SERVICE AGREEMENT
Dated
the 1st
day
of July 2002
ITALIAN
MOTORS (SALES & SERVICE) LIMITED
AND
AUTO
ITALIA LIMITED
AND
XXXXXXX
XXXXXXXX
THIS
AGREEMENT is made the 1st day of July 2002.
BETWEEN:
-
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(1)
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ITALIAN
MOTORS (SALES & SERVICE) LIMITED arid AUTO ITALIA LIMITED all of whose
registered office is situated at 00 Xxxx Xxxx Xxx Xxxx, Xxxxxxx,
Xxxx Xxxx
(and shall jointly or severally hereafter be referred, as the
“Companies”); and
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(2)
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BY
WHICH
IT IS AGREED as follows:
1. PURPOSE
AND INTERPRETATION
(A) This
Agreement sets out the terms and conditions upon and subject to which the
Companies agree to employ the Director and the Director agrees to serve the
Companies as Managing Director by providing the Companies with the services
hereinafter described.
(B) In.
this.
Agreement, unless the context otherwise requires:
(i) the
following words and expressions bear the following: meanings:-
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“Appointment’
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the
appointment of the Director as Managing Director of the Companies
as
effected by Clause 2.
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“Board”
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the
board of directors for the time being of the Companies or the directors
present at any meeting of the Board duly convened and
held.
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“Business”
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all
the business and affairs carried out by the Group from time to
time.
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“Companies
Ordinance”
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Companies
Ordinance (Cap. 32) of laws of Hong
Kong
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‘Group”
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the
Companies and their subsidiaries from time to
time.
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“$“
and “cents”
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Hong
Kong Dollars and cents.
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(ii)
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Words
and phrases defined in Section 2 of the Companies Ordinance shall
where
the context so admits be construed as having the same meaning in
this
Agreement.
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(iii)
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References
to Clauses are references to the clauses of this
Agreement.
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1
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(iv)
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References
to the masculine gender include references to the feminine gender
and the
neuter and vice versa.
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(v)
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References
to persons include references to individuals, firms, companies,
corporations and unincorporated bodies of persons and vice
versa.
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(vi)
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references
to the singular number include references to the plural and vice
versa.
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(vii)
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The
headings in this Agreement are for convenience only and do not affect
the
interpretation hereof.
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2. APPOINTMENT/DUTIES
The
Companies shall employ the Director and the Director shall serve during his
employment hereunder:-
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(A)
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perform
the duties and exercise the powers which the Board shall from time
to time
properly assign to him in his capacity as ‘Managing Director or in
connection with the business of the
Companies.
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(B)
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in
the absence of any such specific directions from the Board, carry
out such
duties and exercise such powers as may reasonably be considered 1:0
be
consistent with his office in respect of any company within the Group
from
time to time.
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3. DIRECTOR’S
BASIC OBLIGATION
The
Director hereby undertakes with the Companies during the term of this Agreement
to use his best endeavours to carry out his duties hereunder and to protect,
promote, develop and extend the interests and business of the Group and at
all
times and in a],l respects conform and comply with the proper and reasonable
directions and regulations of the Board.
4. DURATION
OF THE APPOINTMENT
Subject
to Clause 9, the Appointment shall be for a term of one (1) year commencing
from
1st July, 2002 and to be renewable and shall continue thereafter unless and
until terminated by either the Companies or the Director giving to the other
6
months’ notice in. writing or pay-in-lieu to determine the same, such notice to
expire at any time on or after 30th June, 2003.
5. DIRECTOR’S
SERVICES
The
Director shall:-
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(A)
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devote
his full time, attention and skill to the discharge of duties of
his
office as ‘Man aging Director of the
Companies;
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(B)
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faithfully
and diligently i such duties and exercise such powers as arc consistent
with his office in relation to the Companies and/or the
Group;
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(C)
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in
the discharge of such duties and in the exercise of such powers observe
and comply with all reasonable and lawful resolutions, regulations
and
directions from time to time made or given by the
Board;
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(D)
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in
pursuance of his duties hereunder perform such services for the Group
and
(without further remuneration unless otherwise agreed) accept such
offices
in the Group as the Board may from time to time reasonably require;
and
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(E)
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at
all times keep the Board promptly and fully informed of his conduct
of the
Business of the Companies or any company in the
Group.
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6. AND
REIMBURSEMENT
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(A)
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Subject
to Clause 9(B) the Director shall receive during the continuance
of the
Appointment the remuneration and reimbursement described and set
out in
the First Schedule I hereto.
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(B)
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The
Director shall continue to receive his salary during any period of
absence
on medical grounds up to a maximum of 90 days in any period of 12
months
provided that the Director shall if required supply the Companies
with
medical certificates covering the period of
absence.
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(C)
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Payment
of such salary, allowances and management bonus to the Director referred
to in Schedule I shall be made either by the Companies or by another
company in the Group arid if by more than one company in such proportion
as the Board may from time to time think fit. These may also be varied
from time to time, in annual review usually at the beginning of each.
new
calendar/financial year. Any adjustments will he confirmed by letter
which. form part of this Agreement.
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(D)
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The
Director shall be entitled to subsidized medical insurance with coverage
for the Director, his wife and children under the age of 18, excluding
all
expenses relating to treatment of a cosmetic
nature.
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7. SHARE
DEALINGS
The
Director shall comply where relevant with every rule of law, every regulation
of
The Stock Exchange of Hong Kong Limited or other market on which he deals and
every regulation of the Companies in force in relation to dealings in shares,
debentures or other securities of the companies in the Group and in relation
to
unpublished price sensitive information affecting the shares, debentures or
other securities of any other company provided always that in relation to
overseas dealings the Director shall also comply with all laws of the state
and
all regulations of the stock exchange, market or dealing system in which such
dealings take place.
3
8 INVENTIONS
AND OTHER INDUSTRIAL OR INTELLECTUAL PROPERTY
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(A)
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The
parties foresee that the Director may make inventions or create other
industrial or intellectual property in the course of his duties hereunder
and agree that in this respect the Director has a special responsibility
to further the interests of the.
Group.
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(B)
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Any
invention or improvement or design made or process or information
discovered or copyright work or trade xxxx or trade name or get-up
relating to the Business created by the Director during the continuance
of
his Appointment (whether capable of being patented or registered
or not
and whether or not made or discovered in the course of his Appointment)
in
conjunction with or in any way affecting or relating to the Business
or
capable of being used or adapted for use therein or in connection
therewith shall (unless such invention. or in improvement or design
was
made or process or information discovered or copyright work or trade
name
or get-up were in existence prior to the commencement of a similar
business by any company in the Group) forthwith be disclosed to the
Companies and shall belong to and be the absolute property of such
company
in the Group as the Companies may
direct.
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(C)
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The
Director shall subject to S (B) above, if and whenever required so
to do
by the Companies at the expense of a company in the Group apply or
join
with such company in applying for letters patent or other protection
or
registration for any such invention improvement design process information
work trade xxxx trade name or get-up relating to the Business as
aforesaid
which belongs to such company and shall at the expense of such company
execute and do all instruments and things necessary for vesting the
said
letters patent or other protection or registration when obtained
and all
right title and interest to and in the same in such company absolutely
and
as sole beneficial owner or in such other person as the Companies
may
specify.
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(D)
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The
Director hereby irrevocably appoints the Companies to be his Attorney
in
his name and on his behalf to execute and do any such instrument
or thing
and generally to use his name for the purpose of giving to the Companies
the full benefit of this Clause and a certificate in writing signed
by any
Director or by the Secretary of the Companies that any instrument
or act
falls within the authority hereby conferred shall be conclusive evidence
that such is the case and any third party shall be entitled to rely
on.
such certificate without further
enquiry.
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4
9. TERMINATION
OF THE APPOINTMENT
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(A)
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Without
prejudice to the accrued rights (if any) or remedies of either party
under
or pursuant to this Agreement:-
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(i)
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the
Director shall be entitled to terminate the Appointment by 3 months’
written notice to the Companies if any money payable by the Companies
to
the Director under or pursuant to this Agreement is not paid in full
by
the Companies to the Director within a period of 30 days from any
demand
by the Director for the payment
thereof;
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(ii)
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the
Companies shall be entitled to terminate the Appointment without
any
compensation to the Director: -
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(a)
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by
not less than 3 months’ notice in writing given at any time while the
Director shall have been incapacitated or prevented by reason of
ill
health injury or accident from performing his duties hereunder for
a
period of or periods aggregating 90 days in the preceding 12 months
provided that if at any time during the currency of a notice given
pursuant to this sub-paragraph the Director shall provide a medical
certificate satisfactory to the Board to the effect that he has fully
recovered his physical and/or mental health and that no recurrence
of
illness or incapacity can reasonably he anticipated the Companies
shall
withdraw such notice; or
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(b)
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by
summary notice in writing if the Director shall at any
time:-
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(1)
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commit
any serious or persistent breach of any of the provisions herein
contained
(and to the extent that such breach is capable of remedy shall fail,
to
remedy such breach within 60 days after written warning given by
the
Board);
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(2)
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be
guilty of any grave misconduct or wilful neglect in the discharge
of his
duties hereunder (and to the extent that such breach is capable of
remedy
shall fail to remedy such breach within 60 days after written warning
given by the Board);
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(3)
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if
he become bankrupt or has a receiving order made against him or suspends
payment or compounds with his creditors
generally;
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(4)
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if
he become a lunatic or of unsound
mind;
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(5)
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if
he absent himself from the meetings of the Board during a continuous
period of 6 months, without special leave of absence from the Board,
and
his alternate Director (if any) shall not during such period have
attended
in his stead, arid the Board passes a resolution that he has by reason
of
such absence vacated his office;
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(6)
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if
he become prohibited by law from acting as a
Director;
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5
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(7)
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if
by notice in writing delivered to the Companies at their registered
office
or at the principal place of business that he resigns his
office;
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(8)
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be
guilty of conduct tending to bring himself or any company in. the
Group
into disrepute;
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(9)
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be
prohibited by law from fulfilling his duties
hereunder.
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(c)
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by
summary notice in writing if three-fourths in number of the members
of the
board of directors so decide.
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(B)
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if
the Companies become entitled to terminate the Appointment pursuant
to
sub- clause 9 (A) (ii) (b) they shall be entitled (but without prejudice
to their right subsequently to terminate the Appointment on the same
or
any other ground) to suspend the Director with or without payment
of
salary, in full or in part, for so long as they may think
fit.
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(C)
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If
the Director shall have refused or failed to agree to accept without
reasonable ground an appointment offered to him on terms no less
favourable to him than the terms in effect under this Agreement,
either by
a company which has acquired or agreed to acquire the whole or
substantially the whole of the undertaking and assets of the Companies
or
which shall own or have agreed to acquire the whole or not less than
90%
of the equity share capital of the Companies, the Director shall
have no
claim against the Companies by reason of the subsequent voluntary
winding
up of the Companies or of the disclaimer or termination of this Agreement
by the Companies within 3 months after such refusal or failure to
agree.
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(D)
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On
the termination of the Appointment howsoever arising the Director
shall:
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(i)
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at
any time and from time to time thereafter at the request of the Companies
resign from office as a Director of the Companies and all offices
held by
him in any company in the Group and shall transfer without payment
to the
Companies or as the Companies may direct any qualifying shares provided
by
it and the Director hereby irrevocably appoints the Companies to
be his
Attorney and in his name and on his behalf to sign any documents
or do any
things necessary or requisite to give effect thereto and a certificate
in
writing signed by any Director or by the Secretary of the Companies
that
any instrument or act falls within the authority hereby conferred
shall be
conclusive evidence that such is the case and any third party shall
he
entitled to rely on such certificate without further enquiry provided
howsoever that such resignation or resignations shall be given and
accepted on the footing that it is or they are without prejudice
to any
claims which the Director may have against any such company arising
out of
this Agreement or of the termination of the Appointment;
and
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(ii)
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forthwith
deliver to the Companies all books, documents, papers, materials,
credit
cards, motor cars and other property of or relating to the business
of the
Group which may then be in his possession or under his power or
control.
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(E)
Save
as
expressly provided herein, neither party may terminate this
Agreement.
10. RESTRICTIONS
ON THE DIRECTOR
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(A)
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In
respect of those businesses carried on by the Director prior to the
commencement of a similar business by any company in the Group or
any
appointment to any position of responsibility in any business during
the
term of his service hereunder which does not conflict with the interest
of
the Group and his responsibilities to the Group and which is approved
by a
majority of the other members of the Board during the Appointment
the
Director shall not (except with the prior written approval of the
Board)
be directly or indirectly engaged or concerned with or interested
in any
other business which is in any respect in competition with or similar
to
any Business Provided that this shall not prohibit the holding (directly
or through nominees) of investments listed on any Stock Exchange
as long
as not more than 5 per cent of the issued shares or stock. of any
class of
any one company shall be so held save that this restriction shall
not
apply to any holding of shares or stock of the
Companies.
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(B)
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he
Director shall not either during or after the termination of the
Appointment without limit in point of time except authorised or required
by his duties:
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| (i) |
divulge
or communicate to any person except to those of the officials of
the Group
whose province it is to know the same;
or
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use
for his own purpose or for any purpose other than that of the Group;
or
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| (iii) |
through
any failure to exercise all due care and diligence cause any un authorised
disclosure of any secret confidential or private
information:-
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(a)
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relating
to the dealings, organisation, business, finance, transactions or
any
other affairs of the Group or its clients or customers;
or
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(b)
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relating
to the working of any process or invention which is carried on or
used by
any company in the Group or which he may discover or make during
his
Appointment; including anything which by virtue of Clause 7 becomes
the
absolute property of the Group.
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(c)
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in
respect of which any such company is bound by an obligation of confidence
to any third party but so that these restrictions shall cease to
apply to
any information or knowledge which may (otherwise than through the
default
of the Director) become available to the public generally without
requiring a significant expenditure of labour skill or
money.
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7
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(C)
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The.
Director agrees that subject to the exceptions provided under Clauses
8
(B) and 10(A) for a period of 1 year after the termination of the
Appointment, he will not:-
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(i)
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engage
or be engaged in Hong Kong directly in any business which is in
competition or similar with the Business or take employment with
any
person, firm, company or organisation engaged in or operating such
business in Hong Kong (but this restriction shall not operate so
as to
prohibit an employment none of the duties of which. relate to such
business) or assist any such person, firm, company or organisation
with
technical, commercial or professional advice in relation to such
business;
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(ii)
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either
on his own account or for any person, firm, company or organisation
solicit or entice or endeavour to solicit or entice away from any
company
within the Group any director, manager or servant of any company
in the
Group whether or not such person would commit any breach of his contract
of employment by reason of leaving the service of the relevant company
in
the Group;
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(iii)
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directly
or indirectly employ any person who has during the currency of the
Appointment been a director; manager or servant of or consultant
to any
company in the Group and who by reason of such employment is or may
be
likely to be in possession of such information which if that person
was
the Director would be covered by the confidential restrictions of
Clause
10 of this Agreement; and
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(iv)
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either
on his own account or for any person firm company or organisation
solicit
business from any person firm company or organisation which at any
time
during the currency of the Appointment has dealt with the Companies
or any
other company in the Group or which on the termination of the Appointment
is in the process of negotiating with the Companies or any such company
in
the Group in relation to the
Business.
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(D)
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The
Director shall not cause or permit any person, firm, company or
corporation directly or indirectly under its control to do any of
the
foregoing acts or things provided in Clauses 10 (A), (B) and (C).
Without
limiting the generality of the above, a person shall be deemed to
be under
the control of the Director for the purpose of this Clause 10 if
that
person is the spouse or child or step-child under the age of 18 years
of
the Director or if it is a company in which the Director holds directly
or
indirectly through another company more than or equal to 20 per cent
of
its issued shares or if the Director exercises influence over the
management of that company or the composition of its board of
directors.
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(E)
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Since
the Director may obtain in the course of the Appointment by reason
of
service rendered for or offices held in any other company in the
Group
knowledge of the trade secrets or other confidential information
of such
company the Director hereby agrees that he will at the request and
cost of
the Companies or such other company enter into a direct agreement
or
undertaking with such company whereby 11e will accept restrictions
corresponding to the restrictions herein contained (or such of them
as may
be appropriate in the circumstances) in relation to such products
and
services and such area and for such period as such company may reasonable
require for the protection of its legitimate
interests.
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(F)
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All
notes memoranda records and writings made by the Director in relation
to
the Business or concerning any of its dealings or affairs or the
dealings
or affairs of any clients or customers of the Group shall be and
remain
the property of the Group and shall be handed over by him to the
Companies
(or to such other company in the Group as the case may require) from
time
to time on demand and in any event upon his leaving the service of
the
Companies and the Director shall not retain any copy
thereof.
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(G)
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While
the restrictions contained in this Clause are considered by the parties
to
be reasonable in all the circumstances it is recognised that restrictions
of the nature in question may fail for technical reasons unforeseen
and
accordingly it is hereby agreed and declared that if any such restrictions
shall be adjudged to be void as going beyond what is reasonable in
all the
circumstances for the protection of the interests of the Companies
but
would be valid if part of the wording thereof were deleted or the
periods
(if any) thereof were reduced the said restriction shall apply with
such.
modifications as may be necessary to make it valid and
effective.
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11. HOLIDAYS
The
Director shall (in addition to normal public holidays) be entitled, at the
discretion of the Companies to 25 working days paid holiday in each year during
the continuance of the Appointment to be taken at such time or times as the
Board may approve.
12. SICKNESS
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(A)
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in
the event of illness, injury or accident incapacitating the Director
from
performing his duties the Director shall as soon as is reasonably
practicable so inform the Board and shall within seven days of commencing
absence on account of illness or incapacity and afterwards at weekly
intervals, where reasonably practicable, and in any event AT biweekly
intervals provide the Board with a medical practitioner specifying
the
nature of the illness or
incapacity.
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9
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(B)
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The
Companies shall have the right in the event of a serious prolonged
or
recurrent illness to require the Director to present himself to a
medical
practitioner approved by the Companies for examination, and report.
If the
Director fails or refuses to submit to such medical examination without
any reasonable excuse or if the companies’ opinion that in respect of
leave period or periods as claimed in the report or medical certificate
referred to in Clause 1 2 (A) :-
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(i)
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the
Director is not suffering from illness, injury or accident;
or
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(ii)
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such
illness, injury or accident does not incapacitate the Director from
performing his duty;
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notwithstanding
anything contrary to in Clause 9 (A) (ii) the Companies is entitled to forthwith
terminate the employment herein without any compensation to the director and
to
claim damages against the Director for damages the Companies may suffer as
a
result of termination, of employment pursuant to Clause 12 (B).
12. WAIVER
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(A)
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Time
is of the essence of this Agreement but no failure or delay on the
part of
either party to exercise any power, right or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise
by
either party of any power, right or remedy preclude any other or
further
exercise thereof or the exercise of any other power, right or remedy
by
that party.
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(B)
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The
remedies provided herein are cumulative and are not exclusive of
any
remedies provided by law.
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13. FORMER
SERVICE AGREEMENTS
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(A)
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This
Agreement shall be in substitution for any previous service agreements
entered into between any company in the Group and the Director and
for any
terms of employment previously in force between any such company
and the
Director.
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(B)
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The
Director hereby acknowledges that he has no claim of any kind against
any
company in the Group and without prejudice to the generality of the
foregoing he further acknowledges that he has no claim for damages
against
any company in the Group for the termination of any previous service
agreements for the sole purpose of entering into this
Agreement.
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(C)
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The
Companies hereby acknowledge that it has no claim of any kind against
the
Director and without prejudice to the generality of the foregoing
it
further acknowledges that it has no claim for damages against the
Director
for the termination of any previous service agreements for the sole
purpose of entering into this
Agreement.
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10
14. NOTICES
All
notices, requests, demands, consents or other communications to or upon the
parties under or pursuant to this Agreement shall be in writing addressed to
the
relevant party at such party’s address hereinbefore mentioned (or at such other
address as such party may hereafter specify to the other party) and shall be
deemed to have been duly given or made:-
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(A)
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in
the case of a communication by letter 10 days (if overseas) or 48
hours
(if inland) after despatch or, if such letter is delivered by hand,
on the
day of delivery;
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(B)
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in
the case of a communication by e-mail or facsimile, when
sent.
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l5. ASSIGNABILITY
This
Agreement shall be binding upon and enure to the benefit of each party hereto
and its successors and assigns, provided always that the Director may not assign
his obligations and liabilities under this Agreement without the prior written
consent of the Companies.
16. RELATIONSHIP
None
of
the provisions of this Agreement shall be deemed to constitute a partnership
or
joint venture between the parties for any purpose.
17. AMENDMENT
This
Agreement may not be amended, supplemented or modified except by a written
agreement or instrument signed by or on behalf of the parties
hereto.
18. SEVERABILITY
Any
provision of this Agreement prohibited by or unlawful or unenforceable under
any
applicable law actually applied by any court of competent jurisdiction shall,
to
the extent required by such law, be severed from this Agreement and rendered
ineffective so far as is possible without modifying the remaining provisions
of
this Agreement. Where, however, the provisions of any such applicable law may
be
waived, they are hereby waived by the parties to the full extent permitted
by
such law to the end that this Agreement shall be a valid and binding agreement
enforceable in accordance with its terms.
11
19. LAW
AND JURISDICTION
This
Agreement shall be governed by and construed in all respects in accordance
with
the laws of Hong Kong and the parties hereby submit to the non-exclusive
jurisdiction of the courts of Hong Kong.
12
IN
WITNESS whereof this Agreement has been duly executed the day and year first
above written.
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SIGNED
BY XXX MAN XXX XXXXXXX
for
and on behalf of
ITALIAN
MOTORS (SALES & SERVICE)
LIMITED
in the presence of :
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)
)
)
)
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SIGNED
BY XXX MAN FAI RICHARD
for
and on behalf of
AUTO
ITALIA LIMITED
in
the presence of :
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)
)
)
)
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SIGNED
BY SEALED AND DELIVERED
By
XXXXXXXX XXXXXXX
in
the presence of :
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)
)
)
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13
THE
SCHEDULE I ABOVE REFERRED TO
REMUNERATION
Subject
to Clause 9 (B) the Director shall receive from the commencement of the
Appointment:-
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(i)
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a
salary at the rate of $ per annum, such salary to accrue on a day
to day
basis (including any sum receivable by the Director as Director’s fees
from any company in the Group) and to be payable by twelve (12) equal
monthly payments in arrears on the last day of each calendar
month.
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(ii)
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an
housing allowance, in the form of reimbursement of actual rental
paid by
the Director in respect of his accommodation, will be payable to
him by
twelve (12) monthly payments in arrears on the last day of each calendar
month up to a maximum amount. of HK per annum upon provision of copies
of
rental receipts and lease
agreement.
|
These
amounts may vary from time to time, in accordance with mutual agreement between
the Companies and the Director. Any variations will be covered by a separate
letter of authority, which shall form part of this Service
Agreement.
|
(iii)
|
the
Director may be entitled to profit sharing and bonus scheme at the
absolute discretion of the Board, the terms of which shall be agreed
and
confirmed in writing at the beginning of each financial year and
may be
different from year to year.
|
|
(iv)
|
Payment
of all bonuses, and all variations in the salary or housing allowance
amounts shall be at the absolute discretion of the Board having regard,
inter-alia, to the cash flow position and the consolidated net profit
of
the Companies and the performance of the
Director.
|
|
(v)
|
The
Director shall in addition be entitled to the following benefits
from the
companies:-
|
|
(a)
|
an
air fare allowance (being a return airfare for the Director and his
wife,
based upon full unrestricted economy class tickets from Hong Kong
to
London and return, each year); and
|
|
(b)
|
use
of a company car
|
the
amounts of benefits and the type of company car shall be at the discretion
of
the Board.
The
Director shall take good care of the company car and ensure that the provisions
and conditions of any insurance policy relating to it are observed and shall
return the car and its keys to the Companies at its registered office
immediately upon the termination of the Director however
arising.
14
Date
:
November 1, 2005
Name
: Xx.
Xxxxxxx Xxxxxxxx
Title
:
Director/Managing
Director
Address
:
The
Portofino, 96 Pak To Avenue, Clearwater Bay, Sai Kung, Hong Kong
Dear
Xx.
Xxxxxxxx
This
letter serves to confirm that the Companies and you, as the Director/Managing
Director, have mutually agreed to make variation as to salary and housing
allowance stipulated in (i) and (ii) of the Schedule I of the Service Agreement
dated P of July, 2002 (the “Service Agreement”).
Effective
1st
November
2005, the salary and housing allowance stipulated in (i) and (ii) of the
Schedule I of the Service Agreement shall be read as follows:
“Subject
to Clause 9(B) the Director shall receive from the commencement of the
Appointment:
|
(i)
|
a
salary at the rate of ___________ per annum, such salary to accrue
on a
day to day basis (including any sum receivable by the Director as
Director’s fees from any company in the Group) and to be payable by twelve
(12) equal monthly payments in arrears on the last day of each calendar
month.
|
|
(ii)
|
an
housing allowance, in the form of reimbursement of actual rental
paid by
the Director in respect of his accommodation, will be payable to
him by
twelve (12) monthly payments in arrears on the last day of each calendar
month up to a maximum amount of HK ______________ per annum upon
provision of copies of rental receipts and lease
agreement.
|
These
amounts may vary from time to time, in accordance with mutual agreement between
the Companies and the Director. Any variations will be covered by a separate
letter of authority, which shall form part of this Service
Agreement.”
Pursuant
to the Schedule I of the Service Agreement, this letter shall from part of
the
Service Agreement. Except as otherwise provided hereinabove, the terms and
conditions of the Service Agreement shall remain in full force and effect and
any terminology used herein shall have the same meaning in the Service
Agreement.
For
and
on behalf of
Auto
Italia Limited
Name
:
Xxxxxxx Xxx
15
Agreed
and Accepted:
Name: Xxxxxxx
Xxxxxxxx
HKID
NO.: XX000000(X)
16
