Document:

Exhibit 10.2

 

EXECUTION VERSION

 

GLOBAL TRANSFER AND AMENDMENT AGREEMENT

 

DATED 28 MARCH 2014

 

relating to US$2,160,000,000 Credit Facilities 
 dated 13 February 2014

 

for

 

AMEC PLC

 

WITH

 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED

as Global Co-ordinator

 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED

BARCLAYS BANK PLC

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

THE ROYAL BANK OF SCOTLAND PLC

as Original Mandated Lead Arrangers

 

AND

 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED

as Facility Agent

 

 

Allen & Overy LLP

 

 

CONTENTS

 

	
Clause
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1.
    	
Interpretation
    	
1
    
	
2.
    	
Transfer
    	
2
    
	
3.
    	
Amendments
    	
3
    
	
4.
    	
Nature of this Agreement
    	
5
    
	
5.
    	
Counterparts
    	
5
    
	
6.
    	
Governing law
    	
5
    
	
7.
    	
Enforcement
    	
5
    
	
 
    	
 
    	
 
    
	
Schedule
    	
 
    
	
 
    	
 
    	
 
    
	
1.
    	
Commitments
    	
7
    
	
2.
    	
New Lender Confirmations
    	
9
    
	
 
    	
Part 1
    	
Lender Status Confirmation
    	
9
    
	
 
    	
Part 2
    	
Treaty Passport Scheme confirmation
    	
10
    
	
 
    	
 
    	
 
    
	
Signatories
    	
12
    
					

 

 

THIS AGREEMENT is dated 28 March 2014 and is made BETWEEN:

 

(1)                                 AMEC PLC (registered number 01675285) for itself and as agent for each of the other Obligors under and as defined in the Credit Agreement defined below (the Company);

 

(2)                                 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as global co-ordinator (in this capacity, the Global Co-ordinator);

 

(3)                                 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, BARCLAYS BANK PLC, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and THE ROYAL BANK OF SCOTLAND PLC as original mandated lead arrangers (in this capacity the Original Mandated Lead Arrangers);

 

(4)                                BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, BARCLAYS BANK PLC, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and THE ROYAL BANK OF SCOTLAND PLC as original bookrunners (in this capacity the Original Bookrunners);

 

(5)                                 ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING AND MARKETS), AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED BANK OF CHINA LIMITED, LONDON BRANCH, BNP PARIBAS FORTIS SA/NV, CITIBANK, N.A. LONDON BRANCH, COMMERZBANK AKTIENGESELLSCHAFT, CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, LLOYDS BANK PLC AND ROYAL BANK OF CANADA as mandated lead arrangers (in this capacity the Additional Mandated Lead Arrangers);

 

(6)                                 BBVA IRELAND P.L.C., CRÉDIT INDUSTRIEL ET COMMERCIAL, LONDON BRANCH, DEUTSCHE BANK AG, LONDON BRANCH, DNB BANK ASA, HSBC BANK PLC, INTESA SANPAOLO S.P.A., NATIONAL BANK OF ABU DHABI PJSC, LONDON BRANCH, SUMITOMO MITSUI BANKING CORPORATION, TD BANK EUROPE LIMITED AND WELLS FARGO BANK INTERNATIONAL as lead arrangers (in this capacity the Additional Lead Arrangers);

 

(7)                                 THE FINANCIAL INSTITUTIONS listed on the signatory pages to this Agreement under the heading Existing Lenders (in this capacity, the Existing Lenders);

 

(8)                                 THE FINANCIAL INSTITUTIONS listed on the signatory pages to this Agreement under the heading New Lenders (in this capacity, the New Lenders); and

 

(9)                                 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as facility agent for the Lenders under and as defined in the Credit Agreement defined below (in this capacity, the Facility Agent).

 

IT IS AGREED as follows:

 

1.                                      INTERPRETATION

 

1.1                               Definitions

 

In this Agreement:

 

Credit Agreement means the US$2,160,000,000 facilities agreement dated 13 February 2014 between, among others, the Company, the Original Mandated Lead Arrangers and the Facility Agent.

 

1

 

Effective Date means 28 March 2014.

 

1.2                               Construction and incorporation of terms

 

(a)                                 Capitalised terms defined in the Credit Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement.

 

(b)                                 The provisions of clauses 1.2 (Construction), 34 (Severability), 27.4 (Waivers and remedies cumulative) and 39.2 (Service of process) of the Credit Agreement apply to this Agreement as though they were set out in full in this Agreement, except that references to the Credit Agreement are to be construed as references to this Agreement.

 

2.                                      TRANSFER

 

2.1                               Transfer of rights and obligations

 

On the Effective Date (regardless of whether a Major Default is then outstanding):

 

(a)                                 each New Lender will become a Lender under the Credit Agreement with the Commitments set out opposite its name in Schedule 1 (Commitments) and each Existing Lender transfers absolutely to each New Lender its rights corresponding to that Existing Lender’s pro rata share on the date of this Agreement of the Commitments set out opposite the New Lender’s name in Schedule 1 (Commitments);

 

(b)                                 the Commitments of each Existing Lender will be reduced to the amounts set out opposite its name in Schedule 1 (Commitments) and each Existing Lender will be released from those of its obligations under the Credit Agreement which correspond to those of its rights transferred to the New Lenders under paragraph (a) above but will retain the Commitments set out opposite its name in Schedule 1 (Commitments);

 

(c)                                  each New Lender will automatically assume and undertakes to perform all of the rights and obligations of a Lender under the Finance Documents in respect of the rights and obligations transferred to it under this Clause and each New Lender will be bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above;

 

(d)                                 each New Lender expressly acknowledges the limitations of responsibility of the Existing Lenders contained in the Credit Agreement; and

 

(e)                                  each New Lender expressly acknowledges that the Existing Lenders are under no obligation to accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Agreement or support any losses incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or otherwise.

 

2.2                               Amounts due on or before the Effective Date

 

Any amounts payable to an Existing Lender by any Obligor on or prior to the Effective Date will be for the account of that Existing Lender, and no New Lender will have any interest in, or any rights in respect of, those amounts.

 

2.3                              Contact details

 

Each New Lender confirms that it has delivered to the Facility Agent its initial contact details for the purposes of the Credit Agreement.

 

2

 

2.4                               Transfer fee

 

The Facility Agent confirms that no transfer fees are payable to it under the Credit Agreement in respect of any transaction contemplated by this Agreement.

 

2.5                               Lender status confirmation

 

(a)                                 For the purpose of, and in accordance with, Clause 12.5 (Lender Status Confirmation) of the Credit Agreement, each New Lender provides confirmation opposite its name in Part 1 of Schedule 2 (Lender status confirmation) as to whether it is a Treaty Lender, a Qualifying Lender (other than a Treaty Lender) or not a Qualifying Lender.

 

(b)                                 For the purpose of, and in accordance with, Clause 12.2(h)(ii)(B) (Tax gross-up) of the Credit Agreement each New Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme confirms opposite its name in Part 2 of Schedule 2 (Treaty Passport Scheme confirmation) its scheme reference number and its jurisdiction of tax residence.

 

2.6                               Consent

 

Each of the Company (for itself and as agent for each of the other Obligors), the Original Mandated Lead Arrangers, the Existing Lenders and the Facility Agent consents to the New Lenders becoming Lenders and each Party accepts this Agreement as a Transfer Certificate being delivered under and for the purposes of Clause 28.6 (Procedure for transfer using a Transfer Certificate) so as to take effect in accordance with the provisions of that clause on the Effective Date.

 

2.7                               New Lender Confirmations

 

Each New Lender confirms to the Existing Lenders and the other Finance Parties that it:

 

(a)                                 has received a copy of the Credit Agreement together with such other documents and information as it has requested in connection with this transactions;

 

(b)                                 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in the Credit Agreement; and

 

(c)                                  has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document.

 

2.8                               Designation

 

(a)                                 On the Effective Date, the Company and each Original Mandated Lead Arranger designate each Additional Mandated Lead Arranger as a Mandated Lead Arranger under and for the purposes of the Credit Agreement and each Additional Mandated Lead Arranger accepts such designation.

 

(b)                                 The Company and each Original Mandated Lead Arranger agree that from the Effective Date, each Additional Lead Arranger shall become party to the Credit Agreement in the capacity of a Lead Arranger and each Additional Lead Arranger accepts such designation.

 

3.                                      AMENDMENTS

 

(a)                                 Pursuant to clause 27 (Amendments and waivers) of the Credit Agreement, the Majority Lenders have consented to the amendments to the Credit Agreement contemplated by this Agreement.

 

3

 

Accordingly, the Facility Agent confirms it is authorised to execute this Agreement on behalf of the Finance Parties.

 

(b)                                 The Credit Agreement will be amended from the Effective Date in accordance with paragraph (c) below.

 

(c)                                  The Credit Agreement will be amended as follows:

 

(i)                                     the definition of Administrative Party in Clause 1.1 (Definitions) of the Credit Agreement will be deleted and replaced as follows:

 

“Administrative Party means each Lead Arranger, each Mandated Lead Arranger, the Global Co-ordinator or the Facility Agent.

 

(ii)                                  the definition of Excluded Subsidiaries in Clause 1.1 (Definitions) of the Credit Agreement will be amended by the replacement of the company name “GRD Limited” with the name “GRD Pty Limited (formerly known as GRD Limited)”;

 

(iii)                               a new definition of Lead Arranger shall be inserted in Clause 1.1 (Definitions) of the Credit Agreement before the definition of Lender and after the definition of Interpolated Screen Rate as follows:

 

“Lead Arranger means:

 

(a)                                                                               each financial institution designated as a Lead Arranger under Clause 2.8(b) (Designation) of the global transfer and amendment agreement dated 28 March 2014 between amongst others, the Original Mandated Lead Arrangers, the Company and the Facility Agent; and

 

(b)                                                                               any other person designated as a lead arranged by the Original Mandated Lead Arrangers and the Company.”

 

(iv)                              each of Clauses 7.4(b) and 7.4(c) of the Credit Agreement will be amended by the replacement of the words “paragraph 7.1” with the words “paragraph (a)”;

 

(v)                                 Clause 8.3 (Mandatory prepayment — relevant issue) of the Credit Agreement will be amended by the replacement of the words “Clause 7.3 (Repayment of Facility C Loans)” with the words “Clause 8.3 (Mandatory prepayment — relevant issue)”;

 

(vi)                              Clause 20.13 (Sanctions) of the Credit Agreement will be amended by the replacement of the words “our business” with the words “the Company’s business”;

 

(vii)                           Clause 20.5(c)(xiv) (Negative pledge) of the Credit Agreement will be amended by the replacement of the words “Majority Banks” with the words “Majority Lenders”; and

 

(viii)                        Clause 22.2 (Role of the Mandated Lead Arranger and Global Co-Ordinator) will be deleted and replaced as follows:

 

“22.2                                                                Role of the Mandated Lead Arrangers, Lead Arrangers and Global Co-Ordinator

 

(a)                                                                               Except as specifically provided in the Finance Documents, no Mandated Lead Arranger or Lead Arranger has any obligations of any kind to any other Party in connection with any Finance Document.

 

4

 

(b)                                                                               Except as specifically provided in the Finance Documents, the Global Co-ordinator has no obligations of any kind to any other Party in connection with any Finance Document.”; and

 

(ix)                              Clause 30.3(a)(v) will be amended by the replacement of the words “and the Mandated Lead Arrangers” with the words “, the Mandated Lead Arrangers and the Lead Arrangers”.

 

(d)                                 The Company on behalf of each Obligor confirms that on the date of this Agreement and the Effective Date the Major Representations are correct in all material respects and would also be true if references to the Agreement were construed as references to the Credit Agreement as amended by this Agreement.

 

(e)                                  The Company (for itself and on behalf of each Obligor) agrees to the amendment of the Credit Agreement as contemplated by this Agreement and with effect from the Effective Date confirms that any guarantee given by it or an Obligor under a Finance Document will continue in full force and effect and extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance Documents as amended by this Agreement.

 

(f)                                   From the Effective Date, the Credit Agreement and this Agreement will be construed as one document.

 

4.                                      NATURE OF THIS AGREEMENT

 

(a)                                 The Facility Agent and the Company designate this Agreement as a Finance Document.

 

(b)                                 The transfer of rights and obligations contemplated by this Agreement will take effect as a novation and the terms of the Credit Agreement will apply to the rights and obligations transferred as if this Agreement were a Transfer Certificate so that on the Effective Date Schedule 1 (Commitments) is substituted for the table showing each Original Lender’s commitments in Schedule 1 (Original Parties) to the Credit Agreement.

 

(c)                                  Except as expressly provided by the terms of this Agreement, each of the Finance Documents will continue in full force and effect.

 

5.                                      COUNTERPARTS

 

This Agreement may be executed in any number of counterparts.  This has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

6.                                      GOVERNING LAW

 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

7.                                      ENFORCEMENT

 

7.1                               Jurisdiction

 

(a)                                 The English courts have exclusive jurisdiction to settle any dispute including a dispute relating to any non-contractual obligation arising out of or in connection with this Agreement.

 

(b)                                The English courts are the most appropriate and convenient courts to settle any such dispute in connection with this Agreement.  The Company (for itself and each Obligor) agrees not to argue to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with this Agreement.

 

5

 

(c)                                  This Clause is for the benefit of the Finance Parties only.  To the extent allowed by law, a Finance Party may take:

 

(i)                                     proceedings in any other court; and

 

(ii)                                  concurrent proceedings in any number of jurisdictions.

 

(d)                                 References in this Clause to a dispute in connection with this Agreement includes any dispute as to the existence, validity or termination of this Agreement.

 

7.2                               Waiver of immunity

 

The Company (for itself and on behalf of each Obligor) irrevocably and unconditionally:

 

(a)                                 agrees not to claim any immunity from proceedings brought by a Finance Party against it or an Obligor (as applicable) in relation to this Agreement and to ensure that no such claim is made on its behalf;

 

(b)                                 consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and

 

(c)                                  waives all rights of immunity in respect of it or its assets.

 

7.3                               Waiver of trial by jury

 

EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED BY THIS AGREEMENT.  THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT.

 

This Agreement has been entered into on the date stated at the beginning of this Agreement.

 

6

 

SCHEDULE 1

 

COMMITMENTS

 

	
Name of Original Lender
    	
 
    	
Facility A Commitments
   (US$)
    	
 
    	
Facility B Commitments
   (US$)
    	
 
    	
Facility C Commitments
   (US$)
    	
 
    	
Revolving Facility
   Commitments
   (US$)
    	
 
    
	
Bank of America Merrill Lynch International Limited
    	
 
    	
62,500,000
    	
 
    	
46,111,113
    	
 
    	
46,111,113
    	
 
    	
13,888,888
    	
 
    
	
Barclays Bank PLC
    	
 
    	
62,500,000
    	
 
    	
46,111,113
    	
 
    	
46,111,113
    	
 
    	
13,888,887
    	
 
    
	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
62,500,000
    	
 
    	
46,111,113
    	
 
    	
46,111,113
    	
 
    	
13,888,887
    	
 
    
	
The Royal Bank of Scotland plc
    	
 
    	
62,500,000
    	
 
    	
46,111,113
    	
 
    	
46,111,113
    	
 
    	
13,888,887
    	
 
    
	
Abbey National Treasury Services Plc (trading as Santander Global   Banking and Markets)
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Australia and New Zealand Banking Group Limited
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Bank of China Limited, London Branch
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
BNP Paribas Fortis SA/NV
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Citibank, N.A. London Branch
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Crédit Agricole Corporate And Investment Bank
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Lloyds Bank plc
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
Royal Bank of Canada
    	
 
    	
—
    	
 
    	
46,111,112
    	
 
    	
46,111,112
    	
 
    	
13,888,889
    	
 
    
	
BBVA Ireland p.l.c.
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Crédit Industriel et Commercial, London Branch
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Deutsche Bank AG, London Branch
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
DNB Bank ASA
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
HSBC Bank plc
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Intesa Sanpaolo S.p.A.
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
National Bank of Abu Dhabi PJSC, London Branch
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Sumitomo Mitsui Banking Corporation
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
TD Bank Europe Limited
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Wells Fargo Bank International
    	
 
    	
—
    	
 
    	
23,055,554
    	
 
    	
23,055,554
    	
 
    	
6,944,445
    	
 
    
	
Total Commitments
    	
 
    	
250,000,000
    	
 
    	
830,000,000
    	
 
    	
830,000,000
    	
 
    	
250,000,000
    	
 
    

 

7

 

SCHEDULE 2

 

NEW LENDER CONFIRMATIONS

 

PART 1

 

LENDER STATUS CONFIRMATION

 

	
Name of New Lender
    	
 
    	
Lender Status Confirmation
    
	
Abbey   National Treasury Services Plc (trading as Santander Global Banking and   Markets)
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Australia and   New Zealand Banking Group Limited
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Bank of China   Limited, London Branch
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
BNP Paribas   Fortis SA/NV
    	
 
    	
Treaty Lender
    
	
Citibank,   N.A. London Branch
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
COMMERZBANK   AKTIENGESELLSCHAFT, LONDON BRANCH
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Crédit   Agricole Corporate And Investment Bank
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Lloyds Bank   plc
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Royal Bank of   Canada
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
BBVA Ireland   p.l.c.
    	
 
    	
Treaty Lender
    
	
Crédit   Industriel et Commercial, London Branch
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Deutsche Bank   AG, London Branch
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
DNB Bank ASA
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
HSBC Bank plc
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Intesa Sanpaolo   S.p.A.
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
National Bank   of Abu Dhabi PJSC, London Branch
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Sumitomo   Mitsui Banking Corporation
    	
 
    	
Treaty Lender
    
	
TD Bank   Europe Limited
    	
 
    	
Qualifying   Lender (other than a Treaty Lender)
    
	
Wells Fargo   Bank International
    	
 
    	
Treaty Lender
    

 

8

 

PART 2

 

TREATY PASSPORT SCHEME CONFIRMATION

 

	
Name of New Lender
    	
 
    	
Treaty Passport scheme reference number and
   jurisdiction of tax residence (if applicable)
    
	
Abbey   National Treasury Services Plc (trading as Santander Global Banking and   Markets)
    	
 
    	
-
    
	
Australia and   New Zealand Banking Group Limited
    	
 
    	
-
    
	
Bank of China   Limited, London Branch
    	
 
    	
-
    
	
BNP Paribas   Fortis SA/NV
    	
 
    	
Reference   Number: 18/B/359080/DTTP
    Jurisdiction of tax residence: Belgium
    
	
Citibank,   N.A. London Branch
    	
 
    	
-
    
	
COMMERZBANK   AKTIENGESELLSCHAFT, LONDON BRANCH
    	
 
    	
-
    
	
Crédit   Agricole Corporate And Investment Bank
    	
 
    	
-
    
	
Lloyds Bank   plc
    	
 
    	
-
    
	
Royal Bank of   Canada
    	
 
    	
-
    
	
BBVA Ireland   p.l.c.
    	
 
    	
Reference   Number: 12/B/254395/DTTP
    Jurisdiction of tax residence: Ireland
    
	
Crédit   Industriel et Commercial, London Branch
    	
 
    	
-
    
	
Deutsche Bank   AG, London Branch
    	
 
    	
-
    
	
DNB Bank ASA
    	
 
    	
-
    
	
HSBC Bank plc
    	
 
    	
-
    
	
Intesa Sanpaolo   S.p.A.
    	
 
    	
-
    
	
National Bank   of Abu Dhabi PJSC, London Branch
    	
 
    	
-
    
	
Sumitomo   Mitsui Banking Corporation
    	
 
    	
Reference   Number: 43/S/274647/DTTP
    Jurisdiction of tax residence: Japan
    
	
TD Bank   Europe Limited
    	
 
    	
-
    
	
Wells Fargo   Bank International
    	
 
    	
Reference   Number: 12/W/356771/DTTP
    Jurisdiction of tax residence: Ireland
    

 

9

 

SIGNATORIES

 

 

	
Company
    	
 
    
	
 
    	
 
    
	
AMEC PLC (for itself and on   behalf of the other Obligors)
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Alan Dick
    	
 
    
	
 
    	
Alan Dick
    	
 
    

 

10

 

	
Original   Mandated Lead Arrangers
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL   LIMITED
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Scot P. Mitchell
    	
 
    
	
 
    	
Scot P. Mitchell
    	
 
    
	
 
    	
 
    	
 
    
	
BARCLAYS BANK PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Keith Hatton
    	
 
    
	
 
    	
Keith Hatton
    	
 
    
	
 
    	
 
    	
 
    
	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Charles Griffiths
    	
 
    
	
 
    	
Charles Griffiths
    	
 
    
	
 
    	
 
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Stuart Foster
    	
 
    
	
 
    	
Stuart Foster
    	
 
    

 

11

 

	
Original Bookrunners
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA MERRILL   LYNCH INTERNATIONAL LIMITED
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Scot P. Mitchell
    	
 
    
	
 
    	
Scot P. Mitchell
    	
 
    
	
 
    	
 
    	
 
    
	
BARCLAYS BANK PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Keith Hatton
    	
 
    
	
 
    	
Keith Hatton
    	
 
    
	
 
    	
 
    	
 
    
	
THE BANK OF   TOKYO-MITSUBISHI UFJ, LTD.
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Charles Griffiths
    	
 
    
	
 
    	
Charles Griffiths
    	
 
    
	
 
    	
 
    	
 
    
	
THE ROYAL BANK OF SCOTLAND   PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Stuart Foster
    	
 
    
	
 
    	
Stuart Foster
    	
 
    

 

12

 

	
Additional   Mandated Lead Arrangers
    	
 
    
	
 
    	
 
    
	
ABBEY   NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING AND   MARKETS)
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Paul McDonagh
    	
 
    
	
 
    	
Paul McDonagh
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ David Navalon
    	
 
    
	
 
    	
David Navalon
    	
 
    
	
 
    	
 
    	
 
    
	
AUSTRALIA AND NEW ZEALAND BANKING GROUP   LIMITED
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Nicholas Hill
    	
 
    
	
 
    	
Nicholas Hill
    	
 
    
	
 
    	
 
    	
 
    
	
BANK OF CHINA LIMITED, LONDON BRANCH
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Steve Hardman
    	
 
    
	
 
    	
Steve Hardman
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Huabin Wang
    	
 
    
	
 
    	
Huabin Wang
    	
 
    
	
 
    	
 
    	
 
    
	
BNP PARIBAS FORTIS SA/NV
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Pierre Demaerel
    	
 
    
	
 
    	
Pierre Demaerel
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Valérie Clar
    	
 
    
	
 
    	
Valérie Clar
    	
 
    
	
 
    	
 
    	
 
    
	
CITIBANK, N.A. LONDON BRANCH
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Andrew Mason
    	
 
    
	
 
    	
Andrew Mason
    	
 
    
	
 
    	
 
    	
 
    
	
COMMERZBANK AKTIENGESELLSCHAFT
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Fabrice Leistner
    	
 
    
	
 
    	
Fabrice Leistner
    	
 
    
	
 
    	
 
    	
 
    
	
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT   BANK
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Mike Hebb
    	
 
    
	
 
    	
Mike Hebb
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Arnaud Létrillart
    	
 
    
	
 
    	
Arnaud Létrillart
    	
 
    
	
 
    	
 
    	
 
    
	
LLOYDS BANK PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Sami Al-Bakri
    	
 
    
	
 
    	
Sami Al-Bakri
    	
 
    
	
 
    	
 
    	
 
    
	
ROYAL BANK OF CANADA
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ G. David Cole
    	
 
    
	
 
    	
G. David Cole
    	
 
    

 

13

 

	
Additional   Lead Arrangers
    	
 
    
	
 
    	
 
    
	
BBVA IRELAND P.L.C.
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Pablo Vallejo
    	
 
    
	
 
    	
Pablo Vallejo
    	
 
    
	
 
    	
 
    	
 
    
	
CRÉDIT INDUSTRIEL ET   COMMERCIAL, LONDON BRANCH
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Ben Travers
    	
 
    
	
 
    	
Ben Travers
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ L. Batson
    	
 
    
	
 
    	
L. Batson
    	
 
    
	
 
    	
 
    	
 
    
	
DEUTSCHE BANK AG, LONDON BRANCH
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Andrea Thomasius
    	
 
    
	
 
    	
Andrea Thomasius
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Tanja Engelbrecht
    	
 
    
	
 
    	
Tanja Engelbrecht
    	
 
    
	
 
    	
 
    
	
DNB BANK ASA
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Jan Erik Berre
    	
 
    
	
 
    	
Jan Erik Berre
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Kelly Sage
    	
 
    
	
 
    	
Kelly Sage
    	
 
    
	
 
    	
 
    	
 
    
	
HSBC BANK PLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Rebecca Parrott
    	
 
    
	
 
    	
Rebecca Parrott
    	
 
    
	
 
    	
 
    	
 
    
	
INTESA SANPAOLO S.P.A.
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Lawrence Wybraniec
    	
 
    
	
 
    	
Lawrence Wybraniec
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Paul Samuels
    	
 
    
	
 
    	
Paul Samuels
    	
 
    
	
 
    	
 
    	
 
    
	
NATIONAL BANK OF ABU DHABI   PJSC, LONDON BRANCH
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Richard Collens 
    	
 
    
	
 
    	
Richard Collens 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Bernard Deery
    	
 
    
	
 
    	
Bernard Deery
    	
 
    
	
 
    	
 
    	
 
    
	
SUMITOMO MITSUI BANKING   CORPORATION
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Thierry Muschs
    	
 
    
	
 
    	
Thierry Muschs
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Francoise Bouchat
    	
 
    
	
 
    	
Francoise Bouchat
    	
 
    
	
 
    	
 
    	
 
    
	
TD BANK EUROPE LIMITED
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Heather Owen
    	
 
    
	
 
    	
Heather Owen
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Ryan Clancy
    	
 
    
	
 
    	
Ryan Clancy
    	
 
    

 

14

 

	
WELLS   FARGO BANK INTERNATIONAL
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ John O’Brien
    	
 
    
	
 
    	
John O’Brien
    	
 
    

 

15

 

	
Existing   Lenders
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA MERRILL   LYNCH INTERNATIONAL LIMITED
    
	
 
    	
 
    
	
By:
    	
/s/ Ilghiz Fazylov
    	
 
    
	
 
    	
Ilghiz   Fazylov
    	
 
    
	
 
    	
 
    
	
BARCLAYS BANK PLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Keith Hatton
    	
 
    
	
 
    	
Keith Hatton
    	
 
    
	
 
    	
 
    
	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Carl Norrdell
    	
 
    
	
 
    	
Carl Norrdell
    	
 
    
	
 
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Stuart Foster
    	
 
    
	
 
    	
Stuart Foster
    	
 
    

 

16

 

	
New   Lenders
    	
 
    
	
 
    	
 
    
	
ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL   BANKING AND MARKETS)
    
	
 
    	
 
    
	
By:
    	
/s/ Paul McDonagh
    	
 
    
	
 
    	
Paul McDonagh
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ David   Navalon
    	
 
    
	
 
    	
David Navalon
    	
 
    
	
 
    	
 
    
	
AUSTRALIA AND NEW ZEALAND   BANKING GROUP LIMITED
    
	
 
    	
 
    
	
By:
    	
/s/ Nicholas Hill
    	
 
    
	
 
    	
Nicholas Hill
    	
 
    
	
 
    	
 
    
	
BANK OF CHINA LIMITED, LONDON BRANCH
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Steve Hardman
    	
 
    
	
 
    	
Steve Hardman
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Huabin   Wang
    	
 
    
	
 
    	
Huabin Wang
    	
 
    
	
 
    	
 
    
	
BNP   PARIBAS FORTIS SA/NV
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Pierre Demaerel
    	
 
    
	
 
    	
Pierre Demaerel
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Valérie   Clar
    	
 
    
	
 
    	
Valérie Clar
    	
 
    
	
 
    	
 
    
	
CITIBANK,   N.A. LONDON BRANCH
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Bogdan Oprea
    	
 
    
	
 
    	
Bogdan Oprea
    	
 
    
	
 
    	
 
    
	
COMMERZBANK AKTIENGESELLSCHAFT, LONDON   BRANCH
    
	
 
    	
 
    
	
By:
    	
/s/ Fabrice Leistner
    	
 
    
	
 
    	
Fabrice Leistner
    	
 
    
	
 
    	
 
    
	
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT   BANK
    
	
 
    	
 
    
	
By:
    	
/s/ Mike Hebb
    	
 
    
	
 
    	
Mike Hebb
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Arnaud Létrillart
    	
 
    
	
 
    	
Arnaud Létrillart
    	
 
    
	
 
    	
 
    
	
LLOYDS   BANK PLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Sami Al-Bakri
    	
 
    
	
 
    	
Sami Al-Bakri
    	
 
    
	
 
    	
 
    
	
ROYAL   BANK OF CANADA
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ G. David Cole
    	
 
    
	
 
    	
G. David Cole
    	
 
    

 

17

 

	
BBVA   IRELAND P.L.C.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Pablo Vallejo
    	
 
    
	
 
    	
Pablo Vallejo
    	
 
    
	
 
    	
 
    
	
CRÉDIT INDUSTRIEL ET COMMERCIAL, LONDON   BRANCH
    
	
 
    	
 
    
	
By:
    	
/s/ Ben Travers
    	
 
    
	
 
    	
Ben Travers
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ L. Batson
    	
 
    
	
 
    	
L. Batson
    	
 
    
	
 
    	
 
    
	
DEUTSCHE   BANK AG, LONDON BRANCH
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Andrea Thomasius
    	
 
    
	
 
    	
Andrea Thomasius
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Tanja Engelbrecht
    	
 
    
	
 
    	
Tanja Engelbrecht
    	
 
    
	
 
    	
 
    
	
DNB   BANK ASA
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Jan Erik Berre
    	
 
    
	
 
    	
Jan Erik Berre
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Kelly Sage
    	
 
    
	
 
    	
Kelly Sage
    	
 
    
	
 
    	
 
    
	
HSBC   BANK PLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Rebecca Parrott
    	
 
    
	
 
    	
Rebecca Parrott
    	
 
    
	
 
    	
 
    
	
INTESA   SANPAOLO S.P.A.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Lawrence Wybraniec
    	
 
    
	
 
    	
Lawrence Wybraniec
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Paul Samuels
    	
 
    
	
 
    	
Paul Samuels
    	
 
    
	
 
    	
 
    
	
NATIONAL BANK OF ABU DHABI PJSC, LONDON   BRANCH
    
	
 
    	
 
    
	
By:
    	
/s/ Richard Collens
    	
 
    
	
 
    	
Richard Collens
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Bernord Derry
    	
 
    
	
 
    	
Bernord Derry
    	
 
    
	
 
    	
 
    
	
SUMITOMO   MITSUI BANKING CORPORATION
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Thierry Muschs
    	
 
    
	
 
    	
Thierry Muschs
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Francoise Bouchat
    	
 
    
	
 
    	
Francoise Bouchat
    	
 
    
	
 
    	
 
    
	
TD   BANK EUROPE LIMITED
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Heather Owen
    	
 
    
	
 
    	
Heather Owen
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Ryan Clancy
    	
 
    
	
 
    	
Ryan Clancy
    	
 
    

 

18

 

	
WELLS   FARGO BANK INTERNATIONAL
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ John O’Brien
    	
 
    
	
 
    	
John O’Brien
    	
 
    

 

19

 

	
Global   Co-ordinator
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL   LIMITED
    
	
 
    	
 
    
	
By:
    	
/s/ Scot P. Mitchell
    	
 
    
	
 
    	
Scot P. Mitchell
    	
 
    
	
 
    	
 
    
	
Facility   Agent
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA MERRILL LYNCH INTERNATIONAL   LIMITED
    
	
 
    	
 
    
	
By:
    	
/s/ Paula Beattie
    	
 
    
	
 
    	
Paula Beattie
    	
 
    

 

20Exhibit 10.3

 

AMEC plc
 Rules of the AMEC
 Performance Share Plan

 

	
Directors’ Adoption
    	
5 May 2011
    
	
 
    	
 
    
	
Shareholder Approval
    	
5 May 2011
    
	
 
    	
 
    
	
Expiry Date
    	
5 May 2016
    

 

Amended by AMEC plc to reflect minor changes to the definition of Investment Shares approved by the Remuneration Committee on 16 October 2012 and 20 March 2014

 

1

 

RULES OF THE 
 AMEC PERFORMANCE SHARE PLAN

 

	
CONTENTS
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1
    	
DEFINITIONS
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
2
    	
NOTIFICATION TO ELIGIBLE   EMPLOYEES
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
3
    	
MAKING OF AWARDS
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
4
    	
TERMS AND CONDITIONS OF   AWARDS
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
5
    	
RIGHTS OF PARTICIPANTS
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
6
    	
PLAN LIMITS
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
7
    	
VARIATIONS IN SHARE CAPITAL
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
8
    	
LAPSE OF RESTRICTIONS AND   VESTING
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
9
    	
TERMINATION OF EMPLOYMENT   AND FORFEITURE
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
10
    	
CHANGE OF CONTROL ETC.
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
11
    	
GENERAL
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    
	
12
    	
AMENDMENTS AND TERMINATION
    	
 
    	
17
    
	
 
    	
 
    	
 
    	
 
    
	
13
    	
GOVERNING LAW
    	
 
    	
18
    

 

2

 

RULES OF THE 
 AMEC PERFORMANCE SHARE PLAN

 

1                                      DEFINITIONS

 

1.1                            In this Plan, unless the context otherwise requires, the following words and expressions shall have the following meanings:

 

	
“Adoption Date”
    	
 
    	
the date on which the Plan is adopted by the   Company;
    
	
 
    	
 
    	
 
    
	
“Associated Company”
    	
 
    	
the meaning given in paragraph 47(1) of   Schedule 3 of the Income Tax (Earnings & Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
“Award”
    	
 
    	
a right to acquire Shares made under the   terms of the Plan including a Nil-Cost Option;
    
	
 
    	
 
    	
 
    
	
“Award Date”
    	
 
    	
the date on which the Grantor resolves to   make an appropriation of Restricted Shares (which, for the avoidance of   doubt, does not include Investment Shares);
    
	
 
    	
 
    	
 
    
	
“Award Statement”
    	
 
    	
a statement in respect of an Award;
    
	
 
    	
 
    	
 
    
	
“Business Day”
    	
 
    	
any day on which the London Stock Exchange is   open for the transaction of business;
    
	
 
    	
 
    	
 
    
	
“Certificate”
    	
 
    	
a share certificate in respect of an   Investment Share, or such other evidence that the Participant holds relevant   Investment Shares as the Committee from time to time determines;
    
	
 
    	
 
    	
 
    
	
“Committee”
    	
 
    	
the remuneration committee of the Directors;
    
	
 
    	
 
    	
 
    
	
“Company”
    	
 
    	
AMEC plc registered in England with number   1675285;
    
	
 
    	
 
    	
 
    
	
“Control”
    	
 
    	
the meaning given in Section 995 of the   Income Tax Act 2007;
    
	
 
    	
 
    	
 
    
	
“Directors”
    	
 
    	
the Board of Directors of the Company;
    
	
 
    	
 
    	
 
    
	
“Discretionary Share Scheme”
    	
 
    	
an Employees’ Share Scheme in which   participation is solely at the discretion of the Committee or any other duly   authorised committee of the Directors;
    
	
 
    	
 
    	
 
    
	
“Eligible Employee”
    	
 
    	
an individual who is an employee or an   executive director of the Company or any of its Subsidiaries who devotes   substantially the whole of his working time to the business of the Company or   any of its Subsidiaries;
    
	
 
    	
 
    	
 
    
	
“Employees’ Share Scheme”
    	
 
    	
the meaning given to that expression by   section 1166 of the Companies Act 2006;
    
	
 
    	
 
    	
 
    
	
“Grantor”
    	
 
    	
the Company, a Subsidiary or the Trustees;
    
	
 
    	
 
    	
 
    
	
“Investment Shares”
    	
 
    	
Either:  

 

(i)                                     Shares which are acquired by the Trustees with funds   provided by the Company from an annual 
    

 

3

 

	
 
    	
 
    	
bonus earned by an Eligible Employee and   registered in the name of the Participant or otherwise beneficially owned by   the Participant;  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)                                  Shares purchased or otherwise acquired by or on   behalf of an Eligible Employee, and registered in the name of the Participant   or otherwise beneficially owned by the Participant; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)                               Shares which are not registered in the name of the   Participant or otherwise beneficially owned by the Participant at the time an   Award is made but which, in the opinion of the Committee, are expected to   become beneficially owned by the Participant not later than three months from   the Award Date, which the Committee has decided may be committed as   investment shares for the purposes of the Plan, and which have been so   committed by the Eligible Employee. The Committee may, in its discretion,   extend this three month period to such longer period as it deems appropriate,   to take account of applicable administrative factors such as the existence of   dealing restrictions;  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iv)                              and in all cases, which relate to Matched Shares   which are the subject of an Award;
    
	
 
    	
 
    	
 
    
	
“London Stock Exchange”
    	
 
    	
the London Stock Exchange plc or any   successor body;
    
	
 
    	
 
    	
 
    
	
“Market Value”
    	
 
    	
on any day, the closing price of a Share (as   quoted in the Daily Official List of the London Stock Exchange) for the   immediately preceding Business Day; provided that if the Trustees have   purchased or sold Shares in connection with the Plan in the market on the day   on which an Award is made, “Market Value” shall mean the average of the   prices achieved for those transactions (excluding any dealing costs);
    
	
 
    	
 
    	
 
    
	
“Matched Shares”
    	
 
    	
Restricted Shares which are awarded pro rata   to Investment Shares;
    
	
 
    	
 
    	
 
    
	
“Model Code”
    	
 
    	
the Model Code for Securities Transactions of   Listed Companies issued by the UK Listing Authority in its present form and   as amended from time to time;
    
	
 
    	
 
    	
 
    
	
“Nil-Cost Option”
    	
 
    	
an option granted under the Plan, with an   exercise price of zero, in accordance with Rule 2.2;
    
	
 
    	
 
    	
 
    
	
“Notification Date”
    	
 
    	
the date when participants are notified of   any opportunity to acquire Investment Shares;
    

 

4

 

	
“Participant”
    	
 
    	
a person to whom an Award has been made;
    
	
 
    	
 
    	
 
    
	
“Performance Condition(s)”
    	
 
    	
a measure (or measures) of the performance of   the Company with specified levels of attainment;
    
	
 
    	
 
    	
 
    
	
“Performance Period”
    	
 
    	
a period over which a Performance   Condition(s) is measured, which shall be a continuous period of at least   three years commencing no earlier than the financial year immediately   preceding the Award Date;
    
	
 
    	
 
    	
 
    
	
“the Plan”
    	
 
    	
the AMEC Performance Share Plan in its   present form or as amended from time to time;
    
	
 
    	
 
    	
 
    
	
“Reorganisation”
    	
 
    	
any variation in the share capital of the   Company, including without limitation a capitalisation issue, rights issue   and a sub-division, consolidation, or reduction in the capital of the   Company;
    
	
 
    	
 
    	
 
    
	
“Restricted Period”
    	
 
    	
the period of time, determined by the   Committee, in respect of an Award, starting with the Award Date and ending   after the completion of the Performance Period, normally being at least three   years, (subject to the Rules);
    
	
 
    	
 
    	
 
    
	
“Restricted Shares”
    	
 
    	
Shares (including Matched Shares) which are   the subject of an Award;
    
	
 
    	
 
    	
 
    
	
“the Rules”
    	
 
    	
these rules of the Plan as amended from   time to time;
    
	
 
    	
 
    	
 
    
	
“Share”
    	
 
    	
an ordinary share in the capital of the Company   (or any share representing it);
    
	
 
    	
 
    	
 
    
	
“Subsidiary”
    	
 
    	
the meaning given in section 1159 of the   Companies Act 2006;
    
	
 
    	
 
    	
 
    
	
“the Trustees”
    	
 
    	
the trustees from time to time of the AMEC   plc Employee Share Trust;
    
	
 
    	
 
    	
 
    
	
“Vesting Date”
    	
 
    	
subject to the Rules, the date at the end of   the Restricted Period (unless the Committee, in exceptional circumstances,   determines otherwise) on which Shares vest unconditionally in a Participant   free of all restrictions imposed on an Award and “vest” or “vesting” shall be   construed accordingly;
    
	
 
    	
 
    	
 
    
	
“UK Listing Authority”
    	
 
    	
the Financial Services Authority as the   competent authority for listing in the United Kingdom under section   74(4) of the Financial Services and Markets Act 2000, or its successors   from time to time.
    

 

1.2                            In the Plan, unless otherwise specified:

 

(a)                               The Rule headings and sub-headings are inserted for ease of reference only and do not affect their interpretation.

 

5

 

(b)                               The singular includes the plural and vice versa.  The masculine includes the feminine and vice versa.

 

(c)                                A reference to any statutory provision includes any statutory modification, amendment, or re-enactment therefor.

 

2                                      NOTIFICATION TO ELIGIBLE EMPLOYEES

 

2.1                            Nomination

 

The Company and any of its Subsidiaries may nominate Eligible Employees to participate in the Plan, for the Committee’s consideration.

 

2.2                            Types of Award

 

Whenever the Committee recommends that Awards shall be made, it shall propose an Award of Restricted Shares and it may, in its discretion, propose that:

 

2.2.1                   part of the Award shall comprise Matched Shares which shall be awarded pro rata to the Investment Shares, provided that the Eligible Employee agrees that the Certificates shall be held by or on behalf of the Grantor during the Restricted Period; and/or

 

2.2.2                   some or all of the Restricted Shares will take the form of a Nil-Cost Option.

 

The Committee shall determine any scale at which any Investment Shares shall be matched.

 

2.3                            Notification

 

Prior to the Award Date, the Committee shall notify each Eligible Employee to whom it has recommended that an Award be made, specifying the number or value of Shares which shall be comprised in the relevant Award and the basis for the making of the Award, including the Performance Condition(s), the associated Performance Period(s) and whether the Restricted Shares take the form of a Nil-Cost Option.

 

2.4                            The notification mentioned in Rule 2.3 shall specify the procedure and timing for the acquisition of Investment Shares to which any Award of Matched Shares shall relate.

 

2.5                            Funding Awards

 

The Company shall determine whether Shares shall be purchased or subscribed. Where Shares are to be purchased, the Company and, where appropriate, each Subsidiary shall provide sufficient monies to enable the Trustees to acquire sufficient Shares to satisfy Awards made to the Participants. Such monies shall be provided when and on such terms as the Company may direct and shall be provided by way of gift or loan, as the Company may direct.  Once received, the Trustees shall hold such monies in accordance with the terms of these Rules and, in the case of a loan, any applicable loan agreement.

 

3                                      MAKING OF AWARDS

 

3.1                            Committee’s recommendations

 

The Grantor may make Awards from time to time to such of the Eligible Employees as may have been recommended by the Committee for the purpose.

 

3.2                            Time when Awards may be made

 

6

 

Awards may only be made within 42 days after:

 

(a)                               the date on which the Plan is approved by the Company in general meeting; or

 

(b)                               the announcement of the Company’s results to the London Stock Exchange for any period; or

 

(c)                                any date on which the Committee resolves that exceptional circumstances exist which justify a recommendation to make Awards.

 

3.3                            Regulatory Restrictions

 

Where the making of an Award is prohibited due to restrictions imposed by statute, order, regulation or Government directive, or by any code adopted by the Company in accordance with the Model Code and/or under any share dealing code of the Company, such Award may be made within 42 days after the lifting of such restrictions provided that:

 

(a)                              if the Award includes Matching Shares, the ratio of such Matching Shares shall not be varied in any way as a result of the postponement of the making of the Award; and

 

(b)                              the Restricted Period in respect of the Award shall be the Restricted Period which would have applied had the making of the Award not been prohibited under this Rule 3.3.

 

4                                      TERMS AND CONDITIONS OF AWARDS

 

4.1                            Terms and Conditions

 

The terms and conditions of each Award shall be consistent with the purposes and provisions of the Plan, but need not be the same in each case, and shall be notified to the Eligible Employee and/or Participant.  The terms attaching to an Award may include, without limitation, a condition that the making of an Award is subject to the surrender for cancellation of any or all outstanding Awards held by the Participant.

 

4.2                            Execution of Award Statements

 

An Eligible Employee who is selected to receive an Award shall not, with respect to such Award, be deemed to have become a Participant, or to have any rights with respect to such Award until the Award is granted by deed. An Award Statement shall be issued to the Participant as soon as practicable after the relevant Award Date.  Each Award Statement shall contain such terms and conditions as may be approved by the Committee and are consistent with these Rules and may be the deed by which the Award is granted or some other document.

 

4.3                            Amendment or Replacement of Award Statements

 

Any Award Statement may be supplemented or amended by the Grantor in writing from time to time, as recommended by the Committee, provided that the terms of such Award Statement, as amended or supplemented, are not inconsistent with the provisions of the Plan.  If an Award Statement is lost or damaged, the Grantor may replace it on such conditions as it wishes to set.

 

4.4                            Performance Conditions

 

An Award shall be made subject to the condition that it may only vest following the attainment of one or more Performance Conditions selected by the Committee and notified 

 

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to the Eligible Employee and/or Participant.  For the avoidance of doubt, this includes applying different Performance Conditions to the part of the Award comprising Matched Shares compared to the rest of the Award. The Committee may amend the Performance Condition(s) if an event happens which the Committee considers to be of a genuine, exceptional nature so that amended Performance Condition(s) would be a fairer measure of performance and would be neither easier nor more difficult to satisfy.

 

4.5                            Dividend Equivalents

 

4.5.1                   The Committee may determine at any time that on the Vesting Date (or on exercise in the case of Nil-Cost Option) the Participant will receive additional Shares to take account of the gross dividends paid on the number of Restricted Shares to be transferred under Rule 8.1(a) (“Basic Award”) with record dates falling between the Award Date and the Vesting Date (or the date of exercise, in the case of a Nil-Cost Option). The number of additional Shares will be calculated on the basis that such dividends were reinvested in Shares at the time of payment and added to the number of Shares in the Basic Award.

 

4.5.2                   The Committee may determine that instead of providing additional Shares a cash payment will be made. For the purposes of calculating the payment the market value of a Share will be the middle market quotation derived from the Daily Official List of the London Stock Exchange on the day preceding Vesting (or exercise, in the case of a Nil-Cost Option).

 

4.5.3                   The Committee may determine that no additional Shares will be awarded (or cash payment made) in relation to all or part of a special dividend that would otherwise be included.

 

4.6                            Regulatory Issues

 

The Grantor may make the vesting of an Award conditional upon the Participant giving such undertakings or satisfying such obligations as shall be deemed necessary to recover or transfer any liability to any taxation, social security contributions or other levies or to comply with any securities, tax or other regulatory issues as may be relevant to the Company, any Subsidiary, the Trustees or the Participant.

 

4.7                            Assignment etc of Restricted Shares

 

During the Restricted Period, the Participant shall not attempt to sell, transfer, charge, pledge, assign or otherwise dispose of all or any Restricted Shares or any interest therein.  Any attempt by the Participant to sell, transfer, pledge, assign or otherwise dispose of such Restricted Shares, or any interest therein, shall result in immediate forfeiture of such Shares.  This Rule 4.7 does not apply to the transmission of Restricted Shares on the death of a Participant to his personal representatives.

 

4.8                            Assignment etc of Investment Shares

 

If during the Restricted Period, the Participant sells, transfers, charges, pledges, assigns or otherwise disposes of all or any of his Investment Shares or any interest therein, then the Matched Shares which relate to those Investment Shares shall be forfeited immediately.  This Rule 4.8 does not apply to the transmission of Investment Shares on the death of a Participant to his personal representatives.

 

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4.9                            Restricted Shares in Trustees’ name

 

Restricted Shares shall be registered in the name of the Trustees during the Restricted Period.

 

4.10                     Stamp duty

 

Any stamp duty chargeable on the instruments of transfer entered into pursuant to each Award shall be borne by the Company, or where relevant, any Subsidiary in respect of Participants employed by it.

 

5                                      RIGHTS OF PARTICIPANTS

 

5.1                            Restricted Shares

 

Subject to Rule 4.5 during the Restricted Period, the Participant shall not have, with respect to any Restricted Shares, any rights of a shareholder of the Company and shall not be able to exercise voting rights attaching to the Restricted Shares or the right to receive dividends and other distributions with respect to such Restricted Shares.

 

5.2                            Investment Shares

 

During the Restricted Period, the Participant shall have, with respect to the Investment Shares, all of the rights of any other shareholder of the Company, including the right to exercise the voting rights attaching to the Investment Shares and the right to receive all dividends and other distributions with respect to such Investment Shares.  If any securities are received in respect of the Investment Shares, as a result of a Reorganisation or otherwise, the share certificates (or such other evidence as the Committee so determines) in respect of such new or additional shares or securities shall be held subject to the Plan and shall form part of the Certificates to which they relate.

 

5.3                            Transfer of Investment Shares

 

The Participant may request the transfer to him of any Certificates at any time.  Where relevant Certificates are withdrawn before the end of the Restricted Period applicable to any corresponding Matched Shares, the rights to those Matched Shares shall lapse immediately.

 

5.4                            End of Restricted Period

 

At the end of the Restricted Period, or when otherwise required by these Rules, any relevant Certificates held by the Trustees shall be transferred or released to the Participant, or as he may direct.

 

6                                      PLAN LIMITS

 

6.1                            Five per cent in ten years

 

The number of Shares which may be allocated under the Plan on any day shall not, when added to the aggregate number of Shares which have been allocated in the previous ten years under the Plan and any other Discretionary Share Scheme adopted by the Company, exceed such number as represents five per cent of the ordinary share capital of the Company in issue from time to time.

 

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6.2                            Ten per cent in ten years

 

The number of Shares which may be allocated under the Plan on any day shall not, when added to the aggregate number of Shares which have been allocated in the previous ten years under the Plan and any other Employees’ Share Scheme adopted by the Company, exceed such number as represents ten per cent of the ordinary share capital of the Company in issue from time to time.

 

6.3                            Meaning of “allocated” and exclusion from limits

 

(a)                               The references in Rules 6.1 and 6.2 to “allocated” mean, in the case of any share option scheme, the placing of unissued Shares under option and, in relation to any other Employees’ Share Scheme of the Company, the issue and allotment of Shares.

 

(b)                               For the purpose of the limits in Rules 6.1 and 6.2, no account shall be taken of Shares allocated under this Plan or under any other Employees’ Share Scheme adopted by the Company where the right to acquire such Shares has lapsed, or been surrendered, disclaimed or cancelled without vesting or being exercised.

 

6.4                            Individual Limits

 

(a)                              The Grantor shall not make an Award to an Eligible Employee which would cause the aggregate Market Value of:

 

(i)                                  the Shares subject to that Award; and

 

(ii)                               the Shares subject to Awards made in the same calendar year,

 

to exceed 250 per cent of his basic annual salary at the Notification Date.

 

For the purposes of this paragraph, Market Value shall be calculated at the date on which the relevant Award is made and basic annual salary for employees whose salary is not denominated in the same currency as the share price shall be determined using an appropriate exchange rate as determined by the Committee.

 

(b)                              For the avoidance of doubt, the term “Award” refers only to Restricted Shares and not to Investment Shares.

 

7                                      VARIATIONS IN SHARE CAPITAL

 

7.1                            Adjustment of Awards

 

If at any time after an Award has been made, there is a demerger, Reorganisation or exempt distribution by virtue of Section 1075 of the Corporation Tax Act 2010 or other distribution in specie, the Grantor may take such action in respect of an Award as it agrees with the Committee, including adjusting the number and/or type of securities subject to an Award..

 

7.2                            Notice

 

The Committee shall notify Participants of any adjustment made under this Rule 7.

 

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8                                      LAPSE OF RESTRICTIONS AND VESTING

 

8.1                            Vesting

 

On the Vesting Date, the restrictions to which an Award is subject shall lapse, whereupon the Company shall, if appropriate and except in the case of a Nil-Cost Option, use its best endeavours to procure that the Trustees shall transfer promptly to the Participant:

 

(a)                               such number of Restricted Shares to which the Participant is then entitled in accordance with the terms of the Award Certificate and any Performance Condition(s) applicable to that Award;

 

(b)                               all relevant Certificates; and

 

(c)                                if relevant, such number of Shares (or, if relevant, such cash payment) calculated in accordance with Rule 4.5. Such payment will be subject to Rule 8.3.

 

A Nil-Cost Option shall become exercisable on the Vesting Date as to the number of Shares determined in accordance with the terms of the Award Certificate and any Performance Condition(s) applicable to that Award and the Participant may exercise it from that date as described in rule 8.4.

 

8.2                           An Award may not vest at any time if such vesting is (or would be) in any way restricted by reason of any statutory, regulatory or other legal provision or rule or the provisions of the Model Code or any other requirement or guidance issued by the UK Listing Authority or the London Stock Exchange or any other body and which relates to dealings in Shares by directors or employees of the Company or any Subsidiary.  If any such vesting is (or would be) so restricted, the relevant Award may vest on the first day after the lifting of such restrictions.

 

8.3                            If in relation to any Award, the Trustees, the Company or any Subsidiary become obliged, under legislation or regulations relevant to the Trustees, the Company, the Subsidiary or the Participant, to account for tax or other liabilities in relation to that Award, the Trustees may, in lieu of delivering all the Shares subject to the Award, sell such proportion thereof as shall equate to the amount of the liability and pay such amount to the relevant authority or to the Company or any relevant Subsidiary to make payment to that authority, unless the Committee has determined that other appropriate arrangements shall be made in order to account for such tax or other liabilities.

 

8.4                            A Participant can exercise a Nil-Cost Option which has become exercisable wholly or in part by giving notice to the Company in such form as it may require. The Company shall use its best endeavours to procure that, where appropriate, the Trustees shall transfer promptly to the Participant:

 

(a)                               the number of Shares in respect of which the Option has been exercised;

 

(b)                               if relevant, such number of Shares (or, if relevant, such cash payment) calculated in accordance with Rule 4.5. Such payment will be subject to Rule 8.3.

 

The Nil-Cost Option will be exercisable for a period of 18 months from the date on which it becomes exercisable or six months, where rule 9.1 or 9.2 applies or six weeks where rule 10 applies. A Nil-Cost Option will be deemed to be exercised on the last day of any of these periods to the extent it has vested and has not previously been exercised.

 

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9                                      TERMINATION OF EMPLOYMENT AND FORFEITURE

 

9.1                            Vesting

 

In the event of a Participant ceasing to be an employee of the Company or any of its Subsidiaries or Associated Companies during the Restricted Period by reason of:

 

(a)                               disability, injury or ill health; or

 

(b)                               redundancy (within the meaning of the Employment Rights Act 1996); or

 

(c)                                retirement with the agreement of his employer; or

 

(d)                               any other reason at the discretion of the Committee, (such discretion to be exercised within 30 days of the cessation),

 

Awards, (or if the Committee so determines, a proportion thereof to take account of such factors as the Committee determines relevant including the proportion of the Restricted Period which has elapsed to the date of cessation, in which case the balance of the Award will lapse at the date of cessation) shall continue until the end of the Performance Period, following which such Restricted Shares may vest, subject to the Performance Condition(s) and any other condition(s) which the Committee at its sole discretion may determine. Following the Vesting Date, any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1 and any other relevant Restricted Shares and Certificates shall be transferred promptly to the Participant.

 

9.2                            In the event of a Participant ceasing to be an employee of the Company or of any of its Subsidiaries or Associated Companies during the Restricted Period by reason of:

 

(a)                               the transfer or sale of the undertaking or part-undertaking in which he is employed to a person who is not under the Control of the Company; or

 

(b)                               the company which employs him ceasing to be under the Control of the Company;

 

9.2.1                   the Committee may, subject to 9.2.2, in its discretion, decide that some or all of the Restricted Shares shall vest as shall be determined by the measurement of the Performance Condition(s) at the date of transfer or sale or such earlier date on which the Performance Condition(s) can be measured; provided that where an Award is subject to more than one Performance Condition(s), the Committee may determine that only one such Performance Condition shall apply.  Following the Vesting Date, any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1 and any other relevant Restricted Shares and Certificates shall be transferred promptly to the Participant.

 

9.2.2                   Alternatively, instead of making the recommendation set out in Rule 9.2.1 above the Committee may, in its discretion, decide that Awards, (or if the Committee so determines, a proportion thereof to take account of such factors as the Committee determines relevant including the proportion of the Restricted Period which has elapsed to the date of cessation) shall continue until the end of the Performance Period, following which such Restricted Shares may vest, subject to the Performance Condition(s). Following the Vesting Date, any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1 and any other relevant Restricted Shares and Certificates shall be transferred promptly to the Participant.

 

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9.3                            In the event of the death of a Participant during the Restricted Period, all the Restricted Shares shall vest immediately and any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1, and any other Restricted Shares and any Certificates shall be transferred immediately to the personal representatives of the Participant.

 

9.4                            If a Participant, whilst continuing to hold an office or employment with the Company or a Subsidiary, is transferred to work in another country and as a result of that transfer the Participant shall either:

 

(a)                               become subject to income tax on his remuneration in the country to which he is transferred and the Committee is satisfied that as a result he shall suffer a tax disadvantage when an Award vests; or

 

(b)                               become subject to restrictions on his ability to deal in the Shares received upon the vesting of the Award by reason of, or in consequence of, the securities law or exchange control laws of the country to which he is transferred,

 

the Committee may, at its discretion, decide that some or all of the Restricted Shares shall vest as shall be determined by the measurement of the Performance Condition(s) at the date of transfer or such earlier date on which the Performance Condition(s) can be measured; provided that where an Award is subject to more than one Performance Condition, the Committee may determine that only one such Performance Condition shall apply. Following the Vesting Date, any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1 and any other relevant Restricted Shares and Certificates shall be transferred promptly to the Participant.

 

9.5                            Forfeiture

 

In the event of:

 

(a)                               the Participant ceasing to be an employee of the Company or any of its Subsidiaries or Associated Companies for any reason other than those specified in Rules 9.1, 9.2 or 9.3, however that cessation occurs, whether lawful or unlawful; or

 

(b)                               the Performance Condition(s) being deemed by the Committee not to have been satisfied; or

 

(c)                                any purported sale, transfer, charge, pledge, assignment or other disposal of all or any Restricted Shares or interest therein under Rule 4.7; or

 

(d)                               any Investment Shares (or any interest therein) to which Matched Shares relate being sold, transferred, charged, pledged, assigned or otherwise disposed of during the Restricted Period; or

 

(e)                                subject to Rule 10.1, the passing of an effective resolution, or the making of an order by the Court, for the winding-up of the Company,

 

any relevant Restricted Shares shall be forfeited, unless the Committee shall otherwise decide and any relevant Certificates shall be transferred to the Participant as soon as practicable.

 

10                               CHANGE OF CONTROL ETC

 

10.1                     This Rule applies on the occurrence of one of the following events (“relevant events”):

 

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(a)                               where a person (or a group of persons acting in concert) obtains Control of the Company by virtue of a general offer becoming or being declared wholly unconditional; or

 

(b)                               where the Court sanctions a compromise or arrangement under section 899 of the Companies Act 2006; or

 

(c)                                where a person (or a group of persons acting in concert) serves a notice to acquire Shares under section 981 Companies Act 2006; or

 

(d)                               where a resolution is passed for the voluntary winding-up of the Company; or

 

(e)                                if an administration order is made in relation to the Company; or

 

(f)                                 notices are sent of a meeting called under section 3 of the Insolvency Act 1986 in relation to a proposed voluntary arrangement in respect of the Company.

 

On the occurrence of any of the events described in this Rule 10.1, subject to Rule 10.2, the Committee may, at its discretion, decide that some or all of the Restricted Shares shall vest as shall be determined by the measurement of the Performance Condition(s) up to the date of the relevant event or such earlier date on which the Performance Condition(s) can be measured; provided that where an Award is subject to more than one Performance Condition, the Committee may determine that only one such Performance Condition shall apply.  Following the date on which the Restricted Share vest under this rule, any Nil-Cost Option will become exercisable to the relevant extent as described in rule 8.1, any other relevant Restricted Shares and Certificates shall be transferred promptly to the Participant.

 

10.2                     Reorganisation or merger

 

This Rule applies when, as a result of events specified in Rule 10.1 (a) or (b) or other reorganisation or merger, a company (the “Acquiring Company”) has obtained Control of the Company or has become entitled and bound to acquire the Shares to which the section 981 notice mentioned in Rule 10.1 (c) relates.

 

When this Rule applies and, if the Committee considers that:

 

(a)                               the shareholders of the Acquiring Company, immediately after it has obtained Control, are substantially the same as the shareholders of the Company immediately before then; or

 

(b)                               the obtaining of Control amounts to a merger with the Company

 

and, if the Acquiring Company consents to the exchange of Awards under this Rule 10.2, then an Award shall not vest.  Instead all rights under the Plan shall be exchanged in accordance with Rule 10.3.

 

10.3                     Exchange

 

Where an Award is to be exchanged and the Acquiring Company agrees, the Participant shall receive a new award to replace the Award.

 

Where a Participant receives a new award then:

 

(a)                              the new award shall be in respect of shares in any body corporate determined by the Committee;

 

(b)                              the new award shall be equivalent to the Award that was exchanged;

 

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(c)                                the new award shall be treated as having been acquired at the same time as the Award that was exchanged and vest in the same manner and at the same time;

 

(d)                               the new award shall be subject to the Rules as they last had effect in relation to the Award that was exchanged, but Rule 12.3 shall not apply;

 

(e)                                any Performance Condition(s) shall continue to apply, if the Committee so determines;

 

(f)                                 with effect from the exchange, the Rules shall be construed in relation to the new award as if references to Shares were references to the shares over which the new award is made and references to the Company were references to the body corporate determined by the Directors under Rule 10.3 (a); and

 

(g)                                no further Awards may be made under the Plan.

 

10.4                     Committee Members

 

The determinations to be made under this Rule 10 shall be made by those people who were members of the Committee immediately before the change of Control or other event by virtue of which the relevant part of this Rule 10 applies.

 

11                               GENERAL

 

11.1                     Notices

 

(a)                               Any notice or other communication to be given to an Eligible Employee or Participant under or in connection with the Plan may be:

 

(i)                                  delivered or sent by post to him at his home address according to the current records of his employing company; or

 

(ii)                               sent by e-mail or fax to any e-mail address or fax number which according to the current records of his employing company is used by him;

 

or in either case such other address which the Company considers appropriate.

 

(b)                               Any notice or other communication which has to be given to the Company or other duly appointed agent under or in connection with the Plan shall be delivered or sent by post to it at its registered office (or such other place as the Committee or duly appointed agent may from time to time decide and notify to the Eligible Employees and Participants) or sent by e-mail or fax to any e-mail address or fax number notified to the sender.

 

(c)                                Any notice or other communication which has to be given to the Trustees under or in connection with the Plan may be delivered or sent by post to them at their registered office (or such other place as is notified to Eligible Employees and Participants) or sent by e mail or fax to any e-mail address or fax number notified to the sender.

 

(d)                               Notices sent by post shall be deemed to have been given on the second day after the date of posting.  However, notices sent by or to an Eligible Employee or Participant who is working overseas shall be deemed to have been given on the seventh day after the date of posting.

 

(e)                                Notices sent by e-mail or fax, in absence of evidence to the contrary, shall be deemed to have been received on the day after sending.

 

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11.2                     Documents sent to Shareholders

 

The Company may send to Participants who are not holders of its Shares copies of any documents or notices normally sent to the holders of its Shares at or around the same time as issuing them to the holders of its Shares.

 

11.3                     Committee’s decisions

 

The decision of the Committee on the interpretation of the Rules or in any dispute relating to an Award or matter relating to the Plan shall be final and binding.

 

11.4                     Regulations

 

The Committee has the power from time to time to make or vary regulations for the administration and operation of the Plan.  Such regulations shall be consistent with the Rules.

 

11.5                     Delegation

 

The Committee may, in its sole discretion, delegate to appropriate officers of the Company the administration of the Plan; provided, however, that no such delegation by the Committee shall be made with respect to the recommendation to the Grantor of the granting of Awards to Directors or other officers of the Company.  All authority delegated by the Committee under this Rule shall be exercised in accordance with the provisions of the Plan and any guidelines for the exercise of such authority that may from time to time be established by the Committee.

 

11.6                     Terms of employment

 

(a)                               This rule 11.6 applies during an Eligible Employee’s or Participant’s employment and after the termination of his employment, whether or not the termination is lawful.

 

(b)                               Nothing in this Plan, the terms of any Restricted Shares or the operation of the Plan shall form part of the contract of employment of an Eligible Employee or a Participant.  The rights and obligations of an Eligible Employee or a Participant under the terms and conditions of his employment shall not be affected by the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.

 

(c)                                No Eligible Employee has a right to participate in the Plan. Participation in the Plan or the grant of Restricted Shares on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Restricted Shares on the same basis, or at all, in any future year.

 

(d)                               Neither an Eligible Employee nor a Participant shall have any right to compensation or damages or any other sum or benefit in respect of his, for any reason whatsoever (whether lawful or unlawful), ceasing to participate, or ceasing to be eligible to participate, in the Plan or in respect of any loss or reduction of any rights or expectation under the Plan in any circumstances or in respect of any decision, omission or discretion, which may operate to the disadvantage of the Participant even if it is unreasonable, irrational or might otherwise be regarded as being in breach of the duty of trust and confidence (and/or any other implied duty) between the Participant and his employer.  Participation in the Plan is permitted 

 

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only on the basis that all or any such rights as might otherwise arise is excluded and waived.

 

(e)                               The terms of the Plan do not entitle the Participant to the exercise of any discretion in his favour

 

(f)                                 Nothing in the Plan confers any benefit on a person who is not an Eligible Employee or Participant and no such third party shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan but this does not affect any right to remedy of a third party which exists or is available apart from those available under that Act.

 

11.7                     Awards not pensionable

 

Awards are not to be taken into account when calculating any Participant’s remuneration for the purposes of a retirement benefit scheme or a personal pension scheme.

 

11.8                     Data Protection

 

(a)                               A Participant consents to the holding and processing of personal data provided by him to the Company for all purposes relating to the operation of the Plan, including but not limited to:

 

(i)                                  administering and maintaining the Participant’s records;

 

(ii)                               providing information to the Trustees, registrars, brokers or third party administrators of the Plan;

 

(iii)                            providing information to future purchasers of the Company or the business in which the Participant works;

 

(iv)                           transferring information about the Participant to a country or territory outside the European Economic Area.

 

11.9                     Consents

 

All allotments, issues and transfers of Shares shall be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the United Kingdom or elsewhere.  The Participant shall be responsible for complying with any requirements he needs to fulfil in order to obtain or avoid the necessity for any such consent.

 

11.10              Articles of Association

 

Any Shares acquired under the Plan shall be subject to the articles of association of the Company from time to time in force.

 

12                               AMENDMENTS AND TERMINATION

 

12.1                     Committee’s powers

 

Except as set out in this Rule 12, the Committee may at any time amend the Plan in any way, but no amendment by the Committee may adversely affect any rights already acquired by a Participant.

 

12.2                     Any amendments to the Plan may be limited to, or may exclude from its effect, particular classes of Participants or Eligible Employees.

 

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12.3                     Shareholder approval

 

No amendment to the advantage of Participants (present or future) may be made to the provisions of the Plan relating to:

 

(a)                               who may be an Eligible Employee or Participant;

 

(b)                               the number of Shares which may be issued under the Plan;

 

(c)                                the maximum entitlement for any one Eligible Employee or Participant;

 

(d)                               the basis for determining an Eligible Employee’s or a Participant’s entitlement to, and the terms of, Awards; or

 

(e)                                any adjustment under Rule 7;

 

unless:

 

(i)                                   it is made with the approval by ordinary resolution of the Company in general meeting; or

 

(ii)                                it is a minor amendment to benefit or facilitate the administration of the Plan or to correct clerical errors, or to take account of a change in legislation, or to obtain or maintain favourable tax, exchange control or regulatory treatment for Eligible Employees or Participants or the Company or any Subsidiary.

 

12.4                     Notice

 

The Committee shall give written notice of any amendment made in accordance with this Rule 12 to the Grantor and may give such notice to Participants.

 

12.5                     Termination of the Plan

 

The Plan shall terminate on 5 May 2016, but the Committee may terminate the Plan at any time before that date.  However, Awards made before such termination shall continue in accordance with these Rules.

 

13                               GOVERNING LAW

 

13.1                     English law governs the Plan and all Awards. The English courts have non-exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

 

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