Document:

Exhibit 10.24

 

EXECUTIVE EMPLOYMENT AND NON-COMPETITION

AGREEMENT

 

BY AND BETWEEN

 

REFCO GROUP LTD., LLC

 

AND

 

DENNIS KLEJNA

 

JULY 30, 2004

 

 

EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AND NON-COMPETITION AGREEMENT (this “Agreement”), dated as of July 30, 2004,
by and between REFCO GROUP LTD., LLC, a Delaware limited liability company (the
“Company”), and Dennis Klejna (the “Executive”),
shall become effective upon the Effective Date (as defined below).

 

WITNESSETH:

 

WHEREAS, the Executive
currently serves as the Executive Vice President and General Counsel of the
Company;

 

WHEREAS, concurrently with
the execution hereof, Thomas H. Lee Equity Fund V, L.P. and certain of its
affiliates (collectively, the “Buyers”) and
the holders of Membership Interests of
the Company are entering
into that certain Equity Purchase and Merger Agreement (the “Purchase
Agreement”), whereby,
pursuant to the transactions described therein (the “Transactions”), the Buyers will acquire a majority ownership
interest in the Company;

 

WHEREAS, in connection with
the Transactions, the Executive will receive the opportunity to purchase Class
A Common Units of the Company (the “Class A Common  Units”)
on the same terms and at the same price as the Buyers and Phillip R. Bennett
and the opportunity to receive awards of Class B Common Units of the Company
(the “Class B  Common Units”);

 

WHEREAS, in connection with
the Transactions, the Buyers and the Company desire to ensure the continued and
valued services of the Executive to the Company and the Executive desires to
continue to be employed by the Company;

 

WHEREAS, the Company desires
to be assured that the confidential information and goodwill of the Company
will be preserved for the exclusive benefit of the Company; and

 

WHEREAS, in consideration
for (i) the continued employment of the Executive by the Company, (ii) the
opportunity of the Executive to purchase the Class A Common Units, (iii) the ability
of the Executive to receive awards of Class B Common Units, (iv) the mutual
covenants and promises contained herein and intending to be legally bound thereby
and (v) for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged;

 

NOW, THEREFORE, the Company
and the Executive hereby agree as follows:

 

1.                                       EMPLOYMENT. The Company agrees to employ the Executive, and the Executive agrees to
be employed by the Company, for the period set forth in Section 2, in
the positions and with the duties and responsibilities set forth in Section
3, and upon the other terms and conditions provided herein.

 

2.                                       EMPLOYMENT TERM. The employment of the Executive by the
Company pursuant to this Agreement shall be for the period commencing on the
closing date for the transactions contemplated by the Purchase Agreement (such
date, the “Effective Date”) through
and ending on February 28, 2007 unless earlier terminated pursuant to the
provisions of

 

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Section 5 hereof (as such period may be extended
pursuant to the immediately following sentence, the “Employment
Term”). Beginning on February 28,
2007 and on the last day of each fiscal year of the Company thereafter (each a “Reset  Date”), the
Employment Term shall be automatically extended so as to terminate one year
after such Reset Date, unless earlier terminated pursuant to the terms of this
Agreement. Notwithstanding anything herein to the contrary, this Agreement will
automatically terminate upon termination of the Purchase Agreement prior to the
Effective Date.

 

3.                                       POSITIONS AND DUTIES.

 

(a)                                  During the Employment Term, the Executive’s position
shall be the Executive Vice President and General Counsel of the Company, or
such other position of equivalent seniority as may be determined by the Company’s
Board of Managers (the “Board”); provided,
however, that at all times the Executive shall report directly to the Chief
Executive Officer of the Company. The Executive’s responsibilities shall be
carried out with the advice and counsel of the Board, and the Chief Executive
Officer of the Company.

 

(b)                                 During the Employment Term, the Executive
shall devote his full business time and attention to the business and affairs
of the Company and its affiliated companies (as defined below), and shall
utilize the Executive’s best efforts to discharge faithfully and efficiently
the duties and responsibilities delegated and assigned to the Executive, except
for usual, ordinary, and customary periods of vacation and absence due to
illness; provided, however, that the Executive may (i) serve on
non-profit industry-related, civic or charitable boards or committees, (ii)
deliver lectures and fulfill speaking engagements and (iii) manage the Executive’s
personal investments, so long as such activities do not significantly interfere
with the performance and fulfillment of the Executive’s duties and responsibilities
as an employee of the Company in accordance with this Agreement; provided,
however, that such activities will not, in the reasonable judgment of
the Board, constitute an actual or potential conflict of interest with the
Company or an affiliated company. As used in this Agreement, the term “affiliated
company,” “affiliated companies”
or “affiliate” shall
include any entity or person controlled by, controlling, or under common
control with the Company; provided, however, that such term shall
not include any entity that is affiliated with the Company solely because such
entity is controlled by any of the Buyers.

 

(c)                                  All services that the Executive may render to
the Company or any of its affiliated companies in any capacity during the
Employment Term shall be deemed to be services required by this Agreement and
in consideration for the compensation provided for herein.

 

4.                                       COMPENSATION AND RELATED MATTERS.

 

(a)                                  Base Salary. During the Employment Term, the Executive shall receive an annual
base salary (“Base Salary”) of Six Hundred and
Fifty Thousand Dollars ($650,000). The
Base Salary shall be payable in installments in accordance with

 

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the Company’s general
payroll practices for executives in effect at the time such payment is made,
and shall be subject to all necessary withholding taxes, FICA contributions and
similar deductions. During the Employment Term, the Executive’s Base Salary
shall be subject to such increases (but not decreases) as may be determined
from time to time by the Board in its sole discretion; provided, however, that the
Executive’s Base Salary shall be reviewed by the Board at least annually, with
a view to making such upward adjustment, if any, as the Board deems
appropriate. Any increased Base Salary shall become the new “Base Salary” for
purposes of this Agreement. Payments of Base Salary to the Executive shall not
be deemed exclusive and shall not prevent the Executive from participating in
any employee benefit plans, programs, or arrangements of the Company in which
the Executive is entitled to participate. Payments of Base Salary to the
Executive shall not in any way limit or reduce any other obligation of the
Company hereunder, and no other compensation, benefit, or payment to the
Executive hereunder shall in any way limit or reduce the obligation of the
Company regarding the Executive’s Base Salary hereunder.

 

(b)                                 Annual Bonus. During the Employment Term, the Executive
shall be eligible to receive an annual performance bonus for each fiscal year
of the Company, payable in cash (each an “Annual Bonus”), which shall be determined in
accordance with the Management Bonus Pool Plan to be adopted by the Board as of
the Effective Date, as amended, modified or supplemented from time to time.

 

(c)                                  Incentive Compensation Awards. The Executive shall be eligible to
participate in equity-based compensation plans, including option plans,
restricted or phantom membership interest plans and other equity incentive
plans as shall be determined by the Board from time to time during the
Employment Tenn. It is acknowledged that on the Effective Date the Executive
shall have the option to purchase Class A Common Units on the same terms and at
the same price as the Buyers and Phillip R. Bennett and to receive awards of
Class B Common Units.

 

(d)                                 Employee Benefits.

 

(i)                                     Incentive, Savings, and Retirement Plans. During the Employment Term, the Executive
shall be entitled to participate in all incentive, savings, and retirement
plans, programs, and arrangements applicable generally to other senior
executives at the Company.

 

(ii)                                  Welfare Benefit Plans. During the Employment Term, the Executive
and/or the Executive’s family, as the case may be, shall be eligible to
participate in and shall receive all benefits under all welfare benefits plans,
programs, and arrangements provided by the Company (including, without
limitation, medical, prescription, dental, disability, salary continuance,
employee life, group life, accidental death, and travel accident insurance
plans, programs, and arrangements) to the extent applicable generally to other
senior executives at the Company. The Company may, at its election and for its
benefit, obtain insurance against the disability, accidental loss

 

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or death of the Executive
(e.g. “Key Man Insurance”) and the Executive shall submit to such physical
examinations and supply such information as may be reasonably required in
connection with the obtainment thereof.

 

(e)                                  Expenses. During the Employment Term, the Executive shall be entitled to
receive prompt reimbursement for all reasonable expenses incurred by the
Executive in performing the Executive’s duties and responsibilities hereunder.
The Executive shall comply with such reasonable limitations and reporting
requirements with respect to such expenses as the Board may establish from time
to time.

 

(f)                                    Vacation. During the Employment Term, Executive shall be entitled to twenty
(20) business days paid vacation in each calendar year, which shall be taken at
such times as are consistent with Executive’s responsibilities hereunder. Any
vacation days unused at the end of any calendar year shall be forfeited.

 

(g)                                 Compensation for Partial Periods. Except as otherwise noted herein, any
payments payable to the Executive pursuant to this Agreement shall be pro-rated
for any partial period of service applicable to such payment.

 

5.                                       TERMINATION OF EMPLOYMENT.

 

(a)                                  Death. The Executive’s employment shall terminate automatically upon the Executive’s
death during the Employment Term.

 

(b)                                 Disability. If the Board determines in good faith that the Disability (as defined
below) of the Executive has occurred during the Employment Term, the Company may
give the Executive notice of its intention to terminate the Executive’s employment
(a “Disability Notice of Termination”). In
such event, the Executive’s employment hereunder shall terminate effective on
the 30th day after receipt of such Disability Notice of Termination by the
Executive (the “Disability Effective  Date”),
provided that, within the 30-day period after such receipt, the
Executive shall not have returned to full-time performance of the Executive’s
duties. For purposes of this Agreement, “Disability”
shall mean the absence of the Executive or the inability of the Executive to
perform his duties hereunder for an aggregate of one hundred eighty (180) days
within any given period of three hundred sixty (360) consecutive days, as a
result of incapacity of the Executive, due to bodily injury or disease or any
other mental or physical illness, which may be permanent with regard to the
Executive’s ability to return to work in his full capacity; provided, however,
that the Executive’s return to work after receipt of a Disability Notice of
Termination shall not require or cause the resetting of the one hundred eighty
(180) day measurement period set forth above for determining a Disability. Any
determination of Disability shall be made by the Board or the Chief Executive
Officer of the Company in consultation with a qualified physician or physicians
selected by the Board and/or the Company’s insurers and reasonably acceptable
to the Executive (or, if applicable, his legal representative). During any
period (not to exceed 360 days) in which the Board believes that the

 

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Executive’s incapacity could
reasonably be expected to result in a Disability, the Board shall be entitled
to appoint an interim Executive Vice President and General Counsel of the
Company, without such appointment in and of itself triggering the “Good Reason”
termination provisions set forth herein.

 

(c)                                  Termination by the Company for Cause. The Company may terminate the Executive’s
employment hereunder at any time during the Employment Term for Cause (as
defined below).

 

For purposes of this
Agreement, “Cause” shall mean only any of the following:

 

(i)                                     the willful failure or refusal of the Executive
to perform substantially the Executive’s duties hereunder (other than any such
failure resulting from the Executive being disabled) that is not cured within
thirty (30) days after a written demand for substantial performance is
delivered to the Executive by the Board which specifically identifies the
manner in which the Board believes the Executive has not substantially
performed the Executive’s duties; provided, however, that the
Board’s dissatisfaction with the quality of the Executive’s performance
hereunder shall not constitute the failure of the Executive to substantially
perform his duties within the meaning of this Section 5(c)(i);

 

(ii)                                  the engaging by the Executive in illegal
conduct or willful misconduct that, in either case, is materially detrimental
to the Company, monetarily or reputationally;

 

(iii)                the commitment by the Executive of any act of
fraud, embezzlement or misappropriation of funds;

 

(iv)                              the conviction by the Executive of, or the
plea by the Executive of nolo  contendere to, any felony; provided,
however, that after indictment of the Executive, the Company may place
the Executive on paid leave of absence until resolution or dismissal of such
indictment; or

 

(v)                                 the material breach by the Executive of Section
7 or Section 8 hereof that is not cured by the Executive within
thirty (30) days of written notice of such breach by the Board.

 

Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board
or based upon the advice of counsel for the Company shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and
in the best interests of the Company, and no act or failure to act, on the
Executive’s part, shall be deemed “willful” unless done by the Executive not in
good faith and without a reasonable belief that the Executive’s actions or
omissions were in the best interest of the Company.

 

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(d)                                 Termination by the Company without Cause. The Company may terminate the Executive’s
employment hereunder at any time during the Employment Term without Cause.

 

(e)                                  Termination by the Executive for Good Reason. The Executive may terminate the Executive’s
employment hereunder at any time during the Employment Term for Good Reason (as
defined below).

 

For
purposes of this Agreement, “Good Reason” shall mean only any of
the following (without the Executive’s written consent):

 

(i)                                     any material diminution in the Executive’s
Base Salary, bonus opportunity or benefits, as contemplated by Sections 4(a),
4(b) and 4(d) of this Agreement (other than as provided in Section
5(b)), excluding for this purpose any isolated, insubstantial, and
inadvertent actions not taken in bad faith and which are remedied by the
Company promptly after receipt of written notice thereof given by the
Executive;

 

(ii)                                  any material diminution of Executive’s
responsibilities or changes to his reporting relationship.

 

(iii)                               any failure by the Company to comply with any
of its obligations under this Agreement, other than any isolated,
insubstantial, and inadvertent actions not taken in bad faith and which are
remedied by the company promptly after receipt of written notice thereof given
by the Executive: or

 

(iv)                              the Company’s requiring the Executive to
reside in or be based at any office or location other than the New York, New
York metropolitan area.

 

(f)                                    Termination by the Executive Voluntarily. The Executive may terminate the Executive’s
employment hereunder at any time during the Employment Term for any reason
other than Good Reason, or for no reason.

 

(g)                                 Notice of Termination. Any termination of the Executive’s
employment hereunder by the Company or by the Executive (other than a
termination due to the Executive’s death) shall be communicated by a Notice of
Termination (as defined below) to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a
notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) in the case of a termination for Disability, Cause, or Good
Reason, sets forth the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated, and
(iii) specifies the Date of Termination (as defined below); provided, however,
that, notwithstanding any provision of this Agreement to the contrary, a Notice
of Termination given in connection with a termination for Good Reason shall be
given by the Executive within a reasonable period of time, not to exceed sixty
(60) days, following the occurrence of the event giving rise to such right of
termination. The failure by the Company or the Executive to set forth in the
Notice of Termination any fact or

 

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circumstance which
contributes to a showing of Disability, Cause, or Good Reason shall not waive
any right of the Company or the Executive hereunder or preclude the Company or
the Executive from asserting such fact or circumstance in enforcing the Company’s
or the Executive’s rights hereunder.

 

(h)                                 Date of Termination. For purposes of this Agreement, the “Date of Termination”
shall mean the effective date of termination of the Executive’s
employment hereunder, which date shall be: (i) if the Executive’s employment is
terminated by the Executive’s death, the date of the Executive’s death; (ii) if
the Executive’s employment is terminated because of the Executive’s Disability,
the Disability Effective Date or such later date (up to thirty (30) days)
specified in the Disability Notice of Termination; (iii) if the Executive’s
employment is terminated by the Company for Cause or by the Executive for Good
Reason, the date on which the Notice of Termination is given; and (iv) if the
Executive’s employment is terminated by either party for any other reason, the
date specified in the Notice of Termination, which date shall in no event be
earlier than the 30th day after the date such notice is given (such thirty (30)
day period, the “Notice  Period”); provided,
however, that in lieu of a thirty (30) day Notice Period, the
Company may accept or give a shorter notice period (or no notice period) and
place the Executive on paid leave during the Notice Period.

 

6.                                       OBLIGATIONS OF THE COMPANY UPON TERMINATION.

 

(a)                                  Termination by the Company Without Cause or
by the Executive for Good Reason. If, during the Employment Term, the Company
shall terminate the Executive’s employment hereunder without Cause, or the
Executive shall terminate the Executive’s employment for Good Reason, the
Executive shall be entitled to receive, as his exclusive right and remedy in
respect of such termination: (i) the payment of (A) all Accrued Obligations plus
(B) at the time the Company pays its executives bonuses in accordance with its
general payroll policies, the Pro Rata Bonus, plus (C) severance pay
equal to one-twelfth (1/12) of the Executive’s Base
Salary and Annual Bonus as of the Date of Termination for each of the first
eighteen (18) months from and following the Date of Termination, payable in
accordance with the Company’s regular pay schedule and policies and (ii) the
provision of the Welfare Benefit Continuation. For purpose of determining the
severance pay, the Annual Bonus as of the Date of Termination shall be deemed
to be equal to the Annual Bonus paid to the Executive for the most recently
completed fiscal year of the Company. With respect to his receipt of payment of
the amounts set forth in this Section 6(a), the Executive shall have no duty to
mitigate, except as provided below concerning the Welfare Benefit Continuation.

 

For purposes of this
Agreement, “Accrued Obligations” shall
mean, (1) all Base Salary earned by the Executive but unpaid as of the Date of
Termination, (2) reimbursement for any and all monies advance in connection
with the Executive’s employment for reasonable and necessary expenses incurred
by the Executive through the Date of Termination and (3) all other payments and
benefits to which

 

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the Executive may be
entitled under the terms of any applicable compensation arrangement or benefit
plan or program of the Company. For purposes of this Agreement, “Pro Rata Bonus” shall mean, as to any fiscal year of
the Company in which the Executive’s employment with the Company is terminated,
an amount equal to that pro rata portion of the Executive’s Annual Bonus which,
but for the Executive’s termination of employment, would have been earned by
the Executive during such year. Such pro rata portion shall be determined based
upon a formula, the denominator of which shall be 365 and the numerator of
which shall be the number of days during the Company’s fiscal year in question
which the Executive was employed by the Company on active status (including any
period of paid leave in lieu of a notice period, as contemplated by Section 5(h) of this Agreement). For purposes of this Agreement, “Welfare
Benefit Continuation” shall mean provision of welfare
benefits such that the Executive shall continue to be covered, upon the same
terms and conditions described in Section 4(d)(ii) hereof, by the same
or equivalent medical, dental and life insurance coverage as in effect for the
Executive and the Executive’s family immediately prior to the Date of
Termination until the earlier of(x) the expiration of the period for which the
Executive receives severance pay pursuant to this Agreement and (y) the date
the Executive has commenced new employment and has thereby become eligible for
other benefits coverage, subject to the Executive’s rights under the
Consolidated Omnibus Budget Reconciliation Act (COBRA).

 

(b)                                 Death. If the Executive’s employment is terminated by reason of the
Executive’s death during the Employment Term, this Agreement shall terminate
without further obligations to the Executive’s heirs, executors, administrators
or other legal representatives under this Agreement, other than for payment of
all Accrued Obligations and payment of the Pro Rata Bonus.

 

(c)                                  Disability. If the Executive’s employment is terminated by reason of the Executive’s
Disability during the Employment Term, this Agreement shall terminate without
further obligations to the Executive, other than for payment of all Accrued
Obligations and payment of the Pro Rata Bonus.

 

(d)                                 Termination by the Company for Cause. If the Executive’s employment is terminated
for Cause during the Employment Term, this Agreement shall terminate without
further obligations to the Executive other than the obligation to pay to the
Executive his Accrued Obligations through the Date of Termination, to the
extent theretofore unpaid.

 

(e)                                  Termination by the Executive. If the Executive voluntarily terminates the
Executive’s employment during the Employment Term, excluding a termination for
Good Reason, this Agreement shall terminate without further obligations to the
Executive, other than for Accrued Obligations.

 

(f)                                    Accrued Benefits. Notwithstanding anything else herein to the
contrary, all Accrued Obligations to which the Executive (or his estate or
beneficiary) is entitled shall be payable in cash promptly upon termination of his
employment,

 

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except as otherwise
specifically provided herein, or under the terms of any applicable policy, plan
or program.

 

(g)                                 Complete Payment. The payments and other benefits to be made
or to be extended to the Executive under the provisions of this Section 6
upon termination of the Executive’s employment shall be in complete
satisfaction of any and all payments that would otherwise be due the Executive
had he remained employed by the Company during the remainder of the Employment
Term and the Company shall have no further obligation to make any payment or
extend any benefit to the Executive pursuant to this Agreement or otherwise
upon or after such termination. Except as specifically provided in this entitled
to any compensation, severance or other benefits from the Company or any of its
subsidiaries or affiliates upon the termination of this Agreement for any
reason whatsoever. Acceptance by the Executive of performance by the Company
shall constitute full settlement of any claims that the Executive might
otherwise assert against the Company, its affiliates or any of their respective
equityholders, partners, directors, officers, employees or agents relating to
the Company’s obligations under this Agreement. The Executive shall not be
entitled to any severance or other payments upon termination of employment
except pursuant to this Agreement. The Executive shall not be entitled to any
severance or other payments upon termination of employment except pursuant to this
Agreement.

 

7.                                       PROPRIETARY INFORMATION; INVENTIONS IN THE
FIELD.

 

(a)                                  Proprietary Information. In the course of service to the Company,
the Executive will have access to confidential information regarding the
organization, business and finances of the Company and its affiliated
companies, including products, services, designs, methods, techniques, systems,
specifications, know-how, strategic or technical data, marketing research data,
product research and development data, sales techniques, confidential customer
lists and information, sources of supply and trade secrets, all of which are
confidential and may be proprietary and are owned or used by the Company, or
any of its affiliates. Such information shall hereinafter be called “Proprietary Information” and shall include any and all items
enumerated in the preceding sentence and coming within the scope of the
business of the Company or any of its affiliated companies as to which the
Executive may have access, whether conceived or developed by others or by the
Executive alone or with others during the period of service to the Company,
whether or not conceived or developed during regular working hours. Proprietary
Information shall not include any records, data or information which are (i) in
the public domain during or after the Employment Term provided the same are not
in the public domain as a consequence of disclosure directly or indirectly by
the Executive in violation of this Agreement, (ii) required to be disclosed by
law, or (iii) reasonably required to be disclosed in defending any suit,
proceeding or investigation to which the Executive is a party.

 

(b)                                 Fiduciary Obligations. The Executive agrees that Proprietary
Information is of critical importance to the Company and a violation of this Section
7 would

 

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seriously and irreparably
impair and damage the Company’s business. The Executive agrees that he shall
keep all Proprietary Information in a fiduciary capacity for the sole benefit
of the Company.

 

(c)                                  Non-Use and Non-Disclosure. The Executive shall not during the
Employment Term or at any time thereafter: (i) disclose, directly or
indirectly, any Proprietary Information to any person, other than any person
who, in the reasonable judgment of the Executive, needs to know such
Proprietary Information or such other persons to whom the Executive has been
specifically instructed to make disclosure by the Board and in all such cases
only to the extent required in the course of the Executive’s service to the
Company; or (ii) use any Proprietary Information, directly or indirectly, for
the Executive’s own benefit or for the benefit of any person or entity other
than the Company.

 

(d)                                 Assignment of Inventions. The Executive agrees to assign and transfer
to the Company or its designee, without any separate remuneration or
compensation, his entire right, title and interest in and to all Inventions in
the Field (as defined below), together with all United States and foreign
rights with respect thereto, and, at the Company’s expense, to execute and
deliver all appropriate patent and copyright applications for securing United
States and foreign patents and copyrights on Inventions in the Field and to
perform all lawful acts, including giving testimony, and to execute and deliver
all such instruments that may be necessary or proper to vest all such
Inventions in the Field and patents and copyrights with respect thereto in the
Company, and to assist the Company in the prosecution or defense of any
interference which may be declared involving any of said patent applications,
patents, copyright applications or copyrights. For the purposes of this
Agreement, the words “Inventions in
the Field” shall include any discovery, process, design, development,
improvement, application, technique, or invention, whether patentable or
copyrightable or not and whether reduced to practice or not, conceived,
created, discovered, invented or made by the Executive, individually or jointly
with others (whether on or off the Company’s premises or during or after normal
working hours), while in the employ of the Company or any of its affiliated
companies, and which was or is directly or indirectly related to the business
of the Company or any of its affiliated companies or suppliers or customers, or
which resulted or results from any work performed by, or use of any Documents,
Property or other personal property of the Company (whether tangible or
intangible and whether owned, leased or contracted for) by, any executive,
employee or agent of the Company or any of its affiliated companies.

 

(e)                                  Return of Documents. All (i) notes, memoranda, reports, lists,
letters, documents, records, specifications, software programs, software code,
data, tapes and other media of every kind, form and description relating to or
within the scope of the business of the Company or any of its affiliated
companies and any copies, in whole or in part, thereof (collectively, the “Documents”),
whether or not prepared by the Executive, and (ii) all computers,
cellular telephones, pagers, credit and/or calling cards, keys, access cards or
other personal property of or relating to the 

 

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Company or any of its
affiliated companies (collectively, the “Property”)
shall be the sole and exclusive property of the Company. The Executive shall
safeguard all Documents and Property and shall surrender to the Company within
five (5) days of any Date of
Termination, or at such earlier time or times as the Board or its designee may
specify, all Documents and Property then in the Executive’s possession or
control; provided, however, that the Executive may retain a copy
of any personnel-related materials relating to his employment-with the Company,
including, but not limited to, this Agreement, any compensation or benefit plan
or program, or any awards or evidence of participation in such plans or
programs, or any other communications to or from the Company related to
Executive’s employment. During the Employment Term, the Executive shall not make,
use or permit to be used any Documents or Property otherwise than for the
benefit of the Company. After the Employment Term, the Executive shall not use
or permit others to use any Documents or Property.

 

(f)                                    Acknowledgement. This Section 7 shall not be
construed to unreasonably restrict the Executive’s ability to disclose
Proprietary Information in an arbitration or court proceeding regarding the
assertion of, or defense against, any claim of breach of this Agreement.

 

8.                                       RESTRICTIONS ON ACTIVITIES OF THE EXECUTIVE.

 

(a)                                  Acknowledgments. The Executive and Company acknowledge and
agree that the Executive is being employed hereunder in a key capacity with the
Company and that the Company is engaged in a highly competitive business and
that the success of the Company’s business in the marketplace depends upon its
goodwill and reputation for quality and dependability. The Executive and the
Company further acknowledge and agree that (i) reasonable limits may be placed
on the Executive’s ability to compete against the Company and its affiliated
companies as provided herein to the extent that they protect and preserve the
legitimate business interests and goodwill of the Company and/or its affiliated
companies and (ii) such limits are (A) in consideration for the ability of the
Executive to purchase Class A Common Units in connection with the Transactions,
the Executive’s ability to receive awards of Class B Common Units, and the
continued employment of the Executive by the Company, (B) the result of
arms-length negotiations between the parties, (C) reasonable in scope and
duration, and (D) necessary to protect the legitimate business interests of the
Company and its affiliated companies. In addition, the Executive acknowledges
(1) that the business of the Company and its affiliated companies is
international in scope and without geographical limitation and (2)
notwithstanding the state of incorporation or formation or principal office or
location of the Company or any of its affiliated companies, or any of their respective
executives or employees (including the Executive), it is expected that the
Company will have business activities and have valuable business relationships
within its industry throughout the United States and the world. The Executive
acknowledges that he has carefully read this Agreement and has given careful
consideration to the restraints imposed upon the Executive by this Agreement,
and is in full accord as to their necessity for the

 

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reasonable and proper
protection of the Proprietary Information, whether now existing or to be
developed in the future. The Executive expressly acknowledges and agrees that
each and every restraint imposed by this Agreement is reasonable with respect
to subject matter, time period and geographical area.

 

(b)                                 Non-Competition Restrictions. During the Non-Competition Period (as
defined below), the Executive will not, anywhere in the Territory (as defined
below), engage or participate in, directly or indirectly, alone or as
principal, agent, employee, employer, consultant, investor or partner of, or
assist in the management of, or provide advisory or other services to, or own
any stock or any other ownership interest in, or make any financial investment
in, any business or entity which is Competitive with the Company (as defined
below); provided. however, that the ownership of not more than two percent (2%)
of the outstanding securities of any class of securities listed on a national
exchange or inter-dealer quotation system shall not constitute a violation of
this Section 8(b). For purposes of this Agreement, a business or entity
shall be considered “Competitive with the  Company” as of any point in time during the Non-Competition Period if it
competes with (A) the products then marketed or sold by the Company and/or any
of its affiliated companies and as such products may be improved and/or
modified, (B) the services then marketed, sold or provided by the Company
and/or any of its affiliated companies and as such services may be improved
and/or modified or (C) the products and/or services that the Company and/or any
of its affiliated companies is then actively developing, designing, marketing,
producing or supplying in the future including, without limitation, the business
of providing financial products or services, including those involving or
related to exchange-traded derivatives, managed futures, prime brokerage
services, fixed income securities, foreign exchange, equities, over-the-counter
derivatives and asset management of structured products related to the Company’s
core business. For purposes of this Agreement, the “Non-Competition Period” shall
mean the period commencing on the Effective Date and ending eighteen (18)
months after the date of termination of the Executive’s employment with the
Company, whether such termination is pursuant to this Agreement or otherwise.
For purposes of this Agreement, “Territory”
shall mean the States of New York and Illinois and every other State or foreign
country where the Company and/or any of its affiliated companies maintains
employees, owns or leases property or otherwise conducts business during the
Non-Competition Period. Nothing contained herein shall preclude the Executive
from performing purely legal services, if and to the extent, that performing
such services would violate applicable state law.

 

(c)                                  Non-Solicitation and No-Hire Restrictions. During the Non-Competition Period, the
Executive will not, directly or indirectly, (i) solicit, or attempt to solicit
any officer, director, consultant or executive of the Company or any of its
affiliated companies (each such individual, a “Company Affiliate”) to
leave his or her engagement with the Company or such affiliated company, (ii)
hire any Company Affiliate or (iii) call upon, solicit, divert or attempt to
solicit or divert from the Company or any of its affiliated companies any of their
customers or suppliers or

 

13

 

potential or prospective
customers or suppliers of whom the Executive was aware were potential customers
prior to or during the Employment Term in any manner that harms or interferes
with such person’s relationship with the Company; provided, however,
that nothing in this Section 8(c) shall be deemed to prohibit the Executive
from calling upon or soliciting a customer or supplier of the Company or any
affiliated company during the Non-Competition Period if such action relates
solely to a business which is not Competitive with the Company; provided,
further, that nothing in this Section 8(c) shall be deemed to
prohibit the Executive from (A) soliciting or hiring any Company Affiliate if
such Company Affiliate is a member of the Executive’s immediate family; (B)
placing advertisements in newspapers or other media of general circulation
advertising employment opportunities; and (C) hiring any Company Affiliate who
responds to such advertisements without any prior notice thereof by the
Executive or any of his Affiliates; provided that such Company Affiliate was
not otherwise solicited by the Executive or any of his Affiliates in violation
of this Agreement.

 

(d)                                 Non-Disparagement Restrictions. Each of the Executive and the Company
covenants and agrees that during the Non-Competition Period, such party will
not, directly or indirectly, either in writing or by any other medium, make any
disparaging, derogatory or negative statement, comment or remark about the
other party or any of its affiliated companies, or Thomas H. Lee Partners or
any of its affiliates, or any of their respective officers, directors,
employees, affiliates, subsidiaries, successors and assigns, as the case may
be; provided, however, that either party may make such
statements, comments or remarks as are necessary to comply with law.

 

(e)                                  The Executive’s Skills and Abilities. THE EXECUTIVE REPRESENTS AND WARRANTS THAT
THE KNOWLEDGE, SKILLS AND ABILITIES HE POSSESSES AT THE TIME OF COMMENCEMENT OF
EMPLOYMENT HEREUNDER ARE SUFFICIENT TO PERMIT HIM, IN THE EVENT OF TERMINATION
OF HIS EMPLOYMENT HEREUNDER, TO EARN A LIVELIHOOD SATISFACTORY TO HIMSELF
WITHOUT VIOLATING ANY PROVISION OF SECTION 7 OR SECTION 8 HEREOF,
FOR EXAMPLE, BY USING SUCH KNOWLEDGE, SKILLS AND ABILITIES, OR SOME OF THEM, IN
THE SERVICE OF A BUSINESS THAT IS NOT COMPETITIVE WITH THE COMPANY.

 

(f)                                    The Executive will
not circumvent the purpose of any restriction contained in this Section 8
by engaging in business outside the Territory through remote means such as
telephone, correspondence or computerized communication.

 

9.                                       REPRESENTATIONS AND WARRANTIES.

 

(a)                                  The Company represents and warrants to the
Executive that the execution, delivery, and performance by the Company of this
Agreement have been duly authorized by all necessary limited liability company
action of the Company and do not and will not conflict with or result in a violation
of any provision of, or

 

14

 

constitute a default under,
any material contract, agreement, instrument, or obligation to which the
Company is a party or by which it is bound.

 

(b)                                 The Executive represents and warrants to the
Company that the execution, delivery, and performance by the Executive of this
Agreement do not and will not conflict with or result in a violation of any
provision of, or constitute a default under, any material contract, agreement,
instrument, or obligation to which the Executive is a party or by which the
Executive is bound.

 

10.                                 INDEMNIFICATION; DIRECTORS AND OFFICERS
INSURANCE. The Company
agrees that in connection with the Executive’s service to the Company pursuant
hereto, the Executive shall be entitled to the benefit of any indemnification
provisions in the Company’s Limited Liability Company Agreement and/or any of
its affiliated companies and any director and officer liability insurance
coverage carried by the Company and/or any of its affiliated companies, if any.
During the Employment Term, the Company and Refco LLC will maintain a policy of
directors and officers liability insurance covering the Executive, which
provides coverage limits of at least $2 million.

 

11.                                 INJUNCTIVE RELIEF. In recognition of the fact that a breach by
the Executive of any of the provisions of Section 7 or Section 8
hereof will cause irreparable damage to the Company for which monetary damages
alone will not constitute an adequate remedy, the Company shall be entitled as
a matter of right (without being required to prove damages or furnish any bond
or other security) to obtain a restraining order, an injunction, an order of
specific performance, or other equitable or extraordinary relief from any court
of competent jurisdiction restraining any further violation of such provisions
by the Executive or requiring the Executive to perform the Executive’s
obligations hereunder. Such right to equitable or extraordinary relief shall
not be exclusive but shall be in addition to all other rights and remedies to
which the Company may be entitled at law or in equity, including without
limitation the right to recover monetary damages for the breach by the
Executive of any of the provisions of this Agreement.

 

12.                                 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of
the State of New York or any other jurisdiction) that would cause the
application of the law of any jurisdiction other than the State of New York.

 

13.                                 NOTICES. All notices, requests and demands to or upon the parties hereto to be
effective shall be in writing, by facsimile, by overnight courier or by
registered or certified mail, postage prepaid and return receipt requested, and
shall be deemed to have been duly given or made upon: (a) delivery by hand, (b)
one business day after being sent by nationally recognized overnight courier;
or (c) in the case of transmission by facsimile, when confirmation of receipt
is obtained. Such communications shall be addressed and directed to the parties
as follows (or to such other address as either party shall designate by giving
like notice of such change to the other party):

 

15

 

	
  (i)

  	
  if to the Company:

  
	
   

  	
   

  
	
   

  	
  Refco Group Ltd., LLC

  
	
   

  	
  One World Financial Center

  
	
   

  	
  200 Liberty Street

  
	
   

  	
  New York, NY 10281

  
	
   

  	
  Attention: Board of
  Managers

  
	
   

  	
   

  
	
   

  	
  with a copy (which shall
  not constitute notice to the Company) to:

  
	
   

  	
   

  
	
   

  	
  Weil, Gotshal & Manges
  LLP

  
	
   

  	
  100 Federal Street

  
	
   

  	
  Boston, MA 02110

  
	
   

  	
  Attention: James Westra

  
	
   

  	
   

  
	
  (ii)

  	
  if to the Executive:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  with a copy (which shall
  not constitute notice to the Executive) to:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

or to such other address as
the party to whom notice is given may have previously furnished to the other in
writing in the manner set forth above.

 

14.                                 BINDING EFFECT; NO THIRD PARTY BENEFIT.

 

(a)                                  This Agreement is personal to the Executive
and without the prior written consent of the Company shall not be assignable by
the Executive. This Agreement shall inure to the benefit of and shall be
enforceable by the Executive and the Executive’s legal representatives.

 

(b)                                 This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns.

 

(c)                                  The Company shall require any successor or
assign (whether direct or indirect, by purchase, merger, consolidation, or
otherwise) to all or substantially all the business and/or assets of the
Company, by agreement in writing, expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession or assignment had taken place. As
used in this Agreement, the “Company” shall mean the Company as hereinabove
defined and any successor or assign to its business and/or assets as aforesaid
which executes and delivers this Agreement

 

16

 

provided for in this Section
14(c) or which otherwise becomes bound by all the terms and provisions of
this Agreement by operation of law.

 

(d)                                 Nothing in this Agreement, express or
implied, is intended to or shall confer upon any person other than the parties
hereto, and their respective heirs, legal representatives, successors, and
permitted assigns, any rights, benefits, or remedies of any nature whatsoever
under or by reason of this Agreement.

 

15.                                 MISCELLANEOUS.

 

(a)                                  Amendment. This Agreement may not be modified or amended in any respect except
by an instrument in writing signed by each of the Company and the Executive. No
person, other than pursuant to a resolution of the Board or a committee
thereof, shall have authority on behalf of the Company to agree to modify,
amend, or waive any provision of this Agreement or anything in reference
thereto.

 

(b)                                 Waiver. Any term or condition of this Agreement may be waived at any time by
the party hereto which is entitled to have the benefit thereof, but such waiver
shall only be effective if evidenced by a writing signed by such party, and a
waiver on one occasion shall not be deemed to be a waiver of the same or any
other type of breach on a future occasion. No failure or delay by a party
hereto in exercising any right or power hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right or power.

 

(c)                                  Withholding Taxes. The Company may withhold from any amounts
payable under this Agreement such federal, state, local, or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation.

 

(d)                                 Nonalienation of Benefits. The Executive shall not have any right to
pledge, hypothecate, anticipate, or in any way create a lien upon any payments
or other benefits provided under this Agreement; and no benefits payable
hereunder shall be assignable in anticipation of payment either by voluntary or
involuntary acts, or by operation of law, except by will or pursuant to the
laws of descent and distribution.

 

(e)                                  Attorneys’ Fees. The Executive and the Company agree that
the Company will pay all reasonable attorneys’ fees and expenses in respect of
(i) the negotiation of this Agreement, or (ii) any action or defense of this
Agreement brought in good faith by the Executive.

 

(f)                                    Severability. The parties agree that each provision
herein shall be treated as a separate and independent clause, and the
unenforceability of any one clause shall in no way impair the enforceability of
any other clauses of this Agreement. If any one or more provisions of this
Agreement is held to be invalid or unenforceable for any reason, including due
to being overbroad in scope activity, subject or otherwise: (i) this Agreement
shall be considered divisible; (ii) such provision

 

17

 

shall be deemed inoperative
to the extent it is deemed invalid or unenforceable; and (iii) in all other
respects this Agreement shall remain full force and effect; provided, however,
that if any such provision maybe made valid or enforceable by limitation
thereof then such provision shall be deemed to be so limited and shall be valid
and/or enforceable to the maximum extent permitted by applicable law.

 

(g)                                 Entire Agreement. All of (i) this Agreement,
(ii) the Company’s Limited Liability Company Agreement, and (iii) that certain
Restricted Unit Agreement, to be dated as of the Effective Date and executed by
the Executive and the Company in connection with an award of any Class B Units
to the Executive, constitute the entire agreement and understanding of the
parties hereto concerning the Executive’s employment with the Company and from
and after the Effective Date, this Agreement shall supersede any other prior
negotiations, discussions, writings, agreements or understandings, both written
and oral, between the parties with respect to such subject matter.

 

(h)                                 Captions. The captions herein are inserted for convenience of reference only,
do not constitute a part of this Agreement, and shall not affect in any manner
the meaning or interpretation of this Agreement.

 

(i)                                     References. All references in this Agreement to Sections, subsections and other subdivisions
refer to the Sections, subsections and other subdivisions of this Agreement
unless expressly provided otherwise. The words “this Agreement,” “herein,” “hereof,”
“hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. Whenever the
words “include,” “includes,” and “including” are used in this Agreement, such
words shall be deemed to be followed by the words “without limitation.” Words
in the singular form shall be construed to include the plural and vice versa,
unless the context otherwise requires.

 

18

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its
behalf by its duly authorized officer, and the Executive has executed this
Agreement, as of the date first above set forth.

 

 

	
  EXECUTIVE

  	
  REFCO GROUP LTD., LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  DENNIS KLEJNA

  	
   

  	
  By:

  	
  /s/
  PHILLIP BENNETT

  	
   

  
	
  Dennis Klejna

  	
  Name:

  	
   

  	
  Phillip
  Bennett

  	
   

  
	
   

  	
  Title:

  	
   

  	
  President

  	
   

  
								

 

19Exhibit 10.25

 

	
  

  	
  Warner Music
  International Services Ltd

  83 Baker Street

  London W1M 2LA

  Telefax: 020 7535 9001

  Telephone: 020 7535 9000

  

 

Paul-Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

28 November 2002

 

Dear Paul-Rene,

 

I am writing to set out the revised terms and conditions of your
employment with Warner Music International Services Limited (the “Company”)
that have been agreed between us in respect of your appointment as President of
Warner Music International with effect from 1st  October 2002. The terms of this letter
will apply with effect from 1st  December
2002.

 

1.                                       Commencement and Term

 

1.1                                 Your period of
continuous employment with the Company will be deemed to have commenced on 1
December 2000 (the “Commencement Date”).

 

1.2                                 Subject to the other
terms regarding termination set out in this letter, your employment will
continue for a fixed period from 1 December 2002 until 31 December 2005 (the “Term”).

 

1.3                                 The Company will, not
later than 30 June 2005, notify you in writing as to whether or not it intends
to renew the Term (the “Notification”). If the Company has not given you the
Notification by close of business on 30 June 2005, you may (in the 3 month
period after 30 June 2005) elect to have the Term extended until 31 December
2006 and in those circumstances the references in this letter to the “Term”
shall be deemed to include this extended period.

 

2.                                       Job Title and Base

 

2.1                                 You will serve the
Company as President of Warner Music International; that is, you will be the head
of the international arm of the Warner Music Group recorded music business. You
will be responsible to the Chairman of Warner Music Group Inc.

 

2.2                                 You will initially be
based in the UK. During the Term, you may however be required to relocate to
the US on reasonable notice, which shall not be less than 9 months. Reasonable
relocation expenses will of course be paid by the Company.

 

1

 

2.3                                 You will be expected
to travel worldwide in the performance of your duties.

 

3.                                       Hours

 

Normal working hours are between 9am and 6pm each day of the week from
Monday to Friday (inclusive), with an additional hour for lunch. You will
however be expected to work such additional hours (without additional pay) as
the needs of the business dictate.

 

4.                                       Duties

 

During your employment you will:

 

4.1                                 carry out such duties
for any Group company as may be reasonably directed by the Chairman of Warner
Music Group from time to time consistent with your responsibility and shall be
responsible for the supervision and management of all Warner Music
International operating companies, divisions and departments;

 

4.2                                 comply with all
reasonable requests, instructions and regulations relating to the Company or to
any Group company made by the Chairman of Warner Music Group from time to time;

 

4.3                                 devote the whole of
your time, attention and ability to your duties;

 

4.4                                 well and faithfully
serve the Company to the best of your ability and use your best endeavours to
promote the interests of the Company; and

 

4.5                                 not without the
written consent of the Company directly or indirectly be engaged, concerned or
interested in any other business whatsoever, provided that you shall not be
prohibited from holding by way of investment any securities listed or dealt on
the Stock Exchange and comprising not more than 1% of the securities of the
class in question.

 

5.                                       Salary

 

5.1                                 Your basic annual
salary for the calendar year 2003 shall be $1 million US increasing to $1.25
million US for the calendar year 2004 and to $1.5 million US for the calendar
year 2005 (“Salary”). The Salary will be payable in twelve equal
instalments monthly in arrears on or about the last day of each month, less
statutory and voluntary deductions, by direct bank transfer. Your salary will
be inclusive of any fees to which you may be entitled as a member of the Board
or representative of the Company or any Group company.

 

6.                                       Bonus

 

6.1                                 You will, at the
discretion of the Company be entitled to an annual bonus, provided always that
during the Term, the minimum bonus payable to you for each calendar year of the
Term shall be $1 million US. Bonus will be calculated based on your own and the
Company’s performance, in accordance with the formula notified to you in each
year.

 

2

 

6.2                                 The first bonus
payable under this agreement will be in respect of the 2003 calendar year and
bonus will be payable in each year at the end of February, following the year
in which the bonus accrued. For the avoidance of doubt, it is agreed that in
the event your employment is not renewed by the Company on or before the expiry
of the Term, you will still be entitled to the annual bonus in the last year of
your employment (that is, 1st  January 2005 to 31st  December 2005), and the minimum will still be
$1 million US.

 

6.3                                 If you so elect, the
Company will pay part of your bonus in each year (up to a maximum of $250,000
US) into such investment plan as is established by you and notified to the
Company.

 

6.4                                 Save as set out in
this letter, on the termination of your employment, any bonus payment due and
owing will be paid but no further bonus payments will be made.

 

6.5                                 It is agreed that the
gross amount of the combined Salary and bonus payable to you for the years
2003, 2004 and 2005 (exclusive of monies payable pursuant to 16.2) shall not
total less than $10.25 million US. If the total sums paid are less than $10.25
million, the Company will, within 14 days after the end of February 2006, make
a payment to you equivalent to the difference, less statutory deductions (e.g.
if you have been paid a total of $10,100,000 US, you will be paid the sum of
$150,000 less statutory deductions).

 

7.                                       Car Allowance

 

7.1                                 You will be paid a car
allowance of £32,000 per annum. This will be paid monthly, less statutory
deductions, together with your Salary.

 

8.                                       Housing Allowance

 

8.1                                 The Company shall pay
to you a housing allowance of £36,500 per annum, which shall be paid monthly,
less statutory deductions. The allowance shall be increased annually by the
lesser of  5% or the amount of the latest published inflation figure
as set out in the Retail Prices Index. Any increase will take effect from
January 1st in each year.

 

9.                                       Share Options

 

In addition, the Company will use its best efforts to procure that as
soon as reasonably practicable after 1 December 2002, AOL Time Warner Inc will
grant to you options to purchase fifty thousand (50,000) shares of the common
stock of AOL Time Warner Inc, such options shall be subject to the terms of the
stock option agreement which shall be executed and delivered by you pursuant to
the applicable stock option plan.

 

10.                                 Pension

 

10.1                           Subject always to the rules
of the plan from time to time in force and to Inland Revenue limits, you will
be entitled to be a member of the Time Warner UK Pension Plan. Details of the
plan can be obtained from Human Resources.

 

3

 

11.                                 Insurance Benefits

 

11.1                           Subject to the rules of each
plan from time to time in force and to your health not being such as to prevent
the Company from obtaining cover on reasonable terms, you shall be entitled to:

 

11.1.1                  life assurance cover based on four
times your annual salary; and

 

11.1.2                  private medical insurance for the
benefit of you, your spouse and your unmarried dependant children under the age
of 18 on such scale as is set by the Company from time to time.

 

12.                                 Expenses

 

12.1                           With the prior approval of
the Company and within such limits as the Company may from time to time lay
down, all expenses wholly, exclusively and necessarily incurred by you in
carrying out your duties will, on production of appropriate receipts and/or
vouchers, be reimbursed to you, subject always to you complaying with the
Company’s proceudres in relation to expenses from time to time in force.

 

12.2                           The Company agrees to pay
for your personal tax advice which will be provided by Ernst & Young during
the Term:

 

13.                                 Holidays

 

13.1                           In addition to public and
bank holidays (but inclusive of statutory entitlement under the Working Time
Regulations (the “WTR”)) you are entitled to take 25 days holiday in each
holiday year. All holiday dates must have the prior agreement of the Chairman
of Warner Music Group.

 

13.2                           You will not be entitled to
carry forward any holiday untaken at the end of a holiday year.

 

13.3                           The holiday year runs from 1
January to 31 December and is also the leave year for parental leave purposes.
You will be deemed to take statutory entitlement under the WTR then your
additional contractual entitlement.

 

13.4                           If in any holiday year you
are not employed for the complete holiday year (for example, in your year of
leaving the Company’s employment) your holiday entitlement will be calculated
pro rata based on the completed months of service for the period of the holiday
year during which you have been employed. On the termination of your
employment, you will be paid in lieu of holidays accrued but untaken as at the
date of termination. Alternatively, you will be required to repay to the
Company pay for any holiday taken in excess of your entitlement.

 

14.                                 Sickness Absence

 

14.1                           If you are ill or unable to
come to work for any reason, you should contact Human Resources or such person
as the Company may nominate, as early as possible on the first day with an
estimate of how long you will be away.

 

4

 

14.2                           Subject
to the rules on Statutory Sick Pay (“SSP”), if you are absent by reason of
sickness, injury of incapacity, you will continue to be paid your Salary for
the first four months of absence in any year. Any further payments will be at
the discretion of the Company.

 

14.3                           Any
Company sick pay paid to you will be inclusive of any SSP payable.

 

14.4                           When
you are absent from work for more than 7 days, you must provide a medical
certificate. When you are absent from work for less than 7 days the Company
will require you to produce a self certificate as evidence of your sickness,
injury or incapacity.

 

14.5                           The
Company may at its expense at any time (whether or not you are then incapacitated)
require you to submit to such medical examinations and test by doctors
nominated by the Company and you hereby authorise such doctor(s) to disclose or
discuss with the Company and its medical advisors the results of such
examinations and tests.

 

14.6                           In
the event of your sustaining an injury caused by a third party from whom you
would be entitled to recover damages in respect of the loss of salary, the
Company reserves the right to claim a refund of any Company sick pay made to
you under this clause during absence due to such injury.

 

15.                                 Confidential Information

 

15.1                           You
shall not, either during your employment or after its termination, use to the
detriment or prejudice of the Company or any Group company or any of their
clients or, except in the proper course of your duties, divulge to any person
firm or company or otherwise make use of any trade secrets or confidential
information which may have come to your knowledge during the course of your
employment with the Company or with any Group company including details of any
advertising, marketing or promotional campaign which the Company or any Group
company is to conduct; any information relating to expansion plans, business
strategy, marketing plans and sales forecasts of the Company or any Group
company; details of the employees and officers of the Company or any Group
company; confidential reports or research commissioned by or provided to the
Company or to any Group company; and any information which you are told is
confidential or is given in confidence to the Company or any Group company. The
foregoing list is not exhaustive.

 

15.2                           This
restriction shall continue fo- apply after the termination of your
employment without limitation in time, but shall cease to apply to any
information or knowledge which subsequently comes into the public domain, other
than by way of unauthorised disclosure by you.

 

16.                                 Notice

 

16.1                           Subject
to the other terms regarding termination set out in this letter, the Company
may terminate your employment at any time without notice and upon so doing, it
will make a lump sum payment to you of:

 

5

 

16.1.1                  the gross Salary due for the balance
of the Term;

 

16.1.2                  the gross bonus payments due to you
for the balance of the term (calculated using the average bonus payment during
the previous years of employment save that for the purposes of calculating the
bonus, the minimum annual bonus for these purposes shall be $1.5 million US);

 

16.1.3                  a payment in lieu of the benefits you
would have received (including life assurance, private medical insurance and
car allowance) had you remained employed throughout the Term.Alternatively, the
Company shall be entitled to continue to provide these benefits during the
remainder of the Term; and

 

16.1.4                  the payment set out in clause 16.2
below.

 

16.2                           If your employment is not
renewed by the Company on or before the expiry of the Term, save where clause
16.1 applies, the Company will pay to you a lump sum payment of:

 

16.2.1                  50% of your annual gross Salary
(calculated at the Salary rate applying at the Termination Date); and

 

16.2.2                  50% of the previous year’s gross
bonus payment.

 

16.3                           If payable, the sums set out
in clauses 16.1 and 16.2 will be paid less statutory deductions, within 28 days
of the Termination Date, and will be accepted by you in full and final
settlement of any contractual claims arising out of the termination of your
employment that you may have against the Company or any Group company.

 

17.                                 Change of Control

 

17.1                           If following a Change of
Control, changes are made to your role and/or your duties which are detrimental
and materially diminish your role and/or your duties, or changes are otherwise
made to your role which force you to resign in circumstances that constitute
constructive dismissal, then notwithstanding clause 1.3, you may within one
year of the Change of Control, elect to give the Company six months written
notice to terminate your employment. In those circumstances, the Company will
pay to you:

 

17.1.1                  a sum calculated in accordance with
16.1, save that for the purposes of calculating the bonus, the minimum annual
bonus for these purposes shall be $1.5 million US; and

 

17.1.2                  a sum calculated in accordance with
16.2.

 

17.2                           If payable, the sum set out
in 17.1 will be paid less statutory deductions, within 28 days of the
Termination Date, and will be accepted by you in full and final settlement of
any contractual claims arising out of the termination of your employment that
you may have against the Company or any Group company.

 

6

 

18.                                 Disciplinary and Grievance

 

18.1                           You will comply with such
rules or procedures regarding disciplinary matters as may be published by the
Company from time to time. Any such rules or procedures will be of a policy
nature only and will not form part of your contract of employment, save as may
be required by law.

 

18.2                           If you have any grievance
relating to your employment you should in the first instance refer the matter
to the Chairman of Warner Music Group.

 

19.                                 Termination

 

19.1                           The Company will be entitled
to terminate your employment at any time, without notice, if you:

 

19.1.1                  have at any time become or are unable
properly to perform your duties under this letter by reason of ill health or
accident for a period or periods aggregating at least 26, weeks in any period
of 52 weeks;

 

19.1.2                  are guilty of any dishonesty, gross
misconduct or wilful neglect of duty or commit any serious breach of a material
term of this letter, other than a breach which (being capable of being
remedied) is remedied by you within 14 days upon your being called upon to do
so in writing by the Board;

 

19.1.3                  conduct yourself in a manner.
materially adverse to the interests of the Company or any Group company;

 

19.1.4                  have a bankruptcy order made against
you or enter into a voluntary

arrangement within the meaning of section 253 Insolvency Act 1986;

 

19.1.5                  are convicted of any criminal
offence, other than a minor motoring offence which does not render you unable
to discharge your duties;

 

19.1.6                  notwithstanding the provision of
permanent health insurance, become of unsound mind or a patient for the purpose
of any statute relating to mental health;

 

19.1.7                  become prohibited by law from being a
company director; or

 

19.1.8                  resign (at your own choice) as a
director of the Company, not being at the request of the Company or the Board.

 

19.2                           Upon the termination of your
employment for whatsoever reason you will:

 

19.2.1                  deliver to the Company all notes,
memoranda and other correspondence, documents, papers, credit cards, motor
cars, car keys and other property belonging to the Company or any other Group
company or any customer of the Company or any customer of any Group company,
which may have been prepared by you or have come into your possession during
the course of or as a result of your employment with the Company, and you will
not retain any copies of them and will not permit them to be used by any party;

 

7

 

19.2.2                  without prejudice to any of your
rights to compensation, damages or otherwise, forthwith upon the request of the
Company resign from office as a director of the Company and from all offices
held by you in any other company in the Group.

 

20.                                 Intellectual Property

 

20.1                           You agree that all rights to
all material created in the course of your employment with the Company
(including ownership of physical material) shall vest in the Company. In
consideration of the Company entering into this letter, you hereby assign the
Intellectual Property Rights with full title guarantee to the Company
absolutely for as long as such rights subsist (including all renewals,
reversions, extensions and revivals of such rights). For the purposes of this
Clause “Intellectual Property Rights” shall mean all rights and in the nature
of Copyright, or database rights, patent rights, design rights (registered
and/or unregistered), rights to trade marks (registered and/or unregistered)
and all analogous rights whether now existing or created in the future to which
you may now or at any time after the date of this letter be entitled in respect
of material created in the course of 
your engagement under this letter.

 

20.2                           You agree that you will, at
the discretion of the Company, do all such things and sign and execute all such
documents and deeds as may be required to perfect, protect or enforce any of
the rights assigned to the Company under this Clause.

 

20.3                           You herewith irrevocably and
unconditionally waive all moral rights to which you may now or at any time in
the future will he entitled under the Copyright Designs and Patents Act 1988
(and under any similar laws enforced from time to time throughout the world) in
respect of the material created by you in the course of your employment.

 

21.                                 Restrictions

 

21.1                           You acknowledge that during
your employment, it is likely that you will obtain knowledge of trade secrets,
know-how, techniques, methods, lists, computer programs and software and other
confidential information relating to the Company, Group companies and their
employees and clients. In order to safeguard the goodwill of the Company and
all Group companies in connection with their clients and employees, you hereby
agree to the restrictions set out in this clause.

 

21.2                           You agree that:

 

(a)                                  during your
employment and (save in the event that your employment terminates pursuant to
clause 17 above and you are required to work out your notice) for a period of 6
months following the termination of your employment you will not engage as a
director, principal, partner, consultant or accept employment in a business or
concern of whatever kind which competes with the Company (or with any Group
company with which you were materially involved in the 12 months before the
Termination Date) in the UK, Europe or US;

 

(b)                                 during your employment
and for a period 12 months after the Termination Date you will not either on
your own behalf or on behalf of any other firm,

 

8

 

person or company, directly or indirectly solicit or Interfere with or
endeavour to entice away from the Company any person, firm or company who is or
was during the 12 months preceding the Termination Date a Supplier;

 

(c)                                  during your
employment and for a period 12 months after the Termination Date either on your
own behalf or for any other person, firm or company, solicit interfere with or
endeavour to entice away from the Company or any Group company any Senior
Employee; and

 

(d)                                 during your employment
and for a period of 12 months after the Termination Date, you will not either
on your own behalf or on behalf of any other firm, person or company, directly
or indirectly solicit or interfere or endeavour to entice away from the Company
or any Group company any Client.

 

21.3                           Each of the sub-paragraphs
above constitutes an entirely separate, severable and independent restriction
on you.

 

21.4                           The restrictions contained
in this clause are considered reasonable by the parties but in the event that
any such restrictions shall be found to be void but would have been valid if
some part thereof was deleted, such restrictions shall apply with such
modifications that may be necessary to make the restriction necessary and
effective. You agree that the said restrictions are reasonable and necessary
for the protection of the business of the Company and that they do not work
harshly upon you.

 

22.                                 Data Protection

 

You consent to the Company or any Group company holding and processing
both electronically and manually, the data it collects which relates to you for
the purposes of the administration and management of its business. It may also
be necessary for the Company to forward such personal information to other
offices it may have or to any Group company outside the European Economic Area
where such a company has offices or storage for the processing for
administrative purposes and you consent to the Company doing so as may be
necessary from time to time.

 

23.                                 Miscellaneous

 

23.1                           There are no collective
agreements in force directly affecting your employment.

 

23.2                           You hereby irrevocably and
by way of security appoint the Company and each Group company now or in the
future existing to be your attorney in your name and on your behalf and as your
act and deed to sign, execute and do all acts, things and documents which you are
obliged to execute and do under the provisions of this letter and you hereby
agree forthwith on the request of the Company to ratify and confirm all such
acts, things and documents signed, executed or done in the pursuance of this
power.

 

23.3                           This letter replaces all
previous written or verbal, express or implied agreements between you and the
Company or any Group company relating to your employment or the services
provided by you shall be deemed to have been cancelled.

 

9

 

23.4                           The construction, validity
and performance of this agreement shall be governed by and construed in
accordance with the law of England. Each party irrevocably submits to the
non-exclusive jurisdiction of the courts of England over any claim or matter
arising under or in connection with this agreement or the legal relationships
established by this agreement.

 

24.                                 Definitions

 

24.1                           The “Board” shall mean the Board of Directors
of the Company.

 

24.2                           “Change of Control” shall mean either:

 

24.2.1                  any sale (by share purchase) of the
Company, the Warner Music Group and/or AOL Time Warner or any holding company
of the Company (or any holding company of such holding company); or

 

24.2.2                  the sale of any part of the business
of the Company which you were employed in or assigned to or the business of any
holding company (or the business of any holding company of such holding
company); or

 

24.2.3                  the merger or acquisition of another
music company that results in a substantial change to the size of the Company
and leads to changes to the current management structure.

 

For the purpose of this clause holding company shall have the meaning
set out in Section 736 of the Companies Act 1985.

 

24.3                           “Client” shall mean any person, firm, company or other entity
which at any time during the 12 months before your employment terminated was a
client or prospective client of the Company or any Group company and with whom
you had significant dealings during that period including but not limited to
any artist, performer, singer, composer or songwriter contracted to the Company
or any Group company;

 

24.3.1                  for whose exclusive recording,
composing or songwriting services the Company or any Group company has made an
offer in writing;

 

24.3.2                  for whom the Company or any Group
company distributes any records, videos or other related products in the UK,
Europe or the US;

 

24.3.3                  to whom to Company or any Group
company has made an offer in writing for the rights to distribute any records,
videos or other related products, in the UK, Europe or US.

 

24.4                           “Group company” shall mean any company which for the time
being is a holding company (as defined by Section 736 of the Companies Act
1985) of the Company or any subsidiary (as defined by Section 736 of the
Companies Act 1985) of the Company or of any holding company of the Company.

 

10

 

24.5                           “Senior Employee” shall mean any employee of the Company or
any Group company working in a senior capacity and with whom you had material
dealings during the 12 month period prior to the termination of your
employment.

 

24.6                           “Supplier” shall mean any person, firm or company or other
entity whom or which at any time during the 12 months before your employment
terminates was a supplier or prospective supplier of the Company or any Group
company and with whom you had significant dealings.

 

24.7                           “Termination Date” shall mean the date your employment ends.

 

Please sign the enclosed copy of this letter to confirm that you have
received and that you accept the terms and conditions of employment set out in
this letter and agree to be bound by them.

 

Yours sincerely,

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  
	
  A director duly authorised for and on
  behalf of

  
	
  Warner Music International Services Limited

  

 

In witness of which this letter has been executed as a Deed by the
parties or their duly authorised representatives on the date above written.

 

[I acknowledge receipt of this letter of appointment and confirm my
acceptance of its terms.

 

	
  Signed and delivered as a Deed

  	
  )

  
	
  by Paul-René Albertini

  	
  )

  
	
  in the presence of:

  	
  )

  

 

	
  Witness signature:

  	
  /s/ Kate Styles

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  KATE STYLES

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  173 ST ANN’S HILL

  	
   

  
	
   

  	
  London SW18 2RX

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness occupation: ]

  	
  PERSONAL ASSISTANT

  	
   

  

 

11

 

	
  

  	
  Warner Music International Services Ltd.

  83 Baker Street

  London W1M 2LA

  Telefax: 020 7535 9001

  Telephone: 020 7535 9000

  

 

Paul-René Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

28 November 2002

 

Dear Paul-René,

 

I refer to the letter of appointment confirming your appointment as
President of Warner Music International with effect from 1st October
2002 which we have signed today.

 

I confirm that with effect from 1st December WMIS will pay
to you in each year 15.4% of your current salary under your previous contract
with WEA Europe Inc. ($650,000 US) less the UK pensionable earnings cap, which
is currently £97,200 (that is $650,000 – £97,200 x 15.4%) which equals
$85,131.20 US. This will be paid monthly less statutory deductions, together
with your salary.

 

Please indicate your acceptance of these arrangements by signing and
returning to us the enclosed copy of this letter.

 

Yours sincerely,

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  
	
  For and on behalf of

  
	
  Warner Music International Services Limited

  

 

	
  Agreed

  	
  /s/ [ILLEGIBLE]

  	
   

  

 

Dated            28/11/02

 

1

 

Warner Music International,

A Division of Warner Communications Inc.

75 Rockefeller Plaza

New York

NY 10019

 

Paul Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

27 November 2002

 

Dear Paul Rene

 

I refer to the letter of appointment dated 1st December 2000
with us, Warner Music International, a division of Warner Communications Inc. I
confirm that as agreed, this is to terminate with effect from close of business
on 30 November 2002.

 

The letter of appointment dealing with your appointment as President
will detail your bonus entitlement in your new role. In the meantime, I confirm
that the bonus payable by Warner Music International for the financial year 1st
December 2001 to 30 November 2002 will be no less than $583,333 US.

 

Your sincerely,

 

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
  For and on behalf of

  
	
  Warner Music International

  
	
  a division of Warner Communications Inc.

  

 

1

 

WEA Europe Inc.

75 Rockefeller Plaza

New York

NY 10019

 

Paul Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

27 November 2002

 

Dear Paul Rene

 

I refer to the letter of appointment dated 1st December 2000
with us, WEA Europe Inc. I confirm that as agreed, this is to terminate with
effect from close of business on 30 November 2002.

 

The letter of appointment dealing with your appointment as President
will detail your bonus entitlement in your new role. In the meantime, I confirm
that the bonus payable by WEA for the financial year 1st December
2001 to 30 November 2002 will be no less than $1,166,667 US.

 

Your sincerely,

 

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
  For and on behalf of

  
	
  WEA Europe Inc

  

 

1

 

10.21.04

 

WARNER MUSIC INTERNATIONAL SERVICES LIMITED

83 Baker Street

London

United Kingdom

 

October 21, 2004

 

Paul-René Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

Dear Paul-René:

 

Please refer to the employment agreement between Warner Music
International Services Limited (“Company”) and you dated 28 November, 2002 (the
“Agreement”).

 

This letter, when countersigned, shall constitute our agreement to
amend the Agreement as set forth herein. Unless otherwise indicated, capitalized
terms shall have the meanings set forth in the Agreement.

 

1.   Paragraph 1.2 of the
Agreement is hereby amended to extend the Term through December 31, 2008.  The period from January 1, 2006 to December
31, 2008 shall be referred to as the “Extension Period.”

 

2.   Paragraph 1.3 of
the Agreement is hereby deleted effective as of the date hereof.

 

3.   The Agreement, including
Paragraphs 2.1 and 4.2 thereof, is hereby amended as of the date hereof to
provide that you may be required to report to an officer holding either or both
of the titles Chairman and/or Chief Executive Officer of Warner Music Group.

 

4.   Paragraph 5.1 of the
Agreement is hereby amended to provide that your annual salary with respect to
the Extension Period shall be $1,500,000.

 

5.   Paragraph 6.1 of the
Agreement is hereby amended to provide that with respect to each year of the
Extension Period, Company shall consider granting to you an annual bonus (or a
pro rata portion of such annual bonus for a portion of such calendar year).  The amount of each annual bonus shall be
determined by Company at its sole discretion; provided, that, your Target bonus
for each year of the Extension Period shall be $2,000,000 (or a pro rata
portion of such amount for a portion of a year), based on the strength of your
performance and on the

 

MDA 10754-4

 

performance of Company.  The
amount of each annual bonus awarded to you may be higher or lower than the
Target amount, and shall remain in the sole discretion of Company.

 

6.   The final sentence of
Paragraph 6.2 of the Agreement is hereby amended to read as follows:

 

“For the avoidance of doubt, it is agreed that in the event your
employment is not renewed by the Company on or before the expiry of the Term,
Company shall consider granting to you an annual bonus with respect to the last
year of your employment, the amount of which bonus shall be determined
consistent with the terms of Paragraph 6.1 above.”

 

7.   Paragraph 7 of the Agreement
(which provides for a car allowance), Paragraph 8 of the Agreement (which
provides for a housing allowance), and Paragraph 11 (which provides for special
life assurance and private medical insurance), are hereby deleted effective as
of December 31, 2005.

 

8.   Paragraph 10 of the
Agreement is hereby amended to provide that you shall continue to participate
in the Time Warner (UK) Pension Plan for so long as U.K. executives of WMG
companies generally continue to participate in such plan.   Thereafter, you shall participate in such
pension plan (if any) as is established for U.K. executives of WMG companies
generally, subject to the terms of any such plan.

 

9.   Effective as of December 31,
2006, Paragraphs 16.1 and 16.2 of the Agreement are amended to read as follows:

 

“16.1 Subject to the other terms regarding termination set out in this
letter, the Company may terminate your employment at any time without notice
and upon so doing, it will make a lump sum payment to you of in an amount equal
to the sum of (i) the gross aggregate amount of salary then due to you with respect
to the balance of the Term (including for the avoidance of doubt the Extension
Period), plus (ii) an amount equal to $2,000,000 (i.e., your Target annual
bonus amount) times the number of years then remaining in the Term
(including for the avoidance of doubt the Extension Period), including the full
year in which such termination occurs; provided that the aggregate amount
payable to you pursuant to this paragraph 16.1 shall in no event be greater
than $7,000,000, nor lower than $1,750,000.  For purposes of clarification, termination of
your employment by the Company pursuant to this paragraph 16.1 will be “without
cause” for the purposes of any WMG Parent Corp. Stock Option Agreement or
Restricted Stock Agreement that you may enter into.

 

16.2  If your employment is not
renewed by the Company on or before the expiry of the Term (including for the
avoidance of doubt the Extension Period), save where clause 16.1 applies, the
Company will pay you a lump sum payment of $1,750,000.”

 

10.   Paragraph 17.1 of the
Agreement is hereby deleted effective as of the date hereof.

 

 

Except as expressly amended herein, the terms and provisions of the
Agreement shall remain in full force and effect.

 

If the foregoing correctly sets forth our understanding, please sign
below and return this agreement to Company.

 

	
   

  	
  WARNER MUSIC
  INTERNATIONAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ [ILLEGIBLE]

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Paul-René Albertini

  	
   

  	
   

  
	
  Paul-René
  Albertini

  	
   

  
					

 

 

12.8.04

 

WARNER MUSIC INTERNATIONAL SERVICES LIMITED

 

December 17, 2004

 

Paul-René Albertini

c/o Warner
Music International

28 Kensington
Church Street

London W84EP

 

Dear Paul-René:

 

Please refer to the employment agreement between Warner Music
International Services Limited (“Company”) and you dated 28 November, 2002, as amended
by letter agreement dated 21 October, 2004 (the “October ’04 Amendment”) (as so
amended, the “Agreement”).

 

This letter, when countersigned, shall constitute our agreement to
amend the Agreement as set forth herein.  Unless otherwise indicated, capitalized terms
shall have the meanings set forth in the Agreement.

 

1.   Within 10 business days of the execution in
full of this letter agreement, Company shall pay to you $64,332 (less required
withholding).

 

2.   If you are actively employed
by Company on October 1, 2008, then on or about such date Company shall pay to
you $158,528 (less required withholding).

 

3.   Paragraph 9 of the October ’04
Amendment is hereby amended to provide that the modification of Paragraphs 16.1
and 16.2 of the Agreement provided for by such Paragraph 9 shall be effective
as of January 1, 2006, rather than December 31, 2006.

 

Except as expressly amended herein, the terms and provisions of the
Agreement shall remain in full force and effect.  If the foregoing correctly sets forth our
understanding, please sign below and return this agreement to Company.

 

	
   

  	
  WARNER MUSIC
  INTERNATIONAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ [ILLEGIBLE]

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Paul-René Albertini

  	
   

  	
   

  
	
  Paul-René
  Albertini

  	
   

  
					

 

MDA 11302-4

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