EXHIBIT 10.3
[Iron Mountain Incorporated
Letterhead]
Contract of
Employment
With
Iron Mountain
This document and the covering offer
letter, together with the ‘General Terms & Conditions of
Employment’ contained in Sections 1-3 inclusive of the Staff
handbook, comprises the Contract of Employment between Marc
Duale and Iron Mountain (UK) Ltd, (hereafter referred to
as ‘the company’).
1. Details of your
position
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Date of Commencement:
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Your employment with the Company commence on or
before May 31, 2006.
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Job Title:
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President, Iron Mountain Europe, but you may be
required to carry out any other duties as determined by the
management from time to time.
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Reporting to:
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Bob Brennan, President and Chief Operating
Officer, Iron Mountain
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Place of work:
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Tolley Street, London, but you may be required
to work at any other locations as directed by the
company.
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2.
Remuneration
Salary:
£350.000.00 per
annum
Your salary will be paid into your
bank account on the 28 th day of each month or the Friday before if
the 28 th falls on a Saturday and the Monday
thereafter if it falls on a Sunday.
Incentive
Compensation:
Plan G
You will be eligible to participate
in the Iron Mountain UK Incentive Compensation Plan G. This scheme
will give you the opportunity to earn up to 60% of your basic
salary, annum and is based upon meeting personal deliverables and
the company meeting financial targets. Iron Mountain will
guarantee your pro rata share of eligible incentive compensation
for the current 2006 fiscal year ending October 2006. The
President and Chief Operating Officer will discuss and agree on
your objectives with you at the start of each relevant
period.
The plan will be payable annually,
at the end of the second month following the year end, subject to
the completion of financial reporting and approval processes. To
receive payment, you must be actively employed at the time of
payment. (The Company’s financial year is from November
to October each year).
The company reserves the right to
review this plan, normally on an annual basis.
Car/Car Allowance:
You have the option of a
company car up to a capital value of £60,000.00 or a car
allowance up to a maximum of £20,000.00 per year. If you
chose the car allowance, Iron Mountain will also provide a yearly
motor insurance supplement, which is currently £650 per
annum. The amount of supplement used will be taxed as a
benefit in kind. This supplement may be reviewed by the Company on
a yearly basis, in line with market fluctuations for insurance. You
also have the option of a fuel card or cash allowance of
£2,000.00 per annum. Please refer to the Executive
Car
Policy enclosed for full details of
terms and conditions.
3.
Relocation
The company will pay reasonable and
customary charges for the relocation of your family from the United
States and France to the United Kingdom. Further details of
the Relocation Program and tax implications will be sent to you
under separate cover.
4.
Holidays
Your holiday entitlement will be 25
days per annum plus all Bank Holidays. The Company’s annual
leave year runs from 1 st January to 31 st December.
Note that it is a European Health
& Safety legislative requirement for employees to take their
full entitlement and as such, you may not carry forward unused
holiday entitlement to another year. Unearned holiday will be
deducted from your final pay.
5.
Sickness
In the event of unavoidable absence
from work due to sickness, the Company will pay you any Statutory
Sick Pay (SSP) entitlement for periods of sickness longer than 3
days in duration. In addition, the Company may pay Company Sick Pay
(in full) of up to 6 days per calendar year at the discretion of
your Manager. All absence for periods in excess of 7 consecutive
days must be covered by a medical certificate.
The Company may request an
independent medical report on your health and/or request that you
undergo a medical examination if you are absent from work due to
illness for more than 4 consecutive weeks, or if you are taking
frequent short periods of absence. Please refer to the
Company’s Absence Policy for further details.
6.
Discretionary
Benefits
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Pension:
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You will be eligible to join the Norwich Union
Stakeholder Pension Scheme with immediate effect. It is a
contributory scheme and is not contracted out of the State scheme.
The Company will contribute 15% of your basic annual salary on the
condition that your contribution equates to a minimum of 2.5% of
your basic salary.
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Life Assurance:
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The Company will provide life assurance cover
equivalent to 4 times the amount of your basic annual s
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