exhibit 10. 3 exhibit 10. 3 madrid, january 26th, 2021 the parties i. on the one part, zardoya otis, s. a., a company with registered office at calle golfo de salonica 73, 28033 madrid, and tax identification number ( nif ) a - 28011153. it is registered with the commercial registry of madrid, at tomo 251, folio 70, hoja 6896. this party is represented by ms. lorea garcia jauregui, holding spanish identity card number * * * *, who is authorised to enter into this contract. this party shall be hereinafter referred to as the “ company ”. on the one part, ii. on the other part, mr. bernardo calleja fernandez, of legal age, of spanish nationality, with professional address at calle golfo de salonica 73, 28033 madrid and with spanish id card number * * * *. this party shall be hereinafter referred to as “ mr. calleja ”. on the other part, the company and mr. calleja will be jointly referred to as the “ parties ” and each of them individually and indistinctly as a “ party ”. whereas i. mr. calleja initiated an employment relationship with the company on 6 september 1989 ( the “ employment relationship ” ) ; mr. calleja initiated an employment relationship with the company on 6 september 1989 ( the “ ii. on 28 february 2012, mr. calleja was appointed as a member to the board of directors of the company ( the " board of directors " ) and, subsequently, as managing director ( consejero delegado ). on 28 february iii. on 3 june 2015 the parties confirmed their agreement to suspend the employment relationship effective from 28 february 2012 for the tenure of mr. calleja as managing director ( consejero delegado ) of the company, and entered into a contract to reflect these functions. on 3 june 2015 the parties confirmed their agreement to suspend the employment relationship effective from 28 february 2012 for the tenure of mr. calleja as managing director ( iv. on march 20th, 2019, mr. calleja was appointed as chairman of the board of directors. on march 20 v. effective as from 3 november 2020, mr calleja was appointed as president otis emea and member of the executive leadership group which employment relationship