Document:

Exhibit 4.26

 

DIRECTOR AGREEMENT

 

This Director Agreement
(the “Agreement”) is made and entered into as of 13th February 2015, by and between Eros International Plc (the
“Company”), and David Maisel, an individual (the “Director”).

		I.	SERVICES

1.1 Board of
Directors. Director has been appointed as an Independent Director of the Company’s Board of Directors (the “Board”),
effective on 12th November 2014 (the “Effective Date”), until the earlier of the date on which Director ceases
to be a member of the Board for any reason or the date of termination of this Agreement in accordance with this Section 5.2 hereof
(such date being the “Expiration Date”). The Board shall consist of the Director and such other members as nominated
and elected pursuant to the then current Articles of Incorporation and By-Laws of the Company (the “Constitutive Documents”).

 

1.2 Director
Services. Director’s services to the Company hereunder shall include service on the Board in accordance with applicable
law and the then current Constitutive Documents (the “Director Services”). The Director shall not serve on any
committees of the Board unless otherwise designated by the Chairman of the Board.

		II.	COMPENSATION

2.1 Expense Reimbursement.
The Company shall reimburse Director for all out-of-pocket travel expenses incurred in connection with the Director Services rendered
by Director.

 

2.2 Fees to Director.
The Company agrees to pay Director the following fees for the Director Services: GBP 60,000. In the event Director ceases to serve
on the Board for any reason, Director shall be entitled to the pro rata portion of the annual fee for the number of months he has
served on the Board in a given year.

 

2.3 Share Options
to Director. The Company agrees to award Director the following share options for the Director Services: 500,000 options in
the A ordinary shares of the Company at an exercise price of US$18.88 per share, such options to vest in !ranches of I 00,000 shares
over five years on the anniversary of the Effective Date commencing on the 12th November 2015 and such vested options will be exercisable
immediately but will lapse unless exercised within five years and three months of the Effective Date. In the event Director ceases
to serve on the Board for any reason, Director shall not be entitled to the pro rata portion of the share options for the number
of months he has served on the Board in a given year except where such termination of services is by the Company and not by the
Director in which case the Director will be entitled to accelerated vesting of all remaining unvested share options which will
lapse unless exercised within five years and three months of the Effective Date. In the event that there is a sale of shares by
Beech Investments Limited or any corporate activity to the extent that Beech loses management control of the Company, then the
Director will be entitled to accelerated vesting to be exercised within five years and three months of the Effective Date if he
decides to resign from the Board, failing which the share options will stand lapsed.

 

2.4 Director
and Officer Liability Insurance. The Company’s director and officer liability insurance policy shall provide Director
with coverage for damages and losses incurred in connection with the Director Services other than for his gross negligence or intentional
misconduct.

 

    	 

    	 

    

		III.	DIRECTOR DUTIES

3.1 Fiduciary
Duties. Director shall be charged with a fiduciary duty to the Company and all of its shareholders. Director shall be attentive
and inform himself of all material facts regarding a decision before taking action. In addition, Director’s actions shall
be motivated solely by the best interests of the Company and its shareholders.

 

3.2 Confidentiality.
During the term of this Agreement, and for a period of three (3) years after the Expiration Date, Director shall maintain in strict
confidence all information he has obtained or shall obtain from the Company which the Company has designated as “confidential”
or which is, by its nature confidential; relating to the Company’s business, operations, properties, assets, services, condition
(financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects,
technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the
Company, (ii) is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently
learned by Director outside of this relationship (the “Confidential Information”).

 

3.3 Nondisclosure
and Nonuse Obligations. Director will use the Confidential Information solely to perform the Director Services for the benefit
of the Company. Director will treat all Confidential Information of the Company with the same degree of care as Director treats
his own Confidential Information, and Director will use his best efforts to protect the Confidential Information. Director will
not use the Confidential Information for his own benefit or the benefit of any other person or entity. Director will immediately
give notice to the Company of any unauthorized use or disclosure by or through him, or of which he becomes aware, of the Confidential
Information. Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

 

3.4 Return of
the Company Property. All materials furnished to Director by the Company, whether delivered to Director by the Company or made
by Director in the performance of Director Services under this Agreement (the “Company Property”) are
the sole and exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company
Property to the Company at any time upon the Company’s request. Upon termination of this Agreement by either party for any
reason, Director agrees to promptly deliver to the Company or destroy, at the Company’s option, the original and any copies
of the Company Property. Director agrees to certify in writing that Director has so returned or destroyed all such the Company
Property.

		IV.	COVENANTS OF DIRECTOR

4.1 No Conflict
of Interest. During the term of this Agreement, Director shall not be employed by, own, manage, control or participate in the
ownership, management, operation or control of any business entity that is competitive with the Company or otherwise undertake
any obligation inconsistent with the terms hereof, provided that Director may own equity of certain business entity engaging in
similar business as that of the Company subject to the prior approval by the Board, and provided further that Director may continue
Director’s current affiliation or other current relationships with the entity or entities described on Exhibit A (all
of which entities are referred to collectively as “Current Affiliations”). For a period of one (I) year after
the Expiration Date, Director shall not be employed by, operate or manage any business entity that is competitive with the Company.
This Agreement is subject to the current terms and agreements governing Director’s relationship with Current Affiliations,
and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of Director’s obligations to
Current Affiliations. Director represents that nothing in this Agreement conflicts with Director’s obligations to Current
Affiliations. A business entity shall be deemed to be “competitive with the Company” for purpose of this Article IV
only if and to the extent it engages in the business substantially similar to the Company’s online video and mobile video
businesses in India.

 

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4.2 Noninterference
with Business. During the term of this Agreement, and for a period of one (I) year after the Expiration Date, Director agrees
not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees not to
solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his or her employment,
contractual or other relationship with the Company.

		V.	TERM AND TERMINATION

5.1 Term.
This Agreement is effective on the Effective Date and will continue for five years and three months from the Effective Date.

 

5.2 Termination.
Either party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party, or such shorter
period as the parties may agree upon.

 

5.3 Survival.
The rights and obligations contained in Articles III and IV will survive any termination or expiration of this Agreement.

		IV.	MISCELLANEOUS

6.1 Assignment.
Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights
or obligations under this Agreement without the prior written consent of the other party.

 

6.2 No Waiver.
The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed
a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

 

6.3 Notices. Any notice required or permitted
by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal
delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission
upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon
verification of receipt. Notice shall be sent to the addresses set forth below or such other address as either party may specify
in writing.

 

 

	To the Company: 	Attn. Oliver Webster 
	 	 
	 	Assistant Company Secretary 
	 	 
	 	Eros International Pic
	 	 
	 	Fort Anne, Douglas, Isle of Man IM1 5PD
	 	 
	 	British Isles
	 	 
	 	 
	To Director: 	7660 Beverly Blvd., Apt. # 401
	 	 
	 	Los Angeles, California 90036-2745
	 	 
	 	United States of America

 

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6.4 Governing
Law. This Agreement shall be governed in all respects by the laws of the United States of America and by the laws of the State
of New York, without regard to conflicts of law principles thereof.

 

6.5 Severability.
Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity
and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

 

6.6 Entire Agreement.
This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or
contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director
Services undertaken by Director for the Company.

 

6.7 Amendments.
This Agreement may only be amended, modified or changed by an agreement signed by the Company and Director. The terms contained
herein may not be altered, supplemented or interpreted by any course of dealing or practices.

 

6.8 Counterparts.
This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

6.9 Dispute Resolution.
Any dispute under or related to this Agreement shall be exclusively resolved by the state and/or federal courts located in the
United States in the State of New York in the City of New York and each party agrees that jurisdiction in such courts is proper.

 

[Signature Page to Follow]

 

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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

 

 

 

EROS INTERNATIONAL PLC

 

 

 

 

DIRECTOR

 

 

 

 

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EXHIBIT A

 

Director’s Current Affiliations

 

 

 

 

 

 

 

 

 

 

    	-6-Exhibit 4.28

 

Eros International Pic

 

 

 

Rules of the Eros International

 

2014 Share Plan

 

Unapproved Option Awards Scheme 2014

 

 

    	 

    	 

    

 

INDEX

 

Rule

 

1.   Interpretation

2.   Eligibility

3.   Grant of Options

4.   Relationship with Contract
of Employment

S.   Non-transferability
of Options

6.   Exercise Price

7.   Performance-Related
Conditions at Exercise

8.   Exercise of Options

9.   Manner of Exercise of
Options

10. Overall limit on the Granting of
Options

11. Individual Limits on the Granting
of Options

12. Demerger, Reconstruction or Winding-up

13. Take-over

14. Variation of Share Capital

15. Alteration of Scheme

16. Service of Documents

17. Taxation

18. Miscellaneous

 

Schedule

 

Option Certificate Form of Acceptance

 

Notice of Exercise of Option

 

    	 

    	 

    

 

1. INTERPRETATION

 

		1.1.	In this Scheme (unless context otherwise requires) the following words and phrases have the meanings given below):

 

	 	“Auditors”	the auditors of the Company for the time being;
	 	 	 
	 	‘Business Day’	a day on which clearing banks in the United States of America are open for business generally;
	 	 	 
	 	‘Committee’	the remuneration Committee of the Company;
	 	 	 
	 	‘Company’	Eros International plc (registered in the Isle of Man and whose registered office is at Fort Anne, Douglas, Isle of Man IM1 5PD);
	 	 	 
	 	‘Control’	has the meaning ascribed to It In section 840 of the Taxes Act;
	 	 	 
	 	‘Date of Grant’	In relation to any Option, the date on which that Option is granted;
	 	 	 
	 	‘Directors’	the board of directors of the Company from time to time or a duly constituted Committee thereof;
	 	 	 
	 	‘Eligible Participants’	any person who Is an employee, consultant or director of any member of the Group;
	 	 	 
	 	‘Exercise Price’	in relation to an Option, the price per Share payable upon the exercise of that Option;
	 	 	 
	 	‘Group’	the Company, any holding company holding company of the Company and each and every company which is for the time being a Subsidiary of the Company or such holding company;

 

 

    	 

    	 

    

 

	 	‘Option’	right to acquire Shares granted in accordance with and subject to the rules of this Scheme;
	 	 	 
	 	‘Optionholder’	person who has been granted an Option or, If that person has died, their Personal Representatives;
	 	 	 
	 	‘Option Tax liability’	in relation to any Optionholder, any liability of the Company or any member of the Group, excluding NIC or similar taxes payable by the Company or any other member of the Group) to account for any amount of income tax, National Insurance Contribution or other tax arising in relation to the grant exercise or otherwise in relation to their Option;
	 	 	 
	 	‘Ordinary Share capital’	issued share capital of the Company from time to time;
	 	 	 
	 	‘Personal Representative’	in relation to an Optionholder, the legal personal representatives of the Optionholder (being either the executors of their will to whom a valid grant of probate has been made or the administrators);
	 	 	 
	 	‘this Scheme’	The Eros International plc 2014 Share Awards Scheme as set out in these rules and amended from time to time;
	 	 	 
	 	‘Shares’	ordinary shares in issue ln the capital of the Company;
	 	 	 
	 	‘Shareholder	person who holds one or more Shares;
	 	 	 
	 	‘Taxes Act’	the relevant taxes act applicable to the Group in respect of this Scheme;
	 	 	 
	 	‘Value’	in relation to a Share on a given day the prevailing mid market value as shall be determined by the Company Secretary;

 

 

    	 

    	 

    

 

		1.2.	References to an Option vesting or being or becoming vested in respect of any number or proportion of the Shares over which
It subsists are to be read as references to the Option becoming capable of being executed either Immediately or, subject to the
Optionholder continuing to hold office or employment within the Group, at some future time.

 

		1.3.	References to Shares in respect of which an Option subsists at any time are to be read and construed as references to the Shares
over which the Option Is then held (and in respect of which It has not then lapsed and ceased to be exercisable)

 

		1.4.	Any references to any enactment shall include any consolidation, modification, extension, amendment or re-enactment and to
any subordinate legislation made under It for the time being In force.

 

		1.5.	Words denoting the masculine gender shall include the feminine.

 

		1.6.	Words denoting the singular shall include the plural and vice versa.

 

		1.7.	References to rules are to the rules of this Scheme.

 

2. ELIGIBILITY

 

		2.1.	Subject to the following provisions of this rule 2, the Committee shall have absolute discretion as to the selection of persons
to whom an Option is granted by the Company.

 

		2.2.	An Option shall not be granted to any person unless he is an Eligible Participant.

 

		2.3.	No Option shall be granted to any Eligible Participant within the period of one year ending on the date on which he is to reach
the age of 65.

 

3. GRANT OF OPTIONS

 

		3.1.	An Option may only be granted:

 

		(a)	at any time within the period of 42 days beginning with the date on which this Scheme is approved by the Committee; and

 

		(b)	within a period of 14 days immediately after the person to whom it is granted first becomes an Eligible Participant.

 

		3.2.	In the event of the Company being restricted by statute, order or regulation from granting an Option in accordance with rule
3.1, an Option may be granted within 42 days of the removal of such restriction.

 

    	 

    	 

    

		3.3.	No Option may be granted after the tenth anniversary of the Scheme being approved.

 

		3.4.	An Option shall be granted by the Company executing as a deed and issuing to the Optionholder an option certificate which contains
an undertaking by the Optionholder (duly executed as a deed) to be bound by the rules of this Scheme and which specifies:-

 

		(a)	the Date of Grant;

 

		(b)	the number of Shares In respect of which the Option Is granted;

 

		(c)	the Exercise Price;

 

		(d)	the earliest date on which the Option may be exercised by reason of rule 8.2;

 

		(e)	that the exercise of the Option Is subject to such performance-related conditions any) as are imposed pursuant to rule 7;

 

		(f)	that the Optionholder agrees to indemnify the Company or other member of the Group, as the case may be, In respect of any Option
Tax Liability and is otherwise in such form as the Committee may from time to time determine.

 

4. CONTRACTUAL RELATIONSHIP

 

		4.1.	The grant of an Option does not form part of the Optionholder’s entitlement to remuneration or benefits pursuant to any
member of the Group nor does any such contract give such person .any right or entitlement to have an Option granted to him in respect
of any number of Shares or any expectation that an Option might be granted to him whether subject to any conditions or at all.

 

		4.2.	The rights and obligations of an Optionholder under the terms of any contract with a member of the Group shall not be affected
by the grant of an Option.

 

		4.3.	The rights granted to an Optionholder upon the grant of an Option shall not afford the Optionholder any rights or additional
rights to compensation or damages in consequence of the loss or termination of his office or employment with a member of the Group.

 

		4.4.	An Optionholder shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by
reason of being or becoming unable to exercise an Option in consequence of the loss or termination of his office or employment
with a member of the Group for any reason (including, without limitation, any breach of contract by an employer) or in any other
circumstances whatsoever.

    	 

    	 

    

5. NON-TRANSFERABILITY OF
OPTIONS

 

		5.1.	During his lifetime only the Individual to whom an Option is granted may exercise that Option.

 

		5.2	An Option shall immediately cease to be exercisable if:

 

		(a)	It is purported to be transferred or assigned (other than to his Personal Representatives upon the death of the Optionholder),
mortgaged, charged or otherwise disposed of by the Optionholder; or

 

		(b)	the Optionholder Is adjudicated bankrupt or a bankruptcy order is made against the Optionholder; or

 

		(c)	the Optionholder is deprived (otherwise than on death) of the legal or beneficial ownership of the Option by operation of law
or by the Optionholder doing or omitting to do anything which causes him to be so deprived.

 

6. EXERCISE PRICE

 

		6.1.	The Exercise Price shall be determined by the Committee but shall not be less than the greater of the Value of a Share on the
Date the Grant was approved or the nominal value of a Share.

 

7. PERFORMANCE-RELATED CONDITIONS
OF EXERCISE

 

		7.1.	Subject to rule 7.4, the exercise of an Option may be conditional upon the performance of the Company and/or the performance
of another member of the Group over such period and measured against such objective criterion as shall be determined by the Committee
and notified to the Optionholder when the Option is granted.

 

		7.2.	Any such condition may provide that the Option shall become vested in respect of a given number or proportion of the Shares
over which it subsists according to whether, and the extent to which, any given performance target is met or exceeded.

 

		7.3.	After an Option has been granted the Committee may, in appropriate circumstances, amend any such performance-related condition
of exercise of an Option provided that no such amendment shall be made unless such amendment will afford a more effective incentive
to the Optionholder and will be no more difficult to satisfy than were the original conditions when first set.

 

    	 

    	 

    

 

		7.4.	If, in consequence of a performance-related condition being met, an Option becomes vested in respect of some but not all of
the number of Shares over which It subsists, it shall thereupon lapse and cease to be exercisable in respect of the balance of
the Shares over which it was held.

 

		7.5.	Until further notification by the Committee, no performance criteria shall apply to Options granted pursuant to this Scheme.

 

8. EXERCISE OF OPTIONS

 

		8.1.	An Option may not in any event be exercised later than 30 June 2021.

 

		8.2.	An Option shall not be exercised earlier than such period as may be specified by the Committee at the relevant Date of Grant,
save as provided in rules 8.3, 8.4, 8.5, 12 and 13.

 

		8.3.	If an Optionholder dies in service an Option granted to him may be exercised by his Personal Representatives within the period
of 12 months beginning with the date of his death, and if not then exercised shall lapse and cease to be exercisable at the end
of that period.

 

		8.4.	If an Optionholder dies after ceasing to hold office or employment within the Group an Option granted to him which has not
already lapsed may, within the period of 12 months beginning with the date of death, be exercised by his Personal Representatives,
and if not then exercised shall lapse and cease to be exercisable at the end of that period of 12 months.

 

		8.5.	If an Optionholder ceases to hold office or employment within the Group by reason of:

 

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

 

		(b)	dismissal by reason of redundancy; or

 

		(c)	retirement on reaching 65 years or any other earlier age at which he is bound to retire in accordance with the terms, his contractor
of employment; or

 

 

    	 

    	 

    

		(d)	the company with which he holds office or employment by virtue of which he is eligible to participate in this Scheme ceasing
to be an Associated Company or a member of the Group; or

 

		(e)	the fact that the office or employment by virtue of which he is eligible to participate in this Scheme relates to a business
or part of a business which is transferred to a company which is not a member of the Group; then, subject to rule 8.4,an Option
granted to him may only be exercised within the period of 12 months beginning with the date on which the Optionholder so ceases
and if not then exercised shall lapse and cease to be exercisable at the end of that period of 12 months.

 

		8.6.	If an Optionholder:

 

		(a)	gives or receives notice to terminate the office or employment by virtue of which he was granted an Option; or

 

		(b)	ceases to hold office or employment with any member of the Group for any reason other than those set out In rules 8.3 and 85
then an Option granted to him shall lapse and cease when he ceases to hold such office or employment.

 

		8.7.	For the purposes of this rule 8 an Optionholder shall not be treated as having ceased to hold office or employment within the
Group unless and until he no longer holds any office or employment with any member of the Group.

 

9. MANNER OF EXERCISE OF
OPTIONS

 

		9.1.	An Option shall be exercised only by the Optionholder serving a written notice upon the Company which:

 

		(a)	specifies the number of Shares in respect of which that Option is exercised with the minimum being 25% of the Options Granted
;

 

		(b)	Is accompanied by payment of an amount equal to the product of the number of Shares specified In the notice and the Exercise
Price; and

 

		(c)	unless the Committee otherwise permit, is accompanied by the Option Certificate in respect of that Option and is otherwise
in such form as the Committee may from time to time determine. The notice of exercise shall be treated as served on the Company
on the date upon which it is received by the Company.

 

    	 

    	 

    

		9.2.	Within the period of 30 days beginning with the date on which the requirements of rule 9,1 are satisfied, the Company shall
allot to the Optionholder (or such other person as the Optionholder may direct) the Shares specified in the notice.

 

		9.3.	As soon as reasonably practicable after the allotment or transfer of any Shares pursuant to rule 9.2, the Company shall issue
to the Optionholder (or other person as directed by the Optionholder) a definitive share certificate or such acknowledgement of
shareholding as is prescribed from time to time in respect of the Shares so allotted or transferred.

 

		9.4.	The allotment or transfer of any Shares under this Scheme shall be subject to the Memorandum and Articles of Association of
the Company and to any necessary consents of any governmental or other authorities under any enactments or regulations from time
to time in force and it shall be the responsibility of the Optionholder to comply with any requirements to be fulfilled In order
to obtain or obviate the necessity of any such consent.

 

		9.5.	All Shares allotted or transferred under this Scheme shall rank equally In all respects with the Shares for the time being
in issue save as regards any rights attaching to such Shares by reference to a record date prior to the date of such allotment
or transfer.

 

10. OVERALL LIMIT ON THE
GRANTING OF OPTIONS

 

		10.1.	The aggregate number of Shares in respect of which Options may be granted (both exercised and those which remain exercisable
and have not lapsed), but excluding those have lapsed and cancelled, taken together with options already granted under this Scheme,
or any other share option or share incentive scheme adopted by the Company within the preceding ten years shall not exceed 10%
of the Ordinary Share Capital as at the Date of Grant.

 

11. INDIVIDUAL UMITS ON
THE GRANTING OF OPTIONS

 

    	 

    	 

    

 

		11.1.	No Option shall be granted to any Eligible Participant If or Insofar as It would cause the aggregate market value of Shares
over which options granted in any 12 month period to that Eligible Participant, whether under the Scheme, or any other share option
or share incentive scheme adopted by the Company to exceed an amount that Is greater than 10 times the amount of the emoluments
(which, without limitation, excludes pension benefits and benefits in kind but Includes bonus entitlement) expressed as an annual
rate then payable to the Eligible Participant by the Group. For the purposes of this rule, the market value of a share In respect
of which rights to subscribe for shares have been or are to be granted shall be taken as the price payable upon the exercise of
such rights.

 

12. DEMERGER, RECONSTRUCTION
OR WINDING-UP

 

		12.1.	Subject to rule 8.1,In the event that notice is given to shareholders of the Company of a proposed demerger of the Company
the Committee may give notice to Optionholders that Options may then be exercised in respect of all the Shares over which they
subsist (subject to any performance-related condition or other objective criterion attaching to Options being satisfied) within
such period (not exceeding 30 days) as the Committee may specify in such notice to Optionholders, save that no such notice to Optionholders
shall be given unless the Auditors have confirmed In writing to the Committee that the Interests of Optionholders would or might
be substantially prejudiced if before the proposed demerger has effect Optionholders could not exercise their Options and be registered
as the holders of the Shares thereupon acquired.

 

		12.2.	Subject to rule 8.1,if the court sanctions a compromise or arrangement proposed for the purposes of or In connection with a
scheme for the reconstruction of the Company or its amalgamation the Optionholder shall be entitled to exercise his Option during
the period of 6 months commencing on the date on which the court sanctions the compromise or arrangement (subject to any performance-related
condition or other objective criterion attaching to Options being satisfied) and thereafter the Option shall lapse and cease to
be exercisable.

 

		12.3.	In the event of notice being given to holders of Shares of a resolution for the voluntary winding-up of the Company, an Option
may, subject to rule 8.1, be exercised at any time before the commencement of the winding-up (subject to any performance-related
condition or other objective criterion attaching to Options being satisfied) and thereafter the Option shall lapse and cease to
be exercisable.

 

		12.4.	All Options shall immediately lapse and cease to be exercisable upon the commencement of a winding-up of the Company.

    	 

    	 

    

13. TAKE-OVER

 

		13.1.	Subject to rule 8.1, if, as a result of either:

 

		(a)	a general offer to acquire the whole of the Ordinary Share Capital which Is made on a condition such that if it Is satisfied
the person making the offer will have Control of the Company; or

 

		(b)	a general offer to acquire all the shares In the Company of the same class as the Shares

 

the Company shall come under the Control of another
person or persons, the Optionholder shall (subject to any performance-related condition or other objective criterion attaching
to Options being satisfied) be entitled to exercise his Option within the period of 6 months of the date when the person making
the offer has obtained Control of the Company and any condition subject to which the offer is made has been satisfied or waived
and to the extent that the Option is not then exercised it shall upon the expiration of that period lapse and ceased to be exercisable.

 

		13.2.	Subject to rule 8.1, if at any time before an Option has lapsed any person becomes entitled or bound to acquire shares in the
Company under sections 428 to 430F (inclusive) of the Companies Act 1985 (or similar provisions applicable to the Company) the
Optionholder shall (subject to any performance-related condition or other objective criterion attaching to Options being satisfied)
be entitled to exercise his Option at any time when that person remains so entitled or bound and to the extent that the Option
is not then exercised it shall upon the expiration of that period lapse and cease to be exercisable.

 

		13.3.	For the purposes of this rule 13, a person shall be deemed to have Control of a company if he and others acting in concert
with him have together obtained Control of it.

 

14. VARIATION OF SHARE CAPITAL

 

		14.1.	In the event of any alteration of the Ordinary Share capital by way of capitalisation or rights issue, or sub-division, consolidation
or reduction or any other variation in the share capital of the Company, the Committee will make such adjustment:

 

		(a)	to the aggregate number or amount of Shares subject to any Option, and/or

 

		(b)	to the Exercise Price payable for each Share under any such Option, and/or

 

    	 

    	 

    

 

		(c)	where an Option to subscribe for Shares has been exercised but no Shares have been allotted in accordance with rule 9.2,to
the number of Shares which may be so allotted and the Exercise Price payable for each Such Share.

 

PROVIDED THAT

 

		(i)	except in the case of a capitalisation issue, any such adjustment is confirmed in writing by the Auditors to be in their opinion
fair and reasonable; and

 

		(II)	except insofar as the Committee (on behalf of the Company) agrees to capitalise the Company’s reserves and apply the
same at the time of exercise of the Option in paying up the difference between the Exercise Price and the nominal value of the
Shares, the Exercise Price in relation to any Option to subscribe for shares Is not reduced below the nominal value of a Share.

 

		14.2.	As soon as reasonably practicable after any such adjustment has effect in relation to any Option the Company shall give notice
in writing to the Optionholder.

 

15. ALTERATION OF SCHEME

 

		15.1.	The Committee may at any time alter or add to any of the provisions of this Scheme in any respect PROVIDED THAT:

 

		(a)	no such alteration or addition shall detrimentally affect Optionholders with regard to their subsisting Options except with
the consent of Optionholders who, assuming they exercise their Options in full, would become entitled to not less than three quarters
of the nominal number of Shares the subject of such Options; and

 

		(b)	the Committee must obtain approval of the shareholders of the Company in general meeting where a variation seeks to extend
the class of persons eligible for the grant of Options, or alter to the advantage of Optionholders rules relating to the grant
of Options, Scheme limits, the adjustment of Options, and the subscription price, save for minor amendments to benefit the administration
of the Scheme to comply or take account of any proposed or existing legislation or to obtain or maintain favourable tax, exchange
control or regulatory treatment for Optionholders.

 

    	 

    	 

    

		15.2.	As soon as reasonably practicable after making any alteration or addition under this rule 15,the Committee shall give notice
in writing thereof to any Optionholder affected.

 

16. SERVICE OF DOCUMENTS

 

		16.1.	Except as otherwise provided in this Scheme, any notice or document to be given by, or on behalf of, the Company to any person
in accordance or in connection with this Scheme shall be duly given:

 

		(a)	if he is a director or employee of any member of the Group by delivering it to him at his place of work; or

 

		(b)	by sending it through the post In a pre-paid envelope to the address last known to the Company to be his address and, if so
sent, it shall be deemed to have been duly given on the date of posting; or

 

		(c)	if he holds office or employment with any member of the Group, by sending a facsimile transmission or any other electronic
communication to a current facsimile or electronic communication number addressed to him at his place of work or his address last
known to the Company and if so sent it shall be deemed to have been duly given at the time of transmission.

 

		16.2.	Any notice or document so sent to an Eligible Participant and/or Optionholder shall be deemed to have been duly given notwithstanding
that such person is then deceased (and whether or not the Company has notice of his death) except where his Personal Representatives
have established their title to the satisfaction of the Company and supplied to the Company an address to which documents are to
be sent.

 

		16.3.	Any notice in writing or document to be submitted or given to any of the Directors or the Company in accordance or in connection
with this Scheme may be delivered, sent by post, or facsimile transmission but shall not In any event be duly given unless It Is
actually received by the secretary of the Company or such other individual as may from time to time be nominated by the Committee
and whose name and address is notified to Optionholders.

 

17. TAXATION

 

		17.1.	If an Option Tax liability arises in respect of an Option the Company shall be entitled to the extent permitted by law to deduct
such amount(s) from any payment due to be made by the Company or any Associated Company to or in respect of the Optionholder in
respect of that Option during the same calendar month or other relevant period in which the event occurs or In any subsequent calendar
month or such relevant period in order to satisfy and discharge the Option Tax Liability whether or not such payment is of an income
or capital nature.

 

    	 

    	 

    

 

		17.2.	If and to the extent that the Option Tax Liability referred to in rule 17.1 is of income tax which exceeds the amount from
which deductions in respect thereof can be made in any one period referred to in rule 17.1in respect of the Optionholder concerned,
that Optionholder shall pay or reimburse the Company for the amount of the excess on demand or within such period as may be specified
in any written notice given by the Company.

 

		17.3.	Where an Option Tax Liability arises in respect of the exercise of an Option the Committee may, without prejudice to the Company’s
rights under rule 17.1, by written notice to the Optionholder concerned nominate as his bare trustee any person (“the Bare
Trustee”) to sell such number of shares Issued upon the exercise of the Option as may be required In order to discharge the
Option Tax Liability and any other liability (including costs) connected with the said sale and the Bare Trustee shall pay an amount
equal to the Option Tax Liability to the Company and otherwise discharge any other said liability to the extent that the net proceeds
from the said sale permit.

 

18. MISCELLANEOUS

 

		18.1.	The Company shall at all times keep available sufficient authorised but unissued Shares to satisfy the exercise in full of
all Options to subscribe for Shares for the time being remaining capable of being exercised under this Scheme.

 

		18.2.	The Committee may from time to time make and vary such rules and regulations not Inconsistent herewith and establish such procedures
for the administration and implementation of this Scheme as they think fit and in the event of any dispute or disagreement as to
the Interpretation of this Scheme or of any such rules, regulations or procedures or as to any question or right arising from or
related to this Scheme, the decision of the Committee shall (except as regards any matter required to be determined by the Auditors
hereunder) be final and binding upon all persons.

 

		18.3.	In any matter in which they are required to act hereunder, the Auditors shall be deemed to be acting as experts and not as
arbitrators.

 

		18.4.	The costs of the administration and implementation of this Scheme shall be borne by the Company.

 

    	 

    	 

    

 

		18.5.	Optionholders shall not by reason of the Option be entitled to receive copies of any documents sent to holders of Shares nor
have any right to attend general meetings of the Company.

 

		18.6.	Any exercise or Issue of shares by the Company will be subject to any regulations or requirements of the Securities and Exchange
Commission and/or the NVSE or any similar body.

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