Document:

Exhibit 10.3

 Exhibit 10.3 

Terms and Conditions of Employment 

(Including particulars of terms of employment 

required by the Employment Rights Act 1996) 
  

			
	EMPLOYER:	  	Lombard Medical Technologies PLC, 4 Trident Park, Didcot, Oxon, OX11 7HJ (the “Company” or “Lombard Medical”)
		
	EMPLOYEE:	  	Ian Ardill, Lombard Medical House, 4 Trident Park, Didcot, Oxfordshire OX11 7HJ.

  

	1	EMPLOYMENT 

  

	1.1	With effect from 23 January 2012, you are employed as Chief Financial Officer. You will report to the Chief Executive Officer (or any director or Committee of directors authorised by the Board) from time to time
(the “Board”). 

  

	1.2	For the purposes of the Employment Rights Act 1996, your employment with the Company is treated as having begun on 23 January 2012. 

 

	1.3	Subject to Clause 14, your employment will continue until the expiration of not less than six months prior written notice, such notice to be given by either side to the other. 

 

	2	SALARY 

  

	2.1	Your salary is £155,000 per annum which is payable monthly in arrears subject to the deduction of income tax and national insurance contributions on the 26th day of each month by bank giro credit direct to
your bank (“Salary”). This is inclusive of any fees to which you may be entitled as an officer of any Group Company. 

  

	2.2	The Company may both during this agreement and on termination deduct from the Salary any sum due from you to the Company including but not limited to any outstanding loans, advances, damage or loss to the Company caused
by you, excess holiday and over payments. 

  

	2.3	Your salary will normally be reviewed by the Board annually on or around 31 December. However, there is no obligation on the Company to increase your salary as a result of the review. 

 

	3	BONUS 

  

	3.1	You shall be entitled to participate in such bonus scheme as the Company may operate from time to time. The current scheme provides participants with the opportunity of earning up to 50% of base salary subject to
certain performance conditions and at the entire discretion of the Remuneration Committee. The bonus year is the calendar year and performance conditions will be set at the beginning of each calendar year for that year. Employees will not be
entitled to payment in respect of any bonus year if they are under notice or no longer employed by the Company at the date of payment. The scheme is discretionary and the Company can withdraw or amend the scheme at any time. 

	4	SHARE OPTIONS 

  

	4.1	You will be entitled to participate in Company’s Share Option Scheme subject to the rules of the scheme amended from time to time. Your entitlement will be to receive 1% of shares in issue (40,323,624 shares).
Option criteria and share option documentation will be provided separately. 

  

	5	CAR ALLOWANCE 

 You will be entitled to a maximum car allowance of £10,000 per
annum to be paid in monthly installments with your Salary. For the purposes of benefits related to salary, such as pension and life assurance, this allowance shall not be taken into account. 

 

	6	DUTIES 

 You shall during your employment under this agreement: 

 

	 	(a)	perform such duties and exercise such powers as the Board may from time to time reasonably assign to you and such duties and powers may relate or concern the business of any Group Company; 

 

	 	(b)	well and faithfully serve the Company and the Group and use the utmost endeavours to promote its interests; 

  

	 	(c)	devote the whole of your time, attention and ability to your duties under this Agreement; 

  

	 	(d)	comply with the rules, procedures and regulations of the Company from time to time in force; 

  

	 	(e)	comply with all reasonable requests, instructions and directions given or made by the Board; 

  

	 	(f)	keep the CEO & Board regularly informed of your activities and promptly give them such explanations, information and assistance as to your activities or the business of the Company and any Group Company as they
may reasonably require or in which it may be reasonable to assume they would be interested; 

  

	 	(g)	promptly disclose to the CEO & Board any misconduct or breach of duty on your part (or that of any other employee or director or officer of the Company or any Group Company) and any information that comes into
your possession which adversely affects the business or interests, or may adversely affect the business or interests, of the Company or any Group Company; 

  

	 	(h)	comply with all applicable provisions of the Companies Act 2006 and all other relevant laws, the AIM Rules for Companies and all relevant recommendations and regulations of the FSA, the London Stock Exchange and any
other regulatory authority relevant to any Group Company applicable to you and all relevant rules, policies and procedures of the Company including without limitation, the Company’s code for dealing in securities; and 

 

	 	(i)	owe a fiduciary duty to the Company and other Group Companies by virtue of your senior position. 

  
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	7	PLACE OF WORK 

 Your place of employment shall be the Company’s premises at 4
Trident Park, Didcot, Oxfordshire, or any other premises the Company or any associated Company may have, within reasonable proximity to this location. You may be required to travel on the business of the Company both within the UK and overseas. 

 

	8	EXPENSES 

 The Company will reimburse all authorised purchases and expenses claims in
line with its current Expenses Policy. 
  

	9	HOURS OF WORK 

 The nature of your position is such that your working time cannot be
measured or pre-determined and so your employment falls within regulation 20 of the Working Time Regulations 1998. Accordingly, you are responsible for determining your own hours of work, providing that such hours are consistent with the proper
performance of your duties. 
  

	10	HOLIDAYS AND HOLIDAY PAY 

  

	10.1	The Company’s holiday year runs from 1 January to 31 December. In addition to the usual English bank and public holidays, in each calendar year of employment you are entitled to 25 days annual paid holidays.
Holiday must be taken at times convenient to the Company. 

  

	10.2	Unused holiday entitlement to a maximum of five days may be carried forward to the next year with the written consent of the CEO. Holiday not taken or not carried over, in accordance with this provision will be
forfeited. 

  

	10.3	Subject as aforesaid where you are employed for part of a calendar year only - either in your first year or on termination of your employment - you will be entitled to paid holiday pro rata to the number of complete
days worked by you in the relevant calendar year. The Company uses as the basis for calculating the value of a day’s pay the following formula: 

current annual salary divided by 260 
  

	10.4	On the termination of your employment, where you have taken more or less than your holiday entitlement as calculated above, an adjustment based on your normal rate of pay will be made in your final pay.

  
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	10.5	The adjustment will be either by way of deduction if you have taken more than your entitlement, or by way of an additional payment where you have taken less than your entitlement, calculated on a pro rata basis by
reference to the number of days’ holiday in respect of which such adjustment is made. 

  

	10.6	The Company may require you to use up any accrued but untaken holiday during your notice period; any payment in lieu of accrued holiday will be at the Company’s discretion. 

 

	10.7	Holiday entitlement will not accrue during any period during which you are absent from work for more than one consecutive month, save to the extent that you have a statutory right to holiday accrual under the
Regulations. 

  

	11	INCAPACITY 

  

	11.1	If you are prevented by illness, accident or other incapacity from properly performing your duties under this Agreement you must report this fact as soon as reasonably practicable to the HR Manager and the CEO and, if
you are so prevented, you must if required by the Company provide appropriate doctor’s certificates in respect of any period of absence in excess of seven consecutive days. 

 

	11.2	For Statutory Sick Pay (“SSP”) purposes your normal working days are Monday to Friday. 

  

	11.3	If prevented by illness, accident or other incapacity from performing your duties you may be suspended from carrying out those duties for so long as the Company considers such ill health to continue and the Company may
appoint a temporary replacement to undertake all or some of your duties 

  

	11.4	If required by the Company you shall, at the expense of the Company, undergo a medical examination by such medical practitioner as the Company nominates. You shall authorise the medical practitioner to disclose to and
discuss with Human Resources and the CEO the results of the examination. You consent to the Company processing sensitive personal data relating to the results of such examination. You further agree that you will co-operate with the Company’s
reasonable requests to permit your own GP or other medical consultant to disclose your medical records, and to discuss your medical prognosis with the Company’s nominated doctor. 

 

	12	COMPANY SICK PAY SCHEME 

  

	12.1	To qualify for Company Sick Pay (“CSP”) you must follow company procedures and notification and certification of absent (as outlined above). 

 

	12.2	If during your employment you are unable to work due to illness or accident, then at the Company’s discretion you will continue to be paid at the following levels: 

 

	 	(a)	three months of sickness absence in any 12 consecutive months - full pay 

  

	 	(b)	three further months of sickness absence in any 12 consecutive months - half pay. 

  
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	12.3	It is at the Company’s discretion thereafter to continue paying CSP but, if payment of CSP does not continue, your entitlement to SSP is unaffected. 

 

	12.4	Your entitlement to CSP and SSP will not exceed your normal full pay. Payments made under CSP will be subject to tax and Nl. 

  

	13	EMPLOYMENT BENEFITS 

 You will be entitled to the employment benefits that the Company
has in place. Your participation in any benefit schemes, as referred to below will be subject to the rules from time to time of any such scheme, which may be amended or replaced or discontinued by the Company at any time. 

Pension Scheme 
  

	13.1	The Company operates a group personal pension plan in which the Company will match your pension contributions up to a maximum of 10” of Salary. The Company’s contributions will be paid in equal monthly
installments in arrears. The Company’s contributions are subject to the rules of the scheme and to any HM Revenue and Customs or other applicable limits from time to time. 

 

	13.2	There is no contracting-out certificate under the Pension Schemes Act 1993 in force in respect of your employment. 

Insurance Benefits 
  

	13.3	You shall be entitled to participate at the Company’s expense in the Company’s life assurance scheme, the Company’s long term disability insurance scheme and for yourself, your spouse or civil partner and
your children up to 21 years (or 25 if in full time education, unmarried and financially dependent on you) in the Company’s private medical insurance scheme. 

 

	13.4	Your participation in any such insurance scheme, as referred to above will be subject to the rules from time to time of any such scheme, which may be amended or replaced or discontinued by the Company at any time.

  

	14	SUMMARY TERMINATION 

  

	14.1	The Company may terminate your employment summarily and without notice or pay in lieu of notice in the event that you: 

  

	 	(a)	commit any act of gross misconduct or gross negligence; 

  
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	 	(b)	have an interim receiving order made against you, become bankrupt or make a composition or enter into any deed of arrangement with your creditors; 

 

	 	(c)	become of unsound mind or a patient under any statute relating to mental health; 

  

	 	(d)	are convicted of insider dealing or any other criminal offence (other than an offence under road imposed); 

  

	 	(e)	commit any act of fraud or dishonesty; 

  

	 	(f)	commit any serious or repeated breach of any of your duties under this Agreement, or refuse or neglect to comply with any reasonable and lawful directions of the Board; 

 

	 	(g)	are involved in or associated with any conduct (whether on or off duty) which in the Board’s reasonable opinion has impaired your, the Company’s or any Group Company’s reputation or general standing, or
prejudices any Group Company’s interests, or seriously impairs your ability to perform your duties; 

  

	 	(h)	are disqualified from acting as a director of a company by order of a competent court; 

  

	 	(i)	resign as a director of the Company otherwise than at the request of the Board; 

  

	 	(j)	are guilty of any material breach or non-observance of any code of conduct, rule or regulation of, or fall or cease to be registered (where such registration is, in the opinion of the Board, required for the performance
of your duties) by, any regulatory body in the United Kingdom or elsewhere; or 

  

	 	(k)	breach the implied terms of trust and confidence, good faith, fidelity, and fiduciary duty. 

 To
avoid doubt, occurrence of any of these above circumstances shall constitute a fundamental breach by you of your contract of employment. 
  

	14.2	Any delay by the Company in exercising any right of termination under Clause 14.1 does not constitute a waiver of such right. 

  

	14.3	The Company may terminate your employment at any time with immediate effect by paying a sum in lieu of all (or any unexpired part) of notice to you. This shall be calculated as a sum that is equal to the Salary that you
would have been entitled to receive under this Agreement during the unexpired part of your applicable notice period. If notice has already been given, this will be calculated based on that portion of the notice period that has not been worked out.

  
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	14.4	Nothing in Clause 14.3 prevents the Company from terminating your employment in breach of this Agreement and from requiring you to take steps to mitigate your loss. 

 

	14.5	If your employment is terminated on notice by either party the Company may require you to cease to perform your duties and not to attend at the Company’s premises during the notice period or any part of the notice
period. The Company may require you during part or all of such period to perform part but not all of your normal duties or duties different from your normal duties, including carrying out specific projects or tasks (but not being duties
inappropriate to your status). The Company may also require you to resign with immediate effect from any directorships or other offices that you hold with the Company or any other Group Company. You shall comply with any other reasonable conditions
imposed by the Company during such period and shall not contact clients or customers of the company if so requested by the Company. During this period the Company shall continue to pay your Salary and other benefits to which you have an entitlement
under this Agreement, but you shall not be entitled to any bonus or commission payments. During this period you shall remain in employment and shall continue to be bound by all obligations owed to the Company under this Agreement. 

 

	15	TERMINATION BY RECONSTRUCTION OR AMALGAMATION 

  

	15.1	If your employment terminates by reason of: 

  

	 	(a)	the liquidation of the Company for the purposes of amalgamation or reconstruction; or 

  

	 	(b)	as part of any arrangement for the amalgamation of the undertaking of the Company not involving liquidation; or 

  

	 	(c)	as part of any arrangement for the transfer of the whole or part of the undertaking of the Company to any other Group Company, 

and you are offered employment with any concern or undertaking resulting from such amalgamation, reconstruction or transfer, on terms generally
not less favourable than the terms of this Agreement, you will have no claim against the Company in respect of the termination of your employment by the Company by reason of any of the events specified in this Clause 15. 

 

	15.2	You consent to the transfer of your employment under this Agreement to any other Group Company at any time during the Employment. 

  
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	16	OBLIGATIONS ON TERMINATION 

  

	16.1	On the termination of the your employment however arising or, if earlier, at any time after the start of a period of garden leave under Clause 14.5 or after you give notice to terminate your employment, you will (if so
requested by the Company or any Group Company): 

  

	 	(a)	immediately resign from any directorships or other offices (and from any related trusteeships) that you hold in the Group without any compensation for loss of office. Should you fall to do so within five days of said
request, you hereby irrevocably appoint any director or the secretary of the Company as your lawful attorney, in your name and on your behalf, to sign any documents and do anything to give effect to such resignations; and 

 

	 	(b)	subject to Clause 17.2, immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever information storage media and wherever located) and any other
property relating to the affairs or business of or belonging to the Company or any Group Company which is in your possession or under your control; 

  

	 	(c)	irretrievably delete any information relating to the affairs and business of or belonging to the Company or any Group Company stored on any magnetic or opticaldisk or memory belonging to you and all matter derived from
such sources which is in your possession or under your control outside the premises of the Company or any Group Company; 

  

	 	(d)	immediately deliver to the Company all passwords and encryption codes which you have used in relation to any document produced or processed by you or in respect of any equipment belonging to the Company or any Group
Company; and 

  

	 	(e)	provide a signed statement that you have complied fully with your obligations under this Clause 17.1. 

  

	16.2	If you are on garden leave under Clause 14.5 you are not required under Clause 17.1 to return any property provided to you as a contractual benefit until the end of the period of garden leave. 

 

	17	CONFIDENTIALITY 

  

	17.1	In this Clause 18, “Confidential Information” means: 

  

	 	(a)	 any confidential information relating to the Company or prospects of the Company or any Group Company including, but not limited to, any information
and materials pertaining to any proprietary rights, trade secrets, customer lists, trading details, licenses, software, computer programs, designs, technology, ideas, know-how, processes, formulas, compositions, data, techniques, improvements,
inventions (whether patentable or not), works of authorship, business, marketing and product development plans, the skills or salaries or terms of compensation of other 

  
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employees, information about customers, budgets, prices, costs and other information concerning the Company’s actual or anticipated business, technical or financial information, marketing
plans, proposals, research or development; 

  

	 	(b)	any other information designated by the Company as confidential; and 

  

	 	(c)	any information in relation to which the Company owes a duty of confidentiality to any third party. 

  

	17.2	You may not either during your employment with the Company or at any time after it has terminated disclose to any other person or otherwise make use of any Confidential Information and you will use your best endeavours
to prevent the publication or disclosure of Confidential Information by another person. 

  

	18	INVENTIONS 

  

	18.1	If in the course of your employment you make or discover, or participate in the making or discovery of, Intellectual Property relating to or capable of being used In the business carried on by a Group Company, full
details of the Intellectual Property shall immediately be communicated by you to the Company and shall be the absolute property of the Company. 

  

	18.2	At the request and expense of the Company you shall give and supply all such information, data, drawings and assistance as is requisite to enable the Company to exploit the Intellectual Property to the best advantage.
If so requested, you shall, at the Company’s expense but without receiving payment, execute all documents and do all things necessary to vest the title to the invention, design or discovery in the Company. 

 

	18.3	If you make or discover or participate in the making or discovery of an Intellectual Property during your employment but which is not the property of the Company, the Company shall, subject only to the provisions of the
Patents Act 1977, have the right to acquire for itself or its nominee your rights in the Intellectual Property. 

  

	18.4	Rights and obligations under this Clause 19 shall continue in force after termination of this Agreement in respect of Intellectual Property made or discovered during your employment under this Agreement and shall be
binding upon your representatives. 

  

	18.5	“Intellection Property” includes patents, trademarks, service marks, designs, utility models, copyrights, design rights, applications for registration of any of the foregoing and the right to apply for them in
any part of the world, moral rights, inventions, confidential information, know-how, and rights of a similar nature arising or subsisting anywhere in the world in relation to all of the foregoing, whether registered or unregistered.

  
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	19	ACTIVITIES DURING YOUR EMPLOYMENT 

  

	19.1	You will not during your employment be directly or indirectly engaged, concerned or interested in any other trade, business or occupation whatsoever except: 

 

	 	(a)	with the prior written consent of the Board. Such consent may be given subject to any terms or conditions which the Board requires, a breach of which will be deemed to be a breach of the terms of this Agreement; or

  

	 	(b)	as a holder of not more than 3% of any class of shares, debentures or other securities in a company which is listed or dealt in on a Recognised Investment Exchange. 

 

	19.2	Further, you must not during your employment, except with the Company’s written consent, introduce to any other competing business orders for goods or services with which the Company is able to deal.

  

	20	RESTRICTIVE COVENANTS 

 You agree to be bound by the post termination obligations set out
in the Schedule to this Agreement. 
  

	21	DISCIPLINARY AND GRIEVANCE PROCEDURE 

  

	21.1	The Company has a disciplinary procedure and a grievance procedure both of which are available from the HR Manager. These procedures are not incorporated as part of your terms and conditions of employment and,
therefore, do not form part of your contract of employment. 

  

	21.2	Any disciplinary matters affecting you will be dealt with by the CEO or his nominee. You may appeal against any disciplinary decision in writing to the Board, whose decision is final. 

 

	21.3	The person with whom you should first raise a grievance is the CEO. In the event of your being dissatisfied with the outcome of the grievance hearing or a disciplinary hearing which you are requested to attend, then you
may lodge an appeal which will be heard by the Board. Grievances and appeals should be submitted in writing. 

  

	22	REGULATORY REQUIREMENTS 

  

	22.1	You must comply at all times with the Company’s quality system and pay special regard to ensuring the overall safety of the technology, products and components being developed by the Company. 

 

	22.2	You must also ensure that your work and conduct adheres to any Regulatory procedures or requirements that apply to the business. 

  

	23	DEDUCTIONS 

 You hereby authorise the Company to deduct from your pay (including holiday
pay, sick pay, bonus or commission and pay in lieu of notice) any amounts which are owed by you to the Company or any other company in the Group (including any season ticket or other loans, travel allowance, expenses float, relocation assistance).

  
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	24	CHANGES TO YOUR TERMS AND CONDITIONS OF EMPLOYMENT 

 The Company reserves the right to
make reasonable changes to any of the terms and conditions of your employment. 
  

	25	DATA PROTECTION 

  

	25.1	You acknowledge that the Company will collect data about you as part of the application process and during your employment. Such data will only be used by the Company to fulfil its obligations to you as your employer
and for other purposes relating to your employment with the Company. This processing will principally be for personnel, administrative, financial, regulatory or payroll purposes. 

 

	25.2	You are responsible for ensuring that personal data about other employees which you may use or access during your employment is kept secure from unauthorised access or disclosure. 

 

	25.3	You are responsible for informing the Company of any changes to the personal data we hold about you including your name, address, marital status, contact details, qualifications and next of kin. 

 

	26	USE OF TELECOMMUNICATIONS EQUIPMENT 

 You acknowledge that the Company may legitimately
monitor any communication sent or received by you either in the performance of your duties or by way of the Company’s networks and consent to such monitoring for the following purposes: 

 

	 	(a)	to ensure the proper working of our IT systems; 

  

	 	(b)	to ensure that our employees comply with our practices and procedures; 

  

	 	(c)	to ensure that employees achieve acceptable standards in relation to the performance of their duties; 

  

	 	(d)	to prevent and detect crime; and 

  

	 	(e)	in order to investigate or detect the unauthorised use of the Company’s IT systems. 

 All
communications between the parties with respect to any of the provisions of this Agreement will be sent to the addresses set out in this Agreement, or to such other addresses as may be notified by the parties for the purpose of this Clause, by
personal service, pre-paid registered or recorded delivery post or by facsimile transmission or other electronic means of written communication with confirmation by letter given by the close of business on the next following business day. Any
communication to the Company must be marked “For the attention of the Company Secretary”. 

  
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	27	NOTICES 

  

	27.1	Communications which are sent or despatched as set out below will be deemed to have been received by the addressee as follows: 

  

	 	(a)	by post - two business days after despatch; and 

  

	 	(b)	by facsimile transmission or other electronic means of written communication - on the business day next following the day on which the communication was sent. 

 

	27.2	In proving service by post it will be necessary only to prove that the communication was contained in an envelope which was duly addressed, stamped and posted by registered or recorded delivery post. In proving service
by facsimile transmission or other electronic means of written communication, proof of service will be accepted by evidence of transmission. 

  

	27.3	For the purpose this Clause a “business day” means a day on which the clearing banks in the City of London are open for business and “Close of business” means 18.00 hours. 

 

	28	GENERAL 

  

	28.1	In this Agreement “Group Company” means any holding company of the Company and/or any subsidiary of the Company or of any such Holding Company, from time to time and their successors and assigns. Holding
Company means a parent undertaking as defined in section 1162 of the Companies Act 2006. Subsidiary means a subsidiary undertaking as defined in section 1162 of the Companies Act 2006. 

 

	28.2	This Agreement shall take effect when signed by both the parties and will from that date replace any previous agreements between the Company and you. 

 

	28.3	There are no collective agreements relating to your employment with the Company. 

  

	28.4	The construction, validity and performance of this agreement shall be governed by the Laws of England and the parties submit to the exclusive jurisdiction of the English courts. 

  
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	 /s/ Simon Hubbert
	 		 	Date:	 	 6 January 2012

	Simon Hubbert	 		 		 	
	Chief Executive Officer	 		 		 	
	For and on behalf of	 		 		 	
	Lombard Medical Technologies PLC	 		 		 	

 I understand and agree to the above terms and conditions of my Contract of Employment. 

 

							
	 /s/ Ian Ardill
	 		 	Date	 	 5 January 2012

	Ian Ardill	 		 		 	

  
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 Schedule 

Post-termination obligations 
  

	1	Definitions 

 “Business” means the business or any part of it carried on by any
Group Company as at the Termination Date in respect of which you have been concerned or involved to any material extent at any time during the 12 month period immediately prior to the Termination Date. 

“Key Person” means a person employed as a senior employee, director or engaged as a consultant of a Group Company with wham
you worked directly or for whom you had management responsibility In the course of your employment at any time during the 12 month period immediately prior to the Termination Date. 

“Material Interest” means: 
  

	 	(a)	the holding of any position as director, officer, employee, consultant, partner, principal or agent; 

  

	 	(b)	the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them) or debentures except for the ownership for investment purposes only of not more than 3% of the
issued ordinary shares of a company whose shares are listed on any Recognised Investment Exchange; or 

  

	 	(c)	the direct or indirect provision of any financial assistance. 

 “Termination
Date” means the date on which this Agreement terminates howsoever occurring or the date on which you begin garden leave, whichever Is sooner. 
  

	2	You agreed that you will not (other than on behalf of the Company) without the prior written consent of the Company (such consent to be withheld only in so far as may be reasonably necessary to protect the legitimate
interests of the Group) directly or indirectly: 

  

	 	(a)	During the period of 12 months from the Termination Date hold a Material interest in a business the same as or in competition with the Business in the UK. 

 

	 	(b)	During the period of 12 months from the Termination Date: 

  

	 	(I)	In relation to a business the same as or in competition with the Business perform any services or supply goods to any person, firm or company who was a client or customer of the Company or any Group Company at the
Termination Date or during the 12 month period immediately prior to the Termination Date and with whom during that period you had significant contact or dealings or about whom at the Termination Date you possess Confidential Information;

  
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	 	(II)	In relation to a business the same as or In competition with the Business, canvass, solicit or approach, or cause to be canvassed, solicited or approached, for the purpose of obtaining business, orders or custom any
person, firm or company who was a client or customer of the Company or any Group Company at the Termination Date or during the 12 month period immediately prior to the Termination Date and with whom during that period you had significant contact or
dealings or about whom on the Termination Date you possess Confidential Information; or 

  

	 	(III)	In relation to a business the same as or in competition with the Business, solicit or endeavour to entice away any key person; 

  

	 	(c)	at any time: 

  

	 	(I)	solicit, entice or prepare or endeavour to solicit, entire or procure: 

  

	 	(a)	an employee of the Company to breach his contract of employment; or 

  

	 	(b)	a person to breach his contract for services with the Company; 

  

	 	(II)	represent yourself as being connected with or interested in a Group Company or in the Business; or 

  

	 	(III)	do or say anything likely or calculated to lead any person firm or company to withdraw from or cease to continue offering to a Group Company any rights of purchase, sale, import, distribution or agency then enjoyed by
it. 

  

	3	You agree that: 

  

	 	(a)	You have taken legal advice in relation to the restrictions contained in paragraph 2 above and have been advised that they are reasonable in the circumstances; 

 

	 	(b)	Each of the sub-paragraphs contained in paragraph 2 above constitutes an entirely separate, severable and independent covenant and restriction on you; 

 

	 	(c)	The duration, extent and application of each of the restrictions contained In paragraph 2 is no greater than is necessary for the protection of the goodwill and trade connections of the Business; and 

 

	 	(d)	If a restriction on you contained in paragraph 2 is found void but would be valid if some part of it were deleted, the restriction shall apply with such deletion as may be necessary to make it valid and effective.

  
 15Exhibit 10.4

 Exhibit 10.4 

DATED 11 April 2001 

ANSON MEDICAL LIMITED 

- and - 
 PETER PHILIPS

 SERVICE AGREEMENT 

 DATED 11 April 2001 

PARTIES 
  

					
	1	  	Company	  	ANSON MEDICAL LIMITED (company no 2998639) whose registered office is at The Innovation Centre, 67 Milton Park, Abingdon, Oxfordshire OX14 4RX
			
	2	  	Executive	  	PETER PHILIPS of Lombard Medical House, 4 Trident Park, Didcot, Oxfordshire OX11 7HJ.

 OPERATIVE PROVISIONS 
  

	1.	Definitions and interpretation 

  

	1.1	Unless the contrary intention appears, the following definitions apply: 

  

					
	associated company	  	(a)	  	a company whose equity share capital (as defined by section 744 of the Companies Act 1985) is, as to 20% or more but less than 50%, beneficially owned by one or more Group Company; and
			
		  	(b)	  	a subsidiary of a company within (a) above;
		
	Board	  	the board of directors of the Company (or any director or committee of directors authorised by the Board);
		
	Bonus	  	the Executive’s bonus arrangements as set out in clause 3.2;
		
	Commencement Date	  	2001;
			
	Confidential Information	  	(a)	  	trade secrets, customer lists, trading details or other information of a confidential nature relating to a Group Company (including without limitation details of activities, businesses or finances of a Group Company);
			
		  	(b)	  	any other information designated by any Group Company as confidential; and
			
		  	(c)	  	any information in relation to which any Group Company owes a duty of confidentiality to any third party;

  
 1 

					
	Group	  	the Company, any holding company of the Company and subsidiaries of the Company or of any such holding company and an associated company of any of them;
		
	Group Company	  	a member of the Group;
		
	holding company and subsidiary	  	the same meanings as in section 736 of the Companies Act 1985;
		
	Intellectual Property	  	includes letters patent, trademarks, service marks, designs, utility models, copyrights, design rights, applications for registration of any of the foregoing and the right to apply for them in any part of the world,
moral rights, inventions, confidential information, know-how, and rights of a similar nature arising or subsisting anywhere in the world in relation to all of the foregoing, whether registered or unregistered;
		
	Lombard Board	  	the board of directors of Lombard Medical plc (or any director or committee of directors authorised by the Lombard Board);
		
	Recognised Investment Exchange	  	the same meaning as in section 207 of the Financial Services Act 1986
		
	Review Date	  	each anniversary of the Commencement Date;
		
	Salary	  	the salary referred to at clause 3.1 as varied from time to time: and

  

	1.2	The Executive’s previous employment with the Company shall count towards the Executive’s period of continuous employment which, for the purposes of the Employment Rights Act 1996, began on 1 March 1997.

  

	1.3	The headings in this agreement are for convenience only and do not affect its construction or interpretation. 

  

	1.4	The Schedules form part of and are incorporated in this agreement. 

  
 2 

	1.5	References to an enactment are construed as extending to an amendment or re-enactment and to any previous enactment which is consolidated in the enactment (as amended or re-enacted) and to any regulation or order made
under any of them. 

  

	1.6	Words denoting the singular include the plural and vice versa; and words denoting any gender include all genders. 

  

	2.	Job Title and Duties 

  

	2.1	The Company shall employ the Executive and the Executive shall serve the Company as Chief Executive. 

  

	2.2	The Executive shall during his employment under this agreement: 

  

	2.2.1	perform such duties and exercise such powers as the Board may from time to time reasonably assign to him and such duties and powers may relate or concern the business of any Group Company including serving on the board
of directors or other executive body or committee or board of trustees of or relating to such Group Company as may be required from time to time by the Board; 

  

	2.2.2	well and faithfully serve the Company and use his best endeavours to promote its interests but, so far as is reasonably possible, not in any way which may conflict with the interests of any other Group Company, which
interests the Executive shall use his best endeavours to promote; 

  

	2.2.3	give to the Lombard Board such information regarding the affairs of Group Companies as it requires; and 

  

	2.2.4	at all times conform to the reasonable directions of the Lombard Board. 

  

	2.3	The Executive shall not without the prior consent of the Board: 

  

	2.3.1	incur, on behalf of a Group Company, capital expenditure in excess of such sum as is authorised from time to time by resolution of the Board; 

 

	2.3.2	enter into, on behalf of a Group Company, commitment, contract or arrangement otherwise than in the normal course of business or outside the scope of his normal duties or of an unusual, onerous or long term nature;

  

	2.3.3	engage a person on behalf of a Group Company on terms that he will receive remuneration at an annual rate in excess of £30,000 or the termination of whose employment will require more than three months’
notice; 

  

	2.3.4	dismiss a employee of a Group Company without giving proper notice or without following the normal disciplinary procedure, and in any case he must immediately report the dismissal and the reason for it to the Board.

  
 3 

	2.4	The Executive shall during his employment under this agreement devote himself exclusively to the performance of his duties during normal working hours at his place of employment and at all other times necessary for the
proper performance of his duties, unless prevented by ill health from doing so. 

  

	2.5	The Executive shall pursuant to regulation 5(1) of the Working Time Regulations 1998 (“the Regulations”), waive his right to claim that the maximum average working time under the Regulations of 48 hours in
each seven-day period shall apply to him. The Executive understands that his agreement to this will apply throughout his employment with the Company unless and until he gives the Company three months’ written notice of withdrawal of his
agreement. 

  

	2.6	The Executive shall not directly or indirectly enter into, or be concerned or interested in, any trade, business or occupation other than the business of the Group except: 

 

	2.6.1	with the prior written consent of the Board, but consent may be given subject to any terms or conditions which the Board requires, a breach of which shall be deemed to be a breach of the terms of this agreement; or

  

	2.6.2	as a holder of not more than 3% of any class of shares, debentures or other securities in a company which is listed or dealt in on a Recognised Investment Exchange; or 

In this clause the expression “occupation” includes membership of Parliament or of a local authority council or other public or
private work (whether for profit or otherwise) which, in the reasonable opinion of the Company, may hinder or otherwise interfere with the performance by the Executive of his duties under this agreement. 

 

	2.7	The Executive’s place of employment shall be Abingdon, Oxfordshire. With the Executive’s consent (such consent not to be unreasonably withheld), he may be required on not less than 3 months notice, to be
permanently employed at any other place. The Executive may be required to travel on the business of a Group Company. 

  

	2.8	If the Company requires the Executive to work permanently at a place which necessitates a move from his present address, the Company will reimburse the Executive for all removal expenses directly and reasonably incurred
as a result of the requirement subject to the Company’s relocation policy in force from time to time. 

  

	2.9	The Company may suspend the Executive for not more than 30 days on full pay for the purpose of investigating the substance of any disciplinary matter involving the Executive and holding a disciplinary hearing.

  

	2.10	The Company shall be entitled to second the Executive to any Group Company. The Executive agrees and irrevocably undertakes to enter into such reasonable restrictions consistent with the terms of this agreement on his
activities during and after the termination of any such secondment as such company may reasonably require. 

  

	2.11	The Executive shall carry out his duties and exercise his powers jointly with any other executive director appointed by the Board from time to time to act jointly with him. 

  
 4 

	2.12	The Executive shall not, during the period of this agreement, dispose of or create, or agree to dispose of or create, to or in favour of another person an interest in any of the shares in Lombard Medical pic issued to
him otherwise than through Lombard Medical plc’s principal stockbrokers at that time. 

  

	2.13	Clause 2.12 above shall not preclude: 

  

	2.13.1	the Executive from accepting a general offer for the whole of the share capital of Lombard Medical pic which is recommended by the directors of Lombard Medical pic or which becomes or is declared unconditional as to
acceptances; or 

  

	2.13.2	a transfer to the trustees of a trust created by the Executive making the transfer of which that the Executive, his spouse or his issue are the only beneficiaries if the trustees first undertake, by a deed in favour of
and in a form approved by the Executive, that they-will observe the provisions of this clause in relation to the Lombard Medical pic shares transferred to them. 

  

	3.	Remuneration 

  

	3.1	Salary 

  

	3.1.1	The Executive’s Salary shall be £75,000 per annum which shall accrue from day to day and be payable in arrears by equal monthly instalments on the last day of every month. The Salary shall be inclusive
of any director’s fees payable to him under the articles of association of a Group Company. 

  

	3.1.2	The Executive’s Salary shall be reviewed by the Lombard Board on the Review Date and may be increased at the Board’s discretion. 

 

	3.1.3	The Company may both during this agreement and on termination deduct from the Salary any sum due from the Executive to the Company including but not limited to any outstanding loans, advances, damage or loss to the
Company caused by the Executive, excess holiday and over payments. 

  

	3.2	Bonus 

 The Executive shall be entitled to participate in such bonus scheme as the
Company may operate from time to time. 
  

	3.3	Pension Scheme 

  

	3.3.1	The Company shall contribute an amount equal to 6% of the Executive’s Salary to such personal pension plan as the Executive shall nominate from time to time. 

 

	3.3.2	There is no contracting-out certificate in force in respect of the employment under the Pension Schemes Act 1993. 

  
 5 

	3.4	Insurance Benefits 

 The Executive shall be entitled to participate at the Company’s
expense in the Company’s life assurance scheme, the Company’s permanent health insurance scheme for himself and in the Company’s private medical insurance scheme for himself, his spouse and his children under 18 years, subject always
to the rules of such schemes which may be varied from time to time and subject to the Executive being accepted at standard rates of premium. 
  

	3.5	Company Car 

  

	3.5.1	The Company shall supply the Executive with a car for his use in the performance of his duties selected in accordance with Company policy as may be changed from time to time. The Company shall pay all running costs of
the car including insurance and maintenance. 

  

	3.5.2	The Executive shall take good care of the company car and ensure that the provisions and conditions of any insurance policy relating to it are observed and shall comply with all other requirements of the Company’s
policy from time to time for the provision of cars to employees. 

  

	3.5.3	The Executive shall return the company car, together with all keys and documentation (including copies), to the Company at its registered office (or any other place the Company reasonably nominates) at any time that the
Company requests and, in any event, immediately upon the termination of his employment (however occurring). 

  

	3.6	Mobile Telephone 

 The Company shall, at its own expense, provide the Executive with a
mobile telephone. 
  

	3.7	Expenses 

 The Company shall by way of reimbursement pay or procure to be paid to the
Executive all reasonable expenses wholly, exclusively and necessarily incurred by him in the performance of his duties under this agreement on production of appropriate vouchers or receipts. 

 

	3.8	Other Benefits 

 Any benefits provided by the Company to the Executive or his family
which are not expressly referred to in this agreement shall be regarded as ex-gratia and at the entire discretion of the Company and shall not form part of the Executive’s contract of employment. 

 

	4.	Term of Employment 

  

	4.1	The Company shall employ the Executive and the Executive shall serve the Company as from the Commencement Date until the expiration of not less than 12 months prior notice to be given by either party to the other such
notice to expire on or after the second anniversary of the Commencement Date. 

  
 6 

	4.2	In lieu of giving the notice referred to above the Company may terminate this agreement summarily on payment to the Executive of a lump sum (subject to tax and national insurance contributions) equal to the Salary and
other contractual benefits calculated over the unexpired period of this agreement and/or the Executive’s entitlement to notice. The Executive agrees to accept such payment in full and final settlement of any claim he may have against the
Company or any Group Company arising out of the termination of this agreement. 

  

	4.3	The Executive’s employment under this agreement shall terminate automatically on the last day of the month in which the Executive shall attain the Company’s retirement age from time to time. This is currently
65 years. 

  

	4.4	If this agreement is terminated on notice the Company may require the Executive to cease to perform his duties under this agreement and not to attend at the Company’s premises during the notice period or any part
of the notice period as the Company determines. The Company may require the Executive during part or all of such period to perform part but not all of his normal duties or duties different from his normal duties (but not being duties inappropriate
to his senior status). The Executive shall comply with any other reasonable conditions imposed by the Company during such period and, in particular, shall resign his directorship of any Group Company and shall not contact clients or customers of the
Company if so requested by the Company. During this period the Company shall continue to pay the Executive the Salary and other benefits to which he has an entitlement under this agreement and the Executive, who shall remain in employment, shall
continue to be bound by all obligations owed to the Company under this agreement. 

  

	5.	Holidays 

 The Executive shall (in addition to the usual public and bank holidays) be
entitled to 25 working days’ holiday in each calendar year to be taken at times convenient to the Company. During the first and last calendar years of the Executive’s employment the Executive shall be entitled to a pro rata proportion of
his annual holiday entitlement. The Executive may not carry over accrued holiday entitlement from one calendar year to the next without the written consent of the Board. In the event that notice of termination of this agreement is served by either
party, the Company may require the Executive to any outstanding holiday during his notice period. On termination of this agreement (except under clause 7 below) the Company shall make a payment in lieu of any holiday entitlement not taken and may
deduct from the final payment of Salary for holiday taken in excess of the Executive’s entitlement. 
  

	6.	Incapacity 

  

	6.1	The Executive shall continue to be paid during absence due to illness, accident or other incapacity (payment to be inclusive of any statutory sick pay or social security benefits to which he may be entitled) for a total
of up to 60 working days in any twelve consecutive calendar months. Thereafter the Executive shall continue to be paid remuneration at the discretion of the Company. 

  
 7 

	6.2	If the Executive is prevented from performing his duties as a result of illness, accident or other incapacity, either for a period or periods aggregating at least 90 working days in any twelve consecutive calendar
months or for 60 consecutive working days the Company may terminate this agreement by giving 30 days’ notice in writing, in which case the Executive shall not be entitled to compensation. The Company agrees that it shall not terminate this
agreement so as to prejudice the rights of the Executive under the provisions of any permanent health or permanent or long term disability insurance scheme in force in respect of the Executive. 

 

	6.3	If the Executive is at any time prevented by illness, accident or other incapacity from performing his duties for a period of 30 consecutive working days, the Company may appoint a temporary replacement to undertake all
or some of his duties during any further period in which he is prevented from performing his duties. 

  

	6.4	For the purposes of this clause 6 working days shall be Monday to Friday. 

  

	6.5	If required by the Lombard Board the Executive shall, at the expense of the Company, undergo a medical examination by such medical practitioner as the Board nominates. The Executive shall authorise the medical
practitioner . to disclose to and discuss with the Lombard Board the results of the examination. 

  

	7.	Summary Termination of Employment 

  

	7.1	The employment of the Executive may be terminated by the Company without notice or payment in lieu of notice if the Executive: 

  

	7.1.1	commits an act of gross misconduct or of gross neglect; or 

  

	7.1.2	commits a material breach of an obligation under this agreement, provided that notice of termination of employment is given by the Company within 28 days after the Lombard Board shall first become aware of such breach,
or the Executive shall repeat such breach after receiving notice in writing specifying such breach and warning the Executive that further breach of such obligation may result in termination of his employment under this agreement; or

  

	7.1.3	commits repeated breaches of an obligation under this agreement after receiving notice in writing specifying such breach and warning the Executive that further repeated breaches may result in termination of his
employment;, or 

  

	7.1.4	in connection with the performance of his duties is guilty of conduct bringing himself or improperly bringing a member of the Group into disrepute; or 

 

	7.1.5	has an interim receiving order made against him, becomes bankrupt or makes a composition or enters into any deed of arrangement with his creditors; or 

 

	7.1.6	is convicted of an arrestable criminal offence (other than an offence under road traffic legislation for which a fine or non-custodial penalty is imposed); or 

  
 8 

	7.1.7	becomes of unsound mind or becomes a patient under the Mental Health Act 1983; or 

  

	7.1.8	is convicted of an offence under the Part V of the Criminal Justice Act 19.93 or under any other statutory enactment or regulations relating to insider dealing; or 

 

	7.1.9	commits a breach of clause 2.12 above; or 

  

	7.1.10	resigns as a director of the Company otherwise than at the request of the Lombard Board; or 

  

	7.1.11	is disqualified from being a director of a company by reason of an order made by a competent court; or 

  

	7.1.12	fails to reach performance requirements set by the Lombard Board after receiving a written warning regarding poor performance from the Company. 

 

	7.2	The termination by the Company of the appointment shall be without prejudice to any claim which the Company may have for damages arising from breach of this agreement by the Executive. 

 

	8.	Termination by Reorganisation or Reconstruction 

 If the Executive is offered but
unreasonably refuses to agree to the transfer of this agreement by way of novation to a company which as a result of a reorganisation, amalgamation or reconstruction acquires or agrees to acquire the whole or substantially the whole of the
undertaking or the whole or not less than 90% of the equity share capital of the Company, the Executive shall have no claim against the Company in respect of the termination of this agreement by reason of the subsequent voluntary winding-up of the
Company or of the disclaimer or termination of this agreement by the Company within 3 months after his refusal. 
  

	9.	Executive’s Obligations on Termination 

 Upon the termination of this agreement or
in the event of the Executive serving on the Company notice to terminate his employment or in the event of the Company requesting the Executive to cease performing or exercising any or all of his duties pursuant to clause 4.4: 

 

	9.1	the Executive shall at the request of the Lombard Board immediately resign all his directorships in the Group without claim for compensation and in the event of his failure to do so within 5 days of such request he
hereby irrevocably appoints any director or the secretary of the Company as his lawful attorney, in his name and on his behalf, sign and deliver the resignations to the appropriate Group Company; 

 

	9.2	the Executive shall immediately deliver to the Company all records, documents, accounts, letters and papers within his possession or under his control relating to the affairs and business of any Group Company and any
other property belonging to a Group Company. 

  
 9 

	10.	Capacity 

 The Executive warrants that he is not, and will not become, subject to an
obligation (contractual or otherwise) which precludes him from entering into this agreement or performing his duties under this agreement and shall indemnify the Company against all claims (including claims for costs and expenses) made by any third
party or incurred by the Company in the event of any breach of this warranty. 
  

	11.	Inventions 

  

	11.1	In accordance with the provisions of the Patents Act 1977, the Registered Designs Act 1949 and the Copyright, Designs and Patents Act 1988, if in the course of his employment under this agreement the Executive makes or
discovers, or participates in the making or discovery of, Intellectual Property relating to or capable of being used in the business carried on by a Group Company, full details of the Intellectual Property shall immediately be communicated by him to
the Company and shall be the absolute property of the Company. At the request and expense of the Company the Executive shall give and supply all such information, data, drawings and assistance as is requisite to enable the Company to exploit the
Intellectual Property to the best advantage. If so requested, the Executive shall, at the Company’s expense but without receiving payment, execute all documents and do all things necessary to vest the title to the invention , design or
discovery in the Company. The Executive irrevocably appoints the Company to be his attorney and in his name and on his behalf to execute any documents and generally to act and to use his name for the purpose of giving to the Company (or its nominee)
the full-benefit this clause. A certificate in writing signed by a director or the secretary of the Company that an instrument or act falls within the authority conferred by this clause shall be conclusive evidence in favour of a third party that it
is the case. 

  

	11.2	If the Executive makes or discovers or participates in the making or discovery of any Intellectual Property during his employment under this agreement but which is not the property of the Company under clause 11.1, the
Company shall, subject only to the provisions of the Patents Act 1977, have the right to acquire for itself or its nominee the Executive’s rights in the Intellectual Property within 3 months after disclosure under clause 11.1 on fair and
reasonable terms to be agreed or settled by a single arbitrator. 

  

	11.3	The Executive waives all of his moral rights as defined in the Copyright, Designs and Patents Act 1988 in relation to the Intellectual Property which is the property of the Company by virtue of clause 11.1.

  

	11.4	Rights and obligations under this clause shall continue in force after termination of this agreement in respect of Intellectual Property made or discovered during the Executive’s employment under this agreement and
shall be binding upon his representatives. 

  

	12.	Confidentiality and Restrictions 

  

	12.1	The Executive shall not (except in the proper course of his duties) during the period of employment under this agreement or subsequently, without the prior consent in writing of the Board, divulge to any person or
otherwise make use of Confidential Information and shall, during the period of this agreement, use his best endeavours to prevent the publication or disclosure of any Confidential Information. 

  
 10 

	12.2	Confidential Information which is made or received by the Executive during this agreement shall be the property of the Company and all such property and copies thereof and any other property of the Group shall be
surrendered by the Executive to the Company at the termination of this agreement (howsoever occasioned) or at the request of the Board at any time during the course of his employment. 

 

	12.3	In the event of termination of this agreement the Executive agrees to be bound by the restrictive covenants set out in the Schedule. 

 

	13.	Discipline and Grievances 

  

	13.1	The Company’s discipline and grievance procedures as set out below do not form part of the Executive’s terms and conditions of employment and afford him no legal rights. 

 

	13.2	The Executive shall promptly comply with all reasonable orders and reasonable directions given to him by the Board and with any orders or regulations in force at his place of employment. 

 

	13.3	If the Executive is dissatisfied with any disciplinary decision relating to him, or has any other grievance about his employment, he should apply in writing to the Chairman of the Group whose decision shall be final.

  

	14.	Notices 

 All communications between the parties with respect to any of the provisions of
this agreement shall be sent to the addresses set out in this agreement, or to such other addresses as may be notified by the parties for the purpose of this clause, by pre-paid registered or recorded delivery post or by facsimile transmission or
other electronic means of written communication with confirmation by letter given by the close of business on the next following business day. Any communication to the Company must be marked “For the attention of the Company Secretary”.

  

	14.1	Communications which are sent or despatched as set out below shall be deemed to have been received by the addressee as follows: 

  

	14.1.1	by post - 2 business days after despatch; 

  

	14.1.2	by facsimile transmission or other electronic means of written communication- on the business day next following the day on which the communication was sent. 

 

	14.2	In proving service by post it shall be necessary only to prove that the communication was contained in an envelope which was duly addressed, stamped and posted by registered or recorded delivery post. In proving service
by facsimile transmission or other electronic means of written communication, proof of service will be accepted on proof of posting of the confirmatory letter. 

  

	14.3	For the purpose this clause a “business day” means a day on which the clearing banks in the City of London are open for business and “close of business” means 18.00 hours. 

  
 11 

	15.	Data Protection Act 1998 

 The Executive agrees and acknowledges that the Company will,
during the course of the Executive’s employment and after its termination, hold information concerning the executive in its filing systems. This information may include sensitive personal data as defined in the Data Protection Act 1998. 

 

	16.	General 

  

	16.1	This agreement shall take effect as from the Commencement Date, from which date all other agreements or arrangements, whether written or oral, express or implied, between the Executive and any member of the Group
relating to the services or employment of the Executive shall be deemed to have been cancelled. 

  

	16.2	The expiration or determination of this agreement shall not affect those terms which are expressed to operate or have effect after its termination and shall be without prejudice to any right of action already accrued to
either party in respect of a breach of this agreement by the other party. 

  

	17.	Laws 

 The construction, validity and performance of this agreement shall be governed by
the Jaws of England. 
 DELIVERED as a deed on the date of this agreement. 

EXECUTED by ANSON MEDICAL LIMITED 
  

	
	

 as a Deed 
 SIGNED AS A
DEED by 
 PETER PHILIPS 
  

 
 in the presence of: 

  
 12 

 SCHEDULE 

Restrictive Covenants 
  

	1	Definitions 

  

			
	the Business	  	the business of the design, manufacture or sale of flexible stent grafts or other products designed, manufactured or sold by the Company or any part of it carried on by any Group Company as at the Termination Date in respect of
which the Executive has been concerned or involved to any material extent at any time during the 12 month period immediately prior to the Termination Date.
		
	Material Interest	  	(a) the holding of any position as director, officer, employee, consultant, partner, principal or agent;
		
		  	(b) the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them) or debentures except for the ownership for investment purposes only of not more than 3% of the issued
ordinary shares of a company whose shares are listed on any Recognised Investment Exchange;
		
		  	(c) the direct or indirect provision of any financial assistance.
		
	Senior Executive	  	a person with whom the Executive had dealings in the course of his employment and who is or was:
		
		  	(a) engaged or employed as an employee, director or consultant of a Group Company;
		
		  	(b) engaged or employed in a capacity in which he obtained Confidential Information; and
		
		  	(c) engaged or employed at the Termination Date or at any time during the 12 month period immediately prior to the Termination Date.
		
	Termination Date	  	the date on which this agreement terminates howsoever occurring.

  
 13 

	2	The Executive covenants with the Company that he shall not (other than on behalf of the Company) without the prior written consent of the Board (such consent to be withheld only in so far as may be reasonably necessary
to protect the legitimate interests of the Group) directly or indirectly: 

  

	2.1	during the period of 12 months from the Termination Date hold a Material Interest in a business the same as or. in competition with the Business in any country in which the Company is operating as at the Termination
Date but, for the avoidance of doubt, this shall not prohibit any of the Executive from being employed within a business not competing with the Business, by a Company or entity some of whose other businesses do compete with the Business;

  

	2.2	during the period of 12 months from the Termination Date: 

  

	2.2.1	in relation to a business the same as or in competition with the Business perform any services or supply goods of the kind referred to in the definition of the Business or services related to such goods, to any person,
firm or company who was a client or customer of the Company or any Group Company at the Termination Date or during the 12 month period immediately prior to the Termination Date and with whom during that period the Executive had contact or dealings
or was aware of m the course of his employment; 

  

	2.2.2	in relation to a business the same as or in competition with the Business, canvass, solicit or approach, or cause to be canvassed, solicited or approached, for the purpose of obtaining business, orders or custom
relating to the goods of the kind referred to in the definition of the Business, any person, firm or company who was a client or customer of the Company or any Group Company at the Termination Date or during the 12 month period immediately prior to
the Termination Date and with whom during that period the Executive had contact or dealings or was aware of the in the course of his employment; or 

  

	2.2.3	in relation to a business the same as or in competition with the Business, offer employment to or employ or offer or conclude any contract for services with any Senior Executive or procure or facilitate the making of
such an offer by any person, firm or company; 

  

	2.3	at any time solicit, entice or prepare or endeavour to solicit, entice or procure: 

  

	2.3.1	an employee of a Group Company to breach his contract of employment; or 

  
 14 

	2.3.2	a person to breach his contract for services with any Group Company; 

  

	2.4	at any time: 

  

	2.4.1	falsely represent himself as being connected with or interested in a Group Company or in the Business; or 

  

	2.4.2	do or say anything likely or calculated to lead any person firm or company to withdraw from or cease to continue offering to a Group Company any rights of purchase, sale, import, distribution or agency then enjoyed by
it. 

  

	3	The Executive agrees that: 

  

	3.1.1	each of the sub-paragraphs contained in paragraph 2 above constitutes an entirely separate, severable and independent covenant and restriction on him; 

 

	3.1.2	the duration, extent and application of each of the restrictions contained in paragraph 2 is no greater than is necessary for the protection of the goodwill and trade connections of the Business; and 

 

	3.1.3	if a restriction on him contained in paragraph 2 is found void but would be valid if some part of it were deleted, the restriction shall apply with such deletion as may be necessary to make it valid and effective.

  
 15

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