Document:

PCCW Limited: Exhibit 4(ll) - Prepared by TNT Filings Inc.

EXHIBIT 4(ll)

PRIVATE & CONFIDENTIAL 

 

1 January 2001

 

Mr Peter Anthony Allen 

S/N 00797480 

Present 

 

Dear Mr Allen 

We are pleased to offer you the position of Executive
Director (Broadband 5 - Senior Executive). You will be employed by PCCW Services
Limited ("the Company") with effect from 1 January 2001 under the following
terms and conditions: 

1.             
Salary 

A basic salary of HK$46,190 per month payable in
arrears. Salaries will be paid on the 28th of each month or earlier if the 28th
falls on a public holiday. 

2.             
Directors' Fee 

During your employment with the
Company, all directors' fees or directors' remuneration of whatsoever nature
received by you from any company within the PCCW Group shall be returned
forthwith to the Company. You will resign from all directorships and any other
offices appointed by or held at the request of the Company or its holding
company, subsidiaries or associated companies. 

3.              
Hours of Work 

Your normal working hours will be
from 9:00 am to 6:00 pm, Monday to Friday, with one hour lunch break. You are
required to dedicate all your working hours to work relating to the business of
the Company and of PCCW, its subsidiaries and associated companies. 

It may be necessary to work additional hours,
including Saturdays, Sundays and Public Holidays for which overtime is not paid.

4.             
Holiday Entitlement - Annual Leave 

Throughout the entire employment, you
are entitled to 24 working days' leave with pay each year. A working day for
this purpose excludes Saturdays, Sundays and Public Holidays. Holiday
entitlement not used in any one year is not transferable to the next year. There
will be no payment in lieu of any unused leave. 

If you join part-way through the calendar year, your
annual leave will be calculated on a pro-rata basis. 

Termination pay in lieu of accrued
holiday not taken prior to the date of leaving is calculated up to the last day
of service since 1 January in the year in which service is terminated. If your
leave taken is more than you have accrued at the date of leaving, the Company
will deduct the excess holiday pay from any salary due on termination. Pay for
this purpose means basic salary and housing benefits (if any), excluding
commission or bonus. 

.../2

PCCW Limited       
       
www.pccw.com

PO Box 9896 GPO Hong Kong     Tel  +852 2888 2888     Fax  +852
2877 8877

 

Page 2 

1 January 2001 

Peter Anthony Allen 

 

If you spend a certain amount of your
leave time visiting company connections in places where you spend your leave,
time spent on such calls cannot be 'deducted' from the duration of leave. This
is considered a normal practice with the Company. 

5.             
Pacific Century CyberWorks Medical Scheme 

You and your spouse and children are
provided with world-wide hospitalization assistance benefits and a clinical
expenses scheme, up to the limits specified in the attached medical leaflet. You
are eligible for Class 8 benefits. 

Should you cease to be employed by
the Company, you must return the medical card(s) to the Human Resources
Department upon submission of your resignation. 

6.             
Pacific Century CyberWorks Provident Fund Scheme 

You are entitled to participate in
either the Pacific Century CyberWorks Provident Fund Scheme, a non-contributory
scheme with the Group contributing an equivalent of 12% of your basic monthly
salary or the Mandatory Provident Fund Scheme. Full details of your benefits
under the Schemes are provided in the Scheme Rules which form part of your terms
and conditions of employment. In all cases, any interpretation or clarification
of the rules should be made in accordance with the Provident Fund or Mandatory
Provident Fund Policy. 

7.             
Business Travel 

For business travel, you are entitled
to travel business class. 

8.             
Termination of Employment 

You will be engaged on a continuous
contract, which may be terminated by either party giving to the other six months
notice in writing or six months' basic salary and housing in lieu thereof. This
period of notice can commence from any day. 

Should you (i) be guilty of fraud,
dishonesty or serious misconduct or (ii) commit a serious or persistent breach
or neglect of your duties hereunder or (iii) be in breach of any representation
by you or any undertaking made by you hereunder or otherwise in relation to your
employment or benefits arising out of your employment or (iv) make any
misleading statement in relation to your previous employment or (v) refuse or
neglect to comply with any lawful order given to you by the Company or (vi) be
guilty of misconduct inconsistent with the due and faithful discharge of your
duties or (vii) commit any act that may cause undue embarrassment or moral or
social condemnation to the Company, the Company shall be entitled to terminate
this Agreement forthwith without notice or payment in lieu thereof. The Company
shall also be entitled to so terminate this Agreement on any other ground on
which an employer would be entitled to terminate an employee's contract without
notice at common law. 

.../3 

 

Page 3 

1 January 2001 

Peter Anthony Allen 

 

If required by the Company, you will
agree not to carry out any work or attend the offices or contact any clients of
the Company or of any of its associated companies during your notice period. 

Upon termination of employment, you
will immediately transfer and deliver to the Company all papers, documents,
notes, memoranda, records and writings belonging to the Company or its
subsidiaries, holding or associated companies which you may have in your
possession or control by reason of your position in the Company in any way
relating to the business of the Company or its subsidiaries, holding or
associated companies or to the business of the clients of the Company and its
subsidiaries, holding or associated companies together with all extracts or
copies thereof. 

If notice of termination of your
employment is given by you or the Company, you will resign immediately from all
directorships and any other offices appointed by or held at the request of the
Company or any of its subsidiaries of affiliates. 

9.             
 Expenses 

The Company will reimburse authorised
expenses incurred on Company business upon production of receipts or supporting
payment vouchers. A guiding principle in settling expenses is that there should
neither be loss nor benefit financially as a result of any reasonable expense
incurred on Company business. 

Claims for expenses must be approved by the Company.
No employee is entitled to authorise his own expenses. 

10.            
Employment 

As the Company or such of its
subsidiaries, holding or associated companies may have interests and business
dealings overseas, in the performance of your duties of employment with the
Company or such of its subsidiaries, holding or associated companies, the
Company shall be entitled to require you from time to time to work overseas. 

11.            
Representation of Employee 

You represent and warrant that you
are not bound by or subject to any court order, agreement, arrangement or
undertaking (including, but without limitation, any non-competition or
non-solicitation undertakings) which may in any way restrict or prohibit you
(with or without the payment of compensation) from entering into this contract
of employment or from performing your duties in whole or in part and providing
services under this contract of employment on the same terms and conditions. 

.../4 

 

Page 4 

1 January 2001 

Peter Anthony Allen 

 

12.            
Disclosure of Information and Conflict of Interest 

Within seven days from the
commencement of your employment, and thereafter once in every six months during
the term of your employment, you are required to disclose to the Company in
writing full details of any interest you have (whether legally or beneficially
or through any agent and including any interest in any share or loan capital or
other securities) in any company or other commercial entity or body corporate or
unincorporate ("Interest"). For the purposes of disclosure you shall be taken to
be interested in and required to disclose any Interest of your spouse, children
under 21 years of age or any corporation which acts, or the directors of which
are accustomed to act, in accordance with your directions or instructions or in
respect of which you are entitled to exercise or control the exercise of
one-quarter or more of the voting powers at general meetings of that
corporation. Whether any Interest so disclosed is in a company or other
commercial entity or body corporate or unincorporate, you shall disclose, so far
as you are aware having made all reasonable enquiries, all Interests of such
other company or other commercial entity or body corporate or unincorporate. 

If required at any time by the
Company, you shall dispose of, or shall procure your spouse or children under 21
years of age as the case may be to dispose of, any Interest disclosed or
required to be disclosed to the Company. In addition, without altering your duty
to make the necessary disclosure, you shall be required to dispose of any
Interest which you bona fide hold as an investment of a personal nature if such
Interest is in conflict with the business or affairs of the Company or it
subsidiaries, holding or associated companies or any company that forms part of
the Pacific Century Group. 

Furthermore, you shall promptly
disclose to the Company all information or material which at any time shall have
come to your knowledge or into your possession which may be used by the Company
or its subsidiaries, holding or associated companies or any company that forms
part of the Pacific Century Group for the carrying on or development of its or
their existing businesses or the development of a new business. 

Without prejudice to any other
provisions of this letter, you agree to declare any of your business in conflict
with the business or activities of the Company or such of its subsidiaries,
holding or associated companies, at the date hereof or in which you may
subsequently become involved in reasonable detail to the Company or such of its
subsidiaries, holding or associated companies. 

13.          
 Non-Competition 

You acknowledge that during the
course of your employment with the Company, you will become familiar with the
Company's trade secrets and with other confidential information concerning the
Company and its subsidiaries, holding or associated companies or any company
that forms part of the Pacific Century Group and that your services will be of a
special, unique and extraordinary value to the Company. You agree that during
the Term hereof and for six months thereafter, you shall not directly or
indirectly own, manage, control, participate in, consult with, render services
for, or engage in any business competing with the businesses of the Company or
its subsidiaries, holding or associated companies within any business territory
the Company or its subsidiaries, holding or associated companies operate. 
For the purposes of this Agreement, the "businesses of the Company" includes
without limitation any potential business being considered or developed by the
Company or any of its subsidiaries, holding or associated companies.

.../5

Page 5 

1 January 2001 

Peter Anthony Allen 

14.           
Further Restrictions 

You or your agent shall not, within
12 months after the termination of this employment or subsequent employments,
directly or indirectly recruit, solicit, entice, assist in, or engage in any
activity whatsoever that would result in any person then or theretofore employed
by the Company or its subsidiaries, holding or associated Companies or appointed
as a representative of the Company, to join you or your agent to engage in
services to or employment with any business entity that you or your agent shall
be involved in, as a partner, conventurer, employee, investor, or otherwise. 

You or your agent shall not, within
12 months after termination of this employment or subsequent employments,
directly or indirectly solicit or otherwise attempt to obtain any orders, nor
will you obtain or accept orders for provision of services of similar kind as
those supplied by the Company or any of its subsidiaries, holding or associated
companies from any person, firm or company who or which was a client of the
Company or any of its subsidiaries, holding or associated companies at any time
within a period of one year preceding the date of termination of such
employment. 

You agree that the above restrictions are reasonable
in all the circumstances for the protection of the Company and its business. 

15.            
Severability 

You agree that the above restrictions
under Clause 13 and 14 are reasonable in all the circumstances for the
protection of the Company and its business. The various provisions and
sub-provisions of this letter are severable and if any provision or
sub-provision or identifiable part thereof is held to be invalid or
unenforceable by any court of competent jurisdiction then such invalidity or
unenforceability will not affect the validity or enforceability of the remaining
provisions or sub-provisions or identifiable parts thereof in this letter. 

16.            
Company Policies  

(a)          
The Company is an equal opportunity employer and does not permit discrimination
or harassment on the ground of sex, pregnancy, marital or family status or
disability. 

(b)          
The Company complies with its statutory obligations regarding the personal data
of its employees. 

17.            
Confidentiality 

It is a condition of this contract of
employment that you will keep confidential and not disclose, exploit or use
neither for your own purpose nor for any purpose other than that of the Company,
directly or indirectly, during and subsequent to your employment with the
Company, any information in relation to the private affairs of the Company or
any of its subsidiaries, holding or associated companies obtained by virtue of
your employment or during your work with the Company or any of its subsidiaries,
holding or associated companies including without limitation details of your
terms of employment. Any breach or failure to observe this condition will make
you liable to immediate dismissal without compensation and the Company reserves
the right to take appropriate action. 

.../6 

 

Page 6 

1 January 2001 

Peter Anthony Allen 

18.           
Governing Law 

This contract shall be governed in accordance with
the laws of the Hong Kong Special Administrative Region of the People's Republic
of China. 

19.           
Transfer of Employment 

The Company reserves its rights to transfer this
contract of employment to other related companies when it sees fit. 

This letter constitutes the written terms and conditions
governing your contract of employment with the Company. Please, therefore,
signify your acceptance of the terms contained within this letter by signing and
returning to me the duplicate contract. 

Yours sincerely 

Alex Arena 

Executive Director 

Pacific Century CyberWorks 

 

I have received a copy of this letter and have read and
understood its contents. I accept that the contents of this letter constitute my
contract of employment. I also understand that any alterations shall be mutually
agreed and will be notified to me personally. 

	

    

    Signed 	

    

    :	
    
    
	 	 	 
	Name
    	:	Peter Anthony Allen
	 	 	
    
    
	Date 

 	:PCCW Limited: Exhibit 4(mm) - Prepared By TNT Filings Inc.

EXHIBIT 4(mm)

PRIVATE & CONFIDENTIAL  

29 March 2006 

Mr So Chak Kwong 

S/N 00853515 

Present  

Dear Mr So 

We are pleased to offer you the position of
Deputy Chairman and Chief Executive Officer of PCCW Limited ("the Company")
reporting to the Chairman of the Company with duties as more particularly listed
in Schedule 1 hereof. You will be employed by PCCW Services Limited subject to
Clause 8 hereof, for a fixed term of three years with effect from 26 July 2006
under the following terms and conditions:-

1. 

 
Salary 

A basic salary of HK$781,250 per month
payable in arrears. Salaries will be paid on the 28th of each month
or earlier if the 28th falls on a public holiday. 

2.
  Housing Benefits 

Your housing benefits is HK$781,250
per month. 

3.
  Directors' Fees 

During the term of
your employment with the Company, you may be asked from time to time to act as a
director in a company or companies within the PCCW Group (where "PCCW Group"
shall mean PCCW Limited and its subsidiaries (as defined under the Companies
Ordinance) or any company associated with the Company. In the event that you do
act as a director, if the Company so requests you should tender your resignation
as director of such a company forthwith in the form and which is provided by the
Company which may require that you confirm that you do not have any claims
against that company. 

As it is the Group policy that an
employee shall not receive any additional remuneration as a result of acting as
a director of any company in the PCCW Group or any company associated with the
Company, you agree and understand that any director's fees payable to you shall
be considered part of your remuneration and, in such case, your remuneration for
the month in which you are in receipt of such director's fees (and if applicable
the following months, to the extent necessary to achieve an offset of the
aggregate amount of such fees) shall be reduced by a corresponding amount. This
arrangement, however, will not in any way affect your fringe benefits, including
the employer contribution to the Provident Fund Scheme. 

.../2

	
    PCCW Limited   
   www.pccw.com 

PO Box 9896 GPO Hong Kong     Tel  +852 2888 2888     Fax  +852 2877 8877 
    

Page 2 

So Chak Kwong 

4.  
Hours of Work

Your normal working hours will be
from 9:00 am to 6:00 pm, Monday to Friday, with one hour lunch break. You are
required to dedicate all your working hours to work relating to the business of
the Company and of the PCCW Group. 

It may be necessary to work additional hours,
including Saturdays, Sundays and Public Holidays for which overtime is not paid.

5. 
 Holiday
Entitlement - Annual Leave

You are entitled to 30 working days'
leave with pay each year. A working day for this purpose excludes Saturdays,
Sundays and Public Holidays. All annual leave must be taken before the end of
the relevant calendar year (i.e. 31 December) and no annual leave entitlement
may be carried forward to the following year. Save where the Company agrees in
writing and in accordance with the Employment Ordinance, there will be no
payment in lieu of any unused annual leave. 

If your leave taken is more than you
have accrued at the date of leaving, the Company will deduct the excess holiday
pay from any salary due on termination. Pay for this purpose means basic salary
and housing benefits, excluding bonus and commission. 

If you spend a certain amount of your
leave time visiting company connections in places where you spend your leave,
time spent on such calls cannot be "deducted" from the duration of leave. This
is considered a normal practice with the Company. 

6. 
  PCCW Medical Scheme 

You and your spouse and children will
during your employment be provided with hospitalization assistance benefits and
a clinical expenses scheme, up to the limits specified in the attached medical
leaflet. You are eligible for Class 8 benefits. 

Should you cease to be employed by the Company, you
must return the medical card(s) to the Human Resources Department on or before
your last day of service. 

7. 

  PCCW Provident Fund
Scheme 

You are entitled to continue to
participate in the PCCW Provident Fund Scheme -Scheme 8F, a non-contributory
scheme with the Group contributing an equivalent of 12% of your basic monthly
salary (excluding for the avoidance of doubt the housing benefit and bonus
element. 

.../3 

Page 3 

So Chak Kwong 

8.  
Termination of Employment 

(a)
You will be engaged on a
three-year fixed term contract subject to earlier termination only as expressly
set out herein. 

(b)
In the event that there is a
change in the single largest shareholder group of the Company or if the Company
recruits a new Chief Executive Officer or if the Company removes you (without
your prior consent) from your positions as Deputy Chairman and Chief Executive
Officer or varies or takes away your authority such that you are unable to carry
out a substantial part of your duties listed in Schedule 1, this shall be deemed
to be a constructive dismissal of your employment by the Company. In such event,
you will have the right to serve three months' notice to the Company to
terminate the employment and damages will be paid to you but the amount so paid
shall not violate the stock exchange listing rules. 

(c)
If for whatever reason, your
employment with the Company is terminated by the Company by 3 months' notice
(other than pursuant to Clause 8(e) or 8(f)), such termination to be effective
before the expiry of your three years fixed term, you will be paid a sum equal
to whichever is the less of the following: (a) the total amount of salary and
housing benefits for the unexpired term; or (b) the total amount of salary and
housing benefits for a period of 12 months (inclusive payment made during the
notice period). For the avoidance of doubt, if payment in lieu of the aforesaid
3 months' notice is made by the Company, such payment will be taken into account
and deducted if the maximum amount payable is computed based on 12 month
emoluments. 

(d)
Upon signing of this contract of employment, you shall also deposit a letter of
resignation in the form provided by the Company signed by you but left undated
and a deed (also in such form as may be required by the Company) authorizing the
dating of such letter of resignation without any liability to the Company.

The Company shall have the right to
serve three months' notice terminating your contract with them and thereupon to
date and treat as delivered such resignation letter signed by you and deposited
with the Company. 

For the avoidance of doubt, it is
agreed that the deposit of the undated resignation letter by you and the dating
of such resignation letter by the Company pursuant to this Clause 8(d) shall not
prejudice your contractual rights including your rights and entitlements under
Clause 8(b) and 8(c). 

.../4 

Page 4 

So Chak Kwong 

(e)
If by reason of sickness or
disability (other than sickness or disability arising from or in connection with
your employment with the Company) you are unable to perform your duty or in the
opinion of a qualified doctor you are unlikely without reasonable adjustment to
be able to perform your duty in an effective manner and to the detriment of the
interest of the Company, the Company shall be entitled to terminate this
agreement by giving three months notice or payment of three months' basic
salary, and housing benefits in lieu. 

(f)
Should you (i) be guilty of
fraud, dishonesty or serious misconduct or (ii) commit a serious or persistent
breach or neglect of your duties hereunder or (iii) be in breach of any
representation by you or any undertaking made by you hereunder or otherwise in
relation to your employment or benefits arising out of your employment or (iv)
make any misleading statement in relation to your previous employment or (v)
refuse or neglect to comply with any lawful order given to you by the Company
or (vi) be guilty of misconduct inconsistent with the due and faithful discharge
of your duties or (vii) commit any act that may cause undue embarrassment or
moral or social condemnation to the Company, the Company shall be entitled to
terminate this Agreement forthwith. The Company shall also be entitled to so
terminate this Agreement on any other ground on which an employer would be
entitled to terminate an employee's contract without notice at common law.

(g)
If required by the Company,
you will agree not to carry out any work or attend the offices or contact any
clients of the Company or of any of its associated companies during your notice
period. 

Upon termination of
employment, you will immediately transfer and deliver to the Company all papers,
documents, notes, memoranda, records and writings belonging to the Company or
its subsidiaries, holding or associated companies which you may have in your
possession or control by reason of your position in the Company in any way
relating to the business of the Company or its subsidiaries, holding or
associated companies or to the business of the clients of the Company and its
subsidiaries, holding or associated companies together with all extracts or
copies thereof. 

(h)  If notice of
termination of your employment is given by you or the Company, you will resign
immediately from all directorship and any other offices appointed by or held at
the request of the Company or any of its subsidiaries or associated companies.

.../5 

Page 5 

So Chak Kwong 

9.  
Other Benefits and Expenses 

(a)
The Company shall provide you
with a chauffeur-driven car, Company's boat and other benefits which are
commensurate with your position as the Deputy Chairman and Chief Executive
Officer of the Company. 

(b)
The Company will reimburse
authorized expenses properly incurred on Company business upon production of
receipts or supporting payment vouchers. A guiding principle in settling
expenses is that there should neither be loss nor benefit financially as a
result of any reasonable expense incurred on Company business. Claims for
expenses must be approved by the Company. No employee is entitled to authorize
his own expenses. 

(c)
You are entitled to travel
first class on all Company approved business trips. 

10.  Employment

Save for the part-time employment or
non-employment positions disclosed in Schedule 2 hereof or otherwise previously
agreed in writing between you and the Company, you will not (without the prior
written consent of the Company or such of its subsidiaries, holding and
associated companies) during your employment, directly or indirectly be engaged
in, or provide services to any other person, company, business entity whatsoever
(whether as an employee, officer, director, agent, shareholder, if such
shareholding is more than 5% of a company, partner, consultant or otherwise) it
being the intention of the Company or such of its subsidiaries, holding or
associated companies that you will devote your time and attention to the service
of the Company or such of its subsidiaries, holding or associated companies. The
Company reserves the right to request your resignation and on receipt of such
request you should forthwith affect such resignation from any of the employment
or directorships listed in Schedule 2 at any time. 

As the Company or such of its
subsidiaries, holding or associated companies may have interests and business
dealings overseas, in the performance or your duties of employment with the
Company or such of its subsidiaries, holding or associated companies, the
Company shall be entitled to require you from time to time to work overseas. 

11.  Representation of Employee 

You represent and
warrant that you are not bound by or subject to any court order, agreement,
arrangement or undertaking (including, but without limitation, any
non-competition or non-solicitation undertakings) which may in any way restrict
or prohibit you (with or without the payment of compensation) from entering into
this contact of employment or from performing you duties in whole or in part and
providing services under this contract of employment on the same terms and
conditions. 

.../6 

Page 6 

So Chak Kwong

12.  Disclosure of Information and Conflict of Interest 

On or before 1 August 2006 and
thereafter once in every six months (and in addition to any further obligations
which you may have under any applicable law, listing agreement or listing rule)
during the term of your employment, you are required to disclose to the Company
in writing full details of any interest you have (whether legally or
beneficially or through any agent and including any interest in any share or
loan capital or other securities) in any company or other commercial entity or
body corporate or unincorporate ("Interest"). For the purposes of disclosure you
shall be taken to be interested in and required to disclose any Interest of your
spouse, children under 21 years of age or any corporation which acts, or the
directors of which are accustomed to act, in accordance with your directions or
instructions or in respect of which you are entitled to exercise or control the
exercise of one-quarter or more of the voting powers at general meetings of that
corporation. Whether any Interest so disclosed is in a company or other
commercial entity or body corporate or unincorporated, you shall disclose, so
far as you are aware having made all reasonable enquiries, all Interest of such
other company or other commercial entity or body corporate or unincorporate. 

If required at any time by the
Company, you shall dispose of, or shall procure your spouse or children under 21
years of age as the case may be to dispose of, any Interest disclosed or
required to be disclosed to the Company. In addition, without altering your duty
to make the necessary disclosure, you shall be required to dispose of any
Interest which you bona fide hold as an investment of a personal nature if such
Interest is in conflict with the business or affairs of the Company or it
subsidiaries, holding or associated companies or any company that forms part of
the PCCW Group. 

Furthermore, you shall promptly
disclose to the Company all information or material which at any time shall have
come to your knowledge or into your possession which may be used by the Company
or its subsidiaries, holding or associated companies or any company that forms
part of the PCCW Group for the carrying on or development of its or their
existing businesses or the development of a new business. 

Without prejudice to any other
provisions of this letter, you agree to declare any of your business in conflict
with the business or activities of the Company or such of its subsidiaries,
holding or associated companies, at the date hereof or in which you may
subsequently become involved in reasonable detail to the Company or such of its
subsidiaries, holding or associated companies. 

13.  Severability 

The various provisions and
sub-provisions of this letter are severable and if any provision or
sub-provision or identifiable part thereof is held to be invalid or
unenforceable by any court of competent jurisdiction then such invalidity or
unenforceability will not affect the validity or enforceability of the remaining
provisions or sub-provisions or identifiable parts thereof in this letter. 

.../7 

Page 7 

So Chak Kwong 

14.  Company Policies 

(a)
The Company is an equal
opportunity employer and does not permit discrimination or harassment on the
ground of sex, pregnancy, marital or family status or disability. 

(b)
The Company complies with its
statutory obligations regarding the personal data of its employees. 

(c)
Your employment by the
Company shall be subject to all rules, regulations and requirements of The Stock
Exchange of Hong Kong Limited, the New York Stock Exchange, Inc. and any other
stock exchange on which the Company is or shall be listed or where the Company
becomes part of another publicly listed company, on any other stock exchange on
which such other publicly listed company is listed. 

15.   Confidentiality

It is a condition of this contract of
employment that you will keep confidential and not disclose, exploit or use
neither for your own purpose nor for any purpose other than of the Company,
directly or indirectly, during and subsequent to your employment with the
Company, any information in relation to the affairs of the Company or any of its
subsidiaries, holding or associated companies obtained by virtue of your
employment or during your work with the Company or any of its subsidiaries,
holding or associated companies including without limitation details of your
terms of employment. Any breach or failure to observe this condition will make
you liable to immediate dismissal and the Company reserves the right to take
appropriate action.

16.  Governing Law 

This contract shall be governed in accordance with
the laws of the Hong Kong Special Administrative Region of the People's Republic
of China. 

17.  Transfer of Employment 

The Company reserves the right to
transfer your employment or second you to other companies within the PCCW Group
when it sees fit. Such transfer or secondment may be overseas. 

.../8

Page 8 

So Chak Kwong 

This letter constitutes the written terms and conditions
governing your contract of employment with the Company. Please, therefore,
signify your acceptance of the terms contained within this letter by signing and
returning to me the duplicate contract and the Confidentiality / Intellectual
Property Undertaking. 

Yours sincerely 

  

Richard Li 

Chairman

I have received a copy of this letter and have read and
understood its contents. I accept that the contents of this letter constitute my
contract of employment. I also understand that any alterations shall be mutually
agreed and will be notified to me personally. 

 

(NEW VERSION) 

SCHEDULE 1

DESCRIPTION OF RESPONSIBILITIES 

A.   PRIMARY RESPONSIBILITIES 

1.
To act as Deputy Chairman and
Chief Executive Officer of the Company overseeing and be responsible for the
profit and loss, balance sheet and overall operations of the Company including
the hiring and firing of senior executives and consultants and approving their
remunerations and benefits. 

2.
To advise the Chairman and
the Board of Directors of the Company on strategic directions and to execute
such strategies. 

3.
To ensure that the assets and
resources of the Company are applied in the best interests of the shareholders
of the Company. 

4.
To act as Chairman of the
Finance and Management Committee and the Operations Committee. 

5.
To oversee on behalf of the
Executive Committee all functions relating to public relations and community
matters. 

B.   OTHER RESPONSIBILITIES 

1.
To participate in and act as an Executive Director of the Executive Committee

•
To determine group strategy
and review trading performance; 

•
To ensure adequate funding
and examine major investments; 

•
To monitor the performance of
the management. 

2.
To participate in the Infrastructure Committee 

SCHEDULE 2 

Non-executive Director of :- 

(1) 
The Hongkong & Shanghai Banking
Corporation Ltd. 

(2) 
Cathay Pacific Airways Ltd. 

PRIVATE & CONFIDENTIAL 

17 June 2003 

Mr So Chak Kwong Jack 

Present  

We are pleased to offer you the position of Deputy Chairman
and Group Managing Director of PCCW Limited ("the Company") reporting to Richard
Li with duties as more particularly listed in Schedule 1 hereof. You will be
employed by PCCW Services Limited subject to Clause 10 hereof, for a fixed term
of three years with effect from a date no later than 24 September 2003 under the
following terms and conditions: 

1.   Salary 

A basic salary of HK$438,000 per month payable in
arrears. Salaries will be paid on the 28th of each month or earlier
if the 28th falls on a public holiday. 

2.   Housing Benefits 

Your housing benefits is HK$187,000 per month. 

3.   Guaranteed Bonus 

Your guaranteed minimum bonus for
each year of service will be HK$7,500,000 which will be paid to you by 12
monthly equal instalments at the same time as your salary. The total amount of
salary, housing benefits and guaranteed minimum bonus for the full three-year
fixed term is HK$45,000,000 (hereinafter called "the Guaranteed Sum"). 

4.   PCCW Share Options 

Subject to the approval of the
Options Committee of the Company and all independent non-executive directors,
options in 12,000,000 ordinary shares ("Share Options") in the Company will be
granted to you within one week of your commencement of employment with the
Company in accordance with the rules of the share option scheme of the Company
("Rules") and the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited (and in particular any "restricted period" for
dealing in securities of the Company), one-third of which will become
exercisable subject to and in accordance with the terms of the Rules at the end
of each complete year of service, provided that if your employment is terminated
pursuant to Clauses 10(b) or 10(d) below, the full amount of the Share Option or
balance thereof shall vest immediately and be exercisable immediately by you
notwithstanding Rule 8(vi) of the Rules, and provided further that exercise of
any option shall be in accordance with the Rules. Future years' options are to
be agreed between you and the Company. 

The Share Options will be granted at an exercise
price equivalent to the highest of (i) the share market closing price on the
date of the grant or (ii) the average share market closing price of the five
business days immediately prior to the date of grant or (iii) the nominal value
of a share on the date of grant. 

.../2

 

	
    PCCW Limited   
   www.pccw.com 

PO Box 9896 GPO Hong Kong     Tel  +852 2888 2888     Fax  +852 2877 8877 
    

Page 2 

17 June 2003 

So Chak Kwong Jack 

5.    Directors' Fees 

During the term of your employment
with the Company, you may be asked from time to time to act as a director in a
company or companies within the PCCW Group (where 'PCCW Group" shall mean PCCW
Limited and its subsidiaries (as defined under the Companies Ordinance) or any
company associated with the Company. In the event that you do act as a director,
if the Company so requests you should tender your resignation as director of
such a company forthwith in the form and which is provided by the Company which
may require that you confirm that you do not have any claims against that
company. 

As it is the Group policy that an
employee shall not receive any additional remuneration as a result of acting as
a director of any company in the PCCW Group or any company associated with the
Company, you agree and understand that any director's fees payable to you shall
be considered part of your remuneration and, in such case, your remuneration for
the month in which you are in receipt of such director's fees (and if applicable
the following months, to the extent necessary to achieve an offset of the
aggregate amount of such fees) shall be reduced by a corresponding amount. This
arrangement, however, will not in any way affect your fringe benefits, including
the employer contribution to the Provident Fund Scheme. 

6.    Hours of Work 

Your normal working hours will be
from 9:00 am to 6:00 pm, Monday to Friday, with one hour lunch break. You are
required to dedicate all your working hours to work relating to the business of
the Company and of the PCCW Group. 

It may be necessary to work additional hours,
including Saturdays, Sundays and Public Holidays for which overtime is not paid.

7.   Holiday Entitlement - Annual Leave 

You are entitled to 30 working days'
leave with pay each year. A working day for this purpose excludes Saturdays,
Sundays and Public Holidays. All annual leave must be taken before the end of
the relevant calendar year (i.e. 31 December) and no annual leave entitlement
may be carried forward to the following year. Save where the Company agrees in
writing and in accordance with the Employment Ordinance, there will be no
payment in lieu of any unused annual leave. 

As you will join the Company part-way through the
calendar year, your annual leave will be calculated on a pro-rata basis. 

If your leave taken is more than you
have accrued at the date of leaving, the Company will deduct the excess holiday
pay from any salary due on termination. Pay for this purpose means basic salary,
housing benefits and guaranteed bonus, excluding commission. 

If you spend a certain amount of your
leave time visiting company connections in places where you spend your leave,
time spent on such calls cannot be 'deducted' from the duration of leave. This
is considered a normal practice with the Company. 

.../3 

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17 June 2003 

So Chak Kwong Jack 

8.   PCCW Medical Scheme 

You and your spouse and children will
during your employment be provided with hospitalization assistance benefits and
a clinical expenses scheme, up to the limits specified in the attached medical
leaflet. You are eligible for Class 8 benefits. 

Should you cease to be employed by the Company, you
must return the medical card(s) to the Human Resources Department on or before
your last day of service. 

9.   PCCW Provident Fund Scheme 

You are entitled to participate in
either the PCCW Provident Fund Scheme, a non-contributory scheme with the Group
contributing an equivalent of 12% of your basic monthly salary (excluding for
the avoidance of doubt the housing benefit and bonus element), or the Mandatory
Provident Fund Scheme at your option. Full details of your benefits under the
Schemes are provided in the Scheme Rules which form part of your terms and
conditions of employment. In all cases, any interpretation or clarification of
the rules should be made in accordance with the Provident Fund or Mandatory
Provident Fund Policy. 

10.   Termination of Employment 

(a) You will be engaged on a
three-year fixed term contract subject to earlier termination only as expressly
set out herein. 

(b) In the event
that the Company recruits a new Chief Executive Officer or if the Company
removes you (without your prior consent) from your positions as Deputy Chairman
and Group Managing Director, or Chairman of the Finance Committee or Chairman of
the Regulatory Committee or varies or takes away your authority such that you
are unable to carry out a substantial part of your duties listed in Schedule 1,
you will have the right to serve three months' notice to the Company to
terminate the employment This period of notice can commence from any day. In
such case, you will be paid a sum equal to the Guaranteed Sum less the total
amount of salary, housing benefits and guaranteed bonus received by you up to
the date of termination, by the Company on the date of termination of your
contract of employment. 

(c) If for whatever
reason, your employment with the Company is terminated by the Company other than
for Clause 10(e) before the expiry of your three years fixed term, you will be
paid a sum equal to the Guaranteed Sum less the total amount of salary, housing
benefits and guaranteed bonus received by you up to the date of termination, by
the Company on the date of termination of your contract of employment 

(d) Upon signing of
this contract of employment, you shall also deposit a letter of resignation in
the form provided by the Company signed by you but left undated and a deed (also
in such form as may be required by the Company) authorizing the dating of such
letter of resignation without any liability to the Company. 

The Company shall have the right to
serve three months' notice terminating your contract with them and thereupon to
date and treat as delivered such resignation letter signed by you and deposited
with the Company. 

.../4 

Page 4 

17 June 2003 

So Chak Kwong Jack 

(e) If by reason of
sickness or disability (other than sickness or disability arising from or in
connection with your employment with the Company) you are unable to perform your
duty or in the opinion of a qualified doctor you are unlikely without reasonable
adjustment to be able to perform your duty in an effective manner and to the
detriment of the interest of the Company, the Company shall be entitled to
terminate this agreement by giving three months notice or payment of three
months' basic salary, housing benefits and guaranteed bonus in lieu. 

(f) Should you (i)
be guilty of fraud, dishonesty or serious misconduct or (ii) commit a serious or
persistent breach or neglect of your duties hereunder or (iii) be in breach of
any representation by you or any undertaking made by you hereunder or otherwise
in relation to your employment or benefits arising out of your employment or
(iv) make any misleading statement in relation to your previous employment or
(v) refuse or neglect to comply with any lawful order given to you by the
Company or (vi) be guilty of misconduct inconsistent with the due and faithful
discharge of your duties or (vii) commit any act that may cause undue
embarrassment or moral or social condemnation to the Company, the Company shall
be entitled to terminate this Agreement forthwith. The Company shall also be
entitled to so terminate this Agreement on any other ground on which an employer
would be entitled to terminate an employee's contract without notice at common
law. 

(g) If required by the Company, you
will agree not to carry out any work or attend the offices or contact any
clients of the Company or of any of its associated companies during your notice
period.

Upon termination of employment, you
will immediately transfer and deliver to the Company all papers, documents,
notes, memoranda, records and writings belonging to the Company or its
subsidiaries, holding or associated companies which you may have in your
possession or control by reason of your position in the Company in any way
relating to the business of the Company or its subsidiaries, holding or
associated companies or to the business of the clients of the Company and its
subsidiaries, holding or associated companies together with all extracts or
copies thereof. 

(h) If notice of
termination of your employment is given by you or the Company, you will resign
immediately from all directorships and any other offices appointed by or held at
the request of the Company or any of its subsidiaries or associated companies.

11.   Other Benefits and Expenses 

(a) The Company
shall provide you with a chauffeured driven car, Company's boat and other
benefits which are commensurate with your position as the Deputy Chairman and
Group Managing Director of the Company. 

(b) The Company
will reimburse authorised expenses properly incurred on Company business upon
production of receipts or supporting payment vouchers. A guiding principle in
settling expenses is that there should neither be loss nor benefit financially
as a result of any reasonable expense incurred on Company business. Claims for
expenses must be approved by the Company. No employee is entitled to authorise
his own expenses. 

(c) You are entitled to travel
first class on all Company approved business trips.

.../5

Page 5 

17 June 2003 

So Chak Kwong Jack 

12.   Employment 

Save for the part-time employment or
non-employment positions disclosed in Schedule 2 hereof or otherwise previously
agreed in writing between you and the Company, you will not (without the prior
written consent of the Company or such of its subsidiaries, holding or
associated companies) during your employment, directly or indirectly be engaged
in, or provide services to any other person, company, business entity whatsoever
(whether as an employee, officer, director, agent, shareholder, if such
shareholding is more than 5% of a company, partner, consultant or otherwise) it
being the intention of the Company or such of its subsidiaries, holding or
associated companies that you will devote your time and attention to the service
of the Company or such of its subsidiaries, holding or associated companies. The
Company reserves the right to request your resignation and on receipt of such
request you should forthwith affect such resignation from any of the employment
or directorships listed in Schedule 2 at any time. 

As the Company or such of its
subsidiaries, holding or associated companies may have interests and business
dealings overseas, in the performance of your duties of employment with the
Company or such of its subsidiaries, holding or associated companies, the
Company shall be entitled to require you from time to time to work overseas. 

13.   Representation of Employee 

You represent and warrant that you
are not bound by or subject to any court order, agreement, arrangement or
undertaking (including, but without limitation, any non-competition or
non-solicitation undertakings) which may in any way restrict or prohibit you
(with or without the payment of compensation) from entering into this contract
of employment or from performing your duties in whole or in part and providing
services under this contract of employment on the same terms and conditions. 

14.  Disclosure of Information and Conflict of Interest 

Within seven days from the
commencement of your employment, and thereafter once in every six months (and in
addition to any further obligations which you may have under any applicable law,
listing agreement or listing rule) during the term of your employment, you are
required to disclose to the Company in writing full details of any interest you
have (whether legally or beneficially or through any agent and including any
interest in any share or loan capital or other securities) in any company or
other commercial entity or body corporate or unincorporate ("Interest"). For the
purposes of disclosure you shall be taken to be interested in and required to
disclose any Interest of your spouse, children under 21 years of age or any
corporation which acts, or the directors of which are accustomed to act, in
accordance with your directions or instructions or in respect of which you are
entitled to exercise or control the exercise of one-quarter or more of the
voting powers at general meetings of that corporation. Whether any Interest so
disclosed is in a company or other commercial entity or body corporate or
unincorporate, you shall disclose, so far as you are aware having made all
reasonable enquiries, all Interests of such other company or other commercial
entity or body corporate or unincorporate. 

.../6 

Page 6 

17 June 2003 

So Chak Kwong Jack 

If required at any time by the
Company, you shall dispose of, or shall procure your spouse or children under 21
years of age as the case may be to dispose of, any Interest disclosed or
required to be disclosed to the Company. In addition, without altering your duty
to make the necessary disclosure, you shall be required to dispose of any
Interest which you bona fide hold as an investment of a personal nature if such
Interest is in conflict with the business or affairs of the Company or it
subsidiaries, holding or associated companies or any company that forms part of
the PCCW Group. 

Furthermore, you shall promptly
disclose to the Company all information or material which at any time shall have
come to your knowledge or into your possession which may be used by the Company
or its subsidiaries, holding or associated companies or any company that forms
part of the PCCW Group for the carrying on or development of its or their
existing businesses or the development of a new business. 

Without prejudice to any other
provisions of this letter, you agree to declare any of your business in conflict
with the business or activities of the Company or such of its subsidiaries,
holding or associated companies, at the date hereof or in which you may
subsequently become involved in reasonable detail to the Company or such of its
subsidiaries, holding or associated companies. 

15.  Severability 

The various provisions and
sub-provisions of this letter are severable and if any provision or
sub-provision or identifiable part thereof is held to be invalid or
unenforceable by any court of competent jurisdiction then such invalidity or
unenforceability will not affect the validity or enforceability of the remaining
provisions or sub-provisions or identifiable parts thereof in this letter. 

16.   Company Policies 

(a) The Company is an equal
opportunity employer and does not permit discrimination or harassment on the
ground of sex, pregnancy, marital or family status or disability. 

(b) The Company complies with its
statutory obligations regarding the personal data of its employees. 

(c) Your employment
by the Company shall be subject to all rules, regulations and requirements of
The Stock Exchange of Hong Kong Limited, the New York Stock Exchange, Inc. and
any other stock exchange on which the Company is or shall be listed or where the
Company becomes part of another publicly listed company, on any other stock
exchange on which such other publicly listed company is listed. 

17.   References 

This appointment is subject to
receipt by the Company of satisfactory references, which we will take up upon
receipt of your acceptance of our offer of employment. 

.../7

Page 7 

17 June 2003 

So Chak Kwong Jack 

18.  Confidentiality 

It is a condition of this contract of
employment that you will keep confidential and not disclose, exploit or use
neither for your own purpose nor for any purpose other than that of the Company,
directly or indirectly, during and subsequent to your employment with the
Company, any information in relation to the affairs of the Company or any of its
subsidiaries, holding or associated companies obtained by virtue of your
employment or during your work with the Company or any of its subsidiaries,
holding or associated companies including without limitation details of your
terms of employment. Any breach or failure to observe this condition will make
you liable to immediate dismissal and the Company reserves the right to take
appropriate action. 

19.   Governing Law 

This contract shall be governed in accordance with
the laws of the Hong Kong Special Administrative Region of the People's Republic
of China. 

20.  Transfer of Employment 

The Company reserves the right to transfer your
employment or second you to other companies within the PCCW Group when it sees
fit. Such transfer or secondment may be overseas. 

21.  Company Procedures 

Your appointment as a Director of the Company shall
be subject to the approval of the Board of Directors of the Company. 

This letter constitutes the written
terms and conditions governing your contract of employment with the Company.
Please, therefore, signify your acceptance of the terms contained within this
letter by signing and returning to me the duplicate contract and the
Confidentiality / Intellectual Property Undertaking. 

Yours sincerely 

Richard Li 

.../8 

Page 8 

17 June 2003 

So Chak Kwong Jack 

I have received a copy of this letter and have read and
understood its contents. I accept that the contents of this letter constitute my
contract of employment. I also understand that any alterations shall be mutually
agreed and will be notified to me personally. 

SCHEDULE 1 

DESCRIPTION OF RESPONSIBILITIES 

A.  PRIMARY RESPONSIBILITIES 

1.
 To act as Group
Managing Director overseeing and be responsible for the profit and loss, balance
sheet and overall operations including the hiring and firing of senior
executives. To advise the chairman on strategic directions and to execute such
strategies. 

2.
 To act as Chairman of
the Regulatory Committee dealing with regulatory and political issues that may
affect the Company including without limitation the following responsibilities:

	
To take
  responsibility for achieving the Company's strategies for dealing with
  regulatory and political issues so that the Company has the widest possible
  business opportunities;

  
	
To campaign for a regulatory
  and business environment in which the Company can achieve its commercial
  objectives;

  
	
To identify new areas in which
  the Company can provide its services, and to promote full and free access to
  them;

  
	
To present the
  Company's views effectively to the Government, the Legislative Council, the
  media, business and professional organizations and other influential groups;

  
	
To enhance the Company's
  credibility with the Hong Kong and international financial markets, the
  investing public and the wider community.

  

3.
 To oversee on behalf of
the Executive Committee all functions relation to public relations matters and
community matters. 

4.
 To act as Chairman of
the Finance Committee 

B.  OTHER RESPONSIBILITIES 

1. 
To participate in and act as an Executive Director of the Executive Committee

	To determine group strategy
  and review trading performance;

 
	To ensure adequate funding and
  examine major investments;

 
	To monitor the performance of
  the management.

2.  To participate in the
Infrastructure Committee

SCHEDULE 2 

Non-executive Director / Consultant of: 

(1) The Hongkong & Shanghai Banking Corporation Ltd. (Director) 

(2) Mass Transit Railway Corporation Ltd. (Consultant) 

(3) Cathay Pacific Airways Ltd. (Director) but only for the remainder of the
term of appointment or the second anniversary of the date of this letter,
whichever is the earlier

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