Exhibit 4.12
Paul Reynolds
Chief Executive BT Wholesale
pp 7.15
Faraday Building
1Knightrider Street
London
EC4V 5BT
10 April 2006
Dear Paul,
Amendment to Director’s Service Contract
As has been previously discussed, it has been agreed to make some changes to the pensions provisions in your Director’s Service Contract dated 26 November2001.
Paragraphs 6.3 and 6.4 will be added as follows:
“6.3 The Director may elect, while remaining in the BT Pension Scheme (“BTPS”), to opt out of future pensionable service accrual under the BTPS from and including 1 April 2006 and receive in lieu a cash allowance equivalent to 30% of the Salary.
6.4 If the Director elects to opt out of future pensionable service accrual in accordance with Paragraph 6.3, the benefits under the BTPS will be based on the Director’s Pensionable Service (as defined in the BTPS) as at 31 March 2006 and Final Pensionable Pay (as defined in the BTPS) at the earlier of the date of leaving the employment of BT, death and retirement, except that the lump sum payable on his death in service will be four times the Salary at the date of death.”
Larry Stone Company Secretary BT Group BT Centre 81 Newgate Street London EC1A 7AJ United Kingdom | tel fax mob | +44 (0)20 7356 5237 +44 (0)20 7356 6135 +44 (0)7740 136290 larry.stone@bt.com | BT Group plc Registered Office: 81 Newgate Street, London EC1A 7AJ Registered in England and Wales no. 4190816 www.bt.com |
To acknowledge your acceptance of this variation of your Service Contract, will you please return the enclosed duplicate of this letter with the form of acceptance duly signed.
Yours sincerely
/s/ Larry Stone
L W STONE
Accepted and Agreed
/s/ Paul Reynolds | Dated | 15.5.06 | |
Paul Reynolds | |||
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