Document:

EX-10.2

 Exhibit 10.2 

THOUGHTWORKS HOLDING, INC. 
  

 
 2021 EMPLOYEE
STOCK PURCHASE PLAN 
  
  

ARTICLE I 
 PURPOSE

 The Plan’s purpose is to assist employees of the Company and its Designated Companies in acquiring a share ownership interest in
the Company, help such employees provide for their future security and encourage them to remain in the employment of the Company and its Subsidiaries and Affiliates. 

The Plan consists of two components: the Section 423 Component and the Non-Section 423
Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and construed in a manner consistent with the requirements of
Section 423 of the Code. In addition, the Plan authorizes the grant of Options under the Non-Section 423 Component, which need not qualify as Options granted pursuant to an “employee stock
purchase plan” under Section 423 of the Code; such Options granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Employees and the Designated Companies
in locations outside of the United States. Except as otherwise provided herein or determined by the Administrator, the Non-Section 423 Component will operate and be administered in the same manner as
the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the Administrator at or prior to the time of such Offering. 

For purposes of the Plan, the Administrator may designate separate Offerings under the Plan, the terms of which need not be identical, in
which Eligible Employees may participate, provided that the terms of participation are the same within each separate Offering under the Section 423 Component as determined under Section 423 of the Code. Solely by way of example and without
limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

ARTICLE II 
 DEFINITIONS

 As used in the Plan, the following words and phrases have the meanings specified below, unless the context clearly indicates
otherwise: 
 2.1    “Administrator” means the Committee or such individual(s) to whom
authority to administer the Plan has been delegated under Section 7.1 hereof. 

2.2    “Affiliate” means a corporation or other entity controlled by, controlling or under
control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person, means the possession, directly or indirectly, of
the power to direct or cause the direction of management and policies of such person, whether through the ownership of voting or other securities, by contract or otherwise. 

 2.3    “Agent” means the brokerage firm,
bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 

2.4    “Board” means the Board of Directors of the Company. 

2.5    “Change in Control” has the meaning set forth in the Company’s 2021 Omnibus
Incentive Plan. 
 2.6    “Code” means the U.S. Internal Revenue Code of 1986, as amended
from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder. 

2.7    “Committee” means the Compensation and Talent Committee of the Board. 

2.8    “Common Stock” means the common stock, $0.001 par value per share, of the Company.

 2.9    “Company” means Thoughtworks Holding, Inc., a Delaware corporation, and its
successors by operation of law. 
 2.10    “Compensation” of an Employee means the
regular straight-time earnings or base salary received by such Employee as compensation for services to the Company or any Designated Company, determined before giving effect to any salary reduction agreement pursuant to (a) a qualified cash or
deferred arrangement (within the meaning of Section 401(k) of the Code) or (b) a cafeteria plan (within the meaning of Section 125 of the Code). Compensation shall exclude any annual incentive compensation or other payments made under
any bonus program, commissions, payments received for overtime and shift premiums, vacation pay, holiday pay, jury duty pay, funeral leave pay, military leave pay, education or tuition reimbursements, travel expenses, business and moving
reimbursements, imputed income arising under any group insurance or benefit program, income received in connection with any share options, share appreciation rights, restricted shares, restricted share units or other compensatory equity awards,
fringe benefits, other special or one-time payments (e.g., retention or sign-on bonuses) and all contributions made by the Company or any Designated Subsidiary for the
Employee’s benefit under any employee benefit plan now or hereafter established. The Administrator, in its discretion, may establish a different definition of Compensation for an Offering, which for the Section 423 Component shall apply on
a uniform and nondiscriminatory basis. Further, the Administrator will have discretion to determine the application of this definition to Eligible Employees outside the United States. 

2.11    “Designated Company” means each Affiliate and Subsidiary, including any Affiliate
and Subsidiary in existence on the Effective Date and any Affiliate and Subsidiary formed or acquired following the Effective Date, that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in
the Plan, in accordance with Section 7.2 hereof, such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Company
may participate in either the Section 423 Component or the Non-Section 423 Component, but not both. Notwithstanding the foregoing, if any Affiliate or Subsidiary is disregarded for U.S. federal
income tax purposes in respect of the Company or any Designated Company participating in the Section 423 Component, then such disregarded Affiliate or Subsidiary shall automatically be a Designated Company participating in the Section 423
Component. If any Affiliate or Subsidiary is disregarded for U.S. federal income tax purposes in respect of any Designated Company participating in the Non-Section 423 Component, the Administrator
may exclude such Affiliate or Subsidiary from participating in the Plan, notwithstanding that the Designated Company in respect of which such Affiliate or Subsidiary is disregarded may participate in the Plan. 

 2.12    “Effective Date” means the date
the Plan is adopted by the Board, subject to approval of the Company’s shareholders. 

2.13    “Eligible Employee” means any Employee of the Company or a Designated Company who
has completed at least six (6) months of continuous service with the Company. Unless prohibited by applicable law, the Administrator, in its discretion, may also exclude any Employee: 

(a)    who is customarily scheduled to work twenty (20) hours or less per week; 

(b)    whose customary employment is not more than five (5) months in a calendar year; 

(c)    who is not employed by the Company or a Designated Company prior to the applicable Enrollment Date; 

(d)    who is a “highly compensated employee” of the Company or any Designated Company (within the meaning of
Section 414(q) of the Code) or who is such a “highly compensated employee” (A) with compensation above a specified level, (B) who is an officer or (C) who is subject to the disclosure requirements of Section 16(a) of
the Exchange Act; and/or 
 (e)    who is a citizen or resident of a jurisdiction outside the United States (without
regard to whether they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)), if either (i) the grant of the Option is prohibited under the laws of the jurisdiction governing
such Employee or (ii) compliance with the laws of the jurisdiction would cause the Section 423 Component, any Offering thereunder or any Option granted thereunder to violate the requirements of Section 423 of the Code;
provided that any exclusion shall be applied in an identical manner under each Offering to all Employees in accordance with Treas. Reg. § 1.423-2(e). 

Notwithstanding the foregoing, any Employee who, after the granting of the Option, would be deemed for purposes of Section 423(b)(3) of the Code to
possess 5% or more of the total combined voting power or value of all classes of shares of the Company or any Subsidiary shall not be an Eligible Employee. For purposes of the preceding sentence, the rules of Section 424(d) of the Code with
regard to the attribution of share ownership shall apply in determining the share ownership of an individual, and shares which an Employee may purchase under outstanding Options under the Plan shall be treated as shares owned by the Employee. 

Further, with respect to the Non-Section 423 Component, (A) the Administrator may limit eligibility
further within a Designated Company so as to only designate some Employees of a Designated Company as Eligible Employees, and (B) to the extent any restrictions in this definition are not consistent with applicable local laws, the applicable
local laws shall control. 
 2.14    “Employee” means any person who renders services to
the Company or a Designated Company in the status of an employee within the meaning of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or a Designated Company who does not render services to the
Company or a Designated Company in the status of an employee within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military
leave, sick leave or other leave of absence approved by the Company or a Designated Company and meeting the requirements of Treas. Reg. § 1.421-1(h)(2). Where the period of leave exceeds three
(3) months, or such other period specified in Treas. Reg. § 1.421-1(h)(2), and the 

 
individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following
such three (3)-month period, or such other period specified in Treas. Reg. § 1.421-1(h)(2). 

2.15    “Enrollment Date” means the first date of each Offering Period. 

2.16    “Exercise Date” means the last day of each Purchase Period, except as provided in
Section 5.2 hereof. 
 2.17    “Exchange Act” means the U.S. Securities Exchange Act
of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section and any comparable
provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.18    “Fair Market Value” means, as of any date, the value of the Common Stock determined
as follows: 
 (a)    If the Common Stock is (i) listed on any established securities exchange (such as the New York
Stock Exchange or Nasdaq Stock Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, the Fair Market Value of a Share shall be the closing sales price for a Share as quoted on
such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; 
 (b)     If the Common Stock is not
listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, the Fair Market Value of a Share shall be the mean of the high bid and
low asked prices for such date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices for a Share on the last preceding date for which such information exists, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; or 
 (c)    If the Common Stock is
neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, the Fair Market Value of a Share shall be established by the Administrator in good
faith. 
 2.19    “Grant Date” means the first day of an Offering Period. 

2.20    “New Exercise Date” has the meaning set forth in Section 5.2(b) hereof. 

2.21    “Non-Section 423
Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of the Plan, in each case,
pursuant to which Options may be granted to Eligible Employees that need not satisfy the requirements for Options granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 

2.22    “Offering” means an offer under the Plan of an Option that may be exercised during
an Offering Period as further described in Article 4 hereof. Unless otherwise specified by the Administrator, each Offering to Eligible Employees shall be deemed a separate Offering, even if the dates and other terms

 
of the applicable Purchase Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder
together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3). 

2.23    “Offering Period” means the periods of approximately six (6) months during
which Options shall be granted to Participants, commencing on such Trading Day as designated by the Administrator and terminating on a Trading Day approximately six (6) months later, each as determined by the Administrator in its sole
discretion. The duration and timing of Offering Periods may be established or changed by the Administrator at any time, in its sole discretion, and may consist of one (1) or more Purchase Periods. Notwithstanding the foregoing, in no event may
an Offering Period exceed twenty-seven (27) months. 
 2.24    “Option” means the
right to purchase Shares pursuant to the Plan during each Offering Period. 
 2.25    “Option
Price” means the purchase price of a Share hereunder as provided in Section 4.2 hereof. 

2.26    “Parent” means any entity that is a parent corporation of the Company within the
meaning of Section 424 of the Code. 
 2.27    “Participant” means any Eligible
Employee who elects to participate in the Plan. 
 2.28    “Payday” means the regular and
recurring established day for payment of Compensation to an Employee. 
 2.29    “Plan”
means this Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or
appendices hereto, as amended from time to time. 
 2.30    “Plan Account” means a
bookkeeping account established and maintained by the Company in the name of a Participant. 

2.31    “Purchase Period” means the period commencing on the first Trading Day of each
Offering Period and terminating on the last Trading Day of each Offering Period, as determined by the Administrator in its sole discretion. The duration and timing of Purchase Periods may be established or changed by the Administrator at any time,
in its sole discretion. Notwithstanding the foregoing, in no event may a Purchase Period exceed the duration of the Offering Period under which it is established. 

2.32    “Section 409A” means the nonqualified deferred
compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 

2.33    “Section 423 Component” means those Offerings
under the Plan that are intended to meet the requirements under Section 423(b) of the Code. 

2.34    “Shares” means shares of Common Stock. 

2.35    “Subsidiary” means any subsidiary corporation of the Company within the meaning of
Section 424(f) of the Code. 

2.36    “Tax-Related 
Items” means any U.S. and non-U.S. federal, provincial, state and/or local taxes (including, without limitation, income tax, social insurance contributions, fringe benefit tax, employment
tax, stamp tax and any employer tax liability which has been transferred to a Participant) for which a Participant is liable in connection with his or her participation in the Plan. 

2.37    “Trading Day” means a day on which the national stock exchange upon which the
Common Stock is listed is open for trading. 
 2.38    “Treas. Reg.” means U.S.
Department of the Treasury regulations. 
 2.39    “Withdrawal Election” has the meaning
set forth in Section 6.1(a) hereof. 
 ARTICLE III 

PARTICIPATION 

3.1    Eligibility. 

(a)    Any Eligible Employee who is employed by the Company or a Designated Company on a given Enrollment Date for an
Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles 4 and 5 hereof, and, for the Section 423 Component, the limitations imposed by Section 423(b) of the Code.

 (b)     No Eligible Employee shall be granted an Option under the Section 423 Component which permits the
Participant to purchase Shares under the Plan, and to purchase shares under all other employee stock purchase plans of the Company, any Parent or any Subsidiary subject to Section 423 of the Code, at a rate that exceeds USD 25,000 of Fair
Market Value of such shares (determined at the time such Option is granted) for each calendar year in which such Option is outstanding at any time. The limitation under this Section 3.1(b) shall be applied in accordance with
Section 423(b)(8) of the Code. 
 3.2    Election to Participate; Payroll Deductions. 

(a)    Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to
participate in such Offering Period and the Plan by delivering to the Company, or an Agent designated by the Company, an enrollment form including a payroll deduction authorization (which may be in an electronic format or such other method as
determined by the Company in accordance with the Company’s practices) (a “Participation Election”) no later than the period of time prior to the applicable Enrollment Date determined by the Administrator, in its sole
discretion. Except as provided in Section 3.2(e) hereof, an Eligible Employee may participate in the Plan only by means of payroll deduction. 

(b)    Subject to Section 3.1(b) hereof and except as may otherwise be determined by the Administrator, payroll
deductions (i) shall equal at least 1% of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date, but not more than 15% of the Participant’s Compensation as of each Payday of
the Offering Period following the Enrollment Date; and (ii) shall be expressed as a whole number percentage. Subject to Section 3.2(e) hereof, amounts deducted from a Participant’s Compensation with respect to an Offering Period
pursuant to this Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan Account. 

(c)    Unless otherwise determined by the Administrator, following at least one (1) payroll deduction, a Participant
may increase or decrease the percentage of Compensation or the fixed dollar amount designated in his or her enrollment form, subject to the limits of this Section 3.2, or may suspend 

 
his or her payroll deductions, at any time during an Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her
payroll deduction elections during each Offering Period in the applicable Offering (and in the absence of any specific designation by the Administrator, a Participant shall only be allowed to decrease his or her payroll deduction election one
(1) time during each Offering Period and shall not be permitted to increase his or her payroll deduction at any time during an Offering Period). Any such change or suspension of payroll deductions shall be effective with the first full payroll
period following ten (10) business days after the Company’s receipt of the new enrollment form (or such shorter or longer period as may be specified by the Administrator in the applicable Offering). In the event a Participant suspends his
or her payroll deductions, such Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Exercise Date and shall not be paid to
such Participant unless he or she withdraws from participation in the Plan pursuant to Section 6.1. 
 (d)    Upon
the completion of an Offering Period, each Participant in such Offering Period shall automatically participate in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of such Offering
Period, unless such Participant delivers to the Company or an Agent designated by the Company a different Participation Election with respect to the successive Offering Period in accordance with Section 3.2(a) hereof, or unless such Participant
becomes ineligible for participation in the Plan. 
 (e)    Notwithstanding any other provisions of the Plan to the
contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited or otherwise problematic under applicable local laws (as determined by the Administrator
in its sole discretion), the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant’s Plan Account in a form acceptable to the Administrator in lieu of or in addition to payroll
deductions; provided, however, that, for any Offering under the Section 423 Component, the Administrator must determine that any alternative method of contribution is applied on an equal and uniform basis to all Eligible Employees in the
Offering. Any reference to “payroll deductions” in this Section 3.2 (or in any other section of the Plan) will similarly cover contributions by other means made pursuant to this Section 3.2(e). 

ARTICLE IV 
 PURCHASE OF
SHARES 
 4.1    Grant of Option. The Company may make one or more Offerings under the Plan,
which may be successive or overlapping with one another, until the earlier of: (a) the date on which all Shares available under the Plan have been purchased and (b) the date on which the Plan is suspended or terminates. No Offering shall
commence prior to the date on which the Company’s registration statement on Form S-8 is filed with the U.S. Securities and Exchange Commission in respect of the Plan. The Administrator shall
designate the terms and conditions of each Offering in writing, including, without limitation, the Offering Period and the Purchase Periods. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date.
Subject to the limitations of Section 3.1(b) hereof, the number of Shares subject to a Participant’s Option shall be determined by dividing (i) such Participant’s payroll deductions accumulated prior to an Exercise Date and
retained in the Participant’s Plan Account on such Exercise Date by (ii) the applicable Option Price. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of Shares that a
Participant may purchase during any 

 
Purchase Periods under such future Offering Periods. Each Option shall expire on the last Exercise Date for the applicable Offering Period, immediately after the automatic exercise of the Option
in accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Article 6 hereof. 

4.2     Option Price. The Option Price shall equal 85% of the lesser of the Fair Market Value of
a Share on (a) the applicable Grant Date and (b) the applicable Exercise Date, or such other price designated by the Administrator. 

4.3    Purchase of Shares. 

(a)    On each Exercise Date for an Offering Period, each Participant shall, automatically and without any action on such
Participant’s part, be deemed to have exercised the Participant’s Option to purchase at the applicable Option Price the largest number of whole Shares which can be purchased with the amount in the Participant’s Plan Account, subject
to the limitations set forth in the Plan. Unless otherwise determined by the Administrator in advance of an Offering or in accordance with applicable law, any balance that is remaining in the Participant’s Plan Account (after exercise of such
Participant’s Option) as of the Exercise Date shall be carried forward into the next Offering Period, unless the Participant has properly elected to withdraw from the Plan or has ceased to be an Eligible Employee and further subject to the
maximum limitations set forth in Section 3.1(b) and Section 4.1. Any balance not carried forward to the next Offering Period in accordance with the prior sentence shall promptly be refunded as soon as administratively practicable to the
applicable Participant. 
 (b)    As soon as practicable following each Exercise Date, the number of Shares purchased by
such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant or (ii) an account established in the
Participant’s name at a stock brokerage or other financial services firm designated by the Company. The Company may require that shares be retained with such brokerage or firm for a designated period of time and/or may establish procedures to
permit tracking of disqualifying dispositions of such shares. 
 4.4    Transferability of Rights.
An Option granted under the Plan shall not be transferable, other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to
the Option shall be available to pay off any debts, contracts or engagements of the Participant or the Participant’s successors in interest or be subject to disposition by pledge, encumbrance, assignment or any other means, whether such
disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the Option shall have no effect. 

ARTICLE V 
 PROVISIONS
RELATING TO COMMON STOCK 
 5.1    Shares Reserved. Subject to adjustment as provided in
Section 5.2 hereof, the aggregate number of Shares that may be issued pursuant to rights granted under the Plan shall be the sum of (a) 7,483,586 Shares and (b) an annual increase on the first day of each calendar year during the term of
the Plan, beginning on January 1, 2022 and occurring annually thereafter, with the last such annual increase occurring on January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of Shares outstanding on the last day
of the immediately preceding calendar year and (ii) such smaller number of Shares as may be 

 
determined by the Board. For the avoidance of doubt, up to the maximum number of Shares reserved under this Section 5.1 may be used to satisfy purchases of Shares under the Section 423
Component and any remaining portion of such maximum number of Shares may be used to satisfy purchases of Shares under the Non-Section 423 Component. Shares made available for sale under the Plan may be
authorized but unissued shares or treasury Shares. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again become available for issuance under the Plan.

 5.2    Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset
Sale. 
 (a)    Changes in Capitalization. Subject to any required action by the shareholders of the
Company, the number of Shares which have been authorized for issuance under the Plan but not yet placed under Option, as well as the price per share and the number of Shares covered by each Option under the Plan which has not yet been exercised,
shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, share dividend, combination, amalgamation, consolidation, reorganization, arrangement or
reclassification of the Shares, or any other increase or decrease in the number Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company
shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided
herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 

(b)    Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the
Offering Periods then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”) and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless
provided otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least ten (10) business days prior
to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date, and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date
the Participant has withdrawn from the Offering Period as provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof. 

(c)    Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the
Company, or the merger of the Company with or into another corporation, each outstanding Option shall be assumed, or an equivalent Option substituted, by the successor corporation or a parent or subsidiary of the successor corporation. If the
successor corporation refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date, and any Offering Periods then in progress shall end on the New Exercise Date. The New
Exercise Date shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the
Participant’s Option has been changed to the New Exercise Date, and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period
as provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof. 

5.3    Insufficient Shares. If the Administrator determines that, on a given Exercise Date, the
number of Shares with respect to which Options are to be exercised may exceed the number of Shares 

 
remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata allocation of the Shares available for issuance on such Exercise Date in as uniform a
manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants exercising Options to purchase Shares on such Exercise Date, and unless additional shares are authorized for issuance under the
Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account which has not
been applied to the purchase of Shares shall be paid to such Participant in one (1) lump sum in cash within thirty (30) days after such Exercise Date, without any interest thereon (except as may be required by applicable local laws). 

5.4    Rights as Shareholders. With respect to Shares subject to an Option, a Participant shall not
be deemed to be a shareholder of the Company and shall not have any of the rights or privileges of a shareholder. A Participant shall have the rights and privileges of a shareholder of the Company when, but not until, the Shares have been deposited
in the designated brokerage account following exercise of the Participant’s Option. 
 ARTICLE VI 

TERMINATION OF PARTICIPATION 

6.1    Cessation of Contributions; Voluntary Withdrawal. 

(a)    A Participant may cease payroll deductions during an Offering Period and elect to withdraw from the Plan by
delivering written notice of such election to the Company or an Agent designated by the Company in such form and at such time prior to the Exercise Date for such Offering Period as may be established by the Administrator (a “Withdrawal
Election”). In the event a Participant elects to withdraw from the Plan, amounts then credited to such Participant’s Plan Account shall be returned to the Participant in one (1) lump sum payment in cash within thirty
(30) days after such election is received by the Company, without any interest thereon (except as may be required by applicable local laws), and the Participant shall cease to participate in the Plan and the Participant’s Option for such
Offering Period shall terminate upon receipt of the Withdrawal Election.  
 (b)     A
Participant’s withdrawal from the Plan shall not have any effect upon the Participant’s eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the
termination of the Offering Period from which the Participant withdraws. 
 (c)    A Participant who ceases
contributions to the Plan during any Offering Period shall not be permitted to resume contributions to the Plan during that Offering Period. 

6.2    Termination of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee, for
any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, the Participant shall be deemed to have elected to withdraw from the Plan and any balance on such Participant’s Plan Account shall be
paid to such Participant or, in the case of the Participant’s death, to the person or persons entitled thereto pursuant to applicable law, within thirty (30) days after such cessation of being an Eligible Employee, without any interest
thereon (except as may be required by applicable local laws). If a Participant transfers employment from the Company or any Designated Company participating in the Section 423 Component to any Designated Company participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the Section 423 Component; however, any
contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then-current Offering
under the Non-Section 423 Component upon the same 

 
terms and conditions in effect for the Participant’s participation in the Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A
Participant who transfers employment from any Designated Company participating in the Non-Section 423 Component to the Company or any Designated Company participating in the Section 423
Component shall not be treated as terminating the Participant’s employment and shall remain a Participant in the Non-Section 423 Component until the earlier of (a) the end of the current
Offering Period under the Non-Section 423 Component and (b) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following such transfer.
Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between companies participating in the Section 423 Component and
the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code. 

ARTICLE VII 
 GENERAL
PROVISIONS 
 7.1    Administration. 

(a)    The Plan shall be administered by the Committee, which shall be composed of members of the Board. The Committee may
delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including, without limitation, determining the Designated Companies participating in the Plan, establishing and
maintaining an individual securities account under the Plan for each Participant, determining enrollment and withdrawal deadlines and determining exchange rates. In its absolute discretion, the Board may at any time and from time to time exercise
any and all rights and duties of the Administrator under the Plan. 
 (b)    It shall be the duty of the Administrator
to conduct the general administration of the Plan in accordance with the provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan, to: 

(i)    establish and terminate Offerings; 

(ii)    determine when and how Options shall be granted and the provisions and terms of each Offering
(which need not be identical); 
 (iii)    select Designated Companies in accordance with
Section 7.2 hereof; and 
 (iv)    construe and interpret the Plan, the terms of any Offering and
the terms of the Options and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may
correct any defect, omission or inconsistency in the Plan, any Offering or any Option, in a manner and to the extent it shall deem necessary or expedient to administer the Plan, subject to Section 423 of the Code for the Section 423
Component. 
 (c)    The Administrator may adopt rules or procedures relating to the operation and administration of the
Plan to accommodate the specific requirements of local laws and procedures, provided that the adoption and implementation of any such rules and/or procedures would not cause the Section 423 Component to be in noncompliance with
Section 423 of the Code. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation elections, payroll deductions, payment of interest,
conversion of local currency, payroll tax, withholding procedures and handling of share certificates which vary with local requirements. 

 (d)    The Administrator may
adopt sub-plans applicable to particular Designated Companies or locations, which sub-plans may be designed to be outside the scope of
Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions of the Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the
terms of such sub-plan, the provisions of the Plan shall govern the operation of such sub-plan. 

(e)    All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall
be borne by the Company. The Administrator may employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Administrator and the Company and its officers and directors shall be entitled to rely upon the advice, opinions or
valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the
Board or Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Board or Administrator shall be fully protected by the Company in
respect to any such action, determination or interpretation. Any and all risks resulting from any market fluctuations or conditions of any nature and affecting the price of Shares are assumed by the Participant. 

7.2    Designation of Affiliates and Subsidiaries. The Administrator shall designate from time to
time the Affiliates and Subsidiaries that shall constitute Designated Companies and determine whether such Designated Companies shall participate in the Section 423 Component or Non-Section 423
Component; provided, however, that an Affiliate that does not also qualify as a Subsidiary may be designated only as participating in the Non-Section 423 Component. The Administrator may
designate an Affiliate or Subsidiary, or terminate the designation of an Affiliate or Subsidiary, without the approval of the shareholders of the Company. 

7.3    Reports. Individual accounts shall be maintained for each Participant in the Plan. Statements
of Plan Accounts shall be given to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the remaining cash balance, if any. 

7.4    No Right to Employment. Nothing in the Plan shall be construed to give any person (including
any Participant) the right to remain in the employ of the Company, a Parent, a Subsidiary or an Affiliate or to affect the right of the Company, any Parent, any Subsidiary or any Affiliate to terminate the employment of any person (including any
Participant) at any time, with or without cause, which right is expressly reserved. 
 7.5    Amendment and
Termination of the Plan. 
 (a)    The Board may, in its sole discretion, amend, suspend or terminate the Plan
at any time and from time to time. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision), with respect to the Section 423 Component, or any other applicable law, regulation or stock exchange
rule, the Company shall obtain shareholder approval of any such amendment to the Plan in such a manner and to such a degree as required by Section 423 of the Code or such other law, regulation or rule. 

(b)    If the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial
accounting consequences, the Administrator may, in its discretion, modify or amend the Plan to reduce or eliminate such accounting consequence, including, but not limited to: 

 (i)    altering the Option Price for any Offering
Period, including an Offering Period underway at the time of the change in Option Price; 

(ii)    shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including
an Offering Period underway at the time of the Administrator action; and 
 (iii)    allocating Shares.

 Such modifications or amendments shall not require shareholder approval or the consent of any Participant. 

(c)    Notwithstanding any other provision in the Plan to the contrary, the Plan shall automatically terminate following a
Change in Control. 
 (d)    Upon termination of the Plan, the balance in each Participant’s Plan Account shall be
refunded as soon as practicable after such termination, without any interest thereon (except as may be required by applicable local laws). 

7.6    Use of Funds; No Interest Paid. All funds received by the Company by reason of purchase of
shares of Shares under the Plan shall be included in the general funds of the Company, free of any trust or other restriction, and may be used for any corporate purpose (except as may be required by applicable local laws). No interest shall be paid
to any Participant or credited under the Plan (except as may be required by applicable local laws). 

7.7    Term; Approval by Shareholders. No Option may be granted during any period of suspension of
the Plan or after termination of the Plan. The Plan shall be submitted for the approval of the Company’s shareholders within twelve (12) months after the date of the Board’s initial adoption of the Plan. Options may be granted prior
to such shareholder approval; provided, however, that such Options shall not be exercisable prior to the time when the Plan is approved by the shareholders; and provided, further that if such
approval has not been obtained by the end of the twelve (12)-month period, all Options previously granted under the Plan shall thereupon terminate and be canceled and become null and void without being exercised. 

7.8    Effect Upon Other Plans. The adoption of the Plan shall not affect any other compensation or
incentive plans in effect for the Company, any Parent, any Subsidiary or any Affiliate. Nothing in the Plan shall be construed to limit the right of the Company, any Parent, any Subsidiary or any Affiliate to (a) establish any other forms of
incentives or compensation for employees of the Company or any Parent, any Subsidiary or any Affiliate or (b) grant or assume Options, other than under the Plan in connection with any proper corporate purpose, including, but not by way of
limitation, the grant or assumption of Options in connection with the acquisition, by purchase, lease, merger, amalgamation, combination, arrangement, consolidation or otherwise, of the business, shares or assets of any corporation, firm or
association. 
 7.9    Conformity to Securities Laws. Notwithstanding any other provision of the
Plan, the Plan and the participation in the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under Section 16 of the
Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be
deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 7.10    Notice of
Disposition of Shares. Each Participant shall give the Company prompt notice of any disposition or other transfer of any Shares acquired pursuant to the exercise of an Option granted 

 
under the Section 423 Component, if such disposition or transfer is made (a) within two (2) years after the applicable Grant Date or (b) within one (1) year after the
transfer of such Shares to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing Shares acquired pursuant to the Plan refer to such requirement. 

7.11    Tax Withholding. At the time of any taxable event that creates a withholding obligation for
the Company or any Parent, Affiliate or Subsidiary, the Participant will make adequate provision for any Tax-Related Items. In its sole discretion, and except as otherwise determined by the
Administrator, the Company or the Designated Company that employs or employed the Participant may satisfy its obligations to withhold Tax-Related Items by (a) withholding from the
Participant’s wages or other compensation, (b) withholding a sufficient whole number of Shares otherwise issuable following exercise of the Option having an aggregate value sufficient to pay
the Tax-Related Items required to be withheld with respect to the Option and/or Shares, or (c) withholding from proceeds from the sale of Shares issued upon exercise of the Option, either
through a voluntary sale or a mandatory sale arranged by the Company, or (d) any other method determined by the Administrator to be in compliance with applicable laws. 

7.12    Governing Law. The Plan and all rights, agreements and obligations hereunder shall be
administered, interpreted and enforced under the laws of the State of Delaware, without regard to the conflict of law rules thereof or of any other jurisdiction. 

7.13    Notices. All notices or other communications by a Participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

7.14    Conditions to Issuance of Shares. 

(a)    Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any
certificates or make any book entries evidencing Shares pursuant to the exercise of an Option by a Participant, unless and until the Administrator has determined, with advice of counsel, that the issuance of such Shares is in compliance with all
applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation system on which the Shares are listed or traded, and the Shares are covered by an effective registration
statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Administrator may require that a Participant make such reasonable covenants, agreements and representations as the Administrator, in
its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 
 (b)    All
certificates for Shares delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with U.S. and non-U.S. federal, provincial, state or local securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which the Shares are listed,
quoted or traded. The Administrator may place legends on any certificate or book entry evidencing Shares to reference restrictions applicable to the Shares. 

(c)    The Administrator shall have the right to require any Participant to comply with any timing or other restrictions
with respect to the settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

(d)    Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by
any applicable law, rule or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Option, record the issuance of Shares in the books of the Company (or, as applicable, its
transfer agent or share plan administrator). 

 If, pursuant to this Section 7.14, the Administrator determines that Shares will not be issued to any
Participant, the Company is relieved from liability to any Participant, except to refund to the Participant such Participant’s Plan Account balance, without interest thereon (except as may be required by applicable local laws). 

7.15    Equal Rights and Privileges. All Eligible Employees granted Options pursuant to an Offering
under the Section 423 Component shall have equal rights and privileges under the Plan to the extent required under Section 423 of the Code, so that the Section 423 Component qualifies as an “employee stock purchase plan”
within the meaning of Section 423 of the Code. Any provision of the Section 423 Component that is inconsistent with Section 423 of the Code shall, without further act or amendment by the Company or the Board, be reformed to comply
with the equal rights and privileges requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the same rights and privileges as
each other, or as Eligible Employees participating in the Section 423 Component. 
 7.16    Rules
Particular to Specific Countries. Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with respect to Participants who are tax residents of a
particular non-U.S. country or who are non-U.S. nationals or employed in non-U.S. jurisdictions may
be subject to an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under
the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 7.1 above. Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Affiliates or Subsidiaries from participation in the
Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures
and establishment of bank or trust accounts to hold payroll deductions or contributions, provided that the adoption and implementation of any such rules and/or procedures would not cause the Section 423 Component to be in noncompliance
with Section 423 of the Code. 
 7.17     Section 409A. The Section 423 Component of
the Plan and the Options granted pursuant to Offerings thereunder are intended to be exempt from the application of Section 409A. Neither the Non-Section 423 Component nor any Option granted
pursuant to an Offering thereunder is intended to constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A. Notwithstanding any provision of the Plan to the contrary, if the Administrator
determines that any Option granted under the Plan may be or become subject to Section 409A or that any provision of the Plan may cause an Option granted under the Plan to be or become subject to Section 409A, the Administrator may adopt
such amendments to the Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions as the Administrator determines are necessary or appropriate to avoid the
imposition of taxes under Section 409A, either through compliance with the requirements of Section 409A or through an available exemption therefrom. 

* * * * *EX-10.3

 Exhibit 10.3 

THOUGHTWORKS HOLDING, INC. 

and 
 THE SUBSIDIARIES
LISTED HEREIN 
 and 

[NAME OF TRUSTEE] 
  

 
 TRUST DEED AND RULES 

of the 
 THOUGHTWORKS
SHARE INCENTIVE PLAN 
  
  

 THE THOUGHTWORKS SHARE INCENTIVE PLAN 

 

	1.	 PURPOSE 

  

	2.	 STATUS 

  

	3.	 DECLARATION OF TRUST 

 

	4.	 NUMBER OF TRUSTEES 

 

	5.	 INFORMATION 

  

	6.	 RESIDENCE OF TRUSTEES 

 

	7.	 CHANGE OF TRUSTEES 

 

	8.	 INVESTMENT AND DEALING WITH TRUST ASSETS 

 

	9.	 LOANS TO TRUSTEES 

 

	10.	 TRUSTEES’ OBLIGATIONS UNDER THE PLAN 

 

	11.	 POWER OF TRUSTEES TO RAISE FUNDS TO SUBSCRIBE FOR A RIGHTS ISSUE 

 

	12.	 POWER TO AGREE MARKET VALUE OF SHARES 

 

	13.	 PERSONAL INTEREST OF TRUSTEES 

 

	14.	 TRUSTEES’ MEETINGS 

 

	15.	 SUBSIDIARY COMPANIES 

 

	16.	 EXPENSES OF PLAN 

 

	17.	 TRUSTEES’ LIABILITY AND INDEMNITY AND FEES 

 

	18.	 COVENANT BY THE PARTICIPATING COMPANIES 

 

	19.	 ACCEPTANCE OF GIFTS 

 

	20.	 TRUSTEES’ LIEN 

 

	21.	 AMENDMENTS TO THE PLAN 

 

	22.	 TERMINATION OF THE PLAN 

 

	23.	 NOTICES 

  

	24.	 COUNTERPARTS 

  

	25.	 PROPER LAW 

  
 2 

 THIS DEED is made on ________________________________________________________ 2021 

BETWEEN 
  

	(1)	 THOUGHTWORKS HOLDING, INC. whose head office is situated at 200 East Randolph Street, 25th Floor,
Chicago, Illinois 60601 (312) 373-1000, USA (hereinafter called “the Company”); 

and 
  

	(2)	 THE SUBSIDIARIES OF THE COMPANY LISTED IN SCHEDULE 1 to this Deed, (hereinafter called
“the Participating Subsidiaries”, and together with the Company, the “Participating Companies”); 

 and

  

	(3)	 [NAME OF TRUSTEE] whose registered office is at [address of trustee] (hereinafter called “the
Trustees”). 

 WHEREAS: 
  

	(A)	 The Company has established the Thoughtworks Share Incentive Plan (hereinafter called “Plan”) which
is constituted by this Trust Deed and the rules set out in the schedules and appendices hereto (hereinafter called “the Rules”) as an employee share ownership plan that satisfies the requirements of the Schedule. 

 

	(B)	 The Trustees have agreed to be the trustees for the purposes of the Plan on the terms of this Trust Deed and
Rules as from time to time amended. 

 NOW THIS DEED WITNESSES as follows: 

 

	1.	 PURPOSE 

  

	1.1	 The purpose of this Deed is to establish a trust for the employee share incentive plan known as the
Thoughtworks Share Incentive Plan (“the Plan”) which satisfies the Schedule. 

  

	1.2	 It is intended that the Plan will constitute an employee benefit trust in accordance with section 86 of the
Inheritance Act 1984. 

  

	2.	 STATUS 

  

	2.1	 The Plan consists of this Deed and the attached Schedules (including the Rules contained therein) and
Appendices. The definitions in the Rules apply to this Deed. 

  

	2.2	 The Committee shall from time to time determine which of parts A to D of the Rules shall have effect.

  

	3.	 DECLARATION OF TRUST 

 

	3.1	 The Participating Companies and the Trustees have agreed that all the Shares and other assets which are issued
to or transferred to the Trustees are to be held on the trusts declared by this Deed, and subject to the terms of the Rules. When Shares or assets are transferred to the Trustees by the Participating Companies with the intention of being held as
part of the Plan they shall be held upon the trusts and provisions of this Deed and the Rules. 

  

	3.2	 The Trustees shall hold the Trust Fund upon the following trusts namely: 

  
 3 

	 	(a)	 as to Shares which have not been awarded to Participants (“Unawarded Shares”) upon trust during the
Trust Period to allocate those Shares in accordance with the terms of this Deed and the Rules; 

  

	 	(b)	 as to Shares which have been awarded to a Participant (“Plan Shares”) upon trust for the benefit of
that Participant on the terms and conditions set out in the Rules; 

  

	 	(c)	 as to Partnership Share Money upon trust to purchase Shares for the benefit of the contributing Qualifying
Employee in accordance with the Rules; and 

  

	 	(d)	 as to other assets (“Surplus Assets”) upon trust to use them to purchase further Shares to be held on
the trusts declared in (a) above, at such time during the Trust Period and on such terms as the Trustees in their absolute discretion think fit. 

  

	3.3	 The income of Unawarded Shares and Surplus Assets shall be accumulated by the Trustees and added to, and held
upon the trusts applying to, Surplus Assets. 

  

	3.4	 The income of Plan Shares and Partnership Share Money shall be dealt with in accordance with the Rules.

  

	3.5	 The perpetuity period and the Trust Period in respect of the trusts and powers declared by this Deed and the
Rules shall be the period of 80 years from the date of this Deed. 

  

	4.	 NUMBER OF TRUSTEES 

Unless a corporate Trustee is appointed, there shall always be at least two Trustees. Where there is no corporate Trustee, and the number of
Trustees falls below two, the continuing Trustee has the power to act only to achieve the appointment of a new Trustee. 
  

	5.	 INFORMATION 

  

	5.1	 The Trustees shall be entitled to rely without further enquiry on all information supplied to them by the
Participating Companies (or persons authorised by the Company) with regard to their duties as Trustees and in particular, but without prejudice to the generality of the foregoing, any notice given by a Participating Company (or persons authorised by
the Company) to the Trustees in respect of the eligibility of any person to become or remain a Participant shall be conclusive in favour of the Trustees. 

  

	5.2	 Except as otherwise provided, the Trustees may in their discretion agree with the Committee, the Company or any
of the Participating Companies (or persons authorised by the Company) on matters relating to the operation and administration of the Trust as they may consider advisable in the interest of the Trust and so that no person claiming an interest under
this Trust shall be entitled to question the legality or correctness of any arrangement or agreement made between the Committee, the Company or any of the Participating Companies (or persons authorised by the Company) and the Trustees in relation to
such operation or administration. 

  

	5.3	 The decision of the Committee in any dispute affecting Participants or Participating Companies shall be final
and conclusive. 

  

	5.4	 The Trustees may employ on such terms as the Committee may agree as to remuneration, any agent or agents,
professional advisers or custodians to transact all or any business of whatsoever nature required to be done in the proper administration of the Trust. 

  
 4 

	6.	 RESIDENCE OF TRUSTEES 

Every Trustee shall be resident in the United Kingdom. The Committee shall immediately remove any Trustee who ceases to be so resident and, if
necessary, appoint a replacement. 
  

	7.	 CHANGE OF TRUSTEES 

 

	7.1	 The Committee has the power to appoint or remove any Trustee for any reason on one month’s notice given in
writing to the Trustee. The change of Trustee shall be effected by deed. Any Trustee may resign on three months’ notice given in writing to the Committee, provided that there will be at least two Trustees or a corporate Trustee immediately
after the retirement. 

  

	7.2	 Upon removal of any Trustees, the Trustees shall execute all such transfers or other documents, and shall do
all such acts or things, as may be necessary to ensure that any Trust Fund assets held by the retiring Trustees shall be vested in or placed under the control of the new or remaining Trustees and the retiring Trustees shall deliver all documentation
in the retiring Trustees’ possession relating to the Plan to the new or remaining Trustees. 

  

	7.3	 The statutory power of appointing new or additional Trustees shall not apply to this Plan.

  

	8.	 INVESTMENT AND DEALING WITH TRUST ASSETS 

 

	8.1	 Save as otherwise provided for by the Plan, the Trustees shall not sell or otherwise dispose of Plan Shares.

  

	8.2	 The Trustees shall obey any directions given by a Participant in accordance with the Rules in relation to his
Plan Shares and any rights and income relating to those Plan Shares. In the absence of any such direction, or provision by the Plan, the Trustees shall take no action. If no directions are received from Participants in relation to the action they
wish the Trustees to take in voting their Plan Shares, those Plan Shares will not be voted. 

  

	8.3	 The Participating Companies shall, as soon as practicable after deduction from Salary, pass the Partnership
Share Money to the Trustees who will put the money into an account with: 

  

	 	(a)	 a person falling within section 991(2)(b) of the Income Tax Act 2007 (the “ITA 2007”) (certain
persons permitted to accept deposits), 

  

	 	(b)	 a Building Society (as defined in the Building Societies Act, 1986), or 

 

	 	(c)	 a firm falling within section 991(2)(c) of ITA 2007 (European Economic Area firms permitted to accept
deposits), 

 until it is either used to acquire Partnership Shares on the Acquisition Date, or, in accordance with the
Plan, returned to the individual from whose Salary the Partnership Share Money has been deducted. The Trustees shall pass on any interest arising on this invested money to the individual from whose Salary the Partnership Share Money has been
deducted at least once in each calendar year. The Trustees are, however, not obliged to keep monies in an interest bearing account. 
  

	8.4	 The Trustees may either retain or sell Unawarded Shares at their absolute discretion. The proceeds of any sale
of Unawarded Shares shall form part of Surplus Assets. 

  

	8.5	 The Trustees shall have all the powers of investment of a beneficial owner in relation to Surplus Assets.

  
 5 

	8.6	 The Trustees shall not be under any liability to the Participating Companies or to current or former Qualifying
Employees by reason of a failure to diversify investments, which results from the retention of Plan Shares or Unawarded Shares. 

  

	8.7	 The Trustees are not required to become directors or officers or to interfere in the management or conduct of
the business of the Company regardless of the size of the Trustees’ holding of Shares, and will not be obliged to seek information about the affairs of the Company and may leave the conduct of the Company’s business wholly to the directors
or management of the Company. 

  

	8.8	 The Trustees may delegate powers, duties or discretions to any persons and on any terms. No delegation made
under this Clause shall divest the Trustees of their responsibilities under this Deed or under the Schedule. 

  

	8.9	 The Trustees may allow any Shares to be registered in the name of an appointed nominee or custodian provided
that such Shares shall be registered in a designated account. Such registration shall not divest the Trustees of their responsibilities under this Deed or the Schedule. 

 

	8.10	 The Trustees may at any time, and shall if the Committee so decides, revoke any delegation made under this
Clause or require any Plan assets held by another person to be returned to the Trustees, or both. 

  

	9.	 LOANS TO TRUSTEES 

The Trustees shall have the power to borrow money, with the written consent of the Company, for the purpose of: 

 

	 	(a)	 acquiring Shares; and 

 

	 	(b)	 paying any other expenses properly incurred by the Trustees in administering the Plan. 

Where a loan is to be provided by the Company or an Associated Company then it shall be made pursuant to a written loan agreement. 

 

	10.	 TRUSTEES’ OBLIGATIONS UNDER THE PLAN 

Notice of Award of Partnership Shares 
  

	10.1	 As soon as practicable after any Partnership Shares have been acquired for a Participant, the Trustees shall
give that Participant a notice stating: 

  

	 	(a)	 the relevant Acquisition Date; 

 

	 	(b)	 the number and description of those Partnership Shares; 

 

	 	(c)	 whether those Partnership Shares are subject to any restrictions within the meaning of paragraph 99(4) of the
Schedule and, if so, the details of those restrictions; 

  

	 	(d)	 the amount of money applied by the Trustees in acquiring those Partnership Shares on behalf of the Participant;
and 

  

	 	(e)	 the Market Value used to determine the number of Shares awarded, in accordance with Rule 6.12 or 6.14 (as
applicable). 

  
 6 

 Notice of acquisition of Dividend Shares 

 

	10.2	 As soon as practicable after any Dividend Shares have been acquired on behalf of a Participant, the Trustees
shall give that Participant a notice stating: 

  

	 	(a)	 the relevant Acquisition Date; 

 

	 	(b)	 the number and description of those Dividend Shares; 

 

	 	(c)	 their Market Value on the Acquisition Date; 

 

	 	(d)	 the Holding Period applicable to them; and 

 

	 	(e)	 any amount not reinvested and carried forward for acquisition of further Dividend Shares.

 Notice of Award of Free and Matching Shares 
  

	10.3	 As soon as practicable after any Free Shares and/or Matching Shares have been awarded to a Participant, the
Trustees shall give that Participant a notice stating: 

  

	 	(a)	 the number and description of those Shares; 

 

	 	(b)	 the relevant Award Date; 

 

	 	(c)	 their Initial Market Value on the Award Date; 

 

	 	(d)	 the Holding Period applicable to them, and any applicable Forfeiture Period; and 

 

	 	(e)	 whether those Free Shares and/or Matching Shares are subject to any restrictions within the meaning of
paragraph 99(4) of the Schedule and, if so, the details of those restrictions. 

 Notice of any foreign tax deducted before dividend
paid 
  

	10.4	 Where any foreign cash dividend is received in respect of Plan Shares held on behalf of a Participant, the
Trustees shall give the Participant notice of the amount of any foreign tax deducted from the dividend before it was paid. 

Restrictions during the Holding Period 
  

	10.5	 During the Holding Period the Trustees shall not dispose of any Dividend Shares, Free Shares and/or Matching
Shares (whether by transfer to the employee or otherwise) except as allowed by the following paragraphs of the Schedule: 

  

	 	(a)	 paragraph 37 (power of participant to direct trustees to accept general offers); 

 

	 	(b)	 paragraph 77 (power of trustees to raise funds to subscribe for rights issue); 

 

	 	(c)	 paragraph 79 (meeting by trustees of PAYE obligations); and 

 

	 	(d)	 paragraph 90(5) (effect of plan termination notice: early removal of shares with Participant’s consent).

 PAYE Liability etc. 
  

	10.6	 The Trustees may dispose of a Participant’s Shares or accept a sum from the Participant in order to meet
any PAYE liability in any of the circumstances provided in sections 510 - 512 of ITEPA (PAYE: shares ceasing to be subject to the plan) and any primary class 1 (employee) NICs liability. 

  
 7 

	10.7	 Where the Trustees receive a sum of money which constitutes a Capital Receipt in respect of which a Participant
is chargeable to income tax under section 501 of ITEPA, the Trustees shall pay to the employer a sum equal to that on which income tax is so payable. 

  

	10.8	 The Trustees shall maintain the records necessary to enable them to carry out their PAYE and NICs obligations,
and the PAYE and NICs obligations of the employer company so far as they relate to the Plan. 

  

	10.9	 Where the Participant becomes liable to income tax under ITEPA or Chapter 3 or 4 of Part 4 of the Income Tax
(Trading and Other Income) Act 2005 (dividends etc from UK or non-UK resident companies etc), the Trustees shall inform the Participant of any facts which are relevant to determining that liability.

  

	10.10	 The Trustees shall maintain records of the Participants who have participated in one or more other plans
qualifying as a Schedule 2 SIP established by the Company or a Connected Company to ensure compliance with Rule 4.2. 

 Money’s
worth received by Trustees 
  

	10.11	 The Trustees shall pay over to the Participant as soon as is practicable, any money or money’s worth
received by them in respect of or by reference to any Shares, other than new shares within paragraph 86 of the Schedule (company reconstructions). 

This is subject to: 
  

	 	(a)	 the provisions of Part VIII of the Schedule (cash dividend and dividend shares); 

 

	 	(b)	 the Trustees’ obligations under sections 510—514 of ITEPA (PAYE: obligations to make payments to
employer); and 

  

	 	(c)	 the Trustees’ PAYE obligations. 

General offers 
  

	10.12	 If any offer, compromise, arrangement or scheme is made which affects the Plan Shares the Trustees shall notify
Participants. Each Participant may direct how the Trustees shall act in relation to that Participant’s Plan Shares. In the absence of any direction, the Trustees shall take no action. 

 

	11.	 POWER OF TRUSTEES TO RAISE FUNDS TO SUBSCRIBE FOR A RIGHTS ISSUE 

If instructed by a Participant in respect of his Plan Shares, the Trustees may dispose of some of the rights under a rights issue arising from
those Plan Shares to obtain enough funds to exercise the remaining rights. The rights referred to are the rights to buy additional shares or rights in the same company. 
  

	12.	 POWER TO AGREE MARKET VALUE OF SHARES 

Where the Market Value of Shares is to be determined for the purposes of the Schedule, the Trustees may agree with HM Revenue &
Customs that it shall be determined by reference to such date or dates, or to an average of the values on a number of dates, as specified in the agreement. 
  

	13.	 PERSONAL INTEREST OF TRUSTEES 

Trustees, and directors, officers or employees of a corporate Trustee, shall not be liable to account for any benefit accruing to them by
virtue of their: 

  
 8 

	 	(a)	 participation in the Plan as a Qualifying Employee; 

 

	 	(b)	 ownership, in a beneficial or fiduciary capacity, of any shares or other securities in any Participating
Company; 

  

	 	(c)	 being a director or employee of any Participating Company, being a creditor, or being in any other contractual
relationship with any such company. 

  

	14.	 TRUSTEES’ MEETINGS 

If and so long as there is more than one Trustee, the Trustees shall hold meetings as often as is necessary for the administration of the Plan.
There shall be at least two Trustees present at a meeting except where the Trustee is a sole corporate trustee and the Trustees shall give due notice to all the Trustees of such a meeting. Decisions made at such a meeting by a majority of the
Trustees present shall be binding on all the Trustees. A written resolution signed by all the Trustees shall have the same effect as a resolution passed at a meeting. 
  

	15.	 SUBSIDIARY COMPANIES 

 

	15.1	 Any Subsidiary (in addition to those Subsidiaries which are parties to this Deed) may with the agreement of the
Committee become a party to this Deed and the Plan by executing a deed of adherence agreeing to be bound by the Deed and Rules for so long as it remains a Participating Company and, after it ceases to be a Participating Company, for so long as there
are subsisting Awards to its employees or ex-employees. 

  

	15.2	 A Participating Company that ceases to be a Subsidiary shall cease to be a Participating Company.

  

	15.3	 The Committee may at any time resolve that a Participating Company shall cease to be a Participating Company
and shall notify HM Revenue & Customs (if required), the Trustees and the Participating Company accordingly in writing as soon as possible. 

  

	16.	 EXPENSES OF PLAN 

The Participating Companies shall meet the costs of the preparation and administration of this Plan. 

 

	17.	 TRUSTEES’ LIABILITY AND INDEMNITY AND FEES 

 

	17.1	 The Participating Companies shall jointly and severally indemnify each of the Trustees, and the directors,
officers and employees of a corporate Trustee, against any actions, claims, costs, demands, expenses and all liabilities which are incurred through acting as a Trustee of the Plan and which cannot be recovered from the Trust Fund. This does not
apply to expenses and liabilities which are incurred through fraud, wilful wrongdoing or negligence or are covered by insurance under Clause 17.4 below below. 

 

	17.2	 The Trustee shall have the benefit of all the powers, privileges and immunities conferred on trustees by
statute or law. 

  

	17.3	 No Trustee shall be personally liable for any breach of trust (other than through fraud, wilful wrongdoing or
negligence) over and above the extent to which the Trustee, and the directors, officers and employees of a corporate Trustee, are indemnified by the Participating Companies in accordance with Clause 17.1 above. 

 

	17.4	 A non-remunerated Trustee may insure the Plan against any loss caused
by him or any of his employees, officers, agents or delegates. A non-remunerated Trustee may also insure himself and any of these persons against liability for breach of trust not involving fraud or wilful
wrongdoing or negligence of the Trustee or the person concerned. 

  
 9 

	17.5	 A Trustee who carries on a profession or business may charge for services rendered on a basis agreed with the
Participating Companies. A firm or company in which a Trustee is interested or by which he is employed, or any corporate Trustee, may also charge for services rendered on this basis and may, unless otherwise agreed, act in accordance with its
general terms and conditions from time to time in force in relation to the administration and operation of the Plan. 

  

	17.6	 Without limitation to the foregoing, the Company will, and will use reasonable endeavours to procure that each
Participating Company will, act in accordance with the terms and conditions of the provision of trustee services as agreed with the Trustee in relation to the administration and operation of the Plan. 

 

	18.	 COVENANT BY THE PARTICIPATING COMPANIES 

The Participating Companies hereby jointly and severally covenant with the Trustees that they shall pay to the Trustees all sums which they are
required to pay under the Plan and shall at all times comply with the Plan. 
  

	19.	 ACCEPTANCE OF GIFTS 

The Trustees may accept gifts of Shares and other assets which shall be held upon the trusts declared by Clause 3.1 or 3.2 as the case may be.

  

	20.	 TRUSTEES’ LIEN 

The Trustees’ lien over the Trust Fund in respect of liabilities incurred by them in the performance of their duties (including the
repayment of borrowed money and tax liabilities) shall be enforceable subject to the following restrictions: 
  

	 	(a)	 the Trustees shall not be entitled to resort to Partnership Share Money for the satisfaction of any of their
liabilities; and 

  

	 	(b)	 the Trustees shall not be entitled to resort to Plan Shares for the satisfaction of their liabilities except to
the extent that this is permitted by the Plan. 

  

	21.	 AMENDMENTS TO THE PLAN 

The Committee may, with the Trustees’ written consent, from time to time amend the Plan provided that: 

 

	 	(a)	 no amendment which would adversely prejudice to a material extent the rights attaching to any Plan Shares
awarded to or acquired by Participants may be made nor may any alteration be made giving to Participating Companies a beneficial interest in Plan Shares; and 

  

	 	(b)	 any amendment to the Deed shall be made by supplemental deed; and 

 

	 	(c)	 any amendment to the Rules may be made by supplemental deed or resolution of the Committee.

  
 10 

	22.	 TERMINATION OF THE PLAN 

 

	22.1	 The Plan shall terminate: 

 

	 	(a)	 in accordance with a Plan Termination Notice issued by the Committee acting on behalf of the Company to the
Trustees under paragraph 89 of the Schedule; or 

  

	 	(b)	 if earlier, on the expiry of the Trust Period. 

 

	22.2	 The Company shall execute a Plan Termination Notice in the event of its insolvency. 

 

	22.3	 The Committee shall immediately upon executing a Plan Termination Notice provide a copy of the notice to the
Trustees and each individual for whom the Trustees hold Plan Shares or who has entered into a Partnership Share Agreement which was in force immediately before the Plan Termination Notice was issued. 

 

	22.4	 Upon the issue of a Plan Termination Notice or upon the expiry of the Trust Period, paragraph 90 of the
Schedule shall have effect. 

  

	22.5	 Any Shares or other assets which remain undisposed of after the requirements of paragraph 90 of the Schedule
have been complied with shall be held by the Trustees upon trust to pay or apply them to or for the benefit of the Participating Companies as at the termination date in such proportion, having regard to their respective contributions, as the
Trustees shall in their absolute discretion think appropriate. 

  

	23.	 NOTICES 

Each advice, request, or other communication to be given or made under the Plan shall be in writing and delivered or sent to the relevant party
at its postal or electronic address as notified to the other party. The Committee may appoint a Participating Company to act as agent for service in the United Kingdom. To the extent agreed by the Committee and the Trustees, communications between
the parties to this Deed and to Participants may also be by electronic means. 
  

	24.	 COUNTERPARTS 

  

	24.1	 This Deed may be executed in any number of counterparts, each of which when executed and delivered shall
constitute a duplicate original, but all the counterparts shall together constitute the one deed. 

  

	24.2	 Transmission of the executed signature page of a counterpart of this Deed by (a) fax or (b) email (in
PDF, JPEG or other agreed format) shall take effect as delivery of an executed counterpart of this Deed. If either method of delivery is adopted, without prejudice to the validity of the agreement thus made, each party shall provide the others with
the original of such counterpart as soon as reasonably possible thereafter. 

  

	24.3	 No counterpart shall be effective until each party has executed and delivered at least one counterpart.

  

	25.	 PROPER LAW 

This Deed and the Rules of the Plan shall be governed by and construed in accordance with the laws of England and Wales. 

  
 11 

 IN WITNESS whereof this Deed has been executed and delivered the day and year first above written.

 EXECUTED AS A DEED AND DELIVERED by the parties listed below on the date appearing at the beginning of this Deed. 

 

			
	Executed as a deed by THOUGHTWORKS HOLDING, INC. acting by [Name], [Position], who, in accordance with the laws of Delaware, is acting under the authority of the company:	  	
                        

 
 Authorised Signatory

		
	Executed as a deed by [NAME OF PARTICIPATING COMPANY] acting by [Name], a director, and [Name], a director:	  	                 

 
 Director
  

                

 
 Director

		
	Executed as a deed by [NAME OF TRUSTEE COMPANY] acting by [NAME OF DIRECTOR], a director, and [NAME OF DIRECTOR/COMPANY SECRETARY], [a director]/[its secretary]:	  	                 

 
 Director

                

 
 [Director] / [Company Secretary]

  
 12 

 SCHEDULE 1 
  

					
	Company Name	  	CRN	  	Registered Office Address
	[TBC]	  	[TBC]	  	[TBC]

  
 13 

 SCHEDULE 2 

RULES OF THE THOUGHTWORKS SHARE INCENTIVE PLAN 

CONTENTS 
  

	1.	 DEFINITIONS 

  

	2.	 PURPOSE OF THE PLAN 

 

	3.	 OVERALL LIMIT ON AWARDS 

 

	4.	 ELIGIBILITY OF INDIVIDUALS 

 

	5.	 PARTICIPATION ON SAME TERMS 

 

	6.	 PARTNERSHIP SHARES 

 

	7.	 DIVIDEND SHARES 

 

	8.	 FREE SHARES 

  

	9.	 MATCHING SHARES 

 

	10.	 ACQUISITION OF SHARES 

 

	11.	 HOLDING PERIOD 

 

	12.	 FORFEITURE PERIOD 

 

	13.	 COMPANY RECONSTRUCTIONS 

 

	14.	 RIGHTS ISSUES 

 

	15.	 LEAVERS 

  

	16.	 DELEGATION OF ADMINISTRATIVE RESPONSIBILITIES 

 

	17.	 ADMINISTRATION OF THE PLAN 

  
 14 

 RULES OF THE THOUGHTWORKS SHARE INCENTIVE PLAN 

 

	1.	 DEFINITIONS 

  

	1.1	 The following words and expressions have the following meanings: 

 

			
	“Accumulation Period”	  	in relation to Partnership Shares, the period during which the Trustees accumulate a Qualifying Employee’s Partnership Share Money before acquiring Partnership Shares or repaying it to the employee
		
	“Acquisition Date”	  	 (a)   in relation to Partnership Shares, where there is no Accumulation Period,
the meaning given by paragraph 50(4) of the Schedule;
  

(b)   in relation to Partnership Shares, where there is an Accumulation Period, the meaning given by
paragraph 52(5) of the Schedule; and
  

(c)   in relation to Dividend Shares, the meaning given by paragraph 66(4) of the
Schedule

		
	“Associated Company”	  	the meaning given by paragraph 94 of the Schedule
		
	“Award”	  	 (a)   in relation to Partnership Shares and Dividend Shares, the acquisition of
such Shares on behalf of Qualifying Employees in accordance with the Plan; and
  

(b)   in relation to Free Shares and Matching Shares, the appropriation of such Shares on behalf of
Qualifying Employees in accordance with the Plan
  
 The term “awarded” shall
be construed accordingly.

		
	“Award Date”	  	the date of an Award of Free Shares and/or Matching Shares
		
	“CA 2006”	  	the Companies Act 2006
		
	“Capital Receipt”	  	the same meaning as in section 502 of ITEPA
		
	“Close Company”	  	the same meaning as in section 439 of the CTA 2010, as modified by paragraph 20 of the Schedule
		
	“the Committee”	  	shall mean the individual or group of individuals, if any, to whom responsibility of administration of the Plan is delegated by the board of directors of the Company in accordance with Rule 16
		
	“Company”	  	Thoughtworks Holding, Inc.
		
	“Connected Company”	  	the same meaning as in paragraph 18(3) of the Schedule
		
	“Control”	  	the same meaning as in section 995 of ITA 2007
		
	“CTA 2010”	  	the Corporation Tax Act 2010

  
 15 

			
	“Dealing Day”	  	a day on which the Stock Exchange is open for the transaction of business
		
	“Deed”	  	the trust deed constituting the Trust to the Plan with any subsequent amendment thereto
		
	“Dividend Shares”	  	Shares acquired on behalf of a Participant from reinvestment of dividends under Part B of the Plan and which are subject to the Plan
		
	“ESPP”	  	the Thoughtworks Holding, Inc. 2021 Employee Stock Purchase Plan (as amended from time to time)
		
	“ESPP Share Reserve”	  	the aggregate number of Shares that may be issued pursuant to rights granted under the ESPP as set forth in rule 5.1 thereof
		
	“Forfeiture Period”	  	such period as the Committee may specify when an Award is made, during which forfeiture provisions specified by the Committee may apply to an Award of Free Shares or Matching Shares
		
	“Free Share Agreement”	  	an agreement entered into under Rule 8.3 of part C of the Plan
		
	“Free Shares”	  	Shares awarded to a Participant under Part C of the Plan and which are subject to the Plan
		
	“Holding Period”	  	 (a)   in relation to Dividend Shares, the period of 3 years from the Acquisition
Date; and
  
 (b)   in relation
to an Award of Free Shares and/or Matching Shares, a period of between three and five years, beginning with the Award Date, which is specified by the Committee under Rule 11

		
	“ITA 2007”	  	the Income Tax Act 2007
		
	“ITEPA”	  	the Income Tax (Earnings and Pensions) Act 2003
		
	“Initial Market Value”	  	the Market Value of a Free Share or a Matching Shares (as applicable) on an Award Date. Where such Shares are subject to a restriction or risk of forfeiture, the market value shall be determined without reference to that restriction
or risk
		
	“Market Value”	  	 in relation to Shares to be awarded under the Plan on any date,
  

(a)   where the Shares are listed on the Stock Exchange:

 
 (i) the Sterling Equivalent of the Middle Market Quotation for a
Share on the Stock Exchange on the last Dealing Day before that day; or

  
 16 

			
		  	 (ii) at the discretion of the Committee, the Sterling Equivalent of the averages of the Middle Market Quotations on the
Stock Exchange for a Share for the three immediately preceding Dealing Days; or
  

(b)   where (a) above does not apply, the market value of a Share determined in accordance with
the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed for the purposes of the Plan with HMRC Shares and Assets Valuation on or before that day.
  

If Shares are subject to a Relevant Restriction, Market Value shall be determined as if the Shares were not subject to a Relevant Restriction

		
	“Matching Shares”	  	Shares awarded to a Participant under Part D of the Plan and which are subject to the Plan
		
	“Middle Market Quotation”	  	the average of the best buying and selling prices for a Share taken at the close of the market each day
		
	“NICs”	  	National Insurance contributions
		
	“Participant”	  	an individual for whom the Trustees hold Plan Shares. The term “participate” shall be construed accordingly
		
	“Participating Company”	  	the Company and such of its Subsidiaries as are parties to this Deed or have executed deeds of adherence to the Plan under Clause 15 of the Trust Deed
		
	“Partnership Share Agreement”	  	an agreement in the terms set out in Appendix A (or as specified by the Committee and which meets the requirements of the Schedule)
		
	“Partnership Shares”	  	Shares awarded under Part A of the Plan and which are subject to the Plan
		
	“Partnership Share Money”	  	money deducted from a Qualifying Employee’s Salary pursuant to a Partnership Share Agreement and held by the Trustees to acquire Partnership Shares or to be returned to such a person
		
	“Plan”	  	the Thoughtworks Share Incentive Plan
		
	“Plan Shares”	  	 (a)   Partnership Shares, Dividend Shares, Free Shares and Matching Shares;
and
  
 (b)   shares in
relation to which paragraph 87 (company reconstructions: new shares) of the Schedule applies
 that remain subject to the Plan

		
	“Plan Termination Notice”	  	a notice issued under paragraph 89 of the Schedule
		
	“Qualifying Company”	  	the same meaning as in paragraph 17 of the Schedule

  
 17 

			
	“Qualifying Corporate Bond”	  	the same meaning as in section 117 of the Taxation of Chargeable Gains Act 1992
		
	“Qualifying Employee”	  	an employee who must be invited to participate in an award in accordance with Rule 4.4 and any employee who the Committee has invited in accordance with Rule 4.5
		
	“Qualifying Period”	  	a period as the Committee may, in their absolute discretion, determine
		
	“Redundancy”	  	the same meaning as in the Employment Rights Act 1996
		
	“Relevant Employment”	  	employment by the Company or any Associated Company
		
	“Relevant Restriction”	  	any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3) and 423(4) of ITEPA would apply if references in those sections to employment-related securities were references to
Shares
		
	“Rules”	  	these Rules together with any amendments thereto effected in accordance with Clause 21 of the Deed
		
	“Salary”	  	the same meaning as in paragraph 43(4) of the Schedule
		
	“Schedule”	  	Schedule 2 to ITEPA
		
	“Schedule 2 SIP”	  	a share incentive plan that meets the requirements of Parts 2 to 9 of the Schedule (as defined in paragraph 1(A1) of the Schedule)
		
	“Section 423 Component”	  	has the meaning given in the ESPP
		
	“Shares”	  	Shares of common stock in the capital of the Company which comply with the conditions set out in paragraph 25 of the Schedule
		
	“Sterling Equivalent”	  	the value of the US dollar (USD) amounts converted to pounds sterling (GBP) amounts on any given day, as determined in accordance with a method prescribed by the Company, provided that such method is consistently applied and
determined by reference to a reputable source
		
	“Stock Exchange”	  	the Nasdaq Stock Market
		
	“Subsidiary”	  	any company which is for the time being under the Control of the Company and/or any jointly owned company which is not already a Participating Company under any other share incentive plan which qualifies as a Schedule 2
SIP
		
	“Tax Year”	  	a year beginning on 6 April and ending on the following 5 April (or such other period as may be prescribed by the UK government from time to time)
		
	“Trustees”	  	the trustees or trustee for the time being of the Plan or any subsequent trustee or trustees as provided for in accordance with Clause 7 of the Deed

  
 18 

			
	“Trust Fund”	  	all assets transferred to the Trustees to be held on the terms of the Deed and the assets from time to time representing such assets, including any accumulations of income
		
	“Trust Period”	  	the period of 80 years beginning with the date of the Deed or (if shorter) the period beginning with the date of this Deed and expiring pursuant to the provisions of Clause 22

  

	1.2	 References to any Act, or Part, Chapter, or section (including CTA 2010, ITEPA and ITA 2007) shall include any
statutory modification, amendment or re-enactment of that Act, for the time being in force. 

  

	1.3	 Words of the feminine gender shall include the masculine and vice versa and words in the singular shall include
the plural and vice versa unless, in either case, the context otherwise requires or it is otherwise stated. 

  

	1.4	 References to the “forfeiture” of Free Shares or Matching Shares shall be construed as references to
the transfer by a Participant to the Trustee of all of his interest in such Participant’s Free or Matching Shares as mentioned in Rule 12 (and related expressions shall be construed accordingly). 

 

	1.5	 References to specific Clauses and Rules are references to the relevant numbered clauses and rules set out in
this Plan. 

  

	2.	 PURPOSE OF THE PLAN 

 

	2.1	 The purpose of the Plan is to enable, in accordance with the Schedule, Qualifying Employees of Participating
Companies to acquire Shares in the Company which give them a continuing stake in that Company. 

  

	2.2	 The Committee may at any time resolve to operate the Plan and on each occasion that they do so they shall
invite all Qualifying Employees to participate in accordance with Rule 5 below. 

  

	3.	 OVERALL LIMIT ON AWARDS 

 

	3.1	 The number of Shares that may be issued pursuant to Awards under the Plan shall be equal to the number of
Shares in the ESPP Share Reserve, after taking into account any Shares issued under the Section 423 Component. 

  

	4.	 ELIGIBILITY OF INDIVIDUALS 

 

	4.1	 Subject to Rule 4.2, individuals are eligible to participate in an Award only if: 

 

	 	(a)	 they are employees of a Participating Company; 

 

	 	(b)	 they have been such employees of a Qualifying Company at all times during any Qualifying Period;

  

	 	(c)	 they are eligible on the date(s) set out in paragraph 14 of the Schedule; and 

 

	 	(d)	 they are not participating at the same time in a Schedule 2 SIP established by a Connected Company.

  
 19 

	4.2	 If a Participant receives an Award of Shares under the Plan in a Tax Year in which they have already received
an award of shares under one or more other plans established by the Company or a Connected Company and qualifying as a Schedule 2 SIP, the following shall apply as if the Plan and the other plan or plans were a single plan: Rules 6.4, 6.5 and 6.6
(maximum amount of deductions in respect of Partnership Shares). 

  

	4.3	 Notwithstanding any provision of any other of these Rules whatsoever: 

 

	 	(a)	 the Plan shall not form part of any contract of employment between the Company, a Subsidiary or any Associated
Company and any Participant and it shall not confer on any Participant any legal or equitable rights (other than those constituted by the Awards themselves) whatsoever against the Company, a Subsidiary or an Associated Company directly or indirectly
or give rise to any cause of action at law or in equity against the Company, a Subsidiary or any Associated Company; 

  

	 	(b)	 participation in an Award is a matter entirely separate from any pension right or entitlement a Participant may
have and from his terms or conditions of employment and participation in the Plan shall in no respect whatever affect his pension rights or entitlements or terms or conditions of employment and in particular (but without limiting the generality of
the foregoing) any Participant who ceases to be an employee of any Company, Subsidiary or Associated Company shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which he might
otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever and notwithstanding that he may have been dismissed
wrongfully or unfairly (within the meaning of the Employment Rights Act 1996). 

  

	Employees	 who must be invited to participate in Awards 

 

	4.4	 Individuals shall be eligible to receive an Award of Shares under the Plan if they meet the requirements in
Rule 4.1 and are UK resident taxpayers (within the meaning of paragraph 8(2) of the Schedule) provided that the Committee may, in its sole discretion, determine that only employees who are both resident and ordinarily resident in the UK for tax
purposes should be able to participate. Eligible employees shall be invited to participate in any Awards of Partnership Shares, Free Shares and/or Matching Shares, and/or acquisitions of Dividend Shares, as are set out in the Plan.

  

	Employees	 who may be invited to participate in Awards 

 

	4.5	 The Committee may also invite, at its discretion, any employee who meets the requirements in Rule 4.1 to
participate in any Award of Partnership Shares, Free Shares and/or Matching Shares, and/or acquisitions of Dividend Shares, as are set out in the Plan. The Committee shall notify the Trustees of employees who participate under this Rule.

  

	5.	 PARTICIPATION ON SAME TERMS 

Every Qualifying Employee shall be invited to participate in an Award on the same terms. All who do participate in an Award shall do so on the
same terms. 

  
 20 

 PART A 
  

	6.	 PARTNERSHIP SHARES 

 

	6.1	 The Committee may at any time invite every Qualifying Employee to enter into a Partnership Share Agreement,
should the Committee decide to offer Partnership Shares, in accordance with this Part of the Rules. 

  

	6.2	 Unless the Committee in its absolute discretion determines otherwise, no Accumulation shall apply. The
Committee may determine that an Accumulation Period shall apply, provided that any Accumulation Period shall not exceed 12 months and shall apply equally to all Qualifying Employees in the Plan. 

 

	6.3	 Partnership Shares shall not be subject to any provision under which they may be forfeited.

  

	Maximum	 amount of deductions 

 

	6.4	 The amount of Partnership Share Money deducted from an employee’s Salary shall not exceed £1,800 in
any Tax Year (or such other amount as may from time to time be permitted under paragraph 46(1) of the Schedule and approved by the Committee). The Committee may set a lower annual limit which may be framed in accordance with paragraph 46(4A) of the
Schedule and, subject to Rules 6.4, 6.5 and 6.7, may also set a monthly limit. If the Salary is not paid monthly, the applicable limit shall be calculated proportionately. 

 

	6.5	 The amount of Partnership Share Money deducted from an employee’s Salary over any Tax Year shall not
exceed 10% (or such other percentage as may from time to time be permitted under paragraph 46(2) of the Schedule and approved by the Committee) of the total of the payments of Salary made to such employee for the Tax Year. 

 

	6.6	 Any amount deducted in excess of that allowed by Rule 6.4 or Rule 6.5 shall be paid over to the employee,
subject to both deduction of income tax under PAYE and primary class 1 (employee) NICs, as soon as practicable. 

  

	Minimum	 amount of deductions 

 

	6.7	 The minimum amount to be deducted under the Partnership Share Agreement on any occasion shall be the same in
relation to all Partnership Share Agreements entered into in response to invitations issued on the same occasion. It shall not be greater than £10, or any other limit as amended by legislation from time to time. 

 

	Notice	 of possible effect of deductions on benefit entitlement 

 

	6.8	 Every Partnership Share Agreement shall contain a notice under paragraph 48 of the Schedule.

  

	Restriction	 imposed on number of Shares awarded 

 

	6.9	 The Committee may specify the maximum number of Partnership Shares to be included in an Award of Partnership
Shares. 

  

	6.10	 The Partnership Share Agreement shall contain an undertaking by the Company to notify each Qualifying Employee
of any restriction on the number of Shares to be included in an Award of Partnership Shares. 

  

	6.11	 The notification in Rule 6.10 above shall be given: 

  
 21 

	 	(a)	 if there is no Accumulation Period, before the deduction of the Partnership Share Money relating to the Award;
and 

  

	 	(b)	 if there is an Accumulation Period, before the beginning of the Accumulation Period relating to the Award.

  

	Plan	 with no Accumulation Period 

 

	6.12	 The Trustees shall acquire Partnership Shares on behalf of the Qualifying Employee using the Partnership Share
Money. They shall acquire the Partnership Shares on the Acquisition Date. The number of Partnership Shares awarded to each employee shall be determined in accordance with the Market Value of the Shares on that date. 

 

	Plan	 with Accumulation Period 

 

	6.13	 If there is an Accumulation Period, the Trustees shall acquire Partnership Shares on behalf of the Qualifying
Employee, on the Acquisition Date, using the Partnership Share Money. 

  

	6.14	 The number of Partnership Shares acquired on behalf of each Participant shall be determined by reference to one
of the following methods: 

  

	 	(a)	 the lower of the Market Value of the Shares at the beginning of the Accumulation Period and the Market Value of
the Shares on the Acquisition Date; 

  

	 	(b)	 the Market Value of the Shares at the beginning of the Accumulation Period; or 

 

	 	(c)	 the Market Value of the Shares on the Acquisition Date, 

and the method to be used shall be specified in the Partnership Share Agreement. 

 

	6.15	 If a transaction occurs during an Accumulation Period which results in a new holding of shares being equated
for the purposes of capital gains tax with any of the Shares to be acquired under the Partnership Share Agreement, the employee may agree that the Partnership Share Agreement shall have effect after the time of that transaction as if it were an
agreement for the purchase of shares comprised in the new holding. 

  

	6.16	 If an Accumulation Period will apply, the Partnership Share Agreement shall specify when each Accumulation
Period begins and ends, and may specify that an Accumulation Period comes to an end on the occurrence of a specified event. 

  

	Surplus	 Partnership Share Money 

 

	6.17	 Any surplus Partnership Share Money remaining after the acquisition of Partnership Shares by the Trustees:

  

	 	(a)	 may, with the agreement of the Participant, be carried forward to the next Accumulation Period or the next
deduction date; and 

  

	 	(b)	 in any other case, shall be paid over to the Participant, subject to both deduction of income tax under PAYE
and primary class 1 (employee) NICs, as soon as practicable. 

  

	6.18	 Where the Participant ceases to be a Qualifying Employee during an Accumulation Period, the Trustees shall
repay all Partnership Share Money to the Participant as soon as practicable. 

  
 22 

	Scaling	 down 

  

	6.19	 If the total number of Partnership Shares to be purchased on any Acquisition Date would result in the maximum
determined in accordance with Rule 6.9 to be exceeded, then the number of Partnership Shares purchased on behalf of each Qualifying Employee under Rules 6.12 and 6.14 shall be reduced proportionately to the extent necessary to keep within the
maximum. Each application shall be deemed to have been modified or withdrawn in accordance with the foregoing provisions, and each employee who has applied for Partnership Shares shall be notified of the change. 

 

	Stopping	 and re-starting deductions 

 

	6.20	 An employee may stop or re-start deductions under a Partnership Share
Agreement at any time by notice in writing to their employing company, provided that if the Committee so determines (in respect of all Participants), deductions may not be re-started more than once in any
Accumulation Period. Unless a later date is specified in the notice, such notice shall take effect as soon as practicable but in any event no later than 30 days after their employing company receives it. A Participant may agree in writing with the
Company to vary the amount of Partnership Share Money or the intervals at which deductions are made at any time. 

  

	Withdrawal	 from Partnership Share Agreement 

 

	6.21	 An employee may withdraw from a Partnership Share Agreement at any time by notice in writing to their employing
company. Unless a later date is specified in the notice, such a notice shall take effect as soon as practicable but in any event no later than 30 days after the employing company receives it. Any Partnership Share Money then held on behalf of an
employee shall be paid over to that employee as soon as practicable. This payment shall be subject to income tax under PAYE and primary class 1 (employee) NICs. 

 

	Repayment	 of Partnership Share Money on Termination 

 

	6.22	 If a Plan Termination Notice is issued in respect of the Plan, any Partnership Share Money held on behalf of
employees shall be repaid to them as soon as practicable, subject to deduction of income tax under PAYE, and primary class 1 (employee) NICs. 

  

	Repayment	 of Partnership Share Money on Plan ceasing to be a Schedule 2 SIP 

 

	6.23	 If the Plan ceases to be a Schedule 2 SIP by virtue of paragraph 81H or 81I of the Schedule, any Partnership
Share Money held on behalf of employees shall be repaid to them as soon as practicable after the relevant day (as defined in paragraph 56(2A) of the Schedule, if the Plan ceases to be a Schedule 2 SIP by virtue of paragraph 81H of the Schedule, or
as defined in paragraph 56(2B) of the Schedule, if the Plan ceases to be a Schedule 2 SIP by virtue of paragraph 81I of the Schedule), subject to deduction of income tax under PAYE, and primary class 1 (employee) NICs. 

  
 23 

 PART B 
  

	7.	 DIVIDEND SHARES 

Reinvestment of cash dividends 
  

	7.1	 The Partnership Share Agreement shall set out the rights and obligations of Participants receiving Dividend
Shares under the Plan. 

  

	7.2	 The Committee may direct that any cash dividend in respect of Plan Shares held on behalf of Participants may be
applied in acquiring further Plan Shares on their behalf. 

  

	7.3	 Dividend Shares shall be Shares: 

 

	 	(a)	 of the same class and carrying the same rights as the Shares in respect of which the dividend is paid; and

  

	 	(b)	 which are not subject to any provision for forfeiture. 

 

	7.4	 The Committee may decide to direct the Trustees to: 

 

	 	(a)	 pay all dividends in cash to all Participants; 

 

	 	(b)	 apply some or all of the Participants’ dividends to acquire Dividend Shares; or 

 

	 	(c)	 offer Participants the choice of either paragraph (a) or (b) above. 

If only some of the Participants’ dividends are to be used to acquire Dividend Shares, the Committee must direct how that amount is to be
determined. 
  

	7.5	 The Committee may revoke any direction for reinvestment of cash dividends. 

 

	7.6	 If the amounts received by the Trustees exceed any limit specified by the Committee, the balance shall be paid
to the Participant as soon as practicable. 

  

	7.7	 If dividends are to be reinvested, the Trustees shall apply the cash dividends to acquire Dividend Shares on
behalf of the Participant on the Acquisition Date. The number of Dividend Shares acquired on behalf of each Participant shall be determined by the Market Value of the Shares on the Acquisition Date. 

Certain amounts not reinvested to be carried forward 
  

	7.8	 Subject to Rule 7.7, any amount that is not reinvested because it is insufficient to acquire a Share may be
retained by the Trustees and carried forward to be added to the amount of the next cash dividend to be reinvested. 

  

	7.9	 Subject to Rule 7.7 and Rule 7.8, any amount that is not reinvested shall be repaid to the Participant as soon
as practicable. 

  

	7.10	 If: 

  

	 	(a)	 the Participant ceases to be in Relevant Employment; or 

 

	 	(b)	 a Plan Termination Notice is issued, 

the amount not reinvested shall be repaid to the Participant as soon as practicable. On making such a payment, the Participant shall be
provided with the information specified in paragraph 80(4) of the Schedule. 

  
 24 

 PART C 
  

	8.	 FREE SHARES 

  

	8.1	 The Committee may at any time invite every Qualifying Employee to enter into a Free Share Agreement and
participate in an Award of Free Shares, should the Committee decide to offer Free Shares, in accordance with this part C of the Rules. 

  

	8.2	 For each Award of Free Shares, the Committee may specify that: 

 

	 	(a)	 each Participant receives a certain number or value of Free Shares, which will be the same for each
Participant); or 

  

	 	(b)	 the number or value of Free Shares received by each Participant is determined in accordance with Rules 8.7 to
8.15. 

 Free Share Agreements 
  

	8.3	 A Qualifying Employee who wishes to participate in an Award must enter into a Free Share Agreement with the
Company and the Trustees in the form specified by the Committee from time to time. 

 Maximum Annual Value of Free Share Awards

  

	8.4	 In any Tax Year, the total Market Value of Free Shares (at the relevant Award Dates) awarded to any individual
must not be more than £3,600 (or any other amount specified by paragraph 35(1) of the Schedule). 

  

	8.5	 For the purposes of Rule 8.4, Free Shares includes any free shares (as defined in the Schedule) awarded under
any share incentive plan (other than the Plan): 

  

	 	(a)	 that is a Schedule 2 SIP at the time of the award of those free shares; and 

 

	 	(b)	 set up by the Company or any connected company as defined in paragraph 18(3) of the Schedule.

  

	8.6	 If Free Shares are subject to a Relevant Restriction, information on the nature of the Relevant Restriction
must be included in the Free Share Agreement. 

 Free Share Award Levels set by Remuneration, Service or Hours Worked 

 

	8.7	 The Committee may specify that the value or number of Free Shares awarded is calculated (in a manner determined
by the Committee) by reference to each Participant’s: 

  

	 	(a)	 remuneration; 

  

	 	(b)	 length of service; or 

 

	 	(c)	 hours worked. 

  

	8.8	 If more than one of these factors is used: 

 

	 	(a)	 each factor will give rise to a separate level of entitlement to Free Shares for each Participant; and

  

	 	(b)	 a Participant’s total entitlement to Free Shares is the sum of those separate entitlements.

  
 25 

	8.9	 If Award levels are set in this way, the Company must inform each Participant how the value or number of Free
Shares awarded was calculated. 

 Free Share Award levels set by reference to performance targets 

 

	8.10	 The Committee may specify that the value or number of Free Shares (if any) to be awarded is determined (either
in whole or in part) by reference to performance targets specified by the Committee for that Award. The performance targets specified must apply to all Eligible Employees in relation to that Award. 

 

	8.11	 Any performance target must: 

 

	 	(a)	 be set for a performance unit of one or more employees specified by the Committee (but no employee may be a
member of more than one performance unit); 

  

	 	(b)	 relate to business results or other objective criteria over a specified period; 

 

	 	(c)	 be a fair and objective measure of the performance of the performance unit; 

 

	 	(d)	 be communicated by the Company to Participants who may be affected by it, as soon as possible in accordance
with Rule 8.12; and 

  

	 	(e)	 comply with Rule 8.15 (if applicable). 

 

	8.12	 As soon as reasonably practicable, the Company must: 

 

	 	(a)	 notify each Participant that has entered into a Free Share Agreement of the performance targets and measures
that will be used to determine the number or value of Free Shares to be awarded under that agreement; and 

  

	 	(b)	 notify all Eligible Employees in general terms of the performance measures that will be used to determine the
number or value of Free Shares that will be awarded to each Participant under the Award. The Company may omit from that notice any information that it reasonably considers would prejudice commercial confidentiality, if it was disclosed.

  

	8.13	 If the Committee specifies that an Award of Free Shares will be determined by reference to performance targets
for that Award of Free Shares, the Committee must specify which of Rule 8.14 or Rule 8.15 will apply to that Award. 

  

	8.14	 If the Committee specifies that this Rule 8.14 applies to an Award of Free Shares: 

 

	 	(a)	 at least 20% of those Free Shares must not be performance-linked, so that each Participant receives a number of
Free Shares that is either (as specified by the Committee): 

  

	 	(i)	 the same for all Participants; or 

 

	 	(ii)	 calculated using the factors listed in Rule 8.7; 

 

	 	(b)	 the remaining Free Shares in the Award must be awarded by reference to performance; 

 

	 	(c)	 the highest number of Free Shares awarded to any individual under Rule 8.14(b) must not be more than four times
the highest number of Free Shares awarded to any individual under Rule 8.14(a); and 

  
 26 

	 	(d)	 if the Award includes Free Shares of different classes, the requirements of this Rule 8.14 will apply to the
Free Shares of each class as if they were a separate Award of Free Shares. 

  

	8.15	 If the Committee specifies that this Rule 8.15 applies to an Award of Free Shares: 

 

	 	(a)	 some or all of the Free Shares in the Award (as specified by the Committee) must be awarded by reference to
performance; 

  

	 	(b)	 the performance targets specified for different performance units must be consistent targets, which are
reasonably comparable in terms of the likelihood of being met by the performance units to which they apply; 

  

	 	(c)	 the Free Shares in the Award must be awarded so that each Participant within a given performance unit receives
an amount of Free Shares (if any) that is determined in whole or in part by reference to the relevant performance target and is either (as specified by the Committee): 

 

	 	(i)	 the same for all Participants in that performance unit; or 

 

	 	(ii)	 different for different members of the performance unit, with the differences between members determined using
the factors listed in Rule 8.7; 

  

	 	(d)	 in deciding whether invitations to participate and the participation of individual Participants under an Award
of Free Shares are on the same terms, the Free Shares awarded to each performance unit will be treated as a separate Award. If the requirements of this Rule 8.15 are met, invitations to participate made to, and participation by, members of different
performance units under an Award of Free Shares do not need to be on the same terms. 

  
 27 

 PART D 
  

	9.	 MATCHING SHARES 

 

	9.1	 The Committee may at any time invite every Qualifying Employee to participate in an Award of Matching Shares,
should the Committee decide to offer Matching Shares, in accordance with this part D of the Rules. 

  

	9.2	 Matching Shares shall: 

 

	 	(a)	 be Shares of the same class and carrying the same rights as the Partnership Shares to which they relate;

  

	 	(b)	 be awarded on the same day as the Partnership Shares to which they relate are acquired on behalf of the
Participant; and 

  

	 	(c)	 be Awarded to all Participants that acquire Partnership Shares to which the Matching Shares relate on exactly
the same basis. 

  

	9.3	 If Matching Shares are subject to a Relevant Restriction, information on the nature of the Relevant Restriction
must be included in the Partnership Share Agreement. 

  

	9.4	 For any Award of Matching Shares, the Committee must specify the ratio of Matching Shares to Partnership
Shares. The ratio determined by the Committee must not exceed two Matching Shares for every Partnership Share (or any other limit specified by paragraph 60(2) of the Schedule). 

 

	9.5	 A Partnership Share Agreement under which an Award of Matching Shares is to be made must specify the ratio of
Matching Shares to Partnership Shares determined by Committee under Rule 9.3 and the circumstances and manner in which the ratio may be changed by the Committee under Rule 9.6. 

 

	9.6	 The Committee, in its absolute discretion, may alter the ratio of Matching Shares to Partnership Shares at any
time in accordance with paragraph 60(4) of the Schedule, however: 

  

	 	(a)	 the Committee must give notice of any such change to all affected Participants and the Trustee as soon as
reasonably practicable; and 

  

	 	(b)	 any altered ratio must take effect on the first Acquisition of Partnership Shares in relation to which Matching
Shares are to be awarded falling after the end of a period of 30 days from the date the Committee sent the notice. 

  

	9.7	 If the calculation of the number of Matching Shares to be awarded to a Participant gives a result that is not a
whole number: 

  

	 	(a)	 in that Award, the Participant will receive the largest whole number of Matching Shares that is less than the
entitlement (or no Matching Shares if the entitlement is less than one); and 

  

	 	(b)	 the entitlement to less than one Matching Share not reflected in that Award will be carried forward and added
to the entitlement to Matching Shares in the next (and if necessary, any subsequent) Awards of Matching Shares (if any). 

  

	9.8	 If a Participant withdraws from the relevant Partnership Share Agreement while entitled to receive less than
one Matching Share in a potential future Award under Rule 9.7(b), the Participant will not be compensated for the loss of that entitlement. 

  
 28 

	10.	 ACQUISITION OF SHARES 

All Awards under the Plan shall be satisfied by existing Shares which are purchased by the Trustees on the open market at the best price
available or at arm’s length from any shareholder on the Acquisition Date. The Trustees shall not have the right to subscribe to the Company for newly issued Shares in order to satisfy an Award. The Trustees may purchase the beneficial interest
in Shares at the best consideration in money that can reasonably be obtained at the time of the sale from a Participant who has submitted a sale request in accordance with the Rules. 

 

	11.	 HOLDING PERIOD 

 

	11.1	 The Holding Period for Dividend Shares shall be a period of 3 years (or such other period as may from time to
time be specified under paragraph 67 of the Schedule), beginning with the Acquisition Date. 

  

	11.2	 The Committee must specify a Holding Period for each Award of Free Shares or Matching Shares. The Committee may
specify different Holding Periods for different Awards of Free Shares or Matching Shares, but may not increase any Holding Period once it has begun. 

  

	11.3	 A Participant’s obligations with respect to a Holding Period end if, during the Holding Period, the
Participant ceases to be employed by a Participating Company or any Associated Company (without then employed by any other company that is an Associated Company). 

 

	11.4	 During a Holding Period, every Participant who participates in the relevant Award of Free Shares, Matching
Shares or Dividend Shares must: 

  

	 	(a)	 allow those Plan Shares to remain in the hands of the Trustee; and 

 

	 	(b)	 not assign, charge or otherwise dispose of the beneficial interest in those Plan Shares. 

 

	11.5	 A Participant may during the Holding Period for Dividend Shares, Free Shares and/or Matching Shares direct the
Trustees: 

  

	 	(a)	 to accept an offer for any of their Dividend Shares, Free Shares and/or Matching Shares if the acceptance or
agreement shall result in a new holding being equated with their Dividend Shares, Free Shares and/or Matching Shares for the purposes of capital gains tax; or 

 

	 	(b)	 to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for
those Shares if the offer forms part of such a general offer as is mentioned in paragraph (c) below; or 

  

	 	(c)	 to accept an offer of cash, with or without other assets, for their Dividend Shares, Free Shares and/or
Matching Shares if the offer forms part of a general offer (which can be made to different shares by different means) which is made 

  

	 	(i)	 to holders of shares of the same class as their Dividend Shares, Free Shares and/or Matching Shares or to
holders of shares in the same company; and 

  

	 	(ii)	 in the first instance on a condition such that if it is satisfied the person making the offer shall have
control of that company, within the meaning of sections 450 and 451 of the CTA 2010; or 

  

	 	(d)	 to exercise a right arising under section 983 of the CA 2006 to require the offeror to acquire their Dividend
Shares, Free Shares and/or Matching Shares, in the case of a takeover offer (as defined in section 974 of the CA 2006) that relates to the Company and where the class or classes of shares to which the takeover offer relates includes the class of
their Shares; or 

  
 29 

	 	(e)	 to agree to a transaction affecting their Plan Shares or such of them as are of a particular class, if the
transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting: 

  

	 	(i)	 all of the ordinary share capital of the Company or, as the case may be, all the shares of the class in
question; or 

  

	 	(ii)	 all the shares, or all the shares of the class in question, which are held by a class of shareholders
identified otherwise than by reference to their employment or their participation in a plan which qualifies as a Schedule 2 SIP. 

  

	11.6	 Where a Participant is charged to tax in the event of their Dividend Shares ceasing to be subject to the Plan,
they shall be provided with the information required by paragraph 80(4) of the Schedule. 

  

	12.	 FORFEITURE PERIOD 

 

	12.1	 For each Award of Free Shares, the Committee may specify under the Free Share Agreement whether Rule 12.3 shall
apply to all of the Shares in that Award, and, if so, shall specify the Forfeiture Period. 

  

	12.2	 For each Award of Matching Shares, the Board may specify under the relevant Partnership Share Agreement whether
Rule 12.3 shall apply to all of the Shares in that Award and, if so, shall specify the Forfeiture Period. 

  

	12.3	 If this Rule 12.3 applies to any Free Shares and Matching Shares, they will be forfeited if, during the
Forfeiture Period, the Participant’s employment with a Participating Company or any Associated Company ends (and the Participant is not employed by any other company that is an Associated Company), unless the employment ends because of:

  

	 	(a)	 injury or disability; 

 

	 	(b)	 redundancy; 

  

	 	(c)	 a relevant transfer within the meaning of the Transfer or Undertakings (Protection of Employment) Regulations
2006; 

  

	 	(d)	 if the Participant is an employee of an Associated Company, a change of control or other circumstances as a
result of which it is no longer an Associated Company; 

  

	 	(e)	 retirement; or 

  

	 	(f)	 death. 

  

	12.4	 Free Shares and Matching Shares will be Forfeit if any Shares are withdrawn from the Plan (as described in
paragraph 96 of the Schedule) during the Forfeiture Period. 

  

	12.5	 The Forfeiture Period must not be linked to the performance of any individual. 

 

	13.	 COMPANY RECONSTRUCTIONS 

 

	13.1	 The following provisions of this Rule apply if there occurs in relation to any of a Participant’s Plan
Shares (referred to in this Rule as “the Original Holding”): 

  
 30 

	 	(a)	 a transaction which results in a new holding (referred to in this Rule as “the New Holding”) being
equated with the Original Holding for the purposes of capital gains tax; or 

  

	 	(b)	 a transaction which would have that result but for the fact that what would be the new holding consists of or
includes a Qualifying Corporate Bond. 

  

	13.2	 If an issue of shares of any of the following description (in respect of which a charge to income tax arises)
is made as part of a company reconstruction, those shares shall be treated for the purposes of this Rule as not forming part of the New Holding: 

  

	 	(a)	 redeemable shares or securities issued as mentioned in paragraph C or D of section 1000(1) of CTA 2010;

  

	 	(b)	 share capital issued in circumstances such that section 1022(3) of CTA 2010 applies; or 

 

	 	(c)	 share capital to which section 410 of the Income Tax (Trading and Other Income) Act 2005 applies that is issued
in a case where subsection (2) or (3) of that section applies. 

  

	13.3	 In this Rule: 

“Corresponding Shares” in relation to any New Shares, means the Shares in respect of which the New Shares are issued or which the New
Shares otherwise represent; 
 “New Shares” means shares comprised in the New Holding which were issued in respect of, or otherwise
represent, shares comprised in the Original Holding. 
  

	13.4	 Subject to the following provisions of this Rule, references in this Plan to a Participant’s Plan Shares
shall be respectively construed, after the time of the company reconstruction, as being or, as the case may be, as including references to any New Shares. 

  

	13.5	 For the purposes of the Plan: 

 

	 	(a)	 a company reconstruction shall be treated as not involving a disposal of Shares comprised in the Original
Holding; and 

  

	 	(b)	 the date on which any New Shares are to be treated as having been appropriated to or acquired on behalf of the
Participant 

 shall be that on which Corresponding Shares were so appropriated or acquired. 

 

	13.6	 In the context of a New Holding, any reference in this Rule to shares includes securities and rights of any
description which form part of the New Holding for the purposes of Chapter II of Part IV of the Taxation of Chargeable Gains Act 1992. 

  

	14.	 RIGHTS ISSUES 

 

	14.1	 Any shares or securities allotted under Clause 11 of the Deed shall be treated as Plan Shares identical to the
shares in respect of which the rights were conferred. They shall be treated as if they were awarded to or acquired on behalf of the Participant under the Plan in the same way and at the same time as those Plan Shares in respect of which they are
allotted. 

  
 31 

	14.2	 Rule 14.1 does not apply: 

 

	 	(a)	 to shares and securities allotted as the result of taking up a rights issue where the funds to exercise those
rights were obtained otherwise than by virtue of the Trustees disposing of rights in accordance with this Rule; or 

  

	 	(b)	 where the rights to a share issue attributed to Plan Shares are different from the rights attributed to other
ordinary shares of the Company. 

  

	15.	 LEAVERS 

  

	15.1	 If a Participant ceases to hold Relevant Employment, his Plan Shares shall immediately cease to be subject to
the Plan. Subject to Rule 15.2, the Trustees must within 90 days after such cessation transfer the legal title to any Plan Shares awarded to him or acquired on his behalf under the Plan. If and for so long as the Trustees retain any title to or
interest in such Shares, the Trustee shall hold such title or interest on bare trust for the Participant otherwise than in the Plan. 

  

	15.2	 If, in consequence of a Participant’s Plan Shares ceasing to be subject to the Plan, the Participant is
chargeable to income tax in accordance with Chapter 6 of Part 7 of ITEPA and primary class 1 (employee) NICs and an obligation to make a deduction under PAYE arises in respect of that charge, the Trustees may: 

 

	 	(a)	 accept a sum from the Participant; and/or 

 

	 	(b)	 dispose of sufficient of the Participant’s Shares to meet such liabilities on behalf of the Participant
(including but not limited to a purchase by the Trustees of the beneficial interest in such Shares). 

  

	15.3	 The Trustees shall pay to the Participant’s employer a sum which is sufficient to discharge its liability
to account for income tax and primary class 1 (employee) NICs under PAYE in respect of the Participant. If there is no employer to which PAYE then applies or HMRC is of the opinion that it is impracticable for the Participant’s employer to
account for the relevant amounts under PAYE, then the Trustees shall account for the same as if the Participant were a former employee of the Trustee. 

  

	15.4	 For the purposes of this Rule 15, in the event of a Participant’s death, references to a Participant shall
include references to his personal representatives. 

  

	16.	 DELEGATION OF ADMINISTRATIVE RESPONSIBILITIES 

 

	16.1	 Except as otherwise specifically provided, and to the extent that the board of directors of the Company has
delegated the authority to the Committee, the Plan shall be administered by the Committee in accordance with its terms and applicable law. The Committee shall have full and complete authority to interpret the Plan, to prescribe such rules and
regulations and to make such other determinations as it deems necessary or desirable for the administration for the Plan. The Committee may from time to time, subject to the terms of the Plan, delegate to officers or employees of the Company or to
third parties, the whole or any part of the administration of Plan shall determine the scope and terms and conditions of such delegation, including the authority to prescribe rules and regulations. Any interpretation, rule regulation or
determination made or other act of the Committee shall be final and binding on the Participants and their beneficiaries and legal representatives, the Company and its shareholders. 

 

	16.2	 No member of the Committee or the board of directors of the Company shall be liable for any action or
determination made in good faith pursuant to the Plan. To the full extent permitted by law, the Company shall indemnify and save harmless each person made, or threatened to be made, a party to any action or proceeding by reason of the fact that such
person is or was a member of the Committee or is or was a member of the board of directors of the Company and, as such, is or was required or entitled to take action pursuant to the terms of the Plan. 

  
 32 

	17.	 ADMINISTRATION OF THE PLAN 

 

	17.1	 Each Participating Company (or persons authorised by the Company) shall provide the Trustees with all
information required from it for the purposes of the administration and determination of the Plan and shall do so in such form as the Trustees shall reasonably require and the Trustees may in good faith rely on such information without further
enquiry and in particular, but without prejudice to the generality of the foregoing, any notice given by a Participating Company (or persons authorised by the Company) to the Trustees in respect of the eligibility of any person to become or remain a
Participant in the Plan shall be conclusive in favour of the Trustees. 

  

	17.2	 The Trustees shall maintain such records as may be necessary to comply with the Schedule and any other
applicable legislation and shall at all times and from time to time give to each Participant such information as shall be in their possession to enable him to determine and quantify any liability he may have to income tax and primary class 1
(employee) NICs pursuant to the Schedule. 

  

	17.3	 If a Participant becomes liable to tax and primary class 1 (employee) NICs as a result of his participation in
the Plan the Trustees shall inform him of any facts relevant to determining that liability. 

  

	17.4	 The Trustees may arrange for the relevant Participating Companies to account to HM Revenue & Customs
or any other authority concerned for any amounts deducted from payments made pursuant to the Plan in respect of income tax, NICs or any other deductions required in accordance with Chapter 6 of Part 7 of ITEPA. Where there is no relevant
Participating Company in respect of a Participant the Trustees shall account to HM Revenue & Customs or any other authority concerned for any amounts of income tax, NICs or any other deductions required to be made in accordance with the
Schedule. 

  

	17.5	 The costs of establishing and administering the Plan shall be borne by the Company or all or any of the
Participating Companies, as the case may be. 

  
 33 

 Appendix A 

[Partnership Share Agreement] 

  
 34

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