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EXHIBIT 10.8
FORM OF EMPLOYMENT AGREEMENT
[Name]
[Date]
Dear __________
Following our recent discussions, we have pleasure in offering you employment
with The Associated Octel Company Limited. You will initially be employed as
[Title] located at our Ellesmere Port Works, at a basic salary of (pound)_______
per annum.
As a Director on the Company's Executive Committee you will automatically
qualify for the GLCC Corporate Bonus, currently with a target bonus of 35% and a
maximum of 50%. You will be eligible for the GLCC Corporate Share Option scheme.
This offer of employment is subject to the completion of a medical examination
and the receipt of two references, the results of which are satisfactory to us.
This offer assumes your acceptance of the Company's terms and conditions of
employment, which, unless otherwise expressed in this letter, are as set out in
Part 1 of the enclosed copy of the Staff Handbook.
HOLIDAY ENTITLEMENT
You will be entitled to 30 days annual holiday in a full holiday year which runs
from 1 March to 28 or 29 February. Your entitlement in the first year will
depend on your start date.
BUPA MEMBERSHIP
You will be offered membership of the Company's BUPA Bulk Scheme for yourself
and your wife on a non-contributory basis. The current taxable benefit arising
from the Company's contribution is (pound)674 per annum. Membership can be
extended to cover any unmarried children under 21 years of age, on a
contributory basis, at the current monthly rate of (pound)14.04. The Scheme is
renewable at 1 July 1997.
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HOLIDAY GIFT AND OVERSEAS TRAVEL ALLOWANCE
With reference to Sections 7 and 23 of the Staff Handbook respectively, please
note that as a member of the Executive Committee you are not entitled to Holiday
Gift or the Overseas Travel Allowances.
PENSION PLAN
The Company maintains a Pension Plan for the benefit of employees and you will
be eligible to join. Further details of the Plan are contained in the enclosed
copy of the Pension Plan Booklet.
COMPANY CAR
You will be provided with a fully funded Company car, typically a BMW 523 or
equivalent. You may take a cash equivalent in lieu of a car. Further details
will be furnished to you on joining the Company.
TERMINATION OF CONTRACT
Should you wish to terminate your employment you must give the Company six
months notice. You will be entitled to receive twelve months notice from the
Company to terminate your services. The Company notice period will not apply if
your service is terminated as a result of gross misconduct.
CHANGE OF CONTROL PROTECTION
In the event of the takeover or fundamental restructuring of the Company which
results in the loss of your current position, you will be entitled to receive
compensation comprising two years' salary plus 25% for loss of bonus and
(pound)30,000 for loss of benefits.
The above offer is also subject to your acceptance of certain employment
policies of Great Lakes Chemical Corporation, copies of which are enclosed,
viz:-
- Great Lakes Chemical Corporation Anti-trust Policy.
Please read the statement enclosed and by signing this letter you
signify your acceptance of this policy.
- Great Lakes Chemical Corporation Code of Ethical Conduct.
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- Great Lakes Chemical Corporation Confidentiality Agreement. Please note
that Articles 7 and 8 of this Agreement are replaced by the following
new Article 7:-
"this agreement shall be governed and construed in all respects in
accordance with English Law and the parties hereby submit to the
non-exclusive jurisdiction of the English courts".
Should you wish to accept our offer would you please sign your acceptance on the
duplicate of this letter and EITHER the enclosed Pension Plan Membership
Application Form OR Waiver Form, and one copy of each of the Great Lakes
Chemical Corporation Code of Ethical Conduct and Confidentiality Agreement and
return them to me.
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I apologise for the formality of this letter, but I am sure you understand the
necessity. I would be grateful if you could send me the names of two references
we can contact and also your earliest start date. If you have any queries,
please give me a call.
Yours sincerely,
XXXX XXXXXXX
DIRECTOR OF HUMAN RESOURCES
Signed: _________________________________________________ Dated: _____________
Enc.
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