Document:

Exhibit 4.4

 

CUSTODY AGREEMENT

SHARESAVE
PLANS

 

THIS AGREEMENT has been made as of April 19, 2005,
between Imperial Tobacco Group PLC, a public limited company organized under
the laws of England and Wales with its principal place of business at Upton
Road, Bristol BS99 7UJ, England (“Company”) acting as agent for certain of its
employees, and the HSBC Bank USA, National Association, a national banking
organization with a principal place of business at One HSBC Center, Buffalo,
New York 14203 (“Custodian”).

 

RECITALS

 

WHEREAS, the Company
acting as agent for certain of its employees who have directed the Company to
act as their agent for that purpose the (“Agent”), desires to establish a
custody account (“Account”) for the purpose of holding the savings contributions
of those employees as individual participants in the Imperial Tobacco Group
International Sharesave Plan [2005]; and

 

WHEREAS, the Agent wishes
to appoint the Custodian to hold the savings contributions, and the Custodian
is willing to establish the Account and conditions herein set forth;

 

NOW, THEREFORE, the Agent
and the Custodian agree as follows:

 

1.  Appointment and Duties of Custodian.  The Agent hereby appoints the Custodian to
establish the Account to hold and pay amounts from assets held from time to
time in the Account.  The Custodian
accepts such appointment and agrees to establish the Account that it will have
custody and be responsible for the safekeeping of assets comprising the
Account.  The Custodian may register any
assets of the Account in the name of its nominee and may use the depository
facilities of the Federal Reserve Bank, or the Depository Trust Company, or may
make any other reasonable depository arrangement.

 

2.  Assets of Account.  The assets shall consist initially of such
cash as the Agent delivers to the Custodian and shall be subject subsequently
to such additions and/or withdrawals as the Agent shall from time to time
direct, together with any income or distributions accrued pursuant to section 4
below.

 

3.  General Investment Operations.  The Custodian will invest the assets of the
Account in the HSBC Investor U.S. Treasury Money Market Fund managed by HSBC
Asset Management Americas, Inc.

 

4.  Collection of Income.  The Custodian will collect income paid with
respect to assets of the Account and will add it to the assets at month end.

 

5.  Payments of Benefits and Expenses.  The Custodian shall make payments and pay
expenses and other amounts only when it receives (and in accordance with)
written instructions of the Agent indicating the amount of payment and the name
and address of the recipient.  The
Custodian shall not be liable to make such payments unless sufficient funds are
available in the Account.  The

 

 

Custodian need not
inquire into whether any payment it is so instructed to make is consistent with
applicable law or otherwise proper.  The
Custodian shall not be liable in any way for any payment made by the Custodian
in accordance with such instructions.

 

The Custodian may pay any
amount by mailing its check for the amount thereof to the person designated by
the Agent as entitled to receive such payment to such address as may have last
been furnished to the Custodian by the Agent. 
If no such address has been so furnished, amounts may be mailed by the
Custodian to such person in care of the Agent.

 

If a dispute arises as to
the payment of any funds or delivery of any assets by the Custodian, the
Custodian may withhold such payment or delivery until the dispute is determined
by a court of competent jurisdiction, is finally settled in writing by the
parties concerned, or until it is indemnified against loss to its reasonable
satisfaction.

 

6. 
Transaction Statements and Recordkeeping.  The Custodian will supply the Agent with
periodic statements showing transactions involving the Account, including
receipts, disbursements, purchases, sales and the market value of the
assets.  The Custodian will provide
periodic balance sheets or summaries of income and expenses and will maintain
accounts showing the interests of individuals in the Account. The Custodian will
supply upon request and will mail to each individual employee having an
interest in the Account at least quarterly statements showing transactions with
respect to individual’s interest in the Account including receipts,
disbursements, purchases, sales, and the market value of the assets allocated
to such individual’s interest in the Account.

 

7.  Assumptions of Custodian.  The Custodian may assume, and shall be fully
protected in assuming, that any communication received by it under this
Agreement is from the party purporting to have sent it and is genuine in all
respects, and does not violate any law or administrative rule or regulation.

 

8.  Fees and Expenses of Custodian.  The compensation to which the Custodian is
entitled shall be evidenced by the attached fee schedule, dated and signed,
which becomes a part of this Agreement. 
The Custodian shall provide written notification to the Agent of any
change in the fee schedule and the effective date of said change.  The schedule, as amended, shall become
effective unless the Custodian receives the written objection of the Agent
within 30 days of the notification.

 

9.  Taxes. 
All taxes that may be levied or assessed upon or in respect of the
Account (other than income taxes levied on the income of the Custodian) shall
be paid from the Account.  The Custodian
shall notify the Agent of any proposed or final assessments of taxes and may
assume that any such taxes are lawfully levied or assessed unless the Agent
advises it in writing to the contrary within fifteen days after receiving the
above notice from the Custodian.  If the
Agent contests the validity of any such taxes, it shall so notify the Custodian
in writing and the Custodian shall make no payments respecting such tax unless
instructed to do so by the Agent or compelled to do so by governmental
authority.  If the Agent contests any
such proposed levy or assessment, the Custodian shall provide such information
and cooperation as the Agent reasonably requests.  The Custodian shall have no responsibility or
liability for any obligations now or hereafter imposed on the Agent, the
Account or the Custodian as custodian of the Account by the tax law of the
United States of America or any state or political subdivision thereof.  It shall be the responsibility of the Agent
to notify the Custodian of the obligations imposed on the Agent (other than
income taxes levied on the income of the Custodian), the Account or the
Custodian as custodian of the Account by the tax law of jurisdictions other
than those mentioned in the above sentence, including responsibility for
withholding and other taxes, assessments or other governmental charges,
certifications and governmental reporting.

 

10.  Retention of Advisors.  The Custodian may reasonably consult legal
counsel and other professional advisors who may, but need not, be its counsel
or advisor or counsel or advisor to any

 

2

 

party having an interest
in or connected with the Account or the Agent, with respect to the meaning and
construction of this Agreement or its power, obligations, and conduct
hereunder.  The Custodian shall be
entitled to reasonable reimbursement for such legal counsel’s and other
professional advisor’s fees.  The
Custodian shall not be liable for the consequences of, and shall be fully
protected in acting pursuant to or relying upon, the advice of such legal
counsel or advisors.

 

11.  Liability and Immunities of Custodian.  The Custodian shall be fully protected in
relying upon any written instruction, direction or approval of the Agent.

 

The Custodian shall be
fully protected in acting upon any instrument, certificate, or paper believed
by it to be genuine and to be signed or presented by the proper person or persons
under this Agreement, and may accept the same as conclusive evidence of the
truth and accuracy of the statements therein contained unless the Custodian
knows otherwise.

 

All persons dealing with
the Custodian are released from inquiry into the decision or authority of the
Custodian.

 

Except as specifically
provided elsewhere in this Agreement, neither the Custodian nor any of its
officers, directors, or employees, nor any agent of or counsel for any of the
foregoing, shall be liable to anyone at any time interested in the Account, for
any act or omission in the administration of this Agreement except the
Custodian shall be liable for the negligence and willful misconduct of the
Custodian and any of its officers, directors, or employees, or agents of or counsel
for any of the foregoing.

 

The Custodian shall not
be liable to make payments of any kind unless sufficient funds are available
therefor in the Account.  The Custodian
shall be responsible only for such money and other property as are received by
it as Custodian under this Agreement.

 

12.  Tax Representations.  The Custodian makes no representations to any
party to this Agreement or any other person as to the tax consequences of any
transactions involving the assets in the Account.

 

13.  Proof of Matters.  Whenever the Custodian shall deem it
desirable for a matter to be proved or established before taking, permitting,
or omitting any act, the matter (unless other evidence in respect thereof is
specifically prescribed in this Agreement) may be deemed to be conclusively
established by a certification signed by the Agent and delivered to the
Custodian, and the Custodian shall be fully protected in relying on such an
instrument.

 

14.  Resignation or Removal of Custodian.  The Custodian may resign as Custodian under
this Agreement at any time by a written instrument delivered to the Agent
giving notice of such resignation, which shall be effective sixty days after
receipt or at such other time as is agreed by the Agent and the Custodian.  The Custodian may be removed at any time by
the Agent by a written resolution delivered to the Custodian, which shall be
effective thirty days after receipt or at such other time as is agreed between
the Agent and the Custodian.

 

If the Custodian resigns
or is removed, it shall deliver any assets of the Account in its possession to
a successor custodian or the Agent as soon as is reasonably practicable after
such resignation or removal or at such earlier time as shall be agreed on by
the Agent and the Custodian.

 

The Custodian may,
however, reserve such sum of money as it deems advisable for payment of its
fees and expenses in connection with its administration of the Account or for
payment of all taxes that have been or the Custodian reasonably believes will
be assessed on or in respect of the Account or the income thereof for the
period before its removal or resignation. 
The Custodian shall pay over to the successor

 

3

 

custodian or the Agent
any balance of such reserve remaining after the payment of such fees, expenses
and taxes. The delivery of assets of the Account to the successor custodian or
the Agent shall not be deemed a waiver by the Custodian of any lien or claim it
may have on the Account for its fees or expenses.

 

15.  Communications.  Communications to the Custodian shall be sent
to its Trust Division at HSBC Bank USA, National Association, One HSBC Center,
Buffalo, New York 14203.

 

16.  Indemnification.  In the event a claim is asserted by any
person or persons against the Custodian where the Custodian has acted in good
faith in reliance on directions or communications of the Agent or in the event
the Custodian is involved in litigation in connection with any matter arising
under this Agreement, it shall be indemnified by the Agent against any
liability imposed against it as a result thereof or incurred by reason of its
holding of the assets, including reasonable legal fees incurred unless such
litigation or claim asserted against the Custodian results in a determination
that there has been a breach by the Custodian of its legal obligations
negligence and or willful misconduct. 
The Custodian acting in good faith shall not be liable for any action,
omission, information or recommendation in connection with this Agreement,
except in the case of the Custodian’s negligence, misconduct or willful
violation of any applicable statue.

 

17.  Applicable Law.  This Agreement shall be construed in
accordance with the laws of the State of New York.

 

18.  Amendment.  This Agreement may be amended at any time and
from time to time by a written instrument signed by the Custodian and the
Agent.  The instrument of amendment shall
specify its effective date and amendments may be made effective retroactively.

 

19.  Severability.  Should any provision of this Agreement be
deemed or held invalid or unlawful for any reason, such fact shall not
adversely affect the other provisions of this Agreement unless such invalidity
shall render impossible or impractical the functioning of the Agreement.

 

20.  Counterparts.  This agreement may be executed in one or more
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed as of the date and
year first above written.

 

 

	
   

  	
  IMPERIAL TOBACCO GROUP
  PLC,

  
	
   

  	
  AS AGENT FOR CERTAIN OF
  ITS EMPLOYEES

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ ROBERT DYRBUS

  	
   

  
	
   

  	
   

  	
   

  	
  Robert
  Dyrbus, Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  CUSTODIAN

  
	
   

  	
   

  	
  HSBC Bank USA, National
  Association

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ REYMAR TORRES

  	
   

  
	
   

  	
   

  	
   

  	
  Reymar
  Torres, VP

  

 

4

 

(A)        Schedule
of Fees for Sharesave Plans

for Imperial Tobacco Group International
Sharesave Plan

 

This schedule of fees
covers the services outlines below and is based on assumptions as noted:

 

SERVICES
INCLUDE

 

•              Custody
assets

•              Fund
level accounting and reporting on a quarterly basis

•              Participants
accounting and reporting on a quarterly basis; reporting includes participant
statements delivered to the plan sponsor for distribution as well as
administrative journals for plan sponsor reference

•              1099
DIV preparation, distribution to participants and IRS filing

•              Check
issuance and mailing

•              Wire
transfers to company

 

ASSUMPTIONS

 

•              All
participant data is available via magnetic media with pre-reconciled totals for
all financial data

•              Single
savings period per plan

•              Withdrawals
will be based on monthly valuation

•              Participant
inquiries are directed to plan sponsor

•              Funds
will be invested in mutual fund as defined in Custodian Agreement.  This investment is not FDIC insured.

•              Plan
sponsor will be responsible for computation of shares to be purchased for each
participant and will notify HSBC Bank USA of the amount to be paid in total as
well as for each participant.

 

A.         Conversion:
One-time charge for establishing participant records

 

	
  Plan Participation

  	
   

  	
  Per Participant Fee*

  	
   

  
	
  First

  	
  2,500

  	
   

  	
  $

  	
  3.00

  	
   

  
	
  Next

  	
  7,500

  	
   

  	
  $

  	
  2.00

  	
   

  
	
  Balance

  	
   

  	
  $

  	
  1.00

  	
   

  

 

*       Minimum
Set-up Fee: $ 1,000

 

B.         Accounting
and Reporting

 

The following annual
charges will apply:

 

	
  Plan Participation

  	
   

  	
  Per Participant Fee*

  	
   

  
	
  First

  	
     500

  	
   

  	
  $

  	
  25.00

  	
   

  
	
  Next

  	
  2,000

  	
   

  	
  $

  	
  16.00

  	
   

  
	
  Next

  	
  7,500

  	
   

  	
  $

  	
  12.00

  	
   

  
	
  Balance

  	
   

  	
  $

  	
  10.00

  	
   

  

 

*       Minimum
Annual Fee: $ 6,000

 

(over)

 

 

C.         Disbursements
Services

 

	
  via Check Issuance

  	
   

  	
  Fee

  	
   

  
	
  First

  	
  2,500

  	
   

  	
  $5.00 per check

  	
   

  
	
  Balance

  	
   

  	
  $2.00 per check

  	
   

  
					

 

Withdrawal
Processing via Company payroll: $2.00 per withdrawal

 

D.         Wire
Transfers

 

$ 20.00  per wire

 

E.         Postage
& Overnight Courier Services

 

Charged as incurred

 

F.         Extraordinary
Services

 

Charged at an hourly rate
of $ 75.00

 

The full annual fee will
apply for any part of the first year of plan services.

 

	
  Approved by:

  	
  Imperial Tobacco Group
  PLC

  	
   

  
	
   

  	
  Company Name

  
	
   

  	
   

  
	
  /s/ ROBERT DYRBUS

  	
   

  	
  Robert
  Dyrbus

  	
   

  
	
  Signature

  	
  Print Name

  
	
   

  	
   

  
	
  Director

  	
   

  	
  April
  19, 2005

  	
   

  
	
  Title

  	
  Date

  
					

 

2Exhibit 10.48

 

Description
of the Compensation of

ITT Educational Services, Inc.’s

President and Chief Operating Officer

 

On April 26, 2005, Kevin M. Modany was
elected President and Chief Operating Officer of the Registrant by its Board of
Directors, effective April 26, 2005. 
Under the terms of his employment arrangement with the Registrant, Mr. Modany
will receive a base salary payable at an annual rate of $310,000.  Mr. Modany was also granted a stock
option as of May 4, 2005 to purchase 12,000 shares of the Registrant’s
common stock at a price equal to the fair market value of the stock at the
close of business on May 3, 2005. The option will vest in three equal
annual installments beginning one year from the date of grant and will expire
on the seventh anniversary date of the grant. Mr. Modany will continue his
participation in the Registrant’s 2005 Executive Bonus Parameters disclosed in
the Registrant’s current report on Form 8-K dated January 25, 2005
and incorporated herein by reference.

 

In his new position, Mr. Modany will
also have the use of a leased car, an allowance to be used for tax return
preparation and financial planning, and tickets to sporting, theater and other
events.

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