Amendment to Service Agreement Increasing Alistair Macdonald’s Base Salary with INC Research Holding Limited
INC Research Holding Limited and Alistair Macdonald have agreed to amend their existing service agreement, effective August 1, 2016. Macdonald’s annual base salary will be increased to $750,000, subject to applicable tax and legal deductions. The salary will be paid monthly in arrears, typically on the 25th of each month, and converted to Pounds Sterling at a specified exchange rate. This letter serves as formal confirmation of the salary adjustment.
Exhibit 10.3
Strictly Private & Confidential
Alistair Macdonald
July 27, 2016
Dear Alistair
Increase to annual base salary
The purpose of this letter is to confirm that, effective August 1, 2016, the service agreement between INC Research Holding Limited (the “Company”) and you dated July 31, 2014 will be amended to reflect an increase in your base salary to US$750,000 per annum subject to deductions for income tax and National Insurance contributions and any other deductions required by law. Your salary will be paid by the Company by equal monthly instalments in arrears, normally on the 25th day of the month by credit transfer to a bank account nominated by you. If the 25th falls on a weekend or a bank holiday, you will be paid on the last working day before the 25th.
Your base salary will be converted by the Company into, and payable by the Company in, Pounds Sterling in accordance with the spot rate of exchange published by the Bank of England on its website as at the close of business on July 29, 2016.
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Yours sincerely
| /s/ Christopher L. Gaenzle |
Christopher L. Gaenzle
Director
for and on behalf of
INC Research Holding Limited
Acknowledged and agreed as of July 27, 2016
| /s/ Alistair Macdonald |
Alistair Macdonald
