Amendment to Employment Agreement between Omega (UK) Limited and John Storey (May 24, 2002)

Summary

Omega (UK) Limited and John Storey have agreed to amend John's employment terms. Effective March 1, 2002, his annual salary and company pension contributions will each increase by 15%. These new amounts will be used for any calculations related to a change of control in the company. Additionally, John will receive a £30,000 bonus if Omega Worldwide is sold, payable within five days of the sale, but this bonus will not affect change of control calculations. All other contract terms remain unchanged.

EX-10.3 7 k71136exv10w3.txt AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.3 24 May 2002 John Storey 93 Dacre Park Blackheath London SE13 5BX Dear John REMUNERATION ADJUSTMENTS Further to our conversation, I am pleased to confirm the following changes to your remuneration package with Omega (UK) Limited. With effect from 1 March 2002 your annual salary will increase by 15%. The pension contribution made by the company to your pension scheme will likewise be increased by 15%. The new salary and pension contributions will be used in connection with any calculation resulting from a trigger of the change of control clause in your contract. In addition, you will be awarded an amount of pound 30,000 on the successful conclusion of any transaction which results in the sale of Omega Worldwide. This amount will be excluded from any calculation in regard to the change of control provisions contained in your contract and will be payable within five days of closing such a transaction. All other terms and conditions remain unchanged. I would be grateful if you could confirm your agreement to these amendments by signing, dating and returning the enclosed copy of this letter to me in due course. Yours sincerely /s/ Ronald S. Elder - ----------------------- Ronald S Elder Chief Executive Signed: /s/ John Storey Date: 24th May 2002 ------------------ ----------------