Document:

Exhibit
10.60

THIS AGREEMENT is made the 8th
day of July 1999

BETWEEN:

LIFFE Administration and Management,
(registered in England no 1591809) whose registered office is at Cannon Bridge,
London EC4R 3XX (“the Company”); and

Hugh Ronald Freedberg of Ikaya,
Garden Close, Givons Grove, Leatherhead, Surrey KT22 8LT (“the Executive”)

It is agreed that the Company shall employ the
Executive upon and subject to the following terms and conditions:

1.                                       DATE OF COMMENCEMENT 12
OCTOBER 1998

1.1                                 The employment of the Executive shall
(subject to Clause 16) be for an indefinite period terminable by the Company or
the Executive giving to the other;

1.1.1                                    at any time up to and including 11 April
2000 not less than 24 (twenty four) months’ written notice; and

1.1.2                                    at any time after 11 April 2000 not less
than 12 (twelve) months’ written notice.

1.2                                 If compensation is paid to you in lieu of
notice, it will be calculated on base salary and benefits only (excluding
bonuses) but will not be subject to mitigation.

1.3                                 No employment with a previous employer
counts as part of the Executive’s continuous period of employment for the
purposes of the Employment Rights Act 1996.

2.                                       JOB TITLE: CHIEF
EXECUTIVE

3.                                       OBLIGATIONS DURING
EMPLOYMENT:

The Executive shall during the continuance of his
employment:

3.1                                 serve the Company to the best of his
ability in the capacity of Chief Executive

3.2                                 faithfully and diligently perform such
duties and exercise such powers consistent with them as the Board may from time
to time properly assign to or confer upon him;

3.3                                 do all in his power to protect, promote,
develop and extend the business interests of the Group;

 

 

3.4                                 at all times and in all respects conform
to and comply with the lawful and reasonable directions of the Board and the
rules of any self-regulating organisation (as defined in the Financial Services
Act 1986) of which the Company is a member;

3.5                                 promptly give to the Board (in writing if
so requested) all such information explanations and assistance as it may
require in connection with the business and affairs of the Company and any
Associated Company for which he is required to perform duties;

3.6                                 unless prevented by sickness, injury or
other incapacity or as otherwise agreed by the Board devote the whole of his
time, affention and abilities during his hours of work (which shall be normal
business hours and such additional hours as may be necessary for the proper
performance of his duties) to the business and affairs of the Company and any
Associated Company for which he is required to perform duties;

3.7                                 work at the company’s offices at Cannon
Bridge or such other place within the UK which the Board may reasonably require
for the proper performance and exercise of his duties and powers and the
Executive may be required to travel on the business of the Company and any
Associated Company for which he is required to perform duties;

3.8                                 at such times as the Board may reasonably
request and at the expense of the Company undergo a medical examination by a
doctor of the Company’s choice;

3.9                                 if required by the Board during any
period of notice of termination given by either party or during any
investigation into alleged misconduct or similar on the Executive’s part, not
attend the Company’s offices or perform any duties on its behalf.  The Executive is expressly reminded that,
during such period, his duties to the Group of good faith and confidentiality
remain in force.

4.                                       FURTHER OBLIGATIONS OF
THE EXECUTIVE:

4.1                                 During the continuance of his employment
the Executive shall not without the prior written consent of the Board (such
consent not to be unreasonably withheld or delayed) directly or indirectly
carry on or be engaged, concerned or interested in any other business, trade or
occupation.

4.2                                 During the continuance of his employment
the Executive:

4.2.1                                    shall not directly or indirectly procure,
accept or obtain for his own benefit (or for the benefit of any other person)
any payment, rebate, discount, commission, vouchers, gift, or other benefit
(“gratuities”) from any third party in respect of any business transacted or
proposed to be transacted (whether or not by him) by or on behalf of the
Company or any Associated Company: and

 

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4.2.2                                    shall observe the terms of any policy
issued by the Company in relation to gratuities: and

4.2.3                                    shall immediately disclose and account to
the Company for any gratuities received by him (or by another person on his
behalf or at his instruction).

5.                                       REMUNERATION

The Company shall pay to the Executive during the continuance
of his employment a salary (which shall accrue from day to day) at the rate of
£320,000 per annum.  The salary shall be
payable by equal monthly instalments in arrears after statutory and other
deductions on or before 25th of each calendar month.  This salary shall be subject to discretionary
annual review by the Remuneration Committee of the Board.

Any other Directorships must have the prior approval
of the Board.  If such a role is an
extension of the business of the Group the salary will be part of the already
declared package.  If it is not an
extension of the Group’s business, but is approved by the board, any resultant
remuneration may be retained by the Executive.

At the end of the first full calendar year, 1999, you
will be eligible for a bonus payment of up to 50% of your base salary for the
period of service to 31 December 1999. 
This will be subject to your personal performance and achievement of the
objectives which you will agree with the Chairman.

Commencing 1 January 2000 the Executive will be
eligible for an annual bonus payment, based upon business performance
objectives agreed by the Remuneration Committee of the Board, the potential for
which will not be less than 50% of the Executive’s base salary.  The first such payment to be determined by
these arrangements will occur following completion of the 2000 financial year.

6.                                       PENSIONS AND LIFE
ASSURANCE

6.1                                 The Executive will be eligible to become
a member of the LIFFE Retirement Benefits Plan subject to the terms of the
trust deed and rules in force from time to time (“the Pension Scheme”).

6.2                                 A contracting-out certificate is not
currently in force in respect of the employment of the Executive.

6.3                                 The Company shall on or about the 25th
day of each calendar month make a pension contribution in arrears in respect of
that calendar month into either the Pension Scheme (or if more appropriate in
the Company’s view and at the discretion of the Company) into a personal
pension scheme or schemes approved under Chapter IV of the Income and Corporation
Taxes Act 1988 (“ICTA”) (“the Personal Pension Arrangement”).  The contribution shall be:

 

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(a)                                  if the payment is made into the Pension
Scheme, a sum equal to the lesser of:

•                              1/12 of the Executive’s Pension Payment;
and

•                              such amount as the actuary to the Pension Scheme
advises the Company is likely not to produce a sum available to provide
benefits to be paid to the Executive at his normal retirement date which would
be in excess of those permitted by the Inland Revenue; or

 

(b)                                 if the payment is made into the Personal
Pension Arrangement, a sum equal to the lesser of:

•                              1/12 of the Executive’s Pension Payment;
and

•                              1/12 of the Relevant Percentage of the
Permitted Maximum for the tax year in question.

6.4                                 The Company shall (if there is a balance
as defined in Clause 6.4(a)) on or about the 25th day of each
calendar month make a pension contribution in arrears in respect of that
calendar month into a funded unapproved retirement benefits scheme (“FURBS”) of
either:

(a)                                  the difference (if any) between:

•                              1/12 of the Executive’s Pension Payment,
and

•                              the payment made into the Pension Scheme
or the Personal Pension Plan (as relevant) for that month by the Company in
accordance with Clause 6.3, (such payment being “the Balance” for the purposes
of this Clause 6); or

(b)                                 if the Executive so elects by written
notice to the Company at least 10 working days in advance of the first relevant
Balance being paid into the FURBS an amount which is (100-(X/100)) of the
Balance, free of tax, until such a time as the Executive notifies the Company
in writing at least 10 working days in advance of the first relevant balance
being paid into the FURBS that he has withdrawn his election under this Clause
6.4 (b),

6.5                                 Subject to the Executive fulfilling his
obligations under Clause 6.6, the Company shall determine the Executive’s
Pension Payment annually as soon as practicable after 1 April in each year for
the 12 month period from that 1 April to the following 31 March by reference to
the Executive’s basic remuneration, the Executive’s car cash allowance and the
cost of the other benefits (each as referred to in Clause 6.7 (a)) as at that 1
April, In determining the Executive’s Pension Payment under this Clause 6.5.  the Company shall also take into

 

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account any changes to
the Executive’s basic remuneration, the Executive’s car cash allowance and the
cost of the other benefits (each as referred to in Clause 6.7 (a)) which have
occurred in the previous year to 31 March and shall appropriately adjust the
Executive’s Pension Payment either up or down (as necessary) for the following
year commencing 1 April to take account of any overpayment or underpayment into
the FURBS in respect of the previous year to 31 March.

6.6                                 At the Company’s request, the Executive
shall provide the Company with, or procure that the Company is provided with,
all such documents and information as are necessary in the opinion of the
Company to determine the Executive’s Pension Payment under Clause 6.5

6.7                                 For the purposes of this Clause 6 only:

(a)                                  “Executive’s
Pension Payment” means 33% of the Executive’s basic remuneration as
defined in Clause 5.1 less the sum of:

(i)                         the car cash allowance referred to in
Clause 8;

(ii)                      the annual cost of that part of the
benefits detailed in Clause 6.8 as has to be provided for the Executive under a
life assurance arrangement which is not a tax exempt approved arrangement (as
determined by the Company); and

(iii)                   the annual cost of the benefits detailed in Clause 7
(as determined by the Company);

(iv)                  the annual cost of the permanent health insurance
benefit detailed in Clause 9 (as determined by the Company) and taking into
account any necessary adjustment in respect of any overpayment or underpayment
into the FURBS in respect of the previous year to 31 March as referred to in
Clause 6.5.

(b)                                 “Permitted
Maximum” has the meaning given to it in section 590(2) of ICTA;

(c)                                  “Relevant
Percentage” means the percentage set out in section 640(2) of ICTA
which applies to the Executive in the relevant tax year; and

(d)                                 “X”
is the Executive’s marginal rate of income tax for the month in question.

6.8                                 the Company shall provide the Executive
with life assurance cover which in the event of his death during the
continuance of his employment will pay a lump sum equal to four times his then
annual rate of salary;

 

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6.9                                 the Company shall provide the Executive
cover under the Company’s personal accident and injury Policy.

7.                                       PRIVATE MEDICAL
INSURANCE

You will be eligible for cover under the LIFFE Private
Medical Insurance scheme details of which will be provided separately.

8.                                       COMPANY CAR

The Executive is entitled to a cash allowance of £9,000
per annum in respect of his membership of the Company car scheme.  This will be paid as a supplement to salary,
via the Company payroll, and will be subject to PAYE and National Insurance
deductions.  The allowance will not form
part of basic salary for the purposes of calculating pension
contributions.  In addition the Company
shall during the continuance of his employment reimburse the Executive in
respect of the vehicle that the Executive drives, petrol costs incurred on the
Company’s business, the road fund license fee, additional insurance premium
related to business use, maintenance and any other reasonable running costs.

9.                                       PERMANENT HEALTH
INSURANCE

The Executive shall be entitled to membership of the
Company’s permanent health insurance scheme.

10.                                 EXPENSES

The Company shall during the continuance of his
employment reimburse the Executive in respect of:

10.1                           all reasonable travelling, accommodation,
entertainment and other similar out-of-pocket expenses wholly, exclusively and
necessarily incurred by him in or about the performance of his duties; and

10.2                           a proportion of the rental and unit
charges attributable to the telephone at his home to reflect business use at a
rate not exceeding fifty per cent of the amount of each quarterly bill; and

10.3                           except where specified to the contrary
all expenses shall be reimbursed on a monthly basis subject to the Executive
providing appropriate evidence (including receipts, invoices, tickets and/or
vouchers as may be appropriate) of the expenditure in respect of which he
claims reimbursement.

11.                                 HOLIDAY ENTITLEMENT

11.1                           The Executive shall (in addition to the
usual public and bank holidays) be entitled to five and one half days paid
holiday between 15 October 1998 and 31 December 1998.  Thereafter the Executive shall be entitled to
25 days holiday

 

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per annum increasing to
27 days after ten years service and 30 days after fifteen years service.

11.2                           Upon the termination of his employment
the Executives entitlement to accrued holiday pay shall be calculated on a pro
rata basis in respect of each completed month of service in the year in which
his employment terminates.  The
appropriate amount shall be paid to the Executive provided that if the
Executive shall have taken more days holiday than his accrued entitlement the
Company is hereby authorised to make an appropriate deduction from the
Executives final salary payment.

12.                                 INCAPACITY

12.1                           If the Executive is absent from work due
to sickness or injury he must notify the Chairman or Human Resources Director
as early as possible on the first day of absence.

12.2                           If the Executive is incapable of working
due to sickness or injury he must provide the Human Resources Department with a
completed LIFFE sickness self-certification form immediately upon return to
work.

12.3                           If the Executive’s incapacity continues
for more than seven calendar days he must obtain a certificate or certificates
from a registered medical practitioner (or hospital) for so long as his
incapacity for work continues.  This must
be forwarded to the Human Resources Director,

12.4                           In the event of the Executive being
prevented by a medically certified illness or injury from performing his
duties, under the terms of this employment he is entitled to receive:

a)                                      eligible Statutory Sick Pay; and

b)                                     payment from the Company, for a period of
eight weeks of absence per annum through sickness, to augment SSP to the level
of his current remuneration.  Further
payment beyond this period is at the discretion of the Company.  Thereafter the Executive shall be entitled to
such benefits, if any, as are payable under the Company’s permanent health
insurance scheme.

12.5                           If any incapacity of the Executive shall
be caused by any alleged action or wrong of a third party and the Executive
shall decide to claim damages in respect thereof then the Executive shall use
all reasonable endeavours to recover damages for loss of earnings over the
period for which salary has been or will be paid to him under clause 12.4 and
shall account to the Company for any such damages recovered (in an amount not
exceeding the actual salary paid or payable to him by the Company under clause
12.4 in respect of the said period) less any costs borne by him in achieving
such recovery.  The Executive shall

 

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keep the Company informed
of the commencement, progress and outcome of such claim.

13.                                 DISCIPLINARY AND
GRIEVANCE PROCEDURES

13.1                           For statutory purposes there is no formal
disciplinary procedure in relation to the Executive’s employment.  The Executive shall be expected to maintain
the highest standards of integrity and behaviour.

14.                                 INTELLECTUAL PROPERTY

14.1                           Subject to the relevant provision of the
Patents Act 1977, the Registered Designs Act 1949 and the Copyright Designs and
Patents Act 1988 if at any time in the course of his employment the Executive
makes or discovers or participates in the making or discovery of any
Intellectual Property relating to or capable of being used in the business of
the Company or any Associated Company he shall immediately disclose full
details of such Intellectual Property to the Company.  At the request and the expense of the Company
he shall do all things which may be necessary or desirable for obtaining the
appropriate forms of protection for the Intellectual Property in such parts of
the world as may be specified by the Company and for vesting all rights in the
same in the Company or its nominee.

14.2                           The Executive hereby irrevocably appoints
the Company to be his attorney in his name and on his behalf to sign, execute
or do any instrument or thing and generally to use his name for the purpose of
giving to the Company or its nominee the full benefit of the provisions of this
clause and in favour of any third party a certificate in writing signed by any
Director or the Secretary of the Company that any instrument or act falls
within the authority conferred by this clause shall be conclusive evidence that
such is the case.

14.3                           If the Executive makes or discovers or
participates in the making or discovery of any Intellectual Property during the
continuation of his employment but which is not the property of the Company
under Clause 14.2 the Company shall subject only to the provisions of the
Patents Act 1977 have the right to acquire for itself or its nominee the
Executive’s rights in the Intellectual Property within three months after
disclosure pursuant to Clause 14.2 on fair and reasonable terms to be agreed or
settled by a single arbitrator.

14.4                           The Executive hereby waives all of his
moral rights (as defined in the Copyright Designs and Patents Act 1988) in
respect of any acts of the Company or any acts of third parties done with the
Company’s authority in relation to any Intellectual Properly which is the
property of the Company by virtue of Clause 14 hereof.

14.5                           All rights and obligations under this
clause in respect of Intellectual Property made or discovered by the Executive
during his employment shall continue in

 

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force after termination
of employment and shall be binding upon the Executives personal
representatives.

15.                                 CONFIDENTIALITY

15.1                           The Executive shall not (other than in
the proper performance of his duties or with the prior written consent of the
Board or unless ordered by a court of competent jurisdiction) at any time
either during the continuance of his employment or after its termination
disclose or communicate to any person or use for his own benefit or for the
benefit of any other person other than the Company or any Associated Company
any confidential information which may come to his knowledge in the course of
his employment and the Executive shall during the continuance of his employment
use his best endeavours to prevent the unauthorised publication or misuse of
any confidential information provided that such restrictions shall cease to
apply to any confidential information which may enter the public domain other
than through the default of the Executive.

15.2                           All documents (which expression shall include
but without limitation notes memoranda correspondence drawings designs and any
other material upon which data or information is stored or recorded) of any
trade secret or confidential information concerning the business of the Company
and any Associated Company or any of its or their suppliers, agents,
distributors, customers.  or others which
shall have been acquired received or made by the Executive during the course of
his employment shall be the property of the Company and should be surrendered by
the Executive to someone duly authorised in that behalf at the termination of
his employment or at the reasonable request of the Board at any time during the
course of his employment.

15.3                           For the avoidance of doubt and without
prejudice to the generality of Clause 15.1 the following is a non-exhaustive
list of matters which in relation to the Company and the Associated Company are
considered confidential and must be treated as such by the Executive:

15.3.1                              any trade secrets of the Company or any
Associated Company; and

15.3.2                              any information in respect of which the
Company or any Associated Company is bound by an obligation of confidence to
any third party

15.4                           The Executive shall not (other than in
the proper performance of his duties or with the prior written consent of the
Board or unless ordered by a court of competent jurisdiction) either directly
or indirectly publish any opinion, fact or material or deliver any lecture or
address or participate in the making of any film, radio broadcast or television
transmission or communicate with any representative of the media or any third
party relating to the business or affairs of the Company or the Group or to any
of its or their offices, employees, customers/clients, suppliers, distributors,
agents or shareholders or to the

 

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development or
exploitation of Intellectual Property. 
For the purpose of this clause “ media” shall include television
(terrestrial satellite and cable), radio, newspapers and other journalistic
publications.

16.                                 TERMINATION OF
EMPLOYMENT

16.1                           The employment of the Executive may be
terminated by the Company forthwith without notice or payment in lieu of notice
if the Executive:

16.1.1                              commits any serious or persistent breach
or non-observance of any of the terms, conditions or stipulations contained in
this Agreement (or any of the rules of any self-regulating organisation (as
defined in the Financial Services Act 1986) of which the Company is a member);

16.1.2                              is guilty of any serious negligence or
gross misconduct in connection with or affecting the business or affairs of the
Company or any Associated Company for which he is required to perform duties;

16.1.3                              guilty of conduct which brings or is
likely to bring himself or the Company or any Associated Company into
disrepute;

16.1.4                              is convicted of an arrestable criminal
offence (other than an offence under road traffic legislation in the United
Kingdom or elsewhere for which a non-custodial penalty is imposed);

16.1.5                              is adjudged bankrupt or makes any
arrangement or composition with his creditors or has an interim order made
against him pursuant to Section 252 of the Insolvency Act 1986;

16.1.6                              is or becomes prohibited by law from
being a director;

16.1.7                              voluntarily resigns as a director of the
Company;

16.1.8                              causes any agreement entered into by the
Company relating to the provision of the Executive’s services to be terminated
without notice by any other party to such agreement;

16.1.9                              is on the basis of a medical report
supplied to the Company following his having undergone a medical examination
pursuant to Clause 3.8 unfit to perform his duties.

16.1.10                        if in the opinion of the Board he becomes
connected with a member of the Group.

16.2                           Upon the termination of his employment
(for whatever reason and howsoever arising) the Executive:

 

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16.2.1                              shall at the request of the Board
immediately resign without claim for compensation from office as a director of
the Company and any Associated Company and from any other office held by him in
the Company or any Associated Company (but without prejudice to any claim he
may have for damages for breach of this Agreement) and in the event of his
failure to do so the Company is hereby irrevocably authorised to appoint some
person in his name and on his behalf to sign and deliver such resignations to
the Board;

16.2.2                              shall immediately repay all outstanding
debts or loans due to the Company or any Associated Company and the Company is
hereby authorised to deduct from any wages (as defined by Section 7 of the
Employment Rights Act 1996) of the Executive a sum in repayment of all or any
part of any such debts or loans.

16.3                           If the employment of the Executive is
terminated by reason of the liquidation of the Company for the purpose of
reconstruction or amalgamation or as part of any arrangement for the
amalgamation or reconstruction of the Company not involving insolvency and the
Executive is offered employment with any concern or undertaking resulting from
the reconstruction or amalgamation on terms and conditions which taken as a
whole are not less favourable than the terms of this Agreement then the
Executive shall have no claim against Company in respect of such termination
providing that any such offer shall be to serve in the capacity of Chief
Executive.

17.                                 EXECUTIVE’S COVENANTS

17.1                           The Executive hereby covenants with the
Company that he will not for the period of six months after the termination of
his employment (without the prior written consent of the Board such consent not
to be unreasonably withheld or delayed) either alone or jointly with or on
behalf of any person directly or indirectly carry on or set up or be employed
or engaged by or otherwise assist in or be interested in any capacity
(including without limitation as a shareholder) in a business anywhere within
the UK which is in competition with the business of LIFFE as such business is
carried on at the date of such termination.

17.2                           The Executive hereby covenants with the
Company that he will not for the period of six months after the termination of
his employment (without the prior written consent of the Board such consent not
to be unreasonably withheld or delayed) either alone or jointly with or on
behalf of any person directly or indirectly solicit or entice away or endeavour
to solicit or entice away from the Company or any Associated Company any person
who at the date of termination of his employment is employed or engaged by the
Company or any Associated Company in a senior capacity at LIFFE and with whom
the Executive shall have had contact during the course of his employment
(whether or not such person would commit a breach of his contract of employment
by so doing).

 

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17.3                           In the event the Company requires the
Executive under clause 3.9 during any period of notice of termination not to
attend the Company’s offices or perform any duties (“garden leave”), the
periods of six months for which Clauses 17.1 and 17.2 are expressed to operate
shall each be reduced by a period equal to the period of garden leave.

18.                                 DEALING IN INVESTMENTS
POLICY

18.1                           The Executive is expected to fully comply
with the Company’s policy in regard to staff dealing in investments.  The Executive is expected to observe, at all
times, the highest standards of integrity and transparency, in investment
dealings and must take all reasonable steps to avoid a conflict of interest
and/or behaviour which could damage the reputation of the Company.

18.2                           A copy of the Dealing in Investments
Policy is attached at Appendix A.

19.                                 DIRECTORSHIP

19.1                           The Executive shall not during his
employment voluntarily resign from his office as a director of the Company and
he shall not do or fail to do anything which causes or is likely to cause him
to be prohibited by law from continuing to act as a director.

19.2                           The removal of the Executive from the
office of director of the Company at a general meeting of the Company or the
failure of the Company in general meeting to appoint the Executive as a director
of the Company shall terminate the Executive’s employment under this Agreement
and such termination shall be without prejudice to any claim which the
Executive may have for damages for breach of this Agreement provided that the
Company was not entitled at the time of such removal or failure to appoint to
terminate his employment pursuant to Clause 16.1.

20.                                 NOTICES

20.1                           Any notice to be given under this
Agreement shall be given in writing and shall be deemed to be sufficiently
served by one party on the other if it is delivered personally or is sent by
registered or recorded delivery pre-paid post (air mail if overseas) addressed
to either the Company’s registered office for the time being or the Executive’s
last known address as the case may be.

20.2                           Any notice sent by post shall be deemed
(in the absence of evidence of earlier receipt) to be received 2 days after
posting (6 days if sent air mail) and in proving the time such notice was sent
it shall be sufficient to show that the envelope containing it was properly
addressed stamped and posted.

 

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21.                                 MISCELLANEOUS

21.1                           The Executive hereby warrants that by
virtue of entering into this Agreement he will not be in breach of any express
or implied terms of any Court Order, 
contract or of any other obligation legally binding upon him.

21.2                           Any benefits provided by the Company to
the Executive or his family which are not expressly referred to in this
Agreement shall be regarded as ex gratia benefits provided at the entire
discretion of the Company and shall not form part of the Executive’s contract
of employment.

21.3                           The Company shall be entitled without
notice to the Executive at any time during the Executive’s employment to set
off and/or make deductions from the Executive’s salary or from any other sums
due to the Executive from the Company or any Associated Company in respect of
any overpayment of any kind made to the Executive or in respect of any debt or
other sum due from him.

22.                                 DEFINITIONS AND INTERPRETATION

22.1                           In this Agreement unless the context
otherwise requires words and phrases defined in Part XXVI of the Companies Act
1985 have the same meanings thereby attributed to them and the following
expressions have the following meanings:

“Associated Company”

any company which is a
holding company or a subsidiary of the Company or a subsidiary of the Company’s
holding company

“the Board”

the Board of Directors
for the time being of the Company including any duly appointed committee
thereof (or the directors present at a meeting of the direction of the Company
at which a quorum is present but excluding the Executive (as appropriate)

“Group”

the Company and the
Associated Companies

“Intellectual Property”

letters patent trade
marks service marks designs copyrights utility models design rights
applications for registration of any of the foregoing and the right to apply
for them in any part of the world inventions drawings computer programs
Confidential Information know-how and rights of like nature arising or
subsisting anywhere in the world in relation to all of the foregoing whether
registered or unregistered

 

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22.2                           The headings in this Agreement are for
convenience only and shall not affect its construction or interpretation.

22.3                           References in this Agreement to Clauses
and paragraphs are references to Clauses and paragraphs to this Agreement.

22.4                           Any reference in this Agreement to a
person shall where the context permits include a reference to a body corporate
and to any unincorporated body of persons.

22.5                           Any word in this Agreement which denotes
the singular shall where the context permits include the plural and vice versa
and any word in this Agreement which denotes to the masculine gender shall where
the context permits include the feminine and/or the neuter genders and vice
versa.

22.6                           Any reference in this Agreement to a
statutory provision shall be deemed to include a reference to any statutory
amendment modification or reenactment of it.

22.7                           This Agreement contains the entire
understanding between the parties and supersedes all (if any) subsisting
agreements arrangements and understandings (written or oral) relating to the
employment of the Executive which such agreements arrangements and understandings
shall be deemed to have been terminated by mutual consent.

22.8                           The various Clauses and Sub-Clauses of
this Agreement are severable and if any Clause or Sub-Clause or identifiable
part thereof is held to be invalid or unenforceable by any court of competent
jurisdiction then such invalidity or unenforceability shall not affect the
validity or enforceability of the remaining Clauses or Sub-Clauses or
identifiable parts thereof in this Agreement.

22.9                           This Agreement is governed by and shall
be construed in accordance with English law and the parties to this Agreement
hereby submit to the exclusive jurisdiction of the English courts.

 

14

 

SIGNED BY:

 

 

 

	
  /s/ Brian Williamson

  	
  Signature

  
	
   

  	
   

  
	
  Brian Williamson

  	
  Name

  
	
  For and on behalf of the Company

  	
   

  
	
   

  	
   

  
	
  /s/ Hugh Freedberg

  	
  Signature

  
	
   

  	
   

  
	
  Hugh Freedberg

  	
  Name

  
	
  For and on behalf of the Executive

  	
   

  
	
   

  	
   

  
	
  WITNESSED BY

  	
   

  
	
  /s/ A. N. Eades

  	
  Signature

  
	
   

  	
   

  
	
  Adam Eades

  	
  Name

  
	
  Company Secretary

  	
   

  

 

15Exhibit
10.61

 

Translation
from French — For information purposes

 

AGREEMENT

 

 

	
  Between:

  	
  La Société de la Bourse des
  valeurs mobilières de Bruxelles S. C.

  Palais de la Bourse 1000 BRUSSELS 

  
	
   

  	
   

  
	
   

  	
  Represented by Mr. Etienne COOREMAN, Chairman of the
  Board of Directors, and by Mr. Henri SERVAIS, Vice-Chairman of the Board of
  Directors.

  
	
   

  	
   

  
	
  And:

  	
  Mr. Olivier LEFEBVRE

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

WHEREAS

 

Mr. Olivier LEFEBVRE was appointed as member of the Executive Committee
of the company by a ministerial decree dated December 20, 1995, for a six-year
period (the “Period”) beginning on January 1st, 1996, in accordance
with the law of April 6, 1995 relating to secondary markets, status and control
of investment companies, investment intermediaries and counsels, published in
the Moniteur Belge on June 3,
1995.

 

This agreement sets forth the terms and conditions according to which
the duties of member of the Executive Committee shall be carried out.

 

 

NOW, THEREFORE, IT IS AGREED AS FOLLOWS

 

 

Article 1:               Mission

 

Without prejudice to the missions devoted to the Executive Committee as
“market authority” by articles 16 et seq.
of the law of April 6, 1995, Mr. Olivier LEFEBVRE shall carry out, collectively
with the other members of the Executive Committee, the management of the
company, within the limits of the general strategy defined by the Board of
Directors and in accordance with the above-mentioned law, the decrees enforcing
it, the by-laws of the company et the delegations of authority voted by the
Board of Directors.

 

 

Article 2:               Terms and conditions of execution

 

A.                                     The position of “member of the Executive
Committee” is a full-time position. Except with the prior consent of the Board
of Directors, Mr. Olivier LEFEBVRE shall not carry out or initiate any
other employment or independent work, whether paid or unpaid, on behalf of any
other company or on his own behalf during the term of his appointment;  such consent may not be given for any of the
employments, positions or terms of office listed in article 16, paragraph 2
of the law of April 6, 1995.

 

1

 

 

However, Mr. Olivier LEFEBVRE may teach courses at
university level.

 

B.                                       The position of “member of the Executive
Committee” does not imply any relation of subordination constituting a salaried
employment relationship;  as a result,
Mr. Olivier LEFEBVRE shall comply, under his sole responsibility, with the
employment and tax regulations applying to independent workers.

As a management organ of the company, his services are
not liable to VAT, pursuant to current Belgian law.

However, it is agreed between the parties that if such
a law was modified during his appointment, the cost of Mr. Olivier LEFEBVRE’s
VAT liability would be borne by the company.

 

 

Article 3:               Compensation

 

Mr. Olivier LEFEBVRE’s gross annual compensation shall amount to eight
million eight hundred thousand Francs. 
This amount shall be paid on a monthly basis, by twelfth.

 

This compensation shall be indexed every year on January 1st
and subject to the evolution of the retail prices index, the health index being
used as the reference index and the base index being the December 1995 index.

 

Vehicle expenses shall be borne by the company up to an amount of FBF
one million per annum, to be divided among the three members of the Executive
Committee.

 

Other expenses relating to transportation, representation or any item
relating to the position shall also be borne by the company.

 

The company shall also bear costs relating to the subscription of a
group insurance policy within the limit of the compensation agreed above.

 

 

Article 4:               Disablement

 

In case of disablement due to ill health or accident, the compensation
and benefits described in article 3 shall be paid during the first six months
of disablement.

 

 

2

 

Article 5:               Termination

 

A.                                   This agreement shall be terminated in
case of:

 

1.                                       Death of Mr. Olivier LEFEBVRE.

2.                                       Resignation of Mr. Olivier LEFEBVRE.

3.                                       Removal for professional indignity or
serious default in the performance of his obligations under this agreement, in
accordance with article 15 § 1 alinéa
3 — 3° of the law of April 6, 1995.

4.                                       Removal in accordance with article 15 § 1
alinéa 3, 1° and 2° of the law of
April 6, 1995, on proposal of the Board of Directors on a majority of 3⁄4 of its
members. A physical incapacity, caused by ill health or accident, of more than
12 months of any member of the Executive Committee may be a circumstance under
which such removal may be decided.

5.                                       Removal decided by the Minister of Finance,
in accordance with article 5§ 2 of the law of April 6, 1995.

6.                                       Expiration of the appointment and absence
of renewal of the ministerial appointment.

 

B.                                     No indemnity shall be paid in case of
death of Mr. Olivier LEFEBVRE or of removal for professional indignity or
serious default.

 

By the terms “professional indignity or serious
default”, the Parties agree to designate the serious motive such as defined
under article 35 of the law of July 3, 1978 relating to employment agreements,
without prejudice to the relative autonomy inherent to the position, as defined
by the law of April 6, 1995.

 

C.                                     Under the specific circumstances under
which it shall happen, the resignation may give way to an indemnity, the amount
of which shall be valued ex aequo et bono.

 

D.                                    In case of a removal occurring before the
term of the appointment, except in situations described in paragraph B, an
irreducible and lump sum payment amounting to 2 years of compensation shall be
paid; the term “compensation” shall mean the amount described in article 3 such
as indexed for the last time before removal.

 

E.                                      Six months before the end of the legally
appointed term of office, the Board of Directors shall inform Mr. Olivier
LEFEBVRE of its intention to ask or not to ask for the renewal of this term of
office to the Minister of Finance.

In case of non-renewal of the appointment (A 7) at the end of the
six-year period, Mr. Olivier LEFEBVRE shall be entitled to the following
indemnity:

•                  During a first 6-month period, the
indemnity shall be equal to 100 % of the compensation such as defined in
article 5 and resulting from the last indexation.

 

3

•                  During a second 6-month period, the
indemnity shall be equal to 80 % of the above-mentioned compensation.

•                  During a third period of twelve months,
the indemnity shall be equal to 70 % of above-mentioned compensation.

•                  Should Mr. Olivier LEFEBVRE find a new position during this period, the
indemnity to be eventually paid to him shall be equal to the difference between
the amount of the above-mentioned indemnity and the amount of the compensation
received in connection with his new position.

 

 

Article 6:               Arbitration clause

 

Any dispute relating to execution, interpretation or termination of
this agreement shall be referred to an arbitral panel.

 

As a result, and in the situation referred to in the previous
paragraph, the parties agree to refer their disputes to an arbitration panel
composed of three arbitrators;  each
party shall appoint an arbitrator of its choice.  The two arbitrators so nominated shall
appoint the third arbitrator;  if such
arbitrators are unable to select a third arbitrator, the third arbitrator shall
be appointed by the President of the Tribunal
de Première Instance of Brussels in accordance with article 1685 of
the Code Judiciaire.

 

The arbitrators shall be dispensed with complying, in the course of
proceedings, the delays and forms applied by Courts.

 

The authority of the arbitrators shall end at the expiration of a
three-month period starting on the date of close of hearing, period within
which their decision shall be rendered; the arbitrators shall pronounce close
of hearing when the parties are finished with appearing, pleading and filing,
if necessary, on the date set to do so.

 

However, when the arbitrators have to render a decision relating to
seriousness of default, in accordance with article 5 paragraph B, the
above-defined three-month period shall be of one month.

 

Except for the disputes referred to in the previous paragraph, any
injunction shall automatically prorogate the authority of the arbitrators, who
then shall render their decision within a two-month period as from the date of
close of hearing taking place following this injunction.

 

Delays shall be suspended from July 1st to August 31.

 

The arbitrators shall not render their decision as amiables compositeurs.

 

Their decision shall be final and binding upon the parties to the
arbitration.

 

4

 

The arbitrators shall send a copy of their award to the parties, by
registered letter;  they shall only file
their award with the competent Court upon request of a party.

 

The expenses relating to filing and completion of award shall be borne
by the party responsible for initiating them.

 

Mr. Olivier LEFEBVRE shall keep the financial benefits defined in this
agreement during the arbitration proceedings, except for these proceedings to
take place after the end of the agreement.

 

 

Article 7:                Renewal

 

If the term of office is renewed, this agreement shall stand as such,
except for modifications agreed upon within three months after renewal.

 

 

 

 

 

 

In Brussels, in two originals, on

 

Each party acknowledges reception of a copy,

 

 

 

Mr. Olivier LEFEBVRE

 

 

For the Société de la Bourse des
valeurs mobilières de Bruxelles,

Mr. Etienne COORMAN

Chairman of the Board of Directors

 

 

Mr. Henri SERVAIS

Vice-Chairman of the Board of Directors

 

 

5

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