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Exhibit 10.29
PRIVATE & CONFIDENTIAL
PRINCIPAL STATEMENT OF TERMS & CONDITIONS
THIS DOCUMENT IS YOUR PRINCIPAL STATEMENT OF TERMS & CONDITIONS WITH BOOKHAM
TECHNOLOGY PLC (THE COMPANY) AND SUPERSEDES ANY PREVIOUS EMPLOYMENT CONTRACT
WITH THE COMPANY.
Name of Employee Stephen Abely
Job Title Chief Financial Officer
Contract Type Permanent
Date of Issue Wednesday, 5 September 2001
START DATE
Your contract with the Company will commence on a date to be confirmed.
THIS OFFER OF EMPLOYMENT IS SUBJECT TO
- - Proof of your right to work in the United Kingdom or the issue of any
necessary work permit or visa.
HOURS OF WORK
Your basic working week will be 40 hours, spread over five days, Monday to
Friday, 9:00 am to 5:30 pm with half hour for lunch which will be unpaid.
Managers have discretion to agree variations to this.
JOB RESPONSIBILITIES
Your duties and responsibilities will be as outlined by your manager, and
further explained to you when you commence employment with the Company, along
with work objectives.
PAYMENT OF SALARY
Your starting salary will be L 140,000 per annum. Your salary will be paid
monthly in arrears into your nominated bank account on or around the 24th of
each month.
The Company reserves the right to deduct from your salary or expenses any monies
owed by you to the Company. Whenever possible we would aim to discuss any such
deductions with you in advance. The Company also reserves the right to deduct a
day's pay for each day of unauthorized absence, including leaving our employment
without notice.
REPORTING
In this position you will report to Giorgio Anania (CEO).
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LOCATION
Initially, your operating base will be 90 Milton Park, Abingdon, Oxfordshire, UK
although you may be requested to work at various locations as required by the
Company. The Company may require you to permanently change your place of work,
as is deemed necessary for the business. The Company will endeavor to give you
as much notice as possible of any necessary move. If the new location requires
you to relocate, then you may be eligible to receive financial assistance under
the Company Relocation Policy.
You will be required to work outside the United Kingdom for a period in excess
of 30 consecutive days.
RELOCATION ALLOWANCE
You are eligible for relocation to a maximum amount of $50,000 in accordance
with the Company Relocation Policy. Reimbursement of relocation expenses is
conditional upon you remaining in the Company's service for at least 24 months
after the start of the relocation process. If you leave the Company within 24
months of the process starting, the Company will reclaim monies paid and will be
entitled to offset any payments due to you on termination against the whole or
part of the debt. If, however, Bookham Technology terminates your employment
then you will be entitled to a further $50,000 to cover relocation costs back to
the USA.
To further aid you in your relocation to the UK Bookham Technology agree to
cover rented accommodation costs totaling L 2,000 per calendar month for the
first twelve months of your employment in the United Kingdom. At the end of this
period Bookham Technology agree to cover rented accommodation costs totaling L
1,000 per calendar month for a further twelve months, after which any
compensation against rented accommodation will cease. As a benefit in kind this
will be taxed under the UK Inland Revenue rules.
BONUS SCHEME
As a member of the senior management team, you will participate in the Company's
non-contractual bonus scheme. Your individual bonus is targeted to pay up to 50%
of basic salary pro-related for your service during a scheme year.
CAR ALLOWANCE
The Company will also offer you a car allowance of L 12,000 p.a. plus
reimbursement against receipts for fuel, subject to your holding a full current
driving licence.
MEDICAL INSURANCE SCHEME
The Company has an arrangement with a private insurance company to provide you
with free medical cover. You will be eligible and may elect to join the scheme,
which covers you, your spouse or partner and dependent children up to the age of
21 (or 25 if in full time education), from your date of entry into the Company.
You will be personally liable for any income tax in respect of the provision of
this benefit.
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LIFE ASSURANCE PROVISIONS
You will be eligible to participate in the Group Life Assurance Scheme, which is
non-contributory. The scheme provides for a death in-service benefit of four
times your salary to be paid tax free to your nominated beneficiary/ies. The
cover expires when you reach the normal retirement age of 60, you retire early
or you leave the Company's employment. There are no tax implications for this
benefit.
PERMANENT HEALTH ASSURANCE
Whilst employed by the Company you will be automatically covered in those
circumstances where, due to illness or injury, you become permanently
incapacitated. If your incapacity qualifies under the scheme arrangements you
will receive 75% of your salary until the normal retirement age of 60. The
scheme is non-contributory with no tax implications for this benefit.
RETIREMENT AGE
The normal retirement age of Company employees is 60.
BOOKHAM TECHNOLOGY GROUP PENSION SCHEME
You are eligible to join this Company sponsored money-purchase scheme, provided
by Scottish Equitable, immediately on commencing employment. You may opt to
contribute between 2% and 15% of your base salary and the Company will match
your contributions and then add a further 3% up to a total company contribution
ceiling of 9%. Employee contributions receive income tax relief at source.
Medical insurance, permanent health insurance and life assurance benefits are
provided whether or not you join the pension scheme.
SHARE OPTIONS
You will be granted 500,000 Company stock options. The grant will be made by the
Board at its next meeting following your commencement of employment and the
exercise price of the options will be the market price for the Company's stock
at that time. These options will vest over 42 months (with one-third vesting
after 18 months, one-third after a further 12 months and the remainder after a
further 12 months).
HOLIDAYS
The holiday year runs from 1st January to 31st December based on calendar
months. Your paid holiday entitlement is 23 days per annum, pro-rata to the
period of the contract, to be taken in agreement with your manager. The Company
reserves the right to require you to use three days holiday for the Christmas
shutdown period.
On leaving the Company, payment will be made in lieu of any unused holiday
entitlement, calculated on a pro-rata basis and based on basic salary, plus
shift allowance. If on termination of your employment with the Company you have
exceeded your accrued holiday entitlement, the
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Company reserves the right to deduct the excess from any sums due to you,
including payment of salary.
BANK HOLIDAY
In addition, you are entitled to the statutory English bank holidays which fall
during normal working time during the contract period. Given the nature of the
work, it may, on occasions, be necessary for you to work on public holidays.
HEALTH & SAFETY
The Company strives to operate and maintain a safe working environment and safe
systems at work. You are legally required to adhere to the Company and general
workplace Health and Safety policies and procedures, and to take reasonable care
for the safety of yourself and others. Any breach of such policies could leave
you liable to criminal, civil or disciplinary action. Health and safety
responsibilities will be outlined to you during your induction.
SICKNESS ABSENCE
In order to protect your earnings during unavoidable absence due to illness or
injury, you are eligible to receive Company sick pay comprising one month at
full salary and one month at half salary in any 12-month period provided you
comply with notification requirements. These periods may be extended at
Management discretion. You should notify your manager by your usual starting
time if you are too ill to come to work.
For absences of less than seven days (including Saturday and Sunday) you are
required to complete a self-certification form, which can be obtained from the
HR Department. For absences of more than seven days (including Saturday and
Sunday), you are required to provide a doctor's certificate.
EXPENSES
The Company will refund to you out of pocket expenses, which will include
reasonable traveling, entertainment and other expenses properly incurred by you
in and about the course of your work. Claims for reimbursement must make clear
the nature of the expense incurred and be supported by evidence of expenditure.
RESTRICTIONS ON WORK OUTSIDE BOOKHAM TECHNOLOGY PLC
During the period of your employment with the Company you are expected to afford
priority to your job. As a result, you may not be employed by, or carry out, any
work for any other body which conflicts with or hinders your ability to carry
out your work satisfactorily, without the written permission of the appropriate
manager within your work location.
USE OF EMAIL, INTERNET AND INTRANET
You must adhere to Company Policy regarding the use of Email, Internet and
Intranet as published from time to time.
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CHANGE OF PERSONAL CIRCUMSTANCES
It is very important that you inform the HR Department of any changes to your
personal circumstances, i.e., change of address, telephone number, next of kin,
etc.
AMENDMENTS TO CONTRACT
Any relevant changes to pay or conditions of service will be incorporated into
your contract and you will be notified in writing of any such amendment.
COLLECTIVE AGREEMENTS
There are no collective agreements affecting your employment with the Company.
NOTICE PERIODS
You an required to give and entitled to receive three month's notice of
termination, or the statutory minimum, whichever is the greater. Notice must be
given in writing to/by your manager.
Your contract may be terminated by the Company without notice in case of gross
misconduct or breach of contract in accordance with the Company's Disciplinary
Procedure.
PAY PROGRESSION
Your salary will be reviewed on an individual basis. Pay progression is linked
to performance reviews.
TAX OFFICE
The Tax office which deals with this company is: Cardiff 3 - Ref No: 075/B870
OVERPAYMENTS AND UNDERPAYMENTS
The Company endeavors to ensure wages are paid into your account correctly. If
you receive an underpayment or overpayment, you have an obligation to
immediately notify the Payroll Department. In the event of an Overpayment,
monies will be deducted from your next salary payment, your final salary payment
or by installments as agreed with Payroll and the HR Department.
POLICIES AND PROCEDURES
The Company has a range of policies and procedures with which you are expected
to familiarize yourself and adhere to. These cover a variety of topics, e.g.
quality standards, computer use and general conduct. The Company will
communicate new standards to you either through the line, at "Quality Points" or
by email/letter. Any breach of the Company's policies and procedures may result
in disciplinary action being taken in accordance with the Disciplinary Policy.
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CONFIDENTIALITY
For the period of your employment with the Company (except in the proper course
of your duties) you are required at all times to keep confidential and not
disclose to any third party, any matters whatsoever which come to your knowledge
concerning any business affairs or trade secrets of the Company, its suppliers
or customers.
This undertaking remains effective after your employment with the Company has
terminated. You are also required to return to the Company prior to your
departure any copies of records or notes containing confidential information
held by you either in writing or recorded electronically.
GRIEVANCE AND DISCIPLINE
If you breach The Company's policies and procedures or fail to attain an
acceptable standard of conduct, you will be subject to the Company's
non-contractual and discretionary Disciplinary Policy and Procedures.
The Company also has a Grievance Procedure that should be followed if you have a
grievance.
INTELLECTUAL PROPERTY
Any inventions, creative writings or designs or copyright material created by
you as part of your normal employment with the Company will be considered to
have been made by and on behalf of the Company exclusively and shall belong to
the Company exclusively, and you agree to assign all rights in them to the
Company.
The Company will be exclusively entitled to apply for patents of other design
protection and/or trade marks, and you agree to sign all paper which the Company
may consider necessary in connection with such invention, design or copyright
material.
DECLARATION OF INTEREST
You are required to declare any personal or family interest in matters of
official business e.g. any contract for goods or services, any employment or
promotion by the Company, any interest in other companies or organizations which
might affect, or might reasonably be interpreted as affecting impartial
judgement.
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We hope that you are able to accept this offer of appointment on the terms and
conditions detailed above. Please confirm your acceptance of this offer by
signing and dating the attached copy of this statement of terms and conditions
and returning it to me within one week of receipt.
Signed /s/ Andy Hill Dated WEDNESDAY, 5 SEPTEMBER 2001
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ANDY HILL, DIRECTOR OF RECRUITMENT
On behalf of Bookham Technology plc.
ACCEPTANCE
1. I accept the appointment referred to in the terms and conditions set out
in this Principal Statement of Terms and Conditions of employment.
2. In accordance with the 1998 Data Protection Act it is agreed that Bookham
Technology may hold and use personal information about me for personnel
reasons and to enable Bookham Technology plc to keep in touch with me.
This information can be sorted in both manual or computer form, including
the data in Section 2 of the Data Protection Act 1998.
Signed: /s/ Stephen Abely Date: 9/13/01
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STEPHEN ABELY
I confirm that I
/ / will be available to start work on Tuesday 10/09/2001
or
/ / will advise you as soon as possible on my earliest preferred date e.g.
once this has been agreed by my current employer. (You need not delay
acceptance of this offer if this is likely to take some time).
Or
/ / will be available to start once I possess valid Work Permit or other
documentation.
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