Document:

Exhibit 10.4

 

OM ASSET MANAGEMENT PLC

 

EQUITY INCENTIVE PLAN

 

ADOPTED SEPTEMBER   , 2014

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1.
    	
PURPOSE
    	
1
    
	
2.
    	
DEFINITIONS
    	
1
    
	
3.
    	
TERM OF THE PLAN
    	
4
    
	
4.
    	
STOCK SUBJECT TO THE PLAN
    	
4
    
	
5.
    	
ADMINISTRATION
    	
5
    
	
6.
    	
AUTHORIZATION OF GRANTS
    	
6
    
	
7.
    	
SPECIFIC TERMS OF AWARDS
    	
7
    
	
8.
    	
ADJUSTMENT PROVISIONS
    	
13
    
	
9.
    	
CHANGE OF CONTROL
    	
16
    
	
10.
    	
SETTLEMENT OF AWARDS
    	
16
    
	
11.
    	
RESERVATION OF STOCK
    	
19
    
	
12.
    	
CLAW-BACK POLICY
    	
19
    
	
13.
    	
LIMITATION OF RIGHTS IN STOCK; NO SPECIAL EMPLOYMENT   RIGHTS
    	
19
    
	
14.
    	
UNFUNDED STATUS OF PLAN
    	
20
    
	
15.
    	
NONEXCLUSIVITY OF THE PLAN
    	
20
    
	
16.
    	
NO GUARANTEE OF TAX CONSEQUENCES
    	
20
    
	
17.
    	
TERMINATION AND AMENDMENT OF THE PLAN
    	
20
    
	
18.
    	
NOTICES AND OTHER COMMUNICATIONS
    	
22
    
	
19.
    	
GOVERNING LAW
    	
22
    

 

i

 

OM ASSET MANAGEMENT PLC

Equity Incentive Plan

 

1.                                      Purpose

 

This Plan is intended to encourage ownership of Stock by employees of the Company and its Subsidiaries and to provide additional incentive for them to promote the success of the Company’s business through the grant of Awards of or pertaining to shares of the Company’s Stock.  The Plan is intended to be an incentive stock option plan within the meaning of Section 422 of the Code, but not all Awards are required to be Incentive Options.

 

2.                                      Definitions

 

As used in this Plan, the following terms shall have the respective meanings set out below, unless the context clearly requires otherwise:

 

2.1                               Accelerate, Accelerated, and Acceleration, means: (a) when used with respect to an Option or Stock Appreciation Right, that as of the time of reference the Option or Stock Appreciation Right will become exercisable with respect to some or all of the shares of Stock for which it was not then otherwise exercisable by its terms; (b) when used with respect to Restricted Stock or Restricted Stock Units, that the Risk of Forfeiture otherwise applicable to the Stock or Units shall expire with respect to some or all of the shares of Restricted Stock or Restricted Stock Units then still otherwise subject to the Risk of Forfeiture; and (c) when used with respect to Performance Units, that the applicable Performance Goals or other business objectives shall be deemed to have been met as to some or all of the Performance Units.

 

2.2                               Act means the U.K. Companies Act 2006, as amended from time to time, or any successor statute thereto, and any regulations issued from time to time thereunder.

 

2.3                               Affiliate means any corporation, partnership, limited liability company, business trust, or other entity controlling, controlled by or under common control with the Company.

 

2.4                               Award means any grant or sale pursuant to the Plan of Options, Stock Appreciation Rights, Performance Units, Restricted Stock, Restricted Stock Units, or Stock Grants. “Award” shall also refer to part of an Award where the context so admits.

 

2.5                               Award Agreement means an agreement between the Company and the recipient of an Award, or other notice of grant of an Award, setting forth the terms and conditions of the Award.

 

2.6                               Board means the Company’s Board of Directors.

 

2.7                               Cause, with respect to a Participant, means any of the following events:

 

(a)                                 the Participant’s willful or reckless misconduct, or gross, continuing or repeated negligence in the performance of the Participant’s duties and responsibilities with respect to the Company or any of its Affiliates, or his or her material failure to carry out directions which are reasonable in light of the Participant’s primary duties and responsibilities, or any other conduct that results in substantial injury (monetary or otherwise) to the Company or any of its Affiliates, officers, directors, employees or other agents;

 

 

(b)                                 the Participant’s conviction of a felony which has or could have a material adverse effect (monetary or otherwise) on the Company or any of its Affiliates, officers, directors, employees or other agents;

 

(c)                                  the Participant’s embezzlement or misappropriation of funds, commission of any material act of dishonesty, fraud or deceit, or violation of any federal or state law applicable to the securities industry;

 

(d)                                 the Participant’s material breach of a legal or fiduciary duty owed to the Company or any of its Affiliates, officers, directors, employees or other agents;

 

(e)                                  the Participant’s material breach of any provision of any agreement between the Participant and the Company, any Company policy or practice, or any applicable law; or

 

(f)                                   any act or omission by the Participant constituting “cause” within the meaning of any employment agreement between the Participant and the Company or any of its subsidiaries.

 

2.8                               Change of Control means the occurrence of either of the following after the date of the approval of the Plan by the Board:

 

(a)                                 a Transaction (as defined in Section 8.5), unless securities possessing more than 50% of the total combined voting power of the survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities immediately prior to that transaction; or

 

(b)                                 any person or group of persons (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended and in effect from time to time) directly or indirectly acquires, including but not limited to by means of a merger or consolidation, beneficial ownership (determined pursuant to Securities and Exchange Commission Rule 13d-3 promulgated under the said Exchange Act) of securities, that, together with securities held by such person or group of persons, possess more than 50% of the total combined voting power of the Company’s outstanding securities, unless pursuant to a tender or exchange offer made directly to the Company’s stockholders that the Board recommends such stockholders accept, other than (i) the Company or any of its Affiliates, (ii) an employee benefit plan of the Company or any of its Affiliates, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, or (iv) an underwriter temporarily holding securities pursuant to an offering of such securities.

 

2.9                               Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any regulations issued from time to time thereunder.

 

2.10                        Committee means the Compensation Committee of the Board, which in general is responsible for the administration of the Plan, as provided in Section 5 of this Plan.  For any period during which no such committee is in existence “Committee” shall mean the Board and all authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Board.

 

2.11                        Company means OM Asset Management plc, a public company limited by shares and incorporated under the laws of England and Wales, with registered number 09062478.

 

2.12                        Grant Date means the date as of which an Option is granted, as determined under Section 7.1(a).

 

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2.13                        Incentive Option means an Option which by its terms is to be treated as an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.14                        Market Value means the value of a share of Stock on a particular date determined by such methods or procedures as may be established by the Committee.  Where the Stock of the Company is publicly traded, unless otherwise determined by the Committee, the Market Value of Stock as of any date is the closing price for the Stock as reported on the New York Stock Exchange (or on any other national securities exchange on which the Stock is then listed) for that date or, if no closing price is reported for that date, the closing price on the first following date for which a closing price is reported.  For purposes of Awards effective as of the effective date of the Company’s initial public offering, if any, Market Value of Stock shall be the price at which the Company’s Stock is offered to the public in its initial public offering.

 

2.15                        Nonstatutory Option means any Option that is not an Incentive Option.

 

2.16                        Option means an option to purchase shares of Stock.

 

2.17                        Optionee means an eligible individual to whom an Option shall have been granted under the Plan.

 

2.18                        Participant means any holder of an outstanding Award under the Plan.

 

2.19                        Performance Criteria and Performance Goals have the meanings given such terms in Section 7.7(f).

 

2.20                        Performance Period means the one or more periods of time, which may be of varying and overlapping durations, selected by the Committee, over which the attainment of one or more Performance Goals or other business objectives will be measured for purposes of determining a Participant’s right to, and the payment of, an Award.

 

2.21                        Performance Unit means a right granted to a Participant under Section 7.5, to receive cash, Stock or other Awards, the payment of which is contingent on achieving Performance Goals or other business objectives established by the Committee.

 

2.22                        Plan means this Equity Incentive Plan of the Company, as amended from time to time, and including any attachments or addenda hereto.

 

2.23                        Qualified Performance-Based Awards means Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

2.24                        Restricted Stock means a grant or sale of shares of Stock to a Participant subject to a Risk of Forfeiture.

 

2.25                        Restricted Stock Units means rights to receive shares of Stock at the close of a Restriction Period, subject to a Risk of Forfeiture.

 

2.26                        Restriction Period means the period of time, established by the Committee in connection with an Award, during which the Award is subject to a Risk of Forfeiture described in the applicable Award Agreement.

 

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2.27                        Risk of Forfeiture means a limitation on the right of the Participant to retain an Award arising because of the occurrence or non-occurrence of specified events or conditions.

 

2.28                        Stock means ordinary shares, of nominal value $      per share, of the Company, and such other securities as may be substituted for Stock pursuant to Section 8.

 

2.29                        Stock Appreciation Right means a right to receive any excess in the Market Value of shares of Stock (except as otherwise provided in Section 7.2(c)) over a specified exercise price.

 

2.30                        Stock Grant means the grant of shares of Stock not subject to restrictions or other forfeiture conditions.

 

2.31                        Stockholders’ Agreement means any agreement by and among the holders of at least a majority of the outstanding voting securities of the Company and setting forth, among other provisions, restrictions upon the transfer of shares of Stock or on the exercise of rights appurtenant thereto (including but not limited to voting rights).

 

2.32                        Subsidiary means a body corporate, including a limited liability company, that is a “subsidiary” within the meaning of Section 1159 of the Act.

 

2.33                        Ten Percent Owner means a person who owns, or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code).  Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the facts existing immediately prior to the Grant Date of the Option.

 

3.                                      Term of the Plan

 

Unless the Plan shall have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on the date of approval of the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption of the Plan by the Board and approval of the Plan by the Company’s stockholders.  Awards granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan.  Awards of Incentive Options granted prior to stockholder approval of the Plan are expressly conditioned upon such approval, but in the event of the failure of the stockholders to approve the Plan shall thereafter and for all purposes be deemed to constitute Nonstatutory Options.

 

4.                                      Stock Subject to the Plan

 

4.1                               Shares Issued Pursuant to the Plan.  Shares of Stock issued pursuant to the Plan shall be fully paid and, to the extent permitted by the laws of England and Wales, will be made available from shares acquired by the Company and held in its treasury, newly allotted and issued shares, or shares acquired by or gifted to the trustees of an employee benefit trust established in connection with the Plan.

 

4.2                               Plan Share Limitations.  At no time shall the number of shares of Stock to be issued or transferred to Participants pursuant to Awards granted under the Plan (including pursuant to Incentive Options), nor the number of shares of Stock to be issued to or transferred to Participants pursuant to Incentive Options, exceed shares of Stock.  For purposes of applying the foregoing limitation, (a) if any Option or Stock Appreciation Right expires, terminates, or is cancelled for any reason without having been exercised in full, or if any other Award is forfeited, the shares of Stock not purchased by the

 

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holder or which are forfeited, as the case may be, shall again be available for Awards to be granted under the Plan, and (b) any shares of Stock either delivered to or withheld by the Company in satisfaction of tax withholding obligations of the Company or an Affiliate with respect to an Award shall again be available for Awards to be granted under the Plan.  In addition, settlement of any Award shall not count against the foregoing limitations except to the extent settled in the form of Stock.

 

4.3                               Per Person Limitations.  The maximum number of shares of Stock that may be subject to Options or Stock Appreciation Rights or any combination thereof granted to any one Participant during any single calendar year shall be             shares.  The maximum number of shares of Stock that may be subject to all other Awards or any combination thereof (excluding Stock Grants) granted to any one Participant during any single calendar year shall be             shares.  The per Participant limits described in this Section 4.3 shall be construed and applied consistent with Section 162(m) of the Code.

 

4.4                               Adjustment of Limitations.  Each of the share limitations of this Section 4 shall be subject to adjustment pursuant to Section 8 of the Plan, but in the case of the limitation of Section 4.3, only if and to the extent consistent with Section 162(m) of the Code.

 

5.                                      Administration

 

The Plan shall be administered by the Committee; provided, however, that at any time and on any one or more occasions the Board may itself exercise any of the powers and responsibilities assigned the Committee under the Plan and when so acting shall have the benefit of all of the provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided further that, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, the grant of Awards by the Committee to any Participant shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.  The Committee may delegate to an executive officer or officers the authority to grant Awards hereunder to employees who are not officers up to such maximum number and in accordance with such other guidelines as the Committee shall specify by resolution at any time or from time to time.  The Committee may delegate ministerial, non-discretionary functions with respect to the administration of the Plan to any officers or employees of the Company or its Affiliates, or to one or more third-party stock plan administrators.  Subject to the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the Company under the Plan including the employee to receive the Award and the form of Award.  In making such determinations, the Committee may take into account the nature of the services rendered by the employee, their present and potential contributions to the success of the Company and its Affiliates, and such other factors as the Committee in its discretion shall deem relevant.  The Committee shall have full power and authority to enter into arrangements with the trustee of any employee benefit trust established by the Company or any of its Subsidiaries to facilitate the administration of Awards under the Plan.  Subject to the provisions of the Plan, the Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules and regulations

 

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relating to it, to determine the terms and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for the administration of the Plan.  The Committee’s determinations made in good faith on matters referred to in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant hereto.

 

6.                                      Authorization of Grants

 

6.1                               Eligibility.  The Committee may grant from time to time and at any time prior to the termination of the Plan one or more Awards, either alone or in combination with any other Awards, to any employee of the Company and its Subsidiaries.  However, only employees of the Company, and of any subsidiary corporations of the Company, as defined in Section 424(f) of the Code, shall be eligible for the grant of an Incentive Option.

 

6.2                               General Terms of Awards.  Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including but not limited to any specific terms and conditions applicable to that type of Award set out in the following Section), and such other terms and conditions, not inconsistent with the terms of the Plan, as determined by the Committee.  No prospective Participant shall have any rights with respect to an Award, unless and until such Participant shall have complied with the applicable terms and conditions of such Award.

 

6.3                               Effect of Termination of Employment.  Unless the Committee shall provide otherwise with respect to any Award (including, but not limited to, in a Participant’s Award Agreement), if the Participant’s employment with the Company and its Affiliates ends for any reason, including because of the Participant’s employer ceasing to be an Affiliate, (a) any outstanding Option or Stock Appreciation Right of the Participant shall cease to be exercisable in any respect not later than thirty (30) days following that event and, for the period it remains exercisable following that event, shall be exercisable only to the extent exercisable at the date of that event, (b) with respect to any Award of Restricted Stock, the Participant shall forfeit his or her beneficial interest in the underlying shares, which shall be transferred to an employee benefit trust established by the Company or a Subsidiary of the Company or to such other entity or employee as may be determined by the Committee without payment of consideration to the Participant, and (c) any other outstanding Award of the Participant shall be forfeited and cancelled on the terms specified in the applicable Award Agreement.  Cessation of the performance of services in one capacity, for example, as an employee, shall not result in termination of an Award while the Participant continues to perform services in another capacity, for example as a non-employee director.  Military or sick leave or other bona fide leave shall not be deemed a termination of employment, provided that it does not exceed the longer of ninety (90) days or the period during which the absent Participant’s reemployment rights, if any, are guaranteed by statute or by contract.  To the extent consistent with applicable law, including the Act, the Committee may provide that Awards continue to vest for some or all of the period of any such leave, or that their vesting shall be tolled during any such leave and only recommence upon the Participant’s return from leave, if ever.

 

6.4                               Non-Transferability of Awards.  Awards shall not be transferable, and no Award or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  All of a Participant’s rights in any Award may be exercised during the life of the Participant only by the Participant or the Participant’s legal representative.

 

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7.                                      Specific Terms of Awards

 

7.1                               Options.

 

(a)                                 Grant Date.  The granting of an Option shall take place at the time specified in the Award Agreement.

 

(b)                                 Exercise Price.  The price at which shares of Stock may be acquired under each Incentive Option shall be not less than 100% of the Market Value of Stock on the Grant Date, or not less than 110% of the Market Value of Stock on the Grant Date if the Optionee is a Ten Percent Owner.  The price at which shares of Stock may be acquired under each Nonstatutory Option shall not be so limited solely by reason of this Section.

 

(c)                                  Option Period.  No Incentive Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the fifth anniversary of the Grant Date if the Optionee is a Ten Percent Owner.  The Option period under each Nonstatutory Option shall not be so limited solely by reason of this Section.

 

(d)                                 Exercisability.  An Option may be immediately exercisable or become exercisable in such instalments, cumulative or non-cumulative, as the Committee may determine.  In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time; provided, however, that in the case of an Incentive Option, any such Acceleration of the Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents to the Acceleration.

 

(e)                                  Method of Exercise.  An Option may be exercised by the Optionee giving written notice, in the manner provided in Section 18, specifying the number of shares of Stock with respect to which the Option is then being exercised.  The notice shall be accompanied by payment in the form of cash, electronic funds transfer or check payable to the order of the Company in an amount equal to the exercise price of the shares of Stock to be purchased or, subject to the Committee’s approval and to such conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects to the Company, but subject to compliance with the Act, by delivery to the Company of the Optionee’s executed promissory note in the principal amount equal to the exercise price of the shares of Stock to be purchased and otherwise in such form as the Committee shall have approved.

 

If the Stock is traded on an established market, payment of any exercise price may also be made through and under the terms and conditions of any formal cashless exercise program authorized by the Company entailing the sale of the Stock subject to an Option in a brokered transaction (other than to the Company).  Receipt by the Company of such notice and payment in any authorized or combination of authorized means shall constitute the exercise of the Option.  Within thirty (30) days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a certificate or certificates or shall cause the Stock to be held in book-entry position through the direct registration system of the Company’s transfer agent for the number of shares then being purchased.  

 

(f)                                   Limit on Incentive Option Characterization.  An Incentive Option shall be considered to be an Incentive Option only to the extent that the shares of Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in excess of the “current limit”.  The current limit for any Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of shares of Stock available for purchase for the first time in the same year under each other Incentive Option previously

 

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granted to the Optionee under the Plan, and under each other incentive stock option previously granted to the Optionee under any other incentive stock option plan of the Company and its Affiliates.  Any shares of Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms to those of the Incentive Option.

 

(g)                                  Notification of Disposition.  Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted with the Company to report to the Company any disposition of the shares of Stock issued upon such exercise prior to the expiration of the holding periods specified by Section 422(a)(1) of the Code and, if and to the extent that the realization of income in such a disposition imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements.

 

7.2                               Stock Appreciation Rights.

 

(a)                                 Tandem or Stand-Alone.  Stock Appreciation Rights may be granted in tandem with an Option (at or, in the case of a Nonstatutory Option, after, the award of the Option), or alone and unrelated to an Option.  Stock Appreciation Rights in tandem with an Option shall terminate to the extent that the related Option is exercised, and the related Option shall terminate to the extent that the tandem Stock Appreciation Rights are exercised.

 

(b)                                 Exercise Price.  Stock Appreciation Rights shall have an exercise price of not less than fifty percent (50%) of the Market Value of the Stock on the date of award, or in the case of Stock Appreciation Rights in tandem with Options, the exercise price of the related Option.

 

(c)                                  Other Terms.  Except as the Committee may deem inappropriate or inapplicable in the circumstances, Stock Appreciation Rights shall be subject to terms and conditions substantially similar to those applicable to a Nonstatutory Option.  In addition, a Stock Appreciation Right related to an Option which can only be exercised during limited periods following a Change of Control may entitle the Participant to receive an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change of Control or paid during the thirty (30) day period immediately preceding the occurrence of the Change of Control in any transaction reported in the stock market in which the Stock is normally traded.

 

7.3                               Restricted Stock.

 

(a)                                 Purchase Price.  Shares of Restricted Stock shall be issued under the Plan for such consideration in cash as may be determined by the Committee and which is compliant with the Act.

 

(b)                                 Issuance of Stock.  A Participant’s Shares of Restricted Stock shall be held in book-entry position through the direct registration system of the Company’s transfer agent, in the manner set forth in the Award Agreement, provided however that the Committee may determine that a stock certificate shall be issued in respect of such shares of Restricted Stock.  If a certificate is issued, such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award substantially in the following form:

 

The shares evidenced by this certificate are subject to the terms and conditions of the OM Asset Management plc Equity Incentive Plan and an Award Agreement entered into by the registered owner and OM Asset Management plc, copies of

 

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which will be furnished by the Company to the holder of the shares evidenced by this certificate upon written request and without charge.

 

If the Stock is held in book-entry position through the direct registration system of the Company’s transfer agent, the restrictions will be appropriately noted.

 

(c)                                  Escrow of Shares.  The Committee may require that any stock certificates evidencing shares of Restricted Stock be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the Participant deliver a stock power, endorsed in blank, relating to the Stock covered by such Award.

 

(d)                                 Restrictions and Restriction Period.  During the Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services, Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement.  Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate; provided, however, that, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any such waiver or termination of a Risk of Forfeiture or shortening of a Restriction Period shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

(e)                                  Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award.  Except as otherwise provided in the Plan or the applicable Award Agreement, the Participant shall have all of the rights of a stockholder of the Company with respect to any outstanding shares of Restricted Stock, including the right to vote, and the right to receive any dividends with respect to, the shares of Restricted Stock.

 

(f)                                   Lapse of Restrictions.  If and when the Restriction Period expires without a prior forfeiture, any certificates for such shares shall be delivered to the Participant promptly if not theretofore so delivered.

 

(g)                                  Forfeiture of Restricted Stock.  Upon forfeiture of an Award of Restricted Stock, the Participant’s beneficial ownership of the shares of Restricted Stock shall be transferred to an employee benefit trust established by the Company or any Subsidiary of the Company or to such other entity or employee as determined by the Committee, and the Participant shall not thereafter have any rights (including dividend and voting rights) with respect to such Restricted Stock that shall have been so forfeited, other than any right to dividends whose record date precedes the date of forfeiture.

 

7.4                               Restricted Stock Units.

 

(a)                                 Character.  Each Restricted Stock Unit shall entitle the recipient to a share of Stock at the close of such Restriction Period as the Committee may establish and subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services, the attainment of Performance Goals or other business objectives of the Company or any of its Subsidiaries or Affiliates or otherwise as the Committee may determine and provide for in the applicable Award Agreement.  The Committee may in its discretion provide for an Award of Restricted Stock Units that entitles the holder to a number of shares of Stock at the close of a Performance Period that varies as a function of the extent to which the corresponding Performance Goals or other business objectives have been achieved.  Any Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it deems appropriate; provided, however, that, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary

 

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shares, any such waiver or termination of a Risk of Forfeiture or shortening of a Restriction Period shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

(b)                                 Form and Timing of Payment.  Payment of earned and vested Restricted Stock Units shall be made promptly following the close of the applicable Restriction Period.  If so provided in the Award Agreement in the discretion of the Committee, Participants may be entitled to receive payments equivalent to any dividends declared with respect to Stock referenced in grants of Restricted Stock Units but only following the close of the applicable Restriction Period and then only if the underlying Stock shall have become earned and vested.  Unless the Committee shall provide otherwise, any such dividend equivalents shall be paid, if at all, without interest or other earnings.

 

7.5                               Performance Units.

 

(a)                                 Character.  Each Performance Unit shall entitle the recipient to the value of a specified number of shares of Stock, over the initial value for such number of shares, if any, established by the Committee at the time of grant, at the close of a specified Performance Period to the extent specified business objectives, including but not limited to Performance Goals, shall have been achieved.

 

(b)                                 Earning of Performance Units.  The Committee shall set Performance Goals or other business objectives in its discretion which, depending on the extent to which they are met within the applicable Performance Period, will determine the number and value of Performance Units that will be paid out to the Participant.  After the applicable Performance Period has ended, the holder of Performance Units shall be entitled to receive payout on the number and value of Performance Units earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals or other business objectives have been achieved.  Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any determination by the Committee as to the achievement of Performance Goals or other business objectives shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

(c)                                  Form and Timing of Payment.  Payment of earned and vested Performance Units shall be made in a single lump sum following the close of the applicable Performance Period.  At the discretion of the Committee, Participants may be entitled to receive any dividends declared with respect to shares of Stock which have been earned in connection with grants of Performance Units which have been earned, but not yet distributed to Participants.  The Committee may permit or, if it so provides at grant require, a Participant to defer such Participant’s receipt of the payment of cash or the delivery of Stock that would otherwise be due to such Participant by virtue of the satisfaction of any requirements or goals with respect to Performance Units.  If any such deferral election is required or permitted, the Committee shall establish rules and procedures for such payment deferrals.

 

7.6                               Stock Grants.  Stock Grants shall be awarded solely in recognition of significant prior or expected contributions to the success of the Company or its Affiliates, as an inducement to employment, in lieu of compensation otherwise already due, and in such other limited circumstances as the Committee deems appropriate.  Stock Grants shall be made without forfeiture conditions of any kind.

 

7.7                               Qualified Performance-Based Awards.

 

(a)                                 Purpose.  The purpose of this Section 7.7 is to provide the Committee the ability, following the initial public offering of the ordinary shares of the Company and the expiration of any applicable transition period pursuant to U.S. Treasury Regulation Section 1.162-27(f)(1), to qualify

 

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Awards as “performance-based compensation” under Section 162(m) of the Code.  If the Committee, in its discretion, decides to grant an Award as a Qualified Performance-Based Award, the provisions of this Section 7.7 will control over any contrary provision contained in the Plan.  In the course of granting any Award, the Committee may specifically designate the Award as intended to qualify as a Qualified Performance-Based Award.  However, no Award shall be considered to have failed to qualify as a Qualified Performance-Based Award solely because the Award is not expressly designated as a Qualified Performance-Based Award, if the Award otherwise satisfies the provisions of this Section 7.7 and the requirements of Section 162(m) of the Code applicable to “performance-based compensation.”  Without limiting the foregoing, the Committee may elect to grant an Award as a Qualified Performance-Based Award during the applicable transition period under U.S. Treasury Regulation Section 1.162-27(f)(1), in which case the provisions of this Section 7.7 will apply and will control over any contrary provision contained in the Plan.

 

(b)                                 Authority.  All grants of Awards intended to qualify as Qualified Performance-Based Awards and the determination of the terms applicable thereto shall be made by the Committee.  If not all of the members thereof qualify as “outside directors” within the meaning of Section 162 of the Code, however, all grants of Awards intended to qualify as Qualified Performance-Based Awards and the determination of the terms applicable thereto shall be made by a subcommittee of the Committee consisting of such of the members of the Committee as do so qualify.  Any reference in this Section 7.7 to the Committee shall mean any such subcommittee if required under the preceding sentence, and any action by such a subcommittee shall be considered the action of the Committee for purposes of the Plan.  Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, grants of Awards intended to qualify as Performance-Based Awards and the terms applicable thereto as determined by the Committee or a subcommittee of the Committee shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

(c)                                  Discretion of Committee with Respect to Qualified Performance-Based Awards.  Any form of Award permitted under the Plan, other than a Stock Grant, may be granted as a Qualified Performance-Based Award.  Options and Stock Appreciation Rights may be granted as Qualified Performance-Based Awards in accordance with Section 7.1 and 7.2, respectively, except that the exercise price of any Option or Stock Appreciation Right intended to qualify as a Qualified Performance-Based Award shall in no event be less that the Market Value of the Stock on the date of grant, and may become exercisable based on continued service, on satisfaction of Performance Goals or other business objectives, or on a combination thereof.  Each other Award intended to qualify as a Qualified Performance-Based Award, such as Restricted Stock, Restricted Stock Units, or Performance Units, shall be subject to satisfaction of one or more Performance Goals except as otherwise provided in this Section 7.7.  The Committee will have full discretion to select the length of any applicable Restriction Period or Performance Period, the kind and/or level of the applicable Performance Goal, and whether the Performance Goal is to apply to the Company, a subsidiary of the Company or any division or business unit or to the individual.  Any Performance Goal or Goals applicable to Qualified Performance-Based Awards shall be objective, shall be established not later than ninety (90) days after the beginning of any applicable Performance Period (or at such other date as may be required or permitted for “performance-based compensation” under Section 162(m) of the Code) and shall otherwise meet the requirements of Section 162(m) of the Code, including the requirement that the outcome of the Performance Goal or Goals be substantially uncertain (as defined for purposes of Section 162(m) of the Code) at the time established.

 

(d)                                 Payment of Qualified Performance-Based Awards.  A Participant will be eligible to receive payment under a Qualified Performance-Based Award which is subject to achievement of a Performance Goal or Goals only if the applicable Performance Goal or Goals are achieved within the

 

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applicable Performance Period, as determined by the Committee, provided, that a Qualified Performance-Based Award may be deemed earned as a result of death, becoming disabled, or in connection with a change of control (within the meaning of Section 162(m) of the Code) if otherwise provided in the Plan or the applicable Award Agreement even if the Award would not constitute “performance-based compensation” under Section 162(m) of the Code following the occurrence of such an event.  In determining the actual size of an individual Qualified Performance-Based Award, the Committee may reduce or eliminate the amount of the Qualified Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or elimination is appropriate. Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, the determination of the Committee or a subcommittee of the Committee shall be subject to review and approval by the Remuneration Committee, as it may elect from time to time.

 

(e)                                  Limitation on Adjustments for Certain Events.  No adjustment of any Qualified Performance-Based Award pursuant to Section 8 shall be made except on such basis, if any, as will not cause such Award to provide other than “performance-based compensation” within the meaning of Section 162(m) of the Code.

 

(f)                                   Definitions.  For purposes of the Plan:

 

(i)                                     Performance Criteria means the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Period.  The Performance Criteria used to establish Performance Goals are limited to:  (i) cash flow (before or after dividends), (ii) earnings per share (including, without limitation, earnings before interest, taxes, depreciation and amortization), (iii) stock price, (iv) return on equity, (v) shareholder return or total shareholder return, (vi) return on capital (including, without limitation, return on total capital or return on invested capital), (vii) return on investment, (viii) return on assets or net assets, (ix) market capitalization, (x) economic value added, (xi) debt leverage (debt to capital), (xii) revenue, (xiii) sales or net sales, (xiv) backlog, (xv) income, pre-tax income or net income, (xvi) operating income or pre-tax profit, (xvii) operating profit, net operating profit or economic profit, (xviii) gross margin, operating margin or profit margin, (xix) return on operating revenue or return on operating assets, (xx) cash from operations, (xxi) operating ratio, (xxii) operating revenue, (xxiii) market share improvement, (xxiv) general and administrative expenses and (xxv) customer service.

 

(ii)                                  Performance Goals means, for a Performance Period, the written goal or goals established by the Committee for the Performance Period based upon one or more of the Performance Criteria.  The Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit, subsidiary, or an individual, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in any combination, and measured either quarterly, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee.  The Committee will objectively define the manner of calculating the Performance Goal or Goals it selects to use for such Performance Period for such Participant, including whether or to what extent there shall not be taken into account any of the following events that occurs during a Performance Period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) any extraordinary, unusual, non-recurring or non-comparable items (A) as described in Accounting Standard Codification Section 225-20, (B) as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s Annual Report to stockholders for the applicable year, or (C) publicly announced by the Company in a press release or conference call relating to the Company’s results of operations or financial condition for a completed quarterly or annual fiscal period.

 

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7.8                               Awards to Participants Outside the United States.  The Committee may modify the terms of any Award under the Plan granted to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, procedures, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s residence or employment abroad, shall be as comparable as practicable to the value of such an Award to a Participant who is resident or primarily employed in the United States.  The Committee may establish supplements or sub-plans to, or amendments, restatements, or alternative versions of, the Plan for the purpose of granting and administrating any such modified Award, and may enter into arrangements with the trustee of any employee benefit trust established by the Company or any of its Subsidiaries to facilitate the administration of Awards under the Plan or any such sub-plan, amendment, restatement or alternative version of the Plan.  No such modification, supplement, sub-plan, amendment, restatement or alternative version may increase the share limits of Section 4.

 

7.9                               Downward Adjustments of Performance Awards.   Notwithstanding anything in this Plan to the contrary, in exceptional circumstances, acting fairly and reasonably, the Committee may apply a downward adjustment to the level of vesting and settlement of any Award that is subject to a Risk of Forfeiture that requires the attainment of Performance Goals or other business objectives of the Company or any of its Subsidiaries and Affiliates if, in its opinion, the metric(s) produce a vesting outcome that is materially misaligned with the underlying performance of the Company.  In particular, if there has been a downturn in financial performance or a reduction in the value of the Company either of which is considered by the Committee to be both significant and inconsistent with the calculated vesting outcome, then the Committee may reduce the number of shares of Stock vesting on such basis as it shall deem reasonable.  Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any downward adjustment by the Committee pursuant to this Section 7.9 shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

8.                                      Adjustment Provisions

 

8.1                               Adjustment for Corporate Actions.  All of the share numbers set forth in the Plan reflect the capital structure of the Company as of                .  If subsequent to that date the outstanding shares of Stock (or any other securities covered by the Plan by reason of the prior application of this Section) are increased, decreased, or exchanged for a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to shares of Stock, as a result of a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or other similar distribution with respect to such shares of Stock, the Committee shall make an appropriate and proportionate adjustment in (a) the maximum numbers and kinds of shares provided in Section 4, (b) the numbers and kinds of shares or other securities subject to the then outstanding Awards, (c) the exercise price for each share or other unit of any other securities subject to then outstanding Options and Stock Appreciation Rights (without change in the aggregate purchase price as to which such Options or Rights remain exercisable), and (d) the amount, if any, payable on forfeiture for each share of Restricted Stock then subject to a Risk of Forfeiture.

 

8.2                               Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.  In the event of any corporate action not specifically covered by the preceding Section, including but not limited to an extraordinary cash distribution on Stock, a corporate separation or other reorganization or a liquidation, dissolution or winding up of the Company, the Committee may make such adjustment of outstanding Awards and their terms, if any, as it, in its sole discretion, may deem equitable and

 

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appropriate in the circumstances.  The Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in this Section) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

 

8.3                               Related Matters.  Any adjustment in Awards made pursuant to Section 8.1 or 8.2 shall be determined and made, if at all, by the Committee, acting in its sole discretion, and shall include any correlative modification of terms, including of Option exercise prices, rates of vesting or exercisability, Risks of Forfeiture, amounts, if any, payable upon forfeiture of Restricted Stock, and Performance Goals and other business objectives which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the adjustment and corporate action other than as expressly contemplated in this Section 8.  The Committee, in its discretion, may determine that no fraction of a share of Stock shall be purchasable or deliverable upon exercise, and in that event if any adjustment hereunder of the number of shares of Stock covered by an Award would cause such number to include a fraction of a share of Stock, such number of shares of Stock shall be adjusted to the nearest smaller whole number of shares.  Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any adjustment in Awards made pursuant to Section 8.1 or 8.2 shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

8.4                               Adjustment of Option Exercise Price Below Nominal Value.  An adjustment pursuant to Section 8.1 or 8.2 may reduce the exercise price of an Option to less than the nominal value of one share of Stock, but only if and to the extent that the Board is authorised:

 

(a)                                 to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the shares in respect of which the Option is exercised and which are to be allotted after such exercise exceeds the price at which the shares may be subscribed for; and

 

(b)                                 to apply that sum in paying up such amount on such shares so that on exercise of any Option in respect of which such a reduction shall have been made the Board shall capitalise that sum (if any) and apply it in paying up that amount, but only to the extent that such capitalization and application actually occurs.

 

8.5                               Transactions.

 

(a)                                 Definition of Transaction.  In this Section 8.5, “Transaction” means (i) any merger or consolidation of the Company with or into another entity as a result of which the Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (ii) any sale or exchange of all of the Stock of the Company for cash, securities or other property, (iii) any sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a single transaction or series of related transactions or (iv) any liquidation, dissolution or winding up of the Company.

 

(b)                                 Treatment of Options and Stock Appreciation Rights.  In a Transaction, the Committee may take any one or more of the following actions as to all or any (or any portion of) outstanding Options and Stock Appreciation Rights (collectively, “Rights”).

 

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(i)                                     Provide that such Rights shall be assumed, or substantially equivalent rights shall be provided in substitution therefore, by the acquiring or succeeding entity (or an affiliate thereof).

 

(ii)                                  Upon written notice to the holders, provide that the holders’ unexercised Rights will terminate immediately prior to the consummation of such Transaction unless exercised within a specified period following the date of such notice.

 

(iii)                               Provide that outstanding Rights shall become exercisable in whole or in part prior to or upon the Transaction.

 

(iv)                              Provide for cash payments, net of applicable tax withholdings, to be made to holders equal to the excess, if any, of (A) the acquisition price times the number of shares of Stock subject to an Option (to the extent the exercise price does not exceed the acquisition price) over (B) the aggregate exercise price for all such shares of Stock subject to the Option, in exchange for the termination of such Option; provided, that if the acquisition price does not exceed the exercise price of any such Option, the Committee may cancel that Option without the payment of any consideration therefore prior to or upon the Transaction.  For this purpose, “acquisition price” means the amount of cash, and market value of any other consideration, received in payment for a share of Stock surrendered in a Transaction but need not take into account any deferred consideration unless and until received.

 

(v)                                 Provide that, in connection with a liquidation, dissolution or winding up of the Company, Rights shall convert into the right to receive liquidation proceeds net of the exercise price thereof and any applicable tax withholdings.

 

(vi)                              Any combination of the foregoing.

 

For purposes of paragraph (i) above, a Right shall be considered assumed, or a substantially equivalent right shall be considered to have been provided in substitution therefor, if following consummation of the Transaction, the Right confers the right to purchase or receive the value of, for each share of Stock subject to the Right immediately prior to the consummation of the Transaction, the consideration (whether cash, securities or other property) received as a result of the Transaction by holders of Stock for each share of Stock held immediately prior to the consummation of the Transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); provided, however, that if the consideration received as a result of the Transaction is not solely common stock (or its equivalent) of the acquiring or succeeding entity (or an affiliate thereof), the Committee may provide for the consideration to be received upon the exercise of the Right to consist of or be based solely on common stock (or its equivalent) of the acquiring or succeeding entity (or an affiliate thereof) equivalent in value to the per share consideration received by holders of outstanding shares of Stock as a result of the Transaction.

 

(c)                                  Treatment of Other Awards.  As to outstanding Awards other than Options or Share Appreciation Rights, upon the occurrence of a Transaction other than a liquidation, dissolution or winding up of the Company which is not part of another form of Transaction, the rights of the Company under each such Award shall inure to the benefit of the Company’s successor and shall, unless the Committee determines otherwise, apply to the cash, securities or other property which the Stock was converted into or exchanged for pursuant to such Transaction in the same manner and to the same extent as they applied to the Award.  Upon the occurrence of a Transaction involving a liquidation, dissolution or winding up of the Company which is not part of another form of Transaction, except to the extent specifically provided to the contrary in the instrument evidencing any Award or any other agreement

 

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between a Participant and the Company, all Risks of Forfeiture and Performance Goals or other business objectives, where otherwise applicable to any such Awards, shall automatically be deemed terminated or satisfied, as applicable.

 

(d)                                 Related Matters.  In taking any of the actions permitted under this Section 8.5, the Committee shall not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically. Any determinations required to carry out the foregoing provisions of this Section 8.5, including but not limited to the market value of other consideration received by holders of Stock in a Transaction and whether substantially equivalent Rights have been substituted, shall be made by the Committee acting in its sole discretion.  In connection with any action or actions taken by the Committee in respect of Awards and in connection with a Transaction, the Committee may require such acknowledgements of satisfaction and releases from Participants as it may determine. Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any determination of the Committee pursuant to this Section 8.5 shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

9.                                      Change of Control

 

The Committee may determine, at the time of grant of an Award or thereafter, that, upon the occurrence of a Change of Control, or upon the occurrence of a Change of Control in combination with another event, including but not limited to the Participant’s involuntary termination of employment with the Company and its Affiliates without Cause:

 

(a)                                 Options and Stock Appreciation Rights subject to the Award that are not already exercisable in full shall Accelerate with respect to all or a specified portion of the shares for which such Options or Stock Appreciation Rights are not then exercisable;

 

(b)                                 any Risk of Forfeiture applicable to the Restricted Stock or Restricted Stock Units subject to the Award which is not based on achievement of Performance Goals or other business objectives shall lapse with respect to all or a specified portion of the Restricted Stock and Restricted Stock Units still subject to such Risk of Forfeiture immediately prior to the Change of Control; and

 

(c)                                  all or a specified portion of the outstanding Award of Restricted Stock or Restricted Stock Units conditioned on the achievement of Performance Goals or other business objectives and the payouts attainable under outstanding Performance Units (i) shall be deemed to have been satisfied as to all shares covered by the Award or specified portion of the Award based on the assumed achievement of all relevant Performance Goals or other business objectives (at target level performance, if relevant), (ii) shall be deemed to have been satisfied as to all shares covered by the Award or specified portion of the Award based on the actual achievement of all relevant Performance Goals or other business objectives as of the date of the Change of Control; or (iii) shall be deemed to have been satisfied as to a pro rata number of shares based on the assumed or actual achievement of all relevant Performance Goals or other business objectives, as described in clauses (i) and (ii), and the length of time within the Restriction Period or Performance Period which has elapsed prior to the Change of Control.

 

Notwithstanding the foregoing, until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any determination of the Committee pursuant to this Section 9 shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

10.                               Settlement of Awards

 

10.1                        In General.  Options and Restricted Stock shall be settled in accordance with their terms.  All other Awards may be settled in cash, Stock, or other Awards, or a combination thereof, as determined by the Committee at or after grant and subject to any contrary Award Agreement.  The Committee may

 

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not require settlement of any Award in Stock pursuant to the immediately preceding sentence to the extent issuance of such Stock would be prohibited or unreasonably delayed by reason of any other provision of the Plan.

 

10.2                        Violation of Law.  Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable opinion of the Company, the issuance of shares of Stock covered by an Award may constitute a violation of law, including the Act, then the Company may delay such issuance until (i) approval shall have been obtained from such governmental agencies, other than the Securities and Exchange Commission, as may be required under any applicable law, rule, or regulation and (ii) in the case where such issuance would constitute a violation of a law administered by or a regulation of the Securities and Exchange Commission, one of the following conditions shall have been satisfied:

 

(a)                                 the shares of Stock are at the time of the issue of such shares effectively registered under the Securities Act of 1933, as amended; or

 

(b)                                 the Company shall have determined, on such basis as it deems appropriate (including an opinion of counsel in form and substance satisfactory to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares does not require registration under the Securities Act of 1933, as amended or any applicable State securities laws.

 

Furthermore, the inability of the Company to obtain or maintain, or the impracticability of it obtaining or maintaining, authority from any governmental agency having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance of any Stock hereunder, shall relieve the Company of any liability in respect of the failure to issue such Stock as to which such requisite authority shall not have been obtained, and shall constitute circumstances in which the Committee may determine to amend or cancel Awards pertaining to such Stock, with or without consideration to the affected Participants.

 

10.3                        Corporate Restrictions on Rights in Stock. Any Stock to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the charter, certificate or articles, and by-laws, of the Company.  Whenever Stock is to be issued pursuant to an Award, if the Committee so directs at or after grant, the Company shall be under no obligation to issue such shares until such time, if ever, as the recipient of the Award (and any person who exercises any Option, in whole or in part), shall have become a party to and bound by the Stockholders’ Agreement, if any.

 

10.4                        Investment Representations.  The Company shall be under no obligation to issue any shares of Stock covered by any Award unless the shares to be issued pursuant to Awards granted under the Plan have been effectively registered under the Securities Act of 1933, as amended, or the Participant shall have made such written representations to the Company (upon which the Company believes it may reasonably rely) as the Company may deem necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration requirements of that Act and any applicable state securities laws and otherwise in compliance with all applicable laws, rules and regulations of any jurisdiction in which Participants may reside or primarily work, including but not limited to that the Participant is acquiring the shares for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution of any such shares.

 

10.5                        Registration.  If the Company shall deem it necessary or desirable to register under the Securities Act of 1933, as amended, or other applicable statutes any shares of Stock issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such shares of Stock for exemption from the

 

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Securities Act of 1933, as amended or other applicable statutes, then the Company shall take such action at its own expense.  The Company may require from each recipient of an Award, or each holder of shares of Stock acquired pursuant to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably necessary for that purpose and may require reasonable indemnity to the Company and its officers and directors from that holder against all losses, claims, damage and liabilities arising from use of the information so furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made.  In addition, the Company may require of any such person that he or she agree that, without the prior written consent of the Company or the managing underwriter in any public offering of shares of Stock, he or she will not sell, make any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any shares of Stock during the 180 day period commencing on the effective date of the registration statement relating to the underwritten public offering of securities. Without limiting the generality of the foregoing provisions of this Section 10.5, if in connection with any underwritten public offering of securities of the Company the managing underwriter of such offering requires that the Company’s directors and officers enter into a lock-up agreement containing provisions that are more restrictive than the provisions set forth in the preceding sentence, then (a) each holder of shares of Stock acquired pursuant to the Plan (regardless of whether such person has complied or complies with the provisions of clause (b) below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms as those to which the Company’s directors and officers are required to adhere; and (b) at the request of the Company or such managing underwriter, each such person shall execute and deliver a lock-up agreement in form and substance equivalent to that which is required to be executed by the Company’s directors and officers.

 

10.6                        Placement of Legends; Stop Orders; etc.  Each share of Stock to be issued pursuant to Awards granted under the Plan may bear a reference to the investment representations made in accordance with Section 10.4 in addition to any other applicable restrictions under the Plan, and the terms of the Award and under any Stockholders’ Agreement and, if applicable, to the fact that no registration statement has been filed with the Securities and Exchange Commission in respect to such shares of Stock.  All shares of Stock or other securities issued under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange upon which the Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions, or, if the Stock will be held in book-entry position through the direct registration system of the Company’s transfer agent, the restrictions will be appropriately noted.

 

10.7                        Tax Withholding.  Whenever shares of Stock are issued or vested or to be issued or vested pursuant to Awards granted under the Plan, the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local, foreign or other withholding tax requirements if, when, and to the extent required by law (whether so required to secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates, held in book-entry position through the direct registration system of the Company’s transfer agent, for such shares, or prior to the vesting of such shares, as applicable.  The obligations of the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to a Participant or to utilize any other withholding method prescribed by the Committee from time to time.  However, in such cases Participants may elect, subject to the approval of the Committee, acting in its sole discretion, to satisfy an applicable withholding requirement, in whole or in part, by having the Company procure the sale of shares of Stock into the market to satisfy their tax obligations.  All elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or

 

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limitations that the Committee deems appropriate.  If shares of Stock are sold into the market to satisfy an applicable withholding requirement, the shares of Stock sold shall have a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction, provided, however, if shares of Stock are sold to satisfy a withholding requirement imposed by a country other than the United States, the amount sold may exceed such minimum, provided that it is not in excess of the actual amount required to be withheld with respect to the Participant under applicable tax law or regulations.

 

10.8                        Articles of Association; Other Company Policies.  This Plan and all Awards granted hereunder are subject to the Articles of Association of the Company, as they may be amended from time to time, and all other Company policies duly adopted by the Board, the Committee or any other committee of the Board and as in effect from time to time regarding the acquisition, ownership or sale of Stock by employees and other service providers, including, without limitation, policies intended to limit the potential for insider trading and to avoid or recover compensation payable or paid on the basis of inaccurate financial results or statements, employee conduct, and other similar events.

 

11.                               Reservation of Stock

 

The Company shall at all times during the term of the Plan and any outstanding Awards granted hereunder reserve or otherwise keep available such number of shares of Stock as will be sufficient to satisfy the requirements of the Plan (if then in effect) and the Awards and shall pay all fees and expenses necessarily incurred by the Company in connection therewith.

 

12.                               Claw-back Policy

 

Notwithstanding anything in this Plan to the contrary, a Participant’s right to receive or retain an Award, to retain any amount received pursuant to an Award (in cash or shares of Stock) and, in the case of Stock received pursuant to an Award, to retain any profit or gain realized by the Participant in connection with such an Award, are subject to forfeiture, cancellation, recoupment, rescission, payback, setoff or other similar action in accordance with the Company’s claw-back policy, as it may be amended pursuant to the rules and regulations of the Securities and Exchange Commission, the listing standards of any national securities exchange or association on which the Stock is listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law, and any other claw-back policy that the Company may adopt as in force from time to time (collectively, the “Claw-back Policy”).  A Participant’s receipt of an Award shall be deemed to constitute the Participant’s acknowledgment of and consent to the Company’s application, implementation and enforcement of the Claw-back Policy and any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, without further consideration or action.  Any recoupment pursuant to the Claw-back Policy shall be in addition to any other remedies that may be available to the Company under applicable law, including disciplinary action up to and including termination of employment or other services.  In addition, the Committee may impose such other claw-back, recovery or recoupment provisions in an Award Agreement as the Committee determines necessary or appropriate with respect to any breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant.

 

13.                               Limitation of Rights in Stock; No Special Employment Rights

 

A Participant shall not be deemed for any purpose to be a stockholder of the Company with respect to any of the shares of Stock subject to an Award, unless and until a certificate shall have been issued therefor and delivered to the Participant or his agent, or the Stock shall be issued through the direct registration system of the Company’s transfer agent.  Any Stock to be issued pursuant to Awards granted

 

19

 

under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the certificate or articles of incorporation and the by-laws of the Company.  Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation of his or her employment with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any separate employment or provision of law or articles of association or by-laws to the contrary, at any time to terminate such employment or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient’s employment with the Company and its Affiliates.

 

14.                               Unfunded Status of Plan

 

The Plan is intended to constitute an “unfunded” plan for incentive compensation, and the Plan is not intended to constitute a plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended.  With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.  In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Stock or payments with respect to Awards hereunder, provided, however, that, except to the extent provided in any employee benefit trust established by the Company or a Subsidiary of the Company, the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.

 

15.                               Nonexclusivity of the Plan

 

Neither the adoption of the Plan by the Board nor any action taken in connection with the adoption or operation of the Plan shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of stock options and restricted stock other than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

16.                               No Guarantee of Tax Consequences

 

It is intended that all Awards shall be granted and maintained on a basis which ensures they are exempt from, or otherwise compliant with, the requirements of Section 409A of the Code pertaining to non-qualified plans of deferred compensation, and the Plan shall be governed, interpreted and enforced consistent with such intent.  However, neither the Company nor any Affiliate, nor any director, officer, agent, representative or employee of either, guarantees to the Participant or any other person any particular tax consequences as a result of the grant of, exercise of rights under, or payment in respect of an Award, including but not limited to that an Option granted as an Incentive Option has or will qualify as an “incentive stock option” within the meaning of Section 422 of the Code or that the provisions and penalties of Section 409A of the Code will or will not apply and no person shall have any liability to a Participant or any other party if a payment under an Award that is intended to benefit from favorable tax treatment or avoid adverse tax treatment fails to realize such intention or for any action taken by the Board or the Committee with respect to the Award.

 

17.                               Termination and Amendment of the Plan

 

17.1                        Termination or Amendment of the Plan.  Subject to the limitations contained in Section 17.3 below, including specifically the requirement of stockholder approval, if applicable, the Board may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable.  Unless the Board otherwise expressly provides, no amendment of the Plan shall affect the terms of any Award outstanding on the date of such amendment.

 

20

 

17.2                        Termination or Amendment of Outstanding Awards; Assumptions.  Subject to the limitations contained in Section 17.3 below, including specifically the requirement of stockholder approval, if applicable, the Committee may at any time:

 

(a)                                 amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award as amended is consistent with the terms of the Plan;

 

(b)                                 provide for the Acceleration of all or any portion of an Award;

 

(c)                                  within the limitations of the Plan, modify, extend or assume outstanding Awards or accept the cancellation of outstanding Awards or of outstanding stock options or other equity-based compensation awards granted by another issuer in return for the grant of new Awards for the same or a different number of shares of Stock and on the same or different terms and conditions (including but not limited to the exercise price of any Option); and

 

(d)                                 offer to buy out for a payment in cash or cash equivalents an Award previously granted or authorize the recipient of an Award to elect to cash out an Award previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

 

17.3                        Limitations on Amendments, Etc.

 

(a)                                 Without the approval of the Company’s stockholders, no amendment or modification of the Plan by the Board may (i) increase the number of shares of Stock which may be issued under the Plan, (ii) change the description of the persons eligible for Awards, or (iii) effect any other change for which stockholder approval is required by law or the rules of any relevant stock exchange.

 

(b)                                 No action by the Board or the Committee pursuant to this Section 17 shall impair the rights of the recipient of any Award outstanding on the date of such amendment or modification of such Award, as the case may be, without the Participant’s consent; provided, however, that no such consent shall be required if the Board or Committee, as the case may be, (i)  determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation, including without limitation the provisions of Section 409A of the Code, or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, (ii) determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminution has been adequately compensated, or (iii) reasonably determines on or after the date of Change of Control that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation, including without limitation the provisions of Section 409A of the Code.

 

(c)                                  Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, ordinary shares, other securities or other property), stock split, extraordinary cash dividend, recapitalization, change of control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of ordinary shares or other securities, or similar transaction(s)), the Company may not, without obtaining stockholder approval: (i) amend the terms of outstanding Options or Stock Appreciation Rights to reduce the exercise price of such outstanding Options or Stock Appreciation Rights, (ii) cancel outstanding Options or Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or Stock Appreciation

 

21

 

Rights, or (iii) cancel outstanding Options or Stock Appreciation Rights with an exercise price above the current stock price in exchange for cash or other securities.

 

(d)                                 Until Old Mutual plc ceases to be the direct or indirect beneficial owner of more than 50% of the Company’s outstanding ordinary shares, any termination or amendment of the Plan by the Board under Section 17.1 and any termination, amendment or acceleration of an outstanding Award by the Committee pursuant to Section 17.2 shall be subject to review and approval by the Remuneration Committee of Old Mutual plc, as it may elect from time to time.

 

18.                               Notices and Other Communications

 

Any communication or notice required or permitted to be given under the Plan shall be in such form as the Committee may determine from time to time.

 

If a notice, demand, request or other communication is required or permitted to be given in writing, then any such notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the recipient of an Award, at his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of its Treasurer, or to such other address or telecopier number, as the case may be, as the addressee may have designated by notice to the addressor.  All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing, when received by the addressee; and (iii) in the case of facsimile transmission, when confirmed by facsimile machine report.

 

Notwithstanding the foregoing, the Committee may, in its sole discretion, determine to deliver and require Participants to deliver documentation in connection with current or future participation in the Plan by electronic means.  Acceptance by a Participant of an Award shall constitute consent to receive documents in connection with the Plan by electronic delivery and/or to participate in the Plan through an on-line or electronic system established and maintained by the Company or by a third party designated by the Company.

 

19.                               Governing Law

 

The Plan and all Award Agreements and actions taken hereunder and thereunder shall be governed, interpreted and enforced in accordance with the laws of Delaware, without regard to the conflict of laws principles thereof.

 

22Exhibit 10.7

 

Execution Copy

 

INTELLECTUAL PROPERTY LICENSE AGREEMENT

 

AMONG

 

OLD MUTUAL PLC,

 

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LTD.

 

AND

 

OM ASSET MANAGEMENT PLC

 

DATED AS OF [        ], 2014

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.1
    	
Definitions
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    	
LICENSES AND OTHER RIGHTS OF PUBCO
    	
5
    
	
 
    	
 
    	
 
    
	
Section 2.1
    	
Use of Servicemarks
    	
5
    
	
Section 2.2
    	
Visual Identity; No Reasonable Likelihood of   Confusion
    	
9
    
	
Section 2.3
    	
Domain Names
    	
10
    
	
Section 2.4
    	
Pubco Marks and Rebranded Marks
    	
10
    
	
Section 2.5
    	
Social Media
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    	
OWNERSHIP OF THE SERVICEMARKS
    	
11
    
	
 
    	
 
    	
 
    
	
Section 3.1
    	
Pubco And Its Subsidiaries Not To Jeopardize   Registration
    	
11
    
	
Section 3.2
    	
No Ownership Of Servicemarks By Pubco Or Its   Subsidiaries
    	
11
    
	
Section 3.3
    	
Acknowledgement as to Servicemarks;   Cooperation
    	
11
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
INFRINGEMENT OF SERVICEMARKS
    	
11
    
	
 
    	
 
    	
 
    
	
Section 4.1
    	
Notification of Infringement
    	
11
    
	
Section 4.2
    	
Notification of Allegations
    	
11
    
	
Section 4.3
    	
Conduct of Proceedings by the Licensors
    	
12
    
	
Section 4.4
    	
Assistance in Proceedings
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE V
    	
WARRANTIES; INDEMNITIES; DISCLAIMERS
    	
12
    
	
 
    	
 
    	
 
    
	
Section 5.1
    	
Representations and Warranties
    	
12
    
	
Section 5.2
    	
Indemnification
    	
13
    
	
Section 5.3
    	
Reservation of Rights
    	
13
    
	
Section 5.4
    	
No Obligation To Provide Technology
    	
13
    
	
Section 5.5
    	
Release of Information
    	
13
    
	
Section 5.6
    	
Damages Inadequate
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE VI
    	
DISPUTE RESOLUTION
    	
14
    
	
 
    	
 
    	
 
    
	
Section 6.1
    	
Arbitration
    	
14
    
	
Section 6.2
    	
Confidentiality
    	
16
    
	
Section 6.3
    	
Conduct During Dispute Resolution
    	
16
    
	
 
    	
 
    	
 
    
	
ARTICLE VII
    	
TERM
    	
16
    
	
 
    	
 
    	
 
    
	
Section 7.1
    	
Term
    	
16
    
				

 

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
Section 7.2
    	
Termination
    	
17
    
	
Section 7.3
    	
Survival
    	
17
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII
    	
MISCELLANEOUS
    	
17
    
	
 
    	
 
    	
 
    
	
Section 8.1
    	
Notices
    	
17
    
	
Section 8.3
    	
Contracts (Rights of Third Parties) Act
    	
18
    
	
Section 8.4
    	
Subsidiary or Affiliate Action
    	
19
    
	
Section 8.5 
    	
Confidential Information
    	
19
    
	
Section 8.6 
    	
Interpretation; Effect
    	
19
    
	
Section 8.7
    	
Severability
    	
20
    
	
Section 8.8
    	
Applicable Law
    	
20
    
	
Section 8.9
    	
Amendment, Modification and Waiver
    	
20
    
	
Section 8.10
    	
Assignment
    	
20
    
	
Section 8.11
    	
Counterparts
    	
20
    
	
Section 8.12
    	
Further Assurances
    	
20
    
	
Section 8.13
    	
No Joint Venture
    	
21
    
	
Section 8.14
    	
Compliance with Law
    	
21
    
	
Section 8.15 
    	
Bribery Act
    	
21
    
				

 

ii

 

INTELLECTUAL PROPERTY LICENSE AGREEMENT

 

This INTELLECTUAL PROPERTY LICENSE AGREEMENT (this “Agreement”), dated as of                          (the “Effective Date”), is made and entered into by and among:

 

(1)  Old Mutual plc, a company incorporated and registered in England and Wales, with company number 3591559 (together with its successors and permitted assigns, “OM plc”), and

 

(2) solely for the purposes of the Servicemarks owned by it as described below, Old Mutual Life Assurance Company (South Africa) Ltd., a limited liability company formed under the laws of South Africa (together with its successors and permitted assigns, “OMLAC”), on the one hand, (OMLAC and OM plc each being a “Licensor” and together “Licensors”) and

 

(3) OM Asset Management plc, a company incorporated and registered in England and Wales, with company number 09062478 (together with its successors and permitted assigns, “Pubco”), on the other hand.

 

RECITALS

 

WHEREAS, an initial public offering of Pubco (“IPO”), an indirect wholly-owned Subsidiary of OM plc, will take place and Pubco will indirectly own the business of Old Mutual (US) Holdings Inc. (“OMUSH”) on or about the Effective Date hereof;

 

WHEREAS, OMLAC is an indirect, wholly-owned Subsidiary of OM plc;

 

WHEREAS, Pubco and its Subsidiaries (collectively, “Licensees”) use and desire to continue to use certain intellectual property rights of the Licensors in connection with their respective businesses and the IPO; and

 

WHEREAS, the Licensors each desire to grant a license to certain intellectual property rights under the terms and conditions as set forth in this Agreement to Licensees for use by each of them in connection with their respective businesses and the IPO.

 

NOW THEREFORE, in consideration of the premises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Parties hereby agrees as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1                             Definitions.  As used herein, including for purposes of the Preamble and the Recitals hereof, the following terms have the respective meanings set forth below:

 

(a)                                 “Affiliates” with respect to any Person, means any other Person directly or indirectly controlling, controlled by or under common control with, such Person. For purposes of this definition, “control,” (including, with correlative meanings, the terms “controlled by” and

 

1

 

“under common control with”) when used with respect to any Person, means the possession directly or indirectly of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise.

 

“Agreement” has the meaning set forth in the Preamble hereto.

 

“Applicable Law” means any domestic or foreign statute, law (including the common law), ordinance, rule, regulation, published regulatory policy or guideline, order, judgment, injunction, decree, award or writ of any court, tribunal or other regulatory authority, arbitrator, governmental authority, or other Person having jurisdiction, or any consent, exemption, approval or license of any governmental authority that applies in whole or in part to a Party and, with respect to Pubco, includes the rules of any exchange or quotation system on which the securities of Pubco are listed or traded from time to time.

 

“Business” means the business conducted by the Licensees of providing, either directly or through one or more Affiliates, any investment advisory, investment and fund administration, and other related services, including (i) the management of an investment account or Fund (or portions thereof or a group of investment accounts or Funds); (ii) the giving of advice with respect to the investment and/or reinvestment of assets or Funds (or any group of subadvisory assets or Funds); (iii) otherwise acting as an “investment adviser” within the meaning of the U.S. Investment Advisers Act of 1940; (iv) rendering investment advice for a fee or other compensation, directly or indirectly, within the meaning of Section 3(21)(A)(ii) of the U.S. Employee Retirement Income Security Act of 1974; or (v) acting as a trustee, general partner, manager, or managing member of any Person that is affiliated with the provider of the services described in items (i) through (iv).

 

“Business Day” means any day except (i) a Saturday, (ii) a Sunday, (iii) any day on which the principal office of Pubco or OM plc is not open for business, and (iv) any other day on which commercial banks in the United Kingdom or New York, USA are authorized or obligated by law or executive order to close.

 

“Closing” means the closing of the initial public offering of Pubco.

 

“Closing Date” means the date of the Closing.

 

“Effective Date” has the meaning set forth in the Preamble to this Agreement.

 

“Entering Party” has the meaning set forth in Section 2.2(a).

 

“Existing Party” has the meaning set forth in Section 2.2(a).

 

“Fund” means any investment company, mutual fund, business development company, partnership, fund, closed-end fund, unit investment trust, offshore fund, common or collective fund or collective trust, hedge fund or other pooled investment vehicle, whether or not registered under the Investment Company Act of 1940 or Securities Act of 1933 (or similar provisions of applicable law of any jurisdiction other than the United States).

 

2

 

“Governmental Authority” means any domestic, foreign or supranational court, tribunal, arbitral or administrative agency or commission or other governmental authority or instrumentality, or any industry self-regulatory authority.

 

“LCIA Court” has the meaning set forth in Section 6.1.

 

“Licensees” has the meaning set forth in the Recitals to this Agreement.

 

“Licensor” has the meaning set forth in the Preamble to this Agreement and “Licensors” means both of the Licensors together.

 

“Losses” means all losses, claims, damages, liabilities, obligations (including settlements, judgments, fines and penalties), costs and expenses (including reasonable attorneys’ fees, court costs and other litigation expenses) but excluding any loss of goodwill, loss of business, loss of revenue, loss of profits, diminution in value, lost opportunity costs, and any other indirect, incidental, special, expectation, consequential, exemplary or punitive damages (other than such damages actually paid to third parties in connection with any action or other claim or demand brought by an unaffiliated third party).

 

“Notice” has the meaning set forth in Section 8.1.

 

“Old Mutual Domain Names” means the Perpetual Old Mutual Domain Name and the Transitional Old Mutual Domain Names.

 

“OM Logo” has the meaning set forth in the definition of “Transitional Servicemarks.”

 

“OM plc” has the meaning set forth in the Preamble to this Agreement.

 

“OMLAC” has the meaning set forth in the Preamble to this Agreement.

 

“OMUSH” has the meaning set forth in the Recitals to this Agreement.

 

“Party” means OM plc, OMLAC and Pubco individually; and “Parties” means OM plc, OMLAC and Pubco, collectively.

 

“Perpetual License” has the meaning set forth in Section 2.1(a)(ii).

 

“Perpetual Old Mutual Domain Name” means the domain name omam.com, as listed in Schedule 1, which is under the control of either of the Licensors and/or their Subsidiaries as of the Closing Date.

 

“Perpetual Servicemarks” means those trademarks, service marks, trade names, trade dress, logos, corporate names and other source or business identifiers and any registrations, applications, renewals and extensions of, or associated with, any of the foregoing which include the term “OMAM”, and all goodwill associated with or symbolized by any of the foregoing.

 

3

 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, association or other business entity and any trust, unincorporated organization or political subdivision thereof.

 

“Pubco” has the meaning set forth in the Preamble to this Agreement.

 

“Rebranded Marks” has the meaning set forth in Section 2.4.

 

“Re-Direct Domain” has the meaning set forth in Section 2.3(b).

 

“Relevant Requirements” has the meaning set forth in Section 8.15(a)(i).

 

“Restylized Marks” has the meaning set forth in Section 2.1(a)(ii)(B)(1).

 

“Servicemarks” means the Perpetual Servicemarks and the Transitional Servicemarks.

 

“Subsidiary” with respect to a Person, any corporation, limited liability company, partnership, association, business, trust, joint venture, business entity or other entity of any kind or nature, of which more than fifty percent (50%) of either the equity interests or the voting control is, directly or indirectly through Subsidiaries or otherwise, beneficially owned by such Person, or of which such Person or any Subsidiary serves as the general partner (in the case of a limited partnership) or the manager or managing member (in the case of a limited liability company); provided that (i) no Fund or any Subsidiary of a Fund shall be a Subsidiary for the purposes of this Agreement; (ii) Pubco and its Subsidiaries will not be deemed to be Subsidiaries of OM plc or OMLAC, and OMLAC and OM plc will not be deemed to be Affiliates or Subsidiaries of Pubco; and (iii) for purposes of this definition, unless expressly stated otherwise, each of Heitman LLC and Investment Counselors of Maryland, LLC shall be considered “Subsidiaries” of Pubco.

 

“Territory” means world-wide.  Notwithstanding anything to the contrary contained herein “Territory” includes those areas of the world where the Servicemarks are currently in use, as well as those areas where Pubco receives consent from OM plc (which consent shall not be unreasonably withheld) to use such Servicemarks in the future.

 

“Transitional License” has the meaning set forth in Section 2.1(a)(i).

 

“Transitional Old Mutual Domain Names” means the domain names listed in Schedule 1, which contain the terms “Old Mutual”, “OM” and/or “OMAM” (except such Perpetual Old Mutual Domain Name which contains the term “OMAM”) under the control of either of the Licensors and/or their Subsidiaries as of the Closing Date.

 

“Transitional Servicemarks” means those trademarks, service marks, trade names, trade dress, logos, corporate names and other source or business identifiers and any registrations, applications, renewals and extensions of, or associated with, any of the foregoing which include the terms “Old Mutual,” “OM” and/or the OM 3 anchor design logo:

 

4

 

(the “OM Logo”), and all copyrights therein and all goodwill associated with or symbolized by any of the foregoing.

 

“Transition Period” means the period commencing on the Closing Date and ending six (6) months after the date on which OM plc ceases to directly or indirectly own more than 50% of the outstanding shares of Pubco.

 

“Visual Identity” means the visible elements of a brand of a Party and its Affiliates, including its or their respective name, logo, primary and secondary colors, form, and other visual elements that symbolize source, identity and image.

 

ARTICLE II

 

LICENSES AND OTHER RIGHTS OF PUBCO

 

Section 2.1                             Use of Servicemarks.

 

(a)                                 Grant of Licenses.

 

(i)                                     Transitional License.  Subject to the terms and conditions of this Agreement, each Licensor hereby grants to Licensees a limited, non-exclusive, fully paid-up, royalty-free, non-transferable, non-sublicensable license, solely in the Territory and during the Transition Period, to use such Transitional Servicemarks as are owned by each such Licensor in its corporate and trade names, businesses and activities, including any advertising or promotional materials, and including in connection with the operation of the Business and in connection with the IPO, provided, however, that the license granted hereunder specifically excludes the right for Licensees to use the Transitional Servicemarks as the name of a Fund or in connection with any products or services provided by a Fund (the “Transitional License”).  For the avoidance of doubt, in the event the Licensees desire to use the Transitional Servicemarks as the name of a Fund, or for any products or services provided by a Fund sponsored, operated or managed by the Licensees, Licensees must obtain OM plc’s prior written approval for any such use in the jurisdictions in which OM plc owns the Transitional Servicemarks, and OMLAC’s prior written approval for any such use in the jurisdictions in which OMLAC owns the Transitional Servicemarks, and (in each case), where such approval is given, use of the Transitional Servicemarks in relation to the name of a Fund, or for any products or services provided by a Fund sponsored, operated or managed by the Licensees, shall be subject to the terms and conditions of this Agreement as if the exclusion referred to under this Section 2.1(a)(i) does not apply thereto.  Notwithstanding anything to the contrary in this Section 2.1(a) or Section 2.4 below, Licensees shall have the perpetual right to

 

5

 

use the name “OM Asset Management” as all or part of Licensees’ corporate names or trade names.

 

(ii)                                  Perpetual License.

 

(A)                               License Grant.  Subject to the terms and conditions of this Agreement, each Licensor hereby grants to Licensees a perpetual (unless terminated pursuant to Section 7.2 below), non-exclusive, fully paid-up, royalty-free, non-transferable, non-sublicensable license, solely in the Territory, to use such Perpetual Servicemarks as are owned by each such Licensor in its corporate and trade names, businesses and activities, including any advertising or promotional materials, (1) in connection with the operation of the Business, (2) in connection with the IPO and (3) as a ticker symbol on the New York Stock Exchange (the “Perpetual License”).   For the avoidance of doubt, in the event the Licensees desire to use the Perpetual Servicemarks as the name of a Fund, or for any products or services provided by a Fund sponsored, operated or managed by the Licensees, Licensees must obtain OM plc’s prior written approval for any such use in the jurisdictions in which OM plc owns the Perpetual Servicemarks, and OMLAC’s prior written approval for any such use in the jurisdictions in which OMLAC owns the Perpetual Servicemarks, and (in each case), where such approval is given, use of the Perpetual Servicemarks in relation to the name of a Fund, or for any products or services provided by a Fund sponsored, operated or managed by the Licensees shall be subject to the terms and conditions of this Agreement.

 

(B)                               Coexistence.  Prior to the end of the Transition Period, Pubco shall revise the stylization of the Perpetual Servicemarks licensed hereunder such that they are visually distinct from the stylization, design and logos of Licensors’ registered servicemarks (the “Restylized Marks”).  All Restylized Marks must be approved in writing by Licensors prior to the adoption or use by Licensees, provided, however, that such approval by Licensors of the Restylized Marks shall not be unreasonably withheld or delayed. Licensees’ failure to comply with this Section 2.1(ii)(B)(1) shall not be deemed a material breach of this Agreement if such failure to comply is a result of Licensors’ failure to timely approve the Restylized Marks submitted by Pubco to Licensors for approval.  Upon approval of the Restylized Marks by Licensors, Licensees’ obligations under Sections 2.1(b)(i) and 2.1(b)(ii) shall terminate.

 

(b)                                 Certain Obligations of Licensees. Notwithstanding anything to the contrary in this Section 2.1, and without limiting its obligations under Section 8.4 hereof, Pubco will, and will procure that all other Licensees:

 

6

 

(i)                                     use the Servicemarks only in accordance with the respective Licensor’s branding guidelines in effect as of the Effective Date of this Agreement (as such branding guidelines may be amended by the Licensors from time to time thereafter) and consistent with Licensee’s use prior to the Closing Date, provided that such obligation shall not apply in respect of the Perpetual Servicemarks with effect from the end of the Transition Period although, for the avoidance of doubt, Section 2.1(a)(ii)(B) shall apply;

 

(ii)                                  ensure that the Servicemarks, as they are displayed, are not altered in any way, except as expressly provided herein;

 

(iii)                               ensure that they will not take any action that could reasonably be expected to impair the value of or goodwill associated with the Servicemarks.  During the Transition Period,  each of OM plc and OMLAC has the right to inspect Licensees’ business operations (in accordance with the provisions of Section 2(d) below) to ensure compliance with the relevant Licensor’s standards of quality;

 

(iv)                              cease all use of the Transitional Servicemarks upon expiration of the Transition Period, provided that, following the end of the Transition Period, Licensees will be permitted to make historical reference to their affiliation with the Licensors, solely to the extent required under Applicable Law to describe the historical performance of Licensees’ Business or to identify that Licensees were formerly operating under the name permitted by the relevant Transitional Servicemarks or unless as otherwise provided herein, provided, further that (A) any such use of “Old Mutual” must be strictly as a reference to such former affiliation, or former corporate or trade name, and not as a trademark or service mark; and (B) Licensees shall be permitted to continue use of “OM Asset Management” as all or part of Licensees’ corporate names or trade names.

 

(v)                                 upon written request by Licensors, destroy any physical materials displaying the Transitional Servicemarks remaining in Licensees’ possession promptly following expiration of the Transition Period, and an authorized officer of Pubco shall certify to OM plc in writing that to the knowledge of the certifying officer, after reasonable inquiry, such destruction has taken place;

 

(vi)                              make clear to all third parties that Pubco or its Subsidiaries, rather than either of the Licensors or any of its other Subsidiaries, is the party entering into or conducting any contractual relationship with such third party;

 

(vii)                           pay to each Licensor a sum of £2.50 (the receipt and adequacy of which is hereby acknowledged by each Licensor) as consideration for the rights granted to the Licensees under this Agreement; and

 

(viii)                        assist the Licensors in recording or registering this Agreement in any jurisdiction where such recordation or registration is required or recommended under the trademark law of such jurisdiction.

 

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(c)                                  Certain Obligations of the Licensors. Notwithstanding anything to the contrary in this Section 2.1, each of the Licensors agrees to cooperate with Licensees, at Licensors’ expense, to take commercially reasonable steps to seek to eliminate or minimize any actual consumer confusion arising from the Licensors’ activity during the Transition Period.

 

(d)                                 Inspection. In relation to each Licensee using the Transitional Servicemarks, during the Transition Period and the Perpetual Servicemarks in perpetuity, each Licensor shall have the right during a Licensee’s normal business hours, upon reasonable notice to Pubco and its applicable Subsidiaries and in a manner not unreasonably disruptive to Pubco’s and its Subsidiaries’ properties or business operations, to inspect for compliance with Section 2.1 through Section 2.5, any and all uses of the Servicemarks by Pubco and its Subsidiaries, including inspection of any and all materials on which the Servicemarks are displayed in the possession or control of Pubco and its Subsidiaries. Any noncompliance with Section 2.1 through Section 2.5 shall be corrected by Pubco and/or its respective Subsidiary as soon as reasonably practical, but no later than twenty (20) Business Days following receipt by Pubco of written notice from one of the Licensors.

 

(e)                                  Disclaimer. As soon as reasonably practical, but no later than thirty (30) days following the Effective Date, Pubco and its Subsidiaries shall post on their respective website landing pages, and any other page that consistently receives deep link or landing traffic on which the Servicemarks are displayed, the following statement: “OM Asset Management plc is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the “OLD MUTUAL” name, OM, OMAM, OM ASSET MANAGEMENT, OM 3 Anchor Design Logo and associated trademarks of Old Mutual plc and Old Mutual Life Assurance Company (South Africa) Ltd. under license.”  As soon as reasonably practical, but no later than thirty (30) days following the termination of the Transitional License, Pubco and its Subsidiaries shall revise the foregoing statement on their respective website landing pages, and any other page that consistently receives deep link or landing traffic on which the “OM Asset Management” corporate names or trade names or the Perpetual Servicemarks are displayed, and post (i) the following statement: “OM Asset Management plc, a publicly traded corporation, was previously associated with the Old Mutual Group but is no longer associated with or affiliated to the Old Mutual Group”; and (ii) a statement advising visitors to the website that information on Old Mutual products in the United Kingdom and South Africa (and any other country where the Licensors have ownership of, or other rights to use, a domain name including the word “omam”)  can be found at the Old Mutual websites in those countries, which statement shall provide a link to one or more of such Old Mutual websites in the United Kingdom, South Africa or any other relevant country. In order for Pubco and its Subsidiaries to comply with the obligation set forth in this Section 2.1(e)(ii), Licensors shall, prior to the end of the Transition Period, provide to Pubco a list of countries in which Licensors have ownership of, or other rights to use, a domain name including the word “omam” and hyperlinks to such Old Mutual websites in the United Kingdom and South Africa and any other relevant countries.  For the avoidance of doubt, Licensees shall not be deemed to be in breach of this Section 2.1(e)(ii) if Licensees’ failure to include a particular country where Licensors’ have ownership of, or other rights to use, a domain name including the word “omam” or a hyperlink to the relevant Old Mutual websites in such countries is due to Licensors’ failure to provide Licensees with the list of relevant countries and/or hyperlinks.

 

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(f)                                   Change of Name.

 

(i)                                     Timely during the Transition Period, Pubco and its Subsidiaries shall file (at their own cost and expense) before the relevant Governmental Authority throughout the Territory the necessary documents so as to amend or terminate any registration or certificate of assumed name, fictitious name or d/b/a filings containing the name “Old Mutual” so as to cause such assumed name, fictitious name or d/b/a filings to be changed to eliminate the name “Old Mutual” therefrom.  For the avoidance of doubt, Pubco and its Subsidiaries shall not be required to amend or terminate any registration or certificate of assumed name, fictitious name or d/b/a filings containing the names “OMAM” or “OM Asset Management”.

 

(ii)                                  Pubco and its Subsidiaries agree, that after the Closing Date neither Pubco nor any of its Subsidiaries will expressly, or willingly by implication, do business as or represent themselves as either of the Licensors or any of a Licensor’s other Affiliates, and the personnel of Pubco or its Subsidiaries shall not, and shall have no authority to, as of the Closing Date, hold themselves out as officers, employees or agents of either of the Licensors.

 

(iii)                               Pubco shall not and shall cause its Subsidiaries not to purport to, or represent that it or they may, bind or do business as either of the Licensors or any of their Affiliates.

 

Section 2.2                             Visual Identity; No Reasonable Likelihood of Confusion.

 

(a)                                 If any Party or any of its Subsidiaries either conducts new activities or enters into a market or jurisdiction (the “Entering Party”) where another Party or any of its Subsidiaries is already commercially active (the “Existing Party”), the Entering Party agrees (i) to evaluate the likelihood of customer confusion or brand dilution posed by such proposed Servicemarks on the Existing Party’s Visual Identity in such market or jurisdiction and (ii) to take all necessary steps to distinguish itself and its branding from the Existing Party and to ensure that its branding is not confusingly similar with branding of the Existing Party in the sole reasonable discretion of the Existing Party.

 

(b)                                 Each Party acknowledges and agrees that the existing activities of the businesses of Pubco or its Subsidiaries and the Licensors or their Subsidiaries do not create any consumer confusion and each Party and its respective Subsidiaries can continue to operate their respective businesses as such businesses were operated prior to Closing, provided that, each Party and its respective Subsidiaries implements appropriate source or business identifiers and/or disclaimers on its products, advertisements or other materials to make clear to a third party which Party or Subsidiary is providing a particular product or service.  For the avoidance of doubt, each Party and its respective Subsidiaries shall have five (5) Business Days after Closing to implement all such changes on electronic products, advertisements and other materials, and shall have sixty (60) days after Closing to implement all such changes on printed products, advertisements and other materials.

 

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(c)                                  Notwithstanding the above, (i) nothing in this Section 2.2 shall limit the right of each Licensor or its Subsidiaries to use such Licensor’s Servicemarks, or other elements of its worldwide corporate Visual Identity, in any jurisdiction, at any time and (ii) this Section 2.2 shall not apply to new Funds launched by any Licensor or its Subsidiaries except in such cases where such Licensors have previously consented to the use by Pubco, its Subsidiaries or Affiliates in connection with a Fund.

 

Section 2.3                             Domain Names.

 

(a)                                 Subject to the obligations of Section 2.1, during the Transition Period, Licensees shall have continued rights to use the Old Mutual Domain Names and to manage and direct the use of and content on the websites associated with the Old Mutual Domain Names.

 

(b)                                 Prior to the expiration of the Transition Period, Pubco (on behalf of itself and each of the other Licensees) shall register a domain name that does not feature the terms “Old Mutual” (the “Re-Direct Domain”) and shall establish and register a website at the Re-Direct Domain.

 

(c)                                  Upon expiration of the Transition Period, Licensees agree to cease use of the Transitional Old Mutual Domain Names and promptly transfer the Transitional Old Mutual Domain Name registrations to OM plc, provided that, for a period of six (6) months following the expiration of the Transition Period, OM plc shall maintain the Transitional Old Mutual Domain Names and automatically re-direct all attempts by users to access the websites featured at the Transitional Old Mutual Domain Names to the relevant Licensee’s Re-Direct Domain.

 

(d)                                 For the avoidance of doubt, subject to the terms and conditions of this Agreement, Licensees shall have the continued right to use the Perpetual Old Mutual Domain Name, and to manage and direct the use of and content on the website associated with the Perpetual Old Mutual Domain Name, including, without limitation, the email address extension, @omam.com, associated with the Perpetual Old Mutual Domain Name, in perpetuity (unless this Agreement is otherwise terminated pursuant to Section 7.2 below).

 

Section 2.4                             Pubco Marks and Rebranded Marks.  The Licensees shall have the right to register new trademarks and service marks in the Territory that replace the Transitional Servicemarks with Licensees’ marks (the “Rebranded Marks”), provided that such Rebranded Marks (a) do not contain the terms set forth in Schedule 2.4 hereto, and (b) are not the same as, or confusingly similar to, any common-law, pending or registered trademark, servicemark, trade name or logo of either Licensor, or any Subsidiary or Affiliate of either Licensor.  Pubco shall bear all fees and costs associated with the Rebranded Marks.

 

Section 2.5                             Social Media. The Parties will work in good faith and cooperate with each other and the social media vendors to replace the social media fan sites using any Transitional Servicemarks with Rebranded Marks while using commercially reasonable efforts to seek to retain, to the extent reasonably practicable without any Party compromising its respective brand or Visual Identity, the applicable fans and historical content.

 

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ARTICLE III

 

OWNERSHIP OF THE SERVICEMARKS

 

Section 3.1                             Pubco And Its Subsidiaries Not To Jeopardize Registration. Pubco and its Subsidiaries undertake not to do or permit to be done any act which would or might jeopardize or invalidate any registration of the Servicemarks, nor do any act which might assist or give rise to an application to remove the Servicemarks from any register of trademarks, or which might prejudice the right or title of either of the Licensors to the Servicemarks.

 

Section 3.2                             No Ownership Of Servicemarks By Pubco Or Its Subsidiaries. As between the Licensors and Pubco, each of OM plc and OMLAC shall own all rights in their respective Servicemarks.  Pubco and its Subsidiaries will not make any representation or do any act which may be taken to indicate that they have any right, title or interest in or to the ownership or use of the Servicemarks except under the terms of this Agreement, and Pubco acknowledges that nothing contained in this Agreement shall give Pubco and its Subsidiaries any right, title or interest in or to the Servicemarks except as granted by this Agreement.

 

Section 3.3                             Acknowledgement as to Servicemarks; Cooperation. Pubco and its Subsidiaries agree that they will not dispute the validity of the Servicemarks or the ownership rights of the respective Licensors thereto. The Licensors and their Subsidiaries agree that they will not dispute the validity of the Rebranded Marks or the ownership rights of Pubco or its Subsidiaries thereto, provided that such Rebranded Marks comply with Section 2.4 of this Agreement.  Pubco and its Subsidiaries shall not register or apply for the registration of any of the Servicemarks or any trademarks or service marks which are confusingly similar to the Servicemarks. Pubco and its Subsidiaries shall, at a Licensor’s request and expense, cooperate with such Licensor in the defense of such Licensor’s rights in the Servicemarks and in connection with the registration and maintenance of the Servicemarks and the prosecution for registration of any application which contains the Servicemarks and/or the words set forth in Schedule 2.4 hereto.  As between Licensees and Licensors, the Licensors shall bear all costs associated with the registration and maintenance of the Servicemarks.

 

ARTICLE IV

 

INFRINGEMENT OF SERVICEMARKS

 

Section 4.1                             Notification of Infringement.  Licensees shall, as soon as they become aware thereof, notify the Licensors in writing (giving full particulars thereof) of any use or proposed use by any unrelated Person of a trade name, trade mark, domain name or mode of promotion or advertising that amounts or might amount either to infringement of the Licensors’ rights in relation to the Servicemarks or to the passing-off of, misappropriation of or any other misleading or deceptive conduct in trade or commerce in relation to the Servicemarks, or any other torts involving the Servicemarks.

 

Section 4.2                             Notification of Allegations.  If Licensees become aware that any Person alleges that the Servicemarks are invalid or that use of the Servicemarks infringes any rights of another party or that the Servicemarks are otherwise attacked or attackable, Licensees shall immediately

 

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notify the Licensors in writing thereof and shall make no comment or admission to any third party in respect thereof.

 

Section 4.3                             Conduct of Proceedings by the Licensors. The Licensors shall have the sole and exclusive right to decide what action if any to take in respect of any unrelated third party infringement or alleged infringement of the Servicemarks or passing-off or any other claim or counterclaim brought or threatened in respect of the use or registration of the Servicemarks, and shall control all proceedings related thereto.  The Licensors shall bear all fees and costs associated with any such action or proceeding, and shall retain all recovery costs associated therewith.  The provisions of section 30 of the Trade Marks Act 1994 (or equivalent legislation in any jurisdiction) are expressly excluded.

 

Section 4.4                             Assistance in Proceedings. Licensees will, at the request of the Licensors, give reasonable cooperation to the Licensors in any action, claim or proceedings brought or threatened against any third party in respect of the matters set forth in this Article IV.

 

ARTICLE V

 

WARRANTIES; INDEMNITIES; DISCLAIMERS

 

Section 5.1                             Representations and Warranties. Each of the Parties represents and warrants to the others that it has the requisite power and authority to enter into and perform its obligations under this Agreement. Each of the Parties represents and warrants to the others that no consent, approval, authorization or other order of, or registration or filing with, any Governmental Authority, is required for such Party’s execution, delivery and performance of this Agreement or consummation of the transactions contemplated hereby, except as have been set forth in this Agreement or have been obtained or made by any Party and are in full force and effect under all Applicable Laws.

 

(a)                                 THE REPRESENTATIONS AND WARRANTIES IN SECTION 5.1 ARE THE ONLY REPRESENTATIONS AND WARRANTIES GIVEN BY THE PARTIES IN CONNECTION WITH THIS AGREEMENT AND THE SUBJECT MATTER HEREOF, AND ALL INTELLECTUAL PROPERTY LICENSED, ASSIGNED OR OTHERWISE CONVEYED UNDER THIS AGREEMENT IS PROVIDED “AS IS” AND IS LICENSED, ASSIGNED OR OTHERWISE CONVEYED WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER IN THIS AGREEMENT, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT, AND EACH PARTY HEREBY DISCLAIMS ALL EXPRESS AND IMPLIED REPRESENTATIONS AND WARRANTIES EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN.

 

(b)                                 NO PARTY OR ANY OF ITS AFFILIATES OR SUBSIDIARIES MAKES ANY WARRANTY OR REPRESENTATION UNDER THIS AGREEMENT THAT ANY EXPLOITATION OF ANY PRODUCT OR SERVICE WILL BE FREE FROM INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHT OF ANY THIRD PARTY.

 

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Section 5.2                             Indemnification.

 

(a)                                 Licensees agree to defend, indemnify and keep indemnified and hold OM plc and OMLAC, as applicable, and all of their Affiliates and their respective directors, officers, employees, shareholders, agents, attorneys, representatives, successors and assigns (the “OM Indemnitees”), harmless from and against any and all Losses (without limitation or cap of any kind) suffered or incurred by the OM Indemnitees in connection with (i) any action or claim by any third party against the OM Indemnitees relating to or arising out of or in connection with any breach of this Agreement by Licensees and/or their Affiliates; (ii) any action or claim by any third party against the OM Indemnitees on the basis that Licensees and/or their Affiliates have acted on behalf of OM plc or OMLAC, or any of their Affiliates, or have the authority to bind OM plc or OMLAC, or any of their Affiliates; or (iii) any action or claim by a third party against the OM Indemnitees relating to the use by Licensee or its Subsidiaries of the Servicemarks (other than any actions set forth in Section 5.2(b)(ii) below).

 

(b)                                 Each Licensor, jointly and severally, agrees to defend, indemnify and keep indemnified and hold Licensees and all of their Affiliates and their respective directors, officers, employees, shareholders, agents, attorneys, representatives, successors and assigns (the “Pubco Indemnitees”), harmless from and against any and all Losses (without limitation or cap of any kind) suffered or incurred by the Pubco Indemnitees in connection with (i) any action or claim by any third party against the Pubco Indemnitees relating to or arising out of or in connection with any breach of this Agreement by such Licensor and/or such Licensor’s Affiliates; (ii) any action or claim by any third party against the Pubco Indemnitees on the basis that the Servicemarks used by the Licensees and/or their Affiliates infringe upon the rights of such third parties, provided that the Pubco Indemnitees are using the Servicemarks in accordance with this Agreement; or (iii) any action or claim by a third party against the Pubco Indemnitees relating to the use by such Licensor or its Subsidiaries of the Servicemarks (other than any actions set forth in Section 5.2(a)(ii) above).

 

Section 5.3                             Reservation of Rights. Except for those rights expressly licensed pursuant to this Agreement, no rights or licenses in or to any intellectual property right owned or licensed by any Party or any of such Party’s Affiliates or Subsidiaries are assigned, granted or otherwise conveyed to any other Party, and nothing contained herein shall be construed as conferring to such other Party or its Affiliates or Subsidiaries by implication, estoppel or otherwise any right, title or interest of any other Party or its Affiliates or Subsidiaries in or to any such intellectual property right.

 

Section 5.4                             No Obligation To Provide Technology. Except as otherwise expressly set forth in this Agreement, no Party, or any of its Affiliates or Subsidiaries, is obligated by this Agreement to provide any other Party with any technical assistance or to furnish any other Party with, or obtain, any documents, materials, instructions, corrections, updates or other information or technology.

 

Section 5.5                             Release of Information. Licensees must inform the Licensors, in a timely and adequate manner, of any public information that they, their Affiliates or Subsidiaries wish to publish that would be reasonably likely to have an adverse effect on the goodwill associated

 

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with the Servicemarks or the reputation or public image of the Licensors, so that the Licensors may, should the Licensors consider it necessary, issue a press release concerning the publication of such public information.  If possible, the Licensors should be informed at least one (1) week in advance of the disclosure of any development or information that would be reasonably likely to have an adverse effect on the goodwill associated with the Servicemarks or the reputation or public image of the Licensors. In case of a development or any information that may require immediate disclosure, Licensees shall promptly inform the Licensors, and where legally permissible, before any such disclosure is made.

 

Section 5.6                             Damages Inadequate. Without prejudice to any other rights or remedies that each Party may have, each Party acknowledges and agrees that damages alone would not be an adequate remedy for any breach of the terms of this Agreement by any other Party. Accordingly, each Party shall be entitled to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of this Agreement by any other Party.

 

ARTICLE VI

 

DISPUTE RESOLUTION

 

Section 6.1                             Arbitration

 

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the rules of the London Court of International Arbitration (“LCIA Court”) which are deemed to be incorporated by reference into this clause, save as modified herein:

 

(i)                                     The seat of arbitration shall be London, England.

 

(ii)                                  There shall be three arbitrators, one nominated by the claimant and one nominated by the respondent within fifteen (15) days of respondent’s receipt of the claimant’s request for arbitration. If OMLAC and OM plc are co-claimants or co-respondents to the arbitration, they shall be treated as one party for the purposes of the nomination of an arbitrator. If any Party has not appointed its arbitrator within the 15-day period specified herein, such appointment shall be made by the LCIA Court upon the written request of a Party within fifteen (15) days of such request. The LCIA Court shall appoint the chairman within fifteen (15) days of the nomination of the other two members of the tribunal.  The hearing shall be held no later than one-hundred-and-twenty (120) days following the appointment of the third arbitrator.

 

(iii)                               In terms of procedure, the Parties agree that:

 

(A)                               The Request shall be treated as the Claimant(s)’ Statement of Case.

 

(B)                               The Statement of Defence shall be sent to the Registrar within fifteen (15) days of receipt of notice of appointment of the third arbitrator.

 

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(C)                               A case management hearing shall take place within ten (10) days of receipt of the Statement of Defence to determine the procedure leading up to the hearing.  The Parties shall seek to agree to the procedure between them, consistent with the provisions of this Section 6.1.

 

(D)                               The Statement of Reply (if any) shall be sent to the Registrar within fifteen (15) days of receipt of the Statement of Defence.

 

(E)                                The Statement of Reply to Counterclaim (if any) shall be sent to the Registrar within fifteen (15) days of receipt of the Statement of Reply.

 

(F)                                 The arbitral tribunal shall exercise its power to order the Parties to supply copies of any documents in their possession, custody or power that are relevant to the subject matter of the dispute taking into account the Parties’ desire that the arbitration be conducted expeditiously and cost effectively. All disclosure of documents shall be completed within sixty (60) days of the appointment of the third arbitrator.

 

(G)                               The Parties agree that they shall have the right to be heard orally on the merits of the dispute.

 

(iv)                              By agreeing to arbitration, the Parties do not intend to deprive a court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies, to direct the Parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. For the purpose of any provisional relief contemplated hereunder, the Parties hereby submit to the non-exclusive jurisdiction of the English Courts. Each Party unconditionally and irrevocably waives any objections which it may have now or in the future to the jurisdiction of the English Courts including objections by reason of lack of personal jurisdiction, improper venue, or inconvenient forum.

 

(v)                                 The award shall be in writing, shall state the findings of fact and conclusions of law on which it is based, shall be final and binding and shall be the sole and exclusive remedy among the Parties regarding any claims or counterclaims presented to the arbitral tribunal. Judgment upon any award may be entered in any court having jurisdiction.

 

(vi)                              The Parties will bear equally all fees, costs, disbursements and other expenses of the arbitration, and each Party shall be solely responsible for all fees, costs, disbursements and other expenses incurred in the preparation and

 

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prosecution of its own case; provided that in the event that a Party fails to comply with the orders or decision of the arbitral tribunal, then such noncomplying Party shall be liable for all costs and expenses (including attorney fees) incurred by the other Parties in their efforts to obtain either an order to compel, or an enforcement of an award, from a court of competent jurisdiction.

 

(vii)                           The arbitral tribunal shall have no authority to award punitive, exemplary or multiple damages or any other damages not measured by the prevailing Parties’ actual damages.

 

(viii)                        All notices by one Party to another in connection with the arbitration shall be in accordance with the provisions of Section 8.1 hereof, except that all notices for a demand for arbitration made pursuant to this Article VI must be made by personal delivery or receipted overnight courier. This agreement to arbitrate shall be binding upon the successors and permitted assigns of each Party. This Agreement and the rights and obligations of the Parties shall remain in full force and effect pending the award in any arbitration proceeding hereunder.

 

Section 6.2                             Confidentiality. Except to the extent necessary to compel arbitration or in connection with arbitration of any dispute under this Agreement, or for enforcement of an arbitral award, information concerning (i) the existence of an arbitration pursuant to this Article VI, (ii) any documentary or other evidence given by a Party or a witness in the arbitration or (iii) the arbitration award may not be disclosed by the tribunal administrator, the arbitrators, any Party or its counsel to any Person not connected with the proceeding unless required by law or by a court or competent regulatory body, and then only to the extent of disclosing what is legally required. A Party filing any document arising out of or relating to any arbitration in court shall seek from the court confidential treatment for such document and provide notice thereof to the non-disclosing Party.

 

Section 6.3                             Conduct During Dispute Resolution. The Parties shall continue the performance of their respective obligations under this Agreement that are not the subject of dispute during the resolution of any dispute or disagreement, including during any period of arbitration, unless and until this Agreement is terminated or expires in accordance with its terms and conditions.

 

ARTICLE VII

 

TERM

 

Section 7.1                             Term.

 

(a)                                 Transitional License.  With respect to the Transitional Servicemarks and Transitional Old Mutual Domain Names, this Agreement shall commence on the Effective Date and the Transitional License shall terminate automatically, along with all licenses and sublicenses granted therefor hereunder, on the first day following the day that is six (6) months after the end of the Transition Period.  .

 

(b)                                 Perpetual License.  With respect to the Perpetual Servicemarks and Perpetual Old Mutual Domain Name, this Agreement shall commence on the Effective Date and shall continue

 

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in perpetuity, unless terminated pursuant to Section 7.2 below.  In the event the Perpetual License is terminated pursuant to Section 7.2 below and the Transitional License has been terminated pursuant to Section 7.1(a) above, the Agreement shall terminate concurrently therewith.

 

(c)                                  With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

Section 7.2                             Termination.  Either Licensor shall have the right to terminate this Agreement at any time if Licensees materially breach this Agreement; provided that if such material breach is capable of being cured, then such Licensor shall not be permitted to terminate this Agreement unless the Licensees fail to cure such material breach within twenty (20) Business Days after receipt of written notice of such breach from one of the Licensors.

 

Section 7.3                             Survival. Section 2.1(b)(iv), Section 2.1(b)(v), Section 2.3(b) and (c), Article III, Section 5.1, Section 5.2, Section 5.3, Article VI, Article VII and Article VIII shall survive the expiration or termination of this Agreement for any reason.

 

ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.1                                   Notices.  Unless otherwise provided in this Agreement, all notices and other communications provided for hereunder shall be dated and in writing and shall be deemed to have been given (i) when delivered, if delivered personally, sent by confirmed telecopy or sent by registered or certified mail, return receipt requested, postage prepaid, provided that such delivery is completed during normal business hours of the recipient, failing which such notice shall be deemed to have been given on the next Business Day, (ii) on the next Business Day if sent by overnight courier and delivered on such Business Day within ordinary business hours and, if not, the next Business Day following delivery; and (iii) when received, if received during normal business hours and, if not, the next Business Day after receipt, if delivered by means other than those specified above. Such notices shall be delivered to the address set forth below, or to such other address as a Party shall have furnished to the other Party in accordance with this Section (each such notice, a “Notice”):

 

If to Pubco, to:

 

c/o Old Mutual (US) Holdings Inc.

200 Clarendon Street, 53rd Floor
 Boston, MA 02116

Attention: Steve Belgrad, CFO

Phone No.: 617-369-7371

Email: Sbelgrad@oldmutualus.com

 

With a copy to:

 

Bingham McCutchen LLP

399 Park Avenue

New York, NY 10022-4689

 

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Attention: Floyd Wittlin, Esq.

Phone No.: 212-705-7466

Email: Floyd.Wittlin@bingham.com

 

If to the Licensors, to:

 

Old Mutual plc

5th Floor, Millennium Bridge House
 2 Lambeth Hill
 London EC4V 4GG, United Kingdom
 Attention: Group Company Secretary

Phone No.: +44(0) 20 7002 7109

Email: martin.murray@omg.co.uk

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square

New York, New York 10036

Attention: Ralph Arditi

Phone No.: 212-735-3860

Email: ralph.arditi@skadden.com

 

Section 8.2  Entire Agreement.

 

(a)                                 This Agreement, including any Schedules attached hereto, represents the entire understanding of the Parties hereto with respect to the subject matter hereof and thereof and supersede any and all other oral or written agreements heretofore made with respect to such subject matter. Other than as expressly set forth in this Agreement, no Party has relied upon any statement or representation other than statements and representations expressed in this Agreement, and nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the Parties and their respective successors and permitted assigns, any rights or remedies under or by reason of this Agreement.  For the avoidance of doubt, Pubco is liable to the Licensors for every act or omission of any other Licensee which would have breached this Agreement had it been committed or omitted by Pubco itself.

 

(b)                                 It is acknowledged and agreed that: (i) no Party has entered into this Agreement in reliance upon any representation, warranty, undertaking, collateral contract or other assurance of any other Party that is not expressly set out or referred to in this Agreement; (ii) no Party shall have any remedy in respect of misrepresentation or untrue statement made by any other Party unless and to the extent that a claim lies for breach of warranty under this Agreement; and (iii) this clause shall not exclude any liability for fraudulent misrepresentation.

 

Section 8.3    Contracts (Rights of Third Parties) Act.  Except in relation to the rights of indemnification provided to the Indemnitees pursuant to Article V of this Agreement, a Person

 

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who is not a Party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

 

Section 8.4    Subsidiary or Affiliate Action. Pubco shall cause each of its Subsidiaries and Affiliates to comply with all of the agreements, obligations and covenants applicable to each such Subsidiary or Affiliate, as applicable, under this Agreement.  This Section 8.4 shall not apply with respect to any Affiliate of Pubco to the extent that Pubco does not have sufficient Control over such Affiliate to procure such conduct from such Affiliate; provided, that such Control shall be deemed to exist in the case of any Subsidiary that is not specifically identified in clause (iii) of the definition of Subsidiary.

 

Section 8.5  Confidential Information. Each Party shall treat all information provided to it by any other Party with the same degree of care as such Party treats its own information of the same nature, provided that this Section 8.5 shall not apply to information relating to or disclosed in the registration statement required in connection with the IPO, provided that confidential information received by a Party from any other Party shall not be utilized by such Party to engage, directly or indirectly (including through Subsidiaries) in a business in competition with the business of such other Party or any of its Subsidiaries..

 

Section 8.6  Interpretation; Effect. In this Agreement, except as context may otherwise require, (a) the words “hereby,” “hereof,” “herein,” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, (b) terms defined in the singular have a comparable meaning when used in the plural, and vice versa, (c) references herein to a specific Article, Section, Subsection or Schedule shall refer, respectively, to Article, Sections, Subsections or Schedules of this Agreement, (d) references to the transactions contemplated hereby include the transactions provided for in this Agreement, (e) references to any agreement (including this Agreement), contract, statute or regulation are to the agreement, contract, statute or regulation as amended, modified, supplemented, restated or replaced from time to time (in the case of an agreement or contract, to the extent permitted by the terms thereof), and to any section of any statute or regulation include any successor to the section, (f) references to any Governmental Authority includes any successor to that Governmental Authority, (g) wherever the word “include,” “includes,” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation,” (h) references herein to any gender include each other gender, (i) all pronouns and variations of pronouns will be deemed to refer to the feminine, masculine or neuter, singular or plural, as the identity of the Person referred to may require, (j) headings and numbering of sections and paragraphs in this Agreement are for convenience only and will not be construed to define or limit any of the terms in this Agreement or affect the meaning or interpretation of this Agreement, (k) this Agreement is the product of negotiation by the Parties, having the assistance of counsel and other advisers, (l) the Parties intend that this Agreement not be construed more strictly with regard to one Party than with regard to any other, and (m) no provision of this Agreement is to be construed to require, directly or indirectly, any Person to take any action, or omit to take any action, to the extent such action or omission would violate Applicable Law (including statutory and common law), rule or regulation.

 

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Section 8.7   Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. Except as otherwise provided herein, if any provisions of this Agreement or the application thereof to any Person or any circumstance is found by a court or other Governmental Authority of competent jurisdiction to be invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision or the application thereof, in any other jurisdiction.

 

Section 8.8   Applicable Law. This Agreement (together with any non-contractual obligations arising out of it) shall be construed and enforced in accordance with, and the rights and duties of the Parties shall be governed by, the law of England and Wales.

 

Section 8.9   Amendment, Modification and Waiver. This Agreement may be amended, modified or supplemented at any time by written agreement of the Parties. Any failure of any Party to comply with any term or provision of this Agreement may be waived by the other Parties by an instrument in writing signed by such Parties, but such waiver or failure to insist upon strict compliance with such term or provision shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to comply. No waiver by any Party of any breach of this Agreement shall be considered as a waiver of any subsequent breach of the same provision or any other provision.

 

Section 8.10   Assignment.

 

(a)                                 Neither this Agreement nor any of the rights, interests or obligations of any Party under this Agreement may be assigned by such Party without the prior written consent of the other Parties, except that the Licensors may, without written consent of the Licensees, assign all of their rights, benefits and obligations under this Agreement to one or more of their Affiliates; provided that any such transferee assumes all of the relevant Licensor’s obligations under this Agreement in a written instrument.

 

(b)                                 This Agreement shall be binding upon and inure to the benefit of the Parties and the Licensees who are not Parties and their respective permitted successors and assigns.

 

Section 8.11   Counterparts. This Agreement may be executed in two or more counterparts that may be delivered by means of facsimile or email (or any other electronic means such as “.pdf” or “.tiff” files), each of which shall be deemed to constitute an original, but all of which together shall be deemed to constitute one and the same instrument.

 

Section 8.12   Further Assurances.  Each Party shall, on being required to do so by any other Party, perform or procure the performance of all such acts and/or execute and/or deliver or procure the execution and/or delivery of all such documents (in each case at its own expense), as may be required by law or as any other Party may from time to time reasonably require in order to implement and give full effect to this Agreement.

 

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Section 8.13   No Joint Venture.  Nothing in this Agreement is intended to or shall operate to create a partnership, agency, employment joint venture of any kind among the Parties.

 

Section 8.14   Compliance with Law.  The Licensors shall not be in breach of this Agreement and shall have no liability to the Licensees whatsoever to the extent that a Licensor acts (or omits to act) in a given manner in order to abide by any Applicable Law and/or in taking steps to mitigate any breach of this Agreement by the Licensees or any of them.

 

Section 8.15  Bribery Act.

 

(a)                                 Each Party expects that the other has an awareness of the requirements of the Bribery Act and to have appropriate processes and controls in place to prevent the offering or acceptance of bribes. Each Party shall:

 

(i)                                     comply with all Applicable Laws, regulations, codes and sanctions relating to anti-bribery and anti-corruption including the Bribery Act 2010 (“Relevant Requirements”);

 

(ii)                                  not engage in any activity, practice or conduct which would constitute an offence under sections 1, 2 or 6 of the Bribery Act 2010 if such activity, practice or conduct had been carried out in the United Kingdom;

 

(iii)                               have and shall maintain in place throughout the term of this Agreement its own policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010, to ensure compliance with the Relevant Requirements, and to avoid criminal liability and/or prosecution under the Bribery Act 2010, and will enforce them where appropriate;

 

(b)                                 Promptly report to the others any request or demand for any undue financial or other advantage of any kind received by it in connection with the performance of this Agreement;

 

(c)                                  Breach of this Section 8.15 shall be a material breach of this Agreement entitling the non-defaulting Party or Parties to terminate this Agreement without incurring any liability for such termination.

 

(d)                                 For the purpose of this Section 8.15 the meaning of adequate procedures and foreign public official and whether a Person is associated with another Person shall be determined in accordance with section 7(2) of the Bribery Act 2010 (and any guidance issued under section 9 of that Act), sections 6(5) and 6(6) of that Act and section 8 of that Act respectively.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the Effective Date.

 

 

	
 
    	
OM Asset Management plc
    
	
 
    	
“Pubco”
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Old Mutual plc
    
	
 
    	
“OM plc”
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
Old Mutual Life Assurance Company (South Africa)   Ltd.
    
	
 
    	
“OMLAC”
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

22

 

Schedule 1

 

Perpetual Domain Name

 

	
Domain Name
    	
 
    	
Owner
    
	
Omam.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    

 

Transitional Domain Names

 

	
Domain Name
    	
 
    	
Owner
    
	
Oldmutualus.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Oldmutualglobalfunds.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Omamnet.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Omamus.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Omip.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Omamtrust.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    
	
Omamint.com
    	
 
    	
Old Mutual (US)   Holdings Inc.
    

 

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Schedule 2.4

 

OLD MUTUAL

OM Logo

OM

OMAM

OM ASSET MANAGEMENT

OMGI

SKANDIA

 

1

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