Document:

EX-10.3

 Exhibit 10.3 

FORM OF RESTRICTED STOCK UNIT AGREEMENT 

PURSUANT TO THE 
 HENRY
SCHEIN, INC. 2013 STOCK INCENTIVE PLAN 
 (AS AMENDED AND RESTATED EFFECTIVE AS OF MAY 14, 2013) 

THIS AGREEMENT (the “Agreement”) made as             , 20161 (the “Grant Date”), by and between Henry Schein, Inc. (the “Company”) and Stanley M. Bergman (the “Participant”). 

W I T N E S S E T H: 

WHEREAS, the Company has adopted the Henry Schein, Inc. 2013 Stock Incentive Plan (As Amended and Restated Effective as of May 14,
2013), as amended from time to time, a copy of which is on file with the Company’s Corporate Human Resources Department and is available for Participant to review upon request at reasonable intervals as determined by the Company (the
“Plan”), which is administered by a Committee appointed by the Company’s Board of Directors (the “Committee”); and 

WHEREAS, pursuant to Section 9 of the Plan, the Committee may grant Restricted Stock Units to Key Employees under the Plan; and

 WHEREAS, the Participant is a Key Employee of the Company. 

NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Grant of Restricted Stock Units.  

(a) Subject to the restrictions and other conditions set forth herein, the Committee has authorized this grant of
[                    ] Restricted Stock Units to the Participant on the Grant Date. 

2. Vesting and Payment. 
 (a)
Except as otherwise provided in this Section 2, the Restricted Stock Units awarded under this Agreement shall not vest until December 31, 2019 (the “Vesting Date”). Notwithstanding anything herein to the contrary, but except as
set forth in Sections 2(b), 2(c), 2(d) and 2(e), the Participant must be continuously employed by the Company or a Subsidiary from the Grant Date through the Vesting Date. 

(b) Retirement. In the event of the Participant’s Retirement prior to the Vesting Date, a pro-rata portion of the
Restricted Stock Units shall vest, based on Participant’s service with the Company through the date of Retirement (such date referred to herein as a “Pro-rata Vesting Date”). The remaining Restricted Stock Units (i.e., any Restricted
Stock Units that are not vested on the Pro-Rata Vesting Date) shall be deemed vested on the Vesting Date, subject to the Participant’s compliance with the restrictive covenants set forth in Section 6 of the Amended and Restated Employment
Agreement dated as of December 31, 2016, between the Company and the Participant (the “Employment Agreement”) through the Vesting Date. If the Participant breaches such restrictive covenants prior to the Vesting Date, the remaining
Restricted Stock Units shall be forfeited. For purposes of this Section 2(b), the Participant shall qualify for “Retirement” only if the Participant and the Company mutually agree to the Participant’s Retirement and the
Participant’s Retirement date. 
 (c) Death or Disability. In the event of the Participant’s death (prior to a
Termination of Employment or following Retirement as described in Section 2(b) or a Termination of Employment as described in Section 2(e)) or Disability (prior to a Termination of Employment), the Restricted Stock Units shall become fully
vested on such death or Disability. For purposes of this Agreement, “Disability” means that the Participant is disabled within the meaning of Section 409A(a)(2)(C)(i) or (ii) of the Code. 

 

	1 	To be granted automatically, without further action of the Compensation Committee, on the first business day immediately following the twentieth (20th) trading
day after the opening of the Company’s first closed trading window (i.e., blackout period) that ends after the date the RSU Award is approved by the Compensation Committee, provided, however, that the grant of the RSU Award shall occur
no later than June 3, 2016, subject in all cases to the Participant’s continued employment through the actual grant date of the RSU Award. 

  
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 (d) Change of Control. In the event of the Participant’s Termination of
Employment for any reason, other than for Cause (as defined in the Employment Agreement), within the two year period following a Change of Control, the Restricted Stock Units shall become fully vested upon the Participant’s Termination of
Employment (the “Change of Control Vesting Date”). For purposes of this Agreement, a “Change of Control” shall mean the occurrence of a Section 409A Change of Control (as defined in Section 3). In the event of a Change
of Control occurring on or after the Participant’s Retirement or Termination of Employment without Cause or for Good Reason, and on or before December 31, 2019, the remaining Restricted Stock Units (i.e., any Restricted Stock Units that
are not vested on the applicable Pro Rata Vesting Date) shall become fully vested upon the Change of Control. 
 (e) Termination of
Employment without Cause or for Good Reason. In the event the Participant’s employment is terminated by the Company without Cause or by the Participant for Good Reason (as such terms are defined on the Employment Agreement), a pro-rata
portion of the Restricted Stock Units shall vest, based on Participant’s service with the Company through the date of Termination of Employment (such date referred to herein as a “Pro-rata Vesting Date”). The remaining Restricted
Stock Units (i.e., any Restricted Stock Units that are not vested on the Pro-Rata Vesting Date) shall be deemed vested on the Vesting Date notwithstanding the Participant’s Termination of Employment prior to such date. 

(f) Payment. The Participant shall be entitled to receive one share of Common Stock with respect to one vested Restricted Stock
Unit. The Participant shall be paid one share of Common Stock with respect to each vested Restricted Stock Unit within thirty (30) days of the Vesting Date; except that: 

(i) in the event of the Participant’s death, the Participant’s estate shall be paid within thirty (30) days of the
Participant’s death; 
 (ii) in the event of the Participant’s Disability, the Participant shall be paid within thirty
(30) days of Disability; 
 (iii) in the event of a Change of Control Vesting Date, the Participant shall be paid within thirty
(30) days of the Change of Control Vesting Date, subject to a six month delay following the Participant’s Termination of Employment to the extent required by Section 409A of the Code; 

(iv) in the event of the Participant’s Retirement, the Participant shall be paid (A) with respect to the pro-rata portion of
Restricted Stock Units vested on his Retirement, within thirty (30) days of the Pro-rata Vesting Date, subject to a six month delay following the Participant’s Retirement to the extent required by Section 409A of the Code, and
(B) with respect to the remaining Restricted Stock Units, subject to compliance with Section 2(b), within thirty (30) days of the earlier of the Vesting Date or a Change of Control; 

(v) in the event of the Participant’s Termination of Employment without Cause or Termination of Employment for Good Reason whether
occurring on, before or after a Change of Control, the Participant shall be paid (A) with respect to the pro-rata portion of Restricted Stock Units vested on his date of Termination of Employment, with thirty (30) days of the Pro-rata
Vesting Date, subject to a six month delay following the Participant’s Termination of Employment to the extent required by Section 409A of the Code, and (B) with respect to the remaining Restricted Stock Units, within thirty
(30) days of the earlier of the Vesting Date or a Change of Control; 
 (vi) in the event of non-renewal of the Employment Agreement,
the Participant shall be paid within thirty (30) days of the Vesting Date. 

  
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 3. Change of Control Definition. For purposes of this Agreement, a “Section 409A Change of
Control” shall have the meaning set forth in Appendix A, attached hereto; provided, that, no event shall constitute a “Change of Control” for purposes of this Agreement unless such event also qualifies as a “change in control
event” for purposes of Treasury Regulation § 1.409A-3(i)(5). 
 4. Termination. Except as otherwise provided in Sections
2(b), (c),(d) and (e), all unvested Restricted Stock Units will be forfeited on the Participant’s Termination of Employment. 
 5. Dividend
Equivalents. Cash dividends on Shares shall be credited to a dividend book entry account on behalf of the Participant with respect to each Restricted Stock Unit granted to the Participant, provided that such cash dividends shall not be
deemed to be reinvested in Shares and will be held uninvested and without interest. The Participant’s right to receive any such cash dividends shall vest if and when the related Restricted Stock Unit vests, and such cash dividends shall be paid
in cash to the Participant if and when the related Restricted Stock Unit is paid to the Participant. Stock dividends on Shares shall be credited to a dividend book entry account on behalf of the Participant with respect to each Restricted Stock Unit
granted to the Participant. The Participant’s right to receive any such stock dividends shall vest if and when the related Restricted Stock Unit vests, and such stock dividends shall be paid in stock to the Participant if and when the related
Restricted Stock Unit is paid to the Participant. 
 6. Rights as a Stockholder. The Participant shall have no rights as a stockholder with
respect to any Shares covered by any Restricted Stock Unit unless and until the Participant has become the holder of record of the Shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in
respect of any such Shares, except as otherwise specifically provided for in this Agreement or the Plan. 
 7. Provisions of Plan Control.
This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the
Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. Capitalized terms in this Agreement that are not otherwise defined shall have the same meaning as set forth in the Plan. If and to the extent that
this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. This Agreement contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof. 

8. Amendment. The Board or the Committee may amend, suspend or terminate this Agreement subject to the terms of the Plan. Except as otherwise
provided in the Plan, no modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced. 

9. Notices. Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given when delivered in
person, or by regular United States mail, first class and prepaid, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify): 

If to the Company, to: 
 Henry
Schein, Inc. 
 135 Duryea Road 

Melville, New York 11747 

Attention: General Counsel 
 If to
the Participant, to the address on file with the Company. 

  
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 10. No Obligation to Continue Employment. This Agreement is not an agreement of employment. This
Agreement does not guarantee that the Company or its Subsidiaries will employ or retain, or to continue to, employ or retain the Participant during the entire, or any portion of the, term of this Agreement, including but not limited to any period
during which the Restricted Stock Unit is outstanding, nor does it modify in any respect the Company or its Subsidiary’s right to terminate the Participant’s employment or modify the Participant’s compensation, except to the extent
provided in the Participant’s Employment Agreement. 
 11. Legend. The Company may at any time place legends referencing any applicable
federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates
representing Shares acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 11. 

12. Securities Representations. The grant of the Restricted Stock Units and issuance of Shares upon vesting of the Restricted Stock Units shall
be subject to, and in compliance with, all applicable requirements of federal, state or foreign securities law. No Shares may be issued hereunder if the issuance of such Shares would constitute a violation of any applicable federal, state or foreign
securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. As a condition to the settlement of the Restricted Stock Units, the Company may require the Participant
to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation. 
 The
Shares are being issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that: 

(a) He or she has been advised that he or she may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933,
as amended (the “Act”) and in this connection the Company is relying in part on his or her representations set forth in this section. 

(b) If he or she is deemed an affiliate within the meaning of Rule 144 of the Act, the Shares must be held indefinitely unless an exemption
from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such Shares and the Company is under no obligation to register the Shares (or to
file a “re-offer prospectus”). 
 (c) If he or she is deemed an affiliate within the meaning of Rule 144 of the Act, he or she
understands that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to
the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the Shares may be made only in limited amounts in accordance with such terms and conditions. 

13. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company of any personal
data information related to the Restricted Stock Units awarded under this Agreement, for legitimate business purposes (including, without limitation, the administration of the Plan) out of the Participant’s home country and including to
countries with less data protection than the data protection provided by the Participant’s home country. This authorization/consent is freely given by the Participant. 

  
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 14. Section 409A. Any provisions in this Agreement providing for the payment of
“nonqualified deferred compensation” (as defined in Section 409A of the Code and the Treasury regulations thereunder) to the Participant are intended to comply with the requirements of Section 409A of the Code, and this Agreement
shall be interpreted in accordance therewith. Neither party individually or in combination may accelerate or defer the timing of the payment of any such nonqualified deferred compensation, except in compliance with Section 409A of the Code and
this Agreement, and no amount shall be paid prior to the earliest date on which it is permitted to be paid under Section 409A of the Code and this Agreement. In no event whatsoever shall the Company be liable for any additional tax, interest or
penalty that may be imposed on the Participant as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. Whenever a payment under this Agreement may be paid within a specified period, the
actual date of payment within the specified period shall be within the Company’s sole discretion. 
 15. Miscellaneous. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors and assigns. 

(a) This Agreement shall be governed and construed in accordance with the laws of New York (regardless of the law that might otherwise govern
under applicable New York principles of conflict of laws). 
 (b) This Agreement may be executed in one or more counterparts, all of which
taken together shall constitute one contract. 
 (c) The failure of any party hereto at any time to require performance by another party of
any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above. 
  

	
	HENRY SCHEIN, INC.
	
	  

	Michael S. Ettinger
	Senior Vice President, Corporate & Legal Affairs and Chief of Staff, Secretary
	
	Stanley M. Bergman
	
	  

  
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 Appendix A 

This is Appendix A to the Restricted Stock Unit Agreement Pursuant to the Henry Schein, Inc. 2013 Stock Incentive Plan (As Amended and Restated Effective as
of May 14, 2013) (the “RSU Agreement”). For purposes of Section 3 of the RSU Agreement, a “Section 409A Change of Control” shall be deemed to have occurred upon: 

(i) an acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of (A) 50% or more of the then
outstanding Shares or (B) 33% or more of the total combined voting power of the then outstanding voting securities of HSI entitled to vote generally in the election of directors (the “Outstanding HSI Voting Securities”); excluding,
however, the following: (w) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company,
(x) any acquisition by the Company, (y) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or (z) any acquisition by any corporation pursuant to a reorganization, merger,
consolidation or similar corporate transaction (in each case, a “Corporate Transaction”), if, pursuant to such Corporate Transaction, the conditions described in clauses (A), (B) and (C) of paragraph (iii) below are
satisfied; or 
 (ii) within any 12-month period beginning on or after the date of the RSU Agreement, the individuals who constitute the Board immediately
before the beginning of such period (the Board as of the date hereof shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided that for purposes of this
Subsection any individual who becomes a member of the Board subsequent to the date hereof whose election, or nomination for election by HSI’s stockholders, was approved by a vote of at least a majority of those individuals who are members of
the Board and who are also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose
initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Act) or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or 
 (iii) the consummation of a Corporate
Transaction; excluding, however, such a Corporate Transaction pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the outstanding Shares and Outstanding HSI Voting
Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction and the
combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors, in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the
outstanding Shares and Outstanding HSI Voting Securities, as the case may be, (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or the corporation resulting from such Corporate Transaction and
any Person beneficially owning, immediately prior to such Corporate Transaction, directly or indirectly, 33% or more of the outstanding Shares or Outstanding HSI Voting Securities, as the case may be, will beneficially own, directly or indirectly,
33% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the then outstanding securities of such corporation entitled to vote generally in the
election of directors and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

(iv) the sale or other disposition of all or substantially all of the assets of the Company; excluding, however, such sale or other disposition to a
corporation with respect to which, following such sale or 

  
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other disposition, (x) more than 60% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities
of such corporation entitled to vote generally in the election of directors will be then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
outstanding Common Stock and Outstanding HSI Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the outstanding
Common Stock and Outstanding HSI Voting Securities, as the case may be, (y) no Person (other than the Company and any employee benefit plan (or related trust) of the Company or such corporation and any Person beneficially owning, immediately
prior to such sale or other disposition, directly or indirectly, 33% or more of the outstanding Common Stock or Outstanding HSI Voting Securities, as the case may be) will beneficially own, directly or indirectly, 33% or more of, respectively, the
then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (z) individuals who were members
of the Incumbent Board will constitute at least a majority of the members of the board of directors of such corporation. 
 (v) No event set forth herein
shall constitute a “Section 409A Change of Control” unless such event also qualifies as a “change in control event” for purposes of Treasury Regulation § 1.409A-3(i)(5). Accordingly, the definition of “Section 409A
Change of Control” set forth herein shall be limited, construed and interpreted in accordance with Section 409A and the regulations issued thereunder. 

  
 8EX-4.2

 Exhibit 4.2 

PRIVATE AND CONFIDENTIAL 
 DATED

 01 April 2016 

PRUDENTIAL SERVICES LIMITED (1) 

and 
 Penny James (2) 

and 
 PRUDENTIAL PLC (3) 

 
  

EXECUTIVE CONTRACT OF EMPLOYMENT 
  

 

 PARTIES 
  

	(1)	PRUDENTIAL SERVICES LIMITED of Laurence Pountney Hill, EC4R 0HH (the “Company”) and 

  

	(2)	Penny James of [ADDRESS] (the “Executive”) 

  

	(3)	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH (“Prudential”) 

  

	1.	DEFINITIONS 

 In this Agreement unless the context otherwise requires:- 

“Board” means the Board of Directors of Prudential; 

“Commencement Date” means 1 September 2015; 

“Prudential Group” means Prudential and each of its subsidiaries where “subsidiaries” is defined by section 1159 of the Companies Act
2006. 
  

	2.	APPOINTMENT 

  

	(1)	The Company shall employ the Executive and the Executive shall serve the Company as Director of Group Communications of Prudential plc and in other such capacity as may be agreed (“the Appointment”). The
Executive shall report to the Chief Executive Officer and to the Chairman of the Group Risk Committee. 

  

	(2)	The Appointment is deemed to be effective from the Commencement Date and shall, without prejudice to the provisions of clause 9(2), continue unless and until terminated by the Company giving to the Executive not less
than 12 months’ prior written notice to expire at any time or the Executive giving to the Company not less than 12 months’ prior written notice to expire at any time. 

 

	(3)	The Company does not operate a fixed retirement age but, subject to the rules of any Company Pension Scheme of which the Executive is a member, the Executive may give the Company notice to voluntarily retire at any time
from the age of 55. 

  

	3.	DUTIES OF THE EXECUTIVE 

  

	(1)	During the Appointment the Executive shall use her best endeavors to promote the interests of the Company and each company in the Prudential Group and shall carry out her duties with all due expertise, diligence and
technical skill, giving at all times the full benefit of her knowledge and experience. 

  

	(2)	The Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably be assigned or communicated to or
vested in her by the Board consistent with the nature of the Appointment. 

  
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	(3)	Where notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation to provide work for or assign any duties
to the Executive for the whole or any part of the relevant notice period and may require her: 

  

	 	(i)	not to attend any premises of the Company or any other company in the Prudential Group; and/or 

  

	 	(ii)	to resign with immediate effect from any offices she holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or 

 

	 	(iii)	to refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group. 

For the avoidance of doubt, the Company may appoint another individual to carry out the duties of the Executive during all or part of the notice period. 

The provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). For the avoidance of doubt the
Executive will continue to be bound by duties of good faith and fidelity to the Company in any period during which she is not required to attend work. 
  

	(4)	The Board may also suspend all or any of the Executive’s duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged act or default of the Executive.
Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company’s premises during such suspension) providing that: 

 

	 	(i)	the Board on or before such suspension notifies the Executive in writing of such grounds; and 

  

	 	(ii)	during such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement. 

  

	(5)	The Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company within the Prudential Group as the
Company or the Board shall require and of which the Executive is aware. 

  

	(6)	The Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to holding and dealing in the shares of
Prudential Group. The Executive shall also comply with the requirements laid down by all external regulatory bodies. 

  

	(7)	The Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which she resides from time to time in order for the Company to assess, and, if the Company considers it
desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

  
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	4.	PERFORMANCE OF DUTIES 

  

	(1)	During the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of her time, attention and abilities to the business and
interests of the Company or any other company in the Prudential Group as the proper performance of her duties hereunder demands. 

  

	(2)	The Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or interested in any other business or
profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognised stock exchange (not exceeding 5 per cent of the total number or value of such securities from
time to time in issue). 

  

	(3)	The Executive shall perform her duties at such offices of the Company in London or at such other locations as the Company or the Board may from time to time reasonably require. 

 

	5.	REMUNERATION 

  

	(1)	During the Appointment the Company will pay the Executive an annual salary (“Base Salary”) as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears to a bank
nominated by the Executive. The rate of Base Salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. The Company reserves the right to withhold or deduct from the Executive’s
Base Salary any amount owed by the Executive to the Company or any company in the Prudential Group. 

  

	(2)	The Executive shall be eligible to be admitted to membership of the DC Section of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and rules from time
to time governing the scheme. The Scheme is contracted-in to the state second pension scheme and so no contracting-out certificate applies to the Appointment. The Executive’s pensionable pay for the purposes of determining employee
contributions and Prudential’s contributions will be the Executive’s Base Salary. Provision of death in service benefits may be subject to the provision of medical evidence satisfactory to the provider. The Company reserves the right to
amend the DC Section of the Prudential Staff Pension Scheme from time to time. 

  

	(3)	The Executive must notify the Company as early as practicable on the first day of any absence due to sickness or other incapacity. Subject to production, if requested, of medical certificates satisfactory to the
Company, full remuneration will continue to be payable notwithstanding the Executive’s incapacity for work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of
such incapacity. During this period of incapacity, the Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in clause
9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity Scheme as from time to time in force, will apply to the Executive.

  

	(4)	If the Executive needs to undergo a medical examination at the request of the Company, the cost of this will be met by the Company and the Company’s medical adviser will be entitled to receive a copy of any report
produced, to discuss it with the doctor who produced it and to discuss its conclusions with the Company. 

  

	(5)	If the Executive is incapable of performing her duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part of any third party, only when and to
the extent that compensation is recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security, the Executive shall (insofar as lawful) repay to the Company the
amount of any sick pay she has received. 

  
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	(6)	The Executive, her partner and her unmarried children below the age of 18 (or 24 if in full time education) will be eligible free of charge to participate with effect from the Commencement Date until termination of
employment in the Prudential Group medical insurance scheme currently established with PruHealth. 

  

	(7)	The Executive may be eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the applicability and availability of those
benefits generally) which currently include: 

  

	 	(a)	the Annual Incentive Plan (“AIP”); 

  

	 	(b)	long term incentive plans operated by the Group; 

  

	 	(c)	the Prudential Services Ltd Share Incentive Plan (“SIP”); and 

  

	 	(d)	the Prudential Savings Related Share Option Scheme (SAYE Scheme”), 

 details of which have
been supplied to the Executive. The remuneration plans are kept under review and may be altered or withdrawn from time to time. 
 Any
benefits under these plans are non-pensionable. 
  

	(8)	Participation in the Prudential AIP, long term incentive plans, SIP, SAYE and any other incentive arrangement and Savings Related Share Option Scheme is a matter entirely separate from the Executive’s terms and
conditions of employment; the Company has no contractual obligation to invite the Executive’s participation in any plan cycle; and in particular if the Executive’s employment shall terminate for whatever reason (whether lawfully or in
breach of contract) she shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under any scheme which she 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. 

  

	(9)	So far as permitted by law, the Executive shall be entitled to an interest free season ticket loan. 

  

	6.	EXPENSES 

 The Company, on production of the relevant receipts and/or invoices, shall reimburse the
Executive for all traveling, hotel, entertainment and other out-of-pocket expenses properly incurred by her from time to time in the execution of her duties hereunder in accordance with the relevant rules of the Company for the time being in force.

  

	7.	HOLIDAY 

 The Executive shall be entitled to paid time off for breaks away from work in each calendar
year (in addition to statutory holidays) as the proper performance of her duties hereunder permits and in accordance with the guidelines laid down by the Company from time to time. Under normal circumstances this is not expected to exceed six weeks
in any year. 

  
 5 

	8.	POST TERMINATION RESTRICTIONS 

  

	(1)	The Executive undertakes that during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the “Exclusion Period”) she shall not whether on her
own account or otherwise and whether directly or indirectly: 

  

	 	(a)	solicit, interfere with, endeavor to entice away or induce to leave their employment any director or senior manager who is then or was at the date of termination of the Appointment an employee of or engaged by the
Company or any other company within the Prudential Group and with whom the Executive had business dealings during the course of her employment in the 12 month period immediately prior to the termination of the Appointment. Nothing in this clause
shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the Prudential Group; or 

 

	 	(b)	solicit, interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar to those being provided by the
Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time within the year ending on that date, a customer or in the habit of doing business
with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the twelve months before the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in
direct or indirect competition with the business of the Company or any company within the Prudential Group; or 

  

	 	(c)	carry on, set up, be employed, engaged or interested in a business anywhere in the UK, Europe, US or Asia which is or is about to be in competition with the business of the Company or any company within the Prudential
Group as at the date of termination with which the Executive was actively involved during the 12 month period immediately prior to termination of the Appointment. It is agreed that in the event that any such company ceases to be in competition with
the Company and/or any company within the Prudential Group, this clause 8(1)(c) shall, with effect from that date, cease to apply in respect of such company. The provisions of this clause 8(1)(c) shall not, at any time following the termination of
the Appointment, prevent the Executive from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the
seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the Prudential Group. 

  

	(2)	The period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the amount of time during which, if at all, the Company suspends the Employee
under the provision of clause 3(3). 

  

	(3)	The Executive acknowledges and agrees that: 

  

	 	(a)	each of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on her; 

  

	 	(b)	the duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and 

  
 6 

	 	(c)	if any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the interests of the Prudential Group but
would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply within the jurisdiction of that court with such modifications as may be necessary to make
it valid and effective. 

  

	9.	TERMINATION OF EMPLOYMENT 

  

	(1)	The Appointment may be terminated by either party by notice given in accordance with Clause 2. The Company may in its absolute discretion decide to terminate the employment by making a payment of Base Salary in lieu of
any unexpired period of notice and, if any payment by the Company is appropriate, to make the payment either in one lump sum on termination or for payment to be made in equal monthly installments on the usual salary payment dates over the notice
period. During the period of payment of these monthly installments the Executive will be expected to mitigate the position by seeking alternative employment. Should the Executive secure alternative employment which commences while the monthly
installments are being paid the Executive will be required to notify the Company. Should the Executive’s new gross monthly pay be the same or more than the monthly installments the Company will cease to be liable to the Executive in respect of
the remainder of the installments. Should the Executive’s new gross monthly pay be less than the monthly installments the monthly installments will continue but may be reduced to take account of the Executive’s new gross monthly pay.

  

	(2)	Notwithstanding the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive’s continuing obligations under Clauses 8
and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following circumstances, namely: 

 

	 	(a)	if she is or becomes bankrupt or has a receiving order made against her or compounds with her creditors or otherwise takes advantage of any statute for the time being in force offering relief for insolvent debtors; or

  

	 	(b)	if she is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal offence (excluding Road
Traffic offences for which a non custodial sentence is imposed) or commits any serious breach of any of her obligations to the Company or any other company in the Prudential Group (whether under this Agreement or otherwise); or 

 

	 	(c)	if she refuses or neglects to comply with any lawful orders or directions reasonably given to her by the Company or the Board and that failure to comply has material adverse consequences for the Prudential Group; or

  

	 	(d)	if she fails, refuses or neglects to perform substantially the duties of the position which she holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to the reputation of the
Company or any other company within the Prudential Group; or 

  

	 	(e)	if she is prevented from carrying out her duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive; or 

 

	 	(f)	if she commits any serious or repeated breach of any of her obligations under this Agreement or the Appointment. 

  
 7 

	(3)	The Executive shall have no claim against the Company for damages or otherwise by reason of termination pursuant to clause 9(2). Any delay or forbearance by the Company in exercising any such right of termination
shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right. 

  

	(4)	Without prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 2006, if at any time during this Agreement the Executive’s employment is terminated by reason of reconstruction or
amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no less favourable than the terms of this Agreement and of similar
status then the Executive shall have no claim against the Company in respect of the termination of the Appointment. 

  

	(5)	The Executive shall promptly deliver to the Company upon the date of termination: 

  

	 	(a)	any property provided by the Company or any other company within the Prudential Group; and 

  

	 	(b)	all lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by her or have come into her possession in the course of her employment and the
Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on request make available copies of board minutes and supporting documents which the
Executive reasonably requires in connection with any legal or regulatory proceedings in which she is or may become involved. 

  

	10.	EXECUTIVE’S POSITION AS DIRECTOR 

  

	(1)	The duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and (subject to sub-clause (2) below)
shall be separate from and additional to her duties pursuant to the Appointment. The Executive’s salary under this Agreement is inclusive of any remuneration to which the Executive may be entitled as a director of Prudential or any other
company within the Prudential Group. 

  

	(2)	If the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by rotation pursuant to the
Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such
removal or cessation shall automatically constitute the Company giving notice to terminate the Appointment within the provisions of clause 2(2). 

  

	(3)	Upon termination of the Appointment for whatever reason the Executive shall forthwith in writing resign her position as a director of Prudential and of any other company within the Prudential Group, without compensation
for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement. 

  

	(4)	If the Executive fails to comply with her obligations in sub-clause 10(3) hereof, she hereby irrevocably authorises Prudential to appoint some person in her name and on her behalf to sign any documents and/or do all
things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

  
 8 

	11.	CONFIDENTIAL INFORMATION 

  

	(1)	The Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential Group or, except in the proper course
of her duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential Group which may have come to her knowledge during her employment. For the purposes of this
Agreement “Confidential Information” shall include, without limitation, details of suppliers and their terms of business, details of customers, prices charged to and terms of business with customers, marketing plans and sales forecasts,
any proposals relating to the acquisition or disposal of a company or business or any part thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be
classified as confidential, but so that these instructions shall cease to apply to any information which shall become available generally otherwise than through the fault of the Executive. The restrictions in this clause shall not apply:

  

	 	(i)	to any disclosure or use authorised by the Board or required by law or by the Appointment; or 

  

	 	(ii)	so as to prevent the Executive from using her own personal skill in any business in which she may be lawfully engaged after the Appointment is ended, or 

 

	 	(iii)	to prevent the Executive making a protected disclosure within the meaning of s43A of the Employment Rights Act 1996. 

  

	(2)	The Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in non-electronic form) from Prudential’s
premises only to the extent it is strictly necessary for the proper performance of her duties hereunder. The Executive will comply with the Company’s standards relating to confidentiality of information in electronic form. 

 

	12.	GRATUITIES AND CODES OF CONDUCT 

  

	(1)	Without the Company’s permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is likely to have a business
relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social events undertaken in the normal course of the Executive’s duties and
in accordance with any directions given by the Company. 

  

	(2)	The Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant regulatory body. 

 

	13.	DATA PROTECTION 

  

	(1)	The Executive consents to the Company and any company within the Prudential Group processing data relating to her at any time (whether before, during or after the Employment) for the following purposes:

  

	 	(i)	performing its obligations under the Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and national insurance obligations); 

 

	 	(ii)	the legitimate interests of the Company and any company within the Prudential Group including for the purposes of any sickness policy, working time policy, investigating acts or defaults (or alleged or suspected acts or
defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive; 

  
 9 

	 	(iii)	processing in connection with any corporate transaction in which the Company or any company within the Prudential Group is involved or any transfer of any business in which the Executive performs her duties; and

  

	 	(iv)	transferring data to countries outside the European Economic Area for any of the purposes referred to in (i), (ii) or (iii) above. 

 

	(2)	The Executive explicitly consents to the Company and any company within the Prudential Group processing sensitive personal data (within the meaning of the Data Protection Act 1998) at any time (whether before, during or
after the Appointment) for the following purposes: 

  

	 	(i)	where the sensitive personal data relates to the Executive’s health, any processing in connection with the operation of the sickness policy of the Company (or any company within the Prudential Group) or any
relevant pension scheme or monitoring absence; 

  

	 	(ii)	where the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of the disciplinary purposes of the Company or of any
company within the Prudential Group; 

  

	 	(iii)	for all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any company within the Prudential Group is involved or any transfer of
any business in which the Executive performs her duties; and 

  

	 	(iv)	for all sensitive personal data, any processing in the legitimate interests of the Company or any company within the Prudential Group. 

 

	14.	ASSIGNMENT 

 The Company may assign its interest in this Agreement to any other company within the
Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 
  

	15.	STATUTORY REQUIREMENTS 

 The Executive shall also be subject to the terms set out in Schedule I attached
to this Agreement in connection with the Employment Rights Act 1996. 
  

	16.	NOTICES 

 Any notice or other document to be given hereunder shall either be delivered personally or be
sent by first class recorded delivery or fax. The address for service on the Company shall be its registered office for the time being and the address for service on the Executive shall be her last known place of residence. A notice shall be deemed
to have been served as follows:- 
  

	 	(a)	if personally delivered, at the time of delivery; 

  

	 	(b)	if posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities; 

 

	 	(c)	if sent by fax, at the time of dispatch. 

  
 10 

 In proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope
containing such notice was properly addressed and delivered into the custody of the postal authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

 

	17.	MISCELLANEOUS 

  

	(1)	This Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance upon any representation warranty or
undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive. 

  

	(2)	Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made. 

 

	(3)	The headings shall be disregarded in construing this Agreement. 

 IN WITNESS the hands of the Executive and of
the duly authorised representative of the Company on the date first above written. 
 SIGNED by Mike Wells 

on behalf of PRUDENTIAL PLC 
 /s/ Mike Wells 

In the presence of:- 
 /s/ 

Date: 
 SIGNED by Penny James 

/s/ Penny James 
 In the presence of:- 

/s/ 
 Date: 

  
 11 

 SIGNED by Tim Rolfe 

on behalf of PRUDENTIAL SERVICES LIMITED 
 /s/ Tim Rolfe 

In the presence of:- 
 /s/ 

Date: 

  
 12 

 SCHEDULE I 

In accordance with the Employment Rights Act 1996, the following terms of the Executive’s appointment apply on the date of the Agreement as provided
therein:- 
  

	 	(a)	Remuneration - Clause 5(1) 

  

	 	(b)	Hours of Work - There are no fixed hours of work - Clause 4 

  

	 	(c)	Holidays - Clause 7 

  

	 	(d)	Sickness and Injury - the Executive is entitled to be paid during any period of absence from work due to sickness or injury, subject however to the provisions of sub-clause 5(3) 

 

	 	(e)	Pension Arrangements - Clause 5(2) 

  

	 	(f)	Notice - Clause 2(2) 

  

	 	(g)	Job Title - Clause 2(1) 

  

	 	(h)	Grievance Procedure - If the Executive seeks to redress any grievance relating to her employment she should apply in writing to the Chief Executive of the Prudential Group. 

 

	 	(i)	Disciplinary Procedure - There are no disciplinary rules applicable to senior executives so that any disciplinary action relevant to the Executive will be considered and handled according to the particular
circumstances and the Executive’s position. Should the Executive be dissatisfied with any disciplinary decision he/she should appeal in writing to the Chief Executive of the Prudential Group. 

 

	 	(j)	Date of Commencement of Employment - The date of commencement of this appointment is the Commencement Date - Clause 1. The date of continuous service (i.e. date of joining the Prudential Group) is 28 March
2011. 

  

	 	(k)	Place of work - Clause 4(3). 

  

	 	(l)	Collective Agreements which directly affect the Executive’s terms and conditions - none. 

  
 13 

 Definitions 

In this letter: 
 “Board” means the board of directors
of Prudential or a duly constituted committee of the board of directors of Prudential; 
 “Prudential” means Prudential plc; 

“Prudential Group” means Prudential and each of its subsidiaries as “subsidiaries” is defined by section 1159 of the Companies Act 2006;
and 
 “Remuneration Committee” means a duly constituted remuneration committee of the Board. 

  
 14 

 Exhibit 4.2 

PRIVATE AND CONFIDENTIAL 
 DATED

 01 April 2016 

PRUDENTIAL SERVICES LIMITED (1) 

and 
 Mike Wells (2) 

and 
 PRUDENTIAL PLC (3) 

 
  

EXECUTIVE CONTRACT OF EMPLOYMENT 
  

 

 PARTIES 
  

	(1)	PRUDENTIAL SERVICES LIMITED of Laurence Pountney Hill, EC4R 0HH (the “Company”) and 

  

	(2)	MIKE WELLS of [ADDRESS] . (the “Executive”) 

  

	(3)	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH (“Prudential”) 

  

	1.	DEFINITIONS 

 In this Agreement unless the context otherwise requires:- 

“Board” means the Board of Directors of Prudential; 

“Commencement Date” means 1 June 2015; 

“Prudential Group” means Prudential and each of its subsidiaries where “subsidiaries” is defined by section 1159 of the Companies Act
2006. 
  

	2.	APPOINTMENT 

  

	(1)	The Company shall employ the Executive and the Executive shall serve the Company as Group Chief Executive of Prudential plc and in other such capacity as may be agreed (“the Appointment”). The Executive shall
report to the Board. 

  

	(2)	The Appointment is deemed to be effective from the Commencement Date and shall, without prejudice to the provisions of clause 9(2), continue unless and until terminated by the Company giving to the Executive not less
than 12 months’ prior written notice to expire at any time or the Executive giving to the Company not less than 12 months’ prior written notice to expire at any time. 

 

	(3)	The Company does not operate a fixed retirement age but, subject to the rules of any Company Pension Scheme of which the Executive is a member, the Executive may give the Company notice to voluntarily retire at any time
from the age of 55. 

  

	3.	DUTIES OF THE EXECUTIVE 

  

	(1)	During the Appointment the Executive shall use his best endeavors to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with all due expertise, diligence and
technical skill, giving at all times the full benefit of his knowledge and experience. 

  

	(2)	The Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably be assigned or communicated to or
vested in him by the Board consistent with the nature of the Appointment. 

  
 2 

	(3)	Where notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation to provide work for or assign any duties
to the Executive for the whole or any part of the relevant notice period and may require him: 

  

	 	(i)	not to attend any premises of the Company or any other company in the Prudential Group; and/or 

  

	 	(ii)	to resign with immediate effect from any offices he holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or 

 

	 	(iii)	to refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group. 

For the avoidance of doubt, the Company may appoint another individual to carry out the duties of the Executive during all or part of the notice period. 

The provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). For the avoidance of doubt the
Executive will continue to be bound by duties of good faith and fidelity to the Company in any period during which he is not required to attend work. 
  

	(4)	The Board may also suspend all or any of the Executive’s duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged act or default of the Executive.
Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company’s premises during such suspension) providing that: 

 

	 	(i)	the Board on or before such suspension notifies the Executive in writing of such grounds; and 

  

	 	(ii)	during such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement. 

  

	(5)	The Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company within the Prudential Group as the
Company or the Board shall require and of which the Executive is aware. 

  

	(6)	The Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to holding and dealing in the shares of
Prudential Group. The Executive shall also comply with the requirements laid down by all external regulatory bodies. 

  

	(7)	The Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess, and, if the Company considers it
desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

  

	4.	PERFORMANCE OF DUTIES 

  

	(1)	During the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time, attention and abilities to the business and
interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands. 

  
 3 

	(2)	The Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or interested in any other business or
profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognised stock exchange (not exceeding 5 per cent of the total number or value of such securities from
time to time in issue). 

  

	(3)	The Executive shall perform his duties at such offices of the Company in London or at such other locations as the Company or the Board may from time to time reasonably require. 

 

	5.	REMUNERATION 

  

	(1)	During the Appointment the Company will pay the Executive an annual salary (“Base Salary”) as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears to a bank
nominated by the Executive. The rate of Base Salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. The Company reserves the right to withhold or deduct from the Executive’s
Base Salary any amount owed by the Executive to the Company or any company in the Prudential Group. 

  

	(2)	The Executive shall be eligible to be admitted to membership of the DC Section of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to the trust deed and rules from time
to time governing the scheme. The Scheme is contracted-in to the state second pension scheme and so no contracting-out certificate applies to the Appointment. The Executive’s pensionable pay for the purposes of determining employee
contributions and Prudential’s contributions will be the Executive’s Base Salary. Provision of death in service benefits may be subject to the provision of medical evidence satisfactory to the provider. The Company reserves the right to
amend the DC Section of the Prudential Staff Pension Scheme from time to time. 

  

	(3)	The Executive must notify the Company as early as practicable on the first day of any absence due to sickness or other incapacity. Subject to production, if requested, of medical certificates satisfactory to the
Company, full remuneration will continue to be payable notwithstanding the Executive’s incapacity for work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of
such incapacity. During this period of incapacity, the Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in clause
9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity Scheme as from time to time in force, will apply to the Executive.

  

	(4)	If the Executive needs to undergo a medical examination at the request of the Company, the cost of this will be met by the Company and the Company’s medical adviser will be entitled to receive a copy of any report
produced, to discuss it with the doctor who produced it and to discuss its conclusions with the Company. 

  

	(5)	If the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part of any third party, only when and to
the extent that compensation is recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security, the Executive shall (insofar as lawful) repay to the Company the
amount of any sick pay he has received. 

  
 4 

	(6)	The Executive, his partner and his unmarried children below the age of 18 (or 24 if in full time education) will be eligible free of charge to participate with effect from the Commencement Date until termination of
employment in the Prudential Group medical insurance scheme currently established with PruHealth. 

  

	(7)	The Executive may be eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the applicability and availability of those
benefits generally) which currently include: 

  

	 	(a)	the Annual Incentive Plan (“AIP”); 

  

	 	(b)	long term incentive plans operated by the Group; 

  

	 	(c)	the Prudential Services Ltd Share Incentive Plan (“SIP”); and 

  

	 	(d)	the Prudential Savings Related Share Option Scheme (SAYE Scheme”), 

 details of which have
been supplied to the Executive. The remuneration plans are kept under review and may be altered or withdrawn from time to time. 
 Any
benefits under these plans are non-pensionable. 
  

	(8)	Participation in the Prudential AIP, long term incentive plans, SIP, SAYE and any other incentive arrangement and Savings Related Share Option Scheme is a matter entirely separate from the Executive’s terms and
conditions of employment; the Company has no contractual obligation to invite the Executive’s participation in any plan cycle; and in particular if the Executive’s employment shall terminate for whatever reason (whether lawfully or in
breach of contract) he shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under any scheme 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. 

  

	(9)	So far as permitted by law, the Executive shall be entitled to an interest free season ticket loan. 

  

	6.	EXPENSES 

 The Company, on production of the relevant receipts and/or invoices, shall reimburse the
Executive for all traveling, hotel, entertainment and other out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time being in force.

  

	7.	HOLIDAY 

 The Executive shall be entitled to paid time off for breaks away from work in each calendar
year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the guidelines laid down by the Company from time to time. Under normal circumstances this is not expected to exceed six weeks
in any year. 

  
 5 

	8.	POST TERMINATION RESTRICTIONS 

  

	(1)	The Executive undertakes that during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the “Exclusion Period”) he shall not whether on his own
account or otherwise and whether directly or indirectly: 

  

	 	(a)	solicit, interfere with, endeavor to entice away or induce to leave their employment any director or senior manager who is then or was at the date of termination of the Appointment an employee of or engaged by the
Company or any other company within the Prudential Group and with whom the Executive had business dealings during the course of his employment in the 12 month period immediately prior to the termination of the Appointment. Nothing in this clause
shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the Prudential Group; or 

 

	 	(b)	solicit, interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar to those being provided by the
Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time within the year ending on that date, a customer or in the habit of doing business
with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the twelve months before the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in
direct or indirect competition with the business of the Company or any company within the Prudential Group; or 

  

	 	(c)	carry on, set up, be employed, engaged or interested in a business anywhere in the UK, Europe, US or Asia which is or is about to be in competition with the business of the Company or any company within the Prudential
Group as at the date of termination with which the Executive was actively involved during the 12 month period immediately prior to termination of the Appointment. It is agreed that in the event that any such company ceases to be in competition with
the Company and/or any company within the Prudential Group, this clause 8(1)(c) shall, with effect from that date, cease to apply in respect of such company. The provisions of this clause 8(1)(c) shall not, at any time following the termination of
the Appointment, prevent the Executive from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the
seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the Prudential Group. 

  

	(2)	The period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the amount of time during which, if at all, the Company suspends the Employee
under the provision of clause 3(3). 

  

	(3)	The Executive acknowledges and agrees that: 

  

	 	(a)	each of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on him; 

  

	 	(b)	the duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and 

 

	 	(c)	if any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the interests of the Prudential Group but
would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply within the jurisdiction of that court with such modifications as may be necessary to make
it valid and effective. 

  
 6 

	9.	TERMINATION OF EMPLOYMENT 

  

	(1)	The Appointment may be terminated by either party by notice given in accordance with Clause 2. The Company may in its absolute discretion decide to terminate the employment by making a payment of Base Salary in lieu of
any unexpired period of notice and, if any payment by the Company is appropriate, to make the payment either in one lump sum on termination or for payment to be made in equal monthly installments on the usual salary payment dates over the notice
period. During the period of payment of these monthly installments the Executive will be expected to mitigate the position by seeking alternative employment. Should the Executive secure alternative employment which commences while the monthly
installments are being paid the Executive will be required to notify the Company. Should the Executive’s new gross monthly pay be the same or more than the monthly installments the Company will cease to be liable to the Executive in respect of
the remainder of the installments. Should the Executive’s new gross monthly pay be less than the monthly installments the monthly installments will continue but may be reduced to take account of the Executive’s new gross monthly pay.

  

	(2)	Notwithstanding the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive’s continuing obligations under Clauses 8
and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following circumstances, namely: 

 

	 	(a)	if he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering relief for insolvent debtors; or

  

	 	(b)	if he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal offence (excluding Road Traffic
offences for which a non custodial sentence is imposed) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or otherwise); or 

 

	 	(c)	if he refuses or neglects to comply with any lawful orders or directions reasonably given to him by the Company or the Board and that failure to comply has material adverse consequences for the Prudential Group; or

  

	 	(d)	if he fails, refuses or neglects to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to the reputation of the
Company or any other company within the Prudential Group; or 

  

	 	(e)	if he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive; or 

 

	 	(f)	if he commits any serious or repeated breach of any of his obligations under this Agreement or the Appointment. 

  

	(3)	The Executive shall have no claim against the Company for damages or otherwise by reason of termination pursuant to clause 9(2). Any delay or forbearance by the Company in exercising any such right of termination shall
not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right. 

  
 7 

	(4)	Without prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 2006, if at any time during this Agreement the Executive’s employment is terminated by reason of reconstruction or
amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no less favourable than the terms of this Agreement and of similar
status then the Executive shall have no claim against the Company in respect of the termination of the Appointment. 

  

	(5)	The Executive shall promptly deliver to the Company upon the date of termination: 

  

	 	(a)	any property provided by the Company or any other company within the Prudential Group; and 

  

	 	(b)	all lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the course of his employment and the
Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on request make available copies of board minutes and supporting documents which the
Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become involved. 

  

	10.	EXECUTIVE’S POSITION AS DIRECTOR 

  

	(1)	The duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and (subject to sub-clause (2) below)
shall be separate from and additional to his duties pursuant to the Appointment. The Executive’s salary under this Agreement is inclusive of any remuneration to which the Executive may be entitled as a director of Prudential or any other
company within the Prudential Group. 

  

	(2)	If the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by rotation pursuant to the
Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such
removal or cessation shall automatically constitute the Company giving notice to terminate the Appointment within the provisions of clause 2(2). 

  

	(3)	Upon termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the Prudential Group, without compensation
for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement. 

  

	(4)	If the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and on his behalf to sign any documents and/or do all
things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

  

	11.	CONFIDENTIAL INFORMATION 

  

	(1)	 The Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other
company within the Prudential Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company

  
 8 

	 	
within the Prudential Group which may have come to his knowledge during his employment. For the purposes of this Agreement “Confidential Information” shall include, without limitation,
details of suppliers and their terms of business, details of customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or
any part thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these instructions shall cease to apply to any
information which shall become available generally otherwise than through the fault of the Executive. The restrictions in this clause shall not apply: 

  

	 	(i)	to any disclosure or use authorised by the Board or required by law or by the Appointment; or 

  

	 	(ii)	so as to prevent the Executive from using his own personal skill in any business in which he may be lawfully engaged after the Appointment is ended, or 

 

	 	(iii)	to prevent the Executive making a protected disclosure within the meaning of s43A of the Employment Rights Act 1996. 

  

	(2)	The Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in non-electronic form) from Prudential’s
premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company’s standards relating to confidentiality of information in electronic form. 

 

	12.	GRATUITIES AND CODES OF CONDUCT 

  

	(1)	Without the Company’s permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is likely to have a business
relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social events undertaken in the normal course of the Executive’s duties and
in accordance with any directions given by the Company. 

  

	(2)	The Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant regulatory body. 

 

	13.	DATA PROTECTION 

  

	(1)	The Executive consents to the Company and any company within the Prudential Group processing data relating to him at any time (whether before, during or after the Employment) for the following purposes:

  

	 	(i)	performing its obligations under the Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and national insurance obligations); 

 

	 	(ii)	the legitimate interests of the Company and any company within the Prudential Group including for the purposes of any sickness policy, working time policy, investigating acts or defaults (or alleged or suspected acts or
defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive; 

  
 9 

	 	(iii)	processing in connection with any corporate transaction in which the Company or any company within the Prudential Group is involved or any transfer of any business in which the Executive performs his duties; and

  

	 	(iv)	transferring data to countries outside the European Economic Area for any of the purposes referred to in (i), (ii) or (iii) above. 

 

	(2)	The Executive explicitly consents to the Company and any company within the Prudential Group processing sensitive personal data (within the meaning of the Data Protection Act 1998) at any time (whether before, during or
after the Appointment) for the following purposes: 

  

	 	(i)	where the sensitive personal data relates to the Executive’s health, any processing in connection with the operation of the sickness policy of the Company (or any company within the Prudential Group) or any
relevant pension scheme or monitoring absence; 

  

	 	(ii)	where the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of the disciplinary purposes of the Company or of any
company within the Prudential Group; 

  

	 	(iii)	for all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any company within the Prudential Group is involved or any transfer of
any business in which the Executive performs his duties; and 

  

	 	(iv)	for all sensitive personal data, any processing in the legitimate interests of the Company or any company within the Prudential Group. 

 

	14.	ASSIGNMENT 

 The Company may assign its interest in this Agreement to any other company within the
Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 
  

	15.	STATUTORY REQUIREMENTS 

 The Executive shall also be subject to the terms set out in Schedule I attached
to this Agreement in connection with the Employment Rights Act 1996. 
  

	16.	NOTICES 

 Any notice or other document to be given hereunder shall either be delivered personally or be
sent by first class recorded delivery or fax. The address for service on the Company shall be its registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed
to have been served as follows:- 
  

	 	(a)	if personally delivered, at the time of delivery; 

  

	 	(b)	if posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities; 

 

	 	(c)	if sent by fax, at the time of dispatch. 

 In proving such service it shall be sufficient to prove that
personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and
dispatched as the case may be. 

  
 10 

	17.	MISCELLANEOUS 

  

	(1)	This Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance upon any representation warranty or
undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive. 

  

	(2)	Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made. 

 

	(3)	The headings shall be disregarded in construing this Agreement. 

 IN WITNESS the hands of the Executive and of
the duly authorised representative of the Company on the date first above written. 

  
 11 

 SIGNED by Paul Manduca 

on behalf of PRUDENTIAL PLC 

/s/ Paul Manduca 

In the presence of:- 

/s/ 

Date: 
 SIGNED by Mike Wells

 /s/ Mike Wells 
 In the presence of:- 

/s/ 
 Date: 

SIGNED by Tim Rolfe 
 on behalf of PRUDENTIAL SERVICES LIMITED

 /s/ Tim Rolfe 
 In the presence of:- 

/s/ 
 Date: 

  
 12 

 SCHEDULE I 

In accordance with the Employment Rights Act 1996, the following terms of the Executive’s appointment apply on the date of the Agreement as provided
therein:- 
  

	 	(a)	Remuneration - Clause 5(1) 

  

	 	(b)	Hours of Work - There are no fixed hours of work - Clause 4 

  

	 	(c)	Holidays - Clause 7 

  

	 	(d)	Sickness and Injury - the Executive is entitled to be paid during any period of absence from work due to sickness or injury, subject however to the provisions of sub-clause 5(3) 

 

	 	(e)	Pension Arrangements - Clause 5(2) 

  

	 	(f)	Notice - Clause 2(2) 

  

	 	(g)	Job Title - Clause 2(1) 

  

	 	(h)	Grievance Procedure - If the Executive seeks to redress any grievance relating to his employment he should apply in writing to the Chief Executive of the Prudential Group. 

 

	 	(i)	Disciplinary Procedure - There are no disciplinary rules applicable to senior executives so that any disciplinary action relevant to the Executive will be considered and handled according to the particular
circumstances and the Executive’s position. Should the Executive be dissatisfied with any disciplinary decision he/she should appeal in writing to the Chief Executive of the Prudential Group. 

 

	 	(j)	Date of Commencement of Employment - The date of commencement of this appointment is the Commencement Date - Clause 1. The date of continuous service (i.e. date of joining the Prudential Group) is 1 June
1995. 

  

	 	(k)	Place of work - Clause 4(3). 

  

	 	(l)	Collective Agreements which directly affect the Executive’s terms and conditions - none. 

  
 13 

 Definitions 

In this letter: 
 “Board” means the board of directors
of Prudential or a duly constituted committee of the board of directors of Prudential; 
 “Prudential” means Prudential plc; 

“Prudential Group” means Prudential and each of its subsidiaries as “subsidiaries” is defined by section 1159 of the Companies Act 2006;
and 
 “Remuneration Committee” means a duly constituted remuneration committee of the Board. 

  
 14 

 Exhibit 4.2 

PRIVATE AND CONFIDENTIAL 
 DATED

 01 June 2015 
 PRUDENTIAL
SERVICES LIMITED (1) 
 and 

Tony Wilkey (2) 
 and 

PRUDENTIAL PLC (3) 
  

 
 EXECUTIVE
CONTRACT OF EMPLOYMENT 
  
  

 PARTIES 
  

	(1)	PRUDENTIAL SERVICES LIMITED of Laurence Pountney Hill, EC4R 0HH (the “Company”) and 

  

	(2)	Tony Wilkey of [ADDRESS] (the “Executive”) 

  

	(3)	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH (“Prudential”) 

  

	1.	DEFINITIONS 

 In this Agreement unless the context otherwise requires:- 

“Board” means the Board of Directors of Prudential; 

“Commencement Date” means 1 June 2015; 

“Prudential Group” means Prudential and each of its subsidiaries where “subsidiaries” is defined by section 1159 of the Companies Act
2006. 
  

	2.	APPOINTMENT 

  

	(1)	The Company shall employ the Executive and the Executive shall serve the Company as Chief Executive Officer, Prudential Corporation Asia and in other such capacity as may be agreed (“the Appointment”). The
Executive shall report to the Group Chief Executive. 

  

	(2)	The Appointment is deemed to be effective from the Commencement Date and shall, without prejudice to the provisions of clause 9(2), continue unless and until terminated by the Company giving to the Executive not less
than 12 months’ prior written notice to expire at any time or the Executive giving to the Company not less than 12 months’ prior written notice to expire at any time. 

 

	(3)	The Company does not operate a fixed retirement age but, subject to the rules of any Company Pension Scheme of which the Executive is a member, the Executive may give the Company notice to voluntarily retire at any time
from the age of 55. 

  

	3.	DUTIES OF THE EXECUTIVE 

  

	(1)	During the Appointment the Executive shall use his best endeavors to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with all due expertise, diligence and
technical skill, giving at all times the full benefit of his knowledge and experience. 

  

	(2)	The Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably be assigned or communicated to or
vested in him by the Board consistent with the nature of the Appointment. 

  

	(3)	Where notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation to provide work for or assign any duties
to the Executive for the whole or any part of the relevant notice period and may require him: 

  

  
 2 

	 	(i)	not to attend any premises of the Company or any other company in the Prudential Group; and/or 

  

	 	(ii)	to resign with immediate effect from any offices he holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or 

 

	 	(iii)	to refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group. 

For the avoidance of doubt, the Company may appoint another individual to carry out the duties of the Executive during all or part of the notice period. 

The provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). For the avoidance of doubt the
Executive will continue to be bound by duties of good faith and fidelity to the Company in any period during which he is not required to attend work. 
  

	(4)	The Board may also suspend all or any of the Executive’s duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged act or default of the Executive.
Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company’s premises during such suspension) providing that: 

 

	 	(i)	the Board on or before such suspension notifies the Executive in writing of such grounds; and 

  

	 	(ii)	during such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement. 

  

	(5)	The Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company within the Prudential Group as the
Company or the Board shall require and of which the Executive is aware. 

  

	(6)	The Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to holding and dealing in the shares of
Prudential Group. The Executive shall also comply with the requirements laid down by all external regulatory bodies. 

  

	(7)	The Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess, and, if the Company considers it
desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

  

	4.	PERFORMANCE OF DUTIES 

  

	(1)	During the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time, attention and abilities to the business and
interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands. 

  
 3 

	(2)	The Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or interested in any other business or
profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognised stock exchange (not exceeding 5 per cent of the total number or value of such securities from
time to time in issue). 

  

	(3)	The Executive shall perform his duties at such offices of the Company in London or at such other locations as the Company or the Board may from time to time reasonably require. 

 

	5.	REMUNERATION 

  

	(1)	During the Appointment the Company will pay the Executive an annual salary (“Base Salary”) as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears to a bank
nominated by the Executive. The rate of Base Salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. The Company reserves the right to withhold or deduct from the Executive’s
Base Salary any amount owed by the Executive to the Company or any company in the Prudential Group. 

  

	(2)	Subject to the condition below, the Executive will be provided with: 

  

	 	(i)	a retirement benefit allowance of 25% of salary; and 

  

	 	(ii)	A death in service benefit equal to 4 times your basic salary. This benefit is subject to medical underwriting. 

Payment of the retirement benefit allowance is subject to the Executive’s undertaking that he will use the retirement benefit allowance to
provide income and/or capital for himself in retirement. By signing this Agreement, the Executive gives that undertaking. 
 The
Executive’s retirement benefit allowance will be paid as a salary supplement. 
  

	(3)	The Executive must notify the Company as early as practicable on the first day of any absence due to sickness or other incapacity. Subject to production, if requested, of medical certificates satisfactory to the
Company, full remuneration will continue to be payable notwithstanding the Executive’s incapacity for work due to sickness or accident (unless and until the Appointment shall be determined under any terms hereof) for the first six months of
such incapacity. During this period of incapacity, the Company shall only give notice terminating the Appointment on grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in clause
9(2). Thereafter the Company may at its discretion discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity Scheme as from time to time in force, will apply to the Executive.

  

	(4)	If the Executive needs to undergo a medical examination at the request of the Company, the cost of this will be met by the Company and the Company’s medical adviser will be entitled to receive a copy of any report
produced, to discuss it with the doctor who produced it and to discuss its conclusions with the Company. 

  

	(5)	If the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part of any third party, only when and to
the extent that compensation is recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security, the Executive shall (insofar as lawful) repay to the Company the
amount of any sick pay he has received. 

  
 4 

	(6)	The Executive, his partner and his unmarried children below the age of 18 (or 24 if in full time education) will be eligible free of charge to participate with effect from the Commencement Date until termination of
employment in the Prudential Group medical insurance scheme. 

  

	(7)	The Executive may be eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the applicability and availability of those
benefits generally) which currently include: 

  

	 	(a)	the Annual Incentive Plan (“AIP”); 

  

	 	(b)	long term incentive plans operated by the Group; and 

  

	 	(c)	the PCA All Employee Share Plan (“PRUSharePlus”). 

 details of which have been
supplied to the Executive. The remuneration plans are kept under review and may be altered or withdrawn from time to time. 
 Any benefits
under these plans are non-pensionable. 
  

	(8)	Participation in the Prudential AIP, long term incentive plans and any other incentive arrangement and Savings Related Share Option Scheme is a matter entirely separate from the Executive’s terms and conditions of
employment; the Company has no contractual obligation to invite the Executive’s participation in any plan cycle; and in particular if the Executive’s employment shall terminate for whatever reason (whether lawfully or in breach of
contract) he shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under any scheme 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. 

  

	6.	EXPENSES 

 The Company, on production of the relevant receipts and/or invoices, shall reimburse the
Executive for all traveling, hotel, entertainment and other out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time being in force.

  

	7.	HOLIDAY 

 The Executive shall be entitled to paid time off for breaks away from work in each calendar
year (in addition to statutory holidays) as the proper performance of his duties hereunder permits and in accordance with the guidelines laid down by the Company from time to time. Under normal circumstances this is not expected to exceed six weeks
in any year. 
  

	8.	POST TERMINATION RESTRICTIONS 

  

	(1)	The Executive undertakes that during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the “Exclusion Period”) he shall not whether on his own
account or otherwise and whether directly or indirectly: 

  

	 	(a)	 solicit, interfere with, endeavor to entice away or induce to leave their employment any director or senior manager who is then or was at the date of
termination of the 

  
 5 

	 	
Appointment an employee of or engaged by the Company or any other company within the Prudential Group and with whom the Executive had business dealings during the course of his employment in the
12 month period immediately prior to the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the
Prudential Group; or 

  

	 	(b)	solicit, interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar to those being provided by the
Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time within the year ending on that date, a customer or in the habit of doing business
with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the twelve months before the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in
direct or indirect competition with the business of the Company or any company within the Prudential Group; or 

  

	 	(c)	carry on, set up, be employed, engaged or interested in a business anywhere in the UK, Europe, US or Asia which is or is about to be in competition with the business of the Company or any company within the Prudential
Group as at the date of termination with which the Executive was actively involved during the 12 month period immediately prior to termination of the Appointment. It is agreed that in the event that any such company ceases to be in competition with
the Company and/or any company within the Prudential Group, this clause 8(1)(c) shall, with effect from that date, cease to apply in respect of such company. The provisions of this clause 8(1)(c) shall not, at any time following the termination of
the Appointment, prevent the Executive from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the
seeking or doing of business not in direct or indirect competition with the business of the Company or any company within the Prudential Group. 

  

	(2)	The period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the amount of time during which, if at all, the Company suspends the Employee
under the provision of clause 3(3). 

  

	(3)	The Executive acknowledges and agrees that: 

  

	 	(a)	each of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on him; 

  

	 	(b)	the duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and 

 

	 	(c)	if any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the interests of the Prudential Group but
would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply within the jurisdiction of that court with such modifications as may be necessary to make
it valid and effective. 

  
 6 

	9.	TERMINATION OF EMPLOYMENT 

  

	(1)	The Appointment may be terminated by either party by notice given in accordance with Clause 2. The Company may in its absolute discretion decide to terminate the employment by making a payment of Base Salary in lieu of
any unexpired period of notice and, if any payment by the Company is appropriate, to make the payment either in one lump sum on termination or for payment to be made in equal monthly installments on the usual salary payment dates over the notice
period. During the period of payment of these monthly installments the Executive will be expected to mitigate the position by seeking alternative employment. Should the Executive secure alternative employment which commences while the monthly
installments are being paid the Executive will be required to notify the Company. Should the Executive’s new gross monthly pay be the same or more than the monthly installments the Company will cease to be liable to the Executive in respect of
the remainder of the installments. Should the Executive’s new gross monthly pay be less than the monthly installments the monthly installments will continue but may be reduced to take account of the Executive’s new gross monthly pay.

  

	(2)	Notwithstanding the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive’s continuing obligations under Clauses 8
and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following circumstances, namely: 

 

	 	(a)	if he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering relief for insolvent debtors; or

  

	 	(b)	if he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal offence (excluding Road Traffic
offences for which a non custodial sentence is imposed) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or otherwise); or 

 

	 	(c)	if he refuses or neglects to comply with any lawful orders or directions reasonably given to him by the Company or the Board and that failure to comply has material adverse consequences for the Prudential Group; or

  

	 	(d)	if he fails, refuses or neglects to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to the reputation of the
Company or any other company within the Prudential Group; or 

  

	 	(e)	if he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive; or 

 

	 	(f)	if he commits any serious or repeated breach of any of his obligations under this Agreement or the Appointment. 

  

	(3)	The Executive shall have no claim against the Company for damages or otherwise by reason of termination pursuant to clause 9(2). Any delay or forbearance by the Company in exercising any such right of termination shall
not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right. 

  
 7 

	(4)	Without prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 2006, if at any time during this Agreement the Executive’s employment is terminated by reason of reconstruction or
amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no less favourable than the terms of this Agreement and of similar
status then the Executive shall have no claim against the Company in respect of the termination of the Appointment. 

  

	(5)	The Executive shall promptly deliver to the Company upon the date of termination: 

  

	 	(a)	any property provided by the Company or any other company within the Prudential Group; and 

  

	 	(b)	all lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the course of his employment and the
Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on request make available copies of board minutes and supporting documents which the
Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become involved. 

  

	10.	EXECUTIVE’S POSITION AS DIRECTOR 

  

	(1)	The duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and (subject to sub-clause (2) below)
shall be separate from and additional to his duties pursuant to the Appointment. The Executive’s salary under this Agreement is inclusive of any remuneration to which the Executive may be entitled as a director of Prudential or any other
company within the Prudential Group. 

  

	(2)	If the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being re-elected after retiring by rotation pursuant to the
Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such
removal or cessation shall automatically constitute the Company giving notice to terminate the Appointment within the provisions of clause 2(2). 

  

	(3)	Upon termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the Prudential Group, without compensation
for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement. 

  

	(4)	If the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and on his behalf to sign any documents and/or do all
things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

  

	11.	CONFIDENTIAL INFORMATION 

  

	(1)	 The Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other
company within the Prudential Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company

  
 8 

	 	
within the Prudential Group which may have come to his knowledge during his employment. For the purposes of this Agreement “Confidential Information” shall include, without limitation,
details of suppliers and their terms of business, details of customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or
any part thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these instructions shall cease to apply to any
information which shall become available generally otherwise than through the fault of the Executive. The restrictions in this clause shall not apply: 

  

	 	(i)	to any disclosure or use authorised by the Board or required by law or by the Appointment; or 

  

	 	(ii)	so as to prevent the Executive from using his own personal skill in any business in which he may be lawfully engaged after the Appointment is ended, or 

 

	 	(iii)	to prevent the Executive making a protected disclosure within the meaning of s43A of the Employment Rights Act 1996. 

  

	(2)	The Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in non-electronic form) from Prudential’s
premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company’s standards relating to confidentiality of information in electronic form. 

 

	12.	GRATUITIES AND CODES OF CONDUCT 

  

	(1)	Without the Company’s permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is likely to have a business
relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social events undertaken in the normal course of the Executive’s duties and
in accordance with any directions given by the Company. 

  

	(2)	The Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant regulatory body. 

 

	13.	DATA PROTECTION 

  

	(1)	The Executive consents to the Company and any company within the Prudential Group processing data relating to him at any time (whether before, during or after the Employment) for the following purposes:

  

	 	(i)	performing its obligations under the Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and national insurance obligations); 

 

	 	(ii)	the legitimate interests of the Company and any company within the Prudential Group including for the purposes of any sickness policy, working time policy, investigating acts or defaults (or alleged or suspected acts or
defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive; 

  
 9 

	 	(iii)	processing in connection with any corporate transaction in which the Company or any company within the Prudential Group is involved or any transfer of any business in which the Executive performs his duties; and

  

	 	(iv)	transferring data to countries outside the European Economic Area for any of the purposes referred to in (i), (ii) or (iii) above. 

 

	(2)	The Executive explicitly consents to the Company and any company within the Prudential Group processing sensitive personal data (within the meaning of the Data Protection Act 1998) at any time (whether before, during or
after the Appointment) for the following purposes: 

  

	 	(i)	where the sensitive personal data relates to the Executive’s health, any processing in connection with the operation of the sickness policy of the Company (or any company within the Prudential Group) or any
relevant pension scheme or monitoring absence; 

  

	 	(ii)	where the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of the disciplinary purposes of the Company or of any
company within the Prudential Group; 

  

	 	(iii)	for all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any company within the Prudential Group is involved or any transfer of
any business in which the Executive performs his duties; and 

  

	 	(iv)	for all sensitive personal data, any processing in the legitimate interests of the Company or any company within the Prudential Group. 

 

	14.	ASSIGNMENT 

 The Company may assign its interest in this Agreement to any other company within the
Prudential Group with the agreement of the Executive such agreement not to be unreasonably withheld. 
  

	15.	STATUTORY REQUIREMENTS 

 The Executive shall also be subject to the terms set out in Schedule I attached
to this Agreement in connection with the Employment Rights Act 1996. 
  

	16.	NOTICES 

 Any notice or other document to be given hereunder shall either be delivered personally or be
sent by first class recorded delivery or fax. The address for service on the Company shall be its registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed
to have been served as follows:- 
  

	 	(a)	if personally delivered, at the time of delivery; 

  

	 	(b)	if posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities; 

 

	 	(c)	if sent by fax, at the time of dispatch. 

 In proving such service it shall be sufficient to prove that
personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and
dispatched as the case may be. 

  
 10 

	17.	MISCELLANEOUS 

  

	(1)	This Agreement including the offer letter set out in Schedule II forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement
in reliance upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive. 

 

	(2)	Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made. 

 

	(3)	The headings shall be disregarded in construing this Agreement. 

 IN WITNESS the hands of the Executive and of
the duly authorised representative of the Company on the date first above written. 
 SIGNED by Mike Wells 

on behalf of PRUDENTIAL PLC 
 /s/ Mike Wells 

In the presence of:- 
 /s/ Jolene 

Date: 1 June 2015 
 SIGNED by Tony Wilkey 

/s/ T. Wilkey 
 In the presence of:- 

/s/ Jolene 
 Date: 1 June 2015 

  
 11 

 SIGNED by Tim Rolfe 

on behalf of PRUDENTIAL SERVICES LIMITED 
 /s/ T.
Rolfe 
 In the presence of:- 
 /s/ Julian Adams 

Date: 1 June 2015 

  
 12 

 SCHEDULE I 

In accordance with the Employment Rights Act 1996, the following terms of the Executive’s appointment apply on the date of the Agreement as provided
therein:- 
  

	 	(a)	Remuneration - Clause 5(1) 

  

	 	(b)	Hours of Work - There are no fixed hours of work - Clause 4 

  

	 	(c)	Holidays - Clause 7 

  

	 	(d)	Sickness and Injury - the Executive is entitled to be paid during any period of absence from work due to sickness or injury, subject however to the provisions of sub-clause 5(3) 

 

	 	(e)	Pension Arrangements - Clause 5(2) 

  

	 	(f)	Notice - Clause 2(2) 

  

	 	(g)	Job Title - Clause 2(1) 

  

	 	(h)	Grievance Procedure - If the Executive seeks to redress any grievance relating to his employment he should apply in writing to the Chief Executive of the Prudential Group. 

 

	 	(i)	Disciplinary Procedure - There are no disciplinary rules applicable to senior executives so that any disciplinary action relevant to the Executive will be considered and handled according to the particular
circumstances and the Executive’s position. Should the Executive be dissatisfied with any disciplinary decision he/she should appeal in writing to the Chief Executive of the Prudential Group. 

 

	 	(j)	Date of Commencement of Employment - The date of commencement of this appointment is the Commencement Date - Clause 1. The date of continuous service (i.e. date of joining the Prudential Group) is 1 December
2006. 

  

	 	(k)	Place of work - Clause 4(3). 

  

	 	(l)	Collective Agreements which directly affect the Executive’s terms and conditions - none. 

  
 13 

 SCHEDULE II 

PERSONAL – ADDRESSEE ONLY 
 Tony Wilkey 

[ADDRESS] 
 4 June 2015 

Dear Tony 
 YOUR APPOINTMENT & CONTRACT OF
EMPLOYMENT 
 Following our recent discussions, I am delighted to formally confirm your appointment as Chief Executive Officer of Prudential Corporation
Asia (“CEO, PCA”), effective from 1 June 2015. In this role, you will be a member of the Board and will report to me as Chief Executive Officer, Prudential plc. 

This letter summarises the Company’s offer to you. I have also included a new contract for you to sign which is the standard contract used within
Prudential plc for members of the Board. 
 Remuneration and benefits 

Base Salary 
 From 1 June 2015 your base salary will
be HK$8,800,000 per annum. Salaries are reviewed with effect from 1 January each year and your next review will be effective on 1 January 2016. 

Incentive Plans 
 You will be eligible to participate in
the following discretionary incentive plans: 
  

	(i)	An annual incentive plan (“AIP”). You will have a maximum AIP opportunity of 180% of annual salary. We anticipate that delivery of a normally challenging business plan will deliver 80% of the maximum
opportunity for the financial element of the bonus (representing 80% of your total opportunity). 

 You will be required to
defer 40% of any bonus awarded to you in any year into Prudential shares. These shares will vest to you three years after the date of the award. Bonus awards are not pensionable. 

Your 2015 bonus payment will be calculated on a pro-rated basis in respect of your time employed as CEO, PCA and as CEO, Insurance Asia during
2015. The portion subject to deferral will also be calculated on a pro-rated basis. 
 Your outstanding deferred bonus awards (including
matching shares you have been awarded to date) will not be affected by this change. 
  

	(ii)	An annual long term incentive award with a value at award of 250% of salary will be made under the Prudential Long Term Incentive Plan (“PLTIP”). 

  
 14 

 Following your appointment as CEO, PCA you will be made an additional PLTIP award. This will give
you a pro-rated total 2015 award in line with your revised salary and participation level. 
 The number of shares comprising this additional
award will be calculated using the average share price over the last three trading days prior to the grant date of the additional award. 

Your outstanding long term incentive awards made under the PLTIP and PCA LTIP will not be affected by this change. 

Pension and Risk benefits 
 Going forward, you will be
eligible for Company pension contributions of 25% of your salary. Should you choose, all or part of this might be delivered as a contribution to the International Pension Plan (“IPP”). Any part not delivered in this way will be paid to you
as a monthly cash allowance. 
 The IPP is a UK tax approved pension scheme. The arrangement described above is based on our current understanding of the UK
tax treatment of such schemes. This is an area where the UK tax authorities position is evolving and may be subject to change in future. 
 In addition you
will also be eligible for the following: 
  

	(i)	an annual payment to the Hong Kong Mandatory Provident Fund; 

  

	(ii)	A death in service benefit equal to 4 times your basic salary. This is subject to medical underwriting; and 

  

	(iii)	Income protection of 50% of your annual base pay should you be absent from work for more than 26 weeks due to ill health, payable for up to 5 years. This benefit is subject to medical underwriting. 

From 1 June 2015 you will no longer be eligible for life assurance and critical illness cover under PRUflexiben. 

Private Medical Insurance 
 Your existing BUPA Gold
private medical cover will continue to be provided. 
 Holiday 

You are entitled to paid time off for breaks away from work in each calendar year (in addition to public holidays) as the proper performance of your duties
permits. Under normal circumstances this is not expected to exceed six weeks in any year. 
 All Employee Share Plans 

You will no longer be eligible to participate in the PRUshareplus scheme, following your appointment to the role of CEO, PCA. Any outstanding interests in the
plan will be treated in accordance with the rules of the plan. 
 Travel 

As a member of the Board you are entitled to first class travel on Company business. If the policy changes for the Board, then any change in policy will apply
to yourself. 

  
 15 

 Company Car 

You will continue to be provided with a company car (currently a Mercedes-Benz S500) at Prudential’s expense to aid the proper performance of your duties.

 Housing allowance 
 Your housing allowance will
increase to HK $2,700,000 per annum with effect from 1 June 2015. 
 Home Leave 

Your existing home leave arrangements will be enhanced, to provide for two business class trips for you and your dependant family members, from Hong Kong to
the United States per annum. 
 Club Fees 
 Your
membership of appropriate clubs necessary for business purposes will be continued. The Company will pay for, or reimburse you for, the membership costs for up to 3 appropriate clubs. 

Education 
 You will continue to be eligible for support
through the PCA Education subsidy policy. 
 Tax advice 

You will be responsible for ensuring the appropriate tax is paid on your earnings and benefits. The Company will meet the reasonable costs of obtaining
professional advice and preparation of returns from an organisation acceptable to the Company. 
 As you may be aware, the UK tax authorities have confirmed
that if an individual is employed by a UK company, works in an overseas branch of a UK company and comes to the UK on work matters, a UK tax liability arises. This means that you will have a UK tax liability for the days that you spend working in
the UK as an Executive Director. While this tax will be for your account, you may be able to claim relief from any double taxation you may incur. The Company will support the preparation of your UK tax returns for the 2015/ 2016 tax year
and subsequent tax years. However, the UK tax authorities’ position on when and how such tax must be paid continues to evolve.
 Notice
period 
 As outlined in Clause 2 of your contract of employment, your notice of termination, to the Company and from the Company, will be 12 months.

 Share ownership guidelines 
 In your new role,
you will be subject to a share ownership guideline of 200% of salary. You are expected to meet this guideline within five years of your date of appointment to the role of CEO, PCA. 

  
 16 

 Conclusion 

Tony, I very much hope that you will accept this offer by signing and returning a copy of this letter and the enclosed contract of employment. A further copy
is enclosed for your records. 
 Thank you for your contribution to date to Prudential. I look forward to continuing to work with you in your new role. 

Yours sincerely 
 Mike Wells 

Group Chief Executive 
 I am pleased to accept the role of Chief
Executive Officer, Prudential Corporation Asia. and accept the terms and conditions detailed in this letter. 
  

			
	 Signed
	 	  

	Tony Wilkey

  

			
	 Dated
	 	  

  
 17 

 Definitions 

In this letter: 
 “Board” means the board of directors
of Prudential or a duly constituted committee of the board of directors of Prudential; 
 “Prudential” means Prudential plc; 

“Prudential Group” means Prudential and each of its subsidiaries as “subsidiaries” is defined by section 1159 of the Companies Act 2006;
and 
 “Remuneration Committee” means a duly constituted remuneration committee of the Board. 

  
 18 

 SCHEDULE III 

PRIVATE & CONFIDENTIAL – ADDRESSEE ONLY 

Tony Wilkey 
 [ADDRESS] 

14 January 2016 
 Dear Tony 

Amendment to remuneration arrangements 
 I am writing to
confirm that the Group Remuneration Committee has approved the payment of an Executive Director Location Allowance in respect of your role as CEO, PCA. The amount of this allowance is HK $4,350,000 per annum and will be paid with effect from
1 June 2015. 
 The allowance will be denominated in Hong Kong Dollars and will be paid on a monthly basis. The allowance is non-pensionable and is not
considered when calculating levels of short term and long term incentives. 
 Yours sincerely, 

Mike Wells 
 Group Chief Executive 

  
 19

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