EXHIBIT 10.21
[LETTERHEAD OF MAUNSELL CONSULTANTS ASIA LTD.]
2nd December 1996
Personal & Confidential
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Dear Francis,
Appointment of Chairman & Chief Executive Officer
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I am pleased to confirm your appointment as Chairman & Chief Executive
Officer of the firm effective from 1st January 1997. Your terms and conditions
of employment will be as set out below:
1. Commencement Your appointment as Chairman & CEO will commence on 1st
January 1997.
2. Salary Your salary effective from 1st January 1997 will be
HK$146,000 per calendar month. This will be reviewed from
time to time.
3. Bonus A bonus of approximately one average month's salary of
the preceding calendar year will normally be paid at
Chinese New Year to all staff who have worked for the
full calendar year and whose services have been
satisfactory. Staff employed for less than the full
calendar year will normally receive a pro-rata bonus.
4. Working Hours Normal office hours are from 9:00 a.m. to 5:30 p.m.
Monday to Friday with a 1 hour break for lunch.
5. Overtime Overtime working may be necessary from time to time as
required for the work in hand, but payment for overtime
is not made to Directors.
6. Leave Leave will accrue at the rate of 25 working days each
year.
7. Medical You and your wife will be covered by our medical scheme
(Plan 1), details of which is attached. You should note
that this scheme provides limited cover and excludes
dental treatment, optical treatment and all maternity
cover.
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8. Provident Fund You will remain in our Provident Fund Scheme which
is organised through American International
Assurance Co. Ltd. We will pay the Employer's
contribution.
9. Housing Allowance We will pay you a housing allowance of HK$46,000
per month. This will be reviewed from time to time.
10. Travel Allowance You and your wife will each receive an overseas
travel allowance of HK$40,000/annum. You will also
receive a local travel allowance of HK$9,600/annum.
11. Insurance You will be insured in accordance with the
Employees' Compensation Ordinance and under our
Group Life Insurance Policy(ies).
12. Professional Society We will reimburse you your annual subscription for
Membership membership at any grade of The Hong Kong
Institution of Engineers and one other relevant and
appropriate professional learned society or
institution.
13. Club Membership We will pay the monthly subscription of a club in
Hong Kong of which you are a member.
14. Determination We may at any time determine your engagement by
of Engagement giving you 6 months notice in writing or by paying
you 6 month salary in lieu of notice and, except as
otherwise expressly provided, you will have no
further claim on us.
You may terminate your service during the course of
your engagement by giving a minimum of 6 months
notice in writing or by paying to us 6 month salary
in lieu of notice.
If we terminate your engagement for reason of
misconduct, you will forfeit all accrued but
untaken leave.
I shall be pleased to have your confirmation in writing that you accept
these revised terms and conditions. To do this, please sign and date the
attached copy and return it to us as soon as possible.
Yours sincerely,
for MAUNSELL CONSULTANTS ASIA LTD
/s/ J.W. Downer
(J.W. Downer)
Chairman
Encl.
cc: Personnel
Accounts
I accept the appointment on the terms and conditions set our above.
Signed: /s/ Francis S.Y. Bong
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A.K.I.D. Card No. A 203777(A)
Date: 4-12-96
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