Document:

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                                                                 Exhibit 4.(c).2

                          CHINA.COM CORPORATION LIMITED

                                       AND

                           DR. RAYMOND KUO-FUNG CH'IEN

                    ----------------------------------------

                          EXECUTIVE SERVICES AGREEMENT
                            (CHIEF EXECUTIVE OFFICER)
                    ----------------------------------------

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      THIS EXECUTIVE SERVICES AGREEMENT (CHIEF EXECUTIVE OFFICER) dated as of
March 2, 2005 between china.com Corporation Limited located at 34/F Citicorp
Centre, 18 Whitfield Road, Causeway Bay, Hong Kong (the "Company") and Dr.
Raymond Kuo-Fung Ch'ien located at c/o china.com Corporation Limited, 34/F
Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong (the "Executive").
The Company and the Executive are collectively referred to as the "Parties" and
each, a "Party".

      WHEREAS, effective as of April 27, 2004, the Company and the Executive had
entered into an Executive Services Agreement pursuant to which the Executive had
agreed to provide certain services to the Company as Executive Chairman on the
terms set forth therein (the "Original Executive Services Agreement").

      WHEREAS, effective as of April 27, 2004, the Company and the Executive had
entered into Amendment No. 1 to the Original Executive Services Agreement
pursuant to which, among other things, the Executive agreed to serve as Acting
Chief Executive Officer of the Company until March 31, 2005 on the terms set
forth in such Amendment.

      WHEREAS, the Company and the Executive desire for the Executive to
continue to provide certain services to the Company as both Executive Chairman
and Chief Executive Officer (the "CEO") of the Company.

      WHEREAS, concurrently with entry into this Executive Services Agreement
(Chief Executive Officer), the Company and the Executive have agreed to enter
into an Amended and Restated Executive Services Agreement (Executive Chairman)
(the "Executive Chairman Services Agreement") which sets forth the terms
pursuant to which the Executive has agreed to provide services as Executive
Chairman of the Company.

      WHEREAS, this Agreement sets forth the terms pursuant to which the
Executive has agreed to provide certain services to the Company as CEO.

      WHEREAS, the terms of this Agreement have been approved by the Board (as
defined below) and the Agreement has been so ratified by the Board.

      NOW, THEREFORE, in consideration of the foregoing mutual covenants and
agreements contained herein, the parties hereby agree effective as of the
Effective Date as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   In this Agreement, the following words and expressions shall bear the
following meanings, unless the context otherwise requires:

      "Appointment Date" means the Effective Date.

      "Associated Company" means any corporation or other business entity or
entities that directly or indirectly controls, is controlled by, or is under
common control with the Company after the Appointment Date or all other entities
in the group of companies of such Associated Companies, and "Associated Company"
shall have a corresponding meaning.

      "Board" means the board of directors of the Company from time to time.

      "CEO" has the meaning set forth in the recitals above.

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      "Company" has the meaning set forth in the introductory paragraph above.

      "Compensation Committee" means the compensation committee of the Board.

      "Confidential Information" has the meaning set forth in Clause 7.2.

      "Effective Date" means March 2, 2005.

      "Employment Period" has the meaning set forth in Clause 2.2.

      "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended.

      "Executive" has the meaning set forth in the introductory paragraph above.

      "Executive Chairman Services Agreement" has the meaning set forth in the
recitals above.

      "Executive Committee" means the executive committee established by the
Board in accordance with the Company's Articles of Association.

      "Executive Notice" has the meaning set forth in Clause 4.4.

      "Hong Kong" means the Hong Kong Special Administration Region of the
People's Republic of China.

      "Initial Term" has the meaning set forth in Clause 2.1.

      "Original Executive Services Agreement" has the meaning set forth in the
recitals above.

      "Parties" or "Party" has the meaning set forth in the introductory
paragraph above.

      "PRC" means the People's Republic of China.

      "Released Party" has the meaning set forth in Clause 3.1.

      "Replacement CEO" has the meaning set forth in Clause 2.1.

      "Review Committee" has the meaning set forth in Clause 4.4.

      "Review Date" has the meaning set forth in Clause 4.4.

      "Services" means the services rendered by the Executive to the Company as
described in Schedule 1 hereto.

      "Two Year Period" has the meaning set forth in Clause 13.1.3.

      "1999 Stock Option Plan" means the Company's stock option plan, which was
initially registered pursuant to a registration statement on Form S-8 with the
U.S. Securities and Exchange Commission in December 1999, as amended from time
to time.

1.2   Any reference in this Agreement to any ordinance or other enactment shall
be deemed also to refer to any statutory modification, amendment, codification
or re-enactment thereof or substitution therefore or regulations or guidelines
issued under any of the foregoing.

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1.3   Any reference to a numbered clause or a numbered schedule shall be a
reference to the relevant clause, or as the case may be, the relevant schedule
of this Agreement.

1.4   The headings to the clauses of this Agreement shall not affect its
interpretation.

2.    TERM OF APPOINTMENT AND TERMINATION OF AMENDMENT NO. 1 TO THE ORIGINAL
EXECUTIVE SERVICES AGREEMENT

2.1   The Company hereby engages the Executive, and the Executive accepts such
engagement, to render Services, including the services of the Executive as the
CEO of the Company effective the Appointment Date until March 31, 2007 (the
"Initial Term").

2.2   Upon the expiration of the Initial Term, the Executive's employment shall
automatically continue and the Executive shall be an employee of Company, still
subject to the terms of this Agreement, except for those provisions which
explicitly apply to the Initial Term only. The Initial Term together with any
subsequent employment term is referred to as the "Employment Period."

2.3   The Company and the Executive agree that this Agreement shall supersede
and replace the terms pursuant to which the Executive had acted as Acting CEO
pursuant to Amendment No. 1 to the Original Executive Services Agreement, and
that such Amendment No. 1 to the Original Executive Services Agreement is hereby
and forever terminated. The Executive hereby releases the Company from all
obligations or claims related to or arising under Amendment No. 1 to the
Original Executive Services Agreement.

2.4   For the avoidance of doubt, any action taken pursuant to Clause 2.1 hereto
relating to the termination of the Executive as the CEO shall not affect the
Company's engagement of the Executive as the Executive Chairman of the Company
pursuant to the terms of the Executive Chairman Services Agreement unless the
Executive is terminated in accordance with Section 12.1 of this Agreement.

2.6   The Executive shall be based in Hong Kong. In the performance of the
Services, the Executive may be required to undertake domestic and/or
international travel at the request of the Company. Such travel will be in
accordance with the Company's travel policies as they may be amended from time
to time during the term of this Agreement.

3.    RIGHT TO NOMINATION AS DIRECTOR

3.1   For so long as the Executive serves as CEO pursuant to this Agreement, the
Executive shall have the right to be nominated to serve as a Director to the
Company's Board, subject to the approval of the shareholders of the Company. For
the avoidance of doubt, in the event the shareholders of the Company do not
approve the Executive to serve as a Director to the Company's Board, the
Executive, irrevocably and unconditionally releases and waives all claims,
causes of action or similar rights of any type arising under this Clause 3 that
the Executive has or may have against the Company, all current and former
parents, subsidiaries, related companies, partnerships, or joint ventures, and,
with respect to each of them, their predecessors and successors; and, with
respect to each such entity, all of its past, present and future employees,
officers, directors, shareholders, owners, representatives, assigns and any
other persons acting by, through, under or in concert with any of the persons or
entities listed in this clause, and their successors (each, a "Released Party").

4.    CONSIDERATION

4.1   In consideration for the Services of the Executive to be provided to the
Company, the Company shall pay, provide or grant to the Executive (a) a salary
of US$1,500,000.00 per annum

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and (b) the other benefits as set forth in Clause 6 hereof. Such salary shall be
inclusive of any income tax that any government may require the Company to
withhold from the Executive's payroll from time to time. The Executive's salary
shall be paid quarterly in arrears; provided, if the Executive does not provide
Services for the entire quarter, such salary shall be pro rated based upon the
actual number of days of the quarter the Executive provides Services (for
example, if the Effective Date is March 1, 2005, then the quarterly salary for
the quarter ended March 31, 2005 shall be pro rated at 31/90 of a quarter). The
Company will not be obliged to increase the Executive's salary at any time
during the Initial Term or the Employment Period.

4.2   To the extent reasonably practicable the Company shall cooperate with the
Executive to ensure that the consideration arrangements set forth in this
Agreement are structured in a tax efficient manner for all concerned parties.
The Executive agrees and warrants to the Company that he shall indemnify the
Company and any Associated Company, and hold the Company and any Associated
Company harmless against the Executive's non-payment of any income tax,
professional indemnity, and other national, provincial or local taxes or
assessments in connection with his consideration arrangements and benefits from
the Company and any Associated Company. In addition, the Executive specifically
represents, warrants and covenants to the Company that to the extent that he is
subject to any withholding or deduction under income tax laws of any
jurisdiction with respect to the consideration arrangements and benefits from
the Company and any Associated Company, that he will hold the Company and each
Associated Company harmless against any non-withholding or non-deduction in
connection with the consideration arrangements and benefits from the Company and
any Associated Company.

4.3   The Executive shall not be entitled to any fee as a director of the
Company or any Associated Company.

4.4   The consideration as set forth in Clause 4.1 hereof shall be reviewed at
the end of the Initial Term, and if this Agreement is renewed, at the beginning
of each calendar year thereafter (each such date, a "Review Date"). On each
Review Date, the consideration as set forth in Clause 4.1 hereof shall be
revised or amended by such amount as agreed by a review committee of the Board,
as designated from time to time (the "Review Committee") in the manner specified
by Clause 4 hereof. In addition, at any time after the date of this Agreement,
the Executive may, by written notice to the Company, call for a review of
consideration as set forth in Clause 4.1 hereof (an "Executive Notice"), which
shall require the Review Committee to review the Executive's compensation in the
manner specified by Clause 4.5 hereof; provided, however, that the Executive may
not deliver more than one Executive Notice between successive Review Dates.

4.5   The Review Committee shall convene on each Review Date or upon receiving
an Executive Notice. The Review Committee shall consist of members of the
Compensation Committee of the Board and not less than two independent Directors
of the Company. However, if the Executive shall be a member of the Compensation
Committee of the Board, the Executive shall not be a member of the Review
Committee. If the Review Committee determines that an increase in the
Executive's compensation and/or the reimbursements set forth in Clause 6.1
hereof is justified, the Executive's compensation and/or the reimbursements set
forth in Clause 6.1 hereof payable shall be increased accordingly subject to
ratification by the full Board (excluding the Executive).

5.    [INTENTIONALLY OMITTED]

6.    OTHER BENEFITS

6.1   Upon presentation of proper vouchers, receipts or other proof, the Company
shall reimburse the Executive with respect to reasonable expenses of the
Executive related to travel, entertaining and subscriptions, in accordance with
the policies of the Company, in each case reasonably incurred in

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the performance of his Services. All reimbursable expenses in the amount of
$20,000 or less, shall be approved in writing by the then current chairman of
the Company, or in his absence or if the Executive is such chairman, by two
members of the executive management team comprised of the Chief Financial
Officer, General Counsel and Human Resources Director. All reimbursable expenses
in excess of $20,000, shall be approved in writing by a member of the Audit
Committee. The Executive understands and agrees that at no time will the
Executive approve his own reimbursable expenses. For the avoidance of doubt, the
Company or any of its Associated Companies shall not be required to reimburse
any cost associated with any motor vehicle, chauffeur or executive assistant
used or hired by the Executive during the term of this Agreement except with
respect to the administrative assistant currently employed by an Associated
Company on behalf of the Executive.

6.2   The Executive shall be eligible for participation in any insurance and
employee benefit plan of the Company that currently exists or may be adopted by
the Company (in the full discretion of the Company) from time to time with the
level of insurance and benefits being on a comparable basis as the rules of
eligibility currently in effect for chief executives of business units within
the Company (eg. the chief executives of Ross Systems, Inc. and Pivotal
Corporation) after taking into effect local jurisdiction statutory requirements.
Furthermore, the Executive (including spouse and immediate dependents) shall be
eligible for participation in medical insurance (including for major medical
incidents) and other insurance or benefits as determined by the Company from
time to time. While the Company will make reasonable best efforts to achieve the
above, the Executive acknowledges that differences in benefit packages will
exist due in large part to local jurisdiction statutory requirements and, as
such, the Company is not under the obligation to upgrade or match the
Executive's benefit package to be equal to the perceived "best" benefit package
of other employees within the Company.

6.3   The Parties acknowledge that in addition to this Agreement, the Parties
have entered into the Executive Chairman Services Agreement. For the avoidance
of the doubt, the Parties acknowledge that the "Other Benefits" provided for in
Section 6 of the Executive Chairman Services Agreement to the extent duplicative
of the benefits provided to the Executive hereunder (including, but not limited
to benefits with respect to reimbursement of expenses, participation in
insurance, employee benefit plans and medical insurance plans, and annual leave
entitlement) shall not be cumulated or aggregated, and that the Executive is
entitled to receive benefits under only the one agreement which provides more
favorable terms to such Executive with respect to such benefit.

7.    CONFIDENTIAL INFORMATION

7.1   The Executive covenants and agrees not to use, other than for the benefit
of the Company and to keep confidential, during the term of this Agreement, all
information about the Company and all Associated Companies which the Company or
any of the Associated Company treats as confidential, including, but not limited
to, information about customers, marketing plans, marketing techniques,
technical information, and possible new products or services, except that the
Executive shall not be required to keep particular items of information
confidential after those items of information become generally available to the
public without a breach by the Executive of the obligations under this Clause.

7.2   The Executive covenants and agrees that, except during the performance of
the Services, he shall not, at any time, directly or indirectly, without the
prior written consent of the Company, use or disclose to any person any
confidential or proprietary information ("Confidential Information") obtained or
developed by the Executive, as the case may be, during the term of this
Agreement relating to the Company's business, except information which at the
time is (a) available to others in the same business as the Company or generally
known to the public other than as a result of disclosure by him not permitted
hereunder, (b) lawfully acquired from a third party who is not

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obligated to the Company to maintain such information in confidence, or (c) used
in any dispute or proceedings between third parties and the Executive, as the
case may be, and is legally compelled disclosure; provided, the Executive shall
(i) assert the privileged and confidential nature of the Confidential
Information against the third party seeking disclosure, and (ii) cooperate fully
with the Company in protecting against any such disclosure and/or obtaining a
protective order narrowing the scope of such disclosure and/or use of the
Confidential Information. In the event that such protection against disclosure
is not obtained, the Executive shall be entitled to disclose the Confidential
Information, but only as and to the extent necessary to legally comply with such
compelled disclosure.

7.3   The Executive covenants and agrees to disclose promptly to the Company all
new discoveries, ideas, formulae, products, methods, processes, designs, trade
secrets, copyrightable material, patentable inventions, intellectual property or
other useful technical information or know-how and all improvements,
modifications or alterations of existing discoveries made, discovered or
developed by the Executive, either alone or in conjunction with any other person
during the term of this Agreement, or using the Company's or any Associated
Company's materials or facilities which discoveries or developments are based
on, derived from or make use of any information directly related to the business
disclosed to, or otherwise acquired by, the Executive from the Company or any
Associated Company during the term of this Agreement. The Executive covenants
and agrees that any copyright, patent, trademark or other proprietary rights in
any such discoveries shall be the sole and exclusive property of the Company,
and the Company need not account to the Executive for any revenue or profit
derived therefrom. If by operation of law or otherwise, any or all of the items
of this Clause 7.3 or any component or element thereof is considered to be the
intellectual property right of the Executive, the Executive covenants and agrees
to irrevocably assign to the Company, its successor and assigns, ownership of
all copyrights and all other intellectual property rights available with respect
to each such element or item. The Executive shall be deemed to have granted the
Company an irrevocable power of attorney to execute as its or his agent any and
all documents (including copyright registrations) deemed necessary by the
Company to perfect Company's intellectual property rights in and to each of the
items in this Clause.

8.    NON-SOLICITATION

8.1   The Executive will not for a period of twenty four (24) months after the
termination of this Agreement either personally or by an agent directly or
indirectly, either on his own account or for any other person, firm or company,
or in association with or in the employment of any other person, firm or
company, solicit or serve or interfere with or endeavor to entice away from the
Company or any Associated Company any person, firm or company who within twenty
four (24) months prior to or at the date of such termination was a customer of
or in the habit of dealing with the Company or any Associated Company and with
whom the Executive had contact or about whom the Executive became aware or
informed in the course of this Agreement.

8.2   The Executive will not for a period of twenty four (24) months after the
termination of this Agreement with the Company either personally or by an agent
directly or indirectly, either on his own account or for any other person, firm
or company, solicit or interfere with or endeavor to entice away from the
Company or any Associated Company any person who within twenty four (24) months
prior to or at the date of such termination was an employee, director or
consultant of the Company or any Associated Company.

9.    NON-COMPETITION

9.1   During the Agreement, except as otherwise permitted as an exception as
defined and described in Schedule 2, without the prior written consent of the
Company, the Executive shall not (unless otherwise agreed in writing by the
Company) undertake any other business or profession that

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is in direct competition with the Company or be or become a director, employee
or agent of any other company (other than for an Associated Company), firm or
person that has a substantial portion of its business in direct competition with
the Company from time to time. The Executive may, however, hold or acquire by
way of bona fide investment only shares or other securities of any company in
compliance with Company policy unless the Company shall require him not to do so
in any particular case on the ground that such other company is or may be
carrying on a business competing or tending to compete with the business of the
Company or any Associated Company.

9.2   The Executive will not for a period of twenty four (24) months after the
termination of this Agreement either personally or by an agent directly or
indirectly either on his own account or for any other person, firm or company or
in association with or in the employment of any other person, firm or company be
engaged in or concerned directly or indirectly in any executive, technical or
advisory capacity in any business concern (of whatever kind) which is in
competition with the business of the Company or any Associated Company. This
clause shall not restrain the Executive from being engaged or concerned in any
business concern in so far as the Executive's duties or work shall relate
solely:

      9.2.1 to geographical areas where the business concern is not in
competition with the Company or any Associated Company; or

      9.2.2 to services or activities of a kind with which the Executive was not
concerned to a material extent during this Agreement.

10.   RETURN OF PAPERS, RIGHT TO INJUNCTIVE RELIEF, ETC.

10.1  The Executive hereby acknowledges and agrees that all personal property,
including, without limitation, all emails, books, manuals, records, reports,
notes, contracts, lists, blueprints, and other documents or materials or copies
thereof, and equipment furnished to or prepared by the Executive in the course
of or incidental to him performing his duties hereunder, including, without
limitation, records and any other materials belonging to the Company or any
Associated Company, shall be promptly returned to the Company or such Associated
Company (as the case may be) upon termination of the Agreement. Deletion of the
Company's documents, including but not limited to emails, business proposals and
contracts, from the Executive's assigned computers (including desktops and
laptops) without the Company's consent is considered a violation of this clause
and a material breach of this Agreement.

10.2  The Executive acknowledges that the Company or an Associated Company may
suffer irreparable harm, which cannot readily be measured in monetary terms, if
the Executive breaches the obligations under Clauses 7, 8, 9 or 10 of this
Agreement. The Executive further acknowledges and agrees that the Company or an
Associated Company may obtain injunctive or other equitable relief against it or
him to prevent or restrain such breach causing such harm; provided, however,
that where such breach involves subject matter that is susceptible of being
cured, the Executive will cure such breach as promptly as practicable upon
notice of such breach to the Executive. Such injunctive relief shall be in
addition to any other remedies the Company might have under this Agreement or at
law.

10.3  IN CONNECTION WITH CLAUSES 8 AND 9, THE EXECUTIVE REPRESENTS THAT HIS
EXPERIENCE, CAPABILITIES AND CIRCUMSTANCES ARE SUCH THAT THESE PROVISIONS WILL
NOT PREVENT THE EXECUTIVE FROM EARNING A LIVELIHOOD AND THAT THE LIMITATIONS SET
FORTH THEREIN ARE REASONABLE AND PROPERLY REQUIRED FOR THE ADEQUATE PROTECTION
OF THE COMPANY.

11.   [INTENTIONALLY OMITTED]

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12.   TERMINATION OF AGREEMENT

12.1  If the Executive:

      12.1.1 shall be or become incapacitated from any cause whatsoever from
efficiently performing his duties hereunder for three (3) consecutive months in
aggregate in any period of twelve (12) consecutive months;

      12.1.2 shall be or become prohibited by law from being a director;

      12.1.3 is convicted of, pleads guilty to or does not contest a felony or a
crime of moral turpitude;

      12.1.4 has been grossly negligent or acted dishonestly, in either case, to
the material detriment of the Company or any Associated Company;

      12.1.5 has engaged in actions amounting to willful misconduct;

      12.1.6 has materially breached any of the terms of this Agreement which
breach is not reasonably cured within 30 days after written notice to the
Executive from the Company;

      12.1.7 refuses or negligently fails to comply with reasonable and lawful
instructions of the Company or the Company's written regulations, which failure
is not cured to the reasonable satisfaction of the Board within ten days after
written notice to the Executive from the Company;

      12.1.8 shall fail, in the opinion of the Board, to perform his duties
competently or to perform the Services;

      12.1.9 shall fail to comply with Clauses 7, 8, 9 or 10 of this Agreement;

      12.1.10 shall become insolvent;

      12.1.11 is not approved by the shareholders of the Company to serve as a
Director to the Company's Board pursuant to Clause 3.1;

      12.1.12 shall cease to serve as Executive Chairman of the Company as a
result of termination of the Executive Chairman Services Agreement by the
Company pursuant to Clause 12 of such Executive Chairman Services Agreement; or

      12.1.13 fails to comply with any of the provisions under the chinadotcom
corporation Code of Ethics and the Guidelines for Employee Conduct, as adopted
by the Company (which shall include the negligent misreporting of financial or
other operating results), as determined by the Board acting reasonably,

then the Company shall be entitled by notice in writing to the Executive to
terminate this Agreement. The Executive shall have no claim against the Company
by reason of such termination, subject in the case of termination pursuant to
Clause 12.1.11 to Clause 5.1.

12.2  Any delay or forbearance by the Company in exercising any right of
termination shall not constitute a waiver of it.

12.3

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      12.3.1 The Executive may terminate this Agreement by giving three (3)
months' advance written notice of termination or payment in lieu of notice;
provided that the Executive's insurance and benefits shall continue for not less
than such three (3) month period in which case the Company shall have no further
obligation to the Executive under the terms of this Agreement (including,
without limitation, payment of any additional salary beyond the three (3) month
notice period).

      12.3.2 During the Initial Period, the Company may terminate this Agreement
upon the employment of a Replacement CEO, by giving six (6) months' advance
written notice of termination or payment in lieu of notice; provided that the
Executive's insurance and benefits shall continue for not less than such six (6)
month period in which case the Company shall have no further obligation to the
Executive under the terms of this Agreement (including, without limitation,
payment of any additional salary beyond the six (6) month notice period).
Subsequent to the Initial Period, the Company may terminate this Agreement by
giving three (3) months' advance written notice of termination or payment in
lieu of notice; provided that the Executive's insurance and benefits shall
continue for not less than such three (3) month period in which case the Company
shall have no further obligation to the Executive under the terms of this
Agreement (including, without limitation, payment of any additional salary
beyond the three (3) month notice period).

      12.3.3. For the avoidance of doubt, at any time during the Employment
Period if the Board undertakes to locate a replacement CEO (the "Replacement
CEO"), (a) the Executive agrees to cooperate with the Board in all efforts
thereof (including assisting in good faith with the transition to such
Replacement CEO) and the Executive understands and agrees that if Company
terminates this Agreement in accordance with Clause 12.3.2, the Board may change
the Executive's title, position and Services during the applicable notice period
set forth in Clause 12.3.2, and (c) provided that the Company complies with
Clause 12.3.2, the Executive agrees to execute a written release in favor of the
Company and its affiliates.

12.4  In the event of the Executive's death during this Agreement, this
Agreement shall be deemed to have terminated on the last day of the calendar
month during which the Executive's death shall occur, and the Company shall (i)
pay to the Executive's estate, in full discharge of its obligations hereunder,
compensation for the Executive's services up to and including the last day of
the month in which the death occurred plus additional compensation in a pro rata
amount equal to six (6) months of the salary set forth pursuant to Clause 4.1
and (ii) reimburse the Executive's estate for any expenses properly incurred
prior to the termination of this Agreement. Thereafter, the Company's
obligations hereunder shall terminate.

12.5  In the event the Executive is unable to perform the normal duties by
reason of disability as the result of non-work-related injury, then at the
discretion of the Audit Committee acting reasonably, this Agreement may be
terminated by the Company by giving six (6) month advance written notice to the
Executive or payment in lieu of notice, and the Company shall: (i) pay to the
Executive the severance payment as required by applicable law and (ii) reimburse
the Executive for any expense properly incurred prior to the termination of this
Agreement; provided that the Executive's insurance and benefits shall continue
for not less than such six (6) month period in which case the Company shall have
no further obligation to the Executive under the terms of this Agreement
(including, without limitation, payment of any additional salary beyond the six
(6) month notice period). Thereafter, the Company's obligations hereunder shall
terminate. For purposes of this section, "disability" shall mean the inability
of the Executive to perform the normal duties under this Agreement for a 60
consecutive day period or more than 90 days in any 12-month period due to
illness, injury, incapacity or other disability, either physical or mental. If
required by either Party, a physician mutually agreed by the Executive and the
Company shall determine whether the Executive is so disabled.

13.   COVENANTS UPON CEASING TO RENDER SERVICES

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13.1  From such time as the Executive ceases to render Services hereunder
(whether upon expiration, failure to renew or termination of this Agreement, or
otherwise) the Executive will observe the covenants set forth below.

      13.1.1 Cooperate with the Company and any Associated Company in the
             completion or transfer of pending work on behalf of the Company,
             and the orderly transfer of such work to other employees.

      13.1.2 Be available via email and other forms of communications to speak
             with senior management of the Company and any Associated Company.

      13.1.3 For the period from the time that the Executive ceases to render
             Services hereunder (whether upon expiration, failure to renew or
             termination of this Agreement, or otherwise) until twenty-four (24)
             months after such time (the "Two Year Period"), not grant
             interviews or make statements regarding the Company, any Associated
             Company or any of their respective directors, executive officers or
             employees without the prior express written consent of the then
             current CEO.

      13.1.4 During the Two Year Period, other than as may be required by a
             court order, not to disparage the Company or any Associated
             Company, or any member of the board of directors, executive officer
             or employee of the Company or any Associated Company.

      13.1.5 For the period from the time that the Executive ceases to render
             Services hereunder (whether upon expiration, failure to renew or
             termination of this Agreement, or otherwise) until twelve (12)
             months after such time, acknowledge that the Executive has or may
             be deemed to have had under the relevant securities laws access to
             confidential and/or price-sensitive information relating to the
             Company and Associated Companies. The Executive agrees that he will
             not and will use reasonable endeavors to cause immediate family and
             associated companies not to trade in securities of the Company and
             Associated Companies, and will take such actions or engage in such
             conduct as advisable or necessary to avoid liability or violations
             of "insider trading" rules under relevant securities laws,
             including avoiding any conduct that would result in becoming a
             "tipper" or "tippee" under the U.S. Securities Act of 1933, the
             U.S. Securities Exchange Act of 1934, and the rules of the Stock
             Exchange of Hong Kong Limited and the Securities and Futures
             Commission of Hong Kong.

      13.1.6 During the Two Year Period, cooperates with the Company and any
             Associated Company in the initiation of a claim and/or counterclaim
             of any action brought against any third party, as the case may be,
             with respect to the Company or any Associated Company.

      13.1.7 During the Two Year Period, cooperate with the Company and any
             Associated Company in the defense of any action brought by any
             third party against the Company or any Associated Company that
             relates to any aspect of the Executive's employment with the
             Company.

      13.1.8 During the Two Year Period, the Executive shall take any action and
             institute any proceedings, and give any information and assistance,
             as the Company or any Associated Company may reasonably request to:

<PAGE>

            13.1.8.1 dispute, resist, appeal, compromise, defend, remedy or
                     mitigate any matter; or

            13.1.8.2 enforce against a person (other than the Company or any
                     Associated Company) any of the Executive's rights in
                     relation to any matter; and

      13.1.9 in connection with proceedings related to any matter (other than
             against the Company or any Associated Company) use advisers
             nominated by the Company and, if the Company requests, allow the
             Company the exclusive conduct of the proceedings.

14.   MISCELLANEOUS MATTERS

14.1  The Executive warrants and covenants that there is no other contract or
duty on his part that will be inconsistent with this Agreement.

14.2  The Executive agrees that he will not assign, sell, transfer, delegate or
otherwise dispose of, whether voluntarily or involuntarily, or by operation of
law, any rights or obligations under this Agreement, nor shall the Executive's
rights be subject to encumbrance or the claims of creditors. Any purported
assignment, transfer, or delegation shall be null and void. Nothing in this
Agreement shall prevent the consolidation of the Company with, or its merger
into, any other corporation, or the sale by the Company of all or substantially
all of its properties or assets, or the assignment by the Company of this
Agreement and the performance of its obligations hereunder to any successor in
interest or any Associated Company. Subject to the foregoing, this Agreement
shall be binding upon and shall inure to the benefit of the Parties and their
respective heirs, legal representatives, successors, and permitted assigns, and
shall not benefit any person or entity other than those enumerated above.

14.3  If any provision of this Agreement, or the application thereof to any
person, place, or circumstance, shall be held by a court of competent
jurisdiction to be invalid, unenforceable, or void, the remainder of this
Agreement and such provisions as applied to other persons, places, and
circumstances shall remain in full force and effect. It is the intention of the
Parties that the provisions contained in Clauses 7, 8, 9 and 10 shall be
enforced to the greatest extent (but to no greater extent) in time, area, and
degree of participation as is permitted by the law of that jurisdiction whose
law is found to be applicable to any acts allegedly in breach of these
provisions.

14.4  This Agreement may not be modified or amended, except by an instrument in
writing, signed by the Executive and by a duly authorized representative of the
Company. By an instrument in writing similarly executed, either Party may waive
compliance by the other Party with any provision of this Agreement that such
other Party was or is obligated to comply with or perform; provided, however,
that such waiver shall not operate as a waiver of, or estoppel with respect to,
any other or subsequent failure. No failure to exercise and no delay in
exercising any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy or power
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy or power provided herein or by law or in equity.

14.5  The terms of this Agreement are intended by the Parties to be the full and
final expression of their agreement and may not be contradicted by evidence of
any prior or contemporaneous agreement. The Parties further intend that this
Agreement shall constitute the complete and exclusive statement of its terms and
that no extrinsic evidence whatsoever may be introduced in any judicial,
administrative or other legal proceeding involving this Agreement. This
Agreement fully supersedes any prior oral or written agreement between the
Executive and the Company and/or any Associated Company.

<PAGE>

14.6  The headings for the clauses of this Agreement are for convenience only
and are not part of this Agreement.

14.7  This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and such counterparts together shall
constitute one and the same instrument.

14.8  The Parties acknowledge that (i) they have had the opportunity to consult
counsel in regard to this Agreement if they so desire; (ii) they have read and
understand the Agreement and they are fully aware of its legal effect; and (iii)
they are entering into this Agreement freely and voluntarily, and based on each
Party's own judgment and not on any representations or promises made by the
other Party, other than those contained in this Agreement.

15.   NOTICES

      All such notices and communications shall be effective (a) when sent by
FedEx or other overnight service of recognized standing, on the third business
day following the deposit with such service; and (b) when faxed during normal
business hours on a day on which the Company is open for business, upon
confirmation of receipt. The Parties shall be obligated to notify each other in
writing of any change of the below address. Notice of change of address shall be
effective only when done in accordance with this Clause. All notices, requests,
demands, consents, instructions or other communications required or permitted
hereunder shall be in writing and faxed or delivered via courier to each Party
as follows:

      If to the Company:

      Address:       34/F, Citicorp Centre
                     18 Whitfield Road
                     Causeway Bay, Hong Kong
      Facsimile:     (852) 2893-5245
      Attention:     General Counsel and Company Secretary

      If to the Executive:

      Address:       c/o china.com Corporation Limited
                     34/F Citicorp Centre
                     18 Whitfield Road
                     Causeway Bay, Hong Kong
      Facsimile:     (852) 2893-5245
      Attention:     Dr. Raymond Kuo-Fung Ch'ien

16.   GOVERNING LAW

      This Agreement shall be governed by and construed under the law of Hong
Kong and each of the Parties hereby irrevocably agrees for the exclusive benefit
of the Company that the Courts of Hong Kong are to have exclusive jurisdiction
to settle any disputes which may arise out of or in connection with this
Agreement.

17.   EFFECTIVE DATE

      This Agreement shall become effective as of the Effective Date.

<PAGE>

      IN WITNESS whereof this Executive Services Agreement (Chief Executive
Officer) has been signed by or on behalf of the Parties hereto as of the date
first written above, and shall become effective as of the Effective Date.

SIGNED by                                     )
Director                                      )
on behalf of the china.com Corporation Limited)

Date:

SIGNED by Dr. Raymond Kuo-Fung Ch'ien  )
Executive                              )

Date:exv4w9

 

Exhibit 4.9

Confidential treatment has been requested for certain portions of this exhibit. The copy
filed herewith omits the information subject to the confidential treatment request. Omissions are
designated as “ ***** ”. A complete version of this exhibit has been filed separately with the
Commission pursuant to an application for confidential treatment under Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

8 July 2004

DIRECTOR’S SERVICE AGREEMENT

between

ACAMBIS plc

- and -

DAVID MUIR LAWRENCE

Weil, Gotshal & Manges

One South Place London EC2M 2WG

Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990

www.weil.com

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1

	 	DEFINITIONS AND INTERPRETATION
	 	 	1	 
	2

	 	APPOINTMENT AND TERM OF EMPLOYMENT
	 	 	3	 
	3

	 	DUTIES
	 	 	4	 
	4

	 	OFFICE OF DIRECTOR
	 	 	6	 
	5

	 	REMUNERATION
	 	 	6	 
	6

	 	EXPENSES AND COMMUNICATIONS
	 	 	8	 
	7

	 	LIFE ASSURANCE
	 	 	8	 
	8

	 	MEDICAL EXPENSES INSURANCE, PHI AND CRITICAL ILLNESS COVER
	 	 	8	 
	9

	 	HOLIDAYS
	 	 	9	 
	10

	 	SICKNESS INJURY AND ABSENCE
	 	 	10	 
	11

	 	CONFIDENTIAL INFORMATION
	 	 	11	 
	12

	 	OTHER BUSINESS INTERESTS
	 	 	12	 
	13

	 	COPYRIGHT INVENTIONS AND DESIGN RIGHT
	 	 	12	 
	14

	 	AUTOMATIC TERMINATION
	 	 	14	 
	15

	 	SUMMARY TERMINATION
	 	 	15	 
	16

	 	TERMINATION
	 	 	16	 
	17

	 	COVENANTS BY THE DIRECTOR
	 	 	17	 
	18

	 	RECONSTRUCTION OR AMALGAMATION
	 	 	18	 
	19

	 	NOTICES
	 	 	19	 
	20

	 	STATUTORY AND OTHER INFORMATION
	 	 	19	 
	21

	 	MISCELLANEOUS
	 	 	19	 
	SCHEDULE 1 (Statutory Information)	 	 	21	 
	SCHEDULE 2 (Director’s Duties)	 	 	22	 

i

 

THIS AGREEMENT is made on 8 July 2004 between the following parties

	(1)	 	ACAMBIS plc a company incorporated in England and Wales (registered no. 2863682),
whose registered office is at Peterhouse Technology Park, 100 Fulbourn Road, Cambridge, Cambs.
CB1 9PT (the “Company”); and

DAVID MUIR LAWRENCE c/o Acambis plc

Peterhouse Technology Park, 100 Fulbourn Road, Cambridge CB1 9PT, UK (the “Director”).

IT IS AGREED that:

	1	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	In this Agreement:
	 
	 	 	“affiliate” means, at any time, any person, company or legal entity directly or indirectly
controlled by, controlling or under common control with the Company; and “control” means for
this purpose ownership either of record or beneficially of 50% (fifty per cent.) or more of
the shares of any such person, company or legal entity or the ability to appoint a majority
of the board of directors of any such person, company or legal entity or the ability to
direct or cause the direction of the management and policies of such person, company or
legal entity;
	 
	 	 	“associated company” means a company which is not a subsidiary of another but more than
twenty (20) per cent of the equity share capital of which is owned by that other;
	 
	 	 	“Board” means the board of directors of the Company for the time being and includes where
the context so permits any committee of the board of directors including without limitation
the Nominations Committee, the Remuneration Committee and the Audit Committee;
	 
	 	 	“Copyright Work” and ‘Design Right Work” mean respectively any copyright work or design
right work originated, conceived, written or made by the Director alone or

1

 

	 	 	with others which relates or may relate to any product, service, process, equipment, system
or activity of the Company;
	 
	 	 	“Effective Date” means a business day in August 2004 to be agreed between the parties in
writing, or otherwise 31 August 2004;
	 
	 	 	“equity share capital” has the meaning given to it in Section 744 of the Companies Act 1985;
	 
	 	 	“Group” means:

	 	(i)	 	the Company;
	 
	 	(ii)	 	any holding company of the Company;
	 
	 	(iii)	 	any subsidiary of the Company or its holding company or any associated company
of any of them;
	 
	 	(iv)	 	any subsidiary undertaking of the Company or its holding company or any
associated company of any of them;
	 
	 	(v)	 	any associated company of the Company or its holding company or any subsidiary
of any of them; and
	 
	 	(vi)	 	any affiliate of the Company or its holding company;

	 	 	“Group Company” means the Company and any other member of the Group for the time being;
	 
	 	 	“holding company” has the meaning given in Section 736 Companies Act 1985;
	 
	 	 	“incapacity” means any sickness, injury, or other like cause incapacitating the Director
from performing his duties under this Agreement and “incapacitated” shall be construed
accordingly;
	 
	 	 	“Inventions” means any invention, discovery or improvement including, without prejudice to
the generality of the above, any know-how, design process, drawing,

2

 

	 	 	formula, computer program or specification which relates or may relate to any product,
service, process, equipment, system or activity of the Company;
	 
	 	 	“recognised investment exchange” has the meaning given in Section 285 of the Financial
Services and Markets Act 2000;
	 
	 	 	“subsidiary” has the meaning given in Section 736 Companies Act 1985;
	 
	 	 	“subsidiary undertaking” has the meaning given in Section 258 of the Companies Act 1985; and
	 
	 	 	“United Kingdom Listing Authority” means the Financial Services Authority acting in its
capacity as the competent authority for the purposes of Part VI of the Financial Services
and Markets Act 2000 including, where the context so permits, any committee, employee,
officer or servant to whom any function of the United Kingdom Listing Authority may for the
time being be delegated.
	 
	1.2	 	Any reference to a statute or statutory provision shall be deemed to include a reference to
any statutory modification or re-enactment of it or any enactment replacing it and any
instrument order or regulation made under such statute or statutory provision.
	 
	1.3	 	References to Clauses and Schedules are to clauses of and the schedules to this Agreement.
	 
	1.4	 	The headings in this Agreement are for convenience only and shall not affect its construction
or interpretation.
	 
	2	 	APPOINTMENT AND TERM OF EMPLOYMENT
	 
	2.1	 	The Director shall serve the Company as Chief Financial Officer of the Company.
	 
	2.2	 	This agreement and the Directors continuous period of employment shall be deemed to have
commenced on the Effective Date. In the event that the Director does not or cannot (for
whatever reason) commence his employment on the Effective Date, this Agreement shall terminate
and cease to be of further effect, unless agreed otherwise by both parties, and each party
shall release the other party from any obligations due

3

 

	 	 	to it hereunder and shall waive any and all rights or claims it may have against the other
party in respect of any antecedent breach of this Agreement.min
	 
	2.3	 	The employment of the Director under this Agreement shall (subject to termination as provided
in Clause(s) 14 and 15) continue until terminated by either party giving to the other not less
than 12 months’ notice in writing.
	 
	2.4	 	Notwithstanding any other terms in this Agreement, the Director shall retire at the Company’s
normal retirement age, which is at present 65 (the “Retirement Age”) whereupon this Agreement
shall terminate. The Company may in its absolute discretion continue to employ the Director
after the Retirement Age upon such terms as the parties to this Agreement shall agree. Should
the Retirement Age conflict with any statutory or regulatory provision applicable to the
Company, the Retirement Age shall be varied to conform with such provision.
	 
	3	 	DUTIES
	 
	3.1	 	The Director shall during his employment under this Agreement:-

	 	3.1.1	 	exercise the powers and perform the duties normally required of a person
holding the post occupied by the Director and appropriate to his status, qualifications
and experience including but without prejudice to the generality of the foregoing the
duties set out in Schedule 2 and such other duties as the Board may from time to time
properly and reasonably assign to him either in his capacity as Director or in
connection with the business of the Company or the business of any one or more Group
Companies (including serving on the board of or any other executive body or any
committee of such Group Companies);
	 
	 	3.1.2	 	use all proper and reasonable endeavours to promote, develop and extend the
business of the Company and the Group Companies; and
	 
	 	3.1.3	 	at all times and in all respects conform to and comply with the proper and
reasonable directions and regulations of the Board and shall, except during holidays
and periods of absence due to ill health or other incapacity, devote

4

 

	 	 	 	his full time and attention to the performance of his duties under this
Agreement.

	3.2	 	The Director’s normal place of work shall be anywhere in the United Kingdom or any other
location which the Board may require for the proper performance and exercise of his duties and
powers and provided he may be required by the Company to travel (whether within or outside the
United Kingdom) on the business of the Company or any Group Company.
	 
	3.3	 	If the Company requires the Director to work permanently at a place which necessitates a move
from his present address the Company will reimburse the Director for all expenses directly and
reasonably incurred as a result of the Company’s requirement as agreed between the Company and
the Director.
	 
	3.4	 	The Director shall keep the Board properly informed (in writing if so required by the Board)
of his conduct of all business on behalf of the Company and any Group Company and shall give
to the Board all such information as to the affairs of the Company and the Group as it shall
properly and reasonably require.
	 
	3.5	 	The Director shall not during the term of this Agreement without the written consent of the
Board make or seek to make on behalf of himself or (otherwise than properly in the performance
of his duties to the Company) on behalf of any other person, firm or company any contract or
other arrangement of a commercial nature with any actual or prospective customer, contractor
or supplier of the Company or any Group Company.
	 
	3.6	 	The Director shall not during the term of this Agreement without the consent of the Board
seek or accept from any actual or prospective customer, contractor or supplier of the Company
or any Group Company any gift, gratuity or benefit of more than a trivial value or any
hospitality otherwise than properly in the performance of his duties to the Company or any
Group Company of a kind and value not lavish, extravagant or inappropriate.
	 
	3.7	 	The Company may during any period of notice to terminate the employment of the Director under
this Agreement or for the purpose of investigating a complaint against

5

 

	 	 	the Director or otherwise where in the
opinion of the Board the interests of the
Company so require suspend or exclude the
Director for any period not exceeding six
months from the performance of his duties
on full salary and with full entitlements
to other benefits and require the Director
to stay away from any premises of the
Company or any Group Company and to have no
contact with all or any officers,
employees, agents, customers, clients,
suppliers or other parties involved,
engaged or interested in the operation of
the business of the Company or any Group
Company or any part of them or any joint
venture in which they may be engaged or
interested and during the whole or any part
of any period of suspension to undertake
such work as the Board may reasonably
require and the parties agree and declare
that there is no obligation on the part of
the Company to provide the Director with
work to do.
	 
	4	 	OFFICE OF DIRECTOR
	 
	 	 	During his employment under this Agreement the Director shall not (without prejudice to the
Director’s rights and remedies under this Agreement and at common law in circumstances
constituting constructive dismissal) do anything that would cause him to be disqualified
from continuing to act as a director of the Company.
	 
	5	 	REMUNERATION
	 
	5.1	 	Salary
	 
	 	 	The Director shall be paid by way of remuneration for his services under this Agreement a
salary of £175,000 per annum (or such greater amount as the Board may in its discretion from
time to time decide or award pursuant to the Company’s annual salary review that currently
takes place on 1 July) inclusive of any directors’ fees payable to him under the articles of
association of the Company and any Group Companies. The salary shall accrue from day to day
and be paid by equal monthly instalments in arrear on or about the 25th day (excluding
weekends and public holidays) of every month or otherwise in accordance with the Company’s
policy from time to time. The Company reserves the right to deduct or withhold from the
Director’s salary any amounts owing to the Company by the Director.

6

 

	5.2	 	Car Allowance
	 
	 	 	The Director shall during the term of this Agreement be paid a car allowance of £10,000 per
annum (or such greater amount as the Board may in its discretion from time to time decide or
award) to contribute towards the capital cost of a motor vehicle, such allowance to be paid
monthly at the same time as salary.
	 
	5.3	 	Schemes

	 	5.3.1	 	The Director shall be entitled to participate as from the date of this
Agreement in The Acambis 1995 Savings-Related Share Option Scheme, The Acambis 1996
Approved Share Option Scheme, the Acambis 1999 Share Option Plan and the Acambis Share
Incentive Plan (together the “Schemes”) for the time being in force subject to the
rules applicable to the Schemes as amended or varied from time to time at the Board’s
discretion and subject always in the case of any Scheme where applicable to the
exercise by the Board of its discretion to grant options or rights under that Scheme.
	 
	 	5.3.2	 	If the Director’s employment is terminated for any reason whatsoever, and
whether lawfully or unlawfully, the Director agrees that he shall not be entitled by
way of damages for breach of contract, dismissal or compensation for loss of office or
otherwise to any sum, shares or other benefits to compensate him for the loss or
diminution in value of any actual or prospective rights, benefits or expectations under
or in relation to any Scheme (or any other employee benefit scheme or arrangement
introduced from time to time and in respect of which the Director becomes entitled to
participate).

	5.4	 	Pension Scheme
	 
	 	 	Subject to applicable Inland Revenue limits and requirements concerning employer
contributions during the employment of the Director under this Agreement, pay as a
contribution into an Executive Pension Plan an amount per annum equal to 18 per

7

 

	 	 	cent. of the Director’s basic salary. Payment of contributions will be made on a monthly
basis, to be paid monthly at the same time as salary.
	 
	6	 	EXPENSES AND COMMUNICATIONS
	 
	6.1	 	The Company shall by way of reimbursement pay or procure to be paid to the Director all
reasonable travelling, hotel, entertainment and other expenses (including payment of business
mileage at the Company’s rate applying from time to time) properly incurred by him in or about
the performance of his duties under this Agreement provided that the Director supplies such
evidence as to such expenses as the Board may reasonably require.
	 
	6.2	 	The Company shall provide the Director with a telephone and facsimile in his private
residence and also a mobile telephone and shall pay all rental and call charges properly
incurred in respect thereof provided always that the Director if required by the Company
provides evidence reasonably satisfactory to the Chairman of the rental and call charges
incurred.
	 
	7	 	LIFE ASSURANCE
	 
	 	 	The Company shall during the term of this Agreement provide the Director with life assurance
cover which in the event of the Director’s death while employed under this Agreement shall
pay to the Director’s chosen dependants a sum equal to four times his basic annual salary,
subject to any limits, terms and conditions imposed by statute or the relevant insurance
company including the requirement for a medical examination.
	 
	8	 	MEDICAL EXPENSES INSURANCE, PHI AND CRITICAL ILLNESS COVER
	 
	8.1	 	The Company shall during the term of this Agreement cover the cost of membership for the
Director and the Director’s spouse (and dependants up to the age of 24) of an appropriate
private patients medical plan with “BUPA” or such other reputable medical expenses insurance
scheme as the Company shall decide from time to time, subject to the rules of the scheme and
the approval of his application for membership by the relevant insurer.

8

 

	8.2	 	The Company shall effect permanent health insurance (“PHI”) for the benefit of the Director
upon such terms as shall provide for the payment to the Director throughout the period of his
ill-health or disability with the exception of the first 26 consecutive weeks thereof of sums
at a rate per annum equal to 75 per cent. of pensionable salary on the date such absence
commences less the amount of a single person’s state sickness benefits. If the provider of
any benefit under this Clause 8 or under Clause 7 shall refuse to provide cover to the
Director, the Company shall notify the Director in writing and shall have no further
obligation under the relevant clause, whether to arrange the provision of cover with another
provider, or to meet the cost of that cover or the amount of any lump sum payment.
	 
	8.3	 	The Company shall effect Critical Illness cover for the benefit of the Director upon such
terms as shall provide for the payment to the Director of up to £250,000. The specific
circumstances under which this benefit would be payable are detailed in the relevant policy
documents. If the provider of any benefit under this Clause 8 or under Clause 7 shall refuse
to provide cover to the Director, the Company shall notify the Director in writing and shall
have no further obligation under the relevant clause, whether to arrange the provision of
cover with another provider, or to meet the cost of that cover or the amount of any lump sum
payment.
	 
	9	 	HOLIDAYS
	 
	9.1	 	The Director shall be entitled to not less than 25 days’ paid holiday in each holiday year to
be taken at a time or times agreed with the Board in addition to any usual statutory, bank or
other public holidays observed by the Company, or if so required by the Company, on other days
in lieu of them. The “holiday year” of the Company shall be 1st January to 31st December.
	 
	9.2	 	Holiday entitlement shall accrue on a monthly basis throughout the whole holiday year
(pro-rated for the remaining number of days after the Effective Date of this Agreement up to
and including 31 December 2004). Any holiday entitlement in excess of 5 days not taken by 1st
January in the next holiday year will be lost. Any holiday entitlement (up to a maximum of 5
days) carried into the next following

9

 

	 	 	holiday year must be taken in full by 31st December of that year and if not will be lost.
	 
	9.3	 	On the termination of the Director’s employment under this Agreement whenever and however it
may occur the Director shall be entitled to be paid in lieu of any holiday entitlement
outstanding or as the case may be shall be obliged to repay to the Company salary in respect
of any holiday taken in excess of his actual entitlement in each case on a proportional basis.
	 
	9.4	 	The Company may require the Director to take all or part of any outstanding holiday
entitlement during a period of notice to terminate the employment under this Agreement.
	 
	10	 	SICKNESS INJURY AND ABSENCE
	 
	10.1	 	If the Director should be prevented by sickness, injury or other cause from performing his
duties under this Agreement he shall notify the Company as soon as possible and if this
incapacity continues for seven (7) or more consecutive days he shall submit a medical
practitioner’s certificate to the Company on the eighth day and weekly thereafter.
	 
	10.2	 	Subject to the other provisions of this Clause, the Director shall if incapacitated by
sickness or injury from performing his duties be entitled to his full remuneration and
benefits during a period of such incapacity not exceeding 26 weeks in any period of 12 months
provided that the remuneration so paid to the Director shall be taken to include such

statutory sick pay (“SSP”) if any as he is entitled to and that the Company shall be entitled
to deduct from such remuneration any social security, national insurance or other benefit
apart from SSP to which the Director is entitled whether such benefit is in fact claimed by
the Director or not. For the purposes of SSP entitlement, the Director could qualify for
payment on each day from Monday to Friday inclusive.
	 
	10.3	 	If the Director is incapacitated by reason of the actionable act or default of a third party
in respect of which damages are or may be recoverable then the Director shall promptly notify
the Board and shall keep the Board fully informed of the progress of

10

 

	 	 	any claim or action in respect of such act or default. Remuneration and benefits received by
the Director during any consequent period of incapacity shall be by way of loan by the
Company and the Director shall be obliged if so required by the Board to repay to the
Company the amount of such remuneration and the value of such benefits up to a maximum
amount equal to any damages or compensation received by the Director from the third party or
any relevant insurer or indemnifier under any judgment compromise or settlement after the
deduction of the legal costs of the Director of such claim or action.
	 
	10.4	 	As soon as practicable following the Director’s return to work after any period of absence of
seven days or less which or any part of which has not been authorised by the Company the
Director shall if so required by the Board complete the Company’s form of self-certification
for SSP purposes.
	 
	11	 	CONFIDENTIAL INFORMATION
	 
	11.1	 	In this Agreement “Confidential Information” means all information relating to the business,
finances, transactions, affairs, products, services, processes, equipment or activities of the
Company and any other Group Company which is designated by the Company and any other Group
Company as confidential and all information relating to such matters which comes to the
knowledge of the Director in the course of the employment under this Agreement and which by
reason of its character and/or the manner of its coming to his knowledge is evidently
confidential provided that information shall not be or shall cease to be Confidential
Information if and to the extent that it comes to be in the public domain otherwise than as a
result of the unauthorised act or default of the Director.
	 
	11.2	 	The Director shall not during his employment under this Agreement, or at any time after, use
or exploit except for the benefit of the Company or disclose to any third party any
Confidential Information except:

	 	11.2.1	 	during his employment under this Agreement in the performance of his duties; or
	 
	 	11.2.2	 	with the express written consent of the Board; or

11

 

	 	11.2.3	 	in compliance with an order of a competent court.

	11.3	 	The Director shall during his employment under this Agreement use reasonable endeavours to
prevent the unauthorised use or disclosure of any Confidential Information by any other
officer, employee or agent of the Company and shall be under an obligation to report to the
Board any such unauthorised use or disclosure of any Confidential Information which comes to
his knowledge.
	 
	12	 	OTHER BUSINESS INTERESTS
	 
	 	 	The Director shall not during the period of his employment under this Agreement and for a
period of 12 months after ceasing to be employed under this Agreement without the written
consent of the Board be directly or indirectly engaged, concerned or interested whether as
director, officer, employee, agent, shareholder, partner, proprietor or otherwise in any
business any of the activities of which is in competition with any of the activities of the
Company or any Group Company provided that nothing in this Clause shall preclude the
Director from holding or being otherwise interested in shares or securities of any company
quoted on any recognised investment exchange so long as the interest of the Director in such
shares or other securities does not extend to more than five (5) per cent. of any class of
shares or other securities in the relevant company and provided that the Director shall make
full and accurate disclosure to the Board upon request of all shares and securities which he
holds or in which he is beneficially interested.
	 
	13	 	COPYRIGHT INVENTIONS AND DESIGN RIGHT
	 
	13.1	 	It shall be a duty of the Director during his employment under this Agreement to consider and
keep under review the ways if any in which the products, services, processes, equipment,
systems and activities of the Company might be improved and/or enhanced.
	 
	13.2	 	If during his employment hereunder the Director alone or with others makes or discovers any
Invention he shall promptly disclose it to the Board giving full particulars of it including
all necessary drawings models and specifications.

12

 

	13.3	 	The Director agrees and acknowledges that because of the nature of his duties and the
responsibilities arising from them he has a special obligation to further the interests of the
Company so that all Inventions made by the Director in the performance of his duties or as a
result of any special project for the Company outside the scope of his normal duties and all
rights in such Inventions shall belong to the Company.
	 
	13.4	 	The Director shall promptly disclose to the Board any Copyright Work and/or Design Right Work
made by him during his employment hereunder and hereby acknowledges that by virtue of his
employment the copyright and/or design right in any such Work vests automatically and
forthwith in the Company. If the Company shall elect to name the Director as the author of any
such Copyright Work and/or Design Right Work then the Director hereby waives all and any moral
rights in such Work and without prejudice to the generality of the above the right to object
to derogatory treatment of the Work and the Company may in its absolute discretion make all
such additions and alterations to and deletions from and adaptations of such Copyright Work
and Design Right Work as it shall think fit.
	 
	13.5	 	The Director shall at the cost of the Company on demand execute all such documents and do all
such other acts as the Company shall require to enable the Company or its nominee to obtain
the full benefit of any Invention, Copyright Work and Design Right Work to which the Company
is entitled and all rights therein and to secure such patent, utility model, copyright or
design registration or similar protection in any part of the world as the Company may consider
appropriate.
	 
	13.6	 	The Director hereby irrevocably appoints the Company to be his attorney in his name and on
his behalf to execute all such documents and do all such acts as may be necessary or desirable
to give effect to this clause.
	 
	13.7	 	If the Director shall during his employment hereunder make or discover any Invention or make,
originate, conceive or write any Copyright Work or Design Right Work in which despite the
previous provisions of this Clause any intellectual properly rights belong to the Director not
the Company then the Director shall if so required by the Board negotiate in good faith with
the Company for the assignment or licensing to the Company or its nominee of such rights upon
such terms as shall fairly represent the

13

 

	 	 	market value of such rights and shall be agreed between the parties or in default of
agreement determined by a Member of the Chartered Institute of Patent Agents who shall be
nominated in default of agreement by the President of that Institute for the time being and
who shall act as an expert not an arbitrator and whose decision shall save for fraud or
error manifest on the face of it be binding upon the parties.
	 
	13.8	 	The Company shall not be under any obligation to take any step to register any patent or
other right in respect of or to develop or exploit any Invention or Copyright or Design Right
Work made discovered originated conceived or written by the Director.
	 
	13.9	 	Nothing in this Clause shall be taken to limit or derogate from the obligations of the
Director under Clause 11 above.
	 
	14	 	AUTOMATIC TERMINATION
	 
	 	 	The employment of the Director under this Agreement shall terminate automatically in the
event of his ceasing to be a director of the Company and in that event the Director shall
have no claim for damages against the Company unless he shall so cease:
	 
	14.1	 	by reason of his not being re-elected as a director of the Company at the annual general
meeting of the Company held next after the commencement of his employment; or
	 
	14.2	 	by reason of his not being re-elected as a director of the Company at any annual general
meeting of the Company at which he is to retire by rotation; or
	 
	14.3	 	by virtue of a resolution passed by the members of the Company in general meeting to remove
him as a director; or
	 
	14.4	 	by virtue of his removal from his office as a director by notice in writing signed by all his
co-directors served in accordance with the Company’s Articles of Association; or
	 
	14.5	 	in circumstances where he is either wrongfully or constructively dismissed by the Company,

14

 

	 	 	and at the time of such failure to re-elect or of such removal the Company is not otherwise
entitled to determine his employment under this Agreement.
	 
	15	 	SUMMARY TERMINATION
	 
	 	 	The employment of the Director under this Agreement may be terminated by the Company
immediately without notice if:-
	 
	15.1	 	the Director is or becomes incapacitated under this Agreement for one hundred and eighty
(180) working days in aggregate in any period of twelve (12) months;
	 
	15.2	 	the Director shall be or become of unsound mind or be or become a patient under the Mental
Health Act 1983 or for any purpose of any statute relating to mental health; or
	 
	15.3	 	the Director shall enter into any composition or arrangement with or for the benefit of his
creditors including a voluntary arrangement under the Insolvency Act 1986; or
	 
	15.4	 	the Director shall be made the subject of a bankruptcy order or administration order or shall
apply for an interim receiving order under Section 253 Insolvency Act 1986; or
	 
	15.5	 	the Director shall commit any act of dishonesty whether relating to the Company, any Group
Company, any employee of the Company or any Group Company or otherwise; or
	 
	15.6	 	the Director is guilty of any gross misconduct or commits any serious or persistent breach of
any of his obligations to the Company or any Group Company whether under this Agreement or
otherwise or refuses or neglects to comply with any lawful orders or directions given to him
by the Company consistent with the terms of this Agreement; or
	 
	15.7	 	the Director is guilty of any conduct tending to bring himself, the Company or any Group
Company into serious disrepute; or
	 
	15.8	 	the Director is prohibited or disqualified from holding the office which he holds in the
Company or any Group Company in which he is concerned or interested or if he resigns from any
such office without the prior written consent of the Company or any Group Company of which he
has been appointed a director; or

15

 

	15.9	 	the Director is convicted of any criminal offence for which a custodial sentence may be
imposed (other than an offence under the Road Traffic legislation in the United Kingdom or
elsewhere for which a fine or non-custodial penalty is imposed); or
	 
	15.10	 	the Director shall come to be addicted to or habitually under the influence of any drug (not
being a drug prescribed for him by a medical doctor for the treatment of a condition other
than drug addiction) the possession of which is controlled by law; or
	 
	15.11	 	the Director is convicted of any offence regarding insider dealing under the Criminal
Justice Act 1993 or under any other present or future statutory enactment or regulation
relating to insider dealing.
	 
	16	 	TERMINATION
	 
	16.1	 	Upon the termination of the Director’s employment under this Agreement for whatever reason
whether under Clause 14 or Clause 15:-

	 	16.1.1	 	the Director shall at the request of the Company forthwith resign from any and all
offices whether as director or otherwise which he holds in the Company and in any Group
Company without prejudice to any other rights accruing to either party hereto and the
Director hereby irrevocably authorises the Company to appoint a person in his name and
on his behalf to execute all documents including any resignations and to do all such
other acts as are necessary to give effect to this provision;
	 
	 	16.1.2	 	the Director shall deliver to the Company forthwith all books, documents, records,
statistics, accounts and other materials or data which is the property of the Company
or any Group Company including all copies in whatever form and all keys and other
property of the Company or any Group Company then in his possession; and
	 
	 	16.1.3	 	the termination shall not affect those terms of this Agreement which are expressed to
have effect thereafter and shall be without prejudice to any accrued rights or remedies
of the parties.

16

 

	16.2	 	Notwithstanding Clause 2.2, where notice is served to terminate the Director’s employment
(whether by the Company or the Director) the Company may (in its sole and absolute discretion)
terminate the employment at any time and with immediate effect by making the Director a
payment in lieu of the notice period (or, if applicable, the remainder of the notice period)
equivalent to the salary payable to the Director under Clause 5.1 (at the date of termination)
and the cost to the Company of providing the Director with contractual benefits (which for the
avoidance of doubt, does not include any payment in respect of bonus) for the notice period or
the remainder of the notice period.
	 
	16.3	 	The Director shall not at any time make any untrue statement in relation to the Company or
any Group Company, and in particular shall not in the event of termination of his employment
under this Agreement wrongfully represent himself as being employed or connected with the
Company or any Group Company.
	 
	16.4	 	It shall be a fundamental term of this Agreement that the Director shall comply at all times
with the “Model Code” as set out in Chapter 16 of the Listing Rules of the United Kingdom
Listing Authority issued from time to time (the “Model Code”) and it shall be the
responsibility of the Director to make himself aware of the provisions of the Model Code and
the parties agree that any breach by the Director of the Model Code shall at the election of
the Board be gross misconduct for the purposes of Clause 15.6. If the Director or any other
person shall effect any transaction which in the reasonable judgement of the Board constitutes
a breach on the part of the Director of the Model Code then without prejudice to its rights
under Clause 16.1 of this Agreement the Board may by notice in writing to the Director require
him within a time stipulated in the notice to reverse the transaction and account to a
registered charity nominated in the notice by the Board for any profit made by the Director or
any other person upon the transaction but the Company shall not be liable to indemnify the
Director or any other person for any loss made upon such transaction.
	 
	17	 	COVENANTS BY THE DIRECTOR
	 
	17.1	 	The Director covenants with the Company that for a period of 12 months after the termination
of his employment with the Company without the prior written consent of

17

 

	 	 	the Board he will not on his own behalf or by an agent or on behalf of any person, firm or
company directly or indirectly:

	 	17.1.1	 	canvass, solicit, deal with or entice away or attempt to canvass, solicit, deal with
or entice away any of the business of (a) any customer of the Company or any Group
Company whether a person, firm, company, association or government body with whom and
in relation to which business the Director shall have had dealings in the course of his
employment at any time in the period of 12 months preceding the date of termination of
his employment and/or (b) any prospective customer of the Company or any Group Company
with whom the Director shall have been directly or indirectly involved at any time in
the period of 12 months preceding the date of termination of his employment in seeking
to obtain business for the Company or any Group Company from any such potential
customer; and
	 
	 	17.1.2	 	endeavour to entice away any person who was at the date of such termination employed
or engaged by the Company or any Group Company in a senior capacity and with whom the
Director had dealings during the course of his employment

	 	 	provided that nothing in this Clause shall prohibit the seeking or procuring of orders or
the doing of business not relating or not similar to the business of the Company or any
Group Company.
	 
	17.2	 	If any covenant contained in this Clause 17 or Clause 12 shall be held invalid or
unenforceable or void but would not be so held if some part of it were deleted, modified or
varied then such provision shall apply with such deletion, modification or variation as may be
necessary to make it valid and effective.
	 
	18	 	RECONSTRUCTION OR AMALGAMATION
	 
	 	 	If the employment of the Director under this Agreement is terminated by reason of the
liquidation of the Company for the purpose of reconstruction or amalgamation or other
reconstructions of the Company not involving a liquidation and the Director is offered
employment with any company, concern or undertaking resulting from the

18

 

	 	 	reconstruction or amalgamation on terms and conditions not less favourable than the terms of
this Agreement then the Director shall be obliged to accept such offer and shall have no
claim against the Company in respect of the termination of his employment under this
Agreement.
	 
	19	 	NOTICES
	 
	19.1	 	Any notice required or permitted to be given under this Agreement shall be given in writing,
delivered personally or sent by first class pre-paid recorded delivery post (air mail if
overseas) or by facsimile to the party (provided the original is put in the post on the same
day) due to receive such notice at, in the case of the Company, its registered office from
time to time and, in the case of the Director his address as set out in this Agreement (or
such address as he may have notified to the Company in accordance with this Clause).
	 
	19.2	 	Any notice delivered personally shall be deemed to be received when delivered to the relevant
address as provided in Clause 19.1 and any notice sent by pre-paid recorded delivery post
shall be deemed (in the absence of evidence of earlier receipt) to be received 2 days after
posting (6 days if sent by air mail) and in proving the time of despatch it shall be
sufficient to show that the envelope containing such notice was properly addressed, stamped or
franked and posted. A notice sent by facsimile shall be deemed to have been received on
receipt by the sender of a confirmatory facsimile transmission report (provided the original
was put in the post on the same day).
	 
	20	 	STATUTORY AND OTHER INFORMATION
	 
	 	 	Schedule 1 to this Agreement sets out information required to be given to the Director by
the Employment Rights Act 1996 so far as such terms are not set out in the body of this
Agreement.
	 
	21	 	MISCELLANEOUS
	 
	21.1	 	This Agreement is governed by and shall be construed in accordance with the laws of England.

19

 

	21.2	 	The parties to this Agreement submit to the exclusive jurisdiction of the English courts
regarding any dispute or claim arising under this Agreement.
	 
	21.3	 	No amendment to this Agreement shall be effective unless in writing and signed by the
Director and by or on behalf of the Company (other than by the Director).
	 
	21.4	 	No waiver of any provision of this Agreement shall be effective unless made in writing and
signed by the Director and by or on behalf of the Company (other than by the Director).

IN WITNESS WHEREOF this Agreement has been duly executed as a deed by the parties and is intended
to be and is hereby delivered on the date first above written

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SCHEDULE 1

(Statutory Information)

	1	 	Continuous Employment: your period of employment with the Company will commence on the
Effective Date.

	2	 	Hours of Work: The Director’s normal hours of work are seven and a half (7.5) hours per day
Monday to Friday inclusive, with a one hour break, between the hours of 09.00 and 17.30, and
such further hours as are reasonably necessary for the performance of his duties.

	3	 	Pensions: No contracting-out certificate is in force in respect of the Director’s employment
under this Agreement.

	4	 	Disciplinary procedure: The Director shall be expected to exhibit a high standard of
propriety in all his dealings with and in the name of the Company and any Group Company. Any
disciplinary procedures undertaken by the Company shall at all times be carried out in a fair
and reasonable manner. The Director shall be informed of any complaint against him, and the
Director shall be given an opportunity to state his side of the case to the Board. The
Director shall have the option of having a representative with him.

	5	 	Grievance procedure: Subject to the Company’s general policy concerning grievance procedures
from time to time in force, any grievance should first be raised with the Chairman of the
Board, however if the grievance concerns the Chairman, the matter should be raised with
another Board member. In order to avoid misunderstandings all grievances should be recorded in
writing, If the matter cannot be resolved then the grievance should be taken to the Board for
resolution, with the decision of the Board being final.

	6	 	Collective agreements: There are no collective agreements which directly affect the terms and
conditions of the employment of the Director.

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SCHEDULE 2

(Director’s Duties)

To act as Chief Financial Officer of the Company;

To represent the Company to customers, suppliers, shareholders and generally;

To co-ordinate all financial and related activities of the Group;

To report to the Board on all financial and related issues; and

     To undertake such other duties as may be reasonably required from time to time.

22

 

	 	 	 	 	 	 	 
	EXECUTED (but not delivered

	 	 	)	 	 	 
	until the date hereof) as a DEED by

	 	 	)	 	 	 
	ACAMBIS plc

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Gordon Cameron

	 	 	 	 	 	Signature of Director
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Gordon Cameron

	 	 	 	 	 	Name of Director
	 
	 	 	 	 	 	 
	/s/ Alan Smith

	 	 	 	 	 	Signature of Director
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Alan Smith

	 	 	 	 	 	Name of Director
	 
	SIGNED (but not delivered

	 	 	)	 	 	 
	until the date hereof) as a DEED by

	 	 	)	 	 	 
	DAVID MUIR LAWRENCE in the

	 	 	 	 	 	)/s/ David Lawrence
	presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ Elizabeth Brown

	 	 	 	 	 	Signature of Witness
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Elizabeth Brown

	 	 	 	 	 	Name of Witness
	 
	 	 	 	 	 	 
	*****

	 	 	 	 	 	Address of Witness
	 
	 	 	 	 	 	 
	*****
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	*****
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	*****
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	VP, Finance

	 	 	 	 	 	Occupation of Witness

23

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