Exhibit 10.14
THIS DEED is made on 22 January 2007
BETWEEN
(1) CLPE HOLDINGS LIMITED (registered number 3720212) whose registered
office is at Xxxx 00&00 Xxxxxxxxxxx, Xxxxxx Technology Exchange, Xxx
Xxxx, Xxxxxx, Xxxxxxx Xxxxxxxxxx, XX0 0XX ("Company"); and
(2) XXXXXXX XXXXX XXXXXX who resides at 000 Xxxxxxxx Xxx., Xxxxxxxxx XX
00000, XXX ("Associated Participant")
BACKGROUND
(A) Under the CLPE Holdings Management Incentive Plan ("Plan") adopted by a
resolution of the board of directors of the Company on 6 August 2003, a
number of Associated Participants (as defined in the rules of the Plan)
are entitled to a bonus payment which is contingent on the Sale as
defined in the rules of the Plan) of the Company ("Bonus").
(B) As at the date of this Deed, no Sale has taken place in respect of the
Company.
(C) The Associated Participant has agreed to waive his entitlement to a
Bonus under the Plan in full.
OPERATIVE PROVISIONS
1. In consideration for the payment of (pound)1 (receipt of which is hereby
acknowledged by the Associated Participant) the Associated Participant
hereby waives all his interests in the Bonus and releases the Company
from any obligation to make any payment under the Plan, whether such
payment is contingent on a Sale or otherwise.
2. The Associated Participant hereby undertakes not to seek to enforce the
Bonus or any rights granted pursuant to the Plan and agrees that the
Associated Participant has no entitlement to any compensation (whether
by damages or otherwise) for the waiver of the Bonus or any other rights
granted pursuant to the Plan.
1
THIS DOCUMENT is executed as a deed and delivered on the date stated at the
beginning of this Deed.
SIGNED as a deed by ) /s/ Xxxxx H.P. Wyndham
CLPE HOLDINGS LIMITED ) ----------------------
acting by ) Director
a director and its secretary )
or two directors )
Director /s/ Xxxxxx X. Xxxx
------------------
SIGNED as a deed by ) /s/ Xxxxxxx X. Xxxxxx
XXXXXXX XXXXX XXXXXX )
in the presence of: )
Witness signature: /s/ X. X. Xxxxxxxxxxx
Name: X. X. Xxxxxxxxxxx
Address: 00 Xxxxxx Xxxxx
Xxxxxx X000X
Occupation: Company Director
2
