Document:

2nd Amendment to the lease

SECOND AMENDMENT TO LEASE

THIS AMENDMENT made as of the 4th day of January, 2005, by and between LASALLE BANK NATIONAL ASSOCIATION, as successor trustee to AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as Trustee ("Trustee") under Trust Agreement dated January 1, 1991 and known as Trust No. 113370-03 ("Landlord") and Biosante Pharmaceuticals, Inc. ("Tenant").

W I T N E S S E T H:

WHEREAS, Landlord and Tenant entered into that certain Lease dated December 19, 2003, as amended by First Amendment to Lease dated February 26, 2004, and as modified by Letter Amendment dated March 19, 2004 (the "Lease"), which Lease demised to Tenant a portion of the 2nd floor, known as Suite 280 ("Premises") of the building known as 111 Barclay Boulevard, Lincolnshire, Illinois ("Building"); and

WHEREAS, the parties hereto desire to extend the term of the Lease and to amend the Lease in certain other respects.

NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the Lease is hereby further amended as follows:

1.  Extended Term. The term of the Lease is hereby extended to March 21, 2006 on the same terms and conditions as set forth in the Lease, except as modified herein and unless sooner terminated pursuant to the terms of the Lease. 

 

2.  Rent. As of March 22, 2005, the Base Rent payable under the Lease shall be as follows:

 

	
 

Period
	
Annual

Base Rent
	
Monthly

Installment

	
3/22/05-3/21/06
	
$88,413.00
	
$7,367.75

3.  Real Estate Brokers. Tenant represents that it has dealt with, and only with Van Vlissingen and Co., as broker in connection with this Amendment, and that, insofar as Tenant knows, no other broker negotiated this Amendment or is entitled to any commission in connection therewith. Tenant agrees to indemnify and hold Landlord harmless from all damages, liability and expense (including reasonable attorneys' fees) arising from any claims or demands of any other broker or brokers or finders in connection with its participating with Tenant in the negotiating of this Amendment.

 

4.  Lease in Full Force and Effect. Except for the provisions of this Amendment, all the terms, covenants and conditions of the Lease and all the rights and obligations of Landlord and Tenant thereunder, shall remain in full force and effect, and are not otherwise altered, amended, revised or changed.

 

5.  Estoppel. Tenant and Landlord hereby each acknowledge that as of the date hereof, they have no claims arising under the Lease against the other party or its agents, or any one or more of the foregoing, and that neither knows of any default or failure on the part of the other party to keep or perform any covenant, condition or undertaking to be kept or performed by such other party under the Lease.

 

6.  Exculpatory Provisions. It is expressly understood and agreed by and between the parties hereto, anything herein to the contrary notwithstanding, that each and all of the representations, warranties, covenants, undertakings and agreements herein made on the part of any Landlord while in form purporting to be the representations, warranties, covenants, undertakings, and agreements of such Landlord are nevertheless each and every one of them made and intended, not as personal representations, warranties, covenants, undertakings, and agreements by such Landlord or for the purpose or with the intention of binding such Landlord personally, but are made and intended for the purpose only of subjecting such Landlord's interest in the Building, the Land and the Premises to the terms of this Amendment and for no other purpose whatsoever, and in case of default hereunder by any Landlord (or default through, under, or by any of its agents or representatives), the Tenant shall look solely to the interests of such Landlord in the Building and Land; that neither Landlord nor American National Bank and Trust Company of Chicago, as Trustee of Trust No 113370-03 shall have any personal liability to pay any indebtedness accruing hereunder or to perform any covenant, either express or implied, herein contained and no liability or duty shall rest upon any Landlord which is a land trust to sequester the trust estate or the rents, issues and profits arising therefrom, or the proceeds arising from any sale or other disposition thereof; that no personal liability or personal responsibility of any sort is assumed by, nor shall at any time be asserted or enforceable against, Landlord, American National Bank and Trust Company of Chicago, as Trustee under Trust No. 113370-03 or any beneficiaries under any land trust which may become the owner of the Building, on account of this Amendment or on account of any representation, warranty, covenant, undertaking or agreement of Landlord in this Amendment contained, either express or implied, all such personal liability, if any, being expressly waived and released by Tenant and by all persons claiming by, through, or under Tenant; and that this Amendment is executed and delivered by the undersigned Landlord not in its own right, but solely in the exercise of the powers conferred upon it as such Trustee. 

 

	  
	 	 	 
	

	 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed on the date first above written.

	 	
LANDLORD:

 

LASALLE BANK NATIONAL ASSOCIATION, as successor trustee to AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as Trustee aforesaid

	 	
 

By: /s/

Its: Trustee                  

	 	
 

TENANT:

 

BIOSANTE PHARMACEUTICALS, INC.

	 	
 

By: /s/ Phillip B. Donenberg   

Its: Chief Financial Officer, Treasurer, and SecretaryExhibit 10.8

 

THIS AGREEMENT is made this 1st day of December 2003

 

B E T W E E N :

 

 

(1)                                           GFI HOLDINGS
LIMITED (“the Company”) of GFI House,
9 Hewett Street, London EC2A 3RP; and

 

(2)                                           JURGEN HEINZ
BREUER (“the Employee”) of Flat 1, 89, Harcourt Terrace,
London, SW10, 9JP

                   together “the Parties”.

 

1.                                      DEFINITIONS

1.1                                 In this
Agreement unless the context otherwise requires:

1.1.1                        “Group” means any company which is from time to time a
holding company or parent undertaking of the Company, a subsidiary or subsidiary
undertaking of the Company or a subsidiary or subsidiary undertaking of any
such holding company or parent undertaking. 
The expressions “subsidiary” and “holding company” shall have the
meaning ascribed to them by sections 736 and 736A of the Companies Act 1985 and
“parent undertaking” and “subsidiary undertaking” shall have the meanings
ascribed to them by sections 258, 259 and 260 of the Companies Act 1985.

1.1.2                        “Associated
Company” means any company within the Group and references to
Associated Companies and Associated Company shall be construed accordingly.

1.1.3                        “Board” means  the board of directors of GFI Group Inc. for
the time being (including any duly appointed sub-committee of the said Board.

 

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1.1.4                        “Commencement Date” means the date
the Employee commences Employment pursuant to the terms of this Agreement;

1.1.5                        “Employment” means the
employment of the Employee by the Company or any Associated Company pursuant to
the terms of this Agreement;

1.1.6                        “Confidential Information” means all information which may be
imparted in confidence or be of a confidential nature including but not limited
to all information relating to the business or prospective business, current or
projected plans, objectives or internal affairs of the Company or the Group,
all know-how, marketing information, trade secrets, research and product
development,  client lists (including
without limitation, the identities or clients, names, addresses, contacts and
the clients’ business status or needs), sensitive employee information
(including without limitation information relating to the skill, compensation
and benefits of employees) unpublished
information relating to the Company’s or any Group company’s Intellectual
Property, and any other operational, commercial, financial or technical
information relating to the business or prospective business of the Company or
any Group company, or to any client, customer or potential client or customer
or supplier or potential supplier, licensee, officer or employee of the Company
or any Group company, or to any member or person interested in the share
capital of the Company or any Group company.

1.1.7                        “Intellectual Property” includes
letters, patents, trademarks, designs, utilities, models, processes, copyright
including design copyrights, applications for any of the foregoing and the
right to apply for them in any part of the world, discoveries, creations,
inventions or improvements upon or additions to any invention, database rights,
Confidential Information, know-how and research effort relating to any of the
above mentioned, moral rights and any similar rights in any country, whether
registered or unregistered.

1.1.8                        “Documents” means documents, disks, memory,
notebooks, tapes, or any other medium, whether or not eye-readable, on
which information (whether confidential or otherwise) may from time to time be
referred to, written or recorded.

1.2                                 The headings
and marginal headings to the clauses are for convenience only and have no legal
effect.

 

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1.3                                 Words denoting
the singular include the plural and vice versa;  words denoting one gender include all genders; words denoting
persons include companies, all other similar types of organisation, corporations,
unincorporated associations and partnerships.

1.4                                 All references
to statutory provisions or enactments shall include references to any
consolidating legislation involving the provisions, enactments and regulations
referred to and any amendment, modification or re-enactment of any such
provision or enactment (whether on or before the date of this Agreement), to
any previous enactment which has been replaced or amended, and to any
regulation or order made under such provision or enactment.

2.                                      INTRODUCTION

2.1                                 This Agreement
includes those particulars of your Appointment which are required to be given
to you under the Employment Rights Act 1996, as amended.  This
Agreement is supplemented by the GFI Company Handbook (“the Handbook”) as
provided at clause 17.6 below.  A copy
of the Handbook shall be provided to you by the Company.  Should there be any inconsistency between
this Agreement and the contents of the Handbook, the terms of this Agreement
shall prevail.

2.2                                 You warrant and
confirm that at the Commencement Date under this Agreement you will be under no
legally valid and enforceable obligation to any third party which is in any way
inconsistent with or which imposes any restriction against you commencing or
continuing Employment with the Company.

2.3                                 You further warrant and
confirm that your performance of all of the terms of this Agreement will not
breach any agreement to keep in confidence any confidential information,
knowledge or data acquired by you in confidence or in trust prior to your employment
with the Company and that you will not disclose to the Company or induce the
Company to use any confidential information or material belonging to any
previous employer or others.  You agree
to indemnify the Company against all loss, liability costs or damages suffered
or incurred by the Company in the event that any of the facts warranted and
confirmed by you in this clause 2.3 are deemed untrue or misleading, by a court
of competent jurisdiction.

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3.                                      APPOINTMENT

3.1                                 Your employment
under this Agreement shall commence on 1 October 2003  (the “Commencement Date”), and shall continue thereafter,
subject to earlier termination in accordance with clause 16, for a period of
twenty seven months, expiring on the 31 December 2005  (“the Term”). This Agreement and your Employment hereunder
shall thereafter be automatically renewed for successive annual periods of 12
months (“the Renewal Period”) subject to either party giving to the other not
less than 4 months notice in writing to expire at the end of the Term, or any
Renewal Period (“the Notice Period”), of that party’s intention not to renew
this Agreement.

3.2                                 The Company
appoints you and you agree to serve the Company as Head of Broking - Asia
Pacific or in such other capacity as may be required by the Board from time to
time.

3.3                                 Your continuous
employment with the Company commenced on 12 January 1998.

4.                                      JOB TITLE AND DUTIES

4.1                                 During the Term
and any Renewal Period, in addition to your implied duty of fidelity, you shall:

4.1.1                        devote the
whole of your time and attention and the full benefit of your knowledge,
expertise, skills and ability in the proper performance of your duties to the
Company (unless on holiday as permitted by this Agreement or prevented by
ill-health or accident);

4.1.2                        faithfully and
diligently perform your duties and exercise and carry out such powers and
functions consistent with them as may from time to time be assigned to or
vested in you by or under the authority of the Board;

4.1.3                        obey all lawful
and reasonable directions given to you by or under the authority of the Board
or the CEO of GFI Group Inc., and save as inconsistent with the express terms
of this Agreement, all applicable rules and regulations from time to time laid down
by the Company concerning its employees.

4.1.4                        at all times
use your best endeavours to promote and protect the interests and welfare and
to maintain the goodwill of the Company and any Associated Company and to
exercise all reasonable endeavours to prevent there being

 

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done anything that is or may
be prejudicial or detrimental to the Company or any Associated Company;

4.1.5                        keep the Board
promptly and fully informed (in writing if so requested) of your  conduct of the business or affairs of the
Company and/or any Associated Company and provide such explanations in respect
of all matters as the Board may reasonably require;

4.1.6                        not at any time
make any untrue or misleading statement relating to the Company or any
Associated Company or omit to bring to the Board’s attention any matter
relevant to or that in any material way may affect the business or commercial
operation of the Company or any Associated Company.  Further, you shall promptly disclose to the Board any information
which comes into your possession or attention which affects adversely or may
effect adversely the Company or any Associated Company or the business of the
Company or any Associated Company.  Such
information shall include but not be limited to the plans of any employee to
leave the Company or any Associated Company (whether alone or in concert with
other employees) the plans of any employee (whether alone or in concert with
other employees), to join a competitor or to establish a business in
competition with the Company or any Associated Company, any steps taken by an
employee to implement either of such plans or the misuse by any employee of any
Confidential Information belonging to the Company or any Associated Company.

4.2                                 For the avoidance of doubt, you shall, if
required by the Board, carry out duties for and/or act in a capacity as an
employee for any Associated Company wherever situated and without further fees
or remuneration, and shall enter into any separate agreement or agreements with
such Associated Company for such purpose. Any duties that you may have under
this Agreement will be deemed to extend to such Associated Company.

4.3                                 You agree that
you will not offer to any third party or accept any benefit whether financial
or in kind from any other party (other than your proper remuneration from the
Company) and you further agree that you will not accept or offer gifts or
hospitality other than by way of a token nature from any person or business
with whom you are involved on the Company’s or Associated Company’s business.

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4.4                                 Your job
description may from time to time be amended by the Company and in addition to
the duties set out above, you may from time to time be required by the Board to
undertake additional or other duties, consistent with your status and
seniority, as necessary to meet the needs of the business of the Company, and
any Associated Company.

4.5                                 You shall not
publish any literature, deliver any lecture or make any communication to the
Press, broadcasting or other media relating to the business of the Group
without the approval of the Board but should such prior approval be granted
copyright in any such publication or lecture notes will belong absolutely to the
Company.

4.6                                 Unless you have
obtained the prior written consent of the Board, you shall not during your
Employment by the Company carry on or be concerned, engaged, or interested,
directly or indirectly (whether as principal, shareholder, partner, employee,
officer, agent or otherwise), in any trade, business, or occupation, other than
that of the Company or any Associated Company, and shall not engage in any
other activity which the Company reasonably considers may impair your ability
to perform your duties under this Agreement, save that you may hold an interest in any units of any authorised unit
trust and an interest of not more than 3% in any class of shares or other
securities of any company which are traded on a recognised investment exchange
..

4.6.1                        The prior
written consent of the Board may be given subject to such terms and conditions
as the Board shall decide (each of which shall be considered to be a term of
this Agreement), and the Board shall have the right to reconsider the consent
or the terms thereof if from time to time it considers that it is in the
interests of the Company to do so.

5.                                      CONDUCT

 

5.1                                 As Head of Broking - Asia Pacific  you
are an ambassador of the Company and the Group and all Associated Companies and
whilst on Company business you will conduct yourself in a professional and
ethical fashion and in a manner that will credit the Company and any Associated
Company’s business and reputation.

 

 

6

 

 

6.             PLACE AND HOURS OF WORK

 

6.1                                 Your normal
place of work will be at the Company’s offices at 60 Wyndham Street, The
Centrium, Room 1703, Central, Hong Kong or such other location as the Company
may from time to time reasonably require within the United Kingdom or abroad
for the purpose of business visits.

6.2                                 In addition you
agree to travel and work overseas, staying away for periods of up to several
weeks duration, upon reasonable notice.

6.3                                 Your normal
hours of work are not fixed, but are the usual working hours of the Company and
such additional hours as may be necessary for the proper performance of your
duties.  You will not be entitled to any
further remuneration for such additional hours worked.

6.4                                 To the extent
that the provisions of the Working Time Regulations 1998 apply to your
Employment, you agree to work longer than a 48 hour week on average if
required, and that you shall not withdraw such agreement without providing the
Company with three months’ written notice of such withdrawal.

7.                                      REMUNERATION

7.1                                 During your
Employment, subject to you complying with your obligations and duties under
this Agreement, the Company shall pay you a basic salary of US$350,000, per
annum (the Salary”) which shall accrue from day-to-day and be payable by bank
credit transfer in equal monthly instalments in accordance with the Company’s
standard payroll practices from time to time. The Salary shall be deemed to
include any fees receivable by you as a Director of the Company, any Associated
Company or of any other company or unincorporated body in which you hold office
as nominee or representative of the Company or any Associated Company.

7.2                                 The Company
will lease an apartment for you and cover the cost of rental up to a maximum of
HK$50,000 per month.  The cost of utilities, telephones, household insurance and other
expenses related to the accommodation are for your own account, for which you
are personally liable.

7.3                                 In addition to
the payments and benefits pursuant to clause 7.1 and 7.2, above you may also be
eligible to receive a discretionary bonus. The payment of and the amount of any
such discretionary bonus shall be at the absolute discretion of the Board.   To be eligible to receive such a bonus, if
any, you must be employed by the

 

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Company
at the date of payment and not be under notice of termination of employment or
in breach of contract.

7.4                                 Upon
termination of your Employment, the Company reserves the right to deduct from
any sums payable to you any monies which are owed by you to the Company or to
any Associated Company.

8.                                      OTHER BENEFITS

8.1                                 Upon commencement of your
Employment, you will be entitled to participate in such medical and dental
insurance schemes as the Company may from time to time operate, subject to the
rules of the schemes, details of which are available from the Human Resources
Department.

 

8.2                                 Upon
commencement of your Employment you will be entitled to life assurance benefits
in accordance with the Company’s death in service plan applicable to you from
time to time, which plan currently provides for at least four times the Salary
as provided for in clause 7.1 herein, as amended from time to time, subject to
the Inland Revenue earnings cap.

9.                                      EXPENSES

9.1                                 You are
entitled to be reimbursed for all reasonable documented out of pocket expenses,
wholly, exclusively and necessarily incurred by you in the performance of your
duties (including entertainment and travelling expenses) in accordance with the
Company’s standard policy from time to time in respect of such expenses.

10.                               HOLIDAY

10.1                           The Company’s
holiday year runs from 1 January to 31 December.

10.2                           In addition to
UK public and bank holidays, you are entitled to 20  days’ paid holiday in each holiday year to be taken at such
time or times as may be agreed with the Board. 
You are not permitted, without the prior written consent of the Board,
to carry forward any unused part of your holiday entitlement to a subsequent
holiday year and any such unused holiday will be forfeited without payment in
lieu.

10.3                           If your Employment
commences or terminates part way through the holiday year, your entitlement to
holidays during that year will be assessed on a pro rata basis.  Holiday shall accrue at the rate of 2.08
days per calendar month of Employment.

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10.4                           Upon
termination of your Employment for whatever reason, you shall either be
entitled to pay in lieu of outstanding holiday entitlement or be required to
repay to the Company (or the Company shall be entitled to make a deduction from
your remuneration and by executing this Agreement you consent to any such
deduction) any salary received for holiday taken in excess of your actual
entitlement.  The basis for payment and
repayment shall be 1/265 of your Salary for each day’s
holiday not taken, or taken in excess of the accrued entitlement.

10.5                           The Company
reserves the right to direct the timing of up to five days’ holiday each
year.  Full details of this will be
advised to you in advance if appropriate. 
Requests for all other holiday days should, if appropriate, be submitted
to the Board as far in advance as possible.

11.                               SICKNESS

11.1                           If you are absent from the office because of
illness, injury or other circumstances, you shall notify the Company of the
reason for your absence no later than 10.00am on the first day of such absence,
giving a full explanation of the reasons for your absence.  If for any reason you are unable to make
personal contact with the Company, you should ensure that somebody contacts the
Company on your behalf.

11.2                           If you return
to work following such a period of absence of seven days or less, you must
complete a self-certification form before midday on the first day back at work
which will be retained in the Company’s records.  If you are absent for more than seven consecutive days, you shall
provide a medical practitioner’s certificate on the eighth day and weekly
thereafter so that your whole period of absence is certified by such
certificates.

11.3                           Upon completion
of six months continuous Employment with the Company if you are absent due to
sickness or injury duly certified in accordance with the provisions of this
clause 11 at the discretion of the Company you shall be entitled to be paid
your full salary for up to two months absence and thereafter half of your full
salary for a further two months in any sick pay year which runs from 1st
January to 31st December. Any further entitlement shall be to
statutory sick pay only.  Any
remuneration paid during such absence shall be inclusive of any statutory sick
pay to which you are entitled and any social security sickness benefit or other
benefits recoverable by you (whether or not recovered) may be deducted there
from.

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11.4                           You agree that
you will at the expense of the Company and if directed to do so at any time
undergo a medical examination by a medical practitioner nominated by the
Company and that the Company shall be entitled to be supplied with and retain a
copy of any medical report, diagnosis or prognosis made or produced in relation
to any such medical examination and to discuss the same with the practitioner
who produced such report, diagnosis or prognosis.

11.5                           The Company
reserves the right to cease payment of any Salary or statutory sick pay during
any period of sickness absence where you fail to notify the Company of your
absence on the first day of such absence or if you fail to comply with any of
the  certification provisions above.

11.6                           If you are
absent from work by reason of injury sustained wholly or partly as a result of
actionable negligence, nuisance or breach of any statutory duty on the part of
any third party other than any Associated Company of the Company, the Company
in its discretion may require you to take all reasonable steps to recover
compensation including repayment of all sums paid to you by the Company under
this clause in respect of such absence. 
Any such sum shall be repaid by you when and to the extent that you
recover compensation for loss of earnings from that third party by action or
otherwise less any reasonable costs incurred in recovering any such
compensation.

11.7                           The Company
reserves the right to terminate your employment without notice or payment in
lieu of notice if you are absent from work due to sickness or injury for a
period of 26 consecutive weeks or 150 days in any sick pay year.

 

12.                               CONFIDENTIAL INFORMATION

12.1                           During your
Employment, and subsequently without limit of time you may not, except in the
proper course of your duties as an employee of the Company or thereafter,
divulge to any person, firm, company or organisation whatsoever, and shall use
your best endeavours to prevent the unauthorised publication or disclosure of,
any Confidential Information concerning the organisation, business, clients,
suppliers or finances of the Company (or any Associated Company) or any of its
dealings, transactions or affairs which may come to your knowledge during or in
the course of your employment and you shall keep with complete secrecy all
Confidential Information entrusted to you and shall not use or attempt to use
any such Confidential Information in any manner which may injure or cause loss
either directly

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or
indirectly to the Company (or any Associated Company) or its business or its
clients or may be likely to do so.  For
the avoidance of doubt, this provision shall not apply to information or
knowledge which has become public other than by unauthorised disclosure.

12.2                           You shall not
during the continuance of this Agreement make or copy otherwise than for the
benefit of the Company (or if you have the prior written authority of the Board
for the benefit of any Associated Company) any data held on computer disks or
tapes or otherwise, notes, memoranda or other Documents of any nature on any
media relating to any matter within the scope of the business of the Company
(or any Associated Company) or concerning any of its dealings or affairs with
clients or whatsoever nor shall you either during the continuance of this Agreement
or afterwards use or permit to be used any such data, computer disks or tapes,
notes, memoranda or Documents otherwise than for the benefit of the Company (or
if you have the prior written authority of the Board for the benefit of any
Associated Company), it being the intention agreed by the parties to this
Agreement that all such computer data, notes, memoranda or Documents made or
copied by you are the property of the Company and shall be left at the
Company’s premises where you have been working upon the termination of your
Employment.

12.3                           After the
termination of your Employment, you shall not at any time or for any purpose
use the name of the Company (or any Associated Company) in connection with your
own business or the business of another or any other name in any way calculated
or likely to suggest that you are or have been connected with the Company’s (or
any Associated Company’s) business nor shall you use any information which you
may have acquired in the course of or as incident to your employment concerning
the Company (or any Associated Company), its business or affairs or any
customer or client of the Company (or any Associated Company) for your own
benefit or to the detriment or intended or probable detriment of the Company
(or any Associated Company) SAVE THAT this restraint shall not prohibit
you from disclosing the name of the Company (or any Associated Company) on a
bona fide curriculum vitae.

12.4                           You acknowledge
and agree that the obligations of confidentiality contained in this clause 12
shall extend to Confidential Information belonging to clients/customers of the
Company (or any Associated Company) or suppliers to the Company (or any
Associated Company) or other third parties who may have disclosed or entrusted
the

 

11

 

same
to the Company (or any Associated Company)or to you in the course of the
Company’s (or any Associated Company’s) business.

13.                               POST-TERMINATION PROTECTIVE COVENANTS

You
acknowledge that your skills and position as a senior executive of the Company
are unique and difficult to replace without substantial loss to the Company,
that you are being highly compensated for your unique and special skills and
that the Company has invested and will continue to invest significant resources
to develop your skills and to encourage and assist you to develop, expand and
maintain important relationships with customers and other business
relationships on behalf of the Company and the Group.   You further acknowledge that during the course of your
Employment you will, among other things be privy to Confidential Information.
Accordingly, you hereby covenant and agree that during your employment, and:

13.1                           For a period of 12 (twelve) months after the termination of your
Employment, either on your own or for any other person, concern, undertaking
firm or corporate body, directly or indirectly, without the Board’s prior
written consent you shall not:

13.1.1                   interfere with or entice,
solicit or induce or endeavour to interfere with or entice, solicit or induce
away from the Company or any Associated Company, any person who at the date of
termination of your Employment or at any time during the 12 (twelve) month
period immediately prior to such termination, is or was a Relevant Employee employed
by the Company or any Associated Company, and with whom you have had material
dealings in the performance of your duties at any time during the 12 (twelve)
month period immediately prior to the termination of your Employment.

 

13.2                           At the Company’s option, in relation to Clause 13.2, exercisable no
later than 14 (fourteen) days after the date of termination of your employment,
provided always that the Company shall continue to pay to you an amount
equivalent to your pre-termination basic salary, you shall not for a period of 6 (six) months
after the termination of your Employment, either on your own or for any other
person, concern, undertaking firm or corporate body, directly or indirectly,
without the Board’s prior written consent:

13.2.1                  work in the business of any
person who was, during the 12 (twelve) months prior to the date of termination
of your Employment, a Relevant Employee employed by the Company or any
Associated Company and with whom you

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had material dealings during
the course of your Employment, provided always that this restriction shall not
prevent you from working in a business which relates solely or exclusively to
services of a kind or nature with which you shall not have been concerned at
all during the 12 (twelve) month period immediately prior to the termination of
your Employment;

13.2.2                  in relation to any business
supplying services which are either the same, or similar to, or in competition
with those which you shall have supplied on behalf of the Company or any
Associated Company at any time during the 12 (twelve) month period immediately
prior to the termination of your Employment, interfere with or entice, solicit
or induce or endeavour to interfere with or entice, solicit or induce away from
the Company any client or customer or prospective client or customer of the
Company or of any Associated Company, with whom you shall have had material
dealings during the performance of your duties at any time during the 12
(twelve) month period immediately prior to the termination of your Employment;

 

13.2.3                  in relation to any business
supplying services which are either the same, or similar to, or in competition
with those which you shall have supplied on behalf of the Company or any Associated
Company at any time during the 12 (twelve) month period immediately prior to
the termination of your Employment, interfere with, deal with or accept the
custom of any client or customer or prospective client or customer of the
Company or of any Associated Company, with whom you shall have had material
dealings during the performance of your duties at any time during the 12
(twelve) month period immediately prior to the termination of your Employment.

 

13.2.4                  participate in, engage the
services of, render services to, or become interested in (as employee,
director, officer, consultant, owner, partner, lender or other investor, or
otherwise), any business supplying services which are either the same, or
similar to or in competition with those which you shall have supplied on behalf
of the Company or any Associated Company at any time during the 12 (twelve)
month period immediately prior to the termination of your Employment.

 

13

 

 

13.3         For
the purposes of this Agreement, Relevant Employee shall mean any employee of
the Company or any Associated Company who is either:

 

13.3.1       a broker of more than 2 (two) years
experience; and/or

 

13.3.2      or paid a basic salary of £40,000 or more;
and/or

 

13.3.3      or a Desk Head; and/or

 

13.3.4      or a Manager; and/or

 

13.3.5      or a Director; and/or

 

13.3.6      any individual involved in Senior
Management.

 

13.4         For the purposes of this Agreement, Senior Management shall mean any person who
is paid £50,000 per annum or more ( or the relevant currency equivalent at the
prevailing exchange rate) and who is either a Director and/or whose
responsibilities include the management and supervision of others, including
but not limited to back office settlement, technology, marketing, accounting or
administrative managers of more than two years experience and broking desk
managers.

 

13.5                           You agree that
the restrictions contained in this clause 13 are considered reasonable, but in
the event that any such restriction shall be found to be void but would be
valid if some part or parts were deleted, or the period or periods reduced,
such restriction shall apply with such modification as may be necessary to make
it valid and effective.

 

13.6                           You further
agree that each of the restrictions contained in this clause 13 is an entirely
separate, severable and independent restriction on you.

 

13.7                           Should the
Company exercise its entitlement pursuant to the provisions of clause 16.5
herein to place you on Garden Leave during all or any part of your notice period,
the period of the restrictions set out in 13.1 and 13.2 shall be reduced by
such period or periods as the Company has elected to place you on Garden Leave.

 

14

 

 

13.8                           You agree that
if the Company transfers all or part of it’s business to a third party (“the
Transferee”), the restrictions contained in this clause 13 shall, with effect
from the date of your becoming an employee of the Transferee, apply to you as
if references to the Company included the Transferee and references to any
Associated Company are construed accordingly and as if references to customers
or clients or suppliers are of the Company and/or the Transferee and their
respective Associated Companies.

 

13.9                           You agree that
you will show a copy of this Agreement including these Post Termination
Protective Covenants to any future employer immediately upon any offer or
assurance of employment being made (whether oral or in writing) where you are
to commence employment with such employer before the expiration of 6 (six)
months following the termination of the your Employment under this Agreement.

 

13.10                     The Company
reserves the right to send any prospective employer a copy of this Agreement to
put such prospective employer on notice that you are subject to the Post
Termination Protective Covenants set out above.

 

13.11                     If, during your
Employment with the Company, you receive any offer or assurance of employment
from a third party, whether oral or in writing, you agree that you will
disclose the fact of that offer or assurance to the Board immediately after it
is made and/or received.

 

13.12                     You confirm and
agree that you have had sufficient time to consider and have received
independent legal advice in respect of the effect of and potential liability
attaching to the Post Termination Protective Covenants and obligations
contained in this Clause 13.

 

 

14.                               INTELLECTUAL PROPERTY

14.1                           You acknowledge and agree
that the Intellectual Property (subject to the provisions of Section 39 Patents
Act 1977) discovered, developed, created or produced by you alone or with
others (except only those originated, conceived, written or made by you wholly
outside your normal working hours which are wholly unconnected with your
Employment) shall be the absolute property of the Company and until such rights
are

 

15

 

fully and absolutely vested
in the Company, you shall hold them in trust for the Company absolutely.

14.2                           You shall immediately
disclose to the Board any Intellectual Property discovered, developed, created
or produced by you alone or with others to enable the Company to ascertain
whether it was discovered, developed or produced wholly outside your normal
working hours and was wholly unconnected with your Employment.

14.3                           You hereby assign to the
Company by way of future assignment for the full terms thereof throughout the
world all Intellectual Property originated, conceived, written or made by you
(except only those works originated, conceived, written or made by you wholly
outside your normal working hours which are wholly unconnected with your
Employment) during your Employment by the Company.

14.4                           You agree at the request of
the Company (and notwithstanding the termination of your Employment, however
arising) to sign and execute all such documents and do all such acts as the
Company may reasonably require:-

 

14.4.1                  to apply for and obtain in the sole name of
the Company alone (unless the Company otherwise directs) patent, registered
design, or other protection of any nature whatsoever in respect of the
Intellectual Property in any country throughout the world and, when so
obtained, to renew and maintain the same;

 

14.4.2                  to resist any objection or opposition to
obtaining, and any petitions or applications or revocation of, any such patent,
registered design or other protection; and

 

14.4.3                  to bring proceedings for infringement of
any such patent, registered design or other protection.

 

14.5                           For the avoidance of doubt, the Company will pay
all reasonable expenses incurred by you in discharging your obligations under
this Clause 14.  You agree that you will
not be entitled to any other remuneration in respect of these obligations.

14.6                           You
hereby irrevocably appoint the Company to be your attorney to execute any such
deeds and documents, to take such action and to generally to use your name to
enable the Company (or its nominee) to enjoy the full benefit of any rights
granted to it by this clause.  A
certificate in writing signed by a Director or the Secretary of the

16

 

Company that any instrument or act falls within the
authority conferred by this clause shall be conclusive evidence that such is
the case.

14.7                           If
notwithstanding the provisions of this clause the Intellectual Property is not
the property of the Company the Company shall subject to the provisions of the
Patents Act 1977 have the right to acquire for itself or its nominee your
rights in the Intellectual Property within three months after disclosure
pursuant to this clause 14 on fair and reasonable terms to be agreed or settled
by a single arbitrator appointed by the Parties or in absence of agreement
between them the president for the time being of the Law Society.

14.8                           The Company
shall decide, in its sole discretion, whether and when to apply for patent,
registered design or other protection in respect of the Intellectual Property
and reserves the right to work any of the Intellectual Property as a secret
process in which event you should observe the obligations relating to
Confidential Information which are contained in Clause 12 of this Agreement.

14.9                           You recognise
the Company’s need to be able to deal without fetter any Intellectual Property
in the creation of which you may have been involved as a result of your
employment and you hereby irrevocably waive all moral rights as defined in
Chapter IV of Part I Copyright Designs and Patents Act 1988 in which copyright
or design right is vested in the Company whether by this Clause 14 or
otherwise.

14.10                     The
rights and obligations under this clause shall continue in force after
termination of this Agreement in respect of Intellectual Property made during
your Employment under this Agreement and shall be binding on your
representatives.

15.                               RETURN OF COMPANY PROPERTY

15.1                           At any time at
the request of the Company and in any event upon termination of your Employment
you (or if you shall be dead, of unsound mind or bankrupt, your personal
representatives or such other persons as shall be appointed to administer your estate
or affairs) shall immediately deliver up to the Company all property in your
possession, custody or under your control, belonging to the Company or any
Associated Company including but not limited to keys, security and computer
passes, computer hardware, facsimile machines and all documents and other
records (whether on paper, magnetic tape, CD Rom or any other kind of computer
disk, or in any other form and including correspondence, lists of clients or
customers, notes, memoranda, software, plans, drawings and other Documents and
records of

17

 

whatsoever
nature and all copies thereof) made or compiled or acquired by you during your
Employment with the Company and concerning the business, finances or affairs of
the Company or any Associated Company including, for the avoidance of doubt,
the business, finances or affairs of the clients/customers of the Company or
any Associated Company.

16.                               SUSPENSION AND TERMINATION

16.1                           Notwithstanding
the provisions of clause 3.1 of this Agreement, the Company may by written
notice terminate your Employment summarily without notice at any time if you
commit an act or acts of gross misconduct or in circumstances where the Company
is entitled to do so at law, including but without limitation:

16.1.1                  your substantial and continuing failure to
render services in accordance with your assigned duties;

 

16.1.2                  conviction for an indictable offence or for
any offence which results in a sentence of imprisonment being passed whether
immediate or suspended;

 

16.1.3                  negligence, dishonesty, breach of fiduciary
duty or material breach of the terms of this Agreement;

 

16.1.4                  your inability to meet or comply with the
regulations set by any regulatory bodies or should you fail any regulatory
requirements which render you unable to perform your duties for the Company;

 

16.1.5                  being guilty of conduct or permitting or
suffering events tending in the reasonable opinion of the Board to bring you,
the Company, or any Associated Company into disrepute;

 

16.1.6                  becoming prevented by any applicable law or
regulation, including being disqualified as a Director by any competent
authority, from continuing as a Director of the Company or any Associated
Company or performing any of your duties under this Agreement;

 

16.1.7                  becoming unable to pay your debts for the
purposes of Section 268 of the Insolvency Act 1986, or claiming the benefit of
any Act for the time being in

 

 

18

 

force for the
relief of insolvent debtors, or having proposed or made any arrangements or
composition with your creditors;

 

16.1.8                  becoming of unsound mind or a patient as
defined in either Section 112 or Section 145 of the Mental Health Act 1983, or
being admitted to a hospital in pursuance of an application made under Part 11
of that Act;

 

16.1.9                  in the reasonable opinion of the Company
you are incompetent in the performance of your duties;

 

16.1.10             you are found liable, following a full
investigation by the Company, of any serious act of discrimination prohibited
by law, whether such act or acts results in legal proceedings being brought
against the Company (or any Associated Company) or not.

 

16.2                           Any delay by
the Company in exercising any right to termination shall not constitute a
waiver of such right.

16.3                           If your Appointment shall be terminated (by operation of law or
otherwise) on or in connection with the sale of the whole or a substantial part
of the business or undertaking of the Company or on or in connection with the
sale by the Company of any Associated Company or on or by reason of the
liquidation of the Company for the purpose of reconstruction or amalgamation
(whether or not by reason of insolvency) and you shall be offered employment
with any concern or undertaking resulting from such reconstruction or
amalgamation on terms and conditions no less favourable than the terms of this
Agreement (apart from the identity of the Company) then you shall have no claim
against the Company in respect of the termination of your Employment hereunder.

16.4                           Once notice to
terminate your Employment has been given either by either party or if you seek
to terminate your Employment under this Agreement in breach of contract the
Company shall be under no obligation to vest in or assign you any powers or
duties or to provide any work for you and may exclude you from the premises of
the Company and any Associated Company provided always that salary and all
other contractual benefits do not cease to be payable or provided by reason
only of the Company exercising its rights pursuant to this clause (“Garden
Leave”).  This clause shall not affect
the general right of the Company to suspend you for good cause nor

 

19

 

shall it affect the rights
and obligations of the parties accrued prior to the service of such notice.

16.5                           Once notice to
terminate your Employment has been given either by either party or if you seek
to terminate your Employment under this Agreement in breach of contract the
Company may require you to resign from any directorship or other office that
you hold with the Company or any Associated Company and upon being so required
you shall be deemed simultaneously to submit your resignation and shall have no
claim or right of action against the Company or any Associated Company for
compensation, damages or otherwise in respect of such resignation save that
this provision shall not otherwise prejudice any of your rights in respect of
the termination of this Agreement or of your Employment.

17.                               MISCELLANEOUS PROVISIONS

17.1                           You warrant and confirm that
you have not entered into any agreement, arrangement or understanding, whether
written or oral, with any supplier, contractor, subcontractor or customer,
relating to the business of the Company or any Associated Company.

17.2                           The expiration
or termination of this Agreement 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.

17.3                           The validity,
construction and performance of this Agreement shall be governed by English
law.  All disputes claims or proceedings
between the Parties relating to the validity, construction or performance of
this Agreement shall be subject to the exclusive jurisdiction of the High Court
of Justice in England and Wales to which the Parties irrevocably submit.

17.4                           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 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 own facilities for
receiving such transmissions) 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 at the time at which the letter was delivered personally
or transmitted or if sent by post, 48 hours after posting.  To prove the giving of a notice it shall be
sufficient to show it was despatched.

20

 

17.5                           The terms
contained in this Agreement are such terms contained in the Handbook which are
stated to have contractual force embody the entire agreement between the
Parties in relation to your Employment and all other agreements or
arrangements, whether written or oral, express or implied, between the Parties
relating to your services save as referred to in this Agreement shall be deemed
to have been cancelled and longer in effect.

17.6                           A
contracting-out certificate pursuant to the Pension Schemes Act 1993 is not in
force.

IN WITNESS whereof you
have signed as a deed and the Company has signed the date and year first before
written.

 

	
  SIGNED by Jurgen Heinz Breuer

  	
  )

  	
  /s/ Jurgen Breuer

  
	
  in the presence of

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by Sheena Griffiths

  	
  )

  	
  /s/ Sheena Griffiths

  
	
  for and on behalf of

  	
  )

  	
   

  
	
  GFI Holdings Limited

  	
   

  	
   

  

 

 

21

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