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Appendix
Free Share Schedule
This Schedule 2 provides for the grant of awards of free shares to employees of Shell plc and its subsidiaries. 
1.Type of Awards
Eligible Employees may be granted Free Share Awards pursuant to this Schedule 2.
2.Eligibility
Free Share Awards may only be granted to Eligible Employees who are not executive directors of the Company.
3.Source of Shares
Free Share Awards may only be satisfied using existing Shares. No Shares may be issued or transferred from treasury to satisfy Free Share Awards.
4.Terms of Free Share Awards
4.1Prior to the grant of a Free Share Award the Grantor will decide:
4.1.1the number and class of Shares subject to the Free Share Award or the method for determining the number and class; 
4.1.2the Award Date; 
4.1.3whether or not dividend equivalents will be payable (under Rule 9 of the Master Plan) in respect of the Free Share Award and, if so, on what basis; and
4.1.4any Adjustment Events which will apply to the Free Share Award (see Rule 16 of the Master Plan).
5.Vesting of Free Share Awards
5.1Free Share Awards shall Vest on the Vesting Date, save where Rule 7 of this Schedule 2 or Rule 17 of the Master Plan applies.
5.2If a Free Share Award does not Vest on or before the Vesting Date, it will lapse.
6.Consequences of Vesting
6.1The Grantor will procure that Shares are transferred to the Participant or to a nominee, trustee or other entity designated by the Grantor for the Participant’s benefit. Such transfer will be made, subject to any Dealing Restriction which prevents such transfer, as soon as reasonably practicable and will normally be made within 45 days of the date of Vesting; provided, however, that such issue or transfer will be made not later than: 
6.1.1where Rule 7.2, 7.3, 7.4, 8, or Rules 17.3 or 17.6 of the Master Plan applies, March 15 of the calendar year following the calendar year in which the cessation or early vesting date (Rule 7.2, 7.3, 7.4), death (Rule 8), date of obtaining Control or sanction (Rule 17.3 
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of the Master Plan) or decision of the Directors (Rule 17.6 of the Master Plan) occurs; and
6.1.2in all other cases, March 15 of the calendar year following the calendar year in which the Vesting Date occurs. 
If, however, any Dealing Restriction would delay such issue or transfer beyond the relevant deadline set out in this rule, then the Vested Award will be paid in cash pursuant to Rule 12 of the Master Plan not later than such relevant deadline.
7.Leaving Employment
7.1General rule 
If a Participant ceases to be an employee of a Member of the Group before the Vesting Date, their Free Share Award will lapse on the date of cessation except as otherwise provided in this Rule 7 or Rule 8. For the avoidance of doubt if a Participant ceases to be an employee of a Member of the Group after the Vesting Date, there will be no impact on their Free Share Award. 
7.2Exceptions to the general rule 
Subject to Rules 7.3 and 7.4, if a Participant ceases to be an employee of a Member of the Group before the Vesting Date because of: 
7.2.1disability, injury or ill-health; 
7.2.2retirement as determined by the Grantor (which determination may take into consideration, among other items, local laws, regulations or policies); 
7.2.3redundancy; 
7.2.4the completion of a fixed-term contract; or 
7.2.5any other reason, with the specific consent of the Grantor (given within 14 days after cessation of the Participant’s employment), 
their Free Share Award will continue and will Vest in accordance with Rule 5, provided however, that the Directors may reduce the Award pro rata to reflect the time which has elapsed between the Award Date and the date of cessation. 
7.3Early Vesting 
Where Rule 7.2 applies, the Grantor may decide that the Award will Vest on cessation or on a later date chosen by it, but not later than the Vesting Date. 
7.4Sale of employer 
7.4.1Subject to Rule 7.4.2, if a Participant ceases to be an employee of a Member of the Group by reason of: 
(a)the Participant’s employing company ceasing to be under the Control of the Company or a Member of the Group; or 
(b)a transfer of the undertaking, or the part of the undertaking, in which the Participant works to a person which is neither under the Control of the Company nor a Member of the Group, 
then, unless the Directors determine otherwise, their Free Share Award will continue and will Vest in accordance with Rule 5. The Directors may reduce the Award pro rata to reflect the time which has elapsed between the Award Date and the date of cessation.
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7.4.2Where this Rule 7.4 applies and to the extent that the Directors determine that equivalent rights have been granted or offered to Participants, then Free Share Awards will not Vest under this rule to the extent that the Directors so determine. To the extent that the Directors determine that any Free Share Awards do not Vest under this rule then they will lapse. 
7.5Meaning of “ceasing to be an employee” 
For the purposes of this Rule 7 a Participant will be treated as continuing to be an employee of a Member of the Group: 
7.5.1if the Participant is an employee of any Member of the Group; or 
7.5.2if the Participant recommences employment with a Member of the Group within 7 days.
8.Death 
If a Participant dies before the Vesting Date, their Free Share Award will Vest in full on the date of death. 
9.Data Protection
The personal data of any Eligible Employee, Participant or former Participant may be processed in connection with the operation of the Plan in accordance with the Group’s prevailing data protection policy and as notified to Eligible Employees in accordance with UK GDPR.  By participating in the Plan, a Participant consents (otherwise than for the purposes of UK GDPR) to the processing of their personal data in connection with the operation of the Plan.
10.Meaning of Words
In this Schedule 2: 
“Free Share Awards” means a conditional right to receive Shares which is not subject to a Performance Condition;
“Master Plan” means the Shell Share Plan 2014;
“UK GDPR” means the Data Protection Act 2018 as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019, from time to time; and
“Vesting Date” means the first anniversary of the Award Date, which shall be construed as the “Qualifying Date” where appropriate for the purposes of construing the provisions of the Master Plan, as set out below.
11.Cross reference to Master Plan
The following provisions of the Master Plan shall apply to Free Share Awards as if they had been granted under the Master Plan:
Rule 2    Granting Awards
Rule 3.2 Other conditions
Rule 4     Form of Awards 
Rule 5    No Transfer of Awards
Rule 6    Individual limit
Rule 8    Variations in share capital, demergers and special distributions
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Rule 9    Voting, dividends and dividend equivalents
Rule 12    Cash alternative
Rule 16    Clawback and malus
Rule 17    Takeovers and restructurings
Rule 18    Withholding of tax
Rule 19    Relationship with terms of a Participant’s employment
Rule 20     General  (other than Rule 20.4, Rule 20.6, and Rule 20.9)
Rule 21     Changing these rules (other than Rule 21.2)
Rule 22    Governing law and jurisdiction 
Rule 23    Language of the Rules
Rule 24    Section 409A of the US Internal Revenue Code 
Rule 24     Meaning of Words  (unless defined in this Schedule 2, in which case the definition in this Schedule 2 will prevail)
12.    Provisions Applicable to Participants Subject to Tax in the United States
The following provisions shall apply to each Free Share Award held by a Participant who is subject to tax in the United States, notwithstanding any provision of this Schedule 2 or the Master Plan to the contrary:
12.1      Any delivery of Shares or other pay-out of such Free Share Award shall be made during the 45 day period beginning on the earliest to occur of the Vesting Date or the date of death of the Participant (Rule 8).  In no event shall the recipient of Shares or other pay-out of any such Free Share Award be permitted to designate the taxable year of the payment.
12.2    Accordingly, Rule 7.3 of this Schedule 2 shall not apply to any such Free Share Award and accelerated delivery or other accelerated pay-out under this Schedule 2 or the Master Plan (including, without limitation, Rule 7.4 of this Schedule 2 or Rule 17 of the Master Plan) shall not apply to any such Award other than in the case of death of the Participant (Rule 8).  

4exhibit46

    JULY 2018      SHELL PLC1     Rules of the Global Employee Share Purchase Plan          Approved by RDS plc board of directors: 25 July 2018  Amended on 29 January 2022  Expiry Date: 25 July 2028              1 Previously Royal Dutch Shell plc  

 

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   2  Table of Contents   Contents Page  1 Introduction ........................................................................................................................... 3  2 Terms of Invitation ................................................................................................................ 3  3 Form of Invitation .................................................................................................................. 3  4 No Transfer of Rights ............................................................................................................ 3  5 Variations in share capital, demergers and special distributions.................................... 4  6 Voting and dividends ............................................................................................................ 4  7 Savings ................................................................................................................................... 4  8 Purchase and transfer of Shares ......................................................................................... 5  9 Cash alternative .................................................................................................................... 5  10 Leaving employment ............................................................................................................ 5  11 Takeovers and restructurings .............................................................................................. 6  12 Withholding of tax ................................................................................................................. 7  13 Relationship with terms of a Participant’s employment ................................................... 7  14 General ................................................................................................................................... 8  15 Changing these Rules ........................................................................................................ 11  16 Governing law and jurisdiction.......................................................................................... 11  17 Language of the Rules ........................................................................................................ 12  18 Meaning of Words ............................................................................................................... 12    

 

   3  1 Introduction  These are the Rules of the Shell Global Employee Share Purchase Plan (the “Plan”).  These Rules set out the terms on which the Company may invite Eligible Employees to  participate in a discounted share purchase plan using employee contributions.  Participants  will be invited to make Savings from Salary.  On the Purchase Date these Savings will be  used to purchase Shares at a discount. There is no holding period in relation to the Shares.  No invitations may be made after 25 July 2028.  2 Terms of Invitation   Invitations may be made by the Company to Eligible Employees.  The Company will decide,  in its absolute discretion, which Eligible Employees (if any) are to be invited to participate,  when (if ever) invitations are to be made and the terms of such invitations.  The selection  criteria, the timing of invitations and the terms of invitations may change from time to time.   When making an invitation the Company will specify:  a) the Savings Limit;  b) the Invitation Date;  c) the Invitation Period; and  d) the Discount.  3 Form of Invitation  Eligible Employees will be sent an invitation (which may be electronic) to participate which  will set out the terms of the invitation.  Eligible Employees will be able to choose whether to  participate and, subject to the Savings Limit, the level of their Savings Amount.    An Eligible Employee must accept an invitation in such manner and by such time as may be  specified in the invitation.  If he does not, he will not be entitled to participate in the Plan for  the relevant year.  4 No Transfer of Rights  Prior to the delivery or transfer of Shares to the Participants, rights under the Plan may not  be transferred, pledged, encumbered, assigned or otherwise disposed of; provided that this  prohibition shall not apply to the transmission of rights on the death of a Participant to his  personal representatives.   A Participant must not create, buy or sell any derivative instrument involving rights under the  Plan.   If any rights are transferred (other than in the event of death) or if such a derivative  instrument is created, bought or sold, all rights will lapse, the Participant will be deemed to  have withdrawn from the Plan, and his Savings will be returned (without interest) to him as  soon as reasonably practicable and will in any event be returned within 45 days.  Subject to any Dealing Restrictions, once Shares have been delivered to Participants those  Shares are not restricted.  

 

   4  5 Variations in share capital, demergers and special distributions    If there is:  (a) a variation in the equity share capital of the Company, including a capitalisation, sub- division, consolidation or reduction of share capital; or  (b) a rights issue; or  (c) a demerger (in whatever form); or  (d) a special dividend or distribution; or  (e) any similar transaction which the Directors consider may affect the value of rights  under the Plan;  the Directors may, acting reasonably and in good faith, adjust (retrospectively or otherwise)  the rights subject to this Plan or change the identity of the company or companies whose  shares are subject to the rights.   6 Voting and dividends  A Participant shall not be entitled to vote, to receive dividends or to have any other rights of  a shareholder in respect of Shares subject to rights under this Plan until the Shares are  transferred to the Participant.   7 Savings   Suspensions - Participants may suspend their contributions to the Plan at any time on or  before October 15 of the applicable Plan Year.  Savings made prior to any suspension  becoming effective will be used to purchase Shares on the Purchase Date.   Top Up Payments – A Participant may, at any time on or before 15 October of the applicable  Plan Year, elect to make additional Savings in whole units of the relevant currency up to the  Savings Limit.  Changed Amounts - Participants may change their Savings Amount on or before 15 October  of the applicable Plan Year.  Changed Location – if an individual changes country of employment while participating in  the Plan to another participating country then their participation shall continue.  In such a  case the Savings Amount will continue at the same level as before expressed to the nearest  whole unit in the appropriate currency. If an individual relocates to a country which, for  whatever reason is not participating in the Plan, then the individual will be suspended from  the Plan.   Savings made prior to any suspension may be used to purchase Shares on the  Purchase Date.  Automatic Renewal – Generally, Participants will automatically continue to participate with  the same Savings Amount from one Plan Year to the next.  However if, on or before 15  October of the applicable Plan Year, a Participant has withdrawn their Savings, has  suspended their Savings or has set their Savings Amount to zero then the Participant will  need to reenrol to rejoin the Plan.    Withdrawals - Withdrawals of Savings are not permitted other than in cases of financial  hardship.  Partial withdrawals are not permitted.  Subject to these general rules, at any time  

 

   5  on or before 15 October in each Plan Year, a Participant can request the return of the Savings  by citing financial hardship.  If the Participant requests the return of the Savings then they  will, subject to the Company’s consent, be returned (without interest) to the Participant as  soon as reasonably practicable and will in any event be returned within 45 days of date of  the request. If a Participant withdraws the Savings then the Participant will be deemed to  have terminated their participation in the Plan.    The Savings made by Participants will be held by the administrator on behalf of the  Participants in an escrow account with a bank chosen by the administrator.  No interest on  the Savings will be paid to Participants.  The Company will in its absolute discretion decide  when to exchange the funds into Euros, if applicable; provided that Savings withheld from a  U.S. payroll for a person with the U.S. as his base country will be held in U.S. Dollars. Any  foreign exchange risk or loss caused as a result of currency exchange or currency fluctuation  will be for the account of the individual.   Instructions provided by a Participant under the Plan, including this Rule 7, shall only  become effective once they have been processed in accordance with applicable  administrative procedures.  8  Purchase and transfer of Shares   Unless the Company has agreed to a request from a Participant on or before 15 October in  each Plan Year for the return of the Savings, the Savings will automatically be used to  purchase Shares on the Purchase Date.  At the end of each Plan Year the Company will calculate the number of whole Shares which  could be bought by each Participant using the Savings at the Purchase Price.  Subject to  Rule 12, the Company will procure that such number of whole Shares are transferred to, or  to the order of, the Participant or to a nominee selected by the Company for the benefit of  the Participant. Such transfer will be made, subject to any Dealing Restriction which prevents  such transfer, as soon as reasonably practicable and will normally be made within 14 days  of the end of the Plan Year and will in all cases be made not later than 15 March of the  calendar year following the applicable Plan Year.    9 Cash alternative  The Company may satisfy its obligation to deliver Shares by paying (subject to withholding  of tax and any social contributions) a cash amount equal to the Market Value of the Shares,  with such payment made to, or to the order of, the Participant. For this purpose, the Market  Value shall be taken to be the Market Value on the first Business Day after the end of the  relevant Plan Year.  This amount will be paid as soon as reasonably practicable and will  normally be made within 45 days of the end of the relevant Plan Year and will in all cases be  made not later than 15 March of the calendar year following the applicable Plan Year.  Rights may be granted on the basis that they will only ever be satisfied by paying a cash  amount in the manner described in this rule.  10 Leaving employment  If a Participant ceases to be an employee of a Member of the Group (for whatever reason  including death) then the Participant (or his representatives) may:  request the return of all Savings that have been contributed to the Plan (without interest); or  

 

   6  direct that the Savings will be used to purchase the Shares (on the Purchase Date and with  the Discount).  If no request or direction has been received by the Company on or before 15 October of the  relevant Plan Year (or if a request has been rejected) then the Savings will be used to  purchase the Shares (on the Purchase Date and with the Discount).   For the purposes of this rule, a Participant will not be treated as ceasing to be an employee  of a Member of the Group until he ceases to be an employee of all Members of the Group  or if he recommences employment with a Member of the Group within 7 days.  11 Takeovers and restructurings  11.1 Takeovers to which this rule applies  This rule applies where:  a) a person (or a group of persons acting in concert) obtains Control of the Company  as a result of making an offer to acquire Shares; or  b) under section 895 of the Companies Act 2006 (or any equivalent non-UK  procedure), a court sanctions a compromise or arrangement in connection with the  acquisition of Shares.  11.2 Exchange of rights with agreement of Acquiring Company  If rule 11.1 applies and any company which obtains Control of the Company as a result of  the offer or when the compromise or arrangement becomes effective (the “Acquiring  Company”) and the Directors agree, all rights under the Plan will be automatically  exchanged, in full, for new rights in accordance with this rule 11.2:   The new rights:  a) must confer a right to acquire shares in the Acquiring Company or another body  corporate determined by the Acquiring Company;  b) subject to the rest of this rule 11, will be governed by the same terms as applied to  the existing rights immediately before exchange;  c) will be treated as having been acquired at the same time as the existing rights;  d) will be governed by these Rules as if references to Shares were references to the  shares over which the new rights applied and references to the Company were  references to the Acquiring Company or the body corporate determined under rule  11.1.  11.3 Acquiring Company does not agree to exchange rights  If rule 11.1 applies and the Acquiring Company or the Directors do not agree to an exchange  in accordance with rule 11.2 (or if the person who obtains Control is not a company), the  Savings will be returned to the Participant as soon as reasonably practicable and will  normally be returned within 45 days of the end of the relevant Plan Year and will in all cases  be made not later than 15 March of the calendar year following the applicable Plan Year.   

 

   7  The Company will procure that, in lieu of the value of any discounted Share Purchase Price  which might have benefited the Participant, an additional payment of cash equal to 15 per  cent of the Savings will be made to the Participant.  11.4 Re-organisations  If the Directors consider that the offer or sanction is an internal reconstruction or  reorganisation which does not involve a significant change in the identity of the ultimate  shareholders of the Company, rights will be exchanged, as described in rule 11.2 whether or  not the Acquiring Company agrees. The rights will be exchanged in full subject to such  adjustments as the Directors consider reasonable to take account of the reconstruction or  reorganisation.  11.5 Other transactions  If the Directors become aware that the Company is or is expected to be affected by any  demerger, distribution (other than an ordinary dividend) or other transaction not falling within  rule 11.1 which, in the opinion of the Directors, would adversely affect the current or future  value of any right, the Directors may elect to return the Savings to the Participant as soon  as reasonably practicable and in all cases such repayment will be made not later than 15  March of the calendar year following the applicable Plan Year.    The Company will procure that, in lieu of the value of any discounted Share Purchase Price  which might have benefited the Participant, an additional payment of cash equal to 15 per  cent of the Savings will be made to the Participant.  12 Withholding of tax  The Company, any employing company or trustee of any employee benefit trust may  withhold such amount and make such arrangements as it considers necessary to meet any  liability to taxation or social security contributions in respect of rights under the Plan. These  arrangements may include deductions from the escrow account or any cash payment under  the Plan, the sale of Shares on behalf of a Participant or a reduction in the number of Shares  to which the Participant would otherwise be entitled.  Any taxes incurred as a result of the  purchase of shares (or the delivery of cash, where applicable) under the Plan shall be the  responsibility of the participant and no tax assistance shall be provided.   13 Relationship with terms of a Participant’s employment  (a) For the purposes of this rule 13, “Employee” means any person who is or will be  eligible to be a Participant in the Plan.  (b) This rule applies whether any Member of the Group has full discretion in relation to  these Rules, or whether that Member of the Group could be regarded as being  subject to any obligations in relation to these Rules, during an Employee’s  employment or employment relationship and, after the termination of an Employee’s  employment or employment relationship, whatever the circumstances of such  termination and however such termination is categorised under applicable local law.  (c) Nothing in the rules or in the terms of or the practice of granting rights under the Plan  forms part of the contract of employment or employment relationship of an  Employee. Any and all rights and obligations arising from the employment  relationship between the Employee and any Member of the Group are separate from,  

 

   8  and are not affected by, these Rules or any rights granted hereunder. The grant of  rights does not create any right to, or expectation of, continued employment or a  continued employment relationship.  (d) Any benefits received under these Rules are not pensionable and do not affect  pension benefits or any other employee benefits in any way except as may be  otherwise provided in the terms of any applicable pension or other benefit plan.  (e) The grant of rights on a particular basis in any year does not create any right to or  expectation of the grant of rights on the same basis, or at all, in any future year.  (f) No Employee is entitled to be made an invitation at a particular level or at all.    (g) Without prejudice to an Employee’s right under the Plan subject to and in accordance  with the express terms of these Rules, no Employee has any rights in respect of the  exercise or omission to exercise any discretion, or the making or omission to make  any decision, relating to the right. Any and all discretions, decisions or omissions  relating to the right may operate to the disadvantage of the Employee, even if this  could be regarded as capricious or unreasonable, or could be regarded as in breach  of any implied term between the Employee and his employer, including any implied  duty of trust and confidence. Any such implied term is excluded and overridden by  this rule.  (h) Without prejudice to an Employee’s right under the Plan subject to and in accordance  with the express terms of these Rules, no Employee has any right to compensation  resulting from:  (i) any loss or reduction of any rights or expectations under these Rules in any  circumstances or for any reason (including termination of employment or the  employment relationship whatever the circumstances of such termination  and however such termination is categorised under applicable local law);  (ii) any exercise of a discretion or a decision taken under these Rules, or any  failure to exercise a discretion or take a decision;  (iii) the operation, suspension, termination or amendment of these Rules.  (i) Rights are granted only on the basis that the Participant accepts all the provisions of  these Rules, including in particular this rule. By accepting an invitation to participate  in the Plan, an Employee waives all rights under these Rules, other than the right to  request the return of the cash savings and the right to acquire shares subject to and  in accordance with the express terms of these Rules, in consideration for, and as a  condition of, the grant of rights under these Rules.    (j) Nothing in these Rules confers any benefit, right or expectation on a person who is  not an Employee. No such third party has any rights under the Contracts (Rights of  Third Parties) Act 1999 to enforce any term of these Rules. This does not affect any  other right or remedy of a third party which may exist.  14 General  14.1    Directors' decisions final and binding  The decision of the Directors, in their sole and absolute discretion, on the interpretation of  these Rules or in any dispute relating to any matter relating to these Rules will be final and  conclusive.  

 

   9  14.2    Documents sent to shareholders  The Company may send to Participants copies of any documents or notices normally sent  to the holders of its Shares at or around the same time as issuing them to the holders of its  Shares.  14.3    Regulations  The Directors can make or vary regulations for the administration and operation of these  Rules but these must be consistent with these Rules.  14.4   Consents  All allotments, issues and transfers of Shares will be subject to any necessary consents  under any relevant enactments or regulations for the time being in force. The Participant will  be responsible for complying with any requirements he needs to fulfil in order to obtain or  avoid the necessity for any such consent.  14.5   Articles of association  Any Shares acquired under these Rules are subject to the articles of association of the  Company from time to time in force.  14.6   Rights attaching to Shares  The Participant will be entitled to all rights attaching to the Shares by reference to a record  date on or after the transfer date. The Participant will not be entitled to rights before that  date.  14.7   Listing of Shares  If and so long as the Shares are listed on any stock exchange, the Company will apply for  listing of any Shares issued under these Rules on any such exchange as soon as  practicable.   14.8   Exchange rates  Where it is necessary to make any currency conversion under these rules, the exchange will  be at such rate and at such time as the Company decides.  Any foreign exchange risk or  loss caused as a result of currency exchange or currency fluctuation will be for the account  of the individual.  14.9    Unfunded Plan  Rights shall be unfunded and no Member of the Group shall be required to segregate any  assets which may at any time be represented by those rights.  Any liability of any Member  of the Group to any person with respect to this Plan shall be based solely upon any  contractual obligations which may be created by these Rules. No such obligation shall be  deemed to be secured by any pledge or other encumbrance on any property of any Member  of the Group or funded or secured in any way.  Notwithstanding the foregoing, the Savings  held on behalf of a Participant are personal to that Participant and shall be held in an escrow  account as provided in Rule 7.  

 

   10  14.10 Indemnification  The Company shall indemnify (or procure that any relevant Member of the Group  indemnifies) each Indemnitee to the fullest extent permitted under applicable laws and under  its constitution, against all or any portion of liability and/or costs and expenses reasonably  incurred by such Indemnitee, in connection with, arising out of, or resulting from, any claim,  suit or proceeding in which he may be involved by reason of having been an Indemnitee;  provided however, no Member of the Group shall be obliged to indemnify any Indemnitee  against any liability, costs or expenses in connection with any act or omission to act in  respect of which the Indemnitee shall be finally adjudged in any action, suit or proceeding to  have been guilty of fraud or wilful misconduct in the performance of his duties. “Indemnitee”,  for the purposes of this rule means an individual who, while an employee or director of any  Member of the Group and acting with respect to these Rules, acts as a fiduciary, agent,  director of that or any other Member of the Group, or in any other capacity exercises  administrative responsibility with respect to these Rules.  14.11 Separate provisions  Each of the provisions of these Rules is entirely separate and independent from each of the  other provisions. If any provision of any rule is found to be invalid, illegal or unenforceable,  in whole or in part, the provision shall apply with whatever deletion or modification is  necessary so that the provision is legal, valid and enforceable and, so far as reasonably  practicable, gives effect to the commercial intention of the Company.  To the extent it is not  possible to delete or modify the provision in whole or in part, then such provision or part of it  will be deemed never to have been part of these Rules and to the extent that it is possible  to do so, this will not affect the validity or enforceability of any of the remaining provisions of  that or any other rule.  14.12 Notices  Any notice or other document which has to be given to a person who is or will be eligible to  be a Participant may be sent by e-mail to the e-mail address which is held by the Plan  administrator.  A person who is or will be eligible to be a Participant may also contact the  Plan administrator to make arrangements to receive such notice or other document by post.    Neither the Company nor any Member of the Group will be liable for any loss resulting from  the fact that the Participant did not keep his e-mail address, postal address or other personal  information accurate and up to date with the Plan administrator.     Any notice or other document which has to be given to the Company or other duly appointed  agent under or in connection with these Rules may be delivered or sent by post to it at its  registered office (or such other place as the Directors or duly appointed agent may from time  to time decide and notify to Participants) or sent by e-mail or fax to any e-mail address or  fax number notified to the Participant.  Notices sent by post will be deemed to have been given on the second day after the date of  posting. However, notices sent by or to a Participant who is working overseas will be deemed  to have been given on the seventh day after the date of posting. Notices sent by e-mail or  fax, in the absence of evidence to the contrary, will be deemed to have been received on the  day after sending.  

 

   11  14.13 Small Payments  If, for whatever reason a small payment would otherwise be due to a Participant, the  Company may in its absolute discretion decide instead to pay that amount to a charity of its  choice.  In such a case the Participant will lose any right to receive the relevant amount.  In this context a small payment is a payment of a) €25 or less; b) less than the value of one  Share as at the date of the proposed payment or c) an amount which would be reduced to  zero once any charges and foreign exchange costs had been taken into account.   14.14 Investment Risk  The value of Shares can go down as well as up. The risks of fluctuation in the value of the  Shares are borne by the Participant. Neither the Company, any Member of the Group, the  Plan administrator, any third-party administrator, nor any depository or brokerage firm  receiving a transfer of Shares under the Plan shall have any liability to the Participant for any  market losses because of the fluctuation in value of Shares.  14.15 Obligations of U.S. Employers  By providing for participation in the Plan through its payroll, a U.S. Member of the Group shall  be liable for satisfying Plan obligations with respect to its employees who become  Participants.  15 Changing these Rules  15.1 Directors’ powers  Except as described in the rest of this rule, the Directors may, at any time, change these  Rules in any way, including retrospective amendments and amendments to the terms of  rights already granted. The Directors may terminate the Plan at the end of any Plan Year in  relation to future Plan Years.  15.2 Participant approval  No amendment to the terms of any rights already granted which would materially adversely  affect the rights of any Participants shall be made without the consent of the Participants  holding a majority (by number of Shares subject to the rights) of rights affected by the  amendment.    15.3 Notice  The Directors may (but need not) give notice of any changes made to any Participant  affected.  The absence of any such notification will not affect the validity of any such change.  16 Governing law and jurisdiction  English law governs these Rules and all rights and their construction. The English Courts  have exclusive jurisdiction in respect of disputes arising under or in connection with these  Rules or any rights under this Plan.   

 

   12  17 Language of the Rules  The language of these Rules is English. In the event of any conflict, the English language  version will prevail.  18 Meaning of Words  In these rules:  “Business Day” means a day on which any stock exchange which is nominated by the  Directors (for some or all purposes under these Rules) and on which the Shares are traded  is open for the transaction of business.  “Company” means Shell plc.  “Control” has the meaning given to it by Section 840 of the Income and Corporation Taxes  Act 1988.  “Dealing Restrictions” means restrictions imposed by any law, order, regulation or  Government directive, the rules applying to any listing of the Company, any code adopted  by the Company regulating dealings in shares by employees or directors or any restrictions  imposed by the Company’s compliance officer.  “Directors” means the board of directors of the Company or any committee of the board of  directors or other person or body to whom the board of directors delegates any function  under these rules or, where rule 11 applies, those people who were the Directors immediately  before the event by virtue of which that rule applies.  “Discount” means the percentage discount at which the Participants may purchase the  Shares.  The Discount is set in relation to the lower of the Market Value on either:  a) the first Business Day of each Plan Year and the first Business Day of the following  calendar year; or  b) such other dates, as determined by the Company and stated in the Invitation for a  given Plan Year, provided that such dates shall be exactly one year apart.    “Eligible Employee” means any individual identified as an employee by a Member of the  Group on the Invitation Date excluding any member of the board of directors of the Company.  “Invitation Date” means the dates on which Eligible Employees are invited to participate in  the Plan.  “Invitation Period” means, with respect to an Eligible Employee, the period starting on the  Invitation Date and ending on 15 October of the applicable Plan Year during which the  Eligible Employee may choose to accept the invitation.  “Market Value” means the price of a Share determined using any reasonable method  selected by the Directors.  “Member of the Group” means:  (a) the Company;   (b) its Subsidiaries from time to time; and   (c) any other company in which the Company controls, either directly or indirectly, 50%  of the shares.  

 

   13   “Participant” means a person who has accepted an invitation to participate in the Plan or  his personal representatives.  “Plan Year” means the calendar year from 1 January to 31 December.  “Purchase Date” means the day on which the Shares are purchased using the Savings.   “Purchase Price” means the price at which the Shares are acquired by the Participant  including the Discount.  “Rules” means these rules (including any schedules) as amended from time to time.  “Salary” means, with respect to a Participant, the available salary, wages or other  compensation that has been identified by the Plan administrator as an eligible source for  contributions to the Plan, subject to any applicable payroll withholding ordering/hierarchy.   “Savings” means the contributions to the Plan from a Participant’s Salary.  “Savings Amount” means the amount to be saved per month.    The Savings Amount must  be in whole units of the relevant currency.  The Company can (but need not) impose a  minimum monthly Savings Amount for any given Plan Year and, if it does so, the minimum  may be increased (or decreased) by the Company from time to time for the next Plan Year.   If an individual is not paid monthly the Savings Amount will be pro rated across up to two  payroll periods as determined by the administrator.   “Savings Limit” means the maximum amount (stated in Euros) which a Participant can  save each year under the Plan.  This limit will be set by the Company in Euros each year  and may be increased (or decreased) by the Company from time to time for the next Plan  Year. An equivalent limit in other savings currencies will be set by the Company each year.  “Shares” means, subject to rule 11, fully paid ordinary shares in the capital of the Company  or American Depositary Receipts representing those shares. The Shares will all be market  purchase and not new issue shares.  “Subsidiary” means a company which is a subsidiary of the Company within the meaning  of Section 1159 of the Companies Act 2006.

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