Document:

Senior Management Performance

 Exhibit 10.1 
  
 MANPOWER INC. 
  
 SENIOR MANAGEMENT 
 PERFORMANCE-BASED
DEFERRED 
 COMPENSATION PLAN 
  
 Effective February 18, 2004 
  

 MANPOWER INC. 
 SENIOR MANAGEMENT 
 PERFORMANCE-BASED DEFERRED COMPENSATION PLAN 
  
 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	PAGE

	ARTICLE I - General Provisions	  	1
	 	 	 Section 1.
	 	Purpose of the Plan	  	1
	 	 	 Section 2.
	 	Overview of the Plan	  	1
	 	 	 Section 3.
	 	Definitions	  	2
	 	 	 Section 4.
	 	Eligibility and Participation Guidelines	  	6
	ARTICLE II – Earnings Per Share and Economic Profit Goals	  	7
	 	 	 Section 1.
	 	Performance Measures	  	7
	 	 	 Section 2.
	 	Performance Goals	  	8
	 	 	 Section 3.
	 	Award Opportunities	  	9
	 	 	 Section 4.
	 	Determination of Awards	  	9
	 	 	 Section 5.
	 	Crediting of Awards to Participant’s Account	  	10
	ARTICLE III - Vesting	  	11
	 	 	 Section 1.
	 	Vesting Rules	  	11
	 	 	 Section 2.
	 	Forfeitures	  	11
	 	 	 Section 3.
	 	Transfers of Employment	  	11
	ARTICLE IV - Distributions	  	12
	 	 	 Section 1.
	 	Events Permitting Distribution	  	12
	 	 	 Section 2.
	 	Election of Form of Distribution	  	12
	 	 	 Section 3.
	 	Times for Distribution	  	13
	 	 	 Section 4.
	 	Death Distribution	  	13
	 	 	 Section 5.
	 	Beneficiary Designations	  	13
	 	 	 Section 6.
	 	Payment to Minors or Incompetents	  	14
	 	 	 Section 7.
	 	Undistributable Amounts	  	15
	ARTICLE V – Domestic Relations Orders	  	16
	 	 	Section 1.	 	Qualified Domestic Relations Orders	  	16
	ARTICLE VI – Plan Administration	  	17
	 	 	 Section 1.
	 	Plan Administrator	  	17
	 	 	 Section 2.
	 	Power of the Plan Administrator	  	17
	 	 	 Section 3.
	 	Decisions of the Plan Administrator	  	18
	 	 	 Section 4.
	 	Administrative Expenses	  	18
	 	 	 Section 5.
	 	Eligibility to Participate	  	18
	 	 	 Section 6.
	 	Indemnification	  	18
	 	 	 Section 7.
	 	Benefit Claim and Appeal Procedure for Non-Disability Benefit Claims	  	19
	 	 	 Section 8.
	 	Benefit Claim and Appeal Procedure for Disability Benefit Claims	  	20
	ARTICLE VII - Funding	  	25
	 	 	 Section 1.
	 	Establishment of a Trust	  	25

							
	 	 	 Section 2.
	 	Participants Remain General Creditors	  	25
	ARTICLE VIII – Modification or Termination of the Plan	  	26
	 	 	 Section 1.
	 	Company Obligations Limited	  	26
	 	 	 Section 2.
	 	Right to Amend, Freeze or Terminate	  	26
	 	 	 Section 3.
	 	Effect of Freeze or Termination	  	26
	ARTICLE IX – Miscellaneous Provisions	  	27
	 	 	 Section 1.
	 	Change of Control	  	27
	 	 	 Section 2.
	 	Plan Information	  	27
	 	 	 Section 3.
	 	Inalienability	  	27
	 	 	 Section 4.
	 	Rights and Duties	  	27
	 	 	 Section 5.
	 	No Guarantee of Employment	  	27
	 	 	 Section 6.
	 	Applicable Law	  	27
	 	 	 Section 7.
	 	Binding Effect	  	27
	 	 	 Section 8.
	 	Severability	  	27
	 	 	 Section 9.
	 	Captions	  	27
	 	 	 Section 10.
	 	Withholding Taxes	  	28
	 	 	 Section 11.
	 	Effective Date	  	28

  
  

 ii 

 MANPOWER INC. 
 SENIOR MANAGEMENT 
 PERFORMANCE-BASED DEFERRED COMPENSATION PLAN 

  
 ARTICLE I 
  
 General Provisions 
  
 Section 1. Purpose of the Plan. The Plan is hereby
established and maintained for the benefit of Company Executives who are members of a “select group of management or highly compensated employees” within the meaning of Section 301(a)(3) of ERISA, in order to provide Company Executives
with certain performance-based deferred compensation benefits. The Plan is an unfunded deferred compensation plan that is intended to qualify for the exemptions provided in, and shall be implemented and administered in a manner consistent with,
Sections 201, 301 and 401 of ERISA. 
  
 The Plan has several key
objectives: 
  
 (a) to reinforce the
Company’s short-term and long-term business strategy; 
  
 (b) to focus Company Executives on shareholder value creation; 
  
 (c) to reward Company Executives for performance and provide opportunities to earn significant rewards for outstanding performance;
and 
  
 (d) to enable the Company to
attract, retain and motivate Company Executives. 
  
 Section 2. Overview of the Plan. The Plan is intended to focus Company Executives on achievement of certain annual operating goals, shareholder value creation, and execution of the Company’s business strategy over
the longer term by aligning Company Executives’ interests with shareholders’ interests. 
  
 The Plan encourages and focuses Company Executives on shareholder value creation. Shareholder value is defined as sustained improvement in the
Company’s Common Stock price over time. The Company can create shareholder value through both short-term and long-term operating performance and growth. 
  
 Under the Plan, incentives for improvement of operating performance are focused on improving Earnings Per Share and Economic Profit of the Company. At the
beginning of each Plan Year, Earnings Per Share and Economic Profit goals for such Plan Year are established for Participants by the Compensation Committee. Deferred compensation benefits may be earned by Participants for the Plan Year based on the
Company’s attainment of these goals. Growing Earnings Per Share is one element of improving the Company’s operating performance. Economic Profit is also an essential measure to use as a benchmark for the Company because it is an
all-inclusive measure that captures both earnings growth and management of capital costs. In addition, Economic Profit is highly correlated with shareholder value creation. 

 The Plan provides for deferred compensation benefits to be determined shortly after the end of each Plan
Year based on achievement of the goals established at the beginning of the Plan Year. In connection with the establishment of the goals, each Participant is assigned threshold, target, and outstanding deferred compensation benefit opportunity
levels. 
  
 Section 3. Definitions.

  
 (a)
“Account” means, as to any Participant, the separate bookkeeping account maintained by the Company in order to reflect the Participant’s interest in the Plan and to record the Awards credited to the Participant
pursuant to Section 5 of Article II, and any adjustments thereto. 
  
 (b) “Alternate Payee” means any spouse, former spouse, child or other dependent (within the meaning of Section 152 of the Code) of a Participant who is recognized by a Qualified Domestic
Relations Order (as defined in Section 1 of Article V) as having a right to receive any immediate or deferred payment from a Participant’s Account under this Plan. 
  
 (c) “Award” means any deferred compensation benefits awarded to a Participant
under the Plan. 
  
 (d) “Base
Compensation” means the amount of a Participant’s basic or regular rate of remuneration paid to the Participant by the Company or any other member of the Manpower Group (in the course of any such employer’s trade or business)
during the Plan Year, including the amount of remuneration that is otherwise excludable from the gross income of the Participant under a salary reduction agreement by reason of the application of Section 125, 132(f), 401(k) or 402(e)(3) of the Code,
but excluding the amount of any overtime, bonuses or incentive pay, and any stock options, restricted stock, performance shares or any other equity awards paid for such period. 
  
 (e) “Beneficiary” means the person(s) entitled to receive benefits under the
Plan, in accordance with Section 5 of Article IV, upon a Participant’s death. 
  
 (f) “Board of Directors” means the Board of Directors of the Company, as from time to time constituted.

  
 (g) “Change of
Control” means the first to occur of the following: 
  
 (i) the acquisition (other than from the Company), by any person (as defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or
indirectly, of beneficial ownership (within the meaning of Exchange Act Rule 13d-3) of more than fifty percent (50%) of the then outstanding shares of Common Stock of the Company or voting securities representing more than fifty percent (50%) of the
combined voting 
  

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

 
 (iii) the consummation of any liquidation or
dissolution of the Company or a sale or other disposition of all or substantially all of the assets of the Company; or 
  
 (iv) individuals who, as of February 18, 2004, constitute the Board of Directors of the Corporation (as of such date, the
“Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided, however, that any person becoming a director subsequent to such date whose election, or nomination for election by the shareholders
of the Company, was approved by at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this Plan, considered as though such person were a member of the Incumbent Board but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest which was (or, if threatened, would have been) subject to Exchange Act Rule 14a-11; or 
  

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 (v) whether or not conditioned on shareholder approval, the issuance by the
Company of Common Stock of the Company representing a majority of the outstanding Common Stock, or voting securities representing a majority of the combined voting power of the outstanding voting securities of the Company entitled to vote generally
in the election of directors, after giving effect to such transaction. 
  
 Following the occurrence of an event which is not a Change of Control whereby there is a successor holding company to the Company, or, if there is no such successor, whereby the Company is not the surviving
corporation in a merger or consolidation, the surviving corporation or successor holding company (as the case may be), for purposes of this definition, shall thereafter be referred to as the Company. 
  
 (h) “Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time, and any proposed, temporary or final Treasury Regulations promulgated thereunder. 
  
 (i) “Common Stock” means the common stock of the Company with a par value of $0.01 per share. 

 
 (j) “Company” means
Manpower Inc., a Wisconsin corporation. 
  
 (k) “Compensation Committee” means the Executive Compensation Committee of the Board of Directors of the Company. 
  
 (l) “Disability” means that a Participant: 
  
 (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or be of long-continued and indefinite duration; and 
  
 (ii) has provided to the Plan Administrator evidence that the Social Security Administration has determined that he or she is
eligible to receive statutory disability benefits. 
  
 (m) “Earnings Per Share” means Earnings Per Share as defined in Section 1(a) of Article II. 
  
 (n) “Economic Profit” means Economic Profit as defined in Section 1(b) of Article II. 
  
 (o) “ERISA” means the
Employee Retirement Income Security Act of 1974, as it may be amended from time to time, and any proposed, temporary or final Treasury or U.S. Department of Labor Regulations promulgated thereunder. 
  

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 (p) “Executive” means: 
  
 (i) the President and Chief Executive Officer of the
Company; 
  
 (ii) the Executive Vice
President and Chief Financial Officer of the Company; and 
  
 (iii) any other senior executive officer of the Company or any other member of the Manpower Group whom the Compensation Committee designates from time to time as being eligible to become a Participant in the
Plan. 
  
 (q) “Manpower
Group” means the Company and its direct and indirect subsidiaries. 
  
 (r) “Participant” means any Executive whom the Compensation Committee designates to participate in the
Plan. 
  
 (s)
“Plan” means the Manpower Inc. Senior Management Performance-Based Deferred Compensation Plan, as amended from time to time. 
  
 (t) “Plan Administrator” means the Company, designated as Plan Administrator pursuant to Section 1 of
Article VI. 
  
 (u) “Plan
Year” means: 
  
 (i) the
period beginning on February 18, 2004 and ending on December 31, 2004; and 
  
 (ii) each subsequent calendar year during the term of the Plan. 
  
 (v) “Qualified Domestic Relations Order” means a Qualified Domestic Relations Order defined in Section 1 of
Article V. 
  
 (w) “Retirement
Date” means the date on which a Participant retires from the Manpower Group on or after: 
  
 (i) attaining age fifty (50) and completing fifteen (15) years of Service; or 
  
 (ii) attaining age sixty-two (62). 
  
 (x) “Service” means, as each
to each Participant, the period beginning on the date his or her employment with the Manpower Group commences and ending on the date his or her employment with the Manpower Group terminates. 
  

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 Section 4. Eligibility and Participation Guidelines. 
  
 (a) Criteria for Participation in the Plan. In
selecting Participants, the Compensation Committee shall take into account the degree to which the proposed Participant can have an impact on the short-term and long-term operating performance and growth of the Company and such other criteria as it
deems relevant. 
  
 (b) Renewal of Participation.
The Compensation Committee reserves the right to remove any Participant from the Plan at any time. Plan participation in one Plan Year does not guarantee participation in subsequent Plan Years. 
  

 6 

 ARTICLE II 
  
 Earnings Per Share and Economic Profit Goals 
  
 Section 1. Performance Measures. 
  
 (a) Earnings Per Share. Earnings Per Share is fully diluted earnings per share of the Company and its
subsidiaries on a consolidated basis. 
  
 (b) Economic
Profit. Economic Profit is net operating profit after taxes of the Company and its subsidiaries on a consolidated basis less a capital charge. 
  
 (i) Net Operating Profit After Taxes. Net operating profit after taxes is defined as net operating profit minus taxes.

  
 (A) Net Operating Profit. Net
operating profit equals earnings before income taxes: 
  
 (I) Plus interest expenses; 
  
 (II) Plus loss on sale of accounts receivable; 
  
 (III) Less interest income. 
  
 (B) Taxes. Taxes equal net operating profit multiplied by the effective tax rate as shown in the Company’s audited financial statements. 
  
 (ii) Capital Charge. Capital charge is defined
as adjusted capital employed multiplied by a weighted average cost of capital. 
  
 (A) Adjusted Capital Employed. Adjusted capital employed equals capital employed plus or minus capital adjustments.

  
 (I) Capital Employed. Capital
employed equals total shareholders’ equity: 
  
 a. Plus long-term debt; 
  
 b. Plus short-term borrowings; 
  
 c. Plus current maturities of long-term debt; 
  
 d. Plus advances under securitization facilities; 
  
 e. Plus accumulated intangible amortization. 
  

 7 

 (II) Capital Adjustments. Capital adjustments are: 
  
 a. Those adjustments required to exclude the effect
of foreign exchange rate fluctuations on the above capital employed items, as reflected in the adjusted capital employed report maintained on a monthly basis by the Company; 
  
 b. Those adjustments required to exclude the effect of any other items recorded in other
comprehensive income; and 
  
 c. For any
acquisitions closed after February 18, 2004, having a total purchase price of more than $3 million, an adjustment to defer and ratably phase in the impact of the purchase price increasing capital employed over the thirty-six (36)-month period
following the date of closing. 
  
 Adjusted capital employed will
be calculated based on the average of the monthly ending balances of each of the capital employed items, as shown in the financial records of the Company and its subsidiaries. 
  
 (B) Weighted Average Cost of Capital. The weighted average cost of capital is the weighted
average of the Company’s cost of equity and cost of debt as determined by the Compensation Committee at the time it establishes the performance goals for any Plan Year, as described in Section 2 of this Article II. 
  
 Section 2. Performance Goals. No later than ninety (90)
days after the beginning of any Plan Year, the Compensation Committee shall set an Earnings Per Share and an Economic Profit goal for the Plan Year. In determining these goals and the corresponding deferred compensation benefit opportunity levels
described below, the Compensation Committee shall seek to align the potential to earn deferred compensation benefits with shareholder value creation and long-term shareholder expectations while taking into account the Company’s annual
opportunities, economic and industry conditions, and the need to provide competitive deferred compensation benefit opportunities for Participants. The goals may vary from Plan Year to Plan Year. The Earnings Per Share and Economic Profit goals for
the Plan’s initial Plan Year, beginning on February 18, 2004 and ending on December 31, 2004, shall be the goals set by the Compensation Committee for the calendar year beginning on January 1, 2004 and ending December 31, 2004. 
  
 (a) Threshold Goal. The minimum level of
performance for which a deferred compensation benefit will be earned will be established as the threshold goal. Achieving the threshold goal will yield the threshold opportunity level. 
  
 (b) Target Goal. The expected level of performance will be established as the target goal.
Achieving the target goal will yield the target opportunity level. 
  

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 (c) Outstanding Goal. An outstanding level of performance will be
established as the outstanding goal. Achieving the outstanding goal will yield the outstanding opportunity level. 
  
 Section 3. Award Opportunities. At the time the performance goals are established, the Compensation Committee shall set the deferred
compensation benefit opportunities corresponding to each of the Earnings Per Share and Economic Profit goals for each Participant for the Plan Year. 
  
 (a) Target Opportunity. Target opportunity will equal a percentage, determined by the Compensation Committee, of the
Participant’s Base Compensation for the Plan Year. 
  
 (b) Threshold Opportunity. Threshold opportunity will equal a percentage (which will be less than the target opportunity), determined by the Compensation Committee, of the Participant’s Base
Compensation for the Plan Year. 
  
 (c)
Outstanding Opportunity. Outstanding opportunity will equal a percentage (which will be greater than the target opportunity), determined by the Compensation Committee, of the Participant’s Base Compensation for the Plan Year.

  
 Section 4. Determination of Awards. The
deferred compensation benefits under this Article II for each Plan Year will be determined based on actual performance relative to the pre-established Earnings Per Share and Economic Profit goals. Except as otherwise provided above, Earnings Per
Share and Economic Profit for the Plan Year shall be based on the audited consolidated financial statements of the Company and its subsidiaries. 
  
 Except as otherwise determined by the Compensation Committee at the beginning of the Plan Year, performance between the target goal and the outstanding
goal will result in a deferred compensation benefit that is linearly interpolated between the target and outstanding opportunities. The amount of the deferred compensation benefits under this Article II shall be capped, and therefore performance in
excess of the outstanding goal will result in the outstanding opportunity. 
  
 Except as otherwise determined by the Compensation Committee at the beginning of the Plan Year, performance between the threshold goal and the target goal will result in a deferred compensation benefit that is
linearly interpolated between the threshold and target opportunities. Performance that is below the threshold goal will result in no deferred compensation benefit. 
  
 Notwithstanding the foregoing, the Compensation Committee may in its discretion adjust the amount of any deferred
compensation benefit otherwise determined under the foregoing criteria to reflect any extraordinary items, repurchases of Common Stock, or such other items as it may deem relevant. 
  

 9 

 Section 5. Crediting of Awards to Participant’s Account. The deferred
compensation benefit earned by a Participant for the Plan Year under this Article II shall be credited to the Participant’s Account as soon as possible after such benefit has been determined, but in no event beyond ninety (90) days after the
end of such Plan Year. Deferred compensation benefits credited to a Participant’s Account under this Section 5 of Article II shall be credited with an indexed rate of return, as determined from time to time by the Compensation Committee in its
discretion. 
  

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 ARTICLE III 
  
 Vesting 
  
 Section 1. Vesting Rules. 
  
 (a) Full Vesting During Employment. Each Participant who is employed with the Manpower Group when the relevant event occurs
shall have a fully (one hundred percent (100%)) vested and nonforfeitable interest in his or her Account upon the first to occur of the following events: 
  
 (i) The Participant attains age fifty (50) and completes fifteen (15) years of Service; or 
  
 (ii) The Participant attains age sixty-two (62).

  
 (b) Full Vesting Upon Termination of
Employment By Reason of Death or Disability. Each Participant who terminates employment with the Manpower Group by reason of death or Disability prior to the first to occur of the events described in Section 1(a)(i) and Section 1(a)(ii)
above shall have a fully (one hundred percent (100%)) vested and nonforfeitable interest in his or her Account on the date his or her employment terminates for either reason. 
  
 Each Participant who terminates employment with the Manpower Group for any reason other than death or Disability prior to
the first to occur of the events described in Section 1(a)(i) and Section 1(a)(ii) above shall not have any (zero percent (0%)) vested interest in his or her Account on the date his or her employment terminates. 
  
 Section 2. Forfeitures. A Participant’s nonvested
Account balance shall be immediately forfeited upon termination of his or her employment with the Manpower Group. 
  
 Section 3. Transfers of Employment. A Participant’s transfer of employment among the members of the Manpower Group shall not be
deemed, for any purpose under the Plan, to be the Participant’s termination of employment with the Manpower Group. 
  

 11 

 ARTICLE IV 
  
 Distributions 
  
 Section 1. Events Permitting Distribution. A Participant’s vested Account balance shall become distributable only in the
following circumstances: 
  
 (a) Upon
termination of the Participant’s employment with the Manpower Group on or after his or her Retirement Date; 
  
 (b) Upon termination of the Participant’s employment with the Manpower Group by reason of his or her death; 
  
 (c) Upon termination of the Participant’s
employment with the Manpower Group by reason of his or her Disability; and 
  
 (d) Upon the creation or recognition of an Alternate Payee’s right to all or a portion of a Participant’s vested Account balance under a domestic relations order which the Plan Administrator
determines is a Qualified Domestic Relations Order (as defined in Section 1 of Article V), but only as to the portion of the Participant’s vested Account balance which the Qualified Domestic Relations Order states is payable to the Alternate
Payee. 
  
 Section 2. Election of Form of
Distribution. 
  
 (a) Distribution
Elections. Each Participant shall elect, in accordance with rules and procedures established by the Plan Administrator, the form and timing of payment for distribution of the Participant’s vested Account balance. Distribution of the
Participant’s vested Account balance shall be made, at the direction of the Plan Administrator and based upon the Participant’s distribution election made in accordance with this Section 2(a) of Article IV, in such manner and within such
advance notice period as the Plan Administrator shall specify, in its discretion, in one of the following forms: 
  
 (i) A lump sum payment, in cash and/or shares of Common Stock (as determined by the Plan Administrator in its discretion),
comprising a complete distribution of the Participant’s vested Account balance; or 
  
 (ii) Annual installment payments, in cash and/or shares of Common Stock (as determined by the Plan Administrator in its
discretion), over a five (5) to fifteen (15) year period. 
  
 If
a Participant fails to elect a distribution method under this Section 2(a) of Article IV, distribution shall be made in the lump sum form provided under Section 2(a)(i) of this Article IV. If a Participant elects installment payments provided under
Section 2(a)(ii) of this Article IV, retires on or after his or her Retirement Date, and begins to perform services thereafter, in any capacity, for any competitor of the Manpower Group, then, 
  

 12 

 regardless of his or her installment payment election, distribution of the Participant’s remaining
vested Account balance shall be made in the lump sum form provided in Section 2(a)(i) of this Article IV. 
  
 (b) Change of Distribution Election. A Participant who is an employee of the Manpower Group may change the method of
distribution elected pursuant to Section 2(a) of this Article IV by giving notice of such change, in such manner and within such advance notice period as the Plan Administrator shall specify in its discretion, and such change shall become effective
as of the second (2nd) January 1st following the Plan Administrator’s receipt of the notice, provided, the Participant remains an employee of the Manpower Group on such effective date. 
  
 Section 3. Times for Distribution. Subject to Section
2(a) of this Article IV, and except as provided in Section 1 of Article V (relating to Qualified Domestic Relations Orders): 
  
 (a) if a distribution is to be made in the lump sum form provided under Section 2(a)(i) of this Article IV, distribution shall be
made as soon as reasonably possible following the date the event permitting the distribution occurs; and 
  
 (b) if distributions are to be made in the form of installment payments provided under Section 2(a)(ii) of this Article IV, the
first (1st) installment shall be paid on or about the January 1st immediately following the date the event permitting the distribution occurs, and the remaining installments shall be paid on the successive anniversaries of the date of the first
(1st) payment. 
  
 Section 4. Death Distribution.
Upon a Participant’s death and the Plan Administrator’s receipt of satisfactory proof of death, distribution of the Participant’s vested Account balance shall be paid to the Participant’s Beneficiary in the form which the
Participant elected pursuant to Section 2(a) of this Article IV. Notwithstanding any Plan provision to the contrary, if a Participant elects installment payments provided under Section 2(a)(ii) of this Article IV, and dies thereafter, his or her
Beneficiary may elect, pursuant to Section 2(a) of this Article IV, to have the Participant’s remaining vested Account balance distributed in the lump sum form provided under Section 2(a)(i) of this Article IV. 
  
 Section 5. Beneficiary Designations. A Participant may
designate one or more primary and contingent Beneficiaries on such form as the Plan Administrator shall specify. If a married Participant designates anyone other than his or her spouse as a primary Beneficiary, the designation shall be ineffective
in the absence of spousal consent, as defined in Section 5(a) of this Article IV. 
  
 (a) Spousal Consent. “Spousal consent” means the written consent of a married Participant’s spouse, which:

  
 (i) acknowledges the effect of the
election, consent, waiver or designation made or other action taken by the Participant; and 
  

 13 

 (ii) is signed by the spouse and witnessed by a Plan representative or a notary
public. 
  
 If a Participant establishes to the satisfaction of
the Plan Administrator that spousal consent is not obtainable or is not required, because the Participant has no spouse or the spouse cannot be located, the Participant’s election or other action shall be effective without spousal consent. Any
spousal consent required under the Plan shall be valid only with respect to the spouse who signed the spousal consent and as to the particular choice made by the Participant in the election or other action requiring spousal consent. Without spousal
consent, a Participant may revoke a prior election or other action at any time before its effective date. The number of revocations shall not be limited. 
  
 (b) Changes and Failed Designations. A Participant may designate different Beneficiaries (or revoke a prior
Beneficiary designation) at any time by delivering a new designation form (or a signed revocation of a prior designation) to the Plan Administrator. 
  
 (i) Any designation shall become effective only upon its receipt by the Plan Administrator but shall cease to be effective when a
written revocation of that designation is received by the Plan Administrator. 
  
 (ii) The last effective designation received by the Plan Administrator shall supersede all prior designations. 
  
 (iii) If a Participant dies without having designated a Beneficiary, or if no Beneficiary survives the Participant, the
Participant’s vested Account balance shall be payable to his or her surviving spouse or, if the Participant is not survived by his or her spouse, the Participant’s vested Account balance shall be paid to the executor or administrator of
the Participant’s estate. 
  
 Section 6.
Payments to Minors or Incompetents. If any individual to whom a benefit is payable under the Plan is a minor, or if the Plan Administrator determines that any individual to whom a benefit is payable under the Plan is mentally incompetent
to receive such payment or to give a valid release therefor, payment shall be made to the guardian, Plan Administrator, or other representative of the estate of the minor or incompetent which has been duly appointed by a court of competent
jurisdiction. If no guardian, Plan Administrator or other representative has been appointed, then: 
  
 (a) payment may be made to any person as custodian for the minor or incompetent under the Wisconsin Transfers to Minors Act (or
comparable law of another state); or 
  
 (b) payment may be made to or applied to or for the benefit of the minor or incompetent, his or her spouse, children or other dependents, the institution maintaining him or her, or any of them, in such proportion as the Plan
Administrator (in its discretion) from time to time shall determine; and 
  

 14 

 (c) the release of the person or institution receiving the payment shall be a
valid and complete discharge of any liability of the Plan with respect to any benefit so paid. 
  
 Section 7. Undistributable Amounts. Each Participant and (in the event of the Participant’s death) his or her Beneficiary shall keep the Plan Administrator apprised of his or her current
address. If the Plan Administrator is unable (after making reasonable efforts) to locate the Participant or Beneficiary to whom the vested Account balance is payable under this Article IV: 
  
 (a) The Participant’s vested Account balance
shall be frozen as of the date the Participant or Beneficiary entitled to payment of the vested Account balance is first determined to be unlocatable and no further appreciation, depreciation, earnings, gains or losses shall be credited or debited
thereto. 
  
 (b) If the Participant or
Beneficiary whose vested Account balance was frozen under Section 7(a) of this Article IV later files a claim for distribution of the vested Account balance, and if the Plan Administrator determines in its discretion that such claim is valid, then
the balance previously frozen shall be restored to the Account. 
  

 15 

 ARTICLE V 
  
 Domestic Relations Orders 
  
 Section 1. Qualified Domestic Relations Orders. The Plan Administrator shall determine whether a
domestic relations order purporting to dispose of any portion of a Participant’s Account is a Qualified Domestic Relations Order (within the meaning of Section 414(p) of the Code). 
  
 (a) No Payment Unless a Qualified Domestic Relations Order. No payment shall be made to an
Alternate Payee until the Plan Administrator (or a court of competent jurisdiction reversing an initial adverse determination by the Plan Administrator) determines that the order is a Qualified Domestic Relations Order. The Plan Administrator shall
establish a subaccount to record the Alternate Payee’s interest in the Participant’s Account as soon as reasonably possible after the Qualified Domestic Relations Order determination is made. Payment shall be to any Alternate Payee, as
specified in the Qualified Domestic Relations Order, in accordance with Section 1(b) of this Article V. 
  
 (b) Immediate Payment. Payment will be made to an Alternate Payee, in a lump sum, in cash and/or in shares of Common Stock
(as determined by the Plan Administrator in its discretion), in accordance with the Qualified Domestic Relations Order, as soon as reasonably possible after the Qualified Domestic Relations Order determination is made, without regard to whether the
distribution, if made to a Participant at the time specified in the Qualified Domestic Relations Order, would be permitted under the terms of the Plan. 
  
 (c) Hold Procedures. Notwithstanding any contrary Plan provision, at any time the Plan Administrator, in its discretion, may
place a hold upon all or a portion of a Participant’s Account, at such time and for such reasonable period as the Plan Administrator in its discretion may determine, if the Plan Administrator receives notice that (i) a domestic relations order
is being sought by the Participant, his or her spouse, former spouse, child or other dependent, and (ii) the Participant’s Account is a source of payment under such order. For purposes of this Section 1(c) of Article V, a “hold” means
that no distributions may be made from a Participant’s Account. The Plan Administrator shall notify the Participant if a hold is placed upon his or her Account pursuant to this Section 1(c) of Article V. 
  

 16 

 ARTICLE VI 
  
 Plan Administration 
  
 Section 1. Plan Administrator. The Company is hereby designated as the Plan Administrator of the Plan. The Company may delegate
certain specified duties of Plan administration to an individual or group of individuals who, with respect to such duties, shall have all reasonable powers necessary or appropriate to accomplish them. 
  
 Section 2. Power of the Plan Administrator. The Plan
Administrator shall have all powers necessary to supervise the administration of the Plan and to control its operation in accordance with its terms, including, but not by way of limitation, the following discretionary powers: 
  
 (a) To interpret the provisions of the Plan and to
determine any question arising under, or in connection with the administration or operation of, the Plan; 
  
 (b) To determine all questions concerning the eligibility of any Executive to become or remain a Participant in the Plan;

  
 (c) To cause an Account to be
maintained for each Participant; 
  
 (d)
To determine the manner and form of any distribution to be made under the Plan; 
  
 (e) To determine the status and rights of Participants and their spouses, Beneficiaries or estates; 
  
 (f) To appoint and discharge such trustees,
recordkeepers, consultants, counsel (who may be counsel to the Company) and other agents and advisers, and to obtain such other services, as it may deem necessary or appropriate in carrying out the provisions of the Plan; 
  
 (g) To prescribe the manner and notice period in
which any Participant, or his or her spouse or other Beneficiary, may make any election or designation provided under the Plan; 
  
 (h) To establish rules for the performance of its powers and duties and for the administration of the Plan; 
  
 (i) To establish rules, regulations and procedures
under which requests for Plan information from Participants are processed promptly and completely; 
  
 (j) To act as agent for the Company in keeping all records and assisting with the preparation, filing and distribution of all
necessary reports and disclosures; 
  

 17 

 (k) To delegate to any one or more of its members or to any other person,
severally or jointly, the authority to perform for and on behalf of the Plan Administrator one or more of the functions of the Plan Administrator under the Plan; 
  
 (l) To exercise the authority to make decisions and to make changes to the Plan independent of the
Board of Directors, including adopting one or more amendments to the Plan, that are not anticipated to have a material financial impact on the Plan or the Company or any other member of the Manpower Group or a material adverse effect on
Participants; 
  
 (m) To establish,
liquidate or consolidate any rabbi trust or secular trust associated with the Plan; and 
  
 (n) To make any and all decisions, to take any and all actions, and execute any and all documents as the Plan Administrator, its
delegate or the officers of the Company deem necessary or desirable to implement any resolutions made by the Board of Directors and to contribute to the smooth operation of the Plan. 
  
 Section 3. Decisions of the Plan Administrator. All decisions of the Plan Administrator, any action
taken by the Plan Administrator with respect to the Plan and within the powers granted to it under the Plan, and any interpretation of any provision of the Plan by the Plan Administrator, shall be conclusive and binding on all persons, and shall be
given the maximum possible deference allowed by law. 
  
 Section 4. Administrative Expenses. The members of the Plan Administrator shall serve without compensation for their services as Plan Administrator members. All expenses incurred in connection with the administration of
the Plan or the trust, if any, by the Company or any other member of the Manpower Group, the Plan Administrator or otherwise, including trustee, if any, and legal fees and expenses, shall be equitably apportioned among the Company or any other
member of the Manpower Group as determined by the Plan Administrator in its discretion. 
  
 Section 5. Eligibility to Participate. No member of the Plan Administrator, who is also a Participant, shall be excluded from membership in the Plan, but he or she (as a member of the Plan
Administrator) shall not act or pass upon any matters pertaining specifically to his or her own Account under the Plan. 
  
 Section 6. Indemnification. The Company and each other member of the Manpower Group shall, and by adopting the Plan, agree to,
indemnify and hold harmless any of their employees, officers or directors who may be deemed to be a fiduciary of the Plan, and the members of the Plan Administrator, from and against any and all losses, claims, damages, expenses and liabilities
(including reasonable attorneys’ fees and amounts paid, with the approval of the Board of Directors, in settlement of any claim) arising out of or resulting from the implementation of a duty, act or decision with respect to the Plan, so long as
such duty, act or decision does not involve bad faith, gross negligence or willful misconduct on the part of any such individual. 
  

 18 

 Section 7. Benefit Claim and Appeal Procedure for Non-Disability Benefit Claims.
This Section 7 of Article VI applies to any claim for non-Disability benefits under the Plan. Claims for Disability benefits are governed by Section 8 of this Article VI. 
  
 If a claim for non-Disability benefits is wholly or partially denied, the Plan Administrator shall furnish the Participant
or Beneficiary (hereinafter referred to as a “claimant”) or his authorized representative with written or electronic notice of such denial within a reasonable period of time (not to exceed ninety (90) days after the Plan Administrator
receives the claim or one hundred eighty (180) days, if the Plan Administrator determines that special circumstances require an extension of time for processing the claim and furnishes written notice of the extension to the claimant or his
authorized representative prior to the end of the initial ninety (90)-day period), setting forth, in a manner calculated to be understood by the claimant, the following information: 
  
 (a) the specific reason or reasons for the denial of the claim; 
  
 (b) reference to the specific Plan provisions on
which the denial is based; 
  
 (c) a
description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and 
  
 (d) a description of the Plan’s review procedures and the time limits applicable to such
procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review. 
  
 Any electronic notice of the Plan Administrator’s decision denying the claim shall comply with the standards imposed by U.S. Department of Labor Regulations Section
2520.104b-1(c)(1)(i), (iii), and (iv). The Plan Administrator’s written extension notice, described above, shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render
its decision on the claim. 
  
 The claimant or his authorized
representative may appeal the Plan Administrator’s decision denying his claim within sixty (60) days after he or his authorized representative receives the Plan Administrator’s notice denying the claim. The claimant or his authorized
representative may submit to the Plan Administrator written comments, documents, records, and other information relating to the claim. The claimant or his authorized representative shall be provided, upon request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claimant’s claim. For purposes of this Section 7 of Article VI, a document, record or other information shall be considered “relevant” to a
claimant’s claim if such document, record or other information (i) was relied upon by the Plan Administrator in making its decision on the claim, (ii) was submitted, considered, or generated in the course of the Plan Administrator’s making
its decision on the claim, without regard to whether the Plan Administrator relied upon such document, record or other information in making its decision, or (iii) complies with administrative processes and safeguards which are designed to ensure
and to verify that decisions on claims are made in accordance with governing Plan documents, whose 
  

 19 

 provisions are applied consistently with respect to similarly situated claimants. The Plan Administrator’s review of
the claimant’s claim and of the Plan Administrator’s denial of such claim shall take into account all comments, documents, records, and other information submitted by the claimant or his authorized representative relating to the claim,
without regard to whether such information was submitted or considered in the initial decision on the claim. 
  
 The Plan Administrator’s decision on the appeal of a denied claim shall be made within a reasonable period of time (not to exceed sixty (60) days
after receipt of the claimant’s request for review by the Plan, unless the Plan Administrator determines that special circumstances (such as a need to hold a hearing) require an extension of time for processing the claim). If the Plan
Administrator determines that an extension of time for processing is required, written notice of the extension shall be furnished to the claimant or his authorized representative prior to the termination of the initial sixty (60)-day period. In no
event shall such extension exceed a period of sixty (60) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the
determination on review. The Plan Administrator shall furnish the claimant or his authorized representative with written or electronic notice of its decision on appeal. Any electronic notice of the Plan Administrator’s decision on appeal shall
comply with the standards imposed by U.S. Department of Labor Regulations Section 2520.104b-1(c)(1)(i), (iii), and (iv). In the case of a decision on appeal upholding the Plan Administrator’s initial denial of the claimant’s claim, such
notice shall set forth, in a manner calculated to be understood by the claimant, the following information: 
  
 (a) the specific reason or reasons for the decision on appeal; 
  
 (b) reference to the specific Plan provisions on which the decision on appeal is based; 

 
 (c) a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; and 
  
 (d) a statement describing any voluntary appeal procedures (including voluntary arbitration or any
other form of dispute resolution) offered by the Plan and the claimant’s right to obtain information sufficient to enable the claimant to make an informed judgment about whether to submit a benefit dispute to the voluntary level of appeal, and
a statement of the claimant’s right to bring an action under Section 502(a) of ERISA. 
  
 Section 8. Benefit Claim and Appeal Procedure for Disability Benefit Claims. This Section 8 of Article VI applies to any claim for Disability benefits under the Plan. Claims for non-Disability
benefits are governed by Section 7 of this Article VI. 
  
 If a
claim for Disability benefits under the Plan is wholly or partially denied, the Plan Administrator shall furnish the Participant or Beneficiary (hereinafter referred to as a “claimant”) or his authorized representative with written or
electronic notice of such denial, within a 
  

 20 

 reasonable period of time, not to exceed forty-five (45) days after the Plan Administrator receives the claim. This
forty-five (45)-day period may be extended for up to thirty (30) days, if the Plan Administrator both determines that such an extension is necessary due to matters beyond its control and notifies the claimant, prior to the expiration of the initial
forty-five (45)-day period, of the circumstances requiring the extension of time and the date by which the Plan Administrator expects to render a decision. If, prior to the end of the first thirty (30)-day extension period, the Plan Administrator
determines that, due to matters beyond its control, it cannot render a decision within that extension period, the period for making the determination may be extended for up to an additional thirty (30) days, provided that the Plan Administrator
notifies the claimant, prior to the expiration of the first thirty (30)-day extension period, of the circumstances requiring the extension and the date by which the Plan Administrator expects to render a decision. In the case of any extension under
this Section 8 of Article VI, the notice of extension shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve
those issues, and the claimant will be given at least forty-five (45) days within which to provide the specified information. 
  
 Any written or electronic notice of the denial of benefits under this Section 8 of Article VI shall set forth, in a manner calculated to be understood by
the claimant, the following information: 
  
 (a) the specific reason or reasons for the denial of the claim; 
  
 (b) reference to the specific Plan provisions on which the denial is based; 
  
 (c) a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; 
  
 (d) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of
the claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review; and 
  
 (e) if the Plan Administrator relied upon an internal rule, guideline, protocol, or other similar criterion in making the adverse
determination, the notice shall set forth the specific rule, guideline, protocol, or other similar criterion or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination and
that a copy of such rule, guideline, protocol, or other criterion will be provided free of charge to the claimant upon request. If the adverse benefit determination is based on a medical judgment, the notice also shall set forth an explanation of
the scientific or clinical judgment for the determination, applying the Plan’s terms to the claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request. 
  

 21 

 Any electronic notice of the Plan Administrator’s decision denying the claim shall comply with the
standards imposed by U.S. Department of Labor Regulations Section 2520.104b-1(c)(1)(i), (iii), and (iv). The Plan Administrator’s written extension notice, described above, shall indicate the special circumstances requiring an extension of time
and the date by which the Plan Administrator expects to render its decision on the claim. 
  
 The claimant or his authorized representative may appeal the Plan Administrator’s decision denying his claim within one hundred eighty (180) days after he or his authorized representative receives the Plan
Administrator’s notice denying the claim. The claimant or his authorized representative may submit to the Plan Administrator written comments, documents, records, and other information relating to the claim. The claimant or his authorized
representative shall be provided, upon request and free of charge, reasonable access to, and copies of all documents, records, and other information relevant to the claimant’s claim. For purposes of this Section 8 of Article VI, a document,
record or other information shall be considered “relevant” to a claimant’s claim if such document, record or other information (i) was relied upon by the Plan Administrator in making its decision on the claim, (ii) was submitted,
considered, or generated in the course of the Plan Administrator’s making its decision on the claim, without regard to whether the Plan Administrator relied upon such document, record or other information in making its decision, or (iii)
complies with administrative processes and safeguards which are designed to ensure and to verify that decisions on claims are made in accordance with governing Plan documents, whose provisions are applied consistently with respect to similarly
situated claimants. The Plan Administrator’s review of the claimant’s claim and of the Plan Administrator’s denial of such claim shall take into account all comments, documents, records, and other information submitted by the claimant
or his authorized representative relating to the claim, without regard to whether such information was submitted or considered in the initial decision on the claim. The review of the Plan Administrator’s initial adverse benefit determination
shall not afford deference to such determination and shall be conducted by the Board of Directors (a named fiduciary of the Plan for this purpose who is neither the individual who made the initial adverse benefit determination nor a subordinate of
that individual). In deciding an appeal of any initial adverse benefit determination that is based, in whole or in part, on a medical judgment, the Board of Directors shall consult with a health care professional who has appropriate training and
experience in the field of medicine involved in the medical judgment. The medical or vocational experts whose advice was obtained on behalf of the Plan Administrator in connection with its adverse benefit determination shall be identified to the
claimant or his authorized representative, regardless of whether the Plan Administrator relied upon the advice in making the benefit determination. The health care professional whom the Board of Directors consults in making his review of the Plan
Administrator’s initial adverse benefit determination shall be an individual who is neither an individual whom the Plan Administrator consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the
subordinate of any such individual. 
  

 22 

 The decision of the Board of Directors on the appeal of a denied claim shall be made within a reasonable
period of time (not to exceed forty-five (45) days after receipt of the claimant’s request for review by the Plan, unless the Board of Directors determines that special circumstances (such as a need to hold a hearing) require an extension of
time for processing the claim). If the Board of Directors determines that an extension of time for processing is required, written notice of the extension shall be furnished to the claimant or his authorized representative prior to the termination
of the initial forty-five (45)-day period. In no event shall such extension exceed a period of forty-five (45) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and
the date by which the Plan expects to render the determination on review. The Board of Directors shall furnish the claimant or his authorized representative with written or electronic notice of his decision on appeal. Any electronic notice of such
decision on appeal shall comply with the standards imposed by U.S. Department of Labor Regulations Section 2520.104b-1(c)(1)(i), (iii), and (iv). In the case of a decision on appeal upholding the Plan Administrator’s initial denial of the
claimant’s claim, such notice shall set forth, in a manner calculated to be understood by the claimant, the following information: 
  
 (a) the specific reason or reasons for the decision on appeal; 
  
 (b) reference to the specific Plan provisions on which the decision on appeal is based; 

 
 (c) a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; 
  
 (d) a statement describing any voluntary appeal procedures (including voluntary arbitration or any
other form of dispute resolution) offered by the Plan and the claimant’s right to obtain information sufficient to enable the claimant to make an informed judgment about whether to submit a benefit dispute to the voluntary level of appeal, and
a statement of the claimant’s right to bring an action under Section 502(a) of ERISA; 
  
 (e) if the Compensation Committee relied upon an internal rule, guideline, protocol, or other similar criterion in making the
adverse determination, the notice shall set forth the specific rule, guideline, protocol, or other similar criterion or a statement that such rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination
and that a copy of such rule, guideline, protocol, or other criterion will be provided free of charge to the claimant upon request; 
  
 (f) if the adverse benefit determination is based on a medical judgment, the notice also shall set forth an explanation of the
scientific or clinical judgment for the determination, applying the Plan’s terms to the claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request; and 
  

 23 

 (g) in addition, the notice shall include the following statement: “You and
your Plan may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is to contact your local U.S. Department of Labor office and your State insurance regulatory agency.”

  

 24 

 ARTICLE VII 
  
 Funding 
  
 Section 1. Establishment of a Trust. The Company shall not be required to fund or otherwise segregate assets for the payment of
benefits under the Plan. Notwithstanding the foregoing, however, the Company may, in its sole and absolute discretion, establish a trust under which any contributions to the Plan may be held, administered and managed, subject to the claims of the
Company’s creditors in the event of the Company’s insolvency, until paid to the Participant and/or his or her Beneficiaries specified in the Plan. Any trust established pursuant to the Plan is intended to be treated at a grantor trust
under the Code, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto or to give the Participant any claim to any assets held thereunder. 
  
 Section 2. Participants Remain General Creditors. All
amounts credited to a Participant’s Account under the Plan shall continue for all purposes to be a part of the general assets of the Company. Each Participant’s interest in the Plan shall make him or her only a general creditor of the
Company. 
  

 25 

 ARTICLE VIII 
  
 Modification or Termination of the Plan 
  
 Section 1. Company Obligations Limited. The Plan is voluntary on the part of the Company, and the
Company does not guarantee to continue the Plan. 
  
 Section
2. Right to Amend, Freeze or Terminate. The Company reserves the right to alter, amend, freeze or terminate the Plan, or any part of the Plan, in such manner as it may determine in its discretion. Any such alteration, amendment,
freeze or termination (a “Change”) shall take effect upon the date indicated in the document embodying the Change; provided, however, that no Change shall divest any portion of an Account that is then vested under the Plan. The
Company may, as a result of such Change, alter the Participant’s form and duration of payment elected pursuant to Section 2 of Article IV. 
  
 Section 3. Effect of Freeze or Termination. 
  

(a) Freeze. If the Plan is frozen, effective as of the freeze date, no Executive shall become a Participant in the Plan
and no Awards shall be credited to any Participant’s Account. In addition, Participants’ vested interests in their Account balances shall not be affected by any freeze of the Plan; on and after the freeze date, Participants’ vested
interests in their Account balances shall continue to be determined under Section 1 of Article III and Section 1 of Article IX, and the distribution of Participants’ vested Account balances shall continue to be governed by Article IV, Article
V, Section 3(b) of this Article VIII, and Section 1 of Article IX. 
  
 (b) Termination. If the Plan is terminated (i) each Participant who is not already fully (one hundred percent (100%)) vested in his or her Account on the effective date of such termination shall have a
fully (one hundred percent (100%)) vested and nonforfeitable interest in his or her Account on the effective date of such termination, and (ii) each Participant’s Account shall become distributable in a lump sum as soon as reasonably possible
following termination of the Plan, regardless of any previous election made by the Participant in accordance with Section 2 of Article IV. 
  

 26 

 ARTICLE IX 
  
 Miscellaneous Provisions 
  
 Section 1. Change of Control. Upon a Change of Control, except as the relevant parties may otherwise
agree, each Participant shall have a fully (one hundred percent (100%)) vested and nonforfeitable interest in his or her Account, the Plan shall terminate, and each Participant’s vested Account balance shall become distributable in a lump sum
as soon as reasonably possible following termination of the Plan, regardless of any previous election made by the Participant in accordance with Section 2 of Article IV. 
  
 Section 2. Plan Information. Each Participant shall be advised of the general provisions of the Plan
and, upon written request addressed to the Plan Administrator, shall be furnished with any information requested, to the extent required by applicable law, regarding his or her status, rights and privileges under the Plan. 
  
 Section 3. Inalienability. Except to the extent
otherwise directed by a Qualified Domestic Relations Order (as defined in Section 1 of Article V) or other applicable law, in no event may a Participant, a former Participant or his or her spouse, Beneficiary or estate sell, transfer, anticipate,
assign, pledge or otherwise dispose of any right or interest under the Plan; and such rights and interests shall not at any time be subject to the claims of creditors nor be liable to attachment, execution or other legal process. 
  
 Section 4. Rights and Duties. No person shall have any
rights in or to any fund or other assets of the Plan, or under the Plan, except as, and only to the extent, expressly provided for in the Plan. 
  
 Section 5. No Guarantee of Employment. Participation in the Plan shall not give any Participant any right to be retained in the
employment of the Manpower Group. This Plan shall not affect the right of the Company to terminate, with or without cause, any Participant’s employment at any time. 
  
 Section 6. Applicable Law. The provisions of the Plan shall be construed, administered and enforced in
accordance with applicable laws of the State of Wisconsin, without regard to conflict of law principles. 
  
 Section 7. Binding Effect. The Plan shall be binding upon the heirs and personal representatives of all current and future
Participants or Beneficiaries. 
  
 Section 8.
Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of the Plan, and the Plan shall be construed and enforced as if such provision had not
been included. 
  
 Section 9. Captions. The
captions contained in and the table of contents prefixed to the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall affect the
construction of any provision of the Plan. 
  

 27 

 Section 10. Withholding Taxes. The Company shall have the right to withhold from any
compensation payable to a Participant or to cause the Participant (or the executor or administrator of his or her estate or his or her Beneficiary) to make payment of, any federal, state, local or foreign taxes required to be withheld with respect
to amounts that are credited to or distributed from the Participant’s Account. 
  
 Section 11. Effective Date. The effective date of the Plan is February 18, 2004. 
  
 EXECUTION 
  
 In Witness Whereof, Manpower Inc., by its duly authorized officer, has executed this Plan on the date indicated below. 
  

			
	MANPOWER INC.
		
	 By:
	 	 /s/ Robert W. Lincoln, Jr.

	 Title:
	 	 Senior Vice President

	 Dated:
	 	 March 15, 2004

  

 28Aggregate Term Facility

 Exhibit 10.1 
  
 The Directors 
 Hewitt Bacon & Woodrow Limited 
 Renaissance House 
 32 Upper High Street 
 Epsom, Surrey 
 KT17 4QJ 
  
 12th February 2004 
  
 Dear Sirs 
  
 Barclays Bank PLC (the “Bank”) is pleased to offer to provide in aggregate term facilities of up to £17,000,000 (Seventeen million pounds sterling) to
Hewitt Bacon & Woodrow Limited (the “Borrower”) subject to the terms and conditions set out below. Capitalised words used below shall have the meanings given to them in clause 12 and elsewhere in this Facility Letter. 
  
 The Schedules attached hereto form part of the terms and conditions of this Facility Letter.

  
 Subject to satisfaction of the conditions set out in clause 13 below, the
Facility will be available for utilisation by the Borrower, subject to the following terms and conditions: 
  

	1.	Options Available Within and Utilisation of the Facility 

  

	1.1	The Facility may be utilised by way of the following options and in accordance with the provisions of the Schedules related thereto: 

  
 Sterling Money Market Loan (the “Sterling MML”) (see Schedule A)
and/or 
 Sterling Overdraft (see Schedule B) and/or 
 Barclays Managed Rate Facility (the “BMRF”) (see Schedule C). 
  
 Within the Facility the aggregate of the liabilities due, owing or incurred thereunder shall not at any time exceed £17,000,000 (Seventeen million
pounds sterling). 
  

	1.2	The Borrower shall not consider the Bank to be under any obligation to lend funds under the Facility. Any drawing agreed thereunder shall be at the sole discretion of the Bank.

  

	2.	Availability 

  

	2.1	All money owing under the Facility is repayable upon written demand by the Bank and/or any undrawn portion of the Facility may be cancelled by the Bank at any time. Following demand
and/or cancellation, no further utilisation may be made under the Facility. 

  

	2.2	In the absence of demand or cancellation by the Bank, the Facility is available for utilisation until 31 July 2004 (the “Expiry Date”). However, the Bank will be pleased
to discuss the Borrower’s future requirements shortly before the Expiry Date. 

	3.	Security and Guarantee 

  

	3.1	All indebtedness owing by the Borrower to the Bank will be guaranteed by Hewitt Associates Inc (the “Guarantor”) in the form required by the Bank and the Borrower will
procure that such guarantee will be supported by all security which is now or subsequently held by the Bank to secure all indebtedness for the time being owing by the Guarantor to the Bank (if any). 

  

	4.	Cancellation 

  
 Any undrawn part of the Facility may be cancelled by the Borrower in minimum amounts of £500,000 and multiples of £500,000 subject to the
Borrower: 
  

	 	(a)	giving the Bank not less than seven Business Days’ notice in writing (such notice, once given, shall be irrevocable) 

  
 The non-utilisation fee will then cease to accrue on such cancelled amounts.
Amounts which are cancelled will no longer be available for utilisation. 
  

	5.	Change of Circumstances 

  

	5.1	In the event of: 

  

	 	(a)	any change in applicable law, regulation or practice resulting in the Bank being subjected to any new or additional tax, levy, duty, charge, penalty, deduction or withholding of any
nature (other than tax on the Bank’s overall net profits and gains), or 

  

	 	(b)	any existing requirements of any central bank, governmental, fiscal, monetary, regulatory or other authority in any applicable jurisdiction affecting the conduct of the Bank’s
business being changed or any new requirements being imposed (whether or not having the force of law) including, without limitation, any resulting from the introduction or operation of the euro and a request or requirement which affects the manner
in which the Bank allocates capital resources to its commitments, including its obligations under this Facility Letter, 

  
 and the result is in the sole opinion of the Bank (directly or indirectly) to increase the cost to the Bank of funding, making available or maintaining
the Facility or to reduce the amount of any payment received or receivable by the Bank or to reduce the effective return to the Bank, then the Borrower shall pay to the Bank on demand such sum as may be certified in writing by the Bank to the
Borrower as necessary to compensate the Bank for such increased cost or such reduction. 
  

	5.2	The Borrower may, at any time within six weeks after the date of certification from the Bank under clause 5.1, prepay all amounts outstanding under the Facility without penalty, by
giving not less than five Business Days’ irrevocable notice to the Bank to that effect specifying the prepayment date. The Borrower shall be obliged to prepay to the Bank all amounts outstanding under the Facility on such date, together with
all interest accrued to the date of actual payment and all other sums due to the Bank hereunder. Unless prepayment is made within such period of six weeks, an amount equal to such increased cost or such reduction will be payable by the Borrower
under the preceding sub-clause from the date of such certification. 

  

	5.3	Reference to the cost of funds/sterling deposits and to the London Interbank Market shall, if such cost ceases to be market practice/ordinarily used by the 

 Bank for the purpose of calculating interest on facilities of this kind or such market no longer exists
in comparable form, be construed as meaning the appropriate alternative cost or source of funds as the case may be, as determined by the Bank. 
  

	6.	Fee 

  

	6.1	An arrangement fee of £8,500 will be payable by the Borrower to the Bank on acceptance of this offer. 

  

	6.2	The fee referred to in clause 6.1 is exclusive of any VAT which might be chargeable in connection with that fee. If any VAT is so chargeable, it shall be paid by the Borrower to the
Bank at the same time as it pays the relevant fee. 

  

	7.	Legal, Valuation and other Expenses 

  
 Any legal and valuation fees and expenses (including documentation fees) (including any applicable VAT) and other out of pocket expenses (including any
applicable VAT) incurred by the Bank in connection with the preparation, execution and implementation of this Facility Letter (and the documents referred to herein) and the enforcement and preservation by the Bank of its rights under this Facility
Letter or such documents will be reimbursed by the Borrower on demand by the Bank on a full indemnity basis (whether or not the Facility is drawn down) and may be debited to the Borrower’s account with the Bank without further authority from
the Borrower. 
  

	8.	Information 

  
 The Borrower undertakes to provide to the Bank: 
  

	 	(a)	copies of the audited accounts (including trading and profit and loss account and balance sheet) of the Borrower and the audited consolidated accounts of the Borrower and its
Subsidiaries as soon as they are available and not later than 180 days from the end of each accounting reference period together with unaudited interim financial statements of the Borrower and the unaudited consolidated interim financial statements
of the Borrower and its Subsidiaries as soon as they are available after the end of each half year; 

  

	 	(b)	copies of any circular issued to shareholders or holders of loan capital; 

  

	 	(c)	copies of the Borrower’s monthly profit and loss accounts and the quarterly balance sheet within 30 days of their preparation; 

  

	 	(d)	copies of the Guarantor’s six monthly profit and loss accounts and balance sheet as soon as these are published; and 

  

	 	(e)	any other information which the Bank may reasonably request from time to time. 

  

	9.	Payments 

  

	9.1	All payments by the Borrower, whether of principal, interest or otherwise, shall be made to the Bank (or such other bank as the Bank may specify from time to time) for value on the
due date by such times and in such funds as the Bank may specify as being customary at the time for settlement of transactions in the relevant currency in the place for payment, without set-off or counterclaim and free of any deduction or
withholding for or on account of tax unless the Borrower is compelled by law to make such a payment subject to the deduction or withholding of tax. 

	9.2	If the Borrower is compelled by law to make any such deduction or withholding, or the Bank is compelled by law to make any payment in respect of tax (other than tax on overall net
income), in each case from or in respect of any amount payable or paid by the Borrower hereunder, the Borrower will pay to the Bank such additional amount as is required to ensure that the Bank receives and retains (free from any liability in
respect of any such deduction or withholding) a net amount equal to the full amount which it would have received if no such deduction, withholding or payment had been made. 

  

	9.3	All taxes required by law to be deducted or withheld by the Borrower from any amounts payable or paid hereunder shall be paid by the Borrower to the appropriate authority within the
time allowed for such payment under applicable law and the Borrower shall, within 30 days of the payment being made, deliver to the Bank evidence reasonably satisfactory to the Bank (including all relevant tax receipts) that the payment has been
duly remitted to the appropriate authority. 

  

	9.4	The Bank shall be entitled to adjust the dates for the making of payments under the Facility, and the duration of interest periods, where in the Bank’s opinion it is necessary
to do so in order to comply with the practice from time to time prevailing in the London Interbank Market or any other financial market relevant for the purposes of the Facility. 

  

	10.	Interest on an Overdue Amount 

  

	10.1	Any money payable under this Facility Letter which is not paid when due by the Borrower shall bear interest on a daily basis from the due date to the date of actual payment. Such
interest shall be calculated by reference to successive default interest periods of such duration as the Bank may from time to time select, except that the first such period relating to any overdue amount in respect of the Sterling MML shall be such
as to mature at the end of the interest period current at the time when such amount became due. 

  

	10.2	Interest shall be charged at the rate per annum determined by the Bank to be equal to 1% above the rate which would otherwise have been applicable to such overdue amount under the
provisions of the relevant Schedule if such amount had been non-overdue principal. Interest so accrued shall be due on demand or (in the absence of demand) on the last day of the default interest period in which it accrued and, if unpaid, shall be
compounded on the last day of that and each successive interest period. Interest shall be charged and compounded on this basis both before and after any judgement obtained under this Facility Letter. 

  

	11.	Miscellaneous 

  

	11.1	All notifications or determinations given or made by the Bank under this Facility Letter shall be conclusive and binding on the Borrower, except in any case of manifest error.

  

	11.2	The Borrower may not assign or transfer any of its rights or obligations under or in respect of this Facility Letter. 

  

	11.3	The Borrower shall indemnify the Bank on demand (without prejudice to the Bank’s other rights) for any expense, loss or liability incurred by the Bank in consequence of (i) any
failure by the Borrower to borrow in accordance with a notice of drawing given by it to the Bank, or (ii) any default or delay by the Borrower in the payment of any amount when due under this Facility Letter, or 

 (iii) all or part of the Facility being prepaid or repaid for any reason otherwise than on the maturity
of the then current interest period including, without limitation, any loss (including loss of margin), expense or liability sustained or incurred by the Bank in any such event in liquidating or re-deploying funds acquired or committed to fund, make
available or maintain the Facility (or any part of it). 
  

	11.4	Any sum of money at any time standing to the credit of the Borrower with the Bank in any currency upon any account or otherwise may be applied by the Bank, at any time (without
notice to the Borrower), in or towards the payment or discharge of any indebtedness now or subsequently owing to the Bank by the Borrower and the Bank may use any such money to purchase any currency or currencies required to effect such application.

  

	11.5	If, for any reason, any amount payable under this Facility Letter is paid or is recovered in a currency (the “other currency”) other than that in which it is required to
be paid (the “contractual currency”), then, to the extent that the payment to the Bank (when converted at the then applicable rate of exchange) falls short of the amount unpaid under this Facility Letter, the Borrower shall, as a separate
and independent obligation, fully indemnify the Bank on demand against the amount of the shortfall. For the purposes of this clause the expression “rate of exchange” means the rate at which the Bank is able as soon as practicable after
receipt to purchase the contractual currency in London with the other currency. 

  

	11.6	If the UK moves to the third stage of EMU, the Bank shall be entitled to make such changes to this Facility Letter as it reasonably considers are necessary to reflect the changeover
to the euro (including, without limitation, the rounding (up or down) of fixed monetary amounts to convenient fixed amounts in the euro and amending any provisions to reflect the market conventions for a facility of the kind contemplated in this
Facility Letter). 

  

	11.7	A person who is not a party to this Facility Letter has no right under the Contracts (Right of Third Parties) Act 1999 to enforce or to enjoy the benefits of this Facility Letter.

  

	12.	Interpretation 

  

	12.1	In this Facility Letter, unless the context otherwise requires: 

  
 “Business Day” means a day on which the relevant London financial markets and the Bank are ordinarily open to effect transactions of the kind
contemplated in this Facility Letter and, if payment is to be made in euros, on which such payment system as the Bank chooses is operating for the transfer of funds for same day value; 
  
 “EMU” means Economic and Monetary Union as contemplated in the Treaty establishing the European Community, as
amended from time to time; 
  
 “euro” and
“€” means the single currency of the participating Member States adopted under Council Regulation (EC) No 974/98; 
  
 “Facility” means the facility made available under this Facility Letter (as reduced from time to time in accordance with its provisions);

  
 “Guarantor” includes any third party which has
created a mortgage or other security for all or part of the indebtedness owing by the Borrower to the Bank; 

 “indebtedness” includes any obligation for the payment or repayment of money, whether actual or
contingent, present or future, secured or unsecured, and whether incurred as principal or surety or otherwise; 
  
 “month” means a period starting on one day in a calendar month and ending on the corresponding day in the next calendar month or, if that is not
a Business Day, on the next Business Day unless that falls in another calendar month in which case it shall end on the preceding Business Day, save that where a period starts on the last Business Day in a month or there is no corresponding day in
the month in which the period ends, that period shall end on the last Business Day in the later month; 
  
 “Sterling” and “£” means the lawful currency for the time being of the UK; 
  
 “Subsidiary” means a subsidiary undertaking of the Borrower within
the meaning of Section 258 of the Companies Act 1985; 
  
 “UK” means the United Kingdom of Great Britain and Northern Ireland; 
  
 “UK Subsidiary” means any Subsidiary of the Borrower which is incorporated in the UK; 
  
 “VAT” means value added tax or any similar tax substituted for it from time to time. 
  

	12.2	References to any statutory provision includes any amended or re-enacted version of such provision with effect from the date on which it comes into force. 

 

	12.3	Save where the context otherwise requires, any expression in this Facility Letter importing the singular shall include the plural and vice versa. 

  

	12.4	References to a time of the day are references to the time in London. 

  

	13.	Conditions Precedent 

  
 The Facility will become available to the Borrower for drawing only upon receipt by the Bank of the following in form and substance satisfactory to the
Bank: 
  

	 	(a)	this Facility Letter accepted as required under clause 16 below; 

  

	 	(b)	a certified true copy of a resolution of the Borrower’s Board of Directors: 

  

	 	(i)	accepting the Facility and this offer on the terms and conditions stated within this Facility Letter; 

  

	 	(ii)	authorising a specified person, or persons, to countersign and return to the Bank the enclosed duplicate of this Facility Letter; 

  

	 	(iii)	authorising the Bank to accept instructions and confirmations in connection with the Facility signed in accordance with the Bank’s signing mandate current from time to time,
and to accept instructions in connection with drawings under the Sterling MML and the BMRF, by telephone from any person specifically authorised to give such telephone instructions; and 

  

	 	(iv)	containing confirmed specimens of the signatures of those officers referred to in (ii) and (iii) above, if not already known to the Bank ; 

	 	(c)	the guarantee referred to in clause 3 above duly executed by the guarantor specified in such clause together with such other documents relating thereto as the Bank may require ;and

  

	 	(d)	the telex number to which any notices from the Bank are to be sent under the BMRF. 

  

	14.	Governing Law 

  

	14.1	This Facility Letter shall be governed by and construed in accordance with English law. 

  

	15.	Notices 

  
 Every notice, request or other communication shall: 
  

	 	(a)	be in writing delivered personally or by prepaid first class letter or facsimile transmission; 

  

	 	(b)	be deemed to have been received by the Borrower, in the case of a letter when delivered personally or 48 hours after it has been sent by first class post or, in the case of
facsimile transmission, at the time of transmission with a facsimile transmission report or other appropriate evidence (provided that if the date of transmission is not a Business Day it shall be deemed to have been received at the opening of
business on the next Business Day); and 

  

	 	(c)	be sent (i) to the Borrower at the address stated at the beginning of this Facility Letter and (ii) to the Bank at the address stated at the beginning of this Facility Letter, or to
such other address in England as may be notified in writing by the relevant party to the other. 

  
 All communications by the Borrower shall be effective only on actual receipt by the Bank. 
  

	16.	Acceptance 

  
 If the Borrower wishes to accept this offer, this Facility Letter and the enclosed duplicate should be signed below by an authorised officer on its behalf
and the signed duplicate returned to the Bank. This offer will remain available 1st April 2004, after which it will
lapse if not accepted. 
  

	
	 Yours faithfully

	 for and on behalf of

	 BARCLAYS BANK PLC

	
	 /S/ Marke Lane

	 Marke Lane

	 Relationship Director

  

			
	 Accepted on the terms and conditions stated herein,

	 For and on behalf of

	 Hewitt Bacon & Woodrow Limited

		
	 By
	 	 /S/ John Oliver

	 Date
	 	 April 16, 2004

 SCHEDULE A 
  
 Sterling MML 
  
 The Sterling MML may be drawn in one or more amounts, each drawing to be a minimum amount of £250,000 and multiples of £1,000 thereafter for periods of up to
6 months at the Borrower’s option (each an “Interest Period”) but no drawing shall be made for an Interest Period with a maturity date of more than three months beyond the Expiry Date. 
  
 When wishing to draw under the Sterling MML, the Borrower should telephone the Bank’s
dealers on 020 7621 438 by 11.30 a.m. on the Business Day on which funds are required stating the amount of the drawing, the Interest Period selected and giving instructions for payment of the funds. Such instructions should be confirmed in writing
to the Bank at the earliest opportunity. 
  
 Interest on each drawing will consist
of the aggregate of: 
  

	(i)	the Bank’s margin which will be a rate of 0.875% per annum, 

  

	(ii)	the rate per cent per annum at which sterling deposits are offered by the Bank in the London Interbank Market for delivery on the first day of an Interest Period in an amount equal
or substantially similar to the amount being drawn down for a period equal or similar to such Interest Period, and 

  

	(iii)	any mandatory costs to compensate the Bank for the cost resulting from the imposition from time to time under the Bank of England Act 1998 and/or by the Bank of England and/or the
Financial Services Authority (the “FSA”) (or other United Kingdom governmental authorities or agencies) of a requirement to place non-interest bearing cash ratio deposits or Special Deposits (whether interest bearing or not) with the Bank
of England and/or pay fees to the FSA calculated by reference to liabilities used to fund the sum. 

  
 Interest will be payable without deduction at the maturity of each drawing, and calculated on the basis of actual days elapsed over a 365 day year (or on such other day
count basis as the Bank considers is consistent with the then applicable market practice for facilities of this kind). 
  
 Each drawing, together with interest thereon, will be repaid by 12.00 noon on its Interest Period maturity date in accordance with the provisions of clause 9 of this
Facility Letter. 

 SCHEDULE B 
  
 Sterling Overdraft 
  
 The Sterling Overdraft will be available on the Borrower’s current account at the Bank’s branch at 54 Lombard Street, London (the “Branch”) with
interest charged at a rate of 1.0% per annum over the Bank’s Base Rate current from time to time. Interest together with other charges will be debited to the Borrower’s current account at the Branch quarterly in arrears in March, June,
September and December each year or at such other times as may be determined by the Bank, and such interest will be calculated on the basis of actual days elapsed over a 365 day year (or on such other day count basis as the Bank considers is
consistent with the then applicable market practice for facilities of this kind). 

 SCHEDULE C 
  
 BMRF 
  
 The BMRF will be available for drawing subject to the following terms and conditions: 
  

	(a)	Drawing 

  

	 	(i)	The BMRF may be drawn in one or more amounts of a minimum amount of £250,000 and multiples of £1,000 for minimum periods of three Business Days;

  

	 	(ii)	when wishing to draw under the BMRF the Borrower should telephone the Bank’s dealers on 0845 366 9231 by no later than 11:30am on the day on which funds are required stating
the amount of the drawing. The amount of the drawing will be credited to the Borrower’s current account at the Branch. 

  

	 	(iii)	A drawing may not be requested on a day upon which a repayment is to be made in accordance with sub-clause (c) below. 

  

	(b)	Interest 

  

	 	(i)	Interest will be charged at the aggregate of the Barclays Managed Rate (the “BMR”) and 0.275% per annum] and will be calculated on the basis of actual days elapsed over a
365 day year (or on such other day count basis as the Bank considers is consistent with the then applicable market practice for facilities of this kind) up to and including the 15th of each month except that where the next following day is not a
Business Day interest will be calculated up to and including the day falling immediately prior to the next following Business Day. Interest will be debited to the Borrower’s current account at the Branch on the Business Day falling immediately
after the 15th of each month; 

  

	 	(ii)	the BMR current at the time of the inception of this BMRF and any subsequent changes thereto will be advised to the Borrower by either telex or telephone. In the event of a change
in the BMR interest will be applied at the new rate to balances outstanding at the close of business on the day following the day on which either the telex is sent or the telephone call is made except that where there is an announcement of a change
in the Bank’s Base Rate which is effective on that same day and the Bank has sent to the Borrower a telex advice or made a telephone call by 11.00am of a change in the BMR, the new interest rate may be applied to balances outstanding at the
close of business on that day. 

  

	(c)	Repayment 

  

	 	(i)	Each drawing under the BMRF must remain outstanding for a minimum period of three Business Days and may not be repaid, except as provided for in the Bank’s Undertaking detailed
below, until such period has expired. Thereafter drawings will be consolidated and may be repaid in whole or in part in minimum amounts of £250,000. In the event that the BMRF is repaid in part the residual balance shall not be less than
£250,000; 

	 	(ii)	when wishing to make a repayment under the BMRF the Borrower should telephone the Bank on 0845 366 9231 by no later than 11.30a.m. on the day of repayment stating the amount to be
repaid. The amount to be repaid will be debited to the Borrower’s account at the Branch. 

  

	 	(iii)	A repayment may not be requested on a day upon which a drawing is to be made in accordance with sub-clause (a) above. 

  

	(d)	Confirmations 

  
 All payment and delivery instructions must be confirmed in writing to the Branch at the earliest opportunity. 
  

	(e)	Bank’s Undertaking 

  
 If the BMR is at any time equal to or more than the aggregate of 1% and the Bank’s Base Rate current from time to time the BMRF may be repaid in full
in accordance with sub-clause (c) above under advice to the Bank on the telephone number detailed above, before 11:30am on the day of repayment. 
  

	(f)	Indemnity 

  
 The Borrower specifically releases and indemnifies the Bank from and against the consequences of the Bank’s failure and/or the failure of any other
person to receive any telex or telephone message in a form in which it was despatched and from and against the consequences of any delay that may occur during the course of the transmission of any such message.

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