Common use of REMUNERATION AND EXPENSES Clause in Contracts

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 per calendar year (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As 6.1 During the continuance of the Executive’s employment under this Agreement the Company shall pay to the Executive, as remuneration for his servicesservices hereunder, the Executive shall be entitled to a salary at the rate of HK$1,561,800 £246,400 (two hundred and forty-six thousand four hundred pounds) per calendar year annum as from the Commencement Date. 6.2 The Executive’s salary shall be: (a) payable by equal monthly instalments in arrears on or around the 28th day of each month (or such other rate time as determined by the Company) by credit transfer direct into his nominated bank account; (b) paid subject to such deductions as the Company may from time make for income tax, employee’s National Insurance contributions and any other taxes, social security contributions and withholdings as the Company may deduct; (c) deemed to time be agreed in writing). The Salary shall accrue from day to day and day; (d) reviewed by the Board at least once in each calendar year every April, with no guarantee that the Executive’s salary will be payable by equal monthly installments in arrears on or before the last day changed following any such review; and (e) inclusive of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion any fees to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might may be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative director of the Company or any other Group Company Company. 6.3 The Executive shall be entitled to be reimbursed the amount of £10,000 per annum for the use of his own car provided that the Executive: (a) holds a current full driving licence, (b) insures such car used for business use in such manner as the Board shall reasonably determine, (c) provides copies of the relevant insurance certificate to the Board on an annual basis and immediately upon request. Failure to deliver such copy certificates or failure to obtain such insurance may result in summary dismissal, with or without payment of notice in lieu of salary. 6.4 The Executive shall immediately inform the Board if he is disqualified from driving and shall immediately cease to be entitled to receive the allowance under clause 6. 6.5 Any payment made to the Executive shall, at under this clause shall be payable together with and in the discretion same manner as the salary in accordance with clause 6.2. The car allowance shall not be treated as part of the BoardExecutive’s basic salary for any purpose and shall not be pensionable. 6.6 The Executive shall be entitled to be reimbursed in respect of any fuel costs incurred whilst carrying out his duties under this Agreement at HMRC’s approved rates as amended from time to time, either waive his right subject to any such remuneration the Executive providing the Company with receipts or account other evidence satisfactory to the Company that the Executive has properly incurred such cost. 6.7 The Executive shall continue to be entitled to participate in the JELD-WEN Holding annual Management Incentive Plan or any successor plan (the “MIP”) on the terms and conditions of the MIP which may be amended by JELD-WEN Holding in its absolute discretion from time to time. At the date of this Agreement, the Executive’s target annual bonus under the MIP in respect of each fiscal year of JELD-WEN Holding is 60% of the salary set out in Clause 6.1 (as reviewed from time to time) and the Executive’s maximum annual bonus is 120% of this salary. The Board of Directors of JELD-WEN Holding shall review, and may adjust in its sole discretion, such bonus targets each year when it sets target bonuses for the same forthwith upon receiptMIP. Any annual bonus paid to the Executive shall be in addition to the salary and to any and all other benefits to which the Executive is entitled under this Agreement. The Executive’s entitlement to participate in and rights under the MIP remain at all times subject to the terms and conditions of the MIP as in force from time to time. 6.8 The Executive shall be entitled to participate in JELD-WEN Holding’s 2017 Omnibus Equity Plan (the “Omnibus Plan”) or any successor plan. The Executive’s rights under and entitlement to participate in any long-term incentive plans under this clause 6.8 remain at all times subject to the terms and conditions of that long-term incentive plan as in force from time to time (and which may be amended by the Company and/or JELD-WEN Holding in their absolute discretion at any time). 4.3 The Salary 6.9 Except as otherwise provided in the applicable plan or award agreement, to be eligible for any payment or award under the MIP, the Omnibus Plan or any other plan in which the Executive participates, the Executive must have remained in employment with the Company under this Agreement for the entire duration of the reference period (as determined by the Company and/or the Group Company) in respect of which the payment or award is assessed (the “Reference Period”) and must not have been under notice of termination (whether given by the Company or by the Executive) at any point during the Reference Period. 6.10 Except as otherwise provided in the applicable plan or award agreement, the Executive shall not receive payment of any payment or award under the MIP, the Omnibus Plan or any other plan in which the Executive participates if he is no longer in employment with the Company on the date appointed by the Company and/or any Group Company for the payment of any such payment or award. 6.11 For the avoidance of doubt, the Executive’s rights under and entitlement to any payment or award under the MIP, the Omnibus Plan or any other plan, remains at all times subject to the terms and conditions and/or rules of the applicable plan or award agreement. 6.12 In the event of a CIC Qualifying Termination, all Stock Options, restricted stock units (“RSUs”) or similar equity incentives shall fully and immediately vest upon termination of Executive’s employment and all Performance Stock Units (“PSUs”) or similar equity incentives shall vest at prorated target levels upon termination. In the event of a Non-CIC Qualifying Termination, all equity awards shall be reviewed by treated in accordance with the Board not less than annuallyrules of the applicable plan or award agreement. 6.13 Any payment or award paid under the MIP, the first review being in June 2007Omnibus Plan or any other plan will not be pensionable. 4.4 6.14 The Company shall reimburse the Executive for all reasonable travelling, hotel and other out-of-pocket expenses which he may properly incur in the carrying out of his duties and which the Company may approve. The Executive’s entitlement to reimbursement of any expense in accordance with this clause 6.12 shall be conditional upon the Executive providing the Company with receipts or other evidence satisfactory to the Company that the Executive has properly incurred that expense. 6.15 The Executive hereby authorises the Company to deduct from his salary, or any remuneration accrued and other sums due to him under from the terms of this Agreement (whether Company or not actually paid during the Appointment) or any other Group Company, any sums due from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any other Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws overpayment of Hong Kongsalary or accrued holiday pay. 4.5 6.16 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration perform any of the flight exceeds eight hours and otherwise Economy Class whilst travelling its obligations under this clause 6 either by air on Company duty itself or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes through any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant other Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As 5.1 Subject to Clause 5.2, as remuneration for his services, services hereunder the Executive Company shall be entitled pay to the Director a salary at the rate of HK$1,561,800 (pound)125,000 per calendar year annum (or such other rate higher salary as may from time to time be agreed in writing). The Salary shall accrue from day to day between the Director and be the Board) payable by equal monthly installments instalments in arrears on or before the last day of each month, provided calendar month such salary to be inclusive of any sums receivable as director's fees or other emoluments from the Company. 5.2 In the event that if the employment terminates on Director and the Company agree that the Director may work less than a date before five day week the end of a month, the Salary for that month remuneration in Clause 5.1 shall be in proportion reduced pro-rata to the number of days for which per week that it is agreed that the Executive was employed that monthDirector should work. 4.2 If applicable at any time and notwithstanding anything 5.3 In addition to his remuneration under Clause 5.1 the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might Director may be entitled to receive participate from time to time in any bonus arrangements which the Board shall have determined to establish. The Board may alter or withdraw any bonus arrangements upon giving notice in writing to the Director provided that such notice shall not affect any entitlement bonus which has arisen at the date of the notice. The Board shall notify the Director of the terms of any bonus scheme in place and of any targets applicable to his entitlement under such arrangement. 5.4 Except as otherwise provided in this Agreement or as otherwise agreed by the Company the Director shall not be entitled to any remuneration or other payment from the Company or in respect of any Group period of employment during which the Director is absent from work. 5.5 The Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion subject to prompt production of the Boardreceipts, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annuallyother reasonable evidence of expenditure, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive reimburse all reasonable travelling, hotel and other out of pocket expenses reasonably and properly incurred by the Executive Director in connection with the performance of his duties hereunder. The Director shall comply with the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may Company's procedures and rules in force from time to time requirein relation to expenses. 4.6 5.6 The Executive Company shall be entitled to fly Business Class when recover any debt owed to the duration Company by the Director or any other sums lawfully due to the Company from the Director by means of deductions from the flight exceeds eight hours and otherwise Economy Class whilst travelling Director's remuneration or other sums due to the Director during the continuation of or on the termination of this Agreement, including any payment in lieu of notice or accrued but untaken holiday entitlement. 5.7 If the Director is entitled under this agreement to participate in any scheme or plan or to receive any benefit which is covered by air on Company duty a scheme or otherwise plan the Director's entitlement to participate is in accordance with the travel policy determined by terms and conditions of the Board relevant scheme as they may exist from time to time. Where time (and the Director shall familiarise himself with the terms of such scheme), and the Company makes may vary or withdraw any credit card available such scheme in its absolute discretion. The provision of any scheme or plan will not affect the Company's ability to terminate the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and Director's employment in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunderthis Agreement.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$692,628 per calendar year or HK$57,719 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As The remuneration for his services, of the Executive shall be a fixed salary (inclusive of any fees payable to him as a director of the Company or any Associated Company) payable by equal monthly instalments in arrears on the last day of each calendar month with such increments thereto as the Company may from time to time determine. The Executive's salary at the date hereof ii three hundred and sixty three thousand pounds per annum ((pound)363,000 p. 4.2 The salary shall be reviewed by the Board during each calendar year of the term of this Agreement and shall be increased (but not decreased) with effect from 1st January in each such calendar year by such amount as the Board shall in its absolute discretion determine 4.3 In addition to the salary paid to the Executive pursuant to clause 4.1 above the Executive shall be entitled to a salary bonus in respect of each period ending 31st December of his employment by the Company (the "Bonus"). The Bonus will be paid at the rate sole discretion of HK$1,561,800 per calendar year (or such other rate as the Board. The criteria for setting the Bonus may be reviewed each year 4.4 Further the Executive shall be entitled during the course of his employment to benefits in line with the Company's policy from time to time be agreed and comparable with the terms normally granted to similar status employees in writing). The Salary shall accrue from day comparable companies in the United Kingdom (and to day include in any event medical insurance for the Executive, his wife and be payable by equal monthly installments minor children and permanent health/disability insurance and life assurance for the Executive and participation in arrears on or before the last day of each monthCompany's variable incentive schemes including the Long Term Incentive Plan, Executive Share Option Schemes, Sharesave Scheme and Equity Participation Plan) provided that if the employment terminates on a date before the end of a month, the Salary for that month under no circumstances shall be in proportion such benefits (including without prejudice to the number generality of days for which the foregoing permanent health insurance, private medical insurance, life insurance and the right to participate in the Company's Executive Share Option Schemes, Long Term Incentive Plan, Sharesave Scheme and Equity Participation Plan) be less than the benefits paid to the Executive was employed that month.at the date hereof 4.2 If applicable at any time and notwithstanding anything 4.5 The Company shall reimburse to the contrary contained Executive all reasonable travelling hotel and other expenses incurred by him in or about the constitutional documents performance of his duties hereunder (including any expenses incurred in attending meetings of the Board or committees of the Board or general meetings of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled Associated Companies) subject to receive from such expenses being submitted and evidenced in such manner as the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company specify from time to time, including without limitation any provident fund scheme adopted by 4.6 The Company may reasonably request the Executive's spouse to accompany the Executive on overseas engagements whereupon the Company pursuant to shall reimburse the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws Executive for actual and reasonable expenses incurred in respect of Hong Kong.or by the 4.5 4.7 The Company shall repay to reimburse the Executive for all reasonable travelling, hotel costs of telephone and other expenses properly incurred by fax rental and usage 4.8 To allow the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to monitor programming the Company vouchers or evidence of payment of such expenses as shall provide and pay for at the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours Executive's residence appropriate television and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business VCR facilities and in accordance with any Company policy applicable addition shall pay for and arrange the installation of equipment necessary to allow reception of direct to home and/or cable television and shall pay all subscriber fees relating thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$1,440,000 per calendar year or HK$120,000 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$ 2,185,249 per calendar year (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As The Company shall pay to the Director by way of remuneration for his services, the Executive shall be entitled to services hereunder a salary at the rate of HK$1,561,800 (pound)250,000 per calendar year (or such other rate as may from time annum subject to time be agreed deduction of tax and national insurance contributions in writing)accordance with the Company's regular payroll practices. The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary Such salary shall be inclusive of any other director's fees or remuneration of any description which payable to the Executive might be entitled to receive from Director by the Company or any Group Company and accordingly either the Director shall pay over or any other company procure to be paid over to the Company all such fees received or association receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in which he holds office arrears on the day appointed by the Board for the payment of employees' salaries or pro rata where the Director is only employed hereunder during part of the month. 4.2 The Company may in addition to the salary referred to in Clause 4.1 above, pay to the Director by way of bonus such further sum or sums (if any) at such time or times and in such manner as a nominee or representative the Remuneration Committee may in its absolute discretion from time to time determine. The Remuneration Committee shall in its absolute discretion prior to each financial year end of the Company or any Group Company (and determine for such financial year the Executive shall, at Director's target bonus which shall be paid subject to the discretion satisfaction of performance targets set by the Board, either waive his right Remuneration Committee. The Director shall not be entitled to any such remuneration or account bonus payment in relation to a financial year if, on the date the bonus for that financial year is payable, the Director is not employed by the Company for or if the same forthwith upon receipt)Director has served or been served with notice of termination on or prior to that date. 4.3 The Salary Company shall be reviewed by the Board not less than annually, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any also pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive Director all reasonable travelling, hotel and other out-of-pocket expenses which are properly incurred by the Executive him in connection with or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the duties reasonable satisfaction of the Executive under this Agreement, subject Board and the Company shall be entitled to deduct from the Director's salary expenses unreasonably or improperly charged by the Director to the Executive having delivered to account of the Company. 4.4 The Company shall provide and maintain (including the costs of repairing, taxing and insuring the same together with the reasonable costs of petrol oil and other running expenses incurred by the Director) a motor car of a value commensurate with the Director's position in the Company vouchers or evidence for the performance of payment of his duties, such expenses as the Board may motor car to be changed from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel Company's policy determined by the Board from time regarding replacement vehicles. The Director shall be at liberty to time. Where the Company makes any credit card available to the Executive the Executive shall:use such car for his private purposes but shall:- 4.6.1 4.4.1 take good care of such card the car and forthwith report procure that the provisions and conditions of any loss policy of such card to the Boardinsurance relating thereto are observed; 4.6.2 use 4.4.2 not permit such car to be taken out of the card only United Kingdom for his private purposes without the written consent of the Company; 4.4.3 comply with any directions from time to time given by the Company with regard to motor vehicles provided by the Company for the purposes use of the relevant Group Company’s business and in accordance with any Company policy applicable theretoits staff; and 4.6.3 4.4.4 return the card forthwith car to the relevant Group Company on request and in any event Company's registered office immediately upon the determination of his employment hereunder. PROVIDED THAT the Director shall ensure that the car is carefully used, maintained and serviced and shall return it to the Company forthwith upon demand by the Board. 4.5 The Director agrees that he is entitled to use the car only while he continues to be employed by the Company and is not in receipt of benefits under the permanent health and disability insurance scheme referred to in Clause 4.9 and that he will return the car to the Company immediately upon the date of termination of his employment under this Agreement or, if earlier, the date on which he starts to receive such benefit. The Director shall not be entitled to retain the car as a purported set-off or otherwise against any claim by him for damages from the Company. 4.6 If for any reason the Director is disqualified from driving, he shall, if the Company in its absolute discretion so determines, cease to be entitled to the use of the car during the period of disqualification. The Director shall upon demand return the car to the Company and shall not be entitled to any compensation or payment in lieu of the car. 4.7 During the continuance of the Director's employment hereunder the Company shall pay into one or more pension schemes or arrangements as may be agreed between the Company and the Director, any sum or sums as may be from time to time agreed between the Company and the Director subject to applicable Inland Revenue limits or statutory limits and the rules of the relevant scheme or arrangement. 4.8 The Company will use its best endeavours to procure that the Director, his spouse (or partner) and children shall be entitled to participate in such scheme of private medical insurance as may be adopted from time to time by the Company (subject always to the rules and terms of such scheme from time to time). 4.9 The Director shall participate from the commencement hereof in the Company's life assurance and, subject always to Clause 10.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 US$185,000.00 per calendar year or US$15,416.67 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As During the continuance of this Contract the Company shall pay to the Executive as remuneration for his services, the Executive shall be entitled to services hereunder a salary at the rate of HK$1,561,800 £[insert amount] per annum as from the Commencement Date. The Executive’s salary under Sub-clause 4.1 above shall be: payable by equal monthly instalments in arrears on the [insert date] day of each calendar month; deemed to accrue from day to day; and subject to review upwards at the discretion of the Board on [insert date] in each year (or such other rate as may during the continuance of this Contract[, provided that the salary of the Executive will be increased by at least [insert amount] per cent in each calendar year]. The Executive will be entitled to participate in the Group’s [share option scheme] in accordance with the terms and conditions from time to time be agreed in writing)governing the same. The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month Executive shall be entitled to be paid a bonus in proportion accordance with the terms and conditions set out in Schedule 2 to the number this Contract. The Executive’s salary under this Contract shall be inclusive of days for any fees to which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents shall be entitled as a director of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative member of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 Group. The Company shall repay to reimburse the Executive for all reasonable travelling, hotel and other out of pocket expenses which he may properly incurred by incur in carrying out his duties, other than the Executive’s expenses of travelling between his normal place of residence and the place at which he normally carries out his duties. The Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered shall produce to the Company vouchers or evidence of payment of receipts for such expenses as or other reasonable and proper evidence thereof to the Board may satisfaction of the Board. The Company shall be entitled at any time during the Executive’s employment to deduct from time the Executive’s remuneration or expenses any monies due to time require. 4.6 the Company. The Executive Company shall be entitled to fly Business Class when the duration perform any of its obligations under this Clause 4 either by itself or through any other member of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunderGroup.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$1,080,000 per calendar year or HK$90,000 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$1,800,000 per calendar year or HK$150,000 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.

REMUNERATION AND EXPENSES. 4.1 As remuneration for his services, the Executive shall be entitled to a salary at the rate of HK$1,561,800 HK$692,828 per calendar year or HK$57,719 per calendar month (or such other rate as may from time to time be agreed in writing). The Salary shall accrue from day to day and be payable by equal monthly installments in arrears on or before the last day of each month, provided that if the employment terminates on a date before the end of a month, the Salary for that month shall be in proportion to the number of days for which the Executive was employed that month. 4.2 If applicable at any time and notwithstanding anything to the contrary contained in the constitutional documents of the Company or of any other Group Company, the Salary shall be inclusive of any other fees or remuneration of any description which the Executive might be entitled to receive from the Company or any Group Company or any other company or association in which he holds office as a nominee or representative of the Company or any Group Company (and the Executive shall, at the discretion of the Board, either waive his right to any such remuneration or account to the Company for the same forthwith upon receipt). 4.3 The Salary shall be reviewed by the Board not less than annually, the first review being in June 2007December 2010. 4.4 The Executive hereby authorises the Company to deduct from any remuneration accrued and due to him under the terms of this Agreement (whether or not actually paid during the Appointment) or from any pay in lieu of notice: 4.4.1 any overpayment of salary or expenses or payment made to the Executive by mistake or through any misrepresentation; 4.4.2 any undisputed debt presently payable by the Executive to the Company or any Group Company; and 4.4.3 any employee’s contribution to pension fund or provident fund as adopted by the Company from time to time, including without limitation any provident fund scheme adopted by the Company pursuant to the Mandatory Provident Fund Scheme Ordinance, Chapter 485, Laws of Hong Kong. 4.5 The Company shall repay to the Executive all reasonable travelling, hotel and other expenses properly incurred by the Executive in connection with the performance of the duties of the Executive under this Agreement, subject to the Executive having delivered to the Company vouchers or evidence of payment of such expenses as the Board may from time to time require. 4.6 The Executive shall be entitled to fly Business Class when the duration of the flight exceeds eight hours and otherwise Economy Class whilst travelling by air on Company duty or otherwise in accordance with the travel policy determined by the Board from time to time. Where the Company makes any credit card available to the Executive the Executive shall: 4.6.1 take good care of such card and forthwith report any loss of such card to the Board; 4.6.2 use the card only for the purposes of the relevant Group Company’s business and in accordance with any Company policy applicable thereto; and 4.6.3 return the card forthwith to the relevant Group Company on request and in any event upon the determination of his employment hereunder.