director of the Company or any Group Company, or of any
other company or unincorporated body in which he holds office as nominee or
representative of the Company or any Group Company; and
	 
	 	5.1.2	 	The Executive shall be entitled to participate in the
Company’s discretionary bonus programme in accordance with its terms and conditions and which pays
a discretionary bonus based on Company and personal performance. The
entitlement to participate in the Company’s discretionary bonus programme
will cease on termination of employment or if the Executive is placed on
garden leave pursuant to the provisions of clause 12.5 hereof

	 	5.2	 	The Executive’s salary may be reviewed by the Board annually on 1st
January and the rate of salary may be increased by the Company with effect from that date and by
such amount if any as it shall in its absolute discretion think fit save for the
avoidance of doubt the first such review shall not take place prior to 1 January 2001

6

 

	 	5.3	 	The Executive acknowledges and agrees that he is not entitled to the benefit of a
company car and the Executive’s pay as stated in 5.1.1 includes an increase in the sum
of £11,100 in consideration of such agreement.

	6	 	Pension

	 	6.1	 	The Company does not operate a contracted-out pension scheme, so there is no contracting out certificate in force.
	 
	 	6.2	 	At the Company’s discretion, the Executive may be entitled to participate in the
Company’s Group Personal Pension Plan subject to the terms of the rules from time to
time which are available for inspection from the Human Resources Department. The
Company shall be entitled at any time to terminate the plan or the Executive’s
membership of it.

	7	 	Insurance benefits

	 	7.1	 	The Executive shall be entitled to participate at the Company’s expense in the
Company’s Life Assurance Scheme and Permanent Health Insurance Scheme and in the
Company’s private medical expenses insurance scheme, for himself, his spouse and
dependent children subject always to the rules of such schemes details of which are
available from the Human Resources Department.

	8	 	Expenses

	 	8.1	 	The Company shall reimburse to the Executive on a monthly basis travelling,
hotel, entertainment and other expenses reasonably incurred by him in the
proper performance of his duties subject to the production to the Company of such vouchers
or other evidence of actual payment of the expenses as the Company may reasonably require
	 
	 	8.2	 	Where the Company issues a company sponsored credit or charge card to the
Executive he shall use such card only for expenses reimbursable under clause 8.1 above, and
shall return it to the Company forthwith on the termination of his employment

7

 

9 Holiday

	 	9.1	 	In addition to English public holidays the Executive is entitled to 25 working
days paid holiday in each year (which runs from 1st January to 31 December) to be
taken at such time or times as are agreed with the Board. The Executive shall not without the
consent of the Board carry forward (save for a maximum of 5 days) any unused part of
his holiday entitlement to a subsequent holiday year.
	 
	 	9.2	 	For the holiday year during which his appointment commences or terminates, the
Executive is entitled to 2 working days holiday for each complete calendar month of his
employment by the Company during that holiday year. On the termination of his
appointment for whatever reason, the Executive shall either be entitled to pay in lieu of
outstanding holiday entitlement or be required to repay to the Company any salary
received for holiday taken in excess of his actual entitlement. The basis for payment
and repayment shall be 1/260 x of the Executive’s annual basic salary for each day.

	10	 	Sickness

	 	10.1	 	If the Executive is absent because of sickness (including mental disorder) or
injury he shall report this fact forthwith to the Human Resources Department and if the
Executive is so prevented for seven or more consecutive days he shall provide a
medical practitioner’s statement on the eighth day and weekly thereafter so that the
whole period of absence is certified by such statements. Immediately following his
return to work after a period of absence the Executive shall complete a
Self-Certification form available from the Human Resources Department detailing the
reason for his absence.
	 
	 	10.2	 	If the Executive shall be absent due to sickness (including mental disorder) or
injury duly certified in accordance with the provisions of clause 10.1 hereof, he shall be
entitled to his full basic salary hereunder for a period up to six months of
continuous absence or for 25 days absence in aggregate in any period of 12 months and
thereafter such remuneration, if any, as the Board shall from time to time determine provided
that such remuneration shall be inclusive of any statutory sick pay to which the
Executive is entitled under the provisions of the Social Security Benefits Act 1992 and any
Social

8

 

	 	 	 	Security Sickness Benefit or other benefits recoverable by the Executive
(whether or not recovered) may be deducted therefrom.
	 
	 	10.3	 	For Statutory Sick Pay purposes the Executive’s qualifying days shall be his
normal working days.
	 
	 	10.4	 	At any time during the period of his appointment, (but not normally more often
than once every second year) the Executive shall at the request and expense of the
Company permit himself to be examined by a registered medical practitioner to be selected by
the Company and shall authorise such medical practitioner to disclose to and discuss
with the Company’s medical adviser the results of such examination and any matters which
arise from it in order that the Company’s medical adviser can notify the Company of
any matters which, in his opinion, might hinder or prevent the Executive (if during
period of incapacity) from returning to work for any period or (in other
circumstances) from properly performing any duties of his appointment at any time.

	11	 	Confidentiality

	 	11.1	 	The Executive acknowledges that during his employment with the Company he will
have access to and will be entrusted with confidential information and trade secrets
relating to the business of the Company, other Group Companies and their customers
and suppliers (“Confidential Information”).
	 
	 	11.2	 	The Executive will not during the term of the appointment (otherwise than in
the proper performance of his duties and then only to those who need to know Confidential
Information) or thereafter (except with the written consent of the Board or as
required by law):

	 	(a)	 	divulge or communicate to any person (including any
representative of the press or broadcasting or other media);
	 
	 	(b)	 	cause or facilitate any unauthorised disclosure through any
failure by him to exercise all due care and diligence; or
	 
	 	(c)	 	make use of (other than for the benefit of any Group Company)

9

 

	 	 	 	any Confidential Information which may have come to his knowledge during his
employment with the Company or in respect of which a Group Company may be bound by
an obligation of confidence to any third party provided the Executive is or has been
made aware of such obligation or confidence. The Executive will also use all
reasonable endeavours to prevent the publication or disclosure of any Confidential
Information. These restrictions will not apply to Confidential Information which,
after the appointment has been terminated, has become available to the public
generally otherwise than through unauthorised disclosure, or is disclosed in any
legal proceeds.
	 
	 	11.3	 	All notes, memoranda and other records (whether in documentary form or stored
on computer disk or tape) made by the Executive during his employment with the Company
and which relate to the business of any Group Company shall belong to such Group
Company and the Executive shall, from time to time, promptly hand over such notes,
memoranda and other records to the Company (or as the Company may direct).

	12	 	Termination of agreement

	 	12.1	 	Automatic termination

This Agreement shall automatically terminate:

	 	12.1.1	 	on the Executive reaching his 65th birthday; or
	 
	 	12.1.2	 	if the Executive becomes prohibited by law from being a director; or
	 
	 	12.1.3	 	if he resigns his office;

	 	12.2	 	Suspension

	 	 	 	In order to investigate a complaint against the Executive of misconduct the Company
is entitled to suspend the Executive on full pay for so long as may be necessary to
carry out a proper investigation and hold a disciplinary hearing.

10

 

	 	12.3	 	Immediate dismissal
	 
	 	 	 	The Company may terminate this Agreement summarily without notice if the Executive:

	 	12.3.1	 	commits any act of gross misconduct or repeats or continues (after written
warning) any other material breach of his obligations under this Agreement; or
	 
	 	12.3.2	 	is guilty of any conduct which in the reasonable opinion of the Board brings
him, the Company or any Group Company into disrepute; or
	 
	 	12.3.3	 	is convicted of any criminal offence (excluding an offence under road traffic
legislation in the United Kingdom or elsewhere for which he is not sentenced to
any term of imprisonment whether immediate or suspended); or
	 
	 	12.3.4	 	commits any act of dishonesty whether relating to the Company, or Group
Company, any of its or their employees or otherwise; or
	 
	 	12.3.5	 	becomes bankrupt or makes any arrangement or composition with his creditors generally; or
	 
	 	12.3.6	 	is in the reasonable opinion of the Board incompetent in the performance of his duties.

	 	12.4	 	Payment on termination
	 
	 	 	 	On the termination of this Agreement the terms and provisions of the Company’s severance
policy as set out in Schedule II hereto shall apply to the Executive. In the event of a
termination without good cause the Executive will be entitled to be paid an amount equal
to the greater of the Executive’s annual basic salary under this Agreement for the balance
of the term of this Agreement as set out in clause 2.2 above or the amount calculated due
under the severance policy.

11

 

	 	12.5	 	Pay in lieu
	 
	 	 	 	The Company shall be entitled (but not obliged) to pay to the Executive his
salary (at the rate then payable under clause 5 hereof) and contractual benefits for
the unexpired portion of his entitlement to notice.
	 
	 	12.6	 	Garden Leave
	 
	 	 	 	The Company shall have the right at its discretion during the period of notice and
any part thereof to assign the Executive to any other duties or to change the
Executive’s duties as and when required by the Company or to place the Executive on
leave, in either case paying the basic salary and benefits excluding bonus due to
the Executive.
	 
	 	12.7	 	Miscellaneous
	 
	 	 	 	On the termination of this Agreement for whatever reason, the Executive shall at the
request of the Company resign (without prejudice to any claims which the Executive
may have against any company arising out of this Agreement or the termination
thereof) from all and any offices which he may hold as a Director of the Company or
of any Group Company and from all other appointments or offices which he holds as
nominee or representative of the Company or any Group Company and if he should fail
to do so within seven days the Company is hereby irrevocably authorised to appoint
some person in his name and on his behalf to sign any documents or do any things
necessary or requisite to effect such resignation(s) and/or transfer(s).

	13	 	Provision after Termination

	 	13.1	 	The Executive agrees that he will not at any time after the termination of
this Agreement, either personally or by his agent, directly or indirectly: -

	 	13.1.1	 	represent himself as being in any way connected with or interested in the
business of the Company or any Group Company;
	 
	 	13.1.2	 	use or disclose to any person, firm or company any confidential information
directly or indirectly relating to the affairs of the Company or any Group
Company or to a customer of the Company or any Group Company which may

12

 

	 	 	 	have been acquired by him in the course of or incidental to his employment by the
Company for his own benefit or for the benefit of others or to the detriment of the
Company or any Group Company or such customer. This restriction shall continue to
apply after the termination of this Agreement but shall cease to apply to
information or knowledge which may come into the public domain otherwise than
through unauthorised disclosure by the Executive or any other person.

	 	13.2	 	The Executive shall not for a period of 6 months after the termination of this Agreement
directly or indirectly and whether on his own behalf or on behalf of any other business,
concern, person, partnership, firm, company or other body which is wholly or partly in
competition with the business carried on by the Company or any Group Company:

	 	13.2.1	 	canvass, solicit or approach or cause to be canvassed or solicited or
approached for orders in respect of any services provided or goods dealt in by
the Company or any Group Company in respect of the provision or sale of
which the Executive was engaged during the last 12 months of his employment
with the Company, any person who at the date of termination of this
Agreement was negotiating with the Company or Group Company for the
supply of services or goods or within 12 prior to such date is or was a client or
customer of the Company or any Group Company or was in the habit of
dealing with the Company or Group Company and with whom the Executive
shall have dealt.
	 
	 	13.2.2	 	interfere or seek to interfere or take such steps as may interfere with the
continuance of supplies to the Company or any Group Company (or the terms
relating to such supplies) from any suppliers who have been supplying
components, materials or services to the Company or any Group Company at
any time during the last 12 months of this Agreement;
	 
	 	13.2.3	 	solicit or entice or endeavour to solicit or entice away from the Company or
any Group Company or offer or cause to be offered any employment to any
person employed by the Company or any Group Company in an executive
capacity at the date of such termination for whom the executive is responsible;

13

 

	 	13.2.4	 	deal with any person or persons who or which at any time during the
period of 12 months prior to termination of this Agreement have been in the
habit of dealing under contract with the Company or any Group Company.

	 	13.3	 	The restrictions contained in this clause are separate and severable and
enforceable accordingly and considered reasonable by the parties (the Executive
acknowledging the legitimate need for the Company and the Group Companies to protect
their business interests) but in the event that any such restriction shall be found or
held to void in circumstances where it would be valid if some part thereof were
deleted or distance of application reduced, then the parties agree that such
restriction shall apply with such modification as may be necessary to make it valid
and effective.

	14	 	General

	 	14.1	 	Statutory particulars
	 
	 	 	 	The further particulars of terms of employment not contained in the body of this
Agreement which must be given to the Executive in compliance with the Employment
Rights Act 1996 are given in Schedule 1.
	 
	 	14.2	 	Prior agreements
	 
	 	 	 	This Agreement sets out the entire agreement and understanding of the parties and
is in substitution for any previous contracts of employment or for services between
the Company or any of its Group Companies and the Executive (which shall be deemed
to have been terminated by mutual consent).
	 
	 	14.3	 	Accrued rights
	 
	 	 	 	The expiration or termination of this Agreement however arising shall not operate
to affect such of the provisions of this Agreement as are expressed to operate or
have effect after then and shall be without prejudice to any accrued rights or
remedies of the parties.

14

 

	 	14.4	 	Proper law
	 
	 	 	 	The validity construction and performance of this Agreement shall be governed by
English law.
	 
	 	14.5	 	Acceptance of jurisdiction
	 
	 	 	 	All disputes claims or proceedings between the parties relating to the validity
construction or performance of this Agreement shall be subject to the non-exclusive
jurisdiction of the High Court of Justice in England and Wales (‘the High Court’)
to which the parties irrevocably submit.
	 
	 	15.6	 	Notices
	 
	 	 	 	Any notice to be given by a party under this Agreement must be in writing and must
be given by delivery at or by sending by first class post or other faster postal
service, or telex, facsimile transmission or other means of telecommunication in
permanent written form (provided the addressee has his or its own facilities for
receiving such transmission) to the last known postal address or relevant
telecommunications number of the other party. Where notice is given by sending in a
prescribed manner it shall be deemed to have been received when in the ordinary
course of the means of transmission it would be received by the addressee. To prove
the giving of a notice it shall be sufficient to show it was despatched. A notice
shall have effect from the sooner of its actual or deemed receipt by the addressee.

IN WITNESS WHEREOF THE EXECUTIVE AND THE COMPANY HAVE EXECUTED THIS DOCUMENT AS A DEED THE DAY AND
YEAR FIRST BEFORE WRITTEN

	 	 	 
	Signed and delivered as
	 	 
	 
	 	 
	a deed by the Executive
	 	 
	 
	 	 
	FRANK VAUGHAN

	 	/s/ Frank Vaughan
	 

	 	 
	 
	 	 
	in the presence of

	 	/s/ Kay Cuzner
	 

	 	 
	 
	 	 
	Name:

	 	Kay Cuzner

15

 

	 	 	 
	Address:

	 	[ILLEGIBLE]
	 

	 	 
	 

	 	Bracknell
	 

	 	 
	Occupation:

	 	Manager H.R.
	 
	 	 
	Signed and delivered as a deed
	 	 
	 
	 	 
	by PETER YOUNGER Director and

	 	/s/ Peter Younger
	 

	 	 
	 
	 	 
	JOHN KIRBY (Director)

	 	/s/ John Kirby
	 

	 	 
	 
	 	 
	for and on behalf of the Company
	 	 

16

 

SCHEDULE 1

Employment Rights Act 1996

The following information is given to supplement the information given in the body of the Agreement
in order to comply with the requirements of the Act

	1	 	The Executive’s appointment by the Company commenced on 1 October 1998.
	 
	2	 	The Executive’s period of continuous employment with the Company began on 7 May 1991
	 
	3	 	The Executive’s hours of work are the normal hours of the Company from 9.00 am to 5.30 pm
Monday to Friday each week together with such additional hours as may be necessary so as
properly to fulfil his duties.
	 
	4	 	No Contracting-Out Certificate pursuant to provisions of the Pensions Scheme Act 1993 is held
by the Company in respect of the Executive’s employment.
	 
	5	 	There is no formal disciplinary procedure applicable to this employment. The Executive is
expected to exhibit a high standard of proprietary, integrity and efficiency in all his
dealings with and in the name of the Company and Group Company and may be suspended on basic pay
and benefits (excluding bonus) or required to take leave during any investigations which it
may be necessary for the Company to undertake.
	 
	6	 	If the Executive has any grievance relating to his employment (other than one relating to a
disciplinary decision) he should refer such grievance to the Chairman and if the grievance
is not resolved by discussion with him it will referred to the Board for resolution.
	 
	7	 	There are no collective agreements which directly or indirectly affect the Executive’s terms
and conditions of employment.

17

 

SCHEDULE II

COMPANY’S SEVERANCE POLICY

	1	 	Any employee terminated by the Company without “cause” shall be paid severance in an
amount equal to the product obtained by multiplying the employee’s monthly salary at the
time of termination by the number of years that the employee has worked for the Company,
with a maximum severance payment of one year’s salary;
	 
	2	 	No severance shall be paid to an employee terminated for “cause”, with cause defined, in the
absence of any specific definition in any employment or severance agreement between the
employee and the Company, to mean the non-performance of, or wilful misconduct in the
performance of, the employee’s duties to the Company, or to wilful misconduct of the
employee amounting to moral turpitude so as to affect his or her ability to adequately perform
services on behalf of the Company;
	 
	3	 	For purposes of the Company’s severance policy, the term “Company” shall refer to the
Cronos Group or to the subsidiary of the Cronos Group that is the employer of the employee
for tax purposes;
	 
	4	 	The Company’s severance policy shall be subject to any provision of local law of the country
of the employee’s principal place of business that may call for a higher severance payment in
the event of a termination of the employee without cause;
	 
	5	 	The Company’s severance policy shall be subject to any provision of any employment or
severance agreement between the Company and the employee that calls for a severance
payment different than that specified in the Company’s severance policy;
	 
	6	 	No severance shall be payable by the Company to any employee who voluntarily resigns his
or her employment with the Company; and
	 
	7	 	Any severance payment called for under the Company’s severance policy shall be paid to the
terminated employee in one lump sum, within 30 days of his or her termination of
employment.

 

 

	 	 	 
	17 December 2001

	 	
	PRIVATE & CONFIDENTIAL
	 	 
	 

	 	Orchard Lea
	Mr. Frank Vaughan

	 	Winkfield Lane
	151 Broad Hinton

	 	Winkfield Windsor
	Twyford

	 	Berkshire SL4 4RU
	Berkshire

	 	England
	RG10 OXJ
	 	 
	 

	 	Telephone (44) (0) 1344 891111
	 

	 	Fax (44) (0) 1344 894104
	 

	 	Website www.cronos.com

Dear Frank

VARIATION TO YOUR SERVICE AGREEMENT

Pursuant to your Service Agreement dated 20 April 2000 and discussions with Cronos, I
understand it has been agreed that clause 2.2 of your Service Agreement shall be deleted and
the following new clause 2.2 inserted in its place:

“The
appointment commenced on 1 October 1998 and shall continue (subject to earlier
termination as provided in this Agreement) until 30 November 2003 and thereafter shall
continue until terminated by either party giving to the other not less than 3 months
written notice”.

I should be grateful if you would sign and return the attached copy of this letter confirming
your acceptance to the above variation to your Service Agreement.

Yours sincerely

	 	 	 
	/s/
Peter Younger
	 	 
	Director
	 	 
	Cronos Containers Limited
	 	 

I confirm that I accept the above variation to my Service Agreement dated 17 December 2001

	 	 	 	 	 
	Signed

	 	/s/
Frank Vaughan	 	 
	 

	 	Frank Vaughan	 	 

	 	 	 
	 

	 	Cronos Containers Limited
	 

	 	Registered in England and
	 

	 	Walet No 1543912
	 

	 	VAT No CD 504625213

1

 

AMENDMENT TO SERVICE AGREEMENT

     THIS AMENDMENT TO SERVICE AGREEMENT (the “Amendment”), made as of this 5th day of November,
2002, by and between Cronos Containers Limited, a United Kingdom corporation (the “Employer”), and
Frank P. Vaughan (the “Employee”),

W I T N E S S E T  H:

     WHEREAS, Employer and Employee entered into a Service Agreement, dated as of April 20, 2000,
as amended on December 17, 2001 (hereinafter, the “Service Agreement”); and

     WHEREAS, pursuant to clauses 2.1 and 2.2 of the Service Agreement, Employer agreed to employ
Employee, and Employee agreed to serve in the employ of the Employer, on an exclusive and
full-time basis, as the Vice President – Finance, through November 30, 2003, subject to earlier
termination pursuant to the provisions of the Service Agreement; and

     WHEREAS, Employer and Employee desire to extend the term of the Service Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and
valuable consideration, the parties hereto agree as follows:

     1. Extension
of Term of Service Agreement. Employer agrees
to employ the Employee, and the Employee agrees to serve in the employ of the
Employer, on an exclusive and full-time basis, in the position identified for
Employee in the Service Agreement, subject to the supervision and direction of
that person or persons set forth in the Service Agreement, through November 30,
2004, unless such period is sooner terminated by either party giving the other not
less than three (3) months written notice and pursuant to the provisions of clauses
12.1 or 12.3 of the Service Agreement.

     2. Continuance
in Force of Service Agreement. Other than as
specifically amended hereby, the terms and provisions of the Service Agreement
shall remain in full force and effect.

 

 

     IN WITNESS WHEREOF, the Employer and the Employee have signed this Amendment, effective as of
the date and year first above written.

	 	 	 	 	 
	 	 	“EMPLOYER”
	 
	 	 	 	 
	 	 	CRONOS CONTAINERS LIMITED
	 
	 	 	 	 
	 

	 	By
	 	/s/ John Kirby
	 

	 	 	 	 
	 

	 	Its
	 	DIRECTOR
	 
	 	 	 	 
	 	 	“EMPLOYEE”
	 
	 	 	 	 
	 	 	/s/ Frank P. Vaughan
	 	 	 
	 	 	FRANK P. VAUGHAN

 

 

	 	 	 
	 

	 	
	 
	 	 
	 

	 	Cronos Containers
	 

	 	The Ice House
	 

	 	Dean Street
	 

	 	Marlow
	December 15, 2003

	 	Bucks
	 

	 	SL7 3AB
	PRIVATE & CONFIDENTIAL 

	 	United Kingdom
	 
	 	 
	Mr. Frank Vaughan,

	 	Telephone: +44 (0) 1628 405580
	 

	 	Fax: +44 (0) 1628 405653
	 

	 	Website: www.cronos.com

Berkshire.

Dear Frank,

VARIATION TO YOUR SERVICE AGREEMENT

Pursuant to your Service Agreement dated 20 April 2000, amended 22 January 2001, 17
December 2001 and 5 November 2002, and discussions with Cronos, I understand it has been
agreed that Clause 2.2 of your Service Agreement shall be deleted and the following new
clause 2.2 inserted in its place:

“The
appointment commenced on 1 October 1998 and shall continue (subject to
earlier termination as provided in this Agreement) until 30 November 2005 and
thereafter shall continue until terminated by either party giving to the other
not less than 3 months written notice.”

I shall be grateful if you would sign and return the attached copy of this letter
confirming your acceptance to the above variation to your Service Agreement.

Yours sincerely,

/s/ Peter Younger

 

Director, 
Cronos
Containers Ltd.

I confirm that I accept the above variation to my Service Agreement.

	 	 	 	 	 
	Signed

	 	/s/
Frank Vaughan	 	 
	 

	 	Frank Vaughan	 	 

	 	 	 
	 

	 	Cronos Containers Limited
	 

	 	Registered in England and
	 

	 	Wales No 1543912
	 

	 	VAT No CD 504625213

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