Document:

Exhibit

EXHIBIT 10.7

SVB Financial Group

Deferred Compensation Plan

Amended and Restated Effective January 23, 2019

TABLE OF CONTENTS

PURPOSES    1
ARTICLE 1 – DEFINITIONS    2
ARTICLE 2 – PARTICIPATION    5
ARTICLE 3 – DEFERRAL ELECTIONS    6
ARTICLE 4 – EMPLOYER CONTRIBUTIONS    9
ARTICLE 5 – PARTICIPANT ACCOUNT    10
ARTICLE 6 – INVESTMENT OF CONTRIBUTIONS    11
ARTICLE 7 – RIGHT TO BENEFITS    12
ARTICLE 8 – DISTRIBUTION OF BENEFITS    14
ARTICLE 9 – AMENDMENT AND TERMINATION    15
ARTICLE 10 – THE TRUST    16
ARTICLE 11 – MISCELLANEOUS    17
ARTICLE 12 – PLAN ADMINISTRATION    20

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PURPOSES
The purposes of the SVB Financial Group Deferred Compensation Plan (the “Plan”) are (a) to permit eligible employees to elect to defer receipt of compensation which would otherwise be payable to them currently as annual base pay or bonuses and (b) to provide investment alternatives for voluntary and mandatory deferred compensation.  

The Plan is intended to be a “plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and shall be implemented and administered in a manner consistent therewith.  The Plan also is intended to comply with Section 409A of the Internal Revenue Code.

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ARTICLE 1– DEFINITIONS
Wherever used herein, the following terms have the meanings set forth below, unless context clearly requires a different meaning:
		
	1.1
	“Account” means an account established for the purpose of recording amounts credited on behalf of a Participant pursuant to Article 3 and/or Employer Contributions pursuant to Article 4, and any income, expenses, gains, losses or distributions included thereon.  The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant pursuant to the Plan.

		
	1.2
	“Administrator” means the Employer, or such other person or persons designated by the Employer to be responsible for the administration of the Plan.

		
	1.3
	“Base Pay” means the basic or regular rate of per payroll period remuneration paid to the Participant by the Employer.

		
	1.4
	“Beneficiary” means the persons, trusts, estates or other entities entitled under Section 7.2 to receive benefits under the Plan upon the death of a Participant.

		
	1.5
	“Board” means the Compensation Committee of Board of Directors of the Plan Sponsor.

		
	1.6
	“Bonus” means a bonus payment that is earned by an Eligible Employee during the Plan Year for services rendered to Employer and that the Administrator has designated as deferrable under the Plan prior to the commencement of any applicable Plan Year. 

		
	1.7
	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

		
	1.8
	“Compensation” means Base Pay and Bonus earned by an Eligible Employee during the Plan Year for services rendered to Employer as determined by the Administrator.

		
	1.9
	“Deferral Election” means an election an Eligible Employee makes as provided by Section 3.1.

		
	1.10
	“Eligible Employee” means an employee that Employer (a) determines  to be a member of a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and (b) designates as an Eligible Employee for purposes of this Plan.

		
	1.11
	“Employer” means SVB Financial Group and all other members of SVB Controlled Group that it designates to participate in this Plan.

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	1.12
	“Employer Contributions” means those contributions made to the Plan by Employer into the Participant’s Account in accordance with Article 4.

		
	1.13
	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

		
	1.14
	“Participant” means any Eligible Employee who participates in the Plan in accordance with Article 2.

		
	1.15
	“Plan” means this SVB Financial Group Deferred Compensation Plan, as set forth herein and as it may be amended from time to time. 

		
	1.16
	“Plan Sponsor” means SVB Financial Group.

		
	1.17
	“Plan Year” means the calendar year; provided, however, that solely for purposes of Sections 3.1, 3.2 and 3.5, prior to the commencement of an applicable calendar year the Plan Administrator may determine that the Plan Year shall be a different period of roughly-equivalent time with respect to Base Pay deferral elections, which alternative period of time shall commence no sooner than the first day of the applicable calendar year, and the Plan Administrator shall timely communicate to Participants such alternative Plan Year for purposes of Participants’ Base Pay deferral elections for the alternative Plan Year.  Notwithstanding the foregoing, an alternative Plan Year shall not overlap with another Plan Year.

		
	1.18
	“Separation from Service” means a Participant’s death, retirement, or other termination of employment with the SVB Controlled Group.  The determination of whether a Participant has terminated employment shall be determined based on the facts and circumstances in accordance with the rules set forth in Code Section 409A and the regulations thereunder.  Whether a Separation from Service has occurred is based on whether the facts and circumstances indicate that the Participant and the Employer reasonably anticipated that no further services would be performed for the Employer after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to less than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or if employed by an Employer less than 36 months, such lesser period).  A Participant will be deemed to have had a Separation from Service if the Participant’s level of bona fide services performed decreases to a level that is twenty percent (20%) or less of the average level of services performed by the Participant during the immediately preceding 36-month period (or if the Participant has not been employed for 36 months, such less period of employment).  A Participant shall not be deemed to have Separated from Service if the Participant continues to provide services to an Employer (whether as an employee or an independent contractor) at an annual rate that is fifty percent (50%) or more of the services rendered, on average, during the immediately preceding 36 months of employment with an 

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Employer (or if employed by an Employer less than 36 months, such lesser period).  In addition to the foregoing, a Separation from Service will not be deemed to have occurred while a Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Participant’s right to reemployment with the Employer is provided either by statute or contract.  If the period of leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or contract, then the Participant is deemed to have Separated from Service on the first day immediately following such six-month period.
		
	1.19
	“Special Retention Incentives” means retention incentives offered to selected key Participants as provided in Section 3.4.

		
	1.20
	“Specified Employee” means a Participant who is identified as a “specified employee” as of the date of his or her Separation from Service in accordance with the requirements of Treasury Regulation Section 1.409A-1(i).

		
	1.21
	“SVB Controlled Group” means the Employers and any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes an Employer and any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with an Employer.

		
	1.22
	“Total Disability” means total disability as determined by the Social Security Administration or other disability that complies with the requirements of Treasury Regulations Section 1.409A-3(i)(4).

		
	1.23
	“Valuation Date” means each business day of the Plan Year and such other date(s) as Employer designates.

ARTICLE 2     – PARTICIPATION
		
	2.1
	Participation.  Each Eligible Employee shall become a Participant in the Plan by (a) executing a Deferral Election in accordance with the provisions of Article 3,  (b) receiving an Employer Contribution pursuant to Article 4 or (c) being designated as a Participant in a Special Retention Incentive.

		
	2.2
	Termination of Participation.  A Participant’s participation in the Plan shall cease upon his or her termination of service with the Employer for any reason or his or her ceasing to qualify as an Eligible Employee.  Upon any termination of participation, a Participant’s deferrals and/or Employer Contributions, if any, shall cease but the provisions of Section 8.2 shall continue to apply.

		
	2.3
	Other Termination of Employment.  If the Participant’s employment is terminated prior to the end of a Special Retention Incentive Vesting Period for any reason other 

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than death or Total Disability, the Participant will forfeit all rights to payment of the Special Retention Incentive under this Plan.

ARTICLE 3     – DEFERRAL ELECTIONS
		
	3.1
	Deferral Election.  Each Eligible Employee may elect to defer Compensation earned by him or her during a Plan Year by executing a Deferral Election in accordance with rules and procedures established by the Administrator and the provisions of this Article 3.  The Deferral Election must separately specify for each type of Compensation (i.e., Base Pay and Bonus) the whole number percentage multiple that the Participant elects to defer and the timing and form of payment of the deferred amount.

A new Deferral Election must be timely executed for each Plan Year during which the Eligible Employee elects to defer Compensation.  An Eligible Employee who does not timely execute a Deferral Election shall be deemed to have elected zero deferrals for such Plan Year.
The Administrator shall specify a period, ending no later than December 31st of the calendar year immediately preceding the Plan Year during which Deferral Elections may be made as to Compensation earned during a Plan Year. Each Deferral Election becomes irrevocable at the close of the specified period.
		
	3.2
	Election to Defer Base Pay.  An Eligible Employee may elect to defer Base Pay for a Plan Year in any amount (in 1% increments) from 5% to 50% of Base Pay.

		
	3.3
	Election to Defer Bonus.  An Eligible Employee may elect to defer (in 1% increments) from 5% to 100% of his or her Bonus for a Plan Year.

		
	3.4
	Special Retention Incentives.  From time to time during the Plan Year, the Administrator, in its sole discretion, shall designate Special Retention Incentives to key employees as eligible for investment in this Plan during the retention qualifying period.  

		
	3.5
	Timing of Election to Defer.  

		
	3.5.1
	Base Pay.  Each Eligible Employee who desires to defer Base Pay earned during a Plan Year must execute a Deferral Election within the period preceding the Plan Year specified by the Administrator.  

		
	3.5.2
	Bonus.  Each Eligible Employee who desires to defer a Bonus must execute a Deferral Election within the period preceding the Plan Year during which the Bonus is earned that is specified by the Administrator.

		
	3.5.3
	Performance-Based Compensation.  Notwithstanding the foregoing, with respect to any amounts to be contributed to the Plan for a Plan Year 

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that can be treated as “performance-based compensation” as described in Code Section 409A(a)(4)(B)(iii) and the Treasury Regulations promulgated thereunder, a Deferral Election must be executed no later than the date which is six months before the end of the performance period in which the amount (i.e. Bonus) is earned, provided that the Participant performs services continuously from the later of the beginning of the performance period or the date the performance criteria are established through the date the election is made and the election may not be made after the date the amount of such performance-based compensation has become reasonably ascertainable.  Performance-based compensation means compensation the amount of which, or entitlement to, is contingent on satisfying pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months.  Performance criteria are pre-established if established in writing by not later than 90 days after the beginning of the performance period; provided the outcome of the criteria are substantially uncertain at the time the criteria are established.
		
	3.5.4
	Initial Year of Eligibility.  In the case of the first Plan Year in which an Employee first becomes classified or designated as an Eligible Employee, if and to the extent permitted by the Administrator, the individual may make an election no later than thirty (30) days after the date he or she becomes an Eligible Employee to defer Base Pay and/or Bonus (as applicable), for services to be performed after the election or to elect the time and form of payment of any Employer Contribution.  A Deferral Election will be deemed to apply to Bonus for services performed after the election if the election applies to no more than an amount equal to the total Bonus for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period.  This paragraph will not apply to an Employee who is a participant in any other account balance deferred compensation plans maintained by any member of the SVB Controlled Group which is required to be aggregated with this Plan under Code Section 409A.

		
	3.5.5
	Initial Deferral Election with Respect to Certain Forfeitable Rights.  Notwithstanding the foregoing, if an Eligible Employee has a right to a payment in a subsequent tax year that is subject to a condition requiring the Eligible Employee to perform services for the Employer for at least 12 months after the Eligible Employee obtains the legally binding right to the to avoid forfeiture of the payment (as described in Treasury Regulations Section 1.409A-2(a)(5)), the Participant may make a Deferral Election no later than 30 days after the Participant obtains the legally binding right to the payment, provided the Participant makes the election at least 12 

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months prior to the earliest date on which the applicable forfeiture condition could lapse.
		
	3.6
	Election of Payment Schedule and Form of Payment.  At the time an Eligible Employee completes a Deferral Election in accordance with Section 3.5, the Eligible Employee must separately elect the time and form of payment for each type of Compensation being deferred (i.e., for Base Pay and Bonus).  To the extent permitted by the Administrator, an Eligible Employee may elect the time and form of payment of an Employer Contribution pursuant to the applicable procedures in Section 3.5.

A Participant may designate a specific Plan Year to commence distribution of all or a portion of the Participant’s Account.  The Plan Year must be at least three Plan Years after the first day of the Plan Year during which the election is effective.  A Participant may also elect to receive a distribution of all or a portion of the Participant’s Account upon the Participant’s Separation from Service.  Notwithstanding the foregoing, in the event that a Participant’s Separation from Service occurs prior to a Plan Year that a Participant has selected to commence distribution of all or a portion of his or her Account, such portion of the Participant’s Account shall commence distribution upon the Participant’s Separation from Service.  In the event that a Participant (or Employer) fails to make a valid election with respect to the time of payment for deferrals of any type of Compensation or receipt of Employer Contributions for a Plan Year, then such amounts shall be paid upon the Participant’s Separation from Service.
A Participant must elect to receive distribution of the Participant’s Account in either a single lump sum in cash or in annual cash installments over a period of up to ten years.  In the event that a Participant fails to make a valid election with respect to the form of payment for deferrals of any type of Compensation and/or receipt of Employer Contributions for a Plan Year, then such deferrals shall be paid in a single lump sum.

ARTICLE 4    – EMPLOYER CONTRIBUTIONS
		
	4.1
	Employer Contributions.  The Administrator, in its discretion, may credit additional amounts as Employer Contributions to the Account of any Eligible Employee, Participant or group of Participants.  No such contribution to an Eligible Employee, Participant or group of Participants shall imply any right on the part of other Eligible Employees or Participants to receive a similar contribution, nor are such contributions required to be uniform with respect to the Participants for whom they are made.

		
	4.2
	Timing.  The Administrator will make any Employer Contributions under Section 4.1 for a Plan Year at such times as Code Section 409A or any other applicable laws, rules and regulations may permit.

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	4.3
	Deferral Election.  To the extent permitted by the Administrator, an Eligible Employee or Participant may elect the time and form of payment of any Employer Contributions being made to the Plan on his or her behalf under Section 4.1.  Any such election shall be subject to the Deferral Election rules set forth in Article 3 of the Plan.  In the event that a the Participant is not permitted to elect the time and form of payment for an Employer Contribution, Employer may set the time and form of payment either before the Participant obtains the legally binding right to the payment or, if later, the date the an employee could have otherwise elected the time and form of payment under Article 3 of the Plan or as otherwise permitted in accordance with Section 409A of the Code.

		
	4.4
	Vesting.  The vesting rules for any amounts credited to the Participant’s Account as Employer Contributions are set forth in Section 7.1.2 of the Plan.

		
	4.5
	Distribution.  The distribution rules for any amounts credited to the Participant’s Account as Employer Contributions are set forth in Article 8 of the Plan.

ARTICLE 5     – PARTICIPANT ACCOUNT
		
	5.1
	Individual Accounts.  The Administrator will establish and maintain a bookkeeping Account for each Participant which will reflect deferrals made pursuant to Article 3, and Employer Contributions made pursuant to Article 4, if any, along with earnings, expenses, gains and losses credited thereto, attributable to the hypothetical investments made with the amounts in the Participant’s Account as provided in Article 6.  The amount a Participant elects to defer in accordance with Article 3 shall be credited to the Participant’s Account at the time the amount subject to the Deferral Election would otherwise have been payable to the Participant but for his or her election to defer.  Each Employer Contribution made pursuant to Article 4 shall be credited to a Participant’s Account on the date approved by Employer or, if the Employer has not approved a specific date, within 30 days of the date the Employer approves crediting an Employer Contribution to the Participant’s Account.  The Administrator will establish and maintain such other accounts and records as it decides in its discretion to be reasonably required or appropriate to discharge its duties under the Plan. 

ARTICLE 6     – INVESTMENT OF CONTRIBUTIONS
		
	6.1
	Investment Options.  The amount in a Participant’s Account shall be treated as invested in the investment options designated for this purpose by the Administrator.

		
	6.2
	Adjustment of Accounts.  The amount in a Participant’s Account shall be adjusted for hypothetical investment earnings or losses in an amount equivalent to the gains or losses reported by the investment options selected by the Participant or Beneficiary from among the investment options provided in Section 6.1.  A Participant may, in accordance with rules and procedures established by the 

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Administrator, change the investments to be used for the purpose of calculating future hypothetical investment adjustments to the Participant’s Account or to future Participant deferrals and/or Employer Contributions effective as of the Valuation Date coincident with or next following notice to the Administrator.  The Account of each Participant shall be adjusted as of each Valuation Date to reflect: (a) the hypothetical investment earnings and/or losses described above; (b) Participant deferrals and/or Employer Contributions, if any; and (c) distributions or withdrawals from the Account.

ARTICLE 7     – RIGHT TO BENEFITS
		
	7.1
	Vesting.

		
	7.1.1
	Vesting for Voluntary Elected Deferral Amounts.  Except as provided in Sections 7.1.2 and 7.1.3, a Participant, at all times, has a 100% nonforfeitable interest in voluntary elected deferral amounts credited to his or her Account.

		
	7.1.2
	Vesting for Employer Contributions.  At the time that the Administrator approves any Employer Contributions to be made to a Participant’s Account for a Plan Year, the Administrator shall also determine, in its sole discretion, whether such Employer Contributions shall be subject to a substantial risk of forfeiture and the applicable vesting period (e.g., time or performance based vesting).  Unless otherwise provided by the Employer at the time of approval of an Employer Contribution on behalf of a Participant, a Participant’s Employer Contributions under the Plan will become 100% vested (nonforfeitable) upon the occurrence of any of the following events: 

7.1.2.1    The Participant’s Total Disability;
7.1.2.2    Participant’s death; or
7.1.2.3    Participant’s involuntary Separation from Service due to job elimination.
7.1.3    In the event that a Participant’s Employer Contributions become 100% nonforfeitable due to the occurrence of an event in Sections 7.1.2.1 or 7.1.2.3, such benefit will be paid to the Participant in a lump sum with 60 days of such event or, in the event of the Participant’s death, paid pursuant to Section 7.2 below.

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	7.1.4
	Vesting for Special Retention Incentives.  These awards are subject to time-based vesting requirements (and other vesting requirements as the Administrator may determine from time to time) based on the following schedule:

	
		
	Vesting Period
	Retention Incentive to Salary Multiple

	3 years
	Less than or equal to one times annual salary

	4 years
	Greater than one times annual salary and less than or equal to two times annual salary

	5 years
	Greater than two times annual salary

		
	7.2
	Death.  The balance or remaining balance credited to a Participant’s Account shall be paid to his or her Beneficiary in a single lump sum payment as soon as practicable following the date of death, but in no event later than the end of the year in which the death occurred or, if later, the 15th day of the third month immediately following the date of death.  If multiple Beneficiaries have been designated, each Beneficiary shall receive a single lump sum payment of his or her specified portion of the Account as soon as practicable following the date of death, but in no event later than the end of the year in which the death occurred or, if later, the 15th day of the third month immediately following the date of death.

A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries in accordance with rules and procedures established by the Administrator.
A copy of the death notice or other sufficient documentation must be filed with and approved by the Administrator.  If upon the death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s Account, such amount will be paid to his or her estate (such estate shall be deemed to be the Beneficiary for purposes of the Plan) in a single lump sum payment.

ARTICLE 8     – DISTRIBUTION OF BENEFITS
		
	8.1
	Amount of Benefits.  The amount credited to a Participant’s Account as determined under Articles 5 and 7 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

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	8.2
	Method and Timing of Distributions for Voluntary Deferrals and Employer Contributions.

		
	8.2.1
	Method and Timing of Distributions for a Specified Plan Year. In the event a Participant has selected a specific Plan Year to begin distribution of all or a portion of the voluntary deferrals and/or Employer Contributions (if any) credited to his or her Account, such distribution shall commence in January of the Plan Year that the Participant had elected for beginning such distribution from his or her Account, and shall be made in the form specified by the Participant in accordance with the provisions of Article 3.

		
	8.2.2
	Method and Timing of Distributions for Separation from Service. Subject to Section 8.4, in the event that all or any portion of a Participant’s Account is distributable upon the Participant’s Separation from Service, such distribution shall commence in January of the first Plan Year that commences six months after the Participant’s date of Separation from Service, and shall be made in the form specified by the Participant in accordance with the provisions of Article 3.

		
	8.3
	Method and Timing of Distributions for Special Retention Incentives.  Distributions for Special Retention Incentive will occur as soon as administratively feasible following the vesting date specified by the Administrator, but in no event more than 60 days.

		
	8.4
	Cashouts of Amounts Not Exceeding $10,000.  If the amount credited to the Participant’s Account does not exceed $10,000 at the time of the Participant’s Separation from Service, the Employer may pay such amount to the Participant in a single lump sum payment as soon as practicable following such termination or cessation of service regardless of whether the Participant had made different elections of time or form of payment as to the amount credited to his or her Account or whether the Participant was receiving installments at the time of such termination.  A distribution made to a Specified Employee shall not be made before the date that is six months after the date of his or her Separation from Service.

ARTICLE 9     – AMENDMENT AND TERMINATION
		
	9.1
	Amendment by Employer.  The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of the Board.  An amendment must be in writing and executed by an officer authorized to take such action.  Each amendment shall be effective when approved by the Board.  No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his or her Account, which had accrued prior to the amendment.

		
	9.2
	Retroactive Amendments.  An amendment made by the Plan Sponsor in accordance with Section 9.1 may be made effective on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate 

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to enable the Plan to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal law or to any regulations or ruling thereunder.  Any retroactive amendment by the Plan Sponsor shall be subject to the provisions of Section 9.1.
		
	9.3
	Plan Termination.  The Plan has been adopted with the intention and expectation that it will be continued indefinitely.  Each Employer, however, reserves the right to terminate the Plan with respect to its participating employees.  Each Employer has no obligation or liability whatsoever to maintain the Plan for any length of time and may discontinue contributions under the Plan or terminate the Plan at any time without any liability hereunder for any such discontinuance or termination.

		
	9.4
	Distribution Upon Termination of the Plan.  Upon termination of the Plan, no further contributions shall be made under the Plan and if such termination meets the distribution acceleration requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix), all amounts credited to each Participant’s Account shall be paid out as soon as administratively feasible in accordance with such regulations in a single lump sum payment regardless of the elections the Participant had made concerning the time and form of payment of the amounts credited to his or her Account and regardless of whether the Participant was receiving installments at the time of such Plan termination.

ARTICLE 10     – THE TRUST
		
	10.1
	Establishment of Trust.  The Plan Sponsor may but is not required to establish a trust to hold amounts, which the Plan Sponsor may contribute from time to time to correspond to some or all amounts credited to Participants under Section 5.1.  If the Plan Sponsor elects to establish a trust, the provisions of Sections 10.2 and 10.3 shall become operative.

		
	10.2
	Grantor Trust.  Any trust established by the Plan Sponsor shall be between the Plan Sponsor and a trustee pursuant to a separate written agreement under which assets are held, administered and managed, subject to the claims of the Plan Sponsor’s creditors in the event of the Plan Sponsor’s insolvency, until paid to the Participant and/or his or her Beneficiaries specified in the Plan.  The trust is intended to be treated as a grantor trust under the Code, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto.

		
	10.3
	Investment of Trust Funds.  Any amounts contributed to the trust by the Plan Sponsor shall be invested by the trustee in accordance with the provisions of the trust and the instructions of the Administrator.  Trust investments need not reflect the hypothetical investments selected by Participants under Section 6.1 for the purpose of adjusting Accounts and the earnings or investment results of the trust 

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shall not affect the hypothetical investment adjustments to Participants’ Accounts under the Plan.

ARTICLE 11     – MISCELLANEOUS
		
	11.1
	Acceleration of Payments Permitted Under Code Section 409A.  Notwithstanding anything in this Plan to the contrary, the Administrator may provide that a Participant will receive all or a portion of his or her Account prior to the time specified in this Plan to the extent such acceleration is permitted under Code Section 409A.

		
	11.2
	Unsecured General Creditor of the Employer.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Employer.  For purposes of the payment of benefits under the Plan, any and all of the Employer’s assets shall be, and shall remain, the general, unpledged, unrestricted assets of the Employer.  Each Employer's obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

		
	11.3
	Employer’s Liability.  Each Employer’s liability for the payment of benefits under the Plan shall be defined only by the Plan and by the Deferral Elections entered into between a Participant and the Employer.  An Employer shall have no obligation or liability to a Participant under the Plan except as provided by the Plan and a Deferral Election or agreements.  An Employer shall have no liability to Participants employed by other Employers.

		
	11.4
	Limitation of Rights.  Neither the establishment of the Plan, nor any amendment thereof, nor the creation of any fund or account, nor the payment of any benefits, will be construed as giving to the Participant or any other person any legal or equitable right against the Employer or Administrator, except as provided herein; and in no event will the terms of employment or service of the Participant be modified or in any way affected hereby.

		
	11.5
	Assignment of Benefits.  Except as hereinafter provided with respect to marital disputes, none of the benefits or rights of a Participant or any Beneficiary of a Participant shall be subject to the claim of any creditor.  In particular, to the fullest extent permitted by law, all such benefits and rights shall be free from attachment, garnishment, or any other legal or equitable process available to any creditor of the Participant and his or her Beneficiary.  Neither the Participant nor his or her Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber, or assign any of the payments which he or she may expect to receive, contingently or otherwise, under this Plan, except the right to designate a Beneficiary to receive death benefits provided hereunder.  In cases of marital dispute, the Employer shall observe the terms of the Plan unless and until ordered to do otherwise by a state or Federal court.  As a condition of participation, a Participant agrees to hold the 

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Employer harmless from any harm that arises out of the Employer’s obeying the final order of any state or Federal court, whether such order effects a judgment of such court or is issued to enforce a judgment or order of another court.  A distribution made to comply with a court-approved settlement incident to divorce or to comply with Federal conflict of interest requirements shall be permitted, notwithstanding the provisions of Article 3 or any elections made by the Participant to the contrary.
		
	11.6
	Facility of Payment.  If the Administrator determines, on the basis of medical reports or other evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his or her affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may direct the Employer to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of such recipient.  The receipt by such person or institution of any such payments therefore, and any such payment to the extent thereof, shall discharge the liability of the Employer for the payment of benefits hereunder to such recipient.

		
	11.7
	Notices.  Any notice or other communication in connection with the Plan shall be deemed delivered in writing if addressed as provided below and if either actually delivered at said address or, in the case of a letter, five business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified:

		
	(a)
	If it is sent to the Employer or Administrator, it will be at the address specified by the Employer; or

		
	(b)
	In each case at such address as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor’s then effective notice address.

		
	11.8
	Tax Withholding.  The Employer shall have the right to deduct from all payments or deferrals made under the Plan any tax required by law to be withheld.  If the Employer concludes that tax is owed with respect to any deferral or payment hereunder, the Employer shall withhold such amounts from any payments due the Participant, as permitted by law, or otherwise make appropriate arrangements with the Participant or his or her Beneficiary for satisfaction of such obligation.  Tax, for purposes of this Section 11.8 means any federal, state, local or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments made to Participants under the Plan.

		
	11.9
	Indemnification.  Each Employer shall indemnify and hold harmless each employee, officer, or director of an Employer to whom is delegated duties, responsibilities, and authority with respect to the Plan against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him 

14

or her (including but not limited to reasonable attorney fees) which arise as a result of his or her actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by an Employer.  Notwithstanding the foregoing, an Employer shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Employer consents in writing to such settlement or compromise.
		
	11.10
	Governing Law.  The Plan will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of the State of California.

ARTICLE 12     – PLAN ADMINISTRATION
		
	12.1
	Powers and Responsibilities of the Administrator.  The Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA.  The Administrator’s powers and responsibilities include, but are not limited to, the following:

		
	(a)
	To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;

		
	(b)
	To interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under the Plan;

		
	(c)
	To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;

		
	(d)
	To administer the claims and review procedures specified in Section 12.2;

		
	(e)
	To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;

		
	(f)
	To determine the person or persons to whom such benefits will be paid;

		
	(g)
	To authorize the payment of benefits;

		
	(h)
	To comply with the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA;

		
	(i)
	To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;

		
	(j)
	By written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer the Plan.

15

		
	12.2
	Claims and Review Procedures.

		
	(a)
	Claims Procedure.  If any person believes he or she is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Administrator within one year of the date of the event giving rise to the claim for benefits under the Plan.  If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing.  Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the person wishes to submit a request for review.  Such notification will be given within 90 days after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day period).

		
	(b)
	Review Procedure.  Within 60 days after the date on which a person receives a written notification of denial of claim, such person (or his or her duly authorized representative) may (i) file a written request with the Administrator for a review of his or her denied claim and of pertinent documents and (ii) submit written issues and comments to the Administrator.  The Administrator will notify such person of its decision in writing.  Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions.  The decision on review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60-day period).

		
	(c)
	No action at law or equity shall be brought to recover benefits under the Plan unless the action is commenced within two (2) years after the occurrence of the loss for which a claim is made.  Except as required by applicable law, no action at law or equity shall be brought to recover a benefit under the Plan unless and until the claimant has:

		
	(i)
	submitted a claim for benefits;

		
	(ii)
	been notified by the Board that the benefits (or a portion thereof) are denied;

		
	(iii)
	filed a written request for a review of denial with the Board; and 

16

		
	(iv)
	been notified in writing that the denial has been affirmed.

		
	12.3
	Plan Administrative Costs.  All reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator in administering the Plan shall be paid by the Employer.

		
	12.4
	Code Section 409A.  The Plan shall be interpreted and construed as necessary to comply with Code Section 409A and any regulations or other guidance promulgated thereunder. Any provision that is noncompliant with Code Section 409A is deemed amended to comply with Code Section 409A Code or if it cannot be so amended is void.  The Employer does not guarantee the tax treatment of any payment or benefit under the Plan and the Participant shall at all times be responsible for any and all tax liabilities and payments related to the benefits provided hereunder.

Approved by the Compensation Committee on January 23, 2019.  Refer to official Compensation Committee Minutes for approval record.

17Exhibit

 

Execution Version                                                                                                                                                 EXHIBIT 10.10

BELMOND (UK) LIMITED

AND

H. ROELAND VOS

_____________________________________________________________
RESTATED AND AMENDED
EMPLOYMENT AGREEMENT 
____________________________________________________________

________________________________________________________________________________________________________________________

 

This Agreement is made on 11 October, 2018 between:
BELMOND (UK) LIMITED registered under company number 00946687 and which has its registered office at 1st Floor, Shackleton House, 4 Battle Bridge Lane, London, SE1 2HP (the “Employer” or “us”);
and
H. ROELAND VOS of Van Beverlaan 18, 1180 Ukkel, Belgium (“you”).
WHEREAS:
		
	(A)
	You and the Employer entered into a service agreement on 20 September 2015 (the “Initial Service Agreement”) which was amended by a deed of amendment entered into between you, the Employer and Belmond Ltd on 15 December 2017 (the “Deed of Amendment”).

		
	(B)
	You and the Employer wish to amend the terms of the Initial Service Agreement by amending and restating the Initial Service Agreement, which is replaced and superseded in its entirety by this agreement provided, however, that the sections of the Deed of Amendment that related and applied to the Initial Service Agreement are hereby restated and shall apply to this Agreement in the same manner that they applied to the Initial Service Agreement (this agreement as so amended by the Deed of Amendment being the “Agreement”) save that it is acknowledged and agreed that the provisions of section 3 of the Deed of Amendment (relating to PHI coverage) shall cease to apply, such provisions having been amended and incorporated into clause 11 of this Agreement.

		
	(C)
	You and the Employer agree that your employment shall not terminate due to the expiry of the Initial Fixed Term (as defined below) and shall automatically be extended for the Extended Fixed Term (as defined below), subject to the other terms of this Agreement.  You and the Employer agree that, save for the clarification in clause 10.2 below, nothing in this Agreement shall have the effect of amending the terms of the side letter agreement entered into between you and the Employer on 20 September 2015 (the “Side Letter”).

		
	(D)
	For the avoidance of doubt, these recitals shall form part of this Agreement.

		
	1
	STARTING EMPLOYMENT

		
	1.1
	Your employment with the Company started on 20 September 2015 (the “Effective Date”).  No other previous employment counts as continuous with your employment under this Agreement.

		
	1.2
	You warrant that you are not bound by any obligations that restrict you from carrying out any of your duties under this Agreement.

		
	2
	RIGHT TO WORK IN THE UK - INFORMATION AND CHECKS

		
	2.1
	You must tell us immediately of any changes in your immigration status or personal circumstances which may affect your right to work in the UK.

		
	2.2
	We may provide the Home Office with information about you from time to time if we are required to do so.

		
	3
	JOB TITLE AND DUTIES

		
	3.1
	Your job title will be President and Chief Executive Officer of the Employer and of its parent company, Belmond Ltd (as defined in clause 32).

		
	3.2
	During your employment, you must:

		
	(a)
	use your best endeavours to promote, protect, develop and further our business and the business of any Group Company;

		
	(b)
	save as provided in clause 22, unless prevented by incapacity, devote the whole of your working time, attention and abilities to our business;

		
	(c)
	diligently exercise such powers and perform any duties consistent with your role that the Board may assign to you;

		
	(d)
	comply with all reasonable and lawful directions consistent with your role that the Board may give you;

		
	(e)
	conduct your personal and working life in a way that does not damage or risk damaging our reputation;

		
	(f)
	familiarise yourself and comply with any policies, procedures and rules that we may issue from time to time;

________________________________________________________________________________________________________________________

		
	(g)
	promptly disclose to the Board any information which comes into your possession which may materially adversely affect our interests;

		
	(h)
	not exceed the limits of any authority that the Board give you from time to time; and

		
	(i)
	not commit us to any expenditure or obligations of an unusually onerous or exceptional nature without the prior consent of the Board.

		
	3.3
	You must promptly disclose to the Board any material breach by us or any Group Company (or any of its directors, officers, employees or agents) of any legal or applicable regulatory obligation, any material financial mismanagement or any other malpractice of ours or of any Group Company which comes to your attention.

		
	3.4
	You must comply with, and do such things as are necessary to ensure compliance by us and any relevant Group Company with, all our, or any Group Company’s, legal and compliance policies and procedures in relation to insider trading and anti-bribery, as well as our obligations under U.S. securities laws and the New York Stock Exchange rules and all other applicable laws, including the UK Bribery Act of 2010.

		
	4
	HOLDING OFFICE AS A DIRECTOR

		
	4.1
	Your basic salary is inclusive of any fees due to you from us or any Group Company as an officer of the Employer or any Group Company.

		
	4.2
	As part of your role and subject always to the terms of the Employer’s charter, by-laws or other constitutional documents (including, without limitation, those relating to the removal of directors), you will remain appointed a director of the Employer and you will, if required to do so by the Board from time to time, be appointed a director of any other Group Company, subject always to the terms of the relevant Group Company’s charter, by-laws or other constitutional documents.

		
	4.3
	Except with the prior approval of the Board you must not resign as a director of the Employer or of any Group Company unless your resignation is for a Good Reason.

		
	4.4
	While you hold the office of director of the Employer or of any Group Company you must:

		
	(a)
	act as such a director and carry out duties consistent with that capacity for and on our, or any Group Company’s, behalf including, if so required by the Board, acting as an officer or consultant of any Group Company;

		
	(b)
	familiarise yourself with and observe our, and any relevant Group Company’s, constitution (as altered from time to time);

		
	(c)
	comply with all duties, responsibilities and obligations (whether statutory, fiduciary or common law) as a director of the Employer and any relevant Group Company; and

		
	(d)
	not do anything that would cause you to be disqualified from acting as a director, either by law or under our, or any relevant Group Company’s constitution.

		
	4.5
	On termination of your employment (or, at any other time, upon the request of the Board), for any reason, you will, without compensation or payment:

		
	(a)
	resign with immediate effect as a director of the Employer and of any Group Company and from any other position which you may hold as a director or a trustee for reasons connected with your employment; and

		
	(b)
	transfer to us or as we direct any shares or other securities held by you solely in the capacity of a nominee or trustee for the Employer or any Group Company and deliver to the Employer the related certificates.

You irrevocably appoint such person as the Board may nominate to be your attorney with power in your name and on your behalf to execute any documents and do anything necessary to give effect to any such requirement to resign or to transfer shares or securities.
		
	5
	WORKING HOURS

		
	5.1
	You will be required to work such hours as are required to fulfil your obligations under this Agreement which shall be no less than 9.00 a.m. to 6.00 p.m. Monday to Friday.  For the avoidance of doubt, you will be required to work additional hours, including hours at weekends or during public holidays, whenever this is reasonably necessary to carry out your duties properly.  This has already been taken into account in determining your salary and benefits and you will not be entitled to extra pay if you work additional hours.  We may vary your core working hours from time to time on reasonable notice.

________________________________________________________________________________________________________________________
19

		
	5.2
	You agree that you may work for more than an average of 48 hours a week unless you notify us in writing at the time of signing this Agreement that you do not wish to do so.  If you change your mind about the agreement to work for more than an average of 48 hours a week, you must give us three months’ notice in writing.

		
	5.3
	If we request, you must keep such records and permit such monitoring or restrictions of your working time as we require.

		
	6
	PLACE OF WORK

		
	6.1
	Your normal place of work will be the Employer’s London office.

		
	6.2
	Where we have reasonable grounds for doing so, we may change your normal place of work to any other location within the Greater London area on giving you reasonable advance notice.

		
	6.3
	As part of your duties, we may require you:

		
	(a)
	to travel both within the UK and overseas; and

		
	(b)
	to work temporarily at any location within the UK or overseas, including the premises of any Group Company.

		
	7
	SALARY AND EXPENSES

		
	7.1
	Your basic salary will be £617,922 (having been increased to take account of inflation as of 1 March 2017 from your original salary of £605,806) per year.  For the avoidance of doubt, any adjustments to be made pursuant to the terms of the Deed of Amendment shall be calculated by reference to the increased basic salary referred to above, provided that the Commencement Exchange Rate shall remain as originally defined in the Deed of Amendment (i.e. by reference to the exchange rate on Friday, 18 September 2015).

		
	7.2
	We will pay your salary monthly in arrears by equal monthly instalments on or around the last working day of each month in respect of the whole calendar month by transfer into a UK bank account of your choice.

		
	7.3
	There is no right to a review or to an increase of your basic salary.  When reviewing salaries, we may take into account whatever factors we consider appropriate.  These will not necessarily be the same from year to year or as between employees of similar status.  Any increase is discretionary.  We will not pay any increase (whether notified to you or not) if either party has given the other notice of termination of employment before that increase takes effect.

		
	7.4
	We will reimburse all reasonable business expenses as long as they are supported by receipts and reasonably incurred by you in the proper performance of your duties in accordance with our current expenses policy.

		
	7.5
	Any payments due from you to us (or to a Group Company) may be deducted from your salary and from any other money due to you from us (or from a Group Company).  As you know, you are not permitted as the CEO and President of a company listed on the New York Stock Exchange to have any loans from any Group Company.

		
	7.6
	We shall pay (or reimburse you) for: (i) the cost of the first £5,000 of the reasonable legal fees incurred by you in obtaining advice on the terms of this agreement and the Change in Control Agreement; and (ii) 50% of any additional reasonable legal fees incurred by you in obtaining advice on the terms of this agreement and the Change in Control Agreement, in each case following receipt by us of appropriate evidence of such legal fees having been incurred by you.  Any payment to you under this clause shall be subject to such deductions for income tax and employee’s National Insurance contributions as are legally required.

		
	8
	BONUS

		
	8.1
	You shall for the duration of the Initial Fixed Term (as defined by clause 19.1) and, if applicable, the Extended Fixed Term (as defined by clause 19.2), be entitled to participate in the Employer’s annual incentive plan, in accordance with and, save as otherwise provided in this clause 8, subject to the rules of the plan in force from time to time.

		
	8.2
	Under the current annual incentive plan, you will be entitled to receive an annual bonus subject to the Compensation Committee being satisfied that Goals and Objectives relating to your individual performance as well as the specified Belmond Ltd financial performance metrics during a financial year have been met.  In respect of each financial year, we will notify you of:

		
	(a)
	your Goals and Objectives; and

		
	(b)
	the percentage proportion of your bonus payment which shall be referable to your achievement of your Goals and Objectives (the “Individual Proportion”) and the percentage proportion of your bonus payment which shall be referable to Belmond Ltd’s achievement of its budgeted EBITDA (the “Company Proportion”).

________________________________________________________________________________________________________________________
19

Your Goals and Objectives, the Individual Proportion and the Company Proportion will be set by the Employer in its sole discretion for each financial year but will be based on discussions between you and the Chairman and, as appropriate, the Chairman of the Compensation Committee and account shall be taken of your representations.  Although we will take account of any representations that you may make before deciding whether your Goals and Objectives have been met, whether we are satisfied that your Goals and Objectives have been met is a matter for the Compensation Committee’s sole discretion and a decision as to whether or not your Goals and Objectives have been satisfied will be final.
		
	8.3
	It is agreed that for the duration of the Initial Fixed Term and, if applicable, the Extended Fixed Term, your “on-target” bonus payment shall not fall below an amount equivalent to 100 per cent. of your basic salary provided always that in respect of the:

		
	(a)
	Individual Proportion, you have met (but not exceeded) all your Goals and Objectives (i.e. achieved a score of 100 per cent.); and

		
	(b)
	Company Proportion, Belmond Ltd has achieved 100 per cent. of its budgeted EBITDA in the relevant financial year.

The maximum bonus capable of being paid shall not in any circumstances exceed 200 per cent. of your basic salary.
		
	8.4
	Subject to clause 8.3 above:

		
	(a)
	we may, at any time, modify, replace or discontinue a bonus scheme in respect of subsequent years, provided that to the extent that any such modification, replacement or discontinuance is adverse to you (as opposed to beneficial to others) you shall be treated no less favourably than any other member of the senior executive team; and

		
	(b)
	a bonus in one year will not give you any right to be awarded a bonus in any subsequent year.

		
	8.5
	Any bonus payable under this clause 8 shall be paid less any deductions required by law and in accordance with the rules of the annual incentive plan, with such payments usually being paid by the Employer between 1 March and 15 April of the calendar year immediately following the calendar year in respect of which the bonus was earned.

		
	8.6
	Save pursuant to the terms of the Change in Control Agreement, we will not pay a bonus to you if at the date on which the bonus is paid you are no longer employed by us, or if either party has given the other notice of termination of employment save that, in respect of the bonus earned in the calendar years 2018 and 2020, you need only be employed on 31st December in that year.

		
	8.7
	Notwithstanding the foregoing, but without duplication of any other entitlement to an annual bonus under this clause 8, upon the consummation of a Change in Control (as defined in the Change in Control Agreement), the following shall apply with respect to your annual bonus: (i) if a Change in Control occurs during the 2018 calendar year or prior to the date on which your bonus for the 2018 calendar year is paid (which would customarily be in the following year), your annual bonus for 2018 will be deemed automatically achieved at the 100% “on-target” level, and (ii) if a Change in Control occurs during the 2019 calendar year, a prorated portion of your 2019 bonus will be deemed automatically achieved at the 100% “on-target” level, prorated based on the number of calendar days of such year elapsed up until the closing date of the Change in Control; in each such case such bonus will be subject to your continued employment with the Employer until the closing date of the Change in Control and will be paid within 30 days of such closing date of such Change in Control.  For avoidance of doubt, in the event that a Change in Control does not occur during 2018 or 2019, your annual bonus shall remain subject to the terms and conditions of the 2015 Corporate Annual Incentive Programme and the achievement of your Goals and Objectives to which your bonus is otherwise subject under this clause 8 and, in the event that a Change in Control does occur during 2019, the same shall apply to the portion of your annual bonus that relates to any period of employment after the closing date of the Change in Control.

		
	8.8
	Payments made and benefits conferred in respect of bonus will not be consolidated into base salary, nor will they count towards any remuneration-related benefits such as pension entitlement or life assurance.

		
	8.9
	For the avoidance of doubt if there is any conflict between this clause 8 and the rules of the Employer’s annual incentive plan in force from time to time, the terms of this clause 8 shall prevail.

		
	8.10
	You understand and acknowledge that you will be subject to the clawback regulations of the U.S. Securities Exchange Commission and the New York Stock Exchange and any other applicable laws, as well as any such clawback policies currently set out in the rules of the existing 2015 Corporate Annual Incentive Programme or subsequently instituted as required by law or regulation by the Employer or any Group Company with respect to any bonus granted to you.

		
	9
	INITIAL INCENTIVE AWARD

		
	9.1
	The Employer shall procure that you are granted an initial incentive award in the form of stock options, subject to the rules of Belmond Ltd’s Long Term Incentive Plan (the “LTIP”) in force from time to time and the terms of the Side Letter.  A copy of the LTIP and details of the initial incentive award shall be provided by the Employer to you separately.

________________________________________________________________________________________________________________________
19

		
	9.2
	You understand and acknowledge that you will be subject to the clawback regulations of the U.S. Securities Exchange Commission and the New York Stock Exchange and otherwise in accordance with the terms of the Side Letter.

		
	10
	LONG TERM INCENTIVE PLAN

		
	10.1
	The Employer shall procure that you shall continue to receive annual incentive awards in the form of performance shares, restricted or deferred shares and stock options, subject to the rules of the LTIP in accordance with and subject to the rules of the LTIP in force from time to time and the terms of the Side Letter.  Details of your LTIP participation entitlement for this year shall be provided by the Employer to you separately.

		
	10.2
	The Employer shall procure that prior to or concurrently on a Change in Control (i) all of your outstanding unvested awards that are not performance shares will vest in full, and (ii) all of your outstanding unvested awards that are performance shares will vest in full at the target level or at such greater level as may be provided in the definitive agreement for the Change in Control transaction.  For the purposes of this Agreement and for the purposes of paragraph 9 of the Side Letter, Change in Control shall have the meaning given to it in paragraphs (a) to (d) of Section 10 of the rules of the LTIP only and, for the avoidance of doubt, the use of that defined term shall not be interpreted as giving rise to any other requirement in addition to the relevant event referred to in paragraphs (a) to (d) of Section 10 of the rules of the LTIP taking place.

		
	10.3
	If your employment is terminated without Cause or you resign for Good Reason then (to the extent vesting of your options and awards is not accelerated in accordance with their terms) your options and awards shall remain in force and continue to vest notwithstanding the termination of your employment.

		
	10.4
	You understand and acknowledge that you will be subject to the clawback regulations of the U.S. Securities Exchange Commission and the New York Stock Exchange and otherwise in accordance with the terms of the Side Letter.

		
	11
	INSURANCE

		
	11.1
	From the Effective Date, and during your employment, you shall, provided you meet (and continue to meet) the relevant insurer’s eligibility terms, conditions and requirements, be entitled to participate in such personal accident insurance, private medical expenses insurance, life assurance and permanent health insurance (“PHI”) arrangements as the Employer has in place for its London based senior executive team from time to time, at the rate and/or level of cover then applicable to other members of the existing London based senior executive team or higher.

		
	11.2
	As an alternative to the PHI arrangements in clause 11.1 (the “standard PHI arrangements”), you may elect to take out a permanent health insurance or income protection scheme in your own name (the “alternative PHI arrangements”) and the Employer shall (during the course of your employment) reimburse you for the cost of that scheme up to a maximum of 110 per cent. of the cost to the Employer of providing the standard PHI arrangements.  In the event that:

		
	(a)
	you elect to take the alternative PHI arrangements;

		
	(b)
	your employment terminates before the Subsequent Expiry Date (as defined in clause 19); and

		
	(c)
	you are, at the point of termination, in receipt of benefits under the alternative PHI arrangements (or are in the process of making a claim those arrangements)

the Employer will continue to meet these costs until the earlier of (i) 26 November 2022 or (ii) the date on which you are no longer in receipt of benefits or your claim for such benefits under the PHI scheme (and any subsequent appeal) has been rejected.
		
	11.3
	To the extent possible under the existing private medical expenses insurance arrangements (as set out in clause 11.1) the Employer will cover you, your wife and unmarried dependent children below the age of 21 (or such other age limit provided generally under the Employer’s group medical insurance plan from time to time).

		
	11.4
	The benefits available under any current or any replacement scheme will depend upon the terms, conditions and requirements of that scheme from time to time and whether or not the relevant insurer considers them to be satisfied.  We will pay benefits to you only to the extent that and for so long as we receive benefits from the relevant insurer for payment to you.

		
	11.5
	Subject to clause 11.1, we may, at any time, modify, replace or discontinue any such scheme at our discretion.  The terms, conditions and requirements of any current or replacement scheme may change from time to time.  The replacement, discontinuance or change in terms, conditions or requirements of a scheme may result in the loss of any benefit you may be receiving or about to receive at the time.

		
	11.6
	If the relevant insurer refuses or otherwise fails to provide cover or benefits under the personal accident, private medical expenses, life assurance and/or PHI scheme, we will pass to the insurer such reasonable representations as you may wish to make in respect of such refusal or failure.  However, we will have no duty to take any further steps or to incur expense in 

________________________________________________________________________________________________________________________
19

relation to such refusal or failure (and, in particular, will have no obligation to obtain medical reports or to take proceedings against any such insurer).
		
	11.7
	If you elect to take the standard PHI arrangements and you are in receipt of benefits under the current or any replacement PHI scheme (or for so long as you are in the process of making a claim under any such scheme), we agree that your employment shall not terminate automatically on the Subsequent Expiry Date and further that we shall not terminate your employment (other than pursuant to and in accordance with clause 19.10, other than clauses 19.10(f) and 19.10(h), but not for the avoidance of doubt solely on account of your inability to perform your duties due to your ill-health), provided that Executive understands and agrees that (without prejudice to your rights in relation to clauses 9, 10, 19.4 and 19.7 of this agreement, the Side Letter and the Change in Control Agreement) you shall not receive any other compensation and/or benefits other than benefits pursuant to the PHI scheme (and private medical expenses insurance subject to and in accordance with clause 11.3 above) once you become entitled to benefits under the PHI scheme; and provided further that Executive agrees that, regardless of whether you are in receipt of such benefits, your employment will, in any event, and unless otherwise agreed, terminate on the earlier of (i) 26 November 2022 or (ii) the date (if any) on which you elect to terminate your employment pursuant to and in accordance with clause 19.7 or (iii) the date (if any) on which your employment is terminated pursuant to clause 19.10 (other than clauses 19.10(f) and 19.10(h)), but not for the avoidance of doubt solely on account of your inability to perform your duties due to your ill-health, in each case regardless of whether this results in your losing any existing or prospective benefits under the PHI scheme.  

		
	11.8
	If the relevant insurer accepts a claim relating to you for benefits under either the standard PHI arrangements or alternative PHI arrangements:

		
	(a)
	you will cease to be entitled to any further salary or sick pay from us during any period in which benefits are paid; and

		
	(b)
	we may appoint another individual to fulfil your duties on a temporary or permanent basis.

		
	11.9
	Any request by you for the terms of the insurances set out in this clause 11 (or any other benefits offered by the Employer) to be enhanced will be considered by the Board of Belmond Ltd when it next reviews the benefits payable to the London based senior executive team.

		
	12
	HOUSING PROVISION/ALLOWANCE AND COMMUTATION EXPENSES

		
	12.1
	During your employment and until the end of the month following termination of your employment, the Employer shall be responsible for arranging and paying for your reasonable accommodation costs under the terms of a rental agreement acceptable to the Employer for a furnished apartment in London (for your non exclusive use), such apartment to be acceptable to you (in your reasonable discretion) with a rental value of no more than £7,500 per month, and for the avoidance of doubt, you are not entitled to any housing allowance from any Group Company.

		
	12.2
	Subject to production of receipts or other appropriate evidence of payment, the Employer shall reimburse you in respect of the cost of travel expenses reasonably incurred by you in travelling between London and your family homes in Brussels and Amsterdam.  There shall be no limit to the number of times per year you may choose to travel provided that the clear understanding and expectation between you and the Employer is that unless you are away on business, holiday or sickness absence, you will work from the Employer’s London offices from Monday to Friday.

		
	13
	PENSION

		
	13.1
	Following your decision to opt out of the Company’s Group Personal Pension Scheme (the “Scheme”), the Company will, until such time (if any) as the Company is legally required to re-enrol you in the Scheme or any replacement pension scheme, pay to you an annual cash allowance (the “Annual Cash Pension Allowance”) subject to such deductions for income tax and employee’s National Insurance contributions as are legally required.  The gross amount (prior to the deduction of income tax and employee’s National Insurance contributions) of the Annual Cash Pension Allowance shall be calculated as follows: (i) an amount equal to seven per cent. of your gross annual basic salary, less (ii) the amount that is equal to the employer’s National Insurance contributions that the Company would have to account for if it paid the amount specified in (i).  We will pay your Annual Cash Pension Allowance by equal monthly instalments in arrears in the same manner as your basic annual salary.

		
	13.2
	For the avoidance of doubt, the Annual Cash Pension Allowance will not be taken into consideration in determining the level or amount of any of your employment benefits and/or incentive arrangements (including, without limitation, any payments or benefits under the LTIP and/or any bonus) whether provided by or on behalf of any Group Company.

		
	14
	HOLIDAYS

		
	14.1
	Our holiday year runs from 1 January to 31 December.

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19

		
	14.2
	In addition to public holidays, you will be entitled to 25 days’ paid holiday in each complete holiday year.

		
	14.3
	Your entitlement to holiday will accrue on a daily basis and, subject to obtaining approval from the Chairman, may be taken before it has accrued (although you cannot take holiday entitlement from any following holiday year).

		
	14.4
	Your entitlement to holiday (including public holidays) is inclusive of your entitlement to statutory annual holiday and additional statutory annual holiday.  In any holiday year your entitlement to holiday (including public holidays) will be taken in the following order: statutory annual holiday followed by additional statutory annual holiday followed by non-statutory holiday.

		
	14.5
	You should always give reasonable advance notice of any proposed holiday dates to the Chairman.

		
	14.6
	If we or you have given the other notice of termination of employment, we may require you to use any remaining holiday entitlement during the notice period.

		
	14.7
	If your employment terminates part way through a holiday year we will pay you l/260 of your salary for each day’s holiday which has accrued for that holiday year but not been taken.  If you have exceeded your accrued entitlement, you must repay the appropriate sum (adopting the same calculation set out above).  We may deduct any repayment from any sums due to you.

		
	15
	SICK PAY

		
	15.1
	Subject to your compliance with the Employer’s policy on notification and certification of periods of absence from work as disclosed to you, you may, at the Board's sole discretion, continue to be paid your basic salary and, where it is considered appropriate, any bonus payable during any period of absence from work due to sickness, injury or other incapacity.  Any such payment will be inclusive of any statutory sick pay payable in accordance with applicable legislation in force at the time of absence.

		
	15.2
	You will not be paid during any period of absence from work (other than due to holiday, sickness, injury or other incapacity) without the prior permission of the Board.

		
	15.3
	For SSP purposes, your qualifying days will be Monday to Friday.

		
	16
	SICKNESS ABSENCE

If you are absent from work on any day because you are sick or injured you must follow the Employer’s policy on notification and certification of periods of absence from work as disclosed to you.
		
	17
	MEDICAL EXAMINATIONS

		
	17.1
	We may, at our expense and at any time (whether you are absent from work or not), require you:

		
	(a)
	to obtain and give to us a medical report from your GP or another person responsible for your clinical care; and/or

		
	(b)
	to be examined or tested by a medical practitioner appointed by us so that we can receive medical advice about you.

		
	17.2
	Subject to your rights under the Access to Medical Reports Act 1988, you must not refuse, fail to attend or arrange appointments or refuse your consent to the disclosure of any report or test results.

		
	18
	DIRECTORS’ & OFFICERS’ LIABILITY INSURANCE

		
	18.1
	We will maintain Directors’ and Officers’ Liability insurance for you in respect of those liabilities which you may incur as a director or officer of the Employer or any Group Company.  The risks covered and time limitations are subject to the terms of the policy as amended from time to time.  A copy of the policy is available from the Company Secretary.

		
	19
	EXPIRY DATE AND TERMINATION OF EMPLOYMENT

		
	19.1
	Your Initial Service Agreement was for a fixed term which will end on 31 December 2018 (the “Expiry Date”) unless terminated earlier or extended as set out below (the “Initial Fixed Term”).

		
	19.2
	The Initial Fixed Term shall be extended under this Agreement for a two-year period (the “Extended Fixed Term”) ending (save in circumstances envisaged by and provided for in clause 11.7) on 31 December 2020 (the “Subsequent Expiry Date”), when (unless otherwise agreed by the parties) it shall end, unless this Agreement is terminated earlier in accordance with its terms.

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	19.3
	Your employment shall, save in circumstances envisaged by and provided for in clause 11.7, automatically terminate on the Subsequent Expiry Date without the need for notice.

		
	19.4
	We may opt to terminate your employment at any time before the Expiry Date or the Subsequent Expiry Date (as the case may be) and, in lieu of any entitlement to be paid in relation to the unexpired period of the Initial Fixed Term (or, if termination occurs after the Expiry Date, the Extended Fixed Term) and subject always to clauses 19.5 and 19.6:

		
	(a)
	pay you the sum of $2,000,000 (two million US dollars) (the “Severance Payment”); and

		
	(b)
	(to the extent that we are able to) maintain private medical expenses insurance for you for a period of 18 months from the termination date (the “Severance Period”) (subject to the terms of the relevant policy or scheme) or (if maintaining private medical expenses insurance during the Severance Period is not possible) pay you a sum equal to the cost of you obtaining equivalent cover.

		
	19.5
	The Severance Payment will be paid in 18 equal instalments (subject to such deductions for tax and national insurance contributions as may be required) with one instalment being made in each of the 18 months of the Severance Period provided always that in respect of each month of the Severance Period you have:

		
	(a)
	not breached your obligations under clause 24.1 of this Agreement in such a way that the breach has a materially adverse effect on the Employer or any Group Company;

		
	(b)
	not breached your obligations under clause 24.2 of this Agreement in such a way that the breach has a materially adverse effect on the Employer or any Group Company; and

		
	(c)
	complied in full with your obligations under clause 29 of this Agreement.

		
	19.6
	Your entitlement to receive the Severance Payment is subject to the requirement that you enter into a valid and binding Settlement Agreement with the Employer (in which (subject to this clause 19.6) you waive all claims you may have against the Employer and any Group Company) prior to the date on which the first instalment of the Severance Payment is due.  For the avoidance of doubt, the provisions of the Settlement Agreement shall not prevent you bringing proceedings to:

		
	(a)
	enforce any terms of this Agreement; the Deed of Amendment; the Side Letter; the Change in Control Agreement; the Indemnification Agreement or any subsequent contractual agreement in each case which survive the termination of your employment;

		
	(b)
	enforce the terms of the Settlement Agreement; and

		
	(c)
	enforce your rights in relation to your equity under the LTIP in accordance with the rules of the LTIP and the Side Letter.

		
	19.7
	Provided that you give the Employer three months’ notice in writing, you may resign at any time for a Good Reason and shall, subject always to clauses 19.5 and 19.6, be entitled to receive the Severance Payment following the termination of your employment by reason of such resignation.

		
	19.8
	If you give notice to terminate this Agreement under clause 19.7 (or otherwise any notice period is agreed in writing between the parties), we may at any time during the relevant notice period require you to remain away from our premises; to work from home; to carry out special projects outside the normal scope of your duties; not to contact customers, suppliers or employees of the Employer or any Group Company without our permission and not to carry out some or all of your normal duties.  We may appoint another person to carry out any of your duties at such times.  If we exercise this right, you will receive the salary and benefits to which you are entitled (including bonus, if any is payable) and you must:

		
	(a)
	immediately return to the Employer all documentation including any copies and articles or property in your possession custody or control belonging to the Employer or any Group Company;

		
	(b)
	immediately return to the Employer all documentation or articles which contain records of Confidential Information;

		
	(c)
	not (unless otherwise requested) enter onto the premises of the Employer or any Group Company without the prior written consent of the Chairman;

		
	(d)
	continue to comply with your implied duties, including those of good faith and fidelity; and

		
	(e)
	continue to comply with the express duties set out in this Agreement, except those from which we explicitly release you.

		
	19.9
	For the avoidance of doubt you and the Employer agree that during any period where you are required to remain away from our premises under clause 19.8:

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	(a)
	the Employer has no duty to provide you with work;

		
	(b)
	you shall not commence any other employment or engagement; and

		
	(c)
	the Employer may require you to take any accrued but untaken holiday during any such period.

		
	19.10
	We may terminate your employment immediately without notice or payment in lieu of the unexpired period of the Initial Fixed Term (or, if termination occurs after the Expiry Date, the Extended Fixed Term) and without payment of the Severance Payment in appropriate circumstances (but subject to the provisions of clause 11.7), including but not limited to, if:

		
	(a)
	you commit any serious or (after due warning and with a material adverse effect on the Employer) repeated breach or non- observance of this Agreement or refuse or neglect to comply with any reasonable and lawful directions of ours, any Group Company, or the Board;

		
	(b)
	you are guilty of gross misconduct;

		
	(c)
	you have materially damaged or risk materially damaging the Employer’s reputation or the reputation of any Group Company;

		
	(d)
	you cause or permit a material breach of any applicable law or regulation (including but not limited to laws regarding health and safety and licensing);

		
	(e)
	you commit a material breach of confidentiality in relation to a customer of the Employer or any Group Company;

		
	(f)
	other than for a Good Reason, you resign from office as a director of the Employer or of Belmond Ltd or of any other Group Company or refuse to hold office as a director of the Employer or of Belmond Ltd or of a Group Company;

		
	(g)
	you fail or cease to meet the requirements of any regulatory body whose consent is required to enable you to undertake all or any of your duties under this Agreement or are in serious breach of the rules and regulations of such regulatory body or of the Employer’s Code of Conduct, Corporate Governance Guidelines, Employee Handbook or any compliance policy, such breach having a material adverse effect on the Employer;

		
	(h)
	you become prohibited by law from being a director;

		
	(i)
	you become bankrupt or make any arrangement or composition with or for the benefit of your creditors generally; or

		
	(j)
	you are convicted of any criminal offence (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed).

		
	19.11
	For the avoidance of doubt, notwithstanding the provisions set out in this clause 19, you shall not have any entitlement to, and will not be paid or provided with, any payments or benefits referred to in this clause 19 if any amount becomes payable and is paid to you under the Change in Control Agreement.

		
	20
	RETURN OF PROPERTY AND PASSWORDS

		
	20.1
	Upon termination of your employment (or, if requested to do so by the Board, upon the commencement of any garden leave period pursuant to clause 19.8) you must:

		
	(a)
	immediately return all items of our property which you have in your possession in connection with your employment (including any car, keys, security pass, mobile phone, computer, disks, tapes, memory sticks, business cards, credit cards, documents or copies of documents); and

		
	(b)
	if you have any document or information belonging to us on a personal computer (which is not to be returned under the above provisions), forward a copy to us and then (insofar as reasonably practicable) irretrievably delete the document or information.  You will permit us to inspect any such computer on request to ensure such steps have been taken provided the extent of such inspection is solely for the purposes of ensuring such steps have been taken.

		
	20.2
	If asked to do so, you must inform us of any computer passwords used by you in the course of your employment or any passwords of which you are otherwise aware.

		
	20.3
	We may withhold payment of your final salary or any other payment due or outstanding upon termination of your employment until you have fully complied with your obligations to return property and, in so far as possible, reveal passwords.

		
	21
	GRIEVANCES, DISCIPLINARY ISSUES AND SUSPENSION

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	21.1
	If you have a grievance relating to your employment, you should raise this in the first instance with the Chairman of the Audit Committee of the Board.

		
	21.2
	We have a Disciplinary Procedure.  This is a policy document designed to apply where a disciplinary issue is contemplated.  The procedure includes:

		
	(a)
	the disciplinary rules applicable to you; and

		
	(b)
	an appeal procedure designed to apply where you are dissatisfied with any disciplinary decision relating to you.  Such an appeal should be made to the Chairman of the Audit Committee of the Board whose decision shall be final.

		
	21.3
	We may suspend you for however long we consider appropriate to investigate any aspect of your performance or conduct or to follow disciplinary proceedings.  We may attach conditions to any such suspension.  You must comply with any such conditions and co-operate fully with any investigation.  During any period of suspension, you would normally receive the same pay and benefits as if you were at work, although we reserve the right to withdraw and/or defer pay and/or benefits in appropriate circumstances.  Before doing so, we would normally follow the procedure set out in the Disciplinary Procedure.

		
	21.4
	The Grievance and Disciplinary Procedures are policy documents only.  As policy documents, neither forms part of your terms and conditions of employment and accordingly we may change them from time to time or decide not to follow them.  Copies are available from Human Resources.

		
	22
	OUTSIDE EMPLOYMENT AND INTERESTS

		
	22.1
	During your employment you must not, without our written permission, hold office in, be employed by, be engaged in or by, or have any direct or indirect interest in, any other business or organisation (other than as a shareholder of up to 3 per cent. of its issued shares for the purposes of investment only) save that you may retain your existing investment in Greeniant.

		
	22.2
	You warrant that you have resigned from your directorship of JOA Group Holding.

		
	22.3
	Notwithstanding clause 22.1, you may continue to hold and perform the duties associated with your directorship of Albron B.V.  provided that, in the Board's reasonable opinion, there is no material conflict at any time between such position and duties and the duties which you owe under this Agreement or as a result of your directorship(s) of the Employer, Belmond Ltd or any Group Company.

		
	23
	SHARE DEALING AND OTHER CODES OF CONDUCT

You must comply with, and use your best endeavours to ensure that relevant members of your family comply to the extent applicable with, all codes of conduct, including Belmond Ltd’s Code of Conduct and Corporate Governance Guidelines and all policies and procedures of Belmond Ltd and the Employer, adopted from time to time, including the Employer’s share trading policy, copies of which are available from the Employer’s investor website in the Governance section.
		
	24
	CONFIDENTIALITY AND NON DENIGRATION

		
	24.1
	During and after your employment, you must not (unless required to do so by law, protected in doing so by a statutory right of protected disclosure or doing so in properly performing your duties under this Agreement):

		
	(a)
	use any trade secrets or Confidential Information for any purposes other than ours; or

		
	(b)
	disclose any trade secrets or Confidential Information to any person.

		
	24.2
	You will not at any time during or after your employment directly or indirectly make any statement or other remark in relation to the Employer, Belmond Ltd, any Group Company or a Specified Person which is intended to or might reasonably be expected to damage the reputation of or be detrimental to or otherwise critical of the Employer, Belmond Ltd, the Group Company or the Specified Person.  The Employer agrees to use all reasonable endeavours both during and after your employment to ensure that no director or senior executive officer of the Employer, Belmond Ltd or any Group Company directly or indirectly makes any statement in respect of you which is intended to or might reasonably be expected to damage your reputation or be detrimental to or otherwise critical of you.

		
	25
	PERSONAL INFORMATION

		
	25.1
	We aim to comply with the provisions of the Data Protection Act 2018 and have adopted a Data Protection Policy, which includes an explanation of what data we process about you, and the purposes for which we do so.  The Policy may be found in the Employer’s Employee Handbook.

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	25.2
	You must tell us of any changes in your home address and other contact details.

		
	26
	MONITORING

We monitor our premises and the use of our communication facilities.  The circumstances and purposes for which we do so are explained in our IT Policy, a copy of which may be obtained from Human Resources.  This is a policy document which does not form part of your terms and conditions of employment and which may be changed from time to time.
		
	27
	INTELLECTUAL PROPERTY

		
	27.1
	You agree that, because of the nature of your duties and responsibilities, you are under a special obligation to further our interests.

		
	27.2
	You:

		
	(a)
	agree that all Works and any Inventions (including all Intellectual Property Rights in the Works and Inventions) belong to us from the date of creation;

		
	(b)
	(to the extent that they do not vest automatically) hereby assign to us with full title guarantee and free from all encumbrances (and in the case of copyright by way of a present assignment of future copyright) all Intellectual Property Rights in the Works and in any Inventions;

		
	(c)
	undertake to do anything reasonably required (both during and after the termination of your employment) to ensure that all such Intellectual Property Rights belong to or are assigned to us and to assist us in protecting or maintaining them (although we will not be obliged to do so);

		
	(d)
	will promptly disclose in writing and deliver any Inventions to us and will not disclose any Inventions to anyone else without our prior consent; and

		
	(e)
	(both during and after the termination of your employment) will give any information, explanations or demonstrations reasonably requested of you to enable us to make use of any Works or Inventions.

		
	27.3
	You undertake to do anything reasonably required (both during and after the termination of your employment) to ensure that any domain names registered in your name during the course of or in connection with your employment by us are assigned to us (although we will not be obliged to maintain any registrations).

		
	27.4
	If any moral right or analogous right arises in respect of any Work you:

		
	(a)
	hereby waive and agree not to assert (save as directed by us) such rights; and

		
	(b)
	will ensure that all applicable consents have been obtained to entitle us to make the fullest use of such rights without restriction or further payment.

		
	27.5
	You consent to our doing any act, which would, in the absence of such consent, infringe your rights in performance under Part II of the Copyright, Designs and Patents Act 1988 or any similar legislation in the world (such as recording a presentation or workshop given by you).

		
	27.6
	You irrevocably appoint such director as the Board may nominate to be your attorney and in your name and on your behalf to execute any documents and do any acts necessary to ensure that you comply with your obligations under this clause.

		
	28
	HEALTH AND SAFETY

		
	28.1
	In accordance with health and safety legislation, you must:

		
	(a)
	take reasonable care for the health and safety of yourself and other persons who may be affected by your acts or omissions;

		
	(b)
	co-operate with us to enable us to ensure so far as is reasonably practicable the health, safety and welfare at work of all our employees and to comply with any other duties or requirements relating to health and safety; and

		
	(c)
	not interfere with or misuse anything provided by us in the interests of health, safety or welfare.

		
	29
	RESTRICTIONS AFTER EMPLOYMENT

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	29.1
	In this clause:

“Client” means any Person who at any time during the period of 12 months immediately before the Termination Date was a client or customer of ours or any Relevant Group Company:
		
	(a)
	with whom you had material dealings or for whom you had responsibility on behalf of us or any Relevant Group Company at any time during that period; or

		
	(b)
	in respect of whom you obtained or otherwise received Confidential Information;

“Confidential Information” has the meaning set out in clause 32 below;
“Directly or Indirectly” means directly or indirectly on either your own account or in conjunction with or on behalf of any other Person;
“Key Person” means any individual
		
	(a)
	who at any time during the period of 12 months immediately before the Termination Date was engaged or employed as an employee, director or consultant by us or any Relevant Group Company (other than an individual in business on his/her own account providing professional independent advisory services to us or any Relevant Group Company);

		
	(b)
	with whom you worked to a material extent or for whom you had managerial responsibility at any time during that period; and

		
	(c)
	who was employed or engaged during that period in a senior, financial, managerial, creative, account handling, technical sales, professional or equivalent capacity;

“Materially Involved” means Directly or Indirectly employed or engaged by or interested in, other than as a shareholder of up to 3 per cent. of the issued shares of any company for the purposes of investment only;
“Person” means individual, firm, company, association, corporation or other organisation however constituted;
“Prospective Client” means any Person who at any time during the period of 6 months immediately before the Termination Date had Relevant Discussions in which you were materially involved, for which you had responsibilities or about which you obtained or otherwise received Confidential Information;
“Relevant Discussions” mean any discussion, pitch, tender, presentation, negotiation or invitation to enter into or participate in any discussion, pitch, tender, presentation or negotiation, with us or any Relevant Group Company, with a view to receiving products or services from us or any Relevant Group Company;
“Relevant Group Company” means any Group Company for which you carried out work or had responsibility both in the period of 12 months immediately prior to the Termination Date and in the course of your employment by us;
“Restricted Products or Services” means any products or services which compete with or are of the same or similar kind as any products or services:
		
	(a)
	provided by us or any Relevant Group Company in the ordinary course of our or their business during the period of 12 months immediately before the Termination Date; and

		
	(b)
	in respect of which you were directly concerned, were materially involved or had responsibility during your employment by us; or

		
	(c)
	about which you obtained or otherwise received Confidential Information;

“Supplier” means any Person:
		
	(a)
	who at any time during the period of 12 months immediately before the Termination Date provided products or services to us or any Relevant Group Company; and

		
	(b)
	with whom you had material dealings or for whom you had responsibility on behalf of us or any Relevant Group Company at any time during that period; or

		
	(c)
	in respect of whom you obtained or otherwise received Confidential Information;

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“Termination Date” means the date of termination of your employment with us.
		
	29.2
	In order to protect our and any Relevant Group Company’s confidential information, trade secrets, goodwill, customer/client base, potential customer/client base, supplier base, other business connections and stable workforce, you agree to be bound by the restrictions set out below.

		
	29.3
	For the periods set out below immediately following the Termination Date you will not either Directly or Indirectly:

		
	(a)
	for 12 months in competition with us or any Relevant Group Company provide, or be Materially Involved with any Person providing, Restricted Products or Services;

		
	(b)
	for 12 months encourage or try to encourage any Client or any Prospective Client either not to give custom or to take custom away from us or any Relevant Group Company;

		
	(c)
	for 12 months in competition with us or any Relevant Group Company either:

		
	(i)
	solicit or try to solicit the custom of any Client or any Prospective Client with a view to supplying that Client or Prospective Client with Restricted Products or Services; and/or

		
	(ii)
	supply Restricted Products or Services to any Client or any Prospective Client;

		
	(d)
	for 12 months:

		
	(i)
	solicit or try to solicit any Key Person; and/or

		
	(ii)
	employ or enter into partnership or association with or retain the services of any Key Person or offer to do so;

		
	(e)
	for 12 months solicit or try to solicit or place orders for the supply of products or services from any Supplier if a reasonably likely consequence is that the Supplier will cease supplying, materially reduce its supply or vary detrimentally the terms on which it supplies products or services to us or any Relevant Group Company.

		
	29.4
	Any period of restriction set out above will be reduced by one day for every day of any notice period during which we have required you both to remain away from our premises and not to carry out your normal duties.

		
	29.5
	In the event that this Agreement expires on either the Expiry Date or the Subsequent Expiry Date, you shall not be bound by the provisions of clause 29.3(a).  For the avoidance of doubt, in the event that your employment is terminated in any other circumstances (including without limitation, in accordance with clause 19.4), you shall remain bound by your obligations in clause 29.3(a).

		
	29.6
	You undertake that:

		
	(a)
	if you receive an offer of employment or engagement with a Person other than us or any Group Company, either during your employment or during the period for which the restrictions set out above remain in force, you will immediately provide that Person with a complete copy of this clause and the relevant definitions; and

		
	(b)
	if you accept the offer, you will immediately notify us of the identity of the Person and your acceptance of the offer.

		
	29.7
	You agree that we are entering into the above restrictions and all relevant definitions for our own benefit and as trustee for each Relevant Group Company.

		
	29.8
	For the avoidance of doubt, you agree to the obligations and restrictions in this clause 29 in consideration of the Employer’s agreement to extend your employment under the terms of this Agreement for the Extended Fixed Period.

		
	30
	ASSISTANCE IN LEGAL PROCEEDINGS

Both during and, subject to your obligations to any future employer or equivalent, after the termination of your employment you will provide both us and any Group Company with whatever assistance may reasonably be required in connection with actual or prospective legal or regulatory proceedings or related investigations.  We will pay your reasonable out-of-pocket expenses in doing so.
		
	31
	THIS AGREEMENT

		
	31.1
	This Agreement will be governed by the laws of England and Wales and the Courts of England and Wales will have exclusive jurisdiction to adjudicate any disputes arising under it.

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	31.2
	By signing this Agreement, you confirm that you are not entering into this Agreement with us in reliance upon any oral or written representations made to you by us or on our behalf.

		
	31.3
	This Agreement, the Deed of Amendment, the Side Letter, the Change in Control Agreement and the Indemnification Agreement contain the whole agreement between you and us in connection with your employment.  This Agreement together with the Deed of Amendment replaces and supersedes all previous terms and conditions of employment between you and us (whether in writing or not) including, but not limited to, the Initial Service Agreement (save that nothing in this clause shall mean that the terms of the Side Letter, the Change in Control Agreement and the Indemnification Agreement are replaced or superseded except insofar as the terms of the Deed of Amendment apply).

		
	31.4
	There are no collective agreements that affect the terms and conditions of your employment.

		
	31.5
	Where there is a reference in this Agreement to the making of a payment or provision of a benefit, that payment or benefit shall be subject to such deductions for tax and national insurance contributions as may be required.

		
	32
	DEFINITIONS

		
	32.1
	In this Agreement:

“Belmond Ltd” means Belmond Ltd, a company registered in Bermuda with its registered office at Canon’s Court, 22 Victoria Street, Hamilton, HM12, Bermuda, whose class A common shares are listed on the New York Stock Exchange;
“Board” means the board of directors of the Employer and/or Belmond Ltd from time to time or any committee duly authorised by it;
“Chairman” means the chairman of the Board of Directors of Belmond Ltd from time to time;
“Change in Control Agreement” means the severance agreement entered into between you and Belmond Ltd on 20 September 2015, as amended on __________________ 2018 and “Change in Control” has the meaning given to it in the Change in Control Agreement;
“Confidential Information” means any confidential information, including but not limited to:
		
	(a)
	lists of our or any Group Company’s actual or potential clients;

		
	(b)
	details of relationships or arrangements with or knowledge of the requirements of our or any Group Company’s actual or potential clients, including terms of business and pricing arrangements in force or under discussion;

		
	(c)
	details of our or any Group Company’s business methods, finances, prices or pricing strategy, marketing or development or management plans or strategies or forecasts;

		
	(d)
	details of any tenders, pitches or presentations proposed or made by us or any Group Company;

		
	(e)
	personal information about any of our directors or employees;

		
	(f)
	information divulged to us or any Group Company by a third party in confidence; and

		
	(g)
	any information relating to us or any Group Company or any of our clients which we, Group Company or the client in question reasonably considers (or is likely to consider) to be confidential.

Confidential Information does not include information which is generally known or easily accessible by the public, unless it is generally known or easily accessible by the public because of a breach of your obligations.
“EBITDA” means earnings before interest, taxes, depreciation and amortization.
“Goals and Objectives” means the personal goals and objectives which shall be notified to you by the Employer in accordance with clause 8.2.
“Good Reason” shall mean a resignation by you in circumstances (other than those in which you have given your express written consent) in which:
		
	(a)
	you have been assigned duties inconsistent with the terms of this Agreement or your status as a senior executive officer of the Employer or a substantial adverse alteration in the nature or status of your responsibilities, it being understood that (i) a Change in Control which has the effect of you ceasing to hold the position of Chief Executive 

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Officer of an Independent Publicly Traded Company immediately following such Change in Control (or) (ii), in circumstances where you are still employed by a Group Company at the date of such a Change in Control but prior to such Change in Control you ceased to hold such a position solely because of your being long-term ill and in receipt of benefits under the permanent health insurance scheme of the a Group Company, a Change in Control which would (but for such circumstances) have had the effect of you ceasing to hold the positon of Chief Executive Officer of an Independent Publicly Traded Company immediately following such Change in Control, shall, in the case of each of (i) and (ii), be deemed a substantial adverse alteration in the nature and status of your responsibilities for this purpose.  “Independent Publicly Traded Company” means that the company’s shares are admitted to and traded on the New York Stock Exchange or any other internationally recognised stock exchange and that no person or group of persons acting together hold 50% or more of the Belmond Ltd’s voting rights (other than any person or group of persons acting together who, as of the date of this agreement, hold 50% or more of Belmond Ltd’s voting rights). For the avoidance of doubt, this paragraph (a) shall not include circumstances in which you are removed or not re-elected as a director under the Employer or any Group Company’s charter, by-laws or other constitutional documents;
		
	(b)
	the Employer reduces your annual base salary as in effect on the date hereof or as the same may be increased from time to time;

		
	(c)
	your principal place of employment is relocated to a location more than 50 miles from your principal place of employment or the Employer requiring you to be based anywhere other than such principal place of employment (or permitted relocation thereof);

		
	(d)
	the Employer fails to pay to you any portion of your current compensation within thirty (30) days of the date such compensation is due;

		
	(e)
	the Employer or any Group Company fails to continue in effect any compensation plan in which you participate which is material to your total compensation and to which you are contractually entitled, including but not limited to the stock option, bonus and other incentive plans in place from time to time, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Employer or a Group Company to continue your participation therein (or in such substitute or alternative plan) on a basis not materially less favourable, both in terms of the amount or timing of payment of benefits provided and the level of your participation relative to other participants.  For the avoidance of doubt, a resignation will not be deemed to be a Good Reason resignation if the failure in this paragraph (e) is due to a requirement of the banking covenants of the Employer or any Group Company;

		
	(f)
	the Employer or Group Company:

		
	(1)
	fails to continue to provide you with employment benefits substantially similar to those that you participate in (and are contractually entitled to) on an individual basis (rather than benefits schemes (including, without limitation, personal accident insurance, private medical expenses insurance, life assurance and permanent health insurance) that you enjoy as a member of the senior executive team); or

		
	(2)
	in relation to employment benefits that you enjoy (and are contractually entitled to) as a member of the senior executive team, makes a materially detrimental change to any such benefit which only affects you (and no other member of the senior executive team).

“Group Company” means any holding company or subsidiary of the Employer from time to time and any other subsidiary of any holding company of the Employer from time to time, where “holding company” and “subsidiary” have the meanings given in section 1159 of the Companies Act 2006;
“Indemnification Agreement” the indemnification agreement entered into between you and Belmond Ltd on 20 September 2015;
“Invention” means any invention, improvement, modification, device, concept, process, formula, model or prototype which is created, devised, developed, discovered or worked on by you (whether alone or jointly) during the period of your employment by us which is:
		
	(a)
	capable of exploitation by us in the normal course of our business; or

		
	(b)
	so created, devised, developed, discovered or worked on by you during the course of or in connection with your employment by us;

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“Intellectual Property Rights” means:
		
	(a)
	patents, petty patents, short term patents, utility models, registered designs, trade or service marks, present and future copyright, performance rights, unregistered design rights, database rights, rights in any compilation of data, rights in any trade, brand or business names, rights in any trading style or get-up, rights in goodwill or any and all other analogous rights subsisting anywhere in the world whether registered or unregistered; and

		
	(b)
	any application for or any right to apply for registration of any such right; and

		
	(c)
	any revival, extension, renewal or reversion of any such right; and

		
	(d)
	the benefit (subject to the burden) of any agreement, arrangement or licence in connection with any such right;

“Specified Person” means any of the former or existing employees, directors, officers or shareholders of the Employer, Belmond Ltd or any Group Company, each in that capacity;
“Work” means any material, data, document or object (whether in electronic or physical form), idea, information, name, trading style or get up, business method, trade secret, know-how, technique or goodwill which is created, devised, developed, delivered, discovered or worked on by you (whether alone or jointly) during the period of your employment by us which is:
		
	(a)
	capable of exploitation by us in the normal course of our business; or

		
	(b)
	so created, devised, developed, discovered, delivered or worked on by you during the course of or in connection with your employment by us.

“Written” or “in writing” includes any methods of representing or reproducing words in a legible and non-transitory form, including by way of electronic communications.
		
	32.2
	References to “we”, “us” and “our” shall be to the Employer.

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SIGNED AND DELIVERED AS A DEED
on behalf of the Employer:     /s/ H. Roeland Vos_______________
In the presence of:
Witness signature:    /s/ Abigail Hunt    _______________
Witness name:    Abigail Hunt    _________________
Witness address:    Shackleton House_______________
London_______________________
SEI 2HP______________________

I have read, understood, agree and accept the terms and conditions of employment set out in this Agreement.

SIGNED AND DELIVERED AS A DEED
by H. Roeland Vos:    /s/ H. Roeland Vos_______________
In the presence of:
Witness signature:    /s/ Abigail Hunt    _______________
Witness name:    Abigail Hunt    _________________
Witness address:    Shackleton House_______________
London_______________________
SEI 2HP______________________

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19

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