SHEFFIELD FORGEMASTERS GROUP PLC
REGISTERED IN ENGLAND & WALES
NO 3120721
PO BOX 108
THE OLD RECTORY
SCHOOL HILL
WHISTON
ROTHERHAM
S60 1QR
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Dearne Mill House
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2 May 1996
Dear ▇▇▇▇▇
YOUR SERVICE CONTRACT DATED 31 OCTOBER 1988 (THE "SERVICE CONTRACT")
I refer to your Service Contract that has been novated to us and set out
below the arrangements that we have agreed in relation to outside interests.
Notwithstanding clauses 3(A) and (B) of the Service Contract, the Company
consents to:
1. you being engaged, concerned or interested in other business activities
whether by way of investment or otherwise (including directorships); and
2. your holding shares in quoted or unquoted companies in excess of 5% of
the issued share capital of such company or any class of its shares
provided that:
(a) (in relation to unquoted securities only and in the case of holdings
of quoted companies in excess of as 5% defined above) such companies
are not operating in competition with the Company or any of its
subsidiaries;
(b) (in relation to unquoted securities only and in the case of holdings
of quoted companies in excess of as 5% defined above) such companies
are not material suppliers to the group;
(c) you do not have day-to-day executive responsibility for its
business; and
(d) any directorship is in a non-executive capacity.
Please countersign the copy of this letter enclosed by way of agreement to
the above.
By countersigning this letter the Investor Directors approve the above for
the purposes of clause 3.1.17 of the Shareholders' Agreement dated 15 March
1996.
Yours sincerely
/s/ P.M. ▇▇▇▇▇▇
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Director
We consent to the above:
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Investor Director Investor Director
I agree to the above:
/s/ ▇ ▇▇▇▇▇▇▇▇ Date 1996
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