Document:

Exhibit 10.4 

 

IIS RE LTD.

and

ARTEX SAC LIMITED

and

ARTEX SAC LIMITED

ACTING IN RESPECT OF IIS CCG SEGREGATED ACCOUNT

 

 

 

 

 

PREFERENCE SHAREHOLDER

AGREEMENT

 

 

 

 

 

 

 

     

     

    

 

THIS PREFERENCE SHAREHOLDER AGREEMENT
(the “Agreement”) entered into this 10th day of January, 2018, and to become effective as of the Effective Date
(defined below), is made and entered into by and between:

 

(1) IIS RE LTD., an exempted company
limited by shares incorporated under the laws of Bermuda with its registered office at Canon’s Court, 22 Victoria Street,
Hamilton, HM 12, Bermuda (“Shareholder” or “Manager”); and

 

(2) ARTEX SAC LIMITED, an exempted
company limited by shares licensed as a Class 3 and Class C Long-Term insurer and registered under the Segregated Accounts Companies
Act 2000 as amended (“SAC Act”), incorporated under the laws of Bermuda with its registered office at Canon’s
Court, 22 Victoria Street, Hamilton HM 12, Bermuda (“Artex SAC”); and

 

(3) ARTEX SAC ACTING IN RESPECT OF IIS
CCG SEGREGATED ACCOUNT, a segregated account established by Artex SAC on November 23, 2017 (the “Segregated Account”),
(collectively, the “Parties”).

 

WHEREAS:

 

		A.	Artex SAC acting in respect of the Segregated Account will enter into a quota share retrocession
agreement in the form attached hereto as Schedule 4 (“Retrocession Agreement”) with segregated account of Iris
Reinsurance Ltd (the “Ceding Insurer”) pursuant to which Segregated Account will reinsure a quota share percentage
of the Ceding Insurer’s portfolio (the “Program”).

 

		B.	The Shareholder has agreed to purchase one hundred (100) voting redeemable series preference share
with a par value of US$1.00 linked to the Segregated Account pursuant to the terms of this Agreement (“Preference Shares”).
Such purchase and any subsequent purchase of Preference Shares constitutes a “Subscription” as set forth in
each Subscription Form;

 

		C.	The Preference Shares are being sold without registration under the Securities Act of 1933, as
amended (the “Securities Act”), or any securities law of any state of the United States or of any other jurisdiction,
and the initial sale on or around the date hereof is being, and any subsequent sale, shall be made only to Accredited Investors
(as defined in Rule 501 of Regulation D);

 

		D.	To enable the Segregated Account to meet the terms and obligations of the Retrocession Agreement,
the Shareholder has agreed to provide cash contributions on the Effective Date (“Contributed Surplus”) to or
on behalf of the Segregated Account, separately to enable the Segregated Account to meet certain collateral requirements and liabilities
arising pursuant to the terms of the Retrocession Agreement;

 

		E.	Manager will manage the assets of the Segregated Account and all earnings thereof for the benefit
of the Shareholder, subject to all Total Losses, Claim Expenses and Program Fees, to be paid therefrom as provided in this Agreement;
and

 

		F.	The Parties intend that this Agreement shall be a governing instrument for the purposes of the
SAC Act and the Shareholder shall be an “account owner” of the Segregated Account within the meaning of the SAC Act.

 

    	 	 1	 

     

    

 

NOW THEREFORE, in consideration
of the foregoing and the following premises, the Shareholder, Manager and Artex SAC agree as follows:

 

		1.	DEFINITIONS

 

In this Agreement, unless the context otherwise
requires, the following words and expressions will have the following meanings:

 

		1.1	Artex Bermuda: Shall have the meaning given to it in clause 3.7;

 

		1.2	Board: Shall have the meaning given to it in clause 3.2;

 

		1.3	Books and Records: Shall have the meaning given to it in clause 5.2;

 

		1.4	Business Day: Shall mean any day, other than a Saturday or Sunday, on which commercial banks
in Bermuda are open for business;

 

		1.5	Ceding Insurer: Shall have the meaning given to it in Recital A;

 

		1.6	Claim Expenses: Shall mean all reasonable unallocated expenses incurred resulting from claims
under the Retrocession Agreement as per reports provided by Ceding Insurer, including, but not limited to, attorneys’ fees,
court costs, expert witness fees, bonds and other legal expenses, field investigation, rehabilitation, and subrogation costs;

 

		1.7	Code: Shall mean the United States Internal Revenue Code of 1986, as amended;

 

		1.8	Collateral: Shall mean security in a form and amount pursuant to the terms of the Retrocession
Agreement;

 

		1.9	Companies Act: Shall mean the Companies Act 1981, as amended;

 

		1.10	Contributed Surplus: Shall have the meaning given to it in Recital D;

 

		1.11	Effective Date: Shall mean the first (1st) Business Day following the satisfaction of the
latest to occur of the following conditions precedent: (i) the closing of the initial public offering of Insurance Income Strategies
Ltd., a Bermuda reinsurance holding company and ultimate parent corporation of the Shareholder; and (ii) the Retrocession Agreement
going into effect as per its terms.

 

		1.12	Financial Statements: Shall have the meaning given to it in clause 5.1.

 

		1.13	Incurred Losses: As estimated by Ceding Insurer and Manager, the total US dollar amount
of losses and allocated loss adjustment expenses incurred by the Segregated Account, including paid losses and allocated loss adjustment
expenses, case reserves and an amount calculated for incurred but not reported losses (“IBNR”) on claims made
under the Retrocession Agreement. Artex SAC shall record IBNR solely using the estimates provided by Ceding Insurer, provided that
no item of loss shall be counted more than once;

 

    	 	 2	 

     

    

 

		1.14	Indemnified Parties: Shall have the meaning given to it in clause 7.1;

 

		1.15	Insurance Act: Shall mean the Insurance Act 1978 and related regulations, each as amended;

 

		1.16	Investment Income: All monies received as a result of earnings of and capital gains related
to the investment of funds linked to the Segregated Account in bank accounts, time deposits, government securities, bonds and any
other approved investment under the terms of this Agreement and the Retrocession Agreement;

 

		1.17	Litigation: Shall have the meaning given to it in clause 20;

 

		1.18	Net Assumed Premium: The reinsurance premium receivable by the Segregated Account after
deduction of expenses, commissions, taxes and dividends pursuant to the terms of the Retrocession Agreement;

 

		1.19	Parties: Shall have the meaning set out in the Preamble;

 

		1.20	Preference Shares: Shall have the meaning given to it in Recital B;

 

		1.21	Program: Shall have the meaning given to it in Recital A;

 

		1.22	Program Fees: Shall mean the fees and expenses itemised in clause 4;

 

		1.23	Program Result: Shall mean an amount calculated as Net Assumed Premium plus Investment Income
minus Total Losses;

 

		1.24	Purchase Price: Shall have the meaning given to it in clause 2.2;

 

		1.25	Qualified Electing Fund Election: Shall mean an election under section 1295 of the Code
to include on a current basis the Shareholder’s pro rata share of ordinary earnings and net capital gain of the Segregated
Account;

 

		1.26	Retrocession Agreement: Shall have the meaning given to it in Recital A;

 

		1.27	SAC Act: Shall mean the Segregated Accounts Companies Act 2000, as amended;

 

		1.28	Subscription: Shall have the meaning given to it in Recital C;

 

		1.29	Subscription Form: Shall mean each fully executed subscription form in respect of each separate
purchase of Preference Shares in the form set out in Schedule 3 hereto;

 

		1.30	Total Losses: All Incurred Losses and other liabilities incurred by the Segregated Account,
including but not limited to Claim Expenses and Program Fees, arising out of this Agreement and the Retrocession Agreement;

 

    	 	 3	 

     

    

  

		1.31	Transaction: Shall have the meaning given to it in clause 18.2(a).

 

		1.32	Treasury Regulations: Shall mean the United States Treasury Regulations promulgated under
the Code.

 

		1.33	Trust Account: Shall mean the trust account detailed in Schedule 1; and

 

		1.34	Trust Agreement: Shall mean the agreement entered into by Artex SAC acting in respect of
the Segregated Account, the Ceding Insurer and the Trustee Bank as set forth in Schedule 1, pursuant to which the Trust Account
is established and administered. The Trust Agreement shall allow the Ceding Insurer to draw Collateral out of the Trust Account
and allocate it to other trust accounts that Ceding Insurer may set up in accordance with the individual reinsurance agreements
underlying the Retrocession Agreement.

 

		2.	PREFERENCE SHARES AND CONTRIBUTED SURPLUS

 

		2.1	Subject to execution of the Retrocession Agreement, the Shareholder agrees to purchase one hundred
(100) Preference Shares (the “Initial Issuance”) and agrees to pay Artex SAC the purchase price amounts set
forth in Schedule 3 hereto which total the amount of US$100.

 

		2.2	It is agreed that the Shareholder will become the account owner (as defined in the SAC Act) of
the Segregated Account upon the purchase of the Preference Shares and the payment of the purchase price amounts set forth in Schedule 3
or the related Subscription Form, as the case may be (the “Purchase Price”).

 

		2.3	With respect to the Initial Issuance of the Preference Shares, the Shareholder agrees to make a
separate contribution to the Contributed Surplus of the Segregated Account in accordance with the amounts set forth in Schedule 3,
as may be agreed on the Effective Date. The Contributed Surplus amount on Schedule 3 shall be completed on the Effective Date of
the Agreement.

 

		2.4	The Contributed Surplus with respect to the Initial Issuance of the Preference Share, together
with any Contributed Surplus payable related to the issue of Subsequent Preference Shares as set forth in any Subscription Form,
shall be considered as contributed surplus in the Segregated Account’s Books and Records.

 

		2.5	The Segregated Account hereby directs the Shareholder to pay the Purchase Price and the Contributed
Surplus directly into the Bank Account in accordance with the instructions set forth in Schedule 2 hereto. The Segregated Account
shall be deemed to have received all such amounts constituting the Contributed Surplus upon such amounts being received in the
Bank Account.

 

		2.6	The Shareholder shall only be required to make any additional contributions to the Segregated Account,
including the Contributed Surplus account, pursuant to a Subscription Form, if any, duly executed and delivered by the Shareholder
in accordance with its terms and the terms hereof.

 

		2.7	Artex SAC (a) agrees that it shall not issue any other shares of any class or series linked to,
or which grant any economic or voting rights with respect to, the Segregated Account except as provided in Article 3 hereof
or any options, warrants or similar rights to purchase any such shares and (b) represents and warrants that the Preference Shares
issued pursuant to this Agreement represents full and complete and sole ownership rights in the Segregated Account to the Shareholder
as the account owners of the Segregated Account.

 

    	 	 4	 

     

    

  

		3.	SEGREGATED ACCOUNT

 

		3.1	Artex SAC shall establish and maintain the Segregated Account as a segregated account pursuant
to the SAC Act.

 

		3.2	The Shareholder, as an account owner of the Segregated Account, is entitled to receive, subject
to and in accordance with this Agreement and the provisions of Bermuda law including without limitation the SAC Act (a copy of
which the Shareholder hereby acknowledges having received from Artex SAC), distributions out of the assets of the Segregated Account
only as recommended by the Manager and declared by the board of directors of Artex SAC (the “Board”) from time
to time in accordance with its Bye-Laws, the SAC Act and this Agreement. No other party, Person or entity shall be entitled to
any such distributions or any dividend out of the assets of the Segregated Account. Subject to the requirements of the SAC Act,
the Companies Act, the Insurance Act and the Bye-Laws, upon the recommendation of the Manager, the Board shall not unreasonably
withhold the declaration to pay such dividends, it being understood that the dividends and distributions from the Segregated Account
to the Shareholder are sole source of working capital for the Shareholder.

 

		3.3	Any and all payments, funds, or other rights (including without limitation any rights or interests
in such rights to payment) received or to be received by, or for the benefit of, Artex SAC pursuant to or in respect of the Retrocession
Agreement or in any other way related to the business of the Segregated Account shall be, save for the Program Fees, solely for
the benefit of and shall be allocated and directed to the Segregated Account.

 

		3.4	The assets of the Segregated Account shall be kept segregated within the meaning of the SAC Act
and separate and distinct from all other funds and assets of Artex SAC and are not chargeable with any liability arising from any
other business of Artex SAC. Except for claims relating directly to the Segregated Account, Artex SAC, its other shareholders and
its other creditors shall have no recourse or right (whether with respect to its general account or any of its other segregated
accounts) to the assets and properties of the Segregated Account, and the assets and properties of the Segregated Account shall
not be used with respect to the obligations of the general account of Artex SAC or the obligations of any of its other segregated
accounts or any other persons, whether during the insolvency, bankruptcy or financial impairment of Artex SAC, its other segregated
accounts, its other shareholders, or affiliates, or otherwise. Artex SAC shall ensure that the assets of the Segregated Account
will at all times be maintained separately from, and will not be commingled with, the assets of Artex SAC (whether under its general
account or under any of its other segregated accounts) or the assets of any other person or entity.

 

    	 	 5	 

     

    

 

		3.5	The Segregated Account agrees to enter into the Retrocession Agreement, which shall be deemed a
“contract” as defined in the SAC Act and linked to the Segregated Account and pursuant to which the Ceding Insurer
is conferred as a secured creditor of the Segregated Account. Apart from the Retrocession Agreement, the Trust Agreement and this
Agreement, the Segregated Account is not party to any other agreements or instruments creating or affecting the rights or obligations
of the Segregated Account.

 

		3.6	The Shareholder shall act as Manager (as defined in the SAC Act) of the Segregated Account and
shall manage the administrative, unregulated operational, and investment management affairs of the Segregated Account including
the approval and payment of fees in accordance with this Agreement and approval of all service providers for the Segregated Account,
for and on behalf of the Segregated Account.

 

		3.7	Artex SAC, through its Board and its managers, Artex Risk Solutions (Bermuda) Limited (“Artex
Bermuda”), pursuant to a services agreement between Artex SAC and Artex Bermuda, will manage affairs of the Segregated
Account not managed by the Shareholder pursuant to clause 3.6, including the Trust Agreement necessary to implement the Program.

 

		3.8	This Agreement confers no rights to the Shareholder other than the rights to the Segregated Account
specifically set forth in this Agreement. This Agreement confers voting rights on the Shareholder relative only to the affairs
of the Segregated Account, and not to the affairs of any or all other segregated accounts of Artex SAC if classed as a group, or
of the general account of Artex SAC.

 

		3.9	The Shareholder agrees and acknowledges that there shall only be recourse to the assets of the
Segregated Account and that (except where all relevant parties may expressly agree otherwise, and in accordance with the provisions
of Section 17A of the SAC Act) in the event of the exhaustion of the assets linked to the Segregated Account there shall be no
recourse by any party to the assets which are linked to any other segregated account (as that term is defined in the SAC Act) established
by Artex SAC or to the general account of Artex SAC and that there is no obligation whatsoever for Artex SAC to use any of its
property or assets, to satisfy any claim in the event of the exhaustion of the assets linked to the Segregated Account, provided
that nothing in this clause 3.9 shall operate to limit the liability of Artex SAC for any damage, loss, costs or expenses whatsoever
to or of the Shareholder caused by Artex SAC’s own actual breach of this Agreement, negligence, dishonesty, fraud or willful
default or that of any of their directors, officers, employees or agents as the case may be.

 

		3.10	The Shareholder agrees and acknowledges that, subject to and in accordance with the requirements
of the SAC Act, the Companies Act, the Insurance Act, and Artex SAC’s Bye-Laws, Artex SAC in its absolute sole discretion
may cancel the Program with respect to the Shareholder at book value upon the affirmative vote of the Board if any one or more
of the following events occurs and remains unresolved for a period of 45 days: (1) the Shareholder is put into bankruptcy or is
bankrupt, placed into receivership, liquidated, or dissolved; (2) the Shareholder discontinues its business; or (3) the Shareholder
takes any action for the purpose of effecting any of the actions set forth in this clause. For the avoidance of doubt, any decision
by Artex SAC to cancel the Program with respect to the Shareholder shall have no effect on the Collateral posted by the Segregated
Account for the Ceding Insurer in connection with the Retrocession Agreement, which Collateral shall remain in place for the sole
benefit of the Ceding Insurer until the satisfaction of all liabilities owed to the Ceding Insurer.

 

    	 	 6	 

     

    

  

		3.11	The Shareholder and Artex SAC acting in respect of the Segregated Account agree that Artex SAC
may store Shareholder and/or Segregated Account information, including but not limited to confidential and financial information
on a central Artex Group of Companies server or database, which may be located in another jurisdiction; provided that Artex SAC
shall take the same precautions to keep such information confidential as it uses to prevent disclosure of its own confidential
information. Access to such information shall be restricted to authorised personnel of Artex SAC or its insurance manager but will
be made available to Shareholder and the Manager upon request.

 

		3.12	Other than this Agreement, the Retrocession Agreement and the Trust Agreement, Artex SAC, either
for its own account or on behalf and for the benefit of the Segregated Account, shall not enter into any additional agreements
or contracts with respect to the Segregated Account, except as may be agreed to by the Parties from time to time. Except as expressly
otherwise provided herein, the Shareholder and Artex SAC shall not at any time enter into any other agreements or contracts with
respect to the Segregated Account, appoint any new investment manager, or incur any liability with respect to the Segregated Account,
except such agreements or contracts entered into by the Shareholder in connection with a sale or transfer of its Preference Shares
reasonably required in connection therewith, which sale or transfer is otherwise permitted by the other paragraphs of this Agreement.
Without limiting the foregoing, Artex SAC shall not amend, alter, rescind, terminate or waive any rights or consent to any assignment
of the Retrocession Agreement; provided that Artex SAC may amend the Retrocession Agreement in connection with a renewal thereof
that is permitted by Article 3 hereof; provided further, that such amendment and renewal is fully disclosed in its entirety to
the Shareholder as a condition precedent to its execution and delivery of a Subscription Form. Artex SAC shall cause all assets
of the trust account created under the Trust Agreement to be invested only as permitted under the Retrocession Agreement and Trust
Agreement.

 

		3.13	The Shareholder shall not knowingly cause and Artex SAC shall not take any action that may adversely
affect the validity, legal existence or the segregated nature of the Segregated Account, except as may be mandated by judicial
or regulatory order or other governmental action (in which case, Artex SAC shall provide reasonable advance notice of such action
to the Shareholder, unless prevented from doing so by law, and allow the Shareholder to contest, and cooperate with the Shareholder
in contesting, such action), or as agreed between the parties hereto.

 

		3.14	Artex SAC shall exercise fully its rights pursuant to the Retrocession Agreement to inspect such
of the books and records of the Ceding Insurer and to obtain such information and copies of documents from the Ceding Insurer as
Segregated Account is entitled to request pursuant to the Retrocession Agreement. Artex SAC shall provide the Shareholder with
copies of such documents within a reasonable time after receipt thereof.

 

    	 	 7	 

     

    

  

		3.15	The interest of the Shareholder in the Segregated Account is derived from the Bye-laws of Artex
SAC and the SAC Act. Except as provided in this Agreement, Artex SAC shall not create any other interest with respect to the Segregated
Account.

 

		3.16	Artex SAC (including, for these purposes, the Board and Artex Bermuda), either for its own account
or on behalf and for the benefit of the Segregated Account, shall take commercially reasonable efforts to avoid the establishment
of a “trade or business within the United States,” as defined under the Code and applicable United States Federal income
tax law by ensuring, among other things, that all management and executive decisions will be made outside of the United States,
all employees of the Segregated Account and Artex SAC will conduct business on behalf of the Segregated Account and Artex SAC outside
of the United States, all signatories who execute any documents acting in respect of or for the benefit of the Segregated Account
will do so outside of the United States and all of the Segregated Account’s corporate functions will be performed outside
of the United States.

 

		3.17	Artex SAC (including, for these purposes, the Board and Artex Bermuda), either for its own account
or on behalf and for the benefit of the Segregated Account, shall use commercially reasonable efforts to ensure that at no time
will 20 percent or more (by both voting power and value) of all classes of (a) its shares and (b) shares specifically linked to
the Segregated Account, be owned (directly or indirectly) by the persons directly or indirectly insured by Artex SAC or the Segregated
Account (or by any related party).

 

		3.18	Artex SAC (including, for these purposes, the Board and Artex Bermuda) and the Manager shall use
commercially reasonable efforts to ensure that the Segregated Account will maintain appropriate reserves in accordance with the
applicable law and will not generate investment returns that substantially exceed the needs of the Segregated Account’s reinsurance
business.

 

		3.19	Artex SAC is offering the Preference Shares which is being sold without registration pursuant to
an exemption under the Securities Act and neither Artex SAC or the Segregated Account will be an “investment company”
as defined under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

		4.	SAC PROGRAM FEE PAYMENTS

 

From the Net Assumed Premiums received
by the Segregated Account pursuant to the Retrocession Agreement, which is attached hereto as Schedule 4 and made a part hereof,
the Segregated Account will pay the following amounts to Artex SAC:

 

	A.     	Insurance Manager & Principal

                                                                                Representative Fees
	$40,000 per annum payable

                                                                                quarterly in advance.

 

For the avoidance doubt, the Segregated
Account shall be responsible to pay for all its expenses, including any applicable letter of credit fees, bank charges, audit fees
and other Program specific costs incurred.

 

    	 	 8	 

     

    

  

		5.	REPORTS

 

		5.1	Artex SAC will furnish the Shareholder with detailed accounting of Net Assumed Premium, Investment
Income, Incurred Losses, Claims Expenses, Program Fees, Program Result and Preference Shares in respect of the Segregated Account
as provided for in this Agreement, on a monthly basis within 7 business days of the month end. Artex SAC will also provide the
Shareholder with all reports and other written information provided pursuant to or in connection with the Retrocession Agreement
within 2 (2) Business Days of receipt thereof, unless otherwise specified herein. Artex SAC shall also provide income statement,
balance sheet and cash flow statements along with requested supporting schedules (the “Financial Statements”) of the
Segregated Account to the Shareholder in a format that allows the Shareholder to consolidate the Financial Statements of the Segregated
Account with the financial statements of Insurance Income Strategies Ltd. (the ultimate parent company of Shareholder), which is
subject to public reporting requirements and deadlines.

 

		5.2	The books and records maintained in respect of all business conducted under this Agreement with
respect to the Segregated Account (“Books and Records”) may, upon written notice being provided by the Shareholder
to Artex SAC of not less than ten (10) Business Days, be inspected by the Shareholder or the auditors of the Shareholder’s
parent company during the normal working hours of Artex SAC. The inspection must be conducted by a duly authorised representative
of the Shareholder. The Shareholder shall not have the right to inspect the records relating to any other segregated account or
(in such capacity) the general account of Artex SAC.

 

		5.3	The Shareholder hereby waives its respective right to have laid before a general meeting, or otherwise
to be provided with, any auditor’s report in respect of the financial statements in respect of the Segregated Account. This
waiver will remain in place for an indefinite period but is revocable at the option of the Shareholder on written notification
to Artex SAC.

 

		5.4	If the Shareholder shall at any time revoke the waiver set out in clause 5.3 then it is agreed
that the Shareholder shall be entitled to audit the Segregated Account, at reasonable times and places, upon reasonable notice
to Artex SAC, and at the expense of the Shareholder, whenever it reasonably deems such an audit to be necessary. This audit right
shall survive termination of this Agreement and shall continue as long as the Segregated Account is in the care, custody, or control
of Artex SAC.

 

		5.5	It is further agreed that the Shareholder, or the Shareholder’s authorized representative,
may file a Protective Statement pursuant to section 1.1295-3 of the Treasury Regulations with its United States Federal income
tax return allowing the Shareholder, or the Shareholder’s beneficial owners, to make a retroactive Qualified Electing Fund
Election and that the Segregated Account timely will provide (or cause to be provided) to the Shareholder all necessary information
required to be provided to the Shareholder under section 1295 of the Code and the Treasury Regulations thereunder.

 

    	 	 9	 

     

    

  

		6.	DISTRIBUTIONS

 

		6.1	The Board upon recommendation of the Manager shall, as soon as practicable and subject to the requirements
of the SAC Act, the Companies Act, the Insurance Act and the Bye-Laws, authorize the payment of dividends to the Shareholder out
of the Segregated Account from time to time, based on the Program Result or the expiry of the Retrocession Agreement. Upon the
recommendation of the Manager, the Board shall not unreasonably withhold the declaration to pay such dividends, it being understood
that the dividends and distributions from the Segregated Account to the Shareholder are sole source of working capital for the
Shareholder. Notwithstanding any other provision of this Agreement or the SAC Act, a dividend shall not be declared or paid, or
a distribution declared or made, in respect of the Preference Shares or other account holdings linked to the Segregated Account
unless the necessary approvals have been received from the Bermuda Monetary Authority if there are reasonable grounds for believing
that (a) the Segregated Account is not, or would after the payment not be, solvent (in the sense that it is able to pay its liabilities
(excluding obligations to account owners of the Segregated Account in that capacity)); or (b) the realisable value of the assets
of the Segregated Account would thereby be less than the aggregate of its liabilities and its issued share capital and share premium
accounts. For the avoidance of doubt, dividends or distributions in respect of securities (defined in the SAC Act to include the
Preference Shares) linked to the Segregated Account shall be paid or made on or in respect of those securities by reference only
to the assets and liabilities of the Segregated Account and not by reference to the general account of Artex SAC or any other segregated
account of Artex SAC, and otherwise in accordance with the rights of such securities. The Board shall not unreasonably withhold
approval of distributions if the realisable value of the assets of the Segregated Account would not be less than the aggregate
of its liabilities and its issued share capital and share premium accounts following the payment of the distribution.

 

		6.2	Subject to the SAC Act, the Companies Act, the Insurance Act and the Bye-Laws, the Board (a) shall
cause the Preference Shares to be redeemed, to the maximum extent permitted by law, in the event of the termination or commutation
of the Retrocession Agreement; and (b) may at any time other than the times specified in subclause (a), in its sole discretion
and instead of declaring a dividend, offer to redeem the Preference Shares pro rata to the Shareholder at any price reasonably
determined by the Board, consistent with its fiduciary duty to the Shareholder; provided, that, any redemption of the Preference
Shares shall only be made at a price agreed with the Shareholder. In addition, reasonably prior to expiry of the Retrocession Agreement
or such earlier or later time as the Retrocession Agreement is proposed to be renewed, the Board shall, to the maximum extent permitted
by law and subject to the availability of unencumbered funds, propose to the Shareholder partial (or if all amounts deposited in
the Trust Account are to be released as part of such expiry, termination or commutation and such released assets will constitute
all assets of the Segregated Account, full) redemption of the Preference Shares. The Shareholder shall have the right to accept
such redemption offer and receive the aggregate payment price in cash or may elect to redeem the Preference Shares and reinvest
the aggregate payment price in a deemed purchase of newly issued Subsequent Preference Shares under terms and conditions agreed
to with Artex SAC at the time of such deemed purchase (a “Reinvestment Election”); provided that such Reinvestment
Election shall not be effective (a) if the Retrocession Agreement is not renewed in connection with such expiry, termination or
commutation and (b) unless (i) the Shareholder makes a Reinvestment Election or (ii) the Shareholder making Reinvestment Elections
subscribes for sufficient Subsequent Preference Shares such that the Segregated Account can satisfy its obligations to post collateral
in connection with renewal of the Retrocession Agreement, and if any Reinvestment Election is not effective, each Reinvestment
Election shall be deemed to be an election to receive the aggregate purchase price in cash. Neither the Manager, Artex SAC nor
the Segregated Account shall renew the Retrocession Agreement in the absence of a valid Reinvestment Election. Notwithstanding
any other provision of this Agreement or the SAC Act, the Preference Shares may not be redeemed if (x) on the date of the redemption,
after taking into account the redemption, there are reasonable grounds for believing that the Segregated Account is not solvent
(in the sense that it is able to pay its liabilities (excluding obligations to account owners of the Segregated Account in that
capacity)); or (y) all creditors with claims linked to the Segregated Account on that date have not expressed in writing their
concurrence to the redemption. For the avoidance of doubt, the redemption of the Preference Shares shall only be paid from the
assets linked to the Segregated Account and not from the assets of the general account of Artex SAC or any other segregated account
of Artex SAC and otherwise in accordance with the rights of such securities.

 

    	 	 10	 

     

    

  

		6.3	Any premium (amounts over par value) payable on the redemption must be provided out of the funds
of the Segregated Account which would otherwise be available for dividend or distribution or out of the Segregated Account’s
share premium or contributed surplus account with respect to the Segregated Account.

 

		7.	INDEMNITY AND HOLD HARMLESS

 

		7.1	Artex SAC shall not be liable for any damage, loss, costs or expenses whatsoever to or of the Shareholder
at any time from any cause whatsoever unless caused by Artex SAC’s own actual breach of this Agreement, negligence, dishonesty,
fraud or wilful default or that of any of their directors, officers, employees or agents as the case may be (all such parties,
inclusive of Artex SAC, “Indemnified Parties”).

 

		7.2	Subject to clause 7.3, the Shareholder agrees to indemnify and hold harmless the Indemnified Parties
against any liability, actions, proceedings, claims, demands, costs or expenses whatsoever which they or any of them directly incur
in consequence of its performance of the functions and services provided for hereunder or resulting from a breach or inaccuracy
by the Shareholder of any of the representations, warranties and covenants set forth in clause 18.2, except as a result of breach
of this Agreement, negligence, dishonesty, fraud or wilful default of an Indemnified Party and this indemnity shall expressly inure
to the benefit of any director, officer or employee, existing or future, and to the benefit of any successor of Artex SAC.

 

		7.3	Under no circumstances shall the Shareholder be liable for any exemplary, special, indirect, incidental,
punitive, treble or consequential loss or damages (including any actual or prospective loss of revenue or profit).

 

		7.4	The liability of the Shareholder for the performance and discharge of all of its obligations in
respect of the Segregated Account’s obligations pursuant to the Retrocession Agreement (together “Obligations”
for purposes of this Article), shall be limited to the aggregate Purchase Price paid or payable by the Shareholder in connection
with its subscription for the Preference Shares and the Contributed Surplus pursuant to clauses 2.1 and 2.3 hereof and any Subscription
Form executed and delivered by the Shareholder, Artex SAC and the Segregated Account (the “Capital”). In the
event that the Capital is insufficient to meet all Obligations, any Obligations remaining after the application of such Capital
shall be extinguished, and the Company undertakes in such circumstances to take no further action against the Shareholder in respect
of any such Obligations.

 

    	 	 11	 

     

    

  

		7.5	Artex SAC and Manager shall procure that any Retrocession Agreement to be entered into by the Segregated
Account shall contain provisions to the effect that the liability of the Segregated Account for the performance and discharge of
all of its obligations, however they may arise, in relation to the relevant Retrocession Agreement, shall be limited to and payable
solely from the proceeds of realization of the assets held as collateral in respect of such Retrocession Agreement and accordingly
there shall be no recourse to any other assets of the Segregated Account or any assets of the Shareholder.

 

		8.	BOARD ACTIONS

 

Subject to the SAC Act, the Companies Act,
the Insurance Act and the Bye-Laws, the Board shall at all times act in the best interests of the Segregated Account and, with
respect to the Segregated Account, the Shareholder.

 

		9.	TERMINATION

 

		9.1	This Agreement shall terminate on the satisfaction in full or expiry of all obligations of the
Segregated Account and the Shareholder under the Retrocession Agreement(s) and this Agreement and the distribution of any remaining
property or assets of the Segregated Account to the Shareholder.

 

		9.2	The Shareholder may only terminate this Agreement when all liabilities under the Retrocession Agreement(s)
have been completely settled and as a result there are no liabilities on the Books and Records of the Segregated Account or where
the Retrocession Agreement(s) have been commuted to the Ceding Insurer or novated to a third party, subject always to the consent
of the Segregated Account, such consent not to be unreasonably withheld, conditioned or delayed.

 

		9.3	This Agreement may be terminated immediately by any Party should (i) a petition in bankruptcy be
filed by or against any other party, or (ii) an action or proceeding for dissolution be instituted by or against any other party,
or (iii) an assignment for the benefit of creditors be made by any other party.

 

		9.4	The terms and conditions of clause 2 (Preference Share and Contributed Surplus), clause 3 (Segregated
Account), clause 4 (SAC Program Fee Payments), clause 5 (Reports), clause 6 (Distributions), clause 7 (Indemnity and Hold Harmless),
clause 8 (Board Actions), clause 10 (Further Assurances), and clause 11 (Assignment) shall survive termination of this Agreement
until all liabilities of the Segregated Account are extinguished.

 

    	 	 12	 

     

    

  

		9.5	Subject to clause 9.4, termination of this Agreement pursuant to clause 9.2 hereof shall not affect
the obligations of the Shareholder and the Segregated Account in respect of the period prior to the date of termination.

 

		9.6	In the event of termination under clause 9.2 hereof and subject to clause 9.4, the Shareholder
shall continue to ensure prompt payment of all amounts due under this Agreement, and Artex SAC shall continue to render services
under this Agreement until either all Total Losses for the period prior to termination have been paid, or there is mutual agreement
that all liabilities have been settled, after which there shall be a final billing and settlement of accounts.

 

		9.7	Upon termination of this Agreement pursuant to clauses 9.1 to 9.6 above the Board will redeem the
Preference Shares pursuant to clause 6.2.

 

		10.	TAX DISCLAIMER

 

The Shareholder hereby represents and warrants
that it has neither received nor relied on any tax or legal advice from Artex SAC or its representatives regarding the tax treatment
of insurance premiums, other payments or distributions under this Agreement, or the Retrocession Agreement, and further recognises
that the tax treatment of Net Assumed Premium, Investment Income and distributions is an issue which the Shareholder shall determine
on their own behalf. Artex SAC hereby acknowledges and agrees that the Shareholder has explicitly relied, and is entitled to so
rely, on the representations, warranties and covenants contained in clauses 3.16 through 3.18 hereof in entering into this Agreement
and as a condition precedent to the execution, delivery and performance of this Agreement by the Shareholder.

 

		11.	ASSIGNMENT

 

		11.1	Other than to the Ceding Insurer (with respect to the Retrocession Agreement) it is agreed that
neither the Segregated Account nor Artex SAC may assign or transfer or subcontract, or purport to assign or transfer or subcontract,
a right or obligation under this Agreement, the Retrocession Agreement, or any other agreement pursuant to which risks are reinsured
by the Segregated Account.

 

		11.2	The Shareholder may not assign or transfer or subcontract, or purport to assign or transfer or
subcontract, a right or obligation under this Agreement or in respect of the participation constituted hereby without having first
obtained the prior written consent of Artex SAC, such consent not to be unreasonably withheld, conditioned or delayed. The Shareholder
may sell, assign or transfer the Preference Shares to an affiliated party that it controls, is controlled by or under common control
with.

 

		12.	AMENDMENTS

 

Except as otherwise specifically provided
herein with respect to specific provisions hereof, this Agreement may be modified or otherwise amended, and the observance of any
term of this Agreement may be waived, only if such modification, amendment or waiver is in writing and signed by all of the parties.

 

    	 	 13	 

     

    

  

		13.	PRIOR AGREEMENTS

 

This Agreement cancels and supersedes all
prior agreements and understandings between the parties and reflects the entire understanding of all parties with respect to the
subject matter hereof. Modifications, if any, of this Agreement may be made only in writing, signed by duly authorised representatives
of the parties hereto.

 

		14.	SEVERABILITY

 

If any term or provision of this Agreement
shall, to any extent, be determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this
Agreement shall not be affected thereby, and each such remaining term and provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law.

 

		15.	PARTIES IN INTEREST

 

This Agreement shall be binding on and
inure to the benefit of the Parties hereto, their administrators, executors, successors and assigns.

 

		16.	CURRENCY

 

All monetary amounts expressed in this
Agreement are expressed in US dollars and all amounts payable pursuant to this Agreement or with respect to the Segregated Account
are payable in US dollars unless otherwise specified.

 

		17.	NOTICES

 

All notices, requests, demands or other
communications provided for herein shall be in writing, shall be delivered by hand or by courier, and shall be addressed to the
parties hereto at their respective addresses listed below or to such other persons or addresses as the relevant party shall designate
as to itself from time to time in a writing delivered in like manner. All notices sent by courier will be deemed to be received
seventy two (72) hours after posting:

 

Notices to Artex SAC or the Segregated
Account shall be addressed to:

 

Artex SAC Limited

P.O. Box HM 3033

Cumberland House

1 Victoria Street

Hamilton HM NX, Bermuda

Attention: The Board of Directors

 

Notices to the Shareholder shall be addressed
to:

 

IIS Re Ltd.

Canon’s Court, 22 Victoria
Street

Hamilton, HM12 Bermuda

Attention: Thomas Heise

 

    	 	 14	 

     

    

  

		18.	REPRESENTATIONS AND WARRANTIES

 

		18.1	Each of Artex SAC, on the one hand, and, the Shareholder, on the other hand, hereby represents
and warrants to the other:

 

		(a)	That it is a corporation, trust or company in good standing in the place of its organisation, and
has all necessary licenses, permits and other governmental and regulatory authority to carry on its business as presently conducted
and to perform its obligations under this Agreement;

 

		(b)	That the execution, delivery and performance of this Agreement have been duly authorized by all
corporate or other necessary action; and

 

		(c)	That this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation
of Artex SAC, or the Shareholder, as the case may be, and will be enforceable against it in accordance with the terms hereof, except
as such enforcement may be affected by bankruptcy, reorganization, insolvency or other laws generally relating to the rights of
creditors in effect from time to time.

 

		18.2	The Shareholder represents and warrants to Artex SAC, on behalf of itself:

 

		(a)	That it is acting for its own account, and it has made its own independent decisions to enter into
this Agreement and to participate in the Segregated Account (the “Transaction”) and as to whether the Transaction
is appropriate or proper for it based on its own judgment and upon advice from such advisors as it has deemed necessary. It is
not relying on any communication (written or oral) of Artex SAC as investment advice or as a recommendation to enter into the Transaction;
it being understood that information and explanations related to the terms and conditions of this Agreement or participation in
the Segregated Account shall not be considered investment advice or a recommendation to enter into the Transaction. No communication
(written or oral) received from Artex SAC shall be deemed to be an assurance or guarantee as to the expected results of the Transaction;

 

		(b)	The Shareholder, either individually or together with its advisors and representatives, has knowledge
and experience in financial, business and insurance and reinsurance matters such that the Shareholder is capable of assessing and
evaluating the merits of and understanding (on its own behalf or through independent professional advice), and understands and
accepts, the terms, conditions and risks of the Transaction. The Shareholder is also capable of assuming, and assumes, the risks
of the Transaction (including, without limitation, the legal implications of the use of the Segregated Account, the effect of the
Indemnity and Hold Harmless (clause 7) provided, and reliance on the reinsured for underwriting). It has had the opportunity to
take advice and to obtain all such additional information that it considers necessary to evaluate the terms, conditions and risks
of the Transaction;

 

    	 	 15	 

     

    

  

		(c)	That Artex SAC is not acting as an express fiduciary for or an advisor to it in respect of the
Transaction;

 

		(d)	That, if applicable, the Shareholder or its agents have made full written disclosure to the Ceding
Insurer that the risk underwritten is being ceded into a program in which the Shareholder may make either a financial gain or loss
from the underwriting performance of the Program;

 

		(e)	That it has read and is aware of the provisions of the SAC Act, and the Bye-Laws of Artex SAC;

 

		(f)	The Shareholder’s financial condition is such that it has no immediate need for liquidity
with respect to any funding which may be required, and the Shareholder is able to bear the economic risk inherent in the Transaction
for an indefinite period of time, including the risk of not receiving distributions under this Agreement for a period of 12 months.

 

		(g)	The Shareholder acknowledges and understands that no federal or state agency has passed on the
adequacy or accuracy of the information set forth in this Agreement or in any of the documentation or material provided to the
Shareholder concerning the Transaction, or made any finding or determination as to the fairness or appropriateness of or any endorsement
of the Transaction;

 

		(h)	That its entering into this Agreement is based solely on the terms of this Agreement and no other
information;

 

		(i)	That it understands that it has no voting rights or shareholder or similar rights in respect of
Artex SAC (other than in respect of the Segregated Account), and therefore, that it will not be able to exercise any management
or control functions with respect to the business or operations of Artex SAC or any assets or liabilities held for any segregated
account (other than the Segregated Account) or the general account of Artex SAC;

 

		(j)	That its participation will not breach any applicable money laundering rules and regulations and
that it undertakes to provide reasonably satisfactory verification of its identity (on a confidential basis) to Artex SAC promptly
on request;

 

		(k)	That it acknowledges and agrees that the directors, officers, agents and shareholders of Artex
SAC are or may be interested in the insurance manager, which is Artex Bermuda, or affiliates of the insurance manager as either
directors, officers, or shareholders or otherwise, and that directors, officers, agents and shareholders of the insurance manager
are or may be interested in Artex SAC or segregated accounts thereof as directors, officers, shareholders or otherwise, and it
further acknowledges, subject to clause 5 (Reports), that no person so interested shall be liable to account for any benefit to
any other party by reason solely of such interest and without limitation, the insurance manager will be entitled to retain for
its own benefit and without accounting therefore to Artex SAC or the Shareholder for any profit arising out of it having acted
in such capacity or any other capacity to Artex SAC whether or not for the account of the Segregated Account;

 

    	 	 16	 

     

    

  

		(l)	That it will notify Artex SAC immediately if it becomes aware that any of these undertakings, representations
and warranties is no longer accurate and complete as of the date when made; and

 

		(m)	There is no action, suit, proceeding or investigation against the Shareholder, or any other circumstance
that to the Shareholder’s knowledge either currently, or with the passage of time or the satisfaction of any condition precedent,
or the taking of any further action, would be such, and the Shareholder is not a party or subject to the provisions of any order,
writ, injunction, judgment or decree of any court or government agency or instrumentality, that is reasonably likely to adversely
affect in any material respect the right of the Shareholder to enter into such agreements, or to consummate the transactions contemplated
hereby or thereby, or which might result in any material adverse change in the assets, conditions, affairs or prospects of the
Shareholder. The Shareholder is not in receivership or liquidation and has not taken any steps to enter into voluntary liquidation,
and no petition has been presented for its winding up.

 

		(n)	Neither Artex SAC nor the Segregated Account has made any representation or warranty about the
Ceding Insurer, the Retrocession Agreement, the potential results of the transactions under the Retrocession Agreement, or the
business to be conducted pursuant to the Retrocession Agreement.

 

		(o)	The Shareholder understands that the Preference Shares are being sold in a private transaction
that is intended and expected to not constitute a public offering and to be exempt from registration under applicable U.S. federal
securities laws and the rules of the U.S. Securities and Exchange Commission, including the exemption set forth in Section 4(2)
of the Securities Act.

 

		(p)	The Shareholder is registered in Bermuda and is not acquiring the Preference Shares as a nominee
or agent or otherwise for any other person.

 

		(q)	The Shareholder is familiar with the business and financial condition and operations of Artex SAC
and the Segregated Account, having performed its own due diligence investigation. The Shareholder has had access to such information
concerning Artex SAC and the Segregated Account and the Preference Shares as it deems necessary to enable it to make an informed
decision to deal with Artex SAC and the Segregated Account including the purchase of the Preference Shares.

 

		(r)	The Shareholder is an “accredited investor” as defined in Rule 501 of Regulation D.

 

    	 	 17	 

     

    

 

		(s)	The Shareholder has such knowledge, skill and experience in business, financial and investment
matters that the Shareholder is capable of evaluating the merits and risk of (a) the purchase of the Preference Shares, and (b)
the Shareholder’s participation in the Segregated Account and the reinsurance transactions to be conducted through the Segregated
Account. With the assistance of the Shareholder’s own professional advisors, to the extent that the Shareholder has deemed
appropriate, the Shareholder has made its own legal, tax, accounting and financial evaluation of the merits and risks of (x) the
purchase of the Preference Shares and (y) the Shareholder’s participation in the Segregated Account and the reinsurance transactions
to be conducted through the Segregated Account.

 

		(t)	For the avoidance of doubt, it is hereby declared and agreed that any provision of this Agreement
relating to the segregation of assets or liabilities of the Segregated Account shall be governed by and construed in accordance
with the SAC Act, and the parties to this Agreement hereby expressly acknowledge that they may not contract otherwise in this regard.

 

		(u)	The Segregated Account agrees to use all reasonable endeavors to ensure compliance at all material
times with the provisions of the SAC Act provided that the Parties agree that no transaction or interest in the Segregated Account
shall be void or voidable by reason only that at the relevant time the Segregated Account fails to comply with, or is in breach
of, any provision of the SAC Act.

 

		(v)	Any inadvertent delay, omission or error shall not be held to relieve any party hereto from any
liability that would attach to it hereunder if such delay, omission or error had not been made.

 

		(w)	The Shareholder is acquiring the Preference Shares solely for the Shareholder’s own beneficial
account, and not with a view to, or for resale in connection with, any distribution of the Preference Shares.

 

		(x)	The Shareholder understands that the Preference Share is a “restricted security” under
applicable federal securities laws. The Shareholder agrees that the Shareholder will not sell, assign, pledge, give, transfer or
otherwise dispose of the Preference Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except
pursuant to a registration of the Preference Shares under the Securities Act and all applicable State Securities Laws, or in a
transaction which is exempt from the registration provisions of the Securities Act and all applicable State Securities Laws. Without
limiting the generality of the foregoing, to the extent the Shareholder otherwise shall lawfully dispose of the Preference Shares,
the Shareholder shall only dispose of the Preference Share (a) in compliance with Rule 144A to parties whom such Purchaser reasonably
believe are “qualified institutional buyers” as such term is defined in Rule 144A or in compliance with Regulation
S under the Securities Act and (b) to “qualified purchasers” as defined under the Investment Company Act.

 

    	 	 18	 

     

    

  

		(y)	The Shareholder understands that Artex SAC acting in respect of the Segregated Account may require
the Shareholder to provide certification or information acceptable to Artex SAC acting in respect of the Segregated Account which
is necessary for Artex SAC acting in respect of the Segregated Account (i) to prevent withholding or qualify for a reduced rate
of withholding or backup withholding in any jurisdiction from or through which Artex SAC acting in respect of the Segregated Account
receives premium payments or payments on its assets, (ii) to make payments of principal and interest on the Preference Shares without,
or at a reduced rate of, withholding or backup withholding in any jurisdiction, or (iii) to enable Artex SAC acting in respect
of the Segregated Account or its agents to satisfy reporting and other obligations under the Internal Revenue Code of 1986, as
amended (Code) and regulations of the US Treasury Department, any reporting and similar obligations imposed by any other governmental
authority and to update or replace such form or certification in accordance with its terms or its subsequent amendments. The Shareholder
agrees to provide any such certification or information that is requested by Artex SAC acting in respect of the Segregated Account.
If the Shareholder fails to provide any such certification or information that is requested by Artex SAC acting in respect of the
Segregated Account or if the Shareholder’s ownership of the Preference Shares would cause Artex SAC acting in respect of
the Segregated Account to be subject to withholding tax, Artex SAC is authorized to withhold amounts otherwise distributable to
the Shareholder or to compel the Shareholder to sell the Preference Shares (and all interests therein) to a transferee designated
by Artex SAC acting in respect of the Segregated Account meeting the requirements set forth herein, and, if the Shareholder does
not sell its Preference Shares within 30 business days after notice from Artex SAC acting in respect of the Segregated Account
(or an agent of Artex SAC acting in respect of the Segregated Account), Artex SAC acting in respect of the Segregated Account is
authorized to sell such Preference Shares on behalf of the Shareholder.

 

		(z)	With respect to any period during which the Shareholder owns more than 50% of the Preference Shares
or any other interest in the Segregated Account that is treated as equity for U.S. federal income tax purposes (by number or value),
or is otherwise treated as a member of Artex SAC’s or the Segregated Account’s “expanded affiliated group”
(as defined in US Treasury Department’s regulations section 1.1471-5(i)), the Shareholder covenants that any member of the
Shareholder’s expanded affiliated group (other than Artex SAC acting in respect of the Segregated Account) that is treated
as a “foreign financial institution” within the meaning of Section 1471(d)(4) of Code and any Treasury regulations
promulgated thereunder will be either a “participating FFI” or a “registered deemed-compliant FFI” within
the meaning of Treasury regulations section 1.1471-4(e), and the Shareholder will cooperate with Artex SAC acting in respect of
the Segregated Account to allow Artex SAC acting in respect of the Segregated Account to submit any required registration form
or other document to the IRS so that Artex SAC acting in respect of the Segregated Account may qualify as a participating FFI.

 

    	 	 19	 

     

    

  

		19.	GOVERNING LAW & JURISDICTION

 

This Agreement has been made and executed
in Bermuda, and all matters arising out of or in connection with it shall be governed by and construed in accordance with the laws
of Bermuda. The parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of Bermuda for
the resolution of any disputes arising out of or in connection with this Agreement.

 

		20.	LITIGATION

 

Artex SAC agrees to promptly provide to
the Shareholder notice of the relevant particulars relating to any potential or actual dispute, legal proceeding, litigation or
arbitration (“Litigation”) relating to the Retrocession Agreement. Artex SAC shall, in connection with any Litigation,
exercise all rights, claims, remedies and privileges available to Artex SAC or the Segregated Account, including but not limited
to, retaining counsel to advise Artex SAC and initiating Litigation against the Ceding Insurer, provided however that Artex SAC
shall not retain counsel or initiate Litigation without the prior written consent of the Shareholder, such consent not to be unreasonably
withheld. Notwithstanding clause 7.2 hereof, the Shareholder shall indemnify Artex SAC or any Indemnified Party with respect to
any liabilities, actions, proceedings, claims, demands, costs or expenses relating to any such Litigation only if Artex SAC obtains
the prior written consent of the Shareholder referenced above. Nothing in this clause shall be interpreted as requiring the Shareholder
to contribute assets to the Segregated Account with respect to their obligations under the Retrocession Agreement or be deemed
a waiver of any of its rights to enforce or seek remedies against Artex SAC under this Agreement.

 

		21.	FURTHER ASSURANCES

 

Each Party shall from time to time, promptly
upon request of the other party, both during the term of this Agreement and following its termination, execute and deliver such
documents and instruments as may be reasonably necessary to give effect to the provisions of this Agreement.

 

 

 

 

 

 

 

[The remainder of this page is intentionally
left blank.]

 

    	 	 20	 

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be duly executed this 10th day of January, 2018.

 

	 	Signed for and on behalf of IIS Re Ltd. as

                                                                            Shareholder and Manager
	 
	 	By:  	/s/
    Thomas C. Heise	 
	 	Title:  	CEO	 
	 	Date:  	10
    January 2018	 
	 	 	 	 
	 	 	 	 
	 	Signed for and on behalf of Artex SAC Limited	 
	 	By:  	/s/
    Robert Eastham	 
	 	Title:  	Director	 
	 	Date:  	January 10, 2018	 
	 	At:  Hamilton, Bermuda	 
	 	 	 	 
	 	 	 	 
	 	Signed for and on behalf of Artex SAC Limited,

                                                                            acting in respect of IIS CCG Segregated Account
	 
	 	By:  	/s/
    Robert Eastham	 
	 	Title:  	Authorized Signatory	 
	 	Date:  	January 10, 2018	 
	 	At:  Hamilton, Bermuda	 

 

    	 	 21	 

     

    

 

SCHEDULE 1

Trust Account Wire Instructions

 

[●]

   

 

 

    	 	S-1-1	 

     

    

 

SCHEDULE 2

Bank Account Wire Instructions

 

 

 

HSBC BANK BERMUDA LIMITED

 

	For all USD transactions:	 
	Correspondent Bank:	HSBC Bank USA, 452 Fifth Avenue, New York, NY 10018
	Swift Code:	MRMD US33
	Beneficiary Account No:	[●]
	Beneficiary Name:	Artex SAC Limited f/obo IIS CCG Segregated Account
	Beneficiary Bank:	HSBC Bank Bermuda Limited, Hamilton
	Beneficiary Swift:	BBDABMHM

 

    	 	S-2-1	 

     

    

 

SCHEDULE 3

SUBSCRIPTION FORM

 

Reference is hereby made to the Preference
Shareholder Agreement (the “Shareholder Agreement”) dated January 10, 2018 amongst IIS Re Ltd. (“Shareholder”),
Artex SAC Limited (the “Company”) and Artex SAC Limited acting in respect of IIS CCG Segregated
Account (the “Segregated Account”).

 

All terms not defined herein shall have
the meanings given to such terms in the Shareholder Agreement.

 

Effective as of the date hereof and in
accordance with the terms and conditions of the Shareholder Agreement, the Company, the Segregated Account and each undersigned
purchaser (“Purchaser”) agree to the following Subscription for the Preference Shares (as defined in the Shareholder
Agreement) and the Company agrees to issue and sell, and the Purchasers agree to purchase, Preference Shares linked to the Segregated
Account as set forth below. Each of Artex SAC and the Segregated Account make to the Purchasers their respective representations
and warranties under Article 18 of the Shareholder Agreement, and each Purchaser makes the representations and warranties of the
Shareholder (as defined in the Shareholder Agreement) under Article 18 of the Shareholder Agreement, as of the date set forth below
in the signature page in respect of such party and the Effective Date, which representations and warranties are hereby incorporated,
mutatis mutandis, in this Subscription Form. Payment of Purchase Price and issuance and delivery of such Preference Shares shall
be made on the date hereof and the payment of Contributed Surplus shall be made as of the Effective Date (as defined in the Shareholder
Agreement).

 

    	 	S-3-1	 

     

    

 

	Shareholder	
        Number of

        Preference

        Shares
	
        Purchase

        Price

        $
	
        Contributed

        Surplus

        $
	
        Total

         

        $

	IIS Re Ltd.	100	$100	To be completed on Effective Date	To be completed on Effective Date

 

 

    	 	S-3-2 
	 

     

    

 

	Signed for and on behalf of IIS Re Ltd.	 	Signed for and on behalf of Artex SAC Limited, acting in respect of IIS CCG Segregated Account
	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:  	/s/ Thomas C. Heise	 	By:  	/s/ Robert Eastham	 
	Title:  	CEO	 	Title:  	Authorized Signatory	 
	Date:  	10 January 2018	 	Date:  	January 10, 2018	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	Signed for and on behalf of Artex SAC Limited	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:  	/s/ Robert Eastham	 
	 	 	 	Title:  	Director	 
	 	 	 	Date:  	January 10, 2018	 

 

    	 	S-3-3EX-10.11

 Exhibit 10.11 

Execution Version 

GATES INDUSTRIAL CORPORATION PLC 

2018 OMNIBUS INCENTIVE PLAN 

1. Purpose. The purpose of the Gates Industrial Corporation plc 2018 Omnibus Incentive Plan is to provide a
means through which the Company and the other members of the Company Group may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants, and advisors of the Company and the other members of the
Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Ordinary Shares, thereby strengthening their commitment to the
welfare of the Company Group and aligning their interests with those of the Company’s shareholders. 

2. Definitions. The following definitions shall be applicable throughout the Plan. 

(a) “Absolute Share Limit” has the meaning given to such term in Section 5(b) of the Plan. 

(b) “Adjustment Event” has the meaning given to such term in Section 11(a) of the Plan. 

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

(d) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award, and Other Cash-Based Award granted under the Plan. 

(e) “Award Agreement” means the document or documents by which each Award (other than an Other Cash-Based Award)
is evidenced, which may be in written or electronic form. 
 (f) “Board” means the Board of Directors of the
Company. 
 (g) “Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise,
(i) “Cause,” as defined in any employment or consulting agreement between the Participant and the Service Recipient or as defined in the Company’s Executive Severance Plan to the extent the Participant participates in such plan, in
each case, in effect at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or the absence of any definition of “Cause” contained therein), the Participant’s (A) willful
neglect in the performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct in connection with the Participant’s employment or service
with the Service Recipient, which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service 

 
Recipient or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony or (II) any other crime that results in, or could
reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not
limited to, those relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement, or misuse
of funds or property belonging to the Service Recipient or any other member of the Company Group; or (F) act of personal dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service
Recipient; provided, in any case, a Participant’s resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder. 

(h) “Change in Control” means: 

(i) the acquisition (whether by purchase, merger, consolidation, combination, or other similar transaction) by any Person
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then-outstanding Ordinary Shares, taking into
account as outstanding for this purpose such Ordinary Shares issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Ordinary Shares; or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change
in Control: (I) any acquisition by the Company or any Affiliate; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate; or (III) in respect of an Award held by a particular
Participant, any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant or any group of Persons including the Participant); 

(ii) during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any person becoming a director subsequent to the Effective Date, whose election or nomination for election was
approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other
than the Board shall be deemed to be an Incumbent Director; or 

  
 2 

 (iii) the sale, transfer, or other disposition of all or substantially all
of the assets of the Company Group (taken as a whole) to any Person that is not an Affiliate of the Company. 

(i) “Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan
to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations, or guidance. 

(j) “Committee” means the Compensation Committee of the Board or any properly delegated subcommittee thereof or,
if no such Compensation Committee or subcommittee thereof exists, the Board. 
 (k) “Company” means Gates
Industrial Corporation plc, a public limited company organized under the laws of England and Wales, and any successor thereto. 

(l) “Company Group” means, collectively, the Company and its Subsidiaries. 

(m) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be
specified in such authorization. 
 (n) “Designated Foreign Subsidiaries” means all members of the Company
Group that are organized under the laws of any jurisdiction other than the United States of America that may be designated by the Board or the Committee from time to time. 

(o) “Detrimental Activity” means any of the following: (i) unauthorized disclosure of any confidential or
proprietary information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Service Recipient for Cause; (iii) a breach by the Participant of any
restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group; or (iv) fraud or conduct contributing to any financial
restatements or irregularities, as determined by the Committee in its sole discretion. 
 (p) “Disability”
means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Disability,” as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such
Termination; or (ii) in the absence of any such employment or consulting agreement (or the absence of any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term
disability plan of the Service Recipient or other member of the Company Group in which such Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or
accident to perform the duties of the position at which the Participant was employed or served when such disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company
(or its designee) in its sole and absolute discretion. 

  
 3 

 (q) “Effective Date” means the date on which the Company enters into
an agreement to consummate an initial public offering of the Ordinary Shares pursuant to a registration filed with the Securities Exchange Commission pursuant to the Securities Act. 

(r) “Eligible Person” means any (i) individual employed by any member of the Company Group; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating
thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written notification from the Committee or its designee that
they have been selected to participate in the Plan. 
 (s) “Employee Benefit Trust” means any employee benefit
trust established for the benefit of most or all of the employees or former employees of the Company Group or certain of their relatives. 

(t) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in
the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section,
rules, regulations, or guidance. 
 (u) “Exercise Price” has the meaning given to such term in
Section 7(b) of the Plan. 
 (v) “Fair Market Value” means, on a given date, (i) if the Ordinary
Shares are listed on a national securities exchange, the closing sales price of the Ordinary Shares reported on the primary exchange on which the Ordinary Shares are listed and traded on such date, or, if there are no such sales on that date, then
on the last preceding date on which such sales were reported; (ii) if the Ordinary Shares are not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing
bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Ordinary Shares are not listed on a national securities exchange or quoted
in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market value of the Ordinary Shares; provided, however, as to any Awards granted on or with a Date of Grant of the
date of the pricing of the Company’s initial public offering, “Fair Market Value” shall be equal to the per share price at which the Ordinary Shares are offered to the public in connection with such initial public offering. 

(w) “GAAP” has the meaning given to such term in Section 7(d) of the Plan. 

(x) “Immediate Family Members” has the meaning given to such term in Section 13(b) of the Plan. 

  
 4 

 (y) “Incentive Stock Option” means an Option which is designated by
the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 

(z) “Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan. 

(aa) “Nonqualified Stock Option” means an Option which is not designated by the Committee as an Incentive Stock
Option. 
 (bb) “Non-Employee Director” means a member of the Board who
is not an employee of any member of the Company Group. 
 (cc) “Option” means an Award granted under
Section 7 of the Plan. 
 (dd) “Option Period” has the meaning given to such term in Section 7(c) of
the Plan. 
 (ee) “Ordinary Share” means an ordinary share of the Company, par value $0.01 per share (and any
stock or other securities into which such Ordinary Share may be converted or into which it may be exchanged). 
 (ff) “Other
Cash-Based Award” means an Award that is not a Stock Appreciation Right granted under Section 10 of the Plan that is denominated and/or payable in cash. 

(gg) “Other Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock,
or Restricted Stock Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of Ordinary Shares and/or (ii) measured by reference to the value of Ordinary Shares. 

(hh) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and
to receive an Award pursuant to the Plan. 
 (ii) “Performance Conditions” means specific levels of performance
of the Company (and/or one or more members of the Company Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in
accordance with GAAP or on a non-GAAP basis on the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings per share
(before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not
limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but
are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity
ratios; (xi) share price (including, but not limited to, growth measures and total shareholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency;
(xiv) objective measures of 

  
 5 

 
customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise value;
(xviii) sales; (xix) shareholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects
(including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and
meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book
value; (xxvii) strategic objectives; or (xxviii) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or relative
basis to measure the performance of one or more members of the Company Group as a whole or any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments of the Company and/or one or more
members of the Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected group of comparison companies, or a published or special index
that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. 

(jj) “Permitted Transferee” has the meaning given to such term in Section 13(b) of the Plan. 

(kk) “Person” means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act). 
 (ll) “Plan” means this Gates Industrial Corporation plc 2018 Omnibus Incentive Plan, as
it may be amended and/or restated from time to time. 
 (mm) “Qualifying Director” means a person who is, with
respect to actions intended to obtain an exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act. 

(nn) “Restricted Period” means the period of time determined by the Committee during which an Award is subject to
restrictions, including vesting conditions. 
 (oo) “Restricted Stock” means Ordinary Shares, subject to
certain specified restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan. 

(pp) “Restricted Stock Unit” means an unfunded and unsecured promise to deliver Ordinary Shares, cash, other
securities, or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under
Section 9 of the Plan. 

  
 6 

 (qq) “SAR Period” has the meaning given to such term in
Section 8(c) of the Plan. 
 (rr) “Securities Act” means the Securities Act of 1933, as amended, and any
successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any amendments or successor
provisions to such section, rules, regulations, or guidance. 
 (ss) “Service Recipient” means, with respect to
a Participant holding a given Award, the member of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or following a
Termination was most recently providing, services, as applicable. 
 (tt) “Stock Appreciation Right” or
“SAR” means an Award granted under Section 8 of the Plan. 
 (uu) “Strike Price”
has the meaning given to such term in Section 8(b) of the Plan. 
 (vv) “Subsidiary” means, with respect
to any specified Person: 
 (i) any corporation, association, or other business entity of which more than 50% of the
total voting power of shares of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) is at
the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent
thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof). 
 (ww) “Substitute Award” has the meaning given to such term in Section 5(e) of the
Plan. 
 (xx) “Sub-Plans” means any
sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the
jurisdiction of the United States of America, with each such sub-plan designed to comply with local laws applicable to offerings in such foreign jurisdictions. Although any
Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Absolute Share Limit and the other limits specified in Section 5(b) shall apply
in the aggregate to the Plan and any Sub-Plan adopted hereunder. 

(yy) “Termination” means the termination of a Participant’s employment or service, as applicable, with the
Service Recipient for any reason (including death). 

  
 7 

 (zz) “Trustee” means the trustee or trustees of any Employee Benefit
Trust from time to time. 
 3. Effective Date; Duration. The Plan shall be effective as of the Effective
Date. The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the 10th anniversary of the Effective Date; provided, however, that such
expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 

4. Administration. 

(a) General. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time such member takes any action with respect to
an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail
to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. 

(b) Committee Authority. Subject to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary
authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the
number of Ordinary Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what
extent, and under what circumstances Awards may be settled in, or exercised for, cash, Ordinary Shares, other securities, other Awards, or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Ordinary Shares, other securities, other Awards, or other property and other amounts payable with respect
to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in, and/or supply any omission in the Plan and any
instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the
Plan; (ix) adopt Sub-Plans; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

(c) Delegation. Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities
exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any
part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or
more officers of any member 

  
 8 

 
of the Company Group the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the
Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to Non-Employee Directors. Notwithstanding the foregoing in this Section 4(c), it is intended that any
action under the Plan intended to qualify for an exemption provided by Rule 16b-3 promulgated under the Exchange Act related to persons who are subject to Section 16 of the Exchange Act will be taken only
by the Board or by a committee or subcommittee of two or more Qualifying Directors. However, the fact that any member of such committee or subcommittee shall fail to qualify as a Qualifying Director shall not invalidate any action that is otherwise
valid under the Plan. 
 (d) Finality of Decisions. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding upon
all Persons, including, without limitation, any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company. 

(e) Indemnification. No member of the Board, the Committee or any employee or agent of any member of the Company Group (each such
Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or
omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in
connection with or resulting from any action, suit, or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made with
respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in
any such action, suit, or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable
Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to
assume and defend any such action, suit, or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of
indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts,
omissions, or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited
by law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be
entitled under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification agreement or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable
Persons or hold such Indemnifiable Persons harmless. 

  
 9 

 (f) Board Authority. Notwithstanding anything to the contrary contained in the Plan,
the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules of the securities exchange or
inter-dealer quotation system on which the Ordinary Shares are listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 

5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) Grants. The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan
shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, attainment of Performance Conditions. 

(b) Share Reserve and Limits. Awards granted under the Plan shall be subject to the following limitations: (i) subject to
Section 11 of the Plan, no more than 12,500,000 Ordinary Shares (the “Absolute Share Limit”) shall be available for Awards under the Plan; provided, however, that the Absolute Share Limit shall be increased on the
first day of each fiscal year beginning with the 2019 fiscal year in an amount equal to the least of (x) 6,500,000 Ordinary Shares, (y) 2.5% of the total number of Ordinary Shares outstanding on the last day of the immediately preceding fiscal year,
and (z) a lower number of Ordinary Shares as determined by the Board; (ii) subject to Section 11 of the Plan, no more than the number of Ordinary Shares equal to the 12,500,000 may be issued in the aggregate pursuant to the
exercise of Incentive Stock Options granted under the Plan; and (iii) during a single fiscal year, each Non-Employee Director shall be granted a number of Ordinary Shares subject to Awards, taken together
with any cash fees paid to such Non-Employee Director during the fiscal year, equal to a total value of $1,000,000 (calculating the value of any such Awards based on the grant date fair value of such Awards
for financial reporting purposes) or such lower amount as determined by the Board. 
 (c) Share Counting. Other than with
respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, or terminated without issuance to the Participant of the full number of Ordinary Shares to which the Award related, the unissued shares will again be
available for grant under the Plan. Ordinary Shares shall be deemed to have been issued in settlement of Awards if the Fair Market Value equivalent of such shares is paid in cash in connection with such settlement; provided, however, that no
shares shall be deemed to have been issued in settlement of a SAR or Restricted Stock Unit that provides for settlement only in cash and settles only in cash or in respect of any Other Cash-Based Awards. In no event shall (i) shares tendered or
withheld on exercise of Options or other Award for the payment of the exercise or purchase price or withholding taxes, (ii) shares not issued upon the settlement of a SAR that by the terms of the Award Agreement would settle in Ordinary Shares
(or could settle in Ordinary Shares), or (iii) shares purchased on the open market with cash proceeds from the exercise of Options, again become available for other Awards under the Plan. 

  
 10 

 (d) Source of Shares. Ordinary Shares issued by the Company in settlement of Awards
may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

(e) Substitute Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in
substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards shall not be counted against the
Absolute Share Limit; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding Options intended to qualify as “incentive stock options” within the meaning of Section 422
of the Code shall be counted against the aggregate number of Ordinary Shares available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an
entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of
Ordinary Shares available for issuance under the Plan. 
 (f) Holding of Shares. Notwithstanding any other provision of the
Plan, all Ordinary Shares acquired pursuant to the Plan will be held in the facilities of the Depositary Trust Company (the “DTC”). This means that the Ordinary Shares will be held by Cede & Co as nominee for
the DTC and that when Ordinary Shares are allocated to a Participant under the Plan, their DTC participant account will be credited with a book entry interest in the relevant Ordinary Shares. It is a condition to any Ordinary Shares being
acquired under the Plan that they should be held through the facilities of the DTC in this way. No Participant in the Plan will be entitled to withdraw their Ordinary Shares from the facilities of the DTC without the prior agreement of the
Committee and for the avoidance of doubt, any stamp duty or stamp duty reserve tax arising as a result of or in connection with such withdrawal shall be for the account of the relevant Participant and the Company and the Committee take no
responsibility for any effect on the value of any Ordinary Shares or ability to trade in it as a result of any withdrawal from the facilities of the DTC. 

6. Eligibility. Participation in the Plan shall be limited to Eligible Persons. 

7. Options. 

(a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for
each Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted
under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are
employees of a member of the Company Group, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless
the Plan has been approved by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of 

  
 11 

 
Section 422(b)(1) of the Code; provided, that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such
approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to, and comply with, such
rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 
 (b) Exercise
Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price (“Exercise Price”) per Ordinary Share for each Option shall not be less than 100% of the Fair Market Value of such
share (determined as of the Date of Grant); provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all
classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than 110% of the Fair Market Value per share on the Date of Grant. Notwithstanding the foregoing, if the Fair Market Value of a Share is less than its
par value the Exercise Price in respect of an Option to subscribe for Ordinary Shares shall not be less than such par value. 
 (c)
Vesting and Expiration. 
 (i) Options shall vest and become exercisable in such manner and on such date or dates
or upon such event or events as determined by the Committee including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may in its
sole discretion accelerate the vesting of any Options at any time and for any reason. Options shall expire upon a date determined by the Committee, not to exceed 10 years from the Date of Grant (the “Option Period”);
provided, that if the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the Ordinary Shares is prohibited by the Company’s insider trading policy (or Company-imposed “blackout
period”), then the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option
Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company
Group. 
 (ii) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of:
(A) a Participant’s Termination by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately terminate and expire; (B) a Participant’s Termination due to death or Disability, each
outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the expiration of the Option Period); and
(C) a Participant’s Termination for any other reason, each outstanding 

  
 12 

 
unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for 90 days thereafter (but in no event beyond the
expiration of the Option Period). 
 (d) Method of Exercise and Form of Payment. No Ordinary Shares shall be issued pursuant to any
exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local, and non-U.S.
income, employment, and any other applicable taxes required to be withheld. Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company (or telephonic instructions to the extent
provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, or (ii) by such other method as the Committee may permit in its sole
discretion, including, without limitation: (A) if there is a public market for the Ordinary Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered (including telephonically to
the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the Ordinary Shares otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price;
or (B) a “net exercise” procedure effected by the settlement of the Award in a combination of: (i) Ordinary Shares; and (ii) cash, where the amount of cash is sufficient to pay the Exercise Price and all applicable required
withholding and any other applicable taxes required to be withheld. Any fractional Ordinary Shares shall be settled in cash. 
 (e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying
disposition of any Ordinary Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Ordinary Shares before the later of (i) the
date that is two years after the Date of Grant of the Incentive Stock Option or (ii) the date that is one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with
procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Ordinary Shares acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding
sentence, subject to complying with any instructions from such Participant as to the sale of such Ordinary Shares. 
 (f) Compliance With
Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any
other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are
listed or traded (including, without limitation, the Financial Conduct Authority of the United Kingdom). 
 8. Stock
Appreciation Rights. 

  
 13 

 (a) General. Each SAR granted under the Plan shall be evidenced by an Award Agreement.
Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include
tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. Except as
otherwise provided by the Committee in the case of Substitute Awards, the strike price (“Strike Price”) per Ordinary Share for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the
Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. 

(c) Vesting and Expiration; Termination. 

(i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting
schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee including,
without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may, in its sole discretion, accelerate the vesting of any SAR at any time and for
any reason. SARs shall expire upon a date determined by the Committee, not to exceed 10 years from the Date of Grant (the “SAR Period”); provided, that if the SAR Period would expire at a time when trading in the
Ordinary Shares is prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”), then the SAR Period shall be automatically extended until the 30th day
following the expiration of such prohibition. 
 (ii) Unless otherwise provided by the Committee, whether in an Award
Agreement or otherwise, in the event of: (A) a Participant’s Termination by the Service Recipient for Cause, all outstanding SARs granted to such Participant shall immediately terminate and expire; (B) a Participant’s Termination
due to death or Disability, each outstanding unvested SAR granted to such Participant shall immediately terminate and expire, and each outstanding vested SAR shall remain exercisable for one year thereafter (but in no event beyond the expiration of
the SAR Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested SAR granted to such Participant shall immediately terminate and expire, and each outstanding vested SAR shall remain exercisable for 90
days thereafter (but in no event beyond the expiration of the SAR Period). 
 (d) Method of Exercise. SARs which have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 

  
 14 

 (e) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an
amount equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of the Fair Market Value of one Ordinary Share on the exercise date over the Strike Price, less an amount equal to any Federal, state, local,
and non-U.S. income, employment, and any other applicable taxes and employee and, if applicable, employer social security contributions required to be withheld. The Company shall pay, or procure the payment
of, such amount in cash, in Ordinary Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee. Any fractional Ordinary Shares shall be settled in cash. Where payment is made in Ordinary Shares, such payment may
be satisfied by the transfer of Ordinary Shares by the Trustee to the Participant. 
 9. Restricted Stock and
Restricted Stock Units. 
 (a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award
Agreement. Each Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award
Agreement. 
 (b) Stock Certificates and Book-Entry; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the
Committee shall cause a stock certificate registered in the name of the Participant to be issued or shall cause Ordinary Shares to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and,
if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a
Participant shall fail to execute and deliver (in a manner permitted under Section 13(a) of the Plan or as otherwise determined by the Committee) an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and
blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9, Section 13(c) of the Plan, and the applicable Award Agreement, a Participant
generally shall have the rights and privileges of a shareholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock; provided, that if the lapsing of restrictions with respect to any grant
of Restricted Stock is contingent on satisfaction of Performance Conditions (other than, or in addition to, the passage of time), any dividends payable on such shares of Restricted Stock shall be held by the Company and delivered (without interest)
to the Participant within 15 days following the date on which the restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends
relate). To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company. The Participant shall transfer such shares to such Person (including but not
limited to the Trustee) as the Company shall direct, and all rights of the Participant to such shares and as a shareholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights
or privileges as a shareholder as to Restricted Stock Units. 

  
 15 

 (c) Vesting; Termination. 

(i) Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such
manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that, notwithstanding any such dates or events,
the Committee may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any time and for any reason. 

(ii) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a
Participant’s Termination for any reason prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable, have vested, (A) all vesting with respect to such Participant’s Restricted Stock or
Restricted Stock Units, as applicable, shall cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the Company and the Participant shall transfer such shares to such Person
(including but not limited to the Trustee) as the Company shall direct, by the Participant for no consideration as of the date of such Termination. 

(d) Issuance of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set
forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall issue to the
Participant, or the Participant’s beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in
cash or, in the sole discretion of the Committee, in Ordinary Shares having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the
Participant shall have no right to such dividends. 
 (ii) Unless otherwise provided by the Committee in an Award
Agreement or otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue or procure the transfer, to the Participant or the Participant’s beneficiary, without charge,
one Ordinary Share (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part
Ordinary Shares in lieu of issuing only Ordinary Shares in respect of such Restricted Stock Units; or (B) defer the issuance of Ordinary Shares (or cash or part cash and part Ordinary Shares, as the case may be) beyond the expiration of the
Restricted Period if such extension would not cause adverse tax consequences under Section 409A 

  
 16 

 
of the Code. If a cash payment is made in lieu of issuing Ordinary Shares in respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market Value per
Ordinary Share as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. 
 (e) Legends on
Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any, shall bear a legend or book entry notation substantially in the form of the following, in addition to any other information
the Company deems appropriate, until the lapse of all restrictions with respect to such Ordinary Shares: 
 TRANSFER OF THIS CERTIFICATE AND
THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE GATES INDUSTRIAL CORPORATION PLC 2018 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN GATES INDUSTRIAL CORPORATION PLC AND THE PARTICIPANT. A COPY OF SUCH
PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF GATES INDUSTRIAL CORPORATION PLC. 

10. Other Equity-Based Awards and Other Cash-Based Awards. The Committee may grant Other Equity-Based Awards
and Other Cash-Based Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine, including, without
limitation, those set forth in Section 5(a) of the Plan. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and each Other Cash-Based Award granted under the Plan shall be evidenced in such form as the
Committee may determine from time to time. Each Other Equity-Based Award or Other Cash-Based Award, as applicable, so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement or
other form evidencing such Award, including, without limitation, those set forth in Section 13(a) of the Plan. 

11. Changes in Capital Structure and Similar Events. Notwithstanding any other provision in the Plan to the
contrary, the following provisions shall apply to all Awards granted hereunder (other than Other Cash-Based Awards): 

(a) General. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form
of cash, Ordinary Shares, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up,
split-off, spin-off, combination, repurchase, or exchange of Ordinary Shares or other securities of the Company, issuance of warrants or other rights to acquire Ordinary
Shares or other securities of the Company, or other similar corporate transaction or event that affects the Ordinary Shares (including a Change in Control), or (ii) unusual or nonrecurring events affecting the Company, including changes in
applicable rules, rulings, regulations, or other requirements, that the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the rights intended to be granted to, or available for, Participants (any
event in (i) or (ii), an “Adjustment Event”), the Committee shall, in respect of any such Adjustment Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (A) the
Absolute Share Limit, or any other limit applicable under the 

  
 17 

 
Plan with respect to the number of Awards which may be granted hereunder, (B) the number of Ordinary Shares or other securities of the Company (or number and kind of other securities or
other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan or any Sub-Plan, and (C) the terms of any outstanding Award, including, without
limitation, (I) the number of Ordinary Shares or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (II) the Exercise Price or
Strike Price with respect to any Award, or (III) any applicable performance measures; provided, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring; and provided, further, that, except as
otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a Participant’s Termination within the two-year period following a Change in Control by the Service
Recipient without Cause (excluding, for the avoidance of doubt, a Termination due to death or Disability or any voluntary Termination by the Participant), all Awards held by the Participant shall become fully vested upon such Termination. Any
adjustment under this Section 11 shall be conclusive and binding for all purposes. 
 (b) Adjustment Events. Without
limiting the foregoing, except as may otherwise be provided in an Award Agreement, in connection with any Adjustment Event, the Committee may, in its sole discretion, provide for any one or more of the following: 

(i) substitution or assumption of Awards (or awards of an acquiring company), acceleration of the exercisability of, lapse
of restrictions on, or termination of Awards, or a period of time (which shall not be required to be more than 10 days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall
terminate upon the occurrence of such event); and 
 (ii) subject to any limitations or reductions as may be necessary
to comply with Section 409A of the Code, cancellation of any one or more outstanding Awards and payment to the holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would vest as a result
of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event) the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based
upon the price per Ordinary Share received or to be received by other shareholders of the Company in such event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of
the Fair Market Value (as of a date specified by the Committee) of the Ordinary Shares subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option or SAR
having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of an Ordinary Share subject thereto may be canceled and terminated without any payment or consideration therefor), or, in the case of Restricted
Stock, Restricted Stock Units, or Other Equity-Based Awards that are not vested as of such cancellation, a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock,
Restricted Stock Units, or Other Equity-Based Awards prior to cancellation, or the underlying shares in respect thereof. 

  
 18 

 Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the
Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the
Participant had been, immediately prior to such transaction, the holder of the number of Ordinary Shares covered by the Award at such time (less any applicable Exercise Price or Strike Price). 

(c) Other Requirements. Prior to any payment or adjustment contemplated under this Section 11, the Committee may require a
Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards, (ii) bear such Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing
purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Ordinary Shares, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, and
(iii) deliver customary transfer documentation as reasonably determined by the Committee. 
 (d) Fractional Shares. Any
adjustment provided under this Section 11 may provide for the elimination of any fractional share that might otherwise become subject to an Award. 

(e) Binding Effect. Any adjustment, substitution, determination of value or other action taken by the Committee under this
Section 11 shall be conclusive and binding for all purposes. 
 12. Amendments and Termination. 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion
thereof at any time; provided, that no such amendment, alteration, suspension, discontinuance, or termination shall be made without shareholder approval if: (i) such approval is necessary to comply with any regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted) or for changes in
GAAP to new accounting standards; (ii) it would materially increase the number of securities which may be issued under the Plan (except for increases pursuant to Section 5 or 11 of the Plan) or (iii) it would materially modify the
requirements for participation in the Plan; provided, further, that any such amendment, alteration, suspension, discontinuance, or termination that would materially and adversely affect the rights of any Participant or any holder or
beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or beneficiary. Notwithstanding the foregoing, no amendment shall be made to Section 13(c) of the Plan
without shareholder approval. 
 (b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms
of the Plan and any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or 

  
 19 

 
terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a Participant’s Termination); provided, that, other than
pursuant to Section 11, any such waiver, amendment, alteration, suspension, discontinuance, cancellation, or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant. 
 (c) No Repricing. Notwithstanding
anything in the Plan to the contrary, without shareholder approval, except as otherwise permitted under Section 11 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR;
(ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value
(if any) of the cancelled Option or SAR; and (iii) the Committee may not take any other action which is considered a “repricing” for purposes of the shareholder approval rules of any securities exchange or inter-dealer quotation
system on which the securities of the Company are listed or quoted. 
 13. General. 

(a) Award Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an Award Agreement,
which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability, or
Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation,
a Board or Committee resolution, an employment agreement, a notice, a certificate, or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the
Company. 
 (b) Nontransferability. 

(i) Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant’s
lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a Participant (unless such
transfer is specifically required pursuant to a domestic relations order or by applicable law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer, or
encumbrance shall be void and unenforceable against any member of the Company Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance. 

(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock
Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to: (A) any person

  
 20 

 
who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form
of registration statement promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and the Participant’s Immediate Family
Members; (C) a partnership or limited liability company whose only partners or shareholders are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as
“charitable contributions” for federal income tax purposes (each transferee described in clauses (A), (B), (C), and (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the
Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee
and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that: (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will
or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the Ordinary Shares to be
acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant’s
Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the
extent, and for the periods, specified in the Plan and the applicable Award Agreement. 
 (c) Dividends and Dividend
Equivalents. The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar payments in respect of Awards, payable in cash, Ordinary Shares, other securities, other Awards,
or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation, payment directly to the Participant, the transfer of Ordinary Shares from,
including but not limited to, the Trustee to the Participant, withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in additional Ordinary Shares, Restricted Stock, or other Awards; provided, that no
dividends, dividend equivalents, or other similar payments shall be payable in respect of outstanding (i) Options or SARs or (ii) other unearned Awards subject to Performance Conditions (other than, or in addition to, the passage of time)
(although dividends, dividend equivalents, or other similar payments may be accumulated in respect of unearned Awards and paid within 15 days after such Awards are earned and become payable or distributable). Dividends, if any, that may have been
withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in 

  
 21 

 
cash or, in the sole discretion of the Committee, in Ordinary Shares having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of
restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends. Where payment is made in Ordinary Shares, such payment may be satisfied by the transfer of Ordinary Shares by the Trustee to the
Participant. 
 (d) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in
cash (by check or wire transfer) equal to the aggregate amount of any income, employment, and/or other applicable taxes and employee and, if applicable, employer social security contributions that are statutorily required to be withheld in respect
of an Award. Alternatively, the Company or any of its Subsidiaries may elect, in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant. 

(ii) Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or
require a Participant to satisfy all or any portion of the minimum income, employment, and/or other applicable taxes and employee and, if applicable, employer social security contributions that are statutorily required to be withheld with respect to
an Award by ) way of a settlement procedure effected by the settlement of the Award in a combination of: (i) Ordinary Shares; and (ii) cash, where the amount of cash is sufficient to pay all applicable required withholding and any other
applicable taxes required to be withheld. 
 (iii) The Committee, subject to its having considered the applicable
accounting impact of any such determination, has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment, and/or other applicable taxes and employee and, if applicable, employer social security
contributions payable by them with respect to an Award by electing to receive part of the Award in cash, where the amount of cash is equal to the income, employment, and/or other applicable taxes and employee and, if applicable, employer social
security contributions that have arisen, with the remainder of the Award being settled in Ordinary Shares. 
 (e) Data Protection. By
participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and
exercise their rights under the Plan and generally administer and manage the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to
time and other appropriate financial and other data (such as the date on which the Awards were granted) about the Participant and the Participant’s participation in the Plan. 

(f) No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of any member of the Company Group, or other
Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be 

  
 22 

 
selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan
nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed as giving any Participant any
rights to continued service on the Board. The Service Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the
Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or
severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment
contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on, or after the Date of Grant. 

(g) International Participants. With respect to Participants who reside or work outside of the United States of America, the
Committee may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in order to conform such terms with the
requirements of local law or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group. 

(h) Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more
Persons as the beneficiary or beneficiaries, as applicable, who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant’s death. A Participant may, from time to time, revoke or
change the Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however,
that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation
is filed by a Participant, the beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death, the Participant’s estate. 

(i) Termination. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point
following such event: (i) neither a temporary absence from employment or service due to illness, vacation, or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit)
nor a transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination, but such
Participant continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise
determined by the Committee, in the event that any Service Recipient ceases to be a member of the 

  
 23 

 
Company Group (by reason of sale, divestiture, spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to
another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such transaction. 

(j) No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be
entitled to the privileges of ownership in respect of Ordinary Shares which are subject to Awards hereunder until such shares have been issued or delivered to such Person. 

(k) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in Ordinary Shares or other consideration shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell,
and shall be prohibited from offering to sell or selling, any Ordinary Shares pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the
Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and
conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Ordinary Shares to be offered or sold under the Plan. The Committee shall have the
authority to provide that all Ordinary Shares or other securities of any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee
may deem advisable under the Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations, and other requirements of the Securities and Exchange Commission and any securities exchange or inter-dealer quotation system
on which the securities of the Company are listed or quoted, and any other applicable Federal, state, local, or non-U.S. laws, rules, regulations, and other requirements, and, without limiting the generality
of Section 9 of the Plan, the Committee may cause a legend or legends to be put on certificates representing Ordinary Shares or other securities of any member of the Company Group issued under the Plan to make appropriate reference to such
restrictions or may cause such Ordinary Share or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders.
Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to, at any time, add any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or
contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Ordinary 

  
 24 

 
Shares from the public markets, the Company’s issuance of Ordinary Shares to the Participant, the Participant’s acquisition of Ordinary Shares from the Company, and/or the
Participant’s sale of Ordinary Shares to the public markets, illegal, impracticable, or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any
limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) pay to the Participant an amount equal to the excess of (I) the aggregate Fair Market Value of the Ordinary Shares subject to such Award or
portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable), over (II) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR,
respectively) or any amount payable as a condition of issuance of Ordinary Shares (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof,
or (B) in the case of Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to
such Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, or the underlying shares in respect thereof. 
 (l) No
Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or
by action of the Company in writing prior to the making of such election. If a Participant, in connection with the acquisition of Ordinary Shares under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the
election, the Participant shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to
Section 83(b) of the Code or other applicable provision. 
 (m) Payments to Persons Other Than Participants. If the Committee
shall find that any Person to whom any amount is payable under the Plan is unable to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant’s
estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining or having custody of
such Person, or any other Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(n) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders
of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards otherwise
than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

  
 25 

 (o) No Trust or Fund Created. Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No provision of the Plan or any Award shall require
the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to
maintain separate bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general
creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law. 

(p) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or any other information furnished
in connection with the Plan by any agent of the Company or the Committee or the Board, including any compensation consultant, other than himself or herself. 

(q) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided in such other plan or as required by applicable law. 

(r) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Colorado
applicable to contracts made and performed wholly within the State of Colorado, without giving effect to the conflict of laws’ provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 

(s) Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal,
or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or
if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person, or Award and
the remainder of the Plan and any such Award shall remain in full force and effect. 
 (t) Obligations Binding on Successors.
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation, or other reorganization of the Company, or upon any successor corporation or organization
succeeding to substantially all of the assets and business of the Company. 

  
 26 

 (u) Section 409A of the Code. 

(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with
Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible
and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service
Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered
“deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of
Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment. 

(ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s
“separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service” or, if earlier,
the date of the Participant’s death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the
Code that is also a business day. 
 (iii) Unless otherwise provided by the Committee in an Award Agreement or
otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change
in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial
portion of the assets of a corporation pursuant to Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant to
Section 409A of the Code. 
 (v) Clawback/Repayment. All Awards shall be subject to reduction, cancellation, forfeiture, or
recoupment to the extent necessary to comply with (A) any clawback, forfeiture, or other similar policy adopted by the Board or the Committee and as in effect from time to time, and (B) applicable law. Further, to the extent that the
Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations, or
other administrative error), the Participant shall be required to repay any such excess amount to the Company. 

  
 27 

 (w) Detrimental Activity. Notwithstanding anything to the contrary contained herein,
if a Participant has engaged in any Detrimental Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following: 

(i) cancellation of any or all of such Participant’s outstanding Awards; or 

(ii) forfeiture by the Participant of any gain realized on the vesting or exercise of Awards, and repayment of any such
gain promptly to the Company. 
 (x) Right of Offset. The Company will have the right to offset against its obligation to
deliver Ordinary Shares (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or
amounts repayable to the Company pursuant to tax equalization, housing, automobile, or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to
any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver Ordinary
Shares (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 

(y) Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company Group. The titles and
headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

  
 28 

 United Kingdom Employee Sub-Plan (the “UK Sub-Plan”) to the Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan (the “Plan”) established in accordance with Section 13(g) of the Plan 

The purpose of the UK Sub-Plan is to provide for alterations and amendments to the Plan in respect of its operation in
the United Kingdom so as to facilitate the grant of Awards thereunder to Eligible Persons in the United Kingdom. 
 Words and expressions defined in the
Plan shall have the same meaning when used in the UK Sub-Plan, unless otherwise stated herein. The provisions of the Plan shall apply to the provisions of the UK
Sub-Plan except where expressly varied herein. References to Sections in the UK Sub-Plan are references to Sections of the Plan. In the event of any discrepancy between
the provisions of the Plan and the provisions of the UK Sub-Plan, the provisions of the UK Sub-Plan shall take precedence. 

Awards may be granted in accordance with such provisions as would be applicable if the provisions of the Plan were here set out in full, subject to the
following modifications: 
  

	1.	Section 1 – Purpose 

 Section 1 shall be amended by the removal of the words shown
underlined below and the addition of the words in italics: 
 Purpose. The purpose of the Gates Industrial Corporation plc 2018 Omnibus
Incentive Plan is to provide a means through which the Company and the other members of the Company Group may attract and retain key personnel and to provide a means whereby bona fide employees (including directors, and
officers), and employees, consultants and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive
compensation measured by reference to the value of Ordinary Shares, thereby strengthening their commitment to the welfare of the Company Group and aligning their interests with those of the Company’s shareholders. 

 

	2.	Section 2 – Definitions 

 Section 2(g) shall be amended by the removal of the words shown
underlined below: 
 “Cause” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Cause,” as
defined in any employment or consulting agreement between the Participant and the Service Recipient or as defined in the Company’s Executive Severance Plan to the extent the Participant participates in such plan, in each case, in effect
at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or the absence of any definition of “Cause” contained therein), the Participant’s (A) willful neglect in the
performance of the Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct in connection with the Participant’s employment or service with the Service
Recipient, which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any 

  
 29 

 
other member of the Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony or (II) any other crime that results in, or could reasonably be expected to
result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not limited to, those
relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement, or misuse of funds or
property belonging to the Service Recipient or any other member of the Company Group; or (F) act of personal dishonesty that involves personal profit in connection with the Participant’s employment or service to the Service Recipient;
provided, in any case, a Participant’s resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder. 

Section 2(p) shall be amended by the removal of the words shown underlined below: 

“Disability” means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Disability,” as defined in
any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment or consulting agreement (or the absence of
any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member of the Company Group in which such Participant is
eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties of the position at which the Participant was employed or served when such
disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its designee) in its sole and absolute discretion. 

Section 2(r) shall be amended by the removal of the words shown underlined and the addition of the words shown in italics below: 

“Eligible Person” means any (i) individual who is a bona fide employee employed by any member of the Company Group; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument
relating thereto; (ii) director or officer of any member of the Company Group who is a bona fide employee; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable
pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) and (ii) above, has entered into an Award Agreement
or who has received written notification from the Committee or its designee that they have been selected to participate in the Plan. 
 Section 2(vv)
shall be amended by the addition of the words shown in italics below: 
 “Subsidiary” means, with respect to any specified Person: 

(i) any corporation, association, or other business entity of which more than 50% of the total voting power of shares of such entity’s voting securities
(without regard to the occurrence of any 

  
 30 

 
contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
 (ii) any partnership (or any comparable foreign
entity) (A) the sole general partner (or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are
that Person or one or more Subsidiaries of that Person (or any combination thereof), 
 provided always that such corporation, association, other
business entity or partnership would fall within the definition of a subsidiary under Section 1159 of the Companies Act 2006. 
  

	3.	Section 13 – General 

 Section 13(b)(ii) shall be amended by the removal of the words
shown underlined and the addition of the words shown in italics below: 
 Notwithstanding the foregoing, the Committee may, in its sole discretion, permit
Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to:
(A) any person who is a “family member” of the Participant being the spouses, civil partners, surviving spouses, surviving civil partners, or minor children or step-children of the Participant (collectively, the
“Immediate Family Members”); (B) a trust solely for the benefit of the Participant and the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only partners or
shareholders are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as “charitable contributions” for federal income tax purposes (each
transferee described in clauses (A), (B), (C), and (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance written notice describing
the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

The words shown in italics below shall be inserted as a new Section 13(d)(iv): 

In the event that at any relevant time a Participant is resident for tax purposes in the United Kingdom and any of the Ordinary Shares to be acquired by,
delivered, issued or awarded to such Participant pursuant to an Award fall within the meaning of ‘restricted securities’ for the purposes of Chapter 2 of Part 7 of the United Kingdom Income Tax (Earnings & Pensions) Act 2003
(“ITEPA”), it shall be a condition of such acquisition, delivery, issue or award that the Participant shall, unless the Committee directs otherwise, and no later than 14 days after the acquisition, delivery, issue or
award of such Ordinary Shares (or such longer period as Her Majesty’s Revenue & Customs in the United Kingdom (“HMRC”) may direct), enter into a joint election with the Company (or the Participant’s
employer company, if different) under section 431(1) of ITEPA (in the form prescribed or agreed by HMRC in order to: (a) disapply all restrictions attaching to such Ordinary Share; and (b) elect to pay income tax (if any) computed by
reference to the ‘unrestricted market value’ of the Ordinary Share (as defined in ITEPA). 

  
 31 

 The words shown in italics below shall be inserted as a new Section 13(f): 

FATCA. Each Award shall include a requirement that the Participant irrevocably (i) agrees to give all such assistance and
representations and supply or procure to be supplied (including by way of updates) all such information and execute and deliver (or procure the execution and delivery of) all such documents that the Company or any member of the Company Group
requests in writing for the purpose of enabling any of the Company or any member of the Company Group to comply with the Foreign Account Tax Compliance Act (“FATCA”), any exchange of information agreement
(“IGA”) or any similar, equivalent or related applicable laws, rules or regulations in any jurisdiction and (ii) authorizes any of the Company or any member of the Company Group to disclose such information to any
governmental authorities (including, but not limited to, HMRC in the United Kingdom and the Internal Revenue Service in the USA) if it is required to be disclosed pursuant to FATCA, any IGA or any similar, equivalent or related applicable laws,
rules or regulations. 
 Section 13(f) shall be renumbered as Section 13(g). 

The words shown in italics below shall be inserted as a new section 13(h): 

Without limiting the generality of Section 13(g), any Participant who leaves the employment or service of a Service Recipient or who
otherwise ceases to be a Participant shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which he might otherwise have enjoyed whether such compensation is claimed by way of
damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever. This exclusion applies equally (and without limitation) to any loss arising from the way in which discretion is (or is
not) exercised under the Plan. 
 Section 13(g) shall be renumbered as Section 13(i). 

Section 13(h) shall be renumbered as Section 13(j). 

Section 13(i) shall be renumbered as Section 13(k). 

Section 13(j) shall be renumbered as Section 13(l). 

Section 13(k) shall be renumbered as Section 13(m). 

Section 13(l) shall be renumbered as Section 13(n). 

Section 13(m) shall be renumbered as Section 13(o). 

Section 13(n) shall be renumbered as Section 13(p). 

Section 13(o) shall be renumbered as Section 13(q). 

Section 13(p) shall be renumbered as Section 13(r). 

Section 13(q) shall be renumbered as Section 13(s). 

  
 32 

 Section 13(r) shall be renumbered as Section 13(t). 

Section 13(s) shall be renumbered as Section 13(u). 

Section 13(t) shall be renumbered as Section 13(v). 

Section 13(u) shall be renumbered as Section 13(w). 

Section 13(v) shall be renumbered as Section 13(x). 

Section 13(w) shall be renumbered as Section 13(y). 

Section 13(x) shall be renumbered as Section 13(z). 

Section 13(y) shall be renumbered as Section 13(aa). 

The words shown in italics below shall be inserted as a new Section 13(bb): 

Rights of Third Parties. It is not intended that any of the terms of this Plan should be enforceable by any third party pursuant to the UK Contract (Rights
of Third Parties) Act 1999. 

  
 33

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]