DATED 2 MAY 1996
SHEFFIELD FORGEMASTERS LIMITED
(formerly known as Lavishtrack Limited)
- and -
X XXXXXXXX
- and -
SHEFFIELD FORGEMASTERS GROUP PLC
(formerly known as Impactmargin plc)
---------------------------------------
NOVATION AGREEMENT
RE
SERVICE CONTRACT
---------------------------------------
-----------
DIBB XXXXXX
BROOMHEAD
-SOLICITORS-
THIS AGREEMENT is made the 2 day of May 1996 BETWEEN:
(1) SHEFFIELD FORGEMASTERS LIMITED (formerly known as Lavishtrack Limited)
(Company No 2245637) whose registered office is at PO Box 108, The Old
Rectory, School Hill, Whiston, Rotherham S60 IQR ("SFL");
(2) XXXXX XXXXXXXX of Dearne Mill House, 00X Xxxxxxxxx Xxxx, Xxxxx Xxxx,
Xxxxxxxxxxxx XX0 0XX (the "Executive"); and
(3) SHEFFIELD FORGEMASTERS GROUP PLC (Company No 3120721) (formerly known as
Impactmargin plc) whose registered office is at PO Box 108, The Old
Rectory, School Hill, Whiston, Rotherham S60 1AR ("SFL Group").
WHEREAS:
(A) This Novation Agreement is supplemental to a service agreement (the
"Service Agreement") dated 31 October 1988 between SFL and the Executive.
(B) SFL Group made an Offer (the "Offer") for the ordinary share capital of
SFL on the terms of an Offer Document dated 18 March 1996. As a result
of such offer, SFL Group has become the holding company of SFL, and it
has been agreed that the Service Agreement be novated so that SFL Group
becomes the employer in place of SFL.
IT IS NOW AGREED as follows:
1. SFL GROUP'S UNDERTAKING
SFL Group undertakes to perform the Service Agreement and to be bound by
the terms of the Service Agreement in every way as if SFL Group were a
party to the Service Agreement in lieu of SFL.
2. RELEASE OF SFL
The Executive releases and discharges SFL from all claims and demands
whatsoever in respect of the Service Agreement and accepts the liability
of SFL Group under the Service Agreement in lieu of the liability of SFL
and agrees to be bound by the
2
terms of the Service Agreement in every way as if SFL Group were named
in the Service Agreement as a party in place of SFL.
IN WITNESS whereof this Agreement has been entered into the day and year
first above written.
SIGNED by M.A. BRAND )
for and on behalf of SHEFFIELD )
FORGEMASTERS LIMITED in the ) /s/ M.A. Brand
presence of: )
Witness: /s/ A. Deruci
----------------------------
Address: Fountain Precinct
Xxx Xxxxx Xxxxxxxxx SIIRE
Solicitor
SIGNED by the EXECUTIVE in the ) /s/ Xxxxx Xxxxxxxx
presence of: ) ----------------------------
Witness: /s/ A. Deruci
----------------------------
Address: as above
SIGNED by )
for and on behalf of SHEFFIELD )
FORGEMASTERS GROUP PLC in the ) /s/ M.A. Brand
presence of: )
Witness: /s/ A. Deruci
----------------------------
Address: as above
3