Document:

EXHIBIT 10.2

 

DEED OF IRREVOCABLE UNDERTAKING

 

To:Dealertrack Technologies, Inc. (the "Offeror"
or "you")

 

17 December
2014

Dear Sirs

 

 

Offer by the Offeror for incadea plc (the
"Company")

		1.	TERMS OF THE ACQUISITION

 

		1.1	Portage Services Limited ("Portage" or "we") understand that
the Offeror intends to acquire all of the issued and to be issued share capital of the Company, substantially on the terms and
subject to the conditions set out in or referred to in the attached draft press announcement (the "Press Announcement")
to be issued under Rule 2.7 of the City Code on Takeovers and Mergers (the "City Code") and/or on such other terms
and conditions as may be required by the City Code, the Panel on Takeovers and Mergers (the "Panel"), the London
Stock Exchange, other applicable law or regulation and/or any additional terms and conditions as may be agreed between the Offeror
and the Company.

 

		1.2	Any reference in this Deed to the "Acquisition" shall:

 

		(a)	mean the proposed acquisition by or on behalf of the Offeror or any of its subsidiaries of the
entire issued and to be issued share capital of the Company, which acquisition may be (at the Offeror's election) by way of a takeover
offer within the meaning of Article 116 of the Companies (Jersey) Law 1991 (as amended) (the "Offer" or an "Offer")
or by way of a scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 (as amended) (referred to in this undertaking
as the "Scheme") and, if made by or on behalf of a subsidiary of the Offeror, all references to Offeror shall
be deemed to be that subsidiary; and

 

		(b)	be deemed to include any increased, renewed, varied or revised terms and/or conditions of any Offer
or Scheme (as the case may be).

 

		1.3	Capitalised terms used but not defined in this Deed shall have the meanings given to them in the
Press Announcement.

 

		2.	SHAREHOLDINGS

 

		2.1	By this Deed we, the undersigned, hereby each warrant to the Offeror that:

 

		(a)	of the ordinary shares of one penny each in the capital of the Company
(together, the "Shares"), we are the beneficial owner and registered holder
of (and if we are not the registered holder, we will procure compliance by the registered holder with the terms of this undertaking)
and we are able to control the exercise of all rights attaching to, including the ability to procure the transfer of full legal
and beneficial title to, the number of Shares set out in the table in the schedule hereto
(such number being referred to herein as the "Committed Shares" which expression
shall, for the purposes of this Deed include any other Shares or securities in the capital of the Company allotted and/or issued
to us, or acquired by us, after the date hereof, including any other Shares or securities in the capital of the Company so allotted
and/or issued under any Share option (or similar) scheme of the Company together with any other Shares attributable to or derived
from any such Share);

 

    	 

    	 

    

 

		(b)	neither the whole nor any part of our interest in the Committed Shares or any of them is subject
to any lien, charge, option, voting trust, or other encumbrance of any nature and we have the sole right to vote the Committed
Shares;

 

		(c)	the schedule to this Deed contains complete and accurate details of:

 

		(i)	all the Shares or other securities in the capital of the Company of which we are the registered
holder or we or any of our group undertakings is a beneficial owner; and

 

		(ii)	all the Shares or other securities in the Company to which we or our group undertakings are beneficially
entitled upon the exercise of any option, warrant or other right to acquire or subscribe for Shares or other securities in the
capital of the Company whether or not such rights are currently exercisable or subject to any condition,

 

and for the purposes
of this Deed, the term "group undertaking" shall have the meaning given to it in section 1161 of the Companies
Act 2006;

 

		(d)	save as is specified in the table in the schedule, there are no Shares or other securities in the
capital of the Company registered in our name (or in the name of any of our group undertakings) or beneficially owned or managed
and controlled by us or any of our group undertakings, or in which we or our group undertakings have an interest and neither we
nor any of our group undertakings have any rights, warrant or options to acquire or subscribe for any Shares or securities in the
capital of the Company, in each case, other than as set out in the table in the schedule hereto;

 

		(e)	save (i) as between ourselves and those persons in the same categories who are presumed by the
City Code to be acting in concert with us, and (ii) for such relationship as may arise as a result of our executing this Deed,
we are not acting in concert with any other person for the purposes of Rule 9.1 of the City Code;

 

		(f)	we each are able and have all relevant rights, power and authority, and have obtained all necessary
authorisations, approvals, consents and licences required by each of us (all of which are unconditional and remain in full force
and effect) to enter into and perform our respective obligations under this Deed;

 

		(g)	any proxies given in respect of the Committed Shares on or prior to the date hereof that may still
be in effect are not irrevocable, and such proxies are hereby revoked; and

 

		(h)	the execution and delivery by each of the undersigned of this Deed does not, and the consummation
of the transactions contemplated hereby and compliance with the terms hereof will not, result in the breach of or conflict with
any provision of the constitutional documents of the undersigned or result in a material breach of any judgment or law applicable
(excluding the City Code) to the undersigned.

 

		3.	IRREVOCABLE UNDERTAKINGS

 

		3.1	By this Deed we, the undersigned, each hereby undertake to the Offeror that, prior to the earlier
of (i) the Offer closing or the Scheme becoming effective and (ii) this undertaking lapsing in accordance with paragraph 5 we shall
not:

 

		(a)	sell, transfer, charge, pledge, encumber, assign, grant any options over or otherwise dispose of
(including by gift, merger or operation of law unless mandatory), hedge, or permit the sale, transfer, charging, pledging, encumbering,
assigning, granting of any option over, other disposal of or hedging of, all or any of the Committed Shares or of any interest
therein, other than pursuant to the Acquisition and this Deed, or accept any other offer made to acquire Shares in the Company,
other than pursuant to the Acquisition;

 

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		(b)	save for pursuant to the Acquisition, enter into any agreement, arrangement (including any profit
sharing arrangement), option or understanding or permit any of our group undertakings to commit or agree to any agreement, arrangement,
option or understanding to be entered into or incur any obligation or permit any obligation to arise in relation to us or any of
our group undertakings:

 

		(i)	to do any or all of the acts referred to in paragraph 3.1(a);

 

		(ii)	in respect of the Committed Shares or which would or would reasonably be expected to impede or
frustrate the Acquisition; or

 

		(iii)	which, in relation to the Committed Shares, would or would reasonably be expected to restrict or
impede us from voting in favour of the Scheme or accepting the Offer or otherwise preclude us from complying with our obligations
under paragraph 3 hereof,

 

and, for the avoidance
of doubt, references in this paragraph 3 to any agreement, arrangement, understanding, option or obligation includes any such agreement,
arrangement, understanding, option or obligation whether or not legally binding or subject to any conditions or which is to take
effect upon or following the Acquisition becoming unconditional in all respects (or, if applicable, becoming effective);

 

		(c)	take any action that would make any warranty of the undersigned herein untrue or incorrect or have
the effect of preventing or disabling the undersigned from performing its obligations hereunder;

 

		(d)	acquire any interests in securities (as defined in the City Code) or otherwise deal or undertake
any dealing (as defined in the City Code) in any shares or other securities in the capital of the Offeror (or any group undertaking
of the Offeror) or the Company;

 

		(e)	in respect of the Committed Shares accept (in the case of an offer) any offer made, or vote in
favour (in the case of a scheme of arrangement) in respect of any scheme of arrangement proposed, in respect of the Shares, which
is proposed, announced or entered into by a third party which is not the Offeror or a person acting in concert (as defined in the
City Code) with the Offeror;

 

		(f)	make any Competing Bid (as defined below);

 

		(g)	directly or indirectly (i) solicit, initiate or encourage the submission of, any Competing Bid
(as defined below), or (ii) enter into any agreement with respect to any Competing Bid (as defined below); and

 

		(h)	commit or agree to take any of the foregoing acts in this paragraph 3.1.

 

		3.2	Until such time as this undertaking lapses in accordance with paragraph 5, we each hereby agree
and undertake to you that we shall:

 

		(a)	accept the Offer in accordance with the procedure for acceptance set out in the formal document
containing such Offer (the "Offer Document") in respect of the Committed Shares, not later than three days after
the Offeror issues the Offer Document;

 

		(b)	not withdraw any acceptances to the Offer at any time;

 

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		(c)	exercise all voting rights attaching to the Committed Shares to vote:

 

		(i)	in favour of all resolutions to approve, or which are necessary to implement, the Offer, and any
related matters;

 

		(ii)	against any resolution which would or would reasonably be expected to impede or frustrate the Offer
in any way,

 

proposed at any general
or class meeting ("General Meeting") and Court convened meeting as applicable in the case of a Scheme ("Court
Meeting") of the Company to be convened and held in connection with the Acquisition, any other meeting of any type or
class of holders of Shares of which the Committed Shares are a type or class, or any adjournment of any such meeting;

 

		(d)	execute any forms of proxy in respect of the Committed Shares required by the Offeror to appoint
any person nominated by the Offeror to attend and vote at any General Meeting to be convened and held in connection with the Acquisition
(whether structured as an Offer or a Scheme) or Court Meeting on behalf of the undersigned and ensure that such forms of proxy
are not revoked (either in writing or otherwise). In the case of a Scheme, we shall ensure that any such executed forms of proxy
are received by the Company's registrars as soon as reasonably practicable and in any event at least 10 days before any Court Meeting
and seven days before any General Meeting; and

 

		(e)	not revoke the terms of any proxy submitted in accordance with paragraph 3.2(d), either in writing
or by attendance at any General Meeting or Court Meeting or otherwise.

 

“Competing Bid”
means any proposal (i) to make a firm or conditional offer (in accordance with the City Code) to acquire any or all of the
Shares, (ii) for a merger, consolidation, share exchange, business combination, scheme of arrangement, dual listed company
structure, liquidation, dissolution, joint venture, recapitalization, reorganization or other similar transaction involving
a change of control of the Company, (iii) for the issuance by the Company of more than 50% of the Shares (including for cash
or as consideration for the assets or securities of another person), (iv) to acquire in any manner, directly or indirectly,
more than 50% of the Shares or assets or businesses that represent or constitute substantially all of the revenues or assets
of the Company and its subsidiaries or (v) to sell, lease, exclusively license, mortgage, pledge or otherwise transfer (including
without limitation through any arrangement having substantially the same economic effect of a sale of assets) assets or businesses
that represent or constitute substantially all of the revenues or assets of the Company and its subsidiaries, in a single transaction
or a series of related transactions.

 

		4.	SECRECY

 

		4.1	We shall keep secret the possibility, terms and conditions of the Acquisition and the existence
of this undertaking until the Press Announcement is released.

 

		4.2	Notwithstanding paragraph 5, the obligations in this paragraph 4 shall survive termination of this
Deed but in all other respects the Offeror shall have no claim against Portage in respect of any antecedent breaches of the terms
of paragraph 3 of this Deed upon such undertakings lapsing, in accordance with paragraph 5. Notwithstanding the foregoing, if any
breach of any term of this Deed by Portage causes (whether directly or indirectly) the terms of paragraph 5 to apply and this Deed
to terminate and cease to have any further effect, the Offeror shall be entitled to exercise all such legal rights as it may have
in relation to Portage in respect of any such breach.

 

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		5.	LAPSE OF THIS UNDERTAKING

 

		5.1	The undertakings in this Deed shall automatically terminate and cease to have any further effect
in the event that:

 

		(a)	the Offeror shall not have published the Press Announcement by 9 a.m. (GMT) on 18 December 2014
or such later date as the Company, the Offeror and we may agree; or

 

		(b)	the Offer Document is not posted to shareholders of the Company within 28 days (or such longer
period as the Panel may agree) after the publication of the Press Announcement save that if, prior to publication of the Offer
Document, you elect to proceed by way of a Scheme, the time limit in this paragraph shall be extended to the date which is 28 days
(or such longer period as the Panel may agree) after the publication of the announcement announcing the change of structure to
a Scheme (such 28 day period or such longer period as the Panel may agree, the “Scheme Publishing Period”) and
references to the Offer Document shall be read as references to the document setting out the terms of the Scheme (the “Scheme
Document”). Notwithstanding the foregoing, this Deed shall not terminate and the undertakings in this Deed shall continue
to have effect if the Scheme Document is not published within the Scheme Publishing Period, if the Offeror has provided to the
Company all such information concerning the Offeror which is within the Offeror’s control and as is reasonably and properly
required from the Offeror in order for the Company to produce the Scheme Document during the Scheme Publishing Period;

 

		(c)	the Offer or Scheme lapses or is withdrawn and, for the avoidance of doubt, no new, revised or
replacement Offer or Scheme has been announced, in accordance with Rule 2.7 of the City Code, in its place; or

 

		(d)	if the Offer does not otherwise close or, in the case of a Scheme, become effective by 18 May 2015.

 

		5.2	For the avoidance of doubt, the obligations set out in this Deed shall not lapse upon the Offeror,
with the consent of the Panel, announcing publicly that it is implementing the Acquisition by way of a Scheme, having previously
proceeded with the implementation of the Acquisition by way of an Offer (and vice versa).

 

		6.	DOCUMENTATION

 

		6.1	We consent to:

 

		(a)	this undertaking being disclosed to the Panel;

 

		(b)	the inclusion of references to us, particulars of this undertaking and our holdings of relevant
securities of the Company substantially in the terms set out in the Press Announcement being included in the Press Announcement
and any Offer Document or Scheme Document, and any other announcement made, or document issued, by or on behalf of the Offeror
or the Company in connection with the Acquisition; and

 

		(c)	this undertaking being available for inspection as required by Rule 26 of the City Code.

 

		6.2	We shall promptly give you such further information in relation to our interest in the Committed
Shares as you may reasonably require for the preparation of the Press Announcement, any Offer Document or Scheme Document and any
other announcement to be made or document to be issued, by or on behalf of the Offeror or Company in connection with the Acquisition
in order to comply with the requirements of the City Code, the Panel, the Court, applicable law, the Financial Conduct Authority
and the London Stock Exchange. We shall notify you in writing as soon as reasonably practicable after becoming aware of any change
to the accuracy of any information previously given to you.

 

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		7.	POWER OF ATTORNEY

 

		7.1	In order to secure the performance of our obligations under this undertaking, we each appoint any
director of the Offeror as our attorney if, having received reasonable prior written notice from you specifying in reasonable detail
the nature of the alleged breach and such breach having gone unremedied for one day, we fail to comply within the applicable time
limits with any of the undertakings in paragraph 3, in our name and on our behalf to do all things and to execute all deeds and
other documents as may be necessary or desirable to ensure compliance with such undertakings or to accept or procure acceptance
of the Offer in respect of the Committed Shares or, in the case of a Scheme, to vote in favour thereof at the Court Meeting and
any General Meeting contemplated by the Scheme.

 

		7.2	We agree that this power of attorney is given by way of security and is irrevocable in accordance
with section 4 of the Powers of Attorney Act 1971 until this undertaking lapses in accordance
with paragraph 5.

 

		8.	GENERAL

 

		8.1	Any time, date or period mentioned in this undertaking may be extended by mutual agreement.

 

		8.2	We agree that, if any of us fail to comply with any of the undertakings in paragraph 3 or breach
of any of our other obligations under this Deed, damages may not be an adequate remedy and accordingly the Offeror shall be entitled
to seek the remedies of specific performance, injunction and other equitable relief.

 

		8.3	A person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this Deed.

 

		8.4	Where the Committed Shares are registered in the name of a nominee, we shall direct the nominee
to act as if the nominee were bound by the terms of this Deed and we shall procure that any such nominee shall do all acts and
things necessary to give effect to the terms of this Deed as if we had been the registered holder of the Shares registered in the
name of such nominee.

 

		8.5	Any failure, or delay by the Offeror to exercise any rights, power or privilege under the terms
of this Deed shall not constitute a waiver under this Deed, nor shall any single or partial exercise of any such rights, power
or privilege preclude any further exercise of any right, power or privilege by the Offeror.

 

		8.6	Nothing contained in this Deed shall oblige the Offeror to release the Press Announcement or otherwise
make an offer for the Company and we each acknowledge that the release of the Press Announcement is at the Offeror's absolute discretion
and that the Offeror shall not be required to proceed with the Acquisition if, after the Offeror releases the Press Announcement,
the Panel consents to the Offeror not proceeding with the Acquisition.

 

		8.7	No amendment or variation shall be made to this Deed unless signed in writing by us and the Offeror.

 

		8.8	This Deed and any non-contractual obligations arising out of or in connection with it

shall be governed by and construed in accordance with English law and each of us and the Offeror submit to the exclusive jurisdiction
of the English courts for all purposes in connection herewith. We shall at all times maintain an agent for service of process,
who is Jordans Trust Company Limited, 20-22 Bedford Row, London WC1R 4JS, and any other documents in proceedings in England or
any other proceedings in connection with this undertaking.

 

Each party hereto agrees that this document
is to be a deed and execute and deliver it as a deed on the date first above written.

 

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Schedule

 

The Shares

 

	Name of Shareholder	 	Number of Shares	 	Number of Shares under
    option/warrants	 	 	Registered holder	 	Beneficial owner
	Portage Services Limited	 	3,274,509	 	 	nil	 	 	Portage Services Limited	 	Portage Services Limited

 

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	EXECUTED as a DEED by	)	 
	PORTAGE SERVICES LIMITED	)	 
	acting by	)	 
	_________________________________ 	)	 
	being a person who, in accordance	)	 
	with the laws of the territory in which the 	)	_______________________________
	company is incorporated  is	)	Authorised Signatory
	acting under the authority of the company	)	 

 

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	EXECUTED as a DEED by	)	 
	DEALERTRACK TECHNOLOGIES, INC.	)	 
	acting by	)	 
	_________________________________	)	 
	being a person who, in accordance	)	 
	with the laws of the territory in which the 	)	_______________________________
	company is incorporated  is	)	Authorised Signatory
	acting under the authority of the company	)	 

 

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APPENDIX

Press Announcement

 

    	10EXHIBIT 10.3

 

DEED OF IRREVOCABLE UNDERTAKING

 

[DIRECTOR]

 

	To:	Dealertrack Technologies, Inc. (the “Offeror”)
	 	1111 Marcus Avenue,
	 	Suite M04,
	 	Lake Success, NY 11042 

  

17 December 2014

 

Dear Sirs,

 

		1.	Acquisition of INCADEA PLC

 

I understand that the Offeror
intends to acquire all of the issued and to be issued share capital of incadea Plc (the “Offeree”) not already
owned by it: (i) at a cash price per incadea Share (as defined below) of 190 pence; and (ii) substantially on the terms and conditions
set out in the draft press announcement attached in Appendix 1. I understand such acquisition may be (at the Offeror’s election)
implemented by way of a takeover offer (referred to in this undertaking as the “Offer”) or by way of a scheme
of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) (referred to in this undertaking as the
“Scheme”).

 

		2.	interpretation

 

In this undertaking, references
to the “Offer” means any offer (including any new, revised or renewed offer) to be made by or on behalf of the
Offeror to acquire all of the issued and to be issued share capital of the Offeree other than, if relevant, that already owned
by the Offeror, and its associates (as defined in the City Code on Takeovers and Mergers (the “City Code”))
and references to “Scheme” means any scheme of arrangement of the Offeree under Article 125 of the Companies
(Jersey) Law 1991 (as amended) (including any new, increased, renewed or revised scheme of arrangement), in each case provided
that: (i) the consideration to be delivered to the holders of IRENE Shares is 190 pence or more and; (ii) the incadea Directors,
acting reasonably (in the reasonable opinion of Cenkos Securities plc), consider the terms to be at least as favourable to shareholders
of the Offeree as the original Offer.. A reference in this undertaking to the “Acquisition” means the proposed acquisition
by the Offeror of all of the issued and to be issued shares in the capital of the Offeree, whether pursuant to the Offer or the
Scheme. The Acquisition shall be substantially on the terms set out in the Press Announcement and shall be also be subject to such
additional terms and conditions as may be required to comply with the requirements of the Panel, the Court, the Companies (Jersey)
Law 1991 (as amended), the Financial Conduct Authority or the London Stock Exchange plc.

 

    	 

    	 

    

 

		3.	shareholdings

 

I undertake, represent and warrant
to the Offeror that:

 

		(a)	I am the registered holder (and to the extent that I am not the registered holder I will procure
compliance by such registered holder(s) with the terms of this undertaking) and beneficial owner of the ordinary shares of one
pence each in the capital of the Offeree (“incadea Shares”) specified in Part A of Schedule 1 and I hold these
free of any encumbrances or third party rights of any kind whatsoever;

 

		(b)	Part B of Schedule 1 contains complete and accurate details of all options, warrants, awards and
other rights I have to subscribe for, purchase or otherwise acquire any securities of the Offeree (the “Options”);

 

		(c)	other than as set out in Schedule 1, I do not have any interest (as defined in the City Code) in
any securities of the Offeree or any rights to subscribe for, purchase or otherwise acquire any such securities; and

 

		(d)	I have full power and authority to enter into this undertaking and to perform the obligations under
it.

 

		4.	dealings and undertakings

 

		4.1	I undertake to the Offeror that before this undertaking lapses in accordance with paragraph 11,
I shall not and shall procure that the registered holder of any incadea Shares specified in Part A of Schedule 1 shall not:

 

		(a)	sell, transfer, charge, encumber, grant any option over or otherwise dispose of any interest in
any incadea Shares, Options or any other securities of the Offeree issued or unconditionally allotted to, or otherwise acquired
by me before then (“Further Shares”), other than by virtue of my acceptance of the Offer or pursuant to the
Scheme (if relevant);

 

		(b)	accept or procure the acceptance of any offer made, or vote in favour (in the case of a scheme
of arrangement) in respect of any scheme of arrangement proposed, in respect of the incadea Shares, the Options (as relevant) or
any Further Shares, which is proposed, announced or entered into by a third party which is not an associate (as defined in the
City Code) of the Offeror or a person acting in concert (as defined in the City Code) with the Offeror;

 

		(c)	(other than pursuant to the Acquisition) enter into any agreement or arrangement, incur any obligation
or give any indication of intent;

 

		(i)	to do any of the acts referred to in paragraphs (a) or (b) above;

 

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		(ii)	in relation to, or operating by reference to, the incadea Shares, the Options (other than in relation
to the exercise of Options with effect from the Offer becoming unconditional as to acceptances or, in the case of a scheme, the
Court’s sanction and in either case only pursuant to proposals in respect of the Options approved by the Offeror), or any
Further Shares; or

 

		(iii)	which, in relation to the incadea Shares, the Options or any Further Shares, would or might restrict
or impede me accepting the Offer or voting in favour of the Scheme (as applicable),

 

and for the avoidance of doubt,
references in this paragraph (c) to any agreement, arrangement, obligation or indication of intent includes any agreement, arrangement,
obligation or indication of intent whether or not legally binding or subject to any condition or which is to take effect if this
undertaking ceases to be binding or following any other event.

 

		4.2	I further undertake not to, until the earlier of:

 

		(a)	this undertaking lapsing in accordance with paragraph 11 below; or

 

		(b)	either the Offer becoming unconditional as to acceptances or the Scheme being sanctioned by the
Jersey Court (the “Court”),

 

acquire any interests (as defined
in the City Code) or otherwise deal or undertake any dealing (also as defined in the City Code) in any relevant securities (also
as defined in the City Code) of the Offeree or the Offeror (including, for the avoidance of doubt, exercising any of the Options).

 

This paragraph 4 shall not restrict
me from exercising any Options conditional on the Offer becoming unconditional to acceptances and/or the Scheme being sanctioned
by the Court.

 

		5.	undertakings

 

In consideration of the Offeror’s
agreement to release the Press Announcement (as defined in paragraph 7) by the deadline set out in, and in accordance with, paragraph
11(a), I undertake that:

 

		(a)	I shall accept, or procure the acceptance of the Offer, in accordance with the procedure for acceptance
set out in the Offer Document (as defined in paragraph 7.2) in respect of the incadea Shares, the Options (as applicable) and the
Further Shares, not later than seven days after the Offeror issues the Offer Document (as defined in paragraph 7.2);

 

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		(b)	if the offeror elects to implement the Acquisition by way of a Scheme, I shall exercise or procure
the exercise of all voting rights attaching to any incadea Shares and Further Shares to vote in favour of all resolutions to approve
the Scheme, and any related matters, proposed at any general or class meeting(s) (the “General Meeting”) or,
to vote in favour of all resolutions to approve the Scheme, and any related matters, proposed at any Court convened meeting (the
“Court Meeting”) of the Offeree or at any adjournment of any such meeting;

 

		(c)	I shall accept or procure the acceptance of in respect of any Options any proposal made by the
Offeror to holders of options over incadea Shares in compliance with Rule 15 of the City Code in respect of all Options held by
me not later than seven business days (as defined in the City Code) after the Offeror issues such proposals to the holders of options;

 

		(d)	if the offeror elects to implement the Acquisition by way of a Scheme, to the extent applicable,
I shall execute or procure the execution of any forms of proxy in respect of the incadea Shares and any Further Shares required
by the Offeror appointing any person nominated by the Offeror to attend and vote at any General Meeting to approve the Scheme or
if applicable, any General Meeting or Court Meeting in respect of the resolutions to approve any Scheme, and any related matters,
and shall ensure that any such executed forms of proxy are received by the Offeree’s registrars not later than five days
prior to the date and time specified in either the Offer Document (as defined in paragraph 7.2) or the formal document setting
out the terms and conditions of such Scheme (the “Scheme Document”) for the return of such forms of proxy; and

 

		(e)	I shall not revoke the terms of any proxy submitted in accordance with paragraph 5(d) above either
in writing or by attendance at any General Meeting or Court Meeting or otherwise.

 

		6.	voting rights

 

		6.1	From the time the Offeror issues the Press Announcement (as defined in paragraph 7) in accordance
with paragraph 10 to the time this undertaking lapses in accordance with paragraph 11:

 

		(a)	I shall exercise or procure the exercise of the voting rights attached to the incadea Shares and
any Further Shares on a Relevant Resolution (as defined in paragraph 6.2) in favour of any resolutions to approve, or which are
necessary to implement, the Acquisition, and any related matters and against any resolution which would or might reasonably be
expected to impede or frustrate the Acquisition in any way;

 

		(b)	I shall give directions to any trustee or nominee acting on my behalf in respect of the Options
to vote on a Relevant Resolution in favour of any resolutions to approve, or which are necessary to implement, the Acquisition,
and any related matters and against any resolution which would or might reasonably be expected to impede or frustrate the Acquisition
in any way; and

 

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		(c)	for the purpose of voting on a Relevant Resolution, I shall execute or procure the execution of
any form of proxy required by the Offeror (completed and signed and validly appointing any person nominated by the Offeror to attend
and vote on a Relevant Resolution in favour of any resolutions to approve, or which are necessary to implement, the Acquisition,
and any related matters and against any resolution which would or might reasonably be expected to impede or frustrate the Acquisition
in any way) in accordance with the instructions printed on those forms as soon as practicable and I shall not revoke, amend or
withdraw any form(s) of proxy submitted in accordance with this paragraph 6.1(c).

 

A “Relevant
Resolution” means:

 

		(a)	a resolution (whether or not amended) proposed at a general or class meeting of the Offeree, or
at an adjourned meeting, the passing of which is necessary to implement the Acquisition or which, if passed, might result in any
condition of the Acquisition not being fulfilled or which might impede or frustrate the Acquisition in any way (including, for
the avoidance of doubt, any resolution to approve any scheme of arrangement in relation to the Offeree which is proposed in competition
with the Acquisition);

 

		(b)	a resolution to adjourn a general or class meeting of the Offeree whose business includes the consideration
of a resolution falling within paragraph (a) above; and

 

		(c)	a resolution to amend a resolution falling within paragraphs (a) or (b) above.

 

		7.	documentation

 

		7.1	I consent to:

 

		(a)	this undertaking being disclosed to the Panel;

 

		(b)	the inclusion of references to me and particulars of this undertaking and my holdings of relevant
securities of the Offeree being included in the press announcement relating to the Acquisition (the “Press Announcement”),
a draft of which is annexed to this undertaking, and any Offer Document (as defined in paragraph 7.2) or Scheme Document, and any
other announcement made, or document issued by or on behalf of the Offeror or the Offeree in connection with the Acquisition; and

 

		(c)	this undertaking being available for inspection as required by Rule 26 of the City Code or the
AIM Rules.

 

    	5

    	 

    

 

		8.	secrecy

 

Subject to and save to the extent
required by the City Code or by applicable law or by the regulations of any stock exchange or regulatory authority to which I or
the Offeree are subject, I shall keep secret the possibility, terms and conditions of the Acquisition and the existence and terms
of this undertaking until the Press Announcement is released. Such obligations shall survive any termination or lapse of this undertaking.

 

		9.	time of the essence

 

Any time, date or period mentioned
in this undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended,
time shall be of the essence.

 

		10.	release of the press announcement and making an offer

 

The Offeror agrees that it will
make the Acquisition pursuant to the Offer or the Scheme (subject to its terms and conditions) provided that in either case the
Press Announcement is released substantially in the form attached (or in such other form as may be agreed between the Offeror and
the Offeree or as may be required to comply with the requirements of the Panel, the Court, the Companies (Jersey) Law 1991 (as
amended), the Financial Conduct Authority or the London Stock Exchange plc) by not later than 5pm on 19 December 2014 (or such
later time and date as the Offeror and the Offeree may agree in writing). The release of the Press Announcement is at the Offeror’s
absolute discretion.

 

If, after the Offeror releases
the Press Announcement, the Panel consents to the Offeror not making or proceeding with the Acquisition or the Acquisition otherwise
lapses or is withdrawn, the Offeror shall not be obliged to make or proceed with it.

 

		11.	lapse of undertaking

 

This undertaking shall lapse
if:

 

		(a)	the terms of the Acquisition (as set out in the Press Announcement) provide that the consideration
per incadea Share is less than 190 pence;

 

		(b)	the terms of the Press Announcement are in all material respects the same as the terms and conditions
set out in the draft Press Announcement annexed hereto;

 

		(c)	the Press Announcement is not released by 5.00pm on 31
December 2014 (or such later time as the Offeree, Offeror and Panel may agree);

 

    	6

    	 

    

 

		(d)	the Offer Document is not published within 28 days of the date of issue of the Press Announcement
(or such later date as the Offeror and the Offeree may, with the consent of the Panel, agree);

 

		(e)	the Offeror announces, with the consent of the Panel, that it does not intend to make or proceed
with the Acquisition and no new, revised or replacement Offer or Scheme on substantially the same or better terms (including as
to price) is announced in accordance with Rule 2.7 of the City Code at the same time;

 

		(f)	the Offer or Scheme lapses or is withdrawn (and, for the avoidance of doubt, no new, revised or
replacement Scheme or Offer on substantially the same or better terms (including as to price) has been announced, in accordance
with Rule 2.7 of the City Code, in its place or is announced, in accordance with Rule 2.7 of the City Code, at the same time);
or

 

		(g)	the Offer does not otherwise close or, in the case of a Scheme become effective by 5pm on the date
5 months after the date of publication of the Offer Document.

 

		12.	specific performance

 

I agree that, if I fail to comply
with any of the undertakings in paragraph 5 or breach any of my other obligations under this undertaking, damages would not be
an adequate remedy and accordingly the Offeror shall be entitled to the remedies of specific performance, injunction or other equitable
relief.

 

		13.	governing law

 

This undertaking and any non-contractual
undertakings arising out of or in connection with this undertaking shall be governed by and construed in accordance with English
law and I submit to the exclusive jurisdiction of the English courts for all purposes in connection with this undertaking.

 

    	7

    	 

    

  

IN WITNESS WHEREOF this undertaking has been signed and executed
as a deed by me and it is intended to be and is hereby delivered by me as a deed.

 

	EXECUTED as a DEED by	)	 
	 	 	 	 
	[DIRECTOR]	)	 	 
	 	 	Signature	 

 

	In the presence of:	 	 	 
	 	 		 
	 	 	Witness	 
	 	 	 	 
	 	Witness name:		 
	 	 	 	 
	 	Witness address:		 
	 	 	 	 
	 	 		 
	 	 	 	 
	 	Witness occupation:    		 

  

    	8

    	 

    

 

Schedule 1

 

Part A

 

Registered holdings of director’s
incadea Shares and beneficial holdings of director’s incadea Shares

 

	Registered holder*	 	Number of Irene Shares	 	 	Beneficial holder*	 
	 	 	 	 	 	 	 	 	 

  

Part B

 

Director’s rights to acquire
incadea Shares

 

	Number of Options	 	Date of grant	 	 	Exercise period	 	 	Exercise Price	 
	-	 	 	           	 	 	 	           	 	 	 	           	 

 

 

* Where more than one, indicate
number of shares attributable to each

 

    	9

    	 

    

 

Annex 1

 

PRESS ANNOUNCEMENT 

  

    	10

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