Document:

Severance Agreement between Manpower Inc. and Yoav Michaely

  
 Exhibit 10.15(b) 

 
 Manpower Inc. 
 5301 North Ironwood Road 
 Milwaukee, Wisconsin 53217 
  
 July 20, 2004 
  
 Mr. Yoav Michaley: 
  
 Manpower Inc. (the “Corporation”) desires to retain experienced, well-qualified executives, like you, to assure the continued growth and success
of the Corporation and its direct and indirect subsidiaries (collectively, the “Manpower Group”). Accordingly, as an inducement for you to continue your employment in order to assure the continued availability of your services to the
Manpower Group, we have agreed as follows: 
  

	1.	Definitions. For purposes of this letter: 

  

	 	(a)	Benefit Plans. “Benefit Plans” means all benefits of employment generally made available to executives of the Corporation from time to time.

  

	 	(b)	Cause. Termination by the Manpower Group of your employment with the Manpower Group for “Cause” will mean termination upon (i) your repeated failure to perform your
duties with the Manpower Group in a competent, diligent and satisfactory manner as determined by the Corporation’s Chief Executive Officer in his reasonable judgment, (ii) insubordination, (iii) your commission of any material act of dishonesty
or disloyalty involving the Manpower Group, (iv) your chronic absence from work other than by reason of a serious health condition, (v) your commission of a crime which substantially relates to the circumstances of your position with the Manpower
Group or which has material adverse effect on the Manpower Group, or (vi) the willful engaging by you in conduct which is demonstrably and materially injurious to the Manpower Group. For purposes of this Subsection 1(b), no act, or failure to act,
on your part will be deemed “willful” unless done, or omitted to be done, by you not in good faith. 

  

	 	(c)	Change of Control. A “Change of Control” will mean the first to occur of the following: 

  

	 	(i)	 the acquisition (other than from the Corporation), by any Person (as defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)), directly or indirectly, of beneficial ownership (within the meaning of Exchange Act Rule 13d-3) of 

  

	 	 
more than 50% of the then outstanding shares of common stock of the Corporation or voting securities representing more than 50% of the combined voting power
of the Corporation’s then outstanding voting securities entitled to vote generally in the election of directors; provided, however, no Change of Control shall be deemed to have occurred as a result of an acquisition of shares of common stock or
voting securities of the Corporation (A) by the Corporation, any of its subsidiaries, or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or (B) by any other corporation or other
entity with respect to which, following such acquisition, more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled
to vote generally in the election of directors, of such other corporation or entity are then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such acquisition in
substantially the same proportions as their ownership, immediately prior to such acquisition, of the Corporation’s then outstanding common stock or then outstanding voting securities, as the case may be; or 

  

	 	(ii)	the consummation of any merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which results in more than 60% of the outstanding
shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the surviving or consolidated corporation
being then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership, immediately prior to such
merger or consolidation, of the Corporation’s then outstanding common stock or then outstanding voting securities, as the case may be; or 

  

	 	(iii)	the consummation of any liquidation or dissolution of the Corporation or a sale or other disposition of all or substantially all of the assets of the Corporation; or

  

	 	(iv)	 individuals who, as of the date of this letter, constitute the Board of Directors of the Corporation (as of such date, the “Incumbent Board”) cease for
any reason to constitute at least a majority of such Board; provided, however, that any person becoming a director subsequent to the date of this letter whose election, or nomination for election by the shareholders of the Corporation, was approved
by at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this letter, considered as though such person were a member of the Incumbent Board but excluding, for this purpose, any such individual 

  

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whose initial assumption of office occurs as a result of an actual or threatened election contest which was (or, if threatened, would have been) subject to
Exchange Act Rule 14a-11; or 

  

	 	(v)	whether or not conditioned on shareholder approval, the issuance by the Corporation of common stock of the Corporation representing a majority of the outstanding common stock, or
voting securities representing a majority of the combined voting power of the outstanding voting securities of the Corporation entitled to vote generally in the election of directors, after giving effect to such transaction.

  
 Following the occurrence of an event which is
not a Change of Control whereby there is a successor holding company to the Corporation, or, if there is no such successor, whereby the Corporation is not the surviving corporation in a merger or consolidation, the surviving corporation or successor
holding company (as the case may be), for purposes of this letter, shall thereafter be referred to as the Corporation. 
  

	 	(d)	Good Reason. “Good Reason” will mean, without your consent, the occurrence of any one or more of the following during the Term: 

  

	 	(i)	a reduction in the duties assigned to you that is material based on your overall responsibilities and authority (ignoring incidental duties) prior to and after such reduction in
duties, provided you object to such reduction in duties by written notice to the Corporation within twenty business days after it is made and the Corporation fails to cure, if necessary, within ten business days after such notice is given;

  

	 	(ii)	any material breach of this agreement by the Corporation or of any material obligation of any member of the Manpower Group for the payment or provision of compensation or other
benefits to you which remains uncured ten business days after you give written notice to the Corporation which specifies the breach; 

  

	 	(iii)	any reduction in your base salary as in effect from time to time or a failure by the Manpower Group to provide an arrangement for you for any fiscal year of the Manpower Group
giving you the opportunity to earn an incentive bonus for such year; or 

  

	 	(iv)	any reduction in the amount of the annual bonus received by you for a given fiscal year (calculated on a prorated basis for partial years) within two years after the occurrence of a
Change of Control, as compared to the amount of the annual bonus received by you (prorated for comparison to partial years) for either of the two fiscal years of the Manpower Group immediately preceding the fiscal year in which a Change of Control
occurred, unless the bonus for such given fiscal year is based on criteria to which you have agreed. 

  

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 Your continued employment or failure to give Notice of Termination will not constitute consent to, or a
waiver of rights with respect to, any circumstance constituting Good Reason hereunder except as otherwise provided. 
  

	 	(e)	Notice of Termination. Any termination of your employment by the Manpower Group, or termination by you for Good Reason during the Term will be communicated by Notice of
Termination to the other party hereto. A “Notice of Termination” will mean a written notice which specifies a Date of Termination (which date shall be on or after the date of the Notice of Termination) and, if applicable, indicates the
provision in this letter applying to the termination and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated. 

  

	 	(f)	Date of Termination. “Date of Termination” will mean the date specified in the Notice of Termination where required (which date shall be on or after the date of the
Notice of Termination) or in any other case upon your ceasing to perform services for the Manpower Group. 

  

	 	(g)	Protected Period. The “Protected Period” shall be a period of time determined in accordance with the following: 

  

	 	(i)	if a Change in Control is triggered by an acquisition of shares of common stock of the Corporation pursuant to a tender offer, the Protected Period shall commence on the date of the
initial tender offer and shall continue through and including the date of the Change in Control, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Change in Control;

  

	 	(ii)	if a Change in Control is triggered by a merger or consolidation of the Corporation with any other corporation, the Protected Period shall commence on the date that serious and
substantial discussions first take place to effect the merger or consolidation and shall continue through and including the date of the Change in Control, provided that in no case will the Protected Period commence earlier than the date that is six
months prior to the Change in Control; and 

  

	 	(iii)	in the case of any Change in Control not described in clause (i) or (ii) above, the Protected Period shall commence on the date that is six months prior to the Change in Control and
shall continue through and including the date of the Change in Control. 

  

	 	(h)	Term. The “Term” will be a period beginning on the date of this letter indicated above and ending on the first to occur of the following: (a) the date which is the
two-year anniversary of the occurrence of a Change of Control; (b) the date which is the three-year anniversary of the date of this letter indicated above if no Change of Control occurs between the date of this letter indicated above and such
three-year anniversary; and (c) the Date of Termination. 

  

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	2.	Compensation and Benefits on Termination. 

  

	 	(a)	Termination by the Manpower Group for Cause or by You Other Than for Good Reason. If your employment with the Manpower Group is terminated by the Manpower Group for Cause or
by you other than for Good Reason, the Corporation will pay or provide you with (i) your full base salary as then in effect through the Date of Termination, (ii) your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower
Group ended before the Date of Termination (but no incentive bonus will be payable for the fiscal year in which termination occurs), and (iii) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans.
The Manpower Group will have no further obligations to you. 

  

	 	(b)	Termination of Reason of Disability or Death. If your employment with the Manpower Group terminates during the Term by reason of your disability or death, the Corporation
will pay or provide you with (i) your full base salary as then in effect through the Date of Termination, (ii) your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination, (iii) a
bonus for the fiscal year during which the Date of Termination occurs equal in amount to the bonus you would have received for the full fiscal year had your employment not terminated, determined under the criteria applicable to you for receipt of a
bonus for such year (with any discretionary component to be based on your progress towards attainment of relevant performance goals for such component during the portion of the year you are employed), but prorated for the actual number of days you
were employed during such fiscal year, payable within forty-five days after the close of such fiscal year, and (iv) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans. The Manpower Group shall
be entitled to terminate your employment by reason of your disability if you become disabled and entitled to benefits under the terms of the long-term disability plan of the Manpower Group applicable to you. The Manpower Group will have no further
obligations to you. 

  

	 	(c)	Termination for Any Other Reason. 

  

	 	(i)	If, during the Term and either during a Protected Period or within two years after the occurrence of a Change of Control, your employment with the Manpower Group is terminated for
any reason not specified in Subsections 2(a) or (b), above, you will be entitled to the following: 

  

	 	(A)	the Corporation will pay you, your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given; 

  

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	 	(B)	the Corporation will pay you, your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination;

  

	 	(C)	the Corporation will pay you, a bonus for the fiscal year during which the Date of Termination occurs equal in amount to your largest annual bonus for the three fiscal years of the
Manpower Group immediately preceding the Date of Termination but prorated for the actual number of days you were employed during such fiscal year; 

  

	 	(D)	the Corporation will pay, as a severance benefit to you a lump-sum payment equal to two times the sum of (1) your annual base salary at the highest rate in effect during the term
and (2) the amount of your largest annual bonus for the three fiscal years of the Manpower Group immediately preceding the Date of Termination; and 

  

	 	(E)	for a twelve-month period after the Date of Termination, the Corporation will arrange to provide you and your eligible dependents, at the Manpower Group’s expense, with
coverage under the medical, dental, life, and disability plans of the Corporation, or other substantially similar coverage, in which you were participating at any time during the ninety-day period immediately prior to the time Notice of Termination
is given; provided, however, that benefits otherwise receivable by you pursuant to this Subsection 2(c)(i)(E) will be reduced to the extent other comparable benefits are actually received by you during the eighteen-month period following your
termination, and any such benefits actually received by you or your dependents will be reported to the Corporation; and provided, further that any insurance continuation coverage that you may be entitled to receive under the Consolidated Omnibus
Budget Reconciliation Act of 1986 (“COBRA”) or similar foreign or state laws will commence on the Date of Termination. 

  

	 	(ii)	If your employment with the Manpower Group is terminated during the Term for any reason not specified in Subsection 2(a) or (b), above, and Subsection 2(c)(i) does not apply to the
termination, you will be entitled to the following: 

  

	 	(A)	the Corporation will pay you your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given; 

  

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	 	(B)	the Corporation will pay you your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination;

  

	 	(C)	the Corporation will pay you a bonus for the fiscal year during which the Date of Termination occurs equal in amount to the bonus you would have received for the full fiscal year
had your employment not terminated, determined under the criteria applicable to you for receipt of a bonus for such year (with any discretionary component to be based on your progress towards attainment of the relevant performance goals for such
component during the portion of the year you were employed), but prorated for the actual number of days you were employed during such fiscal year, payable within forty-five days after the close of such fiscal year; 

  

	 	(D)	the Corporation will pay a severance benefit to you equal to the amount of your annual base salary at the highest rate in effect during the Term plus an amount equal to your largest
annual bonus for the three fiscal years of the Manpower Group immediately preceding the Date of Termination; and 

  

	 	(E)	for the twelve-month period after the Date of Termination, the Corporation will arrange to provide you and your eligible dependents with coverage under the medical and dental plans
of the Corporation in which you were participating as of the Date of Termination, or other substantially similar coverage, at a cost to you equal to the cost of such coverage to executives of the Corporation; provided, however, that benefits
otherwise receivable by you pursuant to this Subsection 2(c)(ii)(E) will be reduced to the extent other comparable benefits are actually received by you during the twelve-month period following your termination, and any such benefits actually
received by you or your dependents will be reported to the Corporation; and provided, further that any insurance continuation coverage that you may be entitled to receive under COBRA or similar federal or state laws will commence on the Date of
Termination. 

  
 The amounts paid to you pursuant to
Subsection 2(c)(i)(D) or 2(c)(ii)(D) will not be included as compensation for purposes of any qualified or nonqualified pension or welfare benefit plan of the Manpower Group. Notwithstanding the above, if the Corporation, based on advice of its
legal or tax counsel, determines that any of the amounts otherwise to be paid to you pursuant to Subsection 2(c)(i)(D) or 2(c)(ii)(D), when added to any other payment or benefit received or to be received by you in connection with the Change in
Control or the termination of your employment, will be subject to the excise tax imposed by section 4999 of the United States Internal Revenue Code (or any similar tax that hereafter may be imposed), the amounts 

  

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otherwise to be paid to you pursuant to Subsection 2(c)(i)(D) or 2(c)(ii)(D) will be reduced to the maximum amount that will result in no portion of the
amounts to be paid to you pursuant to Subsection 2(c)(i)(D) or 2(c)(ii)(D) being subject to such excise tax. 
  

	 	(d)	Payment. The payments provided for in Subsections 2(c)(i)(A) through (D) or 2(c)(ii)(A) and (B), above, will be made not later than the fifteenth business day following the
Date of Termination. The bonus payment provided for in Subsection 2(c)(ii)(C) will be paid within forty-five days after the close of the fiscal year as provided in that subsection. The severance benefit provided for in Subsection 2(c)(ii)(D) will be
paid in two equal installments, the first payable on the date that is six months after the Date of Termination and second on the first anniversary of the Date of Termination. If any of such payments is not made when due (hereinafter a
“Delinquent Payment”), in addition to such principal sum, the Corporation will pay you interest on any and all such Delinquent Payments from the date due computed at the prime rate, compounded monthly. Such prime rate shall be the prime
rate (currently the base rate on corporate loans posted by at least 75% of the 30 largest U.S. banks) in effect from time to time as reported in The Wall Street Journal, Midwest edition (or, if not so reported, as reported in such other
similar source(s) as the Corporation shall select). 

  

	 	(e)	Release of Claims. Notwithstanding the foregoing, you will have no right to receive any payment or benefit described in Subsections 2(c)(i)(D) or (E) or 2(c)(ii)(D) or (E),
above, unless and until you execute, and there shall be effective following any statutory period for revocation, a release, in a form reasonably acceptable to the Corporation, that irrevocably and unconditionally releases, waives, and fully and
forever discharges the Manpower Group and its past and current directors, officers, employees, and agents from and against any and all claims, liabilities, obligations, covenants, rights, demands and damages of any nature whatsoever, whether known
or unknown, anticipated or unanticipated, relating to or arising out of your employment with the Manpower Group, including without limitation claims arising under the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil
Rights Act of 1964, as amended, the Civil Rights Act of 1991, but excluding any claims covered under any applicable workers’ compensation act. 

  

	 	(f)	Forfeiture. Notwithstanding the foregoing, your right to receive the payments and benefits to be provided to you under this Section 2 beyond those described in Subsection
2(a), above, is conditioned upon your performance of the obligations stated in Section 3, below, and upon your breach of any such obligations, you will immediately return to the Corporation the amount of such payments and benefits and you will no
longer have any right to receive any such payments or benefits. 

  

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	3.	Nondisclosure, Nonsolicitation and Noncompetition Agreement. 

  

	 	(a)	Nondisclosure. 

  

	 	(i)	You will not, directly or indirectly, at any time during the term of your employment with the Manpower Group, or during the two-year period following your termination of employment
with the Manpower Group, use for yourself or others or disclose to others except in the good faith performance of your duties for the Manpower Group any Confidential Information (as defined below), whether or not conceived, developed, or perfected
by you and no matter how it became known to you, unless (a) you first secure written consent of the Corporation to such disclosure or use, (b) the same shall have lawfully become a matter of public knowledge other than by your act or omission, or
(c) you are ordered to disclose the same by a court of competent jurisdiction or are otherwise required to disclose the same by law, and you promptly notify the Corporation of such disclosure. “Confidential Information” shall mean all
business information (whether or not in written form) which relates to the Manpower Group and which is not known to the public generally (absent your disclosure), including but not limited to confidential knowledge, operating instructions, training
materials and systems, customer lists, sales records and documents, marketing and sales strategies and plans, market surveys, cost and profitability analyses, pricing information, competitive strategies, personnel-related information, and supplier
lists. This obligation will survive the termination of your employment for a period of two years and, notwithstanding the foregoing, will not be construed to in any way limit the rights of the Manpower Group to protect Confidential Information which
constitute trade secrets under applicable trade secrets law even after such two-year period. 

  

	 	(ii)	Upon your termination of employment with the Manpower Group, or at any other time upon request of the Corporation, you will promptly surrender to the Corporation, or with the
permission of the Corporation destroy and certify such destruction to the Corporation, any documents, materials, or computer or electronic records containing any Confidential Information which are in your possession or under your control.

  

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	 	(b)	Nonsolicitation of Employees. You agree that you will not, at any time during the term of your employment with the Manpower Group or during the one-year period following your
termination of employment with the Manpower Group, either on your own account or in conjunction with or on behalf of any other person, company, business entity, or other organization whatsoever, directly or indirectly induce, solicit, entice or
procure any person who is a managerial employee of any company in the Manpower Group (but in the event of your termination, any such managerial employee that you have had contact with in the two years prior to your termination) to terminate his or
her employment with the Manpower Group so as to accept employment elsewhere or to diminish or curtail the services such person provides to the Manpower Group. 

  

	 	(c)	Noncompetition. 

  

	 	(i)	During the term of your employment with the Manpower Group, you will not assist any competitor of any company in the Manpower Group in any capacity. 

  

	 	(ii)	During the one-year period which immediately follows the termination of your employment with the Manpower Group, you will not, directly or indirectly, contact any customer of the
Manpower Group with whom you have had contact on behalf of the Manpower Group during the two-year period preceding the Date of Termination or about whom you obtained confidential information in connection with your employment with the Manpower Group
during such two-year period so as to cause or attempt to cause such customer not to do business or to reduce such customer’s business with the Manpower Group or divert any business from any company in the Manpower Group.

  

	 	(iii)	During the six month period which immediately follows the termination of your employment with the Manpower Group, you will not, directly or indirectly, provide services or
assistance of a nature similar to the services provided to the Manpower Group during the term of your employment with the Manpower Group to any entity engaged in the business of providing temporary staffing services anywhere in the United States or
any other country in which the Manpower Group conducts business as of the date of termination which has, together with its affiliated entities, annual revenues from such business in excess of US $500,000,000. You acknowledge that the scope of this
limitation is reasonable in that, among other things, providing any such services or assistance during such one-year period would permit you to use unfairly your close identification with the Manpower Group and the customer contacts you developed
while employed by the Manpower Group and would involve the use or disclosure of Confidential Information pertaining to the Manpower Group. 

  

	 	(d)	 Injunction. You recognize that irreparable and incalculable injury will result to the Manpower Group and its businesses and properties in the event of your
breach 

  

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of any of the restrictions imposed by this Section 3. You therefore agree that, in the event of any such actual, impending or threatened breach, the
Corporation will be entitled, in addition to the remedies set forth in Subsection 2(f), above, (which the parties agree, above, would not be an adequate remedy), and any other remedies and damages, to temporary and permanent injunctive relief
(without the necessity of posting a bond or other security) restraining the violation, or further violation, of such restrictions by you and by any other person or entity from whom you may be acting or who is acting for you or in concert with you.

  

	 	(e)	Equitable Extension. The duration of any restriction in this Section 3 will be extended by any period during which such restriction is violated by you.

  

	 	(f)	Nonapplication. Notwithstanding the above, Subsection 3(c) above, regarding noncompetition, will not apply if your employment with the Manpower Group is terminated by you for
Good Reason or by the Corporation without Cause either during a Protected Period or within two years after the occurrence of a Change of Control. 

  

	4.	Vesting of Options. Any unvested options you hold at the time of a Change of Control to purchase stock of the Corporation will vest and become immediately exercisable at such
time. 

  

	5.	Unemployment Compensation. The severance benefits provided for in Subsection 2(c)(i)(D) will be assigned for unemployment compensation benefit purposes to the two-year period
following the Date of Termination, and the severance benefits provided for in Subsection 2(c)(ii)(D) will be assigned for unemployment compensation purposes to the one-year period following the Date of Termination, and you will be ineligible to
receive, and you agree not to apply for, unemployment compensation during such periods. 

  

	6.	Nondisparagement. Upon your termination of employment with the Manpower Group for any reason, the Corporation agrees on behalf of the Manpower Group to refrain from making
any statements that disparage or otherwise impair your reputation or commercial interests. Upon your termination of employment with the Manpower Group for any reason, you agree to refrain from making any statements that disparage or otherwise impair
the reputation, goodwill, or commercial interests of the Manpower Group, or its officers, directors, or employees. However, the foregoing will not preclude the Corporation from providing truthful information about you concerning your employment or
termination of employment with the Manpower Group in response to an inquiry from a prospective employer in connection with your possible employment, and will not preclude either party from providing truthful testimony pursuant to subpoena or other
legal process or in the course of any proceeding that may be commenced for purposes of enforcing this agreement. 

  

	7.	Successors; Binding Agreement. This letter agreement will be binding on the Corporation and its successors and will inure to the benefit of and be enforceable by your
personal or legal representatives, heirs and successors. 

  

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	8.	Notice. Notices and all other communications provided for in this letter will be in writing and will be deemed to have been duly given when delivered in person, sent by
telecopy, or two days after mailed by United States registered or certified mail, return receipt requested, postage prepaid, and properly addressed to the other party. 

  

	9.	No Right to Remain Employed. Nothing contained in this letter will be construed as conferring upon you any right to remain employed by the Corporation or any member of the
Manpower Group or affect the right of the Corporation or any member of the Manpower Group to terminate your employment at any time for any reason or no reason, with or without cause, subject to the obligations of the Corporation as set forth herein.

  

	10.	Modification. No provision of this letter may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing by you and the
Corporation. 

  

	11.	Withholding. The Manpower Group shall be entitled to withhold from amounts to be paid to you hereunder any federal, state, or local withholding or other taxes or charges
which it is, from time to time, required to withhold under applicable law. 

  

	12.	Applicable Law. This Agreement shall be governed by and interpreted in accordance with the laws o the State of Wisconsin, United State of America, without regard to its
conflict of law provisions. 

  

	13.	Previous Agreement. This letter, upon acceptance by you, expressly supersedes any and all previous agreements or understandings relating to your employment by the Corporation
or the Manpower Group, except for the employment letter from the Corporation to you dated the same date hereof and any such agreements or understandings shall, as of the date of your acceptance, have no further force or effect.

  

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 If you are in agreement with the foregoing, please sign and return one copy of this letter which will
constitute our agreement with respect to the subject matter of this letter. 
  

			
	Sincerely,
	
	MANPOWER INC.
		
	By:	 	/s/    JEFFREY A.
JOERRES        
	 	 	Jeffrey A. Joerres, President and
Chief Executive Officer

  

	
	Agreed as of the 20th day of July, 2004.
	
	/s/    YOAV MICHAELY        
	Yoav Michaley

  

 132003  Equity Incentive Plan of Manpower Inc.

 Exhibit 10.17(a) 
  
 2003 EQUITY INCENTIVE PLAN 
  
 OF 
  
 MANPOWER INC. 
  
 (Amended and Restated Effective December 15, 2004) 
  
 PURPOSE OF THE PLAN 
  
 The
purpose of the Plan is to provide for compensation alternatives for certain Employees and Directors using or based on the common stock of the Company. These alternatives are intended to be used as a means to attract and retain superior Employees and
Directors, to provide a stronger incentive for such Employees and Directors to put forth maximum effort for the continued success and growth of the Company and its Subsidiaries, and in combination with these goals, to provide Employees and Directors
with a proprietary interest in the performance and growth of the Company. 
  
 1. GENERAL 
  
 This Plan exclusive of Section A
below applies to all Directors and Employees. Section A of the Plan applies to those Employees who are employed in the United Kingdom. 
  
 2. DEFINITIONS 
  
 Unless the context otherwise requires, the following terms shall have the meanings set forth below: 
  
 (a) “Administrator” shall mean the Committee or the Board of
Directors with respect to grants to Employees under the Plan and the Board of Directors with respect to grants to Directors under the Plan. 
  
 (b) “Award” shall mean an Option, Restricted Stock, an SAR or Deferred Stock granted under the Plan. 
  
 (c) “Board of Directors” shall mean the entire board of directors
of the Company, consisting of both Employee and non-Employee members. 
  
 (d) A termination of employment for “Cause” will mean termination upon (1) on Employee’s repeated failure to perform his or her duties in a competent, diligent and satisfactory manner as determined by the Company’s Chief
Executive Officer in his reasonable judgment, (2) insubordination, (3) an Employee’s commission of any material act of dishonesty or disloyalty involving the Company or a Subsidiary, (4) an Employee’s chronic absence from work other than
by reason of a serious health condition, (5) an Employee’s commission of a crime 

 
which substantially relates to the circumstances of his or her position with the Company or a Subsidiary or which has material adverse effect on the Company
or a Subsidiary, or (6) the willful engaging by an Employee in conduct which is demonstrably and materially injurious to the Company or a Subsidiary. 
  
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (f) “Committee” shall mean the committee of the Board of Directors constituted as provided in Paragraph 5 of the
Plan. 
  
 (g) “Company” shall mean Manpower Inc., a
Wisconsin corporation. 
  
 (h) “Deferred Stock” shall
mean a right to receive one or more Shares from the Company in accordance with, and subject to, Paragraph 10 of the Plan. 
  
 (i) “Deferred Stock Agreement” shall mean the agreement between the Company and a Participant whereby Deferred Stock is granted to such
Participant. 
  
 (j) “Director” shall mean an individual
who is a non-Employee member of the Board of Directors of the Company. 
  
 (k) “Disability” shall mean (i) with respect to an Employee, a physical or mental incapacity which, as determined by the Committee, results in an Employee ceasing to be an Employee and (ii) with respect to a Director, a physical
or mental incapacity which results in a Director’s termination of membership on the Board of Directors of the Company. 
  
 (l) “Employee” shall mean an individual who is an employee of the Company or a Subsidiary. 
  
 (m) “Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended. 
  
 (n) “Grant Value” of an SAR means the
dollar value assigned to the SAR by the Administrator on the date the SAR is granted under the Plan. 
  
 (o) “Incentive Stock Option” shall mean an option to purchase Shares which complies with the provisions of Section 422 of the Code. 

 
 (p) “Market Price” shall mean the closing sale price of a Share
on the New York Stock Exchange; provided, however, if a Share is not susceptible of valuation by the above method, the term “Market Price” shall mean the fair market value of a Share as the Administrator may determine in
conformity with pertinent law and regulations of the Treasury Department. 
  
 (q) “Nonstatutory Stock Option” shall mean an option to purchase Shares which does not comply with the provisions of Section 422 of the Code or which is designated as such pursuant to Paragraph 7 of the
Plan. 
  

 2 

 (r) “Option” shall mean (1) with respect to an Employee, an Incentive Stock Option or
Nonstatutory Stock Option granted under the Plan and (2) with respect to a Director, a Non-Statutory Stock Option granted under the Plan. 
  
 (s) “Option Agreement” shall mean the agreement between the Company and a Participant whereby an Option is granted to such Participant.

  
 (t) “Participant” shall mean an Employee or Director
to whom an Award has been granted under the Plan. 
  
 (u)
“Plan” shall mean the 2003 Equity Incentive Plan of the Company. 
  
 (v) “Protected Period” shall be a period of time determined in accordance with the following: 
  
 (1) if a Triggering Event is triggered by an acquisition of shares of common stock of the Company pursuant to a tender offer, the
Protected Period shall commence on the date of the initial tender offer and shall continue through and including the date of the Triggering Event, provided that in no case will the Protected Period commence earlier than the date that is six months
prior to the Triggering Event; 
  
 (2) if a
Triggering Event is triggered by a merger or consolidation of the Company with any other corporation, the Protected Period shall commence on the date that serious and substantial discussions first take place to effect the merger or consolidation and
shall continue through and including the date of the Triggering Event, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Triggering Event; and 
  
 (3) in the case of any Triggering Event not described in
clause (1) or (2) above, the Protected Period shall commence on the date that is six months prior to the Triggering Event and shall continue through and including the date of the Triggering Event. 
  
 (w) “Restricted Stock” shall mean Shares granted to a Participant
by the Administrator which are subject to restrictions imposed under Paragraph 8 of the Plan. 
  
 (x) “Restricted Stock Agreement” shall mean the agreement between the Company and a Participant whereby Restricted Stock is granted to such Participant. 
  
 (y) “SAR” shall mean a stock appreciation right with respect to one
Share granted under the Plan. 
  
 (z) “SAR Agreement”
shall mean the agreement between the Company and a Participant whereby an SAR is granted to such Participant. 
  
 (aa) “Share” or “Shares” shall mean the $0.01 par value common stock of the Company. 
  
 (bb) “Subsidiary” shall mean any subsidiary entity of the Company,
including without limitation, a subsidiary corporation of the Company as defined in Section 424(f) of the Code. 
  

 3 

 (cc) “Triggering Event” shall mean the first to occur of any of the following: 
  
 (1) the acquisition (other than from the Company), by any
Person (as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), directly or indirectly, of beneficial ownership (determined in accordance with Exchange Act Rule 13d-3) of 20% or more of the then outstanding shares of common stock of the
Company or voting securities representing 20% or more of the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors; provided, however, no Triggering Event
shall be deemed to have occurred as a result of an acquisition of shares of common stock or voting securities of the Company (i) by the Company, any of its Subsidiaries, or any employee benefit plan (or related trust) sponsored or maintained by the
Company or any of its Subsidiaries or (ii) by any other corporation or other entity with respect to which, following such acquisition, more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of such other corporation or entity are then beneficially owned, directly or indirectly, by the persons who were the
Company’s shareholders immediately prior to such acquisition in substantially the same proportions as their ownership, immediately prior to such acquisition, of the Company’s then outstanding common stock or then outstanding voting
securities, as the case may be; or 
  
 (2) the
consummation of any merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in more than 60% of the outstanding shares of the common stock, and voting securities representing more than
60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the surviving or consolidated corporation being then beneficially owned, directly or indirectly, by the persons
who were the Company’s shareholders immediately prior to such acquisition in substantially the same proportions as their ownership, immediately prior to such acquisition, of the Company’s then outstanding common stock or then outstanding
voting securities, as the case may be; or 
  
 (3)
the consummation of any liquidation or dissolution of the Company or a sale or other disposition of all or substantially all of the assets of the Company; or 
  

(4) individuals who, as of the date this Plan is adopted by the Board of Directors of the Company, constitute the Board of Directors of
the Company (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided, however, that any person becoming a director subsequent to the date this Plan is adopted by
the Board of Directors of the Company whose election, or nomination for election by the shareholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this
Plan, considered as though such person were a member of the Incumbent Board but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest which was (or, if
threatened, would have been) subject to Exchange Act Rule 14a-12(c); or 
  

 4 

 (5) whether or not conditioned on shareholder approval, the issuance by the Company of
common stock of the Company representing a majority of the outstanding common stock, or voting securities representing a majority of the combined voting power of the outstanding voting securities of the Company entitled to vote generally in the
election of directors, after giving effect to such transaction. 
  
 Following the
occurrence of an event which is not a Triggering Event whereby there is a successor holding company to the Company, or, if there is no such successor, whereby the Company is not the surviving corporation in a merger or consolidation, the surviving
corporation or successor holding company (as the case may be), for purposes of this definition, shall thereafter be referred to as the Company. 
  
 Words importing the singular shall include the plural and vice versa and words importing the masculine shall include the feminine. 
  
 3. AWARDS AVAILABLE UNDER THE PLAN 
  
 The Administrator may grant Nonstatutory Stock Options, Incentive Stock
Options, Restricted Stock, SARs and Deferred Stock under the Plan. 
  
 The Administrator shall have sole authority in its discretion, but always subject to the express provisions of the Plan and applicable law, to determine the Employees or Directors to whom Awards are granted under the Plan and the terms and
provisions of each such Award, and to make all other determinations and interpretations deemed necessary or advisable for the administration of the Plan. The Administrator’s determination of the foregoing matters shall be conclusive and binding
on the Company, all Participants and all other persons. 
  
 4. SHARES RESERVED
UNDER PLAN 
  
 The aggregate number of Shares which may be
issued under the Plan pursuant to the exercise or grant of Awards shall not exceed 4,500,000 Shares, which may be treasury Shares or authorized but unissued Shares, or a combination of the two, subject to adjustment as provided in Paragraph 12
hereof. In no event (a) shall the number of shares of Restricted Stock granted under the Plan plus the number of shares of Deferred Stock granted under the Plan exceed 200,000 Shares (subject to adjustment as provided in Paragraph 12 hereof), (b)
shall the number of Shares delivered through the exercise of Incentive Stock Options exceed 1,000,000 Shares (subject to adjustment as provided in Paragraph 12 hereof), (c) shall any Employee be eligible to receive Options and SARs for more than an
aggregate of 750,000 Shares during any three-year period (subject to adjustment as provided in Paragraph 12 hereof), or (d) shall any one Participant be eligible to receive an aggregate amount of Restricted Stock and Deferred Stock in an amount in
excess of $4,000,000 (valuing the Shares at their Market Price on the business day immediately preceding the date of grant) during any three-year period. For purposes of determining the maximum number of Shares available for issuance under the Plan,
(a) any Shares which are used in settlement of tax withholding obligations with respect to an Award shall be deemed not to have been issued, (b) if any Option is exercised by tendering Shares, either actually or by attestation, to the Company as
full or partial payment for such exercise under this Plan, only the number of Shares issued net of the Shares tendered shall be deemed 

  

 5 

 
issued, and (c) any Shares which have been issued as Restricted Stock which are forfeited to the Company shall be treated, following such forfeiture, as
Shares which have not been issued. 
  
 5. ADMINISTRATION OF THE PLAN

  
 (a) The Plan shall be administered by the Board of
Directors with respect to grants to Directors under the Plan. 
  
 (b) The Plan shall be administered by the Committee or by the Board of Directors with respect to grants to Employees under the Plan. Except as otherwise determined by the Board of Directors, the Committee shall be so constituted as to
permit grants to be exempt from Section 16(b) of the Exchange Act by virtue of Rule 16b-3 thereunder, as such rule is currently in effect or as hereafter modified or amended (“Rule 16b-3”), and to permit the Plan to comply with Section
162(m) of the Code and any regulations promulgated thereunder, or any other statutory rule or regulatory requirements. The members of the Committee shall be appointed from time to time by the Board of Directors. 
  
 6. ELIGIBILITY 
  
 (a) Directors shall be eligible to receive Nonstatutory Stock Options, Restricted Stock, SARs and Deferred Stock under the
Plan. 
  
 (b) Employees shall be eligible to receive Nonstatutory
Stock Options, Incentive Stock Options, Restricted Stock, SARs and Deferred Stock under the Plan. In determining the Employees to whom Awards shall be granted and the number of Shares to be covered by each Award, the Administrator may take into
account the nature of the services rendered by the respective Employees, their present and potential contributions to the success of the Company, and other such factors as the Administrator in its discretion shall deem relevant. 
  
 (c) A Participant may be granted additional Awards under the Plan if the
Administrator shall so determine subject to the limitations contained in Paragraph 4. 
  
 7. OPTIONS: GENERAL PROVISIONS 
  
 Options
granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Administrator shall determine, including the following: 
  
 (a) Types of Options. An Option to purchase Shares granted pursuant to this Plan shall be specified to be either an
Incentive Stock Option or a Nonstatutory Stock Option. Any grant of an Option shall be confirmed by the execution of an Option Agreement. An Option Agreement may include both an Incentive Stock Option and a Nonstatutory Stock Option, provided each
Option is clearly identified as either an Incentive Stock Option or a Nonstatutory Stock Option. 
  
 (b) Maximum Annual Grant of Incentive Stock Options to Any Employee. The aggregate fair market value (determined at the time the Incentive Stock
Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Employee during any calendar year under this Plan (and under all other plans of the Company or 

  

 6 

 
any Subsidiary) shall not exceed $100,000, and/or any other limit as may be prescribed by the Code from time to time. 
  
 (c) Option Exercise Price. The per share purchase price of the Shares
under each Option granted pursuant to this Plan shall be determined by the Administrator but shall not be less than one hundred percent (100%) of the fair market value per Share on the date of grant of such Option. The fair market value per Share on
the date of grant shall be the Market Price for the business day immediately preceding the date of grant of such Option. 
  
 (d) Exercise. An Option Agreement may provide for exercise of an Option in such amounts and at such times as shall be specified therein;
provided, however, except as provided in Paragraph 7(g), below, or as otherwise determined by the Administrator, no Option granted to an Employee may be exercised unless that person is then in the employ of the Company or a Subsidiary
and shall have been continuously so employed since its date of grant. Except as otherwise permitted by the Administrator, an Option shall be exercisable by a Participant’s giving written notice of exercise to the Secretary of the Company
accompanied by payment of the required exercise price. 
  
 (e)
General Exercise Period. The Administrator may, in its discretion, determine the periods during which Options or portions of Options may be exercised by a Participant. Notwithstanding any limitation on the exercise of any Option or anything
else to the contrary herein contained, except as otherwise determined by the Administrator at the time of grant, upon the occurrence of a Triggering Event, all outstanding Options shall become immediately exercisable, and if a person ceases to be an
Employee during a Protected Period because of a termination of that person’s employment by the Company other than for Cause, all Options held by such person shall become immediately exercisable. Notwithstanding the foregoing, no Option shall be
exercisable after the expiration of ten years from its date of grant. Every Option which has not been exercised within ten years of its date of grant shall lapse upon the expiration of said ten-year period unless it shall have lapsed at an earlier
date. 
  
 (f) Payment of Exercise Price. The exercise price
shall be payable in whole or in part in cash, Shares held by the Participant for more than six months, other property, or such other consideration consistent with the Plan’s purpose and applicable law as may be determined by the Administrator
from time to time. Unless otherwise determined by the Administrator, such price shall be paid in full at the time that an Option is exercised. If the Participant elects to pay all or a part of the exercise price in Shares, such Participant may make
such payment by delivering to the Company a number of Shares already owned by the Participant for more than six months, either directly or by attestation, which are equal in value to the purchase or exercise price. All Shares so delivered shall be
valued at their Market Price on the business day immediately preceding the day on which such Shares are delivered. 
  
 (g) Cessation of Employee Status. With respect to Participants who are Employees, except as determined otherwise by the Administrator at the time
of grant: 
  
 (1) Any Participant who ceases to
be an Employee due to retirement on or after such person’s normal retirement date (as defined in the Manpower Inc. Retirement Plan or any successor plan providing retirement benefits) or due to early retirement with the consent of the
Administrator shall have three (3) years from the date of such cessation to 

  

 7 

 
exercise any Option granted hereunder as to all or part of the Shares subject to such Option; provided, however, that no Option shall be
exercisable subsequent to ten (10) years after its date of grant, and provided further that on the date the Participant ceases to be an Employee, he or she then has a present right to exercise such Option. 
  
 (2) Any Participant who ceases to be an Employee due to
Disability shall have three (3) years from the date of such cessation to exercise any Option granted hereunder as to all or part of the Shares subject to such Option to the extent that such Participant then has a present right to exercise such
Option or would have become entitled to exercise such Option had that Participant remained an Employee during such three-year period; provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of
grant. 
  
 (3) In the event of the death of an
Employee while an Employee, any Option, as to all or any part of the Shares subject to such Option, granted to such Employee shall be exercisable: 
  
 (A) for three (3) years after the Employee’s death, but in no event later than ten (10) years from its date of grant; 
  
 (B) only (1) by the deceased Employee’s designated
beneficiary (such designation to be made in writing at such time and in such manner as the Administrator shall approve or prescribe), or, if the deceased Employee dies without a surviving designated beneficiary, (2) by the personal representative,
administrator, or other representative of the estate of the deceased Employee, or by the person or persons to whom the deceased Employee’s rights under the Option shall pass by will or the laws of descent and distribution; and 
  
 (C) only to the extent that the deceased Employee would have
been entitled to exercise such Option on the date of the Employee’s death or would have become entitled to exercise such Option had the deceased Employee remained employed during such three-year period. 
  
 (4) An Employee or former Employee who holds an Option who
has designated a beneficiary for purposes of Subparagraph 7(g)(3)(B)(1), above, may change such designation at any time, by giving written notice to the Administrator, subject to such conditions and requirements as the Administrator may prescribe in
accordance with applicable law. 
  
 (5) If a
Participant ceases to be an Employee for a reason other than those specified above, that Participant shall have eighteen (18) months from the date of such cessation to exercise any Option granted hereunder as to all or part of the Shares subject
thereto; provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of grant, and provided further that on the date the person ceases to be an Employee, he or she then has a present right to
exercise such Option. Notwithstanding the foregoing, if a person ceases to be an Employee because of a termination of employment for Cause, to the extent an Option is not effectively exercised prior to such cessation, it shall lapse immediately upon
such cessation. 
  

 8 

 (h) Extension of Periods. The Administrator may in its sole discretion increase the periods
permitted for exercise of an Option if a Participant ceases to be an Employee as provided in Subparagraphs 7(g)(1), (2), (3) and (5), above, if allowable under applicable law; provided, however, in no event shall an Option be
exercisable subsequent to ten (10) years after its date of grant. 
  
 (i) Transferability. 
  
 (1)
Except as otherwise provided in this Paragraph 7(i), or unless otherwise provided by the Administrator, Options granted to a Participant under this Plan shall not be transferable or subjected to execution, attachment or similar process, and during
the lifetime of the Participant shall be exercisable only by the Participant. A Participant shall have the right to transfer the Options granted to such Participant upon such Participant’s death, either to the deceased Participant’s
designated beneficiary (such designation to be made in writing at such time and in such manner as the Administrator shall approve or prescribe), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such
Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in this Plan or otherwise determined by the Administrator, and all such distributees shall be subject to all terms and conditions of this
Plan to the same extent as would the Participant. 
  
 (2) Nonstatutory Stock Options granted to Directors or to any Employee who is subject to Section 16 of the Exchange Act shall be transferable to members of the Participant’s immediate family, to trusts for the benefit of the
Participant and/or such immediate family members, and to partnerships in which the Participant and/or such family members are the only partners, provided the transferee agrees to be bound by any vesting or other restrictions applicable to the
Participant with respect to the Options. For purposes of the preceding sentence, “immediate family” shall mean a Participant’s spouse, children, descendants of children, and spouses of children and descendants. Upon such a transfer,
the Option (or portion of the Option) thereafter shall be exercisable by the transferee to the extent and on the terms it would have been exercisable by the transferring Participant. 
  
 8. RESTRICTED STOCK 
  
 Restricted Stock granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Administrator shall
determine, including the following: 
  
 (a) Grants. The
terms of any grant of Restricted Stock shall be confirmed by the execution of a Restricted Stock Agreement. 
  
 (b) Restrictions. Restricted Stock may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered for
the period determined by the Administrator (the “Restricted Period”), subject to the provisions of this Paragraph 8. In the event that a Participant shall sell, assign, convey, donate, pledge, transfer or otherwise dispose of or encumber
the Restricted Stock, said Restricted Stock shall, at the Administrator’s option, and in addition to such other rights and remedies available to the Administrator (including the right 

  

 9 

 
to restrain or set aside such transfer), upon written notice to the transferee thereof at any time within ninety (90) days after its discovery of such
transaction, be forfeited to the Company. 
  
 (c) Cessation of
Employee Status. With respect to Participants who are Employees, except as determined otherwise by the Administrator at the time of grant: 
  
 (1) If a Participant ceases to be an Employee for any reason, then except as provided in Subparagraphs (c)(2) and (d), below, all
Restricted Stock held by such Participant shall be forfeited to the Company. 
  
 (2) In the event a Participant ceases to be an Employee on or after such person’s normal retirement date (as defined in the Manpower Inc. Retirement Plan or any successor plan providing retirement benefits), or
due to early retirement with the consent of the Administrator, or due to death or Disability, all restrictions applicable to any Restricted Stock then held by the Participant shall immediately lapse. 
  
 (d) Vesting on Triggering Event. Except as determined otherwise by the
Administrator at the time of grant, notwithstanding anything to the contrary herein contained, upon the occurrence of a Triggering Event, the restrictions applicable to any Restricted Stock then held by all Participants shall immediately lapse, and
all such Restricted Stock shall be treated as Shares of the Company and the holders thereof shall be entitled to receive the same consideration thereupon, if any, payable to the holders of outstanding shares of the Company in connection with the
Triggering Event. In addition, except as otherwise determined by the Administrator at the time of grant, in the case of any individual Employee, upon that person’s ceasing to be an Employee during a Protected Period because of a termination of
such person’s employment by the Company other than for Cause, the restrictions applicable to any Restricted Stock then held by such Employee shall immediately lapse. 
  
 (e) Retention of Certificates. The Company will retain custody of the stock certificates representing Restricted
Stock during the Restricted Period as well as a stock power signed by the Participant to be used in the event the Restricted Stock is forfeited to the Company. 
  

(f) No Release of Restrictions by Administrator. The Administrator may not, through amendment of the Restricted Stock Agreement or otherwise,
accelerate the lapse of any restrictions applicable to Restricted Stock which has been granted under the Plan. This limitation is not intended to apply to the lapse of restrictions pursuant to Subparagraph 8(c)(2) or Paragraph 8(d), above.

  
 9. SARs 
  
 Each SAR granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the
Administrator shall determine, including the following: 
  
 (a)
Grants. The terms of any grant of SARs shall be confirmed by the execution of an SAR Agreement. 
  
 (b) Grant Value. The Grant Value of each SAR granted pursuant to this Plan shall be determined by the Administrator, but shall not be less than one
hundred percent (100%) of the fair market value per Share on the date of grant of such SAR. The fair market value per Share on 

  

 10 

 
the date of grant shall be the Market Price for the business day immediately preceding the date of grant of such SAR. 
  
 (c) Exercise. An SAR Agreement may provide for exercise of an SAR by a
Participant in such amounts and at such times as shall be specified therein; provided, however, except as provided in Paragraph 9(f) below, or as otherwise determined by the Administrator, no SAR granted to an Employee may be exercised
unless that person is then in the employ of the Company or a Subsidiary and shall have been continuously so employed since its date of grant. Except as otherwise permitted by the Administrator, an SAR shall be exercisable by a Participant by such
Participant giving written notice of exercise to the Secretary of the Company. 
  
 (d) General Exercise Period. The Administrator may, in its discretion, determine the periods during which SARs may be exercised by a Participant. Notwithstanding any limitation on the exercise of any SAR or
anything else to the contrary herein contained, except as otherwise determined by the Administrator at the time of grant, upon the occurrence of a Triggering Event, all outstanding SARs shall become immediately exercisable, and if a person ceases to
be an Employee during a Protected Period because of a termination of that person’s employment by the Company other than for Cause, all SARs held by such person shall become immediately exercisable. Notwithstanding the foregoing, no SAR shall be
exercisable after the expiration of ten years from its date of grant. Every SAR which has not been exercised within ten years of its date of grant shall lapse upon the expiration of said ten-year period unless it shall have lapsed at an earlier
date. 
  
 (e) Rights on Exercise. An SAR shall entitle the
Participant to receive from the Company that number of full Shares having an aggregate Market Price, as of the business day immediately preceding the date of exercise (the “Valuation Date”), substantially equal to (but not more than) the
excess of the Market Price of one Share on the Valuation Date over the Grant Value for such SAR as set forth in the applicable SAR Agreement, multiplied by the number of SARs exercised. However, the Company, as determined in the sole discretion of
the Administrator, shall be entitled to elect to settle its obligation arising out of the exercise of an SAR by the payment of cash substantially equal to the aggregate Market Price on the Valuation Date of the Shares it would otherwise be obligated
to deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Administrator, substantially equal to the aggregate Market Price on the Valuation Date of the Shares the Company would otherwise be obligated to
deliver. 
  
 (f) Cessation of Employee Status. With respect
to Participants who are Employees, except as determined otherwise by the Administrator at the time of grant: 
  
 (1) Any Participant who ceases to be an Employee due to retirement on or after such person’s normal retirement date (as defined in
the Manpower Inc. Retirement Plan or any successor plan providing retirement benefits) or due to early retirement with the consent of the Administrator shall have three (3) years from the date of such cessation to exercise any SAR granted hereunder;
provided, however, that no SAR shall be exercisable subsequent to ten (10) years after its date of grant, and provided further that on the date the Participant ceases to be an Employee, he or she then has a present right to exercise
such SAR. 
  

 11 

 (2) Any Participant who ceases to be an Employee due to Disability shall have three (3)
years from the date of such cessation to exercise any SAR granted hereunder to the extent such Participant then has a present right to exercise such SAR or would have become entitled to exercise such SAR had that person remained an Employee during
such three-year period; provided, however, that no SAR shall be exercisable subsequent to ten (10) years after its date of grant. 
  
 (3) In the event of the death of an Employee while an Employee, any SAR granted to such Employee shall be exercisable: 
  
 (A) for three (3) years after the Employee’s death, but
in no event later than ten (10) years from its date of grant; 
  
 (B) only (1) by the deceased Employee’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Administrator shall approve or prescribe), or, if the deceased
Employee dies without a surviving designated beneficiary, (2) by the personal representative, administrator, or other representative of the estate of the deceased Employee, or by the person or persons to whom the deceased Employee’s rights
under the SAR shall pass by will or the laws of descent and distribution; and 
  
 (C) only to the extent that the deceased Employee would have been entitled to exercise such SAR on the date of the Employee’s death or would have become entitled to exercise such SAR had the deceased Employee
remained employed during such three-year period. 
  
 (4) An Employee or former Employee who holds an SAR who has designated a beneficiary for purposes of Subparagraph 9(f)(3)(B)(1), above, may change such designation at any time, by giving written notice to the Administrator, subject to such
conditions and requirements as the Administrator may prescribe in accordance with applicable law. 
  
 (5) If a Participant ceases to be an Employee for a reason other than those specified above, that Participant shall have eighteen (18)
months from the date of such cessation to exercise any SAR granted hereunder; provided, however, that no SAR shall be exercisable subsequent to ten (10) years after its date of grant, and provided further that on the date the person
ceases to be an Employee, he or she then has a present right to exercise such SAR. Notwithstanding the foregoing, if a person ceases to be an Employee because of a termination of employment for Cause, to the extent an SAR is not effectively
exercised prior to such cessation, it shall lapse immediately upon such cessation. 
  
 (g) Extension of Periods. The Administrator may in its sole discretion increase the periods permitted for exercise of an SAR if a person ceases to be an Employee as provided in Subparagraphs 9(f)(1), (2), (3)
and (5), above, if allowable under applicable law; provided, however, in no event shall an SAR be exercisable subsequent to ten (10) years after its date of grant. 
  

 12 

 (h) Transferability. Except as otherwise provided in this Paragraph 9(h), or unless otherwise
provided by the Administrator, SARs granted to a Participant under this Plan shall not be transferable or subjected to execution, attachment or similar process, and during the lifetime of the Participant shall be exercisable only by the Participant.
A Participant shall have the right to transfer the SARs upon such Participant’s death, either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Administrator
shall approve or prescribe), or, if the deceased Participant dies without a surviving designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in the
Plan or otherwise determined by the Administrator, and all such distributees shall be subject to all terms and conditions of the Plan to the same extent as would the Participant. 
  
 10. DEFERRED STOCK 
  
 Deferred Stock granted under this Plan shall be subject to such terms and conditions not inconsistent with the Plan as the Administrator shall determine,
including the following: 
  
 (a) Grants. The terms of any
grant of Deferred Stock shall be confirmed by the execution of a Deferred Stock Agreement. 
  
 (b) Distributions of Shares. Each Participant who holds Deferred Stock shall be entitled to receive from the Company one Share for each share of Deferred Stock, as adjusted from time to time in the manner set
forth in Paragraph 12, below. However, the Company, as determined in the sole discretion of the Administrator, shall be entitled to settle its obligation to deliver Shares by instead making a payment of cash substantially equal to the fair market
value of the Shares it would otherwise be obligated to deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Administrator, substantially equal to the fair market value of the Shares the Company would
otherwise be obligated to deliver. The fair market value of a Share for this purpose will mean the Market Price on the business day immediately preceding the date of the cash payment. Deferred Stock shall vest and Shares shall be distributed to the
Participant in respect thereof at such time or times as determined by the Administrator at the time of grant; provided, however, that no Shares shall be distributed in respect of Deferred Stock prior to the date on which such Deferred
Stock vests. 
  
 [Effective for grants made on or after January 1, 2005, this
subparagraph 10(b) will read as follows: 
  
 (b) Distributions
of Shares. Each Participant who holds Deferred Stock shall be entitled to receive from the Company one Share for each share of Deferred Stock, as adjusted from time to time in the manner set forth in Paragraph 12, below. However, the Company, as
determined in the sole discretion of the Administrator, shall be entitled to settle its obligation to deliver Shares by instead making a payment of cash substantially equal to the fair market value of the Shares it would otherwise be obligated to
deliver, or by the issuance of a combination of Shares and cash, in the proportions determined by the Administrator, substantially equal to the fair market value of the Shares the Company would otherwise be obligated to deliver. The fair market
value of a Share for this purpose will mean the Market Price on the business day immediately preceding the date of the cash payment. Deferred Stock shall vest and Shares shall be distributed to the Participant in respect thereof at such time or
times as determined by the 

  

 13 

 
Administrator at the time of grant; provided, however, that Deferred Stock shall only be distributed in accordance with the rules of Section
409A of the Code and any guidance issued thereunder; and provided, further, that no Shares shall be distributed in respect of Deferred Stock prior to the date on which such Deferred Stock vests.] 
  
 (c) Cessation of Employee Status. With respect to Participants who are
Employees, except as determined otherwise by the Administrator at the time of grant: 
  
 (1) If a Participant ceases to be an Employee for any reason, then except as provided in Subparagraphs (c)(2) and (d), below, all Deferred
Stock held by such Participant on the date of termination that has not vested shall be forfeited. 
  
 (2) In the event a Participant ceases to be an Employee on or after such person’s normal retirement date (as defined in the Manpower
Inc. Retirement Plan or any successor plan providing retirement benefits) or due to early retirement with the consent of the Administrator, or due to death or Disability, all Deferred Stock then held by such Participant shall immediately vest.

  
 (d) Vesting on Triggering Event. Except as determined
otherwise by the Administrator, notwithstanding anything to the contrary herein contained, upon the occurrence of a Triggering Event, all Deferred Stock then held by Participants shall immediately vest. In addition, except as otherwise determined by
the Administrator at the time of grant, in the case of any individual Employee, upon that person’s ceasing to be an Employee during a Protected Period because of a termination of such person’s employment by the Company other than for
Cause, all Deferred Stock then held by such Employee shall immediately vest. 
  
 (e) Transferability. Deferred Stock may not be sold, assigned, conveyed, donated, pledged, transferred or otherwise disposed of or encumbered or subjected to execution, attachment, or similar process;
provided, however, Shares distributed in respect of such Deferred Stock may be transferred in accordance with applicable securities laws. A Participant shall have the right to transfer Deferred Stock upon such Participant’s death,
either to the deceased Participant’s designated beneficiary (such designation to be made in writing at such time and in such manner as the Administrator shall prescribe or approve), or, if the deceased Participant dies without a surviving
designated beneficiary, by the terms of such Participant’s will or under the laws of descent and distribution, subject to any limitations set forth in the Plan or otherwise determined by the Administrator, and all such distributees shall be
subject to all terms and conditions of the Plan to the same extent as would the Participant. 
  
 (f) No Rights as Shareholders. No Participant shall have any interest in any fund or in any specific asset or assets of the Company by reason of any Deferred Stock granted hereunder, nor any right to exercise
any of the rights or privileges of a shareholder with respect to any Deferred Stock or any Shares distributable with respect to any Deferred Stock until such Shares are so distributed. 
  
 (g) Dividends and Distributions. As of each record date for the payment of dividends on the Company’s common
stock, each Participant shall be granted a number of additional shares of Deferred Stock equal to the quotient of the amount of dividends which would have been received by a shareholder of record of a number of Shares equal to the number of shares
of Deferred Stock held by such Participant immediately before such dividend, divided by the Market Price on 

  

 14 

 
such date. In the event of any distribution with respect to Shares other than a cash dividend, then each Participant shall be granted a number of additional
shares of Deferred Stock which could have been purchased at the Market Price as of the date of such distribution with an amount equal to the Market Price of the consideration which would have been received on such date by a shareholder of record of
a number of Shares equal to the number of shares of Deferred Stock then held by such Participant. 
  
 (h) Accelerated Distribution. Notwithstanding any other provision of the Plan, the Administrator may, at any time after Deferred Stock held by a
Participant has vested, accelerate the time that Shares are distributed with respect to such Deferred Stock. 
  
 [Effective for grants made on or after January 1, 2005, this subparagraph 10(h) will read as follows: 
  
 (h) Accelerated Distribution. The Administrator may not, at any time after Deferred Stock held by a Participant has vested, accelerate the time
that Shares or cash are or is distributed with respect to such Deferred Stock, except as permitted in accordance with Code Section 409A or any guidance promulgated thereunder.] 
  
 (i) No Accelerated Vesting by Administrator. The Administrator may not, through amendment of the Deferred Stock
Agreement or otherwise, accelerate the vesting of Deferred Stock which has been granted under the Plan subject to vesting limitations. This limitation is not intended to apply to the vesting of Deferred Stock pursuant to Subparagraph 10(c)(2) or
Paragraph 10(d), above. 
  
 11. LAWS AND REGULATIONS 
  
 Each Option Agreement, Restricted Stock Agreement, SAR Agreement or Deferred
Stock Agreement shall contain such representations, warranties and other terms and conditions as shall be necessary in the opinion of counsel to the Company to comply with all applicable federal and state securities laws. The Company shall have the
right to delay the issue or delivery of any Shares under the Plan until (a) the completion of such registration or qualification of such Shares under any federal or state law, ruling or regulation as the Company shall determine to be necessary or
advisable, and (b) receipt from the Participant of such documents and information as the Administrator may deem necessary or appropriate in connection with such registration or qualification. 
  
 12. ADJUSTMENT PROVISIONS 
  
 (a) Share Adjustments. In the event of any stock dividend, stock
split, recapitalization, merger, consolidation, combination or exchange of shares, or the like, as a result of which shares of any class shall be issued in respect of the outstanding Shares, or the Shares shall be changed into the same or a
different number of the same or another class of stock, or into securities of another person, cash or other property (not including a regular cash dividend), the total number of Shares authorized to be offered in accordance with Paragraph 4 and the
other limitations contained in Paragraph 4, the number of Shares subject to each outstanding Option, the number of Shares of Restricted Stock then held by each Participant, the number of shares to which each then outstanding SAR relates, the number
of shares to which each outstanding Award of 

  

 15 

 
Deferred Stock relates, the exercise price applicable to each outstanding Option and the Grant Value of each outstanding SAR shall be appropriately adjusted
as determined by the Administrator. 
  
 (b) Acquisitions.
In the event of a merger or consolidation of the Company with another corporation or entity in which the Company is not the survivor, or a sale or disposition by the Company of all or substantially all of its assets, the Administrator shall, in its
sole discretion, have authority to provide for (1) waiver in whole or in part of any remaining restrictions or vesting requirements in connection with any Award granted hereunder, (2) the conversion of outstanding Options, Restricted Stock, SARs or
Deferred Stock into cash and/or (3) the conversion of Awards into the right to receive securities of another person upon such terms and conditions as are determined by the Administrator in its discretion. 
  
 (c) Binding Effect. Any adjustment, waiver, conversion or other action
taken by the Administrator under this Paragraph 12 shall be conclusive and binding on all Participants. 
  
 13. TAXES 
  
 (a)
Options and SARs. The Company shall be entitled to pay and withhold from any amounts payable by the Company to a Participant the amount of any tax which it believes is required as a result of the grant, vesting or exercise of any Option or
SAR, and the Company may defer making delivery with respect to cash and/or Shares obtained pursuant to exercise of any Option or SAR until arrangements satisfactory to it have been made with respect to any such withholding obligations. A Participant
exercising an Option or SAR may, at his or her election, satisfy his or her obligation for payment of required withholding taxes by having the Company retain a number of Shares having an aggregate Market Price on the business day immediately
preceding the date the Shares are withheld equal to the amount of the required withholding tax. 
  
 (b) Restricted Stock. The Company shall be entitled to pay and withhold from any amounts payable by the Company to a Participant the amount of any
tax which it believes is required as a result of the issuance of or lapse of restrictions on Restricted Stock, and the Company may defer the delivery of any Shares or Share certificates until arrangements satisfactory to the Administrator shall have
been made with respect to any such withholding obligations. A Participant may, at his or her election, satisfy his or her obligation for payment of required withholding taxes with respect to Restricted Stock by delivering to the Company a number of
Shares which were Restricted Stock upon the lapse of restrictions, or Shares already owned, having an aggregate Market Price on the business day immediately preceding the day on which such Shares are withheld equal to the amount of the required
withholding tax. 
  
 (c) Deferred Stock. The Company shall
be entitled to pay and withhold from any amounts payable by the Company to a Participant the amount of any tax which it believes is required as a result of the grant or vesting of any Deferred Stock or the distribution of any Shares or cash payments
with respect to Deferred Stock, and the Company may defer making delivery of Shares with respect to Deferred Stock until arrangements satisfactory to the Administrator have been made with respect to any such withholding obligations. A Participant
who holds Deferred Stock may, at his or her election, satisfy his or her obligation to pay the required withholding taxes by having the Company withhold from the number of Shares distributable, if 

  

 16 

 
any, a number of Shares having an aggregate Market Price on the business day immediately preceding the date the Shares are withheld equal to the amount of
the required withholding tax. 
  
 14. EFFECTIVENESS OF THE PLAN 

 
 The Plan, as approved by the Company’s Executive Compensation
Committee and Board of Directors, shall become effective as of the date of such approval, subject to ratification of the Plan by the vote of the shareholders. 
  

15. TERMINATION AND AMENDMENT 
  
 Unless the Plan shall theretofore have been terminated as hereinafter provided, no Award shall be granted after February 18, 2013. The Board of Directors
of the Company may terminate the Plan or make such modifications or amendments thereof as it shall deem advisable, including, but not limited to, such modifications or amendments as it shall deem advisable in order to conform to any law or
regulation applicable thereto; provided, however, that the Board of Directors may not, without further approval of the holders of a majority of the Shares voted at any meeting of shareholders at which a quorum is present and voting,
adopt any amendment to the Plan for which shareholder approval is required under tax, securities or any other applicable law or the listing standards of the New York Stock Exchange (or if the Shares are not then listed on the New York Stock
Exchange, the listing standards of such other exchange or inter-dealer quotation system on which the Shares are listed). No termination, modification or amendment of the Plan may, without the consent of the Participant, adversely affect the rights
of such Participant under an outstanding Award then held by the Participant. 
  
 Except as otherwise provided in this Plan, the Administrator may amend an outstanding Award or any Stock Option Agreement, Restricted Stock Agreement, SAR Agreement, or Deferred Stock Agreement; provided,
however, that the Participant’s consent to such action shall be required unless the Administrator determines that the action, taking into account any related action, would not materially and adversely affect the Participant. The
Administrator may also modify or amend the terms of any Award granted under the Plan for the purpose of complying with, or taking advantage of, income or other tax or legal requirements or practices of foreign countries which are applicable to
Employees. However, notwithstanding any other provision of the Plan, the Administrator may not adjust or amend the exercise price of any outstanding Option or SAR, whether through amendment, cancellation and replacement grants, or any other means,
except in accordance with Paragraph 12 of the Plan. 
  
 16. OTHER BENEFIT AND
COMPENSATION PROGRAMS 
  
 Payments and other benefits
received by an Employee under an Award granted pursuant to the Plan shall not be deemed a part of such Employee’s regular, recurring compensation for purposes of the termination, indemnity or severance pay law of any country and shall not be
included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement provided by the Company or any Subsidiary unless expressly so provided by such other plan, contract or
arrangement, unless required by law, or unless the Administrator expressly determines otherwise. 
  

 17 

 17. NO RIGHT TO EMPLOYMENT. 
  
 The Plan shall not confer upon any person any right with respect to continuation of employment by the Company or a
Subsidiary, nor shall it interfere in any way with the right of the Company or such Subsidiary to terminate any person’s employment at any time. 
  

 18 

 SECTION A 
  
 1. GENERAL 
  
 (a) Except to the extent inconsistent with and/or modified by the terms specifically set out below, this Section A incorporates all of the provisions of
the Plan exclusive of this Section A (the “Main Plan”). This Section A of the Plan shall apply to Employees who are employed in the United Kingdom and shall be referred to below as the “Scheme”. Options shall not be granted under
this Scheme until approval by the Board of Inland Revenue is received by the Company. 
  
 (b) SARs shall not be granted to Employees under the Scheme. 
  
 (c) Neither Restricted Stock nor Deferred Stock shall be granted to Employees under the Scheme. 
  
 2. DEFINITIONS 
  
 In this Scheme the following words and expressions have the following meanings except where the context otherwise requires: 
  
 (a) “Act” shall mean the Income Tax (Earnings and Pensions) Act
2003. 
  
 (b) “Approval” shall mean approval under
Schedule 4. 
  
 (c) “Approved Scheme” shall mean a share
option scheme, other than a savings-related share option scheme, approved under Schedule 4. 
  
 (d) “Employee” shall mean any employee of the Company or its Subsidiaries, provided that no person who is precluded from participating in the Scheme by paragraph 9 of Schedule 4 shall be regarded as an
Employee. 
  
 (e) “Exercise Price” shall mean the Market
Price as defined in Paragraph 2(p) of the Main Plan (save that the proviso to that Paragraph 2(p) shall not apply) for the business day immediately preceding the date of grant of an Option provided that if, at the date of grant, Shares are
not listed on the New York Stock Exchange, then the Exercise Price shall be the market value of a Share determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance for the purposes of the Scheme with
the Shares Valuation Division of the Board of Inland Revenue, provided that the Exercise Price shall not be less than the par value of a Share. 
  
 (f) “PAYE Liability” shall mean the amount of any taxes and/or primary class 1 national insurance contributions or other social security taxes
which the Company or any of its Subsidiaries would be required to account for to the Inland Revenue or other taxation authority by reference to the exercise of an Option and, if so required by and agreed with the Company, 

  

 19 

 
any secondary class 1 national insurance contributions which the Company or any of its Subsidiaries would be required to account for to the Inland Revenue on
exercise of an Option. 
  
 (g) “Redundancy” shall mean
dismissal by reason of redundancy within the meaning of the Employment Rights Act 1996. 
  
 (h) “Revenue Limit” shall mean £30,000 or such other amount as may from time to time be the appropriate limit for the purpose of paragraph 6(1) of Schedule 4. 
  
 (i) “Schedule 4” shall mean Schedule 4 to the Act. 
  
 (j) “Share” shall mean $0.01 par value common stock of the Company
which satisfies the conditions of paragraphs 15 to 20 of Schedule 4. 
  
 (k) “Subsidiary” shall mean a company which is for the time being a subsidiary of the Company within the meaning of Section 736 of the Companies Act 1985. 
  
 Other words or expressions, so far as not inconsistent with the context, have the same meanings as in Schedule 4.

  
 Any reference to a statutory provision shall be deemed to
include that provision as the same may from time to time hereafter be amended or re-enacted. 
  
 3. LIMITS 
  
 An Option
granted to an Employee shall be limited and take effect so that the aggregate market value of Shares subject to that Option, taken together with the aggregate market value of Shares which the Employee may acquire in pursuance of rights obtained
under the Scheme or under any other Approved Scheme established by the Company or by any associated company (within the meaning of paragraph 35(1) of the Schedule 4) of the Company (and not exercised), shall not exceed the Revenue Limit. Such
aggregate market value shall be determined at the time the rights are obtained. 
  
 4. TERMS OF OPTIONS 
  
 (a) No Option granted
under the Scheme may be transferred, assigned, charged or otherwise alienated save that an Option may be exercised after the relevant Employee’s death in accordance with the provisions of this Scheme. The provisions of Paragraph 7(i) of the
Main Plan shall not apply for the purposes of this Scheme. 
  
 (b)
An Option granted under the Scheme shall not be exercised by a Holder at any time when he is ineligible to participate by virtue of paragraph 9 of Schedule 4. 
  

(c) As provided in Paragraph 7(d) of the Main Plan, an Option shall be exercised by notice in writing given by the Holder to the Secretary of the
Company accompanied by payment of the required Exercise Price which must be satisfied in cash. The provisions of Paragraph 7(f) of the Main Plan shall not apply for the purposes of this Scheme. 
  

 20 

 (d) For purposes of this Scheme, Subparagraph 7(g)(1) of the Main Plan shall read: 
  
 “Any person who ceases to be an Employee due to retirement on or after
such person’s normal retirement date (as defined in the Manpower Inc. Retirement Plan or any successor plan providing retirement benefits) or due to early retirement with the consent of the Administrator shall have three (3) years from the date
of such cessation to exercise any Option granted hereunder as to all or part of the Shares subject to such Option; provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of grant or one (1)
year after the date of the Participant’s death, and provided further that on the date the Participant ceases to be an Employee, he or she then has a present right to exercise such Option.” 
  
 (e) For purposes of this Scheme, Subparagraph 7(g)(2) of the Main Plan shall
read: 
  
 “Any person who ceases to be an Employee due to
Disability, injury, Redundancy, or his or her employer ceasing to be a Subsidiary or the operating division by which he or she is employed being disposed of by a Subsidiary or the Company shall have: 
  
 (A) Three (3) years from the date of such cessation due to
Disability to exercise any Option granted hereunder as to all or part of the Shares subject to such Option, to the extent that such person then has a present right to exercise such Option or would have become entitled to exercise such Option had
such person remained an Employee during such three-year period; provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of grant or one (1) year after the date of the Participant’s death;
and 
  
 (B) Eighteen (18) months from the date of
such cessation due to injury, Redundancy, or his or her employer ceasing to be a Subsidiary or the operating division by which he or she is employed being disposed of by a Subsidiary or the Company to exercise any Option granted hereunder as to all
or part of the Shares subject to such Option; provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of grant or one (1) year after the date of the Participant’s death, and provided
further that on the date that person ceases to be an Employee, he or she then has a present right to exercise such Option”. 
  
 (f) For purposes of this Scheme, Subparagraph 7(g)(3) shall read: 
  
 “In the event of the death of an Employee while an Employee, any Option, as to all or any part of the
Shares subject to the Option, granted to such Employee shall be exercisable: 
  
 (A) For one (1) year from the date of the Employee’s death, but in no event later than ten (10) years from its date of grant; 
  
 (B) Only by the personal representative, administrator or the representative of the estate of the deceased
Employee; and 
  
 (C) Only to the extent that the
deceased Employee would have been entitled to exercise such Option on the date of the Employee’s death or would have become entitled 

  

 21 

 
to exercise such Option had the deceased Employee remained employed during a period of three (3) years from the date of the Employee’s death.”

  
 (g) For purposes of this Scheme, Subparagraph 7(g)(5) of the
Main Plan shall read: 
  
 “If a person
ceases to be an Employee for a reason other than those specified above, that person shall have eighteen (18) months from the date of such cessation to exercise any Option granted hereunder as to all or part of the Shares subject thereto;
provided, however, that no Option shall be exercisable subsequent to ten (10) years after its date of grant or one (1) year after the date of the Participant’s death, and provided further that on the date the person ceases to be
an Employee, he or she then has a present right to exercise such Option. Notwithstanding the foregoing, if a person ceases to be an Employee because of a termination of employment for Cause, to the extent an Option is not effectively exercised prior
to such cessation, it shall lapse immediately upon such cessation.” 
  
 (h) For purposes of this Scheme, Subparagraph 7(h) of the Main Plan shall read: 
  
 “The Administrator may in its sole discretion, acting fairly and reasonably, increase the periods permitted for exercise of an Option
as provided in Subparagraphs 7(g)(1), (2), and (5) above; provided, however, in no event shall an Option be exercisable subsequent to ten (10) years after its date of grant, and provided further that such Option is exercised within one
(1) year after the date of the Participant’s death.” 
  
 (i) For purposes of this Scheme, Paragraph 13(a) of the Main Plan shall read: 
  
 “If any PAYE Liability would arise on the exercise of an Option, the Option may only be validly exercised if the Participant remits
to the Company with his exercise notice a payment of an amount equal to such PAYE Liability (which being a cheque or similar instrument shall only be valid if honored on first presentation), or if the Participant gives instructions to the
Company’s brokers (or any person acceptable to the Company) for the sale of sufficient Shares acquired under the Scheme to realize an amount equal to the PAYE Liability and the payment of the PAYE Liability to the Company, or if the Participant
makes other arrangements to meet the PAYE Liability that are acceptable to the Administrator (acting fairly and reasonably) and the Board of Inland Revenue.” 
  
 (j) The second paragraph of Paragraph 15 of the Main Plan providing for the amendment of outstanding Options shall not apply
for purposes of this Scheme. 
  
 (k) If Shares are to be issued to
the Participant following the exercise of an Option, such Shares shall be issued to the Participant within 30 days of the Option being exercised. If Shares are to be purchased on the open market for the Participant following a Participant’s
exercise of an Option, such purchase must be made and the Shares must be transferred to the Participant within 30 days of the Option being exercised. 
  
 (l) Shares issued on the exercise of an Option will rank pari passu with the Shares in issue on the date of allotment. 
  

 22 

 5. ADJUSTMENTS 
  
 (a) The adjustment provisions relevant to Options in Paragraph 12(a) of the Main Plan shall apply for the purposes of this Scheme in so far as (i)
Paragraph 12(a) of the Main Plan meets the provisions of Paragraph 22(3) of Schedule 4 and (ii)there is a variation of the share capital of the Company within the meaning of Paragraph 22(3) of Schedule 4, provided that no such adjustment to
any Options granted under this Scheme shall be made without the prior approval of the Board of Inland Revenue. 
  
 (b) Any discretion exercised by the Administrator in respect of the waiving of any vesting requirements pursuant to Paragraph 12(b) of the Main Plan shall
be exercised fairly and reasonably. 
  
 (c) For purposes of this
Scheme, the provision in Paragraph 12(b)(2) of the Main Plan allowing for the conversion of outstanding Options into cash shall not apply. 
  
 (d) For purposes of this Scheme, the provisions in Paragraph 12(b)(3) of the Main Plan allowing for the conversion of outstanding Awards into the right to
receive securities of another person shall not apply. 
  
 6. EXCHANGE OF
OPTIONS 
  
 (a) The provisions of this Paragraph 6 apply if a
company (the “Acquiring Company”): 
  
 (1) obtains control of the Company as a result of making a general offer to acquire: 
  
 (A) the whole of the issued ordinary share capital of the Company (other than that which is already owned by it and its subsidiary or
holding company) made on a condition such that, if satisfied, the Acquiring Company will have control of the Company; or 
  
 (B) all the Shares (or those Shares not already owned by the Acquiring Company or its subsidiary or holding company); or 
  
 (2) obtains control of the Company under a compromise or
arrangement sanctioned by the court under Section 425 of the Companies Act 1985; or 
  
 (3) becomes bound or entitled to acquire Shares under Sections 428 to 430F of the Companies Act 1985; or 
  
 (4) obtains control of the Company as a result of a general
offer to acquire the whole of the general capital of the Company pursuant to an action agreed in advance with the Board of the Inland Revenue as comparable with any action set out in Paragraphs 6(a)(1), 6(a)(2) or 6(a)(3) of this Scheme. 

 

 23 

 (b) Exchange. If the provisions of this Paragraph 6 apply, Options may be exchanged by a
Participant within the period referred to in paragraph 26(3) of Schedule 4 by agreement with the company offering the exchange. 
  
 (c) Exchange terms. Where an Option is to be exchanged the Participant will be granted a new option to replace it. Where a Participant is granted a
new option then: 
  
 (1) the new option will be
in respect of shares in any body corporate determined by the company offering the exchange as long as they satisfy the conditions of paragraph 27(4) of Schedule 4; 
  
 (2) the new option will be equivalent to the Option that was exchanged; 
  
 (3) the new option will be treated as having been acquired
at the same time as the Option that was exchanged and will be exercisable in the same manner and at the same time; 
  
 (4) the new option will be subject to the provisions of the Main Plan and this Scheme as they last had effect in relation to the Option
that was exchanged; and 
  
 (5) with effect from
exchange, the provisions of the Main Plan and this Scheme will be construed in relation to the new option as if references to Shares are references to the shares over which the new option is granted and references to the Company are references to
the body corporate determined under the provisions of Paragraph 6(c)(1) of this Scheme. 
  
 7. ADMINISTRATION OR AMENDMENT 
  
 The Scheme
shall be administered under the direction of the Administrator as set out in the Main Plan provided that for so long as the Administrator determines that the Scheme is to be an Approved Scheme, no amendment for which prior approval by the
Board of Inland Revenue is required under the Act shall be made without the prior approval of the Board of Inland Revenue. 
  
  

 24

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