# EDGAR Filing Document

**Accession Number:** 0001681348
**File Stem:** 0001493152-26-010106
**Filing Date:** 2026-3
**Character Count:** 336051
**Document Hash:** 3da48a24b1a91475c2384e39d31ad0f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-010106.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001493152-26-010106

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**EFFECTIVENESS DATE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VivoPower International PLC
- **CENTRAL INDEX KEY:** 0001681348
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294305
- **FILM NUMBER:** 26753633

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 4, 7TH FLOOR 50 BROADWAY
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** SW1H 0DB
- **BUSINESS PHONE:** 442036675158

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 4, 7TH FLOOR 50 BROADWAY
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** SW1H 0DB

**As filed with the Securities and Exchange Commission on March 13, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**VIVOPOWER INTERNATIONAL PLC**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **England and Wales** | **Not applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**Suite 4, 7th Floor, 50 Broadway, London, United Kingdom**

**SW1H 0DB**

**Telephone: +44 203 667 5158**

**(Address of principal executive office)**

**VivoPower International PLC Amended and Restated 2017 Omnibus Incentive Plan**

**(Full title of the plan)**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") is filed by VivoPower International PLC (the "Registrant") pursuant to General Instruction E to Form S-8, to register an additional 3,603,598 A Ordinary Shares, nominal value $0.12 per share, of the Registrant ("Ordinary Shares"), issuable pursuant to future awards that may be granted under the Registrant's Amended and Restated 2017 Omnibus Incentive Plan (the "OIP"). At an extraordinary general meeting held on January 30, 2026, the shareholders of the Registrant approved the redesignation of the Registrant's ordinary shares publicly listed on The Nasdaq Capital Market into the Ordinary Shares. The basis for the additional Ordinary Shares is the two actions described herein. The first action is the increase of the OIP share reserve by 626,361 Ordinary Shares on July 1, 2025, pursuant to the OIP evergreen provision that allows for the annual increase in the OIP share reserve by 5.0% of the outstanding number of Ordinary Shares on the immediately preceding June 30. The second action is the increase of the OIP share reserve by an additional 2,977,237 Ordinary Shares pursuant to the January 30, 2026, affirmative vote of the Registrant's shareholders to amend the OIP by increasing the number of Ordinary Shares reserved for issuance under the OIP from 10% to 15% of the outstanding number of Ordinary Shares.

This Registration Statement registers additional securities of the same class as other securities for which the registration statements filed on Form S-8 on July 28, 2024, July 28, 2023, December 8, 2022, December 21, 2020 and October 12, 2018 (File Nos. [333-281085](https://www.sec.gov/Archives/edgar/data/1681348/000149315224029440/forms-8.htm), [333-273520](https://www.sec.gov/Archives/edgar/data/1681348/000143774923021055/vpip20230727_s8.htm), [333-268720](https://www.sec.gov/Archives/edgar/data/1681348/000143774922028765/vpip20221208_s8.htm), [333-227810](https://www.sec.gov/Archives/edgar/data/1681348/000143774918018250/vpip20181005_s8.htm) and [333-251546](https://www.sec.gov/Archives/edgar/data/1681348/000143774920025723/vpip20201217_s8.htm)) are effective (collectively, the "Previous Registration Statements"). The information contained in the Previous Registration Statements is hereby incorporated by reference pursuant to General Instruction E of Form S-8.

In accordance with the instructional Note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission, the information specified by Part I of Form S-8 has been omitted from this Registration Statement on Form S-8 with respect to the A Ordinary Shares.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed**<br> **Herewith** | **Incorporated by**<br> **Reference** <br> **herein from**<br> **Form or** <br> **Schedule** | **Filing Date** | **SEC File/**<br> **Reg.**<br> **Number** |
| 3.1 | [Articles of Association of the Registrant.](ex3-1.htm) | X |  |  |  |
| 4.1 | [Form of Certificate Evidencing Ordinary Shares.](https://www.sec.gov/Archives/edgar/data/1681348/000143774924001299/ex_612696.htm) |  | Form F-3 (Exhibit 4.1) | 12/23/2025 | 333-292437 |
| 5.1 | [Opinion of Shoosmiths LLP.](ex5-1.htm) | X |  |  |  |
| 23.1 | [Consent of Independent Registered Public Accounting Firm.](ex23-1.htm) | X |  |  |  |
| 23.2 | [Consent of Shoosmiths LLP (included in Exhibit 5.1).](ex5-1.htm) | X |  |  |  |
| 24.1 | [Power of Attorney (included on the signature page hereof).](#Sig_001) | X |  |  |  |
| 99.1+ | [Amended and Restated VivoPower International PLC 2017 Omnibus Incentive Plan (including appendix Sub-Plan for Non-Employees).](ex99-1.htm) | X |  |  |  |
| 107 | [Filing Fee Table.](ex107.htm) | X |  |  |  |

---

+ Denotes management contract or compensatory plan or arrangement

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of London, United Kingdom, on March 13, 2026.

---

| | |
|:---|:---|
| **VIVOPOWER INTERNATIONAL PLC** | **VIVOPOWER INTERNATIONAL PLC** |
| By: | */s/ Kevin Chin* |
|  | Kevin Chin<br> Executive Chairman |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Kevin Chin and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Kevin Chin* | Chief Executive Officer, Executive Chairman and Director | March 13, 2026 |
| Kevin Chin | (Principal Executive Officer) |  |
| */s/ Michael Hui* | Director | March 13, 2026 |
| Michael Hui |  |  |
| */s/ Peter Jeavons* | Director | March 13, 2026 |
| Peter Jeavons |  |  |
| */s/ William Langdon* | Director | March 13, 2026 |
| William Langdon |  |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of VivoPower International PLC has signed this registration statement on March 13, 2026.

---

| | |
|:---|:---|
|  | **VIVOPOWER INTERNATIONAL PLC** |
| By: | */s/ William Langdon* |
| Name: | William Langdon |
| Title: | Director |

---

## Exhibit 3.1

**Exhibit 3.1**

**Company number: 09978410**

**VIVOPOWER INTERNATIONAL PLC**

**Incorporated on 1 February 2016**

**ARTICLES OF ASSOCIATION**

**(Adopted with effect from 30 January 2026 by Special Resolution passed on 30 January 2026)**

**INDEX**

---

| | |
|:---|:---|
| PRELIMINARY | 3 |
| SHARE CAPITAL | 5 |
| VARIATION OF RIGHTS | 6 |
| SHARE CERTIFICATES | 6 |
| LIEN | 7 |
| CALLS ON SHARES AND FORFEITURE | 8 |
| TRANSFER OF SHARES | 10 |
| TRANSMISSION OF SHARES | 12 |
| DISCLOSURE OF INTERESTS | 12 |
| UNTRACED MEMBERS | 15 |
| ALTERATION OF CAPITAL | 16 |
| NOTICE OF GENERAL MEETINGS | 17 |
| AMENDMENTS TO RESOLUTIONS | 21 |
| POLLS | 21 |
| VOTES OF MEMBERS | 22 |
| PROXIES AND CORPORATE REPRESENTATIVES | 24 |
| APPOINTMENT AND RETIREMENT OF DIRECTORS | 27 |
| DISQUALIFICATION OF DIRECTORS | 28 |
| ALTERNATE DIRECTORS | 29 |
| POWERS OF DIRECTORS | 29 |
| DIRECTORS' REMUNERATION, GRATUITIES AND BENEFITS | 31 |
| DIRECTORS' APPOINTMENTS AND INTERESTS | 32 |
| DIVIDENDS | 37 |
| CAPITALISATION OF PROFITS | 43 |
| RECORD DATES FOR PAYMENTS AND ISSUE | 44 |
| BRANCH REGISTERS | 48 |
| ADMINISTRATION | 49 |
| WINDING UP | 50 |
| PREFERENCE SHARES | 50 |
| DEFERRED SHARES | 53 |
| INDEMNITY | 55 |
| DEPOSITARY INTERESTS OTHER THAN OTC | 56 |

---

**ARTICLES OF ASSOCIATION**

**of**

**VIVOPOWER INTERNATIONAL PLC**

(adopted with effect from 30 January 2026 by special resolution passed on 30 January 2026)

**PRELIMINARY**

**1.** **Definitions** 

In these articles the following words bear the following meanings:

**"A Ordinary Shares"** means the A ordinary shares in the capital of the Company;

**"Acts"** means the Companies Acts (as defined in section 2 of the Companies Act 2006), in so far as they apply to the Company;

**"articles"** means the articles of association of the Company;

**"Auditors"** means the auditors of the Company from time to time (or if none are appointed the accountants of the Company from time to time);

**"B Ordinary Shares"** means the B ordinary shares in the capital of the Company;

**"board"** or **"board of directors"** means the directors or any of them duly acting as the board of the Company;

**"clear days"** means in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

**"Conversion Ratio"** shall be determined by the board on the date of allotment of the relevant Preference Shares (if applicable, adjusted as referred to in article 163;

**"Deferred Shares"** means deferred shares of $0.01 each in the capital of the Company from time to time;

**"Depositary"** means any depositary, clearing agency, custodian, nominee or similar entity appointed under arrangements entered into by the Company or otherwise approved by the board that holds, or is interested directly or indirectly, including through a nominee, in shares, or rights or interests in respect thereof, and which issues certificates, instruments, securities or other documents of title, or maintains accounts, evidencing or recording the entitlement of the holders thereof, or account holders, to or to receive such shares, rights or interests;

**"Depositary Interest"** means any certificate, instrument, security, depositary receipt, or other document of title issued or created, or interest recorded in an account maintained, by a Depositary to evidence or record the entitlement of the holder, or account holder, to or to receive shares, or rights or interests in respect thereof;

**"Depositary Interest Holder"** means the holder of a Depositary Interest;

**"director"** means a director of the Company;

**"DTC"** means The Depository Trust Company and any Affiliate or nominee therefore, including Cede & Co., and any successors thereto;

**"electronic address"** means any number or address used for the purposes of sending or receiving notices, documents or information by electronic means;

**"electronic form"** has the same meaning as in the Acts; **"electronic means"** has the same meaning as in the Acts; **"executed"** means any mode of execution;

**"Equity Shares"** means the Shares other than the Deferred Shares;

**"holder"** means in relation to shares, the member whose name is entered in the register of members as the holder of the shares;

**"member"** means an ordinary shareholder in the Company;

**"Office"** means the registered office of the Company;

**"Operator"** means the Operator of a relevant system (as defined in the Uncertificated Securities Regulations) or the transfer agent of the Company (as applicable);

**"participating security"** means a share or other security title to units of which is permitted to be transferred by means of a relevant system;

**"Preference Shares"** means preference shares of $1 each, or such other nominal value as the board may determine at the date of allotment, in the capital of the Company, provisions relating to which are set out in articles 140 to 159;

**"relevant system"** means any computer-based system, and procedures, permitted by the Uncertified Securities Regulations or other applicable regulations, which enable title to shares or other securities to be evidenced and transferred without a written instrument and which facilitate supplementary and incidental matters;

**"Reorganisation"** means any return of capital, bonus issue of shares or other securities of the Company by way of capitalisation of profits or reserves (other than a capitalisation issue in substitution for or as an alternative to a cash dividend which is made available to the holders of Equity Shares) or any consolidation or sub-division or any variation in the conversion rate applicable to any other outstanding shares of the Company;

**"seal"** means the common seal (if any) of the Company and an official seal (if any) kept by the Company by virtue of section 50 of the Companies Act 2006, or either of them as the case may require;

**"secretary"** means the secretary of the Company or any other person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary; and

**"share"** means any share in the capital of the Company;

**"Uncertificated Securities Regulations"** means the Uncertificated Securities Regulations 2001 (as amended).

(2) In
 these articles, references to a share being in uncertificated form are references to that
 share being an uncertificated unit of a security and references to a share being in certificated
 form are references to that share being a certificated unit of a security.

(3) Save
 as aforesaid and unless the context otherwise requires, words or expressions contained in
 these articles have the same meaning as in the Companies Act 2006 or the Uncertificated Securities
 Regulations (as the case may be).

(4) Except
 where otherwise expressly stated, a reference in these articles to any primary or delegated
 legislation or legislative provision includes a reference to any modification or re-enactment
 of it for the time being in force.

(5) In
 these articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 in the singular include the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing any gender include all genders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 reference to a person includes a reference to a body corporate and to an unincorporated body
 of persons.

(6) In
 these articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references
 to writing include references to typewriting, printing, lithography, photography and any
 other modes of representing or reproducing words in a legible and non-transitory form, whether
 sent or supplied in electronic form or made available on a website or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 words and phrases "other", "otherwise", "including" and
 "in particular" shall not limit the generality of any preceding words or be construed
 as being limited to the same class as the preceding words where a wider construction is possible;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references
 to a power are to a power of any kind, whether administrative, discretionary or otherwise.

(7) The
 headings are inserted for convenience only and do not affect the construction of these articles.

**Exclusion of other regulations**

2. No
 regulations or model articles contained in any statute or subordinate legislation including
 without prejudice to such generality, the regulations contained in the Companies (Model Articles)
 Regulations 2008 shall apply as the articles of the Company.

**SHARE CAPITAL**

**Liability of members**

3. The
 liability of the members is limited to the amount, if any, unpaid on the shares held by them.

**Further issues and rights attaching to shares on issue**

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Without
 prejudice to any rights attached to any existing shares, any share may be issued with such
 rights or restrictions as the Company may by ordinary resolution determine or, if the Company
 has not so determined, as the directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the event that rights and restrictions attaching to shares are determined by ordinary resolution
 or by the directors pursuant to this article, those rights and restrictions shall apply,
 in particular in place of any rights or restrictions that would otherwise apply by virtue
 of the Companies Act 2006 in the absence of any provisions in the articles of a company,
 as if those rights and restrictions were set out in the articles.

**Redeemable shares**

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 share may be issued which is or is to be liable to be redeemed at the option of the Company
 or the holder, and the directors may determine the terms, conditions and manner of redemption
 of any such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the event that rights and restrictions attaching to shares are determined by the directors
 pursuant to this article, those rights and restrictions shall apply, in particular in place
 of any rights or restrictions that would otherwise apply by virtue of the Companies Act 2006
 in the absence of any provisions in the articles of a company, as if those rights and restrictions
 were set out in the articles.

**Payment of commissions**

6. The
 Company may exercise the powers of paying commissions conferred by the Acts. Any such commission
 may be satisfied by the payment of cash or by the allotment of fully or partly paid shares,
 or partly in one way and partly in the other and may be in respect of a conditional or an
 absolute subscription.

**Trusts not recognised**

7. Except
 as required by law, no person shall be recognised by the Company as holding any share upon
 any trust. Except as otherwise provided by these articles or by law, the Company shall not
 be bound by or recognise (even if having notice of it) any equitable, contingent, future,
 partial or other claim or any interest in any share other than the holder's absolute
 ownership of it and all the rights attaching to it.

**Uncertificated shares**

8. Without
 prejudice to any powers which the Company or the directors may have to issue, allot, dispose
 of, convert, or otherwise deal with or make arrangements in relation to shares and other
 securities in any form:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holding of shares in uncertificated form and the transfer of title to such shares by means
 of a relevant system shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company may issue shares in uncertificated form and may convert shares from certificated
 form to uncertificated form and vice versa.

If and to the extent that any provision of these articles is inconsistent with such holding or transfer as is referred to in paragraph (a) of this article or with any provision of the Uncertificated Securities Regulations or other applicable regulations, it shall not apply to any share in uncertificated form.

**Separate holdings of shares in certificated and uncertificated form**

9. Notwithstanding
 anything else contained in these articles, where any class of shares is, for the time being,
 a participating security, unless the directors otherwise determine, shares of any such class
 held by the same holder or joint holder in certificated form and uncertificated form shall
 be treated as separate holdings.

**VARIATION OF RIGHTS**

**Variation of rights**

10. If
 at any time the capital of the Company is divided into different classes of shares, the rights
 attached to any class may be varied, either while the Company is a going concern or during
 or in contemplation of a winding up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 such manner (if any) as may be provided by those rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the absence of any such provision, with the consent in writing of the holders of three-quarters
 in nominal value of the issued shares of that class (excluding any shares of that class held
 as treasury shares), or with the sanction of a special resolution passed at a separate meeting
 of the holders of the shares of that class,

but not otherwise. To every such separate meeting the provisions of these articles relating to general meetings shall apply, except that the necessary quorum shall be (I) at any such meeting other than an adjourned meeting, two persons together holding or representing by proxy at least one-third in nominal value of the issued shares of the class in question (excluding any shares of that class held as treasury shares); and (ii) at an adjourned meeting, one person holding shares of the class in question (other than treasury shares) or his proxy.

**Rights deemed not varied**

11. Unless
 otherwise expressly provided by the rights attached to any class of shares. those rights
 shall be deemed not to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the
 purchase by the Company of any of its own shares or the holding of such shares as treasury
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the
 issue of new Preference Shares which have preferential rights to the existing Preference
 Shares or other classes of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the
 exercise of any right attaching to any Preference Shares (including, without limitation,
 any conversion, reclassification, redesignation or redenomination of shares from one class
 of shares to another class of shares).

**SHARE CERTIFICATES**

**Rights to share certificates**

12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On
 becoming the holder of any share other than a share in uncertificated form, every person
 (other than a financial institution in respect of whom the Company is not required by law
 to complete and have ready a certificate) shall be entitled, without payment, to have issued
 to him within two months after allotment or lodgement of a transfer (unless the terms of
 issue of the shares provide otherwise) one certificate for all the shares of each class registered
 in his name or, upon payment for every certificate after the first of such reasonable sum
 as the directors may determine, several certificates each for one or more of his shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every
 certificate shall be issued under the seal or under such other form of authentication as
 the directors may determine (which may include manual or facsimile signatures by one or more
 directors), and shall specify the number, class and distinguishing numbers (if any) of the
 shares to which it relates and the amount or respective amounts paid up on them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where
 a member (other than a financial institution) has transferred part only of the shares comprised
 in a certificate, the member is entitled, without payment, to have issued to him a certificate
 in respect of the balance of shares held by him or, upon payment for every certificate after
 the first of such reasonable sum as the directors may determine, several certificates each
 for one or more of his shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When
 a member's (other than a financial institution's) holding of shares of a particular
 class increases, the Company may issue that member with a single, consolidated certificate
 in respect of all the shares of a particular class which that member holds or a separate
 certificate in respect of only those shares by which that member's holding has increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A
 member (other than a financial institution) may request the Company, in writing, to replace
 the member's separate certificates with a consolidated certificate or the member's
 consolidated certificate with two or more separate certificates representing such proportion
 of the shares as the member may specify, provided that any certificate(s) which it is (or
 they are) to replace has first been returned to the Company for cancellation. When the Company
 complies with such a request it may charge such reasonable sum as the directors may determine
 for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Company shall not be bound to issue more than one certificate for shares held jointly by
 several persons and delivery of a certificate to whichever of the joint holders' names
 appears first on the register of members in respect of the joint holding shall be a sufficient
 delivery to all of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) If
 a certificate issued in respect of a member's shares is damaged or defaced or said
 to be lost, stolen or destroyed, then that member is entitled to be issued with a replacement
 certificate in respect of the same shares. A member exercising the right to be issued with
 such a replacement certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 return the certificate which is to be replaced to the Company if it is damaged or defaced;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 comply with such conditions as to evidence, indemnity and the payment of a reasonable fee
 as the directors may determine.

**LIEN**

**Company's lien on shares not fully paid**

13. The
 Company has a lien over every share which is partly paid for all amounts (whether presently
 payable or not) payable at a fixed time or called in respect of that share. The directors
 may declare any share to be wholly or in part exempt from the provisions of this article.
 The Company's lien over a share takes priority over any third party's interest
 in that share, and extends to any dividend or other money payable by the Company in respect
 of that share (and, if the lien is enforced and the share is sold by the Company, the proceeds
 of sale of that share).

**Enforcing lien by sale**

14. The
 Company may sell, in such manner as the directors determine, any share on which the Company
 has a lien if an amount in respect of which the lien exists is presently payable and is not
 paid within 14 clear days after notice has been given to the holder of the share, or the
 person entitled to it in consequence of the death or bankruptcy of the holder or otherwise
 by operation of law, demanding payment and stating that if the notice is not complied with
 the shares may be sold.

**Giving effect to a sale**

15. **To give effect to the sale:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a share in certificated form, the directors may authorise any person to execute
 an instrument of transfer of the share to the purchaser or a person nominated by the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **in the case of a share in uncertificated form, the directors may:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 enable the Company to deal with the share in accordance with the provisions of this article,
 require or procure any relevant person or the Operator (as applicable) to convert the share
 into certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after
 such conversion, authorise any person to execute an instrument of transfer and take such
 other steps (including the giving of directions to or on behalf of the holder, who shall
 be bound by them) as they think fit to effect the transfer.

The title of the transferee to the share shall not be affected by any irregularity in or invalidity of the proceedings in reference to the sale.

**Application of proceeds of sale**

16. The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the amount for which the lien exists as is presently payable. Any residue shall (upon
 surrender to the Company for cancellation of the certificate for the share sold, in the case
 of a share in certificated form, and subject to a like lien for any amount not presently
 payable as existed upon the share before the sale) be paid to the person entitled to the
 share at the date of the sale.

**CALLS ON SHARES AND FORFEITURE**

**Calls**

17. Subject
 to the terms of allotment, the directors may make calls upon the members in respect of any
 amounts unpaid on their shares (whether in respect of nominal value or premium) and each
 member shall (subject to receiving at least 14 clear days' notice specifying when and
 where payment is to be made) pay to the Company as required by the notice the amount called
 on his shares. A call may be required to be paid by instalments.

A call may, before receipt by the Company of an amount due under it, be revoked in whole or in part and payment of a call may be postponed in whole or part. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made.

18. A
 call shall be deemed to have been made at the time when the resolution of the directors authorising
 the call was passed.

**Joint and several liability in respect of calls**

 

19. The
 joint holders of a share shall be jointly and severally liable to pay all calls in respect
 of it.

**Interest**

20. If
 a call or an instalment of a call remains unpaid after it has become due and payable the
 person from whom it is due shall pay interest on the amount unpaid, from the day it became
 due and payable until it is paid at the rate fixed by the terms of allotment of the shares
 in question or fixed in the notice of the call or, if no rate is fixed, at the appropriate
 rate (as defined in the Acts). The directors may, however, waive payment of the interest
 wholly or in part.

**Sums treated as calls**

21. An
 amount payable in respect of a share on allotment or at any fixed date, whether in respect
 of nominal value or premium or as an instalment of a call, shall be deemed to be a call and
 if it is not paid these articles shall apply as if that sum had become due and payable by
 virtue of a call.

**Power to differentiate**

22. Subject
 to the terms of allotment, the directors may differentiate between the holders in the amounts
 and times of payment of calls on their shares.

**Payment of calls in advance**

23. The
 directors may receive from any member willing to advance it all or any part of the amount
 unpaid on the shares held by him (beyond the sums actually called up) as a payment in advance
 of calls, and such payment shall, to the extent of it, extinguish the liability on the shares
 in respect of which it is advanced. The Company may pay interest on the amount so received,
 or so much of it as exceeds the sums called up on the shares in respect of which it has been
 received, at such rate (if any) as the member and the directors agree.

**Notice if call not paid and forfeiture**

24. If
 a call or an instalment of a call remains unpaid after it has become due and payable the
 directors may give to the person from whom it is due not less than 14 clear days' notice
 requiring payment of the amount unpaid together with any interest which may have accrued.
 The notice shall name the place where payment is to be made and shall state that if the notice
 is not complied with the shares in respect of which the call was made will be liable to be
 forfeited. If the notice is not complied with, any shares in respect of which it was given
 may, before the payment required by the notice has been made, be forfeited by a resolution
 of the directors and the forfeiture shall include all dividends and other amounts payable
 in respect of the forfeited shares and not paid before the forfeiture.

**Sale of forfeited shares**

25. A
 forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the directors determine either to the person who was before the forfeiture the
 holder (including a person who was entitled to the share in consequence of the death or bankruptcy
 of the holder or otherwise by operation of law) or to any other person and, at any time before
 the disposition, the forfeiture may be cancelled on such terms as the directors determine.
 Where, for the purposes of its disposal a forfeited share is to be transferred to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a share in certificated form, the directors may authorise any person to execute
 an instrument of transfer and take such other steps (including the giving of directions to
 or on behalf of the holder, who shall be bound by them) as they think fit to effect the transfer;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a share in uncertificated form, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 enable the Company to deal with the share in accordance with the provisions of this article,
 require or procure any relevant person or the Operator (as applicable) to convert the share
 into certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after
 such conversion, authorise any person to execute an instrument of transfer and take such
 other steps (including the giving of directions to or on behalf of the holder, who shall
 be bound by them) as they think fit to effect the transfer.

**Cessation of membership and continuing liability**

26. A
 person whose shares have been forfeited shall cease to be a member in respect of the shares
 forfeited and shall surrender to the Company for cancellation any certificate for the shares
 forfeited. However. such person shall remain liable to the Company for all amounts which
 at the date of forfeiture were presently payable by him to the Company in respect of those
 shares with interest at the rate at which interest was payable on those amounts before the
 forfeiture or, if no interest was so payable, at the appropriate rate (as defined in the
 Acts) from the date of forfeiture until payment. The directors may waive payment wholly or
 in part or enforce payment without any allowance for the value of the shares at the time
 of forfeiture or for any consideration received on their disposal.

**Statutory declaration as to forfeiture**

27. A
 statutory declaration by a director or the secretary that a share has been forfeited on a
 specified date shall be conclusive evidence of the facts stated in it as against all persons
 claiming to be entitled to the share and the declaration shall (subject to the execution
 of an instrument of transfer if necessary, in the case of a share in certificated form) constitute
 good title to the share and the person to whom the share is disposed of shall not be bound
 to see to the application of the consideration, if any, nor shall his title to the share
 be affected by any irregularity in or invalidity of the proceedings relating to the forfeiture
 or disposal of the share.

**TRANSFER OF SHARES**

**Transfer of shares in certificated form**

28. The
 instrument of transfer of a share in certificated form may be in any usual form or in any
 other form which the directors approve and shall be executed by or on behalf of the transferor
 and, where the share is not fully paid, by or on behalf of the transferee.

**Transfer of shares in uncertificated form**

29. Where
 any class of shares is, for the time being, a participating security, title to shares of
 that class which are recorded on an Operator register of members as being held in uncertificated
 form may be transferred by means of the relevant system concerned. The transfer may not be
 in favour of more than four transferees.

**Refusal to register transfers**

30. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 directors may, in their absolute discretion, refuse to register the transfer of a share in
 certificated form which is not fully paid. They may also refuse to register a transfer of
 a share in certificated form (whether fully paid or not) unless the instrument of transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 lodged, duly stamped, at the Office or at such other place as the directors may appoint and
 (except in the case of a transfer by a financial institution where a certificate has not
 been issued in respect of the share) is accompanied by the certificate for the share to which
 it relates and such other evidence as the directors may reasonably require to show the right
 of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 in respect of only one class of share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 in favour of not more than four transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 directors may refuse to register a transfer of a share in uncertificated form to a person
 who is to hold it thereafter in certificated form in any case where the Company is entitled
 to refuse (or is excepted from the requirement) under the Uncertificated Securities Regulations
 or other applicable regulations to register the transfer.

**Notice of and reasons for refusal**

31. If
 the directors refuse to register a transfer of a share, they shall as soon as practicable
 and in any event within two months after the date on which the transfer was lodged with the
 Company (in the case of a transfer of a share in certificated form) or the date on which
 the transfer instructions were received by the Company or the Operator (in the case of a
 transfer of a share in uncertificated form to a person who is to hold it thereafter in certificated
 form) send to the transferee notice of the refusal together with reasons for the refusal.
 The directors shall send such further information about the reasons for the refusal to the
 transferee as the transferee may reasonably request.

32. If
 a shareholder transfers their B Ordinary Shares without the consent of the directors, such
 B Ordinary Shares shall automatically convert into A Ordinary Shares on a one for one basis
 with the A Ordinary Shares resulting from that conversion ranking pari passu with the existing
 A Ordinary Shares.

**No fee for registration**

33. No
 fee shall be charged for the registration of any instrument of transfer or other document
 or instruction relating to or affecting the title to any share.

**Retention or return of instrument of transfer**

34. The
 Company shall be entitled to retain any instrument of transfer which is registered, but any
 instrument of transfer which the directors refuse to register shall (except in the case of
 fraud) be returned to the person lodging it when notice of the refusal is given.

**Recognition of renunciation**

35. Nothing
 in these articles shall preclude the directors from recognising a renunciation of the allotment
 of any share by the allottee in favour of some other person.

**TRANSMISSION OF SHARES**

**Transmission on death**

36. If
 a member dies the survivor or survivors where he was a joint holder, or his personal representatives
 where he was a sole holder or the only survivor of joint holders, shall be the only persons
 recognised by the Company as having any title to his interest. However, nothing in this article
 shall release the estate of a deceased member from any liability in respect of any share
 which had been solely or jointly held by him.

**Election of person entitled by transmission**

37. A
 person becoming entitled to a share in consequence of the death or bankruptcy of a member
 or otherwise by operation of law may, upon such evidence being produced as the directors
 may properly require to show his title to the share, elect either to become the holder of
 the share or to have some person nominated by him registered as the transferee. If he elects
 to become the holder he shall give notice to the Company to that effect. If he elects to
 have another person registered he shall transfer title to the share to that person. All the
 provisions of these articles relating to the transfer of shares shall apply to the notice
 or instrument of transfer (if any) as if it were an instrument of transfer signed by the
 member and the death or bankruptcy of the member or other event giving rise to the entitlement
 to the share by operation of law had not occurred.

**Rights of person entitled by transmission**

38. A
 person becoming entitled to a share by reason of the death or bankruptcy of a member or otherwise
 by operation of law shall, after giving notice to the Company of his entitlement to the share
 and upon such evidence being produced as the directors may properly require to show his title
 to the share, have the rights to which he would be entitled if he were the holder of the
 share, except that he shall not, before being registered as the holder of the share, be entitled
 in respect of it to attend or vote at any general meeting or at any separate meeting of the
 holders of any class of shares. A person entitled to a share who has elected for that share
 to be transferred to some other person pursuant to article 36 shall cease to be entitled
 to any rights in relation to such share upon that other person being registered as the holder
 of that share.

**DISCLOSURE OF INTERESTS**

**Disclosure of interests**

39. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 a member, or any other person appearing to be interested in shares held by that member, has
 been given a notice under section 793 of the Companies Act 2006 and has failed in relation
 to any shares (the "default shares"} to give the Company the information thereby
 required within 14 days from the date of giving the notice, the following sanctions shall
 apply, unless the directors otherwise determine in their absolute discretion, in relation
 to the default shares, including following any transfer of the default shares unless the
 transfer is an excepted transfer under this article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 member shall not be entitled in respect of the default shares to be present or to vote (either
 in person or by representative or proxy) at any general meeting or at any separate meeting
 of the holders of any class of shares or on any poll; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the default shares represent at least 0.25 per cent of their class (calculated exclusive
 of treasury shares):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 dividend payable in respect of the default shares shall be withheld by the Company, which
 shall not have any obligation to pay interest on it, and the member shall not be entitled
 to elect, pursuant to these articles, to receive shares instead of that dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 transfer, other than an excepted transfer, of any default shares held by the member in certificated
 form shall be registered unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 member is not himself in default as regards supplying the information required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 member proves to the satisfaction of the directors that no person in default as regards supplying
 such information is interested in any of the shares the subject of the transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of sub paragraph (1)(bXii) of this article, in the case of a member holding
 default shares in uncertificated form or in the case of any other person who is interested
 in default shares which are represented by Depositary Interests, the directors may require
 the beneficial owner of such default shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to
 change his holding of such default shares from uncertificated form into certificated form
 in the name of the member or his holding of such default shares represented by Depositary
 Interests into certificated shares only in the name of the person who is interested in the
 Depositary Interests, as applicable, within a specified period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) then
 to hold such default shares in certificated form for so long as the default subsists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to
 appoint any person to take any steps, by instruction by means of a relevant system or otherwise,
 in the name of the beneficial holder of default shares as may be required to change such
 default shares from uncertificated form into certificated form or where a person has an interests
 in default shares which are represented by Depositary Interests to change such default shares
 represented by Depositary Interests into certificated form only in the name of the interested
 person (and such steps shall be effective as if they had been taken by such holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where
 the sanctions under paragraph (1) of this article apply in relation to any default shares,
 they shall cease to have effect at the end of the period of seven days (or such shorter period
 as the directors may determine) following the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt
 by the Company of the information required by the notice mentioned in that paragraph; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receipt
 by the Company of notice that the default shares have been transferred by means of an excepted
 transfer.

The directors may suspend or cancel any of the sanctions at any time in relation to any default shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 new shares in the Company issued in right of default shares shall be subject to the same
 sanctions as apply to the default shares, and the directors may make any right to an allotment
 of the new shares subject to sanctions corresponding to those which will apply to those shares
 on issue, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 sanctions applying to, or to a right to, new shares by virtue of this paragraph shall cease
 to have effect when the sanctions applying to the related default shares cease to have effect
 (and shall be suspended or cancelled if and to the extent that the sanctions applying to
 the related default shares are suspended or cancelled); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) paragraph
 (1) of this article shall apply to the exclusion of this paragraph

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company gives a separate notice under section 793 of the Companies Act 2006 in relation
 to the new shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Where,
 on the basis of information obtained from a member in respect of any share held by him, the
 Company gives a notice under section 793 of the Companies Act 2006 (a "Section 793
 Notice") to any other person, it shall at the same time send a copy of the notice to
 the member. The accidental omission to do so, or the non-receipt by the member of the copy,
 shall, however, not invalidate or otherwise affect the application of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Where
 a Depositary Interest Holder receives a Section 793 Notice, that person is not considered
 for the purposes of this article to have an interest, or to be a person appearing to have
 an interest, in any shares held by the Depositary or in which the Depositary is otherwise
 interested other than those shares specified in the Section 793 Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Where
 the member on whom a Section 793 Notice has been served is a Depositary acting in its capacity
 as such, the obligations of the Depositary shall be limited to disclosing to the Company
 such information requested in the Section 793 Notice relating to any person appearing to
 be interested in the shares held by it and specified in the Section 793 Notice as has been
 recorded by the Depositary in accordance with the arrangements entered into by the Company
 or approved by the board pursuant to which it was appointed as a Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For
 the purposes of this article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 person, other than the member holding a share, shall be treated as appearing to be interested
 in that share if the member has informed the Company that the person is, or may be, so interested,
 or if the Company (after taking account of any information obtained from the member or, pursuant
 to a Section 793 Notice, from anyone else) knows or has reasonable cause to believe that
 the person is, or may be, so interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "interested"
 shall be construed in the same way as it is for the purpose of section 793 of the Companies
 Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference
 to a person having failed to give the Company the information required by a notice, includes
 (i) reference to his having failed or refused to give all or any part of it; (ii) reference
 to his having given any information which he knows to be false in a material particular or
 having recklessly given information which is false in a material particular; and (iii) reference
 to the Company knowing or having reasonable cause to believe that any of the information
 provided is false or materially incorrect or incomplete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 "excepted transfer" means, in relation to any shares held by a member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a
 transfer pursuant to acceptance of a takeover offer (within the meaning of section 974 of
 the Companies Act 2006) in respect of shares in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a
 transfer in consequence of a sale made through any stock exchange on which the Company's
 shares are normally traded; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a
 transfer which is shown to the satisfaction of the directors to be made in consequence of
 a sale of the whole of the beneficial interest in the shares to a person who is unconnected
 with the member and with any other person appearing to be interested in the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Nothing
 in this article shall limit the powers of the Company under section 794 of the Companies
 Act 2006 or any other powers of the Company whatsoever.

**UNTRACED MEMBERS**

**Untraced members**

40. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company shall be entitled to sell at the best price reasonably obtainable any share held
 by a member, or any share to which a person is entitled by transmission (including in consequence
 of the death or bankruptcy of the member or otherwise by operation of law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 a period of 12 years no cheque or warrant or other method of payment for amounts payable
 in respect of the share sent and payable in a manner authorised by these articles has been
 cashed or effected and no communication has been received by the Company from the member
 or person concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during
 that period the Company has paid at least three dividends (whether interim or final) and
 no such dividend has been claimed by the member or person concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company has, after the expiration of that period, sent a notice to the registered address
 or last known address of the member or person concerned of its intention to sell such share
 and before sending such a notice to the member or other person concerned, the Company must
 have used reasonable efforts to trace the member or other person entitled, engaging, if considered
 appropriate, a professional asset reunification company or other tracing agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company has not during the further period of three months following the sending of the notice
 referred to in sub-paragraph (c) above and prior to the sale of the share received any communication
 from the member or person concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Company shall also be entitled to sell at the best price reasonably obtainable any additional
 share issued during the said period of 12 years in right of any share to which paragraph
 (1) of this article applies (or in right of any share so issued), if the criteria in sub-paragraphs
 (a), (c) and (d) of that paragraph are satisfied in relation to the additional share (but
 as if the words "for a period of 12 years" were omitted from sub-paragraph (a)
 and the words ", after the expiration of that period, were omitted from sub-paragraph
 (c)).

To give effect to the sale of any share pursuant to this article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a share in certificated form , the directors may authorise any person to execute
 an instrument of transfer of the share to the purchaser or a person nominated by the purchaser
 and take such other steps (including the giving of directions to or on behalf of the holder,
 who shall be bound by them) as it thinks fit to effect the transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a share in uncertificated form, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to
 enable the Company to deal with the share in accordance with the provisions of this article,
 require or procure any relevant person or the Operator (as applicable) to convert the share
 into certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. after
 any such conversion, authorise any person to execute an instrument of transfer of the shares
 to the purchaser or person nominated by the purchaser and take such other steps (including
 the giving of directions to or on behalf of the holder, who shall be bound by them) as it
 thinks fit to effect the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 purchaser shall not be bound to see to the application of the proceeds of sale, nor shall
 his title to the share be affected by any irregularity or invalidity in the proceedings relating
 to the sale. Unless otherwise determined by the directors the net proceeds of sale shall
 be forfeited and such former member or other person previously entitled to the share shall
 no longer be a creditor for the proceeds of sale and the Company will not be obliged to account
 to such persons for, or be liable to such persons in relation to, the proceeds of sale.

**ALTERATION OF CAPITAL**

**Consolidation and sub-division**

41. (1) The
 Company may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidate
 and divide all or any of its share capital into shares of larger amount than its existing
 shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub-divide
 its shares, or any of them, into shares of a smaller amount than its existing shares; and
 determine that, as between the shares resulting from the sub-division, any of them may have
 any preference or advantage as compared with the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where
 any difficulty arises in regard to any consolidation or division, the directors may settle
 such difficulty as they see fit. In particular, without limitation, the directors may sell
 to any person (including the Company) the shares representing the fractions for the best
 price reasonably obtainable and distribute the net proceeds of sale in due proportion among
 those members or retain such net proceeds for the benefit of the Company and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of shares in certificated form, the directors may authorise any person to execute
 an instrument of transfer of the shares to the purchaser or a person nominated by the purchaser
 and take such other steps (including the giving of directions to or on behalf of the holder,
 who shall be bound by them) as they think fit to effect such transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of shares in uncertificated form, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to
 enable the Company to deal with the share in accordance with the provisions of this article,
 require or procure any relevant person or the Operator (as applicable) to convert the share
 into certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. after
 such conversion, authorise any person to execute an instrument of transfer of the shares
 to the purchaser or a person nominated by the purchaser and take such other steps (including
 the giving of directions to or on behalf of the holder, who shall be bound by them) as they
 think fit to effect the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 transferee shall not be bound to see to the application of the purchase money nor shall his
 title to the shares be affected by any irregularity in or invalidity of the proceedings in
 reference to the sale.

**NOTICE OF GENERAL MEETINGS**

**Calling general meetings**

42. A
 majority of directors, the chairman of the board of directors or the chief executive officer
 of the Company may call a general meeting. If there are no directors then serving on the
 board of directors, any member of the Company may call a general meeting.

**Notice of annual general meetings and other general meetings**

43. An
 annual general meeting and all other general meetings of the Company shall be called by at
 least such minimum period of notice as is prescribed or permitted under the Acts. The notice
 shall specify the place, the date and the time of meeting and the general nature of the business
 to be transacted, and in the case of an annual general meeting shall specify the meeting
 as such. Where the Company has given an electronic address in any notice of meeting, any
 document or information relating to proceedings at the meeting may be sent by electronic
 means to that address, subject to any conditions or limitations specified in the relevant
 notice of meeting. Subject to the provisions of these articles and to any rights or restrictions
 attached to any shares, notices shall be given to all members, to all persons entitled to
 a share in consequence of the death or bankruptcy of a member or otherwise by operation of
 law and to the directors and auditors of the Company.

**Omission or failure to give notice and non-receipt of notice**

44. The
 accidental omission to give notice of a meeting to, or the failure to give notice due to
 circumstances beyond the Company's control to, or the non-receipt of notice of a meeting
 by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.

**Special General Meetings**

45. The
 board of directors may postpone or reschedule any previously scheduled special general meeting
 of members. Only those matters set forth in the notice of the special general meeting may
 be considered or acted upon at a special general meeting of members of the Company. Nominations
 of persons for election to the board of directors of the Company and member proposals of
 other business shall not be brought before a special general meeting of members to be considered
 by the members.

**PROCEEDINGS AT GENERAL MEETINGS**

**Quorum**

46. No
 business shall be transacted at any meeting unless a quorum is present. Two persons entitled
 to vote upon the business to be transacted, each being a member or a proxy for a member or
 a duly authorised representative of a corporation which is a member (including for this purpose
 two persons who are proxies or corporate representatives of the same member), shall be a
 quorum.

**Procedure if quorum not present**

47. If
 a quorum is not present within half an hour after the time appointed for holding the meeting,
 or if during a meeting a quorum ceases to be present, the meeting shall stand adjourned in
 accordance with article 54(1).

**Chairing general meetings**

48. The
 chairman (if any) of the board of directors, or in his absence the deputy chairman, or in
 the absence of both of them some other director nominated prior to the meeting by the directors,
 shall preside as chairman of the meeting. If neither the chairman nor the deputy chairman
 nor such other director (if any) is present within, 5 minutes after the time appointed for
 holding the meeting and willing to act, the directors present shall elect one of their number
 present and willing to act to be chairman of the meeting, and if there is only one director
 present he shall be chairman of the meeting.

49. If
 no director is present within, 5 minutes after the time appointed for holding the meeting,
 the members present and entitled to vote shall choose one of their number to be chairman
 of the meeting.

**Security arrangements and orderly conduct**

50. The
 directors or the chairman of the meeting may direct that any person wishing to attend any
 general meeting should submit to and comply with such searches or other security arrangements
 (including without limitation, requiring evidence of identity to be produced before entering
 the meeting and placing restrictions on the items of personal property which may be taken
 into the meeting) as they or he consider appropriate in the circumstances. The directors
 or the chairman of the meeting may in their or his absolute discretion refuse entry to, or
 eject from, any general meeting any person who refuses to submit to a search or otherwise
 comply with such security arrangements.

51. The
 directors or the chairman of the meeting may take such action, give such direction or put
 in place such arrangements as they or he consider appropriate to secure the safety of the
 people attending the meeting and to promote the orderly conduct of the business of the meeting.
 Any decision of the chairman of the meeting on matters of procedure or matters arising incidentally
 from the business of the meeting, and any determination by the chairman of the meeting as
 to whether a matter is of such a nature, shall be final.

**Directors entitled to attend and speak**

52. Directors
 may attend and speak at general meetings and at any separate meeting of the holders of any
 class of shares, whether or not they are members. The directors or the chairman of the meeting
 may permit other persons who are not members of the Company or otherwise entitled to exercise
 the rights of members in relation to general meetings to attend and, at the chairman of the
 meeting's absolute discretion, speak at a general meeting or at any separate class
 meeting.

**Attendance and participation at different places and by electronic means**

53. In
 the case of any general meeting, the directors may, notwithstanding the specification in
 the notice convening the general meeting of the place at which the chairman of the meeting
 shall preside (the "Principal Place"), make arrangements for simultaneous attendance
 and participation by electronic means allowing persons not present together at the same place
 to attend, speak and vote at the meeting (including the use of satellite meeting places).
 The arrangements for simultaneous attendance and participation at any place at which persons
 are participating, using electronic means may include arrangements for controlling or regulating
 the level of attendance at any particular venue provided that such arrangements shall operate
 so that all members holding Equity Shares and proxies wishing to attend the meeting are able
 to attend at one or other of the venues.

54. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 members or proxies holding Equity Shares at the place or places at which persons are participating
 via electronic means shall be counted in the quorum for, and be entitled to vote at, the
 general meeting in question, and that meeting shall be duly constituted and its proceedings
 valid if the chairman of the meeting is satisfied that adequate facilities are available
 throughout the meeting to ensure that the members or proxies attending at the places at which
 persons are participating via electronic means are able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) participate
 in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) see
 and hear all persons who speak (whether through the use of microphones, loud speakers, audiovisual
 communication equipment or otherwise) in the Principal Place (and any other place at which
 persons are participating via electronic means).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 the purposes of all other provisions of these articles (unless the context requires otherwise),
 the members shall be treated as meeting at the Principal Place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If
 it appears to the chairman of the meeting that the facilities at the Principal Place or any
 place at which persons are participating via electronic means have become inadequate for
 the purposes set out in sub-paragraphs (a) and (b) above, the chairman of the meeting may,
 without the consent of the meeting, interrupt or adjourn the general meeting. All business
 conducted at the general meeting up to the point of the adjournment shall be valid. The provisions
 of article 54(3) shall apply to that adjournment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For
 the avoidance of doubt, the Deferred Shares shall not entitle the holders of them to receive
 notice of, to attend, to speak or to vote at any general meeting of the Company.

**Adjournments**

55. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 a quorum is not present within half an hour after the time appointed for holding the meeting,
 or if during a meeting a quorum ceases to be present, the meeting shall stand adjourned and
 (subject to the provisions of the Acts) the chairman of the meeting shall either specify
 the time and place to which it is adjourned or state that it is adjourned to such time and
 place as the directors may determine. If at the adjourned meeting a quorum is not present
 within 15 minutes after the time appointed for holding the meeting, the meeting shall be
 dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without
 prejudice to any other power of adjournment he may have under these articles or at common
 law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting may, with the consent of a meeting at which a quorum is present (and
 shall if so directed by the meeting), adjourn the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 chairman of the meeting may, without the consent of the meeting, adjourn the meeting before
 or after it has commenced, if the chairman of the meeting considers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. there
 is not enough room for the number of members and proxies who wish to attend the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 behaviour of anyone present prevents, or is likely to prevent, the orderly conduct of the
 business of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. an
 adjournment is necessary to protect the safety of any person attending the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. an
 adjournment is otherwise necessary in order for the business of the meeting to be properly
 carried out.

If so adjourned, the chairman of the meeting shall either specify the time and place to which it is adjourned or state that it is adjourned to such time and place as the directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Subject
 to the provisions of the Acts, it shall not be necessary to give notice of an adjourned meeting
 except that when a meeting is adjourned for 14 days or more, at least seven clear days'
 notice shall be given specifying the time and place of the adjourned meeting and the general
 nature of the business to be transacted. No business shall be transacted at an adjourned
 meeting other than business which might properly have been transacted at the meeting had
 the adjournment not taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Subject
 to paragraph (1) of this article, meetings can be adjourned more than once, in accordance
 with the procedures set out in this article.

**AMENDMENTS TO RESOLUTIONS**

**Amendments to special and ordinary resolutions**

56. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A
 special resolution to be proposed at a general meeting may be amended by ordinary resolution
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting proposes the amendment at the general meeting at which the resolution
 is to be proposed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amendment does not go beyond what is necessary to correct a clear error in the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An
 ordinary resolution to be proposed at a general meeting may be amended by ordinary resolution
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless
 such amendment is proposed by the directors written notice of the terms of the proposed amendment
 and of the intention to move the amendment have been delivered to the Company at the Office
 at least 48 hours before the time for holding the meeting or the adjourned meeting at which
 the ordinary resolution in question is proposed and the proposed amendment does not, in the
 reasonable opinion of the chairman of the meeting, materially alter the scope of the resolution;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 chairman of the meeting, in his absolute discretion, decides that the proposed amendment
 may be considered or voted on.

**Withdrawal and ruling amendments out of order**

57. With
 the consent of the chairman of the meeting, an amendment may be withdrawn by its proposer
 before it is voted on. If an amendment proposed to any resolution under consideration is
 ruled out of order by the chairman of the meeting, the proceedings on the resolution shall
 not be invalidated by any error in the ruling.

**POLLS**

**Demand for a poll**

58. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 so long as any shares are held in a settlement system operated by OTC, any resolution put
 to the vote of a general meeting must be decided on a poll (and for so long as any shares
 are held in a settlement system operated by DTC this provision may not be amended without
 the unanimous consent of all the members). If no shares are held in OTC, a resolution put
 to the vote of a general meeting must be decided on a show of hands unless a poll is validly
 demanded. A poll on a resolution may be demanded either before a vote on a show of hands
 on that resolution or immediately after the result of a show of hands on that resolution
 is declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A
 poll on a resolution may be demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 majority of the directors present at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 less than five members having the right to vote at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 member or members representing not less than one-tenth of the total voting rights of all
 the members having the right to vote at the meeting (excluding any voting rights attached
 to any shares in the Company held as treasury shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 member or members holding shares conferring a right to vote on the resolution on which an
 aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up
 on all the shares conferring that right (excluding any shares in the Company conferring a
 right to vote at the meeting which are held as treasury shares).

**Chairman's declaration**

59. Unless
 a poll is duly demanded and the demand is not subsequently withdrawn, a declaration by the
 chairman of the meeting that a resolution has been carried or carried unanimously, or by
 a particular majority, or lost, or not carried by a particular majority, and an entry in
 respect of such declaration in the minutes of the meeting, shall be conclusive evidence of
 the fact without proof of the number or proportion of the votes recorded in favour of or
 against the resolution.

**Withdrawal of demand for a poll**

60. The
 demand for a poll may, before the poll is taken, be withdrawn but only with the consent of
 the chairman of the meeting, and a demand so withdrawn shall not be taken to have invalidated
 the result of a show of hands declared before the demand was made.

**Polls to be taken as chairman directs**

61. Polls
 at general meetings shall, subject to articles 61 and 62 below, be taken when, where and
 in such manner as the chairman of the meeting directs. The chairman of the meeting may appoint
 scrutineers (who need not be members) and decide how and when the result of the poll is to
 be declared. The result of a poll shall be the decision of the meeting in respect of the
 resolution on which the poll was demanded.

**When poll to be taken**

62. A
 poll on the election of the chairman of the meeting or on a question of adjournment must
 be taken immediately. Any other polls must be taken either during the meeting or within 30
 days of the poll being demanded. A demand for a poll does not prevent a general meeting from
 continuing, except as regards the question on which the poll was demanded. If a poll is demanded
 before the declaration of the result of a show of hands and the demand is duly withdrawn,
 the meeting shall continue as if the demand had not been made.

**Notice of poll**

63. No
 notice need be given of a poll not taken during the meeting if the time and place at which
 it is to be taken are announced at the meeting at which it is demanded. In any other case,
 at least seven clear days' notice must be given specifying the time and place at which
 the poll is to be taken.

**VOTES OF MEMBERS**

**Voting rights**

64. The
 A Ordinary Shares shall carry the right to attend, speak and vote at all general meetings
 of the Company. Each A Ordinary Share will carry one vote per A Ordinary Share.

65. The
 B Ordinary Shares shall carry the right to attend, speak and vote at all general meetings
 of the Company. Each B Ordinary Share will carry twenty votes per B Ordinary Share.

66. Subject
 to articles 63, 64 and any rights or restrictions attached to any shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a show of hands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every
 member who is present in person has one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every
 proxy present who has been duly appointed by one or more members entitled to vote on the
 resolution has one vote, except that if the proxy has been duly appointed by more than one
 member entitled to vote on the resolution and is instructed by one or more of those members
 to vote for the resolution and by one or more others to vote against it, or is instructed
 by one or more of those members to vote in one way and is given discretion as to how to vote
 by one or more others (and wishes to use that discretion to vote in the other way) he has
 one vote for and one vote against the resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every
 corporate representative present who has been duly authorised by a corporation has the same
 voting rights as the corporation would be entitled to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a poll every member present in person or by duly appointed proxy or corporate representative
 has one vote for every share of which he is the holder or in respect or which his appointment
 as proxy or corporate representative has been made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 member, proxy or corporate representative entitled to more than one vote need not, if he
 votes, use all his votes or cast all the votes he uses the same way.

**Voting record date**

67. In
 order that the Company may determine the members entitled to vote at any meeting of members
 or any adjournment thereof, and how many votes such person may cast. the board of directors
 may fix a record date, which record date shall not precede the date upon which the resolution
 fixing the record date is adopted by the board of directors, and which record date shall,
 unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days
 before the date of such meeting. If no record date is fixed the record date for determining
 members entitled to vote at a meeting of members shall, unless otherwise required by law,
 be at the close of business on the business day preceding the day on which notice is given.

**Votes of joint holders**

68. In
 the case of joint holders the vote of the joint holder whose name appears first on the register
 of members in respect of the joint holding shall be accepted to the exclusion of the votes
 of the other joint holders.

**Votes on behalf of an incapable member**

69. A
 member in respect of whom an order has been made by any court having jurisdiction in matters
 concerning mental disorder may vote, on a show of hands or on a poll, by any person authorised
 in that behalf by that court and the person so authorised may exercise other rights in relation
 to general meetings, including appointing a proxy. Evidence to the satisfaction of the directors
 of the authority of the person claiming the right to vote shall be delivered to the Office,
 or such other place as is specified in accordance with these articles for the delivery or
 receipt of appointments of proxy, not less than 48 hours before the time appointed for holding
 the meeting or adjourned meeting at which the right to vote is to be exercised, and in default
 the right to vote shall not be exercisable.

**No right to vote where sums overdue**

70. No
 member shall have the right to vote at any general meeting or at any separate meeting of
 the holders of any class of shares, either in person or by proxy, in respect of any share
 held by him unless all amounts presently payable by him in respect of that share have been
 paid.

**Objections and validity of votes**

71. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 objection to the qualification of any person voting at a general meeting or on a poll or
 to the counting of, or failure to count, any vote, must be made at the meeting or adjourned
 meeting or at the time the poll is taken (if not taken at the meeting or adjourned meeting}
 at which the vote objected to is tendered. Any objection made in due time shall be referred
 to the chairman of the meeting whose decision shall be final and conclusive. If a vote is
 not disallowed by the chairman of the meeting it is valid for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Company shall not be bound to enquire whether any proxy or corporate representative votes
 in accordance with the instructions given to him by the member he represents and if a proxy
 or corporate representative does not vote in accordance with the instructions of the member
 he represents the vote or votes cast shall nevertheless be valid for all purposes.

**PROXIES AND CORPORATE REPRESENTATIVES**

**Appointment of proxies**

72. A
 member is entitled to appoint another person as his proxy to exercise all or any of his rights
 to attend and to speak and vote at a meeting of the Company. The appointment of a proxy shall
 be deemed also to confer authority to demand or join in demanding a poll. Delivery of an
 appointment of proxy shall not preclude a member from attending and voting at the meeting
 or at any adjournment of it. A proxy need not be a member. A member may appoint more than
 one proxy in relation to a meeting, provided that each proxy is appointed to exercise the
 rights attached to a different share or shares held by him. References in these articles
 to an appointment of proxy include references to an appointment of multiple proxies.

73. Where
 two or more valid appointments of proxy are received in respect of the same share in relation
 to the same meeting, the one which is last sent shall be treated as replacing and revoking
 the other or others. If the Company is unable to determine which is last sent, the one which
 is last received shall be so treated. If the Company is unable to determine either which
 is last sent or which is last received, none of such appointments shall be treated as valid
 in respect of that share.

**Form of proxy appointment**

74. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to article 72 an appointment of proxy shall be in writing in any usual form or in any other
 form which the directors may approve and shall be executed by or on behalf of the appointor
 which in the case of a corporation may be either under its common seal or under the hand
 of a duly authorised officer or other person duly authorised for that purpose. The signature
 on the appointment of proxy need not be witnessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where
 the appointment of a proxy is expressed to have been or purports to have been executed by
 a duly authorised person on behalf of a member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company may treat the appointment as sufficient evidence of that person's authority
 to execute the appointment of proxy on behalf of that member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 member shall, if requested by or on behalf of the Company, send or procure the sending of
 any authority under which the appointment of proxy has been executed, or a certified copy
 of any such authority to such address and by such time as required under article 73 and,
 if the request is not complied with in any respect, the appointment of proxy may be treated
 as invalid.

**Proxies sent or supplied in electronic form**

75. The
 directors may (and shall for so long as any shares are held in a settlement system operated
 by DTC or if and to the extent that the Company is required to do so by the Acts) allow an
 appointment of proxy to be sent or supplied in electronic form subject to any conditions
 or limitations as the directors may specify. Where the Company has given an electronic address
 in any instrument of proxy or invitation to appoint a proxy, any document or information
 relating to proxies for the meeting (including any document necessary to show the validity
 of, or otherwise relating to, an appointment of proxy, or notice of the termination of the
 authority of a proxy) may be sent by electronic means to that address, subject to any conditions
 or limitations specified in the relevant notice of meeting.

**Receipt of appointments of proxy**

76. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An
 appointment of proxy may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an appointment of proxy in hard copy form, be received at the Office or such
 other place as is specified in the notice convening the meeting, or in any appointment of
 proxy or any invitation to appoint a proxy sent out or made available by the Company in relation
 to the meeting, not less than 48 hours before the time for holding the meeting or adjourned
 meeting to which it relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an appointment of proxy in electronic form, be received at the electronic address
 specified in the notice convening the meeting, or in any instrument of proxy or any invitation
 to appoint a proxy sent out or made available by the Company in relation to the meeting ,
 not less than 48 hours before the time for holding the meeting or adjourned meeting to which
 it relates; and

---

| | |
|:---|:---|
| (c} | in the case of a poll taken subsequently to the date of the meeting or adjourned meeting, be received as aforesaid not less than 24 hours (or such shorter time as the directors may determine) before the time appointed for the taking of the poll. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 directors may specify in the notice convening the meeting that in determining the time for
 delivery of proxies pursuant to this article, no account shall be taken of any part of any
 day that is not a working day. An appointment of proxy which is not received or delivered
 in a manner so permitted shall be invalid.

**Termination of appointments of proxy**

77. A
 vote given or poll demanded by proxy shall be valid notwithstanding the previous termination
 of the authority of the person voting or demanding a poll, unless notice of the termination
 was delivered in writing to the Company at such place or address at which an appointment
 of proxy may be duly received under article 73 not later than the last time at which an appointment
 of proxy should have been received under article 73 in order for it to be valid.

**Availability of appointments of proxy**

78. The
 directors may at the expense of the Company send or make available appointments of proxy
 or invitations to appoint a proxy to the members by post or by electronic means or otherwise
 (with or without provision for their return prepaid) for use at any general meeting or at
 any separate meeting of the holders of any class of shares, either in blank or nominating
 in the alternative any one or more of the directors or any other person. If for the purpose
 of any meeting, appointments of proxy or invitations to appoint as proxy a person or one
 of a number of persons specified in the invitations are issued at the Company's expense,
 they shall be issued to all (and not to some only) of the members entitled to be sent a notice
 of the meeting and to vote at it. The accidental omission, or the failure due to circumstances
 beyond the Company's control, to send or make available such an appointment of proxy
 or give such an invitation to, or the non-receipt thereof by, any member entitled to attend
 and vote at a meeting shall not invalidate the proceedings at that meeting.

**Corporations acting by representatives**

79. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the provisions of the Acts, any corporation (other than the Company itself) which is a
 member of the Company may, by resolution of its directors or other governing body, authorise
 a person or persons to act as its representative or representatives at any meeting of the
 Company, or at any separate meeting of the holders of any class of shares. The corporation
 shall for the purposes of these articles be deemed to be present in person at any such meeting
 if a person or persons so authorised is present at it. The Company may require such person
 or persons to produce a certified copy of the resolution before permitting him to exercise
 his powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A
 vote given or poll demanded by a corporate representative shall be valid notwithstanding
 that he is no longer authorised to represent the member unless notice of the termination
 was delivered in writing to the Company at such place or address and by such time as is specified
 in article 73 for the receipt of an appointment of proxy.

**APPOINTMENT AND RETIREMENT OF DIRECTORS**

**Number of directors**

80. Unless
 otherwise determined by a majority of the directors the number of directors (disregarding
 alternate directors) shall not be subject to any maximum but shall not be less than two.

**Procedure for appointment or reappointment at general meeting**

81. No
 person other than a director retiring at the meeting shall be appointed or reappointed a
 director at any general meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is recommended by the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 less than 14 nor more than 35 days before the date appointed for holding the meeting, notice
 executed by a member qualified to vote on the appointment or reappointment has been given
 to the Company of the intention to propose that person for appointment or reappointment,
 stating the particulars which would, if he were appointed or reappointed, be required to
 be included in the Company's register of directors, together with notice executed by
 that person of his willingness to be appointed or reappointed.

**Election of two or more directors**

82. At
 a general meeting a motion for the appointment of two or more persons as directors by a single
 resolution shall not be made unless a resolution that it shall be so made has first been
 agreed to by the meeting without any vote being given against it. For the purposes of this
 article a motion for approving a person's appointment or for nominating a person for
 appointment shall be treated as a motion for his appointment.

**Power of directors to appoint a director**

83. The
 directors may appoint a person who is willing to act as a director, and is permitted by law
 to do so, to be a director, either to fill a vacancy or as an additional director, provided
 that the appointment does not cause the number of directors to exceed any number fixed as
 the maximum number of directors.

**Annual retirement of directors**

84. The
 directors shall be divided into three classes: "Class A", "Class B"
 and "Class C". The number of directors in each class shall be as nearly equal
 as possible. Upon the adoption of these articles, the existing directors shall by resolution
 classify themselves as "Class A Directors", "Class B Directors" or
 "Class C Directors". The Class A Directors shall stand elected for a term expiring
 at the Company's first annual general meeting, the Class B Directors shall stand elected
 for a term expiring at the Company's second annual general meeting and the Class C
 Directors shall stand elected for a term expiring at the Company's third annual general
 meeting. Commencing at the Company's first annual general meeting following the adoption
 of these articles, and at each annual general meeting thereafter, directors elected to succeed
 those directors whose terms expire shall be elected for a term of office to expire at the
 third succeeding annual general meeting after their election. Except as the Acts or other
 applicable law may otherwise require, in the interim between annual general meetings called
 for the election of directors and/or the removal of one or more directors and the filling
 of any vacancy in that connection, additional directors and any vacancies in the board of
 directors, including unfilled vacancies resulting from the removal of directors for cause,
 may be filled by the vote of a majority of the remaining directors then in office, although
 less than a quorum (as defined in these articles). or by the sole remaining director. All
 directors shall hold office until the expiration of their respective terms of office and
 until their successors shall have been elected and qualified. A director elected to fill
 a vacancy resulting from the death, resignation or removal of a director shall serve for
 the remainder of the full term of the director whose death. resignation or removal shall
 have created such vacancy and until his successor shall have been elected and qualified.

**Filling of vacancy**

85. If
 the Company, at the meeting at which a director retires, does not fill the vacancy the retiring
 director shall, if willing to act, be deemed to have been reappointed unless at the meeting
 it is resolved not to fill the vacancy or a resolution for the reappointment of the director
 is put to the meeting and lost.

**Director not reappointed at annual general meeting**

86. A
 director who retires at an annual general meeting may be reappointed. If he is not reappointed
 or deemed to have been reappointed, he shall retain office until the meeting elects someone
 in his place or, if it does not do so, until the close of the meeting.

**DISQUALIFICATION OF DIRECTORS**

**Termination of a director's appointment**

87. A
 person ceases to be a director as soon as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 person ceases to be a director by virtue of any provision of the Acts or is prohibited from
 being a director by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 bankruptcy order is made against that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 composition is made with that person's creditors generally in satisfaction of that
 person's debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notification
 is received by the Company from that person that he is resigning or retiring from his office
 as director, and such resignation or retirement has taken effect in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the case of a director who holds any executive office, his appointment as such is terminated
 or expires and the directors resolve that he should cease to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that
 person is absent without permission of the directors from all meetings of the directors held
 during a continuous period of six months or more and the directors resolve that he should
 cease to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 notice in writing is served upon him personally, or at his residential address provided to
 the Company for the purposes of section 165 of the Companies Act 2006, signed by all the
 other directors stating that he shall cease to be a director with immediate effect (and such
 notice may consist of several copies each signed by one or more directors, but a notice executed
 by an alternate director need not also be executed by his appointor and, if it is executed
 by a director who has appointed an alternate director, it need not also be executed by the
 alternate director in that capacity).

**ALTERNATE DIRECTORS**

**Appointment and removal of an alternate director**

88. Any
 director (other than an alternate director) may appoint any other director, or any other
 person approved by resolution of the directors and willing to act and permitted by law to
 do so, to be an alternate director and may remove an alternate director appointed by him
 from his appointment as alternate director.

**Rights of an alternate director**

89. An
 alternate director shall be entitled to receive notices of meetings of the directors and
 of committees of the directors of which his appointor is a member, to attend and vote at
 any such meeting at which the director appointing him is not present, and generally to perform
 all the functions of his appointor as a director in his absence. An alternate director shall
 not (unless the Company by ordinary resolution otherwise determines) be entitled to any fees
 for his services as an alternate director, but shall be entitled to be paid such expenses
 as might properly have been paid to him if he had been a director.

**Termination of an alternate director's appointment**

90. An
 alternate director shall cease to be an alternate director if his appointor ceases to be
 a director; however, if a director retires, pursuant to these articles or otherwise, but
 is reappointed or deemed to have been reappointed at the meeting at which he retires, any
 appointment of an alternate director made by him which was in force immediately prior to
 his retirement shall continue after his reappointment.

91. An
 alternate director shall cease to be an alternate director on the occurrence in relation
 to the alternate director of any event which, if it occurred in relation to his appointor,
 would result in the termination of the appointer's appointment as a director.

**Method of appointment or removal of an alternate director**

92. An
 appointment or removal of an alternate director shall be by notice in writing to the Company
 signed by the director making or revoking the appointment or in any other manner approved
 by the directors.

**Other provisions regarding alternate directors**

93. Save
 as otherwise provided in these articles, an alternate director shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 deemed for all purposes to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alone
 be responsible for his own acts and omissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 addition to any restrictions which may apply to him personally, be subject to the same restrictions
 as his appointor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 be deemed to be the agent of or for the director appointing him.

**POWERS OF DIRECTORS**

**General powers of the Company vested in the directors**

94. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 purposes of the Company are to promote the success of the Company for the benefit of its
 members as a whole and. through its business and operations, to have a material positive
 impact on society and the environment, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 business of the Company shall be managed by the directors who, subject to the provisions
 of these articles and to any directions given by special resolution of the Company to take,
 or refrain from taking, specified action, may exercise all the powers of the Company. No
 alteration of these articles and no such direction shall invalidate any prior act of the
 directors which would have been valid if that alteration had not been made or that direction
 had not been given. The general management powers given by this article shall not be limited
 by any special authority or power given to the directors by any other article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 exercising the powers of the Company in a Director shall have regard (amongst other matters)
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 likely consequences of any decision in the long term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 interests of the Company's employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 need to foster the Company's business relationships with suppliers, customers and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 impact of the Company's operations on the community and the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 desirability of the Company maintaining a reputation for high standards of business conduct;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 need to act fairly as between members of the Company.

together, the matters referred to above shall be defined for the purposes of this Article as the "Stakeholder Interests".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For
 the purposes of a Director's duty to act in the way he or she considers, in good faith,
 most likely to promote the success of the Company, a Director shall not be required to regard
 the benefit of any particular Stakeholder Interest or group of Stakeholder Interests as more
 important than any other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Nothing
 in this Article express or implied, is intended to or shall create or grant any right or
 any cause of action to, by or for any person (other than the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Directors of the Company shall for each financial year of the Company prepare a strategic
 report as if sections 41 4A(1) and 414C of the Companies Act 2006 force at the date of adoption
 of these Articles) applies to the Company whether or not they would be required to do so
 otherwise than by this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Notwithstanding
 the generality of (2) above, the directors may exercise all the powers of the Company to:
 (i) borrow money; (ii) mortgage or charge all or any part or parts of its undertaking, property
 and uncalled capital; and (iii) issue debentures and other securities, whether outright or
 as collateral security for any debt, liability or obligation of the Company or of any third
 party.

**Provision for employees on cessation or transfer of business**

95. The
 directors may decide to make provision for the benefit of persons employed or formerly employed
 by the Company or any of its subsidiary undertakings (other than a director or former director
 or shadow director) in connection with the cessation or transfer to any person of the whole
 or part of the undertaking of the Company or that subsidiary undertaking.

**Delegation to persons or committees**

96. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the provisions of these articles, the directors may delegate any of the powers which are
 conferred on them under the articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 such person or committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 such means (including by power of attorney);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 such an extent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 relation to such matters or territories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on
 such terms and conditions, as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 the directors so specify, any such delegation may authorise further delegation of the directors'
 powers by any person to whom they are delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 directors may revoke any delegation in whole or part, or alter its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 power to delegate under this article includes power to delegate the determination of any
 fee, remuneration or other benefit which may be paid or provided to any director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject
 to paragraph (6) of this article, the proceedings of any committee appointed under paragraph
 (1)(a) of this article with two or more members shall be governed by such of these articles
 as regulate the proceedings of directors so far as they are capable of applying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 directors may make rules regulating the proceedings of such committees, which shall prevail
 over any rules derived from these articles pursuant to paragraph (5) of this article if,
 and to the extent that, they are not consistent with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) References
 to a committee of the directors are to a committee established in accordance with these articles,
 whether or not comprised wholly of directors.

**DIRECTORS' REMUNERATION, GRATUITIES AND BENEFITS**

**Directors' remuneration**

97. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Until
 otherwise determined by the Company by ordinary resolution, there shall be paid to the directors
 (other than alternate di rectors) such fees for their services in the office of director
 as the directors may determine, provided that any fees paid to the directors shall not exceed
 the amounts set out in the then applicable directors' remuneration policy approved
 by members for the purposes of section 439A of the Companies Act 2006. The fees shall be
 deemed to accrue from day to day and shall be distinct from and additional to any remuneration
 or other benefits which may be paid or provided to any director pursuant to any other provision
 of these articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any
 director who holds any other office in the Company (including for this purpose the office
 of chairman or deputy-chairman}, or who serves on any committee of the directors, or who
 performs, or undertakes to perform, services which the directors consider go beyond the ordinary
 duties of a director may be paid such additional remuneration (whether by way of fixed sum,
 bonus, commission, participation in profits or otherwise) as the directors may determine.

**Expenses**

98. The
 directors may also be paid all reasonable expenses properly incurred by them in connection
 with their attendance at meetings of the directors or of committees of the directors or general
 meetings or separate meetings of the holders of any class of shares or of debentures of the
 Company and any reasonable expenses property incurred by them otherwise in connection with
 the exercise of their powers and the discharge of their responsibilities in relation to the
 Company.

**Directors' gratuities and benefits**

99. The
 directors may (by the establishment of, or maintenance of, schemes or otherwise) provide
 benefits, whether by the payment of allowances, gratuities or pensions, or by insurance or
 death, sickness or disability benefits or otherwise, for any director or any former director
 of the Company or of anybody corporate which is or has been a subsidiary undertaking of the
 Company or a predecessor in business of the Company or of any such subsidiary undertaking,
 and for any member of his family (including a spouse or civil partner or a former spouse
 or former civil partner) or any person who is or was dependent on him and may (before as
 well as after he ceases to hold such office) contribute to any fund and pay premiums for
 the purchase or provision of any such benefit.

**Executive directors**

100. The
 directors may appoint one or more of their number to the office of managing director or to
 any other executive office of the Company and any such appointment may be made for such term,
 at such remuneration and on such other conditions as the directors think fit.

**DIRECTORS' APPOINTMENTS AND INTERESTS**

**Other interests and offices**

101. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provided
 that he has disclosed to the directors the nature and extent of any material interest of
 his, a director notwithstanding his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may
 be a party to, or otherwise interested in, any transaction or arrangement with the Company
 or in which the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 be a director or other officer of, or be employed by, or hold any position with, or be a
 party to any transaction or arrangement with, or otherwise interested in, anybody corporate
 in which the Company is interested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No
 transaction or arrangement shall be liable to be avoided on the ground of any interest, office,
 employment or position within paragraph (1) above and the relevant director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not infringe his duty to avoid a situation in which he has, or can have, a direct or indirect
 interest that conflicts, or possibly may conflict, with the interests of the Company as a
 result of any such office, employment or position, or any such transaction or arrangement,
 or any interest in any such body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not, by reason of his office as a director of the Company be accountable to the Company for
 any benefit which he derives from any such office, employment or position, or any such transaction
 or arrangement, or from any interest in any such body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not be required to disclose to the Company, or use in performing his duties as a director
 of the Company, any confidential information relating to any such office, employment, or
 position if to make such a disclosure or use would result in a breach of a duty or obligation
 of confidence owed by him in relation to or in connection with such office, employment or
 position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 absent himself from discussions, whether in meetings of the directors or otherwise, and exclude
 himself from information, which will or may relate to such office, employment, position,
 transaction, arrangement or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For
 the purposes of this article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice given to the directors that a director is to be regarded as having an interest
 of the nature and extent specified in the notice in any transaction or arrangement in which
 a specified person or class of persons is interested shall be deemed to be a disclosure that
 the director has an interest in any such transaction of the nature and extent so specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 director shall be deemed to have disclosed the nature and extent of an interest which consists
 of him being a director, officer or employee of any subsidiary undertaking of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 director need not disclose an interest if it cannot be reasonably regarded as likely to give
 rise to a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 director need not disclose an interest if, or to the extent that, the other directors are
 already aware of it (and for this purpose the other directors are treated as aware of anything
 of which they ought reasonably to be aware).

102. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 directors may (subject to such terms and conditions, if any, as they may think fit to impose
 from time to time, and subject always to their right to vary or terminate such authorisation)
 authorise, to the fullest extent permitted by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 matter which would otherwise result in a director infringing his duty to avoid a situation
 in which he has, or can have, a direct or indirect interest that conflicts, or possibly may
 conflict, with the interests of the Company and which may reasonably be regarded as likely
 to give rise to a conflict of interest (including a conflict of interest and duty or conflict
 of duties); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 director to accept or continue in any office, employment or position in addition to his office
 as a director of the Company and, without prejudice to the generality of paragraph (1)(a)
 of this article, m ay authorise the manner in which a conflict of interest arising out of
 such office, employment or position may be dealt with, either before or at the time that
 such a conflict of interest arises,

provided that the authorisation is effective only if (i) any requirement as to the quorum at the meeting at which the m atter is considered is met without counting the director in question or any other interested director, and (ii) the m atter was agreed to without their voting or would have been agreed to if their votes had not been counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 a matter, or office, employment or position, has been authorised by the directors in accordance
 with this article then (subject to such term s and conditions, if any, as the directors may
 think fit to impose from time to time, and subject always to their right to vary or terminate
 such authorisation or the permissions set out below) no transaction or arrangement relating
 to any such m atter shall be liable to be avoided on the ground of any such m atter, or office,
 employment or position and the relevant director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not infringe his duty to avoid a situation in which he has, or can have, a direct or indirect
 interest that conflicts, or possibly may conflict. with the interests of the Company as a
 result of any such matter, or office, employment or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not, by reason of his office as a director of the Company, be accountable to the Company
 for any benefit which he derives from any such matter, or from any such office, employment
 or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not be required to disclose to the Company, or use in performing his duties as a director
 of the Company, any confidential information relating to such matter, or such office, employment
 or position if to make such a disclosure or use would result in a breach of a duty or obligation
 of confidence owed by him in relation to or in connection with that matter, or that office,
 employment or position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 absent himself from discussions, whether in meetings of the directors or otherwise, and exclude
 himself from information, which will or may relate to that matter, or that office, employment
 or position.

**PROCEEDINGS OF DIRECTORS**

**Procedures regarding board meetings**

103. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the provisions of these articles, the directors may make any rule which they think fit
 about how they take decisions, and about how such rules are to be recorded or communicated
 to directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A
 director may, and the secretary at the request of a director shall, call a meeting of the
 directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notice
 of a board meeting may be given to a director personally, or by telephone, or sent in hard
 copy form to him at a postal address notified by him to the Company for this purpose, or
 sent in electronic form to such electronic address (if any) as may for the time being be
 notified by him to the Company for that purpose. A director may waive notice of any board
 meeting and any such waiver may be retrospective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Questions
 arising at a meeting shall be decided by a majority of votes. In case of an equality of votes,
 the chairman shall (unless he is not entitled to vote on the resolution in question} have
 a second or casting vote. A director who is also an alternate director shall be entitled
 in the absence of his appointer to a separate vote on behalf of his appointor in addition
 to his own vote: and an alternate director who is appointed by two or more directors shall
 be entitled to a separate vote on behalf of each of his appointers in the appointer's
 absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A
 meeting of the directors may consist of a conference between directors some or all of whom
 are in different places provided that each director who participates in the meeting is able:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 hear each of the other participating directors addressing the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 he so wishes, to address each of the other participating directors simultaneously,

whether directly, by conference telephone or by any other form of communication equipment (whether in use when this article is adopted or developed subsequently) or by a combination of such methods. A quorum shall be deemed to be present if those conditions are satisfied in respect of at least the number of directors required to form a quorum. A meeting held in this way shall be deemed to take place at the place where the largest group of directors is assembled or, if no such group is readily identifiable, at the place from where the chairman of the meeting participates at the start of the meeting.

**Number of directors below minimum**

104. The
 continuing directors or a sole continuing director may act notwithstanding any vacancies
 in their number, but, if the number of directors is less than either the number fixed as
 the minimum, or the quorum required for a meeting of the directors (or both) the continuing
 directors or director may act only for the purpose of filling vacancies or of calling a general
 meeting.

**Election and removal of chairman and deputy chairman**

105. The
 directors may elect from their number. and remove, a chairman and a deputy chairman of the
 board of directors. The chairman, or in his absence the deputy chairman, shall preside at
 all meetings of the directors, but if there is no chairman or deputy chairman, or if at the
 meeting neither the chairman nor the deputy chairman is present within ten minutes after
 the time appointed for the meeting, or if neither of them is willing to act as chairman,
 the directors present may choose one of their number to be chairman of the meeting.

**Resolutions in writing**

106. A
 resolution in writing agreed to by all the directors entitled to receive notice of a meeting
 of the directors and who would be entitled to vote (and whose vote would have been counted)
 on the resolution at a meeting of the directors shall (if that number is sufficient to constitute
 a quorum) be as valid and effectual as if it had been passed at a meeting of the directors,
 duly convened and held. A resolution in writing is adopted when all such directors have signed
 one or more copies of it or have otherwise indicated their agreement to it in writing. A
 resolution agreed to by an alternate director, however, need not also be agreed to by his
 appointor and, if it is agreed to by a director who has appointed an alternate director,
 it need not also be agreed to by the alternate director in that capacity.

**Quorum**

107. No
 business shall be transacted at any meeting of the directors unless a quorum is present.
 The quorum may be fixed by the directors. If the quorum is not fixed by the directors, the
 quorum shall be two. A director shall not be counted in the quorum present in relation to
 a matter or resolution on which he is not entitled to vote (or when his vote cannot be counted)
 but shall be counted in the quorum present in relation to all other matters or resolutions
 considered or voted on at the meeting. An alternate director who is not himself a director
 shall if his appointor is not present, be counted in the quorum. An alternate director who
 is himself a director shall only be counted once for the purpose of determining if a quorum
 is present.

**Permitted interests and voting**

108. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to articles 106 (2) and 107, notwithstanding the fact that a proposed decision of the directors
 concerns or relates to any matter in which a director has, or may have, directly or indirectly,
 any kind of interest whatsoever, that director may participate in the decision-making process
 for both quorum and voting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 directors have the power to authorise a director's conflict of interest under section
 175(4) (b) of the Acts. If the directors propose to exercise this power, the director facing
 the conflict is not to be counted as participating in the decision to authorise the conflict
 for quorum or voting purposes.

109. Subject
 to the provisions of the Acts, and provided that (if required to do so by the said Acts)
 he has declared to the directors the nature and extent of any direct or indirect interest
 of his, a director, notwithstanding his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) may
 be a party to or otherwise interested in, any transaction or arrangement with the Company
 or in which the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) may
 be a director or other officer or an employee of, or a party to any transaction or arrangement
 with, or otherwise interested in, any subsidiary of the Company or body corporate in which
 the Company is interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is
 not accountable to the Company for any remuneration or other benefits which he derives from
 any such office or employment or from any such transaction or arrangement or from any interest
 in any such body corporate and no transaction or arrangement is liable to be avoided on the
 ground of any such remuneration, benefit or interest.

**Suspension or relaxation of prohibition on voting**

110. The
 Company may by ordinary resolution suspend or relax to any extent, in respect of any particular
 matter, any provision of these articles prohibiting a director from voting at a meeting of
 the directors or of a committee of the directors.

**Questions regarding director's rights to vote**

111. If
 a question arises at a meeting of the directors as to the right of a director to vote, the
 question may, before the conclusion of the meeting, be referred to the chairman of the meeting
 (or, if the director concerned is the chairman, to the other directors at the meeting), and
 his ruling in relation to any director other than himself (or, as the case may be, the ruling
 of the majority of the other directors in relation to the chairman) shall be final and conclusive.

**DIVIDENDS**

**Declaration of dividends by Company**

112. The
 Company may by ordinary resolution declare dividends in accordance with the respective rights
 of the members, but no dividend shall exceed the amount recommended by the directors.

**Payment of interim dividends**

113. The
 directors may pay interim dividends if it appears to them that they are justified by the
 profits of the Company available for distribution. If the share capital is divided into different
 classes, the directors may pay interim dividends on shares which confer deferred or non-preferred
 rights with regard to dividend as well as on shares which confer preferential rights with
 regard to dividend, but no interim dividend shall be paid on shares carrying deferred or
 non-preferred rights if, at the time of payment, any preferential dividend is in arrear.
 The directors may also pay at intervals settled by them any dividend payable at a fixed rate
 if it appears to them that the profits available for distribution justify the payment. If
 the directors act in good faith they shall not incur any liability to the holders of shares
 conferring preferred rights for any loss they may suffer by the lawful payment of an interim
 dividend on any shares having deferred or non-preferred rights.

**Payment according to amount paid up**

114. Except
 as otherwise provided by these articles or the rights attached to shares, all dividends shall
 be declared and paid according to the amounts paid up on the shares on which the dividend
 is paid. If any share is issued on terms that it ranks for dividend as from a particular
 date, it shall rank for dividend accordingly. In any other case (and except as aforesaid),
 dividends shall be apportioned and paid proportionately to the amounts paid up on the shares
 during any portion or portions of the period in respect of which the dividend is paid. For
 the purpose of this article, no account is to be taken of any amount which has been paid
 up on a share in advance of the due date for payment of that amount.

**Non-cash distribution**

115. The
 directors may determine when resolving to pay a dividend, and a general meeting declaring
 a dividend may, upon the recommendation of the directors, direct that it shall b€ satisfied
 wholly or partly by the distribution of specific assets and in particular of fully paid shares
 or debentures of any other company. Where any difficulty arises in regard to the distribution,
 the directors may settle the same as they think fit and in particular (but without limitation)
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional certificates or other fractional entitlements (or ignore fractions) and fix the
 value for distribution of such specific assets or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine
 that cash shall be paid to any member on the basis of the value so fixed in order to adjust
 the rights of those entitled to participate in the dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 any such specific assets in trustees.

**Dividend payment procedure**

116. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 dividend or other money payable relating to a share shall be paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the share is held by more than one holder, all joint holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 person or persons becoming entitled to the share by reason of the death or bankruptcy of
 a holder or otherwise by operation of law,

and such person shall be referred to as the "recipient" for the purposes of this article and article 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any
 dividend or other money payable relating to a share shall be paid by such method as the directors
 decide. Without limiting any other method of payment which the directors may decide upon,
 the payments may be made, wholly or partly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 sending a cheque, warrant or any other similar financial instrument to the recipient by post
 addressed to his registered address or, in the case of joint recipients, by sending such
 cheque, warrant or any other similar financial instrument to the registered address of whichever
 of the joint recipients' names appears first on the register of members, or, in the
 case of persons entitled by operation of law, to any such persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 inter-bank transfer or any other electronic form, or electronic means to an account (of a
 type approved by the directors) which is specified in a written instruction from the recipient
 (or, in the case of joint recipients, all joint recipients):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 respect of shares in uncertificated form, where the Company is authorised to do so by or
 on behalf of the recipient (or, in the case of joint recipients, all joint recipients) in
 such manner as the directors may from time to time consider sufficient. by means of a relevant
 system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 some other way requested in writing by the recipients (or, in the case of joint recipients,
 all joint recipients) and agreed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the case of a Depositary, and subject to the approval of the directors, to such persons and
 postal addresses as the Depositary may direct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 such other person as may be set out in a written instruction from the recipient (or, in the
 case of joint recipients. all joint recipients), in which case payment shall be made in accordance
 with sub clauses (a) to (d) above, as specified in the written instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 respect of the payment of any dividend or other sum which is a distribution, the directors
 may decide, and notify recipients, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 or more of the means described in paragraph (2) will be used for payment and a recipient
 may elect to receive the payment by one of the means so notified in the manner prescribed
 by the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one
 or more of such means will be used for the payment unless a recipient elects otherwise in
 the manner prescribed by the directors: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) one
 or more of such means will be used for the payment and that recipients will not be able to
 elect otherwise.

The directors may for this purpose decide that different methods of payment may apply to different recipients or groups of recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 cheques, warrants and similar financial instruments are sent, and payment in any other way
 is made, at the risk of the person who is entitled to the money and the Company will not
 be responsible for a payment which is lost, rejected or delayed. The Company can rely on
 a receipt for a dividend or other money paid in relation to a share from any one of the joint
 recipients on behalf of all of them. The Company is treated as having paid a dividend if
 the cheque, warrant or similar financial instrument is cleared or if a payment is made using
 a relevant system or inter-bank transfer or other electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject
 to the rights attaching to any shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 dividends or other monies payable on or in respect of a share may be declared or paid in
 such currency or currencies and using such exchange rate or such date for determining the
 value or currency conversions as the directors may determine: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following
 agreement with a Depositary, the directors may decide that that Depositary shall receive
 dividends in a currency other than the currency in which they were declared and can make
 arrangements accordingly. In particular, if a Depositary has chosen or agreed to receive
 dividends in another currency, the directors can make arrangements with the Depositary for
 payment to be made to the Depositary for value on the date on which the relevant dividend
 is paid, or a later date decided by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 holders of the Deferred Shares shall not be entitled to receive any dividends.

**Right to cease sending payment and unclaimed payments**

117. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company may cease to send any cheque or warrant, or to use any other method of payment, for
 any dividend payable in respect of a share if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 respect of at least two consecutive dividends payable on that share the cheque or warrant
 has been returned undelivered or remains uncashed, or another method of payment has failed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of one dividend payable on that share, the cheque or warrant has been returned undelivered
 or remains uncashed, or another method of payment has failed, and reasonable enquiries have
 failed to establish any new address or account of the recipient; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 recipient does not specify an address, or does not specify an account of a type prescribed
 by the directors, or other details necessary in order to make a payment of a dividend by
 the means by which the directors have decided in accordance with these articles that a payment
 is to be made, or by which the recipient has elected to receive payment, and such address
 or details are necessary in order for the company to make the relevant payment in accordance
 with such decision or election,

but, subject to the provisions of these articles, the Company may recommence sending cheques or warrants, or using another method of payment, for dividends payable on that share if the person or persons entitled so request and have supplied in writing a new address or account to be used for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 cases where the Company makes a payment of a dividend or other sum which is a distribution
 in accordance with these articles and that payment is rejected or refunded, such sum may
 be invested or otherwise made use of for the benefit of the Company until the relevant recipient
 (or, in the case of joint recipients, all joint recipients) nominates a valid address or
 account to which the payment shall be made. If the Company does this, it will not be a trustee
 of the money and will not be liable to pay interest on it and any amount credited to an account
 of the Company is to be treated as having been paid to the relevant recipient (or, in the
 case of joint recipients, all joint recipients) at the time it is credited to that account.

**No interest on dividends**

118. No
 dividend or other money payable in respect of a share shall bear interest against the Company,
 unless otherwise provided by the rights attached to the share.

**Forfeiture of unclaimed dividends**

119. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 dividend or other money payable in respect of a share which has remained unclaimed for 12
 years from the date when it became due for payment shall be forfeited (unless the directors
 decide otherwise) and shall cease to remain owing by the Company and the Company shall not
 be obliged to account to, or be liable in any respect to, the recipient or person who would
 have been entitled to the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 the Company sells the share under Article 39, any dividend or other money payable in respect
 of the share outstanding at the time of sale shall be forfeited and the Company shall not
 be obliged to account to, or be liable in any respect to, the recipient or person who would
 have been entitled to the amount.

**Scrip dividends**

120. The
 directors may, with the authority of an ordinary resolution of the Company, offer any holders
 of ordinary shares the right to elect to receive new ordinary shares, credited as fully paid,
 instead of cash in respect of the whole (or some part, to be determined by the directors)
 of any dividend specified by the ordinary resolution. The following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 resolution m ay specify a particular dividend or dividends (whether or not declared), or
 may specify any, some or all dividends declared or payable within a specified period, but
 such period must not end later than the end of the third annual general meeting following
 the date of the meeting at which the ordinary resolution is passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may offer such rights of election to holders either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of the next dividend proposed to be paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of that dividend and all subsequent dividends, until such time as the election is
 revoked by the Company or the authority given pursuant to paragraph (a) of this article expires
 without being renewed (whichever is the earliest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 entitlement of each holder of shares to new shares of the same class shall be such that the
 relevant value of the entitlement shall be as nearly as possible equal to (but not greater
 than) the cash amount (disregarding any tax credit) that such holder would have received
 by way of dividend. For this purpose "relevant value" shall be the closing price
 or last sale price of a share if such class of shares is publicly traded or such price as
 may be determined by the board of directors of the Company in its reasonable good faith judgment.
 A certificate or report by the auditors as to the amount of the relevant value in respect
 of any dividend shall be conclusive evidence of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 fraction of a share shall be allotted and the directors may make such provision for fractional
 entitlements as they think fit, including provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 the whole or part of the benefit of fractional entitlements to be disregarded or to accrue
 to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the value of fractional entitlements to be accumulated on behalf of a member (without entitlement
 to interest) and applied in paying up new shares in connection with a subsequent offer by
 the Company of the right to receive shares instead of cash in respect of a future dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 the directors resolve to offer a right of election, they shall, after determining the basis
 of allotment, notify the holders of ordinary shares in writing of the right of election offered
 to them, and shall send with, or following, such notification, forms of election and specify
 the procedure to be followed and place at which, and the latest time by which, elections
 must be received in order to be effective. No notice need be given to a holder who has previously
 made (and has not revoked) an earlier election to receive new shares in place of all future
 dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 directors may on any occasion decide that rights of election shall only be made available
 subject to such exclusions, restrictions or other arrangements as they shall in their absolute
 discretion deem necessary or desirable in order to comply with legal or practical problems
 under the laws of, or the requirements of any recognised regulatory body or stock exchange
 in, any territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 dividend (or that part of the dividend in respect of which a right of election has been given)
 shall not be payable on ordinary shares in respect of which an election has been duly made
 ("the elected ordinary shares"). Instead, additional ordinary shares shall be
 allotted to the holders of the elected ordinary shares on the basis of allotment determined
 as aforesaid. For such purpose the directors shall capitalise out of any amount for the time
 being standing to the credit of any reserve or fund (including any share premium account
 or capital redemption reserve) or any of the profits which could otherwise have been applied
 in paying dividends in cash. as the directors may determine, a sum equal to the aggregate
 nominal amount of the additional ordinary shares to be allotted on that basis and apply it
 in paying up in full the appropriate number of ordinary shares for allotment and distribution
 to the holders of the elected ordinary shares on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 directors shall not proceed with any election unless the Company has sufficient reserves
 or funds that may be capitalised to give effect to it after the basis of allotment is determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 the purposes of a scrip dividend authorised pursuant to this article only, a resolution of
 the directors capitalising any profits of the Company not required for paying any preferential
 dividend (whether or not they are available for distribution} or any sum standing to the
 credit of any reserve or fund of the Company (including any share premium account. capital
 redemption reserve, merger reserve or revaluation reserve) shall have the same effect as
 if such capitalisation had been declared by ordinary resolution of the Company in accordance
 with article 119 and the directors may, in relation to any such capitalisation, exercise
 all of the powers conferred on them by article 119.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unless
 the directors decide otherwise or the rules of a relevant system require otherwise, any new
 ordinary shares which a holder has elected to receive instead of cash in respect of some
 or all of his dividend will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares
 in uncertificated form if the corresponding elected ordinary shares were uncertificated shares
 on the record date for that dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares
 in certificated form if the corresponding elected ordinary shares were shares in certificated
 form on the record date for that dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 additional ordinary shares when allotted shall rank pari passu in all respects with the fully
 paid ordinary shares then in issue except that they will not be entitled to participation
 in the dividend in lieu of which they were allotted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 directors may do all acts and things which they consider necessary or expedient to give effect
 to any such capitalisation, and may authorise any person to enter on behalf of all the members
 interested into an agreement with the Company providing for such capitalisation and incidental
 matters and any agreement so made shall be binding on all concerned.

**CAPITALISATION OF PROFITS**

**Capitalisation of profits**

121. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 directors may with the authority of an ordinary resolution of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 as provided in this article, resolve to capitalise any profits of the Company not required
 for paying any preferential dividend (whether or not they are available for distribution)
 or any sum standing to the credit of any reserve or fund of the Company (including any share
 premium account, capital redemption reserve, merger reserve or revaluation reserve);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalised to the members in proportion to the nominal amounts of
 the shares (whether or not fully paid) held by them respectively which would (or in the case
 of treasury shares, which would if such shares were not held as treasury shares) entitle
 them to participate in a distribution of that sum if the shares were fully paid and the sum
 were then distributable and were distributed by way of dividend and apply such sum on their
 behalf either in or towards paying up the amounts, if any, for the time being unpaid on any
 shares held by them respectively, or in paying up in full shares or debentures of the Company
 of a nominal amount equal to that sum, and allot such shares or debentures credited as fully
 paid to those members or as they may direct, in those proportions, or partly in one way and
 partly in the other, but the share premium account, the capital redemption reserve, and any
 profits which are not available for distribution may, for the purposes of this article, only
 be applied in paying up shares to be allotted to members credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve
 that any shares so allotted to any member in respect of a holding by him of any partly paid
 shares shall so long as such shares remain partly paid rank for dividend only to the extent
 that the latter shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make
 such provision by the issue of fractional certificates or other fractional entitlements (or
 by ignoring fractions) or by payment in cash or otherwise as they think fit in the case of
 shares or debentures becoming distributable in fractions (including provision whereby the
 benefit of fractional entitlements accrues to the Company rather than to the members concerned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorise
 any person to enter on behalf of all the members concerned into an agreement with the Company
 providing for the allotment to them respectively, credited as fully paid, of any further
 shares to which they are entitled upon such capitalisation, any agreement made under such
 authority being binding on all such members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally
 do all acts and things required to give effect to such resolution as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where,
 pursuant to an employees' share scheme (within the meaning of section 1166 of the Companies
 Act 2006) the Company has granted options to subscribe for shares on terms which provide
 (inter alia) for adjustments to the subscription price payable on the exercise of such options
 or to the number of shares to be allotted upon such exercise in the event of any increase
 or reduction in or other reorganisation of the Company's issued share capital and an
 otherwise appropriate adjustment would result in the subscription price for any share being
 less than its nominal value, then the directors may, on the exercise of any of the options
 concerned and payment of the subscription price which would have applied had such adjustment
 been made, capitalise any such profits or other sum as is mentioned in paragraph (1)(a) above
 to the extent necessary to pay up the unpaid balance of the nominal value of the shares which
 fall to be allotted on the exercise of such options and apply such amount in paying up such
 balance and allot shares fully paid accordingly. The provisions of paragraphs (1)(a) to
 (f) above shall apply with the necessary alterations to this paragraph (but as if the authority
 of an ordinary resolution of the Company were not required).

**RECORD DATES FOR PAYMENTS AND ISSUE**

**Company or directors may fix record dates for payments and issue**

122. Notwithstanding
 any other provision of these articles, but without prejudice to the rights attached to any
 shares, the Company or the directors may fix a date and time as the record date by reference
 to which persons registered as holders of shares or other securities shall be entitled to
 receipt of any dividend, distribution. allotment or issue, and that date may be before, on
 or after the date on which the dividend, distribution, allotment or issue is declared, paid
 or made, and where such a record date is fixed, references in these articles to a holder
 of shares or member to whom a dividend is to be paid or a distribution, allotment or issue
 is to be made shall be construed accordingly;

**NOTICES AND OTHER COMMUNICATIONS**

**Requirements for writing**

123. Any
 notice to be given to or by any person pursuant to these articles shall be in writing, other
 than a notice calling a meeting of the directors, which need not be in writing.

**Methods of sending or supplying**

124. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 notice, document or information may (without prejudice to articles 126 and 127) be sent or
 supplied by the Company to any member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 hand, that is by any person (including a courier or process server) handing it to the member
 or leaving it at the member's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 sending it by post in a prepaid envelope addressed to the member at his registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 sending it in electronic form to a person who has agreed (generally or specifically) that
 the notice, document or information may be sent or supplied in that form (and has not revoked
 that agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 making it available on a website, provided that the requirements in paragraph (2) of this
 article and the provisions of the Acts are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) through
 a relevant system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 some other way authorised in writing by the relevant member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 requirements referred to in paragraph (1)(d) of this article are that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 member has agreed (generally or specifically) that the notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) document
 or information may be sent or supplied to him by being made available on a website (and has
 not revoked that agreement), or the member has been asked by the Company to agree that the
 Company may send or supply notices, documents and information generally, or the notice, document
 or information in question, to him by making it available on a website and the Company has
 not received a response within the period of 28 days beginning on the date on which the Company's
 request was sent and the member is therefore taken to have so agreed (and has not revoked
 that agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 member is sent a notification of the presence of the notice, document or information on a
 website, the address of that website, the place on that website where it may be accessed,
 and how it may be accessed ("notification of availability");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of a notice of meeting, the notification of availability states that it concerns
 a notice of a company meeting, specifies the place, time and date of the meeting, and states
 whether it will be an annual general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 notice, document or information continues to be published on that website, in the case of
 a notice of meeting, throughout the period beginning with the date of the notification of
 availability and ending with the conclusion of the meeting and in another cases throughout
 the period specified by any applicable provision of the Acts, or, if no such period is specified,
 throughout the period of 28 days beginning with the date on which the notification of availability
 is sent to the m ember, save that if the notice, document or information is made available
 for part only of that period then failure to make it available throughout that period shall
 be disregarded where such failure is wholly attributable to circumstances which it would
 not be reasonable to have expected the Company to prevent or avoid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 the case of joint holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall be sufficient for all notices, documents and other information to be sent or supplied
 to the joint holder whose name stands first in the register of members in respect of the
 joint holding only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 agreement of the joint holder whose name stands first in the register of members in respect
 of the joint holding that notices, documents and information may be sent or supplied in electronic
 form or by being made available on a website shall be binding on all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
 the case of a member registered on a branch register, any notice, document or other information
 can be posted or despatched or in the country where the branch register is kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For
 the avoidance of doubt, the provisions of this article are subject to article 42.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Company may at any time and at its sole discretion choose to send or supply notices, documents
 and information only in hard copy form to some or all members.

**Deemed receipt of notice**

125. A
 member present either in person or by proxy at any meeting of the Company or of the holders
 of any class of shares shall be deemed to have received notice of the meeting and, where
 requisite, of the purposes for which it was called.

**Company or directors may fix record dates for notices**

126. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company or the directors may fix a date and time as the record date by reference to which
 persons registered as holders of shares or other securities shall be entitled to receive
 any notice or other document to be given to m embers and no change in the register after
 that time shall invalidate the giving of the notice or document, provided that in the case
 of a notice of general meeting or the annual accounts and reports of the Company, such record
 date shall be not more than sixty (60) days before the day the notice or document is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every
 person who becomes entitled to a share shall be bound by any notice in respect of that share
 which, before his name is entered in the register of members, has been given to the person
 from whom he derives his title.

**Notice when post not available**

127. Where,
 by reason of any suspension or curtailment of postal services, the Company is unable effectively
 to give notice of a general meeting, or meeting of the holders of any class of shares, the
 board m ay decide that the only persons to whom notice of the affected general meeting must
 be sent are: the directors; the Company's auditors; those members to whom notice to
 convene the general meeting can validly be sent by electronic means and those m embers to
 whom notification as to the availability of the notice of meeting on a website can validly
 be sent by electronic means. In any such case the Company shall also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) advertise
 the general meeting in at least two national daily newspapers published in the United States;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) send
 or supply a confirmatory copy of the notice to members in the same manner as it sends or
 supplies notices under article 123 if at least seven clear days before the meeting the posting
 of notices again becomes practicable.

**Other notices and communications advertised in national newspaper**

128. Any
 notice, document or information to be sent or supplied by the Company to the members or any
 of them, not being a notice of a general meeting, shall be sufficiently sent or supplied
 if sent or supplied by advertisement in at least one national daily newspaper published in
 the United States.

**When notice or other communication deemed to have been received**

129. Any
 notice, document or information sent or supplied by the Company to the members or any of
 them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 hand, shall be deemed to have been received on the day it was handed to the member or left
 at the member's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 post, shall be deemed to have been received 24 hours after the time at which the envelope
 containing the notice, document or information was posted unless it was sent by second class
 post, or there is only one class of post. or it was sent by air mail to an address outside
 the United States, in which case it shall be deemed to have been received 48 hours after
 it was posted, and proof that the envelope was properly addressed, prepaid and posted shall
 be conclusive evidence that the notice, document or information was sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 electronic means, shall be deemed to have been received 24 hours after it was sent. Proof
 that a notice, document or information in electronic form was addressed to the electronic
 address provided by the member for the purpose of receiving communications from the Company
 shall be conclusive evidence that the notice, document or information was sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 making it available on a website, shall be deemed to have been received on the date on which
 notification of availability on the website is deemed to have been received in accordance
 with this article or, if later, the date on which it is first made available on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 means of a relevant system, shall be deemed to have been received 24 hours after the Company
 or any sponsoring system-participant acting on the Company's behalf, sends the issuer-instruction
 relating to the notice, document or information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 any other means specified in a written authorisation from the relevant member, shall be deemed
 to have been received when the Company has done what it was authorised to do by that member;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 advertisement, shall be deemed to have been received on the day on which the advertisement
 appears.

**Communications sent or supplied to persons entitled by transmission**

130. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 a person who claims to be entitled to a share in consequence of the death or bankruptcy of
 a holder or otherwise by operation of law supplies to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 evidence as the directors may reasonably require to show his title to the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 address at which notices, documents or information may be sent or supplied to such person,
 then such a person shall be entitled to have sent or supplied to him at such address any
 notice, document or information to which the relevant holder would have been entitled if
 the death or bankruptcy or any other event giving rise to an entitlement to the share by
 law had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Until
 a person entitled to the share has complied with article 128(1), any notice, document or
 information may be sent or supplied to the relevant holder in any manner authorised by these
 articles, as if the death or bankruptcy or any other event giving rise to an entitlement
 to the share by law had not occurred. This shall apply whether or not the Company has notice
 of the death or bankruptcy or other event.

**Power to stop sending communications to untraced members**

131. If
 on three consecutive occasions notices, documents or information sent or supplied to a member
 have been returned undelivered, the member shall not be entitled to receive any subsequent
 notice, document or information until he has supplied to the Company (or its agent) a new
 registered address, or shall have informed the Company, in such manner as may be specified
 by the Company, of an electronic address. For the purposes of this article, references to
 notices, documents or information include references to a cheque or other instrument of payment;
 but nothing in this article shall entitle the Company to cease sending any cheque or other
 instrument of payment for any dividend, unless it is otherwise so entitled under these articles.

**Validation of documents in electronic form**

132. Where
 a document is required under these articles to be signed by a member or any other person,
 if the document is in electronic form, then in order to be valid the document must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incorporate
 the electronic signature, or personal identification details (which may be details previously
 allocated by the Company), of that member or other person, in such form as the directors
 may approve; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 accompanied by such other evidence as the directors m ay require in order to be satisfied
 that the document is genuine.

The Company may designate mechanisms for validating any such document and a document not validated by the use of any such mechanisms shall be deemed as having not been received by the Company. In the case of any document or information relating to a meeting, an instrument of proxy or invitation to appoint a proxy, any validation requirements shall be specified in the relevant notice of meeting in accordance with articles 43 and 72.

**BRANCH REGISTERS**

**Overseas branch registers**

133. The
 Company, or the directors on behalf of the Company, may cause to be kept in any territory
 an overseas branch register of members resident in such territory, and the directors may
 make, and vary, such arrangements as they may think fit in relation to the keeping of any
 such register.

**ADMINISTRATION**

**Making and retention of minutes**

134. The
 directors shall cause minutes to be made, in books kept for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 proceedings at meetings of the Company, of the holders of any class of shares in the Company,
 and of the directors, and of committees of the directors, including the names of the directors
 present at each such meeting.

Minutes shall be retained for at least ten years from the date of the appointment or meeting and shall be kept available for inspection in accordance with the Acts.

**Inspection of accounts**

135. Except
 as provided by statute or by order of the court or authorised by the directors or an ordinary
 resolution of the Company, no person is entitled to inspect any of the Company's accounting
 or other records or documents merely by virtue of being a member.

**Appointment of secretary**

136. The
 secretary shall be appointed by the directors for such term, at such remuneration and upon
 such other conditions as they think fit; and any secretary so appointed may be removed by
 them.

**Use of the seal**

137. The
 seal shall be used only by the authority of a resolution of the directors or of a committee
 of the directors. The directors may determine whether any instrument to which the seal is
 affixed shall be signed and, if it is to be signed, who shall sign it. Unless otherwise determined
 by the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) share
 certificates and, subject to the provisions of any instrument constituting the same, certificates
 issued under the seal in respect of any debentures or other securities, need not be signed
 and any signature may be applied to any such certificate by any mechanical or other means
 or may be printed on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 other instrument to which the seal is affixed shall be signed by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) two
 directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one
 director and the secretary of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at
 least one authorised person in the presence of a witness who attests the signature.

For this purpose an authorised person is any director of the Company or the secretary of the Company, or any person authorised by the directors for the purpose of signing instruments to which the seal is affixed.

**Official seal for use abroad**

138. The
 Company may have an official seal for use in accordance with the Acts. Such a seal shall
 be used only by the authority of a resolution of the directors or of a committee of the directors.

**Destruction of documents**

139. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company may destroy:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 instrument of transfer, after six years from the date on which it is registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 dividend mandate or notification of change of name or address, after two years from the date
 on which it is recorded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 share certificate, after one year from the date on which it is cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 other document on the basis of which an entry in the register of members is made, after six
 years from the date on which it is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any
 document referred to in paragraph (1) of this article may be destroyed earlier than the relevant
 date authorised by that paragraph, provided that a copy of the document (whether made electronically,
 by microfilm, by digital imaging or by any other means) has been made which is not destroyed
 before that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It
 shall be conclusively presumed in favour of the Company that every entry in the register
 of members purporting to have been made on the basis of a document destroyed in accordance
 with this article was duly and properly made, that every instrument of transfer so destroyed
 was duly registered, that every share certificate so destroyed was duly cancelled, and that
 every other document so destroyed was valid and effective in accordance with the particulars
 in the records of the Company, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 article shall apply only to the destruction of a document in good faith and without notice
 of any claim (regardless of the parties to it) to which the document might be relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing
 in this article shall be construed as imposing upon the Company any liability in respect
 of the destruction of any such document otherwise than in accordance with this article which
 would not attach to the Company in the absence of this article; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references
 in this article to the destruction of any document include references to the disposal of
 it in any manner.

**Change of name**

140. The
 Company may change its name by resolution of the directors.

**WINDING UP**

**Winding up**

141. If
 the Company is wound up, the liquidator may, with the sanction of a special resolution and
 any other sanction required by law, divide among the members in specie the whole or any part
 of the assets of the Company and may, for that purpose, value any assets and determine how
 the division shall be carried out as between the members or different classes of members.
 The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees
 upon such trusts for the benefit of the members as he may with the like sanction, determine,
 but no member shall be compelled to accept any assets upon which there is a liability.

**PREFERENCE SHARES**

142. Pursuant
 to article 4, the Company may, by a resolution of the board, allot and issue Preference Shares
 with such rights attaching to them as the board may decide at the time of allotment of those
 particular Preference Shares, including income rights, capital rights, voting rights, redemption
 rights and/or conversion rights.

143. The
 Preference Shares shall have the following rights unless otherwise determined by the board
 in accordance with article 142.

**Income rights**

144. The
 Company shall, without resolution of the board or of the Company and before application of
 any profits to reserve or for any other purpose, pay in respect of each Preference Share,
 a fixed cumulative preferential dividend at the annual rate of 6% (or such other percentage
 rate as may be set by the board pursuant to article 142) of the nominal value of each Preference
 Share (Preferential Dividend). The Preferential Dividend shall accrue daily, as well after
 as before the commencement of a winding up, and shall be calculated on the basis of a 365-day
 year and the number of days elapsed.

145. Subject
 to article 144, the Company shall pay each Preferential Dividend in kind by the issue on
 the date falling 30 days after the Company's financial year end each year (or such
 other date as may be set by the board pursuant to article 142) ("PIK Date") to
 the person registered as the holder of the Preference Share on that PIK Date of further Preference
 Shares with an aggregate nominal value equal to the amount of the Preferential Dividend that
 is due to such holder (rounded up to the nearest whole Preference Share). The first payment
 in kind in respect of any Preference Shares shall be in respect of the period from and including
 the date of issue of such Preference Share to and including the first PIK Date.

146. The
 board may, provided that the Company has sufficient distributable profits out of which to
 pay the same, elect to pay any Preferential Dividend in cash rather than in kind.

**Capital rights**

147. On
 a return of capital on liquidation, reduction of capital or otherwise (except on a redemption
 or purchase by the Company of any of its own shares), the holders of the Preference Shares
 shall be entitled, in priority to any return of capital on any other class of shares, to
 repayment of the amount paid up or credited as paid up on each Preference Share, together
 with a sum equal to any arrears and accruals of the Preferential Dividend on each such share
 calculated down to and including the date of the return of capital. If, upon any return of
 capital, the amounts available for payment are insufficient to cover the amounts payable
 in full on the Preference Shares, the holders of the Preference Shares shall share rateably
 in the return of capital pro rata to the aggregate amounts to which they are respectively
 entitled.

**Voting Rights**

148. The
 holders of the Preference Shares shall not, in such capacity, be entitled to receive notice
 of, or to attend or vote at, any general meeting of the Company and shall not be entitled
 to receive a copy of or vote on any written resolution of the Company, in each case in respect
 of the Preference Shares held by them.

**Redemption**

149. If
 any Preference Shares are allotted on terms that they shall be redeemable, the following
 articles 149 to 157 shall apply (save to the extent that the board otherwise determines in
 accordance with article 142).

150. Upon
 allotting any Preference Share, the board may set a date in the future on which that Preference
 Share is to be redeemed out of the profits of the Company available for distribution or other
 monies that may be lawfully applied for such purpose ("Maturity Date"). If no
 other Maturity Date is set by the Board, the Maturity Date for a Preference Share shall be
 the date falling 18 calendar months after its allotment, (provided that if that day is not
 a Business Day, the Maturity date will be the next following Business Day).

151. The
 Company shall redeem each Preference Share which remains outstanding and has not been converted
 into an A ordinary Share at its Maturity Date out of the profits of the Company available
 for distribution or other monies that may be lawfully applied for such purpose.

152. Where
 Preference Shares are to be redeemed in accordance with article 142, the Company shall give
 to the holders of the Preference Shares falling to be redeemed prior notice in writing of
 the redemption (Redemption Notice). The Redemption Notice shall specify the Preference Shares
 to be redeemed and the date fixed for redemption (which shall be their Maturity Date) and
 shall be given not less than 5 Business Days prior to the date fixed for redemption.

153. If,
 as a result of not having sufficient distributable profits or other monies that may be lawfully
 applied for redemption, the Company is unable to redeem in full the relevant number of Preference
 Shares on their Maturity Date, the Company shall redeem as many of such Preference Shares
 as can lawfully and properly be redeemed and the Company shall redeem the balance as soon
 as it is lawfully and properly able to do so.

154. If
 the Company is at any time redeeming fewer than all of the Preference Shares that are due
 to be redeemed on a particular Maturity Date, the number of shares to be redeemed on that
 Maturity Date shall be apportioned between the holders of the relevant Preference Shares
 pro rata according to the number of Preference Shares with the relevant Maturity Date held
 by each of them respectively.

155. On
 or prior to each Maturity Date, each of the holders of the Preference Shares falling to be
 redeemed shall deliver to the Company, at the Company's registered office, the certificate(s)
 for such Preference Shares (or an indemnity, in a form approved in advance, in respect of
 any lost certificate) for cancellation. Upon such delivery, the Company shall pay to the
 person registered as the holder of such Preference Shares the amount due to them in respect
 of such redemption.

156. If
 any certificate delivered to the Company pursuant to article 155 includes any Preference
 Shares not falling to be redeemed on the relevant Maturity Date, the certificate in issue
 for such Preference Shares prior to redemption shall be cancelled and a new certificate in
 respect of the remaining Preference Shares shall be issued free of charge to the holder(s)
 of such Preference Shares as soon as practicable.

157. On
 the redemption of each Preference Share, the Company shall pay an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 nominal value of that Preference Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 accruals and/or unpaid amounts of Preferential Dividend on such Preference Share, calculated
 down to and including the date of actual payment,

and such aggregate amount shall, provided that the Company has sufficient distributable profits or other monies that may be lawfully applied for such redemption, at that time automatically become a debt due from and immediately payable by the Company to the holders of such Preference Shares.

**Conversion**

158. If
 any Preference Shares are allotted on terms that they are convertible into A Ordinary Shares
 and Deferred Shares, the following articles 159 to 163 shall apply (save to the extent that
 the board otherwise determines in accordance with article 142).

159. The
 Preference Shares can be allotted on terms that are convertible into A Ordinary Shares and
 the board will set the basis of conversion at the point of allotment of the relevant Preference
 Shares. For the avoidance of doubt, such conversion can be carried out either (i) via a redesignation
 of the relevant Preference Shares into part A Ordinary Shares and part Deferred Shares at
 the Conversion Ratio or (ii) via the redemption mechanism set out in articles 160 to 162
 below.<br>

160. The
 holder of any Preference Shares may elect to convert such Preference Shares (in whole or
 in part) into A Ordinary Shares at the Relevant Conversion Price (as defined below) by giving
 notice to the Company prior to the Maturity Date of the relevant Preference Shares specifying
 (i) the Preference Shares to be converted and (ii) the Relevant Conversion Price which applies
 to those Preference Shares ("Conversion Notice"). Any Conversion Notice sent
 to the Company shall be accompanied by the certificate(s) for the Preference Shares proposed
 to be converted (or an indemnity, in a form approved in advance, in respect of any lost certificate).

161. The
 "Relevant Conversion Price" shall, in respect of any Preference Share, be set
 by the board upon the allotment of that Preference Share and shall be expressed as a price
 per A Ordinary Share at which the nominal value of the Preference Shares plus any accrued
 but unpaid interest thereon may be converted into A Ordinary Shares.

162. This
 article 162 shall apply on a conversion of Preference Shares by way of a redemption. The
 conversion of such Preference Shares must be out of profits of the Company available for
 distribution or other monies that may be lawfully applied for such purpose, and the holder
 of the Preference Shares to be so converted will be deemed to have instructed the Company
 to apply the proceeds of such redemption (plus any accrued but unpaid interest in respect
 of such Preference Shares which is also to be converted into A Ordinary Shares) to the payment
 up of new A Ordinary Shares at the Relevant Conversion Price. The board shall have absolute
 discretion as to how to deal with any fractional entitlement which may arise in connection
 with any such conversion of Preference Shares into A Ordinary Shares.

163. In
 the event of any Reorganisation, the Conversion Ratio or Conversion Price (as applicable)
 shall be adjusted as determined by the Board equitably so as to ensure that each relevant
 holder of Preference Shares is in no better or worse position (with respect to each Preference
 Share held) as a result of such Reorganisation provided that if a doubt or dispute arises
 concerning such adjustment, the Board shall refer the matter to the Auditors (or such independent
 firm of accountants as the Board may decide) whose determination shall, in the absence of
 manifest error, be final and binding on the Company and each of the Shareholders (and the
 costs of the Auditors (or such independent firm of accountants) shall be borne by the Company).

**DEFERRED SHARES**

164. Subject
 to the Acts, all Deferred Shares in issue may be purchased by the Company at any time at
 its option for a total of one penny in aggregate for all such Deferred Shares (which amount
 shall be apportioned between the holders of Deferred Shares pro rata as to the number of
 Deferred Shares held and may be paid to any one or more holders of Deferred Shares on behalf
 of all holders of Deferred Shares) without obtaining the sanction of the holder(s).

165. The
 allotment or issue of Deferred Shares or the conversion or re-designation of Equity Shares
 into Deferred Shares shall be deemed to confer irrevocable authority on the Company at any
 time after their allotment, issue, conversion or re-designation, without obtaining the sanction
 of such holder(s), to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. appoint
 any person as agent for any and all holder(s) of Deferred Shares to execute any transfer
 (or any agreement to transfer) of such Deferred Shares to such person(s) as the Company may
 determine (as nominee or custodian or otherwise), including (subject to the Acts) to the
 Company itself, in any such case for a price being not more than an aggregate sum of one
 penny for all the Deferred Shares registered in the name of such holder(s) (which payment
 shall be deemed satisfied by payment to any one holder of Deferred Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. receive
 the consideration for such a transfer or purchase (and give a good discharge for it) and
 hold the same on trust for the transferor(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. give,
 on behalf of such holder(s), consent to the cancellation of such Deferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. enter
 the name of the holder of the Deferred Shares in the register of members of the Company as
 the holder of the appropriate number of Deferred Shares as from the date of the allotment
 or issue of Deferred Shares or the conversion or re-designation of Shares into Deferred Shares;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. retain
 the certificate(s) (if any) in respect of such Deferred Shares pending their transfer, cancellation
 and/or purchase.

166. No
 Deferred Share may be transferred without the prior consent of the board.

167. On
 a return of capital on liquidation, reduction of capital or otherwise (except on a redemption
 or purchase by the Company of any of its own shares), the Deferred Shares shall be entitled
 to receive a total of one penny in aggregate for the entire class of Deferred Shares (which
 payment shall be deemed satisfied by distribution to any one holder of Deferred Shares) after
 the Equity Shares have received their entitled distributions.

**INDEMNITY**

**Power to indemnify directors**

168. Subject
 to paragraph (2) of this article, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may
 indemnify to any extent any person who is or was a director, or a director of any associated
 company, directly or indirectly (including by funding any expenditure incurred or to be incurred
 by him) against any loss or liability, whether in connection with any proven or alleged negligence,
 default, breach of duty or breach of trust by him or otherwise, in relation to the Company
 or any associated company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 indemnify to any extent any person who is or was a director of an associated company that
 is a trustee of an occupational pension scheme, directly or indirectly (including by funding
 any expenditure incurred or to be incurred by him) against any liability incurred by him
 in connection with the company's activities as trustee of an occupational pension scheme;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 purchase and maintain insurance for any person who is or was a director, or a director of
 any associated company, against any loss or liability or any expenditure he may incur, whether
 in connection with any proven or alleged negligence, default, breach of duty or breach of
 trust by him or otherwise, in relation to the Company or any associated company, and
for this purpose, an associated company means anybody corporate which is or was a subsidiary undertaking of the Company or in which the
Company or any subsidiary undertaking of the Company is or was interested.

This article does not authorise any indemnity which would be prohibited or rendered void by any provision of the Acts or by any other provision of law.

**DEPOSITARY INTERESTS OTHER THAN OTC**

169. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 directors shall, subject always to applicable law and the provisions of these articles, have
 power to implement or approve (or both) any arrangements which they may, in their absolute
 discretion, think fit in relation to (without limitation) the evidencing of title to and
 transfer of Depositary Interests or similar interests in shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 directors may from time to time take such actions and do such things as they may, in their
 absolute discretion, think fit in relation to the operation of any such arrangements under
 paragraph (1) above including, without limitation, treating Depositary Interest Holders as
 if they were holders directly of the shares or interests in shares represented thereby for
 the purposes of compliance with any obligations imposed under these articles on members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If
 and to the extent that the directors implement or approve (or both) any arrangements in relation
 to the evidencing of title to and transfer of Depositary Interests or similar interests in
 shares in accordance with paragraphs (1) and (2) above, the directors shall ensure that such
 arrangements provide (in so far as is practicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Depositary Interest Holder with the same or equivalent rights as a member of the Company
 including, without limitation, in relation to the exercise of voting rights and provision
 of information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company and the directors with the same or equivalent powers as given under these articles
 in respect of a member of the Company, including, without limitation, the powers of the board
 of directors under article 43 so that such power may be exercised against a Depositary Interest
 Holder and the shares or interest in shares represented by such Depositary Interest or similar
 interest.

The provisions of paragraphs (1) to (3) shall not apply to any Depositary Interests held in a settlement system operated by DTC.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

VivoPower International PLC

Suite 4

7th Floor

50 Broadway

London

United Kingdom

SW1H 0DB

Our Ref ATP/M-00908237 <br> Date 13 March 2026

Dear Sirs

**<u>VivoPower International PLC</u>**

We have acted as counsel to VivoPower International PLC (company number 09978410) (**Company**), a public limited company incorporated in England and Wales, in connection with the matters set out below.

For the purposes of this Opinion Letter, we have examined and relied upon such documents, records, certificates and other instruments as we, in our professional judgment, have deemed necessary or appropriate as a basis for the opinions and statements below. We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to us as copies.

---

| | |
|:---|:---|
| **1** | **Scope of opinionS** |

---

1.1 The
 opinions given in this Opinion Letter (the **Opinions**) are given only with respect to
 English law as published and applied by the courts of England and Wales at the date of this
 Opinion Letter and, insofar as the Opinions relate to tax, the generally published practice
 of HM Revenue & Customs at the date of this letter.

1.2 We
 express no opinion on the laws of any other jurisdiction. No opinion is expressed as to any
 provision of any Opinion Document (as defined below) that refers to laws or regulations of
 any jurisdiction other than England and Wales. To the extent that the laws of the United
 States of America or any other jurisdiction may be relevant to the subject matter of the
 Opinions, we have made no independent investigation of them and our opinion is subject to
 the effect of any such laws. We express no view on the validity of such matters.

1.3 The
 Opinions are given only with respect to the matters expressly set out in paragraph 4.1 and
 shall not be construed as opinions as to any other matter. The Opinions do not cover the
 matters set out in paragraph 6.1.

1.4 The
 Opinions are given on the basis of the assumptions set out in paragraph 5. We have not taken
 any steps to investigate whether they are correct except as may be specified in paragraph

![](ex5-1_002.jpg)

VivoPower International PLC<br>

1.5 The
 Opinions are subject to the qualifications listed in paragraph 6 and to any matters not disclosed
 to us.

1.6 By
 providing you with this Opinion Letter, we do not assume any obligation to notify you of
 future changes in law which may affect the Opinions or to otherwise update this Opinion Letter
 in any respect.

---

| | |
|:---|:---|
| **2** | **background** |

---

2.1 We
 have acted as English legal advisers to the Company in connection with the registration statement
 on Form S-8 which is attached to this Opinion Letter as an exhibit (the **Registration Statement**)
 filed with the United States Securities and Exchange Commission (the **SEC**) pursuant
 to the United States Securities Act of 1933, as amended (the **Securities Act**).

2.2 The
 Registration Statement relates to an increase of 3,603,598 shares available for issuance
 by the Company from time to time of A ordinary shares each having a nominal value of $0.12
 pursuant to the Company's 2017 Omnibus Equity Incentive Plan (the **Plan**) which
 was implemented in a general meeting of the Company held on 5 September 2017 (the **New Shares**).

2.3 We
 understand that none of the New Shares are, and are not intended to be, admitted to trading
 on any market or exchange, or otherwise listed, in the United Kingdom.

---

| | |
|:---|:---|
| **3** | **Examination of documents and searches** |

---

3.1 For
 the purpose of giving the Opinions, we have examined the following documents (the **Documents**,
 each a **Document**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the
 Registration Statement;

3.1.2 copy
 of the Company's certificate of incorporation dated 1 February 2016 and copy current
 articles of association adopted pursuant to a special resolution of the Company's shareholders
 passed on 30 January 2026 (the **Articles**);

3.1.3 a
 minute of the general meeting of the Company held on 5 September 2017 at which certain shareholder
 resolutions were passed, including the resolution to approve the Plan and the resolution
 providing a general authority to allot shares in the Company and disapplying statutory pre-emption
 rights in respect of such allotment of shares or the grant of rights to subscribe for or
 convert into shares up to an aggregate nominal value of $1,560.00;

3.1.4 the
 final copy registration statement on Form S-8 dated 12 October 2018 which registered 1,355,736
 ordinary shares of $0.012 pursuant to the Plan;

3.1.5 the
 final copy registration statement on Form S-8 dated 21 December 2020 which registered 338,237
 ordinary shares of $0.012 pursuant to the Plan;

3.1.6 the
 final copy registration statement on Form S-8 dated 8 December 2022 which registered 958,421
 ordinary shares of $0.012 pursuant to the Plan;

3.1.7 a
 minute of the general meeting of the Company held on 6 October 2020 at which certain shareholder
 resolutions were passed, including the resolutions providing a general authority to allot
 ordinary shares in the Company and disapplying statutory pre-emption rights in respect of
 such allotment of shares or the grant of rights to subscribe for or convert into ordinary
 shares up to an aggregate nominal value of $180,000;

VivoPower International PLC<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 written
 resolutions of the board of directors of the Company passed on 11 December 2020 which resolved
 to approve the filing of the Registration Statement with the SEC, and written resolutions
 of the board of directors passed on 11 December 2020 which resolved to approve the allotment
 and disapplying statutory pre-emption rights in respect of the allotment of ordinary shares
 up to a subscription amount of $80,000,000;

3.1.9 a
 minute of the general meeting of the Company held on 18 December 2020 at which certain shareholder
 resolutions were passed, including the resolutions providing a general authority to allot
 ordinary shares in the Company and disapplying statutory pre-emption rights in respect of
 such allotment of ordinary shares or the grant of rights to subscribe for or convert into
 ordinary shares up to an aggregate nominal value of $180,000;

3.1.10 written
 resolutions of the board of directors passed on 9 October 2020 which resolved to approve
 the allotment of ordinary shares of $0.012 each up to an aggregate subscription amount of
 $34,500,000;

3.1.11 written
 resolutions of the board of directions passed on 14 October 2020 which resolved to approve
 the allotment of ordinary shares of $0.012 each up to an aggregate offering price of $5,750,000;

3.1.12 a
 minute of the general meeting of the Company held on 10 November 2022 at which certain shareholder
 resolutions were passed, including the resolutions providing a general authority to allot
 ordinary shares in the Company and disapplying statutory pre-emption rights in respect of
 such allotment of ordinary shares or the grant of rights to subscribe for or convert into
 ordinary shares up to an aggregate nominal value of $180,000;

3.1.13 shareholder
 resolutions passed on 6 July 2023 providing authority for the directors to consolidate and
 divide all of the Company's existing ordinary shares of $0.012 each into such reduced
 number of ordinary shares of such increased nominal value as the Company's board may
 determine at any time prior to 23 October 2023;

3.1.14 written
 resolutions of the board of directors passed on 2 October 2023 which resolved to approve
 the consolidation of the Company's existing ordinary shares of $0.012 each into 2,578,826
 ordinary shares of $0.12 each;

3.1.15 a
 minute of the general meeting of the Company held on 28 December 2023 at which certain shareholder
 resolutions were passed, including the resolutions providing a general authority to allot
 ordinary shares of $0.12 each in the capital of the Company and disapplying statutory pre-emption
 rights in respect of such allotment of ordinary shares or the grant of rights to subscribe
 for or convert into ordinary shares up to an aggregate nominal value of $3,600,000;

3.1.16 written
 resolutions of the board of directors of the Company passed on 2 January 2024 which resolved
 to approve the filing of the Registration Statement with the Securities and Exchange Commission;

3.1.17 written
 resolutions of the board of directors of the Company passed on 15 February 2024 which resolved
 to approve the filing of the previous form F-3, together with any new exhibits, with the
 Securities and Exchange Commission;

VivoPower International PLC<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.18 written
 resolutions of the board of directors of the Company passed on 28 August 2024 which resolved
 to approve the allotment of Ordinary Shares up to an aggregate subscription amount of $3,600,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.19 shareholder
 resolutions passed on 30 January 2026 providing general authority to allot shares in the
 Company and disapplying statutory pre-emption rights in respect of such allotment of shares
 or the grant of rights to subscribe for or convert into shares up to an aggregate nominal
 value of $116,400,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.20 written
 resolutions of the board of directors of the Company passed on 27 February 2026 which resolved
 to approve the filing of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.21 a
 certificate of good standing of the Company dated 13 March 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.22 at
 10:14 am on 13 March 2026 an online search of the public records on file and
 available for inspection at Companies House in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.23 at
 10:03 am on 13 March 2026 an online search of the Central Registry of Winding-up
 Petitions at the Companies Court in London in respect of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.24 a
 director's certificate dated 10 March 2026 in which the directors confirmed
 that, amongst other things, no resolutions have been passed which render any part of this
 Opinion Letter untrue or invalid, and that there have been no resolutions of the directors
 or the shareholders of the Company to revoke any previous authorities provided to the directors
 to issue shares in the Company free of pre-emption rights.

3.2 Except
 as stated above, we have not examined any other documents or corporate or other records and
 we have not made any other searches, enquiries or investigations for the purpose of giving
 the Opinions.

---

| | |
|:---|:---|
| **4** | **Opinions** |

---

4.1 Based
 on and subject to the qualifications, assumptions and limitations set forth herein and subject
 to any matters not disclosed to us, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the
 Company is a public limited company duly incorporated under English law, noting that our
 searches undertaken on 9 March 2026 revealed no order or resolution for the winding-up
 of the Company is pending, and no notice of the appointment of a receiver, administrative
 receiver or administrator in respect of it or any of its assets has been made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 the
 New Shares will, when issued and delivered in accordance with the terms of the Plan and when
 the names of the holders of such New Shares or their nominees are entered into the register
 of members of the Company and subject to the receipt by the Company of the aggregate issue
 price in respect of all the New Shares, be validly issued, fully paid and no further amount
 may be called thereon.

4.2 This
 Opinion Letter is for your benefit in connection with the Registration Statement and may
 be relied upon by you and by persons entitled to rely upon it pursuant to the applicable
 provisions of the Securities Act. This Opinion Letter is provided solely in connection with
 the registration of Securities pursuant to the Registration Statement and is not to be relied
 upon for any other purpose.

VivoPower International PLC<br>

4.3 We
 consent to the filing of this Opinion Letter as an exhibit to the Registration Statement,
 subject to paragraph 4.2 above (and without creating any assumption of duty on our part to
 any person other than the Company) and further consent to the reference to our name under
 the caption "Legal Matters" in the prospectus, which forms a part of the Registration
 Statement. In giving such consent, we do not thereby admit that we are in the category of
 persons whose consent is required under Section 7 of the Securities Act or the rules and
 regulations thereunder.

4.4 Our
 liability under this Opinion Letter is limited to $3,500,000 for any one claim or series
 of claims arising out of this Opinion Letter.

4.5 The
 Opinions are given only by Shoosmiths LLP, an English limited liability partnership, and
 no partner, member or employee of Shoosmiths LLP shall have any personal responsibility or
 owe any duty of care in relation to it.

---

| | |
|:---|:---|
| **5** | **assumptions** |

---

5.1 Documents

We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 the
 genuineness of all signatures and seals on the Documents (or on the relevant originals where
 we have examined copies) and the authenticity and completeness of those Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 the
 conformity to the original Documents of any Documents submitted to us as certified or uncertified
 copies or scans of the original Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 that
 there have been no variations to any of the Documents provided to us or to the originals
 thereof and none of the Documents have been superseded or rescinded.

5.2 Other
 parties and laws

In relation to the other parties to the Documents and all laws other than those of England and Wales we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 the
 capacity, power and authority to execute and the due execution of the Documents by each party
 to it other than the Company (as a matter of English law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 that
 the obligations expressed to be assumed by each party to the Documents other than the Company
 under the Documents are valid and legally binding upon them (as a matter of English law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 that
 all obligations under the Documents are valid, legally binding upon, and enforceable against,
 the parties thereto as a matter of all relevant laws other than the laws of England and Wales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 no
 foreign law would affect any of the conclusions stated in this Opinion Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 due
 compliance by all relevant parties other than the Company with all matters (including, without
 limitation, the making of necessary filings, lodgements, registrations and notifications
 and the payment of stamp duties and other documentary taxes and charges) that govern or relate
 to the Documents or such parties;

VivoPower International PLC<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6 where
 any consents, directions, authorisations, approvals or instructions have to be obtained under
 any law, regulation or practice for the performance of the Documents (other than any corporate
 authorisations, approvals and company law requirements the subject of this Opinion Letter),
 they have been obtained or that they will be forthcoming within any relevant period in order
 to be fully effective for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7 there
 are no laws of any jurisdiction outside England and Wales which would, or might, affect the
 Opinions.

5.3 Corporate
 actions and status

In relation to the Company, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 that
 each resolution of the directors and shareholders of the Company certified as being true
 and accurate and provided to us in connection with the giving of the Opinions was duly passed
 by the required majority at a properly convened and quorate meeting of directors (or a duly
 authorised committee thereof) and of shareholders of the Company or otherwise in accordance
 with the constitutional documents of the Company and/or the Companies Act 2006;

5.3.2 that
 each person identified as a director or a secretary in any resolution of the directors of
 the Company was validly appointed as such and was in office at the date of the Documents;

5.3.3 that
 any provisions contained in the Companies Act 2006 and/or the articles of association of
 the Company relating to the declaration of directors', interests or the power of interested
 directors to vote were duly observed;

5.3.4 that
 any restrictions in the articles of association of the Company on that Company's and/or
 on its directors' authority to guarantee will not be contravened by the entry into
 and performance by it of the Documents to which it is a party;

5.3.5 that
 the execution and delivery of the Documents by the Company and the exercise of its rights
 and performance of its obligations under the Documents will promote the success of the Company
 for the benefit of its members as a whole and that any guarantee contained in the Documents
 was given in good faith by the Company and for the purposes of carrying on its business and
 the directors of the Company have satisfied themselves, after due deliberation, as to the
 benefit that the Company will derive from the giving of any guarantee contained in the Documents;

5.3.6 that
 no step has been taken to wind up the Company nor to appoint a receiver, administrator or
 like officer in respect of the Company or any of its assets and that no voluntary arrangement
 has been proposed in respect of the Company; and

5.3.7 there
 are no agreements, letters or other arrangements having contractual effect which modify the
 terms of, or affect, the Documents or which render the Company incapable of or prohibit it
 from performing any of its obligations under the Documents and no provision of the Documents
 have been waived and there are no contractual or similar restrictions contained in any agreement
 or arrangement (other than the Documents) which are binding on the Company which would prohibit
 it from performing any of its obligations under the Documents.

VivoPower International PLC<br>

5.4 Reliance
 on Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 All
 Documents submitted to us as copies or certified copies are true and complete copies of the
 originals and such originals and all Documents submitted to us as originals are genuine and
 complete and all signatures (including electronic signatures), stamps and seals on the documents
 are genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 Each
 Document accurately records the agreement of the parties to it and has not been amended,
 varied, waived, superseded, rescinded, breached, revoked or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 The
 Documents are in the form produced to the directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.4 There
 have been no amendments to the articles of association of the Company since the date on which
 they were certified in the directors' certificate of the Company listed in paragraph
 2.1.20 of this Opinion Letter.

5.5 Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 The
 Documents have been signed by or on behalf of each party to it by person(s) authorised by
 the relevant party to do so, in the presence of a witness (where applicable) who attested
 to that fact by signing the relevant Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 The
 making of the signatures on the signature pages to the Documents was made or done in a manner
 recognised by law as valid and each Document has remained intact since those signatures were
 made or affixed (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 The
 Documents have been dated with the date on which it was signed and duly delivered by the
 parties to it (where applicable).

5.6 Searches

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 The
 information disclosed in response to the searches referred to in paragraph 3.1 of this Opinion
 Letter was accurate, complete and up to date at the time of those searches and those responses
 did not fail to disclose any matters which they should have disclosed and which were relevant
 for the purposes of this Opinion Letter. Since the date of those searches and enquiries there
 has been no alteration in the status of the Company as revealed in those searches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 No
 event has occurred in relation to the Company, such as the passing of a resolution for or
 the presentation of a petition or the taking of any other action for the winding-up of, or
 the appointment of a liquidator, administrator, administrative receiver or receiver of the
 Company, in respect of which a filing at the Companies Registry or at the Central Index of
 the Companies Court was required to be made and has not been made or has been made but has
 not at the date of the searches appeared on the relevant search result relating to the Company.

5.7 Other
 matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.1 None
 of the parties to the Documents are or will be seeking to achieve any purpose not apparent
 from the Documents which might render the Documents illegal or void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.2 Where
 any liability or obligation or right or benefit of a party to the Documents are dependent
 upon the satisfaction of conditions precedent, those conditions have been or will be duly
 and properly satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.3 There
 is no other matter or document which would, or might, affect the Opinions and which was not
 revealed by the Documents.

VivoPower International PLC<br>

---

| | |
|:---|:---|
| **6** | **Qualifications** |

---

6.1 Matters
 not covered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 We
 express no opinion as to matters of fact, opinion or intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 No
 opinion is expressed as to any provision of the Documents to the extent it purports to declare
 or impose a trust, turnover or similar arrangement in relation to any payments or assets
 received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 We
 have not investigated whether any filings, clearances, notifications or disclosures are required
 under laws relating to anti-trust, competition, public procurement, state aid or national
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 No
 opinion is expressed as to any provision of any Document to the extent it purports to declare
 or impose a trust, turnover or similar arrangement in relation to any payments or assets
 received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 Except
 to the extent expressly set out in the Opinions, we express no opinion as to any taxation,
 financial or accountancy matters or any liability to tax which may arise or be suffered as
 a result of, or in connection with, the Documents or any transaction relating to them.

6.2 Insolvency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 The
 validity, performance and enforcement of the Documents may be limited by bankruptcy, insolvency,
 liquidation, reorganisation or prescription or similar laws of general application relating
 to or affecting the rights of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 Any
 provision in the Documents which confers, purports to confer or waives a right of set-off
 or similar right may be ineffective against a liquidator or creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 A
 power of attorney may, in limited circumstances, be revoked by the winding-up or dissolution
 of the donor company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 The
 searches and enquiries referred to in paragraph 2 of this Opinion Letter are not conclusively
 capable of revealing whether insolvency or similar procedures, or steps towards them, have
 been started against the Company.

6.3 Enforceability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 Remedies
 such as specific performance or the issue of an injunction are available only at the discretion
 of the courts of England and Wales according to general principles of equity. Specific performance
 is not usually granted and an injunction is not usually issued where damages would be an
 adequate alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 The
 enforcement of any guarantee contained in the Documents may be subject to equitable defences
 relieving the guarantor from its obligations. The guarantor may be relieved from liability
 under any guarantee contained in the Documents by (a) the action or the lack of action by
 or by the conduct of the creditor or debtor in respect of any guaranteed obligations or any
 guarantee, security or other assurance against financial loss given in respect of such obligations
 or (b) any bad faith or misrepresentation on the part of such creditor.

VivoPower International PLC<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3 Enforcement
 of claims arising pursuant to the Documents may become barred under the Limitation Act 1980
 or may be subject to a defence of set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4 Enforcement
 may be limited by the provisions of the laws of England and Wales applicable to agreements
 held to have been frustrated by events happening after execution of a document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5 A
 party to a contract may be able to avoid its obligations under that contract (and may have
 other remedies) where it has been induced to enter into that contract by a misrepresentation
 and the courts of England and Wales will generally not enforce an obligation if there has
 been fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.6 If
 a party to (or a person who controls, or is connected with, a party to) any Documents is
 subject to, or is resident or incorporated in a country which is subject to, sanctions imposed
 or recognised by the United Kingdom, the obligations of the Original Obligor under the Opinion
 Documents may be unenforceable or void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.7 In
 this letter "enforceable" means, in relation to an obligation, that it is of
 a type which the courts of England and Wales enforce. It does not mean that such obligation
 will be enforced in all circumstances in accordance with the terms of the relevant Document.
 The legally binding, valid and enforceable nature of these obligations is subject to matters
 of law of general application (as published and as applied by the courts of England and Wales
 as at the date of this letter) which affect contractual obligations and security interests
 of the kind contained in the Documents.

6.4 Discretion
 of courts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 The
 courts of England and Wales may stay proceedings if concurrent proceedings are being brought
 elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 There
 could be circumstances in which the courts of England and Wales would not treat as conclusive
 those certificates and determinations which any of the Documents state are to be so treated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 The
 question whether or not any provisions of the Documents which may be invalid on account of
 illegality may be severed from the other provisions thereof in order to save those other
 provisions would be determined by the courts of England and Wales in their discretion.

6.5 Choice
 of law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 The
 choice of law to govern contractual obligations under the Documents would not be recognised
 or upheld by the courts of England and Wales in all circumstances. For example the choice
 would have to be made in accordance with Regulation (EC) No. 593/2008 of the European Parliament
 and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome
 I) (Retained EU Legislation) (as amended at or prior to the date of this letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2 The
 parties' submission to the exclusive jurisdiction of the courts of England and Wales
 contained in the Documents does not prevent any party from initiating proceedings in the
 courts of another jurisdiction. If a party starts such proceedings a court of England and
 Wales may then stay proceedings brought before it or may decline to accept jurisdiction and
 in certain circumstances it will be obliged to decline jurisdiction.

VivoPower International PLC<br>

---

| | |
|:---|:---|
| **7** | **General** |

---

7.1 We
 have not investigated the laws of any country other than England and Wales and the Opinions
 are given only with respect to the laws of England and Wales as at the date of this letter.
 In issuing the Opinions we do not assume any obligation to notify or inform you of any developments
 subsequent to the date of this letter that might render its contents untrue or inaccurate
 in whole or in part at such later time.

7.2 Where
 any party to any Document is vested with a discretion or may determine a matter in its opinion,
 the laws of England and Wales may require that such discretion is exercised reasonably and
 for a proper purpose and/or that such opinion is formed in good faith based on reasonable
 grounds.

7.3 Whether
 any guarantee contained in any Document constitutes a primary obligation of the Company will
 depend upon its construction. In the absence of a clear statement that the obligations of
 the Company are of indemnity as well as guarantee the courts of England and Wales may not
 give effect to provisions seeking to impose primary liability on or to restrict the defences
 available to the Company in accordance with the terms of the Documents.

7.4 Any
 provisions excluding liability may be limited by law.

7.5 This
 Opinion Letter is given on the condition that it will be construed in accordance with English
 law and that each addressee submits to the jurisdiction of the courts of England and Wales
 and waives any objection to the exercise of such jurisdiction in relation to any dispute
 arising out of or in connection with this Opinion Letter.

---

| |
|:---|
| Yours faithfully |
| **/s/** **SHOOSMITHS LLP** |
| **Dated: 13 March 2026** |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of VivoPower International PLC of our report dated October 30, 2025 relating to the consolidated financial statements of VivoPower International PLC as of and for the year ended June 30, 2025, which appears in VivoPower International PLC's Annual Report on Form 20-F filed on October 30, 2025, as amended by Amendment No. 1 filed on November 6, 2025. We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ WithumSmith+Brown, PC

Philadelphia, Pennsylvania

March 13, 2026

## Exhibit 99.1

**Exhibit 99.1**

**<u>AMENDED AND RESTATED VIVOPOWER OMNIBUS INCENTIVE PLAN</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose</u>. The purpose of the Amended and Restated VivoPower International PLC 2017 Omnibus Incentive Plan is to provide a means through which the Company and its Subsidiaries may attract and retain key personnel and to provide a means whereby, executive officers and employees (and prospective executive officers and employees) of the Company and its Subsidiaries can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Subsidiaries and aligning their interests with those of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>. The following definitions shall be applicable throughout the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company (together with, if different, any Subsidiary) and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Award</u>" means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award, and Performance Compensation Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Combination</u>" has the meaning given such term in the definition of "Change in Control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Cause</u>" means, in the case of a particular Award, unless the applicable Award agreement states otherwise, (i) the Company or an Affiliate having cause to terminate a Participant's employment or service, as provided in any employment or similar agreement between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment or similar agreement (or the absence of any provisions regarding cause to terminate contained therein), (A) the Participant's conviction for, plea of guilty or *nolo contendere* to a felony or a crime involving moral turpitude, or other material act or omission involving dishonesty or fraud, (B) the Participant's conduct that brings the Company or any of its Affiliates into public disgrace or disrepute in a way that affects the Company's or any Affiliate's business in any material way, (C) the Participant's willful failure to perform material duties as reasonably directed by the Participant's supervisor or the Participant's material violation of any rule, regulation, policy or plan for the conduct of any service provider to the Company or its Affiliates or its or their business (which, if curable, is not cured within 20 days after notice thereof is provided to the Participant) or (D) the Participant's gross negligence, willful malfeasance or material act of disloyalty with respect to the Company or its Affiliates (which, if curable, is not cured within 20 days after notice thereof is provided to the Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Change in Control</u>" shall, in the case of a particular Award, unless the applicable Award agreement states otherwise or contains a different definition of "<u>Change in Control</u>," be deemed to occur upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) (a "<u>Person</u>") becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (A) the then-outstanding shares of Common Stock of the Company (the "<u>Outstanding Compan</u>y <u>Common Stock</u>") or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Compan</u>y <u>Voting Securities</u>"); p<u>rovided</u>, <u>however</u>, that, for purposes of this Section 2(f), the following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the Company, (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, or (IV) any acquisition by any corporation pursuant to a transaction that complies with Sections 2(f)(iii)(A), 2(f)(iii)(B) and 2(f)(iii)(C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During any period of twelve (12) consecutive months, individuals who, as of the date hereof, constitute the Board (the "<u>Incumbent Board</u>") cease for any reason to constitute at least a majority of the Board; p<u>rovided</u>, <u>however</u>, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consummation of a reorganization (excluding a reorganization under either Chapter 7 or Chapter 11 of Title 11 of the United States Code), merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a "<u>Business Combination</u>"), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A complete liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Committee</u>" means the Company's Remuneration Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Common Stock</u>" means the A ordinary shares, par value $0.12 per share, of the Company (and any stock or other securities into which such common stock may be converted or into which it may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Company</u>" means VivoPower International PLC, a public limited company incorporated in England and Wales (registered number 09978410) and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Date of Grant</u>" means the date on which the granting of an Award is authorized, or such other date as may be specified in such authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Effective Date</u>" means September 5, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Eligible Director</u>" means a person who is a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Eligible Person</u>" means any (i) individual employed by or holding executive office with the Company or a Subsidiary; or (ii) prospective employees or executive officers who have accepted offers of employment from the Company or its Subsidiaries (and would satisfy the provisions of clause (i) above once he or she begins employment with the Company or its Subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Exchange Act</u>" has the meaning given such term in the definition of "Change in Control," and any reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Exercise Price</u>" has the meaning given such term in Section 7(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Fair Market Value</u>" means, on a given date, (i) if the Common Stock is listed on the New York Stock Exchange or another national securities exchange, the closing sales price of the Common Stock reported on such national securities exchange, or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported; (ii) if the Common Stock is not listed on the New York Stock Exchange or another national securities exchange, but is quoted in the NASDAQ National Market Reporting System or another inter-dealer quotation system on a last sale basis, the closing bid price or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Committee in its sole discretion; p<u>rovided</u>, that, to the extent applicable, such determination shall be made in accordance with Section 409A of the Code and the regulations thereunder to be the fair market value of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Incentive Stock Option</u>" means an Option that is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Incumbent Board</u>" has the meaning given such term in the definition of "Change in Control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Indemnifiable Person</u>" shall have the meaning set forth in Section 4(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Mature Shares</u>" means shares of Common Stock owned by a Participant that are not subject to any pledge or security interest and that have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Exercise Price or satisfy a withholding obligation of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Nonqualified Stock Option</u>" means an Option that is not designated by the Committee as an Incentive

Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Option</u>" means an Award granted under Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Option Period</u>" has the meaning given such term in Section 7(c) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Outstanding Company Common Stock</u>" has the meaning given such term in the definition of "Change in Control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Outstanding Company Voting Securities</u>" has the meaning given such term in the definition of "Change in Control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Participant</u>" means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Performance Compensation Award</u>" shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Performance Criteria</u>" shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Performance Formula</u>" shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Performance Goals</u>" shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Performance Period</u>" shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to, and the payment of, a Performance Compensation Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Permitted Transferee</u>" shall have the meaning set forth in Section 15(b) of the Plan. (hh) "<u>Person</u>" has the meaning given such term in the definition of "Change in Control."

(ii) "<u>Plan</u>" means this Amended and Restated VivoPower International PLC 2017 Omnibus Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Restricted Period</u>" means the period of time determined by the Committee during which an Award is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Restricted Stock Unit</u>" means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Restricted Stock</u>" means Common Stock, subject to certain specified restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>SAR Period</u>" has the meaning given such term in Section 8(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>Securities Act</u>" means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Stock A</u>pp<u>reciation Right</u>" or "<u>SAR</u>" means an Award granted under Section 8 of the Plan. (pp) "<u>Stock Bonus Award</u>" means an Award granted under Section 10 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Strike Price</u>" means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value of one share of Common Stock, as of the Date of Grant (provided that in any case where SARs are to be satisfied by the issue of new shares of Common Stock such Fair Market Value shall not be less than the par value of such shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Subsidiary</u>" has the meaning given to that term in section 1159 of the UK Companies Act 2006

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Substitute Award</u>" has the meaning given such term in Section 5(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date; Duration</u>. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b- 3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. In the event of conflict between the terms of an Award agreement and an employment agreement between the Company (or its Affiliate) and a Participant, absent language to the contrary, the terms of such employment agreement shall be binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of law, except for (i) grants of Awards to persons subject to Section 16 of the Exchange Act and (ii) matters encompassed by Section 14 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an "<u>Indemnifiable Person</u>") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company's approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company's certificate of incorporation, bylaws, memorandum and/or articles of association, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Grant of Awards; Shares Sub</u>j<u>ect to the Plan; Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards and/or Performance Compensation Awards to one or more Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 12 of the Plan, the Committee is authorized to issue under the Plan an aggregate of not more than 15% (fifteen percent) of the Common Stock issued and outstanding from time to time on a fully-diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Subparagraph (b) above, the aggregate number of shares of Common Stock available for Awards under the Plan is increased commencing on July 1, 2023 and continuing annually on the anniversary thereof through (and including) July 2, 2032, equal to the lesser of (A) 5% of the aggregate number of shares of all classes of Common Stock outstanding on the last day of the immediately preceding June 30 and (B) such smaller number of shares as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Use of shares of Common Stock to pay the required Exercise Price or tax obligations, or shares not issued in connection with settlement of an Option or SAR or that are used or withheld to satisfy tax obligations of the Participant shall, notwithstanding anything herein to the contrary, not be available again for other Awards under the Plan. Shares underlying Awards under the Plan that are forfeited, cancelled, expire unexercised, or are settled in cash are available again for Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines ("<u>Substitute Awards</u>"). The number of shares of Common Stock underlying any Substitute Awards shall be counted against the aggregate number of shares of Common Stock available for Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Eligibility</u>. Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Each Option granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Subsidiaries, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such non-qualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price ("<u>Exercise Price</u>") per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant); provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Affiliate, the Exercise Price per share shall not be less than 110% of the Fair Market Value per share on the Date of Grant provided further that in any case where Options are to be satisfied by the issue of new shares of Common Stock, the Exercise Price shall not be less that the par value per share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting and Expiration</u>. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee according to the terms and conditions set forth in the applicable Award agreement and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the "<u>Option Period</u>"); provided, <u>however</u>, that the Option Period shall not exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Affiliate; provided, further, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. Unless otherwise provided by the Committee in an Award agreement: (i) the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option, and the vested portion of such Option shall remain exercisable for (A) one year following termination of employment or service by reason of such Participant's death or disability (as determined by the Committee), but not later than the expiration of the Option Period or (B) 90 days following termination of employment or service for any reason other than such Participant's death or disability, and other than such Participant's termination of employment or service for Cause, but not later than the expiration of the Option Period; and (ii) both the unvested and the vested portion of an Option shall expire upon the termination of the Participant's employment or service by the Company for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Method of Exercise and Form of Payment</u>. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company, and the Participant has paid to the Company an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld. Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash or check, and; (ii) by such other method as the Committee may permit in its sole discretion, including without limitation: (A) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (B) by a "net exercise" method whereby the Company withholds from the delivery of the shares of Common Stock for which the Option was exercised that number of shares of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the shares of Common Stock for which the Option was exercised or (C) such other means as satisfies the requirements of the UK Companies Act 2006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notification upon Disqualifying Disposition of an Incentive Stock Option</u>. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance With Laws, etc</u>. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission, or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded or any other governing statute, regulation or law which the Company is subject to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Stock A</u>pp<u>reciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Each SAR granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company). Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting and Expiration</u>. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the "<u>SAR Period</u>"); provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. Unless otherwise provided by the Committee in an Award agreement: (i) the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the vested portion of such SAR shall remain exercisable for (A) one year following termination of employment or service by reason of such Participant's death or disability (as determined by the Committee), but not later than the expiration of the SAR Period or (B) 90 days following termination of employment or service for any reason other than such Participant's death or disability, and other than such Participant's termination of employment or service for Cause, but not later than the expiration of the SAR Period; and (ii) both the unvested and the vested portion of a SAR shall expire upon the termination of the Participant's employment or service by the Company for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Method of Exercise</u>. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment</u>. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Restricted Stock and Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Certificates; Escrow or Similar Arrangement</u>. Upon the grant of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be issued and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time reasonably specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and/or the applicable Award agreement, the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including, without limitation, the right to vote such Restricted Stock and, except as provided below, the right to receive any cash dividends or distributions. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination</u>. Except as provided below or in the applicable Award agreement or employment agreement, the unvested portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Restricted Stock and Settlement of Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Common Stock for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Restricted Stock Units or (ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration of the Restricted Period. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Legends on Restricted Stock</u>. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions with respect to such Common Stock:

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE VIVOPOWER INTERNATIONAL PLC 2017 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, BETWEEN VIVOPOWER INTERNATIONAL PLC AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF VIVOPOWER INTERNATIONAL PLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Stock Bonus Awards</u>. The Committee may issue unrestricted Common Stock, or other Awards denominated in Common Stock, under the Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time in its sole discretion determine. Each Stock Bonus Award granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Performance Compensation Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Discretion of Committee with Respect to Performance Compensation Awards</u>. With regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance Criteria</u>. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions or operational units, or any combination of the foregoing) or individual performance, such as any of the following or a combination thereof: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or revenue growth; (iv) gross profit or gross profit growth; (v) operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on assets, capital, invested capital, equity, or sales); (vii) cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); (viii) earnings before or after taxes, interest, depreciation and/or amortization; (ix) gross or operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets; (xiii) margins; (xiv) operating efficiency; (xv) objective measures of customer satisfaction; (xvi) working capital targets; (xvii) measures of economic value added; (xviii) inventory control; (xix) enterprise value; (xx) sales; (xxi) debt levels and net debt; (xxii) timely launch of new facilities; (xxiii) client retention; (xxiv) employee retention; (xxv) timely completion of new product rollouts; and (xxvi) objective measures of personal targets, goals, reviews or completion of projects. Any one or more of the Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Modification of Performance Goal(s</u>). To the extent that applicable law or regulations allow (e.g., tax, securities, accounting, etc.), the Committee may alter the governing Performance Criteria without obtaining stockholder approval of such alterations, and the Committee shall have sole discretion to make such alterations without obtaining stockholder approval, including, without limitation, due to the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) nonrecurring items in the Company's publicly filed documents; (vi) acquisitions or divestitures; (vii) any other specific unusual, infrequent or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; and (ix) a change in the Company's fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payment of Performance Compensation Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Condition to Receipt of Payment</u>. Unless otherwise provided in the applicable Award agreement or employment agreement, a Participant must be employed by the Company on the date of payment, to be eligible for payment in respect of a Performance Compensation Award for any Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Limitation</u>. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant's Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certification</u>. Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant's Performance Compensation Award actually payable for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Timing of Award Payments</u>. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications required by this Section 11 in the fiscal year following the completion of the Performance Period, but in no event later than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Changes in Capital Structure and Similar Events</u>. In the event of (a) any dividend or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the shares of Common Stock, or (b) unusual, infrequent or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law that in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Awards, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Committee may appropriate adjust in its discretion any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (i) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (ii) the Exercise Price or Strike Price with respect to any Award or (iii) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals), provided in each case such adjustments do not have an adverse economic impact on the Participant as determined at the time of the adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence of such event, provided that such adjustments do not have an adverse economic impact on the Participant as determined at the time of the adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, shares of Common Stock, other securities or other property, or any combination thereof, the value of such Awards if any (which if applicable may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event) including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor); provided, however, that the Committee shall ensure that any adjustment which would have the effect of reducing the Exercise Price or Strike Price with respect to any Award to less than the par value of a share of Common Stock subject to such Award may only be made if and to the extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum equal to the amount by which the par value of a share of Common Stock exceeds the adjusted Exercise Price or Strike Price per share of Common Stock or, where required by any applicable law, using such mechanism involving a third party as the Committee considers necessary; and provided, however, that in the case of any equity restructuring, the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock Options under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a "modification" within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act, to the extent applicable. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Effect of Change in Control</u>. Except to the extent otherwise provided in an Award agreement, in the event of a Participant's termination of employment or service without Cause within 12 months following the occurrence of a Change in Control, all outstanding Awards shall vest, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the then outstanding Options and SARs shall become immediately exercisable as of a time prior to the Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Restricted Period shall expire as of a time prior to the Change in Control (including without limitation a waiver of any applicable Performance Goals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Performance Periods in effect on the date the Change in Control occurs shall end on such date, and the Committee shall (i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited or unaudited financial information or other information then available as it deems relevant and (ii) cause the Participant to receive partial or full payment of Awards for each such Performance Period based upon the Committee's determination of the degree of attainment of the Performance Goals, or assuming that the applicable "target" levels of performance have been attained or on such other basis determined by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cause Awards previously deferred to be settled in full as soon as practicable.

To the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) through (d) shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transactions with respect to the Common Stock subject to their Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendments and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendment and Termination of the Plan</u>. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, that (i) no amendment to Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without stockholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the shares of Common Stock may be listed or quoted); provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary unless such amendment, alteration, suspension, discontinuance or termination is required in order to comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment of Award Agreements</u>. The Committee may, to the extent consistent with the terms of any applicable Award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; provided, further, that without stockholder approval to the extent required by the rules of any applicable national securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, except as otherwise permitted under Section 12 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR, another Award or cash and (iii) the Committee may not take any other action that is considered a "repricing" for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Award Agreements</u>. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award any rules applicable thereto, including without limitation, the effect on such Award of the death, disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-transferability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Award shall be exercisable only by a Participant during the Participant's lifetime, or, if permissible under applicable law, by the Participant's legal guardian, legatee or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve the purposes of the Plan, to: (A) any person who is the spouse, civil partner, surviving spouse, surviving civil partner, or minor children or step-children of the Participant provided that such person is a "family member" of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the "<u>Immediate Family Members</u>"); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or (C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members;. (each transferee described in clauses (A), (B) and (C) above is hereinafter referred to as a "<u>Permitted Transferee</u>"); provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. Notwithstanding any of the preceding in this Section 15, under no circumstances will a Participant be permitted to transfer an Option to a third-party financial institution without prior stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant's employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything else herein, a Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, require a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest and are Mature Shares) owned by the Participant having a Fair Market Value equal to such withholding liability, (B) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability, up to the maximum required statutory withholding liability or (C) any combination of the foregoing, subject to compliance with any applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything else herein, the Committee may, at its sole discretion require a Participant to pay (including by any of the methods referred to in clause (ii) above) to the Company or any Affiliate an amount equivalent to all or such proportion (if any) of employer's social security contributions which would otherwise be payable by the Company or any Affiliate as is determined to be recoverable from the Participant (to the extent permitted by law) by the Committee, or which the Participant has agreed to pay or which are subject to recovery, pursuant to an election to which paragraph 3B of Schedule 1 to the UK Social Security Contributions and Benefits Act 1992 applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Clawback / Forfeiture</u>. Notwithstanding any other provisions in the Plan, any Award that is subject to recovery under any company policy or arrangement, law, government regulation or stock exchange listing requirement, will be subject to cancellation, deductions, forfeitures and clawbacks as may be required to be made pursuant to such policy or arrangement, law, government regulation or stock exchange listing requirement (including on a retroactive basis). The Committee may also provide in an Award agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of the Award agreement for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or administrative error), all as determined by the Committee in its sole discretion, then the Participant shall be required to promptly repay any such excess amount to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Claim to Awards; No Rights to Continued Employment; Waiver</u>. In order to become a Participant, an Eligible Person must be selected by the Committee and enter into an Award agreement. No employee of the Company or an Affiliate, or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award, except to the extent such person has entered into an Award agreement with the Company pertaining to such Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award agreement or employment agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>International Participants</u>. With respect to Participants who reside or work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Designation and Change of Beneficiary</u>. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Employment/Service</u>. Unless determined otherwise by the Committee at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company or a Subsidiary to employment or service with an Affiliate shall be considered a termination of employment or service with the Company or such a Subsidiary; and (ii) if a Participant's employment with the Company and its Subsidiaries terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the Company or a Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Rights as a Stockholder</u>. Except as otherwise specifically provided in the Plan or any Award agreement, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Government and Other Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all certificates for shares of Common Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of shares of Common Stock from the public markets, the Company's issuance of Common Stock to the Participant, the Participant's acquisition of Common Stock from the Company and/or the Participant's sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Payments to Persons Other Than Participants</u>. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Non-exclusivity of the Plan</u>. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Trust or Fund Created</u>. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Reliance on Reports</u>. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Relationship to Other Benefits</u>. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Governing Law</u>. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Severability</u>. If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Obligations Binding on Successors</u>. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Expenses; Gender; Titles and Headin</u>gs. The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Agreements</u>. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of shares of Common Stock under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Payments</u>. Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive shares of Common Stock under any Award made under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Code Section 409A</u>. The Plan is intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with this Plan or any other plan maintained by the Company (including any taxes and penalties under Code Section 409A), and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered "deferred compensation" subject to Code Section 409A, references in the Plan to "termination of employment" or "termination of service) (and all similar phrases) shall mean "separation from service" within the meaning of Code Section 409A. For purposes of Code Section 409A, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate payments. Notwithstanding anything in the Plan to the contrary, if a Participant is a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i), no payments or deliveries in respect of any Awards that are "deferred compensation" subject to Code Section 409A shall be made to such Participant prior to the date that is six months after the date of such Participant's "separation from service" (as defined in Code Section 409A) or, if earlier, the Participant's date of death. Following any applicable six month delay, all such delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted under Code Section 409A that is also a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>No Fractional Shares</u>. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Issuance or transfer of shares of Common Stock.</u> Where shares of Common Stock are to be issued directly to a grantee in satisfaction of any Award and no amount (or less than the par value per share of Common Stock) is to be paid by a Participant, where required by any applicable law, this may be done using such mechanism involving a third party as the Committee considers necessary or by the Company or a Subsidiary of the Company paying (or procuring payment of) a bonus to the Participant in respect of the par value of each share of Common Stock and, with the Participant's agreement, using such amount to pay up par value or by capitalising reserves in accordance with the Company's articles of association.

\* \* \*

As adopted by the Board of Directors, and approved by the stockholders, of VivoPower International PLC on September 5, 2017, as amended on July 28, 2023 and February 27, 2026.

**APPENDIX TO THE VIVOPOWER INTERNATIONAL PLC 2017 OMNIBUS INCENTIVE PLAN**

(Sub-Plan for Non-Employees)

This Appendix constitutes the Sub Plan of the VivoPower International Plc 2017 Omnibus Incentive Plan. The terms of the Sub- Plan shall be identical to the terms of the Plan, as amended from time to time except that consultants, advisors, non-executive officers of the Company and its Subsidiaries, or prospective consultants, advisors or non-executive officers of the Company and its Subsidiaries are eligible to be selected to receive an Award under the Plan by the Committee, and the Rules of the Plan shall be construed accordingly.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VivoPower International PLC**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Ordinary Shares, nominal value $0.12 per share | Other | 3603598 | $1.9175 | $6909899.17 | 0.0001381 | $954.26 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $6909899.17  |  | $954.26  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $954.26  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1) Represents A ordinary shares, nominal value $0.12 per share (the "Ordinary Shares") that may be issued under the Amended and Restated VivoPower International PLC 2017 Omnibus Equity Incentive Plan (the "Plan"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional A Ordinary Shares that become issuable under the Plan as a result of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding A Ordinary Shares. (2) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(h) promulgated under the Securities Act on the basis of the average of the high and the low price of Registrant's Common Stock as reported on The Nasdaq Capital Market on March 12, 2026.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---