Contract Variation Letter Regarding Sign-On Bonus for Alexander Gersh

Contract Categories: Business Finance › Modification Agreements
Summary

This letter from the Senior Vice-President of Human Resources to Alexander Gersh corrects an error in the calculation of his sign-on bonus as stated in his employment contract dated June 10, 2003. The correct bonus amount is specified as £134,723, calculated using the company's exchange rate. The company commits to paying the remaining amount owed in the next payroll cycle. The letter serves as an official amendment to the original employment agreement.

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EX-10.3 5 a2116502zex-10_3.txt EXHIBIT 10.3 EXHIBIT 10.3 Alexander Gersh 48 Arden Road London N3 3AE 31 July 2003 Dear Alex, CONTRACT VARIATION I write to confirm there was an error in the gross up calculation on the Sign on Bonus in your Contract of Employment dated 10th June 2003. The correct amount should have been 134,723.00 GBP using the company defined exchange rate of 1.6355 We will pay the residual amount with the next available payroll. Please accept my apologies for any inconvenience this may have caused. Yours sincerely, /s/ Jayne Gymer - ------------------------------------- Jayne Gymer Senior Vice-President, Human Resources