Document:

Exhibit 4.1

 

	 
	GW
Pharmaceuticals plc

	 
	 	 	 
	 	2017 long-term incentive plan	 
	 	 	 

 

 

Approved by shareholders on 14 March 2017

 

Adopted by the board of directors on 14
March 2017

   

 

     

     

    

 

CONTENTS

 

	Rule	 	Page
	1.	Introduction	2
	 	 	 
	2.	DEFINITIONS AND
    INTERPRETATION	2
	 	 	 
	3.	Investment Shares	6
	 	 	 
	4.	GRANT OF awards	7
	 	 	 
	5.	LIMITS	10
	 	 	 
	6.	VESTING OF AWARDS	12
	 	 	 
	7.	consequences of
    vesting	13
	 	 	 
	8.	Exercise of options	14
	 	 	 
	9.	Cash alternative	16
	 	 	 
	10.	Lapse of Awards	17
	 	 	 
	11.	Leavers	18
	 	 	 
	12.	TAKEOVERS and
    other corporate events	20
	 	 	 
	13.	ADJUSTMENT OF
    AWARDS	22
	 	 	 
	14.	ALTERATIONS	23
	 	 	 
	15.     	MISCELLANEOUS	24
	 	 	 
	SCHEDULE
    1  CASH CONDITIONAL AWARDS	27

 

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RULES OF THE

GW PHARMACEUTICALS PLC 2017 LONG-TERM INCENTIVE PLAN

 

		1.	Introduction

 

The Plan is a discretionary
benefit offered by GW Pharmaceuticals plc for the benefit of employees, directors and consultants of its group. Its main purpose
is to increase the interest of such people in GW Pharmaceuticals plc's long-term business goals and performance through share ownership.
The Plan is an incentive for their future performance and commitment to the goals of the GW Pharmaceuticals group.

 

The Plan allows for the grant
of Awards in the form of:

 

		(a)	Conditional Awards, which are rights to receive Shares for free automatically to the extent the
Award Vests; and

 

		(b)	Options, which are Awards under which the Participant can buy Shares, to the extent the Award has
Vested, during the Exercise Period at a price (which may be zero) set when the Option is granted.

 

The Plan also provides (in Rule
3 (Investment Shares) for invitations to be made to Participants to acquire Investment Shares. Where a Participant acquires
Investment Shares, he will also be granted a Matching Award (which may be either a Conditional Award or an Option).

 

Awards which are not Matching
Awards are termed Incentive Awards.

 

Share-based Awards may be settled
in cash under Rule 9 (Cash Alternative), and Awards which may only be settled in cash may be granted under Schedule 1 (Cash
Conditional Awards).

 

Options may be granted as enterprise
management incentive (EMI) options under Schedule 2, if the relevant conditions are met, which may have tax advantages for UK resident
Participants. Options may be granted to eligible US Taxpayers that qualify ISO Options, to the extent permitted or desirable. Only
employees of the Company and any “subsidiary” of the Company (as such term is defined in Section 424(f) of the IRS
Code, respectively), shall be eligible to receive ISO Options on such terms established by the Committee in compliance with the
requirements of Section 422 of the IRS Code.

 

		2.	DEFINITIONS AND INTERPRETATION

 

		2.1	In the Plan, unless the context otherwise requires:

 

"ADS" means
an American Depositary Share (also known as an American Depositary Receipt or ADS), each of which represents 12 ordinary shares
of nominal value 0.1p in the capital of the Company (the underlying Ordinary Shares);

 

"Award" means
an Incentive Award or a Matching Award in the form of a Conditional Award
or an Option;

 

"Board" means
the board of directors of the Company or a duly authorised committee of the Board or a duly authorised person;

 

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"Committee"
means the remuneration committee of the Board or, on and after the occurrence of a corporate event described in Rule 12 (Takeovers
and other corporate events), the remuneration committee of the Board as constituted immediately before such event occurs;

 

"Company" means
GW Pharmaceuticals plc (registered in England and Wales with registered number 4160917);

 

"Conditional Award"
means a conditional right to acquire Shares granted under the Plan which is designated as a conditional award under Rule 4.2 (Type
of Award);

 

"Connected Person"
means an individual who is a an employee or director (including a non-executive director) of, or a Consultant to, a Group Member;

 

"Consultant"
means an individual who is contracted to provide services to a Participating Company or a Group Member (as applicable) and who
is not an employee or director of that company;

 

"Control" means
control within the meaning of section 719 of ITEPA;

 

"Dividend Equivalent"
means a benefit calculated by reference to dividends paid on Shares as described in Rule 4.4;

 

"Early Vesting Date"
means either:

 

		(a)	the date a Participant ceases to be a Connected Person where Rule 11.2(b) (Good Leaver: unvested
Awards) applies or such later date determined in accordance with that Rule; or

 

		(b)	the date of Vesting referred to in Rule 12.1 (General offers), Rule 12.2 (Schemes of
arrangement and winding up) or Rule 12.3 (Demergers and similar events) (as applicable); or

 

		(c)	such other date on which the Committee allows Discretionary Vesting before the Normal Vesting Date
in accordance with Rule 6.1 (Timing of Vesting: Normal Vesting Date);

 

"Eligible Person"
means an individual who is an employee or director (including a non-executive director) of, or a Consultant to, a Participating
Company;

 

"Employer Social Security
Liability" means employer's national insurance contributions (secondary class 1) or equivalent in jurisdictions other
than the UK, to the extent lawfully recoverable from the relevant employee, for which any Group Member or former Group Member is
liable to account to the relevant authority;

 

"Exercise Period"
means the period referred to in Rule 7.2 during which an Option may be exercised;

 

"Fair Market Value"
means, with respect to a Share, as of any date (i) if the Shares are admitted to trading on a securities exchange, the closing
price of a Share on the preceding day on such securities exchange or, if no such sale is reported on that date, on the last preceding
date on which a sale was so reported; (ii) if the Shares are not at the time listed or admitted to trading on a stock exchange,
the closing average of the closing bid and asked price of a Share on the preceding day in the over-the-counter market, as such
price is reported in a publication of general circulation selected by the Committee and regularly reporting the market price of
the Shares in such market; or (iii) if the Shares are not listed or admitted to trading on any stock exchange or traded in the
over-the-counter market, as determined by the Committee in good faith using a reasonable application of a reasonable valuation
method. For purposes of Options granted to US Taxpayers, Fair Market Value shall also be determined in a manner compliant with
Section 409A or, in the case of an ISO Option, in compliance with Section 422 of the IRS Code.

 

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"Grant Date"
means the date on which an Award is granted;

 

"Group Member"
means:

 

		(a)	a Participating Company or a body corporate which is the Company's holding company (within the
meaning of section 1159 of the Companies Act 2006) or a Subsidiary of the Company's holding company;

 

		(b)	a body corporate which is a subsidiary undertaking (within the meaning of section 1162 of that
Act) of a body corporate within paragraph (a) above and has been designated by the Board for this purpose; and

 

		(c)	any other body corporate in relation to which a body corporate within paragraph (a) or (b) above
is able (whether directly or indirectly) to exercise 20% or more of its equity voting rights and has been designated by the Board
for this purpose;

 

"Incentive Award"
means an Award designated as an Incentive Award under Rule 4.2 (Type of Award);

 

"IRS Code" means
the United States Internal Revenue Code, as the same may be amended from time to time and any successor thereto

 

"ISO Option" means
an Option granted to a US Taxpayer that is intended to be, and qualifies as, an incentive stock option within the meaning of Section
422 of the IRS Code.

 

"ITEPA" means
the Income Tax (Earnings and Pensions) Act 2003;

 

"Investment Shares"
means Shares acquired pursuant to Rule 3 (Investment Shares) and any further Shares added to a holding of Investment Shares
under Rule 3.4 (Variation of share capital – Investment Shares);

 

"Matching Award"
means an Award designated as a Matching Award under Rule 4.2 (Type of Award);

 

"Normal Vesting Date"
means the date on which an Award Vests under Rule 6.1 (Timing of Vesting:
Normal Vesting Date), in the absence of an Early Vesting Date; 

 

"Option" means
a right to acquire Shares granted under the Plan which is designated as an option under Rule 4.2 (Type of Award);

 

"Option Price"
means the amount, if any, payable per Share on the exercise of an Option;

 

"Ordinary Shares"
means fully paid ordinary shares of nominal value 0.1p in the capital of the Company;

 

"Participant"
means in the case of an Incentive Award, such Eligible Person to whom an Incentive Award is granted, and, in the case of a Matching
Award, a person who acquires Investment Shares pursuant to Rule 3 (Investment Shares) including, in either case, his personal
representatives;

 

"Participating Company"
means the Company or any Subsidiary of the Company;

 

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"Performance Condition"
means a condition related to performance which is specified by the Committee under Rule 4.1 (Terms of grant);

 

"Plan" means
the GW Pharmaceuticals plc 2017 Long-Term Incentive Plan as amended from time to time;

 

"Regular Option"
means an Option other than a Short-Term Option or an RSU-style Option;

 

"Return Date"
means the date by which an invitation issued under Rule 3.2 (Invitations in respect of Investment Shares) must be returned
to the Company;

 

"RSU-style Option"
is an Option with an Option Price equal to the nominal value of an Ordinary Share, if it is an option to acquire Ordinary Shares,
or twelve times the nominal value of an Ordinary Share (being 1.2p per ADS), if it is an option to acquire ADSs, which is automatically
exercised in accordance with the provisions of Rule 8.4 (Method of exercise: RSU-style Option) as soon as it becomes exercisable;

 

"Rule" means
a rule of the Plan;

 

"Section 409A"
means Section 409A of the IRS Code and the Treasury Regulations and other guidance published by the United States Treasury Department
and the United States Internal Revenue Service with respect thereto, and any United States state law of similar effect.

 

"Shares" means
Ordinary Shares or ADSs, as the context so admits;

 

"Short-Term Deferral
Period" means the short-term deferral period (within the meaning of IRS Code Section 409A and Treas. Regs. §1.409A-1(b)(4));

 

"Short-Term Option"
is an Option which may not be exercised later than the end of the Short-Term Deferral Period in relation to that Option;

 

"Subsidiary"
means a body corporate which is a subsidiary (within the meaning of section 1159 of the Companies Act 2006);

 

"Tax Liability"
means any amount of tax or social security contributions for which a Participant would or may be liable and for which any Group
Member or former Group Member would or may be obliged to (or would or may suffer a disadvantage if it were not to) account for
to any relevant authority, together with any Employer Social Security Liability in relation to a specific Award to the extent that
the Committee determined at the Grant Date that such liability was to be recovered from the Award Holder;

 

"Treasury Regulations"
or "Treas. Regs." means the United States Treasury Regulations, as the same may be amended from time to
time and any successor thereto;

 

"US Taxpayer"
means a person who is subject to the federal income tax laws of the United States;

 

"Vest" means:

 

		(a)	in relation to a Conditional Award, a Participant becoming entitled to have Shares transferred
to him (or his nominee) subject to the Rules;

 

		(b)	in relation to an Option, it becoming exercisable (subject to the conditions contained in Rule
8.1 (Restrictions on the exercise of an Option: regulatory and tax issues)),

 

and Vesting shall be
construed accordingly;

 

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"Vested Shares"
means those Shares in respect of which an Award Vests.

 

		2.2	Any reference in the Plan to any enactment includes a reference to that enactment as from time
to time modified, extended or re-enacted.

 

		2.3	Expressions in italics and headings are for guidance only and do not form part of the Plan.

 

		3.	Investment Shares

 

		3.1	Invitations in respect of Investment Shares

 

Where the Committee is proposing
the grant of Matching Awards, it may invite any Eligible Person to provide funds to acquire Shares in accordance with Rule 3.2
(Source of Investment Shares). Any such invitation shall specify:

 

		(a)	whether the invitation relates to Ordinary Shares or ADSs;

 

		(b)	the maximum amount which may be used to acquire Investment
Shares (or the basis for calculating such amount);

 

		(c)	the procedure for providing the funds to invest in Investment Shares;

 

		(d)	a Return Date;

 

		(e)	the maximum number of Shares over which a related Matching Award will be made (or how that number
will be determined); and

 

		(f)	such other terms relating to the Investment
Shares as the Committee may decide from time to time. 

 

		3.2	Source of Investment Shares

 

In relation to the proposed
grant of any Matching Award, an individual's Investment Shares shall, at the discretion of the Committee, comprise:

 

		(a)	Shares acquired pursuant to Rule 3.3 (Acquisition of Investment Shares) using an amount
of the individual's post-tax annual bonus; and/or

 

		(b)	Shares acquired pursuant to Rule 3.3 (Acquisition of Investment Shares) using an individual's
monies other than an amount of his post-tax annual bonus.

 

		3.3	Acquisition and holding of Investment Shares

 

As soon as practicable after
the Return Date, and subject to any restrictions referred to in Rule 4.7 (Approvals and consents), the Company will procure
the acquisition of the Investment Shares. Investment Shares will then be held in one or more of the following ways:

 

		(a)	on the Participant's behalf by a nominee chosen from time to time by the Committee; or

 

		(b)	directly by the Participant but he will deposit the documents of title relating to the Investment
Shares with any person specified by the Committee; or

 

		(c)	by such other method as the Committee decides that will enable it to monitor ownership of the Investment
Shares. 

 

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		3.4	Variation of share capital – Investment Shares

 

Unless the Committee decides
otherwise, if:

 

		(a)	a Participant acquires any further Shares by virtue of his holding of Investment Shares under a
variation of share capital of the Company then he may add those Shares to his holding of Investment Shares;

 

		(b)	a Participant receives a special dividend by virtue of his holding of Investment Shares, he may
purchase further Shares with the dividend and add those Shares to his holding of Investment Shares;

 

		(c)	a Participant receives securities other than Shares by virtue of his holding of Investment Shares,
he may sell (or where appropriate redeem) those securities and use the proceeds to purchase further Shares which may be added to
his holding of Investment Shares

 

and, in any such case, his Award
shall be adjusted accordingly under Rule 13 (Adjustment of Awards).

 

		3.5	Voting and dividend rights

 

While a Participant's Investment
Shares are held for the purposes of the Plan, he shall be entitled to exercise full voting rights in respect of those Investment
Shares and receive any dividends declared by reference to the dividend record dates falling after the date of acquisition of the
Investment Shares.

 

		3.6	Release of Investment Shares on or after Vesting

 

On or as soon as practicable
after the Vesting or lapse of a Matching Award, the Committee shall transfer or procure the transfer of:

 

		(a)	the legal title for the Investment Shares related to the Award; and/or

 

		(b)	any documents of title relating to those Investment Shares

 

to the Participant (or his nominee).

 

		4.	GRANT OF awards

 

		4.1	Terms of grant

 

Subject to Rule 4.6 (Timing
of grant), Rule 4.7 (Approvals and consents) and Rule 5 (Limits), the Committee may resolve to grant an Award
on:

 

		(a)	the terms set out in the Plan; and

 

		(b)	such additional terms (whether a Performance Condition and/or any other terms) as the Committee
may specify

 

to, in the case of an Incentive
Award, such Eligible Persons as it decides and, in the case of a Matching Award, to those Eligible Persons who have acquired Investment
Shares.

 

		4.2	Type of Award

 

On or before the Grant Date,
the Committee shall determine whether an Award shall be:

 

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		(a)	granted in relation to Ordinary Shares or ADSs;

 

		(b)	an Incentive Award or a Matching Award;

 

		(c)	in the form of a Conditional Award or an Option;

 

		(d)	if granted as an Option, whether it is a Regular Option (and if granted to a US Taxpayer, whether
it is intended to be an ISO Option), a Short-Term Option or an RSU-style Option;

 

If the Committee does not specify
the type of an Award on or before the Grant Date then an Award shall be an Option to acquire ADSs with an Option Price equal to
twelve times the nominal value of an Ordinary Share (1.2p per ADS). Any Option granted to a US Taxpayer with an Option Price that
is less than Fair Market Value on the Grant Date that is not granted as an RSU-style Option shall be deemed a Short-Term Option.

 

		4.3	Method of grant

 

An Award shall be granted as
follows:

 

		(a)	by deed executed by the Company; and

 

		(b)	if an Award is an Option, the Committee shall determine the Option Price (if any) on or before
the Grant Date provided that, except in the case of an Option granted to a US Taxpayer, the Committee may reduce or waive such
Option Price on or prior to the exercise of the Option. In the case of a Regular Option granted to a US Taxpayer, the Option Price
per Share shall, subject to any adjustments permitted by Section 409A of the IRS Code and its regulations for corporate transactions,
never be less than the Fair Market Value of such Share on the Grant Date.

 

In the case of an Option granted
to a US Taxpayer, for the avoidance of doubt, the following actions shall have occurred as of the Grant Date: (i) the recipient
of the grant of the Option shall have been identified, (ii) the maximum number of Shares that can be purchased under the Option
shall have been established, (iii) the Option Price shall have been established; (iv) whether the Option is granted in relation
to Ordinary Shares or ADSs shall have been established (all Options not designated otherwise shall be Options to acquire ADSs);
and (v) the recipient of the grant shall have acquired a legally binding right to the Option (which may, however, be subject to
lapse or forfeiture).

 

		4.4	Acceptance of RSU-style Options

 

An RSU-style Option is subject
to the requirement that the Participant executes as a deed an acceptance in such form as the Board may specify agreeing to be bound
by the terms of the Award, and undertaking to pay the Option Price for the Award upon its exercise in accordance with Rule 8.4
(Method of exercise: RSU-style Option) (an "Acceptance") and delivers the same to the Company. If the Participant
has not duly executed and delivered an Acceptance by midnight on the date 30 days after the Grant Date the Company may, at any
time before the delivery of a duly executed Acceptance determine that the Award has lapsed. The undertaking to pay the Option Price
shall be deemed an undertaking to pay the subscription price for the Ordinary Shares, or underlying Ordinary Shares, as appropriate,
subject to the Award.

 

		4.5	Treatment of dividends

 

The Committee may, but is not
obliged to, decide on or before the grant of an Award that either:-

 

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		(a)	a Participant (or his nominee) shall be entitled to receive a benefit determined by reference to
the value of the dividends that would have been paid on the Vested Shares in respect of dividend record dates occurring during
the period between the Grant Date and the date of Vesting. The Committee shall decide the basis on which the value of such dividends
shall be calculated which may assume the reinvestment of dividends. The Committee may also decide at this time whether the Dividend
Equivalent shall be provided to the Participant in the form of cash and/or Shares. The Dividend Equivalent shall be provided in
accordance with Rule 7.3; or

 

		(b)	it shall grant an Award on terms where the number of Shares comprised in an Award shall increase
by deeming dividends that would have been paid on such Shares in respect of dividend record dates occurring within the period between
the Grant Date and the date of Vesting to have been reinvested in additional Shares on such terms (as to the price at which any
such additional Shares shall be deemed to have been purchased or otherwise) as the Committee shall decide on or before the Grant
Date of an Award.

 

		4.6	Method of satisfying Awards

 

Unless specified to the contrary
by the Committee on the Grant Date, an Award may be satisfied:

 

		(a)	by the issue of new Shares; and/or

 

		(b)	by the transfer of existing Shares.

 

The Committee may decide to
change the way in which it is intended that an Award may be satisfied after it has been granted, having regard to the provisions
of Rule 5 (Limits).

 

		4.7	No grants after expiry of ten-year grant period

 

No Awards may be granted after
13 March 2022 (that is, the expiry of the period of 5 years beginning with the date on which the Plan is approved by the shareholders
of the Company). The Plan shall remain in effect after that date in relation to any Awards granted before that date which are still
outstanding.

 

		4.8	Approvals and consents

 

The grant of any Award shall
be subject to obtaining any approval or consent required under any applicable rules of any exchange on which Shares or securities
of the Company are listed or traded, any relevant share dealing code of the Company, the City Code on Takeovers and Mergers, or
any other relevant UK or overseas regulation or enactment.

 

		4.9	Non-transferability and bankruptcy

 

An Award granted to any person:

 

		(a)	shall not be transferred, assigned, encumbered, pledged, charged or otherwise disposed of (save
as expressly permitted below in this Rule 4.9 and except on his death to his personal representatives) and shall lapse immediately
on any attempt to do so; and

 

		(b)	shall lapse immediately if he is declared bankrupt.

 

Notwithstanding the foregoing,
Participants resident in the United States of America may with the permission of the Committee transfer an Award to family members
by gift or pursuant to a domestic relations order, within the parameters permitted for registration of the Shares on a Form S-8
Registration Statement under the US Securities Act of 1933, as amended and other applicable securities rules. In no event may any
Award be transferred for consideration.

 

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		5.	LIMITS

 

		5.1	10 per cent. in 10 years limit

 

An Award shall not be granted
in any calendar year if, at the time of its proposed Grant Date, it would cause the number of Ordinary Shares allocated (as defined
in Rule 5.2) in the period of 10 calendar years ending with that calendar year under:

 

(a)       the
Plan;

 

(b)       any
other employee share plan operated by the Company; and

 

		(c)	any other share incentive arrangement operated by the Company for the benefit of directors of,
or consultants to, any Participating Company

 

to exceed such number as represents
10 per cent. of the ordinary share capital of the Company in issue at that time.

 

		5.2	Meaning of "allocated"

 

For the purposes of Rule 5.1:

 

		(a)	Ordinary Shares are allocated:

 

		(i)	when an option, award or other contractual right to acquire Shares which may result in the issue
of new Ordinary Shares (including as part of the process for the issue of new ADSs) is granted;

 

		(ii)	where Ordinary Shares are issued (including as part of the process for the issue of new ADSs) otherwise
than pursuant to an option, award or other contractual right to acquire Shares, when those Ordinary Shares are issued;

 

		(b)	any Ordinary Shares which have been issued or which may be issued to any trustees to satisfy the
exercise of any option, award or other contractual right granted under any arrangement falling within Rule 5.1 shall count as allocated
unless they are already treated as allocated under this Rule; and

 

		(c)	for the avoidance of doubt, existing Ordinary Shares that are transferred or over which options,
awards or other contractual rights are granted shall not count as allocated.

 

		5.3	Post-grant events affecting numbers of "allocated" Ordinary Shares

 

For the purposes of Rule 5.2:

 

		(a)	where:

 

		(i)	any option, award or other contractual right to acquire unissued Shares is released or lapses (whether
in whole or in part); or

 

		(ii)	after the grant of an option, award or other contractual right the Committee determines that:

 

		(aa)	it shall be satisfied by the payment of cash equal to the gain made on its vesting or exercise;
or

 

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		(bb)	it shall be satisfied by the transfer of existing Shares

 

the unissued
Ordinary Shares which consequently cease to be subject to the option, award or other contractual right (whether directly or as
the Ordinary Shares represented by ADSs) shall not count as allocated; and

 

		(b)	the number of Ordinary Shares allocated in respect of an option, award or other contractual right
shall be such number as the Board shall reasonably determine from time to time.

 

		5.4	Overall Plan limit and ISO Option limit

 

		(a)	No Award may be granted if it would cause the aggregate number of Ordinary Shares which have been
and may be issued (including as part of the process for the issue of new ADSs) pursuant to Awards granted under the Plan since
its adoption to exceed 15,000,000, subject to such adjustment as the Board may determine to be appropriate following a variation
of the share capital of the Company.

 

		(b)	The aggregate maximum number of Ordinary Shares which have been and may be acquired by Participants
(including the underlying Ordinary Shares in relation to ADSs) pursuant to the exercise of ISO Options granted under the Plan since
its adoption shall be 5,000,000 (the "ISO Limit"), subject to such adjustment as the Board may determine to be
appropriate upon any change that is made in, or other events that occur with respect to, the Shares without the receipt of consideration
by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property
other than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure or any similar equity restructuring transaction. For clarity, the ISO Limit shall
not permit any Award to be granted if it would cause the aggregate number of Ordinary Shares which may be acquired pursuant to
all Awards granted under the Plan to exceed the overall plan limit described in Rule 5.4(a) above.

 

		5.5	Individual limit

 

		(a)	The maximum total value (calculated as set out in this Rule) of Awards which may be granted to
any person during any financial year of the Company is 600% of his salary (as defined in this Rule) unless Rule 5.5(b) applies.

 

		(b)	If the Committee decides that exceptional circumstances exist, such as in relation to the recruitment
or retention of an eligible employee, then Awards may be granted to him in excess of the limit set out in Rule 5.5(a).

 

For the purpose of this Rule
5.5:

 

		(i)	a person's salary shall be taken to be his base salary (excluding benefits in kind) and/or
fees paid to him or in respect of his services, expressed as an annual rate payable by the Participating Companies to him on the
Grant Date (or such earlier date as the Committee shall determine). Where a payment of salary is made in a currency other than
sterling, the payment shall be treated as equal to the equivalent amount of sterling determined by using any rate of exchange which
the Committee may reasonably select; and

 

		(ii)	the value of an Award shall be the fair value of the Award calculated as at the relevant
Grant Date in accordance with generally accepted methodologies based on Black Scholes or Binominal stochastic models.

 

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		5.6	Effect of limits

 

Any Award shall be limited and
take effect so that the limits in this Rule 5 are complied with.

 

		6.	VESTING OF AWARDS

 

		6.1	Timing of Vesting: Normal Vesting Date 

 

Subject to Rule 6.3 (Restrictions
on Vesting: tax issues), an Award shall Vest on the later of:

 

		(a)	the date on which the Committee determines
whether or not any Performance Condition and any other condition imposed on the Vesting of the Award has been satisfied (in whole
or part); and

 

		(b)	the third anniversary of the Grant Date, or such other date (which may be before the third anniversary
of the Grant Date) as the Committee may determine on or before the grant of the relevant Award,

 

except where earlier Vesting
occurs on an Early Vesting Date under Rule 11 (Leavers) or Rule 12 (Takeovers and other corporate events) or
where the Committee in it discretion permits earlier Vesting, whether pursuant to a separate written plan or agreement approved
by the Committee or otherwise ("Discretionary Vesting").

 

		6.2	Extent of Vesting

 

An Award shall only Vest to
the extent:

 

		(a)	that any Performance Condition is satisfied on the Normal Vesting Date or, if appropriate, the
Early Vesting Date;

 

		(b)	permitted by any other term imposed on the Vesting of the Award, or pursuant to a separate written
plan or agreement approved by the Committee; and

 

		(c)	in relation to Vesting before the Normal Vesting Date, as permitted by Rules 11.5 and 12.5 (Reduction
in number of Vested Shares), or, in the case of Discretionary Vesting to the extent determined by the Committee in its discretion.

 

Where, under Rule 11 (Leavers)
or Rule 12 (Takeovers and other corporate events) or in the case of Discretionary Vesting, an Award would (subject to the
satisfaction of any Performance Condition) Vest before the end of the full period over which performance would be measured under
Performance Condition then, unless provided to the contrary by the Performance Condition, the extent to which the Performance Condition
has been satisfied in such circumstances shall be determined by the Committee on such reasonable basis as it decides.

 

		6.3	Restrictions on Vesting: tax issues 

 

An Award shall not Vest unless
and until the following conditions are satisfied:

 

		(a)	if, on the Vesting of the Award, a Tax Liability would arise by virtue of such Vesting and the
Board decides that such Tax Liability shall not be satisfied by the sale of Shares pursuant to Rule 6.5 (Payment of Tax Liability)
then the Participant must have entered into arrangements acceptable to the Board that the relevant Group Member will receive the
amount of such Tax Liability; and

 

    -12-

     

    

 

		(b)	where the Committee requires, the Participant has entered into, or agreed to enter into, a valid
election under Part 7 of ITEPA (Employment income: elections to disapply tax charge on restricted securities) or any similar
arrangement in any overseas jurisdiction.

 

For the purposes of this Rule
6.3, references to Group Member include any former Group Member.

 

In the case of a Participant
who is a US Taxpayer, any delay in the Vesting of an Award for the satisfaction of the conditions in Rule 6.3(a) or (b) shall not
delay the distribution of Shares or cash in lieu of Shares beyond the Short-Term Deferral Period in relation to the Award, and
if any of those conditions is not satisfied by the end of that Short-Term Deferral Period the Award shall lapse without any further
obligation of the Company, the Participant's employer, or any other Group Member to the Participant with respect thereto.

 

		6.4	Tax Liability before Vesting

 

If any Tax Liability will or
is likely to arise before the Vesting of an Award then the Participant must enter into arrangements acceptable to any relevant
Group Member to ensure that it receives the amount of such Tax Liability. If no such arrangement is made then the Participant shall
be deemed to have authorised the Company to sell or procure the sale of sufficient of the Shares subject to his Award on his behalf
to ensure that the relevant Group Member receives the amount required to discharge the Tax Liability and the number of Shares subject
to his Award shall be reduced accordingly.

 

For the purposes of this Rule
6.4, references to Group Member include any former Group Member.

 

		6.5	Payment of Tax Liability

 

The Participant authorises the
Company to:

 

		(a)	sell or procure the sale of sufficient Vested Shares on or following the Vesting of his Award on
his behalf to ensure that any relevant Group Member or former Group Member receives the amount required to discharge the Tax Liability
which arises on Vesting; or

 

		(b)	to withhold from the number of Shares deliverable on the Vesting of the Award such number of Shares
as has a Fair Market Value on the date the Tax Liability is to be determined equal to the Tax Liability in satisfaction of the
Participant's obligations in relation to that Tax Liability,

 

except to the extent that the
Board decides that all or part of the Tax Liability shall be funded in a different manner.

 

		7.	consequences of vesting

 

		7.1	Conditional Awards

 

On or as soon as reasonably
practicable after the Vesting of a Conditional Award, the Company shall, subject to Rule 6.5 (Payment of Tax Liability)
and any arrangement made under Rules 6.3(a) and 6.3(b) (Restrictions on Vesting: tax issues), transfer or procure the transfer
of the Vested Shares to the Participant (or a nominee for him).

 

    -13-

     

    

 

		7.2	Options

 

An Option shall, subject to
Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax issues), be exercisable in respect of Vested Shares
at any time prior to:

 

		(a)	in relation to a Regular Option, the tenth anniversary of the Grant Date; and

 

		(b)	in relation to a Short-Term Option, the end of the Short-Term Deferral Period in relation to that
Option,

 

unless, in each case, it lapses
earlier under Rule 11.2 (Good Leavers: unvested Awards), Rule 11.3 (Good Leavers: Vested Awards), Rule 11.4 (Other
leavers), Rule 12.1 (General offers), Rule 12.2 (Schemes of arrangement and winding up) or Rule 12.3 (Demergers
and similar events).

 

For purposes
of clarity, an RSU-style Option shall be automatically exercised upon Vesting in accordance with the provisions of Rule 8.4 (Method
of exercise: RSU-style Option) and therefore there is no period where the Participant may exercise it.

 

		7.3	Dividend Equivalent

 

If the Committee decided under
Rule 4.4 (Treatment of dividends) that a Participant would be entitled to a Dividend Equivalent in relation to Shares under
their Award but did not decide at that time whether the Dividend Equivalent would be provided in the form of cash and/or Shares,
then the Committee shall make such decision on or as soon as practicable after Vesting.

 

The Committee, acting fairly
and reasonably, may decide to exclude the value of all or part of a special dividend or any other dividend from the amount of the
Dividend Equivalent.

 

The provision of the Dividend
Equivalent to the Participant shall be made as soon as practicable after the issue or transfer of Vested Shares and:

 

		(a)	in the case of a cash payment, shall be subject to such deductions (on account of tax or similar
liabilities) as may be required by law or as the Board may reasonably consider to be necessary or desirable; and

 

		(b)	in the case of a provision of Shares, Rule 6.3 (Restrictions on Vesting: tax issues) and
Rule 6.5 (Payment of Tax Liability) shall apply as if such provision was the Vesting of an Award.

 

		8.	Exercise of options

 

		8.1	Restrictions on the exercise of an Option: regulatory and tax issues

 

An Option which has Vested may
not be exercised unless the following conditions are satisfied:

 

		(a)	the exercise of the Option and the issue or transfer of Shares after such exercise would be lawful
in all relevant jurisdictions and in compliance with any applicable rules of any exchange on which Shares or securities of the
Company are listed or traded, any relevant share dealing code of the Company, the City Code on Takeovers and Mergers and any other
relevant UK or overseas regulation or enactment;

 

    -14-

     

    

 

		(b)	if, on the exercise of the Option, a Tax Liability would arise by virtue of such exercise and the
Board decides that such Tax Liability shall not be satisfied by the sale of Shares pursuant to Rule 8.5 (Payment of Tax Liability)
then the Participant must have entered into arrangements acceptable to the Board that the relevant Group Member will receive the
amount of such Tax Liability; and

 

		(c)	where the Committee requires, the Participant has entered into, or agreed to enter into, a valid
election under Chapter 2, Part 7, ITEPA (Employment income: elections to disapply tax charge on restricted securities) or
any similar arrangement in any overseas jurisdiction.

 

In no event shall any restrictions
under this Rule 8.1 on the exercise of a Vested Option extend the Exercise Period beyond the limit of Rule 7.2(a) (for a Regular
Option) and Rule 7.2(b) (for an RSU-style Option or a Short-Term Option). For the purposes of this Rule 8.1, references to Group
Member include any former Group Member.

 

		8.2	Exercise in whole or part

 

An Option must be exercised
over at least 2,000 Shares on any occasion unless the Committee decides that a Participant may exercise the Option in respect of
such fewer number of Shares as it decides or there are fewer than 2,000 Shares (or such other number as the Committee may decide)
in respect of which the Option may be exercised at the relevant time, in which case the Option must be exercised to the maximum
extent possible at that time.

 

		8.3	Method of exercise: Options other than RSU-style Options

 

The exercise
of any Option other than an RSU-style Option shall be effected in the form and manner prescribed by the Board. Unless the Board,
acting fairly and reasonably determines otherwise, any notice of exercise shall, subject to Rule 8.1 (Restrictions on the exercise
of an Option: regulatory and tax issues), take effect only when the Company receives it, together with payment of any relevant
Option Price (or, if the Board so permits, an undertaking to pay that amount). An RSU-style Option shall be automatically exercised
in accordance with the provisions of Rule 8.4.

 

		8.4	Method of exercise: RSU-style Options

 

An RSU-style Option shall be
automatically exercised to the full extent of the Vested Shares on the day it becomes exercisable in relation to those Vested Shares
(taking account of any restrictions on exercise pursuant to Rule 8.1), and the Participant's undertaking to pay the Option Price
shall satisfy the obligation to pay the Option Price. By accepting the RSU-style Option the Participant shall:

 

		(a)	authorise the Company to sell or procure the sale of sufficient Vested Shares on or following exercise
of his RSU-style Option on his behalf to ensure that the Company receives the amount required to discharge that undertaking to
pay (and authorises the Company to apply that amount in discharging the undertaking);

 

		(b)	if the Company does not so sell or procure the sale of Vested Shares, authorise the Company to
recover a sufficient amount to discharge the undertaking to pay from any amounts payable to the Participant by any Group Member
whether by way of salary or otherwise; and

 

		(c)	otherwise agree to be bound by all provisions of the Plan in relation to the RSU-style Option,
including, without limitation, in relation to its exercise.

 

    -15-

     

    

 

		8.5	Payment of Tax Liability

 

The Participant authorises the
Company to:

 

		(a)	sell or procure the sale of sufficient Vested Shares on or following exercise of his Option on
his behalf to ensure that any relevant Group Member receives the amount required to discharge the Tax Liability which arises on
such exercise; or

 

		(b)	to withhold from the number of Shares deliverable on exercise of the Option such number of Shares
as has a Fair Market Value on the date the Tax Liability is to be determined equal to the Tax Liability in satisfaction of the
Participant's obligations in relation to that Tax Liability,

 

except to the extent that he
and the Company agree that all or part of the Tax Liability is to be funded in a different manner.

 

		8.6	Transfer or allotment timetable

 

As soon as reasonably practicable
after an Option has been exercised, the Company shall, subject to Rule 8.5 (Payment of Tax Liability) and any arrangement
made under Rules 8.1(b) and 8.1(c) (Restrictions on exercise: regulatory and tax issues), transfer or procure the transfer
to him (or a nominee for him) or, if appropriate, allot to him (or a nominee for him) the number of Shares in respect of which
the Option has been exercised.

 

		8.7	Lapse of Options

 

An Option which has become exercisable
shall, subject to Rule 11.2 (Cessation of employment in other circumstances), Rule 12.1 (General offers), Rule 12.2
(Schemes of arrangement and winding up) or Rule 12.3 (Demergers and similar events), lapse at the end of the Exercise
Period to the extent it has not been exercised.

 

		9.	Cash alternative

 

		9.1	Committee determination

 

Where a Conditional Award Vests
or where an Option has been exercised and Vested Shares have not yet been allotted or transferred to the Participant (or his nominee),
the Committee may determine that, in substitution for his right to acquire such number of Vested Shares as the Committee may decide
(but in full and final satisfaction of his right to acquire those Shares), he shall be paid by way of additional employment income
a sum equal to the cash equivalent (as defined in Rule 9.3) of that number of Shares in accordance with the following provisions
of this Rule 9.

 

		9.2	Limitation on the use of this Rule

 

Rule 9.1 shall not apply in
relation to an Award made to a Participant in any jurisdiction where the presence of Rule 9.1 would cause:

 

		(a)	the grant of the Award to be unlawful or for it to fall outside any applicable securities law exclusion
or exemption; or

 

		(b)	adverse tax or social security contribution consequences for the Participant or any Group Member
as determined by the Board

 

provided that
this Rule 9.2 shall only apply if its application would prevent the occurrence of a consequence referred to in (a) or (b) above.

 

    -16-

     

    

 

		9.3	Cash equivalent

 

For the purpose of this Rule
9, the cash equivalent of a Share is:

 

		(a)	in the case of a Conditional Award, the Fair Market Value of a Share on the day when the Award
Vests;

 

		(b)	in the case of an Option, the Fair Market Value of a Share on the day when the Option is exercised
reduced by the Option Price.

 

		9.4	Payment of cash equivalent

 

Subject to Rule 9.5 (Share
alternative), as soon as reasonably practicable after the Committee has determined under Rule 9.1 that a Participant shall
be paid a sum in substitution for his right to acquire any number of Vested Shares:

 

		(a)	the Company shall pay to him or procure the payment to him of that sum in cash; and

 

		(b)	if he has already paid the Company for those Shares, the Company shall return to him the amount
so paid by him.

 

		9.5	Share alternative

 

If the Committee so decides,
the whole or any part of the sum payable under Rule 9.4 shall, instead of being paid to the Participant in cash, be applied on
his behalf:

 

		(a)	in subscribing for Shares at a price equal to the market value by reference to which the cash equivalent
is calculated; or

 

		(b)	in purchasing such Shares; or

 

		(c)	partly in one way and partly in the other

 

and the Company shall allot
or transfer to him (or his nominee) or procure the transfer to him (or his nominee) of the Shares so subscribed for or purchased.

 

		9.6	Deductions

 

There shall be deducted from
any payment under this Rule 9 such amounts (on account of tax or similar liabilities) as may be required by law or as the Board
may reasonably consider to be necessary or desirable and permitted by law.

 

		10.	Lapse of Awards

 

		10.1	General

 

An Award shall lapse:

 

		(a)	in accordance with the Rules; or

 

		(b)	to the extent it does not Vest under these Rules.

 

		10.2	Dealings in Investment Shares

 

A Matching Award shall lapse
on the date on which the Participant:

 

		(a)	does any act in breach of any of the terms relating to his Investment Shares unless the Committee
decides otherwise; or

 

    -17-

     

    

 

		(b)	loses his entitlement to, transfers, charges, or otherwise disposes of the Investment Shares to
which the relevant Matching Award relates

 

and such lapse shall be pro-rata
to the number of Investment Shares in respect of which such act or event occurs.

 

		10.3	Short-Term Options

 

A Short-Term Option shall lapse
at the end of the Short-Term Deferral Period in relation to that Option (or such shorter period set forth in the grant documentation
or as specified in by the Committee in order to avoid adverse tax consequences), if not exercised.

 

		11.	Leavers

 

		11.1	Good Leavers

 

		(a)	If a Participant who is a UK resident at the Grant Date of an Award ceases to be a Connected Person
by reason of:

 

		(i)	death;

 

		(ii)	retirement with the agreement of the Committee (in the case of Participants who are executive directors
of the Company or members of senior management) or the employer or company to whom the Participant provides services (in the case
of all other UK Participants), determined on a case-by-case basis in the absolute discretion of the Committee, employer or company,
as applicable;

 

		(iii)	ill health, injury or disability evidenced to the satisfaction of the Committee;

 

		(iv)	redundancy (within the meaning of the UK Employment Rights Act 1996) or any overseas equivalent;

 

		(v)	his office, employment or consultancy contract being with either a company which ceases to be a
Group Member or relating to a business or part of a business which is transferred to a person who is not a Group Member; or

 

		(vi)	for any other reason, if the Committee so decides,

 

then he
shall be a "Good Leaver" in relation to that Award.

 

		(b)	If a Participant who is resident outside of the UK at the Grant Date of an Award ceases to be a
Connected Person, then he shall be a "Good Leaver" in relation to that Award if:

 

		(i)	he is required to be so treated to comply with applicable local law;

 

		(ii)	he is to be so treated in accordance with an agreement approved by the Committee, or

 

		(iii)	the Committee otherwise in its complete discretion determines that he is to be so treated.

 

		(c)	Where the Committee decides in accordance with Rule 11.1(a)(vi) or Rule 11.1(b)(iii) that the Participant
is to be a Good Leaver, they may so decide in relation to all Awards held by the Participant or certain Awards only. In the latter
case, the Participant shall only be treated as a Good Leaver in relation to the relevant Awards.

 

    -18-

     

    

 

		11.2	Good Leavers: unvested Awards

 

Where a Participant ceases to
be a Connected Person as a Good Leaver before the Normal Vesting Date of an Award, then:

 

		(a)	subject to Rule 6.3 (Restrictions on Vesting: tax issues) and Rule 12 (Takeovers and
other corporate events), his Award shall Vest on the Normal Vesting Date; unless

 

		(b)	the Committee decides that, subject to Rule 6.3 (Restrictions on Vesting: tax issues), his
Award shall Vest on the date of cessation or such later date (before the Normal Vesting Date) that the Committee may determine,

 

and, in
both cases, Rule 11.5 (Leavers: reduction in number of Vested Shares) shall apply.

 

If the Participant ceasing to
be a Connected Person as a Good Leaver is a US Taxpayer, then only Rule 11.2(b) shall apply to that Participant.

 

If the Award is an Option other
than a RSU-style Option, it may, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax issues)
and Rule 10.3 (Short-Term Options), be exercised within six months of the date of Vesting (if Rule 11.2(a) applies), or
within six months of the date of cessation (if Rule 11.2(b) applies, but in no event shall it become exercisable at any time after
then end of the otherwise applicable Exercise Period. To the extent that the Option is not exercised within the permitted exercise
period, it shall (regardless of any other provision of the Plan) lapse at the end of that period.

 

		11.3	Good Leavers: Vested Awards

 

Where a Participant ceases to
be a Connected Person as a Good Leaver after the Normal Vesting Date of an Award, the Vested Award (other than a RSU-style Option)
may, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and tax issues) and Rule 10.3 (Short-Term
Options), be exercised within six months of the date of cessation, but in no event shall it become exercisable at any time
after then end of the otherwise applicable Exercise Period. To the extent that the Option is not exercised within the permitted
exercise period, it shall (regardless of any other provision of the Plan) lapse at the end of that period.

 

		11.4	Other leavers

 

If a Participant ceases to be
a Connected Person other than as a Good Leaver in relation to an Award held by him then that Award shall lapse immediately on such
cessation.

 

		11.5	Leavers: reduction in number of Vested Shares

 

Where an Award
Vests on or after a Participant ceasing to be a Connected Person, the Committee shall determine the number of Vested Shares of
that Award by the following steps:

 

		(a)	applying any Performance Condition and any other condition imposed on the Vesting of the Award
in accordance with Rule 6.2 (Extent of Vesting); and

 

		(b)	if the Committee so decides, applying such reduction to the number of Shares determined under Rule
11.5(a) as it sees fit (such reduction to be, unless it decides otherwise, on such pro-rata basis as it may determine).

 

If an Award
Vests under any of Rules 12.1 to 12.3 when the holder of that Award has ceased to be a Connected Person then this Rule 11.5 shall
take precedence over Rule 12.5.

  

    -19-

     

    

 

		11.6	Meaning of ceasing to be a Connected Person

 

A Participant shall not be treated
for the purposes of this Rule 11 as ceasing to be a Connected Person until such time as he is no longer a director or employee
of, or a Consultant to, any Group Member. If any Participant ceases to be such a director or employee before the Vesting of his
Award in circumstances where he retains a statutory right to return to work then he shall be treated as not having ceased to be
such a director or employee until such time (if at all) as he ceases to have such a right to return to work while not acting as
an employee or director. In the case of a US Taxpayer, a Participant shall not be treated for the purposes of this Rule 11 as ceasing
to be a Connected Person unless and until the Participant has also had a "separation from service" for purposes of Section
409A.

 

The reason for the termination
of office or employment of a Participant, or the relevant consultancy contract, shall be determined by reference to Rules 11.1
and 11.4 regardless of whether such termination was lawful or unlawful.

 

		12.	TAKEOVERS and other corporate events

 

		12.1	General offers

 

If any person (or group of persons
acting in concert):

 

		(a)	obtains (or, in the reasonable opinion of the Committee, is expected to obtain) Control of the
Company as a result of making a general offer to acquire Shares; or

 

		(b)	having obtained Control of the Company makes such an offer and such offer becomes unconditional
in all respects

 

the Committee shall within 7
days of becoming aware of that event or forming such opinion (as applicable) notify every Participant accordingly and, subject
to Rule 12.4 (Internal reorganisations), the following provisions shall apply:

 

		(i)	subject to Rule 6.3 (Restrictions on Vesting: tax issues), all Awards shall Vest on such
date as the Committee may determine (being no later than the date of the change in Control of the Company or the offer becoming
unconditional in all respects, as applicable) (such date being the Early Vesting Date) if they have not then Vested and Rule 12.5
(Corporate events: reduction in number of Vested Shares) shall apply; and

 

		(ii)	any Option may, subject to Rule 8.1 (Restrictions on the exercise of an Option: regulatory and
tax issues), be exercised within one month of the Early Vesting Date (or such shorter period of time approved by the Committee,
not to be less than five days), except for RSU-style Options, which shall be automatically exercised to the full extent of the
Vested Shares upon the Early Vesting Date, but to the extent that an Option is not exercised within that period, that Option shall
(regardless of any other provision of the Plan) lapse at the end of that period.

 

		12.2	Schemes of arrangement and winding up

 

In the event that:

 

		(a)	a compromise or arrangement is sanctioned by the Court under section 899 of the Companies Act 2006
in connection with or for the purposes of a change in Control of the Company; or

 

		(b)	the Company passes a resolution for a voluntary winding up of the Company; or

 

    -20-

     

    

 

		(c)	an order is made for the compulsory winding up of the Company

 

or, in the reasonable opinion
of the Committee, any of the above events is expected to occur, all Awards shall, subject to Rule 6.3 (Restrictions on Vesting:
tax issues) and Rule 12.4 (Internal reorganisations), Vest on such date as the Committee may determine (being no later
than the date of such event) (such date being the Early Vesting Date) if they have not then Vested and Rule 12.5 (Corporate
events: reduction in number of Vested Shares) shall apply.

 

If an event as described in
this Rule 12.2 occurs (or, in the reasonable opinion of the Committee, is expected to occur) then an Option may, subject to Rule
8.1 (Restrictions on the exercise of an Option: regulatory and tax issues) and Rule 12.4 (Internal reorganisations),
be exercised within one month of the Early Vesting Date (except for RSU-style Options, which shall be automatically exercised to
the full extent of the Vested Shares upon the Early Vesting Date), but to the extent that the Option is not exercised within that
period, it shall (regardless of any other provision of the Plan) lapse at the end of that period.

 

		12.3	Demergers and similar events 

 

If a demerger, special dividend
or other similar event (the "Relevant Event") is proposed which, in the opinion of the Committee, would affect
the market price of Shares to a material extent, then the Committee may, at its discretion, decide that the following provisions
shall apply:

 

		(a)	the Committee shall, as soon as reasonably practicable after deciding to apply these provisions,
notify a Participant that, subject to earlier lapse under Rule 11 (Leavers), his Award Vests and, if relevant, his Option
may be exercised on such terms as the Committee may determine and during such period preceding the Relevant Event or on the Relevant
Event as the Committee may determine and shall lapse at the end of that period to the extent unexercised;

 

		(b)	if an Award Vests, or an Option is exercised, conditional upon the Relevant Event and such event
does not occur then the conditional Vesting or exercise shall not be effective and the Award shall continue to subsist; and

 

		(c)	if the Committee decides that an Award Vests under this Rule 12.3 then the date of that Vesting
shall be the Early Vesting Date and the provisions of Rule 12.5 (Corporate events: reduction in number of Vested Shares)
shall apply.

 

		12.4	Internal reorganisations

 

In the event that:

 

		(a)	a company (the "Acquiring Company") is expected to obtain Control of the Company
as a result of an offer referred to in Rule 12.1 (General offers) or a compromise or arrangement referred to in Rule 12.2(a)
(Schemes of arrangement and winding up); and

 

		(b)	at least 75% of the shares in the Acquiring Company are expected to be held by substantially the
same persons who immediately before the obtaining of Control of the Company were shareholders in the Company

 

then the Committee, with the
consent of the Acquiring Company, may decide before the obtaining of such Control that an Award shall not Vest under Rule 12.1
or Rule 12.2 but shall be automatically surrendered in consideration for the grant of a new award which the Committee determines
is equivalent to the Award it replaces except that it will be over shares in the Acquiring Company or some other company.

 

    -21-

     

    

 

The Rules will apply to any
new award granted under this Rule 12.4 as if references to Shares were references to shares over which the new award is granted
and references to the Company were references to the company whose shares are subject to the new award.

 

In the case of an Award granted
to a US Taxpayer, Rule 12.4 shall be administered in a manner that either complies with Section 409A of the IRS Code, or in a manner
that does not result in the Award becoming subject to Section 409A.

 

		12.5	Corporate events: reduction in number of Vested Shares 

 

If an Award
Vests under any of Rules 12.1 to 12.3, the Committee shall determine in its absolute discretion, including by way of an agreement
approved by the Committee, the number of Vested Shares of that Award. Without limitation to the generality of the foregoing, the
Committee may determine that number by the following steps:

 

		(a)	applying any Performance Condition and any other condition imposed on the Vesting of the Award;
and

 

		(b)	subject to Rule 11.5 (Leavers: reduction in number of Vested Shares), and if the Committee
so decides, by applying such reduction to the number of Shares determined under Rule 12.5(a) as it sees fit (such reduction to
be, unless it decides otherwise, on such pro-rata basis as it may determine).

 

If an Award
Vests under any of Rules 12.1 to 12.3 after the holder of that Award has ceased to be a Connected Person then Rule 11.5 shall take
precedence over this Rule 12.5.

 

		13.	ADJUSTMENT OF AWARDS

 

		13.1	General rule

 

In the event of:

 

		(a)	any variation of the share capital of the Company; or

 

		(b)	a demerger, special dividend or other similar event which affects the market price of Shares to
a material extent

 

the Committee may make such
adjustments as it considers appropriate under Rule 13.2 (Method of adjustment) taking into account, where relevant, any
adjustment to the related holding of Investment Shares under Rule 3.4 (Variation of share capital – Investment Shares).

 

		13.2	Method of adjustment

 

An adjustment made under this
Rule shall be to one or more of the following:

 

		(a)	the number of Shares comprised in an Award;

 

		(b)	subject to Rule 13.3 (Adjustment below nominal value), the Option Price; and

 

		(c)	where any Award has Vested or Option has been exercised but no Shares have been transferred or
allotted after such Vesting or exercise, the number of Shares which may be so transferred or allotted and (if relevant) the price
at which they may be acquired.

 

In the case
of any Award granted to a US Taxpayer, any adjustment under this Rule 13.2 shall be made in a manner that complies with Sections
409A and, in the case of ISO Options, 424 of the Code.

 

    -22-

     

    

 

		13.3	Adjustment below nominal value

 

An adjustment under Rule 13.2
may have the effect of reducing the price at which Shares may be subscribed for on the exercise of an Option to less than their
nominal value, but only if and to the extent that the Board is authorised:

 

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

 

		(b)	to apply that sum in paying up such amount on such Shares

 

so that on exercise of any Option
in respect of which such a reduction shall have been made the Board shall capitalise that sum (if any) and apply it in paying up
that amount.

 

		14.	ALTERATIONS

 

		14.1	General rule on alterations

 

Except as described in Rule
14.2 (Shareholder approval) and Rule 14.4 (Alterations to disadvantage of Participants), the Committee may at any
time alter the Plan or the terms of any Award.

 

		14.2	Shareholder approval

 

Except as described in Rule
14.3 (Exceptions to shareholder approval), no alteration to the advantage of an individual to whom an Award has been or
may be granted shall be made under Rule 14.1 to the provisions concerning:

 

		(a)	the individual limits on participation;

 

		(b)	the overall limits on the issue of Shares or the transfer of treasury Shares; and

 

the terms of this Rule 14.2
without the prior approval by ordinary resolution of the members of the Company in general meeting.

 

In addition, the Company shall
not have the authority to: (i) reduce the Option Price of any outstanding Options under the Plan, or (ii) cancel any outstanding
Option that has an Option Price greater than the current Fair Market Value of the Shares in exchange for cash or other Awards under
the Plan, unless the shareholders of the Company have approved such an action within twelve (12) months prior to such an event.

 

		14.3	Exceptions to shareholder approval

 

Rule 14.2 (Shareholder approval)
shall not apply to:

 

		(a)	any minor alteration 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 Participants or any Group Member;
or

 

		(b)	any alteration relating to the Performance Condition made under Rule 14.5; or

 

		(c)	for the avoidance of doubt, any alteration not named in Rule 14.2.

 

    -23-

     

    

 

		14.4	Alterations to disadvantage of Participants

 

No alteration to the material
disadvantage of Participants (other than a change to any Performance Condition) shall be made under Rule 14.1 unless:

 

		(a)	the Board shall have invited every relevant Participant to indicate whether or not he approves
the alteration; and

 

		(b)	the alteration is approved by a majority of those Participants who have given such an indication.

 

Notwithstanding the foregoing,
the Board may amend the Plan so as to apply to existing Awards, or the terms of an Award, without such approval to: correct what
they consider to be an error in the drafting of the Plan or the Award documentation which is evidently an error from the wording
of the Plan or the Award documentation; clarify the manner of exemption from, or to bring the Award into compliance with, Section
409A; or to comply with other applicable laws, regulations, ruling, judicial decision or listing requirements.

 

		14.5	Alterations to a Performance Condition

 

The Committee may amend any
Performance Condition without prior shareholder approval if:

 

		(a)	an event has occurred which causes the Committee reasonably to consider that it would be appropriate
to amend the Performance Condition; and

 

		(b)	the Committee shall act fairly and reasonably in making the alteration.

 

		15.	MISCELLANEOUS

 

		15.1	Employment, office or consultancy

 

The rights and obligations of
any individual under the terms of his office or employment with any Group Member, or the contract pursuant to which he is a Consultant,
shall not be affected by his participation in the Plan or any right which he may have to participate in it. An individual who participates
in the Plan waives any and all rights to compensation or damages in consequence of the termination of his office, employment or
consultancy for any reason whatsoever insofar as those rights arise or may arise from him ceasing to have rights under an Award
as a result of such termination. Participation in the Plan shall not confer a right to continued employment, office or consultancy
upon any individual who participates in it.

 

		15.2	No implied right to participate

 

No Connected Person has a right
to participate in the Plan The grant of any Award does not imply that any further Award will be granted nor that a Participant
has any right to receive any further Award. Participation in the Plan or the grant of Awards on a particular basis in any year
does not create any right to or expectation of participation in the Plan or the grant of Awards on the same basis, or at all, in
any future year.

 

		15.3	Disputes

 

In the event of any dispute
or disagreement as to the interpretation of the Plan, or as to any question or right arising from or relating to the Plan, the
decision of the Committee shall be final and binding upon all persons.

 

    -24-

     

    

 

		15.4	Exercise of powers and discretions

 

The exercise of any power or
discretion by the Committee shall not be open to question by any person and a Participant or former Participant shall have no rights
in relation to the exercise of or omission to exercise any such power or discretion.

 

		15.5	Share rights

 

All Shares allotted under the
Plan shall rank equally in all respects with Shares then in issue except for any rights attaching to such Shares by reference to
a record date before the date of the allotment.

 

Where Vested Shares are transferred
to Participants (or their nominee) they shall be entitled to all rights attaching to such Shares by reference to a record date
on or after the date of such transfer.

 

		15.6	Notices

 

Any notice or other communication
under or in connection with the Plan may be given:

 

		(a)	by personal delivery or by post, in the case of a company to its registered office, and in the
case of an individual to his last known address, or, where he is a Connected Person, either to his last known address or to the
address of the place of business at which he performs the whole or substantially the whole of the duties of his office, employment
or other arrangement pursuant to which he is a Connected Person;

 

		(b)	in an electronic communication to their usual business address or such other address for the time
being notified for that purpose to the person giving the notice; or

 

		(c)	by such other method as the Board determines.

 

		15.7	Third parties

 

No third party has any rights
under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan.

 

		15.8	Benefits not pensionable

 

Benefits provided under the
Plan shall not be pensionable.

 

		15.9	Data Protection

 

Each Participant consents to
the collection, processing and transfer of his personal data for any purpose relating to the operation of the Plan. This includes:

 

		(a)	providing personal data to any Group Member and any third party such as trustees of any employee
benefit trust, administrators of the Plan, registrars, brokers and any of their respective agents;

 

		(b)	processing of personal data by any such Group Member or third party;

 

		(c)	transferring personal data to a country outside the European Economic Area (including a country
which does not have data protection laws equivalent to those prevailing in the European Economic Area); and

 

		(d)	providing personal data to potential purchasers of the Company, the Participant's employer or the
business in which the Participant works.

 

    -25-

     

    

 

		15.10	Governing law

 

The Plan and
all Awards shall be governed by and construed in accordance with the law of England and Wales and the Courts of England and Wales
have exclusive jurisdiction to hear any dispute.

 

		15.11	Section 409A

 

Although neither the Company,
the Committee nor any Group Member guarantees any particular tax treatment to a US Participant, all Awards granted to US Taxpayers
are intended to be exempt from, or compliant with, the application of Section 409A of the IRS Code:

 

		(a)	in the case of Awards other than Regular Options, pursuant to the short-term deferral exception
set forth Treas. Regs. §1.409A-1(b)(4)); and

 

		(b)	in the case of Regular Options, as options which are exempt from Section 409A;

 

and this Plan shall be limited,
construed and administered consistent with that intent. Accordingly, notwithstanding any Rule in the Plan to the contrary, in the
case of Awards granted to US Taxpayers:

 

		(c)	in any instance in which a new Regular Option is substituted for an outstanding Option pursuant
to a corporate transaction or in any instance in which an outstanding Regular Option is assumed pursuant to a corporate transaction,
the number of Shares and the Option Price shall be adjusted in accordance with the principles set forth in Sections 1.424-1(a)(5)
and 1.409A-1(b)(5)(v)(D) of the Treasury Regulations. The instances in which there may be a substitution of a new Regular Option
for an outstanding Option pursuant to a corporate transaction shall be limited to those corporate transactions authorized by the
Plan but shall be further limited to only those corporate transactions described in Section 1.424(a)(3) of the Treasury Regulations.
In the case of a stock split (including a reverse stock split), or stock dividend involving the Shares where the only effect of
the stock split or stock dividend is to increase or decrease on a pro rata basis the number of Shares owned by each shareholder,
the Option Price and the number of Shares subject to an Option shall be proportionally adjusted to reflect such stock split or
stock dividend;

 

		(d)	The Shares underlying any Regular Option granted to a US Taxpayer shall in all instances constitute
"service recipient stock" and shall be issued by a Group Member that is, with respect to such US Taxpayer, an "eligible
issuer of service recipient stock" for purposes of IRS Code Section 409A;

 

		(e)	To the extent that any amount payable under the Plan constitutes non-exempt "deferred compensation"
for purposes of Section 409A and would otherwise be payable or distributable under the Plan by reason of the occurrence of a corporate
transaction, such amount or benefit will not be payable or distributable to the Participant who is a US Taxpayer by reason of such
corporate transaction unless the circumstances giving rise to such corporate transaction constitutes a "change in control
event" in Section 409A of the IRS Code. If this provision prevents the payment or distribution of any amount, such payment
or distribution shall be made on the next earliest payment or distribution date or event specified in the Plan that is permissible
under Section 409A; and

 

		(f)	If any amount or benefit that constitutes non-exempt "deferred compensation" for purposes
of Section 409A would otherwise be payable or distributable under this Plan by reason of a Participant's separation from service
during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration
of payment by the Committee under Treas. Reg. Section 1.409A -3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of
interest), or (j)(4)(vi) (payment of employment taxes), the Participant's right to receive payment or distribution of such non-exempt
deferred compensation will be delayed until the earlier of the Participant's death or the first day of the seventh month following
the Participant's separation from service. For purposes of this Plan, the term "Specified Employee" has the meaning given
such term in Section 409A, provided, however, that, as permitted thereunder, the Company's Specified Employees and its application
of the six-month delay rule of IRS Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Committee,
which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company applicable
to US Taxpayers, including this Plan.

 

    -26-

     

    

 

SCHEDULE
1

 

CASH
CONDITIONAL AWARDS

 

The Rules of the GW Pharmaceuticals plc
Long-Term Incentive Plan shall apply to a right (a "Cash Conditional Award") to receive a cash sum granted or
to be granted under this Schedule as if it was a Conditional Award, except as set out in this Schedule. Where there is any conflict
between the Rules and this Schedule, the terms of this Schedule shall prevail.

 

		1.	The Committee may grant or procure the grant of a Cash Conditional Award.

 

		2.	Each Cash Conditional Award shall relate to a given number of notional Shares.

 

		3.	On the Vesting of the Cash Conditional Award the holder of that Award shall be entitled to a cash
sum which shall be equal to the "Cash Value" of the notional Vested Shares, where the Cash Value of a notional
Share is the market value of a Share on the date of Vesting of the Cash Conditional Award. For the purposes of this Schedule, the
market value of a Share on any day shall be determined in accordance with Rule 9.3 (Cash equivalent).

 

		4.	The cash sum payable under paragraph 3 above shall be paid by the employer of the Participant
                                                                                                                           as soon as practicable after the Vesting of the Cash Conditional Award, net of any deductions (on account of tax or similar
                                                                                                                           liabilities) as may be required by law or as the Board may reasonably consider to be necessary or desirable (and in relation
                                                                                                                           to any Cash Conditional Award granted to a US Taxpayer, within such period of time as may be specified in the grant
                                                                                                                           documentation to avoid adverse tax consequences under Section 409A).

 

		5.	For the avoidance of doubt, a Cash Conditional Award shall not confer any right on the holder of
such an Award to receive Shares or any interest in Shares.

 

    -27-EX-4.1

 Exhibit 4.1 

Execution Version 

AMENDMENT NO. 3 

AMENDMENT NO. 3, dated as of April 13, 2017 (this “Amendment”), relating to that certain Fourth Amended and Restated
Credit Agreement, entered into as of April 22, 2014 (as amended by that certain Amendment No. 1 dated as of March 30, 2016, as further amended by that certain Amendment No. 2 dated as of October 4, 2016, and as further
amended from time to time prior to the Amendment No. 3 Effective Date, the “Existing Credit Agreement”), among NIELSEN FINANCE LLC, a Delaware limited liability company (together with its successors and assigns,
“Nielsen”), TNC (US) HOLDINGS INC., a New York corporation (together with its successors and assigns, “TNC” and, together with Nielsen, the “U.S. Borrowers”), NIELSEN HOLDING AND FINANCE B.V., a
private company organized under the laws of The Netherlands, having its corporate seat in Diemen, The Netherlands (together with its successors and assigns, the “Dutch Borrower” and, together with the U.S. Borrowers, the
“Borrowers”), the Guarantors party thereto from time to time, CITIBANK, N.A., as Administrative Agent, a Swing Line Lender and an L/C Issuer, and each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”). 
 The Existing Credit Agreement as amended hereby is referred to
as the “Amended Credit Agreement”. Citigroup Global Markets Inc. is referred to as the “Lead Arranger”. 

PRELIMINARY STATEMENTS 

(1) WHEREAS, Nielsen desires to incur Incremental Term Loans (such term and other terms used in these Preliminary Statements and not otherwise
defined having the meaning set forth in Section 1 below) pursuant to Section 2.14 of the Existing Credit Agreement. 
 (2) WHEREAS,
each Lender who executes and delivers this Amendment has agreed to amend the Loan Documents to reflect the terms set forth herein, subject to the conditions set forth herein. 

(3) WHEREAS, this Amendment shall constitute an Incremental Amendment; 

(4) WHEREAS, upon the effectiveness of this Amendment, each Lender that shall have executed and delivered a signature page to this Amendment (a
“Consent”) under the “Cashless Settlement Option” (each, a “Cashless Option Lender”) shall be deemed, as applicable, to have exchanged all (or such lesser amount as the Administrative Agent may allocate)
of its Class B-3 Term Loans under the Existing Credit Agreement (which existing Class B-3 Term Loans shall thereafter no longer be deemed to be outstanding)
for Class B-4 Term Loans under the Amended Credit Agreement in the same aggregate principal amount as such Lender’s Class B-3 Term Loans under the
Existing Credit Agreement (or such lesser amount as the Administrative Agent may allocate), and such Lender shall thereafter be a Lender under the Amended Credit Agreement; and 

(5) WHEREAS, upon the effectiveness of this Amendment, each Class B-4 Term Lender party hereto
(which in each case shall be all such Lenders) consents to being such a Lender under the Amended Credit Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 

 SECTION 1. Defined Terms; References. Unless
otherwise specifically defined herein, each term used herein that is defined in the Existing Credit Agreement or the Amended Credit Agreement has the meaning assigned to such term in the Existing Credit Agreement unless such term is only defined in
the Amended Credit Agreement in which case it shall have such meaning (unless otherwise indicated herein). Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and
each reference to “this Agreement” and each other similar reference contained in any Loan Document, and each reference in any Loan Document to any other Loan Document or “thereunder”, “thereof” or other similar
reference to such other Loan Document, shall, on and after the Amendment No. 3 Effective Date (as defined in Section 5 of this Amendment), refer to such Loan Document or other Loan Document as amended hereby. 

SECTION 2. Amendments. The Lenders consent to the entry by the Administrative Agent or the
Collateral Agent, as applicable, into the amendment of any Collateral Document (including, without limitation, and Dutch law deed of pledge of registered shares or intercompany receivables pledge entered into on the Closing Date or subsequent
thereto) deemed necessary or advisable by the Administrative Agent or the Collateral Agent, as the applicable, in connection with the Amended Credit Agreement in order to secure Obligations or other indebtedness by the Collateral in each case as
defined in and as permitted by the Amended Credit Agreement. With effect from the Amendment No. 3 Effective Date, the Existing Credit Agreement is hereby amended as follows: 

(a) The following defined terms shall be added to Section 1.01 of the Existing Credit Agreement in the appropriate alphabetical order:

 ““Amendment No. 3” means Amendment No. 3 dated as of April 13, 2017 among the
Borrowers, the Administrative Agent and the Lenders and Guarantors party thereto. 
 “Amendment No. 3 Effective
Date” has the meaning set forth in Amendment No. 3. 

“Class B-4 Term Lender” means, at any time, any Lender that has a Class B-4 Term Loan at such time. 

“Class B-4 Term Loans” means a Loan made (or deemed made) in
Dollars pursuant to the second paragraph of Section 2.01(a). As of the Amendment No. 3 Effective Date there are $2,250,000,000 aggregate principal amount of Class B-4 Term Loans outstanding, (i)
$1,734,804,814.48 of which are held by Cashless Option Lenders (and the Cashless Option Lenders hold the commitments in respect of such Class B-4 Term Loans on the Amendment No. 3 Effective Date in
accordance with their consents to Amendment No. 3 and the allocations related thereto pursuant to Amendment No. 3) and (ii) $515,195,185.52 of which are held by Citibank, N.A. on the Amendment No. 3 Effective Date (and Citibank, N.A.
holds the commitment in respect of such Class B-4 Term Loans on the Amendment No. 3 Effective Date). 

“Class B-4 Term Note” means a promissory note of Nielsen payable
to any Class B-4 Term Lender or its registered assigns (in substantially the form of Exhibit C-1 attached to Amendment No. 3) evidencing the aggregate
Indebtedness of Nielsen to such Class B-4 Term Lender resulting from the Class B-4 Term Loans made by such
Class B-4 Term Lender 
 (b) Section 1.01 of the Existing Credit Agreement is further
amended by amending and restating the following defined terms in their entirety as follows: 
 “Class” (when used with
respect to Lenders, refers to whether such Lenders are Tranche A Revolving Credit Lenders, Class A Term Lenders, Class B-2 Euro Term Lenders or Class B-4
Term Lenders, (b) when used with respect to Commitments, refers to Tranche A Revolving Credit Commitments, and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are
Tranche A Revolving Credit Loans, Class A Term Loans, Class B-2 Euro Term Loans or Class B-4 Term Loans. 

  
 2 

 “Dollar Term Loans” means a Class A Term Loan or Class B-4 Term Loan, as applicable. 
 “Facility” means the Class A Term Loans,
the Class B-2 Euro Term Loans, the Class B-4 Term Loans, each Revolving Credit Facility, the Swing Line Sublimit or the Letter of Credit Sublimit, as the
context may require. 
 “Maturity Date” means (i) with respect to the Class A Term Loans, April 30, 2019;
(ii) with respect to the Class B-2 Euro Term Loans, April 15, 2021, (iii) with respect to the Class B-4 Term Loans, October 4, 2023; and
(iv) with respect to the Revolving Credit Facility, April 30, 2019. 
 “Notes” means a Class A Term Note, Class B-2 Euro Term Note, Class B-4 Term Note, a Revolving Credit Note or a Swing Line Note, as the context may require. 

“Term Lender” means, at any time, any Class A Term Lender, Class B-2 Euro
Lender or Class B-4 Term Lender, as the context may require. 
 “Term Loan”
means a Class A Term Loan, Class B-2 Euro Term Loan or Class B-4 Term Loan, as the context may require. 

(c) The definition of “Applicable Rate” in Section 1.01 of the Existing Credit Agreement is hereby amended by replacing the
language is clause (b) thereof with “with respect to Class B-4 Term Loans, 2.00% in the case of Eurocurrency Rate Loans and 1.00% in the case of Base Rate Loans;”. 

(d) The definition of “Eurocurrency Rate” in Section 1.01 of the Existing Credit Agreement is hereby amended by adding the
following sentence in a new paragraph at the end thereof: “For the avoidance of doubt, the Eurocurrency Rate on the Class B-4 Term Loans shall not be less than zero.” 

(e) The definition of “Outstanding Amount” in Section 1.01 of the Existing Credit Agreement is hereby amended by replacing each
instance of “Class B-3 Term Loans” with “Class B-4 Term Loans”. 

(f) The definition of “Repricing Transaction” in Section 1.01 of the Existing Credit Agreement is hereby amended by replacing
each instance of “Class B-3 Term Loans” with “Class B-4 Term Loans”. 

(g) Section 2.01(a) of the Existing Credit Agreement is hereby amended by replacing the second paragraph thereof with the following: 

“Subject to the terms and conditions set forth herein, each Class B-4 Term Lender severally
agrees to make to Nielsen, on the Amendment No. 3 Effective Date, loans denominated in Dollars in an aggregate amount not to exceed the amount of such Class B-4 Term Lender’s commitment in
respect of Class B-4 Term Loans (such commitment in accordance with the definition of Class B-4 Term Loans). Amounts borrowed under this paragraph of Section
2.01(a) and repaid or prepaid may not be reborrowed. Class B-4 Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. Notwithstanding the foregoing or any other
provision of this Agreement, (i) any Cashless Option Lender (as defined in and in accordance with Amendment No. 3) shall not make its Class B-4 Term Loan in cash on the Amendment No. 3
Effective Date but shall be deemed to have made its Class B-4 Term Loans under this Agreement by exchanging (i.e. rolling over) its Class B-3 Term Loans (as
defined in the Existing Credit Agreement) under the Existing Credit Agreement in accordance with Amendment No. 3 

  
 3 

 
in the same aggregate principal amount as such Term Lender’s Class B-3 Term Loans (as defined in the Existing Credit Agreement) under the
Existing Credit Agreement (or such lesser amount as it may have been allocated in accordance with Amendment No. 3), (ii) each Class B-4 Term Lender other than a Cashless Option Lender shall make its Class B-4 Term Loans in cash on the Amendment No. 3 Effective Date, and (iii) after giving effect to the making of the Class B-4 Term Loans in accordance
with the foregoing clauses (i) and (ii), all Class B-4 Term Loans of any Class B-4 Term Lender shall be treated and be deemed to have been made
identically in a single borrowing without regard to whether or not such Class B-4 Term Lender was a Cashless Option Lender or subsequently became a Term Lender in accordance with this Agreement.”

 (h) Section 2.05(a) of the Existing Credit Agreement is hereby amended by including the following new subclause (iv) at the end
thereof: 
 “In the event that, on or prior to the date that is six months following the Amendment No. 3 Effective Date, Nielsen
(x) makes any prepayment of Class B-4 Term Loans in connection with any Repricing Transaction, or (y) effects any amendment of this Agreement resulting in a Repricing Transaction in respect of Class B-4 Term Loans, Nielsen shall pay to the Administrative Agent, for the ratable account of each Class B-4 Lender, as applicable (I) in the case of clause
(x), a prepayment premium of 1.00% of the amount of the Class B-4 Term Loans being prepaid and (II) in the case of clause (y), a payment equal to 1.00% of the aggregate amount of Class B-4 Term Loans outstanding immediately prior to such amendment that have been repriced.” 

(i) Section 2.07(a)(ii) of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(ii) Nielsen shall repay to the Administrative Agent in Dollars for the ratable account of the Class B-4 Term Lenders: 
 (A) on the 9th day of each January, April, July and October
(from and after July 2017), an aggregate Dollar Amount equal to 0.25% of the aggregate Dollar Amount of all Class B-4 Term Loans outstanding on the Amendment No. 3 Effective Date (which payments
shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05) and 

(B) on the Maturity Date for the Class B-4 Term Loans, the aggregate principal
amount of all such Class B-4 Term Loans outstanding on such date.” 
 (j) Sections 2.17(a)
and 8.01 of the Existing Credit Agreement are hereby amended by replacing each reference to “Class B-3 Term Loans” with “Class B-4 Term
Loans” 
 SECTION 3. Representations. Each Loan Party, represents and warrants that (i) the
representations and warranties set forth in Article V of the Existing Credit Agreement and each other Loan Document are true and correct in all material respects on and as of the Amendment No. 3 Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date and (ii) no Default or Event of Default exists (x) on the Amendment No. 3
Effective Date under the Existing Credit Agreement prior to giving effect to this Amendment and the transactions to occur on the Amendment No. 3 Effective Date contemplated thereby and (y) on the Amendment No. 3 Effective Date under
the Amended Credit Agreement after giving effect to this Amendment and the transactions to occur on the Amendment No. 3 Effective Date contemplated thereby. 

  
 4 

 SECTION 4. Incremental Term Loans. Pursuant to Section 2.14
of the Existing Credit Agreement, Nielsen hereby requests Incremental Term Loans in the form of $2,250,000,000 of Class B-4 Term Loans. Subject to the conditions set forth herein, each Lender signatory
hereto who executes a Consent as a Cashless Option Lender agrees to make Incremental Term Loans on the Amendment No. 3 Effective Date in the amounts and Classes set forth in its Consent. Each
Class B-4 Term Lender agrees that the initial Interest Period with respect to the Class B-4 Term Loans shall end on May 9, 2017. Each Cashless Option
Lender and Citibank, N.A. hereby waive any claims under Section 3.05 of the Existing Credit Agreement and the Amended Credit Agreement in connection with the prepayment referenced in Section 5(k) below and all such Lenders agree that any
Borrowing Notice under Section 2.02 of the Existing Credit Agreement or the Amended Credit Agreement related to any Eurocurrency Rate Loan referenced in this Section 4 to be made on the Amendment No. 3 Effective Date (as defined
below) may be given on only one Business Day’s notice. 
 SECTION 5. Conditions to Effectiveness. The
amendments set forth in Section 2 shall become effective on the date (the “Amendment No. 3 Effective Date”) when, and only when, each of the following conditions shall have been satisfied: 

(a) Execution of Counterparts. The Administrative Agent shall have received from each of the Borrowers, each other Loan Party, each
Cashless Option Lender and Citibank, N.A., a counterpart of this Amendment signed by such party or facsimile or other written confirmation (in form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof. 

(b) Representations. The representations and warranties set forth in Section 3 shall be true and correct as of the Amendment
No. 3 Effective Date. 
 (c) Opinions. The Administrative Agent shall have received a customary legal opinion of Simpson
Thacher & Bartlett LLP, New York counsel to the Loan Parties and Clifford Chance LLP, Dutch counsel to the Loan Parties, each dated as of the Amendment No. 3 Effective Date and reasonably satisfactory to the Lead Arranger. 

(d) Solvency Certificate. The Administrative Agent shall have received a certificate attesting to the Solvency of the Loan Parties (on a
consolidated basis) on the Amendment No. 3 Effective Date after giving effect to this Amendment, from the Chief Financial Officer, Treasurer or other senior financial officer of Nielsen. 

(e) No Default. No Default shall have occurred and be continuing under the Existing Credit Agreement and the Administrative Agent shall
have received an officer’s certificate to such effect. 
 (f) Financial Covenant. Nielsen shall be in compliance with the
covenant set forth in Section 7.11 of the Existing Credit Agreement determined on a Pro Forma Basis as of the Amendment No. 3 Effective Date and the last day of the most recently ended Test Period, in each case, as if the Class B-4 Term Loans had been outstanding on the last day of such fiscal quarter of Nielsen for testing compliance therewith. 

(g) Certificates. The Administrative Agent shall have received customary secretary’s certificates related to organizational
documents, resolutions and officer incumbency, as well as good standing certificates (or similar document to the extent relevant in the applicable jurisdiction of organization), with respect to each Loan Party (it being understood that such
certificates may simply note that there are no changes from previously delivered certificates). The Administrative Agent shall have received lien searches under jurisdictions within the United States deemed advisable by the Administrative Agent.

  
 5 

 (h) USA Patriot Act. The Administrative Agent and the Lenders shall have received all
documentation and other information about the Loan Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act. 

(i) Expenses. The Lead Arranger shall have received all fees and all reasonable and documented out-of-pocket expenses (including reasonable expenses of counsel) to the extent invoiced, in each case, due and payable by Nielsen on or prior to the Amendment No. 3 Effective Date. 

(j) Committed Loan Notice. Nielsen shall have delivered a Committed Loan Notice for the
Class B-4 Term Loans pursuant to Section 2.02(a) of the Existing Credit Agreement. 
 (k)
Repayment of Class B-3 Term Loans. Concurrent with the incurrence of the Class B-4 Term Loans, Nielsen shall prepay (and shall have
delivered a prepayment notice related to) the Class B-3 Term Loans under the Existing Credit Agreement in accordance with the terms of the Existing Credit Agreement and all accrued interest related to
such prepaid loans shall be paid. 
 SECTION 6. Certain Consequences Of Effectiveness.

 (a) On and after the Amendment No. 3 Effective Date, the rights and obligations of the parties to the Existing Credit Agreement and
each other Loan Document (as defined in the Existing Credit Agreement, the “Existing Loan Documents”) shall be governed by the Amended Credit Agreement and each Existing Loan Document as amended hereby; provided that the
rights and obligations of the parties to the Existing Credit Agreement and the other Existing Loan Documents with respect to the period prior to the Amendment No. 3 Effective Date shall continue to be governed by the provision of the Existing
Credit Agreement and Existing Loan Documents prior to giving effect to this Amendment and the amendments contemplated hereby. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the effectiveness of this Amendment, this Amendment
shall for all purposes constitute a Loan Document. Without limiting the foregoing, (i) each Loan Party hereby confirms in favor of the Secured Parties that on and as from the Amendment No. 3 Effective Date its liabilities and obligations
under the Amended Credit Agreement form part of (but do not limit) the “Indebtedness,” “Secured Obligations,” “Secured Liabilities” and “Liabilities” (as the case may be) as defined in the Collateral Documents
to which that Loan Party is a party (or any equivalent definition thereof), (ii) the Collateral Documents and all of the Collateral does and shall continue to secure the payment of all Obligations on the terms and conditions set forth in the
Collateral Documents as amended hereby and (iii) each Guarantor hereby confirms and ratifies its obligations as Guarantor under the relevant Guaranty with respect to all of the Guaranteed Obligations thereunder under and as defined in the
Amended Credit Agreement and all other Loan Documents as amended pursuant to this Amendment, all on the terms set forth in such Guaranty. 

SECTION 7. Severability. If any provision of this Amendment or the other Loan Documents is held to be illegal,
invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment and the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 6 

 SECTION 8. Governing Law. This Amendment shall be
governed by and construed in accordance with the law of the State of New York. ANY LEGAL ACTION OR PROCEEDING ARISING HEREUNDER OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT
TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF
SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH LOAN PARTY, EACH AGENT AND EACH LENDER
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
AMENDMENT OR OTHER TRANSACTION RELATED HERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER) IN
SECTION 10.02 OF THE AMENDED CREDIT AGREEMENT. NOTHING IN THIS AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

SECTION 9. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AMENDMENT AND EACH LENDER HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT,
OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY AND EACH LENDER HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY. 
 SECTION 10. Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery by facsimile or email of an executed counterpart of a signature page to this Amendment
shall be effective as delivery of an original executed counterpart of this Amendment. 
 SECTION 11. Tax Fungibility. For U.S.
federal income tax purposes, the parties shall treat all of the Class B-4 Term Loans (whether issued for cash or in exchange for Class B-3 Term Loans) as a
fungible tranche. 
 [signature pages follow] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

			
	NIELSEN FINANCE LLC
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Vice President & Treasurer

  

			
	NIELSEN HOLDING AND FINANCE B.V.
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Vice President & Treasurer

  

			
	TNC (US) HOLDINGS, INC.
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Proxy

 
			
	A.C. NIELSEN (ARGENTINA) S.A.
	A.C. NIELSEN COMPANY, LLC
	ACN HOLDINGS INC.
	ACNIELSEN CORPORATION
	ACNIELSEN ERATINGS.COM
	AFFINNOVA, INC.
	ART HOLDING, L.L.C.
	ATHENIAN LEASING CORPORATION
	CZT/ACN TRADEMARKS, L.L.C.
	EXELATE, INC.
	 GRACENOTE, INC.
 GRACENOTE DIGITAL
VENTURES, LLC
 GRACENOTE MEDIA SERVICES, LLC
 NETRATINGS,
LLC

	NIELSEN AUDIO, INC.
	NIELSEN CONSUMER INSIGHTS, INC.
	NIELSEN CONSUMER NEUROSCIENCE, INC.
	NIELSEN FINANCE CO.
	NIELSEN INTERNATIONAL HOLDINGS, INC.
	NIELSEN MOBILE, LLC
	NMR INVESTING I, INC.
	THE CAMBRIDGE GROUP, INC.
	THE NIELSEN COMPANY (US), LLC
	VIZU CORPORATION
	VNU MARKETING INFORMATION, INC.

 
			
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Vice President & Treasurer
	
	NIELSEN UK FINANCE I, LLC
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Authorized Signatory
	
	NMR LICENSING ASSOCIATES, L.P.,
        a limited partnership
		
	By:	 	NMR INVESTING I, INC.,
its general partner
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Vice President & Treasurer

 
			
	RSMG INSIGHTS COÖPERATIEF U.A.
	RUGBY ACQUISITION B.V.
	THE NIELSEN COMPANY B.V.
	VNU INTERMEDIATE HOLDING B.V.
	VNU INTERNATIONAL B.V.

 
			
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Proxy

 SIGNED AND DELIVERED AS A DEED for and on behalf of 

NIELSEN FINANCE IRELAND LIMITED 
 by its lawfully appointed
attorney 
 WILLIAM C. BRADLEY 
 in the presence of:-

  

	
	 /s/ William C. Bradley

	William C. Bradley

  

	
	 /s/ Caitlin Cahalan

	(Witness’ Signature)
	
	 Caitlin Cahalan

	(Witness’ Name)
	
	 40 Danbury Road, Wilton, CT 06897

	(Witness’ Address)
	
	 Treasury Manager

	(Witness’ Occupation)

 SIGNED AND DELIVERED AS A DEED for and on behalf of 

THE NIELSEN COMPANY FINANCE (IRELAND) DESIGNATED ACTIVITY COMPANY 

by its lawfully appointed attorney 
 WILLIAM C. BRADLEY

 in the presence of:- 
  

	
	 /s/ William C. Bradley

	William C. Bradley

  

	
	 /s/ Caitlin Cahalan

	(Witness’ Signature)
	
	 Caitlin Cahalan

	(Witness’ Name)
	
	 40 Danbury Road, Wilton, CT 06897

	(Witness’ Address)
	
	 Treasury Manager

	(Witness’ Occupation)

 
			
	NIELSEN LUXEMBOURG S.À R.L.
		 	a private limited company (société à responsabilité limitée) incorporated in Luxembourg with its registered office at 6, rue Eugène Ruppert, L-2453
Luxembourg and registered with the Luxembourg trade and companies register under number B181101
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Authorized Signatory

 
			
	THE NIELSEN COMPANY (LUXEMBOURG) S.À R.L.
		 	a private limited company (société à responsabilité limitée) incorporated in Luxembourg with its registered office at 6, rue Eugène Ruppert, L-2453
Luxembourg and registered with the Luxembourg trade and companies register under number B155591
		
	By:	 	 /s/ William C. Bradley

		 	Name: William C. Bradley
		 	Title: Authorized Signatory

 
			
	CITIBANK, N.A.,
		 	as Administrative Agent and Collateral Agent, Class B-4 Term Lender
		
	By:	 	 /s/ Keith Lukasavich

		 	Name:   Keith Lukasavic
		 	Title:    Vice President & Managing Director

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