Document:

Exhibit 4.23

 

DATED
February 17 2016 (with effect from April 1, 2016)

 

 

 

 

 

 

 

 

 

 

 

 

 

EROS
DIGITAL FZ LLC

 

 

 

-
and -

 

 

 

RISHIKA
LULLA

 

 

 

 

 

 

 

 

 

 

 

___________________________________

 

 

SERVICE AGREEMENT

CEO

 

 

___________________________________

 

 

 

 

 

 

    

     

    

 

THIS AGREEMENT
is made on 17 February 2016 with effect from 1st April 2016

 

BETWEEN:

 

	(1)	EROS DIGITAL FZ LLC having its address at No 305, Building No 8, Dubai Media City, Dubai, UAE, PO Box No 502501(the “Company”); and

 

	(2)	RISHIKA LULLA of Flat 84 Chesterfield House, Chesterfield Gardens, London W1J 5JY (the “Executive”).

 

IT IS AGREED as
follows:

 

	1.	 	INTERPRETATION

 

	1.1	 	In this agreement the following expressions have the following meanings:

 

	“Act”	the Companies Act 2006;
	 	 
	“Appointment”	the employment of the Executive by the Company under this agreement;
	 	 
	“Board”	the board of directors of the Company from time to time or committee of directors of the Company as may be authorised by the board of directors from time to time;
	 	 
	“Commencement Date”	April 1, 2016
	 	 
	“Confidential Information”	information confidential to the Company and any Group Company including but not limited to Intellectual Property, customer and prospective customer information, film/film producer information (including names, addresses, contact names and addresses, telephone numbers and e-mail addresses) business plans, market research, financial data and forecasts, capital strategy and capital raising activities (proposed and ongoing), business methods, marketing strategies, tenders and price sensitive information, fees, commission structure, feasibility figures and plans relating to contracts (actual and proposed), details of actual and proposed contracts, requirements of customers or prospective customers or film producers, information in respect of which the Company or any Group Company is bound by an obligation of confidence to any third party and information notified to the Executive as being confidential;

 

	“DPA”	means the Data Protection Act 2002;
	 	 
	“Group” or “Group Company”	the Company and any subsidiary or holding company of the Company or any associated company of the Company for the time being or any other subsidiary or associated company of the holding company of the Company for the time being. The terms “subsidiary” and “holding company” shall have the meaning given in section 220 of the Act and “associated company” shall have the meaning defined in section 218 of the Act;

 

    

     

    

 

 

	“Intellectual Property”	includes letters patent, trade marks, service marks, copyrights, design rights, applications for registration of any of the foregoing and the right to apply for them in any part of the world, creations, arrangements, devices, inventions or improvements upon or additions to an invention, moral rights, confidential information, know- how and rights of a similar nature arising or subsisting anywhere in the world in relation to all of the foregoing whether registered or unregistered;
	 	 
	“Prospective Customer”	any person, firm, company of other organisation who or which was at the Termination Date in negotiations with the Company or any Group Company with a view to dealing with the Company or any Group Company as a customer;
	 	 
	“Recognised Investment Exchange”	has the same meaning as in section 285 of the Financial Services and Markets Act 2000 (an Act of Parliament);
	 	 
	“Relevant Period”	the period of 12 months immediately preceding the earlier of the Termination Date or the date upon which the Executive is placed on garden leave in accordance with clause 3.5;
	 	 
	“Restricted Business”	the business of manufacturing, selling, leasing, renting, distribution, advertising, publicising, marketing or otherwise exploiting home video devices and/or any other business or activity of the Company in which the Executive had any involvement during the course of her duties at any time during the Relevant Period;

 

	“Restricted Employee”	any employee or consultant or director of the Company or any Group Company as at the Termination Date or such other person engaged by any Group Company who had access to Confidential Information and/or with whom the Executive had personal dealings during the Relevant Period;
	 	 
	“Restricted Territory”	any country in which the Executive conducted Restricted Business on behalf of the Company;
	 	 
	“Review Date”	the anniversary of the date of this agreement;
	 	 
	“Termination date”	the effective date of termination of the Appointment howsoever occurring.

 

	1.2	Words denoting the singular include the plural and vice versa and words denoting one gender include both genders.

 

	1.3	References to any provisions of any statute shall be deemed to include a reference to all and every statutory amendment, modification, re-enactment and extension and to any regulation or order made under any of them in force on or after the date of this agreement.

 

    

     

    

 

 

	1.4	Save where otherwise appears, reference to a clause or schedule shall be deemed to be a reference to a clause or schedule of or to this agreement.

 

	1.5	Headings to clauses are for the convenience of reference only and shall not affect the meaning or construction of anything contained in this agreement.

 

	2.	THE APPOINTMENT

 

	2.1	Subject to the terms of this agreement, the Company shall employ the Executive and the Executive shall serve as CEO and as an executive director on the Board of the Company or in such other capacity as the Board may from time to time determine which is acceptable to the Executive.

 

	3.	TERM OF EMPLOYMENT AND NOTICE

 

	3.1	Subject to earlier termination provided for in this agreement, the Appointment shall start on the Commencement Date and shall continue for an initial period of three years and thereafter until terminated by either party giving to the other not less than 12 months’ prior written notice of termination.

 

	3.2	The Company may at any time in its absolute discretion elect to terminate the Appointment immediately by paying to the Executive, in lieu of any period of notice or any part of it, an amount equivalent to the Executive’s basic salary (at the rate then payable under this agreement) for such period or part period including any bonus or benefits in kind.

 

	3.3	For statutory purposes, the Executive’s period of continuous employment with the Company commenced on 1st April 2016.

 

	3.4	The Appointment shall in any event automatically terminate without notice and without any sum payable by the Company, whether by way of compensation or otherwise, upon the Executive’s sixty fifth birthday.

 

	3.5	The Company shall not be obliged to provide work to the Executive at any time after notice of termination of the Appointment shall have been given by either party under any of the provisions of this agreement and the Company may in its absolute discretion take any one or more of the following steps in respect of all or part of an unexpired period of notice:-

 

	 	3.5.1	require the Executive to comply with such conditions as it may reasonably specify in relation to; (i) attending at or remaining away from the place(s) of business of the Company and/or (ii) contacting or refraining from contacting all or any employees, officers, customers, clients, agents or suppliers of the Company or any Group Company;

 

	 	3.5.2	perform part of her normal duties only or assign the Executive to duties other than her normal duties provided such duties are commensurate with her status under this agreement;

 

	 	3.5.3	withdraw any powers vested in, or duties assigned to the Executive; and

 

	 	3.5.4	require the Executive to resign her directorship of any Group Company; provided always that during any such period the Company shall continue to pay the Executive’s salary and contractual benefits (unless and until this agreement shall be terminated). The Executive shall remain an employee of the Company and shall remain bound by all obligations owed to the Company under this agreement including, but not limited to, her obligations under clause 4.5 of this agreement.

 

    

     

    

 

	4.	POWERS AND DUTIES

 

	4.1	During the Appointment the Executive shall at all times :-

 

	 	4.1.1	exercise the powers and functions and perform the duties reasonably assigned to her from time to time by the Board in such manner as may be reasonably specified;

 

	 	4.1.2	well and faithfully serve the Company and use her utmost endeavours to promote and maintain the interests and reputation of the Company and not, so far as is reasonably practicable, allow her interests to conflict with those of the Company or any Group Company (without prejudice to her obligations to disclose any conflicts in accordance with the articles of association of the Company or of any Group Company on whose board she may serve from time to time);

 

	 	4.1.3	render her services in a professional and competent manner and in willing co-operation with others;

 

	 	4.1.4	unless prevented by ill-health or other unavoidable cause, devote her whole working time, attention and abilities exclusively to carrying out her duties hereunder and such other time as is reasonably necessary for the proper performance of her duties;

 

	 	4.1.5	conform to the reasonable instruction or directions of the Board (or anyone duly authorised by it) and implement and apply the policies of the Company as determined by the Board from time to time; and

 

	 	4.1.6	comply with the rules and procedures of the Company and of any association or professional body to which the Company and/or the Executive may from time to time belong.

 

	4.2	The Executive shall report to the Board, or such other person as the Board may from time to time direct, as and when required, and shall at all times keep the Board fully informed of her activities and shall promptly provide such information and explanations as may be requested from time to time by the Board.

 

	4.3	The Executive shall not at any time, without the prior consent of the Board:

 

	 	4.3.1	incur on behalf of the Company any capital expenditure in excess of such sum as may be authorised from time to time by resolution of the Board;

 

	 	4.3.2	enter into on behalf of the Company any commitment, contract or arrangement which is otherwise than in the normal course of business or is outside the scope of her normal duties or is of any unusually onerous or long term nature;

 

	 	4.3.3	engage any person on terms which vary from those established from time to time by resolution of the Board; or

 

	 	4.3.4	dismiss any employee of the Company without giving proper statutory or (if longer) contractual notice or without following the Company disciplinary procedure and in any case the Executive shall immediately report any dismissal effected by her and the reason for it to the Board.

 

    

     

    

 

	4.4	The Executive shall not at any time during the Appointment directly or indirectly enter into or be concerned in any trade or business or occupation whatsoever other than the business of the Company and the wider Group except with the prior written consent of the Board which may be given subject to any conditions or terms the Board considers appropriate. This clause shall not prevent the Executive from holding up to 5% of any class of shares, debentures or other securities in a company which is listed or dealt in on a Recognised Investment Exchange.

 

	4.5	The Executive shall comply with all rules, regulations and codes of practice issued by the Company as shall from time to time be in force relating to transactions in securities and shall comply with all requirements, recommendations or regulations of any competent regulatory authority including the NYSE and/or any other exchange on which securities of the Company (or other company in the Group) are from time to time listed or dealt or any other authority or body authorised to regulate transactions in securities.

 

	4.6	The Executive shall not contravene the prohibitions contained in the Insider Dealing Act 1998 or any analogous provisions of law in any relevant jurisdiction.

 

	4.7	In this clause the expression “occupation” includes holding political office (at a national, regional or local level) or being involved in other public or private work (whether for profit or otherwise) which, in the reasonable opinion of the Board, may hinder or otherwise interfere with the Executive’s ability to perform her duties under this agreement.

 

	5.	PLACE OF WORK AND TRAVEL

 

	5.1	The Executive acknowledges that the Company carries out its operations mainly from Dubai and has group companies in various locations including Mumbai, London, New Jersey and Singapore amongst other locations.

 

	5.2	The Executive acknowledges that she will travel to any of the Company or its subsidiaries’ offices as may be necessary for her to carry out the proper performance of her duties.

 

	5.3	The Company shall pay for the Executive’s reasonable travel, accommodation and other incidental expenses as may be incurred whilst the Executive is engaged on Company business. Where applicable, especially to places of travel other than the Company’s various offices, the Company may provide the Executive with a per diem allowance in accordance with Company policy in effect from time to time.

 

	6.	HOURS OF WORK

 

	6.1	Normal working hours are from 9.00am to 5.00pm Monday to Friday inclusive. The Executive shall attend to the business of the Company during such hours as may be necessary for the proper and efficient performance of her duties under this agreement. The Executive shall not be entitled to receive any additional remuneration for work done outside normal working hours.

 

	7.	REMUNERATION

 

	7.1	The Company shall pay the Executive during the continuation of the Appointment a basic gross annual salary of $320,000. The salary will be denominated in US Dollars. The Executive’s basic salary shall accrue from day to day and will be payable in arrears by equal monthly instalments on or about the last working day of each month and shall be inclusive of any fees receivable by the Executive as a director of the Company.

 

    

     

    

 

	7.2	The Executive’s basic salary shall be reviewed annually by the Board on the Review Date and may be increased at the Board’s entire discretion.

 

	7.3	The Executive shall be eligible to participate in such share option scheme applicable to her position as the Company may introduce subject to the rules of the scheme and the Company’s discretion.

 

	7.4	For avoidance of doubt the Executive will not be entitled to any equity stake in the Company and any agreement to that effect is null and void and never took effect.

 

	8.	BONUS

 

	8.1	The Executive shall be eligible to participate in any bonus scheme introduced by the Company applicable to her, subject to the rules of the scheme and the Company’s discretion. The Company may amend, withdraw or substitute any bonus scheme at any time at its entire discretion.

 

	8.2	Subject to clause 8.1, any bonus in respect of any financial year will be paid to the Executive on the last working day of the month in which the Board meets to consider and determine the bonus provided that the Executive is still employed by the Company and not under notice of termination on the relevant date.

 

	8.3	Any short term bonus incentive will entitle the Executive to up to a 100% of the Executive’s salary by way of cash, subject to the Executive meeting the pre- agreed personal performance targets to the satisfaction of the Board.

 

	8.4	Any long term bonus incentive will entitle the Executive to up to a 100% of the Executive’s salary by way of stock options or restricted stock or a combination thereof with a minimum 3 year vesting criteria attached to them, subject to the Company meeting pre-agreed performance targets, as agreed in writing with the Board.

 

	9.	PENSION

 

	9.1	The Company shall contribute an annual sum representing between 5% and 10% of the Executive’s annual basic salary to the Executive’s approved personal pension plan as nominated by the Executive and notified to the Company in writing.

 

	9.2	There is no contracting out certificate in force in respect of the Executive’s employment under this agreement.

 

	10.	REIMBURSEMENT OF BUSINESS EXPENSES

 

	10.1	The Company shall (on production of receipts or other evidence as it may require) repay or cause to be repaid to the Executive all travelling, hotel, entertainment, and other out-of-pocket expenses from time to time wholly, exclusively and necessarily incurred by her in the proper performance of her employment duties under this agreement. For the avoidance of doubt, where the Executive is being paid a flat per diem allowance in accordance with Company policy in effect from time to time, she will not have to produce expense vouchers and receipts.

 

    

     

    

 

	 	11.	INSURANCE

 

	11.1	The Executive shall be eligible for cover under the Company’s Private Medical Insurance Scheme (“PMI Scheme”) along with her spouse or civil partner and her children (including dental cover) and the Company’s Permanent Health Scheme (“PHI Scheme”).

 

	11.2	The Executive’s entitlements under, and eligibility for, any PMI Scheme or PHI Scheme will be subject to, and determined in accordance with, the rules of the respective schemes (as amended from time to time) and will be dependent on the Executive satisfying any requirements for eligibility imposed by the scheme providers and her acceptance at standard rates of premium.

 

	11.3	The provision of these benefits shall be at the Company’s discretion. The Company may, on giving the Executive reasonable notice replace, change or withdraw the PMI Scheme and/or the PHI Scheme at any time as it thinks fit. The replacement or change in terms of a scheme may result in the reduction of the Executive’s entitlements or the loss or reduction of any benefit the Executive may be receiving or about to receive at the time and the Executive shall have no claim against the Company for any loss arising from such a change.

 

	11.4	It may be (or become) a term of the PMI Scheme and/or PHI Scheme that the Executive must remain employed by the Company to be entitled to benefits under the said schemes. If so, this will not limit the Company’s right to terminate the Executive’s Appointment on grounds of incapacity to work or any other proper ground. The Executive agrees and acknowledges that if the Appointment is so terminated, she may lose (without recourse to compensation against the Company or any Group Company) existing or prospective benefits under the PMI Scheme and/or PHI Scheme.

 

	11.5	During the continuation of the Appointment, the Company shall, (subject to receipt of a medical report satisfactory to the life assurance company) and in accordance with the terms of the relevant policy from time to time in force, provide the Executive with life assurance which, in the event of her death while in service, shall provide a lump sum to the value of four times her basic salary (at the then annual rate).

 

	11.6	Any benefits provided by the Company to the Executive or her family which are not expressly referred to in this agreement shall be regarded as ex-gratia and at the entire discretion of the Company and shall not form part of the Executive’s terms of employment.

 

	12.	HOLIDAY

 

	12.1	In addition to the usual public holidays in the United Arab Emirates, the Executive shall be entitled to 25 working days’ paid holiday for each complete calendar year worked (and pro rata for part of each calendar year worked) to be taken at such time or times as may be approved by the Board in advance. Holiday entitlement shall accrue from day to day.

 

	12.2	Holiday entitlement may not be carried forward to the next calendar year save with the prior written agreement of the Board and no money will be paid in lieu of any such untaken holiday subject to clause 12.4 below.

 

	12.3	In the event that the Company or the Executive gives notice of termination of the Appointment, the Company may require the Executive to take any holidays which have or will have accrued by the Termination Date during the period of notice, in which case the Executive shall not be entitled to any payment in lieu of such holidays.

 

    

     

    

 

	12.4	On the termination of this agreement the Company shall pay the Executive for any accrued but untaken holiday. If the Executive shall have taken more days’ paid holiday than her accrued entitlement as at the Termination Date, the Executive shall repay to the Company the appropriate amount for each day’s paid holiday taken in excess of her accrued entitlement. A day’s pay shall be 1/260th of her basic salary and fractions of days shall be rounded to the nearest whole day.

 

	13.	INCAPACITY

 

	13.1	When absent due to sickness or any other reason, the Executive must inform a member of the Board of the cause(s) of her absence as soon as possible on the first working day of absence unless there is a reasonable explanation as to why this is not possible. A self-certification form must be completed to cover up to the first seven days of absence. A doctor’s medical certificate must be provided for absences of eight consecutive days or more due to sickness, injury or other incapacity. Certificates must be provided to cover completely any subsequent and consecutive period of absence.

 

	13.2	The Company has the right to require the Executive at any time during a period of absence or within 30 days following her return to work thereafter to produce medical evidence covering the said period of absence (save that absences of less than 7 days may be self-certified in accordance with clause 13.1).

 

	13.3	If required by the Board, the Executive shall undergo examination by a medical adviser to be appointed or approved by the Board and the Executive hereby authorises such medical adviser to disclose the results of any such examination (including any sensitive personal data as defined in the DPA) to the Board and discuss with it any matters arising from the examination as might impair the Executive in property discharging her duties under this agreement.

 

	13.4	The Company may in its absolute discretion pay to the Executive contractual sick pay for such period not exceeding 90 days in aggregate in any rolling 12 month period at such rate or rates as it thinks fit. Contractual sick pay shall be paid net of Government incapacity benefit which, it is assumed, the Executive will claim and receive at the standard rate. Any discretionary payments made by the Company under this clause 13.4 shall be without prejudice to the Company’s right to terminate this agreement on the grounds of incapacity or for other proper cause.

 

	13.5	The Company shall be entitled to deduct from any Company sick pay paid to the Executive the amount of any income from any health insurance scheme operated by the Company for the benefit of the Executive, whether or not a claim is made.

 

	13.6	If the Executive is incapable of performing her duties by reason of any accident, illness or injury or other incapacity caused wholly or partly by any act or omission of any third party in relation to which the Executive may be or become entitled to recover damages or compensation, then all net payments made to the Executive under this clause in respect of the said absence shall be loans to the Executive to be repaid if and to the extent that she recovers damages or compensation for loss of earnings from the said third party and/or any other person. Where the Executive receives any damages or compensation for loss of earnings, she shall notify the Company in writing forthwith and shall repay the amount due to the Company under this clause within 28 days of receipt of the said damages or compensation.

 

    

     

    

 

	13.7	The Company shall be entitled during any period during which the Executive is absent due to accident, illness or injury or other incapacity to appoint any other person or persons to perform the duties and exercise the powers of the Executive in her place on such terms and conditions as the Company shall see fit. On resuming office all powers are to be vested back in the Executive.

 

	14.	CONFIDENTIALITY

 

	14.1	The Executive acknowledges that during her employment by the Company she will receive and have access to Confidential Information.

 

	14.2	All rights, title and interest in and to the Confidential Information shall remain the exclusive property of the Company or, where appropriate, any Group Company and the Executive shall not during the continuance of the Appointment (otherwise than in the proper performance of her duties) or at any time after the Termination Date directly or indirectly use, divulge, export or communicate to any person, firm, company or other organisation any Confidential Information for any purpose whatsoever and shall use her best endeavours to prevent its unauthorised publication, use or disclosure. This obligation shall be in addition to and not in substitution for any express or implied duty of confidentiality owed by the Executive to the Company or any Group Company.

 

	14.3	After the Termination Date, the restrictions at clause 14.2 shall not apply in respect of any Confidential Information:

 

	 	14.3.1	in the public domain, otherwise than as a result of any unauthorised act or omission on the part of the Executive; or

 

	 	14.3.2	which the Executive is required by law to disclose, provided that the Executive first notifies the Company in writing that she is required to disclose such Confidential Information

 

Nothing
in this agreement shall prevent the Executive from making a protected disclosure as defined in section 49 of the Employment Act
2006.

 

	15.	INTELLECTUAL PROPERTY

 

	15.1	Should the Executive discover or participate in the making or discovery of Intellectual Property in the course of her employment under this agreement (irrespective of whether she was carrying out her normal duties or other tasks specifically assigned to her) then all such Intellectual Property shall belong to the Company absolutely in accordance with, but subject to, the provisions of the Registered Designs Act 1949 (an Act of Parliament as extended to the Isle of Man), the Patents Act 1977 (an Act of Parliament extended to the Isle of Man) and the Copyright Act 1991 and the Design Rights Act 1991, as applicable.

 

	15.2	The Executive will forthwith notify to the Company full details of all Intellectual Property which she may make, discover or in/of which she may participate in the making or discovery during the Appointment whether or not in the course of her employment under this agreement and will keep the Company apprised at all times of the stage that has been reached in relation to any improvement or creation of such Intellectual Property. If the Company requests (and at its expense) the Executive shall give and supply all such information, data, drawings and assistance as may be required to enable the Company to exploit the Intellectual Property to the best advantage.

 

    

     

    

 

	15.3	At the Company’s expense but without payment to the Executive, the Executive shall take all steps and carry out all acts that may be necessary to ensure that title to the Intellectual Property is lawfully vested in the Company, including signing all applications and executing any other documents that may be necessary and will carry out such acts and steps with expedition on the instructions of the Company, in particular where the filing of any claims to such Intellectual Property right may give the Company priority.

 

	15.4	The Executive hereby irrevocable appoints the Company as her attorney in her name and on her behalf to execute any documents and generally to act and to use her name for the purpose of giving the full benefit of this clause to the Company (or its nominee). A certificate in writing signed by a director or the secretary of the Company that an instrument or act falls within the authority confirmed by this clause shall be conclusive evidence in favour of a third party that that is the case.

 

	15.5	The Executive waives all of her moral rights as defined in the Copyright Act 1991 in relation to the Intellectual Property which is the property of the Company by virtue of clause 15.1.

 

	15.6	If the Executive makes, discovers or participates in the making or discovery of any Intellectual Property during her Appointment under this agreement but which is not the property of the Company or any Group Company under clause 15.1, the Company shall, subject only to the provisions of the Patents Act 1977 (an Act of Parliament extended to the Isle of Man), have the right to acquire for itself or its nominee the Executive’s right in the Intellectual Property within three months after disclosure under clause 15.2 on fair and reasonable terms to be agreed or settled by a single arbitrator appointed jointly by the Company and the Executive or, in default of agreement, nominated by the President of the Isle of Man Law Society for the time being.

 

	15.7	The provisions of this clause 15 shall remain in force with regard to any Intellectual Property made or discovered during the Executive’s Appointment under this agreement and shall be binding upon her representatives notwithstanding the termination of the Appointment.

 

	16.	TERMINATION

 

	16.1	Notwithstanding the provisions of clause 3.1 above, the Company may terminate the Appointment at any time, immediately without notice and without any obligation to pay any further sums to the Executive whether by way of compensation, damages or otherwise in respect of or in lieu of any notice period or unexpired term of the agreement, and without prejudice to any other rights of the Company if the Executive:

 

	 	16.1.1	commits any repeated or continued material breach, or any serious breach, of her obligations to the Company having first been given a reasonable opportunity to remedy the breach (provided it is capable of remedy) by notification from the Board in writing, but having failed to do so; or

 

	 	16.1.2	is convicted of any serious criminal offence (other than an offence under road traffic legislation for which imprisonment is not a sanction); or

 

	 	16.1.3	is or becomes incapable by reason of mental disorder within the meaning of the Mental Health Act 1998; or

 

	 	16.1.4	acts in any manner which in the opinion of the Board brings or is likely to bring her, the Company or any Group Company into material disrepute; or

 

    

     

    

 

	 	16.1.5	is guilty of dishonesty, gross misconduct or any other conduct which, in the opinion of the Board is calculated or likely to materially affect prejudicially the interests of any Group Company whether or not such misconduct or other conduct occurs during or in the context of the Appointment; or

 

	 	16.1.6	resigns as a director of the Company other than at the request of the Board; or

 

	 	16.1.7	is disqualified from being a director of a company by reason of an order made by a competent court or otherwise becomes prohibited by law from being a director of a company; or

 

	 	16.1.8	is made bankrupt or otherwise enters into any composition or arrangement with or for the benefit of her creditors; or

 

	 	16.1.9	is convicted of an offence under the Insider Dealing Act 1998 or under any other applicable statutory enactment or regulations relating to insider dealing .

 

	16.2	The rights of the Company under clause 16.1 are without prejudice to any other rights it might have under this agreement or at law to terminate the Appointment or to accept any breach of the agreement on the part of the Executive as having brought the agreement to an end. For the avoidance of doubt, where there are no circumstances justifying summary dismissal under clause 16.1, the methods by which the Company may terminate the Appointment are not restricted to the giving of notice in accordance with clauses 3.1 (term of employment) or 16.3 (termination on account of illness or injury) or to the making of a payment in lieu of notice under clause 3.2 (payment in lieu of notice) and accordingly, if the Company terminates the Appointment without giving notice or without making a payment in lieu of notice, any damages to which the Executive may be entitled shall be calculated in accordance with ordinary common law principles including those relating to mitigation of loss and accelerated receipt.

 

	16.3	Without prejudice to clauses 16.1 and 3.2, but notwithstanding any other provision of this agreement, if the Executive shall become unable to perform her duties properly by reason of accident, illness or injury for a period or periods aggregating at least 120 days in any period of 12 consecutive calendar months then the Company may, by not less than six months’ prior written notice to the Executive given at any time while the Executive is incapacitated by accident, illness or injury from performing her duties under the agreement, terminate the Appointment provided that the Company shall withdraw any such notice if during the currency of the notice the Executive returns to full time duties and provides a medical practitioner’s certificate satisfactory to the board to the effect that she has fully recovered her health and that no recurrence of her illness or injury can reasonably be anticipated.

 

	16.4	The Company may suspend the Executive on full pay at any time to investigate any allegations of misconduct relating to her and to hold a disciplinary hearing.

 

	16.5	Upon termination of the Appointment howsoever caused or, if so requested by the Company, on notice being served by either party on the other to terminate the Appointment the Executive shall:

 

	 	16.5.1	immediately deliver up to the Company any property belonging to the Company or any Group Company and any document, computer disk or other data storage device containing any Confidential Information and shall cease to represent herself as being in any way connected with the Company or any Group Company;

 

    

     

    

 

	 	16.5.2	irretrievably delete any information relating to the business of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived therefrom which is in her possession, custody, care or control outside the premises of the Company or any Group Company and shall produce such evidence of compliance with this sub-paragraph as the Company may require; and

 

	 	16.5.3	at the request of the Board, immediately resign any directorship office or appointment held by her in the Company or any Group Company without any claim for compensation or damages for loss of such office or appointment and in the event of her failure to do so within five days of such request the Executive hereby irrevocably appoints the Company as her attorney to execute letters of resignation of such directorship, offices or appointments on her behalf and to take such other steps as are necessary to give effect to such resignations; and

 

	 	16.5.4	transfer to the Company, or as it may direct all shares held by her in the Company or in any Group Company as nominee or trustee for the Company (except shares granted to her for whatsoever reason during and related to her employment) and deliver to the Company the certificates therefor and the Executive hereby irrevocably appoints the Company as her attorney to execute any such transfer on her behalf.

 

	16.6	The termination of the Appointment shall not operate to affect those provisions of this agreement which are intended to have effect after the Termination Date.

 

	17.	POST TERMINATION RESTRICTIONS

 

	17.1	For a period of six months immediately following the Termination Date, the Executive shall not, whether by herself or by any servant or agent or otherwise howsoever, and whether on the Executive’s own account or on behalf of or in conjunction with any other person, firm, company or other organisation directly or indirectly;

 

	 	17.1.1	carry on or assist with, be employed by, be engaged by, hold a position with, be concerned in, interested in or control the carrying on of any activity or business which is the same as or competes with the Restricted Business anywhere in any Restricted Territory, (except as the holder of shares in a company whose shares are listed on a Recognised Investment Exchange which confer not more than 5% in total of the votes which could normally be cast at a general meeting of that Company);

 

	 	17.1.2	in relation to any business which is the same as or in competition with the Restricted Business conduct any business, perform any services for or canvas, solicit or approach or cause to be canvassed or solicited or approached for the purpose of obtaining business, order or custom, or otherwise deal with any person firm, company or other organisation which was a client or customer of the Company or any Group Company at the Termination Date or during the Relevant Period and with whom the Executive had any dealings or of whom the Executive was aware in the course of her employment;

 

	 	17.1.3	in relation to any business the same as or in competition with the Restricted Business conduct any business, perform any services or supply goods to, canvas, solicit or approach or cause to be canvassed, solicited or approached for the purpose of obtaining business, orders or custom any Prospective Customer with whom the Executive had any dealings in the course of her duties at any time in the Relevant Period.

 

    

     

    

 

	17.2	For a period of 12 months immediately following the Termination Date, the Executive shall not, whether by herself or by any servant or agent or otherwise howsoever, and whether on the Executive’s own account or on behalf of or in conjunction with any other person, firm, company or other organisation directly or indirectly:

 

	 	17.2.1	offer employment to or employ or offer to or conclude a contract for services in the Restricted Territory with any Restricted Employee or procure or facilitate the making of such an offer;

 

	 	17.2.2	seek to entice away from the Company or any Group Company or otherwise solicit or interfere with the relationship between the Company and any Restricted Supplier or any Group Company and any Restricted Supplier.

 

	17.3	The Executive shall not at any time after the Termination Date;

 

	 	17.3.1	directly or indirectly anywhere in any Restricted Territory carry on a business either alone or jointly with or as officers, manager, agent, consultant or employee of any person whether similar to any part of the business of the Company or any Group Company (as conducted at any time) or otherwise under a title or name comprising or containing the word “Eros” or any approximation/colourable imitation thereof and she will at all times procure that any company controlled by her will not carry out such business under any such title or name; and

 

	 	17.3.2	say or do anything which is harmful to the reputation or goodwill of the Company or any Group Company or likely to or calculated to lead to any person, firm, company or other organisation withdrawing from or ceasing to continue to offer a Group Company any rights of purchase, sale, import, distribution or agency enjoyed by it;

 

	 	17.3.3	hold herself out falsely as being in anyway connected with any Group Company; and

 

	 	17.3.4	solicit, entice or procure or endeavour to solicit, entice or procure any employee to breach their contract of employment with the Company or any Group Company or any person to breach their contract for services with the Company or any Group Company.

 

	17.4	The period of each of the above restrictions shall be reduced by the period, if any, during which the Company exercises its rights under clause 3.5.

 

	17.5	The Executive has had an opportunity to consider the restrictions prior to execution of this agreement and agrees that each of the restrictions set out above constitutes severable and independent covenants and restrictions upon her the duration, extent and application of each of which is no greater than is reasonably necessary for the protection of the goodwill and legitimate trade connections of the Restricted Business.

 

	17.6	Further, if a restriction in clauses 17.1 to 17.3 of this agreement is found void but would be valid if some part of it were deleted, the restriction shall apply with such deletion as may be necessary to make it valid and effective.

 

	17.7	The Executive recognises that, given her role with the Company and within the Group and the Group’s structure, the Company has an interest in the business of the Group Companies which it is legitimate for it to protect by the covenants set out above.

 

    

     

    

 

	17.8	Notwithstanding and without prejudice to the foregoing provisions of this clause 17 it is acknowledged by the Executive that the Company holds the benefit of these covenants on trust for any Group Company as the Company may direct in substantially the same terms as the covenants the Executive has entered into with the Company. Further, if so requested by the Company, the Executive shall enter into separate contracts with a Group Company for performance of additional duties in exchange for separate compensation as agreed with the Group Company which will not interfere or conflict with her duties under this Agreement.

 

	17.9	The Executive shall show these restrictions to any firm, person, company or other organisation which is the same as or competes with or proposes or is likely to compete with the Restricted Business which offers her employment or a contract for services to her and which she accepts or is minded to accept.

 

	18.	DATA PROTECTION

 

	18.1	The Executive shall at all times during the Appointment adhere to any policy introduced by the Company from time to time to comply with the DPA or equivalent legislation in any other relevant jurisdiction. Breach of this undertaking will constitute a disciplinary offence.

 

	18.2	The Executive hereby consents to the Company holding and processing both electronically and manually the personal data it collects which relates to the Executive which is necessary or reasonably required for the proper performance of this agreement, for management, administrative and other employment related purposes (both during and after the Appointment) or for the conduct of the Group’s business or to comply with applicable law, rules and regulations (the “Authorised Purposes”) and the Executive agrees to provide the Group with all personal data relating to her which is necessary or reasonably required for the Authorised Purposes.

 

	18.3	The Executive explicitly consents to the Company or any other Group Company processing her personal data, including her sensitive personal data, where this is necessary or reasonably required to achieve one or more of the Authorised Purposes.

 

	18.4	The Executive acknowledges that the Company may, from time to time collect or disclose her personal data (including her sensitive personal data) from and to third parties (including without limitation the Executive’s referees, any management consultants or computer maintenance companies engaged by the Company, the Company’s professional advisers, other Group Companies, any suppliers of goods or services to the Group and any potential purchasers of the business carried on by the Company and/or the Group). The Executive consents to such collection and disclosure even where this involves the transfer of such data, with appropriate safeguards, outside the European Economic Area where this is necessary or reasonably required to achieve one or more of the Authorised Purposes or is in the interests of the Company and/or its shareholders.

 

	18.5	The Company agrees to process any personal data made available to it by the Executive in accordance with the provisions of the DPA.

 

	18.6	this clause “data controller” “personal data” “processing” and “sensitive personal data” shall have the meaning set out in section 1 of the DPA.

 

    

     

    

 

	19.	GRIEVANCE AND DISCIPLINARY PROCEDURES

 

	19.1	If the Executive has any grievance relating to the Appointment she should raise it with the Executive Chairman either orally or in writing. If she is dissatisfied with that person’s decision she should refer the matter in writing to the Board, whose decision shall be final. In the event that the Executive’s grievance relates to the Executive Chairman, she should raise it with an independent director of the Board initially, either orally or in writing and then the Board; if she is dissatisfied with the independent director’s decision, the Board’s decision shall be final.

 

	19.2	Any disciplinary matters relating to the Executive shall be dealt with by the Board and in accordance with the Company’s disciplinary procedures in effect from time to time.

 

	20.	CAPACITY

 

	20.1	The Executive warrants that in entering into this agreement and performing her obligations under it, she will not be in breach of any terms or obligations under any further or other employment or appointment and will not become precluded from entering into this agreement or fulfilling her obligations under it and she will indemnify the Company against any costs, claims or demands against it arising out of any such breach by her.

 

	21.	GENERAL

 

	21.1	The provisions of this agreement are severable and if any provision is held to be invalid or unenforceable by a court or other body of competent jurisdiction then such invalidity or unenforceability shall not affect the remaining provisions of this agreement.

 

	21.2	The Executive’s rights and her obligations towards the Company and the Group shall be governed by this agreement together with such other agreements and understandings as she may enter into from time to time with any other Group Company(ies) notwithstanding that they may be documented separately to this agreement.

 

	21.3	Any communication or notification under this agreement shall be in writing and may be left at or sent by registered or recorded delivery post or by facsimile transmission or other electronic means of written communication to the address detailed at the top of this agreement or to such other address as may be notified by the parties to each other from time to time for the purpose of this clause. Any communication to the Company must be marked “For the attention of the Company Secretary”.

 

	21.4	Communications which are sent or dispatched as set out below shall be deemed to have been received as follows:

 

	 	21.4.1	by physical delivery – upon delivery to the Company’s premises or the Executive’s notified place of residence (as the case may be) provided that if the delivery is effected after usual business hours, the communication shall be deemed to be received on the next following business day at 09:00 local time;

 

	 	21.4.2	by post – two business days after dispatch; and

 

	 	21.4.3	by facsimile transmission or other electronic means of written communication – on the business day next following the day on which the communication was sent.

 

	21.5	In proving service by post it shall only be necessary for a party to prove that the communication was in an envelope which was duly addressed, stamped and posted by registered or recorded delivery post.

 

    

     

    

 

	21.6	 	
        For the purpose of this clause a “business
        day” means a day on which the clearing banks in the United Arab Emirates are open for business. “Close of business”
        means 18.00 hours local time in Dubai.

        This agreement shall be governed by
        and construed in accordance with the laws of the Isle of Man and each party to this agreement submits to the exclusive jurisdiction
        of the Isle of Man courts.

 

	21.8	Except as expressly provided for above, nothing in this agreement confers on any third party any benefits under the provisions of the Contracts (Rights of Third Parties) Act 2001.

 

	21.9	Each party confirms that it has taken all necessary actions and has all requisite power and authority to enter into and perform this agreement.

 

	21.10	The Company confirms that execution and delivery by it of this agreement and compliance with its terms shall not breach or constitute a default under the Company’s articles of association.

 

	21.11	This Agreement supersedes any other agreement and there are no collective agreements which apply to the Executive’s employment under this agreement.

 

 

 

 

IN WITNESS
WHEREOF the parties hereto have entered into this agreement as a Deed on the day and year first above written.Exhibit 4.24

 

 

	DATED	April 3 2014

 

 

 

 

- Eros International Ltd

 

 

 

 

-and-

 

 

 

 

 

 

Mr Mark Carbeck

 

 

 

 

 

 

SERVICE AGREEMENT

 

 

 

HEAD- INVESTOR RELATIONS & CORPORATE
FINANCE

 

 

 

 

 

    Page 1

     

    

 

THIS AGREEMENT is made the 3rd
day of April 2014

 

BETWEEN:-

 

		1	Eros International Ltd whose registered office is at 13 Manchester Square, London W1U 3PP (the
“Company”); and

 

		2	Mark Carbeck of Gazen House 80 Strand Street, Sandwich, Kent CT13 9HX (the “Executive”).

 

IT IS AGREED as follows:-

 

		1	DEFINITIONS AND INTERPRETATION

 

In this Agreement (save as
otherwise stated):

 

		1.1	“the Board” shall mean the board of directors the Company or a duly authorised
committee thereof, or, where the context so admits, the board of directors, or the duly authorised committee, of another Group
Company.

 

		1.2	“Confidential Information” includes all knowledge and information (whether or
not recorded in a documentary or machine-readable form) relating to the actual or proposed terms of business of the Company and/or
any Group Company, the names, addresses and contact details of any clients of the Company and/or any Group Company; the marketing
plans and/or strategies (including those relating to maturing business prospects) of the Company and/or any Group Company’s
accounts information, its budgeting information,

 

    Page 2

     

    

 

sales targets and statistics,
pricing information; marketing surveys and/or reports conducted by or on behalf of the Company and/or any Group Company; secret
formulae, inventions, designs, know how and, any other technical information or data of the Company and/or any Group Company relating
to the creation, production, development or performance of any past, present or future product or service traded in or proposed
to be traded in by the Company and/or any Group Company with a view to profit; and, any other information to which the Company
and/or any Group Company attaches an equivalent level of confidentiality or in respect of which it owes an obligation of confidentiality
to any third party.

 

		1.3	“Customer” shall mean any person, firm or company to whom or to which:

 

		1.3.1	at any time during the period of twelve months prior to the termination of the Executive’s
employment hereunder the Company and/or any Group Company has supplied or provided any Restricted Products/Services; or

 

		1.3.2	at the date of the termination of the Executive’s employment, is negotiating with the Company
and/or any Group Company for the supply or provision to it of any Restricted Products/Services.

 

		1.4	“Group” and “Group Company” shall mean the Company and any
other company which is its holding or subsidiary company or subsidiary of such holding company or affiliate of the company from
time to time (where “holding company” and “subsidiary” have the meanings given to them by the Companies
Act 1974).

 

		1.5	“Restricted Executive” shall mean any person who was at the date of the termination
of the Executive’s employment employed by the Company and/or any Group Company who had access to Confidential Information
or Trade Secrets and/or with whom the Executive had personal dealings during the period of twelve months prior to the termination
of the Executive’s employment.

 

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		1.6	“Restricted Products/Services” shall mean:

 

		1.6.1	the business of manufacturing, selling, leasing, renting, distributing, advertising, publicising,
marketing or otherwise exploiting home video devices; and

 

		1.6.2	all and any other products and/or services developed and/or produced by the Company and/or any
Group Company which are or are proposed to be dealt in, marketed or sold by it with a view to profit; and

 

		1.6.3	in respect of which the Executive has been concerned or involved with to a material extent during
the period of 12 months prior to the termination of his employment or otherwise in relation to which he possesses any Confidential
Information and/or Trade Secrets.

 

		1.7	“Trade Secrets” means trade secrets or other information which is otherwise
of such a highly confidential nature as to be of a status equivalent to that of a trade secret and whether or not it falls within
the definition of Confidential Information.

 

		1.8	“United Kingdom” means Great Britain and Northern Ireland.

 

		1.9	Headings to clauses are for convenience only and shall not affect their construction or meaning.

 

		1.10	Any reference to the provisions of an enactment shall be deemed to refer to the same as in force
(including any amendment or re-enactment) at the time by reference to which the same falls to be interpreted.

 

		1.11	References to clauses and/or Appendices are, unless otherwise stated, references to clauses and/or
Appendices to this Agreement.

 

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		1.12	Where the context permits, the singular includes the plural and vice versa and one gender includes
any gender. Words importing individuals shall be treated as importing corporations and vice versa and words importing whole shall
be treated as including a reference to any part thereof.

 

		2	EMPLOYMENT

 

The Company shall employ the
Executive and the Executive shall serve the Company as its Head - Investor Relations & Corporate Finance and in such other
capacity or capacities within the Group and with such responsibilities as are within the Executive’s abilities as the Company
may from time to time reasonably specify. The Executive will report directly to the Group Chief Executive Officer.

 

		3	PERIOD OF EMPLOYMENT

 

		3.1	The Executive’s employment hereunder shall commence on 28th April 2014 and shall
continue unless otherwise terminated in accordance with the terms of this Agreement.

 

		3.2	Subject to clause 12, the Executive’s employment shall start on commencement date and shall
continue thereafter until terminated by either party to the other not less than 3 months prior written notice of termination.

 

		3.3	The Company shall (subject to clause 12) be entitled to make a payment in lieu of any unexpired
period of notice of termination given by either party. Such payment shall be limited to the Executive’s basic salary at the
rate payable at the date notice is given and shall include any payment in respect of pension or other benefits.

 

		3.4	If not previously terminated, the Executive’s employment shall in any event automatically
terminate on the day on which the Executive attains the age of sixty five years.

 

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		4	DUTIES

 

The Executive shall:-

 

		4.1	during normal working hours of 9.00 am to 5.00 pm Monday to Friday, and during such additional
hours as are necessary for the perfom1ance of his duties, devote the whole of his time and attention and ability to his duties;

 

		4.2	faithfully and diligently carry out the lawful instructions of the Company and/or any other Group
Company, as appropriate;

 

		4.3	use his reasonable endeavours to promote the best interests of the Company and the Group and abide
by the rules, policies and procedures of the Company as may from time to time be notified to the Executive;

 

		4.4	make such journeys and undertake such duties on the business of the Company in such destinations
as the Company may require, subject to the Company reimbursing the Executive for any expenses incurred by him in relation thereto,
in accordance with clause 7 below;

 

		4.5	give to the Company such information regarding the affairs of the Company and/or any other Group
Company as it shall require.

 

		4.6	The Executive shall not at any time, without the prior consent of the Board:

 

		4.6.1	incur on behalf of the Company any capital expenditure in excess of such sum as may be authorised
from time to time by resolution of the Board;

 

		4.6.2	enter into on behalf of the Company any commitment, contract or arrangement which is otherwise
than in the normal course of business or is outside the scope of his normal duties or is of an unusual or onerous or long term
nature;

    Page 6

     

    

 

		4.6.3	engage any person on terms which vary from those established from time to time by resolution of
the Board; or

 

		4.6.4	dismiss any employee of the Company without giving proper statutory or (if longer) contractual
notice or without following any applicable statutory disciplinary procedure and in any case the Executive shall immediately report
any dismissal effected by him and the reason for it to the Board.

 

		4.7	The Executive shall not at any time during his appointment directly or indirectly enter into or
be concerned in any trade or business or occupation whatsoever other than the business of the Company except with the prior written
consent of the Board which may be given subject to any conditions or terms the Board considers appropriate. This clause shall not
prevent the Executive from holding up to 3% of any class of shares, debentures or other securities in a company which is listed
on a recognised investment exchange.

 

		4.8	The Executive shall comply with all rules, regulations and codes of practice issued by the Company
and the United States’ Securities Exchange Commission as shall from time to time be in force relating to transactions in
securities and shall comply with all requirements, recommendations or regulations of the NYSE and/or any other exchange on which
the securities of the Company (or other company in the Group) are from time to time listed or dealt in or any authority or body
authorised to regulate transactions in securities.

 

		5	PLACE OF WORK

 

Subject to clause 4.4, the
Executive shall perform his duties at the Company’s premises in London or at any other premises at which the Company is located.
Notwithstanding the foregoing, the Executive and the Company agree that the Executive May be required to travel to any other place
outside of the United Kingdom in order to be able to perform his duties from time to time.

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		6	REMUNERATION

 

		6.1.1	The Company shall pay to the Executive a salary at the rate of £150,000 per annum, payable
in arrears by equal monthly instalments on or around the last working day of the month by BACS transfer. The Executive’s
salary will be subject to subsequent reviews, and will be determined by the Group CEO.

 

		6.1.2	The Executive may receive a discretionary bonus, linked to the performance of the Company and the
Executive, the value of which, if any, will be determined by the bonus scheme introduced by the Company, applicable to Executives.
The payment of a bonus in any one year does not automatically entitle the Executive to a bonus in any future year(s).

 

		6.2	The Company may deduct from the Executive’s pay any sums which he may at any time during
his employment hereunder owe the Company including, without limitation, any overpayments or loans made to him by the Company.

 

		6.3	The Executive shall be eligible to participate in such share option scheme applicable to his position
that the company may introduce subject to rules of the scheme.

 

		7	EXPENSES

 

The Company shall (on production
of receipts or other evidence as it may require) repay or cause to be repaid to the Executive all travelling, hotel, entertainment,
and other out-of-pocket expenses from time to time wholly, exclusively and necessarily incurred by him in the proper performance
of his duties pursuant to his employment under this agreement.

 

		8	ATTENDANCE AT WORK

 

Subject to clause 12, if either
the Executive or the Company gives notice of the termination of the Executive’s employment, the Company is under no obligation
to provide the Executive with work during all or any part of his notice period and may

    Page 8

     

    

 

require the Executive to remain
away from work and/or may vary his duties or require him not to perform his duties during all or any part of his notice period.
If the Company requires the Executive not to perform his duties during all or part of his notice period and/or to remain away from
work during all or any part of his notice period he will continue to be bound by the terms of this Agreement (including, without
limitation, the duty of good faith and fidelity) and he will be required to comply with any conditions laid down by the Company
and the Executive may not during all or any part of his notice period work for any third party (including, without limitation,
any competitor of the Company) nor work on his own behalf (including, without limitation, in competition with the Company) without
the Company’s prior written permission.

 

		9	BENEFITS

 

Pension

 

		9.1	The Company shall contribute an annual sum representing 5% of the Executive’s annual basic
salary to the Executives approved personal pension plan as nominated by the Executive and notified to the Company in writing save
that such contributions are subject to the maximum annual amount permitted by law. A contracting out certificate issued in accordance
with Chapter I of Part III of the Pensions Schemes Act 1993, an Act of Parliament (as amended or re-enacted), is not in force in
relation to the Executive’s employment.

 

Medical Insurance

 

		9.2	The Executive shall be eligible for cover in company’s medical insurance scheme along with
spouse plus dependent children, subject always to the terms and conditions of such scheme.

 

    Page 9

     

    

 

		9.3	If it is necessary for the Executive to move from his present address as a result of the Company
requiring him to work permanently at a location other than as set out at clause 5 above, the Company will reimburse the Executive
for all the removal and accommodation expenses directly and reasonably incurred as a result.

 

		10	HOLIDAYS

 

		10.1	The Executive shall be entitled to 21 working days’ holiday (in addition to UK public holidays)
in each holiday year at full salary to be taken at such time or times as may be approved by the Board. The holiday year runs from
1 April to 3 I March inclusive.

 

		10.2	Holiday entitlement not taken in any one holiday year cannot be carried over to a subsequent holiday
year without the prior written consent of the Board, nor will a payment in lieu be made in respect of any unused holiday entitlement,
except in the circumstances set out in clause 10.3 below.

 

		10.3	Subject to clause 12, upon the termination of the Executive’s employment, his entitlement
to holiday will be calculated pro-rata and one day’s payment in lieu will be made for each day’s holiday accrued but
not taken at the date of such termination.

 

		10.4	Subject to clause 12, if upon termination of his employment, the Executive’s accrued holiday
entitlement shows that the Executive has taken holiday in excess of his entitlement, then the Company reserves the right to deduct
a day’s pay for each excess day’s holiday from any salary due to him.

 

A day’s pay, for the purposes
of clauses 10.3 and 10.4, will be calculated as 1/260th of the Executive’s basic salary.

 

		11	INTELLECTUAL PROPERTY

 

    Page 10

     

    

 

		11.1	Without limitation, any and all inventions, improvements, design rights, registered designs, process,
information, copyright works, trade marks or trade names, together with any and all similar rights arising anywhere in the world,
made, created or discovered by the Executive during the course of the Executive’s employment affecting or relating to the
business of the Company or any Group Company or capable of being used or adapted for use by or within the Company and/or any other
Group Company, and whether or not registered, and, for the avoidance of doubt, including applications for any of the foregoing,
shall be immediately disclosed to the Company, and shall, to the extent permitted by law, belong to and be the absolute property
of the Company.

 

		11.2	If required to do so by the Company, the Executive shall, at the Company’s or any other Group
Company’s expense:

 

		11.2.1	apply or join with the Company or any other Group Company in applying for letters patent or other
protection or registration in respect of any such invention, improvement, design, process, information, copyright work, trade mark
or trade name or as aforesaid;

 

		11.2.2	execute all instruments and take all actions required for vesting the said letters patent or other
protection or registration when obtained, and all right title and interest to and in the same, absolutely and as sole beneficial
owner in the Company or in such other person or company as the Company may specify.

 

		11.3	The Executive hereby irrevocably and unconditionally waives all rights under Part IV of the Copyright
Act 1991 (moral rights) in connection with his authorship of any existing or future copyright work in the course of his employment,
in whatever part of the world such rights may be enforceable.

 

		11.4	The Executive hereby irrevocably appoints the Company to be his attorney in his name and on his
behalf to execute any such instrument and/or take such action and generally to use his name for the purpose of giving to the Company
the full benefit of this clause. In favour of any third party a certificate in writing signed by a director of the Company that
any act or instrument falls within the authority hereby conferred shall be conclusive evidence that this is the case.

 

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		12	TERMINATION

 

This Agreement shall be subject
to immediate termination by the Company by summary notice in writing and without payment in lieu of notice, and without prejudice
to any other rights of the Company, if the Executive:

 

		12.1	guilty of any of gross and/or serious misconduct which likely to materially affect prejudicially
the interest of any Group Company.

 

		12.2	repeats or continues, after prior written warning, any material breach of his duties; and/or

 

		12.3	conducts himself in such a manner either during and/or outside the course of his employment hereunder
which in the reasonable opinion of the Board may prejudice the interests of the Company and/or any other Group Company and/or is
likely to bring the Executive or the Company and/or any other Group Company into disrepute; and/or

 

		12.4	becomes of unsound mind and/or is compulsorily admitted to hospital by virtue of the provision
of any statute relating to mental health; and/or

 

		12.5	is convicted of any criminal offence [(excluding road traffic offences)] punishable with six months
or more imprisonment (whether or not such a sentence is imposed on the Executive); and/or

 

		12.6	is prevented by sickness or injury from performing his duties for a continuous or aggregate period
of 120 working days in a period of 12 consecutive months; and/or

 

    Page 12

     

    

 

		12.7	becomes bankrupt or makes any composition or enter into any arrangement with his creditors; and/or

 

		12.8	is in the reasonable opinion of the Board incompetent in the performance of his duties;

 

		12.9	is convicted of an offence relating to insider dealing;

 

		12.10	violating employment right as employee.

 

		13	ABSENCE AND SICKNESS/INJURY

 

		13.1	If the Executive is unable to attend work for any reason and his absence has not previously been
authorised by the Company the Executive must, subject to the provisions of clauses 13.2 and 13.3 below inform the Group CEO of
his absence and the full reasons for it by 9.30am on each working day of his period of absence. The Executive must confirm the
reasons for his absence in writing forthwith if required to do so.

 

		13.2	If the Executive is absent from work due to sickness or injury for a period of more than seven
days (including weekends) he must provide the Company with a medical certificate by the eighth day covering the period of his absence
and thereafter medical certificates must be provided in advance to the Company to cover any continued absence.

 

		13.3.1	During any absence as a result of sickness or injury of up to an aggregate or continuous period
of six months in any 12 months’ period the Company will pay to the Executive his normal salary including pension contributions
and all other contractual benefits. Thereafter, any further payments to be made to the Executive shall be at the absolute discretion
of the Company.

 

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		13.3.2	The foregoing is without prejudice to the Executive’s entitlement to state sickness incapacity
benefit payments (“SIBPs”). Any SIBPs or other sickness benefits to which the Executive may be entitled under any social
security, national insurance or other legislation for the time being in force, whether or not such benefit is actually received
by the Executive (and the Executive shall be solely responsible for claiming such benefits), or any benefit received by the Executive
as a result of contributions paid by the Company to any health insurance scheme, in respect of a day of sickness, shall be deducted
from the payment to be made under clause 13.3.1 of this Agreement in respect of that day.

 

		13.4	If the Company requests the Executive to do so, the Executive shall submit himself to be examined
by a medical practitioner selected by the Company and the Executive shall authorise such practitioner to prepare a report (written
or otherwise) of the findings of such examination and disclose the same to the Company.

 

		13.5	If the Executive’s absence is occasioned by the actionable negligence, nuisance or breach
of any statutory duty of a third party, all payments made to him under this clause 13 by the Company, whether of salary or sick
pay, shall, to the extent that compensation is recoverable from that third party, constitute loans by the Company to the Executive
(notwithstanding that as an interim measure income tax has been deducted from payments as if they were emoluments of employment)
and shall be repaid when and to the extent that the Executive recovers compensation for loss of earnings for that third party by
action or otherwise.

 

		14	RESTRICTIONS DURING EMPLOYMENT AND AFTER TERMINATION

 

		14.1	The Executive agrees that he shall not in any capacity whatsoever either during his employment
or for a period of six months from the date of termination of his employment directly or indirectly and in competition with the
Company and whether on his own behalf or on behalf of any other person, firm or company or, jointly:

 

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		14.1.1	seek, solicit or accept any business, orders or custom for any Restricted Products/Services from
any Customer with whom the Executive has had dealings in the performance of his duties during the 6 months preceding the termination
of his employment;

 

		14.1.2	induce, solicit, entice or howsoever endeavour to induce, solicit or entice any Restricted Executive
with whom the Executive has had dealings in the performance of his duties during the 12 months preceding the termination of his
employment and or accept employment with any other person, firn1 or company who business is competitive with any trade or business
concerning the Restricted Products/Services created and/or supplied by the Company;

 

		14.1.3	carry out, engage and/or be interested and/or accept employment in any business and/or trade which
is competitive with any trade or business concerning the Restricted Products/Services created and/or supplied by the Company, save
for the ownership for investment purposes of no more that 3 per cent of the issued ordinary shares of any company who shares are
listed on any stock exchange.

 

		14.2	The Executive shall not otherwise than in the ordinary and proper course of carrying out his duties
or with the prior written consent of the Company either during or after the termination of his employment disclose or reveal to
any person, firm or company whether directly or indirectly or otherwise use for the Executive’s own purposes or any purpose
other than those of the Company and/or any other Group Company (as applicable); During employment no time limit after termination
6 months.

 

		14.2.1	any Confidential Information; and/or

 

		14.2.2	any Trade Secrets of the Company and/or any other Group Company;

 

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in either case the knowledge
of which the Executive acquired in the course of the Executive’s employment.

 

		14.3	During the period of his employment the Executive shall use his reasonable endeavours to prevent
the unauthorised publication or disclosure of any Confidential Information and/or Trade Secrets.

 

		14.4	The Executive shall return to the Company upon its request, and in any event forthwith upon the
termination of his employment howsoever arising, all documents, computer disks and/or tapes or copies thereof and all other items
or materials in his possession or under his power or control by virtue of his employment under this Agreement which belong to the
Company and/or any other Group Company and/or Customer, and/or to any other third party including those which do and/or may contain
any Confidential Information and/or Trade Secrets.

 

		14.5.1	The provisions set out in each of 14.1.1, 14.1.2 and 14.1.3 of clause 14.1 and in sub-clauses 14.2,
14.3 and 14.4 above represent entirely separate and servable independent restrictions. In the event that such restrictions or any
of them are considered to be void but would be enforceable if some part of them or any of them were deleted then it is agreed that
the restriction(s) shall apply with such modification as is necessary to render it and/or them enforceable.

 

		14.5.2	The length of restrictions contained in clause 14.1 shall be reduced by any period of garden leave
that the Executive is required to serve by the Company pursuant to clause 8 above.

 

		14.6	Clause 14.1 shall, in addition, apply as if there was substituted for references to “the
Company” references to each Group Company in relation to which the Executive has during the course of his employment or by
reason of rendering services to or holding office in such Group Company;

 

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		14.6.1	acquired knowledge of its Trade Secrets and/or Confidential Information; or

 

		14.6.2	had personal dealings with its Customers; or

 

		14.6.3	Supervised directly or indirectly employees having personal dealings with its Customers.

 

		14.6.4	After the termination date or during employment, the restrictions at clause 14 shall not apply
in respect of any confidential information

 

In the public domain, otherwise
than as a result of any unauthorised act or omission on the part of the Executive, or which the Executive is required by law to
disclose, provided that the Executive first notifies the company in writing that he is required to disclose such confidential information.

 

Nothing in this agreement shall
prevent the executive from making a protected disclosure as defined in the employment rights act 1996 but save that reference in
clause 14.1 to “the Company” shall for this purpose be deemed to be replaced by references to the relevant Group Company.
The obligations undertaken by the Executive pursuant to this clause 14.6 shall, with respect to each Group Company, constitute
a separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability
of the covenants in favour of any other Group Company or the Company.

 

		15	NOTICES

 

		15.1	Notices shall be g1ven by the Executive in writing addressed to the Company, and shall be delivered
or sent by first class recorded delivery

 

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post or facsimile transmission
to the Company at its registered office for the time being and, in the case of the Executive, notices shall be given by the Company
in writing addressed to him and may be delivered to him or sent by first class recorded delivery post to his usual or last known
place of residence.

 

		15.2	Any such notice or other document shall be deemed to have been served:

 

		15.2.1	if delivered, at the time of delivery;

 

		15.2.2	if posted, at 10.00 a.m. on the second business day after it was put into the post;

 

		15.2.3	if sent by facsimile process, at the expiration of 2 hours after the time of despatch is sent before
3. p.m. on any business day, and in any other case at J 0.00 a.m. on the business day following the date of despatch.

 

		15.3	In proving such service it shall be sufficient to demonstrate that delivery was made or that the
envelope containing such notice or other document was properly addressed and posted as a pre-paid first class recorded delivery
letter or that the facsimile message was properly addressed and despatched (evidenced by a successful transmission report), as
the case maybe.

 

		16	PREVIOUS CONTRACTS

 

This Agreement is in substitution
for any previous agreement or contract of service between the Company and the Executive which shall be deemed to have been terminated
by mutual consent as from the date hereof, and neither party to this Agreement shall have any claim against the other in respect
of any such termination.

 

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		17	STATEMENT OF TERMS OF EMPLOYMENT

 

This Agreement contains the
written particulars of employment required to be given to the Executive pursuant to the Employment Act 1991 (as amended from time
to time). For statutory purposes it is confirmed that:

 

		17.1	The Company’s disciplinary procedures, copies of which are available upon request from a
member of the Board, do not form part of the Executive’s contract of employment but are statements of the Company’s
current practice and may be changed from time to time.

 

		17.2	The Company’s grievance procedures, copies of which are available upon request from a member
of the Board, do not form part of the Executive’s contract of employment but are statements of the Company’s current
practice and may be changed from time to time.

 

		17.3	The person to whom the Executive should apply in the first instance if he wishes to seek redress
of any grievance or complain about a disciplinary step taken or to be taken against him is the Group CEO. The Executive must make
this initial application promptly and he may do so orally or in writing. If he is dissatisfied with the decision of the Group CEO,
he may bring the matter to the attention of the Board whose decision will be final.

 

		17.4	There are no collective agreements directly effecting the terms and conditions of the Executive’s
employment.

 

		18.1	For the purposes of the Data Protection Act 2002 (the “DPA”) the Executive hereby explicitly
consents to the Company and/or any other Group Company holding and processing necessary personal data, including sensitive personal
data, of which the Executive is subject or a third party is the subject and which has been provided to the Company and/or any other
Group Company by the Executive at the request of the Company or other Group Company (as applicable) or otherwise. For the purposes
of this clause “sensitive data” means personal data consisting of information as to racial or ethnic origin; membership
of a trade union; physical or mental health or condition; the commission or alleged commission of any offence or any proceedings
for any

 

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offence committed or alleged
to have been committed, including the disposal of such proceedings or the sentence of any court in such proceedings. The Executive’s
consent to the Company’s and/or other Group Company’s (applicable) processing of such data shall also include the disclosure
of data relating to the tem1s of the Executive’s appointment to investors, shareholders, and/or prospective purchasers of
the business, Group Companies, the Company’s professional advisers, the NYSE, and other authorities and disclosure of such
data by the Company and/or any other Group Company (as appropriate) for the purposes of bringing and/or defending legal proceedings.

 

		18.2	The Company is ultimately liable for breaches of the provisions of the DPA which are committed
by its officers and employees. As part of the Executive’s duties the Executive may have access to and process personal data
relating to other employees, customers, contractors, or any other third party and the Executive must not process or disclose such
personal data in breach of the DPA provisions. Any such breach of the DPA or any Company Data Protection Policy by the Executive
will be dealt with by the Company as a serious disciplinary issue. In the event that a breach of the DPA or the Company’s
Data Protection Policy by the Executive is established after due investigation, any such disciplinary action may result in the
Executive’s summary dismissal without notice or payment in lieu of notice.

 

		19.	This Agreement shall be governed by and construed in accordance with English law. The parties hereto
irrevocably submit for all purposes relating to this Agreement to the exclusive jurisdiction of the Courts of the England and Wales.

 

IN WITNESS whereof
the parties hereto have entered into this Agreement as a Deed on the day and year first above written.

 

 

 

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