Document:

Exhibit

Exhibit 10.2

INVESCO LTD. DEFERRED INCENTIVE PLAN  
(AMENDED AND RESTATED EFFECTIVE JANUARY 30, 2018)
1.    Purposes
The Company has established the Plan, formerly known as the Invesco Short-Term Incentive Plan, to (i) promote the success of the Company by aligning the interests of investment professionals and other employees with the interests of the Company’s shareholders and investors, (ii) provide such employees with an incentive for outstanding performance at both the Company level and the fund level and (iii) enhance the Company’s ability to motivate, attract and retain such employees.
  
2.    Effective Date of Restatement 
This amendment and restatement is effective with respect to Awards granted on or after January 30, 2018.  
3.    Definitions
Except as otherwise specifically provided in an Investment Fund Agreement, each capitalized word, term or phrase used in the Plan shall have the meaning set forth in this Section 3 or, if not defined in this Section, the first place that it appears in the Plan.
“Affiliate” means a corporation or other entity controlled by, controlling or under common control with, the Company; provided, however, that solely for purposes of determining whether a Participant has a Termination of Service that is a “separation from service” within the meaning of section 409A of the Code, an “Affiliate” of a corporation or other entity means all other entities with which such corporation or other entity would be considered a single employer under sections 414(b) or 414(c) of the Code. 
“Applicable Exchange” means the New York Stock Exchange or such other securities exchange as may at the applicable time be the principal market for the Shares or shares or units of any Investment Choice, as applicable.
“Award” means an award granted hereunder that shall consist of an Investment Fund Award and/or an Invesco Stock Award, and administered as set forth herein.
“Beneficiary” means the person(s) or trust(s) entitled by will or the laws of descent and distribution to receive any amounts payable or exercise any applicable rights under the Participant’s Award(s) after the Participant’s death.
“Board” means the Board of Directors of the Company.
“Cause” means, with respect to a Participant, (i) if such Participant is a party to an Individual Agreement at the time of a Termination of Service that defines such term (or word(s) of similar meaning), the meaning given in such Individual Agreement or (ii) if there is no such Individual Agreement or if it does not define Cause (or word(s) of similar meaning):  (A) the Participant’s plea of guilty or nolo contendere to, or conviction of, (1) a felony (or its equivalent in a non-United States jurisdiction) or (2) other conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or standing in the community of the Company 

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Exhibit 10.2

or any of its Affiliates, as determined by the Committee in its sole discretion, or that legally prohibits the Participant from working for the Company or any of its Affiliates; (B) a breach by the Participant of a regulatory rule that adversely affects the Participant’s ability to perform the Participant’s employment duties to the Company or any of its Affiliates in any material respect; (C) the Participant’s failure, in each case in any material respect, to (1) perform the Participant’s employment duties, (2) comply with the applicable policies of the Company or any of its Affiliates, (3) follow reasonable directions received from the Company or any of its Affiliates or (4) comply with covenants contained in any Individual Agreement or Investment Fund Agreement to which the Participant is a party; or (D) with respect to Participants employed outside the United States, such other definition as may be codified under local laws, rules and regulations.  With respect to a Participant’s termination of directorship, “Cause” shall include only an act or failure to act that constitutes cause for removal of a director under the applicable Affiliate’s Bye Laws.
“Change in Control” means any of the following events:
(i)    the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the then outstanding shares of the Company (the “Outstanding Company Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control:  (1) any acquisition directly from the Company; (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below; or
(ii)    during any period of twelve (12) consecutive months, individuals who, as of January 1, 2018, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to January 1, 2018 whose election, or nomination for election by the Company’s Shareholders, was approved by a vote of at least two-thirds (2/3) of the directors then comprising the Incumbent Board shall be considered as though such individual 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 with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(iii)    consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another entity (each, a “Corporate Transaction”), in each case, unless, following such Corporate Transaction, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Shares and Outstanding Company Voting Securities immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares and the combined voting power of the then outstanding voting 

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Exhibit 10.2

securities entitled to vote generally in the election of directors, as the case may be, of the corporation or other entity resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction of the Outstanding Company Shares and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan or related trust of the Company or of such corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of the corporation resulting from such Corporate Transaction or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Corporate Transaction and (C) at least a majority of the members of the board of directors of the corporation (or other governing board of a non-corporate entity) resulting from such Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or
(iv)    approval by the Shareholders of the Company of a complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, an event described above shall be a Change in Control with respect to an Award that constitutes a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code only if such event is also a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of section 409A of the Code to the extent necessary to avoid the imposition of any tax or interest or the inclusion of any amount in income thereunder.
“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the U.S. Internal Revenue Service or the U.S. Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor section, regulations and guidance.
“Committee” means the Compensation Committee of the Board or such other committee or subcommittee of the Board as may be appointed by the Board to act as the Committee under the Plan.  If at any time there is no such Compensation Committee or other committee or subcommittee appointed by the Board, the Board shall be the Committee.  The Committee shall consist of two or more directors, each of whom is intended to be, to the extent required by Rule 16b-3 of the Exchange Act, a “non-employee director” as defined in Rule 16b-3 of the Exchange Act.  Any member of the Committee who does not meet the foregoing requirements shall abstain from any decision regarding an Award and shall not be considered a member of the Committee to the extent required to comply with Rule 16b-3 of the Exchange Act. 
“Company” means Invesco Ltd., a Bermuda exempted company.
“Corporate Event” means a merger, consolidation, stock rights offering, liquidation, separation, spinoff, reorganization, Disaffiliation or other similar event affecting the Company or any of its Affiliates.

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Exhibit 10.2

“Disability” means, with respect to a Participant, (i) a “disability” (or words of similar meaning) as defined in any Individual Agreement to which the Participant is a party or (ii) if there is no such Individual Agreement or it does not define “disability” (or words of similar meaning), (A) a permanent and total disability as determined under the Company’s long-term disability plan applicable to the Participant, (B) if there is no such plan applicable to the Participant, “Disability” as determined by the Committee in its sole discretion; or (C) with respect to Participants employed outside the United States, such other definition as may be codified under local laws, rules and regulations.  The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of the Participant’s condition. Notwithstanding the foregoing, with respect to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code, “Disability” shall mean a “disability” as defined under section 409A of the Code to the extent necessary to avoid the imposition of any tax or interest or the inclusion of any amount in income thereunder. 
“Disaffiliation” means an Affiliate’s or business division’s ceasing to be an Affiliate or business division for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Affiliate or a sale of a business division of the Company and its Affiliates).
“Eligible Individual” means an investment professional or other individual who is employed by the Company or an Affiliate.
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.  Reference to any specific section of the Exchange Act shall be deemed to include such regulations and guidance issued thereunder, as well as any successor section, regulations and guidance.
“Fair Market Value” means (i) with respect to Shares, “Fair Market Value” as defined in the GEIP, and (ii) with respect to any Investment Choice other than Shares, unless otherwise determined by the Committee, the closing price of a share or unit of such Investment Choice on the Applicable Exchange on the Valuation Date or, if shares or units of such Investment Choice are not traded on the Applicable Exchange on such Valuation Date, then on the next preceding date on which the shares or units of such Investment Choice are traded, all as reported by such source as the Committee may select; provided, however, that if the shares or units of any Investment Choice are not listed on a national securities exchange as of any Valuation Date, the Fair Market Value of such Investment Choice as of such Valuation Date shall be determined by the Committee in its good faith discretion.
“GEIP” means the Invesco Ltd. 2016 Global Equity Incentive Plan, or such other successor, replacement or alternative plan that the Company maintains from time to time and that the Committee designates for use in connection with this Plan
“Good Reason” means, with respect to a Participant, during the 24-month period following a Change in Control, actions taken by the Company or any of its Affiliates resulting in a material negative change in the employment relationship of the Participant who is an officer or an employee including, without limitation:

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Exhibit 10.2

(i)    the assignment to the Participant of duties materially inconsistent with the Participant’s position (including status, titles and reporting requirements), authority, duties or responsibilities, or a material diminution in such position, authority, duties or responsibilities, in each case from those in effect immediately prior to the Change in Control;  
(ii)    a material reduction of the Participant’s aggregate annual compensation, including, without limitation, base salary and annual bonus opportunity, from that in effect immediately prior to the Change in Control;  
(iii)    a change in the Participant’s principal place of employment that increases the Participant’s commute by 40 or more miles or materially increases the time of the Participant’s commute as compared to the Participant’s commute immediately prior to the Change in Control; or
(iv)    any other action or inaction that constitutes a material breach by the Company or an Affiliate of any Individual Agreement.
In order to invoke a Termination of Service for Good Reason, a Participant must provide written notice to the Company or Affiliate with respect to which the Participant is employed or providing services of the existence of one or more of the conditions constituting Good Reason within 90 days following the Participant’s knowledge of the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company shall have 30 days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition.  In the event that the Company or Affiliate fails to remedy the condition constituting Good Reason during the applicable Cure Period, the Participant’s Termination of Service must occur, if at all, within 90 days following such Cure Period in order for such termination as a result of such condition to constitute a Termination of Service for Good Reason.  
“Grant Date” means, with respect to an Investment Fund Award, the date established by the Committee as of which an amount allocated to an Investment Fund Award is first credited in the form of an Investment Choice to a Participant’s Investment Funds Account and, with respect to an Invesco Stock Award, the date of grant of such award under the GEIP. 
“Individual Agreement” means a written employment, consulting or similar agreement between a Participant and the Company or one of its Affiliates.
“Invesco Stock Award” means an award of restricted stock or restricted stock units under the GEIP.
“Investment Choice” means the fund, trust, company stock or similar investment vehicle in which a Participant’s Investment Funds Account is notionally invested. The Committee shall designate the Investment Choices available with respect to each Award.

“Investment Fund Agreement” means the written document or agreement setting forth the terms and conditions of an Investment Fund Award and any addendum thereto.  

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Exhibit 10.2

“Investment Fund Award” means the right to a payment of certain amounts credited to a Participant’s Investment Funds Account, subject to the terms and conditions of the Plan, and any Investment Fund Agreement.

“Investment Funds Account” means the account maintained by the Company for each Participant, which reflects the Participant’s Investment Fund Award(s) and any adjustments thereto.  

“Participant” means an Eligible Individual who has been granted an Award and who has accepted the terms and conditions of the Plan and any applicable Investment Fund Agreement and, with regard to Awards that have been allocated to an Invesco Stock Award, who has accepted the terms and conditions of the GEIP or any related agreement, as appropriate.
“Payment Date” means the date an Investment Fund Award is distributed and paid in accordance with the conditions established by the Committee or otherwise provided in the Investment Fund Agreement.
“Performance Goals” means the performance goals, if any, established by the Committee in connection with the grant of an Investment Fund Award.  The manner in which such Performance Goals are calculated or measured shall be determined by the Committee in its sole discretion.
“Plan” means the Invesco Ltd. Deferred Incentive Plan, formerly known as the Invesco Short-Term Incentive Plan, as set forth herein and as amended from time to time.
“Share” or “Shares” means common shares, par value $0.20 each, of the Company.
“Shareholder” has the same meaning as the term “Member” in the Companies Act 1981 of Bermuda.   
“Termination of Service” means the termination of the Participant’s employment with, or performance of services for, the Company and any of its Affiliates.    Temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Affiliates shall not be considered Terminations of Service. With respect to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code, “Termination of Service” shall mean a “separation from service” as defined under section 409A of the Code to the extent required by section 409A of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income thereunder.  A Participant has a separation from service within the meaning of section 409A of the Code if the Participant terminates employment with the Company and all Affiliates for any reason.  A Participant will generally be treated as having terminated employment with the Company and all Affiliates as of a certain date if the Participant and the Company or Affiliate that employs the Participant reasonably anticipate that the Participant will perform no further services for the Company or any Affiliate after such date or that the level of bona fide services that the Participant will perform after such date (whether as an employee or an independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of service if the Participant has been providing services for fewer than 36 months); provided, however, that the employment relationship is 

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Exhibit 10.2

treated as continuing while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave does not exceed six (6) months or, if longer, so long as the Participant retains the right to reemployment with the Company or any Affiliate. 
“Valuation Date” means any date as of which an Investment Choice can be valued reliably, as determined by the Committee in its sole discretion.
“Vesting Date” means the date an Investment Fund Award becomes vested in accordance with the vesting conditions established by the Committee or as otherwise provided in the Investment Fund Agreement.    
4.    Administration
(a)    Committee.  The Plan shall be administered by the Committee, which shall have the authority set forth herein.
(b)    Authority.  Among other things, the Committee in its sole discretion, acting in its dual capacity as the Committee under this Plan and the Committee under the GEIP, shall have the authority, subject to the terms and conditions of the Plan: 
(i)    to select the Eligible Individuals to whom Awards shall be made from time to time;
(ii)    to determine the allocation of potential Awards to Investment Fund Awards and, if applicable, Invesco Stock Awards or to permit Eligible Individuals to allocate such amounts between Investment Fund Awards and, if applicable, Invesco Stock Awards, and to determine the allocation of Investment Fund Awards to Investment Choices selected by the Committee or to permit Eligible Individuals to allocate Investment Fund Awards to the Investment Choices made available by the Committee; 
(iii)     to determine the terms and conditions of Awards as the Committee shall deem appropriate;
(iv)    to adopt sub-plans and special provisions applicable to Investment Fund Awards regulated by the laws of a jurisdiction outside of the United States, which sub-plans and special provisions may take precedence over other provisions of the Plan, and to approve the form of Investment Fund Agreement and any related addendum as may be applicable to such Investment Fund Awards;
(v)    to modify, amend or adjust the terms and conditions of any Award or Investment Fund Agreement (subject to Section 10 hereof), including any Performance Goals, as set forth in the Plan;
(vi)    to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;
(vii)    to interpret the terms and provisions of the Plan and any Award or Investment Fund Agreement; 

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Exhibit 10.2

(viii)    subject to Section 9, to accelerate or extend the vesting, lapse of restrictions or payment date applicable to any Investment Fund Award, based in each case on such considerations as the Committee determines;
(ix)    to determine whether, to what extent and under what circumstances cash or other property payable with respect to an Award shall be deferred either automatically or at the election of the Participant;
(x)    to establish any “blackout” period that the Committee deems necessary or advisable; 
(xi)    to decide all other matters to be determined in connection with any Award under the Plan; and
(xii)    to otherwise administer the Plan. 
(c)    Delegation of Authority.  To the extent permitted under applicable law and, with respect to any Invesco Stock Award, the GEIP, the Committee may delegate its authority under the Plan to any person or persons selected by the Committee, including one or more members of the Committee, and any person or persons to whom such authority is delegated shall be deemed to be the Committee with respect to, and to the extent of, its or their authority. 
(d)    Procedures.  
(i)    The Committee may act by a majority of its members then in office and through any person or persons to whom it has delegated its authority under Section 4(c), except to the extent otherwise provided in the GEIP with respect to an Invesco Stock Award.
(ii)    Except to the extent otherwise provided in the GEIP with respect to an Invesco Stock Award, any authority granted to the Committee may also be exercised by the full Board, and to the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.
(e)    Discretion of Committee and Binding Effect.  Any determination made by the Committee or an appropriately delegated person or persons with respect to the Plan or any Award (including, without limitation, any determination involving the appropriateness or equitableness of any action) shall be made in the sole discretion of the Committee or such delegate, unless in contravention of any express term of the Plan.  All decisions made by the Committee or any appropriately delegated person or persons shall be final and binding on all persons, including the Company, Eligible Individuals and Participants.  Notwithstanding the foregoing, following a Change in Control, any determination by the Committee as to whether “Cause” or “Good Reason” exists shall be subject to de novo review.
(f)    Cancellation or Suspension.  Notwithstanding any other terms of the Plan, an Investment Fund Agreement or an Award, the Committee or an appropriately delegated person or persons in its or their sole discretion shall have the full power and authority to determine whether, to what extent and under what circumstances any outstanding Award or any portion thereof shall be cancelled or suspended and may cancel or suspend any Award or any portion thereof.  Without in any way limiting the generality of the preceding sentence, the following are 

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Exhibit 10.2

examples, without limitation, of when all or any portion of an outstanding Award to any Participant may be canceled or suspended:  if the Participant (1) in the sole discretion of the Committee or any appropriately delegated person or persons, materially breaches (A) any duties of Participant’s employment (whether express or implied), including without limitation Participant’s duties of fidelity, good faith and exclusive service, (B) any general terms and conditions of Participant’s employment such as an employee handbook or guidelines, (C) any policies and procedures of the Company or any of its Affiliates applicable to the Participant, or (D) any other agreement regarding Participant’s employment with the Company or any of its Affiliates, or (2), without the prior written explicit consent of the Committee or any appropriately delegated person or persons (which consent may be granted or denied in the sole discretion of the Committee or such person or persons), while employed by, or providing services to, the Company or any of its Affiliates or after a Termination of Service, becomes associated with, employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee or any appropriately delegated person or persons in its or their sole discretion), any business that is in competition with the Company or any of its Affiliates or with any business in which the Company or any of its Affiliates has a substantial interest, as determined by the Committee or any appropriately delegated person or persons in its or their sole discretion.
(g)    Award Agreement.  The terms and conditions of each Investment Fund Award under the Plan, as determined by the Committee, shall be set forth in writing (including electronically), shall be issued in the name of the Company or the Affiliate that employs the Participant and shall be delivered to a Participant receiving an Investment Fund Award upon, or as promptly as is reasonably practicable following, the grant of such Investment Fund Award.  Unless otherwise specified by the Committee, in its sole discretion, or otherwise provided in an Investment Fund Award or an Investment Fund Agreement, an Investment Fund Award shall not be effective unless the related Investment Fund Agreement is signed or otherwise accepted by the Participant receiving the Investment Fund Award (including by electronic means).  The Committee, in its sole discretion, may deliver any documents related to an Investment Fund Award by electronic means.  Investment Fund Agreements may be amended only in accordance with Section 10.  Awards that are allocated to Invesco Stock Awards shall be administered under the GEIP.
5.    Eligibility and Elections
(a)    Eligibility.  The Committee, in its sole discretion, shall determine and designate the Eligible Individuals who shall receive Awards and shall make Awards.  An Eligible Individual shall become a Participant in the Plan upon the Eligible Individual’s acceptance of the terms and conditions of the Plan and an Investment Fund Agreement or, in the case of an Invesco Stock Award, an award agreement issued pursuant to the GEIP.  The Committee’s decision to grant an Award to an Eligible Individual shall not guarantee or give the Eligible Individual any right to receive a grant of an Award in the future. 
(b)    Elections.  Unless the Committee specifies the allocation of a potential Award between Investment Choices or to an Invesco Stock Award, an Eligible Individual shall, within the time period prescribed by the Committee, elect: 
(i)    the percentage of a potential Award that will be allocated to an Investment Fund Award and, if applicable, to an Invesco Stock Award (in one percent (1%) 

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Exhibit 10.2

increments); provided, however, that the Committee may require that specified minimum percentages of the amount be allocated to an Investment Fund Award or an Invesco Stock Award; and
(ii)    the Investment Choices in which the Participant’s Investment Fund Award will be deemed invested (in one percent (1%) increments), if applicable.
An Eligible Individual’s election under this Section 5(b) shall be irrevocable and non-amendable, except as specifically provided by the Committee.  If an Eligible Individual who is permitted to allocate a potential Award between an Investment Fund Award and an Invesco Stock Award fails to make such allocation in a timely manner, the entire amount will be allocated solely to an Invesco Stock Award, unless the Committee specifies that the amount will be allocated in a different manner.
An Investment Fund Award shall be administered in accordance with and subject to the terms and conditions of this Plan and the applicable Investment Fund Agreement.  An Invesco Stock Award shall be administered in accordance with and subject to the GEIP and the applicable stock award agreement.  
6.    Investment Fund Awards
(a)    Grant of Investment Fund Awards and Credits to Investment Funds Accounts.  Upon a Participant’s acceptance of the terms and conditions of the Plan and an Investment Fund Agreement, an Investment Fund Award shall be effective as of the Grant Date determined by the Committee, and the Participant’s Investment Funds Account shall be credited with the Investment Fund Award as of the Grant Date.

(b)    Investment Choice Allocation.  Amounts credited to a Participant’s Investment Funds Account shall be deemed invested in one percent (1%) increments in one or more of the Investment Choices made available under the Plan.  Except as otherwise permitted by the Committee in its sole discretion, a Participant may not amend, alter or otherwise reallocate the Investment Choices designated by a Participant pursuant to Section 5(b). 

(c)    Investment and Valuation of Investment Funds Account.  Any portion of an Investment Fund Award allocated to an Investment Choice shall be denominated in shares or units of such investment by dividing the applicable cash amount by the Fair Market Value of a share or unit in the applicable Investment Choice as of the Grant Date, and if required for record keeping purposes or otherwise applicable, rounding down to the nearest whole number of such shares or units.  Unless otherwise determined by the Committee, as of the time of any payment of a cash dividend with respect to shares or units of an Investment Choice deemed held in a Participant’s Investment Fund Account, the number of shares or units deemed held shall be adjusted by crediting a number of shares or units equal to (i) the cash amount of the aggregate dividends that would be payable on the number of shares or units of the underlying Investment Choice deemed held immediately before the record date for the dividend, divided by (ii) the Fair Market Value of the shares or units of such Investment Choice on the date the dividend is paid. As of any Valuation Date, the Participant’s interest in each such investment shall be valued by multiplying the Fair Market Value of the Investment Choice as of such date by the number of shares or units deemed held in the underlying Investment Choice as of such date. 

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Exhibit 10.2

All allocations to an Investment Choice deemed credited to a Participant’s Investment Funds Account shall be wholly notional and shall be used solely to determine the amount payable to a Participant pursuant to Section 6(g). Neither the Company nor the Committee shall have any obligation to purchase shares or units in any Investment Choice unless and until payment is made to a Participant in shares or units of an Investment Choice.
(d)    Committee Discretion.  The Committee shall have the sole discretion to determine the Investment Choices available to each Participant and may change, limit or eliminate an Investment Choice provided hereunder from time to time.  If any Investment Choice ceases to be available under the Plan, the Committee shall have the authority to credit to any or all other then-available Investment Choices all amounts previously allocated to the terminated Investment Choice (along with deemed earnings, gains and losses and dividends relating thereto).  

(e)    Investment Agreements.  Unless otherwise determined by the Committee, amounts allocated to a Participant’s Investment Funds Account shall be subject to the terms and conditions provided in the Investment Fund Agreement in the form set forth and approved by the Committee from time to time.

(f)    Vesting and Payment.  The Committee shall, prior to or at the time of grant, condition the vesting and payment of amounts credited to a Participant’s Investment Funds Account in respect of an Investment Fund Award upon (i) the continued service of the Participant, (ii) the attainment of Performance Goals or (iii) the attainment of Performance Goals and the continued service of the Participant.  The conditions for vesting and the other provisions of an Investment Fund Award (including, without limitation, any applicable Performance Goals) need not be the same with respect to each Participant.

(g)    Payments.  Except as otherwise provided in an Investment Fund Agreement, vested amounts from a Participant’s Investment Funds Account shall be paid by either the Company or the Affiliate that employs the Participant in a lump-sum cash payment at the time specified in the Investment Fund Agreement in an amount equal to the Fair Market Value of such vested portion on the Payment Date, or if the Payment Date is not a Valuation Date, the most recent preceding Valuation Date.  Notwithstanding the foregoing, the Committee may provide in the Investment Fund Agreement that all or a portion of a Participant’s Investment Funds Account may be paid in the form of Investment Choice shares under such circumstances as the Committee shall determine in its sole discretion.  

7.    Invesco Stock Awards
(a)    Invesco Stock Awards. Any amount of an Award allocated to Invesco Stock Awards pursuant to Section 5 shall be awarded in the form of restricted stock or restricted stock units, as determined by the Committee, under the GEIP. The number of Shares of restricted stock or restricted stock units granted pursuant to an Invesco Stock Award shall be determined by (i) dividing the amount allocated to the Invesco Stock Award by the Fair Market Value of the Shares on the Grant Date, and (ii) rounding down to the nearest whole number.  All terms of an Invesco Stock Award, including vesting, time of payment, and the form of the grant or award agreement, shall be determined under or in accordance with the GEIP.  For the avoidance of doubt, any allocations to an Invesco Stock Award shall be administered separately pursuant to the GEIP and 

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Exhibit 10.2

a Participant’s Investment Funds Account shall be adjusted accordingly to reflect only allocations made to an Investment Choice.
(b)    Source of Shares. Invesco Stock Awards shall be issued under the GEIP by the Committee acting in its capacity as the Committee under the GEIP, subject to all of the terms and conditions of the GEIP and any applicable award agreement. This Plan does not constitute a separate source of Shares for the grant of the Invesco Stock Awards described herein.

8.    Change in Control Provisions
The provisions of this Section 8 shall apply in the case of a Change in Control, unless otherwise provided in the applicable Investment Fund Agreement or any other provision of the Plan.
(a)    Investment Fund Awards Not Assumed, Etc. in Connection with Change of Control.   Upon the occurrence of a transaction that constitutes a Change in Control, if any Investment  Fund Award is not assumed, converted or otherwise equitably converted or substituted in a manner approved by the Committee, then such Investment Fund Award shall upon the Change in Control become fully vested and be paid or distributed, as applicable, as soon as administratively feasible.  
(b)    Investment Fund Awards Assumed, Etc. in Connection with Change of Control.   Upon the occurrence of a transaction that constitutes a Change in Control, with respect to any Investment Fund Award that is assumed, converted or otherwise equitably converted or substituted in a manner approved by the Committee, then, in the event of a Participant’s Termination of Service during the 24 month period following such Change in Control, (x) by the Company other than for Cause or unsatisfactory performance, or (y) by the Participant for Good Reason each outstanding Investment Fund Award shall become fully vested and shall be paid or distributed, as applicable, as soon as administratively feasible. 
(b)    Other Corporate Events.  In the case of a Corporate Event, the Committee or the Board may make such adjustments to any Investment Fund Award as the Committee or Board shall deem appropriate, which may include, without limitation, (i) the cancellation of outstanding Investment Fund Awards in exchange for the payment of cash, securities or other property or a combination thereof having an aggregate value equal to the value of such Investment Fund Awards, as determined by the Committee or the Board in its sole discretion, and (ii) the substitution of securities or other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for any Investment Choice shares or units subject to outstanding Investment Fund Awards.  In the event of any separation, spinoff, Disaffiliation or other similar event, the Committee or the Board may arrange for the assumption of Investment Fund Awards or the replacement of Investment Fund Awards with new awards based on securities or other property (including, without limitation, other securities of the Company and securities of entities other than the Company), by the affected Affiliate, or business segment or by the entity that controls such Affiliate, or business segment following such event (as well as any corresponding adjustments to Investment Fund Awards that remain based upon Company securities other than Shares).
(c)    Section 409A.  Notwithstanding the foregoing, (i) if any Investment Fund Award to a Participant who is subject to U.S. income tax is considered a “nonqualified deferred 

12

Exhibit 10.2

compensation plan” within the meaning of section 409A of the Code, this Section 8 shall apply to such Investment Fund Award only to the extent that its application would not result in the imposition of any tax or interest or the inclusion of any amount in income under section 409A of the Code, and (ii) for any Investment Fund Award that is not considered a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code, any adjustments under Section 8(b) shall be made in such a manner as to ensure that after such adjustment, the Investment Fund Award either (A) continues not to be subject to section 409A of the Code or (B) complies with the requirements of section 409A of the Code; and (iii) in any event, neither the Committee nor the Board shall have the authority to make any adjustments pursuant to Section 8(b) to the extent the existence of such authority would cause an Investment Fund Award that is not intended to be subject to section 409A of the Code at the Grant Date to be subject thereto.
9.    Section 409A
(a)    General Compliance.  It is the intention of the Company that each Award made or granted under the Plan shall either be exempt from or comply in all respects with the requirements of section 409A of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income thereunder, and the terms of each such Award shall be interpreted, administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing, neither the Company or any of its Affiliates, nor the Committee or any of its members, will be liable for any taxes, penalties or interest imposed on any Eligible Individual, Participant, Beneficiary or other person with respect to any amounts paid or payable (whether in cash or property) under any Award, including any taxes, penalties or interest imposed under or as a result of section 409A of the Code.  
(b)    Specified Employees.  Notwithstanding any other provision of the Plan, any Investment Fund Award or Investment Fund Agreement to the contrary, with respect to any Investment Fund Award that constitutes a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code, any payments (whether in cash or other property) to be made with respect to the Investment Fund Award upon the Participant’s Termination of Service that would otherwise be paid within six (6) months after the Participant’s Termination of Service shall be accumulated (without interest, to the extent applicable) and paid on the first day of the seventh month following the Participant’s Termination of Service if the Participant is a “specified employee” within the meaning of section 409A of the Code (as determined in accordance with the uniform policy adopted by the Committee with respect to all of the arrangements subject to section 409A of the Code maintained by the Company and its Affiliates).
10.    Amendment and Discontinuance
(a)    Amendment and Discontinuance of the Plan.  The Board or the Committee may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of a Participant with respect to a previously granted Award without such Participant’s consent, except such an amendment made to comply with applicable law or Applicable Exchange rule or to prevent adverse tax or accounting consequences to the Company or Participants.  Notwithstanding the foregoing, no such amendment shall be made without the approval of the Company’s Shareholders to the extent such approval is required by applicable law or Applicable Exchange rule.

13

Exhibit 10.2

(b)    Amendment of Investment Fund Awards.  The Committee may unilaterally amend the terms of any Investment Fund Award theretofore granted or any related Investment Fund Agreement, but no such amendment shall materially impair the rights of any Participant with respect to such Investment Fund Award without the Participant’s consent, except such an amendment made to cause the Plan or such Investment Fund Award to comply with applicable law or an Applicable Exchange rule, to prevent adverse tax or accounting consequences for the Participant or the Company or any of its Affiliates or in accordance with Section 4(f).    

11.    Unfunded Status of Plan
It is currently intended that the Plan constitute an “unfunded” plan.  The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan.
12.    General Provisions
(a)    Additional Compensation Arrangements.  Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting other or additional compensation arrangements for its employees.
(b)    No Contract of Employment.  Neither the Plan nor any Award shall constitute a contract of employment, and neither the adoption of the Plan nor the making or granting of any Award shall confer upon any employee any right to continued employment.  Neither the Plan nor any Award shall interfere in any way with the right of the Company or any Affiliate to terminate the employment of any employee at any time.
(c)    Required Taxes.  No later than the date as of which an amount first becomes includible in the gross income of a Participant for U.S. federal, state, local or foreign income or employment or other tax purposes with respect to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any U.S. federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount, unless otherwise determined by the Committee. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant.  The Committee may establish such procedures as it deems appropriate for this purpose. Regardless of any arrangements made by the Company, any Affiliate or the Committee with respect to the withholding or other payment of any U.S. federal, state, local or foreign taxes of any kind, the liability for all such taxes legally due from a Participant remains the responsibility of the Participant.  By accepting an Award, a Participant consents to the methods of tax withholding established by the Committee or otherwise made or arranged by the Company.
(d)    Rights of a Beneficiary.  Any amounts payable and any rights exercisable under an Award after a Participant’s death shall be paid to and exercised by the Participant’s Beneficiary, 

14

Exhibit 10.2

except to the extent prohibited by applicable law, Applicable Exchange rule or the terms of an applicable Investment Fund Agreement.
(e)    Governing Law and Interpretation.  The Plan and Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Georgia, without reference to principles of conflict of laws.  The captions of the Plan are not part of the provisions hereof and shall have no force or effect.
(f)    Non-Transferability.  Awards cannot be sold, assigned, transferred, pledged or otherwise encumbered other than by will or the laws of descent and distribution, except as provided in Section 12(d).
(g)    Foreign Employees and Foreign Law Considerations.  The Committee may make Awards to Eligible Individuals who are foreign nationals, who are employed outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) tax, legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan. Notwithstanding any other provision of the Plan, Awards to Participants who are employed and/or otherwise subject to the laws of a jurisdiction outside of the United States shall be subject to such terms and conditions as the Committee shall establish and set forth in an applicable Investment Fund Agreement, including any addendum thereto.  
(h)    Use of English Language.  The Plan, each Award or Investment Fund Agreement or, in the case of an Invesco Stock Award, an award agreement issued pursuant to the GEIP, and all other documents, notices and legal proceedings entered into, given or instituted pursuant to an Award shall be written in English, unless otherwise determined by the Committee.  If a Participant receives a copy of the Plan, an Award or Investment Fund Agreement or, in the case of an Invesco Stock Award, an award agreement issued pursuant to the GEIP, or any other document related to an Award under the Plan that is translated into a language other than English, and if the meaning of the translated version is different from the English version, the English version shall control.
(i)    Recovery of Amounts Paid.  All Awards granted under the Plan shall be subject to any policy established by the Committee under which the Company may recover from current and former Participants any amounts paid, Investment Choice shares issued under an Award, and any proceeds therefrom.  The Committee may apply such policy to Awards granted before the policy is adopted to the extent required by applicable law or Applicable Exchange rule or as otherwise provided by such policy.  
(j)    Notices.  A notice or other communication to the Committee shall be valid only if given in the form and to the location specified by the Committee. 

As adopted January 30, 2018

15

Exhibit 10.2

APPENDIX A
                Notwithstanding any other provision of the Plan or any Award or Investment Fund Agreement, any Awards that are regulated by the laws of a jurisdiction outside of the United States shall be subject to the terms and conditions of this Appendix A, as applicable, and any other terms and conditions established by the Committee and set forth in a Participant’s Award or Investment Fund Agreement, or, in the case of an Invesco Stock Award, an award agreement issued pursuant to the GEIP, including any addendum thereto, which may negate the provisions of Appendix A if so specifically provided therein.
                The Committee reserves the right to impose other requirements on any Award, any amounts or other property acquired pursuant to an Award and any Participant’s participation in the Plan to the extent the Committee determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of the Plan.  Such requirements may include (but are not limited to) requiring a Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

16

Exhibit 10.2

EUROPEAN UNION

Compliance with Age Discrimination Rules.
If a Participant is a local national of and employed in a country that is a member of the European Union, the grant of any Award and the terms and conditions governing each such Award are intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”).  To the extent a court or tribunal of competent jurisdiction determines that any provision of an Award is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Committee shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.  

17

Exhibit 10.2

Employee information supplements
The supplements on the following pages describe some of the tax and other laws that may apply to certain Awards to individuals who are not citizens or lawful permanent residents of the U.S. If you are a citizen or lawful permanent resident of the U.S. and you work in another country, the information provided in these supplements may not apply to you. You should rely upon your own tax advisor for advice about your particular circumstances and transactions.

18Exhibit

Exhibit 10.3

Award Agreement - Upfront Restricted Fund Units (this “RFU Agreement”)

Effective as of February 28, 2018 (the “Grant Date”), Invesco UK Limited, Invesco Group Services, Inc, and Invesco Management Group, Inc. (the "Grantor") allocates mutual fund and/or trust shares (the "Investment Alternative(s)") to your account on a notional basis as indicated below (“2018 Upfront Restricted Fund Units”).  The information contained in this acceptance screen (this “Grant Notice”) and in the attached Terms and Conditions (see link below) constitute this RFU Agreement in its entirety that governs your 2018 Upfront Restricted Fund Units.

Subject to the terms of the Invesco Ltd. Deferred Incentive Plan (the “Plan”), the terms of any Remuneration Policy of Invesco Ltd. or its Affiliates as in effect from time to time to the extent such policy is applicable to you (the “Remuneration Policy”), and this RFU Agreement, your 2018 Upfront Restricted Fund Units are fully vested and non-forfeitable as of the Grant Date.

By accepting this RFU Agreement, you acknowledge that you have received a copy of the Plan, that you have read and understood this RFU Agreement in its entirety, and that you agree to this RFU Agreement in its entirety, the terms of the Plan, and the terms of any Remuneration Policy. This RFU Agreement may be amended only by a written agreement between the Grantor and you.  If you fail to accept this RFU Agreement within sixty (60) days of the Grant Date, the Grantor may terminate your 2018 Upfront Restricted Fund Units.

Please print a copy of this Grant Notice and attached Terms and Conditions for your records.

Note:  You must timely select the appropriate radio button and click Confirm. 

 ̈ I acknowledge that I have read and understood this RFU Agreement, including the attached Terms and Conditions, and cause this RFU Agreement to be executed as of the Grant Date.

 ̈ I DECLINE.  I do not agree with the Terms and Conditions of this RFU Agreement and decline my 2018 Upfront Restricted Fund Units.

1

Exhibit 10.3

TERMS AND CONDITIONS – Upfront Restricted Fund Units (UCITS Staff)
1.Plan Controls; Restricted Fund Units. In consideration of the Upfront Restricted Fund Units (the “Upfront RFUs”) granted hereunder, you hereby promise to honor and to be bound by the terms of the Invesco Ltd. Deferred Incentive Plan (the “Plan”) and any Remuneration Policy of Invesco Ltd. (“Invesco”) or its Affiliates as in effect from time to time to the extent such policy is applicable to you (the “Remuneration Policy”). In addition, you hereby promise to honor and to be bound by the following terms and conditions, together with the Grant Notice, which constitute this Restricted Fund Unit Agreement (this “RFU Agreement”) which serves as the agreed basis for your Upfront RFUs. The terms contained in the Plan and the Remuneration Policy are incorporated into and made a part of this RFU Agreement, and this RFU Agreement shall be governed by and construed in accordance with the Plan and Remuneration Policy. In the event of any actual or alleged conflict between the provisions of any of the Plan, the Remuneration Policy, if applicable, and this RFU Agreement, (i) the provisions of the Remuneration Policy, if applicable, shall control and, to the extent of any conflict, be deemed to amend the Plan and this RFU Agreement, and (ii) the provisions of the Plan shall control and, to the extent of any conflict, be deemed to amend this RFU Agreement.  The Upfront RFUs, which are denominated in shares of the Investment Alternative(s), represent a contractual obligation of the Grantor (as defined in the Grant Notice) to pay an amount in cash equal to the Fair Market Value of the number of shares of the Investment Alternative(s) identified in this RFU Agreement pursuant to Section 6 of the Plan and the additional terms and restrictions hereunder and in any applicable Remuneration Policy and as per applicable law. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Plan.

2. Restrictions. The Upfront RFUs may not be sold, assigned, transferred, pledged or otherwise encumbered. 
3. Full Vesting. The Upfront RFUs are vested and nonforfeitable as of the Grant Date, subject to the performance adjustment as set forth in Paragraph 16 hereof.
3.1 Payment Date and Payment. 
(a)    Payment Date.  The Upfront RFUs shall be settled upon the earliest to occur of the following: (i) August 31 of the calendar year in which the Grant Date falls; or (ii) the date of your Termination of Service due to death or Disability. 
(b) Payment.  An amount equal to the Fair Market Value of the fund and/or trust shares of the Investment Alternative(s) represented by the Upfront RFUs will be paid in a lump sum in local currency within 30 days following the Payment Date.
4. No Shareholder Rights; Payment in Lieu of Dividends. You shall have none of the rights of a shareholder of any funds with respect to the Upfront RFUs, including voting or dividend rights. If and when any cash dividends or distributions are paid with respect to the shares of the Investment Alternative(s) represented by the Upfront RFUs while Upfront RFUs are outstanding, your Investment Funds Account will be credited with additional Upfront RFUs relating to the same Investment Alternative(s) as the shares on which such dividends or distributions are paid, and such additional Upfront RFUs shall be subject to the same Terms and Conditions, including vesting and distribution requirements, as are applicable to the underlying the Upfront RFUs. 
5. Notice Period Requirement. During your employment with the Grantor, you and, in the absence of Cause, the Grantor shall be required to give to the other advance written notice of the intent to terminate your employment relationship as reflected in your Employment Agreement (the “Notice Period”). Your employment with the Grantor shall not terminate until the expiration of the Notice Period, provided, however, that the Grantor shall have the right, in its sole discretion, to relieve you of any or all of your duties and responsibilities by placing you on paid administrative leave during the Notice Period and shall not be required to provide you with work or access to the Grantor’s offices during such leave. You shall be entitled to continue to receive your salary and certain other employee benefits for the entire Notice Period, regardless of whether the Grantor exercises its right to place you on paid administrative leave. You are prohibited from working in any capacity for yourself or any other business during the Notice Period without the prior written consent of the Grantor. Notwithstanding the foregoing, at any time during your employment relationship, the Grantor may, effective immediately and without the benefit of the Notice Period, terminate the employment relationship for Cause. The date on which your employment terminates shall be your “Termination Date” for purposes of this RFU Agreement.
6. Employment Matters. You agree that this RFU Agreement is entered into and is reasonably necessary to protect the Grantor’s investment in your advancement opportunity, training and development and to protect the goodwill and other legitimate business interests of Invesco. You also agree that, in consideration of the confidential information, trade secrets and training and development provided to you, you will abide by the restrictions set forth in this Paragraph 6, and you further agree and acknowledge that the restrictions set forth in this Paragraph 6 are reasonably necessary to protect the confidential and trade secret information provided to you.
6.1 Nondisclosure. You agree that, in the event of your Termination of Service for any reason,  whether during or following the period when the Upfront RFUs are subject to vesting restrictions (the “Restriction Period”), you shall not directly or indirectly 

2

Exhibit 10.3

use for yourself or any other business or disclose to any person any Confidential Information (as defined below) without the prior written consent of Invesco during the period that it remains confidential and nonpublic or a trade secret under applicable law.  “Confidential Information” means all non-public information (whether a trade secret or not and whether proprietary or not) relating to Invesco’s business and its customers that Invesco either treats as confidential or is of value to Invesco or is important to Invesco’s business or operations, including but not limited to the following specific items: trade secrets (as defined by applicable law); actual or prospective customers and customer lists; marketing strategies; sales; actual and prospective pricing; products; know-how; research and development; intellectual property; information systems and software; business plans and projections; negotiations and contracts; financial or cost data; employment, compensation and personnel information; and any other non-public business information regarding Invesco or its Affiliates. In addition, trade secrets will be entitled to all of the protections and benefits available under applicable law.
6.2 Nonrecruitment; Nonsolicitation. You agree that during your employment with the Grantor and until six (6) months following your Termination Date,  in the event of your Termination of Service for any reason, whether during or following the Restriction Period (the “Covenant Period”), you shall not directly or indirectly, individually or in concert with any other person or entity (i) recruit, induce or attempt to recruit or induce any employee of Invesco with whom you worked or otherwise had Material Contact (as defined below) during your employment to leave the employ of Invesco or otherwise lessen that party’s affiliation with Invesco, or (ii) solicit, divert, take away or attempt to solicit, divert or take away any then-current or proposed client or customer of  Invesco with whom you had Material Contact during your employment for purposes of offering, providing or selling investment management products or services offered by Invesco at the date of your Termination of Service that were offered, provided and/or sold by you on Invesco’s behalf. For purposes of this provision, you had “Material Contact” with an employee if (i) you had a supervisory relationship with the employee or (ii) you worked or communicated with the employee on a regular basis; and you had “Material Contact” with a current or proposed client or customer if (i) you had business dealings with the current or proposed client or customer on behalf of Invesco or (ii) you supervised or coordinated the dealings between Invesco and the current or proposed client or customer.
6.3 Enforceability of Covenants. You acknowledge that Invesco has a current and future expectation of business from the current and proposed customers of Invesco. You acknowledge that the term and scope of the covenants set forth herein are reasonable, and you agree that you will not, in any proceeding, assert the unreasonableness of the premises, consideration or scope of the covenants set forth herein. You and the Grantor agree that if any portion of the foregoing covenants is deemed to be unenforceable because any of the restrictions contained in this RFU Agreement are deemed too broad, the court shall be authorized to provide partial enforcement of such covenants, substitute an enforceable term or otherwise modify this RFU Agreement in a manner that will enable the enforcement of the covenants to the maximum extent possible under applicable law. You agree that any breach of these covenants will result in irreparable damage and injury to Invesco and that Invesco will be entitled to injunctive relief without the necessity of posting any bond. You also agree that you shall be responsible for all damages incurred by the Invesco due to any breach of the restrictive covenants contained in this RFU Agreement and that Invesco and/or the Grantor shall be entitled to have you pay all costs and attorneys’ fees incurred by Invesco and the Grantor in enforcing the restrictive covenants in this RFU Agreement.
7. Relationship to Other Agreements. Subject to the limitations set forth below, in the event of any actual or alleged conflict between the provisions of this RFU Agreement and (i) any other agreement regarding your employment with the Grantor (“Employment Agreement”), or (ii) any prior agreement or certificate governing any fund or equity award (the documents described in clauses (i) and (ii) hereof being collectively referred to as the “Other Agreements”), the provisions of this RFU Agreement shall control and, to the extent of any conflict, be deemed to amend such Other Agreement.  Notwithstanding the foregoing, in the event that the Nondisclosure Period or Covenant Period referred to in Paragraph 6 of this RFU Agreement is shorter in duration than that provided in an Employment Agreement, Nondisclosure Period or Covenant Period (as applicable) set forth in the Employment Agreement shall apply.
8. Employee Data Privacy. Pursuant to applicable personal data protection laws, Invesco and the Grantor hereby notify you of the following in relation to your personal data and the collection, use, processing and transfer (collectively, the “Use”) of such data in relation to the Grantor’s grant of the Upfront RFUs and your participation in the Plan. The Use of your personal data is necessary for Invesco's and the Grantor’s administration of the Plan and your participation in the Plan. Your denial and/or objection to the Use of personal data may affect your participation in the Plan. As such, you voluntarily acknowledge, consent and agree (where required by law) to the Use of personal data (“Data”) as described in this Paragraph 8.  
Invesco and the Grantor hold certain Data about you, which may include your name, home address, email address and telephone number, date of birth, social security number or other employee identification number, salary, job title, any shares held by you, details of all Upfront RFUs or any other entitlement under the Plan awarded in your favor, for the purpose of managing and administering the Plan Data. Data may be provided by you or collected, where lawful, from Invesco, Affiliates or third parties, and Invesco or the Grantor will process Data for the exclusive purpose of implementing, administering and managing your participation in the Plan. Data processing will take place through electronic and non-electronic means 

3

Exhibit 10.3

according to logics and procedures strictly correlated to the purposes for which the Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in your country of residence (and country of employment, if different). The Data processing operations will be performed minimizing the use of personal and identification data when such data are unnecessary for the processing purposes sought. The Data will be accessible within Invesco’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for your participation in the Plan.
Invesco and the Grantor will transfer the Data as necessary for the purpose of implementation, administration and management of your participation in the Plan, and Invesco and the Grantor may each further transfer the Data to any third parties assisting Invesco in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States. You hereby authorize them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan.
You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, and (d) oppose, for legal reasons, the collection, processing or transfer of the Data that is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan.  You may seek to exercise these rights by contacting the Grantor's local human resources manager or Invesco, Ltd., Manager, Executive Compensation, 1555 Peachtree Street, NE, Atlanta, Georgia 30309.
9.  Income Taxes and Social Insurance Contribution Withholding. Regardless of any action the Grantor takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Grantor (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Upfront RFUs, including the grant of the Upfront RFUs, the vesting of the Upfront RFUs, the settlement of the Upfront RFUs and the receipt of any dividends and dividend equivalents; and (ii) does not commit to structure the terms of the grant or any aspect of the Upfront RFUs to reduce or eliminate your liability for Tax-Related Items.  Further, if you become subject to taxation in more than one country between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Grantor may be required to withhold or account for Tax-Related Items in more than one country.
If your country of residence (and/or the country of employment, if different) requires withholding of Tax-Related Items, the Grantor may withhold a portion of the amount otherwise payable to you pursuant to the Upfront RFUs to pay the Tax-Related Items required to be withheld with respect to Upfront RFUs. Alternatively (or in combination), the Grantor may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your regular salary or other amounts payable to you or may require you to submit payment equivalent to the Tax-Related Items required to be withheld with respect to the Upfront RFUs by means of certified check, cashier’s check or wire transfer. By accepting the Upfront RFUs, you expressly consent to the methods of withholding as provided hereunder. All other Tax-Related Items related to the Upfront RFUs shall be your sole responsibility.
To the extent the Grantor pays any Tax-Related Items that are your responsibility (“Advanced Tax Payments”), the Grantor shall be entitled to recover such Advanced Tax Payments from you in any and all manner that the Grantor determines appropriate in its sole discretion. For purposes of the foregoing, the manner of recovery of the Advanced Tax Payments shall include (but is not limited to) offsetting the Advanced Tax Payments against any and all amounts that may be otherwise owed to you by the Grantor (including regular salary/wages, bonuses, incentive payments and shares acquired by you pursuant to any equity compensation plan that are otherwise held by the Grantor or Invesco for your benefit).  
10. Code Section 409A. The Upfront RFUs issued under this Agreement are not intended to constitute a nonqualified deferred compensation plan within the meaning of Section 409A of the Code, and the Plan and this RFU Agreement shall be interpreted, administered and deemed amended, if applicable, in a manner consistent with that intention. Notwithstanding the foregoing, if you are subject to U.S. federal income tax on any amounts payable hereunder and if any such amounts, including amounts payable pursuant to Paragraph 5 of this RFU Agreement, constitute nonqualified deferred compensation under Section 409A of the Code, those amounts shall be paid in accordance with the requirements of Section 409A of the Code and shall be subject to the provisions of Section 9 of the Plan.
11. Notice. Notices and communications under this RFU Agreement must be in writing and either personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid. Notices to the Grantor must be addressed to the Grantor’s registered address or any address designated by the Grantor in a written notice to you. Notices to Invesco must be 

4

Exhibit 10.3

addressed to Invesco Ltd., Manager, Executive Compensation, 1555 Peachtree Street, NE, Atlanta, Georgia 30309, or to any other address designated by Invesco in a written notice to you. Notices to you will be directed to your address then currently on file with the Grantor, or to any other address given by you in a written notice to the Grantor.

12. Compliance with Laws. As a condition to the grant of these Upfront RFUs, you agree to repatriate all amounts attributable to the Upfront RFUs in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different), to the extent applicable. In addition, you also agree to take any and all actions, and consent to any and all actions taken by Invesco and its Affiliates as may be required to allow Invesco and its Affiliates to comply with local laws, rules and regulations in your country of residence (and country of employment, if different). Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).

13. Discretionary Nature of Plan; No Vested Rights. You acknowledge and agree that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Grantor, in its sole discretion, at any time as provided under the Plan. The grant of the Upfront RFUs under the Plan is a one-time benefit and does not create any contractual or other right to receive the Upfront RFUs or other awards or benefits in lieu of the Upfront RFUs in the future. Future awards, if any, will be at the sole discretion of the Grantor, including, but not limited to, the form and timing of an award, the amounts granted thereunder and the vesting provisions.

14. Termination Indemnities. The value of the Upfront RFUs is an extraordinary item of compensation outside the scope of your employment contract, if any. As such, the Upfront RFUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments to which you may be otherwise entitled.  

15. Compliance with the EU Directive on Undertakings for Collective Investments in Transferable Securities.  To the extent the Upfront RFUs are subject by the EU Directive on Undertakings for Collective Investments in Transferable Securities (“UCITS”), the Upfront RFUs shall be administered and settled in accordance with applicable requirements, including the timing and method of distribution. 

16. Performance Adjustment – Malus and Claw Back.  Notwithstanding any other provision of this RFU Agreement or the Plan, prior to the Payment Date the Committee may determine, in good faith, whether any of the following circumstances have occurred during the time period between the Grant Date and the Payment Date:
(a)  the financial performance of Invesco as a whole or the Grantor has suffered a significant downturn or deterioration; or
(b) the investment performance of the Grantor has suffered a significant deterioration; or
(c) there is evidence of your fraud or willful misconduct; or
(d) there is a significant failure of risk management in relation to the Grantor or its investment portfolios.
If the Committee determines, in its sole discretion, that your actions were a significant contributing factor towards any of the situations set forth in (a) through (d) above, the Committee, in its sole discretion may reduce or eliminate entirely the number of Upfront RFUs granted hereunder, and you will forfeit all right, title and interest in and to such Upfront RFUs so reduced or eliminated (the “Forfeit Obligation”). You agree that the Grantor shall have the right to enforce the Forfeit Obligation by all legal means available, including without limitation, by withholding other amounts or property owed to you by the Grantor.   

17. Compliance with Age Discrimination Rules. For purposes of this RFU Agreement, if you are a local national of and employed in a country that is a member of the European Union, the grant of the Upfront RFUs and these Terms and Conditions governing the Upfront RFUs are intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”). To the extent a court or tribunal of competent jurisdiction determines that any provision of this RFU Agreement or the Plan is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Grantor shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.  

18. Use of English Language. You acknowledge and agree that it is your express intent that this RFU Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted with respect to the Upfront RFUs be drawn up in English. If you have received this RFU Agreement, the Plan or any other documents related to the Upfront RFUs 

5

Exhibit 10.3

translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version shall control.

19. Addendum to this RFU Agreement. Notwithstanding any provisions in this RFU Agreement to the contrary, the Upfront RFUs shall be subject to any special terms and conditions for your country of residence (and country of employment, if different), as may be set forth in an addendum to this RFU Agreement (“Addendum”). Further, if you transfer residency and/or employment to another country as may be reflected in an Addendum to this RFU Agreement, the special terms and conditions for such country will apply to your Upfront RFUs to the extent Invesco determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the administration of the Plan. Any applicable Addendum shall constitute part of this RFU Agreement.

20.  Additional Requirements.  The Grantor reserves the right to impose other requirements on the Upfront RFUs and your participation in the Plan, to the extent the Grantor determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the Upfront RFUs and the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

21.  Severability.  The invalidity or unenforceability of any provision of the Plan or these Terms and Conditions shall not affect the validity or enforceability of any other provision of the Plan or these Terms and Conditions.

22. Electronic Delivery. The Grantor may, in its sole discretion, decide to deliver any documents related to the Upfront RFUs by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Grantor or a third party designated by the Grantor. Further, to the extent applicable, all references to signatures and delivery of documents in this RFU Agreement can be satisfied by procedures that the Grantor has established or may establish for an electronic signature system for delivery and acceptance of any such documents, including this RFU Agreement. Your electronic signature is the same as, and shall have the same force and effect as, your manual signature.  Any such procedures and delivery may be effected by a third party engaged by the Grantor to provide administrative services related to the Plan.

DIP – UCITS Staff Upfront

6

Exhibit 10.3

ADDENDUM TO THE TERMS AND CONDITIONS -  
UPFRONT RESTRICTED FUND UNITS 
(UCITS STAFF)
 
In addition to the terms of the Invesco Ltd. Deferred Incentive Plan (the “Plan”) and the RFU Agreement, the Upfront RFUs are subject to the following additional terms and conditions as set forth in this addendum (this “Addendum”). All defined terms as contained in this Addendum shall have the same meaning as set forth in the Plan and the RFU Agreement. To the extent you relocate your residency and/or employment to another country, the additional terms and conditions as set forth in this Addendum for such country (if any) also shall apply to the Upfront RFUs to the extent the Grantor determines, in its sole discretion, that the application of such addendum is necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of the Upfront RFUs and the Plan (or the Grantor may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer).

FRANCE

1.    Language Consent. The parties acknowledge that it is their express wish that the RFU Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention (“RFU Agreement”), ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention.

ITALY

1.    Plan Acknowledgment.  In accepting the Upfront RFUs, you acknowledge that a copy of the Plan was made available to you, and you have reviewed the Plan and the RFU Agreement, including this Addendum, in their entirety and fully understand and accept all provisions of the Plan, the RFU Agreement and this Addendum. 

You further acknowledge that you have read and specifically approve of the following provisions in the RFU Agreement: Paragraph 3: Full Vesting; Paragraph 8: Employee Data Privacy; Paragraph 9: Income Taxes and Social Insurance Contribution Withholding; and Paragraph 13: Discretionary Nature of the Plan; No Vested Rights.  

SPAIN

1.    Acknowledgment of Discretionary Nature of the Plan. By accepting the Upfront RFUs, you consent to participation in the Plan and acknowledge receipt of a copy of the Plan.

You understand that the Grantor has unilaterally and gratuitously granted the Upfront RFUs under the Plan to individuals who may be employees of the Grantor. The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Grantor on an ongoing basis.  Consequently, you understand that the Upfront RFUs are granted on the assumption and condition that the Upfront RFUs and payment made upon settlement of the Upfront RFUs shall not become a part of any employment contract (either with Invesco or the Grantor) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever.  In addition, you understand that this grant would not be made to you but for the assumptions and conditions referenced above; thus, you acknowledge and freely accept that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason the Upfront RFUs shall be null and void.

UNITED KINGDOM

1.    Indemnification for Tax-Related Items.    Without limitation to Paragraph 9 of the RFU Agreement, you hereby agree that you are liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Grantor or by Her Majesty's Revenue & Customs (“HMRC”) (or any other tax authority or any other relevant authority).  You also hereby agree to indemnify and keep indemnified the Grantor against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on your behalf to HMRC (or any other tax authority or any other relevant authority).

2.    Exclusion of Claim.  You acknowledge and agree that you have no entitlement to compensation or damages insofar as such entitlement arises or may arise from your ceasing to have rights under or to be entitled to the Upfront RFUs, whether or not as a result of your termination (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Upfront RFUs.  Upon the grant of the Upfront RFUs, you shall be deemed irrevocably to have waived any such entitlement.

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