Document:

EX-4.6

 

Exhibit 4.6

Reuters Group PLC

Rules of the Reuters Group PLC

International

SAYE Share Option Plan 1997

	 	 	 	 	 
	Date approved at EGM

	 	:
	 	16 December 1997
	 
	 	 	 	 
	Date adopted by Board of Directors

	 	:
	 	12 December 1997
	 
	 	 	 	 
	Date amendments approved at EGM

	 	:
	 	24 April 2001
	 
	 	 	 	 
	Date EGM amendments adopted by the
Board of Directors

	 	:
	 	12 February 2001
	 
	 	 	 	 
	Date amendments approved by SPAC

	 	 	 	14 March 2005
	 
	 	 	 	 
	Date latest amendments approved by SPAC

	 	:
	 	[     ] February 2008
	 
	 	 	 	 
	Expiry Date

	 	:
	 	No grants after 11 December 2007

The Board of Reuters Group plc reserves the right up to the time of the
Extraordinary General Meeting on 24 April 2001 to make such amendments to the
Rules of this Plan as it may consider necessary or desirable, provided that
such amendments or additions do not conflict in any material respects with the
details of the proposed changes to the Plan set out in the circular dated 14
March 2001 to the Shareholders of Reuters Group PLC.

 

1. Definitions

     (a) In these Rules the following words and expression have the following meanings:

	 	 	 
	Act

	 	means the Income and Corporation Taxes Act 1988.
	 
	 	 
	Announcement Date

	 	means the date on which the Company announces its half yearly or final results
to The London Stock Exchange.
	 
	 	 
	Associated Company

	 	shall have the meaning it bears in paragraph 47(1) of Schedule 3 to ITEPA.
	 
	 	 
	Board

	 	means the board of directors for the time being of the Company or the
directors present at a duly convened meeting of the directors of the Company
at which a quorum is present, or a committee appointed by the board of
directors.
	 
	 	 
	Bonus

	 	means the interest deemed by the Board to be payable to Participants in
respect of the relevant Savings Contract.
	 
	 	 
	Company

	 	means Reuters Group PLC registered in England number 3296375.
	 
	 	 
	Control

	 	means control within the meaning of Section 840 of the Act (and “Controlled”
shall be construed accordingly).
	 
	 	 
	Date of Grant

	 	the date on which an Option is granted under Rule 3.
	 
	 	 
	Eligible Employee

	 	means any person who:
	 
	 	 
	 

	 	(i) either is an employee or an executive director of a Participating
Company; and

	 
	 	 
	 

	 	(ii) was an employee or an executive director of a Participating Company on
31 December in the year immediately preceding the Invitation Date, or
any other qualifying period as the Board may from time to time determine.

	 
	 	 
	 

	 	In addition, it means any person who is designated by the Board as an eligible
employee, including a trustee acting on behalf of any person, provided that
the person agrees to enter into a Savings Contract in accordance with the
Rules.

 

	 	 	 
	Exercise Price

	 	the price at which Shares may be acquired in respect of each Option shall be
such amount as the Board may determine in each Plan Location being not less
than the greater of:
	 
	 	 
	 

	 	(i) 80 per cent of middle market quotation of a Share as derived from the
Daily Official List of The Stock Exchange or such other exchange on
which the Shares are directly or indirectly listed on the dealing day
which immediately precedes the relevant Invitation Date; or

	 
	 	 
	 

	 	(ii) in respect of Options giving a right to subscribe for Shares, the
nominal value of a Share.

	 
	 	 
	Group

	 	means the Company and any company for the time being under the Control of the
Company whether incorporated in any part of the United Kingdom or elsewhere.
	 
	 	 
	Invitation Date

	 	means the date on which the Board invites Eligible Employees to apply for the
grant of an Option.
	 
	 	 
	ITEPA

	 	means the Income Tax (Earnings and Pensions) Act 2003.
	 
	 	 
	The Stock Exchange

	 	means the London Stock Exchange plc or its successor.
	 
	 	 
	Maturity Date

	 	means the termination date of the relevant Savings Contract.
	 
	 	 
	Minimum Monthly 

Contribution

	 	means the minimum monthly limit, if any,
determined by the Board for a Plan Location from time to time.
	 
	 	 
	Maximum Monthly 

Contribution

	 	means the maximum monthly limit determined by
the Board for a Plan Location from time to time being not more than the
greater of :
	 
	 	 
	 

	 	(i) £250 or if greater the monthly contribution specified in ITEPA; or
	 
	 	 
	 

	 	(ii) 10% of the Eligible Employee’s Salary
	 
	 	 
	 

	 	provided that for the purposes of calculating the
above sterling limits in any Plan Location local currency equivalents shall be
taken at a rate of

3

 

	 	 	 
	 

	 	conversion specified by the Board in its discretion from
time to time.
	 
	 	 
	Option

	 	means the right to acquire Shares to be granted pursuant to the Plan or which
has been so granted and is still subsisting.
	 
	 	 
	Participating Company

	 	means:
	 
	 

	 	(i) the Company; and
	 
	 	 
	 

	 	(ii) any Company which is under the Control of the Company whether
incorporated in the UK or elsewhere;

	 
	 	 
	 

	 	except for those companies which are designated by the Board as
non-participating companies for the purposes of the Plan.
	 
	 	 
	Participant

	 	any person who has been granted and still has subsisting an Option under the
Plan. Reference to a Participant shall include, where the context so admits
or requires, his personal representatives.
	 
	 	 
	Plan

	 	means the Reuters Group PLC International SAYE Share Option Plan 1997
constituted for the time being and established by the Rules.
	 
	 	 
	Plan Location

	 	means a territory in which persons are employed by one or more Participating
Companies.
	 
	 	 
	Rules

	 	means these rules as amended from time to time in accordance with the
provisions hereof.
	 
	 	 
	Salary

	 	means the base salary of an Eligible Employee or in the case of an Eligible
Employee on assignment to another company in any country but continuing
employment with a Participating Company their notional home base salary as
determined by the Company.
	 
	 	 
	Savings Contract

	 	means an agreement to save with a savings body or the Company for a period not
exceeding 60 months as extended by up to six months if applicable by reason of
any failure to pay a contribution on or before its due date (or any such other
period as is necessary to comply with any local securities, exchange or
preferential tax legislation) in accordance with the terms designated by the
Board.
	 
	 	 
	Schedules

	 	means the schedules to these Rules.

4

 

	 	 	 
	Shares

	 	means fully paid ordinary shares of 25 pence of the Company that comply with
paragraphs 18 to 22 of Schedule 3 to ITEPA.

	(b)	 	Words or expressions defined in the Act and in the Companies Acts 1985 and 1989 of England
and Wales shall bear the same meanings in these Rules and where there is a conflict the
definitions in the Act shall take precedence.
	 
	(c)	 	Where the context so admits or requires words importing the singular shall include the plural
and vice versa and words importing the masculine shall include the feminine.
	 
	(d)	 	Any reference to a statutory provision shall be deemed to include that provision as the same
may from time to time be amended or re-enacted and any statutory instrument pursuant thereto.

2. Application for Options

	 	(a)	 	The Board may, in their absolute discretion, invite applications for Options
from all Eligible Employees within any Plan Location:

	 	(i)	 	during the period of 42 days immediately following the date on which the Shares
are admitted to the Daily Official List of The Stock Exchange;
	 
	 	(ii)	 	in any year during the period of 42 days immediately following an
Announcement Date;
	 
	 	(iii)	 	at any other time in the event local securities, company and tax
legislation does not allow the invitation to be sent out within the period of 42
days immediately following an Announcement Date.

	 	(b)	 	The Board shall determine and upon inviting applications for Options, announce
in relation to that invitation:

	 	(i)	 	either the Exercise Price or the date the Exercise Price will be fixed:
	 
	 	(ii)	 	subject to Rule 4(b) the maximum aggregate number of Shares over
which Options may be granted, if any;
	 
	 	(iii)	 	the Minimum Monthly Contribution and Maximum Monthly
Contribution that may be made under the Savings Contract;
	 
	 	(iv)	 	the Bonus;
	 
	 	(v)	 	when the Option will become exercisable; and
	 
	 	(vi)	 	the closing date for receipt by the Company of applications for the Options
being not less than 14 days after the issue of the invitation.

5

 

	 	(c)	 	An invitation shall be made to all Eligible Employees to apply for an Option at
the relevant Exercise Price subject to the limits specified by paragraph (b)(iii) above
and paragraph (f) below and shall be made by means of notices on notice boards of all
Participating Companies, circulars, letters or such other method as the Board may
determine.
	 
	 	(d)	 	Each Eligible Employee may, before the closing date stated in the invitation,
apply for an Option. Each application shall be in writing or electronically in such
form as the Board may from time to time prescribe and shall:

	 	(i)	 	state the monthly amount which such Eligible Employee wishes to
save under a Savings Contract;
	 
	 	(ii)	 	state the Eligible Employee’s agreement to the terms of the
Savings Contract; and
	 
	 	(iii)	 	authorise the Board to complete and/or amend such application on
behalf of the Eligible Employee in such manner as the Board may determine having
regard to the requirements of paragraphs (b)(ii) and (iii) above, (f) below and
Rules 3(b) and 3(c).

	 	(e)	 	The number of Shares over which an Option is applied for under this Rule shall
be deemed to be the whole number of Shares (rounding down) obtained by dividing the
amount repayable under the relevant Savings Contract (including Bonus) by the relevant
Exercise Price.
	 
	 	(f)	 	No Option shall be granted to an Eligible Employee if the contribution payable
by such Eligible Employee in any month under the Savings Contract to be entered into by
him in connection with the Option for which he has applied:

	 	(i)	 	is less than the Minimum Monthly Contribution; or
	 
	 	(ii)	 	when added to the contribution or contributions payable in such
month under any other Savings Contract in respect of this Plan or any other
savings related or share purchase scheme operated by the Company or any company
under its Control or an Associated Company previously entered into by such
Eligible Employee is greater than the Maximum Monthly Contribution.

3. Grant of Options

	 	(a)	 	Options will be granted by the Board in accordance with Rule 2 and paragraphs
(b) and (c) below within a reasonable time following the Invitation Date to those
Eligible Employees who have applied hereunder (and not withdrawn such application) and
to no other person whatsoever provided that the person is still an Eligible Employee at
the Date of Grant.
	 
	 	(b)	 	In the event that following any invitation pursuant to Rule 2 the Board
receives valid applications which would result in the grant of Options over a greater
number of Shares than permitted under Rule 4(b) or than specified by the Board in
accordance with Rule 2(b)(ii) then the Board shall scale down pro rata the monthly
contribution

6

 

	 	 	 	proposed by each Eligible Employee in excess of the Minimum Monthly
Contribution (referred to in Rule 2(b)(iii)).
	 
	 	(c)	 	In the event this results in insufficient Shares to cover the Minimum Monthly
Contribution (referred to in Rule 2(b)(iii)) of applicants, Options based on such
Minimum Monthly Contribution shall be granted to those Eligible Employees who are
selected by lot.
	 
	 	(d)	 	An Option certificate will be issued in such form as the Board may from time to
time prescribe and will be sent to each Participant specifying the Date of Grant, the
number of Shares over which the Option is granted and the Exercise Price within 30 days
after the grant of the Option.
	 
	 	(e)	 	All Options shall be deemed to be a right to subscribe for Shares in accordance
with these Rules unless and until they are designated as a right to require the Company
to procure the transfer of Shares, by the Company including the relevant provisions in
the Option certificate or where an Option has already been granted by serving notice to
that effect on the relevant Participant. Options granted in and after 2004 will only be
options to subscribe for new Shares.
	 
	 	(f)	 	No Option shall be capable of transfer or assignment and if a Participant shall
do or suffer any act or thing whereby he parts with or is deprived of the legal and/or
beneficial ownership of an Option, that Option shall lapse.

4. Limitation on the Issue of Shares

	 	(a)	 	No Option shall be granted more than 10 years after the date of adoption of the
Plan.
	 
	 	(b)	 	In respect of Options giving a right to subscribe for Shares the total number
of such Shares over which Options may be granted under the Plan, when added to the
number of Shares issued and remaining issuable pursuant to rights to subscribe for
Shares granted under any other share option or share acquisition scheme of the Company
or of Reuters Holdings PLC other than under Plan 2000 or under any sub plans to Plan
2000 during the preceding 10 years shall not exceed 10 per cent of the issued Shares
from time to time on the relevant Date of Grant.

5. Exercise of Options

	 	(a)	 	Subject to Rule 8 and paragraph (b) below, Options may be exercised by a
Participant only within six months following the Maturity Date of the relevant Savings
Contract or if earlier within six months of:

	 	(i)	 	ceasing to hold an office or employment within the Group by
reason of injury, illness, disability, redundancy or on reaching retirement age;
or
	 
	 	(ii)	 	attaining pensionable age while continuing to hold an office or
employment within the Group; or
	 
	 	(iii)	 	ceasing to hold an office or employment within the Group by
reason only that:

7

 

	 	(aa)	 	his office or employment is in a company of which
the Company ceases to have Control; or
	 
	 	(bb)	 	his office or employment relates to a business or
part of a business which is transferred to a person who is neither an
Associated Company of the Company nor a company of which the Company has
Control; or

	 	(iv)	 	in the circumstances and within the periods specified in Rule 8.

	 	(b)	 	No Participant shall be treated for the purposes of paragraphs (a)(i) and (iii)
above as ceasing to hold the office or employment by virtue of which he is eligible to
participate in the Plan until he ceases to hold an office or employment in the Company
or any Associated Company of the Company or any company of which the Company has
Control.
	 
	 	(c)	 	If a Participant dies prior to the Maturity Date of the relevant Savings
Contract his Option may be exercised within the period of 12 months after the date of
his death or if he dies within six months after the completion of the Savings Contract,
his Option may be exercised within the period of 12 months after the completion of the
Savings Contract.
	 
	 	(d)	 	No Option shall be exercisable more than thirty months after the Maturity Date
of the relevant Savings Contract.
	 
	 	(e)	 	Save as provided in paragraphs (a)(i), (iii) and (iv) and (b) above an Option
shall be exercised by a Participant only if at the date of exercise he is a director or
employee of a company in the Group or an Associated Company.
	 
	 	(f)	 	Subject to paragraph (g) below an Option shall be exercisable once only in
whole or in part during the periods referred to in paragraphs (a) and (b) above by the
Participant delivering to the Secretary of the Company at the registered office of the
Company notice in writing or by e-mail in such form as the Board may from time to time
determine specifying the number of Shares in respect of which the Option is exercised
together with (subject to paragraph (k) below) the relevant remittance to be delivered
in a form specified by the Board, [and any evidence of saving and termination if
required by the Board.]. Subject to Rule 8(c) the date of receipt by the Secretary of
the Company of such notice together with such remittance shall be the date upon which
the Option is deemed to be exercised.
	 
	 	(g)	 	Subject to paragraph (k) below, if upon exercise of an Option the remittance as
referred to in paragraph (f) above is less than the amount required to pay for all the
Shares in respect of which the Option is exercisable the Option shall be deemed to have
been exercised in respect of such whole number of Shares as may be acquired with the
amount of the remittance and the Option to the extent not so deemed to be exercised
shall immediately lapse.
	 
	 	(h)	 	If a Participant exercises an Option the Board may in lieu of allotting or
transferring Shares in accordance with Rule 9(a) of the Scheme:

8EX-4.7

 

Exhibit 4.7

 

REUTERS GROUP PLC

RESTRICTED SHARE PLAN

FOR PARTICIPANTS EMPLOYED BY NON-UK COMPANIES

 

Adopted
by the Board on [  • ] April 2004 and amended by
[the Remuneration
 Committee] on [11] March
2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	1.
	 	DEFINITIONS	 	 	1	 
	2.
	 	GRANT OF AWARDS	 	 	3	 
	3.
	 	NUMBER OF SHARES IN RESPECT OF WHICH AWARDS MAY BE  GRANTED	 	 	5	 
	4.
	 	RELEASE OF AWARDS	 	 	6	 
	5.
	 	LAPSE OF AWARDS AND CESSATION OF EMPLOYMENT	 	 	7	 
	6.
	 	GENERAL OFFER FOR THE COMPANY ETC.	 	 	9	 
	7.
	 	ADJUSTMENTS OF AWARDS	 	 	11	 
	8.
	 	TAXATION AND SOCIAL SECURITY CONTRIBUTIONS	 	 	11	 
	9.
	 	AMENDMENT AND ADMINISTRATION	 	 	11	 
	10.
	 	GENERAL	 	 	12	 
	11.
	 	DATA PROTECTION	 	 	13	 

i

 

REUTERS GROUP PLC RESTRICTED SHARE PLAN FOR PARTICIPANTS EMPLOYED BY NON-UK COMPANIES

	1.	 	DEFINITIONS
	 
	1.1	 	In this Plan, unless the context otherwise requires, the following words and expressions have
the following meanings, namely:
	 
	 	 	ADS means American Depositary Shares, evidenced by American Depositary Receipts, each ADS
representing six Shares;
	 
	 	 	Adoption Date means the date of adoption of the Plan by the Board;
	 
	 	 	Award means an award granted in the form referred to in rule 2.1 and Awarded shall be
construed accordingly;
	 
	 	 	Award Letter means the notification to a Participant by the Grantor setting out the specific
conditions of an Award;
	 
	 	 	Basic Salary means an Eligible Employee’s annual basic salary in respect of his employment
with the Group;
	 
	 	 	Board means the board of directors of the Company or where appropriate a duly authorised
committee thereof;
	 
	 	 	Capital Reorganisation means any variation in the share capital or reserves of the Company
(including, without limitation by way of capitalisation issue, rights issue, sub-division,
consolidation or reduction);
	 
	 	 	Company means Reuters Group PLC registered in England and Wales No. 03296375 by whatever
name from time to time;
	 
	 	 	Control has the meaning given by section 840 of the Taxes Act;
	 
	 	 	Date of Grant means the date on which the Grantor makes an Award;
	 
	 	 	Discretionary Share Plan means an Employees’ Share Scheme in which participation is solely
discretionary;
	 
	 	 	Eligible Employee means any bona fide employee of (or a secondee from any member of the
Group to) any non-UK tax resident member of the Group;
	 
	 	 	Employees’ Share Scheme has the meaning given by section 743 of the Companies Act 1985;
	 
	 	 	Grantor means the Trustee;

 

 

	 	 	Grant Period means the period of 42 days commencing on any of the following:

	 	(a)	 	the date of adoption of the Reuters Group PLC Restricted Share Plan;
	 
	 	(b)	 	the day immediately following the day on which the Company makes an
announcement of its results for the last preceding year, half year or other period; or
	 
	 	(c)	 	any day on which the Board resolves that exceptional circumstances exist that
justify the grant of Awards;

	 	 	Group means the Company and its Subsidiaries and member of the Group shall be construed
accordingly;
	 
	 	 	the London Stock Exchange means the London Stock Exchange plc or any successor body to it;
	 
	 	 	Market Value means in relation to a Share on any day:

	 	(a)	 	if and so long as the Shares are listed on the London Stock Exchange, the
closing middle market quotation for such a Share on the Date of Grant (as derived from
the Daily Official List of the London Stock Exchange); or
	 
	 	(b)	 	subject to (a) above, its market value determined in accordance with Part VIII
of the Taxation Chargeable Gains Act 1992;

	 	 	Official List means the Official List of the UK Listing Authority;
	 
	 	 	Participant means any individual to whom an Award has been granted under the Plan (including
where the context permits, the legal personal representatives of a deceased Participant);
	 
	 	 	Participating Company means any Subsidiary of the Company which is resident for tax purposes
outside the UK;
	 
	 	 	Performance Conditions means any performance conditions applicable to an Award imposed by
the Board under rule 2.6;
	 
	 	 	the Plan means this Reuters Group PLC Restricted Share Plan for Participants Employed by
Non-UK Companies as amended from time to time;
	 
	 	 	Plan Location means a territory in which persons are employed by one or more Participating
Companies;
	 
	 	 	Registered Holder means any person or persons nominated by the Grantor to hold Shares on
behalf of a Participant;
	 
	 	 	Release means the transfer to a Participant of the Shares to which he is entitled under
these rules (whether automatically or pursuant to a notice of release), and Release Date
shall be construed accordingly;

2

 

	 	 	Restricted Period means unless foreshortened pursuant to rules 5 and 6 of this Plan, a
period specified by the Grantor on the Date of Grant commencing on the Date of Grant and
expiring on a Vesting Date;
	 
	 	 	Shares means fully paid and irredeemable ordinary shares in the capital of the Company or shares representing those shares following any Capital Reorganisation;
	 
	 	 	Subsidiary has the meaning given by sections 736 and 736A of the Companies Act 1985;
	 
	 	 	Taxes Act means the Income and Incorporation Taxes Act 1988;
	 
	 	 	the Trustee means the trustee or trustees for the time being of any employee trust
established by the Company from time to time for the benefit of (inter alia) employees of
any member of the Group and which is an employees’ share scheme as defined in section 743 of
the Companies Act 1985;
	 
	 	 	UK Listing Authority means the Financial Services Authority acting in its capacity as the
competent authority for the purposes of Part VI of the Financial Services and Markets Act
2000;
	 
	 	 	Vesting means the unconditional entitlement of a Participant to call for some or all of the
Shares comprised in the Award pursuant to these rules, and Vest shall be construed
accordingly; and
	 
	 	 	Vesting Date means the date on which a Restricted Period expires.
	 
	1.2	 	Where the context permits the singular shall include the plural and vice versa and the
masculine shall include the feminine. Headings shall be ignored in construing the Plan.
	 
	1.3	 	References to any act of Parliament shall include any statutory modification, amendment or
re-enactment thereof.
	 
	2.	 	GRANT OF AWARDS
	 
	2.1	 	The Grantor may, during a Grant Period, in its discretion (but always in consultation with
the Board), grant Awards in the form of a nil cost option, a right to acquire Shares, a
contingent right to acquire or receive Shares (or, in exceptional circumstances, a contingent
right to receive a cash sum equal to the Market Value of the number of Shares comprised in the
Award), an allocation of Shares subject to restrictions on dealings in those Shares or a
conditional allocation of Shares subject to forfeiture, to any Eligible Employees selected by
the Board (in consultation with the Grantor). Any reference to an Award being “capable of
Release” or “Released” shall in the case of an Award which is granted in the form of an option
be construed as being “exercisable” or “exercised” and in the case of an allocation of Shares
shall be construed as being “no longer subject to any relevant restrictions” or as “no longer
at risk of forfeiture” (as the case may be).
	 
	2.2	 	Subject to rule 3.4, the number of Shares that may be comprised in an Award granted to an
Eligible Employee shall be determined by the Grantor (with the agreement of the Board).

3

 

	2.3	 	The Grantor (in consultation with the Board) shall determine prior to the Date of Grant, and
shall ensure it is specified in the Award Letter issued to a Participant, whether the
Participant shall have any beneficial interest in the Shares the subject of an Award and
whether he shall have any rights to dividends in respect of the Shares and such other rights
commonly enjoyed by a beneficial owner of Shares or whether he shall have only a conditional
right to acquire or receive such Shares in which case he shall have no beneficial interest in
the Shares until the Release of such Award. If the Grantor determines that a Participant
shall have a beneficial interest in the Shares, it shall nominate a Registered Holder.
	 
	2.4	 	If a Participant is to have beneficial ownership of the Shares the subject of an Award, the
Shares shall be issued or transferred and registered in the name of the nominated Registered
Holder and:

	 	(a)	 	the Participant shall not be entitled to delivery of a share certificate until
the Restricted Period has expired;
	 
	 	(b)	 	the Registered Holder shall retain custody of such Shares during the Restricted
Period; and
	 
	 	(c)	 	the Participant may not sell, transfer, assign, pledge, exchange (or attempt to
do so) or otherwise dispose of such Shares during the Restricted Period.

	 	 	The Registered Holder shall account to the Participant for any dividends paid in respect of
the Shares during the Restricted Period and shall seek directions from the Participant as to
how the Registered Holder should vote on a poll in respect of such Shares.

	2.5	 	No Awards shall be granted more than 10 years after the date of adoption of the Reuters Group
PLC Restricted Share Plan.
	 
	2.6	 	The Board (subject to the subsequent agreement of the Grantor) may in its absolute discretion
specify Performance Conditions which must, unless otherwise stated in the Rules, be satisfied
prior to the Release of an Award. Such conditions:

	 	(a)	 	shall be determined prior to the Date of Grant and shall be specified in the
Award Letter issued to the Participant; and
	 
	 	(b)	 	may be amended or waived after the Date of Grant if:

	 	(i)	 	those circumstances which prevailed at the Date of Grant and
which were relevant to the Performance Conditions that were originally imposed
regarding the Release of an Award have subsequently changed; and
	 
	 	(ii)	 	the Grantor (with the agreement of the Board) is satisfied that
any such amended Performance Conditions would be a fairer measure of the
performance of the Participant and the Board reasonably determines that such
amended Performance Conditions are no more difficult to satisfy than the
original Performance Conditions.

	2.7	 	There shall be no monetary consideration for the grant of any Award under the Plan.

4

 

	2.8	 	Each Award shall be made by an Award Letter issued by the Grantor and shall be subject to
such terms and conditions consistent with the Plan as the Grantor may determine with the
agreement of the Board. The Award Letter shall state:

	 	(a)	 	the Date of Grant;
	 
	 	(b)	 	the Vesting Dates relevant to the Award;
	 
	 	(c)	 	the number of Shares comprised in the Award to be Released on each Vesting
Date;
	 
	 	(d)	 	any Performance Conditions applicable to the Award imposed under rule 2.6 and
whether the Release of the Award pursuant to rule 5.2 or rule 6 is subject to the
achievement of Performance Conditions; and
	 
	 	(e)	 	any Restricted Periods applying to the Award.

	2.9	 	Absent express provisions, nothing in these rules or in an Eligible Employee’s contract of
employment shall be construed as giving to any Eligible Employee a right to receive, or be
considered for, an Award.
	 
	2.10	 	The grant of any Award under the Plan shall be subject to the provisions of the Model Code
for Securities Transactions by Directors of Listed Companies and to obtaining any approval or
consent required under the provisions of the Listing Rules published by the UK Listing
Authority or the City Code on Takeovers and Mergers or of any regulation or enactment
applicable to such grant.
	 
	3.	 	NUMBER OF SHARES IN RESPECT OF WHICH AWARDS MAY BE GRANTED
	 
	3.1	 	No Award shall be granted to the extent that the result of that grant would be that the
aggregate number of Shares that could be issued in respect of that Award and any other Awards
granted at the same time, when added to the number of Shares that:

	 	(a)	 	could be issued in respect of any subsisting Awards or options granted during
the preceding ten years under the Plan or any other Employees’ Share Scheme established
by the Company or any company under the Control of the Company; and
	 
	 	(b)	 	have been issued in respect of any Awards or options granted during the
preceding ten years under the Plan or any other Employees’ Share Scheme established by
the Company or any company under the Control of the Company,

	 	 	would exceed 10 per cent of the ordinary share capital of the Company for the time being in
issue.
	 
	3.2	 	Reference in this rule 3 to the issue of Shares shall, for the avoidance of doubt, mean the
issue and allotment (but not transfer) of Shares.

5

 

	3.3	 	In determining the above limits no account shall be taken of any newly issued Shares where
the right to acquire/purchase the Shares was released, lapsed or otherwise became incapable of
exercise.
	 
	3.4	 	An Award shall not be granted to an Eligible Employee if such grant would cause the total
Market Value of the maximum number of Shares that may be acquired on Release of the Award (as
measured at the Date of Grant of the Award) when aggregated with the total Market Value of the
maximum number of Shares that may be acquired pursuant to any other Award granted to the
Eligible Employee under the Plan in the previous 12 months, to exceed 100% of the Eligible
Employee’s Basic Salary as at the Date of Grant or, if the Board considers that circumstances
exist which justify a higher amount, such higher amount as the Board may in its absolute
discretion determine up to and including an amount equal to 200% of his Basic Salary.
	 
	4.	 	RELEASE OF AWARDS
	 
	4.1	 	Save as otherwise permitted in these Rules and subject to rule 4.2, an Award (or part
thereof) shall not Vest and be capable of Release until the expiry of the relevant Restricted
Period.
	 
	4.2	 	Save as otherwise permitted in these Rules an Award (or part thereof) shall not Vest and be
capable of Release unless:

	 	(a)	 	the Participant remains an employee of any member of that Group until the end
of the relevant Restricted Period; and
	 
	 	(b)	 	any Performance Condition to which the Award is subject has been satisfied.

	4.3	 	If the Award is subject to a Performance Condition, as soon as reasonably practicable after
the end of the relevant Restricted Period the Board shall determine the extent to which the
Performance Condition has been satisfied and an Award (or part thereof) has become Vested and
capable of Release.
	 
	4.4	 	Subject to rule 4.6, the Release of an Award (or part thereof) that is granted in the form of
an option or a right to acquire Shares shall be made no later than six months after the expiry
of the relevant Restricted Period. A Participant must request the Release of such an Award
(or part thereof) by giving notice in writing to the Company (or such other person or entity
as the Grantor may direct) in the prescribed form.
	 
	4.5	 	Subject to any necessary consents and to compliance by the Participant with the terms of the
Plan, the Grantor shall procure not later than 30 days after receipt of a valid notice of
Release of an Award (or part thereof) by a Participant or after any date on which an Award (or
part thereof) has Vested and become capable of Release, the delivery to the Participant (or,
to his nominee) of the Shares to which he is entitled (or where it was so determined at grant,
a cash sum equal to the Market Value of such Shares) free from any liens, charges or
encumbrances. The Grantor shall (unless the Shares have been issued in uncertified form) as
soon as practicable deliver or procure the delivery to the Participant (or his nominee) of a
definitive share certificate or other evidence of title in respect of such Shares.

6

 

	4.6	 	Where the Release of an Award (or part thereof) or the issue or transfer of Shares under the
Plan would be prohibited by law or the Model Code for Securities Transactions by Directors of
Listed Companies, the Award (or part thereof) shall not be treated as having Vested and the
period during which the Award (or part thereof) may be Released and during which Shares may be
issued or transferred shall not be treated as commencing until such period of prohibition no
longer applies.
	 
	4.7	 	An Award shall be personal to the Participant and the Participant shall not sell, transfer,
pledge, assign (or attempt to do so) or otherwise dispose of all or any Shares which are the
subject of any part of an Award which has not reached its Vesting Date or any interest therein
until the relevant Vesting Date. Any attempt by the Participant to sell, transfer, pledge,
assign or otherwise dispose of such Shares or any interest in them shall result in the
immediate lapse of the Award.
	 
	4.8	 	In relation to any Participant resident in the United States of America the Shares to which
such Participant is entitled may, at the Participant’s election, be delivered in the form of
ADSs (rounded down in the case of any fractional ADSs to a whole number of ADSs).
	 
	4.9	 	On the Release of any Award under rule 5 or rule 6 below the Shares to which the Participant
is entitled will, in the case of any fractional Shares, be rounded down to a whole number of
Shares.
	 
	5.	 	LAPSE OF AWARDS AND CESSATION OF EMPLOYMENT
	 
	5.1	 	Save as otherwise provided in these rules, any part of a Participant’s Award which has not
reached its Vesting Date shall lapse automatically and any Shares which are subject thereto of
which the Participant has beneficial ownership shall be forfeited automatically on the
earliest of:

	 	(a)	 	the Participant being declared bankrupt or entering into any general
composition with or for the benefit of his creditors, including a voluntary arrangement
under the Insolvency Act 1986;
	 
	 	(b)	 	the Participant ceasing to be an employee of a member of the Group (whether
lawfully or unlawfully);
	 
	 	(c)	 	any sale, transfer, pledge, assignment (or attempt to do so) or other disposal
of the Shares which are the subject of the Award;
	 
	 	(d)	 	the expiry of the period, in rule 5.2 or rule 5.4;
	 
	 	(e)	 	in the expiry of any applicable period under rule 6.

	5.2	 	Where a Participant ceases to be an employee of a member of the Group by reason of:

	 	(a)	 	injury, disability or ill-health;
	 
	 	(b)	 	retirement at or after the date on which he is bound to retire under his
contract of employment;

7

 

	 	(c)	 	early retirement (with the consent of the Board and the subsequent agreement of
the Grantor);
	 
	 	(d)	 	redundancy (within the meaning of the Employment Rights Act 1996);
	 
	 	(e)	 	his employing company ceasing to be a member of the Group;
	 
	 	(f)	 	the business (or part of the business) in which he is employed being
transferred to a transferee which is not a member of the Group; or
	 
	 	(g)	 	any other reason the Board (with the subsequent agreement of the Grantor) so
decides,

	 	 	subject to any different terms specified in the Award Letter (including in relation to the
achievement of Performance Conditions), the Participant’s Award (or part thereof) shall Vest
and be capable of Release from the date on which the Participant’s employment ceases in
respect of: (i) the Shares comprised in any part of the Award that has passed its Vesting
Date and have not already been Released, and (ii) such number of Shares as is calculated by
multiplying the number of Shares comprised in the next part of the Award (if any) to Vest by
the fraction A/B (where A is the number of whole months between the date on which the
Participant’s employment ceased and the relevant previous Vesting Date and B is 12 or such
other number determined by the Board (with the subsequent agreement of the Grantor)) and the
Grantor will procure the delivery of such Shares to the Participant within 90 days and the
remainder of the Award shall lapse SAVE THAT the Board (with the subsequent agreement of the
Grantor) may, prior to such cessation, determine that the Participant’s Award shall Vest
and be capable of Release in full.
	 
	5.3	 	For the purpose of rule 5, a female Participant shall not be treated as ceasing to be an
employee of a member of the Group if absent from work wholly or partly because of pregnancy or
confinement, until she ceases to be entitled to exercise any statutory or contractual
entitlement right to return to work.
	 
	5.4	 	If the Participant dies while in service or at any time after leaving service when he holds
an Award (or part thereof), subject to any different terms specified in his Award Letter
(including in relation to the achievement of Performance Conditions), the Participant’s Award
(or part thereof) shall Vest and be capable of Release by his legal personal representatives
within twelve months of the date on which death occurred in respect of: (i) the Shares
comprised in any part of the Award that has passed its Vesting Date and have not already been
Released, and (ii) such number of Shares as is calculated by multiplying the number of Shares
comprised in the next part of the Award (if any) to Vest by the fraction A/B (where A is the
number of whole months between the date on which death occurred and the relevant previous
Vesting Date and B is 12 or such other number determined by the Board (with the subsequent
agreement of the Grantor)) and the Grantor will procure the delivery of such Shares within 90
days and the remainder of the Award shall lapse SAVE THAT the Board (with the subsequent
agreement of the Grantor) may determine that the Participant’s Award shall Vest and be capable
of Release in full.

8

 

	6.	 	GENERAL OFFER FOR THE COMPANY ETC.

	6.1	 	If any person (either alone or together with any person acting in concert with him) makes a
general offer to acquire the whole of the share capital of the Company (other than those
shares which are already owned by him and/or any person acting in concert with him), the
Company shall, as soon as reasonably practicable thereafter, give notice to each Participant
of such general or other offer and prior to the date on which the offer becomes or is declared
unconditional in all respects. Subject to any different terms specified in the Award Letter
(including in relation to the achievement of Performance Conditions), the Shares comprised in
the Participant’s Award shall be Released on the date on which the offer becomes or is
declared unconditional and the Grantor shall procure the delivery of the Shares to the
Participant within 30 days of the date on which the change of Control occurs SAVE THAT the
Board (with the subsequent agreement of the Grantor) may prior to such date determine that the
Award shall be Released only in respect of: (i) the number of Shares comprised in any part of
the Award that has passed its Vesting Date and have not already been Released, and (ii) such
number of Shares as is calculated by multiplying the number of Shares comprised in the next
part of the Award (if any) to Vest by the fraction A/B (where A is the number of whole months
between the date on which the offer becomes or is declared unconditional in all respects and
the relevant previous Vesting Date and B is 12 or such other number determined by the Board
(with the subsequent agreement of the Grantor)) and the remainder of the Award shall lapse.
	 
	 	 	Scheme of Arrangement
	 
	6.2	 	If a Court sanctions a compromise or scheme of arrangement under section 425 of the Companies
Act 1985 for the purposes of considering a scheme of arrangement involving the reconstruction
of the Company, subject to any different terms specified in the Award Letter (including in
relation to the achievement of Performance Conditions), the Shares comprised in the
Participant’s Award shall be Released on the date of court approval or sanction and the
Grantor shall procure the delivery of the Shares to the Participant within 30 days of such
date SAVE THAT the Board (with the subsequent agreement of the Grantor) may prior to such date
determine that the Award shall be Released only in respect of: (i) the number of Shares
comprised in any part of the Award that has passed its Vesting Date and have not already been
Released, and (ii) such number of Shares as is calculated by multiplying the number of Shares
comprised in the next part of the Award (if any) to Vest by the fraction A/B (where A is the
number of whole months between the date on which the compromise or scheme is sanctioned or
approved by the court and the relevant previous Vesting Date and B is 12 or such other number
determined by the Board (with the subsequent agreement of the Grantor)) and the remainder of
the Award shall lapse PROVIDED THAT other than in exceptional circumstances (as determined by
the Board (with the subsequent agreement of the Grantor)) Shares shall not be allotted and
transferred under this Rule 6.2 if the purpose and effect of the scheme of arrangement is to
create a new holding company for the Company, such company having substantially the same
shareholders and proportionate shareholdings as those of the Company immediately prior to the
scheme of arrangement, the Board shall instead recommend that the provisions of Rule 6.3
should apply automatically.
	 
	6.3	 	If any person (the Acquiring Company) obtains Control of the Company as a result of any of
the transactions described in Rules 6.1 or 6.2 above then, subject to the proviso

9

 

	 	 	to Rule 6.2 above, each Participant may by agreement with the Acquiring Company elect that
his outstanding Awards should continue. On this basis, Participants’ Awards (Old Awards)
will become awards (New Awards) in respect of shares in the Acquiring Company. Each New
Award will be equivalent to each Old Award before the change of Control. The New Awards
will not be regarded as equivalent to the Old Awards unless:

	 	(a)	 	they are governed by the rules of the Plan in effect immediately before the
release of the Old Awards; and
	 
	 	(b)	 	the total Market Value of the Shares the subject of the Old Awards is equal to
the total Market Value immediately after the release of the shares the subject of the
New Awards. The provisions of the Plan will, for this purpose, be construed as if the
New Awards were granted under the Plan at the same time as the Old Awards.

	 	 	References to Shares will, in relation to the New Award, be taken as references to shares of
the company whose shares are under New Awards. References to the Company shall be taken to
be references to the company whose shares are under the New Awards, where appropriate.
	 
	 	 	Demerger
	 
	6.4	 	If the Board becomes aware that the Company is or is expected to be affected by any demerger,
dividend in specie, super-dividend or other transaction which, in the opinion of the Board,
would affect the current or future value of any Awards, subject to any different terms
specified in the Award Letter (including in relation to the achievement of Performance
Conditions), the Board (with the subsequent agreement of the Grantor) may determine that all
or some of the Shares comprised in the Participant’s Award shall be Released on a date
determined by the Board (with the subsequent agreement of the Grantor) and the Grantor shall
procure the delivery of such Shares to the Participant within 30 days of the Shares becoming
capable of Release. If the Board determines (with the subsequent agreement of the Grantor)
that Shares may be Released under this rule 6.4, it shall also determine whether the remaining
Shares comprised in an Award shall lapse.
	 
	 	 	Voluntary Winding-up
	 
	6.5	 	If notice is duly given of a resolution for a voluntary winding-up of the Company then
subject to any different terms specified in the Award Letter (including in relation to the
achievement of Performance Conditions), the Board may determine (with the subsequent agreement
of the Grantor) that all or some of the Shares comprised in the Participant’s Award shall be
Released on a date determined by the Board (with the subsequent agreement of the Grantor) and
the Grantor shall procure the delivery of such Shares to the Participant within 30 days of the
Shares becoming capable of Release SAVE THAT the Board (with the subsequent agreement of the
Grantor) may prior to such date determine that the Award shall be Released only in respect of:
(i) the number of Shares comprised in any part of the Award that has passed its Vesting Date
and have not already been Released, and (ii) such number of Shares as is calculated by
multiplying the number of Shares comprised in the next part of the Award (if any) to Vest by
the fraction A/B (where A is the number of whole months

10

 

	 	 	between the date on which the resolution is passed and the relevant previous Vesting Date
and B is 12 or such other number determined by the Board (with the subsequent agreement of
the Grantor)) and the remainder of the Award shall lapse.

	7.	 	ADJUSTMENTS OF AWARDS
	 
	7.1	 	In the event of any Capital Reorganisation or the implementation by the Company of a demerger
or the payment by the Company of a dividend in specie or a super-dividend (which in the case
of a demerger or payment of a dividend would materially affect the value of an Award), to the
definition of Shares and the number of Shares comprised in an Award may be adjusted in such
manner as the Board (with the subsequent agreement of the Grantor) may determine PROVIDED THAT
in respect of an Award under which Shares are to be transferred, prior notification shall be
given to the person holding the Shares to which the award relates.
	 
	8.	 	TAXATION AND SOCIAL SECURITY CONTRIBUTIONS
	 
	8.1	 	Any liability of a Participant to taxation arising in respect of any Award shall be for the
account of the Participant. The grant of any Award shall be conditional on the Eligible
Employee agreeing to comply with any arrangements specified by the Company or the Grantor for
the payment of taxation and any social security contributions in respect of the Award
(including without limitation the right of the Company or the Grantor to arrange the sale on
his behalf of sufficient Shares to satisfy any taxation or social security liability on his
part which the Company or any member of the Group may be liable to withhold).
	 
	8.2	 	To the extent legally possible, the Grantor may determine that the Release of an Award is
conditional on the Participant entering into

	 	(a)	 	an agreement to reimburse any member of the Group that employs the Participant
in whole or in part for any employer social security contributions arising in
connection with such Award; or
	 
	 	(b)	 	an election with any member of the Group that employs the Participant to assume
the liability for any Secondary Class 1 national insurance contributions, payable in
connection with such an Award including an agreement or election under paragraph 3A or
3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992.

	9.	 	AMENDMENT AND ADMINISTRATION
	 
	9.1	 	The decision of the Board shall be final and binding in all matters relating to the Plan,
subject to it obtaining the consent of the Grantor where specifically provided in these Rules.
The Board (with the subsequent agreement of the Grantor) may take any actions it considers
necessary or desirable to remedy errors of a purely administrative nature made in connection
with the operation of the Plan and may, at any time, discontinue the grant of further Awards.
	 
	9.2	 	The Board (with the subsequent agreement of the Grantor) may amend any of the provisions of
the Plan in any way it thinks fit, provided that:

11

 

	 	(a)	 	no amendments can be made that would materially prejudice the interests of
existing Participants except with the prior consent or sanction of Participants who, if
their Awards Vested in full, would thereby become entitled to not less than
three-quarters of all the Shares which would fall to be allotted or transferred upon
exercise in full of all outstanding Awards; and
	 
	 	(b)	 	no amendment to the advantage of Eligible Employees or Participants may be made
to:

	 	(i)	 	the definition of Eligible Employee in rule 1.1;
	 
	 	(ii)	 	the limitations on the numbers of Shares subject to the Plan;
	 
	 	(iii)	 	the maximum entitlement of an Eligible Employee under the
Plan;
	 
	 	(iv)	 	the basis for determining an Eligible Employee’s entitlement to
Shares under the Plan;
	 
	 	(v)	 	the terms of Shares to be provided under the Plan;
	 
	 	(vi)	 	the adjustment provisions of rule 7 of the Plan,

	 	 	 	without the prior approval of the Company in general meeting except in the case of
minor amendments to benefit the administration of the Plan, to take account of a
change in legislation or to obtain or maintain favourable tax, exchange control or
regulatory treatment for Eligible Employees and Participants or any member of the
Group; and
	 
	 	(c)	 	without prejudice to any provision of the Plan which provides for the lapse of
an Award, the Grantor may not cancel an Award unless the Participant agrees in writing
to such cancellation.

	9.3	 	Notwithstanding any other provision of the Plan, the Board may establish appendices to the
Plan for the purpose of granting Awards to Eligible Employees in a particular Plan Location,
subject to such modifications as may be necessary or desirable to take account of tax,
exchange control or securities laws in such Plan Location provided that any Shares made
available under such appendices shall count towards the limit set out in rule 3.
	 
	10.	 	GENERAL
	 
	10.1	 	Any member of the Group may provide money to the Trustees or any other person to enable them
or him to acquire Shares to be held for the purposes of the Plan, or enter into any guarantee
or indemnity for that purpose, to the extent not prohibited by section 151 of the Companies
Act 1985.
	 
	10.2	 	The Plan shall terminate upon the tenth anniversary of the date of adoption of the Reuters
Group PLC Restricted Share Plan or at any earlier time by the passing of a resolution by the
Board. Termination of the Plan shall be without prejudice to the subsisting rights of
Participants.

12

 

	10.3	 	The rights and obligations of any individual under the terms of his office or employment with
the Group shall not be affected by his participation in the Plan or any right he may have to
participate in the Plan. An individual who participates in the Plan waives all and any rights
to compensation or damages in consequence of the termination of his office or employment with
any company for any reason whatsoever (whether lawfully or unlawfully), insofar as those
rights arise or may arise from his ceasing to have rights under the Plan as a result of such
termination, or from the loss or diminution in value of such rights or entitlements. In the
event of any conflict between the terms of this rule 10.3 the Participant’s terms of
employment, this rule will take precedence.
	 
	10.4	 	The existence of any Award shall not affect in any way the right or power of the Company or
its shareholders to make or authorise any or all adjustments, recapitalisations,
reorganisations or other changes in the Company’s capital structure, or any merger or
consolidation of the Company, or any issue of Company shares, bonds, debentures, preferred or
prior preference stocks ahead of, or convertible into, or otherwise affecting the Shares or
the rights thereof, or the dissolution or liquidation of the Company or any sale or transfer
of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.
	 
	10.5	 	Any notice or other document required to be given under or in connection with the Plan may be
delivered to a Participant or sent by post to him at his home address according to the records
of his employing company or such other address as may appear to the Grantor to be appropriate
including any electronic address. Notices sent by post shall be deemed to have been given on
the fourth business day following the date of posting and notices sent by electronic means
shall be deemed to have been given twelve hours after the time of despatch or at such earlier
time as receipt is acknowledged. Any notice or other document required to be given to the
Company or the Grantor under or in connection with the Plan may be delivered or sent by post
to it at its registered office (or such other place or places as the Company or the Grantor
may from time to time determine and notify to Participant).
	 
	10.6	 	Benefits under the Plan shall not be pensionable.
	 
	10.7	 	The Company, or where the Board so directs any Participating Company, shall pay the
appropriate stamp duty on behalf of Participants in respect of any transfer of Shares on the
Release of Awards except where such liability arises as a result of the Participant’s request
to receive ADSs on Release unless the Board directs otherwise.
	 
	10.8	 	These Rules shall be governed by and construed in accordance with English law. All disputes
arising out of or in connection with the rules shall be subject to the exclusive jurisdiction
of the courts of England and Wales.
	 
	11.	 	DATA PROTECTION
	 
	 	 	By participating in the Plan the Participant consents to the holding and processing of
personal data provided by the Participant to the Company for all purposes relating to the
operation of the Plan. These include, but are not limited to:

	 	(a)	 	administering and maintaining Participant records;

13

 

	 	(b)	 	providing information to trustees of any employee benefit trust, registrars,
brokers savings carrier or other third party administrators of the Plan;
	 
	 	(c)	 	providing information to future purchasers of the Company or the business in
which the Participant works; and
	 
	 	(d)	 	transferring information about the Participant to a country or territory
outside the European Economic Area.

14

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