# EDGAR Filing Document

**Accession Number:** 0002071668
**File Stem:** 0001104659-25-121244
**Filing Date:** 2025-12
**Character Count:** 216581
**Document Hash:** 81e7759e447d2b5230d8ee2b6becf076
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-121244.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001104659-25-121244

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**EFFECTIVENESS DATE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magnum Ice Cream Co N.V.
- **CENTRAL INDEX KEY:** 0002071668
- **STANDARD INDUSTRIAL CLASSIFICATION:** ICE CREAM & FROZEN DESSERTS [2024]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292150
- **FILM NUMBER:** 251572524

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK
- **BUSINESS PHONE:** 3165458858

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Magnum Ice Cream Co B.V.
- **DATE OF NAME CHANGE:** 20250605

**As filed with the Securities and Exchange Commission on December 15, 2025**

United States<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

**FORM S-8**<br> **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **THE MAGNUM ICE CREAM COMPANY N.V.**<br> (Exact name of registrant as specified in its charter) | &nbsp;&nbsp; **THE MAGNUM ICE CREAM COMPANY N.V.**<br> (Exact name of registrant as specified in its charter) |
| &nbsp;&nbsp; **The Netherlands**<br> (State or other jurisdiction of incorporation or organization) | &nbsp;&nbsp; **None**<br> (I.R.S. Employer Identification No.)<br>|
| &nbsp;&nbsp;**Reguliersdwarsstraat 63<br> 1017 BK Amsterdam<br> The Netherlands**<br> (Address of principal executive offices) | &nbsp;&nbsp;**Reguliersdwarsstraat 63<br> 1017 BK Amsterdam<br> The Netherlands**<br> (Address of principal executive offices) |
| &nbsp;&nbsp;**The Magnum Ice Cream Company Long Term Incentive Plan 2025<br> The Magnum Ice Cream Company Celebration Award Plan**<br> (Full title of the plans) | &nbsp;&nbsp;**The Magnum Ice Cream Company Long Term Incentive Plan 2025<br> The Magnum Ice Cream Company Celebration Award Plan**<br> (Full title of the plans) |
| &nbsp;&nbsp; **CT Corporation System<br> 28 Liberty Street<br> New York, NY 10005<br> Tel: (212) 894-8940**<br> (Name, address and telephone number of agent for service)<br>*Copies to:* | &nbsp;&nbsp; **CT Corporation System<br> 28 Liberty Street<br> New York, NY 10005<br> Tel: (212) 894-8940**<br> (Name, address and telephone number of agent for service)<br>*Copies to:* |
| &nbsp;&nbsp;**Michael Z. Bienenfeld<br> Igor Rogovoy**<br> Linklaters LLP<br> One Silk Street<br> London EC2Y 8HQ<br> Tel: (+44) 20 7456 2000 | &nbsp;&nbsp;**Michael Z. Bienenfeld<br> Igor Rogovoy**<br> Linklaters LLP<br> One Silk Street<br> London EC2Y 8HQ<br> Tel: (+44) 20 7456 2000 |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions 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 of 1933 (the "**Securities Act**"). ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

As permitted by Rule 428 under the Securities Act and the instructional Note to Part I of Form S-8, this registration statement ("**Registration Statement**") omits the information specified in Part I of Form S-8. We have delivered, or will deliver, the documents containing the information specified in Part I to the participants in the plans covered by this Registration Statement as required by Rule 428(b)(1) under the Securities Act. We are not filing these documents with the Securities and Exchange Commission (the "**Commission**") as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated by reference herein pursuant to Item 3 of Part II of this form, taken together, constitute a prospectus for this Registration Statement that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents By Reference.**

The following documents that The Magnum Ice Cream Company N.V. (the "**Registrant**") has filed with the Commission pursuant to the Securities Exchange Act of 1934 (the "**Exchange Act**") are incorporated in this Registration Statement by reference and made a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's registration statement on [Form 20-F (File No. 001-42939), filed with the Commission on November 4, 2025](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841-10_20fr12b.htm) ;

(b) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's ordinary shares, as contained in the Registrant's registration
statement on Form 20-F, including any amendment or report filed for the purposes of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities hereby registered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference and to be part hereof from the date of filing such documents.

Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that is or is deemed to be incorporated by reference herein modifies or supersedes such previous statement. Any such statement so modified or superseded will not be deemed to constitute a part of this Registration Statement, except as so modified or superseded.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

The Registrant is a Dutch public company with limited liability (*naamloze vennootschap*).

The articles of association of the Registrant (the "**Articles of Association**") provide that current and former directors of the Registrant shall be reimbursed by the Registrant for (a) the reasonable costs of conducting a defence against claims based on acts or failures to act in the exercise of their duties or any other duties currently or previously performed by them at the Registrant's request; (b) any financial losses or other damages payable by them as a result of an act or failure to act; and (c) the reasonable costs of appearing in other legal proceedings in which they are involved as current or former directors, except proceedings primarily aimed at pursuing a claim on their own behalf.

However, there is no entitlement to reimbursement if and to the extent that: (i) a Dutch court has established, in a final and conclusive decision, that the act or failure to act of the person concerned may be characterised as wilful (*opzettelijk*), intentionally reckless (*bewust roekeloos*) or seriously culpable conduct (*ernstig verwijtbaar gedrag*), unless Dutch law provides otherwise or this would be unacceptable according to standards of reasonableness and fairness; or (ii) the costs or financial loss of the person concerned are covered by insurance and the insurer has paid out the costs or financial loss.

The description of the indemnity above is solely a summary of the provisions in the Articles of Association and is without prejudice to any indemnification agreements entered into by the Registrant or any liability insurance taken out by the Registrant for the benefit of the directors.

**Item 7.** **Exemption From Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit Description</u>** |
| [4.1\*](tm2532046d1_ex4-1.htm) | [Articles of Association of The Magnum Ice Cream Company N.V.](tm2532046d1_ex4-1.htm) |
| [4.2\*](tm2532046d1_ex4-2.htm) | [Rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025](tm2532046d1_ex4-2.htm) |
| [4.3\*](tm2532046d1_ex4-3.htm) | [Rules of The Magnum Ice Cream Company Celebration Award Plan](tm2532046d1_ex4-3.htm) |
| [5.1\*](tm2532046d1_ex5-1.htm) | [Opinion of Linklaters LLP, Dutch legal counsel to the Registrant, as to the validity of newly issued shares](tm2532046d1_ex5-1.htm) |
| [23.1\*](tm2532046d1_ex23-1.htm) | [Consent of KPMG LLP, independent registered public accounting firm](tm2532046d1_ex23-1.htm) |
| [23.2\*](tm2532046d1_ex5-1.htm) | [Consent of Linklaters LLP, Dutch legal counsel to the Registrant (included in Exhibit 5.1)](tm2532046d1_ex5-1.htm) |
| [24.1\*](#sp_001) | [Power of Attorney (included on the signature page of this Registration Statement)](#sp_001) |
| [107\*](tm2532046d1_ex-filingfees.htm) | [Filing Fee Table](tm2532046d1_ex-filingfees.htm) |

---

\*Filed herewith

**Item 9.** **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement;

*provided,* *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, 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 Amsterdam, the Netherlands, on December 15, 2025.

---

| |
|:---|
| **The Magnum Ice Cream Company N.V.** (Registrant) |
| /s/ Vanessa Vilar |
| Vanessa Vilar |
| Chief Legal Officer |
| (Signature and Title) |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below severally constitutes and appoints Vanessa Vilar and Nickesha Graham-Burrell as his or her true and lawful attorneys-in-fact and agents, each acting alone, 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, in any and all capacities to do any and all things and execute any and all instruments that such attorneys may deem necessary or advisable under the Securities Act of 1933, and any rules, regulations and requirements of the Securities and Exchange Commission in connection with the registration under the Securities Act of the securities referred to herein (the "**Securities**") and any securities or blue sky law of any of the states of the United States of America in order to effect the registration or qualification (or exemption therefrom) of the said Securities for issue, offer, sale or trade under the Blue Sky or other securities laws of any of such states and in connection therewith to execute, acknowledge, verify, deliver, file and cause to be published applications, reports, consents to service of process, appointments of attorneys to receive service of process and other papers and instruments which may be required under such laws, including, specifically, but without limiting the generality of the foregoing, the power and authority to sign his or her name in his or her capacity as an officer, director or authorized representative in the United States of America or in any other capacity with respect to this Registration Statement and any registration statement in respect of the Securities that is to be effective upon filing pursuant to Rule 462(b) and/or such other form or forms as may be appropriate to be filed with the SEC or under or in connection with any Blue Sky laws or other securities laws of any state of the United States of America or with such other regulatory bodies and agencies as any of them may deem appropriate in respect of the Securities, and with respect to any and all amendments, including post-effective amendments, to this Registration Statement and to any and all instruments and documents filed as part of or in connection with this Registration Statement.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Signature** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;/s/ Jean-François van Boxmeer | &nbsp;&nbsp;Chair and Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Jean-François van Boxmeer | &nbsp;&nbsp;Chair and Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Peter ter Kulve | &nbsp;&nbsp;Chief Executive Officer and Director<br> (Principal Executive Officer) | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Peter ter Kulve | &nbsp;&nbsp;Chief Executive Officer and Director<br> (Principal Executive Officer) | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Abhijit Bhattacharya | &nbsp;&nbsp;Chief Financial Officer and Director<br> (Principal Financial and Accounting Officer) | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Abhijit Bhattacharya | &nbsp;&nbsp;Chief Financial Officer and Director<br> (Principal Financial and Accounting Officer) | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Melissa Bethell | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Melissa Bethell | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Stefan Bomhard | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Stefan Bomhard | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Stacey Cartwright | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Stacey Cartwright | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ René Hooft Graafland | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;René Hooft Graafland | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Anja Mutsaers | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Anja Mutsaers | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;/s/ Reginaldo Ecclissato | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |
| &nbsp;&nbsp;Reginaldo Ecclissato | &nbsp;&nbsp;Non-Executive Director | &nbsp;&nbsp;December 15, 2025 |

---

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

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed the Registration Statement on December 15, 2025 in the capacity of the duly authorized representative of The Magnum Ice Cream Company N.V. in the United States.

---

| | |
|:---|:---|
| **The Magnum Ice Cream Company N.V.** | **The Magnum Ice Cream Company N.V.** |
| By: | /s/ Natalia Cavaliere |
| Name: | Natalia Cavaliere |
| Title: | Authorized Representative |

---

## Exhibit 4.1

**Exhibit 4.1**

**Articles of Association of The Magnum Ice Cream Company N.V.**

**NOTE ABOUT TRANSLATION:**

**This document is an English translation of a document prepared in Dutch. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. The definitions in article 1.1 of this document are listed in the English alphabetical order which may differ from the Dutch alphabetical order.**

**In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.**

**Articles of association:**

---

| | |
|:---|:---|
| **1** | **Definitions and interpretation** |

---

**1.1** In these articles of association, the following terms shall have the following meanings:

"**Board**" means the board of directors of the Company.

"**CEO**" means the Executive Director who has been designated the title of chief executive officer.

"**Chair**" means the chair of the Board.

"**Company**" means the company the internal organisation of which is governed by these articles of association.

"**Company Secretary**" means the company secretary of the Company.

"**Director**" means a member of the Board. Unless the contrary is apparent, this shall include each Executive Director and each Non-Executive Director.

"**Distributable Equity**" means the part of the Company's equity which exceeds the aggregate of the paid-up and called-up part of the capital and the reserves which must be maintained pursuant to the laws of the Netherlands.

"**Executive Director**" means an executive director of the Company.

"**General Meeting**" means the body of the Company consisting of the persons to whom, as a Shareholder or otherwise, voting rights attached to Shares accrue, or (as the case may be) a meeting of such persons (or their proxies) and other Persons with Meeting Rights.

"**Group Company**" means a group company of the Company within the meaning of Section 2:24b of the Dutch Civil Code.

"**Inability**" means the inability of a Director to perform the duties within the meaning of Section 2:134, subsection 4, of the Dutch Civil Code, including the event that the relevant Director claims inability to perform such Director's duties for a certain period of time in writing.

"**in writing**" means transmitted by letter or e-mail, or any other electronic means of communication, provided the relevant message is legible and reproducible.

"**Meeting Rights**" means the rights conferred by the laws of the Netherlands upon holders of depositary receipts issued with a company's cooperation for shares in its capital.

"**Non-Executive Director**" means a non-executive director of the Company.

"**Person with Meeting Rights**" means a person to whom the Meeting Rights accrue.

"**Share**" means a share in the capital of the Company.

"**Shareholder**" means a holder of one or more Shares.

"**Subsidiary**" means a subsidiary of the Company within the meaning of Section 2:24a of the Dutch Civil Code.

"**Vice-Chair**" means the vice-chair of the Board.

**1.2** References to "articles" refer to articles that are part of these articles of association,
except where expressly indicated otherwise.

**1.3** References to the singular include the plural and vice versa.

---

| | |
|:---|:---|
| **2** | **Name and** **official seat** |

---

**2.1** The Company's name is:

**The Magnum Ice Cream Company** **N.V.**

**2.2** The Company has its official seat in Amsterdam, the Netherlands.

---

| | |
|:---|:---|
| **3** | **Objects** |

---

The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to research and develop, to produce, to manufacture, to package, to pack, to store, to market, to trade
in, to distribute and to sell consumer products, such as ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to franchise operations related to the marketing, distribution and sale of consumer products, such as
ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to own, to maintain, to sell, to distribute, to lend and to lease any devices or machines, such as ice
cream cabinets, or any other products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to incorporate, to participate in any way whatsoever in, to manage and supervise and to finance Subsidiaries,
Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to borrow, to lend, to finance and to raise funds, including the issue of bonds, debt instruments or other
securities or evidence of indebtedness and to enter into agreements in connection with the aforementioned activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to render advice and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to grant guarantees, to bind the Company and to pledge or otherwise encumber assets of the Company for
its own obligations and for obligations of Subsidiaries, Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to acquire, alienate, encumber, manage and exploit registered property and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to trade in currencies, securities and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to exploit and trade in patents, trademarks, licenses, knowhow, copyrights, data base rights and other
intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to perform any and all activities of an industrial, financial or commercial nature,

and to do all that is connected therewith or may be conducive thereto, all to be interpreted in the broadest sense.

---

| | |
|:---|:---|
| **4** | **Authorised capital** |

---

**4.1** The authorised capital of the Company is seven billion eight hundred and seventy-five million euro (EUR
7,875,000,000.00). The authorised capital of the Company is divided into two billion two hundred and fifty million (2,250,000,000) Shares,
with a nominal value of three euro and fifty eurocent (EUR 3.50) each.

**4.2** All Shares shall be registered. No share certificates shall be issued.

---

| | |
|:---|:---|
| **5** | **Register** |

---

**5.1** The Board shall keep a register in which the names and addresses of all Shareholders are recorded. The
names and addresses of pledgees and usufructuaries of Shares shall also be entered in the register. The register will contain such information
as prescribed by the laws of the Netherlands and as the Board considers necessary. The register will regularly be updated.

**5.2** Shareholders and pledgees and usufructuaries of Shares are obliged to provide their details as referred
to in article 5.1 to the Company in writing.

**5.3** The register may consist of various parts, and each part may be kept in different places, including outside
of the Netherlands, and in more than one copy, in order to comply with foreign requirements or regulations or the applicable provisions
set by a foreign stock exchange, as determined by the Board.

**5.4** The Company may allow inspection of the register by, or provide information included in the register to,
any competent supervisory or other authority in order to comply with requirements or regulations or the applicable provisions set by a
stock exchange.

**5.5** Section 2:85 of the Dutch Civil Code applies to the register.

---

| | |
|:---|:---|
| **6** | **Issuance of Shares** |

---

**6.1** Shares may be issued pursuant to a resolution of (i) the General Meeting at the proposal of the Board,
or (ii) the Board (if and during the fixed period the Board has been designated for that purpose by the General Meeting at the proposal
of the Board). The General Meeting shall, for as long as such designation of the Board is in force, no longer have authority to resolve
upon the issuance of Shares. Any designation must state the number of Shares which may be issued. Unless the designation provides otherwise,
it may not be withdrawn, other than upon a proposal thereto of the Board.

**6.2** A resolution to issue Shares shall stipulate the price and the other conditions of the issuance.

**6.3** Articles 6.1 and 6.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do
not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **7** | **Rights of pre-emption** |

---

**7.1** Upon issuance of Shares, each Shareholder shall have a right of pre-emption in proportion to the aggregate
nominal value of such Shareholder's Shares, subject to the limitations prescribed by the laws of the Netherlands and article 7.2.
The right of pre-emption does not apply to Shares issued to employees of the Company or of a Group Company and Shares issued against contribution
other than in cash.

**7.2** Prior to each single issuance of Shares, the right of pre-emption may be limited or excluded pursuant
to a resolution of (i) the General Meeting or (ii) the Board (if and during the fixed period the Board has been designated for
that purpose by the General Meeting at the proposal of the Board). The General Meeting shall, for as long as such designation of the Board
is in force, no longer have authority to resolve upon limiting or excluding the right of pre-emption. Unless the designation provides
otherwise, it may not be withdrawn, other than upon a proposal thereto of the Board. A resolution of the General Meeting to limit or exclude
the right of pre-emption or to designate the Board for that purpose requires a majority of at least two-thirds of the votes cast, if less
than one-half of the Company's issued capital is represented at the meeting.

**7.3** Articles 7.1 and 7.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do
not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **8** | **Payment for Shares** |

---

**8.1** The nominal value of each Share must be paid upon subscription and, in addition, if such Share is subscribed
for at a higher amount, the difference between such amounts must be paid, without prejudice to the provisions of Section 2:80, subsection
2, of the Dutch Civil Code.

**8.2** Payment for a Share must be made in cash insofar as no non-cash contribution has been agreed upon. Payment
in a currency other than euro may only be made with the consent of the Company.

**8.3** The Board shall be authorised to perform legal acts relating to non-cash contributions on Shares and other
legal acts as referred to in Section 2:94 of the Dutch Civil Code, without the prior approval of the General Meeting.

**8.4** Upon resolving to issue Shares or to grant rights to subscribe for Shares, the corporate body adopting
such resolution may determine that the Shares are to be paid up in full out of the Company's distributable reserves or a reserve
as referred to in Sections 2:389 or 2:390 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **9** | **Own Shares** |

---

**9.1** The Company and its Subsidiaries may acquire fully paid-up Shares or depositary receipts thereof, with
due observance of the limitations prescribed by the laws of the Netherlands. An acquisition of Shares by the Company for a consideration
can only be effected if the General Meeting, upon a proposal thereto by the Board, has authorised the Board for such purpose for a fixed
period.

**9.2** The Board shall be authorised to resolve upon the disposal of Shares acquired by the Company. For as long
as Shares or depositary receipts thereof are admitted to trading on the Equity Shares (Commercial Companies) Category of the FCA Official
List, article 7 applies equally to a disposal of Shares acquired by the Company.

**9.3** The Company may, without authorisation by the General Meeting, acquire own Shares which are quoted on
the price list of a stock exchange for the purpose of transferring such Shares to employees of the Company or of a Group Company under
a scheme applicable to such employees.

---

| | |
|:---|:---|
| **10** | **Reduction of the issued capital** |

---

**10.1** The General Meeting may resolve to reduce the Company's issued capital at the proposal of the Board.
A resolution of the General Meeting to reduce the Company's issued capital requires a majority of at least two-thirds of the votes
cast, if less than one-half of the Company's issued capital is represented at the meeting.

**10.2** A reduction of the Company's issued capital may be effected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by cancellation of Shares held by the Company or for which the Company holds the depositary receipts;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by reducing the nominal value of Shares, to be effected by an amendment of these articles of association.

**10.3** A resolution to reduce the Company's issued capital must designate the Shares involved and include
provisions for the implementation of such resolution.

**10.4** Without the consent of all Shareholders, a reduction of the nominal value of Shares with or without repayment
must be effected in proportion to all Shares.

---

| | |
|:---|:---|
| **11** | **Transfer of Shares** |

---

**11.1** The transferability of Shares is not restricted within the meaning of Section 2:87 of the Dutch Civil
Code.

**11.2** For as long as Shares or depositary receipts thereof are admitted to listing and/or trading on a regulated
stock exchange or multilateral trading facility as referred to in Section 2:86c of the Dutch Civil Code, the transfer of a Share
shall require a private deed to that effect and, unless the Company itself is a party to such legal act, acknowledgement in writing by
the Company of the transfer. Service on the Company of the transfer deed or a certified notarial copy or extract thereof is considered
to be an acknowledgement. This article 11.2 shall also apply if at the time of the transfer of a Share it can be expected on valid grounds
that Shares or depositary receipts thereof will be admitted to such listing and/or trading.

**11.3** For as long as Shares are listed on a regulated foreign stock exchange, the Board may resolve, with due
observance of the applicable statutory provisions, that article 11.2 does not apply to Shares that are registered in the part of the shareholders'
register which is kept outside the Netherlands by a registrar appointed by the Board for the purpose of the listing on such foreign stock
exchange, and that the property law aspects of such Shares shall be governed by the law of the state of establishment of such stock exchange
or by the law of the state in which with the consent of such stock exchange transfers and other legal acts under property law relating
to such Shares can or must be made.

**11.4** The property law regime relating to book-entry transferable Shares referred to in Section 10:140
of the Dutch Civil Code is governed by the law of the state in whose territory the account in which the securities are administered is
held in accordance with Chapter 5 of Title 10 of Book 10 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **12** | **Pledging of Shares and usufruct on Shares** |

---

**12.1** Article 11 shall apply by analogy to the pledging of Shares and to the creation or transfer of a
usufruct on Shares, provided that a right of pledge may also be created without acknowledgement by or service on the Company, with due
observance of Section 2:86c, subsection 4, of the Dutch Civil Code.

**12.2** Upon the creation of a right of pledge on a Share, the voting rights attached to such Share may be assigned
to the pledgee, with due observance of Section 2:89 of the Dutch Civil Code.

**12.3** Upon the creation or transfer of a usufruct on a Share, the voting rights attached to such Share may be
assigned to the usufructuary, with due observance of Section 2:88 of the Dutch Civil Code.

**12.4** Each of (i) the Shareholder without voting rights, (ii) the pledgee with voting rights and (iii) the
usufructuary with voting rights shall have Meeting Rights. The pledgee or the usufructuary without voting rights shall not have Meeting
Rights.

---

| | |
|:---|:---|
| **13** | **Depositary receipts for Shares** |

---

The Company may cooperate with the issuance of depositary receipts for Shares, but only pursuant to a resolution to that effect of the Board. Each holder of depositary receipts for Shares issued with the Company's cooperation shall have Meeting Rights.

---

| | |
|:---|:---|
| **14** | **Composition of Board and appointment of Directors** |

---

**14.1** The Board shall consist of a maximum of two Executive Directors and a minimum of five and a maximum of
ten Non-Executive Directors. The Board shall determine the number of Executive Directors and Non-Executive Directors, with due observance
of this article 14.1. Only individuals can be Directors.

**14.2** Directors may only be appointed by the General Meeting on a binding nomination by the Board. The binding
nomination of the Board shall include whether a person is nominated for appointment as Executive Director or Non-Executive Director.

**14.3** The General Meeting may at all times overrule a binding nomination for the appointment of a Director
by more than half of the votes cast, representing at least one third of the Company's issued capital. If the nomination comprises
one candidate for a vacancy, a resolution concerning the nomination shall result in the appointment of the candidate, unless the nomination
is overruled with the required majority. If a binding nomination for the appointment of a Director is overruled by more than half of the
votes cast, but this majority does not represent at least one third of the Company's issued capital, a second General Meeting may
be held at which the binding nomination can be overruled by more than half of the votes cast. If a binding nomination is overruled by
the General Meeting with the required majority, the Board may make a new binding nomination in accordance with article 14.2.

**14.4** The notice of the General Meeting at which the appointment of the relevant Director shall be brought up
for discussion shall include the proposal referred to above in this article 14.

**14.5** The Board may grant titles to Directors. A Director can have more than one title.

---

| | |
|:---|:---|
| **15** | **Annual retirement, suspension and dismissal of Directors** |

---

**15.1** Directors shall be appointed for a term that ultimately ends at the end of the annual General Meeting
held in the financial year following the calendar year of such Director's appointment, unless the Board decides to make a binding
nomination for a longer term. For as long as Shares or depositary receipts thereof are admitted to trading on the Equity Shares (Commercial
Companies) Category of the FCA Official List, Directors shall only be appointed for a term that ultimately ends at the end of the annual
General Meeting held in the financial year following the calendar year of such Director's appointment. Directors are eligible for
immediate reappointment, subject to the previous sentence and the provisions of article 14 and provided that no Non-Executive Director
can be reappointed for a term that would continue after the end of the first annual General Meeting held after nine (9) years from
the date of their first appointment have lapsed. In no instance shall the term of appointment of a Director end for as long as that would
result in no Directors being in office.

**15.2** The Board may propose to the General Meeting to suspend or dismiss a Director. An Executive Director may
also be suspended by the Board. A suspension by the Board may be discontinued at any time by the General Meeting.

**15.3** If a suspension or dismissal of a Director is proposed to the General Meeting by the Board, the resolution
of the General Meeting shall be adopted by more than half of the votes cast, representing at least one third of the Company's issued
capital. In all other cases, the resolution of the General Meeting to suspend or dismiss a Director shall be adopted by at least two-thirds
of the votes cast, representing more than half of the Company's issued capital.

**15.4** A suspension may be extended one or more times, but the total duration of the suspension may not exceed
three months. If at the end of that period, no decision has been taken on termination of the suspension or on dismissal, the suspension
ends.

---

| | |
|:---|:---|
| **16** | **Duties and powers of the Board** |

---

**16.1** The Board shall be entrusted with the management of the Company, which includes in any event determining
the Company's policy and strategy. In performing their duties, the Directors shall act in accordance with the interests of the Company
and the business connected with it. Each Director is responsible for the general course of affairs.

**16.2** The Executive Directors are charged with the daily management of the business connected with the Company.
The Non-Executive Directors are charged with the supervision of the performance of duties by the Executive Directors and the general course
of affairs of the Company and the business connected with it. The Directors will also be charged with the duties assigned to them pursuant
to these articles of association, the rules referred to in article 18.1, or a resolution of the Board.

**16.3** In addition to article 16.2, the Board may assign duties and powers to individual Directors. This may
also include a delegation of decision-making power, provided this is laid down in writing. A Director to whom powers of the Board are
delegated must comply with the rules set in relation thereto by the Board.

**16.4** The Board may establish such committees as it deems necessary. The Board (i) appoints the members
of each committee, (ii) determines the tasks of each committee and (iii) may establish rules regarding the working methods
and decision-making process of each committee. Such rules shall be put in writing. The Board may, at any time, change the composition
and tasks of each committee as well as the rules referred to in this article 16.4.

---

| | |
|:---|:---|
| **17** | **Chair of the Board** |

---

**17.1** The Board may designate a Chair and a Vice-Chair from amongst the Non-Executive Directors for such period
as the Board may determine.

**17.2** If the Chair is absent, the Vice-Chair shall be entrusted with the duties entrusted to the Chair by these
articles of association or otherwise.

---

| | |
|:---|:---|
| **18** | **Meetings and decision-making process of the Board** |

---

**18.1** The Board may establish rules regarding the working methods and decision-making process of the Board,
with due observance of these articles of association. Such rules shall be put in writing.

**18.2** A Director shall not take part in the discussions and decision-making of the Board if such Director has
a direct or indirect personal interest therein that conflicts with the interests of the Company or the business connected with it. If
all Directors have such conflict of interest, the resolution shall nevertheless be adopted by the Board.

**18.3** The Board shall adopt resolutions by more than half of the votes cast, unless applicable law, these articles
of association or the rules referred to in article 18.1 provide otherwise. If there is a tie in voting, the proposal is rejected.

**18.4** Third parties may rely on a written statement by the Chair or the Company Secretary regarding resolutions
adopted by the Board or a committee of the Board. In the latter case, third parties may further rely on a written statement by the chair
of such committee.

---

| | |
|:---|:---|
| **19** | **Representation** |

---

**19.1** The Company shall be represented by the Board or by two Executive Directors acting jointly. The CEO, acting
individually, shall also be authorised to represent the Company.

**19.2** The Board may appoint officers with general or limited power to represent the Company. Each officer shall
be competent to represent the Company, subject to the restrictions imposed upon or after appointment by the Board. The Board shall determine
each officer's title.

---

| | |
|:---|:---|
| **20** | **Remuneration** |

---

**20.1** The Company has a policy on the remuneration of the Board. The policy shall be adopted by the General
Meeting at the proposal of the Board. The Executive Directors shall not take part in the discussions and decision-making of the Board
on this. A resolution to adopt the policy shall be adopted by the General Meeting by more than half of the votes cast.

**20.2** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration
and other terms of service for Executive Directors is vested in the Board. The Executive Directors shall not take part in the discussions
and decision-making of the Board on this.

**20.3** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration
for Non-Executive Directors is vested in the General Meeting.

**20.4** Proposals concerning remuneration of Directors in the form of Shares or rights to subscribe for Shares
shall be submitted by the Board to the General Meeting for approval. Such proposals must, at a minimum, state the number of Shares or
rights to subscribe for Shares that may be granted and the criteria that apply to the granting of such Shares or rights to subscribe for
Shares and the amendment of such arrangements.

---

| | |
|:---|:---|
| **21** | **Indemnification** |

---

Unless Dutch law provides otherwise, the following shall be reimbursed to current and former Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the reasonable costs
of conducting a defence against claims (also including claims by the Company) based on acts or failures to act in the exercise of their
duties or any other duties currently or previously performed by them at the Company's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any financial losses or damages
payable by them as a result of an act or failure to act as referred to under (a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reasonable costs of appearing
in other legal proceedings in which they are involved as current or former Directors, with the exception of proceedings primarily
aimed at pursuing a claim on their own behalf.

There shall be no entitlement to reimbursement, as referred to above, if and to the extent that (i) a Dutch court has established, in a final and conclusive decision, that the act or failure to act of the person concerned may be characterised as wilful, intentionally reckless or seriously culpable conduct, unless Dutch law provides otherwise or this would, in view of the circumstances of the case, be unacceptable according to standards of reasonableness and fairness, or (ii) the costs or financial loss of the person concerned are covered by an insurance and the insurer has paid out the costs or financial loss. If and to the extent that it has been established by a Dutch court, in a final and conclusive decision, that the person concerned is not entitled to reimbursement as referred to above, the person concerned shall immediately repay the amount reimbursed by the Company. The Company may request that the person concerned provides security for such person's repayment obligation. The Company may take out liability insurance for the benefit of the persons concerned. The Board may by agreement or otherwise further implement the above.

---

| | |
|:---|:---|
| **22** | **Approval of resolutions** |

---

**22.1** Resolutions of the Board entailing a significant change in the identity or character of the Company or
its business are subject to the approval of the General Meeting, including in any case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of (almost) the entire business of the Company to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the entry into or termination of long-term co-operations of the Company or a Subsidiary with another legal
entity or company or as a fully liable partner in a limited partnership or general partnership, if this co-operation or termination is
of major significance for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition or disposal by the Company or a Subsidiary of participating interests in the capital of
a company, with a value equal to at least one-third of the sum of the assets of the Company as shown on its balance sheet with explanatory
notes or, if the Company prepares a consolidated balance sheet, its consolidated balance sheet with explanatory notes according to the
last adopted annual accounts of the Company.

**22.2** The absence of approval by the General Meeting of a resolution as referred to in this article 22 shall
not affect the authority of the Board or the Directors to represent the Company.

---

| | |
|:---|:---|
| **23** | **Vacancy or Inability** |

---

**23.1** If a seat of an Executive Director is vacant or upon the Inability of an Executive Director, the remaining
Executive Directors or Executive Director shall be temporarily entrusted with the management of the Company, provided that the Board may
designate a temporary replacement. If, due to vacant seats or Inability no Executive Directors are in office and able to perform their
duties, one or more persons to be designated for that purpose by the Non-Executive Directors shall be temporarily entrusted with the management
of the Company. A temporary replacement shall serve until the earlier of (a) the moment on which the seat in the Board for which
that person serves as temporary replacement is again occupied by an Executive Director able to act and (b) the end of the first annual
General Meeting following their designation.

**23.2** If a seat of a Non-Executive Director is vacant or upon the Inability of a Non-Executive Director, the
remaining Non-Executive Directors or Non-Executive Director shall be temporarily entrusted with the performance of the duties and the
exercise of the authorities of that Non-Executive Director, provided that the Board may designate a temporary replacement. If, due to
vacant seats or Inability no Non-Executive Directors are in office and able to perform their duties, one or more persons to be designated
for that purpose by the General Meeting shall be temporarily entrusted with the performance of the duties and the exercise of the authorities
of the Non-Executive Directors. A temporary replacement shall serve until the earlier of (a) the moment on which the seat in the
Board for which that person serves as temporary replacement is again occupied by a Non-Executive Director able to act and (b) the
end of the first annual General Meeting following their designation.

---

| | |
|:---|:---|
| **24** | **Financial year and annual accounts** |

---

**24.1** The Company's financial year shall be the calendar year.

**24.2** Annually, within the period as prescribed by the laws of the Netherlands, the Board shall prepare annual
accounts and the management report and shall deposit the same at the Company's office, for inspection by the Shareholders and the
other Persons with Meeting Rights.

**24.3** The annual accounts shall consist of a balance sheet, a profit and loss account and explanatory notes.

**24.4** The annual accounts shall be signed by the Directors. If the signature of one or more of them is missing,
this shall be stated and the reasons for this omission shall be given.

---

| | |
|:---|:---|
| **25** | **Auditor** |

---

The General Meeting or, if it fails to do so, the Board, shall instruct an auditor to audit the annual accounts prepared by the Board in accordance with Section 2:393, subsection 3, of the Dutch Civil Code. The Executive Directors shall not take part in the discussions and decision-making of the Board on this. The auditor shall report on the audit to the Board and present the result of such audit in an opinion.

---

| | |
|:---|:---|
| **26** | **Adoption of the annual accounts and release from liability** |

---

**26.1** The General Meeting shall adopt the annual accounts.

**26.2** At the General Meeting at which it is resolved to adopt the annual accounts, the proposal to release the
Executive Directors from liability for the management pursued and the Non-Executive Directors for the performance of their duties, insofar
as the exercise of such management and duties is reflected in the annual accounts or otherwise disclosed to the General Meeting prior
to the adoption of the annual accounts, may be put on the agenda as a separate item.

---

| | |
|:---|:---|
| **27** | **Profits and distributions** |

---

**27.1** Distribution of profits shall be made after adoption of the annual accounts from which such distribution
appears to be permitted under the laws of the Netherlands.

**27.2** The Board may resolve that profits accrued in a financial year shall be fully or partially added to the
reserves and may also resolve how losses are allocated.

**27.3** The allocation of any profits remaining after application of article 27.2 shall be determined by the General
Meeting. A proposal to make a distribution of profits shall be dealt with as a separate agenda item at the General Meeting.

**27.4** Any distribution shall be made to the Shareholders in proportion to the number of Shares held by each.

**27.5** Distributions on Shares may be made only up to an amount which does not exceed the amount of the Distributable
Equity.

**27.6** The Board may resolve that a distribution on Shares shall be made in kind. The Board may further resolve
that a distribution on Shares shall take place as a payment in Shares, or resolve that Shareholders shall have the option to receive a
distribution as a cash payment and/or as a payment in Shares, out of the profit and/or at the expense of any reserve of the Company and
subject to such conditions as determined by the Board, provided that, if the distribution or part thereof consists of newly issued Shares,
the Board is designated by the General Meeting pursuant to article 6.1 as the body of the Company authorised to issue Shares.

**27.7** No distributions shall be made on Shares held by the Company in its own capital, unless these Shares have
been pledged or a usufruct has been created in these Shares and the authority to collect distributions or the right to receive distributions,
respectively, accrues to the pledgee or the usufructuary, respectively. For the computation of distributions, the Shares on which no distributions
shall be made pursuant to this article 27.7, shall not be taken into account.

**27.8** The Board shall determine how a shortfall that is determined by the adoption of the annual accounts shall
be accounted for. A loss may be set off against the reserves to be maintained by law only to the extent permitted by applicable law.

---

| | |
|:---|:---|
| **28** | **Interim distributions** |

---

The Board may resolve to make interim distributions of profits or distributions from reserves, provided that the requirement of article 27.5 has been met, which must be evidenced by an interim statement of assets and liabilities as referred to in Section 2:105, subsection 4, of the Dutch Civil Code.

---

| | |
|:---|:---|
| **29** | **Notices and payment of distributions** |

---

**29.1** Distributions on Shares shall be made payable in the manner and at such date, and notice thereof shall
be given as the Board, or the General Meeting at the proposal of the Board, shall determine.

**29.2** The Board may determine that distributions on Shares will be made payable either in euro, British pound
sterling, United States Dollar or in another currency. The Board shall determine the method in which a currency conversion in respect
of distributions, if any, is made.

**29.3** If a distribution is made in a form other than in cash, the Board shall determine which value the Company
will allocate to such distribution for accounting purposes.

**29.4** A claim by a Shareholder for payment of a distribution on Shares shall be barred after five years have
elapsed. Any such distributions will be forfeited to the Company and will be added to the reserves.

---

| | |
|:---|:---|
| **30** | **General Meetings** |

---

**30.1** The annual General Meeting shall be held within six months after the end of the financial year.

**30.2** Other General Meetings will be held as often as the Board deems necessary, without prejudice to the provisions
of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code.

**30.3** One or more Persons with Meeting Rights, alone or jointly representing at least the percentage of the
Company's issued capital as required by law, may request the Board in writing to convene a General Meeting. The request must clearly
state the items to be discussed. If the Board fails to take the measures necessary to allow the General Meeting to be held within the
statutory term after the request, the requesting Persons with Meeting Rights may, subject to applicable law, seek authorisation by a court
in preliminary relief proceedings to convene a General Meeting.

---

| | |
|:---|:---|
| **31** | **Notice of General Meetings** |

---

**31.1** Notice of General Meetings shall be given by or on behalf of the Board.

**31.2** Notice of the meeting shall be given with due regard to the notice period prescribed by the laws of the
Netherlands. The notice convening the meeting will be given by way of an announcement on the website of the Company and/or through other
means of electronic public announcement and shall be in accordance with the requirements of the laws of the Netherlands.

**31.3** The notice convening the meeting shall include the agenda.

**31.4** Items, for which a written request has been filed to discuss them, by one or more Shareholders and/or
other Persons with Meeting Rights, alone or jointly representing at least the percentage of the Company's issued capital as required
by law, shall be included in the notice or announced in the same manner, provided that the Company received the substantiated request
or a proposal for a resolution no later than on the day prescribed by law.

**31.5** With due observance of article 31.2, Shareholders and other Persons with Meeting Rights may also be given
notice in writing. The providing of an electronic mail address by a Shareholder or other Person with Meeting Rights to the Company will
constitute evidence of that person's consent to receiving notices electronically, unless the contrary is proven.

**31.6** This article 31 shall apply by analogy to other announcements, notices and notifications to Shareholders
and other Persons with Meeting Rights.

---

| | |
|:---|:---|
| **32** | **Venue of General Meetings** |

---

General Meetings are held in the municipality in which, according to these articles of association, the Company has its official seat, in Amstelveen, The Hague, Hoofddorp, Haarlem, Lelystad, Rotterdam, Utrecht or at Schiphol airport (municipality of Haarlemmermeer), notwithstanding article 33.5.

---

| | |
|:---|:---|
| **33** | **Admittance to General Meetings, Meeting Rights and voting rights** |

---

**33.1** The Meeting Rights accrue to each Shareholder and each other Person with Meeting Rights. Each Shareholder,
and each pledgee and usufructuary to whom the voting rights accrue shall be entitled to exercise voting rights in the General Meeting.
Shareholders and other Persons with Meeting Rights may be represented in a meeting by a proxy authorised in writing.

**33.2** For each General Meeting a statutory record date will be applied to determine which persons shall have
Meeting Rights and/or voting rights. The record date and the manner in which Shareholders and other Persons with Meeting Rights can register
and exercise their rights will be set out in the notice convening the General Meeting.

**33.3** Each Shareholder and other Person with Meeting Rights, or any such person's proxy authorised in
writing, will only be admitted to the meeting after having notified the Company of their intention to attend the meeting in writing at
the address and by the date specified in the notice convening the General Meeting. Each proxy shall be required to produce evidence in
writing of its mandate.

**33.4** The Board may determine that the Meeting Rights and the voting rights may be exercised by electronic means
of communication, either in person or by a proxy authorised in writing. In order to do so, a Person with Meeting Rights, or any such person's
proxy authorised in writing, must, through the electronic means of communication, be identifiable, be able to directly observe the proceedings
at the meeting and, if the voting rights accrue to such person, be able to exercise the voting rights. The Board may also resolve that
Persons with Meeting Rights can participate in the discussion via electronic means of communication.

**33.5** In deviation from article 32 and to the extent permitted by applicable law, the Board may determine that
a General Meeting is only accessible via electronic means of communication. Article 33.4 shall apply to the use of electronic means
of communications.

**33.6** The Board may attach further conditions to the use of electronic means of communication as referred to
in articles 33.4 and 33.5, subject to applicable law. Such further conditions will be set out in the notice convening the General Meeting.
Any non- or malfunctioning of the means of electronic communication used is at the risk of the Shareholder, other Person with Meeting
Rights or any such person's proxy authorised in writing using the same.

**33.7** The Board may determine that votes cast by electronic means of communication or by mail prior to the General
Meeting shall be treated equally to votes cast during the meeting. Such votes may not be cast before the statutory record date referred
to in article 33.2. Without prejudice to this article 33, the notice convening the General Meeting must state how persons entitled to
vote may exercise their rights prior to the meeting.

**33.8** The Company Secretary will arrange for the keeping of an attendance list in respect of each General Meeting.
The attendance list will contain in respect of each person with voting rights present or represented: such person's name, the number
of votes that can be exercised by such person and, if applicable, the name of any such person's representative. The attendance list
will furthermore contain the aforementioned information in respect of persons with voting rights who participate in the meeting in accordance
with article 33.4 or who have cast their votes in the manner referred to in article 33.7. The chair of the meeting may decide that the
name and other information about other persons present will be recorded in the attendance list. The Board is authorised to apply such
verification procedures as it reasonably deems necessary to establish the identity of the Persons with Meeting Rights and, where applicable,
the identity and authority of proxies.

**33.9** The Directors shall have the right to attend the General Meeting in person and to address the meeting.
The Directors will further have the right to cast an advisory vote in the General Meeting.

**33.10** The chair of the meeting shall decide on the admittance to the meeting of persons other than those aforementioned
in this article 33.

---

| | |
|:---|:---|
| **34** | **Chair and secretary of General Meetings; order of the meeting** |

---

**34.1** The General Meetings shall be presided over by the Chair or, in the Chair's absence, the Vice-Chair.
In the Vice-Chair's absence, the Non-Executive Directors present at the meeting shall appoint a chair from amongst themselves. If
no Non-Executive Directors are present or no such appointment is made, the chair of the meeting shall be appointed by the General Meeting,
on the understanding that as long as such appointment has not been made, an Executive Director shall be chair, designated for this purpose
by the other Executive Directors.

**34.2** The chair of the meeting shall appoint a secretary for the meeting.

**34.3** With due observance of the agenda of the meeting, the chair of the meeting may determine the order of
proceedings at a meeting.

**34.4** The chair of the meeting may further, in the interest of the meeting being conducted in an orderly fashion,
restrict the time for which Shareholders and other Persons with Meeting Rights may speak, and/or take other measures that the chair considers
desirable for the efficient and orderly conduct of the business of the meeting.

---

| | |
|:---|:---|
| **35** | **Resolutions in General Meetings** |

---

**35.1** Each Share confers the right to cast one vote.

**35.2** In the General Meeting, no voting rights may be exercised for Shares held by the Company or a Subsidiary,
nor for Shares for which the Company or a Subsidiary holds the depositary receipts. However, pledgees and usufructuaries of Shares owned
by the Company or a Subsidiary are not excluded from exercising voting rights if the right of pledge or usufruct, respectively, was created
before the Share was owned by the Company or such Subsidiary. The Company or a Subsidiary may not exercise voting rights for a Share in
which it holds a right of pledge or a usufruct.

**35.3** To the extent that the laws of the Netherlands or these articles of association do not provide otherwise,
all resolutions of the General Meeting shall be adopted by more than half of the votes cast, without a quorum being required.

**35.4** If there is a tie in voting, the proposal is rejected.

**35.5** The chair of the meeting will decide whether and to what extent votes are taken orally, in writing, electronically
or by acclamation.

**35.6** Blank votes, invalid votes and abstentions shall not be counted as votes.

**35.7** The secretary of a General Meeting shall keep minutes of the proceedings at the meeting. The minutes shall
be adopted by the chair and the secretary of the meeting and as evidence thereof shall be signed by them.

**35.8** The Board shall keep a record of all resolutions adopted by the General Meeting. If the Board is not represented
at a meeting, the chair of the meeting shall ensure that the Board is provided with a transcript of the resolutions adopted, as soon as
possible after the meeting. The records shall be deposited at the Company's office for inspection by the Shareholders and the other
Persons with Meeting Rights. On application, each of them shall be provided with a copy of or an extract from the records, at not more
than cost price.

---

| | |
|:---|:---|
| **36** | **Amendment of articles of association** |

---

The General Meeting may resolve to amend these articles of association at the proposal of the Board. When a proposal to amend these articles of association is to be made to the General Meeting, the notice convening the General Meeting must state so and a copy of the proposal, including the verbatim text thereof, shall be deposited and kept available at the Company's office for inspection by the Shareholders and other Persons with Meeting Rights, until the conclusion of the meeting.

---

| | |
|:---|:---|
| **37** | **Statutory merger and statutory demerger** |

---

**37.1** The Company may enter into a statutory merger with one or more other legal entities. The resolution to
effect a merger shall be adopted by the General Meeting at the proposal of the Board. The resolution to effect a merger may be adopted
by the Board if the Company is the acquiring company in the merger.

**37.2** The Company may be a party to a statutory demerger. The resolution to effect a demerger shall be adopted
by the General Meeting at a proposal of the Board. The resolution to effect a demerger may be adopted by the Board if (i) the Company
is an acquiring company in the demerger, or (ii) the Company is the demerging company provided that all of the acquiring companies
are incorporated pursuant to the demerger and the Company will become the sole shareholder thereof.

**37.3** A resolution of the General Meeting to effect a statutory merger or statutory demerger requires a majority
of at least two-thirds of the votes cast if less than one-half of the Company's issued capital is represented at the meeting.

---

| | |
|:---|:---|
| **38** | **Dissolution and liquidation** |

---

**38.1** The Company may be dissolved pursuant to a resolution to that effect by the General Meeting at the proposal
of the Board. When a proposal to dissolve the Company is to be made to the General Meeting, this must be stated in the notice convening
the General Meeting.

**38.2** If the Company is dissolved pursuant to a resolution of the General Meeting, the Executive Directors shall
become liquidators of the dissolved Company's assets and the Non-Executive Directors shall be charged with the supervision of the
liquidation. The General Meeting may resolve to appoint one or more other persons as liquidators.

**38.3** During liquidation, the provisions of these articles of association shall remain in force to the extent
possible.

**38.4** The balance remaining after payment of the debts of the dissolved Company shall be transferred to the
Shareholders in proportion to the number of Shares held by each.

**38.5** After the end of the liquidation, the books, records and other data carriers of the dissolved Company
shall remain in the custody of the person designated for that purpose by the General Meeting, and in the absence thereof the person designated
for that purpose by the liquidators, for a period as prescribed by the laws of the Netherlands.

## Exhibit 4.2

**Exhibit 4.2**

![](tm2532046d1_ex4-2img001.jpg)

RULES OF THE MAGNUM ICE CREAM COMPANY LONG TERM INCENTIVE PLAN 2025

<br> THE MAGNUM ICE CREAM COMPANY N.V.

---

| | |
|:---|:---|
| Directors' Adoption: | 8 December 2025 |
| Shareholders' Approval: | 6 December 2025 |
| Expiry Date: | 6 December 2035 |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Contents** | **Contents** | **Page** |
| **1** | **Definitions** | **1** |

---

---

| | |
|:---|:---|
| **2** | **Granting Awards**<sub>3</sub> |

---

---

| | |
|:---|:---|
| **3** | **Before Vesting**<sub>6</sub> |

---

---

| | |
|:---|:---|
| **4** | **Malus and clawback**<sub>7</sub> |

---

---

| | |
|:---|:---|
| **5** | **Vesting**<sub>7</sub> |

---

---

| | |
|:---|:---|
| **6** | **Leaving Employment and death**<sub>10</sub> |

---

---

| | |
|:---|:---|
| **7** | **Corporate events**<sub>12</sub> |

---

---

| | |
|:---|:---|
| **8** | **Changing the Plan and termination**<sub>14</sub> |

---

---

| | | |
|:---|:---|:---|
| **9** | **General** | **16** |

---

---

| | |
|:---|:---|
| **Schedule 1 Holding Requirement through holding of Shares** | **19** |
| **Schedule 2 Holding Requirement through deferred Vesting** | **21** |
| **Schedule 3 Forfeitable Shares** | **23** |
| **Schedule 4 US taxpayers** | **25** |

---

i

**Rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

In these rules:

"**Acquiring Company**" means a person who has, acquires or otherwise obtains Control of the Company;

"**Admission**" means the admission of the Shares to public trading following Demerger;

"**Award**" means a Conditional Award or an Option;

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 person obtaining Control of the Company as a result of an offer to acquire Shares made by
 a person becoming or being declared wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 person obtaining Control of the Company in any other way if the Directors, in their discretion,
 so decide,

and references to a person obtaining Control include a group of persons acting in concert obtaining Control;

"**Company**" means The Magnum Ice Cream Company N.V.;

"**Conditional Award**" means a conditional right to acquire Shares granted under the Plan;

"**Control**" means, in relation to a company, the right to exercise more than 50% of the votes exercisable at any meeting of that company or to appoint more than half of its directors, whether by virtue of provisions contained in its articles of association or, as the case may be, certificate of incorporation or by-laws, statutes or other constitutional documents or any contract or arrangement with any other persons;

"**Dealing Restriction**" means any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time;

"**Deferred Bonus Award**" means an Award which the Directors designate as a Deferred Bonus Award under rule 2.3 (Terms of Awards) on the basis that it forms part of a bonus payable to the Participant;

"**Demerger**" means the date on which the Company ceases to be under the Control of Unilever PLC;

"**Directors**" means, subject to rule 7.5 (Directors), the board of directors of the Company or any person or persons to whom that board has, from time to time, delegated any of their functions under the Plan;

"**Dividend Equivalent**" means a right to an amount in respect of Relevant Dividends on Shares subject to an Award, as described in rule 2.6 (Dividend Equivalents);

"**Employee**" means any employee of a Member of the Group;

"**Employer**" means the employer of an Employee, or in the case of an executive director of the Company who is not an Employee, the legal entity that has engaged such executive director;

"**Employment**" means the employment of an Employee, or in the case of an executive director of the Company who is not an Employee, the service of such executive director;

"**Exercise Price**" means the amount payable for each Share on the exercise of an Option set by the Directors under rule 2.3 (Terms of Awards);

"**Final Exercise Date**" means the tenth anniversary of the date on which an Option is granted or an earlier date set under rule 2.3 (Terms of Awards);

"**Grant Date**" means the date set by the Directors for the Award under rule 2.3 (Terms of Awards) or, if no such date is set, the date on which the Award is granted;

"**Group Company**" means a group company within the meaning of Section 2:24b of the Dutch Civil Code (and "**Group Companies**" shall be interpreted accordingly);

"**Holding Period**" means the period during which a Holding Requirement applies;

"**Holding Requirement**" means a requirement that Shares be held during the Holding Period (Schedule 1 (Holding Requirement through holding of Shares)) or a delay in the Vesting of an Award until the end of the Holding Period (Schedule 2 (Holding Requirement through deferred Vesting));

"**Holding Share**" means a Share which is subject to a Holding Requirement;

"**Malus & Clawback Policy**" means The Magnum Ice Cream Company Malus & Clawback Policy as amended from time to time;

"**Member of the Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company's Subsidiaries and Group Companies from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other company which is associated with the Company and is so designated by the Directors;

"**Normal Vesting Date**" means the date set by the Directors for Vesting of an Award under rule 2.3 (Terms of Awards);

"**Option**" means a right to acquire Shares granted under the Plan;

"**Participant**" means a person holding (or who previously held) an Award, or their personal representatives;

"**Performance Condition**" has the meaning given in rule 2.4 (Conditions);

"**Performance Period**" means the period in respect of which a condition is to be satisfied;

"**Plan**" means these rules known as The Magnum Ice Cream Company Long Term Incentive Plan 2025, as changed from time to time;

"**Relevant Dividend**" means (i) any dividend declared by the Company; and (ii) if the Directors so determine in relation to any particular reduction of share capital, some or all (as determined by the Directors) of any repayments of nominal share capital as a result of such reduction of share capital;

"**Shares**" means fully paid-up ordinary shares (including interests representing shares) in the capital of the Company;

"**Subsidiary**" means a subsidiary within the meaning of Section 2:24a of the Dutch Civil Code;

"**US Code Section 409A**" means Section 409A of the United States Internal Revenue Code of 1986, as amended from time to time, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance;

"**US Taxpayer**" means a Participant who is a citizen or tax resident of the United States of America or any other Participant to the extent that their Award(s) or any portion thereof is or becomes subject to income taxation under the laws of the United States of America; and

"**Vesting**" occurs at the time or times described in rule 5.2 (Timing of Vesting) and, in relation to an Option, means an Option becoming exercisable and, in relation to a Conditional Award, means a Participant becoming entitled to have the Shares issued or transferred to them on the timeframe described in rule 5.5 (Consequences of Vesting for Conditional Awards), and "**Vest**", "**Vested**" and "**Unvested**" have a corresponding meaning.

---

| | |
|:---|:---|
| **2** | **Granting Awards** |

---

**2.1** **Eligibility** 

The Directors may decide that an Award will be granted to anyone who is an Employee or an executive director of the Company or former Employee or former executive director of the Company on the Grant Date in accordance with any selection criteria that the Directors in their discretion may set. However, unless the Directors consider that special circumstances exist, an Award may not be granted to an Employee or executive director of the Company who on the Grant Date has given or received notice of termination of Employment, whether or not such termination is lawful.

**2.2** **Timing of Award** 

Awards can be granted at any time but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** may
 not be granted after the tenth anniversary of adoption and approval of the Plan by the Company's
 general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** may
 only be granted to executive directors of the Company within 42 days starting on any of the
 following:

&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
 date of Admission;

&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
 date of adoption and approval of this 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;(iii) the
 announcement or preliminary announcement of the Company's results for the full or half-year
 financial periods;

&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) the
 date of the Company's annual general meeting or any extraordinary general 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;(v) any
 day on which the Directors resolve that exceptional circumstances exist which justify the
 grant of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 day on which changes to the legislation or regulations affecting share plans are announced,
 effected or made; 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;(vii) the
 lifting of Dealing Restrictions which prevented the granting of Awards during any period
 specified above.

**2.3** **Terms of Awards** 

Awards are subject to the rules of the Plan from time to time and any conditions. The Directors will determine the terms of each Award, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** the
 Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** whether
 the Award is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 Conditional Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 Option,

or a combination of these;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** the
 number of Shares subject to the Award or the basis on which it will be calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** any
 Performance Condition (see rule 2.4 (Conditions)) and any other conditions to which
 the Award is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.5** the
 Normal Vesting Date(s) and, if more than one, the number of Shares which can Vest on
 each such date or how that will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.6** whether
 the Award is a Deferred Bonus Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.7** whether
 or not a Holding Requirement will apply and if so, when the Holding Period will normally
 end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.8** whether
 the Award carries a Dividend Equivalent and, if so, the basis on which it will be calculated,
 as described in rule 2.6 (Dividend Equivalents); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.9** for
 an Option, the Exercise Price (which may be nil) and (if relevant) the Final Exercise Date.

**2.4** **Conditions** 

When granting an Award, the Directors may, and must where this is required under the Company's remuneration policy for Participants who are executive directors of the Company, make its Vesting conditional on the satisfaction of one or more conditions which may or may not be linked to the performance of the Company, the Participant, or the Member of the Group in whose business unit the Participant works (a "**Performance Condition**"). A Performance Condition will normally be specified when the Award is granted. The Directors may waive or change a Performance Condition in accordance with its terms or if anything happens which causes the Directors reasonably to consider it appropriate to do so.

**2.5** **US Taxpayers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.1** The
 provisions of Schedule 4 (US Taxpayers) shall apply to any Award granted to a US Taxpayer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.2** In
 the event that a Participant is or after the grant of an Award becomes a US Taxpayer, the
 Directors may make such amendments to the terms of the Award, on a retroactive basis as required,
 as they see necessary or desirable to avoid or limit the application of any additional or
 accelerated taxation, including adverse tax consequences under US Code Section 409A.

**2.6** **Dividend Equivalents** 

The amount of a Dividend Equivalent will be the number of Shares in respect of which the Award Vests multiplied by the per-Share amount of the Relevant Dividends with a payment date between the Grant Date and the date of Vesting. Unless the Directors determine otherwise on grant, the amount will be determined as if each relevant dividend were re-invested in further Shares at the market value of a Share on the payment date.

The amount will be payable in accordance with rule 5.7 (Dividend Equivalent).

However, the Directors may determine on grant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.1** the
 amount will be determined as if interest were payable on each relevant dividend from the
 payment date until the date of Vesting (or exercise, if applicable) at a rate determined
 by the Directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.2** in
 the case of an Option, the Dividend Equivalent will be calculated as if relevant dividends
 were the dividends on a Share the payment date for which falls between the Grant Date and
 the date of exercise (rather than the date of Vesting).

**2.7** **Documentation of Awards** 

Each Award will be granted and documented in such manner as the Directors consider reasonable.

Each Participant will be notified of the terms of their Award (as determined under rule 2.3 (Terms of Awards)) as soon as practicable after the grant.

**2.8** **No payment** 

A Participant is not required to pay for the grant of any Award.

**2.9** **Administrative errors** 

If the Directors grant an Award which is inconsistent with rule 2.1 (Eligibility), it will lapse immediately.

If the Directors try to grant an Award which is inconsistent with rule 2.10 (Individual limit for Awards) or rule 2.11 (Plan limits), the Award will be limited and will take effect from the date on which it is granted on a basis consistent with those rules.

**2.10** **Individual limit for Awards** 

An Award must not be granted to an executive director of the Company if it would at the proposed Grant Date cause the market value of Shares subject to Awards to the executive director granted in respect of that financial year under the Plan to exceed any limit set out in the Company's directors' remuneration policy from time to time. For these purposes, market value may be determined by reference to share price averaged over a period as specified by the Directors. For Options (apart from those with a nil Exercise Price), "the market value of Shares subject to Awards" is to be the economic value of the Options as calculated by the Company.

**2.11** **Plan limits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.1** The
 Directors must not grant an Award if the number of Shares committed to be issued under that
 Award exceeds 10% of the ordinary share capital of the Company in issue immediately before
 that day, when added to the number of Shares which have been issued, or committed to be issued,
 to satisfy Awards under the Plan, or options or awards under any other employee share plan
 operated by the Company, granted in the previous 10 years.

For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares
 receivable under a Dividend Equivalent (or otherwise in respect of any dividend) do not count
 towards this limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares
 issued, or committed to be issued, to satisfy:

&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) Awards
 under the Plan, or options or awards under any other employee share plan operated by the
 Company, granted before Admission or in respect of the replacement of the portion of awards
 granted by Unilever PLC under the Unilever Share Plan 2017 that lapsed in connection with
 the Demerger; 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;(b) awards
 granted by Unilever PLC under the Unilever Share Plan 2017 which were exchanged for awards
 over Shares in connection with the Demerger,

do not count towards this limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as
 long as so required by the UK Investment Association, shares transferred from treasury are
 counted as part of the ordinary share capital of the Company, and as shares issued by the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.2** Additionally,
 the Directors must not grant an Award if doing so would exceed their authority to do so granted
 by the Company's shareholders from time to time, pursuant to the Company's Articles
 of Association.

**2.12** **Listing Rules** 

No Shares will be issued under the Plan if it would cause UK Listing Rule 6.2.22 (shares in public hands) to be breached.

---

| | |
|:---|:---|
| **3** | **Before Vesting** |

---

**3.1** **Rights** 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Award until the Shares are issued or transferred to the Participant.

**3.2** **Transfer** 

A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If the Participant does, whether voluntarily or involuntarily, then it will immediately lapse. This rule 3.2 does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** to
 the transmission of an Award on the death of a Participant to the personal representatives;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to
 the assignment of an Award, with the prior consent of the Directors, subject to any terms
 and conditions that the Directors impose.

**3.3** **Adjustment of Awards** 

If there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** a
 variation in the equity share capital of the Company, including a capitalisation or rights
 issue, sub-division, consolidation or reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** a
 merger, demerger or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** any
 other corporate event which might affect the current or future value of any Award,

the Directors may adjust the description, number and/or class of Shares or securities subject to the Award and/or the method of calculating Dividend Equivalents and/or, in the case of an Option, the Exercise Price.

---

| | |
|:---|:---|
| **4** | **Malus and clawback** |

---

An Award may be reduced and/or Vesting delayed and/or Shares or cash obtained under the Award may be recovered from the Participant as described in the Malus & Clawback Policy which is deemed to form part of the terms of any Award.

---

| | |
|:---|:---|
| **5** | **Vesting** |

---

**5.1** **Determining Vesting** 

As soon as reasonably practicable after the end of the Performance Period, the Directors will determine how many Shares Vest for each Award in accordance with any applicable Performance Condition.

**5.2** **Timing of Vesting** 

Subject to the Malus & Clawback Policy, rule 5.3 (Delayed Vesting), rule 5.4 (Holding Requirement) and rule 5.9 (Tax), an Award will normally Vest on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** the
 date on which the Directors make the determination under rule 5.1 (Determining Vesting)
 (where relevant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** any
 other date the Directors set for Vesting when making the determination under rule 5.1
 (Determining Vesting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** the
 Normal Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** the
 first date on which Vesting is not prevented by a Dealing Restriction.

**5.3** **Delayed Vesting** 

Without limiting the Malus & Clawback Policy, the Directors may decide that Vesting will be delayed in respect of a Participant's Award, or any part of it, if any of the following circumstances apply on the anticipated date of Vesting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1** if
 the Participant is subject to any Disciplinary Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2** if
 the Participant's Employment has terminated or is about to terminate in circumstances
 where it is not clear whether the Award should lapse under rule 6 (Leaving Employment
 and death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.3** if
 a matter which may otherwise involve or affect that Participant has been referred to the
 Directors for review under the Malus & Clawback Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.4** the
 Directors consider that it is necessary or appropriate to defer Vesting.

In these cases, Vesting will not occur unless and until the Directors determine that the Award should Vest.

"**Disciplinary Action**" for the purpose of this rule 5.3, means any enquiry or investigation by any Member of the Group into the conduct, capability or performance of a Participant that may potentially lead to disciplinary action being taken against that Participant, and/or any disciplinary procedure (whether in accordance with any relevant contractual obligation, policy or otherwise) that has been commenced by any Member of the Group against a Participant.

**5.4** **Holding Requirement** 

Subject to the following, where an Award is granted subject to a Holding Requirement (see rule 2.3 (Terms of Awards)) the terms of Schedule 1 (Holding Requirement through holding of Shares) will apply. Other than in respect of Awards held by US Taxpayers, the Directors may alternatively determine, on or before Vesting, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.1** Schedule
 2 (Holding Requirement through deferred Vesting) will instead apply; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.2** such
 other terms as the Directors may determine will apply to give effect to the Holding Requirement.

**5.5** **Consequences of Vesting for Conditional Awards** 

Subject to these rules and any Holding Requirement, ordinarily within 30 days of an Award Vesting, the Directors will arrange, subject to these rules, for the transfer, including a transfer out of treasury or issue, to, or to the order of, the Participant, of the number of Shares in respect of which the Award has Vested.

**5.6** **Consequences of Vesting for Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.1** A
 Participant may only exercise an Option to the extent that it has Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.2** To
 exercise the Option, the Participant must give notice in the prescribed form to the Directors
 or any person nominated by the Directors and pay the Exercise Price (if any) or make arrangements,
 satisfactory to the Directors, for its payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.3** Ordinarily
 within 30 days of a valid exercise of an Option, the Directors will arrange, subject to these
 rules and any Holding Requirement, for the transfer including a transfer out of treasury
 or issue to, or to the order of, the Participant, of the number of Shares in respect of which
 the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.4** To
 the extent that an Option has not been exercised by the close of business on the Final Exercise
 Date, the Company will, unless it has received notice in writing to the contrary and subject
 to the condition set out below being satisfied, be deemed to have received a valid exercise
 notice immediately preceding the close of business on the Final Exercise Date, together with
 a direction to sell sufficient of the Shares issued or transferred on the exercise of the
 Option to fund any Exercise Price, any costs of sale and any taxation or social security
 contributions payable under rule 5.9 (Tax). The remaining Shares subject to the Option
 will be transferred or issued as set out in rule 5.6.3 above.

The condition referred to above is that A - B is greater than C, calculated as follows: A equals the expected sale proceeds of the Shares resulting from the exercise of the Option. B equals any costs of any sale (including any actual or estimated liability to taxation, social security contributions and any other related costs in respect of the Option) and C equals the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.5** The
 Option will lapse, at the latest, on the close of business on the Final Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.6** If
 an Option lapses under more than one provision of the rules of the Plan, the provision
 resulting in the shortest exercise period will prevail.

**5.7** **Dividend Equivalent** 

Subject to any determinations under rule 2.6 (Dividend Equivalents), if the Award carries a Dividend Equivalent, it will be paid in cash or Shares (as determined from time to time by the Directors) at or around the same time as the balance of the Award is settled.

**5.8** **Cash and Share alternative** 

The Directors may decide at any time prior to settlement that an Award will be settled (in whole or in part) by paying an equivalent amount in cash (subject to rule 5.9 (Tax)). For Options, the cash amount must be equal to the amount by which the market value of all or some of the Shares in respect of which the Option is exercised exceeds the Exercise Price. An Award may be granted on the basis that it will always be cash-settled.

For the avoidance of doubt, any Award subject to a Holding Requirement may only be cash-settled in accordance with this rule 5.8 at or after the end of the applicable Holding Period.

In respect of Awards which consist of a right to receive a cash amount, the Directors may decide instead at any time prior to settlement to settle such Awards (and any Dividend Equivalent) wholly or partly by the delivery of Shares (subject to rule 5.9 (Tax)). The number of Shares will be calculated by reference to the market value of the Shares on the date of Vesting for Conditional Awards and the date of exercise for Options.

**5.9** **Tax** 

Notwithstanding any other provision of this Plan or any other document relating to this Plan, the Participant will bear and be responsible for all taxes, social security contributions and other levies or charges (including any costs of sale) arising out of or in connection with an Award or the acquisition, holding or disposal of Shares or any interest in them and each Participant shall acknowledge that such taxes, social security contributions and other levies or charges may be levied by way of withholding by the Company, any Member of the Group or the trustee of any employee benefit.

If the Company, any Member of the Group or the trustee of any employee benefit trust has any liability to pay or account for any such tax, contribution, levy or charge (including any costs of sale), it will normally meet the liability by selling Shares to which the Participant becomes entitled on their behalf and using the proceeds to meet the liability.

However, the Directors may decide that the liability will, instead, be met by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.1** the
 Participant paying the amount of the liability to or to the order of the relevant Member
 of the Group on such basis as the Directors may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.2** deducting
 the amount of the liability from any cash payment due under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.3** reducing
 the number of Shares to which the Participant would otherwise be entitled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.4** deducting
 the amount from any payment of salary, bonus or other payment due to the Participant.

The Participant will enter into any elections required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and/or 83(b) elections under the Internal Revenue Code and/or elections to transfer any liability, or agreements to pay social security contributions.

In any case where the Company, any Member of the Group or the trustee of any employee benefit trust is assessed with any taxes, social security contributions and other levies or charges (including, but not limited to, wage taxes) in relation to any payments made or deemed to be made by the Company, any Member of the Group or the trustee of any employee benefit trust to the Participant under the Plan, in each case including any interest, fines and/or penalties, the Company, any Member of the Group or the trustee of any employee benefit trust may recover such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, from the Participant to the extent permitted by law and the Participant shall indemnify and hold the Company, any Member of the Group or the trustee of any employee benefit trust harmless by paying to the Company, any Member of the Group or the trustee of any employee benefit trust an amount equal to such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, promptly upon demand.

Despite anything else in these rules, the Vesting of an Award or the issue or transfer of Shares or any payment of cash may be delayed until the Participant has done all things reasonably required by the Directors to give effect to this rule 5.9.

---

| | |
|:---|:---|
| **6** | **Leaving Employment and death** |

---

**6.1** **General rule on leaving Employment** 

Subject to the rest of this rule 6, an Award which has not Vested will lapse on the date on which the Participant leaves Employment. An Award which has Vested will lapse if the Participant leaves Employment in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct.

A Deferred Bonus Award will only lapse if the Participant leaves Employment in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct.

**6.2** **Exceptions** 

Subject to rules 6.4 (Early Vesting), 6.5 (Exchange of Awards on a sale of Employer) and 6.6 (Death), an Award will not lapse and the rules will continue to apply if a Participant leaves Employment due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** ill-health,
 injury or disability, established to the satisfaction of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** retirement
 with the agreement of the Participant's Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** the
 Participant's Employer ceasing to be a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4** a
 transfer of the undertaking, or the part of the undertaking, in which the Participant works
 to a person that is not a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.5** redundancy;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.6** any
 other reason, if the Directors so decide in any particular case.

Vesting or exercise of the Award on or after leaving Employment will be subject to rule 6.3 (Events after leaving Employment) and such additional conditions as the Directors may impose.

Unless the Directors decide otherwise, the number of Shares in respect of which the Award Vests will be reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed by the date on which the Participant left Employment or to such greater extent as they may determine. This will not apply to a Deferred Bonus Award.

**6.3** **Events after leaving Employment** 

The Directors may decide that an Award will lapse, wholly or in part, if, after the Participant has left Employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** facts
 emerge which, if known at the time of leaving, would have caused the Award to lapse or caused
 the Directors to exercise any discretion under this rule 6 differently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** the
 Participant is employed by, holds office with or provides services to a business that competes
 with any business operated by any Member of the Group (as determined by the Directors).

**6.4** **Early Vesting** 

Where a Participant leaves Employment for one of the reasons set out in rule 6.2 (Exceptions), the Directors may decide, in their discretion, that an Award will Vest on the date on which the Participant leaves Employment or on any later date chosen by them.

Where they do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** subject
 to any Holding Requirement, if the Award is subject to a Performance Condition, the Award
 will Vest to the extent that such Performance Condition has been or is likely to be satisfied
 (as determined by the Directors, at the time the Participant leaves Employment, in the manner
 specified in the condition or in such manner as they consider reasonable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** the
 number of Shares in respect of which the Award Vests will, unless the Directors decide otherwise,
 be reduced to reflect the proportion of the period up to the Normal Vesting Date which had
 elapsed by the date on which the Participant left Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.3** the
 Award will lapse to the extent that it does not Vest.

**6.5** **Exchange of Awards on a sale of Employer** 

If the Directors, with the agreement of any relevant purchaser, so decide before the event referred to in rule 6.2.3 or 6.2.4 (Exceptions) takes effect, Awards will not Vest, but will instead be exchanged, and rules 7.4 (Exchange) to 7.7 (Exchange terms) will apply. In applying rules 7.4 (Exchange) to 7.7 (Exchange terms), the "**Acquiring Company**" will mean the relevant purchaser or any company nominated by the relevant purchaser and approved by the Directors.

**6.6** **Death** 

If a Participant dies, the Award will Vest on the date of death. If the Award is subject to a Performance Condition, unless the Directors determine otherwise, such Performance Condition will be deemed to have been satisfied at target level and will lapse as to the balance.

The Directors will only arrange for Shares to be issued or transferred, or cash paid to the personal representatives of a deceased Participant, if they have produced such evidence as the Directors may require of their status as such. The receipt of Shares or cash by any person who has produced such evidence will discharge the Directors from any obligation to the Participant or their estate.

**6.7** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1** A
 Participant will be treated as "leaving Employment" when they are no longer an
 Employee or director of any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.2** An
 Option which does not lapse when the Participant leaves Employment will be exercisable for
 12 months, from the date of leaving or, if later, from the date on which it Vests.

**6.8** **Overseas transfer** 

If a Participant remains an Employee or executive director of the Company but is transferred to work in another country or changes tax residence status and as a result would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.1** suffer
 a tax disadvantage in relation to the Awards (this being shown to the satisfaction of the
 Directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.2** become
 subject to restrictions on the ability to exercise Awards or to hold Awards or to hold or
 deal in the Shares or the proceeds of the sale of the Shares acquired on exercise or Vesting
 because of the security laws or exchange control laws of the country to which the Participant
 is transferred,

then the Directors may decide that an Award will Vest on a date they choose before or after the transfer takes effect. The Award will Vest to the extent they permit and will lapse as to balance.

---

| | |
|:---|:---|
| **7** | **Corporate events** |

---

**7.1** **Time of Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** If
 there is a Change of Control, an Award Vests subject to rules 7.2 (Extent of Vesting),
 7.3 (Lapse of Options) and 7.4 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** If
 the Company is or may be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 demerger, delisting, distribution (other than a dividend) or other transaction, which, in
 the opinion of the Directors, might affect the current or future value of any Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 reverse takeover (not within rule 7.1.1 above), merger by way of a dual listed company
 or other significant corporate event, as determined by the Directors,

the Directors may allow an Award to Vest. The Award will Vest to the extent described in rule 7.2 (Extent of Vesting). The Directors may impose other conditions on Vesting.

**7.2** **Extent of Vesting** 

Where an Award Vests under rule 7.1 (Time of Vesting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1** if
 the Award is subject to a Performance Condition, the Directors will determine the proportion
 of the Award which, taking into account the extent to which the Performance Condition has
 been met over the shortened Performance Period or the extent to which, in the opinion of
 the Directors, it would have been met over the full Performance Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** unless
 the Directors decide otherwise, the Award is reduced proportionately to reflect the acceleration
 of Vesting (unless it is a Deferred Bonus Award).

To the extent that the Award does not Vest as a result of this rule 7.2, the Directors may decide that it will be exchanged (wholly or partly) under rule 7.4 (Exchange). The Award will lapse to the extent not Vested or exchanged under rule 7.4 (Exchange).

**7.3** **Lapse of Options** 

An Option will be exercisable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1** following
 a Change of Control, for six months after the Change of Control, or such shorter period as
 the Directors may set at the time of the Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.2** following
 an event described in rule 7.1.2 (Time of Vesting), for such period (not exceeding one
 year) as the Directors may set at the time of the event,

and will lapse at the end of that period to the extent that it has not been exercised or exchanged.

**7.4** **Exchange** 

An Award will not Vest (or, in the case of an Unvested Option, become exercisable) following an event described in rule 7.1 (Time of Vesting) but will be exchanged pursuant to rule 7.7 (Exchange terms) to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.1** an
 offer to exchange the Award is made and accepted by a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.2** the
 Directors, with the consent of the Acquiring Company, decide before a Change of Control that
 the Award will be automatically exchanged.

An Award will also be exchanged under this rule 7.4 if rule 6.5 (Exchange of Awards on a sale of Employer) applies.

**7.5** **Directors** 

In this rule 7, "**Directors**" means those people who were members of the remuneration committee of the Company immediately before the Change of Control.

**7.6** **Timing of exchange** 

Where an Award is to be exchanged under rule 7.4 (Exchange) the exchange is effective immediately following the relevant event.

**7.7** **Exchange terms** 

Where a Participant is granted a new award in exchange for an existing Award, the new award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.1** must
 confer a right to acquire shares in the Acquiring Company or another body corporate determined
 by the Acquiring Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.2** must
 be equivalent to the existing Award, subject to rule 7.7.4 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.3** is
 treated as having been acquired at the same time as the existing Award and, subject to rule 7.7.4
 below, Vests in the same manner and at the same time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.4** must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be
 subject to a condition which is, so far as possible, equivalent to any Performance Condition
 applying to the existing Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not
 be subject to any condition but be in respect of the number of shares which is equivalent
 to the number of Shares comprised in the existing Award which would have Vested under rule 7.2
 (Extent of Vesting) and Vest at the end of the original Performance Period (if applicable)
 or on the Normal Vesting Date set by the Directors on the grant of the Award; and, in each
 case

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be
 subject to such other terms as the Directors consider appropriate in all the circumstances,

but where the Award is exchanged to the extent that it does not Vest under rule 7.2 (Extent of Vesting), it need not be subject to any condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.5** will
 be governed by the rules of the Plan from time to time, as if references to Shares were
 references to the shares over which the new Award is granted and references to the Company
 were references to the Acquiring Company or the body corporate determined under rule 7.7.1
 above.

**7.8** **Assumption of exchanged awards** 

Subject only to rule 2.11 (Plan limits), notwithstanding any other rule(s) of the Plan, where the Company consents, in connection with the Demerger, to exchange awards granted by Unilever PLC under the Unilever Share Plan 2017 for awards over Shares in connection with the Demerger, such exchanged awards may be subject to such terms and conditions as the Directors may determine (and notify to relevant participants) in their absolute discretion in order to comply with the requirements of the Unilever Share Plan 2017.

---

| | |
|:---|:---|
| **8** | **Changing the Plan and termination** |

---

**8.1** **Directors' powers** 

Subject to rule 8.2 (Shareholder approval), the Directors may at any time change the Plan in any way, including changes to the terms of any existing Award which are not to the advantage of the Participant.

**8.2** **Shareholder approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** Except
 as described in rules 8.2.2 and 8.2.3 below, the Company's general meeting must
 adopt any proposed change to the Plan to the advantage of present or future Participants,
 which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 limitations on the amount or number of Shares, cash or other benefits subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 individual limit for each Participant under the Plan who is an executive director of the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 basis for determining a Participant's entitlement to, and the terms of, securities,
 cash or other benefit to be provided and for the adjustment thereof (if any) if there is
 a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares
 or reduction of capital or any other variation of capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 terms of this rule 8.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** The
 Directors can change the Plan and need not obtain the approval of the Company's general
 meeting for any minor changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 benefit the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 comply with or take account of the provisions of any proposed or existing legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 take account of any changes to legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 obtain or maintain favourable tax, exchange control or regulatory treatment of the Company,
 any Subsidiary or any present or future Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** The
 Directors may, without obtaining the approval of the Company in general 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;(i) establish
 further plans (by way of schedules to the rules or otherwise) based on the rules, but
 modified to take account of local tax, exchange control or securities law in non-Dutch and
 non-UK territories. However, any Shares made available under such plans are treated as counting
 against any limits on individual or overall participation 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;(ii) waive
 or change a Performance Condition as described in rule 2.4 (Conditions);

&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) change
 the terms of an Award to the advantage of the Participant if the Plan would permit a new
 Award to be granted on those changed terms.

**8.3** **Notice** 

The Directors are not required to give Participants notice of any changes unless required to do so by local law.

**8.4** **Termination** 

The Plan will terminate on the tenth anniversary of adoption and approval of the Plan by the Company's general meeting, but the Directors may terminate the Plan at any time before that date. The termination of the Plan will not affect existing Awards.

---

| | |
|:---|:---|
| **9** | **General** |

---

**9.1** **Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** This
 rule 9.1 applies during a Participant's Employment and after termination of that
 Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** Nothing
 in the rules or the operation of the Plan forms part of the contract of Employment of
 the Participant. The rights and obligations arising from the Employment relationship between
 the Participant and the Employer are separate from, and are not affected by, the Plan. Participation
 in the Plan does not create any right to, or expectation of, continued Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** Nobody
 has a right to participate in the Plan. Participation in the Plan or the grant of Awards
 on a particular basis in any year does not create any right to or expectation of participation
 in the Plan or the grant of Awards on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.4** The
 terms of the Plan do not entitle the Participant to the exercise of any discretion in their
 favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.5** The
 Participant will have no claim or right of action in respect of any decision, omission or
 discretion, which may operate to their disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.6** Nobody
 has any right to compensation for any loss in relation to the Plan, including any loss in
 relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 loss or reduction of rights or expectations under the Plan in any circumstances (including
 termination of Employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any
 failure to exercise a discretion or take a decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 operation, suspension, termination or amendment of the Plan.

**9.2** **Directors' decisions final and binding** 

The decision of the Directors on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.

**9.3** **Third party rights** 

Any Member of the Group may rely on and enforce any term of the Plan. Apart from that, (i) nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant; (ii) this Plan does not contain any stipulation in favour of a third party (*derdenbeding*); and (iii) this Plan does not affect any other right or remedy of a third party.

**9.4** **Documents sent to shareholders** 

The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares. For the avoidance of doubt, the Company shall be required to send such documents or notices to Participants if and for as long as they are a holder of Shares.

**9.5** **Costs** 

The Company will pay the costs of introducing and administering the Plan but, for the avoidance of doubt, shall not be responsible for, or be required to pay, any costs incurred by a Participant in respect of the acquisition, holding or disposal of any Shares or any interest in them. The Company may ask a Participant's Employer to bear the costs in respect of an Award to that Participant.

**9.6** **Employee trust** 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them to acquire Shares to be held for the purposes of the Plan or enter into any guarantee or indemnity for those purposes, to the extent permitted by any applicable law.

**9.7** **Participants' information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.1** Subject
 to rule 9.7.2 below, by participating in the Plan and accepting an Award where required,
 the Participant consents to the holding and processing of personal information that the Participant
 provides to any Member of the Group, trustee or third-party service provider, for all purposes
 relating to the operation of the Plan. These include, but are not limited to:

&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) administering
 and maintaining Participant records including tax administration;

&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
 information to Members of the Group, trustees of any employee benefit trust, registrars,
 brokers or third-party administrators 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;(iii) providing
 information to future purchasers or merger partners of the Company, the Participant's
 Employer, or the business in which the Participant works; 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;(iv) transferring
 information about the Participant to any country or territory that may not provide the same
 statutory protection for the information as the Participant's home country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.2** The
 basis for any processing of personal information about the Participant under the EU's
 General Data Protection Regulation (2016/679) (or any successor laws) is set out in the Company's
 Privacy Notice and is not the consent given under rule 9.7.1 above. The Company's
 Privacy Notice also contains details about how the Participant's personal information
 is processed and the Participant's rights in relation to that information. The Participant
 has a right to review the Company's Privacy Notice.

**9.8** **Consents** 

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the Netherlands or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the necessity for any such consent.

**9.9** **Share rights** 

Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of issue. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of issue. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date.

**9.10** **Listing** 

If and for so long as the Shares are listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

**9.11** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.1** Any
 information or notice to a person who is or will be eligible to be a Participant under or
 in connection with the Plan may be posted, or sent by electronic means, in such manner to
 such address as the Company considers appropriate, including publication on any website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.2** Any
 information or notice to the Company or other duly appointed agent under or in connection
 with the Plan may be sent by post or transmitted to it at its registered office or such other
 place, or by such other means, as the Directors or the duly appointed agent may decide and
 notify to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.3** Notices
 sent by post will be deemed to have been given a week after the date of posting. However,
 notices sent by or to a Participant who is working overseas will be deemed to have been given
 on the seventh day after the date of posting. Notices sent by electronic means, in the absence
 of evidence to the contrary, will be deemed to have been received on the day after sending.

**9.12** **Governing law and jurisdiction** 

The law of the Netherlands governs the Plan and all Awards and their construction. The courts of Amsterdam, the Netherlands, have exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

**Schedule 1<br> Holding Requirement through holding of Shares**

This Schedule 1 applies to an Award if it is subject to a Holding Period.

---

| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

---

The Award will Vest at the time and to the extent determined under rule 5.2 (Timing of Vesting), rule 6.1 (General rule on leaving Employment) or rule 6.4 (Early Vesting) (including any Dividend Equivalent) but:

**1.1** if
 the Award is a Conditional Award, the Holding Shares will be issued or transferred (including
 a transfer out of treasury or otherwise) to the Participant or to another person to be held
 for the benefit of the Participant (as the Directors determine) on the basis set out in this
 Schedule 1; and

**1.2** if
 the Award is an Option and it is exercised during the Holding Period, the Holding Shares
 will be issued or transferred as described above to be held for the balance of the Holding
 Period on the basis set out in this Schedule 1.

If required to do so by the Directors, the Participant must enter into an agreement setting out the basis on which the Holding Shares will be held under this Schedule 1. If the Participant does not do so in the manner and within the timeframe specified by the Directors, the Award will lapse and the Holding Shares will not be issued or transferred (or will be forfeited if already issued or transferred).

---

| | |
|:---|:---|
| **2** | **Tax** |

---

Where tax is payable before the end of the Holding Period, rule 5.9 (Tax) will apply. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares (or the number of Holding Shares, if fewer).

The Participant must enter into any elections in relation to Holding Shares required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003. If the Participant does not do so within any period specified by the Directors, the Award will lapse at the end of that period and the Holding Shares will not be issued or transferred (or they will be forfeited if already issued or transferred).

---

| | |
|:---|:---|
| **3** | **Rights during the Holding Period** |

---

**3.1** The
 Participant will be entitled to vote (or give instructions as to voting) and to receive dividends
 and have all other rights of a shareholder in respect of the Holding Shares from the date
 on which the Shares are issued or transferred.

**3.2** The
 Participant may not transfer, assign or otherwise dispose of the Holding Shares or any interest
 in them (or instruct anyone to do so) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** on
 forfeiture of the Holding Shares as described in paragraph 5 (Forfeiture of Holding Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to
 fund any tax in accordance with paragraph 2 (Tax);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** in
 case of an irrevocable undertaking to accept or vote in favour of a transaction contemplated
 by rule 7 (Corporate events); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** in
 the case of any other circumstances if the Directors so allow.

**3.3** Any
 securities which the Participant receives in respect of Holding Shares as a result of an
 event described in rule 3.3 (Adjustment of Awards) during the Holding Period will, unless
 the Directors decide otherwise, be subject to the same restrictions as the corresponding
 Holding Shares.

**3.4** For
 the avoidance of doubt, clawback under the Malus & Clawback Policy will apply to
 the Holding Shares during the Holding Period.

---

| | |
|:---|:---|
| **4** | **Leaving Employment during the Holding Period** |

---

**4.1** Rule 6
 (Leaving Employment and death) will not apply to any Holding Shares during the Holding Period
 and the Holding Requirement will continue to apply after the Participant has left Employment.

**4.2** However,
 if the Participant leaves Employment during the Holding Period in circumstances in which
 their Employment could have been terminated without notice or otherwise due to the Participant's
 misconduct, the Holding Shares will be forfeited.

**4.3** If
 a Participant leaves Employment because of ill-health, injury or disability, the Directors
 may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** the
 Holding Requirement will not apply to the extent that the Award Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** if
 the Holding Period started before the Participant left Employment, it will come to an end.

**4.4** If
 a Participant dies, no Holding Requirement will apply to any Awards which Vest, and any Holding
 Period which has already started will come to an end.

**4.5** On
 leaving in other circumstances, any Holding Requirement will continue to apply to an Award
 which Vests on or after the Participant has left Employment.

---

| | |
|:---|:---|
| **5** | **Forfeiture of Holding Shares** |

---

Where any Holding Shares are forfeited, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration (as determined by the Directors), to any person (which may include the Company, where permitted) specified by the Directors.

---

| | |
|:---|:---|
| **6** | **End of the Holding Period** |

---

**6.1** The
 Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** the
 date on which the Holding Period would normally end, as set by the Directors under rule 2.3
 (Terms of Awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** the
 date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** the
 date of a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** any
 other date determined by the Directors.

At the end of the Holding Period, the restrictions relating to Holding Shares under this Schedule 1 will cease to apply.

**Schedule 2<br> Holding Requirement through deferred Vesting**

This Schedule 2 applies to an Award if it is subject to a Holding Period and the Directors so determine under rule 5.4 (Holding Requirement).

---

| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

---

The Directors will determine the extent to which the Award would Vest (but for this Schedule 2) under rule 5.1 (Determining Vesting), rule 6.2 (Exceptions) or rule 6.4 (Early Vesting) (including any Dividend Equivalent), but Vesting will be deferred so that the Award will continue in respect of the number of Shares which would have Vested but for this Schedule 2, to the end of the Holding Period. During the Holding Period the rules continue to apply, subject to this Schedule 2.

For the avoidance of doubt, malus under the Malus & Clawback Policy will continue to apply throughout the Holding Period.

---

| | |
|:---|:---|
| **2** | **Tax** |

---

Where tax is payable before the end of the Holding Period, rule 5.9 (Tax) will apply. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares.

---

| | |
|:---|:---|
| **3** | **Leaving Employment during the Holding Period** |

---

Rule 6 (Leaving Employment and death) will not apply to the Award during the Holding Period. The Holding Requirement will continue to apply after the Participant has left Employment.

However, if the Participant leaves Employment during the Holding Period in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Award will lapse.

If a Participant leaves Employment because of ill-health, injury or disability, the Directors may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Holding Requirement will not apply to the extent that the Award Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Holding Period started before the Participant left Employment, it will come to an end.

If a Participant dies, no Holding Requirement will apply to any Awards which Vest, and any Holding Period which has already started will come to an end.

---

| | |
|:---|:---|
| **4** | **End of the Holding Period** |

---

**4.1** The
 Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the
 date on which the Holding Period would normally end, as set by the Directors under rule 2.3
 (Terms of Awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** the
 date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** the
 date of a Change of Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** any
 other date determined by the Directors.

**4.2** At
 the end of the Holding Period, the Award will Vest under rule 5.5 (Consequences of Vesting
 for Conditional Awards) or 5.6 (Consequences of Vesting for Options) to the extent determined
 under paragraph 1 (Effect of Holding Requirement).

**4.3** As
 soon as practicable after Vesting or, in the case of Options, exercise, the Participant will
 be entitled to an amount equal to the dividends with a payment date during the Holding Period
 on the number of Shares Vesting at the end of the Holding Period. That amount may be paid
 in cash or Shares (as determined from time to time by the Directors). This will not apply
 to the extent that the dividend counts towards a Dividend Equivalent for the Award or an
 adjustment is made in respect of it under rule 3.3 (Adjustment of Awards).

**Schedule 3<br> Forfeitable Shares**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

"**Award**" means Forfeitable Shares;

"**Forfeitable Shares**" means Shares held in the name of or for the benefit of a Participant subject to the Forfeitable Share Agreement;

"**Forfeitable Share Agreement**" means the agreement referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule; and

"**Vesting**" means the restrictions set out in the Forfeitable Share Agreement between the Participant and the Company, as referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule, ceasing to have effect.

---

| | |
|:---|:---|
| **2** | **Rules** |

---

The rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025 ("**Plan**") will apply to grants made under this Schedule, as amended by the terms of this Schedule.

---

| | |
|:---|:---|
| **3** | **Terms of Awards** |

---

The Directors may determine that Awards are granted under this Schedule, in the form of Forfeitable Shares. If so, the document referred to in rule 2.7 (Documentation of Awards) of the Plan will be the Forfeitable Share Agreement which must state that the Award is in the form of Forfeitable Shares.

---

| | |
|:---|:---|
| **4** | **Forfeitable Share Agreement** |

---

Where an Award consists of Forfeitable Shares, the Participant must enter into a Forfeitable Share Agreement with the Company. This Forfeitable Share Agreement must provide that to the extent that the Award lapses under the Plan, the Shares are forfeited and the Participant will immediately transfer the interest in the Shares, for no consideration or nominal consideration (as determined by the Directors), to any person (which may include the Company, where permitted) specified by the Directors.

---

| | |
|:---|:---|
| **5** | **Acquisition of Forfeitable Shares** |

---

On or after the grant of an Award of Forfeitable Shares, the Directors will procure that the relevant number of Shares are issued or transferred, including a transfer out of treasury or otherwise, to the Participant or to another person to be held for the benefit of the Participant under the terms of the Plan.

---

| | |
|:---|:---|
| **6** | **No transfer of Forfeitable Shares** |

---

Rule 3.2 (Transfer) does not prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) forfeiture
 of the Forfeitable Shares on lapse of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 sale of Forfeitable Shares to fund any tax in accordance with rule 5.9 (Tax); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 irrevocable undertaking in respect of Forfeitable Shares to accept or vote in favour of a
 transaction contemplated by rule 7 (Corporate events).

---

| | |
|:---|:---|
| **7** | **Rights** |

---

Rule 9.9 (Share rights) of the Plan will be replaced with the following paragraph:

"Except to the extent specified in the Forfeitable Share Agreement and in these rules, a Participant will have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses."

---

| | |
|:---|:---|
| **8** | **Documents and elections** |

---

**8.1** The
 Participant must sign any documentation, including a power of attorney, requested by the
 Directors. If the Participant does not do so within a period specified by the Directors,
 the Award will lapse at the end of that period.

**8.2** The
 Participant must enter into any elections required by the Directors, including elections
 under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and elections to transfer
 any liability, or agreements to pay, social security contributions. If the Participant does
 not do so within a period specified by the Directors, the Award will lapse at the end of
 that period.

---

| | |
|:---|:---|
| **9** | **Adjustment of Awards** |

---

**9.1** Subject
 to the Forfeitable Share Agreement, a Participant will have the same rights as any other
 shareholders in respect of Forfeitable Shares where there is a variation or other event of
 the sort described in rule 3.3 (Adjustment of Awards) of the Plan. Any shares, securities
 or rights issued to a Participant as a result of such an event will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** treated
 as if they were awarded to the Participant under the Plan in the same way and at the same
 time as the Forfeitable Shares in respect of which the rights were conferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** subject
 to the rules of the Plan, as modified by this Schedule, and the terms of the Forfeitable
 Share Agreement.

---

| | |
|:---|:---|
| **10** | **Lapse of Forfeitable Shares** |

---

On the lapse of an Award of Forfeitable Shares, a Participant must transfer the interest in the Shares in accordance with the Forfeitable Share Agreement.

---

| | |
|:---|:---|
| **11** | **Vesting of Forfeitable Shares** |

---

To the extent that it has Vested, an Award of Forfeitable Shares will not lapse under the Plan and the restrictions referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule and contained in the Forfeitable Share Agreement will cease to have effect. Any tax and social security contributions payable on Vesting will be dealt with in accordance with rule 5.9 (Tax) of the Plan.

If an Award of Forfeitable Shares is subject to a Holding Requirement, Vesting will be deferred until the end of the Holding Requirement. During the Holding Period, the Forfeitable Share Agreement will continue to apply as varied by Schedule 1 (Holding Requirement through holding of Shares) as if the Forfeitable Shares were Holding Shares.

---

| | |
|:---|:---|
| **12** | **Cash and Share alternative** |

---

Rule 5.8 (Cash and Share alternative) of the Plan will not apply.

**Schedule 4<br> US taxpayers**

The rules of this Schedule 4 are made under and amend and supplement (as applicable) the terms of The Magnum Ice Cream Company Long Term Incentive Plan 2025 (the "**Plan**"). This Schedule 4 applies to Awards made to a US Taxpayer.

---

| | |
|:---|:---|
| **1** | **Defined terms** |

---

In this Schedule 4, capitalised terms shall have the meaning given to them in the rules of the Plan, save where otherwise defined herein:

"**Award Agreement**" means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan;

"**Performance Criteria Condition**" means a Condition that is an organisational or individual performance criteria specified in the Award Agreement relating to a Performance Period with respect to the performance of the Company, the Participant, or the Member of the Group in whose business unit the Participant works, provided that the outcome is substantially uncertain at the time the criteria are established;

"**U.S. Treas. Reg.**" means the regulations issued by the U.S. Department of Treasury to interpret the United States Internal Revenue Code of 1986, as amended from time to time; and

"**409A Deferred Compensation**" means a "deferral of compensation" or "deferred compensation" as those terms are defined in the regulations under US Code Section 409A.

---

| | |
|:---|:---|
| **2** | **Interpretation** |

---

**2.1** The
 Plan and any Awards made under the Plan are intended to, and shall be interpreted, construed
 and administered, in order to comply with US Code Section 409A (including the requirements
 applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation),
 whether by reason of short-term deferral treatment or other exceptions or provisions. The
 Directors will have full authority to give effect to this intent. To the extent necessary
 to give effect to this intent, in the case of any conflict or potential inconsistency between
 the provisions of (i) the Plan, any Award Agreement and any Schedule to the Plan other
 than this Schedule 4; and (ii) this Schedule 4, the provisions of this Schedule 4 will
 prevail.

**2.2** If
 the Award includes a "series of instalment payments" as described in U.S. Treas.
 Reg. §1.409A-2(b)(2)(iii), a Participant's right to the series of instalment payments
 will be treated as a right to a series of separate payments and not as a right to a single
 payment.

---

| | |
|:---|:---|
| **3** | **Delivery and payment of Awards** |

---

**3.1** To
 the extent that an Award (or any portion thereof) is intended to satisfy the requirements
 for short-term deferral treatment under US Code Section 409A, delivery or payment in
 respect of the Award will occur by the last day of the applicable "short-term deferral"
 period described in U.S. Treas. Reg. §1.409A-1(b)(4) in order for the delivery
 or payment to be within the short-term deferral exception unless, in order to permit all
 applicable conditions or restrictions on delivery to be satisfied, the Directors elect, pursuant
 to U.S. Treas. Reg. §1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance
 with US Code Section 409A, to delay delivery or payment to a later date within the same
 calendar year or to such later date as may be permitted under US Code Section 409A,
 including U.S. Treas. Reg. §1.409A-3(d).

**3.2** Notwithstanding
 any provision of the Plan or in any applicable Award Agreement, any authority that the Directors
 have to delay, accelerate or amend the timing of the Vesting, delivery or payment in respect
 of any Award, or otherwise amend the Award (including for the purposes of rule 2.4 (Conditions),
 rule 3.3 (Adjustment of Awards), rule 4 (Malus and clawback), rule 5.2 (Timing
 of Vesting), rule 5.3 (Delayed Vesting), rule 5.4 (Holding Requirement), rule 5.9
 (Tax), rule 6.8 (Overseas transfer), rule 7 (Corporate events) and rule 8.1
 (Directors' powers)), such authority shall only apply in respect of Awards granted
 to US Taxpayers to the extent that such changes are permitted in accordance with US Code
 Section 409A and will not result in the imposition of additional tax under US Code Section 409A.

**3.3** Rule 7.4.1
 (Exchange) will not apply to US Taxpayers.

**3.4** Notwithstanding
 anything to the contrary in the Plan or in any applicable Award Agreement, to the extent
 required to avoid the imposition of additional taxes under US Code Section 409A, if
 amounts payable to a Participant constitute 409A Deferred Compensation and termination of
 Employment is a payment event for an Award granted under this Schedule 4, such termination
 of Employment shall only be a payment event if it is a "separation from service"
 (within the meaning of U.S. Treas. Reg. §1.409A-1(h)) and any US Taxpayer who is a "specified
 employee" (within the meaning of U.S. Treas. Reg. §1.409A-1(i)) shall not receive
 payment or delivery until the first day of the seventh month following their "separation
 from service".

---

| | |
|:---|:---|
| **4** | **Options – Exercise Price** |

---

For Options granted to US Taxpayers, the Exercise Price will not be less than the fair market value of a Share on the Grant Date. For the avoidance of doubt, the determination of fair market value shall be determined in a manner consistent with U.S. Treas. Reg. §1.409A-1(b)(5)(iv).

---

| | |
|:---|:---|
| **5** | **Leaving Employment** |

---

Notwithstanding anything to the contrary in rule 6 (Leaving Employment and death), in the event that a Participant who is a US Taxpayer leaves employment due to the reasons specified in rules 6.2.1 to 6.2.6 (Exceptions) and the US Taxpayer's Award(s) are not 409A Deferred Compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** Such
 US Taxpayer's Award(s) that are not subject to any Performance Criteria Condition
 will immediately Vest to the extent determined under rule 6 (Leaving Employment and
 death) (and in the case of Conditional Awards, become payable) upon the earlier of (i) the
 US Taxpayer's termination of Employment in accordance with rule 6.4 (Early Vesting);
 or (ii) the Normal Vesting Date, and lapse as to the balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** Such
 US Taxpayer's Award(s) that are subject to any Performance Criteria Condition
 will not lapse but will continue to be subject to the Plan rules and the satisfaction
 of any applicable Performance Criteria Condition, and will Vest in accordance with rule 6.2
 (Exceptions) or 6.4 (Early Vesting), and lapse as to the balance.

**5.2** Notwithstanding
 the Vesting and timing provisions of rule 6.6 (Death), on death, the delivery and payment
 referred to therein will be made after the date of death and by December 31 of the calendar
 year following the calendar year in which death occurs (or on such later date as may be permitted
 under US Code Section 409A).

---

| | |
|:---|:---|
| **6** | **Adjustment of Awards** |

---

No adjustment to the number and/or class of Shares or securities comprised in an Award shall be made pursuant to rule 3.3 (Adjustment of Awards) to the extent that it contravenes US Code Section 409A or results in adverse tax consequences under US Code Section 409A.

---

| | |
|:---|:---|
| **7** | **Non-competes** |

---

Rule 6.3.2 (Events after leaving Employment) shall only apply to the extent permitted by applicable law and shall not apply to Participants who are Employees in California.

---

| | |
|:---|:---|
| **8** | **Taxation** |

---

**8.1** Notwithstanding
 any provision of the Plan to the contrary, in the event that the Directors determine that
 any amounts payable hereunder will be subject to accelerated taxation or additional tax under
 US Code Section 409A, then, prior to delivery to such Participant of such payment, the
 Company may (i) adopt such amendments to the Plan and appropriate policies and procedures,
 including amendments and policies with retroactive effect, that the Directors determine necessary
 or appropriate under applicable law to preserve the intended tax treatment of the benefits
 provided by the Plan; or (ii) take such other actions that the Directors determine necessary
 or appropriate to avoid or limit the imposition of such additional or accelerated tax under
 US Code Section 409A.

**8.2** Notwithstanding
 the foregoing, none of the Company nor any Member of the Group shall have any obligation
 to take any action to prevent the imposition of any additional tax or penalty on any Participant
 under US Code Section 409A, and none of the Company, any Member of the Group or the
 Directors will have any liability to any Participant for such tax or penalty. Each Participant
 is solely responsible and liable for the satisfaction of all taxes, interest and penalties
 that may be imposed on or for the account of such Participant in connection with the Plan
 (including any taxes and penalties under US Code Section 409A).

## Exhibit 4.3

**Exhibit 4.3**

![](tm2532046d1_ex4-2img001.jpg)

RULES OF THE MAGNUM ICE CREAM COMPANY CELEBRATION AWARD PLAN

<br> THE MAGNUM ICE CREAM COMPANY N.V.

---

| | |
|:---|:---|
| Directors' Adoption: | 8 December 2025 |
| Shareholders' Approval: | 6 December 2025 |
| Expiry Date: | 6 December 2028 |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Contents** |  | **Page** |
| **1** | **Definitions** | **1** |

---

---

| | |
|:---|:---|
| **2** | **Granting Awards**<sub>2</sub> |

---

---

| | |
|:---|:---|
| **3** | **Before Vesting**<sub>4</sub> |

---

---

| | |
|:---|:---|
| **4** | **Malus and clawback**<sub>5</sub> |

---

---

| | |
|:---|:---|
| **5** | **Vesting**<sub>5</sub> |

---

---

| | |
|:---|:---|
| **6** | **Leaving Employment and death**<sub>7</sub> |

---

---

| | |
|:---|:---|
| **7** | **Corporate events**<sub>8</sub> |

---

---

| | |
|:---|:---|
| **8** | **Changing the Plan and termination**<sub>9</sub> |

---

---

| | |
|:---|:---|
| **9** | **General**<sub>10</sub> |

---

**Schedule 1 US taxpayers**<sub>13</sub>

i

**Rules of The Magnum Ice Cream Company Celebration Award Plan**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

In these rules:

"**Acquiring Company**" means a person who has, acquires or otherwise obtains Control of the Company;

"**Admission**" means the admission of the Shares to public trading following Demerger;

"**Award**" means a conditional right to acquire Shares under the Plan;

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person
 obtaining Control of the Company as a result of an offer to acquire Shares made by a person
 becoming or being declared wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person
 obtaining Control of the Company in any other way if the Directors, in their discretion,
 so decide,

and references to a person obtaining Control include a group of persons acting in concert obtaining Control;

"**Company**" means The Magnum Ice Cream Company N.V.;

"**Control**" means, in relation to a company, the right to exercise more than 50% of the votes exercisable at any meeting of that company or to appoint more than half of its directors, whether by virtue of provisions contained in its articles of association or, as the case may be, certificate of incorporation or by-laws, statutes or other constitutional documents or any contract or arrangement with any other persons;

"**Dealing Restriction**" means any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time;

"**Demerger**" means the date on which the Company ceases to be under the Control of Unilever PLC;

"**Dividend Equivalent**" means a right to an amount in respect of Relevant Dividends on Shares subject to an Award, as described in rule 2.5 (Dividend Equivalents);

"**Employee**" means any employee of a Member of the Group;

"**Employer**" means the employer of an Employee;

"**Employment**" means the employment of an Employee;

"**Grant Date**" means the date set by the Directors for the Award under rule 2.3 (Terms of Awards) or, if no such date is set, the date on which the Award is granted;

"**Group Company**" means a group company within the meaning of Section 2:24b of the Dutch Civil Code (and "**Group Companies**" shall be interpreted accordingly);

"**Malus & Clawback Policy**" means the Magnum Ice Cream Company Malus & Clawback Policy as amended from time to time;

"**Member of the Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's
 Subsidiaries and Group Companies from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other
 company which is associated with the Company and is so designated by the Directors;

"**Normal Vesting Date**" means the date set by the Directors for Vesting of an Award under rule 2.3 (Terms of Awards), which shall not exceed three years from the Grant Date;

"**Participant**" means a person holding (or who previously held) an Award, or their personal representatives;

"**Plan**" means these rules known as The Magnum Ice Cream Company Celebration Award Plan, as changed from time to time;

"**Relevant Dividend**" means (i) any dividend declared by the Company; and (ii) if the Directors so determine in relation to any particular reduction of share capital, some or all (as determined by the Directors) of any repayments of nominal share capital as a result of such reduction of share capital;

"**Shares**" means fully paid-up ordinary shares (including interests representing shares) in the capital of the Company;

"**Subsidiary**" means a subsidiary within the meaning of Section 2:24a of the Dutch Civil Code;

"**US Code Section 409A**" means Section 409A of the United States Internal Revenue Code of 1986, as amended from time to time, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance;

"**US Taxpayer**" means a Participant who is a citizen or tax resident of the United States of America or any other Participant to the extent that their Award(s) or any portion thereof is or becomes subject to income taxation under the laws of the United States of America; and

"**Vesting**" occurs at the time or times described in rule 5.1 (Timing of Vesting) and means a Participant becoming entitled to have the Shares issued or transferred to them on the timeframe described in rule 5.3 (Consequences of Vesting), and "**Vest**", "**Vested**" and "**Unvested**" have a corresponding meaning.

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| | |
|:---|:---|
| **2** | **Granting Awards** |

---

**2.1** **Eligibility** 

The Directors may decide that an Award will be granted to anyone who is an Employee on the Grant Date in accordance with any selection criteria that the Directors in their discretion may set.

**2.2** **Timing of Award** 

Subject to any applicable Dealing Restriction, Awards can be granted at any time but may not be granted after 5 December 2028.

**2.3** **Terms of Awards** 

Awards are subject to the rules of the Plan from time to time. The Directors will determine the terms of each Award, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** the
 Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** the
 Normal Vesting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** the
 number of Shares subject to each Award or the basis on which the number of Shares subject
 to the Award will be calculated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** whether
 the Award carries a Dividend Equivalent and, if so, the basis on which it will be calculated,
 as described in rule 2.5 (Dividend Equivalents).

**2.4** **US Taxpayers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** Schedule
 1 (US Taxpayers) shall apply to any Award granted to a US Taxpayer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.2** If
 a Participant is or, after the grant of an Award, becomes a US Taxpayer, the Directors may
 make such amendments to the terms of the Award, on a retroactive basis as required, as they
 see necessary or desirable to avoid or limit the application of any additional or accelerated
 taxation, including adverse tax consequences under US Code Section 409A.

**2.5** **Dividend Equivalents** 

The amount of a Dividend Equivalent will be the number of Shares in respect of which the Award Vests multiplied by the per-Share amount of the Relevant Dividends with a payment date between the Grant Date and the date of Vesting. Unless the Directors determine otherwise on grant, the amount will be determined as if each relevant dividend were re-invested in further Shares at the market value of a Share on the payment date.

The amount will be payable in accordance with rule 5.4 (Dividend Equivalent).

However, the Directors may determine on grant that the amount will be determined as if interest were payable on each relevant dividend from the payment date until the date of Vesting at a rate determined by the Directors.

**2.6** **Documentation of Awards** 

Each Award will be granted and documented in such manner as the Directors consider reasonable.

Each Participant will be notified of their Award and the number of Shares subject to it as soon as practicable after the grant.

**2.7** **No payment** 

A Participant is not required to pay for the grant of any Award.

**2.8** **Administrative errors** 

If the Directors grant an Award which is inconsistent with rule 2.1 (Eligibility), it will lapse immediately.

If the Directors try to grant an Award which is inconsistent with 2.9 (Plan limits), the Award will be limited and will take effect from the date on which it is granted on a basis consistent with that rule.

**2.9** **Plan limits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.1** The
 Directors must not grant an Award if the number of Shares committed to be issued under that
 Award exceeds 10% of the ordinary share capital of the Company in issue immediately before
 that day, when added to the number of Shares which have been issued, or committed to be issued,
 to satisfy Awards under the Plan, or options or awards under any other employee share plan
 operated by the Company, granted in the previous 10 years.

For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares receivable
 under a Dividend Equivalent (or otherwise in respect of any dividend) do not count towards
 this limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares issued,
 or committed to be issued, to satisfy:

&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) Awards under
 the Plan, or options or awards under any other employee share plan operated by the Company,
 granted before Admission or in respect of the replacement of the portion of awards granted
 by Unilever PLC under the Unilever Share Plan 2017 that lapsed in connection with the Demerger;
 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;(b) awards granted
 by Unilever PLC under the Unilever Share Plan 2017 which were exchanged for awards over Shares
 in connection with the Demerger,

do not count towards this limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as long
 as so required by the UK Investment Association, shares transferred from treasury are counted
 as part of the ordinary share capital of the Company, and as shares issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.2** Additionally,
 the Directors must not grant an Award if doing so would exceed their authority to do so granted
 by the Company's shareholders from time to time, pursuant to the Company's articles
 of association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.3** The
 aggregate market value of all Awards under the Plan will not exceed €10,000,000 as determined
 by the Directors at the time of grant of Awards and for which purpose market value may be
 determined by reference to the price of a Share as traded on the AEX, using such methodology
 and averaged over such period (if any) as specified by the Directors (and the value of any
 Dividend Equivalent entitlements will be ignored).

**2.10** **Listing Rules** 

No Shares will be issued under the Plan if it would cause UK Listing Rule 6.2.22 (shares in public hands) to be breached.

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| | |
|:---|:---|
| **3** | **Before Vesting** |

---

**3.1** **Rights** 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Award until the Shares are issued or transferred to the Participant.

**3.2** **Transfer** 

A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If the Participant does, whether voluntarily or involuntarily, then it will immediately lapse. This rule 3.2 (Transfer) does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** to
 the transmission of an Award on the death of a Participant to the personal representatives;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to
 the assignment of an Award, with the prior consent of the Directors, subject to any terms
 and conditions that the Directors impose.

**3.3** **Adjustment of Awards** 

If there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** a
 variation in the equity share capital of the Company, including a capitalisation or rights
 issue, sub-division, consolidation or reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** a
 merger, demerger or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** any
 other corporate event which might affect the current or future value of any Award,

the Directors may adjust the description, number and/or class of Shares or securities subject to the Award.

---

| | |
|:---|:---|
| **4** | **Malus and clawback** |

---

An Award may be reduced and/or Vesting delayed and/or Shares or cash obtained under the Award may be recovered from the Participant as described in the Malus & Clawback Policy which is deemed to form part of the terms of any Award.

---

| | |
|:---|:---|
| **5** | **Vesting** |

---

**5.1** **Timing of Vesting** 

Subject to the Malus & Clawback Policy, rule 5.2 (Delayed Vesting) and 5.6 (Tax), an Award will normally Vest on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** the
 Normal Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** the
 first date on which Vesting is not prevented by a Dealing Restriction.

**5.2** **Delayed Vesting** 

Without limiting the Malus & Clawback Policy, the Directors may decide that Vesting will be delayed in respect of a Participant's Award, or any part of it, if any of the following circumstances apply on the anticipated date of Vesting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** if
 the Participant is subject to any Disciplinary Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** if
 the Participant's Employment has terminated or is about to terminate in circumstances
 where it is not clear whether the Award should lapse under rule 6 (Leaving Employment
 and death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** if
 a matter which may otherwise involve or affect that Participant has been referred to the
 Directors for review under the Malus & Clawback Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** the
 Directors consider that it is necessary or appropriate to defer Vesting.

In these cases, Vesting will not occur unless and until the Directors determine that the Award should Vest.

"**Disciplinary Action**" for the purpose of this rule 5.2, means any enquiry or investigation by any Member of the Group into the conduct, capability or performance of a Participant that may potentially lead to disciplinary action being taken against that Participant, and/or any disciplinary procedure (whether in accordance with any relevant contractual obligation, policy or otherwise) that has been commenced by any Member of the Group against a Participant.

**5.3** **Consequences of Vesting** 

Subject to these rules, ordinarily within 30 days of an Award Vesting, the Directors will arrange, subject to these rules, for the transfer, including a transfer out of treasury or issue, to, or to the order of, the Participant, of the number of Shares in respect of which the Award has Vested.

**5.4** **Dividend Equivalent** 

Subject to any determinations under rule 2.5 (Dividend Equivalents), if the Award carries a Dividend Equivalent, it will be paid in cash or Shares (as determined from time to time by the Directors) at or around the same time as the balance of the Award is settled.

**5.5** **Cash and Share alternative** 

The Directors may decide at any time prior to settlement that an Award will be settled (in whole or in part) by paying an equivalent amount in cash (subject to rule 5.6 (Tax)). An Award may be granted on the basis that it will always be cash-settled.

In respect of Awards which consist of a right to receive a cash amount, the Directors may decide at any time prior to settlement instead to settle such Awards wholly or partly by the delivery of Shares (subject to rule 5.6 (Tax)).

**5.6** **Tax** 

Notwithstanding any other provision of this Plan or any other document relating to this Plan, the Participant will bear and be responsible for all taxes, social security contributions and other levies or charges (including any costs of sale) arising out of or in connection with an Award or the acquisition, holding or disposal of Shares or any interest in them and each Participant shall acknowledge that such taxes, social security contributions and other levies or charges may be levied by way of withholding by the Company, any Member of the Group or the trustee of any employee benefit.

If the Company, any Member of the Group or the trustee of any employee benefit trust has any liability to pay or account for any such tax, contribution, levy or charge (including any costs of sale), it will normally meet the liability by selling Shares to which the Participant becomes entitled on their behalf and using the proceeds to meet the liability.

However, the Directors may decide that the liability will, instead, be met by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.1** the
 Participant paying the amount of the liability to or to the order of the relevant Member
 of the Group on such basis as the Directors may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.2** deducting
 the amount of the liability from any cash payment due under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.3** reducing
 the number of Shares to which the Participant would otherwise be entitled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.4** deducting
 the amount from any payment of salary, bonus or other payment due to the Participant.

In any case where the Company, any Member of the Group or the trustee of any employee benefit trust is assessed with any taxes, social security contributions and other levies or charges (including, but not limited to, wage taxes) in relation to any payments made or deemed to be made by the Company, any Member of the Group or the trustee of any employee benefit trust to the Participant under the Plan, in each case including any interest, fines and/or penalties, the Company, any Member of the Group or the trustee of any employee benefit trust may recover such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, from the Participant to the extent permitted by law and the Participant shall indemnify and hold the Company, any Member of the Group or the trustee of any employee benefit trust harmless by paying to the Company, any Member of the Group or the trustee of any employee benefit trust an amount equal to such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, promptly upon demand.

Despite anything else in these rules, the Vesting of an Award or the issue or transfer of Shares or any payment of cash may be delayed until the Participant has done all things reasonably required by the Directors to give effect to this rule 5.6.

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| | |
|:---|:---|
| **6** | **Leaving Employment and death** |

---

**6.1** **General rule on leaving Employment** 

Subject to the rest of this rule 6, an Award which has not Vested will lapse on the date on which the Participant leaves Employment.

**6.2** **Exceptions** 

Subject to rules 6.4 (Early Vesting) and 6.5 (Death), an Award will not lapse but will continue to Vest in full on its Normal Vesting Date and the rules will continue to apply if a Participant leaves Employment due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** ill-health,
 injury or disability, established to the satisfaction of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** retirement
 with the agreement of the Participant's Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** the
 Participant's Employer ceasing to be a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4** a
 transfer of the undertaking, or the part of the undertaking, in which the Participant works
 to a person that is not a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.5** redundancy;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.6** any
 other reason, if the Directors so decide in any particular case.

Vesting of the Award on or after leaving Employment will be subject to rule 6.3 (Events after leaving Employment) and such additional conditions as the Directors may impose.

**6.3** **Events after leaving Employment** 

The Directors may decide that an Award will lapse, wholly or in part, if, after the Participant has left Employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** facts
 emerge which, if known at the time of leaving, would have caused the Award to lapse or caused
 the Directors to exercise any discretion under this rule 6 differently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** the
 Participant is employed by, holds office with or provides services to a business that competes
 with any business operated by any Member of the Group (as determined by the Directors).

**6.4** **Early Vesting** 

Where a Participant leaves Employment for one of the reasons set out in rule 6.2 (Exceptions), the Directors may decide, in their discretion, that an Award will Vest in full on the date on which the Participant leaves Employment or on any later date chosen by them.

**6.5** **Death** 

If a Participant dies, the Award will Vest in full on the date of death.

The Directors will only arrange for Shares to be issued or transferred, or cash paid to the personal representatives of a deceased Participant, if they have produced such evidence as the Directors may require of their status as such. The receipt of Shares or cash by any person who has produced such evidence will discharge the Directors from any obligation to the Participant or their estate.

**6.6** **General** 

A Participant will only be treated as "leaving Employment" when they are no longer an Employee or director of any Member of the Group.

**6.7** **Overseas transfer** 

If a Participant remains an Employee or executive director of the Company but is transferred to work in another country or changes tax residence status and as a result would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1** suffer
 a tax disadvantage in relation to the Awards (this being shown to the satisfaction of the
 Directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.2** become
 subject to restrictions on the ability to hold Awards or to hold or deal in the Shares or
 the proceeds of the sale of the Shares acquired on Vesting because of the security laws or
 exchange control laws of the country to which the Participant is transferred,

then the Directors may decide that an Award will Vest on a date they choose before or after the transfer takes effect. The Award will Vest to the extent they permit and will lapse as to balance.

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| | |
|:---|:---|
| **7** | **Corporate events** |

---

**7.1** **Time of Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** If
 there is a Change of Control, an Award Vests in full unless the Directors determine otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** If
 the Company is or may be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any demerger,
 delisting, distribution (other than a dividend) or other transaction, which, in the opinion
 of the Directors, might affect the current or future value of any Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reverse
 takeover (not within rule 7.1.1 above), merger by way of a dual listed company or other
 significant corporate event, as determined by the Directors,

the Directors may allow an Award to Vest to the extent they determine (and continue or lapse as to the balance). The Directors may impose other conditions on Vesting.

---

| | |
|:---|:---|
| **8** | **Changing the Plan and termination** |

---

**8.1** **Directors' powers** 

Subject to rule 8.2 (Shareholder approval), the Directors may at any time change the Plan in any way, including changes to the terms of any existing Award which are not to the advantage of the Participant.

**8.2** **Shareholder approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** Except
 as described in rules 8.2.2 and 8.2.3 below, the Company's general meeting must
 adopt any proposed change to the Plan to the advantage of present or future Participants,
 which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the limitations
 on the amount or number of Shares, cash or other benefits subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the basis
 for determining a Participant's entitlement to, and the terms of, securities, cash
 or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation
 issue, rights issue or open offer, sub-division or consolidation of shares or reduction of
 capital or any other variation of capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms
 of this rule 8.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** The
 Directors can change the Plan and need not obtain the approval of the Company's general
 meeting for any minor changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to benefit
 the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to take account
 of any changes or proposed changes to legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to obtain
 or maintain favourable tax, exchange control or regulatory treatment of the Company, any
 Subsidiary or any present or future Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** The
 Directors may, without obtaining the approval of the Company in general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish
 further plans (by way of schedules to the rules or otherwise) based on the rules, but
 modified to take account of local tax, exchange control or securities law in non-Dutch and
 non-UK territories. However, any Shares made available under such plans are treated as counting
 against any limits on individual or overall participation in the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change the
 terms of an Award to the advantage of the Participant if the Plan would permit a new Award
 to be granted on those changed terms.

**8.3** **Notice** 

The Directors are not required to give Participants notice of any changes unless required to do so by local law.

---

| | |
|:---|:---|
| **9** | **General** |

---

**9.1** **Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** This
 rule 9.1 applies during a Participant's Employment and after termination of that
 Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** Nothing
 in the rules or the operation of the Plan forms part of the contract of Employment of
 the Participant. The rights and obligations arising from the Employment relationship between
 the Participant and the Employer are separate from, and are not affected by, the Plan. Participation
 in the Plan does not create any right to, or expectation of, continued Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** Nobody
 has a right to participate in the Plan. Participation in the Plan or the grant of Awards
 on a particular basis in any year does not create any right to or expectation of participation
 in the Plan or the grant of Awards on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.4** The
 terms of the Plan do not entitle the Participant to the exercise of any discretion in their
 favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.5** The
 Participant will have no claim or right of action in respect of any decision, omission or
 discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.6** Nobody
 has any right to compensation for any loss in relation to the Plan, including any loss in
 relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss or
 reduction of rights or expectations under the Plan in any circumstances (including termination
 of Employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any exercise
 of a discretion or a decision taken in relation to an Award or to the Plan, or any failure
 to exercise a discretion or take a decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operation,
 suspension, termination or amendment of the Plan.

**9.2** **Directors' decisions final and binding** 

The decision of the Directors on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.

**9.3** **Third party rights** 

Any Member of the Group may rely on and enforce any term of the Plan. Apart from that, (i) nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant; (ii) this Plan does not contain any stipulation in favour of a third party (*derdenbeding*); and (iii) this Plan does not affect any other right or remedy of a third party.

**9.4** **Documents sent to shareholders** 

The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares. For the avoidance of doubt, the Company shall be required to send such documents or notices to Participants if and for as long as they are a holder of Shares.

**9.5** **Costs** 

The Company will pay the costs of introducing and administering the Plan but, for the avoidance of doubt, shall not be responsible for, or be required to pay, any costs incurred by a Participant in respect of the acquisition, holding or disposal of any Shares or any interest in them. The Company may ask a Participant's Employer to bear the costs in respect of an Award to that Participant.

**9.6** **Employee trust** 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them to acquire Shares to be held for the purposes of the Plan or enter into any guarantee or indemnity for those purposes, to the extent permitted by any applicable law.

**9.7** **Participants' information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.1** Subject
 to rule 9.7.2 below, by participating in the Plan and accepting an Award where required,
 the Participant consents to the holding and processing of personal information that the Participant
 provides to any Member of the Group, trustee or third-party service provider, for all purposes
 relating to the operation of the Plan. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administering
 and maintaining Participant records including tax administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing
 information to Members of the Group, trustees of any employee benefit trust, registrars,
 brokers or third-party administrators of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing
 information to future purchasers or merger partners of the Company, the Participant's
 Employer, or the business in which the Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transferring
 information about the Participant to any country or territory that may not provide the same
 statutory protection for the information as the Participant's home country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.2** The
 basis for any processing of personal information about the Participant under the EU's
 General Data Protection Regulation (2016/679) (or any successor laws) is set out in the Company's
 Privacy Notice and is not the consent given under rule 9.7.1 above. The Company's
 Privacy Notice also contains details about how the Participant's personal information
 is processed and the Participant's rights in relation to that information. The Participant
 has a right to review the Company's Privacy Notice.

**9.8** **Consents** 

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the Netherlands or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the necessity for any such consent.

**9.9** **Share rights** 

Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of issue. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of issue. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date.

**9.10** **Listing** 

If and for so long as the Shares are listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

**9.11** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.1** Any
 information or notice to a person who is or will be eligible to be a Participant under or
 in connection with the Plan may be posted, or sent by electronic means, in such manner to
 such address as the Company considers appropriate, including publication on any website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.2** Any
 information or notice to the Company or other duly appointed agent under or in connection
 with the Plan may be sent by post or transmitted to it at its registered office or such other
 place, or by such other means, as the Directors or the duly appointed agent may decide and
 notify to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.3** Notices
 sent by post will be deemed to have been given a week after the date of posting. However,
 notices sent by or to a Participant who is working overseas will be deemed to have been given
 on the seventh day after the date of posting. Notices sent by electronic means, in the absence
 of evidence to the contrary, will be deemed to have been received on the day after sending.

**9.12** **Governing law and jurisdiction** 

The law of the Netherlands governs the Plan and all Awards and their construction. The courts of Amsterdam, the Netherlands, have exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

**Schedule 1<br> US taxpayers**

The rules of this Schedule 1 are made under and amend and supplement (as applicable) the terms of The Magnum Ice Cream Company Celebration Award Plan (the "**Plan**"). This Schedule 1 applies to Awards made to a US Taxpayer.

---

| | |
|:---|:---|
| **1** | **Defined terms** |

---

In this Schedule 1, capitalised terms shall have the meaning given to them in the rules of the Plan, save where otherwise defined herein:

"**Award Agreement**" means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan;

"**U.S. Treas. Reg.**" means the regulations issued by the U.S. Department of Treasury to interpret the United States Internal Revenue Code of 1986, as amended from time to time; and

"**409A Deferred Compensation**" means a "deferral of compensation" or "deferred compensation" as those terms are defined in the regulations under US Code Section 409A.

---

| | |
|:---|:---|
| **2** | **Interpretation** |

---

**2.1** The
 Plan and any Awards made under the Plan are intended to, and shall be interpreted, construed
 and administered, in order to comply with US Code Section 409A (including the requirements
 applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation),
 whether by reason of short-term deferral treatment or other exceptions or provisions. The
 Directors will have full authority to give effect to this intent. To the extent necessary
 to give effect to this intent, in the case of any conflict or potential inconsistency between
 the provisions of (i) the Plan, any Award Agreement and any Schedule to the Plan other
 than this Schedule 1 and (ii) this Schedule 1, the provisions of this Schedule 1 will
 prevail.

**2.2** If
 the Award includes a "series of instalment payments" as described in U.S. Treas.
 Reg. §1.409A-2(b)(2)(iii), a Participant's right to the series of instalment payments
 will be treated as a right to a series of separate payments and not as a right to a single
 payment.

---

| | |
|:---|:---|
| **3** | **Delivery and payment of Awards** |

---

**3.1** To
 the extent that an Award (or any portion thereof) is intended to satisfy the requirements
 for short-term deferral treatment under US Code Section 409A, delivery or payment in
 respect of the Award will occur by the last day of the applicable "short-term deferral"
 period described in U.S. Treas. Reg. §1.409A-1(b)(4) in order for the delivery
 or payment to be within the short-term deferral exception unless, in order to permit all
 applicable conditions or restrictions on delivery to be satisfied, the Directors elect, pursuant
 to U.S. Treas. Reg. §1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance
 with US Code Section 409A, to delay delivery or payment to a later date within the same
 calendar year or to such later date as may be permitted under US Code Section 409A,
 including U.S. Treas. Reg. §1.409A-3(d).

**3.2** Notwithstanding
 any provision of the Plan or in any applicable Award Agreement, any authority that the Directors
 have to delay, accelerate or amend the timing of the Vesting, delivery or payment in respect
 of any Award, or otherwise amend the Award (including for the purposes of rule 3.3 (Adjustment
 of Awards), rule 4 (Malus and clawback), rule 5.1 (Timing of Vesting), rule 5.2
 (Delayed Vesting), rule 5.6 (Tax), rule 6.7 (Overseas transfer), rule 7 (Corporate
 events) and rule 8.1 (Directors' powers)), such authority shall only apply in
 respect of Awards granted to US Taxpayers to the extent that such changes are permitted in
 accordance with US Code Section 409A and will not result in the imposition of additional
 tax under US Code Section 409A.

**3.3** Notwithstanding
 anything to the contrary in the Plan or in any applicable Award Agreement, to the extent
 required to avoid the imposition of additional taxes under US Code Section 409A, if
 amounts payable to a Participant constitute 409A Deferred Compensation and termination of
 Employment is a payment event for an Award granted under this Schedule 1, such termination
 of Employment shall only be a payment event if it is a "separation from service"
 (within the meaning of U.S. Treas. Reg. §1.409A-1(h)) and any US Taxpayer who is a "specified
 employee" (within the meaning of U.S. Treas. Reg. §1.409A-1(i)) shall not receive
 payment or delivery until the first day of the seventh month following their "separation
 from service".

---

| | |
|:---|:---|
| **4** | **Leaving Employment** |

---

**4.1** Notwithstanding
 anything to the contrary in rule 6 (Leaving Employment and death), in the event that
 a Participant who is a US Taxpayer leaves employment due to the reasons specified in rules 6.2.1
 to 6.2.6 (Exceptions) and the US Taxpayer's Award(s) are not 409A Deferred Compensation,
 such US Taxpayer's Award(s) will immediately Vest in full and become payable upon
 the earlier of (i) the US Taxpayer's termination of Employment in accordance with
 rule 6.4 (Early Vesting); or (ii) the Normal Vesting Date.

**4.2** Notwithstanding
 the Vesting and timing provisions of rule 6.5 (Death), on death, the delivery and payment
 referred to therein will be made after the date of death and by December 31 of the calendar
 year following the calendar year in which death occurs (or on such later date as may be permitted
 under US Code Section 409A).

---

| | |
|:---|:---|
| **5** | **Adjustment of Awards** |

---

No adjustment to the number and/or class of Shares or securities comprised in an Award shall be made pursuant to rule 3.3 (Adjustment of Awards) to the extent that it contravenes US Code Section 409A or results in adverse tax consequences under US Code Section 409A.

---

| | |
|:---|:---|
| **6** | **Non-competes** |

---

Rule 6.3.2 (Events after leaving Employment) shall only apply to the extent permitted by applicable law and shall not apply to Participants who are Employees in California.

---

| | |
|:---|:---|
| **7** | **Taxation** |

---

**7.1** Notwithstanding
 any provision of the Plan to the contrary, in the event that the Directors determine that
 any amounts payable hereunder will be subject to accelerated taxation or additional tax under
 US Code Section 409A, then, prior to delivery to such Participant of such payment, the
 Company may (i) adopt such amendments to the Plan and appropriate policies and procedures,
 including amendments and policies with retroactive effect, that the Directors determine necessary
 or appropriate under applicable law to preserve the intended tax treatment of the benefits
 provided by the Plan; or (ii) take such other actions that the Directors determine necessary
 or appropriate to avoid or limit the imposition of such additional or accelerated tax under
 US Code Section 409A.

**7.2** Notwithstanding
 the foregoing, none of the Company nor any Member of the Group shall have any obligation
 to take any action to prevent the imposition of any additional tax or penalty on any Participant
 under US Code Section 409A, and none of the Company, any Member of the Group or the
 Directors will have any liability to any Participant for such tax or penalty. Each Participant
 is solely responsible and liable for the satisfaction of all taxes, interest and penalties
 that may be imposed on or for the account of such Participant in connection with the Plan
 (including any taxes and penalties under US Code Section 409A).

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2532046d1_ex5-1img01.jpg) | Linklaters LLP |
| ![](tm2532046d1_ex5-1img01.jpg) | World Trade Centre Amsterdam |
| ![](tm2532046d1_ex5-1img01.jpg) | Zuidplein 180 |
| ![](tm2532046d1_ex5-1img01.jpg) | 1077 XV Amsterdam |
| ![](tm2532046d1_ex5-1img01.jpg) | Telephone (31 20) 799 6200 |
| ![](tm2532046d1_ex5-1img01.jpg) | Facsimile (31 20) 799 6300 |

---

---

| |
|:---|
| The Magnum Ice Cream Company N.V. |
| Reguliersdwarsstraat 63 |
| 1017 BK Amsterdam |
| The Netherlands |

---

15 December 2025

**The Magnum Ice Cream Company N.V. (the "Company") – SEC Registration of ordinary shares, with a nominal value of €3.50 each, in the capital of the Company ("Ordinary Shares")**

---

| | |
|:---|:---|
| **1** | We have acted as Dutch legal advisers to the Company in connection with the filing by the Company under the Securities Act of 1933 (the "**Act**") of a registration statement on Form S-8 dated 15 December 2025 (the "**Registration Statement**") with the United States Securities and Exchange Commission (the "**SEC**"). The Registration Statement relates to the registration (the "**Registration**") by the Company with the SEC of an aggregate of up to 4.5 million Ordinary Shares (the "**Shares**") to be newly issued by the Company in connection with the Rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025 effective as of 8 December 2025 (the "**LTIP**") and/or the Rules of The Magnum Ice Cream Company Celebration Award Plan effective as of 8 December 2025 (the "**Celebration Award Plan**" and together with the LTIP, the "**Plans**" and each a "**Plan**"). |

---

---

| | |
|:---|:---|
| **2** | This opinion is limited to Dutch law as applied by the Dutch courts and published in print and in effect on the date of this opinion, excluding tax law, the laws of the European Union (insofar as not implemented or incorporated in Dutch law), market abuse, equal treatment of shareholders, financial assistance and competition and procurement laws. This opinion is given on the basis that we undertake no responsibility to notify any addressee of this opinion of any change in Dutch law after the date of this opinion. It is given in accordance with customary Dutch legal practice and on the basis that it and all matters relating to it will be governed by and construed in accordance with Dutch law. In this opinion, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The Dutch concepts concerned may not be identical to the concepts described by the English terms as they may exist or be interpreted under the laws of jurisdictions other than the Netherlands. |

---

---

| | |
|:---|:---|
| **3** | For the purpose of this opinion we have only examined, and relied upon and assumed the accuracy of the factual statements and compliance with the undertakings included in, the documents listed and, where appropriate, defined (together with certain other terms used herein) in the Schedule to this letter. Our examination has been limited to the text of the documents. In addition, we have obtained the following confirmations given by telephone or otherwise on the date of this opinion: |

---

This communication is confidential and may be privileged or otherwise protected by work product immunity.

Linklaters LLP is a limited liability partnership registered in England and Wales with registered number OC326345. It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of Linklaters LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP together with a list of those non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on www.linklaters.com and such persons are either solicitors, registered foreign lawyers or European lawyers. Linklaters LLP is also registered with the Dutch Trade Register of the Chamber of Commerce under number 34367130.

Please refer to www.linklaters.com/regulation for important information on our regulatory position.

![](tm2532046d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** Confirmation from the Chamber of Commerce that the Trade Register Extract is up to date in all respects
material for this opinion, it being noted that the Trade Register Extract will need to be amended to reflect the increase in the Company's
authorised, issued and outstanding share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Confirmation from the central insolvency register (*centraal insolventieregister*) that the Company
is not registered as having been declared bankrupt (*failliet verklaard*) or granted suspension of payments (*surseance verleend*)
or preparing a public pre-insolvency scheme (*openbare akkoordprocedure*).

---

| | |
|:---|:---|
| **4** | We have assumed the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** All copy documents conform to the originals and all originals are genuine and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** Each signature is the genuine signature of the individual concerned and, if an electronic signature (*elektronische handtekening*), it was placed by the person whose electronic signature it purports to be or upon such person's instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** All documents were at their date, and have through the date hereof remained, accurate, complete and in
full force and effect without modification (except for the Trade Register Extract as noted in paragraph 3.1 above), and have been or will
have been executed in the same form as examined by us for the purposes of this opinion. All confirmations referred to in paragraph 3 are
true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** The Company has not (i) had its assets placed under administration (*onder bewind gesteld*),
(ii) been dissolved (*ontbonden*), merged (*gefuseerd*) or split up (*gesplitst*), or (iii) registered itself
as preparing for a pre-insolvency scheme (*akkoord*) or been subjected to any one of the insolvency and winding-up proceedings listed
in Annex A to Regulation (EU) 2015/848 on insolvency proceedings (recast) or to the appointment of a restructuring expert (*herstructureringsdeskundige*)
(" **Insolvency Proceedings** ", including, *inter alia*, bankruptcy (*faillissement*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** The minutes referred to in the Schedule are a true record of proceedings in duly convened, constituted
and quorate meetings described therein and the resolutions set out in those minutes and the written resolutions referred to in the Schedule
have been validly passed. All resolutions comply with the requirements of reasonableness and fairness (*redelijkheid en billijkheid*)
under Dutch law and any conditions and limitations contained therein have been or will have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** All resolutions required for the issue of Share, or the grant of rights to subscribe for Shares, under
the Plans and the exclusion of any pre-emptive rights (*voorkeursrechten*) relating thereto will (i) have been duly adopted
and validly passed, (ii) comply with the requirements of reasonableness and fairness (*redelijkheid en billijkheid*) under Dutch
law and with the articles of association of the Company as in force at the time of the relevant resolution, and (iii) have not been,
and will not be, amended, nullified, revoked, or declared null and void and any conditions and limitations contained therein have been
or will have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** At each time Shares are issued, or rights to subscribe for Shares are granted, (i) the Company's
authorised share capital will be sufficient to allow for the issue or grant and (ii) the relevant Plan remains in full force and
effect without modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** Any rights to subscribe for Shares (i) have been or will have been granted and accepted in accordance
with the relevant Plan and (ii) are or will be valid, binding and enforceable on each party other than the Company under the law
to which they are expressed to be subject and under any other applicable law.

Page 2 of 4

![](tm2532046d1_ex5-1img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** When issued, the Shares have been or will have been validly accepted, issued and subscribed (*genomen*)
and paid for in accordance with the relevant Plan, the articles of association of the Company as in force at the time of the issue and
applicable laws (including, for the avoidance of doubt, Dutch law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** The nominal amount of each Share and any agreed share premium will have been validly paid.

---

| | |
|:---|:---|
| **5** | In our opinion, the Shares, when issued, will have been validly issued in accordance with Dutch law, fully paid and non-assessable. |

---

---

| | |
|:---|:---|
| **6** | This opinion is subject to any matters not disclosed to us and to the following qualifications: |

---

**6.1** The term "**non-assessable**" has no equivalent legal term under Dutch law and for the
purpose of this opinion, "non-assessable" means that a holder of a Registration Share will not by reason of merely being such
a holder, be subject to assessment or calls by the Company or its creditors for further payment on such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** This opinion is limited by, and therefore we do not express any opinion or statement as to the consequences
of, any Insolvency Proceeding, insolvency, liquidation (*ontbinding en vereffening*), reorganisation, fraudulent conveyance (*Actio Pauliana*) and other laws relating to or affecting the rights of creditors, and any sanctions and measures implemented or effective
in the Netherlands under the Sanctions Act 1977 (*Sanctiewet 1977*) or European Union regulations or otherwise by international sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** The Trade Register Extract and the confirmations referred to in paragraph 3 do not provide conclusive
evidence that the information set out in the Trade Register Extract is correct or that the Company has not become the subject of an Insolvency
Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** We do not express any opinion as to facts.

---

| | |
|:---|:---|
| **7** | This opinion is addressed to you solely for your benefit in connection with the Registration. It is not be transmitted to anyone else nor is to be relied upon by anyone else or for any other purpose or quoted or referred to in any public documents or filed with anyone without our prior written consent. We hereby consent to the filing of this opinion with the SEC as Exhibit 5 to the Registration Statement. In given such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC thereunder. |

---

Yours faithfully

/s/ Linklaters LLP

Linklaters LLP

Page 3 of 4

![](tm2532046d1_ex5-1img02.jpg)

**Schedule**

---

| | |
|:---|:---|
| **1** | An electronic certified copy of an extract from the trade register obtained from the chamber of commerce (the "**Chamber of Commerce**") regarding the Company dated 12 December 2025 (the "**Trade Register Extract**"). |

---

---

| | |
|:---|:---|
| **2** | A print-out of an electronic copy of a notarial copy of the Company's deed of incorporation dated 15 April 2024 and of its deed of conversion from a private company with limited liability to a limited liability company dated 1 December 2025 including the articles of association, both as obtained from and according to the Chamber of Commerce. |

---

---

| | |
|:---|:---|
| **3** | A print-out of an electronic copy of the minutes of meetings of the board of directors of the Company held on 2 November 2025 and 1 December 2025 referring to resolutions adopted by the Company's board of directors in such meetings; and of a written resolution of Unilever International Holdings B.V. in its stated capacity as the Company's sole shareholder dated 6 December 2025. |

---

---

| | |
|:---|:---|
| **4** | A print-out of an electronic copy of each Plan. |

---

---

| | |
|:---|:---|
| **5** | A print-out of an electronic copy of the Registration Statement. |

---

References in this opinion to "**documents**" are to any and all documents mentioned in this Schedule and include the Shares, unless the context requires otherwise.

Page 4 of 4

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated August 6, 2025, with respect to the combined carve-out financial statements of Unilever PLC's Ice Cream business in certain jurisdictions, incorporated herein by reference.

/s/ **KPMG LLP**

London, United Kingdom

December 15, 2025.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&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; **Magnum Ice Cream Co N.V.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&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 | The Magnum Ice Cream Company N.V. ordinary shares of EUR3.50 each | 457(a) | 4500000 | $14.63 | $65835000.00 | 0.0001381 | $9091.81 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $65835000.00  |  | $9091.81  |
| 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:  |  |  |  | $9091.81  |

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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;&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(a) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the Registration Statement to which this exhibit 107 is a part includes an indeterminable number of additional ordinary shares, nominal value EUR3.50 per share in the capital of The Magnum Ice Cream Company N.V. (the "Ordinary Shares") that may become issuable in the event of a share dividend, share split or similar transactions. 1(b) Represents Ordinary Shares reserved for issuance under The Magnum Ice Cream Company Long Term Incentive Plan 2025 and The Magnum Ice Cream Company Celebration Award Plan. 1(c) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The proposed maximum offering price per unit was calculated on the basis of the average of the high (US$14.81) and low (US$14.45) market prices of Ordinary Shares quoted on the New York Stock Exchange on December 9, 2025.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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