Exhibit 10.13
-------------
[Letterhead of Euro Brokers Finacor Limited]
PRIVATE AND CONFIDENTIAL
------------------------
Xx X. Xxxxx
0 Xxxxxx Xxxxx
Margaretting
Essex
CM4 9QE
Ref: LF/I/P/L/RAC011002
1 October 2002
Dear Xxxxx,
I refer to your contract of employment dated 1 October 2000 (the "Contract") and
write to confirm our agreement to a variation of the terms of the Contract as
follows:
With immediate effect, the minimum term under Clause 2.1 of the Contract shall
be extended until 30 September 2006 ("the Minimum Term") so that the Contract
may be terminated by either party giving six months notice in writing to expire
at any time on or after expiry of the Minimum Term.
With effect from 1 October 2002 the fixed annual salary payable to you under
Clause 3.1 of your Contract was increased to (pound)400,000.
The provisions of sub-clauses 2.2 and 2.3 shall be deleted in their entirety and
replaced with the following wording:
2.2 Provided always that in the event of the Company suffering a Change of
Control you shall, with effect from the effective date of such Change of
Control, be entitled if the Company does not at such time make provision
to assign this Agreement to another Group Company that is still controlled
by Maxcor Financial Group Inc. ("Maxcor"), at any time thereafter to
terminate this Agreement by giving to the Company four months notice in
writing. For the avoidance of doubt, any Change of Control shall not in
any way affect the relevant notice the Company may be required to give to
you in order to terminate this Agreement.
2.3 For the purposes of this clause "Change of Control" means the acquisition
by any person (or any combination thereof acting together) of the power to
secure directly whether by contract, voting rights or otherwise that the
affairs of the Company are conducted in accordance with the wishes of that
person, such person being a person who did not previously have control and
is not a subsidiary of either of the Company or Maxcor. For the avoidance
of doubt, an indirect change of control of the Company through a Change of
Control of Maxcor shall not be deemed a Change of Control of the Company
hereunder."
For the avoidance of doubt, all other terms shall remain in full force and
effect.
THIS CONSTITUTES A VARIATION OF YOUR CONTRACT OF EMPLOYMENT. Accordingly, please
confirm your agreement to this amendment by signing and returning the enclosed
copy of this letter to personnel, as soon as possible.
Yours sincerely,
/s/ XXXXXXX XXXX
-----------------------------
Xxxxxxx Xxxx
Finance Director
I hereby agree to the above variation to the terms and conditions of my
employment.
Signed /s/ XXXXX XXXXX Date 10/10/02
---------------------------------- ------------------------------
