Exhibit 10.1
4 November 2005
Mr. John Kirkham
1, Cenacle Close
London
NW3 7UE
Dear John,
Further to meetings with Simon McDougle, Human
Resources, and myself on 9 August 2005 to discuss proposed
changes to your terms and conditions of employment, I confirm the
following:
Base salary is £166,000 per
annum, payable in twelve equal installments.
In addition to your base salary you
may earn a yearly performance bonus of £104,000, payable
quarterly, depending on your performance.
In addition to the benefits as per
your current contract of employment you will be provided with the
following additional benefits (as per letter dated 4 April
2005 from John Shackleton):
|
|
•
|
|
Perquisite
allowance of £2,785 ($5,000) per annum;
|
The period of notice to which you
are entitled from the Company is three months. You will be required
to give the Company three months written notice of termination. The
Company reserves the right to terminate your employment by payment
in-lieu of notice. Any payment in lieu of notice will cover base
pay and a pro-rated amount of variable pay based on average
earnings over the previous twelve months. All health benefits will
either continue during the notice period or be paid
in-lieu.
If your employment is terminated for
any other reason that “just cause” you will receive the
following severance package in addition to any provisions covered
by the notice period:
|
|
a)
|
six months base
pay as compensation for loss of office
|
|
|
b)
|
six months
variable pay (based on average earnings over the previous twelve
months)
|
|
|
c)
|
six months
continuation of health benefits or payment in-lieu of such
benefits
|
|
|
d)
|
Statutory
redundancy pay
|
|
|
6.
|
Stock Option
Acceleration and severance payments on “change of
control”
|
If your employment is terminated by
the Company upon the giving of written notice of such termination
to you at any time within the 6 month period fo
