|1.4 || |
Clause 7.5 (Bonus) will be amended to read as follows:
The Company operates a cash bonus scheme under which you may be entitled to a cash bonus payment as determined by the Company from time to time. The target annual cash bonus compensation shall initially be 60% of your basic salary and shall be based on your individual performance and/or the performance of the Company and its corporate group as a whole. The actual amount of any bonus payment, which may be more or less than your target bonus amount, shall be determined in the Companys sole and absolute discretion and shall be subject to the rules of the bonus scheme in force from time to time. The Company shall also be entitled to determine the percentage split between your individual performance and the performance of the Company and its corporate group, used to calculate any Bonus entitlement at any time and in its sole discretion, including without limitation determining your bonus payment based exclusively on the performance of the Company and its corporate group.
|1.5 || |
Clause 8.1 (Hours of work) will be amended to read as follows:
You are employed to work on a full time basis over five days per week. You shall devote your full working time and efforts to the business and affairs of the Company and its corporate group, unless prevented by incapacity. Notwithstanding the foregoing, you may engage in religious, charitable or other community activities, and maintain your relationship with University College London, in each case as long as such services and activities are disclosed to the Board and do not interfere with the performance of your duties to the Company as provided in this Agreement.
|1.6 || |
Clause 8.2 (Hours of work) will be amended to read as follows:
Your normal hours of work are 9:00am to 5:30pm on Monday to Friday. The parties each agree that the nature of your position is such that your working time cannot be measured and accordingly, that the Appointment falls within the scope of Regulation 20 of the Working Time Regulations 1998.
|1.7 || |
Clause 12.1 (Grievance) will be amended to read as follows:
If you have a complaint or grievance concerning your employment, you should use the Grievance Procedure and raise it with the Board in the first instance. If the matter is not satisfactorily resolved, you may raise it with the Chairman of the Board, whose decision will be final. Full details of the Grievance Procedure, which is not contractual, can be found in the Employee Handbook.
|1.8 || |
Clause 21.1 (Non-competition) will be amended to read as follows:
In order to protect the legitimate business interests of the Company you shall not, for a period of 12 months after the Termination Date (reduced by a period equal to the period of time during which you are required not to carry out any work in accordance with clause 11.5.3 (Garden leave)), either on your own account or by or in association with any other person, directly or indirectly engage in, or be concerned with, any trade or business which is in competition with the Restricted Business.
|1.9 || |
Clause 26.1(a) (Termination by the employee for Good Reason outside of a Change of Control) will be amended to read as follows:
an amount equal to 12 months of your basic salary, subject to deductions for income tax and national insurance contributions (the Severance Payment);