Document:

EX-10.7 2000 SHARE OPTION PLAN

 

Exhibit 10.7

	 	 	 
	

	 	07 January 2005

THE
AMVESCAP 2000 SHARE OPTION

PLAN

AMVESCAP PLC

(Rule 3.6(c) added by Board Resolution 21 December 2000)

(Rule 5.4 amended by Board Resolution 26th April 2001)

(Rule 5.4 amended by Board Resolution 4 April 2002)

(Rule 5.4 amended by Board Resolution 23 October 2002)

(Rule 5.4 amended by Board Resolution 12 October 2004)

(Rule 5.4 amended by Board Resolution 26 January 2005)

200•

 

 

THE AMVESCAP 2000

SHARE OPTION PLAN

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	In this Plan, unless the context otherwise requires:-

	 	 	 
	“Board”

	 	means the board of directors of the Company or a committee appointed by such board of directors;
	 
	 	 
	“Company”

	 	means AMVESCAP PLC (registered in England No. 308372);
	 
	 	 
	“Grant Date”

	 	in relation to an option means the date on which the option is or was granted;
	 
	 	 
	“Participant”

	 	means a person who holds an option granted under the Plan;
	 
	 	 
	“Participating Company”

	 	means the Company and any Subsidiary to which the Board has resolved that the Plan shall for the
time being extend;
	 
	 	 
	“Plan”

	 	means the AMVESCAP 2000 Share Option Plan as herein set out but subject to any alterations or
additions made under Clause 8 below;
	 
	 	 
	“Subsidiary”

	 	means a body corporate which is a subsidiary of the Company within the meaning of Section 736 of
the Companies Act 1985 and is under the control of the Company within the meaning of Section 840
of the Income and Corporation Taxes Act 1988;
	 
	 	 
	“Trustees”

	 	means the trustees or trustee for the time being of any trust established by the Company which
provides for options to be granted under the Plan to the beneficiaries thereof;

	1.2	 	Any reference in the Plan to any enactment includes a reference to that enactment as from
time to time modified, extended or re-enacted.
	 
	2.	 	ELIGIBILITY
	 
	2.1	 	A person is eligible to be granted an option under the Plan if (and only if) he is a
full-time director or employee of a Participating Company.
	 
	2.2	 	For the purposes of sub-clause 2.1 above a person shall be treated as a full-time director or
employee of a company if he is obliged to devote substantially the whole of his working time
to the performance of the duties of his office or employment with the company (or with the
company and any other company which is a Participating Company).

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	3.	 	GRANT OF OPTIONS
	 
	3.1	 	Subject to sub-clauses 3.2 and 3.5 below and to Clause 4 below, the Board or the Trustees at
the request of the Board may grant to any person who is eligible to be granted an option under
the Plan (in such form and manner as the Board may from time to time prescribe) an option to
acquire ordinary shares in the Company upon the terms set out in the Plan and upon such other
terms as the Board or the Trustees, as the case may be, may specify.
	 
	3.2	 	An option may be granted under the Plan at any time other than one at which dealings by a
director would be prohibited under the London Stock Exchange Model Code.
	 
	3.3	 	There shall be no monetary consideration for the grant of any option under the Plan, and
accordingly any such option shall be granted by Deed.
	 
	3.4	 	The price at which shares may be acquired on the exercise of an option granted under the Plan
shall be determined by the Board before the grant thereof, provided that:-

	 	(a)	 	if at the relevant time shares of the same class as those shares are listed
in the Stock Exchange Daily Official List, the price shall not be less than the
middle-market quotation for shares of that class (as derived from the List) on the
last dealing day prior to the Grant Date;
	 
	 	(b)	 	at any time at which paragraph 3.4(a) above shall not apply, the price shall
not be less than such sum as the Board shall reasonably determine to be the market
value of shares of that class; and
	 
	 	(c)	 	no share shall be issued by the Company for an amount less than the nominal
value of that share.

	3.5	 	The grant of any option under the Plan shall be subject to obtaining any approval or consent
required under the provisions of any regulation or enactment.
	 
	3.6	 	(a) Subject to sub-clause 5.3 below, an option granted under the Plan to any person shall not
be capable of being transferred by him (other than in accordance with sub-paragraph (b) or (c)
below) and shall lapse forthwith if it is so transferred or if he is adjudicated bankrupt.

	 	(a)	 	An option granted under the Plan (other than one which takes effect as an
Incentive Stock Option under the United States Internal Revenue Code (the “Code”)) may
be transferred to a trustee or any other person or persons howsoever organised
provided that prior to such transfer the Board shall have confirmed in writing to the
transferor that it is satisfied that the option shall be held by the transferee on
terms such that the transferor, the transferor’s estate and the transferor’s family
are the only persons to benefit, if at all, from the same.
	 
	 	(b)	 	An option granted under the Plan (other than one which takes effect as an
Incentive Stock Option under the Code) may be transferred to:-

	 	(i)	 	any entity or organisation falling within the description set
out in section 170(c) of the Code;
	 
	 	(ii)	 	any entity or organisation having charitable purposes
recognised as such under the laws of England and Wales; or,
	 
	 	(iii)	 	any other person who would hold such option solely for the
benefit of an entity or organisation mentioned in either of (i) and (ii) above;

2

 

	 	 	 	provided that prior to any such transfer the Board shall have confirmed in writing
to the transferor that it is satisfied as to the identity and purposes of any such
entity or organisation, in the case of (i) or (ii) above, or as to the standing,
reliability and good faith of such other person, in the case of (iii) above.

	3.7	 	An option may be granted subject to such condition or conditions as the Board may in its
discretion think fit which must (save as otherwise provided in the Plan) be fulfilled before
the option (other than a new option under clause 6.4) may be exercised. Any such condition
must be stated in writing at the Grant Date.
	 
	4.	 	LIMITS
	 
	4.1	 	The amount for which shares may be purchased on the exercise of any option granted under the
Plan on any day to any person shall be at the discretion of the Board.
	 
	4.2	 	On any day, no option may be granted under the Plan if, as a result, the total number of
shares which have been issued or which may yet be issued pursuant to the exercise of options
granted under the Plan would exceed, or further exceed ten and one half per cent of the issued
ordinary share capital of the Company on that day.
	 
	5.	 	EXERCISE OF OPTIONS
	 
	5.1	 	The exercise of any option granted under the Plan shall be effected in such form and manner
as the Board may from time to time prescribe.
	 
	5.2	 	Subject to sub-clauses 5.3 and 5.4 below and to Clause 6 below, an option granted under the
Plan may not be exercised before any date specified by the Board prior to the grant of the
option, provided that such date falls no earlier than the third anniversary and no later than
the tenth anniversary of the Grant Date.
	 
	5.3	 	Subject to sub-clauses 5.6 and 5.7 below, if any Participant dies before exercising an option
granted to him under the Plan and at a time when he is either a director or employee of a
Participating Company or entitled to exercise the option by virtue of sub-clause 5.4 below,
the option may (and must, if at all) be exercised by his personal representatives within 12
months after the date of his death.
	 
	5.4	 	Subject to sub-clauses 5.6 and 5.7 below, if any Participant ceases to be a director or
employee of a Participating Company (otherwise than by reason of his death), the following
provisions apply in relation to any option granted to him under the Plan:-

	 	(a)	 	if he so ceases by reason of

	 	(i)	 	injury or disability, the option may (and subject to sub-clause
5.3 above must, if at all) be exercised within six months of his so ceasing; or
	 
	 	(ii)	 	the disposal of any company, business or part of a business to
which his office or employment relates, the option may (and subject to
sub-clause 5.3 above must, if at all) be exercised within six months (or, to
the extent permitted by the Board, up to twenty four months) of his so ceasing.

	 	(b)	 	if he so ceases by reason of retirement on reaching any age at which he is
bound to retire in accordance with the terms of his contract of employment, the option
may (and subject to sub-clause 5.3 above must, if at all) be exercised at any time
from the date of retirement to the date on which the option shall otherwise lapse in
accordance with these rules and the terms on which the option was
granted;

3

 

	 	(c)	 	if he so ceases for any other reason, the option may not be exercised at all
unless the Board shall so permit, in which event it may (and subject to sub-clause 5.3
above must, if at all) be exercised to the extent permitted by the Board within twelve
months of his so ceasing;

	 	 	and if the Board is satisfied that the Participant is about to cease to be a director or
employee of a Participating Company as mentioned in paragraphs 5.4(a), 5.4(b) and 5.4(c)
above on any day, the option may to the extent permitted by the Board be exercised within
the period of 28 days immediately preceding that day.
	 
	5.5	 	A Participant shall not be treated for the purposes of sub-clause 5.4 above as ceasing to be
a director or employee of a Participating Company until such time as he is no longer a
director or employee of any of the Participating Companies, and a Participant (being a woman)
who ceases to be such a director or employee by reason of pregnancy or confinement and who
exercises her statutory right to return to work before exercising an option under the Plan
shall be treated for those purposes as not having ceased to be such a director or employee.
	 
	5.6	 	Notwithstanding any other provision of the Plan, an option granted under the Plan may not be
exercised after the expiration of the period of ten years beginning with its Grant Date.
	 
	5.7	 	Subject to sub-clause 5.8 below, within 30 days after an option under the Plan has been
exercised by any person, the Board shall cause or procure the issue or transfer to him, of the
number of shares in respect of which the option has been exercised.
	 
	5.8	 	The issue or transfer of any shares under the Plan shall be subject to obtaining any such
approval or consent as is mentioned in sub-clause 3.5 above.
	 
	5.9	 	Shares issued pursuant to the Plan will rank pari passu in all respects with the shares then
already in issue except that they and any shares transferred pursuant to the Plan will not
rank for any dividend or other distribution of the Company paid or made by reference to a
record date falling prior to the date of their allotment or transfer to the Participant, as
the case may be.
	 
	5.10	 	If and for so long as the shares are listed on the London Stock Exchange, the Company shall
as soon as practicable after any such allotment apply to the London Stock Exchange for
permission for the same to be admitted to the Official List. Any application may be postponed
at the Board’s discretion until application can be made in respect of such number of shares as
the Board considers appropriate.
	 
	6.	 	TAKEOVER, RECONSTRUCTION AND WINDING-UP
	 
	6.1	 	If any person obtains control of the Company (within the meaning of section 840 of the Income
and Corporation Taxes Act 1988) as a result of making an offer to acquire shares in the
Company, the Board shall within 7 days of becoming aware thereof notify every Participant
thereof and, subject to sub-clauses 5.3, 5.4 and 5.7 above and 6.4 below, an option granted
under the Plan may be exercised within one month (or such longer period as the Board may
permit) of such notification.
	 
	6.2	 	For the purposes of sub-clause 6.1 above, a person shall be deemed to have obtained control
of the Company if he and others acting in concert with him have together obtained control of
it.
	 
	6.3	 	If any person becomes bound or entitled to acquire shares in the Company under sections 428
to 430F of the Companies Act 1985, or if under section 425 of that Act the Court sanctions a
compromise or arrangement proposed for the purposes of or in connection with a Plan for the
reconstruction of the Company or its amalgamation with any other company or companies, or if
the Company passes a resolution for voluntary winding up,

4

 

	 	 	or if an order is made for the compulsory winding up of the Company, the Board shall
forthwith upon becoming aware thereof notify every Participant thereof and any option
granted under the Plan may, subject to sub-clauses 5.3 and 5.4 above and 6.4 below, be
exercised within one month of such notification, but to the extent that it is not exercised
within that period shall (notwithstanding any other provision of the Plan) lapse on the
expiration thereof.
	 
	6.4	 	If, as a result of an event specified in clauses 6.1 or 6.3, a person has obtained control of
the Company or if a company has become bound or entitled as mentioned in clause 6.3, any
Participant may, by agreement with that other company (the “Acquiring Company”) release any
subsisting option (the “old option”) in consideration of the grant to him of a new option (the
“new option”) which satisfies the following conditions:-

	 	(a)	 	the new option shall be over shares in the Acquiring Company (or another
company associated with it);
	 
	 	(b)	 	the new option shall be a right to acquire such number of such shares in the
Acquiring Company (or such other company) as shall have on the grant of the new option
an aggregate market value equal to the aggregate market value of the shares subject to
the old option immediately before its release;
	 
	 	(c)	 	the new option shall have an aggregate price payable on complete exercise
equal to the aggregate price which would have been payable on complete exercise of the
old option; and
	 
	 	(d)	 	the new option shall be otherwise identical in terms to the old option.

	     	 	AND the new option shall, for all other purposes of the Plan, be treated as having been
acquired at the same time as the old option in consideration of the release of which it is
granted. In relation to a new option:-

	 	(a)	 	references to the “Company” shall be taken as references to the Acquiring
Company; and
	 
	 	(b)	 	references to “shares” shall be taken as references to shares in the
Acquiring Company or, as the case may be, the other company in respect of whose shares
the new option is granted.

	7.	 	VARIATION OF CAPITAL
	 
	7.1	 	In the event of any variation of the share capital of the Company (whenever effected) whether
by way of capitalisation or rights issue, or sub-division, consolidation or reduction or
otherwise, the Board may determine that such adjustments as it considers appropriate shall be
made under sub-clause 7.2 below, and the terms of any option in respect of which an adjustment
is so determined to be made shall be deemed to be adjusted accordingly.
	 
	7.2	 	An adjustment made under this sub-clause may be to one or more of the following:-

	 	(a)	 	the number of shares in respect of which any option granted under the Plan
may be exercised;
	 
	 	(b)	 	the price at which shares may be acquired by the exercise of any such option;
	 
	 	(c)	 	where any such option has been exercised but no share has been transferred
pursuant to such exercise, the number of shares which may be so transferred and the
price at which they may be acquired.

5

 

	7.3	 	As soon as reasonably practicable after any adjustment shall have been deemed to be made
under sub-clause 7.2 above, the Board shall give notice in writing thereof to any Participant
affected thereby.
	 
	8.	 	ALTERATIONS
	 
	8.1	 	The Plan shall be administered under the direction of the Board who may at any time and from
time to time by resolution and without other formality delete, amend or add to the provisions
of the Plan or any option granted under it in any respect provided that:-

	 	(a)	 	no deletion, amendment or addition shall operate to affect adversely in any
way any rights already acquired by a Participant under the Plan without the approval
of the Participant affected;
	 
	 	(b)	 	no deletion, amendment or addition may be made to the advantage of
Participants as to eligibility, individual or overall plan limits, adjustments on a
variation of capital or the provisions of this clause 8 except with the prior approval
of the Company in general meeting unless the deletion, amendment or addition is:-

	 	(i)	 	minor and to benefit the administration of the Plan;
	 
	 	(ii)	 	to take account of any changes in legislation; or
	 
	 	(iii)	 	to obtain or maintain Inland Revenue approval of the Plan or
to obtain or maintain favourable taxation, exchange control or regulatory
treatment for the Company or any Subsidiary or any Participant.

	8.2	 	Notwithstanding anything to the contrary contained in the Plan the Board may at any time by
resolution and without further formality:-

	 	(a)	 	amend the Plan in any way to the extent necessary to obtain or maintain
approval by the Board of Inland Revenue or any other governmental or regulatory body
pursuant to any present or future United Kingdom legislation; and
	 
	 	(b)	 	establish one or more further plans to apply in overseas territories governed
by provisions similar to the Plan but modified to take account of local tax, exchange
control or securities laws, regulation or practice provided that any shares made
available under any such plan shall be treated as counting against the limits on
overall and individual participation in the Plan.

	9.	 	MISCELLANEOUS
	 
	9.1	 	The rights and obligations of any individual under the terms of his office or employment with
any Participating Company shall not be affected by his participation in the Plan or any right
which he may have to participate therein, and an individual who participates therein shall
waive any and all rights to compensation or damages in consequence of the termination of his
office or employment for any reason whatsoever insofar as those rights arise or may arise from
his ceasing to have rights under or be entitled to exercise any option under the Plan as a
result of such termination.
	 
	9.2	 	The Board may from time to time make and vary such rules and regulations not inconsistent
herewith and establish such procedure for administration and implementation of the Plan as it
thinks fit, and in the event of any dispute or disagreement as to the interpretation of the
Plan, or of any such rule, regulation or procedure, or as to any question or right arising
from or related to the Plan, the decision of the Board shall be final and binding upon all
persons.
	 
	9.3	 	The Company and any Subsidiary may provide money to the Trustees to enable them to purchase
shares to be held for the purposes of the Plan, or enter into any guarantee or

6

 

	 	 	indemnity for these purposes, to the extent permitted by section 153 of the Companies Act
1985.
	 
	9.4	 	In any matter in which they are required to act under the Plan, the auditors of the Company
shall be deemed to be acting as experts and not as arbitrators.
	 
	9.5	 	Any notice or other communication under or in connection with the Plan may be given by
personal delivery or by sending the same by post, in the case of a company to its registered
office, and in the case of an individual to his last known address, or, where he is a director
or employee of a Participating Company, either to his last known address or to the address of
the place of business at which he performs the whole or substantially the whole of the duties
of his office or employment, and where a notice or other communication is given by first-class
post, it shall be deemed to have been received 48 hours after it was put into the post
properly addressed and stamped.
	 
	10.	 	TERMINATION
	 
	10.1	 	The Plan may be terminated at any time by a resolution of the Board or the Company in general
meeting and shall in any event terminate on [25 April 2007].
	 
	10.2	 	Termination of the Plan shall not affect the rights of Participants outstanding at the date
of such termination.
	 
	11.	 	PROPER LAW
	 
	 	 	This Plan shall be governed by the law of England and Wales.

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OPTION GRANT DEED

(Company Grant)

THIS DEED is made the            day of 200     

BY AMVESCAP plc whose registered office is situate at 11Devonshire Square London EC2M 4YR (the
“Company”)

WHEREAS:-

	1.	 	THE COMPANY HAS ESTABLISHED THE AMVESCAP 2000 SHARE OPTION PLAN (THE “PLAN”);
	 
	2.	 	THE COMPANY WISHES TO GRANT OPTIONS PURSUANT TO THE PLAN;

NOW THIS DEED WITNESSES as follows:-

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	3.	 	OPTIONS BE AND ARE HEREBY GRANTED ON AND SUBJECT TO THE RULES OF THE PLAN TO THE PERSONS
NAMED IN THE LIST SET OUT IN THE FIRST SCHEDULE HERETO (THE “LIST”) IN RESPECT OF THE
NUMBERS OF ORDINARY SHARES SET OUT OPPOSITE THEIR NAMES RESPECTIVELY.
	 
	4.	 	ALL SUCH OPTIONS SHALL BE EXERCISABLE, SUBJECT TO ANY ADJUSTMENT IN ACCORDANCE WITH THE RULES
OF THE PLAN, AT THE PRICE OF            P PER SHARE.
	 
	5.	 	EACH PERSON NAMED IN THE LIST SHALL BE ISSUED WITH A CERTIFICATE SUBSTANTIALLY IN THE FORM
SET OUT IN THE SECOND SCHEDULE HERETO RECORDING THE PRINCIPAL TERMS THEREOF.

IN WITNESS WHEREOF this Deed has been executed the day and year first above written

9

 

First Schedule

The List

10

 

Second Schedule

The Certificate

THE AMVESCAP

2000 SHARE OPTION PLAN

Share Option Certificate

No. 0000000

	6.	 	THIS IS TO CERTIFY THAT                      OF           

is the holder of an option to acquire      •     
Shares of AMVESCAP plc (the “Company”) at the price
of      •      per share, in accordance with the provisions of the Plan.

	7.	 	FOR THE PURPOSE OF THE PLAN, THE DATE OF GRANT IN RESPECT OF THIS OPTION IS      •      .
	 
	8.	 	THE OPTION WILL EXPIRE ON      •      AND WILL NOT NORMALLY (EXCEPT INSOFAR AS ALLOWED BY THE PLAN)
BE EXERCISABLE BEFORE      •      .
	 
	9.	 	(A) THE OPTION IS PERSONAL TO THE OPTION HOLDER AND, SUBJECT TO 4(B) BELOW, SHALL NOT BE
CAPABLE OF BEING TRANSFERRED.
	 
	 	 	The option may be transferred to a trustee or any other person or persons howsoever
organised provided that prior to such transfer the Board shall have confirmed in writing to
the option holder that it is satisfied that the option shall be held by the transferee on
terms such that the option holder, the option holder’s estate and the option holder’s
family are the only persons to benefit, if at all, from the same.
	 
	10.	 	THIS CERTIFICATE MUST BE SENT TO THE COMPANY SECRETARY WHENEVER THE OPTION IS EXERCISED,
WHETHER IN WHOLE OR IN PART, AND PAYMENT OF THE TOTAL OPTION EXERCISE PRICE SHALL BE MADE IN
SUCH FORM AND MANNER AS MAY BE DETERMINED BY THE BOARD FROM TIME TO TIME. WHERE THE OPTION IS
EXERCISED IN RESPECT OF PART ONLY OF THE SHARES COMPRISED IN THIS CERTIFICATE A NEW
CERTIFICATE FOR THE BALANCE WILL BE SENT TO THE HOLDER.
	 
	11.	 	THIS CERTIFICATE EVIDENCES THE GRANT OF THE SAID OPTION BY DEED EXECUTED BY THE COMPANY AND
IS ISSUED SUBJECT TO THE RULES OF THE PLAN.

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	EXECUTED AS A DEED

	 	 	)	 
	by means of these signatures

	 	 	)	 
	and DELIVERED

	 	 	)	 

Director

Director/Secretary

12EX-10.8 INVESCO ESOP, AS AMENDED AND RESTATED

 

EXHIBIT 10.8

INVESCO ESOP

as Amended and Restated

Generally Effective as of February 1, 2005

 

 

Table of Contents

	 	 	 	 	 
	 	 	page
	§ 1. AMENDMENT RESTATEMENT AND EFFECTIVE DATE
	 	 	1	 
	§ 2. CONSTRUCTION
	 	 	1	 
	2.1 Controlling Laws
	 	 	1	 
	2.2 Tax Status
	 	 	1	 
	2.3 Headings and References
	 	 	1	 
	2.4 Legal Rights
	 	 	1	 
	2.5 No Employment Rights
	 	 	2	 
	2.6 Definitions
	 	 	2	 
	§ 3. DEFINITIONS
	 	 	2	 
	3.1 Account
	 	 	2	 
	3.2 Acquisition Loan
	 	 	2	 
	3.3 Affiliate
	 	 	2	 
	3.4 AMVESCAP Benefit Plans Committee (or Committee)
	 	 	2	 
	3.5 AMVESCAP Stock
	 	 	2	 
	3.6 AMVESCAP Stock Account
	 	 	3	 
	3.7 AMVESCAP Stock Fund
	 	 	3	 
	3.8 Beneficiary
	 	 	3	 
	3.9 Board
	 	 	3	 
	3.10 Cash Account
	 	 	3	 
	3.11 Code
	 	 	3	 
	3.12 Company
	 	 	3	 
	3.13 Compensation
	 	 	3	 
	3.14 Directed Account
	 	 	4	 
	3.15 Disability
	 	 	4	 
	3.16 Disqualified Person
	 	 	4	 
	3.17 Election Form
	 	 	4	 
	3.18 Eligible Employee
	 	 	4	 
	3.19 Employee
	 	 	5	 
	3.20 Employment Date
	 	 	5	 
	3.21 Entry Date
	 	 	5	 
	3.22 ERISA
	 	 	5	 
	3.23 ESOP Portion of the Plan
	 	 	5	 

i

 

Table of Contents

(Continued)

	 	 	 	 	 
	 	 	page
	3.24 Financed Shares
	 	 	5	 
	3.25 Highly Compensated Employee
	 	 	5	 
	3.26 Hour of Service
	 	 	6	 
	3.27 Investment Fund
	 	 	6	 
	3.28 Investment Manager
	 	 	6	 
	3.29 Loan Suspense Account
	 	 	6	 
	3.30 Normal Retirement Age
	 	 	6	 
	3.31 Participant
	 	 	6	 
	3.32 Participating Employer
	 	 	7	 
	3.33 Plan
	 	 	7	 
	3.34 Plan Year
	 	 	7	 
	3.35 Trust
	 	 	7	 
	3.36 Trust Fund
	 	 	7	 
	3.37 Trustee
	 	 	7	 
	3.38 Valuation Date
	 	 	7	 
	3.39 Year of Service
	 	 	7	 
	§ 4. PARTICIPATION REQUIREMENTS
	 	 	7	 
	4.1 Eligibility to Participate
	 	 	7	 
	4.2 Reemployment
	 	 	8	 
	§ 5. CONTRIBUTIONS
	 	 	8	 
	5.1 Money Purchase Pension Contribution and Allocation
	 	 	8	 
	5.2 Stock Bonus Contributions and Allocation
	 	 	8	 
	5.3 USERRA
	 	 	9	 
	5.4 Form and Time of Contribution
	 	 	9	 
	5.5 Freezing of Plan
	 	 	9	 
	§ 6. VALUATIONS, ACCOUNT DEBITS AND CREDITS, REPAYMENT OF ACQUISITION LOAN AND RELEASE OF FINANCED
SHARES
	 	 	9	 
	6.1 Fair Market Value
	 	 	9	 
	6.2 Valuation Date Allocation Procedure
	 	 	9	 

ii

 

Table of Contents

(Continued)

	 	 	 	 	 
	 	 	page
	6.3 Repayment of Acquisition Loan
	 	 	11	 
	6.4 Release of Financed Shares
	 	 	12	 
	6.5 Allocation Corrections
	 	 	12	 
	§ 7. VOTING RIGHTS AND TENDER RIGHTS
	 	 	12	 
	7.1 Voting Rights
	 	 	12	 
	7.2 Tender Offer for AMVESCAP Stock
	 	 	13	 
	§ 8. LIMITATION ON ALLOCATION TO
	 	 	14	 
	8.1 General Rule
	 	 	14	 
	8.2 Corrections
	 	 	14	 
	8.3 Coordination Rules
	 	 	15	 
	§ 9. BENEFITS UPON TERMINATION OF EMPLOYMENT
	 	 	15	 
	§ 10. TIME AND FORM OF PAYMENT OF BENEFITS
	 	 	15	 
	10.1 Time of Payment of Account
	 	 	15	 
	10.2 Distribution of AMVESCAP Stock or Cash
	 	 	16	 
	10.3 Small Accounts
	 	 	16	 
	10.4 Participant’s Right to Put AMVESCAP Stock to the Company and This Plan
	 	 	17	 
	10.5 Eligible Rollover Distribution
	 	 	18	 
	10.6 30-Day Waiver
	 	 	19	 
	10.7 Cash Dividends
	 	 	19	 
	§ 11. BENEFIT PAYMENT RULES
	 	 	20	 
	11.1 Election Form
	 	 	20	 
	11.2 Missing Person
	 	 	20	 
	11.3 Spendthrift Clause
	 	 	20	 
	11.4 Payment to be Made Upon Committee’s Direction
	 	 	21	 
	11.5 Payment to a Minor or Incompetent
	 	 	21	 
	11.6 Benefits Supported Only by Trust Fund
	 	 	21	 
	11.7 Qualified Domestic Relations Order
	 	 	21	 
	11.8 Nonreversion and Exclusive Benefit
	 	 	22	 
	11.9 No Estoppel of Plan
	 	 	22	 

iii

 

Table of Contents

(Continued)

	 	 	 	 	 
	 	 	page
	11.10 Mistakes
	 	 	23	 
	§ 12. ADMINISTRATION
	 	 	23	 
	12.1 Named Fiduciary
	 	 	23	 
	12.2 Committee Administrative Powers and Duties
	 	 	24	 
	12.3 Nondiscrimination
	 	 	25	 
	12.4 Agent for Service of Process
	 	 	25	 
	12.5 Reporting and Disclosure
	 	 	25	 
	12.6 Acquisitions
	 	 	25	 
	§ 13. TRUSTEE
	 	 	25	 
	13.1 Acceptance of Trust and Limited Duties Thereunder
	 	 	25	 
	13.2 Legal Title to Plan Assets
	 	 	25	 
	13.3 Resignation, Removal and Succession of Trustee
	 	 	25	 
	13.4 Full Investment and General Powers
	 	 	26	 
	13.5 Acquisition Loans
	 	 	28	 
	13.6 Payment of Benefits
	 	 	28	 
	13.7 Trustee’s Compensation; Plan Expenses and Taxes
	 	 	28	 
	13.8 Annual Accounting of the Trustee
	 	 	28	 
	13.9 Records and Statements
	 	 	29	 
	13.10 Authority to Act without Bond or Court Approval
	 	 	29	 
	§ 14. INVESTMENT OF THE TRUST FUND
	 	 	29	 
	14.1 Investment in AMVESCAP Stock
	 	 	29	 
	14.2 General Investments
	 	 	29	 
	14.3 Directed Accounts
	 	 	30	 
	14.4 Qualified Participant Diversification Election
	 	 	31	 
	14.5 Trustee to Invest the Trust Fund Unless Otherwise Provided
	 	 	32	 
	14.6 Appointment of Investment Manager
	 	 	32	 
	§ 15. AMENDMENT, TERMINATION, MERGER AND TRANSFER
	 	 	33	 
	15.1 Amendment
	 	 	33	 
	15.2 Termination
	 	 	33	 

iv

 

Table of Contents

(Continued)

	 	 	 	 	 
	 	 	page
	15.3 Merger or Consolidation or Similar Transaction
	 	 	34	 
	15.4 Transfer of Certain Assets
	 	 	34	 
	§ 16. TOP HEAVY RULES
	 	 	34	 
	16.1 Minimum Employer Contribution
	 	 	34	 
	16.2 Additional Contribution
	 	 	34	 
	16.3 Determination of Top Heavy Status
	 	 	35	 
	16.4 Limitation on Allocations
	 	 	35	 
	16.5 Definitions
	 	 	36	 

v

 

INVESCO ESOP

as
Amended and Restated

Generally Effective as of February 1, 2005

§ 1. AMENDMENT RESTATEMENT AND EFFECTIVE DATE

     This Plan is an amendment and restatement of the INVESCO ESOP as last amended and restated
effective as of February 1, 2005. Effective January 1, 2000, the Plan was frozen, all
contributions to the Plan were discontinued and no additional contributions could be made to the
Plan.

     This amendment and restatement of the Plan is effective as of February 1, 2005 to incorporate
the prior amendments to the Plan, to change the allocation of fiduciary responsibilities under the
Plan and for certain other purposes.

     The provisions of this amendment and restatement of the Plan shall apply only to those
eligible employees who terminate employment with a Participating Employer on or after February 1,
2005 or such later date as may apply for a provision which become effective afterwards. Benefits
payable to or on behalf of a participant who terminates employment prior to February 1, 2005 shall
not be affected by the terms of any Plan amendment adopted after such Participant’s termination of
employment unless the amendment provides otherwise.

§ 2. CONSTRUCTION

2.1 Controlling Laws. This Plan shall be construed and interpreted under the laws of the
State of Georgia to the extent such laws are not preempted by federal law.

2.2 Tax Status. The Company intends that this Plan and the related Trust satisfy the
requirements for tax exempt status under Code § 401, Code § 501 (a) and related Code sections as an
employee stock ownership plan which in part is a money purchase pension plan and in part is a stock
bonus plan and, further, that the provisions of this Plan and the related Trust be construed and
interpreted to reflect such intention.

2.3 Headings and References. The headings and subheadings in this Plan have been inserted
for convenience of reference only and are to be ignored in the construction of this Plan. Wherever
appropriate, the plural shall be read as the singular, and the singular as the plural. References
in this Plan to a section (§) shall be to a section in this Plan unless otherwise expressly
indicated. If an amendment to the Code, ERISA or any other federal law renumbers a section of such
statute referred to in this Plan, any such reference to such section in this Plan automatically
shall become a reference to such section as so renumbered.

2.4 Legal Rights. Except as otherwise expressly set forth in this Plan, no provision of
this Plan or the related Trust is intended to nor shall grant any rights or interests to any
Participants or

 

 

any Beneficiary under this Plan or the Trust Fund in addition to those minimum rights or interests
required to be provided under ERISA and the Code.

2.5 No Employment Rights. This Plan is not a contract of employment and participation in
this Plan shall not give any person the right to be retained in the employ of any Participating
Employer or other Affiliate as an Employee or, upon .the termination of such employment,
to have any interest or right in the Trust Fund other than as expressly set forth in this Plan.

2.6 Definitions. The terms defined in § 3 shall have the meanings set forth in § 3 for
purposes of this Plan. All other terms shall have their common meanings.

§ 3. DEFINITIONS

	3.1  Account. means the bookkeeping account maintained under this Plan to show as of any
Valuation Date a Participant’s interest in the Trust Fund attributable to the contributions made on
his or her behalf and the investment gains and losses on such contributions, which account shall
consist of an AMVESCAP Stock Account, a Cash Account and a Directed Account and which account shall
cease to exist when exhausted through distributions or forfeitures made in accordance with this
Plan.
	 
	3.2	 	Acquisition Loan. means a loan (or other extension of credit) used by the Trustee to
finance the acquisition of AMVESCAP Stock.
	 
	3.3	 	Affiliate. means as of any date the Company and

     (a) any parent, subsidiary or brother-sister corporation which (as of such date) is a member
of a controlled group of corporations (as defined in Code § 414(b)) with the Company,

     (b) any trade or business, whether or not incorporated, which (as of such date) is considered
to be under common control (under § 414(c)) with the Company,

     (c) any person or organization which (as of such date) is a member of an affiliated service
group (as defined in Code § 414(m)) with the Company, and

     (d) any other entity which (as of such date) is required to be aggregated with the Company
under Code § 414(o).

     Solely for the purposes of § 8, the term “Affiliate” means each entity that would be an
Affiliate if the phrase “more than 50%” is substituted for the phrase “at least 80%” each place it
appears in Code § 1563(a)(1).

3.4 AMVESCAP Benefit Plans Committee (or Committee). means the Committee established
pursuant to § 12.1 which shall have the duties and responsibilities set forth therein.

3.5 AMVESCAP Stock. means the Ordinary Shares of AMVESCAP PLC or American Depository
Shares, each representing 2 Ordinary Shares, or any securities into which such shares are
converted.

2

 

3.6 AMVESCAP Stock Account. means the subaccount maintained for each Participant as part
of his or her Account to reflect his or her undivided interest in the AMVESCAP Stock held in the
Trust Fund.

3.7 AMVESCAP Stock Fund. Fund means the fund investing in AMVESCAP Stock established
pursuant to § 14 of the Plan.

3.8 Beneficiary. means (subject to § 3.8(e))

     (a) the person or persons so designated in writing by a Participant on a properly completed
Election Form or, if no such designation is made, or if no person so designated survives the
Participant or, if after checking his or her last known mailing address, the whereabouts of the
person so designated is unknown,

     (b) the Participant’s surviving spouse or, if there is no surviving spouse,

     (c) the Participant’s estate, if a personal representative of the Participant has qualified
within 12 months from the date of the Participant’s death or, if no personal representative has so
qualified,

     (d) any heirs-at-law of the Participant as determined by the Committee (using whatever state
laws the Committee deems most appropriate under the circumstances) whose whereabouts are known to
the Company; provided, however

     (e) if a Participant has a spouse on his or her date of death and such spouse survives the
Participant, such spouse automatically shall be his or her Beneficiary under this Plan unless (1)
such spouse consents (or has consented) on an Election Form before a notary public to the specific
Beneficiary designation made by the Participant, (2) such spouse had expressly consented on an
Election Form before a notary public to any Beneficiary designations made by the Participant
without any requirement of further spousal consent, (3) such spouse’s consent is not required under
the Code or ERISA, or (4) the Participant is treated as such under this Plan exclusively as a
result of his or her status as a Beneficiary.

3.9 Board. means the Board of Directors of the Company.

3.10 Cash Account. means the subaccount maintained for each Participant as part of his or
her Account to reflect his or her undivided interest in the assets of the Trust Fund other than
AMVESCAP Stock and amounts allocated to the Participant’s Directed Account.

3.11 Code. means the Internal Revenue Code of 1986, as amended, or any successor to such
statute.

3.12 Company. means INVESCO Institutional (N.A.), Inc. (successor to INVESCO Capital
Management, Inc.) and any successor to such corporation.

3.13 Compensation. means for each Plan Year for each Participant the lesser of

3

 

     (a) $210,000 (as adjusted for cost of living increases in accordance with Code § 401(a)(17)),
or

     (b) the total taxable compensation paid to the Participant by a Participating Employer for
such Plan Year which is reportable on Internal Revenue Service Form W-2 as “wages, tips, and other
compensation”, plus any contributions made on his or her behalf by a Participating Employer to a
plan pursuant to a salary reduction agreement and which are not currently includible in his or her
gross income for such Plan Year under Code § 125, Code § 402(e)(3), Code § 402(h), Code § 408(p)
or, for Plan Years beginning on and after January 1, 2001, Code § 132(f), or

     (c) if an Eligible Employee first becomes a Participant during such Plan Year, his or her
Compensation shall be the excess of his or her Compensation for the entire Plan Year (as determined
in § 3.13(b)) over his Compensation which is paid to him or her before the Entry Date as of which
he or she became a Participant.

     (d) Notwithstanding anything in this definition to the contrary, there shall be excluded
(within the meaning of § 1.414(s)-1(c)(3) of the regulations under Code § 414(s)) from a
Participant’s Compensation all reimbursements and other expense allowances, fringe benefits (cash
and noncash), moving expenses, deferred compensation and welfare benefits, even if such items are
includible in his or her gross income.

3.14 Directed Account. means the sub-account maintained for each Participant as part of
his or her Account to reflect the Participant’s election to direct the investment of his or her
Account pursuant to § 14.3.

3.15 Disability. means a Participant’s incapacity to perform the essential functions of
his or her customary job with an Affiliate because of a medically determinable physical or mental
impairment that can be expected to result in death or to be of a long, continued and indefinite
duration as determined by the Committee in its sole discretion on the basis of uniform standards
consistently applied, which may include analysis of the results of a medical or psychiatric
examination, or other examinations conducted at the insistence of the Committee with respect to
such Participant, or any other available evidence of medical or psychiatric findings reasonably
sufficient to serve as a basis for such a determination.

3.16 Disqualified Person. a person described in Code § 4975(e)(2).

3.17 Election Form. means the form or forms provided by or acceptable to the Committee for
making the elections and designations called for under this Plan, and no such form shall be
effective unless properly completed and timely delivered in accordance with the terms of this Plan
and such rules as the Committee shall adopt from time to time.

3.18 Eligible Employee. means each person who is classified by a Participating Employer on
the Participating Employer’s payroll and personnel records as an Employee of such Participating
Employer (without regard to whether he or she is classified by any other person as a common law
employee of such Participating Employer) other than an Employee

     (a) who is a nonresident alien described in Code § 410(b)(3)(C),

4

 

     (b) who is included in a unit of employees covered by a collective bargaining agreement
between the employee representatives and a Participating Employer which does not provide for
participation in this Plan, or

     (c) who is a resident alien assigned by an Affiliate to work in the United States and who
shall accrue deferred compensation benefits with such Affiliate for the period he or she works in
the United States.

3.19 Employee. means a person (a) who is an employee of an Affiliates or (b) who is a
“Leased Employee”of an Affiliate. For this purpose, the words “Leased Employee” mean any person
(other than a common-law employee of an Affiliate) who pursuant to an agreement between an
Affiliate and any other person has performed services for an Affiliate (or for an Affiliate and
related persons determined within the meaning of Code § 414(n)(6)) on a substantially full-time
basis for a period of at least one year and who has performed such services under primary direction
or control of the Affiliate.

3.20 Employment Date. means the date on which the Employee first performs an Hour of
Service for an Affiliate.

3.21 Entry Date . means the first day of each calendar month.

3.22 ERISA. the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.

3.23 ESOP Portion of the Plan. means all components of the Plan other than the Directed
Accounts.  

3.24 Financed Shares. means the AMVESCAP Stock acquired by this Plan with the proceeds of
an Acquisition Loan and which are “qualifying employer securities” under Code § 4975(e)(8).

3.25 Highly Compensated Employee. means for each Plan Year each Participant who performs
services for an Affiliate during the Plan Year and:

     (a) who is an Employee who is a 5% owner, as defined in Code § 416(1)(1), at any time during
the Plan Year or the preceding year, or

     (b) who receives compensation in excess of $95,000 (adjusted for cost-of-living increases in
accordance with Code § 414(q)) for the preceding Plan Year.

     For purposes of this § 3.25, compensation means compensation as defined in § 3.13(b) without
regard to the special rule in § 3.13(d).

The determination of which Employees are Highly Compensated Employees shall at all times be made
subject to Code § 414(q) and any related regulations, rulings, notices or revenue procedures. In
determining whether an Employee is a Highly Compensated Employee for any Plan Year, the Company may
use any alternatives and elections authorized under the applicable Internal Revenue Service
regulations, rulings, notices or revenue procedures.

5

 

3.26 Hour of Service. means

     (a) each hour for which an Employee is paid, or entitled to payment, by an Affiliate for the
performance of duties as an Employee;

     (b) each hour for which an Employee is paid, or entitled to payment, by an Affiliate on
account of a period of time during which no duties are performed (regardless of whether the
employment relationship has terminated) due to vacation, holiday, illness, incapacity (including
disability), layoff, jury duty, military duty or leave of absence; provided,

     (1) such hours shall be calculated and credited in accordance with § 2530.200b-2 of the
Department of Labor regulations (which regulations are incorporated as part of this Plan by
this reference) and

     (2) no more than 501 hours shall be credited for any continuous period during which no
duties are performed (whether or not such period covers more than one applicable 12
consecutive month period described in § 3.39); and

     (c) each hour for which back pay, irrespective of mitigation of damages, is either awarded or
agreed to by an Affiliate; provided,

     (1) such hours shall be credited for the applicable 12 consecutive month period
described in § 3.39 to which the award or agreement pertains rather than the period in which
the award, agreement or payment is made, and

     (2) no credit shall be given for any such hour if credit is also given for such hour
under § 3.26(a) or § 3.26(b).

In lieu of actually recording each Hour of Service which is completed by an Employee, such Employee
shall be credited with 95 Hours of Service for each semi-monthly payroll period in which he or she
completes at least one Hour of Service.

3.27 Investment Fund. means each separate mutual fund, separate account, or other
investment vehicle, which may include a fund, account or investment vehicle sponsored, managed or
advised by the Company or an Affiliate of the Company, that is made available through the Trust
Fund in accordance with § 14.3 for the investment of Directed Accounts.

3.28 Investment Manager. means a person (other than the Trustee or a named fiduciary) who
satisfies the requirements set forth in ERISA § 3(38).

3.29 Loan Suspense Account. means the account maintained under this Plan for the purpose
of crediting and holding Financed Shares acquired by this Plan pending the repayment of the related
Acquisition Loan.

3.30 Normal Retirement Age. means age 59-1/2.

3.31 Participant. means for any Plan Year

6

 

     (a) each Eligible Employee who has satisfied the service requirement of § 4.1, and

     (b) each former Eligible Employee for whom an Account continues to be maintained under this
Plan.

3.32 Participating Employer. means the Company and each other Affiliate (or specific
office location of such Affiliate) designated as a Participating Employer by the Board from time to
time, which designation shall terminate in accordance with the rules set forth in § 15.2.

3.33 Plan. means this INVESCO ESOP as set forth in this document and the related Trust,
and all amendments to this document.

3.34 Plan Year. means the calendar year.

3.35
Trust. means the trust established as part of this Plan.

3.36 Trust Fund. means the assets of the Trust.

3.37 Trustee. means AMVESCAP National Trust Company or any additional or successor Trustee
who accepts an appointment as Trustee.

3.38 Valuation Date. means December 31 of each Plan Year and each other date designated by
the Committee as a Valuation Date.

3.39 Year of Service. means for each Employee a 12 consecutive month period during which
an Employee completes not less than 1,000 Hours of Service where

     (a) the initial 12 month period shall begin on his or her Employment Date and, if he or she
fails to complete at least 1,000 Hours of Service in such initial 12 consecutive month period,

     (b) each subsequent 12 consecutive month period shall be the Plan Year, beginning with the
Plan Year which includes the first anniversary of his or her Employment Date.

§ 4. PARTICIPATION REQUIREMENTS

4.1 Eligibility to Participate.

     (a) General Rule. Each Eligible Employee shall become a Participant in this Plan as
of the later of:

     (1) the first Entry Date coincident with or next following his or her completion of one
Year of Service, or

     (2) the first Entry Date thereafter on which he or she is an Eligible Employee.

     (b) Grandfather Rule. Each Eligible Employee who was a Participant in this Plan on
January 31, 2005 shall continue to be a Participant in this Plan on February 1, 2005 if he or she
continues to be an Eligible Employee on such date.

7

 

4.2 Reemployment. A former Participant whose employment terminates shall become a
Participant in this Plan immediately upon his or her reemployment as an Eligible Employee. An
Eligible Employee who completes a Year of Service but who terminates employment with a
Participating Employer before the date he or she would have begun to participate in this Plan shall
participate in this Plan immediately upon his or her reemployment as an Eligible Employee. Any
other Eligible Employee whose employment terminates and who is subsequently reemployed shall become
a Participant in accordance with § 4.1.

§ 5. CONTRIBUTIONS

5.1 Money Purchase Pension Contribution and Allocation. INVESCO Funds Group, Inc. as a
Participating Employer, shall (subject to all the terms and conditions of this Plan) contribute to
this Plan for each Plan Year an amount equal to 8.5% of the Compensation from INVESCO Funds Group,
Inc. of each Participant (a) who is employed as an Eligible Employee by INVESCO Funds Group, Inc.
on the last day of such Plan Year or (b) who is not so employed exclusively because (1) he or she
was transferred by INVESCO Funds Group, Inc. from: an Eligible Employee status to a status as an
Employee of another Affiliate (and he or she remains an Employee of such Affiliate on the last day
of such Plan Year) or (2) his or her employment as an Eligible Employee by INVESCO Funds Group,
Inc. terminated during such Plan Year as a result of his or her death or Disability or terminated
during such Plan Year on or after he or she reached his or her Normal Retirement Age. The
contribution made under this § 5.1 for each Plan Year shall be allocated as of the last day of such
Plan Year to the Cash Account maintained for each Participant for whom the contribution is made to
the extent that such contribution is made in cash and to his or her AMVESCAP Stock Account to the
extent made in AMVESCAP Stock.

5.2 Stock Bonus Contributions and Allocation. Each Participating Employer (other than
INVESCO Funds Group, Inc.) shall (subject to all of the terms and conditions of this Plan)
contribute to this Plan for each Plan Year for the benefit of each Participant (a) who is employed
as an Eligible Employee by such Participating Employer on the last of such Plan Year or (b) who is
not so employed exclusively because (1) he or she was transferred by his or her Participating
Employer from Eligible Employee status to a status as an Employee of another Affiliate (and he or
she remains an Employee of such Affiliate on the last day of such Plan Year) or (2) his or her
employment as an Eligible Employee by such Participating Employer terminated during such Plan Year
as a result of his or her death or Disability or terminated during such Plan Year on or after he or
she reached his or her Normal Retirement Age. Each Participating Employer shall have the
discretion to determine the contribution to be made for each Plan Year by such Participating
Employer. The contribution made under this § 5.2 by each Participating Employer for each Plan Year
shall be allocated as of the last day of such Plan Year to the Cash Account maintained for each
Participant for whom the contribution is made to the extent that such contribution is made in cash
and to his or her AMVESCAP Stock Account to the extent made in AMVESCAP Stock, and such allocation
shall be made in the same proportion that the Compensation of each such Participant for such Plan
Year who is employed by such Participating Employer bears to the total of all such Compensation of
all such Participants for such Plan Year.

8

 

5.3 USERRA. Notwithstanding anything in this Plan to the contrary, effective December 12,
1994, contributions, benefits and service credit with respect to qualified military service shall
be provided in accordance with Code § 414(u).

5.4 Form and Time of Contribution. This Plan is designed and intended to invest primarily
in AMVESCAP Stock. Accordingly, contributions under this § 5 may, be made in cash or AMVESCAP
Stock or in any combination of cash and AMVESCAP Stock, as determined by each Participating
Employer. A Participating Employer may make contributions for any Plan Year (to the Trustee) in a
lump sum or in installments at any time during such Plan Year or at any time in the following year
before the due date (after taking any extensions into account) for filing the Participating
Employer’s federal income tax return for such Plan Year.

5.5 Freezing of Plan. Effective for Plan Years beginning after December 31, 1999, all
contributions to this Plan shall be discontinued and no further contributions shall be made to this
Plan with respect to Plan Years beginning after December 31, 1999.

§ 6. VALUATIONS, ACCOUNT DEBITS AND CREDITS, REPAYMENT OF 

ACQUISITION LOAN AND RELEASE OF
FINANCED SHARES

6.1 Fair Market Value. The Trustee as of each Valuation Date shall determine the fair
market value of all of the assets of the Trust Fund as of such date. To the extent that AMVESCAP
Stock are not readily tradable on an established securities market within the meaning of Code §
401(a)(28)(C), the value of such AMVESCAP Stock shall be their fair market value on such Valuation
Date as determined by an independent appraisal by a person selected by the Committee and acceptable
to the Trustee who customarily makes such appraisals and meets the requirements of the regulations
under Code § 170(a)(1).

6.2 Valuation Date Allocation Procedure.

     (a) Committee Action. As of each Valuation Date, the Committee or the Committee’s
agent shall make the allocations and other debits and credits to each Participant’s Account which
are called for under this § 6.2.

     (b) Distribution Debits. The Committee or the Committee’s agent as of each Valuation
Date shall debit each Participant’s Cash Account for any distributions made to or on behalf of such
Participant from his or her Cash Account since the immediately preceding Valuation Date, shall
debit each Participant’s Directed Account for any distributions made to or on behalf of such
Participant from his or her Directed Account since the immediately preceding Valuation Date, and
shall debit each Participant’s AMVESCAP Stock Account for any distributions made to or on behalf of
such Participant from his or her AMVESCAP Stock Account since the immediately preceding Valuation
Date.

     (c) Other Debits and Credits. After the completion of the debits to each
Participant’s Cash Account, Directed Account and AMVESCAP Stock Account called for as of each
Valuation Date under § 6.2(b), the Committee or the Committee’s agent as of each Valuation Date
shall

9

 

     (1) Credit to each Participant’s Cash Account all cash dividends paid since the
immediately preceding Valuation Date on all AMVESCAP Stock credited to such Participant’s
AMVESCAP Stock Account.

     (2) Credit to each Participant’s Cash Account all cash dividends paid since the
immediately preceding Valuation Date on all other AMVESCAP Stock in the same proportion that
each Participant’s Cash Account bears to all Cash Accounts,

     (3) Credit to each Participant’s AMVESCAP Stock Account all stock dividends paid since
the immediately preceding Valuation Date on AMVESCAP Stock credited to each Participant’s
AMVESCAP Stock Account and credit all stock dividends paid on any other AMVESCAP Stock
(other than on Financed Shares) to each Participant’s AMVESCAP Stock Account in the same
proportion that each Participant’s AMVESCAP Stock Account bears to all AMVESCAP Stock
Accounts;

     (4) Credit all stock dividends paid since the immediately preceding Valuation Date on
all Financed Shares directly to the Loan Suspense Account,

     (5) Credit to each Participant’s Cash Account the proceeds from any sale made since the
immediately preceding Valuation Date of any AMVESCAP Stock which had been credited to such
Participant’s AMVESCAP Stock Account,

     (6) Credit or debit each Participant’s Directed Account to reflect any investment gains
or losses (whether realized or unrealized) on the amounts allocated to such Directed
Account;

     (7) Make such credits or debits to each Participant’s Cash Account to reflect any
investment gains or losses (whether realized or unrealized) for which no credit or debit is
expressly called for under § 6.2(c)(1) through § 6.2(c)(6) in the same proportion that each
Participant’s Cash Account bears to all Cash Accounts,

     (8) Debit each Participant’s Cash Account for the interest payments, if any, and the
principal payments, if any, made from such Cash Account since the immediately preceding
Valuation Date in accordance with § 6.3, and

     (9) Credit to each Participant’s AMVESCAP Stock Account any Financed Shares released
for credit to such Participant’s Account since the immediately preceding Valuation Date in
accordance with § 6.4.

The Committee or the Committee’s agent shall have the discretion to make the debits and credits
called for in this § 6.2(c) in whatever sequence the Committee deems appropriate under the
circumstances.

     (d) Contribution Credits. The Committee or the Committee’s agent as of each Valuation
Date which coincides with the last day of a Plan Year shall credit each Participant’s Account with
the contribution, if any, made on his or her behalf for such Plan Year in accordance with the rules
set forth in § 5.

10

 

     (e) Other. The Committee or the Committee’s agent shall make such credits or debits
(in addition to those expressly called for in this § 6.2) to any Participant’s Account, or to each
Participant’s Account, as the Committee deems necessary or appropriate under the circumstances.

6.3 Repayment of Acquisition Loan.

     (a) General Rule. The Committee or the Committee’s agent as of each Valuation Date
shall debit each Participant’s Cash Account for the interest and principal payments, if any, made
from the Trust Fund with respect to any Acquisition Loan since the immediately preceding Valuation
Date in accordance with this § 6.3. Any debits for interest payments or principal payment shall be
made separately, and the debits for each such payment shall (subject to § 6.3(b)) be made to each
Participant’s Cash Account in the same proportion that the balance credited to each such Cash
Account (upon the completion of the debits called for under§ 6.2(b)) bears to the total balance
credited to all such Cash Accounts.

     (b) Negative Cash Account Balance

     (1) Interest or Principal Payments. If § 6.3(a) calls for a debit to any
Participant’s Cash Account either for an interest payment or for a principal payment as of
any Valuation Date which would result in a negative Cash Account balance for such
Participant at the completion of all the debits and credits called for under § 6.2 as of
such Valuation Date, such debit shall be made only to the extent that the debit results in a
zero Cash Account balance for such Participant, and the remainder of any such debit shall be
reallocated by the Committee or the Committee’s agent in one, or more than one step, among
the remaining Cash Accounts in the same proportion that each Cash Account balance (as
determined upon the completion of the debits called for under § 6.2(b)) bears to all such
Cash Account balances until no Participant has a. negative Cash Account balance.

     (2) Interest and Principal Payments. If § 6.3(a) calls for debits to any
Participant’s Cash Account for both an interest payment and a principal payment (or more
than one such payment) as of any Valuation Date which would result in a negative Cash
Account balance for such Participant at the completion of all the debits and credits called
for under § 6.2 as of such Valuation Date, such debits shall be made only to the extent that
the debits result in a zero Cash Account balance for such Participant, and the remainder of
such debits shall be reallocated in accordance with the procedure described in § 6.3(b)(1).
However, the Committee or the Committee’s agent as part of such reallocation process shall
pro rate each reallocation of a debit between interest payments and principal payments in
the same ratio that all such interest payments or all such principal payments bear to the
total of all such payments.

     (3) Sufficient Cash Accounts. This § 6.3(b) shall apply only if the total Cash
Account balances for all Participants is sufficient to eliminate every negative Cash Account
balance for every Participant after the reallocation of the debit or debits called for under
this § 6.3(b).

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     (c) Repayment Cap. The interest and principal payments made with respect to an
Acquisition Loan in any Plan Year shall not exceed the excess of (1) the sum of the contributions
made for such Plan Year and all prior Plan Years (together with any earnings on such contributions)
over (2) the interest and principal payments previously made with respect to all Acquisition Loans
in all prior Plan Years.

     (d) Cash Dividends. Any cash dividends paid with respect to AMVESCAP Stock credited
to a Participant’s AMVESCAP Stock Account may, at the Committee’s discretion, be applied under this
§ 6.3 to make interest payments or principal payments, or interest and principal payments.
However, if the Company proposes to claim an income tax deduction for any such dividends, the
Committee or the Committee’s agent shall apply such dividends to the payment of principal.

6.4 Release of Financed Shares.

     (a) Loan Principal Payments.

     (1) General Rule. Subject to § 6.4(a)(2), Financed Shares shall be released
from the Loan Suspense Account only with reference to principal payments in accordance with
the principal only release rules set forth in the regulations under Code § 4975 and shall be
allocated to each Participant’s AMVESCAP Stock Account in the same proportion that the
debits made to each Participant’s Cash Account for the principal payment made under § 6.3
which resulted in the release of such Financed Shares bears to all such debits to all Cash
Accounts.

     (2) Special Rule. If the Company proposes to claim an income tax deduction for
the dividends described in § 6.3(d), Financed Shares released from the Loan Suspense Account
shall first be allocated to the AMVESCAP Stock Accounts of Participants in accordance with
the requirements for such a deduction under Code § 404(k)(2)(B) and the remainder of such
shares thereafter shall be allocated in accordance with § 6.4(a)(1).

     (b) First In-First Out. If the Financed Shares held in the Loan Suspense Account were
purchased on different dates, the Committee or the Committee’s agent shall treat the Financed
Shares released upon each principal payment as released and allocated in the same order as the
date, or dates, as of which such shares were first credited to such Loan Suspense Account.

6.5 Allocation Corrections. If an error or omission is discovered in any Account, the
Committee or the Committee’s agent shall as soon as practicable make an adjustment to correct the
error or omission to the extent the Committee deems fair and equitable under the circumstances.

§ 7. VOTING RIGHTS AND TENDER RIGHTS

7.1 Voting Rights.

     (a) Voting of Allocated Shares. If the Employer does not have a registration-type
class of securities within the meaning of Code § 409(e), each Participant shall be entitled to

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direct the Trustee how to vote whole shares of AMVESCAP Stock credited to the Participant’s
Account with respect to any corporate matter which, under applicable law, requires the voting of
such AMVESCAP Stock with respect to the approval or disapproval of any corporate merger or
consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially
all assets of a trade or business, or such similar transaction as the Secretary of the Treasury may
prescribe in regulations. If the Employer has a registration-type class of securities within the
meaning of Code § 409(e), whole shares of AMVESCAP Stock credited to a Participant’s Account shall
be voted by the Trustee as such Participant directs in writing from time to time. Any such shares
with respect to which the Participant does not give directions for voting in a timely manner shall
be voted by the Trustee in accordance with § 7.1(b) to the extent permitted by law. Fractional
shares of AMVESCAP Stock credited to Participants’ Accounts shall be aggregated into whole shares
of AMVESCAP Stock and voted by the Trustee to reflect to the extent possible the voting directions
of the Participants with respect to whole shares of AMVESCAP Stock.

     (b) Voting of Unallocated Shares or Allocated Shares With No Voting Instructions.
 Shares of AMVESCAP Stock held by the Trustee and not yet allocated to Participant Accounts
shall, solely for voting purposes, be treated as allocated to Participant Accounts, and such
allocation shall be made (solely for voting purposes) in the same proportion that each
Participant’s AMVESCAP Stock Account bears to all AMVESCAP Stock Accounts. All allocated shares
(including unallocated shares treated as allocated under this § 7.1(b)) with respect to which no
voting instructions are received from Participants prior to the close of business on the fifth
business day immediately preceding the date that shares are to be voted shall be voted by the
Trustee in the same proportion as the allocated shares are voted by Participants.

     (c) Obligations of the Company. The Company shall (in an appropriate time and manner)
furnish the Trustee and Participants with proxy materials, notices and information statements on
which a Participant may give his or her voting instructions, and such instructions shall be treated
as confidential.

7.2 Tender Offer for AMVESCAP Stock.

     (a) Tender of Allocated Shares. In the event of a tender offer for Employer.
Securities at a time when AMVESCAP Stock are readily tradeable on an established market, each
Participant who has whole shares of AMVESCAP Stock allocated to his or her Account shall be given
the opportunity to direct the Trustee regarding whether to tender or not to tender the whole shares
of AMVESCAP Stock allocated to his or her Account. The Trustee, as promptly as practicable after a
tender offer for AMVESCAP Stock is made, shall send to each such Participant such materials and
forms for responding as the Trustee deems appropriate. Any form for responding shall prominently
note that a failure by a Participant to return such form within a specified reasonable period of
time shall be deemed a direction to the Trustee not to tender the whole shares of AMVESCAP Stock
allocated to the Account of such Participant. As promptly as practicable after receiving a
Participant’s response form which directs the Trustee to tender his or her whole shares of AMVESCAP
Stock, the Trustee shall tender such shares; provided, however, that the Trustee shall have the
right to take such other action as required to comply with the terms of any valid order of a court
of competent jurisdiction. After the

13

 

expiration of the period during which Participants may direct the Trustee to tender shares
under this § 7.2, the Trustee shall determine the total number of whole shares it was directed to
tender, and the total number of whole shares it was directed not to tender (either expressly or by
failure to timely respond). If the majority of the allocated whole shares of AMVESCAP Stock were
directed to be tendered, then the Trustee shall also tender, as promptly as practicable, any
allocated fractional shares which are held in the Trust Fund. However, if the majority of the
allocated whole shares of AMVESCAP Stock were not directed to be tendered, the Trustee shall not
tender any such allocated fractional shares. The Trustee shall take such steps as the Trustee
deems reasonable and appropriate to effect directions from Participants in a confidential manner.

     (b) Tender of Unallocated Shares. In the event of a tender offer for AMVESCAP Stock,
shares of AMVESCAP Stock not allocated to a Participant’s Account shall, solely for purposes of
responding to a tender offer, be treated by the Trustee as allocated to Participants’ Accounts in
accordance with the procedures described in § 7.1(b) and shall be tendered or not tendered
accordingly.

§ 8. LIMITATION ON ALLOCATION TO

PARTICIPANTS’ ACCOUNTS

8.1 General Rule. For purposes of Code § 415, the Plan Year shall be the “limitation
year”, and effective for Plan Years beginning on or after January 1, 2005, the Participating
Employer contributions allocated to a Participant’s Account for any Plan Year shall not exceed the
lesser of:

     (a) 100% of the Participant’s “compensation” for such Plan Year, or

     (b) $42,000.

A Participant’s “compensation” for purposes of this § 8 means for any Plan Year the total taxable
compensation paid to him or her by the Affiliates for such Plan Year and which is reportable on
Internal Revenue Service Form W-2 as wages, tips and other compensation and effective as of January
1, 1998, plus all contributions made on his or her behalf by an Affiliate to a plan pursuant to a
salary reduction agreement that are not currently included in his or her income for such Plan Year
under Code § 125, Code § 402(e)(3) or Code § 402(h). Finally, contributions made by a
Participating Employer to pay interest on an Acquisition Loan shall not be taken into account as
Participating Employer contributions under this § 8 to the extent such payments are not required to
be treated as annual additions under Code § 415.

For limitation years beginning on and after January 1, 2001, for purposes of applying the
limitations described in this § 8, “compensation” paid or made available during such limitation
years shall include elective amounts that are not includible in the gross income of the employee by
reason of Code § 132(f).

8.2 Corrections. If the contributions that would otherwise be credited to a Participant’s
Account would exceed the limitations set forth in § 8.1 for any Plan Year, such excess amount shall
be transferred to a suspense account (which shall not be subject to adjustment for any investment
gains or losses under § 6.2), and amounts credited to such suspense account thereafter shall be
applied as follows:

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     (a) for any Participant who is an Eligible Employee at the end of the Plan Year, such suspense
account shall be applied to offset the Participating Employer contribution under § 5 for such
Participant in the following Plan Year (and succeeding Plan Years if necessary), and

     (b) for any Participant who is not an Eligible Employee at the end of the Plan Year, such
suspense account shall be applied to offset the Participating Employer contributions under § 5 for
all remaining Participants in the following Plan Year (and succeeding Plan Years if necessary).

No additional Participating Employer contributions shall be made under § 5 while there is a balance
credited to such suspense account if the allocation of the amount in such suspense account would be
precluded under Code § 415.

8.3 Coordination Rules.

     (a) Other Defined Contribution Plan. If a contribution is made for a Plan Year by or
for a Participant under this Plan and any other defined contribution plan (as defined in Code
§ 414(1)) maintained by any Affiliate, any adjustment required to satisfy the requirements of Code
§ 415 for such Plan Year shall be made in such other plan to the extent of the contributions made
under such other plan and thereafter shall be made (to the extent, if any, then required to satisfy
such requirements) under this Plan.

     (b) Defined Benefit Plan. Effective for Plan Years beginning prior to January 1,
2000, if a defined benefit plan (as defined in Code § 414(j)) is adopted or maintained by any
Affiliate under which a benefit is accrued on behalf of a Participant, any adjustment required to
satisfy the requirements of Code § 415 as a result of his or her participation in such plan and in
this Plan shall be made exclusively in such other plan.

     (c) Welfare Plans. Contributions allocated to an “individual medical benefit account”
described in Code § 415(1) and contributions credited under a welfare benefit fund maintained by
any Affiliate for any year to a reserve for post-retirement medical benefits for a Participant who
is a “key employee” within the meaning of Code § 416(i) shall be treated as a contribution made on
his or her behalf under this Plan when, and to the extent, required under Code § 415 or Code §
419A(d).

§ 9. BENEFITS UPON TERMINATION OF EMPLOYMENT

     A Participant’s Account shall be completely nonforfeitable at all times, and the Company upon
a Participant’s termination of employment as an Employee shall direct the Trustee to pay such
Participant’s Account balance at the time and in the form provided under § 10.

§ 10. TIME AND FORM OF PAYMENT OF BENEFITS

10.1 Time of Payment of Account.

     (a) General. Subject to the consent requirement described in this § 10.1, the
Committee shall direct the Trustee to distribute a Participant’s entire Account in one payment as
soon as practicable after the Valuation Date next following the Participant’s termination of

15

 

employment as an Employee. Such distribution in any event shall be made no later than the
60th day following the close of the Plan Year in which the latest of the following events occur:
(1) the Participant reaches Normal Retirement Age or (2) the Participant terminates employment as
an Employee. A Participant must consent in writing to any distribution required under this § 10.1
if the Participant has not reached his or her required distribution date as described in § 10.1(c).
However, the Participant may defer payment until his or her death or until the “required beginning
date” described in § 10.1(c), whichever comes first. A Participant shall be deemed to have
deferred his or her distribution until the required beginning date unless he or she requests an
earlier distribution.

     (b) Deceased Participant. A deceased Participant’s Account shall be distributed to
his or her Beneficiary, and such distribution shall (regardless of any request to the contrary made
by the Beneficiary) be made no later than December 31 of the calendar year which includes the fifth
anniversary of the date of the Participant’s death.

     (c) Required Beginning Date. In accordance with the provisions of Code § 401(a)(9)
and the regulations issued thereunder and notwithstanding any other provisions of the Plan,
distributions of a Participant’s Account shall commence not later than April 1 of the calendar year
that follows:

     (1) For a Participant who is a 5% owner (as defined in Code § 416(1)(1)), the calendar
year in which the Participant reaches age 70-1/2, and

     (2) For each other Participant, the later of the calendar year in which the Participant
(i) reaches age 70-1/2, or (ii) retires.

     (d) Withdrawals. A Participant who remains an Employee after reaching his or her
Normal Requirement Age shall have the right (while he or she remains an Employee) to request in
writing a withdrawal of all or any portion of his or her Account, but no more than once in any Plan
Year. The Committee shall grant his or her request subject to the Participant satisfying the
consent provisions under this § 10.1.

10.2 Distribution of AMVESCAP Stock or Cash. The distribution of a Participant’s Account
pursuant to § 10.1 shall be made in the form of (a) whole shares of AMVESCAP Stock credited to the
Participant’s AMVESCAP Stock Account and cash in lieu of any fractional share, and (b) cash with
respect to the Participant’s Directed Account and Cash Account. Cash paid in lieu of a fractional
share of an AMVESCAP Stock shall be based on the value of a whole share as of the date of the
distribution.

10.3 Small Accounts. Notwithstanding § 10.1 and § 10.2, effective July 1, 2002, a
Participant’s entire Account shall be distributed in a single sum to such Participant (or to the
Participant’s Beneficiary in the event of the Participant’s death) as soon as administratively
practicable following the Valuation Date coincident with or next following the Participant’s
termination of employment as an Employee (or, if later, as soon as administratively practicable
following the effective date of this § 10.3) if the value of his or her Account is $5,000 or less
as of the date of the distribution. Such single sum shall be paid in cash with respect to the
Participant’s Directed Account and Cash Account. Such single sum shall be paid in cash with

16

 

respect to the Participant’s AMVESCAP Stock Account unless the Participant or Beneficiary requests
distribution of the Participant’s AMVESCAP Stock Account in whole shares of AMVESCAP Stock (plus
cash in lieu of any fractional share of AMVESCAP Stock) in accordance with the rules established by
the Committee for this purpose.

10.4 Participant’s Right to Put AMVESCAP Stock to the Company and This Plan.

     (a) General. Any Participant (or his or her Beneficiary) who receives a distribution
of AMVESCAP Stock from this Plan at a time when such AMVESCAP Stock are not readily tradeable on an
established securities market shall have a put option on such AMVESCAP Stock in accordance with
Code § 409(h), giving him or her the right to have the Company or this Plan purchase such AMVESCAP
Stock. The put option. shall be exercisable by the Participant (or his or her
Beneficiary) during the following two election periods by giving notice in writing to the Company:

     (1) the first option period shall be the 60-day period commencing on the date of
distribution of the shares of AMVESCAP Stock; and

     (2) the second option period shall be the 60-day period commencing on the date the fair
market value of the AMVESCAP Stock is determined (and the Participant or Beneficiary is
notified of such determination) for the valuation next following the date on which such
shares of AMVESCAP Stock are distributed, provided that such second option period shall
begin in the Plan Year next following the Plan Year in which such AMVESCAP Stock are
distributed.

This Plan may be given the opportunity to purchase shares of AMVESCAP Stock tendered to the Company
under the put option as described in § 10.4(c). Except to the extent otherwise required by law,
this § 10.4 shall not apply at any time that AMVESCAP Stock are readily tradeable on an established
market.

     (b) Price and Payment. The price at which the put option is exercisable is the fair
market value of the AMVESCAP Stock as of the date of the transaction. Payment for the AMVESCAP
Stock put to the Company or the Plan shall be made in one cash payment.

     (c) Right of Plan. The Trustee for this Plan has the option to assume the rights and
obligations of the Company under the put option in this § 10.4 at the time the put option is
exercised.

     (d) Continuation of Rights. The provisions of this § 10.4 with respect to any
AMVESCAP Stock acquired by this Plan in a leveraged transaction, are not terminable and shall
continue if the loan is repaid or if this Plan ceases to be an ESOP, except to the extent such
rights have terminated in accordance with other terms of this Plan. Except as otherwise provided in
this Plan, any AMVESCAP Stock acquired in a leveraged transaction shall not be subject to any put,
call, or other option or buy-sell or similar arrangement while held by and when distributed from
this Plan, regardless of whether this Plan is then an ESOP. The protections set forth in the
preceding sentence shall be non-terminable.

17

 

     (e) Securities Laws Restrictions on Resales. If any shares of AMVESCAP Stock acquired
by this Plan have not been registered under either applicable state or federal securities laws but
have been issued and acquired pursuant to applicable exemptions under such laws, then any such
AMVESCAP Stock distributed to Participants may only be sold by the Participant upon registration
under such securities laws or pursuant to an available exemption thereunder. The shares of
AMVESCAP Stock held and distributed by this Plan may be appropriately legended to reflect the
restrictions on sale in the securities laws.

10.5 Eligible Rollover Distribution.

     (a) General. Notwithstanding any provision of this Plan to the contrary that would
otherwise limit a Distributee’s election under this § 10.5, a Distributee (as defined in
§ 10.5(b)(3)) may elect, at the time and in the manner prescribed by the Committee, to have any
portion of an Eligible Rollover Distribution (as defined in § 10.5(b)(1)) paid directly to an
Eligible Retirement Plan (as defined in § 10.5(b)(2)) specified by the Distributee in a Direct
Rollover (as defined in § 10.5(b)(4)).

     (b) Definitions.

     (1) Eligible Rollover Distribution. An Eligible Rollover Distribution is any
distribution of all or any portion of the balance to the credit of the Distributee, except
that an Eligible Rollover Distribution does not include any distribution that is one of a
series of substantially equal periodic payments (not less frequently than annually) made for
the life (or life expectancy) of the Distributee or the joint lives (or joint life
expectancies) of the Distributee and the Distributee’s designated beneficiary, or for a
specified period of 10 years or more; any distribution to the extent such distribution is
required under Code § 401(a)(9); and any hardship distribution described in
Code § 401(k)(2)(B)(i)(IV), or any amount distributed on account of hardship. A portion of
a distribution shall not fail to be an Eligible Rollover Distribution merely because the
portion consists of after-tax employee contributions that are not includible in gross income
(determined without regard to the exclusion for net unrealized appreciation with respect to
AMVESCAP Stock). However, such portion may be transferred only to an individual retirement
account or annuity described in Code § 408(a) of (b) or to a qualified defined contribution
plan described in Code § 401(a) or 403(a) that agrees to separately account for amounts so
transferred, including separately accounting for the portion of such distribution that is
includible in gross income and the portion of such distribution that is not so includible.

     (2) Eligible Retirement Plan. An Eligible Retirement Plan is an individual
retirement account described in Code § 408(a); an individual retirement annuity described in
Code § 408(b); an annuity plan described in Code § 403(a); an annuity contract described in
Code § 403(b); a qualified trust described in Code § 401(a); or an eligible plan under Code
§ 457 which is maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such a plan from this Plan.

18

 

     (3) Distributee. A Distributee includes an Employee or former Employee. In
addition, the Employee’s or former Employee’s surviving spouse and the Employee’s or former
Employee’s spouse or former spouse who is the alternate payee under a qualified domestic
relations order, as defined in Code § 414(p), are Distributees with regard to the interest
of the spouse or former spouse.

     (4) Direct Rollover. A Direct Rollover is a payment by this Plan to the
Eligible Retirement Plan specified by the Distributee.

10.6 30-Day Waiver. If a distribution is one to which Code § 401(a)(11) and § 417 do not
apply, such distribution may commence less than 30 days after the notice required under § 1.411
(a)-(11)(c) of the Income Tax Regulations is given, provided that:

     (a) the Committee informs the Participant in such notice that the Participant has the right to
a period of at least 30 days after receiving the notice to consider the decision of whether or not
to elect a distribution (and, if applicable, a particular distribution option), and

     (b) the Participant, after receiving such notice, affirmatively elects a distribution.

10.7 Cash Dividends.

     (a) The Committee may offer Participants (or a class of Participants) the right to elect to
(i) receive payment of cash dividends paid on AMVESCAP Stock allocated to the Participant’s
Account, which payment shall be made either by the Plan no more than 90 days following the close of
the Plan Year in which the dividends are paid or directly by the Company, or (ii) have cash
dividends paid on AMVESCAP Stock allocated to the Participant’s Account paid to the Plan and
reinvested in AMVESCAP Stock. To the extent a Participant elects (or is deemed to elect)
reinvestment of such cash dividends in AMVESCAP Stock, the Trustee shall apply such cash dividends
to purchase shares of AMVESCAP Stock and shall allocate the shares of AMVESCAP Stock so purchased
to the Participant’s AMVESCAP Stock Account. The election shall be made on such forms and in such
manner as may be determined by the Committee.

     (b) In addition to, or as an alternative to, the election in (a) above, the Committee, with
respect to Participants (or a class of Participants):

     (1) may direct the Trustee to make cash payment to a Participant of cash dividends paid
on AMVESCAP Stock allocated to the Participant’s Account not later than 90 days following
the close of the Plan Year in which such cash dividends are paid;

     (2) may arrange for the Company to make payment directly to a Participant of cash
dividends paid on AMVESCAP Stock allocated to the Participant’s Account; or

     (3) may direct the Trustee to apply cash dividends paid on AMVESCAP Stock allocated to
a Participant’s Account to purchase shares of AMVESCAP Stock and to allocate the shares of
AMVESCAP Stock so purchased to the Participant’s AMVESCAP Stock Account.

19

 

     (c) The Committee shall operate the Plan in accordance with the alternatives set out in
subsections (a) and (b) above in accordance with procedures established by the Committee for this
purpose and shall be entitled to change such procedures from time to time in its discretion. The
Committee may provide one alternative for Participants who are active Employees and another
alternative for Participants who are not active Employees.

     (d) Effective with respect to cash dividends paid prior to May 1, 2002 on AMVESCAP Stock held
under the Plan, the Trustee at the direction of the Committee shall distribute in cash to each
Participant all, or any part of, the cash dividends paid on AMVESCAP Stock which are allocated to a
Participant’s Cash Account as of any Valuation Date in a Plan Year no later than 90 days after the
end of such Plan Year in accordance with Code § 404(k)(2) if the Committee in its discretion
decides to seek an income tax deduction for such dividends with respect to such Plan Year.

§ 11. BENEFIT PAYMENT RULES

11.1 Election Form. Subject to § 10.1, the Committee may require as a condition to the
payment of any benefit under this Plan that a claim for such benefit be filed with the Committee on
the related Election Form, and all such claims (and any other claims by a Participant, former
Participant or Beneficiary) shall be processed in accordance with the claims procedure set forth in
the summary plan description for this Plan. Any payment to a Participant or Beneficiary or to
their legal representative, or heirs at law, made in accordance with the provisions of this Plan
shall be in full satisfaction of all claims under this Plan against the Trustee and the Affiliates.

11.2 Missing Person. In the event that an Account becomes payable under this Plan to a
Participant or to a Beneficiary and the Committee is unable to locate the Participant or
Beneficiary after sending written notice to his or her last known mailing address and to the United
States Social Security Administration, such Participant or Beneficiary shall be presumed
dead and such Account shall become a forfeiture on the third anniversary of the date such Account
first became payable under this Plan or on the date this Plan terminates, whichever comes first.
However, the amount of such forfeiture shall be paid to such missing Participant or Beneficiary in
the event that such person files a claim for such benefit-while this Plan remains in effect and
demonstrates to the satisfaction of the Committee that such person in fact is such missing
Participant or Beneficiary. Any amounts forfeited under this § 11.2 shall be applied to offset the
Participating Employer contributions under § 5.

11.3 Spendthrift Clause. Except to the extent permitted by law and subject to the
following paragraph and to §11.7, no Account, benefit, payment or distribution under this Plan or
the Trust shall be subject to attachment, garnishment, levy (other than a federal tax levy),
execution or any claim or legal process of any creditor of a Participant or Beneficiary, and no
Participant or Beneficiary shall have any right to alienate, commute, anticipate or assign all or
any part of his or her Account, benefit, payment or distribution under this Plan or the Trust.

The foregoing provision shall not apply in the case of (i) a qualified domestic relations order (as
set forth in §11.7) which is determined by the Plan to meet the requirements of Code § 414(p); or
(ii) the Participant’s liability to the Plan due to: (A) the Participant’s conviction of a crime
involving the Plan, (B) a judgment, consent order or decree in action for violation of fiduciary

20

 

standards, or (C) a settlement involving the Department of Labor or Pension Benefit Guaranty
Corporation.

11.4 Payment to be Made Upon Committee’s Direction. No disbursement from this Plan shall
be made by the Trustee for purposes of the payment of any Plan benefit except on the written
direction of the Committee, and the Trustee shall have no duty or obligation whatsoever to inquire
as to the accuracy of such direction or its propriety in light of the provisions of this Plan,
ERISA or the Code. Upon written direction (which may be a continuing direction) from the Company
as to the name of any person to whom money is to be paid from this Plan, when such payment is to be
made and the amount of such payment, and consistent with income tax withholding requirements, the
Trustee shall draw checks in the name of the person designated by the Committee and deliver such
checks in such manner and in such amounts and at such times as the Committee shall direct, or the
Trustee shall make an electronic transfer to the checking account of such person designated by the
Committee in such amounts and at such times as the Committee shall direct. If the Trustee deems it
necessary to withhold any distribution pending compliance with legal requirements with respect to
probate of wills, appointment of personal representatives, payment or provision for estate or
inheritance taxes, or for death duties or otherwise, the Trustee shall notify the Committee and
shall thereafter take no action pending receipt of the Committee’s instructions to distribute and
an agreement from the Committee, in a form satisfactory to the Trustee, protecting it from any
liability arising out of noncompliance with such requirements.

11.5 Payment to a Minor or Incompetent. The Committee may in its discretion direct, and
the Trustee shall make payment on such direction, that Plan payments be made (a) directly to an
incompetent or disabled person, whether because of minority or mental or physical disability,
(b) to the guardian or to the person having custody of such person if a court of competent
jurisdiction has appointed such guardian or custodian, or (c) to any person designated or
authorized under any state statute to receive such payments on behalf of such incompetent or
disabled person without further liability either on the part of the Committee, the Company, the
Participating Employers or the Trustee for the amount of such payment to the person on whose
account such payment was made.

11.6 Benefits Supported Only by Trust Fund. Any person having any claim for any benefit
under this Plan shall look solely to the assets of the Trust Fund for the satisfaction of such
claim. In no event shall the Committee, the Company, other Affiliates or the Trustee, or any of
their employees, officers, members of their board of directors or agents, be liable in their
individual capacities to any person whomsoever for the payment of benefits under this Plan.

11.7 Qualified Domestic Relations Order. In accordance with uniform and nondiscriminatory
procedures established by the Committee from time to time, the Committee upon the receipt of a
domestic relations order which seeks to require the distribution of a Participant’s Account in
whole or in part to an “alternate payee” (as that term is defined in Code § 414(p)(8)) shall

     (a) promptly notify the Participant and such “alternate payee” of the receipt of such order
and of the procedure which the Committee shall follow to determine whether such order constitutes a
“qualified domestic relations order” within the meaning of Code § 414(p),

21

 

     (b) determine whether such order constitutes a “qualified domestic relations order”, notify
the Participant and the “alternate payee” of the results of such determination and, if the
Committee determines that such order does constitute a “qualified domestic relations order”,

     (c) transfer such amounts, if any, as the Committee determines necessary or appropriate from
the Participant’s Account to a special Account for such “alternate payee”, and

     (d) distribute to such “alternate payee” such special Account when the Committee deems such
distribution is called for under the terms of such order.

The determinations and the distribution made by, or at the direction of, the Committee under this
§ 11.7 shall be final and binding on the Participant and on all other persons interested in such
order, and the Committee shall have the power to make such distributions at any time (without
regard to whether the Participant is eligible for a distribution) and to establish such rules
regarding the investment of a special Account pending such a distribution as the Committee deems
administratively convenient.

An “alternate payee” shall have the right to designate a Beneficiary for the payment of his or her
special Account in the event of his or her death before his or her special Account is paid to him
or her under the same rules as a Participant who has no spouse and, if an “alternate payee” dies
without designating a Beneficiary, such special Account shall be paid as if his or her designated
Beneficiary had predeceased him or her.

11.8 Nonreversion and Exclusive Benefit. No part of the Trust Fund shall ever be used for
or be diverted to purposes other than for the exclusive benefit of Participants and Beneficiaries
except that

     (a) any amounts remaining in a Code § 415 suspense account established under § 8 which cannot
be allocated under Code § 415 upon the termination of this Plan shall be returned to the
Participating Employers upon such termination;

     (b) a contribution which is made by a Participating Employer by a mistake of fact shall be
refunded to such Participating Employer within one year after the payment of such contribution; and

     (c) a contribution to the extent disallowed (within the meaning of ERISA § 403(c)(2)(C)) as a
federal income tax deduction shall be refunded to such Participating Employer within one year after
the disallowance of such deduction, all such contributions being made expressly on the condition
that such contributions are deductible in full for federal income tax purposes in the year for
which the contribution is made.

11.9 No Estoppel of Plan. No person is entitled to any benefit under this Plan except and
to the extent expressly provided under this Plan. The fact that payments have been made from this
Plan in connection with any claim for benefits under this Plan does not (a) establish the validity
of the claim, (b) provide any right to have such benefits continue for any period of time, or
(c) prevent this Plan from recovering the benefits paid to the extent that the Committee determines
that there was no right to payment of the benefits under this Plan. Thus, if a benefit is paid
under this Plan and it is thereafter determined by the Committee that such benefit should

22

 

not have been paid (whether or not attributable to an error by the Participant, a Participating
Employer, or any other person), then the Committee may take such action as the Committee deems
necessary or appropriate to remedy such situation, including without limitation by (1) deducting
the amount of any overpayment theretofore made to or on behalf of such Participant from any
succeeding payments to or on behalf of such Participant under this Plan or from any amounts due or
owing to such Participant by the Company or any Affiliate or under any other plan, program or
arrangement benefiting the Employees or former Employees of the Company or any Affiliate, or (2)
otherwise recovering such overpayment from whoever has benefited from it.

     If the Committee determines that an underpayment of benefits has been made, the Committee
shall take such action as it deems necessary or appropriate to remedy such situation. However, in
no event shall interest be paid on the amount of any underpayment other than the investment gains
(or losses) credited to the Participant’s Account pending payment.

11.10 Mistakes. If a mistake is made in favor of a Participant or a Beneficiary in
crediting contributions or investment gains or losses to an Account or in the payment of an
Account, the Committee or the Trustee (acting at the Company’s direction and on behalf of this
Plan) shall take such action against the Participant or Beneficiary to remedy such mistake and to
make this Plan whole as the Committee deems proper and appropriate under the circumstances, and any
mistake made in favor of this Plan shall promptly be corrected by (or at the direction of) the
Committee.

§ 12. ADMINISTRATION

12.1 Named Fiduciary. The Committee shall be the “named fiduciary” of the Plan and shall
be responsible for the (i) control, management and administration of the Plan; (ii) establishing
the Plan’s investment policy; (iii) selection and monitoring of the Investment Funds available to
Participants in the Plan; (iv) monitoring to the extent provided in § 14.2 of the AMVESCAP Stock
Fund; and (v) assuring compliance of the Plan with ERISA’s fiduciary rules, including ERISA
§ 404(c). The Committee shall have and perform the responsibilities of the Plan Administrator under
the Plan (as defined in ERISA). The Committee shall consist of the following individuals:

	 	•	 	Hubert Harris (CEO, INVESCO North America)
	 
	 	•	 	Bob McCullough (Former CFO and Senior Partner, AMVESCAP)
	 
	 	•	 	Don Hawk (Director of Corporate Resources, AIM)
	 
	 	•	 	Jon May (Director of Human Resources, INVESCO North America)
	 
	 	•	 	Brad Jones (Managing Director, Business Development, Atlantic Trust)

     The Committee may from time to time establish rules and procedures for its operation as the
Committee may deem necessary or appropriate. The Committee as the “named fiduciary” may appoint or
employ person to assist in performing its duties with respect to the Plan and may appoint or employ
any other agents it deems advisable, including legal counsel, actuaries,

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consultants, investment managers, auditors, bookkeepers and recordkeepers to serve at the
Committee’s direction.

12.2 Committee Administrative Powers and Duties.

     (a) General. The Committee shall have the exclusive responsibility and complete
discretionary authority to control the operation, management and administration of this Plan, with
all powers necessary to enable it properly to carry out such responsibilities, including (but not
limited to) the power to construe this Plan, to determine eligibility for benefits and to resolve
all interpretative, equitable or other questions that arise under this Plan. All disbursements by
the Trustee shall be made upon, and in accordance with, the written instructions of the Committee.
The decisions of the Committee on all matters within the scope of its authority shall be final and
binding upon each other Participating Employer and Participants and Beneficiaries.

     (b) Liquidity Requirements. The Committee shall determine anticipated liquidity
requirements to meet projected benefit payments for each Plan Year and, if any adjustment from
previous annual liquidity requirements is appropriate, notice of the adjusted requirement shall be
communicated as soon as practicable to the Trustee in writing so that Trust Fund investment
policies may be appropriately coordinated with Plan needs.

     (c) Records. All acts and determinations of the Committee shall be duly recorded by
the person so designated by the Committee to maintain such records (or under his or her
supervision) and all such records, together with such other documents as may be necessary for the
administration of this Plan, shall be preserved in the custody of such person.

     (d) Appointment of Others. The Committee may appoint such additional persons as
agents or advisors to perform such functions as it may deem necessary and helpful to the effective
performance of its duties in the administration of this Plan. The compensation of such agents or
advisors shall be fixed by the Committee within limits set by the Board and shall be paid by the
Trust Fund, unless the Company elects in writing to pay such compensation.

     (e) Information from Others. The Committee, the Company, the other Participating
Employers, and the Trustee shall be entitled to rely upon all information and data contained in any
certificate or report or other material prepared by any actuary, accountant, attorney or other
consultant or advisor selected by the Committee to perform services on behalf of this Plan. The
Committee, officers and employees of the Company and the other Participating Employers shall be
indemnified and held harmless by the Company (to the extent permissible under applicable law) for
any costs, expenses, losses, liabilities or assessments arising out of any action taken or omitted
by them in good faith in reliance upon the advice or opinion of any such person selected by the
Company to perform services for this Plan and all action so taken or omitted shall be conclusive
upon each of them and upon all other persons interested in this Plan. Finally, the Trustee shall
be indemnified and held harmless by the Company (to the extent permissible under applicable law)
for any costs, expenses, losses, liabilities or assessments arising out of any action taken or
omitted by them in good faith upon the advice or opinion of any actuary, accountant, attorney or
other consultant or adviser selected by the Company to perform services on behalf of this Plan.
The Company shall be entitled to defend or maintain any suit or litigation arising under the Plan
with respect to the Committee and may employ its own counsel.

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12.3 Nondiscrimination. The Committee shall administer this Plan in a manner which it
deems fair, reasonable and equitable under the circumstances and, further, shall have the power to
adopt such administrative or other rules as the Committee in its discretion deems appropriate for
any persons affected by circumstances such as a sale, acquisition, merger, reorganization, facility
closing, layoff, work force reduction or other similar event or transaction; provided, however, the
Committee shall not permit any discrimination under any such circumstances in favor of Highly
Compensated Employees which would be prohibited under Code § 401(a).

12.4 Agent for Service of Process. The agent for service of process for this Plan shall be
the person currently listed in the summary plan description for this Plan as the agent for service
of process for this Plan.

12.5 Reporting and Disclosure. The Company shall be the “Committee” for purposes of
satisfying any applicable requirement now or hereinafter imposed through federal or state
legislation to report and disclose to any federal or state department or agency, or to any
Participant or Beneficiary, any information respecting the establishment or maintenance of this
Plan.

12.6 Acquisitions. In the event the Company or an Affiliate acquires any organization or
entity or all or any part of the assets of any organization or entity, the Committee shall have the
power to adopt in writing such administrative rules (on an acquisition by acquisition basis) which
will treat the service of any affected Employee with such organization or entity before such
acquisition as if he or she had completed such service with an Affiliate if such affected Employee
was employed by such organization or entity immediately before such acquisition and he or she
became an Employee as a result of such acquisition. The Committee shall treat all similarly
situated affected Employees the same and shall not permit any discrimination under any
circumstances in favor of any Highly Compensated Employees that would be prohibited under Code §
401(a)(4).

§ 13. TRUSTEE

13.1 Acceptance of Trust and Limited Duties Thereunder. The Trustee accepts the Trust
which is part of this Plan. However, the Trustee shall have no duty to collect any contributions
from Participating Employers or to interpret this Plan or see that the Trust Fund is sufficient to
pay Plan benefits.

13.2 Legal Title to Plan Assets. Legal title to Plan assets and all income, dividends,
accretions and appreciation attributable to the Trust Fund is vested in the Trustee, and no
Participant, Beneficiary or other person has any legal or equitable right to or interest in the
Trust Fund or benefits except as provided by this Plan or by applicable law.

13.3 Resignation, Removal and Succession of Trustee.

     (a) Trustee Resignation. The Trustee may resign at any time by delivering to the
Company, at least 30 days before its effective date, a written notice of the Trustee’s resignation.

25

 

     (b) Trustee Removal. The Company may remove the Trustee by delivery to such Trustee
at the Trustee’s last known address, at least 30 days before its effective date, a written notice
of the Trustee’s removal.

     (c) Successor Trustee. Upon the resignation or removal of any Trustee, a successor
shall be appointed by the Committee. Such successor, upon accepting the Trustee’s appointment in
writing and delivering such acceptance to the Committee shall, without further act, become vested
with all the estate, rights, powers, discretions, and duties of the new Trustee’s predecessor.
Until a successor is appointed, the old Trustee has full authority to act under the terms of this
Plan. The resigning or removed Trustee, upon receipt of direction by the Committee, shall execute
all documents and do all acts necessary to vest the title of record in any successor Trustee.
Whenever a Trustee ceases to serve, such Trustee shall within a reasonable time thereafter (unless
excused from this requirement by the Company) furnish the Company a written accounting with respect
to the portion of the Plan Year during which such Trustee served as Trustee. No successor Trustee
shall be personally liable for any act or failure to act of any predecessor Trustee.

13.4 Full Investment and General Powers. The Trustee shall have all rights, powers,
privileges and immunities necessary or desirable and permissible under ERISA for the performance of
the Trustee’s duties as Trustee, and shall have full discretion and authority with regard to the
investment of the Trust Fund, including with respect to the purchase and sale of AMVESCAP Stock and
with respect to the voting or tender of AMVESCAP Stock as provided in and subject to the
limitations provided in § 7, but excluding with respect to any portion of the Trust Fund under the
direction of an Investment Manager (pursuant to ERISA § 403(a)(2)) or with respect to any portion
of the Trust Fund subject to direction by the Committee (pursuant to ERISA § 403(a)(1)) as provided
in § 14. The Trustee shall coordinate its investment policy with Plan financial needs as
communicated to it by the Committee. Subject to the foregoing, the Trustee is authorized and
empowered:

     (a) To invest any part or all of the Trust Fund in any common or preferred stocks, open-end or
closed-end mutual funds, put and call options traded on a national exchange, United States
retirement plan bonds, corporate bonds, debentures, convertible debentures, commercial paper, U.S.
Treasury bills, U.S. Treasury notes and other direct or indirect obligations of the United States
Government or its agencies, improved or unimproved real estate situated in the United States,
limited partnerships, insurance contracts, group annuity contracts, mortgages, notes or other
property of any kind, real or personal, and to buy or sell options on common stock on a nationally
recognized options exchange with or without holding the underlying common stock, all without
restriction as to that class of investments which are defined as legal investments for trust
estates under any present or future laws other than ERISA, and, except as otherwise required by
ERISA, without regard to the proportion that one investment bears to the entire Trust Fund;

     (b) To pool all or any part of the Trust Fund under a master trust or other pooled investment
arrangement with assets belonging to any other qualified employee pension plan, to commingle such
assets and. make joint or common investments and carry joint accounts on behalf of this Plan and
such other plan or plans, allocating shares or interests in such investments

26

 

or accounts or any pooled assets of the two or more plans in accordance with their respective
interests;

     (c) To invest all or any portion of the Trust Fund in any group trust fund which at the time
of the investment provides for the pooling of the assets of plans qualified under Code § 401(a);
provided that (1) this authorization applies solely to a group trust fund exempt from taxation
under Code § 501 (a) and the trust agreement of which satisfies the requirements of Revenue Ruling
81-100 or its successor; (2) the provisions of the group trust fund agreement, as amended from time
to time, are by this reference incorporated in this Plan; and (3) the provisions of the group trust
fund shall govern any investment of the Trust Fund in that fund;

     (d) To retain in cash so much of the Trust Fund as it may deem advisable to satisfy liquidity
needs of this Plan and to deposit cash into a bank account at reasonable interest, including, if a
bank is acting as Trustee, specific authority to invest in any type of deposit of the Trustee at a
reasonable rate of interest or in a common trust fund (the provisions of which govern the
investment of such assets and which this Plan incorporates by this reference) as described in Code
§ 584 which the Trustee (or the Trustee’s “affiliate” as defined in Code § 1504) maintains
exclusively for the collective investment of money contributed by the bank (or the affiliate) in
its capacity as Trustee and which conforms to. the rules of the Comptroller of the
Currency;

     (e) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer,
abandon, improve, repair, insure, lease for any term even though commencing in the future or
extending beyond the term of this Plan, and otherwise deal with all property, real or personal, in
such manner, for such considerations and on such terms and conditions as the Trustee shall decide;

     (f) To borrow money, to assume indebtedness, extend mortgages and encumber by mortgage or
pledge;

     (g) To compromise, contest, arbitrate or abandon claims and demands, in its discretion;

     (h) To have with respect to this Plan all of the rights of an individual owner, including the
power to give proxies, to participate in any voting trusts, mergers; consolidations or
liquidations, and to exercise or sell stock subscriptions or conversion rights;

     (i) To enter into a lease for oil, gas and other mineral purposes and to create mineral
severances by grant or reservation; to pool or unitize interests in oil, gas and other minerals;
and to enter into operating agreements and to execute division and transfer orders;

     (j) To register any AMVESCAP Stock or other property held by it as part of the Trust Fund
hereunder in its own name or in the name of its nominees, with or without the addition of words
indicating that such securities are held in a fiduciary capacity, and to hold any securities in
bearer form; but the books and records of the Trustee shall at all times reflect that all such
investments are part of this Plan;

27

 

     (k) To retain any funds or property subject to any dispute without liability for the payment
of interest, and to decline to make payment or delivery of the funds or property until final
adjudication is made by a court of competent jurisdiction;

     (l) To file all tax returns required of the Trustee;

     (m) To begin, maintain or defend any litigation necessary in connection with the
administration of this Plan, except that the Trustee shall not be obligated or required to do so
unless indemnified to its satisfaction;

     (n) To make any other investments the Trustee may deem proper under the circumstances,
including up to 100% of the Trust Fund in AMVESCAP Stock;

     (o) With the Committee’s approval, to utilize a custodian to maintain custody of all or a
portion of the Trust Fund;

     (p) To perform any and all other acts in its judgment necessary or appropriate for the proper
and advantageous management, investment and distribution of the Trust.

13.5 Acquisition Loans. The Company may direct the Trustee to incur Acquisition Loans from
time to time to finance the acquisition of AMVESCAP Stock or to repay a prior Acquisition Loan, and
to issue its promissory note as Trustee, and the Trustee shall follow any such direction.

13.6 Payment of Benefits. At the direction of the Committee, the Trustee shall, from time
to time, in accordance with the terms of this Plan, make payments from the Trust Fund to
Participants and Beneficiaries.

13.7 Trustee’s Compensation; Plan Expenses and Taxes. The Trustee shall be paid such
reasonable compensation as shall from time to time be agreed by the Committee and Trustee. An
individual serving as Trustee who already receives full-time pay from the Company or Participating
Employer shall not receive any additional compensation from this Plan. In addition, the Trustee
shall be reimbursed for any reasonable expenses, including reasonable counsel fees incurred by the
Trustee as Trustee. Such compensation and expenses and all taxes that may be levied or assessed
against the Trust Fund or the income of the Trust Fund shall be paid from the Trust Fund unless
paid or advanced by the Company. No fee or expense paid directly or indirectly by the Committee
shall be deemed to be a contribution.

13.8 Annual Accounting of the Trustee. Within a reasonable period of time after the later
of the last day of the Plan Year or receipt of the final contribution for such Plan Year from all
Participating Employers, the Trustee shall furnish the Committee a written annual accounting with
respect to the Plan Year showing the condition of the Trust Fund, including the investment
performance, Trust Fund assets held at the end of the Plan Year and all investments, receipts,
payments and other transactions effected by the Trustee during the Plan Year, and such other
information as the Trustee or the Committee deems appropriate. Such accounting shall be conclusive
on all persons except as to any act or transaction as to which the Committee or other person files
with the Trustee written objections within 90 days after receipt of the accounting, or such longer
time as-may be prescribed by ERISA; provided, however, that nothing in this § 13.8

28

 

shall deprive the Trustee of its right to have its accounts judicially settled if the Trustee so
reasonably desires.

13.9 Records and Statements. The Trustee’s Plan and Trust Fund records shall be open to
inspection by the Committee at all reasonable times and may be audited from time to time by any
person or persons as the Committee may specify in writing. The Trustee shall furnish the Company
such information relating to the Trust Fund as the Committee reasonably deems necessary.

13.10 Authority to Act without Bond or Court Approval. To the extent permitted by law, the
Trustee need not make or file any inventory or appraisal with, or give any bond, or be a surety to
any officer, court, or tribunal, nor secure any order of court for the exercise of any power
granted the Trustee under this Plan. The Trustee may exercise its judgment in all matters and at
all times without court approval of its actions and decisions; provided, however, that if any
application to or proceeding or action in the courts is made, only the Committee and the Trustee
shall be necessary parties, and no Participant or other person having an interest in this Plan
shall be entitled to any notice or service of process. Any judgment entered in the proceeding or
action shall be conclusive on all persons claiming an interest in Plan benefits.

§ 14. INVESTMENT OF THE TRUST FUND

14.1 Investment in AMVESCAP Stock. The ESOP Portion of the Plan is designed to be an
employee stock ownership plan as defined in Code § 4975(e)(7) and regulations thereunder. As a
result, the ESOP Portion of the Plan shall be invested primarily in employer securities.
Accordingly, as directed in writing by the Committee, the Trustee may invest up to 100% of the ESOP
Portion of the Plan in AMVESCAP Stock. The Committee shall direct the Trustee in writing (which
may be a continuing direction) as to all purchases and sales of AMVESCAP Stock. The Trustee may
suspend purchases of AMVESCAP Stock in circumstances in which such suspension is necessary to
comply with any applicable law or applicable stock exchange rule or regulation, in which event such
purchases shall be made or resumed as or when the Trustee reasonably determines that such purchases
are permitted under applicable law or such rules and regulations. The Trustee shall account for
the cost or other basis of all AMVESCAP Stock held in the Trust Fund in accordance with §
1.402(a)-1(b)(2)(ii) of the income tax regulations under the Code.

14.2 General Investments. The Committee may direct the Trustee in writing from time to
time (which may be a continuing direction) to invest the ESOP Portion of the Plan in such
investments other than AMVESCAP Stock as the Company shall specify in its direction. The Trustee
has no duty to question any such Committee investment direction and has no responsibility for any
disparity between the investment performance of the portion of the Trust Fund managed by the
Trustee as compared to Committee-directed investments. Committee-directed investments shall be made
by the Trustee as soon as administratively feasible after the Trustee has received the Committee’s
direction. If the Trustee in its reasonable discretion deems itself unable properly to comply with
or administer a Committee-directed investment, the Trustee shall notify the Committee as soon as
administratively feasible.

29

 

14.3 Directed Accounts. This § 14.3 is effective October 1, 2002, or as soon as
administratively practicable thereafter.

     (a) A Participant may elect at any time to transfer amounts from his or her AMVESCAP Stock
Account to his or her Directed Account by delivering to the Committee a completed Election Form.
To the extent a Participant has elected such a transfer, the Trustee shall liquidate the
applicable portion of the Participant’s AMVESCAP Stock Account pursuant to the procedures
prescribed by the Committee for this purpose and transfer the proceeds thereof to the Participant’s
Directed Account. The amounts in a Participant’s Directed Account shall be subject to the
investment direction of the Participant in accordance with the provisions of § 14.3(b) below. At
no time may a Participant elect to transfer amounts from his or her Directed Account to his or her
AMVESCAP Stock Account.

     (b) Direction by a Participant of the investment of his Directed Account shall be made in
accordance with this subsection. The Committee shall communicate a Participant’s investment
directions to the Trustee who shall invest amounts credited to the Participant’s Directed Account
in accordance with the Participant’s directions. A Participant’s Directed Account shall not share
in general Trust Fund earnings, but it shall be charged or credited as appropriate with the net
earnings, gains, losses and expenses as well as any appreciation or depreciation in market value
attributable to such Directed Account.

          (1) The Committee shall determine the number and investment characteristics for the Investment
Funds under the Plan from time to time. Subject to subsection (4) below, each Participant or
Beneficiary shall have the right to make an election at any time as to how his or her Directed
Account as of any Valuation Date shall be invested among the Investment Funds available under this
Plan in accordance with the procedures set forth in subsection (2) below. The Trustee shall use
the Trustee’s best efforts to see that each Participant and Beneficiary is provided such
information and rights to exercise control over his or her Directed Account as required to satisfy
all of the conditions of ERISA § 404(c) (within the meaning of the regulations under ERISA §
404(c)) and to make each election by a Participant or Beneficiary subject to the relief provided
under ERISA § 404(c). Any such investment election by the Participant or Beneficiary shall remain
in effect until a subsequent election becomes effective or until such election is rendered null and
void by the operation of the Plan.

          (2) Each Participant or Beneficiary shall communicate any investment election under this §
14.3(b) to the Trustee (or its designated agent) pursuant to a voice activated response system
maintained by the Trustee or in such other method as may be established by the Committee. The
Committee shall communicate in writing to Participants and Beneficiaries the procedures and the
necessary information for accessing such system. A Participant or Beneficiary shall receive
written confirmation of any election made through such voice activated response system from the
Trustee within a reasonable period after the Trustee effects such election. The Trustee shall
comply with any investment election made pursuant to the voice activated response system. The
Committee shall have the right in implementing this Plan and in making any changes in Investment
Funds to freeze all or a part of the elections otherwise available under this Plan for whatever
period the Committee deems necessary or appropriate to implement this Plan or any such changes.

30

 

          (3) As determined by the Committee, administrative expenses incurred to effect the investment
elections made by a Participant or Beneficiary under this § 14.3(b) shall be charged to the
Directed Account of such Participant.

          (4) The Committee may establish limits on what percentage of a Participant’s Directed Account
may be invested in any Investment Fund and shall communicate any such limitations in writing to
Participants and Beneficiaries from time to time.

14.4 Qualified Participant Diversification Election.

     (a) General. Each Qualified Participant (as defined in this § 14) may direct the
Trustee (on the Election Form provided for this purpose) as to the investment of 25% of the value
of the Participant’s Account (the “Diversification Benefit”) within 90 days after the end of each
Plan Year during the Participant’s Qualified Election Period (as defined in paragraph § 14.4(c)(3))
(to the extent the amount of such direction exceeds the amount to which a prior direction under
this § 14.4 applies). For the last Plan Year in the Participant’s Qualified Election Period, the
Trustee shall substitute “50%” for “25%” in the immediately preceding sentence. The Qualified
Participant must make his or her direction to the Trustee in writing, the direction may be
effective no later than 180 days after the close of the Plan Year to which the direction applies,
and the direction must specify which, if any, of the investment options the Participant selects.

     (b) Investment Options. A Qualified Participant under this § 14.4 may choose one of
the following investment options:

     (1) the distribution of the portion of his or her Diversification Benefit covered by
the election, subject to the provisions of this Plan applicable to a distribution of
AMVESCAP Stock, including any put option requirements; or

     (2) the direct transfer of the portion of his or her Diversification Benefit covered by
the election to the Qualified Participant’s Directed Account pursuant to § 14.3 above (or,
prior to August 1, 2002, to the AMVESCAP Money Purchase Plan, but only if such transferee
plan permits participant directed investments and does not invest in AMVESCAP Stock to a
substantial degree).

The Trustee shall make such distribution or plan transfer no later than 90 days after the last day
of the period during which the Qualified Participant may make the election.

     (c) Definitions. For purposes of this § 14.4, the following definitions apply:

     (1) Qualified Participant. Qualified Participant means a Participant who has
reached age 55 and who has completed at least ten Years of Participation in this Plan.

     (2) Year of Participation. Year of Participation means a Plan Year in which
the Participant was eligible for an allocation of Participating Employer contributions,
irrespective of whether the Participating Employer actually contributed to this Plan for
that Plan Year.

31

 

     (3) Qualified Election Period. Qualified Election Period means the six Plan
Year period beginning with the Plan Year in which the Participant first becomes a Qualified
Participant.

14.5 Trustee to Invest the Trust Fund Unless Otherwise Provided. The Trustee shall have
the exclusive power and duty to invest the Trust Fund, except with respect to Plan assets under the
control of an Investment Manager or with respect to Plan assets subject to direction of investment
by the Committee, as provided in this § 14. The Trustee may appoint a subsidiary of the Trustee to
manage (including the power to acquire and dispose of) the Trust Fund held by the Trustee, to such
extent and upon such terms as the Trustee deems best, provided: (a) such manager is registered as
an investment adviser under the Investment Advisers Act of 1940; (b) such manager acknowledges in
writing to the Trustee at the time of such appointment that such manager is a fiduciary with
respect to this Plan; and, (c) the Trustee remains responsible for the actions of such investment
manager to the same extent as if such actions were performed by the Trustee.

14.6 Appointment of Investment Manager.

     (a) Committee Appointment. The Committee may, in its discretion, appoint in writing a
person, or more than one person, who may be an Affiliate of the Company and who either (i) is
registered as an investment advisor under the Investment Advisers Act of 1940 (the “Act”), (ii) is
a bank, as defined in the Act, or (iii) is an insurance company which, within the meaning of ERISA
§ 3(38), is qualified to manage, acquire and dispose of the assets of an employee benefit plan
under the laws of more than one state, as an Investment Manager for all or a specified portion of
the Trust Fund as designated by the Committee (the “Manager’s Account”). Upon the effective date
of his or her appointment as Investment Manager, such person shall have the sole responsibility and
duty and the sole power to manage and direct the investment of the Manager’s Account. The
Committee may terminate the appointment of any person as an Investment Manager or may cause a part
or all of the Trust Fund to be added to or deleted from any Manager’s Account.

     (b) Agreement with Investment Manager. The appointment of a person as an Investment
Manager shall not become effective until the date such person delivers to the Trustee and the
Committee a written statement or contract which:

     (1) acknowledges that such person is a fiduciary within the meaning of ERISA § 3(2)(a)
and has assumed sole responsibility for the management of such Manager’s Account; and

     (2) certifies that such person either is registered as an investment advisor under the
Act, is a bank as defined in the Act, or is an insurance company which, within the meaning
of ERISA § 3(38) is qualified under the laws of more than one state to manage, acquire and
dispose of the assets of an employee benefit plan, whichever is appropriate;

     (3) if requested by the Committee or the Trustee, sets forth a list of the names and
signatures of individuals who are authorized to act on behalf of the Investment

32

 

Manager in connection with the management of the Manager’s Account, which list may be
amended from time to time by delivering a new list to the Trustee and the Committee and
which list may be relied upon by them; and

     (4) addresses such other issues as the Committee deems appropriate under the
circumstances.

     (c) Exercise of Power. The Investment Manager may exercise his or her power through
written directions to the Trustee or, at his or her option, may communicate such directions orally
and as soon as practicable thereafter confirm them in writing, providing all directions, written or
oral, shall be communicated by or, as applicable, signed, by one of the individuals whose name and
signature appear on the list described in § 14.4(b)(3) or may exercise such power through such
other reasonable and proper procedure as agreed upon by the Investment Manager and the Trustee.

§ 15. AMENDMENT, TERMINATION, MERGER AND TRANSFER

15.1 Amendment. The Company shall have the right at any time and from time to time to
amend this Plan in any respect, retroactively or prospectively, by action of its Board or by action
of any committee to which the Board may delegate authority to amend the Plan (or, prior to August
1, 2002, by action of the Company’s Chief Executive Officer or his or her delegate), provided that
no amendment shall be made which would (a) divert any of the assets of the Trust Fund to any
purpose other than the exclusive benefit of Participants and Beneficiaries or (b) eliminate or
reduce an optional form of benefit except to the extent permissible under Code § 411(d)(6) or (c)
increase the duties and responsibilities of the Trustee without the Trustee’s consent, except if
necessary to cause this Plan and related Trust to be exempt from income taxes under the Code. Any
amendment adopted by the Company shall be binding on each other Participating Employer as if
adopted by each such Participating Employer.

15.2 Termination. The Company reserves the right to terminate or to partially terminate
this Plan or to declare a discontinuance of contributions to this Plan at any time by action of its
Board. The Company reserves the right to terminate the participation in this Plan by any
Participating Employer at any time by action of its Board, and a Participating Employer’s
participation in this Plan automatically shall terminate if (and at such time as) its status as an
Affiliate terminates for any reason whatsoever (other than through a merger or consolidation into
another Participating Employer). However, a Participating Employer’s termination of participation
in this Plan shall not be deemed to be a termination or partial termination of this Plan except to
the extent required by the Code. If there is a termination or partial termination of this Plan or
a declaration of a discontinuance of contributions to this Plan, the Accounts of all affected
Participants who are Employees as of the effective date of such termination, partial termination or
declaration shall continue to be fully vested.

In the case of any such termination, partial termination, or declaration, the Committee shall cause
all unallocated amounts to be allocated to the appropriate Accounts of the affected Participants
and Beneficiaries and shall direct the Trustee to distribute such Accounts to such Participants and
Beneficiaries in accordance with uniform rules established by the Committee.

33

 

15.3 Merger or Consolidation or Similar Transaction. In the case of any merger or
consolidation of this Plan with, or transfer of assets or liabilities of this Plan to, any other
employee benefit plan, each person for whom an Account is maintained shall be entitled to receive a
benefit from such plan, if it is then terminated, which is equal to or greater than the benefit he
or she would have been entitled to receive immediately before the merger, consolidation or
transfer, if this Plan had been terminated.

15.4 Transfer of Certain Assets. Effective as of January 1, 1997, Participants’ PRIMCO
Accounts and INVESCO Management & Research (“IM&R”) accounts and accounts attributable to rollover
contributions and pre-1989 profit sharing contributions made under this Plan as of December 31,
1996 (as described in § 1) were transferred to the trustee of the INVESCO Capital Management, Inc.
Money Purchase Pension Plan. Upon such transfer, the INVESCO Capital Management, Inc. Money
Purchase Pension Plan assumed all assets and liabilities of this Plan attributable to such
accounts, and any benefits under this Plan with respect to such accounts shall thereafter be paid
pursuant to the terms and provisions of the INVESCO Capital Management, Inc. Money Purchase Pension
Plan.

§ 16. TOP HEAVY RULES

16.1 Minimum Employer Contribution. If this Plan is top heavy in any Plan Year, a minimum
contribution (subject to the provisions of this § 16) of 3% of Compensation shall be made for each
Non-Key Employee who is a Participant employed by a Participating Employer on the last-day of the
Plan Year without regard to the number of Hours of Service he or she completed during the Plan
Year, unless the contribution rate for the Key Employee with the highest contribution rate is less
than 3% of Compensation, in which event the minimum contribution for such Non-Key Employees shall
equal the highest contribution rate received by a Key Employee. The term “contribution rate” means
the Participating Employer contributions allocated to the Participant’s Account for the Plan Year
divided by his or her Compensation for the Plan Year. For purposes of determining the contribution
rate for a Key Employee, the Committee shall consider contributions made to any plan pursuant to a
salary reduction agreement or similar arrangement as Participating Employer contributions. To
determine the contribution rate for both Key Employees and Non-Key Employees, the Committee shall
consider all qualified top-heavy defined contribution plans maintained by the Company as a single
plan. Notwithstanding any contrary provisions of this § 16, the minimum contribution for a Non-Key
Employee who also participates in a defined benefit pension plan maintained by the Company which
does not provide the Non-Key Employee a minimum benefit is 5% of Compensation.

16.2 Additional Contribution. If the contribution rate for the Plan Year with respect to a
Non-Key Employee described in § 16.1 is less than the minimum contribution, the Committee shall
increase its contribution for such Non-Key Employee to the extent necessary so that such Non-Key
Employee’s contribution rate for the Plan Year shall equal the minimum contribution. The Committee
shall allocate the additional contribution to the Account of the Non-Key Employee for whom the
Participating Employer makes the contribution. If the Participating Employer contributes to a
profit sharing plan and a money purchase pension plan, the Participating Employer shall make the
additional contribution required by this § 16.2 only to the money purchase pension plan.

34

 

16.3 Determination of Top Heavy Status. This Plan is top heavy for a Plan Year if the
top-heavy ratio as of the Determination Date exceeds 60%. The top heavy ratio is a fraction, the
numerator of which is the sum of the Account balances of Key Employees as of the Determination
Date, the contributions due as of the Determination Date, and distributions made within the
one-year period (for Plan Years beginning before January 1, 2002, five-year period) ending on the
Determination Date, and the denominator of which is a similar sum determined for all Employees. In
the case of a distribution made for a reason other than separation from service, death or
disability, the previous sentence shall be applied by substituting “five-year period” for “one-year
period.” The Committee shall calculate the top heavy ratio by disregarding (a) the Account balance
of any Non-Key Employee who was formerly a Key Employee and (b) the Account balance (including
distributions, if any, of the Account balance) of an individual who has not received credit for at
least one Hour of Service with the Company during the one-year period (for Plan Years beginning
before January 1, 2002, five-year period) ending on the Determination Date. The Committee shall
calculate the top-heavy ratio, including the extent to which it must take into account
distributions, rollovers and transfers, in accordance with Code § 416 and the regulations under
Code § 416.

     If the Company maintains other qualified plans (including a simplified employee pension plan),
this Plan is top heavy only if it is a part of the Required Aggregation Group and the top heavy
ratio for both the Required Aggregation Group and the Permissive Aggregation Group exceeds 60%.
The Committee shall calculate the top-heavy ratio in the same manner as required by the first
paragraph of this § 16.3, taking into account all plans within the Required or Permissive
Aggregation Group. To the extent the Committee must take into account distributions to a
Participant, the Committee shall include distributions from a terminated plan which would have been
part of the Required Aggregation Group if it were in existence on the Determination Date. The
Committee shall calculate the present value of the Account balance or accrued benefits and the
other amounts the Committee must take into account under defined benefit plans or simplified
employee pension plans included within the group in accordance with the terms of those plans, Code
§ 416 and the regulations under Code § 416. If an aggregated plan does not have a valuation date
coinciding with the Determination Date, the Committee shall value the accrued benefits in the
aggregated plan as of the most recent valuation date falling within the twelve-month period ending
on the Determination Date (except as Code § 416 and the regulations under Code § 416 require
otherwise for the first and second year of a defined benefit plan). The Committee shall calculate
the top-heavy ratio with reference to the Determination Dates that fall within the same calendar
year.

16.4 Limitation on Allocations. If, during any Plan Year beginning prior to January 1,
2000, this Plan is top heavy, the Company shall apply the annual additions limitations under Code
§ 415 to a Participant by substituting “100%” for “125%” each place it appears in Code § 415. This
§ 16.4 shall not apply if:

     (a) The contribution rate for a Non-Key employee who participates only in the defined
contribution plan(s) would satisfy § 16.1 if the Committee substituted 4% for 3%;

     (b) A Non-Key Employee who participates in the top heavy defined benefit plan(s) receives an
extra minimum contribution or benefit which satisfies Code § 416(h)(2); and

35

 

     (c) The top-heavy ratio does not exceed 90%.

16.5 Definitions. For purposes of applying the provisions of this § 16:

     (a) Key Employee. Key Employee shall mean, as of any Determination Date, any Eligible
Employee or former Eligible Employee (or Beneficiary of such Employee) who, at any time during the
Plan Year which includes the Determination Date, is (1) an officer (having annual Compensation in
excess of $135,000 (as adjusted under Code § 416(i)(1) for Plan Years beginning after December 31,
2005 ) or, for Plan Years beginning prior to January 1, 2002, having annual Compensation in excess
of 50% of the limitation under Code 415(b)(1)(a) in effect for such Plan Year) of the Company, (2)
a more than 5% owner of the Company, or (3) a more than 1 % owner of the Company who has annual
Compensation of more than $150,000. The constructive ownership rules of Code § 318 shall apply to
determine ownership in the Company. The Committee shall make the determination of who is a Key
Employee in accordance with Code § 416(i)(1) and the regulations and other guidance of general
applicability under Code § 416.

     (b) Non-Key Employee. Non-Key Employee is an Employee who does not meet the
definition of Key Employee.

     (c) Compensation. Compensation shall mean Compensation as defined in § 8.

     (d) Required Aggregation Group. Required Aggregation Group means:

     (1) Each qualified plan of the Company in which at least one Key Employee participates
at any time during the five year period ending on the Determination Date; and

     (2) Any other qualified plan of the Company which enables a plan described in (1) to
meet the requirements of Code § 401(a)(4) and Code § 410.

     (e) Permissive Aggregation Group. Permissive Aggregation Group is the Required
Aggregation Group plus any other qualified plans maintained by the Company but only if such group
would satisfy in the aggregate the requirements of Code § 401(a)(4) and Code § 410. The Committee
shall determine which plan to take into account in determining the Permissive Aggregation Group.

     (f) Company. Company means all the members of a controlled group of corporations (as
defined in Code § 414(b)), a commonly controlled group of trades or businesses (whether or not
incorporated) (as defined in Code § 414(c)), or an affiliated service group (as defined in Code §
414(m)), of which the Company is a part. However, the Company shall not aggregate ownership
interests in more than one member of a related group to determine whether an individual is a Key
Employee because of his or her ownership interest in the. Company.

     (g) Determination Date. Determination Date for any Plan Year is the last day of the
preceding Plan Year.

36

 

     IN WITNESS WHEREOF, the Company and the Trustee have caused this amended and restated INVESCO
ESOP to be executed, sealed and attested by their duly authorized officers.

	 	 	 	 	 	 	 	 	 	 	 
	[Corporate Seal]	 	 	 	INVESCO INSTITUTIONAL (N.A.), INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attested by:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	[Corporate Seal]	 	 	 	AMVESCAP NATIONAL TRUST COMPANY, as 
Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attested by:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

37

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