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                                                                   EXHIBIT 10.14

                             MASTER LEASE AGREEMENT

Lessee Full Name and Full Address:              Lease No.
                                                ------------------
THE WHITE HOUSE, INC.
6711 BAYMEADOW DRIVE
GLEN BURNIE, MD 21060

Name and Phone No. of Lessee Contact:   STEVE HIRSCH

Lessee Form of Organization:  CORPORATION     Fed Tax I.D. No.  52-1413575

(corporation, partnership, limited              Date of Master Lease
liability company, individual, etc.):             Agreement:
                                                  ------------------

Lessee's State of Organization: MD    Lessee's State Organization
(if a corporation or registered       Identification Number:       D01984772
organization

For and in consideration of the mutual promises set forth below. CARLTON
FINANCIAL CORPORATION ("Lessor") and the lessee named above ("Lessee") agree as
follows:

     1.   MASTER LEASE. This Master Lease Agreement ("Master Lease") provides
          terms and conditions the parties hereto intend be applicable to
          various lease transactions. Each lease contract shall be evidenced by
          a Lease Schedule, in the form attached hereto as Exhibit A, executed
          by Lessor and Lessee that explicitly incorporates the provisions of
          this Master Lease Agreement and sets forth specific terms of that
          particular lease contract (each such Equipment Schedule, as it
          incorporates this Master Lease, shall be called "this Lease"). Where
          the provisions of a Lease Schedule conflict with the terms of this
          Master Lease, the provisions of the Lease Schedule shall prevail. Each
          Lease Schedule shall constitute a complete and separate lease
          agreement independent of all other Lease Schedules and without any
          requirement of being accompanied by an originally executed counterpart
          of this Master Lease Agreement. One originally executed counterpart of
          the Lease Schedule shall be stamped "Original" and retained by the
          Lessor. If more than one counterpart of the Lease Schedule is executed
          by Lessor and Lessee, all other counterparts shall be stamped
          "Duplicate Original." Only transfer of possession or control by the
          Lesser of the originally executed counterpart stamped "Original" shall
          be effective for purposes of perfecting an interest in the Lease
          Schedule by possession. This lease is subject to the terms and
          conditions as stated on the Lease Commitment letter dated June 17,
          2002.

     2.   NO WARRANTIES. Lessee agrees that it has selected each item of
          Equipment and other property (the "Equipment") described in the Lease
          Schedule based upon its own judgment and disclaims any reliance upon
          any statements or representations made by Lessor. Lessee acknowledges
          the supplier of the Equipment is not Lessor's agent. LESSOR MAKES NO
          EXPRESS OR IMPLIED WARRANTY WITH RESPECT TO THE EQUIPMENT AND
          SPECIFICALLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR
          A PARTICULAR PURPOSE AND ANY LIABILITY FOR CONSEQUENTIAL DAMAGES
          ARISING OUT OF THE USE OR INABILITY TO USE THE EQUIPMENT. LESSEE
          AGREES TO PAY THE RENT REQUIRED HEREUNDER WITHOUT REGARD TO THE
          CONDITION OF THE EQUIPMENT.

     3.   FINANCE LEASE. Lessor and Lessee agree that this Lease is a "finance
          lease" within the meaning of Article 2A of the Uniform Commercial
          Code. The parties agree that the Lessor has not selected, manufactured
          or supplied the Equipment. Lessee acknowledges receipt of a copy of
          the contract evidencing Lessor's purchase of the Equipment. THERE ARE
          NO WARRANTIES OR OTHER RIGHTS PROVIDED TO THE LESSEE BY THE LESSOR OR
          THE SUPPLIER OF THE EQUIPMENT IN CONNECTION WITH THIS LEASE EXCEPT AS
          DESCRIBED HEREIN.

     4.   NET AND NONCANCELLABLE LEASE. This is a net Lease and Lessee's
          obligation to pay the rent and other amounts due hereunder is
          unconditional and not subject to abatement, reduction or setoff,
          defense, counterclaim or interruption of any kind. This Lease is a
          non-cancelable lease and will not terminate in the event of any damage
          to or destruction of the Equipment. To

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          the extent permitted by law, Lessee waives the right to (i) cancel
          this Lease; (ii) repudiate this Lease; (iii) reject the Equipment;
          (iv) revoke acceptance of the Equipment; (v) recover damages from
          Lessor for any breaches of warranty or for any other reason; (vi)
          grant a security interest in the Equipment to a third party (vii)
          deduct from rents all or any part of claimed damages resulting from
          Lessor's default, if any. This Lease may be terminated only as
          expressly provided herein.

     5.   TERM AND AUTOMATIC EXTENSION. The initial term of this Lease (the
          "Initial Term") respecting an item of Equipment shall commence and end
          on the dates stated on the Lease Schedule as the commencement and
          termination dates for that item of Equipment. Lessee or Lessor may
          terminate this Lease at the expiration of the Initial Term by giving
          the other at least 90 days prior written notice of termination. If
          neither Lessee nor Lessor gives such notice, then the term of this
          Lease shall be extended automatically on the same rental and other
          terms set forth herein (except that in any event rent during any
          extended term shall be payable in the amounts and at the times
          provided in paragraph (7) for successive periods of one month until
          terminated by either Lessee or Lessor giving the other at least 90
          days prior written notice of termination.

     6.   SECURITY DEPOSIT AND ADVANCE RENTALS. The Security Deposit or Advance
          Rentals specified on each Lease Schedule shall be paid by Lessee to
          Lessor upon the signing of the Lease Schedule. Following completion of
          the term of this Lease for that Equipment, and provided there has been
          no breach of this Lease by Lessee, Lessor shall refund to Lessee
          without interest the security deposit that relates to Equipment whose
          lease term has expired. No security deposit shall be applied by the
          Lessee to the last rent payment. Any Advance Rentals paid by Lessee
          shall be applied to the last rent payments due during the Initial Term
          of this Lease, except as otherwise agreed by Lessor.

     7.   RENT. Lessee shall pay Lessor as rent for the Equipment the periodic
          amount shown on the Lease Schedule plus any sales or use tax levied
          with respect to the Equipment. The rent for each period (which shall
          be monthly unless otherwise provided in the Lease Schedule) shall be
          paid in advance beginning on the commencement date shown on the Lease
          Schedule and thereafter on the first day of each rent period unless
          otherwise provided in the Lease Schedule. The rent for any partial
          month or other period shall be paid at the rate of 9.5% (simple
          interest) of the amount funded. Any rent, tax payment or other amount
          due under this Lease which is not paid when due shall bear interest at
          the rate of one and one-half (1.5%) percent per month or, if less, the
          highest rate permitted by law. Lessee agrees to pay Lessor late
          charges.

     8.   TITLE. Title to the Equipment shall at all times remain in Lessor and
          Lessee shall protect and defend the title of Lessor and keep it free
          of all claims and liens other than those of Lessee hereunder or
          created by Lessor. If this Lease shall be construed by a court to be a
          lease "intended as security" and not a "true" lease, then Lessee, to
          secure all of Lessee's payment and performance obligations under this
          Lease, hereby grants to Lessor a first priority security interest in
          the Equipment (including, without limitation, all inventory, fixtures
          or other property comprising the same) together with all related
          software (embedded therein or otherwise) and general intangibles, all
          additions, attachments, accessories thereto whether or not furnished
          by the supplier of the Equipment, all subleases, chattel paper,
          security deposits relating thereto, and any and all substitutions,
          replacements or exchanges for any such item of Equipment or other
          collateral and any and all insurance or other proceeds of the property
          and other collateral to which a security interest is granted.

     9.   LAWS AND TAXES. LESSEE SHALL COMPLY WITH ALL LAWS AND REGULATIONS
          RELATING TO THE EQUIPMENT AND ITS USE AND SHALL PROMPTLY PAY WHEN DUE
          ALL SALES, USE, PROPERTY, EXCISE AND OTHER TAXES (EXCLUDING INCOME
          TAXES) AND ALL LICENSE AND REGISTRATION FEES NOW OR HEREAFTER IMPOSED
          BY ANY GOVERNMENTAL BODY OR AGENCY UPON THE EQUIPMENT OR ITS USE OR
          THE RENTALS HEREUNDER. Lessee shall prepare and file all tax returns
          relating to taxes for which Lessee is responsible hereunder which
          Lessee is permitted to file under the laws of the applicable taxing
          jurisdiction. Lessee agrees to indemnify and hold Lessor and any
          Assignee (as defined below) harmless from, against and in respect of
          any and all such taxes.

     10.  INSPECTION. Lessor shall have the right during normal business hours
          to enter into and upon the premises where the Equipment is located for
          the purpose of inspecting the same or observing its use.

     11.  ALTERATIONS. Without the prior written consent of Lessor, Lessee shall
          not make any alterations, additions or improvements to the Equipment.
          Any alteration, addition or improvement shall become the property of
          Lessor and part of the Equipment for all purposes hereunder.

     12.  REPAIRS. Lessee, at its own cost and expense, shall keep the Equipment
          in good repair, condition and working order and shall furnish or
          purchase any and all parts, mechanisms, devices and labor required to
          keep the Equipment in good mechanical and working order. If indicated
          on the applicable Lease Schedule, Lessee shall at its own expense
          cause the Equipment to be covered by a maintenance contract, with a
          service organization acceptable to Lessor, at all times during the
          lease term and until the Equipment has been returned to Lessor.

     13.  LOSS OR DAMAGE. Lessee hereby assumes and shall bear the entire risk
          of loss, damage, theft and destruction to the

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          Equipment from any and every cause whatsoever (except normal wear and
          tear resulting from proper use) during the period from and during the
          delivery of the Equipment to Lessee until it is returned to Lessor. In
          the event any item of Equipment shall become lost, stolen, destroyed,
          damaged beyond repair, or rendered permanently unfit for any reason,
          or in the event of condemnation or seizure, Lessee shall promptly pay
          Lessor the sum of the following: (a) all rent and other amounts
          payable by Lessee hereunder which are due but unpaid at the time of
          computation; (b) the present value of all unpaid rents for the entire
          balance of the Initial Term of this Lease (with respect to that
          affected item or items of Equipment) at the time of computation,
          computed using a discount rate of six percent (6%) per annum; (c) the
          anticipated fair market value of such items of Equipment at the
          expiration of the Initial Term of this Lease, which Lessor and Lessee
          agree shall be conclusively deemed for this purpose to be equal to
          ____ percent (ten percent if no percentage has been specified) of the
          original cost of such Equipment; (d) any Tax Loss suffered by Lessor
          relating to such Equipment; (e) any set up costs related to such
          Equipment that Lessor has not yet amortized; (f) any expenses incurred
          by Lessor in enforcing its rights under this Agreement; (g) any
          interest on any past due amounts as provided elsewhere in this
          Agreement. Any insurance proceeds received by Lessor on insurance
          purchased by Lessee shall be credited to Lessee's obligation under
          this section and Lessee shall be entitled to any surplus.

     14.  DELIVERY AND ACCEPTANCE. Unless otherwise provided in a Lease
          Schedule, Lessee shall pay the cost of transportation of the Equipment
          to Lessee. Lessee shall bear the risk of loss during such
          transportation. Upon delivery Lessee shall sign and deliver to Lessor
          an acceptance certificate satisfactory to Lessor.

     15.  LOCATION OF USE. Unless otherwise stated on a Lease Schedule, the
          Lessee will cause the Equipment subject to that Lease Schedule to be
          located (after initial delivery to Lessee) at various store addresses
          as provided by Lessee until such time as that Equipment is returned to
          Lessor or returned in accordance with Lessor's instructions.

     16.  RETURN OF EQUIPMENT. Upon the expiration of or earlier termination of
          this Lease with respect to an item of Equipment, Lessee shall return
          the same directly to Lessor at its offices in Minneapolis, Minnesota,
          or such other location as Lessor designates, in good repair, condition
          and working order (ordinary wear and tear resulting from proper use
          thereof alone excepted), completed and ready for further use. Lessee
          shall pay all transportation and other expenses relating to such
          return. Lessee authorizes Lessor to sell the Equipment while located
          upon Lessee's premises. In the event Lessee breaches this section,
          Lessor may, in lieu to its other remedies, require Lessee to purchase
          the items of Equipment as to which the breach as occurred on the same
          terms as if Lessee were exercising an option to purchase such
          Equipment under this Agreement (and whether or not such an option was
          granted to Lessee).

     17.  INSURANCE. Lessee at its expense shall provide insurance coverage in
          amounts and with insurance carriers acceptable to Lessor for all risks
          of: (a) loss, theft, damage or destruction to the Equipment with
          coverage not less than the original cost of the Equipment (excluding
          depreciation); and (b) public liability and property damage covering
          personal injuries, death or property damage resulting from the
          ownership, maintenance, use, operation or transportation of the
          Equipment, with coverage of not less than $1,000,000 per occurrence.
          Each of the insurance policies providing said coverage shall name
          Lessor and any Assignee as loss payee and additional insured, provide
          that the policy may not be canceled or materially altered without
          thirty (30) days prior written notice to Lessor, and be primary
          without right of contribution from any insurance carried by Lessor.
          Lessee shall, if requested by Lessor, provide Lessor with a
          certificate(s) evidencing said coverage prior to taking possession of
          the Equipment. Lessee hereby irrevocably appoints Lessor as Lessee's
          attorney in-fact to make claim for, receive payment of, and execute
          and endorse all documents, checks or drafts for loss or damage or
          returned premium under any insurance policy of Lessee's.

     18.  INDEMNITY. Lessee shall and does hereby agree to indemnify, defend and
          hold harmless Lessor and any Assignee, and each of their directors,
          officers, employees, agents of affiliates from any and all claims,
          demands, actions, suits, proceedings, costs, expenses, damages, and
          liabilities (including attorneys' fees) arising out of, connected with
          or resulting from the delivery, possession, use, operation,
          maintenance, repair or return of Equipment by Lessee or its employees,
          agents, customers or invitees or vendors. Lessee's obligations under
          the preceding sentence shall survive expiration of any rental term or
          the termination of this Agreement.

     19.  REPRESENTATIONS AND WARRANTIES BY LESSEE. Lessee represents and
          warrants to Lessor that: (a) this Lease constitutes the Lessee's
          legal, valid and binding obligation and is enforceable against Lessee
          in accordance with its terms; (b) Lessee's entry into and performance
          under this Lease will not result in any breach, default or violation
          under Lessee's charter documents (articles of incorporation and bylaws
          in the case of a corporation or partnership agreement in the case of a
          partnership or articles of organization and operating agreement in the
          case of a limited liability company) or any other agreement to which
          Lessee is a party or to which it or its property is subject; (c) there
          are no suits or proceedings pending or threatened before any court,
          government agency or arbitrator which, if determined adversely to
          Lessee, would have a material adverse effect on its financial
          condition or ability to perform its obligations under this Lease; (d)
          that any financial statements or other information which Lessee has
          furnished Lessor concerning the business or condition of Lessee was
          true, correct and complete at the time furnished or as of the date of
          such financial statements; (e) the Equipment shall remain personal
          property; with respect to any

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          Equipment that is the subject of any sale and leaseback transaction
          pursuant hereto, Lessee has good title to, rights in, and/or power to
          transfer all of the same. The Equipment is removable from and is not
          essential to the premises upon with it is located regardless of its
          attachment to realty, and Lessee agrees to take such action at its
          expense as may be necessary to prevent any third party from acquiring
          any interest in the Equipment as a result of its attachment to realty
          with respect to all of the Equipment leased hereto.

     20.  FINANCIAL STATEMENTS. Upon request by Lessor, Lessee will promptly
          provide statements for its most recently completed fiscal year end or
          quarter and any other financial information reasonably requested.

     21.  ASSIGNMENT BY LESSOR. Lessor may from time to time without notice to
          Lessee sell, assign, pledge, transfer or convey to a third party (each
          an "Assignee") all or part of Lessor's right, title and interest in
          this Lease, the Equipment, or any sums payable therefor. Lessor may
          grant a security interest in the same to such Assignee as collateral
          security for any loans or advances made or to be made to Lessor by
          such Assignee. Lessee, upon receipt of notice of any such transfer,
          assignment or security interest and instructions from Lessor shall pay
          its obligations under this Lease to the Assignee (or to any other
          party designated by the Assignee). Upon any such transfer, assignment
          or granting of a security interest by Lessor, Lessee's obligations
          hereunder with respect to Assignee, including, without limit, its
          obligation to pay the Assignee under rents and other sums due and to
          become due under this Lease, shall be absolute and unconditional, and
          shall not be subject to any abatement, reduction, recoupment, defense,
          offset or counterclaim for any reason, including but not limited to
          any defect in the Equipment, the condition, design, operation or
          fitness for use or any loss or destruction of the Equipment or any
          part thereof, the prohibition of or other restriction against Lessee's
          use of the Equipment, the interference with such use by any person or
          entity, any failure by Lessor to perform any of its obligations herein
          contained, or any other cause, whether similar or dissimilar to the
          foregoing. Upon notice of any intended transfer, assignment, or
          granting of a security interest: (a) Lessee shall promptly submit to
          Lessor such documents as may be reasonably required by the intended
          Assignee, in form and substance satisfactory to the intended Assignee,
          including without limitation: (1) a certificate that the Equipment was
          delivered and accepted; (2) if Lessee is a corporation, a certified
          copy of resolutions adopted by Lessee's Board of Directors authorizing
          execution of this Lease; (3) an acknowledgement to the Lessor's
          transfer, assignment or granting of a security interest; (4) a UCC-1
          Financing Statement; (b) In the event of any such assignment,
          transfer, or granting of a security interest: (1) Lessee shall send
          copies of any notices which are requested hereunder to be sent to
          Lessor to the Assignee as well as to Lessor; (2) Lessee shall not
          permit this Lease to be amended or any provisions thereof to be waived
          without the prior written consent of the Assignee; (3) Lessee agrees
          not to look to the Assignee to perform any of Lessor's obligations
          hereunder; (4) Lessee agrees that Assignee shall be exclusively
          entitled to all of the rights and remedies provided to the Lessor
          under this Lease; (c) No such transfer, assignment or granting of a
          security agreement by Lessor shall relieve Lessor of any of its
          obligations under this Lease or shall limit Lessee's rights to look to
          Lessor for the performance of such obligations.

     22.  ASSIGNMENT BY LESSEE. LESSEE SHALL NOT ASSIGN, TRANSFER, PLEDGE, OR
          HYPOTHECATE THIS LEASE, THE EQUIPMENT OR ANY PART THEREOF, OR ANY
          INTEREST THEREIN. LESSEE SHALL NOT SUBLET OR LEND THE EQUIPMENT, OR
          ANY PART THEREOF, OR PERMIT THE EQUIPMENT OR ANY PART THEREOF TO BE
          USED BY ANYONE OTHER THAN LESSEE WITHOUT THE PRIOR WRITTEN CONSENT OF
          LESSOR (OR FOLLOWING AN ASSIGNMENT, ANY ASSIGNEE OF WHICH THE LESSEE
          HAS KNOWLEDGE OF) WHICH CONSENT WILL NOT BE UNREASONABLY WITHHELD. If
          Lessee is a corporation or a partnership, the change in ownership of
          50% or more of the ownership interest in Lessee within a 12 month
          period without the written consent of Lessor, which shall not be
          unreasonably withheld, constitutes a prohibited assignment hereunder.
          Subject always to the foregoing, this Lease inures to the benefit of,
          and is binding upon the heirs, legatees, personal representatives,
          successors, and assigns of the parties hereto. No sale, assignment or
          sublease, whether authorized by Lessor or in violation of the terms
          hereof, shall relieve Lessee of its obligations and Lessee shall
          remain primarily liable hereunder and under each Lease Schedule.
          Assigns shall become bound as a "new debtor" to this Master Lease and
          the Lease Schedule(s) as set forth under UCC Section 9-203(e).

     23.  DEFAULT. Any one of the following events shall constitute an "Event of
          Default" hereunder: (a) Lessee shall fail to pay when due any
          installment of rent or other amount due hereunder; (b) Lessee shall
          fail to observe or perform any other agreement to be observed or
          performed by Lessee hereunder; (c) Lessee, any guarantor of this
          Lease, or any partner of Lessee if Lessee is a partnership shall cease
          doing business as a going concern or make an assignment for the
          benefit of creditors; (d) Lessee, any guarantor of this Lease, or any
          partner of Lessee if Lessee is a partnership shall voluntarily file,
          take any action to authorize the filing, or have filed against it
          involuntarily, a petition for liquidation, reorganization, adjustment
          of debt or similar relief under the federal or state bankruptcy or
          insolvency law; (e) a trustee, receiver, or liquidator be appointed
          for Lessee, any guarantor of this Lease, or for all or a substantial
          part of the assets of Lessee or any guarantor; (f) any individual
          Lessee or individual guarantor of this Lease, or partner of Lessee if
          Lessee is a partnership, shall die; (g) an event of default shall
          occur under any other obligation Lessee or any guarantor of this Lease
          owes to Lessor; (h) an event of default by Lessee shall occur under
          any agreement involving Lessee's or a guarantor's indebtedness to a
          lender for borrowed money; or (i) Lessee shall have terminated its
          corporate existence, consolidated with, merged into, or conveyed or
          leased substantially all of its assets as an entity to any person
          unless: (i) such person executes and delivers to Lessor an agreement
          satisfactory in form and substance to

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          Lessor, in its sole discretion, which shall not be reasonably
          withheld, containing such person's effective assumption and its
          agreement to pay, perform, comply with and otherwise be liable for all
          of Lessee's obligations having previously arisen, or then or
          thereafter arising, under this Lease together with any documents,
          Agreements investments, certificates, opinions and filings by Lessor;
          and (ii) Lessor (and any Assignee) is satisfied as to the
          creditworthiness of such person. In the event of a failure to comply
          under A or B the Lessor is required to provide notice of default and
          allow Lessee ten (10) days to cure.

     24.  REMEDIES. Upon the occurrence of an Event of Default and at any time
          thereafter, Lessor or Assignee may exercise from time to time any one
          or more of the following remedies: (a) terminate this Lease as to any
          portion or all of the Equipment; (b) take immediate possession of any
          or all of the Equipment; wherever situated, and for such purpose enter
          upon any premises without liability for so doing; (c) hold, use,
          lease, sell or otherwise dispose of any or all of the Equipment in
          such manner as Lessor in its sole discretion may decide. With respect
          to any exercise of its rights to recover and/or dispose of any
          Equipment, Lessee acknowledges and agrees that Lessor shall have no
          obligation, subject to the requirements of commercial reasonableness,
          to clean up or otherwise prepare the Equipment for disposition; (d)
          accelerate the due date of all remaining rent payments due hereunder
          for the entire remaining Initial Term of this Lease, or any renewal
          term then in effect, whereupon said amounts shall be immediately due
          and payable; (e) recover the sum of: (i) any accrued and unpaid rent,
          plus (ii) the present value of all future rentals reserved in this
          Lease and contracted to be paid over the unexpired Initial Term of
          this Lease (or any renewal period then in effect), discounted at the
          rate of six percent (6%) per annum; plus (iii) the anticipated
          residual value of the Equipment as of the expiration of this Lease or
          any renewal thereof, (iv) any indemnity payment, if then determinable;
          (v) all reasonable costs and expenses incurred by Lessor in any
          repossession, recovery, storage, repair, sale, re-lease or other
          disposition of the Equipment, including but not limited to costs of
          transportation, possession, storage, refurbishing, advertising and
          broker's fees together with all attorney's fees and cost incurred in
          connection therewith or otherwise resulting from Lessee's default
          (including any incurred at trial, on appeal or any other proceeding);
          and (vi) the value of all tax benefits lost to Lessor as a result of
          Lessee's default of the enforcement by Lessor of any remedy; plus
          interest on each of the foregoing at the rate of one and one-half
          (1 1/2%) per month ("default interest") (f) expend such monies as
          Lessor deems appropriate to cure or mitigate the effect of the Event
          of Default, or to protect the Lessor's interest in the Equipment and
          this Lease, with all such sums to be immediately reimbursed to Lessor
          by Lessee; (g) setoff Lessee's security deposit or any other property
          of Lessee held by Lessor against any amount owed by Lessee to Lessor;
          and (h) exercise any other remedy permitted by law, equity or any
          other agreements with Lessee or any guarantor of this Lease. No remedy
          given in this paragraph is intended to be exclusive and each shall be
          cumulative. No express or implied waiver by Lessor of any Event of
          Default shall constitute a waiver of any subsequent Event of Default.

     25.  NOTICES. Any written notices hereunder shall be deemed to have been
          given when delivered personally or deposited in the United States
          mails, postage prepaid, certified mail, return receipt requested, and
          if to Lessee, mailed to its address set forth at the heading of this
          Agreement or to such other address as may be last known to Lessor, and
          if to Lessor, addressed to Carlton Financial Corporation, 7831 Glenroy
          Road, Suite 102, Edina, Minnesota 55439-3313 or such other address as
          Lessor may hereafter specify in a written notice to Lessee.

     26.  LABELING. Lessee shall keep all Equipment free from any marking or
          labeling which might be interpreted as a claim of ownership thereof by
          Lessee or any party other than Lessor or anyone so claiming through
          Lessor. If Lessor requests Lessee shall cause the Equipment to be
          plainly marked or tagged to indicate Lessor's interest in the
          Equipment.

     27.  FURTHER ASSURANCES. Lessee agrees to execute or otherwise authenticate
          and deliver such other documents, records, financing statements or
          instruments necessary to effect the transactions contemplated by this
          Lease or requested by Lessor to document or protect Lessor's ownership
          interest in the Equipment. Lessee authorizes Lessor to file all
          documents (including all ucc financing statements and amendments
          thereto) that Lessor deems necessary to perfect its interest in this
          Lease and Equipment. Lessee shall provide written notice to Lessor not
          less than thirty (30) days prior to any contemplated change in the
          name, jurisdiction of organization or address of the chief executive
          officer of Lessee, or any change in its state organizational
          identification number (if applicable).

     28.  ENTIRE AGREEMENT. This Lease constitutes the entire agreement between
          Lessor and Lessee. This Lease shall not be amended, altered, or
          changed, or any obligation hereunder waived, except by written
          agreement signed by the parties hereto. No agent or employee of Lessor
          shall have the power to waive any of the terms or provisions hereof,
          or to incur additional obligations on behalf of Lessor, unless such
          waiver or additional obligations are evidenced by an agreement in
          writing signed by a duly authorized officer of Lessor and by the
          Lessee. No agent or employee of Lessor shall have the authority to
          receive any payment of rentals or other sums accruing hereunder except
          remittances made payable to the order of Lessor for purposes of
          forwarding same to Lessor, and no agent or employee shall have any
          power to endorse for collection or otherwise any of those remittances.

     29.  SEVERABILITY. If any provision of this Lease is held invalid, that
          invalidity shall not affect the other provisions that can

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          be given without the invalid provisions, and to this end the
          provisions of this Lease are declared to be severable.

     30.  GOVERNING LAW; FORUM; WAIVER OF JURY TRIAL. This Lease shall be deemed
          entered into in Minnesota and governed by the laws of the State of
          Minnesota without regard to the conflicts of laws principal of that
          state. Lessor and Lessee hereby irrevocably consent to the
          nonexclusive personal jurisdiction of and venue in any United States
          or State of Minnesota court sitting in Minneapolis or St. Paul,
          Minnesota over any dispute arising under or involving this Lease or
          any guaranty of the Lessee's obligations under this Lease. LESSOR AND
          LESSEE EACH WAIVES ITS RIGHTS, IF ANY, TO A JURY TRIAL.

     31.  POWER OF ATTORNEY. Lessee irrevocably authorizes and appoints Lessor
          as its attorney in fact to complete, amend and execute on Lessee's
          behalf financing statements in connection with this Lease and to
          conform the description of the property (including serial numbers) and
          any such financing statements or other documentation. Lessee will also
          promptly execute and deliver to Lessor such further documents and take
          further action as Lessor may request to more effectively carry out the
          intent and purpose of this Lease.

          IN WITNESS WHEREOF, the parties hereunto set their hands as of the
          date first written above.

LESSOR:                                   LESSEE:
CARLTON FINANCIAL CORPORATION              THE WHITE HOUSE, INC.

BY:                                       BY:  /s/ Steve Hirsch
---------------------------------         ---------------------------------
TITLE:                                    TITLE: VP, CFO
---------------------------------         ---------------------------------

494559_1

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Master Lease Agreement No.: __________            Lease Schedule No. ___________

Lessor:        CARLTON FINANCIAL CORPORATION
               7831 GLENROY ROAD, SUITE 102
               EDINA, MINNESOTA 55439-3313

Lessee:        THE WHITE HOUSE, INC.
               6711 BAYMEADOW DRIVE
               GLEN BURNIE, MD 21060

Supplier: APROPOS

Description of Equipment:
Quantity             Serial Number               Type and Model Number
                     SEE ATTACHED SCHEDULE A FOR EQUIPMENT

LOCATION OF EQUIPMENT (IF DIFFERENT FROM LESSEE'S ADDRESS)

<Table>
<S>                                          <C>                   <C>                          <C>
                                                                                                  TOTAL COST
                                                                                                $362,811.65

LEASE COMMENCEMENT DATE: 8/1/02                            SCHEDULE OF PAYMENTS                 TOTAL BASIC RENT
                                                                                                $11,620.85

INITIAL TERM IN MONTHS FROM                        INITIAL                BASIC RENTAL
LEASE COMMENCEMENT DATE:   36                      PAYMENT                  PAYMENT             ADVANCE PAYMENT
RENTAL PAYMENT PERIOD                        Due Date:  1st and Last No. 2-35                   $23,241.70
                                             Amount:               at:  $11,620.85
                                             $23,241.70            Due on 1st day of
/X/ Monthly       / / Annually                                     the month                    SECURITY DEPOSIT
/ / Quarterly     / / Other - see            PLUS APPLICABLE       PLUS APPLICABLE SALES        $
/ / Semi-annually   additional provisions    SALES AND USE TAX     AND USE TAX
</Table>

ADDITIONAL PROVISIONS

1.   INCORPORATION OF THE STANDARD TERMS AND CONDITIONS. This Lease Schedule
     incorporates the terms and conditions of the Master Lease Agreement dated
     _____________________ between Lessor and Lessee. Capitalized terms used in
     this Lease Schedule and not otherwise defined shall have the meanings
     ascribed thereto in the Master Lease Agreement.

2.   PURCHASE OPTION. PROVIDED THERE ARE NO CONTINUING EVENTS OF DEFAULT,
     LESSEE MAY AT THE END OF THE LEASE TERM PURCHASE THE EQUIPMENT FOR $1.00.

3.   ENTIRE AGREEMENT. This Lease Schedule, together with the incorporated terms
     and conditions contained in the Master Lease Agreement, constitutes the
     entire agreement between Lessee and Lessor and supersedes all prior and
     contemporaneous writings, understandings, and agreements. No waiver,
     consent, modification or change of terms of this Lease shall bind either
     party unless in writing signed by both parties, and then such waiver,
     consent, modification, or change shall be effective only in the specific
     instance and for the specific purpose given. Any terms and conditions of
     any purchase order or other documents submitted by Lessee in connection
     with this Lease which are in addition to or inconsistent with the terms and
     conditions of this Lease will not be binding on Lessor and will not apply
     to this Lease. Lessee by the signature below of its authorized

<Page>

     representative acknowledges that it has read this Lease Agreement,
     understands it, and agrees to be bound by its terms and conditions.

DATED:
      ----------------------------

Lessor: CARLTON FINANCIAL CORPORATION       LESSEE: THE WHITE HOUSE, INC.

By:                                         By: /s/ Steve Hirsch
    --------------------------------------      --------------------------------
Its:                                        Its: Vice President Finance &
    -------------------------------------       Administration, CFO
                                                -------------------------------

494514_1

<Page>

                                    EXHIBIT A

                 SCHEDULE A OF EQUIPMENT TO LEASE SCHEDULE NO. 1
                   TO MASTER LEASE AGREEMENT DATED __________
                 BETWEEN CARLTON FINANCIAL CORPORATION (LESSOR)
                       AND THE WHITE HOUSE, INC., (LESSEE)

VENDOR:

<Table>
<Caption>
QTY       DESCRIPTION
<S>       <C>
1         EVO D500 DT P4 1.7 20G8 128MB
1         KDS 15IN .28 50 HZ 1024X768
1         MULTITECH 33.6 EXT FAX MODEM
1         US ROBOTICS 33.6 EXT. FAX MODEM
1         HP 940C DESK JET 600DPI
1         256MB SYNCH DRAM 133MHZ DIMM
1         CPQ ML570T X900-2MB CACHE DUAL
2         CPQ P3900 X 2MB CPU KIT F/570
2         CPQ 2GB PC 100 SDRAM KIT 4X512
4         CPQ 36GB 56K SCSI UB UNIVERSAL
1         CPQ 431 SMART ARRAY CONTROLLER
1         LINKSYS PROCONNECT SWITCH BOX
3         LINKSYS PS2 CABLE KIT F/11770
1         CPQ 20/40GB DDS4 INT DAT DRIVE
10        SONY DDS4 20/40G DAT TAPE 150M
1         APC SMART UPS 3000VA 120V
1         CPQ ML350 G21.13GHZ 512/126MB
1         CPQ 512 MB PC133MHZ SDRAM ML350
2         CPQ 36GB HP ULTRA3 10K UNIVERS
1         CPQ 431 SMART ARRAY CONTROLLER
1         COMPUTONE RAS 2004
1         INF METACUBE ROLAP 19 USER
1         APROPOS CUBED
1         WINDOWS 2000 SERVER ED 10 USER
1         WINDOWS 2000 SERVER 5 CLIENT
1         CPQ 40/80G INT DLT TAPE DRIVE
1         CPQ DLT 40/80GB TAPES 21 PK
1         CPQ 256MB PC133MHZ SDRAM ML350
15        APROPOS CUBED
7         APROPOS CUBED
2         CPQ 36GB HP ULTRA3 10K UNIVERS
2         CPQ 512MB PC133MHZ SDRAM ML350
1         CPQ ML350 G21.13GHZ 512/128MB
1         CPQ431 SMART ARRAY CONTROLLER
</Table>

<Page>

<Table>
<S>       <C>
1         CPQ 20/40GB DDS4 INT DAT DRIVE
1         COMPUTONE RAS 16 PROT INTELLIS
10        SONY DDS4 20/40G DAT TAPE 150M
5         MULTITECH 56K EXT FAX MODEM
6         COMPUTONE RJ45-DB25MODEM GOLD
1         MULTITECH 33.6 EXT FAX MODEM
2         DB25M-DB9F SERIAL MODEM CABLE
1         MAS90 GENERAL LEDGER
1         MAS90 E/U SUBSCRIPTION PLAN
1         MAS90 BANK RECONCILIATION
1         FRX 1 USER
1         MAS 200 SYS SETUP
1         MAS90 C/S VISUAL INTEGRATOR
1         MAS90 LIBRARY MASTER LICENSE
1         MAS90 CUSTOM OFFICE
1         MAS90 CS ADD'L 5 USER LICENSE
1         MAS90 ACCOUNTS PAYABLE
26        INFORMIX IDS 1 USER
26        INFORMIX ASSURANCE F/IDS
26        INFORMIX D4GL RT 1 USER
26        INFORMIX ASSUANCE F/D4GL
1         INFORMIX SQL DEV1U
1         INFORMIX SQL ASSURANCE F/DEV1U
1         RED HAT LINUX 6.0 FOR INTEL
2         BACKUP EDGE FOR LINUX/SCO UNIX
1         VSI FAX GOLD FOR LINUX
1         ZIP/SALES TAX DB MONTHLY UPDATE
1         APPOPOS CORPORATE LICENSE
1         APPOPOS ALLOCATION MODULE
1         APROPOS TRANSFERS PLUS
1         APROPOS OPEN TO BUY MODULE
1         APROPOS 101 CDROM CB TRAINING
1         APROPOS METACUBE CB TRAINING
1         APROPOS LIBRA LOSS PREVENTION
3         CUSTOM CONFIGURATION
</Table>

<Page>

                          CORPORATE LEASING RESOLUTION

STATE OF MINNESOTA

COUNTY OF HENNEPIN

     I, Patricia Darrow Smith do hereby certify that I am the duly elected
and qualified Secretary of The White House, Inc., a Maryland corporation;
that the following is a true and correct copy of resolutions duly adopted by
the Board of Directors of said Corporation at a meeting of said Board of
Directors convened and held in accordance with the By-Laws of said
Corporation on the 23RD day of MAY, 2002, and that said resolutions are now
in full force and effect:

               "RESOLVED, that STEPHEN HIRSCH, as VP Finance & Administration,
     CFO of this Corporation be, and he hereby is, authorized and directed to
     negotiate, execute and deliver on behalf of this Corporation a lease
     agreement with CARLTON FINANCIAL CORPORATION whereby this Corporation will
     lease

                                Various Equipment

     on terms and conditions which shall be determined by said officers to be
     advisable and in the best interest of this Corporation, and the execution
     of such lease agreement by said officers shall be conclusive evidence of
     their approval thereof.

          Said above-mentioned parties are further authorized and empowered to
     deliver and pledge as collateral security for the payment of any such
     leases, such assets of the Corporation as may be required and agreed upon
     between the above-referred to officers and Carlton Financial Corporation as
     Carlton Financial Corporation may require.

          BE IT FURTHER RESOLVED, that the Secretary be and he hereby is
     authorized to furnish Carlton Financial Corporation a certified copy of
     these resolutions."

     IN WITNESS WHEREOF, I have affixed my name as Secretary of said Corporation
and have caused the Corporate Seal of said Corporation to be hereunto affixed
this 12TH day JULY, 2002.

Affix Corporate Seal Here

                                     /s/ Patricia Darrow Smith
                                     -----------------------------
                                     (Secretary of Corporation)

                                     to be attested by someone other than
                                     signer on documents

<Page>

                                                             DATE: 7-10-02
                                                             LEASE NO. _________

FROM:     The White House, Inc.
          6711 Baymeadow Drive
          Glen Burnie, MD 21060

TO:       Insurance Carrier's Name: BROKER: SCHOENFELD INSURANCE ASSOCIATES

          Insurance Contact with Phone #: Matt Schuller 410-727-3272
                                 Fax #: 410-837-6045

          Policy Number: ______________________________________________

          Address: 110 E. Lombard Street
                   Baltimore MD 21202

To Whom It May Concern:

     We have entered into a lease agreement with Carlton Financial Corporation
for the equipment shown below. This equipment is located at:

                                  Same as above

     This is a net lease and we are responsible for the insurance cost. Please
see that we have immediate coverage and notify Carlton Financial Corporation at
once. Kindly send a copy of the insurance policy to Carlton Financial
Corporation. The Lease requires Property Damage Coverage and Loss Payee Clause.
Liability Coverage and Additional Insured Clause with endorsements in their
favor attached. PLEASE LIST CARLTON FINANCIAL CORPORATION AND/OR ITS ASSIGNS AS
CERTIFICATE HOLDER.

YOUR IMMEDIATE ATTENTION IS REQUESTED.

EQUIPMENT TO BE INSURED:                              COST: $362,811.65
See Attached Schedule A of Equipment

                                              By: /s/ Steve Hirsch
                                                  ------------------------

Mail to:  Carlton Financial Corporation and/or its assigns
          7831 Glenroy Road, Suite 102
          Edina, MN 55439-3115

<Page>

                          ACKNOWLEDGEMENT AND AGREEMENT

     THE WHITE HOUSE, INC., ("Lessee"), a Maryland corporation, hereby
acknowledges notice of the Assignment of Schedule No. 1 to the Master Lease
Agreement (as may be amended from time to time, the "Lease") dated __________,
__________, between CARLTON FINANCIAL CORPORATION, as lessor and Lessee as
lessee to Security State Savings (the "Bank"), and to induce the Bank to accept
such Assignment, agrees as follows:

     1.   Lessee acknowledges that CARLTON FINANCIAL CORPORATION ("Lessor") has
assigned to the Bank beneficial ownership of the Lease, a true, correct and
complete copy of which is attached hereto, but that it has not assigned and the
Bank has not assumed any of the obligations of the Lessor under the Lease.
Accordingly, Lessee will continue to look to Lessor rather than the Bank for the
performance of the obligations of Lessor under the Lease.

     2.   Lessee agrees to pay all remaining rentals provided for in the Lease
to the Lessor, without offset or reduction of any kind, for the benefit of and
remittance to the Bank. The Bank may from time to time instruct Lessee to make
payments under the Lease directly to the Bank or another party, and Lessee
agrees to make such payments as so directed by the Bank.

     3.   Lessee agrees that it shall not terminate the Lease (except as
provided in the Lease) and shall not amend the Lease without the prior written
consent of the Bank.

     4.   Lessee agrees to the Assignment of the Lease to the Bank by Lessor
notwithstanding any prohibition in the lease.

     5.   Lessee understands that the Bank makes no express or implied
warranties or representations as to any matter whatsoever, including, without
limitation, the condition of the Equipment (as defined in the Lease), its
marketability, or its fitness for any particular purpose. All of the Equipment
has been delivered to Lessee, and Lessee has found the equipment to be
satisfactory and has accepted it for all purposes of the Lease.

     6.   Lessee acknowledges that 34 rentals of $11,620.85 (plus applicable
taxes, if any) remain in the term of the Lease, and that the first rental is due
on September 1, 2002, and the final rental under the Lease will be due on June
1, 2005.

     IN WITNESS WHEREOF, Lessee has caused this Acknowledgement and Agreement to
be executed by its duly authorized officer as of the date set forth below.

                           By: /s/ Steve Hirsch
                              ----------------------------------------
                           Its: VP, CFO
                               ---------------------------------------
                           Date: 7-11-02
                                --------------------------------------QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4(b)    
    

DATED    31 May 1995  

 (1)    PRUDENTIAL SERVICES LIMITED  

 (2)    JONATHAN WILLIAM BLOOMER  

 (3)    PRUDENTIAL CORPORATION PLC  

 SERVICE AGREEMENT  

   A G R E E M E N T dated 31 May 1995 

PARTIES

	(1)
	PRUDENTIAL SERVICES LIMITED of 142 Holborn Bars London EC1N 2NH ("the Company") and

	(2)
	JONATHAN WILLIAM BLOOMER of Sunnyside House, 27 Hayes Lane, Kenley, Surrey CR8 5LE ("the Executive")

	(3)
	PRUDENTIAL CORPORATION PLC also of 142 Holborn Bars London EC1N 2NH ("Prudential")

	1.
	DEFINITIONS

        In
this Agreement unless the context otherwise requires:- 

	(1)
	"the
Board" means the Board of Directors of Prudential

	(2)
	"Commencement
Date" means 1 January 1995

	(3)
	"Prudential
Group" means Prudential and each subsidiary (as that expression is defined by section 736 of the Companies Act 1985) of Prudential.

	2.
	APPOINTMENT

	(1)
	The
Company shall employ the Executive and the Executive shall serve the Company as Director of Group Finance for the Prudential Group and in such other capacity as the Company may
determine ("the Appointment").

	(2)
	The
Appointment commenced on the Commencement Date and without prejudice to the provisions of Clause 9(3) shall continue until terminated:-

	(i)
	by
the Company giving to the Executive:- 

        (a)   not
less than eighteen months' prior written notice to expire at any time after 30 November 1996; or 

        (b)   not
less than twelve months' prior written notice to expire at any time if dismissal of the Executive in the circumstances is a fair dismissal for a reason other than
redundancy falling within Section 57 (2) of the Employment Protection (Consolidation) Act 1978 or there is some other substantial reason of a kind such as to justify the dismissal of the
Executive under the provisions of that Act; 

or

	(ii)
	by
the Executive giving to the Company not less than twelve months' prior written notice to expire at any time. 

In
any event the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

	3.
	DUTIES
OF THE EXECUTIVE

	(1)
	During
the Appointment the Executive shall use his best endeavours to promote the interests of the Company and each other company within the Prudential Group, giving at all times the
full benefit of his knowledge, expertise and technical skill. 

1

 

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment. The Board may also suspend all or any of the Executive's duties and powers for such
period(s) and on such terms as it considers expedient (including a term that the Executive shall not attend at the Company's premises) provided that:-

	(i)
	the
Board has reasonable grounds for so doing;

	(ii)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(iii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(3)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(4)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
dealing in the shares of Prudential.

	(5)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive.

	4.
	DUTIES
TO BE FULL-TIME

	(1)
	During
the continuance of the Appointment the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time
attention and abilities to the business and interests of the Company or any other company within the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession or be or become directly or indirectly concerned or
interested in any other business or profession except as holder or beneficial owner for the purpose of passive minority investment only of securities dealt in on any recognised stock exchange (not
exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive will perform his duties at such offices of the Company in London or elsewhere as the Company or the Board may from time to time reasonably require.

	5.
	REMUNERATION

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears
to a bank nominated by the Executive. The rate of salary is subject to periodic review and shall not be reduced without the prior written agreement of the Executive.

	(2)
	With
effect from the Commencement Date the Executive shall be eligible to be admitted to membership of the Prudential Staff Pension Scheme ("the Scheme") details of which have been
supplied to the Executive, subject to the trust deed and rules from time to time governing the Scheme. 

2

 

	(3)
	Subject
to production, if requested, of medical certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for
work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of such incapacity. Thereafter the Company may at its discretion
discontinue the payment of remuneration under this Agreement in which event payments will be made to the Executive in accordance with the Prudential Staff Long Term Incapacity Scheme. If the Executive
is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part of any third party all payments
made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is recovered from that third party
by legal action or otherwise.

	(4)
	The
Executive, his wife and his unmarried children below the age of 21 will be eligible free of charge to participate with effect from the Commencement Date in the Prudential Group
medical insurance scheme currently established with British United Provident Association.

	(5)
	The
Executive is eligible to participate in the benefits from time to time available to senior executives of the Prudential Group (subject to the rules governing the availability of
those benefits generally) which include:

	(a)
	the
Prudential Share Participation Plan and any other annual incentive arrangements generally established for senior executives from time to time; and

	(b)
	the
Prudential Savings Related Share Option Scheme; 

details
of which have been supplied to the Executive. 

	6.
	EXPENSES/MOTOR
CAR

	(1)
	The
Company on production of the relevant invoices shall reimburse the Executive all travelling, hotel, entertainment and other out-of-pocket expenses properly
incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time being in force.

	(2)
	To
assist the Executive in carrying out his duties under this Agreement the Company shall provide him with a motor car to be chosen by the Executive within the parameters set out for
Directors of the Prudential Group.

	(3)
	The
Executive may be asked to contribute to the use of the motor car for private purposes at the rates from time to time established for Directors of the Prudential Group. The Company
will be entitled to deduct any contribution from the salary payable to the Executive.

	(4)
	The
Company will pay for taxing and insuring the motor car provided to the Executive and will pay all running expenses (excepting petrol) incurred in connection with the motor car.
The Company will reimburse the Executive for essential mileage on company business at the appropriate rates for the time being in force.

	(5)
	Renewal
of any motor car provided for the use of the Executive hereunder is governed by the rules and regulations from time to time established for senior executives of the Prudential
Group.

	(6)
	The
Executive agrees to take all reasonable precautions to ensure the security of any motor car provided to him and to comply with all regulations of the Company from time to time in
force with respect to the use of the motor car. 

3

 

	7.
	HOLIDAY 

The
Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the
guidelines laid down by the Company from time to time. 

	8.
	NON-SOLICITATION;
COMPETITION

	(1)
	The
Executive undertakes that during the Appointment and for a period of twelve months following the termination of the Appointment (the "Exclusion Period") he shall not whether on
his own account or otherwise and whether directly or indirectly:

	(a)
	solicit
interfere with endeavour to entice away or induce to leave his employment any person who is then or was at the date of termination of the Appointment an employee of the
Company or any other company within the Prudential Group; or

	(b)
	solicit
interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products of similar type to
those being manufactured or dealt in or services similar to those being provided by the Company or any company within the Prudential Group from any person firm or corporation who was at the date of
termination of the Appointment or had been at any time within the year ending on that date a customer supplier or in the habit of doing business with the Company or any company in the Prudential Group
and with whom the Executive was directly concerned in the twelve months before the termination of the Appointment; or

	(c)
	engage
in the United Kingdom (whether as principal employee agent consultant or otherwise) in any trade or business which competes with any trade or business being carried on by the
Company or any other company within the Prudential Group at the date of termination of the Appointment and with which the Executive was actively concerned in the twelve months before the termination
of the Appointment.

	(2)
	For
the purpose of sub-clauses (1) (b) and (c) hereof only, if the Company terminates the Appointment upon written notice (whether or not in accordance with
Clause 2) any period of notice actually served shall count towards the Exclusion Period.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	each
of sub-clauses (l)(a) (b) and (c) hereof constitutes an entirely separate and independent restriction on him;

	(b)
	the
duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and

	(c)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective.

	9.
	TERMINATION
OF EMPLOYMENT

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2. 

4

 

	(2)
	Notwithstanding
the other provisions of the Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement and to the Executive's
continuing obligations under Clauses 8 and 11 the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or

	(b)
	if
he is guilty of serious misconduct or behaviour such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or otherwise) and such misconduct behaviour
or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in wilful or reckless conduct materially injurious to or
damaging to the reputation of the Company or any other company within the Prudential Group. 

The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of termination shall
not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right 

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time within the duration of this Agreement the Executive's employment is
terminated by reason of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon
terms and conditions no less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the
Appointment.

	(5)
	The
Executive shall promptly upon the termination of his employment deliver to the Company:

	(a)
	any
motor car provided in accordance with Clause 6 together with the keys relating thereto;

	(b)
	any
credit cards provided by the Company or any other company within the Prudential Group; and

	(c)
	all
lists of clients or customers, correspondence books and all other documents papers and records which may have been prepared by him or have come into his possession in the course
of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall vest in the Company. The Company will on request make available
copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become involved. 

5

 

	10.
	EXECUTIVE'S
POSITION AS DIRECTOR

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of Prudential, the Company or any other company within the Prudential Group.

	(2)
	The
Appointment shall automatically terminate if the Executive ceases to be a director of Prudential except that the Executive shall not be entitled to terminate the Appointment by
resigning such office or by doing anything which could cause him to be disqualified from continuing to act as such a director. If the Executive is removed from office as a director of Prudential
during the Appointment by any resolution of a general meeting or of the Board of Prudential or by not being reelected after retiring by rotation pursuant to the Articles of Association of Prudential
such removal shall be without prejudice to any claims the Executive may have for damages for breach of this Agreement.

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and any other company within the
Prudential Group, without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause (3) hereof, he hereby irrevocably authorises the Company to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause (3) above.

	11.
	CONFIDENTIAL
INFORMATION

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any trade secrets, business methods or any other confidential information concerning the business or affairs of the Company
or any other company within the Prudential Group which may have come to his knowledge during his employment.

	(2)
	The
Executive shall maintain all necessary and proper security precautions whenever in the proper performance of his duties hereunder any confidential information relating to the
Prudential Group is in his possession and when any tangible confidential information or means of storing the same is removed by him from the premises where such information is normally kept and shall
not otherwise remove any such tangible confidential information.

	12.
	GRATUITIES
AND CODES OF CONDUCT

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body.

	13.
	ASSIGNMENT 

The
Company may assign its interest in this Agreement to any other company within the Prudential Group. 

6

 
	14.
	STATUTORY
REQUIREMENTS 

The
Executive shall also be subject to the terms set out in the Schedule in connection with the Trade Union Reform and Employment Rights Act 1993. 

	15.
	NOTICES

Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or telemessage or telex. The address for service on the Company
shall be its registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as follows:- 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by telemessage or telex, at the expiry of twelve hours after the same was despatched. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the telemessage or telex was properly addressed and despatched as the case may be. 

	16.
	MISCELLANEOUS

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement.

	17.
	GUARANTEE

Prudential
hereby guarantees to the Executive the due observance and performance by the Company of the Company's obligations under this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorised representatives of the Company and Prudential on the date first above written. 

7

  

 
 

THE SCHEDULE    
    

        In accordance with the Trade Union Reform and Employment Rights Act 1993, the following terms of the Executive's appointment apply on the date of the Agreement as
provided therein:- 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 7

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chairman of the Prudential Group

	(i)
	Disciplinary Procedure—Details have been supplied to the Executive

	(j)
	Date of Commencement of Employment—The Commencement Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

8

  

	SIGNED by GEOFFREY FOSTER KEEYS	 	)	 	/s/ Geoffrey Foster Keeys	 
	on behalf of PRUDENTIAL SERVICES LIMITED	 	)	 	 	 
	

in the presence of:	
 	

/s/ Karen Fotheringham
 Mrs K. Fotheringham

10 Adams Way

Tring Herts	
 	

 	
 	

 	

 
	

SIGNED by JONATHAN WILLIAM BLOOMER	
 	

)	
 	

/s/ Jonathan William Bloomer	

 
	

in the presence of:	
 	

/s/ Karen Fotheringham
 Mrs K. Fotheringham

10 Adams Way

Tring Herts	
 	

 	
 	

 	

 
	

SIGNED by PETER JOHN DAVIS	
 	

)	
 	

/s/ Peter John Davis	

 
	on behalf of PRUDENTIAL CORPORATION PLC	 	)	 	 	 
	

in the presence of:	
 	

/s/ Karen Fotheringham
 Mrs K. Fotheringham

10 Adams Way

Tring Herts	
 	

 	
 	

 	

 

9

  

Jonathan Bloomer
  Group Finance Director 

Prudential
Corporation

142 Holborn Bars

London EC 1N 2NH 

Tel
0171-583 1415

Fax 0171-548 3930

Direct Line 0171-548 

To
the Directors of Prudential Corporation plc 

5
March 1999 

           

Dear
Sirs 

I
refer to my service contract dated 31 May 1995 and confirm that I agree that, with effect from the date of this letter, the word "eighteen" in clause 2(i)(a) shall be replaced with the
word "twelve". 

Yours
faithfully 

	/s/ Jonathan Bloomer
 Jonathan Bloomer

Group Finance Director	 	 	 	 	 	 	 
	

 	
 	

Signed as a deed in the presence of	

/s/ J.C. Kibbey
 J.C. Kibbey	
 	

Witness	
 	

 

PRIVATE AND CONFIDENTIAL 

       

       

      

      
 PRUDENTIAL SERVICES LIMITED (1)
  

and 

PHILIP ARTHUR JOHN BROADLEY (2)  

and 

PRUDENTIAL PLC (3)  

      

      

      
 EXECUTIVE DIRECTOR CONTRACT OF EMPLOYMENT  

       

       

April 2000 

PARTIES  

	(1)
	PRUDENTIAL SERVICES LIMITED of 142 Holborn Bars, London EC1N 2NH ("the Company") and

	(2)
	Philip Arthur John Broadley of 5 Ernle Road, London SW20 0HH ("the Executive")

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH ("Prudential") 

1.    DEFINITIONS  

In
this Agreement unless the context otherwise requires: 

"Board"
means the Board of Directors of the Company; 

"Commencement
Date" means 11 May 2000 

"Earnings
Cap" means the maximum allowance from to time under Section 640A of the Income and Corporation Taxes Act 1988; 

"Prudential
Group" means Prudential and each of its subsidiaries as "subsidiaries" is defined by section 736 of the Companies Act 1985. 

2.    APPOINTMENT  

	(1)
	The
Company shall employ the Executive and the Executive shall serve the Company as Group Finance Director and in other such capacity as may be agreed ("the Appointment"). The
Executive shall report to the Group Chief Executive.

	(2)
	The
Appointment shall commence on the Commencement Date and shall, without prejudice to the provisions of Clause 9(2), continue until terminated by the Company or the Executive
giving to the other not less than twelve months' prior written notice to expire at any time.

	(3)
	Notwithstanding
Clause 2(2) above, the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

3.    DUTIES OF THE EXECUTIVE  

	(1)
	During
the Appointment the Executive shall use his best endeavors to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with
all due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment. The Board may also suspend all or any of the Executive's duties and powers for such
period(s) and on such terms as it considers expedient (including a term that the Executive shall not attend at the Company's premises) providing that:

	(i)
	the
Board has reasonable grounds for so doing;

	(ii)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(iii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(3)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(4)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
dealing in the shares of the Prudential Group. 

	(5)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive.

	(6)
	The
Company may at any time suspend all or any of the Executive's duties and powers for such period(s) and on such terms as it considers expedient (including a term that the Executive
shall not attend at the Company's premises) provided that during such suspension the Executive shall be entitled to the remuneration and benefits due under this agreement. 

4.    PERFORMANCE OF DUTIES  

	(1)
	During
the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time,
attention and abilities to the business and interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or
interested in any other business or profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognized stock exchange
(not exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive shall perform his duties at such offices of the Company in London or at such other locations as may be agreed from time to time as the Company or the Board may from time
to time reasonably require. 

5.    REMUNERATION  

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly installments in arrears
to a bank nominated by the Executive. The rate of salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive.

	(2)
	The
Executive shall be eligible to be admitted to membership of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and
rules from time to time governing the such scheme. In addition, the Executive will be paid a salary supplement of a percentage of base salary, less an offset of 15% of salary up to the Earnings Cap. 

The
contribution is on an age related scale: 

	Age
	 	Percentage

	35–39	 	23%
	40–44	 	26%
	45–49	 	30%
	50–54	 	34%
	55–60	 	38%

The
Executive will also be eligible for participation in a Funded Unapproved Retirement Scheme "FURBS", to which this salary supplement would be applied. The contribution to a FURBS is a taxable
benefit. In any event the Executive will be required to provide evidence to the company that this supplement is used for retirement benefits. The Company will also meet the cost of cover broadly
equivalent to the total value of death in service benefits under PSPS related to the Executive's salary in excess of the cap; this is also a taxable benefit. 

	(3)
	Subject
to production, if requested, of medical certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for
work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of such incapacity. During this period of incapacity, the
Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in
clause 9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity
Scheme as from time to time in force, will apply to the Executive.

	(4)
	If
the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part
of any third party all payments made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is
recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security.

	(5)
	The
Executive, his wife and his unmarried children below the age of 18 (or 21 if in full time education) will be eligible free of charge to participate with effect from the
Commencement Date until termination of employment in the Prudential Group medical insurance scheme currently established with British United Provident Association.

	(6)
	The
Executive is eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the
availability of those benefits generally) which currently include:

	(a)
	the
Prudential Restricted Share Plan ("RSP");

	(b)
	the
Prudential Annual Incentive Plan ("AIP");

	(c)
	the
Prudential Savings Related Share Option Scheme. 

details
of which have been supplied to the Executive. 

	(7)
	Participation
in the Prudential RSP, AIP, any other annual incentive arrangement and Savings Related Share Option Scheme is a matter entirely separate from the Executive's terms and
conditions of employment and in particular if the Executive's employment shall terminate for whatever reason he shall not be entitled to any compensation for any loss of any right or benefit or
prospective right or benefit under any scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way
of compensation for loss of office or otherwise.

	(8)
	The
Executive shall be entitled to an interest free season ticket loan. 

6.    EXPENSES/MOTOR CAR  

	(1)
	The
Company, on production of the relevant receipts and/or invoices, shall reimburse the Executive for all travelling, hotel, entertainment and other
out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time
being in force.

	(2)
	To
assist the Executive in carrying out his duties under this Agreement the Company shall provide him with a motor car to be chosen by the Executive within the parameters set out for
Directors of the Prudential Group.

	(3)
	Alternatively,
the Executive may elect to receive an annual amount in lieu of a car. Any such amount will be paid in monthly installments (less taxation) at the same time as the
Executive's salary, but will not form part of his salary for pensions or other salary related benefits. 

	(4)
	The
Executive may be asked to contribute to the use of the motor car for private purposes at the rates from time to time established for Directors of the Prudential Group. The Company
will be entitled to deduct any contribution from the salary payable to the Executive.

	(5)
	The
Company will pay for the road fund licence and insurance in respect of any motor car provided to the Executive and will pay all running expenses (except petrol) incurred in
connection with use of such motor car. The Company will reimburse the Executive for essential mileage on company business at the appropriate rates for the time being in force.

	(6)
	Renewal
of any motor car provided for the use of the Executive or the annual cash allowance hereunder is governed by the rules and regulations from time to time established for senior
executives of the Prudential Group.

	(7)
	The
Executive agrees to take all reasonable precautions to ensure the security of any motor car provided to him and to comply with all regulations of the Company from time to time in
force with respect to the use of the motor car. 

7.    HOLIDAY  

The
Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the
guidelines laid down by the Company from time to time. 

8.    NON-SOLICITATION  

	(1)
	The
Executive undertakes that during the Appointment and for a period of 12 months following the termination of the Appointment (the "Exclusion Period") he shall not whether on
his own account or otherwise and whether directly or indirectly:

	(a)
	solicit,
interfere with, endeavor to entice away or induce to leave their employment any person who is then or was at the date of termination of the Appointment an employee of the
Company or any other company within the Prudential Group; or

	(b)
	solicit,
interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar
to those being provided by the Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time
within the year ending on that date, a customer or in the habit of doing business with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the
twelve months before the termination of the Appointment; or

	(c)
	engage
in the United Kingdom (whether as principal employee agent consultant or otherwise) in any trade or business which competes with any trade or business being carried on by the
Company or any other company within the Prudential Group at the date of termination of the Appointment and with which the Executive was actively concerned in the twelve months before the termination
of the Appointment.

	(2)
	For
the purpose of sub-clause 8(1)(b) and 8(1)(c) hereof, if the Company terminates the Appointment upon written notice (whether or not in accordance with
Clause 2) any period of notice actually served shall count towards the Exclusion Period.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	each
of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on
him;

	(b)
	the
duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and 

	(c)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective. 

9.    TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under Clauses 8 and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or

	(b)
	if
he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence (excluding Land Traffic offences) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or
otherwise) and such misconduct behavior or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to
the reputation of the Company or any other company within the Prudential Group; or

	(e)
	if
he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive.

	(3)
	The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of
termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right.

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time during this Agreement the Executive's employment is terminated by reason
of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no
less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the Appointment.

	(5)
	The
Executive shall promptly deliver to the Company upon the date of termination:

	(a)
	any
motor car provided in accordance with Clause 6 together with the keys relating thereto;

	(b)
	any
credit cards or any property provided by the Company or any other company within the Prudential Group; and 

	(c)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on
request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become
involved. 

10.  EXECUTIVE'S POSITION AS DIRECTOR  

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of the Prudential or any other company within the Prudential Group.

	(2)
	The
Appointment shall automatically terminate if the Executive ceases to be a director of Prudential except that the Executive shall not be entitled to terminate the Appointment by
resigning such office or by doing anything which could cause him to be disqualified from continuing to act as such a director. If the Executive is removed from office as a director of Prudential
during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by rotation pursuant to the Articles of Association of Prudential
such removal shall be without prejudice to any claims the Executive may have for damages for breach of this Agreement.

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the
Prudential Group, without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

11.  CONFIDENTIAL INFORMATION  

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential
Group which may have come to his knowledge during his employment. For the purposes of this Agreement "Confidential Information" shall mean details of suppliers and their terms of business, details of
customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or any part
thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these
instructions shall cease to apply to any information which shall become available generally otherwise than through the fault of the Executive.

	(2)
	The
Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in
non-electronic form) from Prudential's premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company's
standards relating to confidentiality of information in electronic form. 

12.  GRATUITIES AND CODES OF CONDUCT  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body. 

13.  ASSIGNMENT  

The
Company may assign its interest in this Agreement to any other company within the Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 

14.  STATUTORY REQUIREMENTS  

The
Executive shall also be subject to the terms set out in the Schedule attached to this Agreement in connection with the Employment Rights Act 1996. 

15.  NOTICES  

Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for service on the Company shall be its
registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as follows: 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

16.  MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorized representative of the Company on the date first above written. 

 
 

THE SCHEDULE    
    

        In accordance with the Employment Rights Act 1996, the following terms of the Executive's appointment apply on the date of the Agreement as provided therein: 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 7

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chief Executive of the Prudential Group.

	(i)
	Disciplinary Procedure—There are no disciplinary rules applicable to senior executives so that any disciplinary action
relevant to the executive will be considered and handled according to the particular circumstances and the executive's position. Should the executive be dissatisfied with any disciplinary decision
he/she should appeal in writing to the Chief Executive of the Prudential Group.

	(j)
	Date of Commencement of Employment—The date of commencement of employment (i.e. date of joining Prudential) is the
Commencement Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

	

/s/  JONATHAN BLOOMER        
 SIGNED by Jonathan Bloomer

on behalf of PRUDENTIAL PLC	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  PHILIP BROADLEY        
 SIGNED by Philip Broadley	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  JANE KIBBEY        
 SIGNED by Jane Kibbey

on behalf of PRUDENTIAL SERVICES LIMITED	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 

PARTIES  

	(1)
	JACKSON NATIONAL LIFE INSURANCE COMPANY, a Michigan Corporation whose address is 1 Corporate Way, Lansing, Michigan, 48951 USA or its
successor ("the Company"),

	(2)
	CLARK MANNING of 2003 Birch Bluff Drive, Okemos, MI48864 USA ("the Executive") and

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH England ("Prudential"). 

WHEREAS  

	(1)
	The
Executive has served as Acting Chief Executive Officer of the Company since 1 July 2001.

	(2)
	The
Executive is now to assume the position of President and Chief Executive Officer of the Company and will also be appointed as an executive director of Prudential.

	(3)
	This
Agreement sets out the terms and conditions of the Executive's appointment as President and Chief Executive Officer of the Company and as executive director of Prudential. 

1.    DEFINITIONS  

In
this Agreement unless the context otherwise requires: 

"Affiliate"
means, with respect to any Person, any other Person Controlling, Controlled by or under common Control with such first Person. 

"Board"
means the Board of Directors of Prudential. 

"Commencement
Date" means 9 November 2001. 

"Company
Group" means, collectively, the Company, each of its Subsidiaries and each of their respective Affiliates. 

"Confidential
Information" means any confidential or proprietary trade secrets, customer lists, distribution arrangements, contractual arrangements with suppliers for any type of services, programs,
software, protocols, information regarding product development, design or packaging, marketing plans, sales plans, management organization information (including but not limited to data and other
information relating to members of the board of directors of the Company or any company in the Company Group or to management of any company in the Company Group), operating policies or manuals,
business plans, financial records, design or other financial, commercial, business or technical information (i) relating to any company in the Company Group or (ii) that any company in
the Company Group may receive belonging to suppliers, customers or others who do business with any such company 

"Control"
means, with respect to any Person, the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person,
whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise. 

"Disability"
means the Executive's absence from the duties of his employment with the Company Group on a full-time basis for a total of six months during any twelve (12) month
period as a result of incapacity due to mental or physical illness as determined by a physician selected by the Board and acceptable to the Executive. A Disability shall not be incurred hereunder
until, at the earliest, the last day of the sixth month of such absence. 

"Person"
means any individual, legal or personal representative, corporation, company, partnership or other entity. 

"Restriction
Period" means the period of one year following the expiration of the Term and the termination of the Executive's employment with the Company Group for any reason or such shorter period as
may result from the application of clause 7(6) or clause 7(7). 

"Subsidiary"
means, with respect to any Person, each Person in which the first Person owns or Controls, directly or indirectly, capital stock or other ownership interests representing 50% or more of
the combined voting power of the outstanding voting stock or other ownership interests of such Person. 

2.    APPOINTMENT  

	(1)
	During
the Term (as defined in clause 2(2) below), subject to clause 4(4), the Company shall employ the Executive and the Executive shall serve the Company as President
and Chief Executive Officer of the Company, and in any other such capacity for the Company or any other company in the Company Group as may be agreed ("the Appointment"). During the Term, the
Executive shall report directly to the Chief Executive of Prudential.

	(2)
	Unless
the Executive's employment shall sooner terminate pursuant to clause 2(3) or clause 8, the Company shall employ the Executive for a term commencing on the
Commencement Date and ending on the first anniversary of the Commencement Date hereof (the "Initial Term"). Effective upon the expiration of the Initial Term and of each Additional Term (as defined
below), the Executive's employment hereunder may be renewed, upon the same terms and conditions, for an additional period of twelve (12) months (each, an "Additional Term"), in each such case,
commencing upon the expiration of the Initial Term or the then current Additional Term, as the case may be, unless the Company or the Executive delivers written notice (a "Non-Renewal
Notice") to the other electing not to renew such Initial Term or Additional Term, as the case may be, at least 90 days prior to the expiration of the Initial Term or such Additional Term.
Failure of both parties to deliver a Non-Renewal Notice will be deemed to constitute the election by both parties hereunder to renew the Initial Term or the then current Additional Term,
as the case may be, as permitted hereunder. The period during which Executive is employed pursuant to this Agreement in accordance with the preceding sentence, including any Suspension Period as
defined in clause 4(4) below and any renewal period, shall be referred to as the "Term".

	(3)
	Notwithstanding
clause 2(2) above, the Term and the Executive's employment hereunder shall automatically terminate on the earliest of (i) the termination of the
Executive's employment with the Company Group (x) by reason of the Executive's death, (y) on the expiry of 30 days' notice served on the Executive by the Company to terminate the
Appointment due to Executive's Disability and (z) for any reason on the expiry of 12 months' prior written notice of such termination served on the Company by the Executive or served on
the Executive by the Company or (ii) without notice, on the Executive's attaining the age of 60. 

3.    DIRECTORSHIP OF PRUDENTIAL  

	(1)
	Effective
as soon as practicable following the Commencement Date the Executive shall serve as an executive director of Prudential.

	(2)
	The
Executive's appointment as an executive director of Prudential is subject to Prudential's Articles of Association as amended from time to time (the "Articles") and the Articles
will prevail in the event of any conflict between them and the terms in this clause 3. The Articles require that directors submit themselves for re-election periodically. The
Executive will be required to submit himself for re-election when requested to do so by the Board at which time he will be nominated for re-election by the Board. If the
Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by
rotation pursuant to the Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a breach of the Appointment or this Agreement
and shall not entitle the Executive to bring a claim of constructive dismissal, but such removal or cessation shall automatically constitute the Company giving notice to terminate the Appointment
within the provisions of clause 2(3). 

	(3)
	During
the period that the Executive serves as an executive director of Prudential the Executive will be required to devote such time to his duties as an executive director of
Prudential as the Board or the Chief Executive of Prudential reasonably considers necessary. The Executive will be required to attend the annual general meeting of Prudential, regular and emergency
Board meetings, any extraordinary general meeting of Prudential and to serve on any committees of the Board to which the Executive is appointed. Relevant dates and details will be notified to the
Executive appropriately in advance.

	(4)
	The
Executive will not receive any separate consideration in addition to the remuneration under this Agreement in respect of his appointment as a director of Prudential or the
termination of the Executive's service as a director. Since the Executive will be a director of Prudential, the Remuneration Committee of Prudential may determine any future remuneration, along with
that of the other directors of Prudential, in accordance with the requirements of good corporate governance and any codes, regulations and listing rules which are applicable to Prudential from time to
time.

	(5)
	Prudential
will reimburse the Executive for all reasonable out of pocket expenses necessarily incurred by the Executive in carrying out his duties as a director of Prudential in
accordance with its reimbursement policies for directors.

	(6)
	During
the period that the Executive serves as a director of Prudential the Executive will be covered by the directors and officers liability insurance covering other members of the
Board in addition to the cover maintained for all senior executives of the Company.

	(7)
	The
Executive will comply with the provisions of the UK Listing Authority's Model Code for Securities Transactions by Directors of Listed Companies and any internal rules, regulations
and policies laid down by Prudential from time to time in relation to such matters.

	(8)
	The
Executive shall comply with all instructions, directions, codes and terms and conditions from time to time laid down by the Board including those rules relating to holding and
dealing in the shares of Prudential or any other company in the Company Group (including local country requirements) and shall act in the best interests of Prudential. The Executive shall also comply
with the requirements laid down by all external regulatory bodies. The Executive acknowledges and agrees that the timing of the grant and exercise of any options or awards to acquire ordinary shares
or American Depository Receipts of Prudential to which the Executive may become entitled will be subject to the UK Listing Authority's Model Code for Securities Transactions by Directors of Listed
Companies and to any internal rules, regulations and policies laid down by Prudential from time to time in relation to such matters.

	(9)
	In
view of the sensitive and confidential nature of the business of Prudential, the Executive agrees that as long as he is a director of Prudential and for the duration of the Term,
if longer, he will not, without the prior consent of the Chairman and the Chief Executive Officer of Prudential, which shall not be withheld unreasonably, be engaged or interested in any capacity,
directly or indirectly, in any business or with any individual company or other entity which is, in the reasonable opinion of the Chairman and the Chief Executive Officer of Prudential, competitive
with the business of Prudential or the Company or any company in the Company Group except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in
or on any recognized stock exchange (not exceeding one per cent of the total number or value of such securities from time to time in issue).

	(10)
	The
Executive agrees that he will not, directly or indirectly, make use of, divulge or communicate to any Person any Confidential Information except:

	(i)
	with
the prior written consent of the Board or its authorised representative

	(ii)
	to
the extent required by an order of a court having jurisdiction or under subpoena from an appropriate government agency, in which event, the Executive will use his
best efforts to consult with the Board prior to responding to any such order or subpoena; and 

	(iii)
	as
required in the appropriate performance of his duties hereunder during the Term.

	(11)
	Upon
notice of termination of the Appointment with the Company howsoever arising and whether or not any dispute exists concerning the termination, the Executive shall forthwith upon
request of Prudential, resign from office as a director of Prudential and all other offices held by the Executive in any other companies in the Company Group at the direction of the Board. The
Executive will also forthwith resign any membership of any organisation to which he is appointed by virtue of his position in any company in the Company Group. Should he fail to do so, Prudential is
hereby irrevocably authorised to appoint some individual in the Executive's name and on the Executive's behalf to sign any documents and do anything necessary or requisite to give effect thereto and
the Executive hereby acknowledges and agrees that any documents executed or things done by such individual in the Executive's name and on the Executive's behalf shall have the same validity, force and
effect as though executed or done directly by the Executive. Any such resignation shall not prejudice the Executive's rights under this Agreement. 

4.    PERFORMANCE OF DUTIES AS CHIEF EXECUTIVE OFFICER  

	(1)
	During
the Term the Executive shall use his best endeavours to promote the interests of the Company and each other company in the Company Group and shall carry out his duties with all
due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	During
the Term, the Executive shall (except to the extent prevented by ill-health or accident, during any period of authorized vacation or to the extent otherwise
directed by the Board or the Company) devote such of his time, attention and abilities to the business and interests of the Company and any other company in the Company Group as the proper performance
of his duties hereunder demands.

	(3)
	During
the Term, the Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Company and any company in the
Company Group as may from time to time reasonably be assigned or communicated to or vested in him consistent with the nature of the Appointment.

	(4)
	Where
notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(3) or otherwise or a Non-Renewal Notice has
been served by either the Company or the Executive in accordance with clause 2(2), neither the Company nor any company in the Company Group shall be under any obligation to provide work for or
assign any duties to the Executive for the whole or any part of the relevant notice period and may require him:

	(i)
	not
to attend any premises of the Company or any other company in the Company Group; and/or

	(ii)
	to
resign with immediate effect from any offices or positions he holds with the Company or any other company in the Company Group (and any related trusteeships or
memberships held by him by virtue of his position with any company in the Company Group) or otherwise refrain from exercising any of the powers or duties of any such office or position; and/or

	(iii)
	to
refrain from business contact with any customers, clients or employees of the Company or any other company in the Company Group; and/or

	(iv)
	to
take any accrued holiday during any period of suspension under this clause 4(4). 

Any
period during which the Executive is required to comply with any of clauses 4(4) shall be referred to herein as the "Suspension Period." During any Suspension Period, the Executive shall be
entitled to the salary and benefits due under clauses 5(1) and 5(2) of this Agreement, provided the Executive executes and delivers to the Company an effective general release of all claims against
the Company Group in form and substance satisfactory to the Company. 

	(5)
	The
Board may also suspend all or any of the Executive's duties and powers during any period in which the Company, Prudential and/or the Board, either alone or in conjunction with any
other Person, is carrying out an investigation into any alleged act or default of the Executive. Such a suspension shall be on such terms as the Board considers expedient (including a term that the
Executive shall not attend at the Company's premises and/or that the Executive shall refrain from business contact with any customers, clients or employees of the Company or any company in the Company
Group during such period of suspension) providing that:

	(i)
	the
Board on or before such suspension notifies the Executive in writing of the subject matter and grounds for initiating the investigation; and

	(ii)
	during
such period of suspension the Executive shall be entitled to the salary and benefits due under clauses 5(1) and 5(2) of this Agreement. 

The
provision of clauses 4(1) and 4(2) will continue to apply to any services rendered by the Executive during any period of suspension under clause 4(5) or to any Suspension Period under
clause 4(4). 

	(6)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company in
the Company Group as the Company shall request and of which the Executive is or, after due inquiry could become, aware.

	(7)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company for senior executives.

	(8)
	During
the Term, the Executive shall perform his duties at such offices of the Company or at such other locations as the Company or any company in the Company Group, may from time to
time reasonably require.

	(9)
	During
the Term, the Executive shall allow the Company (and its authorized agents) supervised access on reasonable notice to all or any of the properties in which he resides from time
to time in order for the Company to assess, and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the
protection of the Executive. Nothing herein shall require the Company to carry out any such security measures and the Company expressly disclaims any responsibility in respect of any act or failure to
act by the Company pursuant to this subclause (9). 

5.    REMUNERATION  

	(1)
	During
the Term, the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears to a
bank nominated by the Executive. The rate of salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive.

	(2)
	During
the Term, the Executive will also be eligible to participate in the employee benefit plans of the Company in which its senior executives participate in accordance with the
generally applicable terms and conditions of such plans as amended and in effect from time to time.

	(3)
	Participation
in any Company Group incentive arrangement or scheme is a matter entirely separate from the Executive's terms and conditions of employment and in particular if the
Executive's employment shall terminate for whatever reason whether lawfully or unlawfully he shall not be entitled to any compensation for any loss of any right or benefit or prospective right or
benefit under any arrangement or scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or breach of contract or by way of
compensation for loss of office or otherwise. 

6.    HOLIDAY  

	(1)
	The
Executive shall be entitled to such holiday with pay in each calendar year during the Term (in addition to statutory holidays) as the proper performance of his duties hereunder
permits and in accordance with the guidelines laid down by the Company from time to time for its senior executives. 

7.    CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION COVENANTS OF EXECUTIVE  

	(1)
	During
the Term and following any termination of the Term or of the Appointment, except:

	(i)
	with
the prior written consent of the Board or its authorised representative;

	(ii)
	to
the extent required by an order of a court having jurisdiction or under subpoena from an appropriate government agency, in which event, the Executive will use his
best efforts to consult with the Board prior to responding to any such order or subpoena; and

	(iii)
	as
required in the appropriate performance of his duties for the Company or any company in the Company Group during the Term, 

the
Executive will not use or disclose any Confidential Information to any third Person unless such Confidential Information has been previously disclosed to the public or is in the public domain
(other than by reason of the Executive's breach of this clause 7(1) or by reason of the breach by any other Person known by the Executive to be subject to a confidentiality obligation to any
company in the Company Group). 

	(2)
	During
the Restriction Period, the Executive will not, directly or indirectly, for his own account or for the account of any other Person, anywhere in the world, solicit for
employment, employ or otherwise interfere with the relationship of any member of the Company Group with any natural person throughout the world who is or was employed by or otherwise engaged to
perform services for any member of the Company Group at any time during the six-month period preceding such solicitation, employment or interference.

	(3)
	During
the Restriction Period, the Executive will not, directly or indirectly, for his own account or for the account of any other Person, anywhere in the world, solicit or otherwise
attempt to establish any business relationship of a nature that is competitive with the business or relationship of any member of the Company Group with any Person which is or was a customer, client,
agent, broker or other distributor of any member of the Company Group at any time during the twelve-month period preceding the expiration of the Term.

	(4)
	During
the Restriction Period, the Executive will not, without the prior consent of the Chairman and the Chief Executive Officer of Prudential, which shall not be withheld
unreasonably, be engaged or interested in any capacity, directly or indirectly, in any business or with any individual company or other entity which is, in the reasonable opinion of the Chairman and
the Chief Executive Officer of Prudential, competitive with the business of Prudential or the Company or any company in the Company Group except as holder or beneficial owner, for the purpose only of
a passive minority investment, of securities dealt in or on any recognized stock exchange (not exceeding 5 per cent of the total number or value of such securities from time to time in issue). 

	(5)
	The
Executive acknowledges and agrees that the covenants, obligations and agreements of the Executive contained in this clause 7 relate to special, unique and extraordinary
matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company and any other company in the Company Group irreparable injury for which adequate
remedies are not available at law. Therefore, the Executive agrees that the Company and any other company within the Company Group will be entitled to an injunction, restraining order or such other
equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain the Executive from committing any violation of such
covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies the Company and any other company within the Company Group may have. The
Company and any other company within the Company Group and the Executive hereby irrevocably submit to the exclusive jurisdiction of the courts of Michigan and the Federal courts of the United States
of America, in each case located in Lansing, Michigan in respect of the injunctive remedies set forth in this clause 7(5) and the interpretation and enforcement of this clause 7 insofar
as such interpretation and enforcement relate to any request or application for injunctive relief in accordance with the provisions of this clause 7(5).

	(6)
	The
period during which the restrictions referred to in clauses 7(2), 7(3), 7(4) and 7(5) shall apply following the expiration of the Term shall be reduced by the length of any
Suspension Period imposed under the provisions of clause 4(4) in existence at the Termination Date or the expiry of the Term.

	(7)
	In
the event of (i) the suspension of the Executive's duties pursuant to clause 4(4) during any Suspension Period or (ii) the termination of the Term and the
Executive's employment pursuant to clause 2(2) following delivery by either party of a Non-Renewal Notice, the Company may waive, in whole or in part, enforcement of the
restrictions referred to in clause 3(9) and/or clause 7(4), as applicable, upon the delivery of prior written notice of such waiver to the Executive. Such waiver shall become effective
on the date (the "Waiver Effective Date") specified in the notice delivered by the Company under this clause 7(7). If the Company elects to waive application of the restrictions referred to in
clause 3(9) and/or 7(4) for any period pursuant to this clause 7(7), then notwithstanding the provisions of clauses 4(4) and 8(4), the Company's obligation to provide the Executive with
salary and benefits (i) pursuant to clause 4(4) during any portion of a Suspension Period after the Waiver Effective Date or (ii) pursuant to clause 8(4) during any portion
of the Restriction Period after the Waiver Effective Date, as applicable, will automatically terminate effective immediately upon the Waiver Effective Date. 

8.    TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with clause 2.2. The Appointment shall automatically terminate upon the Executive's death or
following 30 days' prior notice to the Executive of the termination of the Appointment due to the Executive's Disability. The Term will expire on the date specified in any such notice (as the
same may be amended by mutual agreement) or upon the Executive's death, whichever is applicable.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under clause 3(12) and clauses 7 and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately,
whereupon the Term will immediately expire, in any of the following circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or 

	(b)
	if
he engages in any behavior such as to bring any company in the Company Group into disrepute (including but without limitation the commission of a criminal offence (excluding
misdemeanour moving violations other than driving while intoxicated), he is guilty of any serious misconduct in connection with his duties for any company in the Company Group or he commits any
serious breach of any of his obligations to the Company or any other company in the Company Group (whether under this Agreement or otherwise); or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or any other Company within the Company Group or the Board or neglects so to comply
with material adverse consequences for the Company or any other company within the Company Group; or

	(d)
	if
he fails or refuses to perform substantially his duties for the Company or any other company within the Company Group under this Agreement or engages in wilful or reckless conduct
injurious to or damaging to the reputation of the Company or any other company within the Company Group; or

	(e)
	if
he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive.

	(3)
	The
Executive shall have no claim against the Company or any other company in the Company Group for damages or otherwise by reason of any termination contemplated by this
clause 8. Any delay or forbearance by the Company in exercising any such right of termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to
such a right.

	(4)
	If
the Appointment and the Term terminate pursuant to clause 2(2) following delivery by the Company of a Non-Renewal Notice, the Executive shall be entitled to the
continued payment of the salary and benefits provided to the Executive pursuant to clauses 5(1) and 5(2) at the time such Non-Renewal Notice is delivered to the Executive for the period
following expiration of the Term that ends on the first anniversary of the date that such Non-Renewal Notice is delivered to the Executive, provided the Executive executes and delivers to
the Company an effective general release of all claims against the Company Group in form and substance satisfactory to the Company.

	(5)
	If
at any time during the Term, the Appointment is terminated by reason of any reorganization of the Company Group or the businesses conducted thereby or by reason of the merger or
consolidation of the Company with any other entity and the Executive is offered a position with any concern or undertaking resulting from such reorganization, merger or consolidation upon terms and
conditions no less favorable than the terms of this Agreement and of similar status to the Executive's status under the Appointment then the Executive shall have no claim against the Company or any
company in the Company Group in respect of the termination of the Appointment or the change in his position.

	(6)
	The
Executive shall promptly deliver to the Company upon the last day of his active employment with the Company Group:

	(a)
	any
credit cards or any property provided by the Company or any other company within the Company Group; and

	(b)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof, in any medium: title and copyright therein shall at all times remain in the Company. The
Company will on request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or
may become involved. 

	(7)
	Notwithstanding
the provisions of clauses 4(4) and 8(4), (i) payments of the Executive's salary during any Suspension Period or period following the Executive's termination of
employment will be reduced, but not below zero, by the amount of any compensation earned by the Executive (whether paid currently or deferred) during any portion of such Suspension Period or
post-termination period from any subsequent employer or other Person for which the Executive performs services, including but not limited to consulting services and including any such
compensation earned in connection with the Executive's self-employment, and (ii) any benefits to be provided to the Executive during such Suspension Period or
post-termination period shall be reduced or canceled if and to the extent that comparable benefits are provided or offered to the Executive by any subsequent employer or Person for which
the Executive performs services, including but not limited to consulting services. 

9.    CHANGE OF CONTROL  

	(1)
	The
Executive is currently entitled to participate in the Brooke Holdings Inc. Change of Control Severance Plan ("the Severance Plan"). The Change of Control Plan shall
continue to apply to the Executive except that:

	(a)
	with
effect from the Commencement Date the provisions of the Severance Plan relating to a change of control of Prudential shall no longer apply to the Executive;

	(b)
	the
Severance Plan shall only apply to the Executive for the period of three years following the Commencement Date, following which the Severance Plan shall cease to apply to the
Executive. For the avoidance of doubt if a Change of Control as defined in the Severance Plan occurs on a date which is on or after 9 November 2004 the Executive shall have no entitlement under
the Severance Plan.

	(2)
	Save
as expressly set out in 9(1) above, the Executive's entitlement under the Severance Plan shall remain unaffected by this Agreement. 

10.  GRATUITIES  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any Person who has or is
likely to have a business relationship with any company in the Company Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company. 

11.  ASSIGNMENT  

	(1)
	The
Company may assign its interest in this Agreement to any other company within the Company Group with the agreement of the Executive such agreement not to be unreasonably withheld. 

12.  NOTICES  

	(1)
	Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for service on the Company or
Prudential shall be its registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as
follows:

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

	(2)
	In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the
custody of the postal authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

13.  MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and supersedes all other agreements among the parties, including, without limitation, the term
sheet with respect to this Agreement dated 8 November 2001 and the Employment Protection Agreement. All parties acknowledge that neither of them has entered into this Agreement in reliance upon
any representation, warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament or a law or statute of the U.S. Congress or the State of Michigan shall be deemed to include any statutory modification or
re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

14.  GOVERNING LAW  

	(1)
	The
terms of this Agreement will be governed by, and construed and enforced in accordance with, the laws of Michigan, without reference to its principles of conflicts of law save that
the Executive's service on the Board as provided in clause 3 of this Agreement shall be governed by the laws of England and Wales. 

IN WITNESS the hands of the Executive and of the duly authorized representative of the Company and of Prudential on the date first above written. 

	/s/  JONATHAN BLOOMER        
 SIGNED by Jonathan Bloomer, Group Chief Executive

on behalf of PRUDENTIAL CORPORATION PLC	 	 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

SIGNED AS A DEED AND DELIVERED

by Clark Manning	
 	

 
	

/s/  CLARK MANNING        
	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  TOM MEYER        
	
 	

 
	SIGNED by

on behalf of JACKSON NATIONAL LIFE INSURANCE COMPANY
	

In the presence of:	
 	

 
	

Date:	
 	

 

DATED 

       

       

JACKSON NATIONAL LIFE INSURANCE COMPANY (1)  

      

      
 CLARK MANNING (2)  

and 

PRUDENTIAL PLC (3)  

       

      

      
 EXECUTIVE DIRECTOR CONTRACT OF EMPLOYMENT  

PRIVATE AND CONFIDENTIAL 

       

       

      

      
 DATED 

November 2001 

      

       

PRUDENTIAL SERVICES LIMITED (1)  

and 

MICHAEL GEORGE ALEXANDER MCLINTOCK (2)  

and 

PRUDENTIAL PLC (3)  

       

       

       

EXECUTIVE DIRECTOR CONTRACT OF EMPLOYMENT  

PARTIES  

	(1)
	PRUDENTIAL SERVICES LIMITED of 142 Holborn Bars, London EC1N 2NH ("the Company") and

	(2)
	MICHAEL GEORGE ALEXANDER MCLINTOCK of 17 Priory Avenue, London W4 1TZ ("the Executive")

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH ("Prudential") 

1.    DEFINITIONS  

In
this Agreement unless the context otherwise requires: 

"Board"
means the Board of Directors of Prudential; 

"Commencement
Date" means 1 October 1992; 

"Earnings
Cap" means the maximum allowance from time to time under Section 640A of the Income and Corporation Taxes Act 1988; 

"Pensions
Letter" means the letter dated 2 April 1998 to the Executive from M&G Limited which is appended to this Agreement. 

"Prudential
Group" means Prudential and each of its subsidiaries as "subsidiaries" is defined by section 736 of the Companies Act 1985. 

2.    APPOINTMENT  

	(1)
	Subject
to clause 10(2), the Company shall employ the Executive as the Chief Executive of M&G or in other such capacity as may be agreed ("the Appointment"). Subject to
clause 10(2), the Executive shall also serve Prudential as an Executive Director. The Executive shall report to the Prudential Group Chief Executive.

	(2)
	The
Appointment is deemed to be effective from 1st September 2000 and shall, without prejudice to the provisions of clause 9(2), continue unless and until
terminated by the Company giving to the Executive not less than 12 months' prior written notice to expire at any time or the Executive giving to the Company not less than 6 months' prior
written notice to expire at any time.

	(3)
	Notwithstanding
clause 2(2) above, the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

3.    DUTIES OF THE EXECUTIVE  

	(1)
	During
the Appointment the Executive shall use his best endeavours to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with
all due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment.

	(3)
	Where
notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation
to provide work for or assign any duties to the Executive for the whole or any part of the relevant notice period and may require him during this period:

	(i)
	not
to attend any premises of the Company or any other company in the Prudential Group; and/or

	(ii)
	to
resign with immediate effect from any offices he holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or 

	(iii)
	to
refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group; and/or

	(iv)
	to
take any accrued holiday during any period of suspension under this clause 3(3). 

The
provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). 

During
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement. 

	(4)
	The
Board may also suspend all or any of the Executive's duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged
act or default of the Executive. Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company's premises during such
suspension) providing that:

	(i)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(ii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(5)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(6)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
dealing in the shares of Prudential Group. The Executive shall also comply with the requirements laid down by all external regulatory bodies.

	(7)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

4.    PERFORMANCE OF DUTIES  

	(1)
	During
the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time,
attention and abilities to the business and interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or
interested in any other business or profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognized stock exchange
(not exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive shall perform his duties at such offices of the Company in London or at such other locations as may be agreed from time to time or as the Company or the Board may from
time to time reasonably require. 

5.    REMUNERATION  

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears
to a bank nominated by the Executive. The rate of salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. 

	(2)
	The
Executive shall:

	(a)
	continue
to be eligible for membership of the M&G Group Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and rules from time to time
governing the scheme. Final Pensionable Earnings ("FPE") is limited ("capped") by legislation and consequently so are the benefits the Scheme can provide. The Earnings Cap is adjusted from time to
time (as described in Section 590C of the Income and Corporation Taxes Act 1988);

	(b)
	be
paid a salary supplement of a percentage of base salary, less an offset of 15% of salary up to the Earnings Cap. 

The
contribution is on an age related scale: 

	Age
	 	Percentage

	35–39	 	23%
	40–44	 	26%
	45–49	 	30%
	50–54	 	34%
	55–60	 	38%

The
Executive will also be eligible for participation in a Funded Unapproved Retirement Scheme "FURBS", to which this salary supplement would be applied. The contribution to a FURBS is a taxable
benefit. In any event the Executive will be required to provide evidence to the Company that this supplement is used for retirement benefits. The Company will also meet the cost of life cover broadly
equivalent to the total value of death in service benefits under PSPS related to the Executive's salary in excess of the cap; this is also a taxable benefit. 

	(3)
	Subject
to production, if requested, of medical certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for
work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of such incapacity. During this period of incapacity, the
Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in
clause 9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity
Scheme as from time to time in force, will apply to the Executive.

	(4)
	If
the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part
of any third party all payments made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is
recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security.

	(5)
	The
Executive, his wife and his unmarried children below the age of 18 (or 21 if in full time education) will be eligible free of charge to participate with effect from the
Commencement Date until termination of the Executive's employment in the M&G Premier Cover medical insurance scheme currently established with British United Provident Association.

	(6)
	The
Executive is eligible to participate in appropriate remuneration plans available from time to time (subject to the rules governing those plans) which currently include:

	(a)
	Annual
Bonus Plan;

	(b)
	Restricted
Share Plan;

	(c)
	the
Prudential Savings Related Share Option Scheme; 

details
of which have been supplied to the Executive. 

	(7)
	While
the Executive is employed as Chief Executive M&G, at the discretion of the Company he will be eligible for invitation to participate in the M&G Chief Executive Long Term
Incentive Plan. 

Participation
is subject to the rules of the Plan, as set and amended from time to time at the discretion of the Company. 

	(8)
	Participation
in the Restricted Share Plan, the M&G Chief Executive Long Term Incentive Plan, Annual Bonus Plan and any other annual or long term incentive arrangement, and the
Savings Related Share Option Scheme is a matter entirely separate from the Executive's terms and conditions of employment; the Company has no contractual obligation to invite the Executive's
participation in any plan cycle; and in particular if the Executive's employment shall terminate for whatever reason he shall not be entitled to any compensation for any loss of any right or benefit
or prospective right or benefit under any scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by
way of compensation for loss of office or otherwise other than such benefits as he would be entitled to within the Rules of the plan.

	(9)
	The
Executive shall be entitled to an interest free season ticket loan. 

6.    EXPENSES/MOTOR CAR  

	(1)
	The
Company, on production of the relevant receipts and/or invoices, shall reimburse the Executive for all travelling, hotel, entertainment and other
out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time
being in force.

	(2)
	To
assist the Executive in carrying out his duties under this Agreement the Company shall provide him with a motor car to be chosen by the Executive within the parameters set out for
Directors of the Prudential Group.

	(3)
	Alternatively,
the Executive may elect to receive an annual amount in lieu of a car. Any such amount will be paid in monthly instalments (less such deductions as the Company is
required by law to make) at the same time as the Executive's salary, but will not form part of his salary for pensions or other salary related benefits.

	(4)
	The
Executive may be asked to contribute to the use of the motor car for private purposes at the rates from time to time established for Directors of the Prudential Group. The Company
will be entitled to deduct any contribution from the salary payable to the Executive.

	(5)
	The
Company will pay for the road fund licence and insurance in respect of any motor car provided to the Executive and will pay all running expenses (except petrol) incurred in
connection with use of such motor car. The Company will reimburse the Executive for essential mileage on company business at the appropriate rates for the time being in force.

	(6)
	Renewal
of any motor car provided for the use of the Executive or the annual cash allowance hereunder is governed by the rules and regulations from time to time established for senior
executives of the Prudential Group.

	(7)
	The
Executive agrees to take all reasonable precautions to ensure the security of any motor car provided to him and to comply with all regulations of the Company from time to time in
force with respect to the use of the motor car. 

7.    HOLIDAY  

The
Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the
guidelines laid down by the Company from time to time. 

8.    NON-SOLICITATION  

	(1)
	The
Executive undertakes that, during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the "Exclusion
Period") he shall not whether on his own account or otherwise and whether directly or indirectly solicit, interfere with, endeavour to entice away or induce to leave their employment any person who is
then or was at the date of termination of the Appointment a director, senior manager or key fund manager of the Company or any other company within the Prudential Group and with whom the Executive had
business dealings during he course of his employment in the twelve months before the termination of the Appointment.

	(2)
	The
period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the period of notice actually
served. The amount of time during which, if at all, the Company suspends the Employee under the provision of clause 3(3), shall also reduce the period during which the restrictions referred to
in clause 8 shall apply.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	the
duration extent and application of the restriction is no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and

	(b)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective. 

9.    TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under Clauses 8 and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or

	(b)
	if
he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence excluding traffic offences) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or otherwise) and
such misconduct behavior or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to
the reputation of the Company or any other company within the Prudential Group.

	(3)
	The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of
termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right. 

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time during this Agreement the Executive's employment is terminated by reason
of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no
less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the Appointment.

	(5)
	The
Executive shall promptly deliver to the Company upon the date of termination:

	(a)
	any
motor car provided in accordance with Clause 6 together with the keys relating thereto;

	(b)
	any
credit cards or any property provided by the Company or any other company within the Prudential Group; and

	(c)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on
request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become
involved. 

10.  EXECUTIVE'S POSITION AS DIRECTOR  

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of Prudential or any other company within the Prudential Group.

	(2)
	If
the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being
re-elected after retiring by rotation pursuant to the Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a
breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such removal or cessation shall automatically constitute the Company giving notice to
terminate the Appointment within the provisions of clause 2(2).

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the
Prudential Group without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

11.  CONFIDENTIAL INFORMATION  

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential
Group which may have come to his knowledge during his employment. For the purposes of this Agreement "Confidential Information" shall mean details of suppliers and their terms of business, details of
customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or any part
thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these
instructions shall cease to apply to any information which shall be or become available generally otherwise than through the fault of the Executive.

	(2)
	The
Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in
non-electronic form) from Prudential's premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company's
standards relating to confidentiality of information in electronic form. 

12.  GRATUITIES AND CODES OF CONDUCT  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body. 

13.  ASSIGNMENT  

The
Company may assign its interest in this Agreement to any other company within the Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 

14.  STATUTORY REQUIREMENTS  

The
Executive shall also be subject to the terms set out in the Schedule attached to this Agreement in connection with the Employment Rights Act 1996. 

15.  NOTICES  

Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for service on the Company shall be its
registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as follows: 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

16.  MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorized representative of the Company on the date first above written. 

 
 

THE SCHEDULE    
    

        In accordance with the Employment Rights Act 1996, the following terms of the Executive's appointment apply on the date of the Agreement as provided therein:- 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 7

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chief Executive of the Prudential Group.

	(i)
	Disciplinary Procedure—There are no disciplinary rules applicable to senior executives so that any disciplinary action
relevant to the Executive will be considered and handled according to the particular circumstances and the Executive's position. Should the Executive be dissatisfied with any disciplinary decision
he/she should appeal in writing to the Chief Executive of the Prudential Group.

	(j)
	Date of Commencement of Employment—The date of commencement of employment (i.e. date of joining M&G) is the Commencement
Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

	/s/  JONATHAN BLOOMER        
 SIGNED by Jonathan Bloomer

on behalf of PRUDENTIAL PLC	 	 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  MICHAEL MCLINTOCK        
 SIGNED by Michael George Alexander McLintock	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  JANE KIBBEY        
 SIGNED by Jane Celia Kibbey

on behalf of PRUDENTIAL SERVICES LIMITED	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 

PRIVATE AND CONFIDENTIAL 

       

       

       

      
 DATED 

[                      ] 

       

       

PRUDENTIAL SERVICES LIMITED (1)  

and 

MARK EDWARD TUCKER (2)  

and 

PRUDENTIAL PLC (3)  

       

       

       

EXECUTIVE DIRECTOR CONTRACT OF EMPLOYMENT  

PARTIES  

	(1)
	PRUDENTIAL SERVICES LIMITED of 142 Holborn Bars, London EC1N 2NH ("the Company") and

	(2)
	MARK EDWARD TUCKER of Unit 9B, The Harbourview, 11 Magazine Gap Road, Mid-Levels, Hong Kong ("the Executive")

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH ("Prudential") 

1.    DEFINITIONS  

In
this Agreement unless the context otherwise requires: 

"Board"
means the Board of Directors of Prudential; 

"Commencement
Date" means 6 January 1986; 

"Prudential
Group" means Prudential and each of its subsidiaries as "subsidiaries" is defined by section 736 of the Companies Act 1985. 

2.    APPOINTMENT  

	(1)
	The
Company shall employ the Executive and the Executive shall serve the Company as Chief Executive, Prudential Corporation Asia and in other such capacity as may be agreed ("the
Appointment"). The Executive shall report to the Group Chief Executive.

	(2)
	The
Appointment is deemed to be effective from 16 October 1993 and shall, without prejudice to the provisions of Clause 12(2), continue until terminated by the Company
or the Executive giving to the other not less than 12 months' prior written notice to expire at any time.

	(3)
	Notwithstanding
Clause 2(2) above, the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

3.    DUTIES OF THE EXECUTIVE  

	(1)
	During
the Appointment the Executive shall use his best endeavours to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with
all due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment. The Board may also suspend all or any of the Executive's duties and powers for such
period(s) and on such terms as it considers expedient (including a term that the Executive shall not attend at the Company's premises) providing that:

	(i)
	the
Board has reasonable grounds for so doing;

	(ii)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(iii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(3)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(4)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
dealing in the shares of Prudential and Egg plc. 

	(5)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

4.    PERFORMANCE OF DUTIES  

	(1)
	During
the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time,
attention and abilities to the business and interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or
interested in any other business or profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognized stock exchange
(not exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive shall perform his duties at such offices of the Company in Asia or at such other locations as may be agreed from time to time as the Company or the Board may from time
to time reasonably require. 

5.    REMUNERATION  

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears
to a bank nominated by the Executive. The rate of salary shall be subject to but shall not be reduced without the prior written agreement of the Executive.

	(2)
	The
Executive shall remain a member of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and rules from time to time
governing the scheme.

	(3)
	Subject
to production, if requested, of medical certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for
work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of such incapacity. During this period of incapacity, the
Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in
clause 12(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity
Scheme as from time to time in force, will apply to the Executive.

	(4)
	If
the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part
of any third party all payments made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is
recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security.

	(5)
	The
Company will pay for the cost of BUPA International membership for the Executive and his family (under the Company rules), with the exception of routine maternity care. The
Company will reimburse medical and hospital expenses above BUPA limits at its discretion. 

The
Company will not fund the Executive's participation in any private medical arrangement other than that normally offered by the Company. Should the Executive decline this cover the Company will not
reimburse the cost of any medical treatment received in all circumstances. 

The
Company reserves the right to change the supplier of Group Medical cover, and the nature of that cover, at any time. 

	(6)
	The
Executive is eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the
availability of those benefits generally) which currently include:

	(a)
	the
Prudential Restricted Share Plan ("RSP");

	(b)
	the
Prudential Annual Incentive Plan ("AIP");

	(c)
	the
Prudential Savings Related Share Option Scheme, 

details
of which have been supplied to the Executive. 

	(7)
	While
the Executive is employed as Chief Executive, Prudential Corporation Asia, at the discretion of the Company he will be eligible for invitation to participate in the Regional
Long Term Incentive Plan. 

Participation
is subject to the rules of the Plan, as set and amended from time to time at the discretion of the Company. 

	(8)
	Participation
in the Prudential RSP, AIP, the Savings Related Share Option Scheme and the Regional Long Term Incentive Plan is a matter entirely separate from the Executive's terms
and conditions of employment and in particular if the Executive's employment shall terminate for whatever reason he shall not be entitled to any compensation for any loss of any right or benefit or
prospective right or benefit under any scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way
of compensation for loss of office or otherwise.

	(9)
	The
Company will reimburse the expenses of appropriate fully furnished accommodation in Hong Kong including the cost of essential services i.e. water, gas and telephone but excluding
the cost of personal foreign phone calls. This will include domestic help if not provided as part of the service attached to the accommodation. The Executive should agree the accommodation selected
with the Group Chief Executive, Prudential prior to making any commitments. The Company will agree with the Executive an appropriate budget for furnishings if required.

	(10)
	Subject
to prior written approval by the Group Chief Executive, the Company will pay the entrance fees and annual subscriptions for those clubs to which it is appropriate the
Executive belongs in order to undertake his role effectively. 

6.    EXPENSES/MOTOR CAR  

	(1)
	The
Company, on production of the relevant receipts and/or invoices, shall reimburse the Executive for all travelling, hotel, entertainment and other
out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time
being in force.

	(2)
	To
assist the Executive in carrying out his duties under this Agreement the Company shall provide him with a motor car to be chosen by the Executive within the parameters set out for
senior executives of Prudential Corporation Asia.

	(3)
	A
driver will be made available to the Executive as appropriate.

	(4)
	The
Executive agrees to take all reasonable precautions to ensure the security of any motor car provided to him and to comply with all regulations of the Company from time to time in
force with respect to the use of the motor car. 

7.    TAX  

The
Executive is responsible for ensuring the appropriate tax is paid on his earnings. Because of the Company's concern that tax obligations are met, the Company is prepared to meet the costs of
obtaining professional tax advice from an organisation acceptable to the Company. 

8.    HOLIDAY  

The
Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the
guidelines laid down by the Company from time to time. 

9.    TRAVEL  

Arising
from the Executive's duties, it is likely that there will be a requirement to visit the UK from time to time. In the event that this does not happen in any given year, the Company will
reimburse one return first class flight for the Executive between Hong Kong and the UK. 

10.  REMOVAL EXPENSES  

The
Company will reimburse the cost of reasonable expenses occurred in moving the Executive's personal possessions between Hong Kong and the UK (if applicable) at the end of the assignment. The
Company will reimburse the expense of first class travel for the Executive and the UK (if applicable) at the end of the assignment. However should the Executive terminate his employment whilst outside
the UK the return fare will not be paid (nor any fee for the return transport of belongings). 

11.  NON-SOLICITATION  

	(1)
	The
Executive undertakes that during the Appointment and for a period of 12 months following the termination of the Appointment (the "Exclusion Period") he shall not whether on
his own account or otherwise and whether directly or indirectly:

	(a)
	solicit,
interfere with, endeavour to entice away or induce to leave their employment any person who is then or was at the date of termination of the Appointment an employee of the
Company or any other company within the Prudential Group; or

	(b)
	solicit,
interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar
to those being provided by the Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time
within the year ending on that date, a customer or in the habit of doing business with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the
twelve months before the termination of the Appointment; or

	(c)
	engage
in the United Kingdom or Asia (whether as principal employee agent consultant or otherwise) in any trade or business which competes with any trade or business being carried on
by the Company or any other company within the Prudential Group at the date of termination of the Appointment and with which the Executive was actively concerned in the twelve months before the
termination of the Appointment.

	(2)
	For
the purpose of sub-clause 11(1)(b) and 11(1)(c) hereof, if the Company terminates the Appointment upon written notice (whether or not in accordance with
Clause 2) any period of notice actually served shall count towards the Exclusion Period.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	each
of sub-clauses 11(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on
him;

	(b)
	the
duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and

	(c)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective. 

12.  TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under Clauses 11 and 14, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or

	(b)
	if
he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence (excluding road traffic offences)) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or
otherwise) and such misconduct behavior or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to
the reputation of the Company or any other company within the Prudential Group; or

	(e)
	if
he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive.

	(3)
	The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of
termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right.

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time during this Agreement the Executive's employment is terminated by reason
of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no
less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the Appointment.

	(5)
	The
Executive shall promptly deliver to the Company upon the date of termination:

	(a)
	any
motor car provided in accordance with Clause 6 together with the keys relating thereto;

	(b)
	any
credit cards or any property provided by the Company or any other company within the Prudential Group; and 

	(c)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on
request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become
involved. 

13.  EXECUTIVE'S POSITION AS DIRECTOR  

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of Prudential or any other company within the Prudential Group.

	(2)
	The
Appointment shall automatically terminate if the Executive ceases to be a director of Prudential except that the Executive shall not be entitled to terminate the Appointment by
resigning such office or by doing anything which could cause him to be disqualified from continuing to act as such a director. If the Executive is removed from office as a director of Prudential
during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by rotation pursuant to the Articles of Association of Prudential
such removal shall be without prejudice to any claims the Executive may have for damages for breach of this Agreement.

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the
Prudential Group, without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause 13(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause 13(3) above. 

14.  CONFIDENTIAL INFORMATION  

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential
Group which may have come to his knowledge during his employment. For the purposes of this Agreement "Confidential Information" shall mean details of suppliers and their terms of business, details of
customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or any part
thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these
instructions shall cease to apply to any information which shall become available generally otherwise than through the fault of the Executive.

	(2)
	The
Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in
non-electronic form) from Prudential's premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company's
standards relating to confidentiality of information in electronic form. 

15.  GRATUITIES AND CODES OF CONDUCT  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body. 

16.  ASSIGNMENT  

The
Company may assign its interest in this Agreement to any other company within the Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 

17.  STATUTORY REQUIREMENTS  

The
Executive shall also be subject to the terms set out in the Schedule attached to this Agreement in connection with the Employment Rights Act 1996. 

18.  NOTICES  

Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for service on the Company shall be its
registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as follows: 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 4 days after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

19.  MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorized representative of the Company and Prudential on the date first above written. 

 
 

THE SCHEDULE    
    

        In accordance with the Employment Rights Act 1996, the following terms of the Executive's appointment apply on the date of the Agreement as provided therein:- 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 8

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chief Executive of the Prudential Group.

	(i)
	Disciplinary Procedure—There are no disciplinary rules applicable to senior executives so that any disciplinary action
relevant to the Executive will be considered and handled according to the particular circumstances and the Executive's position. Should the Executive be dissatisfied with any disciplinary decision
he/she should appeal in writing to the Chief Executive of the Prudential Group.

	(j)
	Date of Commencement of Employment—The date of commencement of employment (i.e. date of joining Prudential) is the
Commencement Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

	/s/  JONATHAN BLOOMER        
 SIGNED by CEO

on behalf of PRUDENTIAL PLC	 	 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  MARK TUCKER        
 SIGNED by	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

SIGNED by

on behalf of PRUDENTIAL SERVICES LIMITED	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 

PRIVATE AND CONFIDENTIAL 

       

       

      

      
 DATED 

21
June 2001 

      

       

PRUDENTIAL SERVICES LIMITED (1)  

and 

MARK WOOD (2)  

and 

PRUDENTIAL PLC (3)  

      

       

       

EXECUTIVE DIRECTOR CONTRACT OF EMPLOYMENT  

PARTIES  

	(1)
	PRUDENTIAL SERVICES LIMITED of 142 Holborn Bars, London EC1N 2NH ("the Company") and

	(2)
	MARK WOOD of The Old Vicarage, Churt, Surrey SU10 2HX ("the Executive")

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH ("Prudential") 

1.    DEFINITIONS  

In
this Agreement unless the context otherwise requires: 

"Board"
means the Board of Directors of Prudential; 

"Commencement
Date" means 21 June 2001; 

"Earnings
Cap" means the maximum allowance from to time under Section 640A of the Income and Corporation Taxes Act 1988; 

"Prudential
Group" means Prudential and each of its subsidiaries as "subsidiaries" is defined by section 736 of the Companies Act 1985. 

2.    APPOINTMENT  

	(1)
	Subject
to clause 10(2), the Company shall employ the Executive as the Chief Executive UK and Europe or in other such capacity as may be agreed ("the Appointment"). Subject to
clause 10(2), the Executive shall also serve Prudential as an Executive Director. The Executive shall report to the Group Chief Executive.

	(2)
	The
Appointment is deemed to be effective from the Commencement Date and shall, without prejudice to the provisions of clause 9(2), continue unless and until terminated by the
Company giving to the Executive not less than 12 months' prior written notice to expire at any time or the Executive giving to the Company not less than not less than 12 months' prior
written notice to expire at any time.

	(3)
	Notwithstanding
clause 2(2) above, the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

3.    DUTIES OF THE EXECUTIVE  

	(1)
	During
the Appointment the Executive shall use his best endeavours to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with
all due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment.

	(3)
	Where
notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation
to provide work for or assign any duties to the Executive for the whole or any part of the relevant notice period and may require him:

	(i)
	not
to attend any premises of the Company or any other company in the Prudential Group; and/or

	(ii)
	to
resign with immediate effect from any offices he holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or

	(iii)
	to
refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group; and/or 

	(iv)
	to
take any accrued holiday during any period of suspension under this clause 3(3). 

The
provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). 

During
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement. 

	(4)
	The
Board may also suspend all or any of the Executive's duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged
act or default of the Executive. Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company's premises during such
suspension) providing that:

	(i)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(ii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(5)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(6)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
holding and dealing in the shares of Prudential. The Executive shall also comply with the requirements laid down by all external regulatory bodies.

	(7)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

4.    PERFORMANCE OF DUTIES  

	(1)
	During
the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time,
attention and abilities to the business and interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or
interested in any other business or profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognized stock exchange
(not exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive shall perform his duties at such offices of the Company in London or any such place in the UK as the Company shall from time to time reasonably require the Executive to
work. The Executive shall also be expected to make such visits both in the UK and overseas as necessary for the proper discharge of the Executive's duties. 

5.    REMUNERATION  

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears
to a bank nominated by the Executive. The rate of salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. 

	(2)
	The
Executive shall be eligible to be admitted to membership of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and
rules from time to time governing the scheme. Final Pensionable Earnings ("FPE") is limited ("capped") by legislation and consequently so are the benefits the Scheme can provide. The cap is adjusted
from time to time (as described in Section 590C of the Income and Corporation Taxes Act 1988). The Executive may join the scheme and receive retirement and death benefits in relation to the
salary cap.

	(3)
	In
addition, the Executive will be paid a salary supplement of a percentage of base salary, less an offset of 15% of salary up to the Earnings Cap. 

The
contribution is on an age related scale: 

	Age
	 	Percentage

	35–39	 	23%
	40–44	 	26%
	45–49	 	30%
	50–54	 	34%
	55–60	 	38%

The
Executive will also be eligible for participation in a Funded Unapproved Retirement Scheme "FURBS", to which this salary supplement would be applied. The contribution to a FURBS is a taxable
benefit. In any event the Executive will be required to provide evidence to the Company that this supplement is used for retirement benefits. The Company will also meet the cost of cover broadly
equivalent to the total value of death in service benefits under PSPS related to the Executive's salary in excess of the cap; this is also a taxable benefit. 

	(4)
	Subject
to production, if requested, of medical certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for
work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of such incapacity. During this period of incapacity, the
Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in
clause 9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity
Scheme as from time to time in force, will apply to the Executive.

	(5)
	If
the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part
of any third party all payments made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is
recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security.

	(6)
	The
Executive, his wife and his unmarried children below the age of 18 (or 21 if in full time education) will be eligible free of charge to participate with effect from the
Commencement Date until termination of employment in the Prudential Group medical insurance scheme currently established with British United Provident Association.

	(7)
	The
Executive is eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the
availability of those benefits generally) which currently include:

	(a)
	the
Prudential Annual Incentive Plan ("AIP");

	(b)
	any
other annual or long term incentive arrangements generally established for senior executives from time to time; and 

	(c)
	the
Prudential Savings Related Share Option Scheme, details of which have been supplied to the Executive.

	(8)
	In
addition to those plans referred to in clause 5(6) above, whilst the Executive is employed as the Chief Executive UK and Europe at the discretion of the Company he will, in
respect of the calendar year 2001, be eligible to participate in the Chief Executive UK and Europe Long Term Incentive Plan ("the Chief Executive UK and Europe LTIP"). In respect of the calendar year
2002 and thereafter, the benefits under the UK and Europe LTIP may form part of the long term incentive arrangements referred to in clause 5(6)(b) above.

	(9)
	Participation
in the AIP, UK and the Chief Executive UK and Europe LTIP, any other annual or long term incentive arrangement and Savings Related Share Option Scheme is a matter
entirely separate from the Executive's terms and conditions of employment; the Company has no contractual obligation to invite the Executive's participation in any plan cycle; and in particular if the
Executive's employment shall terminate for whatever reason he shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under any scheme which he
might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise other
than such benefits as he would be entitled to within the Rules of the plan.

	(10)
	The
Executive shall be entitled to an interest free season ticket loan. 

6.    EXPENSES/MOTOR CAR  

	(1)
	The
Company, on production of the relevant receipts and/or invoices, shall reimburse the Executive for all travelling, hotel, entertainment and other
out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time
being in force.

	(2)
	The
Executive will also receive an annual amount in lieu of a car, at the rate applicable from time to time for Directors. This amount will be paid in monthly instalments (less such
deductions as the Company is required by law to make) at the same time as the Executive's salary, but will not form part of his salary for pensions or other salary related benefits. 

7.    HOLIDAY  

The
Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the
guidelines laid down by the Company from time to time. 

8.    NON-SOLICITATION  

	(1)
	The
Executive undertakes that during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the "Exclusion
Period") he shall not whether on his own account or otherwise and whether directly or indirectly:

	(a)
	solicit,
interfere with, endeavour to entice away or induce to leave their employment any person who is then or was at the date of termination of the Appointment a director or senior
manager of the Company or any other company within the Prudential Group; or

	(b)
	solicit,
interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar
to those being provided by the Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time
within the year ending on that date, a customer or in the habit of doing business with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the
twelve months before the termination of the Appointment; or 

	(c)
	engage
in the United Kingdom (whether as principal employee agent consultant or otherwise) in any trade or business which competes with any trade or business being carried on by the
Company or any other company within the Prudential Group at the date of termination of the Appointment and with which the Executive was actively concerned in the twelve months before the termination
of the Appointment.

	(2)
	The
period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the period of notice actually
served. The amount of time during which, if at all, the Company suspends the Employee under the provision of clause 3(3), shall also reduce the period during which the restrictions referred to
in clause 8 shall apply.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	each
of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on
him;

	(b)
	the
duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and

	(c)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective. 

9.    TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under Clauses 8 and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or

	(b)
	if
he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence (excluding Land Traffic offences) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or
otherwise) and such misconduct behavior or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to
the reputation of the Company or any other company within the Prudential Group; or

	(e)
	if
he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive. 

	(3)
	The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of
termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right.

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time during this Agreement the Executive's employment is terminated by reason
of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no
less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the Appointment.

	(5)
	The
Executive shall promptly deliver to the Company upon the last day the Company requires the Executive to attend any premises of the Company or any other company in the Prudential
Group:

	(a)
	any
property provided by the Company or any other company within the Prudential Group other than that required for the continuation of benefits, which property shall be delivered to
the Company upon the date of termination; and

	(b)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on
request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become
involved. 

10.  EXECUTIVE'S POSITION AS DIRECTOR  

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of Prudential or any other company within the Prudential Group.

	(2)
	If
the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being
re-elected after retiring by rotation pursuant to the Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a
breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such removal or cessation shall automatically constitute the Company giving notice to
terminate the Appointment within the provisions of clause 2(2).

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the
Prudential Group, without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

11.  CONFIDENTIAL INFORMATION  

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential
Group which may have come to his knowledge during his employment. For the purposes of this Agreement "Confidential Information" shall mean details of suppliers and their terms of business, details of
customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or any part
thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these
instructions shall cease to apply to any information which shall become available generally otherwise than through the fault of the Executive.

	(2)
	The
Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in
non-electronic form) from Prudential's premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company's
standards relating to confidentiality of information in electronic form. 

12.  GRATUITIES AND CODES OF CONDUCT  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body. 

13.  ASSIGNMENT  

The
Company may assign its interest in this Agreement to any other company within the Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 

14.  STATUTORY REQUIREMENTS  

The
Executive shall also be subject to the terms set out in the Schedule attached to this Agreement in connection with the Employment Rights Act 1996. 

15.  NOTICES  

Any
notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for service on the Company shall be its
registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been served as follows: 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

16.  MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorized representative of the Company on the date first above written. 

 
 

THE SCHEDULE    
    

        In accordance with the Employment Rights Act 1996, the following terms of the Executive's appointment apply on the date of the Agreement as provided therein:- 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 7

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chief Executive of the Prudential Group.

	(i)
	Disciplinary Procedure—There are no disciplinary rules applicable to senior executives so that any disciplinary action
relevant to the Executive will be considered and handled according to the particular circumstances and the Executive's position. Should the Executive be dissatisfied with any disciplinary decision
he/she should appeal in writing to the Chief Executive of the Prudential Group.

	(j)
	Date of Commencement of Employment—The date of commencement of employment (i.e. date of joining Prudential) is the
Commencement Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

	/s/  JONATHAN BLOOMER        
 SIGNED by Jonathan Bloomer

on behalf of PRUDENTIAL CORPORATION PLC	 	 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  MARK WOOD        
 SIGNED by Mark Wood	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 
	

/s/  JANE KIBBEY        
 SIGNED by Jane Celia Kibbey

on behalf of PRUDENTIAL SERVICES LIMITED	
 	

 
	

In the presence of:	
 	

 
	

Date:	
 	

 

QuickLinks

Exhibit 4(b)

THE SCHEDULE

THE SCHEDULE

THE SCHEDULE

THE SCHEDULE

THE SCHEDULE

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