Document:

EXHIBIT 4.5

                                ALLIED DOMECQ PLC

                         RULES OF THE ALLIED DOMECQ PLC

                       EXECUTIVE SHARE OPTION SCHEME 1999

                    Directors Adoption:      25 October 1999
                    Last amended:            [28] October 2002
                    Expiry Date:             25 October 2009

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        RULES OF THE ALLIED DOMECQ PLC EXECUTIVE SHARE OPTION SCHEME 1999

1    Meanings Of Words Used

     In these Rules:

     "ADS" means an American depository share representing ordinary shares of
     the Company;

     "Business Day" means a day on which the London Stock Exchange or as the
     context requires the NYSE is open for the transaction of business;

     "Company" means Allied Domecq PLC;

     "Control" has the meaning given to it by Section 840 of the Taxes Act;

     "Date of Grant" means the date on which the Directors resolve to grant an
     Option;

     "Directors" means the board of directors of the Company or a duly
     authorised committee of it;

     "Eligible Employee" means any person who:

     (i)    either is an employee of a Participating Company, or is a director
            of a Participating Company who devotes substantially the whole of
            his working time to his duties and is required, under the terms of
            his employment with a Participating Company, to devote not less than
            25 hours a week excluding meal breaks to his duties; and

     (ii)   at the Date of Grant is not within 2 years of his normal retirement
            date;

     "the London Stock Exchange" means The London Stock Exchange plc;

     "Member of the Group" means:

     (i)    the Company; and

     (ii)   its Subsidiaries from time to time; and

     (iii)  any other company which is associated with the Company and is
            designated by the Directors as a Member of the Group;

     "NYSE" means the New York Stock Exchange;

     "Option" means a right to acquire Shares granted under the Scheme;

     "Optionholder" means a person holding an Option or his personal
     representatives;

     "Option Period" means a period starting on the Date of Grant of an Option
     and ending at the end of the day before the 10th anniversary of the Date of
     Grant or such shorter period as may be specified on the Date of Grant;

     "Option Price" means the amount payable for each Share on the exercise of
     an Option calculated as described in Rule 3;

     "Participating Companies" means the Company and any subsidiary, and any
     other company which is designated by the Directors as a Participating
     Company;

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     "Performance Condition" means a condition or conditions imposed under Rule
     2.3;

     "Rules" means these rules as changed from time to time;

     "Scheme" means this scheme known as "The Allied Domecq PLC Executive Share
     Option Scheme 1999";

     "Shares" means fully paid ordinary shares or securities representing
     ordinary shares in the capital of the Company or, as the context may
     require, ADSs;

     "Subsidiary" means a company which is a subsidiary of the Company within
     the meaning given to it by Section 736 of the Companies Act 1985;

     "Taxes Act" means the Income and Corporation Taxes Act 1988.

2    Grant Of Options

2.1  Selection:

     The Directors may grant to any Eligible Employee an Option to acquire such
     number of Shares as they may determine.

2.2  Time when Options may be granted:

     Options may only be granted within 42 days starting on any of the
     following:

     2.2.1  the day after the announcement of the Company's results to the
            London Stock Exchange for any period;

     2.2.2  any day on which the Directors resolve that exceptional
            circumstances exist which justify the grant of Options;

     2.2.3  any day on which changes to the legislation or regulations affecting
            share option schemes approved by the Inland Revenue under the Taxes
            Act (apart from savings related share option schemes) are announced,
            effected or made;

     2.2.4  the day on which any Shares are first admitted to the London Stock
            Exchange Daily Official List.

     The Directors may only grant Options between the adoption of the Scheme and
     the 10th anniversary of that date and may not grant Options at any time
     which would cause the Option Price to be calculated by reference to any
     days on or before the announcement of results.

     If the Directors cannot grant any Options due to restrictions imposed by
     statute, order, regulation or government directive, or by any code adopted
     by the Company based on the London Stock Exchange's model code for
     securities transactions by directors of listed companies, the Directors may
     grant Options within 42 days after the lifting of such restrictions.

2.3  Conditions on exercise:

     When granting an Option, the Directors may make its exercise conditional on
     the satisfaction of a Performance Condition, which must be objective, and
     specified at the Date of Grant.

     The Directors may waive or change the Performance Condition if events
     happen which cause the Directors reasonably to consider that a changed
     Performance Condition would

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     be a fairer measure of performance, and would be no more difficult to
     satisfy, or that the Performance Condition should be waived.

2.4  Option Certificates:

     Each Optionholder will receive an option certificate, executed as a deed,
     or such other document as the Directors may consider appropriate, on or as
     soon as practicable after the Date of Grant.

2.5  No Payment:

     Optionholders are not required to pay for the grant of any Option.

2.6  Disclaimer of Option:

     Any Optionholder may disclaim all or part of his Option by notice in
     writing to the Secretary of the Company, within 60 days after the Date of
     Grant. If this happens the Option will be deemed never to have been granted
     under the Scheme. No consideration is payable for the disclaimer.

2.7  Disposal restrictions:

     Except for the transmission of an Option on the death of an Optionholder to
     his personal representatives, neither an Option nor any rights in respect
     of it may be transferred, assigned or otherwise disposed of by an
     Optionholder to any other person.

2.8  Administrative errors:

     If the Directors try to grant an Option which is inconsistent with Rules 4
     (individual limits) or 5 (scheme limits), the Option will be limited and
     will take effect from the Date of Grant on a basis consistent with Rules 4
     and 5.

2.9  Options over ADSs

     The Directors may determine, in their absolute discretion, to grant Options
     in the form of an Option to acquire ADSs and references in these Rules to
     Share, Option, Option Price etc. shall be construed accordingly. Upon the
     exercise of any Option to acquire ADSs the Company will:

     2.9.1  deliver or cause to be delivered to the ADS depository the requisite
            number of Shares representing the relevant ADSs and shall instruct
            the depository to issue the corresponding American depository
            receipts evidencing such ADSs to the exercising Optionholder; or

     2.9.2  make other arrangements for the Optionholder to acquire ADSs.

3    Option Price

3.1  Setting the Price:

     The Directors will set the Option Price on the Date of Grant. The Option
     Price, which may be expressed in sterling or in US dollars, will be:

     3.1.1  not less than the Market Value of a Share on the Date of Grant; and

     3.1.2  if the Shares are to be subscribed, not less than the nominal value
            of a Share.

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3.2  Market value:

     "Market Value" on any particular day means:

     3.2.1  where Shares of the same class are not admitted to the Official List
            of the London Stock Exchange, the market value of a share calculated
            as described in Part VIII of the Taxation of Chargeable Gains Act
            1992;

     3.2.2  where Shares of the same class are so listed the middle market
            quotation (as derived from the Daily Official List of the London
            Stock Exchange) on the immediately preceding Business Day, or on the
            three immediately preceding Business Days, as the Directors may
            determine; and

     3.2.3  where the Option Price to acquire ADSs is expressed in US dollars,
            (i) the average of the reported highest and lowest trading prices of
            an ADS as derived from the NYSE on the immediately preceding
            Business Day, (ii) if ADSs are not then listed on a national stock
            exchange but are then traded on an over-the-counter market, the
            average of the closing bid and asked prices for the ADSs in such
            market, as determined by the Directors, or (iii) if ADSs are not
            then listed on a national stock exchange or traded on an
            over-the-counter market, such value as the Directors in their
            discretion may in good faith determine represents the market value
            of an ADS; provided that, where the ADSs are so listed or traded,
            the Directors may make such discretionary determinations where the
            ADSs have not been traded for 10 trading days.

4    Individual Limits

     The Directors shall consider any limits on the grant of Options to Eligible
     Employees having regard to the performance of the Eligible Employee and
     prevailing market practice.

5    Scheme Limits

5.1  10 per cent. in 10 years limit:

     The number of Shares which may be allocated under the Scheme on any day
     will not exceed 10 per cent. of the ordinary share capital of the Company
     in issue immediately before that day, when added to the total number of
     Shares which have been allocated in the previous 10 years under the Scheme
     and any other employee share scheme operated by the Company.

5.2  5 per cent. in 10 years limit:

     The number of Shares which may be allocated under the Scheme on any day
     will not exceed 5 per cent. of the ordinary share capital of the Company in
     issue immediately before that day when added to the total number of Shares
     which have been allocated in the previous 10 years under the Scheme and any
     other executive share scheme adopted by the Company.

5.3  Rationing Limit (3% in 3 years)

     Unless the limits set out in Rule 5.4 are and have always been followed,
     the number of Shares which may be allocated under the Scheme on any day
     will not exceed 3 per cent. of the ordinary share capital of the Company in
     issue immediately before that day when added to the total number of Shares
     which have been allocated in the previous 3 years under the Scheme and any
     other employees' share scheme adopted by the Company.

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5.4  Alternative Rationing Limit (5% in 5 years and 3% in 3 years for executive
     schemes):

     The limits referred to in Rule 5.3 are as follows:

     5.4.1  The number of Shares which may be allocated under the Scheme on any
            day will not exceed 5 per cent. of the ordinary share capital of the
            Company in issue immediately before that day, when added to the
            total number of Shares which have been allocated in the previous 5
            years under the Scheme and any other employees' share scheme adopted
            by the Company;

     5.4.2  The number of Shares which may be allocated under the Scheme on any
            day will not exceed 3 per cent. of the ordinary share capital of the
            Company in issue immediately before that day, when added to the
            total number of Shares allocated during the previous 3 years under
            the Scheme and any other discretionary share scheme adopted by the
            Company.

5.5  Exclusions:

     Where the right to acquire Shares is released or lapses without being
     exercised, the Shares concerned will be ignored when calculating the limits
     in this Rule.

5.6  Meaning of Allocate:

     "Allocate" means, in relation to any share option scheme, placing unissued
     Shares under option and, in relation to other types of employee share
     scheme, the issue and allotment of Shares.

6    Variations In Share Capital

6.1  Adjustment of Options:

     If there is a variation in the equity share capital of the Company,
     including a capitalisation or rights issue, sub-division, consolidation or
     reduction of share capital, or if there is a demerger or other transaction
     which may affect Options (directly or indirectly) the Directors may adjust
     the following in any way (including retrospective adjustments):

     6.1.1 the number or nominal amount of Shares comprised in each Option; and

     6.1.2 the Option Price.

6.2  Nominal Value:

     6.2.1  The Option Price of an Option to acquire Shares other than by
            subscription may be adjusted to a price less than nominal value.

     6.2.2  The Option Price of an Option to subscribe for Shares may only be
            adjusted to a price less than nominal value, if the Directors
            resolve to capitalise the reserves of the Company in an amount equal
            to the difference between the adjusted Option Price payable for the
            Shares to be issued on exercise, and the nominal value of such
            Shares on the date of allotment.

7    Exercise And Lapse - General Rules

7.1  Exercise:

     Except where exercise is allowed as described in Rule 8, an Option can only
     be exercised:

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     7.1.1  on or after the third anniversary of its Date of Grant or such other
            date as may be specified on the Date of Grant;

     7.1.2  if the Performance Condition is satisfied or waived; and

     7.1.3  so long as the Optionholder is a director or employee of a Member of
            the Group.

7.2  Lapse:

     An Option will lapse on the earliest of:

     7.2.1  the date the Optionholder ceases to be a director or employee of a
            Member of the Group, unless any of the provisions in Rule 8 or 9
            apply;

     7.2.2  any date specified in the Performance Condition; or

     7.2.3  if Rule 9 applies, on the expiry of the relevant period under Rule
            9.3; or

     7.2.4  the expiry of the Option Period.

7.3  Termination of employment:

     For the purposes of Rule 7.2.1 above:

     7.3.1  a woman who leaves employment due to pregnancy will be regarded as
            having left employment on the date on which she indicates that she
            does not intend to return to work. If there is no such indication
            she will be regarded as having left employment on the last day on
            which she is entitled to return to work under the Employment Rights
            Act 1996 or, if later, any other date specified in her terms of
            employment;

     7.3.2  an Optionholder will not be treated as ceasing to be a director or
            employee of a Member of the Group if on that date he is employed by
            another Member of the Group.

8    Exercise And Lapse - Exceptions to the General Rules

8.1  Cessation of Employment:

     8.1.1  If an Optionholder ceases to be a director or an employee of any
            Member of the Group for any of the reasons set out below, he may
            exercise his Options within 42 months after the Date of Grant, or if
            later, within 6 months of the date of cessation, irrespective of the
            satisfaction of any Performance Condition. The reasons are:

          (i)   ill-health, injury, disability, retirement (whether at normal
                retirement age or earlier) or redundancy (within the meaning of
                the Employment Rights Act 1996);

          (ii)  the Optionholder's employing company ceasing to be under the
                Control of the Company; or

          (iii) a transfer of the undertaking or the part of the undertaking in
                which the Optionholder works to a person who is neither under
                the Control of the Company nor a Member of the Group.

     8.1.2  If an Optionholder ceases to be a director or employee of any Member
            of the Group for reasons involving misconduct or poor performance
            all his Options will

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            lapse on such cessation. The decision of the Directors on this
            matter will be conclusive.

     8.1.3  To the extent that any Option exercisable under this Rule 8.1 is not
            exercised within the period specified, it will lapse at the end of
            the period.

8.2  Death:

     If an Optionholder dies, his Options may be exercised by his personal
     representatives within one year of his death. To the extent that any Option
     exercisable under this Rule 8.2 is not so exercised, it will lapse at the
     end of the one year period.

8.3  Takeovers:

     If a person (or a group of persons acting in concert) obtains Control of
     the Company as a result of making an offer to acquire shares which is
     either unconditional or is made on a condition such that if it is satisfied
     the person making the offer will have Control of the Company, Options may
     be exercised, irrespective of the satisfaction of any Performance
     Condition, within the 6 month period after the person making the offer has
     obtained Control of the Company and any condition subject to which the
     offer is made has been satisfied.

     The Options will lapse at the end of the 6 month period, unless the
     Directors give notice to the Optionholders before the end of the 6 month
     period that the Options will not lapse.

     If someone becomes bound or entitled to acquire Shares under Sections 428
     to 430F of the Companies Act 1985, Options may be exercised, irrespective
     of the satisfaction of any Performance Condition, at any time when that
     person remains so bound or entitled. Options not exercised within that
     period will lapse at the end of the relevant period referred to in Rule
     9.3, unless the Directors give notice to the Optionholders before the
     expiry of the relevant period that the Options will not lapse.

8.4  Company Reconstructions:

     If under Section 425 of the Companies Act 1985 a 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
     with any other company or companies, any Option may be exercised within six
     months of the Court sanctioning the compromise or arrangement, irrespective
     of the satisfaction of any Performance Condition.

8.5  Demergers and other significant distributions:

     If the Directors become aware that the Company is or is expected to be
     affected by any demerger, dividend in specie, super dividend or other
     transaction which, in the opinion of the Directors, would affect the
     current or future value of any Option, the Directors may, acting fairly,
     reasonably and objectively, in their discretion, allow some or all Options
     to be exercised. The Directors will specify the period of exercise of such
     Options and whether the Options will lapse at the end of the period. In
     exercising their discretion, the Directors may take into account
     considerations relating to the Company and other Members of the Group, and
     other employees and Optionholders.

8.6  Winding-Up:

     8.6.1 If notice is duly given to Members of a resolution for the voluntary
           winding-up of the Company, Options may be exercised irrespective of
           the satisfaction of any Performance Condition, subject to the passing
           of the resolution, at any time until the start of the winding-up
           within the meaning of the Insolvency Act 1986. All

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          Options will lapse on a winding-up of the Company unless exercised
          before the winding-up starts.

     8.6.2  If the Company is wound-up by the court, Options may be exercised,
            irrespective of the satisfaction of any Performance Condition,
            within 2 months after the date of the winding-up order. However, the
            liquidator or the court (if appropriate) must authorise the issue of
            Shares after such exercise, and the Optionholder must apply for this
            authority and pay the application costs. Any Options not exercised
            during the 2 month period will lapse at the end of the period.

8.7  Administration:

     If an administration order is made in relation to the Company,
     Optionholders may exercise their Options, irrespective of the satisfaction
     of any Performance Condition, within 6 weeks after the date of the
     administration order. However, the administrator or the court must
     authorise the issue of Shares after such exercise.

8.8  Voluntary Arrangement:

     If a voluntary arrangement is proposed in relation to the Company under
     Part I of the Insolvency Act 1986, Optionholders may exercise their
     Options, irrespective of the satisfaction of any Performance Condition,
     within 14 days after the date of sending of any notices of meeting called
     under Section 3 of the Insolvency Act 1986 in relation to such proposal.

8.9  Loss of ownership:

     Where the Optionholder is deprived of the legal or beneficial ownership of
     the Option by operation of law, or does anything or omits to do anything
     which causes him to be so deprived or becomes bankrupt, all his Options
     will lapse.

8.10 Priority:

     If there is any conflict between any of the provisions of Rules 7 and 8,
     the provision which results in the shortest exercise period or the earliest
     lapse of the Option, or both, will prevail.

9    Exchange Of Options

9.1  Application:

     This Rule applies if a company (the "Acquiring Company"):

     9.1.1  obtains Control of the Company as a result of making a general offer
            to acquire:

          (i)  the whole of the issued ordinary share capital of the Company
               (other than that which is already owned by it and its subsidiary
               or holding company) made on a condition such that, if satisfied,
               the Acquiring Company will have Control of the Company; or

          (ii) all the Shares (or those Shares not already owned by the
               Acquiring Company or its subsidiary or holding company); or

     9.1.2  obtains Control of the Company under a compromise or arrangement
            sanctioned by the court under Section 425 of the Companies Act 1985;
            or

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     9.1.3  becomes bound or entitled to acquire Shares under Sections 428 to
            430F of the Companies Act 1985.

9.2  Exchange:

     If any of the events described in Rule 9.1 happens, the Acquiring Company
     may, during the relevant period referred to in Rule 9.3, offer to grant an
     Optionholder a new option in consideration of the release of his Option.
     The new option must be equivalent to the released option.

9.3  Period for Substitution:

     The period referred to in Rule 9.2 is:

     9.3.1  in a case falling within Rule 9.1.1, 6 months starting with the time
            when the Acquiring Company obtains Control of the Company and any
            condition subject to which the offer is made is satisfied or waived;

     9.3.2  in a case falling within Rule 9.1.2, 6 months starting with the time
            when the court sanctions the compromise or arrangement; and

     9.3.3  in a case falling within Rule 9.1.3, the period during which the
            Acquiring Company remains so bound or entitled.

     If more than one period is relevant, the period ending on the earliest date
     applies.

9.4  Consequences of Exchange:

     Where an Optionholder is granted a new option for release of his old Option
     as described in this Rule 9, then:

     9.4.1  the new option will be treated as having been acquired at the same
            time as the old Option and be exercisable in the same manner and at
            the same time as the old Option;

     9.4.2  the new option will be subject to the provisions of the Scheme as it
            had effect in relation to the old Option immediately before the
            release but Rule 12.2 will not apply. In addition, other changes may
            be made;

     9.4.3  any Performance Condition will not apply, unless the terms of the
            Performance Condition say otherwise; and

     9.4.4  with effect from the release and grant:

          (i)  Rules 1, 3 and 6 to 11 (inclusive) will be construed, in relation
               to the new option as if references to Shares were references to
               shares for which the new option is granted; and

          (ii) Rules 6, 8.3 to 8.10 and 9 to 11 (inclusive) will be construed,
               in relation to the new option as if references to the Company
               were references to the Acquiring Company.

10   Exercise Of Options

10.1 Manner of Exercise:

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         Options must be exercised by notice in writing delivered to the
         Company, in such form as the Company may from time to time prescribe.
         The Optionholder must also provide payment of the Option Price for the
         number of Shares being acquired.

10.2 Option Exercise Date:

     10.2.1 Subject to Rule 10.2.2 the Option Exercise Date will be the later
            of:-

          (i)  the date of receipt by the Company of the notice referred to in
               Rule 10.1; and

          (ii) the date on which the Directors decide that the Performance
               Condition has been satisfied, or decide to waive the Performance
               Condition.

     10.2.2 If any statute, regulation or code adopted by the Company (based on
            the London Stock Exchange's Model Code for security transactions by
            directors of listed companies), prohibits the exercise of Options,
            or the Company Secretary reasonably believes it so prohibits, the
            date of exercise will be either the date described in Rule 10.2.1,
            or, if later, the date when the Optionholder is permitted or the
            Company Secretary believes the Optionholder is permitted to exercise
            an Option. However, this Rule does not extend any period in which an
            Option is exercisable.

10.3 Part Exercise:

     An Option may be exercised in respect of all the Shares under the Option or
     some only of the Shares. However, Options may be exercised only in
     multiples of 500 Shares, or as the case may be, 125 ADSs, except where an
     Option is exercised over the maximum number of Shares permissible at the
     time.

10.4 Alternative Exercise:

     The Directors may in their discretion determine that an Optionholder who
     exercises his Option shall not receive Shares, and shall not pay the Option
     Price, but shall instead receive either a cash amount equal to the amount
     by which the Market Value of the Shares in respect of which the Option is
     exercised exceeds the Option Price payable in respect of those Shares, or
     Shares to the value of that cash amount, subject in both cases to rule
     11.9.

     If an Optionholder so requests, the Directors may determine to satisfy the
     exercise of any Option with the appropriate number of ADSs. Any payment of
     taxes in respect of satisfying an Option in this way will be met by the
     Optionholder.

10.5 Issue or Transfer:

     Subject to Rule 10.7 (consents):

     10.5.1 Shares to be issued following the exercise of an Option will be
            issued within 30 days of the Option Exercise Date.

     10.5.2 The Directors will procure the transfer of Shares to be transferred
            following the exercise of an Option within 30 days of the Option
            Exercise Date.

10.6 Rights:

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     10.6.1 Shares issued on the exercise of an Option will rank equally in all
            respects with the Shares in issue on the date of allotment. They
            will not rank for any rights attaching to Shares by reference to a
            record date preceding the date of allotment.

     10.6.2 Where Shares are to be transferred on the exercise of an Option,
            Optionholders will be entitled to all rights attaching to the Shares
            by reference to a record date on or after the transfer date. They
            will not be entitled to rights before that date.

10.7 Consents:

     All allotments, issues and transfers of Shares will be subject to any
     necessary consents under any relevant enactments or regulations for the
     time being in force in the United Kingdom or elsewhere. The Optionholder
     will be responsible for complying with any requirements to be fulfilled in
     order to obtain or avoid the necessity for any such consent.

10.8 Articles of Association:

     Any Shares acquired on the exercise of Options will be subject to the
     Articles of Association of the Company from time to time in force. (Any
     ADSs acquired upon the exercise of any Option shall, in addition, be
     subject to the terms of the deposit agreement between the Company and the
     depository).

10.9 Listing:

     If and so long as the Shares are listed on the Official List of the London
     Stock Exchange, the Company will apply for listing of any Shares issued
     under the Scheme as soon as practicable after their allotment.

11   General

11.1 Notices:

     The provisions of the Company's Articles of Association for the time being
     on the service of notices on members will apply as far as possible (but
     altered if necessary) to any notice or other communications to be given
     under the Scheme to an Optionholder.

11.2 Documents sent to Shareholders:

     The Company may send to Optionholders copies of any documents or notices
     normally sent to the holders of its Shares (including such notices or
     documents required to be sent to Optionholders resident in the United
     States in accordance with the rules and regulations under the US Securities
     Exchange Act 1934 as amended).

11.3 Availability of Shares:

     The Company will keep available for allotment sufficient unissued Shares
     for all Options under which Shares may be subscribed or will procure that
     sufficient Shares are available for transfer for all Options under which
     Shares may be acquired.

11.4 Directors' decisions final and binding:

     The decision of the Directors on the interpretation of the Rules or in any
     dispute relating to an Option or matter relating to the Scheme will be
     final and conclusive.

11.5 Costs:

     The Company will pay the costs of introducing and administering the Scheme.

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11.6 Regulations:

     The Directors have the power from time to time to make or vary regulations
     for the administration and operation of the Scheme but these must be
     consistent with the Rules.

11.7 Operation of the Scheme

     11.7.1 Whether or not the Scheme is operated is at the discretion of the
            Directors. Nothing in these Scheme rules or the operation of the
            Scheme will form part of the contract of employment or employment
            relationship of an Optionholder, Eligible Employee or any other
            person (together, "Employees"). The rights and obligations of an
            Employee are separate from, and are not affected by, the Scheme.

     11.7.2 No Employee is entitled to participate in, or be considered for
            participation in, the Scheme at all or at a particular level and
            participation in one operation of the Scheme does not imply
            participation, or consideration for participation, in the next or
            any subsequent operation. Operation of the Scheme or participation
            in it shall not create any right to, or expectation of, continued
            employment.

     11.7.3 An Employee has no rights in respect of the operation of the Scheme
            or the exercise of any discretion or the taking of any decision
            which relates to, or affects, the Scheme. Any, and all, discretions
            and decisions whatsoever in respect of, or which affect, the Scheme
            may be exercised or taken in a manner which is detrimental to the
            Employee, even if such exercise or decision could be regarded as
            being capricious or unreasonable or in breach of any implied term
            between the Employee and his employer, including the implied duty of
            trust and confidence. Any such implied term is expressly excluded
            and overridden by this Rule 11.7.

     11.7.4 No Employee will have any right to compensation or damages or any
            other sum or benefit whatsoever in respect of the Scheme, including:

          (i)   in respect of eligibility to participate, or ceasing to be
                eligible to participate, or ceasing to participate in the
                Scheme;

          (ii)  any exercise of a discretion or decision taken in relation to
                the Scheme;

          (iii) any loss or reduction of any rights or expectation under the
                Scheme in any circumstances or for any reason (including lawful
                or unlawful termination of employment or the employment
                relationship);

          (iv)  the operation or amendment of the Scheme (whether to the
                detriment of the Employee or otherwise); and

          (v)   any other decision taken which affects the Scheme or its
                operation (whether to the detriment of the Employee or
                otherwise).

     11.7.5 Participation in the Scheme is permitted only on the basis that any
            rights as might otherwise arise are excluded and, in consideration
            for, and as a condition to, participating in the Scheme, the
            Employee waives all and any such rights.

     11.7.6 Nothing in this Scheme confers any benefit, right or expectation on
            a person who is not an Employee and no such third party will have
            any rights under the Contracts (Rights of Third Parties) Act 1999 to
            enforce any term of this Scheme, but this does not affect any right
            or remedy of a third party which exists or is available other than
            those available under that Act.

                                       12
<PAGE>

     11.7.7 For the avoidance of doubt, this rule will apply throughout any
            Employee's employment and will continue to apply even where an
            Employee has given or received notice to terminate his employment
            (whether such termination is lawful or unlawful) and following the
            termination of his employment (whether such termination is lawful or
            unlawful).

11.8 Employee Trust

     The Company and any Subsidiary may provide money to the trustee of any
     trust or any other person to enable them or him to acquire Shares to be
     held for the purposes of the Scheme, or enter into any guarantee or
     indemnity for those purposes, to the extent permitted by Section 153 of the
     Companies Act 1985.

11.9 Withholding

     The Company, any employing company or the trustees of any employee benefit
     trust may withhold any amount and make any such arrangements as it
     considers necessary to meet any liability to taxation or social security
     contributions in respect of Options granted to an Optionholder. These
     arrangements may include the sale of any Shares on behalf of the
     Optionholder, unless the Optionholder discharges the liability himself.

12   Changing the Scheme and Termination

12.1 Directors' powers

     Except as described in the rest of this Rule 12 the Directors may at any
     time change the Scheme in any way.

12.2 Shareholder approval

     12.2.1 Except as described in Rule 12.2.2, the Company in general meeting
            must approve in advance by ordinary resolution any proposed change
            to the advantage of present or future Optionholders, which relates
            to the following:

          (i)   the persons to or for whom Shares may be provided under the
                Scheme;

          (ii)  the limitations on the number of Shares which may be issued
                under the Scheme;

          (iii) the individual limit for each Optionholder under the Scheme;

          (iv)  the determination of the Option Price;

          (v)   any rights attaching to the Options and the Shares;

          (vi)  the rights of Optionholders in the event of a capitalisation
                issue, rights issue, sub-division or consolidation of shares or
                reduction or any other variation of capital of the Company;

          (vii) the terms of this Rule 12.2.1.

     12.2.2 The Directors need not obtain the approval of the Company in general
            meeting for any minor changes:

          (i)   to benefit the administration of the Scheme;

          (ii)  to comply with or take account of the provisions of any proposed
                or existing legislation;

                                       13
<PAGE>

          (iii) to take account of any changes to the legislation; or

          (iv)  to obtain or maintain favourable tax, exchange control or
                regulatory treatment of the Company, any Subsidiary or any
                present or future Optionholder.

12.3 Optionholder approval

     The Directors cannot change the Scheme in a way which would adversely
     affect the subsisting rights of an Optionholder unless they obtain the
     written consent of such number of Optionholders who would acquire 75 per
     cent. of the Shares which would be issued or transferred if all Options
     granted and subsisting under the Scheme were exercised. Alternatively, the
     change may be made by a resolution at a meeting of Optionholders passed by
     not less than 75 per cent. of the Optionholders who attend and vote either
     in person or by proxy.

     For the purpose of this Rule 12.3, the Optionholders will be treated as the
     holders of a separate class of share capital. The provisions of the
     Articles of Association of the Company relating to class meetings will
     apply as far as possible (but altered as may be necessary).

12.4 Overseas Employees

     Notwithstanding any other provision of the Scheme, the Directors may amend
     or add to the provisions of the Scheme and the terms of Options as they
     consider necessary or desirable to take account of, or to mitigate, or to
     comply with relevant overseas taxation, securities or exchange control
     laws, provided that the terms of Options granted to such Eligible Employees
     are not more favourable overall than the terms of Options granted to other
     Eligible Employees.

12.5 Notice

     As soon as possible after making any change, the Directors will give
     written notice to any Optionholder affected by the change.

12.6 Data protection

     By participating in the Scheme the Optionholder consents to the holding and
     processing of personal data provided by the Optionholder to the Company for
     all purposes relating to the operation of the Scheme. These include, but
     are not limited to:

     12.6.1 administering and maintaining Optionholder records;

     12.6.2 providing information to trustees of any employee benefit trust,
            registrars, brokers or third party administrators of the Scheme;

     12.6.3 providing information to future purchasers of the Company or the
            business in which the Optionholder works;

     12.6.4 transferring information about the Optionholder to a country or
            territory outside the European Economic Area.

12.7 Termination of the Scheme

     The Directors may terminate the Scheme at any time. If this is not done,
     the Scheme will terminate on the 10th anniversary of the adoption of the
     Scheme by the Company, but

     Options granted before such termination will continue to be valid and
     exercisable as described in these Rules.

13   Governing Law

     English law governs the Scheme and all Options and their construction.

                                       14
<PAGE>

            THE ALLIED DOMECQ PLC EXECUTIVE SHARE OPTION SCHEME 1999

                                   US Schedule

The rules of the Allied Domecq PLC Executive Share Option Scheme 1999 (the
"Scheme") will apply to Options granted under this Schedule, subject to the
alterations set out below.

1    Definitions

     Words used in the Scheme will have the same meaning in this Part unless
     amended as stated below:

     "Code" means the United States of America Internal Revenue Code of 1986, as
     amended;

     "Disability" means the inability to engage in any substantial gainful
     activity by reason of any medically determinable physical or mental
     impairment which can be expected to result in death or which has lasted or
     can be expected to last for a continuous period of not less than 12 months;

     "Eligible Employee" means

     (i)  any person who is an employee of the Company or a Subsidiary
          Corporation; and

     (ii) on the Date of Grant is not within 2 years of his normal retirement
          date.

     "Incentive Stock Option" means an Option designated by the Directors, at
     the Date of Grant, as an Incentive Stock Option within the meaning of
     Section 422 of the Code;

     "Non Qualifying Stock Option" means any US Option other than an Incentive
     Stock Option.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Subsidiary Corporation" means any corporation (other than the Company) in
     an unbroken chain of corporations beginning with the Company if, at the
     time of the granting of the option, each of the corporations other than the
     last corporation in the unbroken chain owns stock possessing 50 per cent or
     more of the total combined voting power of all classes of stock in one of
     the other corporations in such chain.

     "US Option" means any Option granted to any Eligible Employee subject to
     taxation in the United States with respect to the grant of such Option,
     each grant shall specify whether the Option is intended to be an Incentive
     Stock Option or a Non qualifying Stock Option.

2    Grant of Options

     The Directors may, in their absolute discretion, grant Incentive Stock
     Options in accordance with this Schedule.

                                       15
<PAGE>

3    Limit

     Notwithstanding Rule 6.2, in no event shall any US Option be exercisable
     after 10 years (or five years, in the case of an individual described in
     Section 422(b)(6) of the Code (relating to certain 10% owners)) from the
     Date of Grant.

     Notwithstanding anything to the contrary, in no event shall the Option
     Price of an Incentive Stock Option be less than 100% (or 110%, in the case
     of an individual described in Section 422(b)(6) of the Code (relating to
     certain 10% owners)) of the Market Value of a Share on the date the
     Incentive Stock Option is granted.

3.1  Individual Limits

     To the extent that the aggregate Market Value of Shares, determined as of
     the Date of Grant of an Incentive Stock Option, of the Shares for which any
     Optionholder may be awarded Incentive Stock Options which are first
     exercisable during any calendar year under the Plan (or any of the stock
     option plan required to be taken into account under Section 422(d) of the
     Code) by the Optionholder exceeds US$100,000, the portion of such grant
     that exceeds US$100,000 shall constitute a Non-qualifying Stock Option. To
     the extent that an Incentive Stock Option fails to meet any of the other
     requirements of Section 422 of the Code, such US Option shall constitute a
     Non-qualifying Stock Option.

3.2  Scheme Limits

     The aggregate number of Shares subject to options granted under this
     Schedule will not exceed the lower of the limits set out in Rule 5 of the
     Scheme and 18,000,000 Shares. This number of Shares may be adjusted, for
     example, to take account of any variation in the share capital of the
     Company.

3.3  Option Price

     The Option Price of an Incentive Stock Option will be not less than the
     Market Value of a Share determined at the Date of Grant.

3.4  Transfer of Options

     An Incentive Stock Option may not be transferred, assigned or otherwise
     disposed of other than by will or the laws of descent and distribution, and
     during the lifetime of such individual, must not be exercisable by any
     other person.

3.5  Holding Requirement

     If Shares acquired upon exercise of an Incentive Stock Option are disposed
     of in a disqualifying disposition within the meaning of Section 422 of the
     Code by an Optionholder prior to the expiration of either two years from
     the Date of Grant of such option or one year from the transfer of Shares to
     the Optionholder pursuant to the exercise of such option, or in any other
     disqualifying disposition within the meaning of Section 422 of the Code,
     such Optionholder shall notify the Company in writing as soon as
     practicable thereafter of the date and terms of such disposition and, if
     the Company (or any affiliate thereof) thereupon has a tax-withholding
     obligation, shall pay to the Company (or such affiliate) an amount equal to
     any withholding tax the Company (or affiliate) is required to pay as a
     result of the disqualifying disposition.

     The Directors may, in their discretion, require the Optionholder to pay to
     the Company, by any means approved by the Directors at the time of exercise
     of any US Option (including withholding on any amounts payable to the
     Optionholder), the amount that the Directors

                                       16
<PAGE>

     deem necessary to satisfy the Company's obligation to withhold federal,
     state or local income or other taxes incurred by reason of the exercise of
     any US Option. Where the exercise of a US Option does not give rise to an
     obligation by the Company to withhold federal, state or local income or
     other taxes on the date of exercise, but may give rise to such an
     obligation in the future, the Directors may, in their discretion, make such
     arrangements and impose such requirements as it deems necessary or
     appropriate. The Optionholder's satisfaction of any tax-withholding
     requirements imposed by the Directors shall be a condition precedent to the
     Company's obligation as may otherwise be provided hereunder to provide
     Shares to the Optionholder, and the failure of the Optionholder to satisfy
     such requirements with respect to the exercise of a US Option shall cause
     such option to be forfeited.

     This US Schedule shall be (and any grant thereunder) subject in its
     entirety to approval by the shareholders of the Company within 12 months
     before or after its adoption by the Directors.

3.6  Disability

     An Option will lapse 12 months after an Optionholder ceases to be an
     Eligible Employee by reason of his Disability.

4    Regulations and Approvals

4.1  The obligation of the Company to sell Shares with respect to Options
     granted under this US Schedule shall be subject to all applicable laws,
     rules and regulations, including all applicable federal and state
     securities laws, and the obtaining of all such approvals by governmental
     agencies as may be deemed necessary or appropriate by the Directors.

4.2  Each Option is subject to the requirement that, if at any time the
     Directors determines, in their discretion, that the listing, registration
     or qualification of Shares issuable pursuant to this US Schedule is
     required by any securities exchange or under any state or federal law, or
     the consent or approval of any governmental regulatory body is necessary or
     desirable as a condition of, or in connection with, the grant of an Option
     or the issuance of Shares, no Options shall be granted or payment made or
     Shares issued, in whole or in part under this US Schedule, unless listing,
     registration, qualification, consent or approvals has been effected or
     obtained free of any conditions in a manner acceptable to the Directors.

4.3  In the event that the disposition of Shares acquired pursuant to this US
     Schedule is not covered by a then current registration statement under the
     Securities Act, and is not otherwise exempt from such registration, such
     Shares shall be restricted against transfer to the extent required under
     the Securities Act, and the Committee may require any individual receiving
     Shares pursuant to this US Schedule, as a condition precedent to receipt of
     such Shares, to represent to the Company in writing that the Shares
     acquired by such individual are acquired for investment only and not with a
     view to distribution and that such Shares will be disposed of only if
     registered for sale under the Securities Act or if there is an available
     exemption for such disposition.

4.4  Notwithstanding any other provision of this US Schedule or the Scheme, the
     Company shall not be required to take any action which in its discretion it
     believes could reasonably be deemed to result in a violation of Section
     13(k) of the US Securities Exchange Act of 1934, as amended.

                                       17
<PAGE>

5    Governing Law

     Options granted pursuant to this US Schedule will be governed by and
     construed in accordance with English law except that Options intended to be
     Incentive Stock Options will be construed in accordance with the provisions
     of Section 422 of the Code so as to preserve their status as Incentive
     Stock Options.

                                       18EXHIBIT 4.6

                                ALLIED DOMECQ PLC

                                  RULES OF THE

                               DEFERRED BONUS PLAN

                   including amendments up to 6 November 2002

Linklaters

One Silk Street
London EC2Y 8HQ

Telephone (44-20) 7456 2000
Facsimile (44-20) 7456 2222
Ref AC

<PAGE>

                   THE ALLIED DOMECQ DEFERRED BONUS PLAN RULES

1.    Meanings of words used

1.1   In these Rules:

      "ADS" means an American depository share representing ordinary shares of
      the Company;

      "Bonus Award" means an award of cash or forfeitable Shares made to a
      Participant in accordance with the Plan;

      "Committee" means the Board of Directors of the Company or a duly
      authorised committee of the Board;

      "Company" means Allied Domecq PLC;

      "Market Value" on any particular day means:

      (i) where the Bonus Award consists of ordinary shares the middle market
      quotation of an ordinary share as derived from the Daily Official List of
      the London Stock Exchange plc; and

      (ii) where the Bonus Award consists of ADSs, the average of the reported
      highest and lowest trading prices of an ADS as derived from the NYSE;

      "Matching Shares" means additional Shares to be awarded on the Release
      Date as determined under Rule 2.6;

      "NYSE" means the New York Stock Exchange;

      "Participant" means a person who has been selected to participate in the
      Plan under Rule 2.2, and includes his personal representatives where
      appropriate;

      "Participating Company" means the Company and any company which is a
      subsidiary of the Company within the meaning of Section 736 of the
      Companies Act 1985;

      "Performance Targets" means any targets specified for a financial year in
      relation to a Bonus Award;

      "Plan" means this plan known as "The Allied Domecq Deferred Bonus Plan" in
      its present form and as from time to time altered in accordance with the
      Rules;

      "Reconstruction" means any internal reconstruction or reorganisation of
      the Company which is not a Takeover, and includes an acquisition of the
      Company which does not involve a change in its ultimate control;

      "Release Date" means in the case of Shares comprised in the Bonus Award
      the date or dates from which the Shares are no longer subject to
      forfeiture or otherwise where the Participant is entitled to the legal
      title to the Shares under the Rules and in the case of Matching Shares the
      date or dates on which a Participant becomes entitled to receive any or
      some Matching Shares;

      "Rules" means these rules as amended from time to time;

                                       2
<PAGE>

      "Shares" means ordinary shares or securities representing ordinary shares
      in the capital of the Company or, as the context may require, ADSs, and
      includes any shares representing them following a Reconstruction;

      "Takeover" means a takeover of the Company which is not a Reconstruction,
      and includes a merger, combination or amalgamation, and any form of change
      in the control of the Company, including a change in the ultimate control
      of the Company.

1.2   A Participant's employment with a Participating Company shall not be
      treated as having terminated unless he is no longer employed by any
      Participating Company.

2.    Operation of the Plan

2.1   Timing of Operation:

      The Committee may decide at any time and at its discretion when the Plan
      shall be operated.

2.2   Selection of Participants:

      In relation to any operation of the Plan the Committee may select any
      employees or executive directors of any Participating Company to be
      Participants in the Plan.

2.3   Performance Targets:

      Bonus Awards shall be subject to Performance Targets, set by the
      Committee, relating to the performance of the Participant and/or the Group
      against strategic targets for the financial year.

2.4   Limit on Bonus Awards:

      A Bonus Award shall not exceed 80% of the Participant's basic annual
      salary.

2.5   Nature of Bonus Awards:

      Bonus Awards shall consist of 75% cash and 25% forfeitable Shares, or such
      greater or lesser proportion of Shares as the Committee may determine from
      time to time during the relevant financial year having regard to
      Participants preference under rule 2.8.

2.6   Matching Shares:

      The Committee shall determine the number of Matching Shares to be awarded
      on the Release Date, which shall be in a ratio of no more than two
      Matching Shares for each Share comprised in a Bonus Award.

2.7   Release Date:

      The Committee shall determine the Release Date. The Committee may
      determine more than one Release Date in respect of a Bonus Award and an
      award of Matching Shares. If the Committee does this, it will determine
      the number of Shares subject to each Release Date and the Release Date
      shall, in relation to each part of a Bonus Award or award of Matching
      Shares, be construed accordingly. In the case of Shares comprised in a
      Bonus Award made to a Participant subject to income tax in the UK, the
      Release Date shall be not more than 5 years from the date on which the
      Bonus Award is made under Rule 4.

2.8   Participant's preference:

                                       3
<PAGE>

      The Committee may consult with any Participant before determining the
      proportion of the Bonus Award to be made in Shares before the earlier of
      (i) expiration of the applicable financial year to which a Bonus Award
      relates and (ii) the announcement of the Bonus Award, but shall not be
      bound by any views expressed by the Participant.

2.9   Bonus Awards and Matching Shares (ADSs):

      The Committee may determine, in its absolute discretion, to award Bonus
      Awards and Matching Shares in the form of ADSs and references in these
      Rules to Shares, Bonus Awards and Matching Shares etc. shall be construed
      accordingly. Upon the Release Date of any Bonus Award and Matching Shares
      to acquire ADSs the Company will:

      (i)   deliver or cause to be delivered to the ADS depository the requisite
            number of Shares representing the relevant ADSs and shall instruct
            the depository to issue the corresponding American Depository
            Receipts evidencing such ADSs to the Participant; or

      (ii)  make other arrangements for the Participant to acquire ADSs.

2.10  Payments in Cash:

      Any payment in cash may be satisfied in sterling or in US dollars.

2.11  Notice of Participation:

      Participants shall be notified in writing that they have been selected for
      participation in the Plan. The notice shall include details of the
      Performance Targets, the method of calculation of Bonus Awards, the
      proportion of the Bonus Award to be made in Shares, the Release Date, the
      forfeiture provisions and the ratio of Matching Shares. Participants shall
      also be notified of any change in the proportion of the Bonus Award to be
      made in Shares.

2.12  Joining the Plan during the financial year:

      The Committee may permit an employee to join the Plan part way through a
      financial year, on the basis that the Bonus Award is either reduced, for
      example by pro-rating from the date of entry, or payable for the full
      year, in its discretion.

2.13  Variation:

      This Rule applies if an event happens during the relevant financial year
      which may affect participation in the Plan.

      2.13.1 If there is a Takeover, each Participant shall be entitled to an
             immediate cash payment equal to 100% of his proposed Bonus Award,
             calculated on the assumption that the Performance Targets have
             been achieved at the maximum level. The Participant shall not be
             entitled to any amount in respect of Matching Shares.

      2.13.2 If there is a Reconstruction, participation in the Plan shall
             continue in accordance with notices of participation given under
             Rule 2.11, varied as may be appropriate under Rule 2.13.3.
             However, when Bonus Awards are made in accordance with Rule 4, the
             shares comprised in the Bonus Awards shall be shares in any new
             parent company of the Company.

      2.13.3 If any other circumstances arise which the Committee considers may
             affect participation in the Plan, the Committee may vary all or
             any of the terms set out in

                                       4
<PAGE>

             the notice or participation, either generally or in respect or any
             particular Participant.

3.    Termination of Employment during the Financial Year

3.1   If a Participant's employment with any Participating Company terminates
      during the financial year by reason of retirement, redundancy or death, he
      shall have an entitlement to a pro-rated Bonus Award under Rule 4. At the
      discretion of the Committee the ratio of Matching Shares may be reduced,
      including a reduction to nil, the Release Date may be advanced, and the
      Bonus Award may be made entirely in cash rather than wholly or partly in
      Shares.

3.2   If a Participant's employment with any Participating Company terminates
      during the financial year for any reason other than retirement, redundancy
      or death, he shall not receive any Bonus Award unless the Committee
      decides otherwise.

4.    Making of Bonus Awards

4.1   Calculation of Bonus Award:

      As soon as practicable after the end of the financial year, the
      Performance Targets shall be evaluated, and the amount of each
      Participant's Bonus Award shall be calculated.

4.2   Bonus Awards in Cash:

      Bonus Awards payable in cash shall be paid as soon as practicable by the
      Company or, where relevant the Participating Company employing the
      Participant, subject to such deductions of tax and otherwise as are
      required by law.

4.3   Bonus Awards in Shares:

      The number of Shares comprised in a Bonus Award in Shares shall be
      calculated on the basis of the average Market Value of a Share over the 5
      dealing days immediately preceding the date on which the Bonus Awards are
      made, or on such other basis as the Committee may determine.

4.4   The Company shall award to each Participant the number of Shares comprised
      in the Bonus Award and grant the right to receive the appropriate ratio of
      Matching Shares, on the Release Date, conditional on the Participant
      remaining in the employment of a Participating Company until the Release
      Date, in accordance with Rule 6.

4.5   The award of Bonus Shares shall be conditional on and shall not take
      effect until the Company has received notification in a form determined by
      the Company that the Participant agrees to allow his Shares to be held on
      his behalf until the Release Date or otherwise where the risk of
      forfeiture falls away and agrees to any other condition as may be
      specified.

      If a Participant so requests, the Committee may determine to satisfy any
      entitlement to Bonus Awards with the appropriate number of ADSs. Any
      payment of taxes in respect of satisfying Bonus Awards in this way will be
      met by the Participant.

5.    Participant's Rights before the Release Date

5.1   Matching Shares:

                                       5
<PAGE>

      The following shall apply in respect of Matching Shares:

      5.1.1 No shareholder rights: Before the Release Date the Participant has
            no rights to dividends, voting or otherwise in respect of any
            Matching Shares.

      5.1.2 Variation of share capital etc.: The Committee may vary the number
            of Matching Shares to take account of any variation of the share
            capital of the Company, or any special dividend or other transaction
            which might adversely affect the value of the Shares, to ensure that
            the Participant is not disadvantaged.

      5.1.3 Takeover: In the event of a Takeover, any Matching Shares or cash of
            equivalent value, shall be transferred to the Participant as soon as
            practicable.

      5.1.4 Reconstruction: In the event of a Reconstruction, the Participant's
            right to the Matching Shares is replaced by a right to the
            appropriate number of shares in the new parent company.

      5.1.5 Other events: The Committee has discretion to take such action as it
            may think appropriate if other events happen which may have an
            effect on Bonus Awards.

5.2   Bonus Shares:

      The following shall apply in respect of Shares comprised in a Bonus Award:

      5.2.1 Shareholder rights: The Participant shall be entitled to all rights
            in respect of Shares comprised in a Bonus Award with effect from the
            date the award is made under Rule 4.4, except rights in respect of
            which the record date was before the date of award or in the case
            where Shares comprised in a Bonus Award are forfeited in respect of
            which the record date was after the date of forfeiture.

      5.2.2 Other rights: Shares or other securities issued in respect of Shares
            comprised in a Bonus Award shall be retained as if they were Shares
            comprised in the Bonus Award from which they derive. In the event of
            a rights issue, the Company shall, if the Participant requests
            procure the transfer to the Participant of any shares or other
            securities acquired with funds provided by the Participant.

      5.2.3 Takeover: In the event of a Takeover the Shares comprised in a Bonus
            Award shall cease to be subject to the risk of forfeiture and the
            Takeover shall be treated in respect of those Shares as the Release
            Date.

6.    Termination of employment before the Release Date

6.1   General rule:

      Subject to Rule 6.3 if a Participant's employment with any Participating
      Company terminates before the Release Date, he shall be unconditionally
      entitled to the Shares comprised in his Bonus Award and shall not receive
      any Matching Shares. This general rule is subject to the following
      exceptions:

6.2   Death etc.:

      If a Participant's employment with any Participating Company terminates by
      reason of death, disability, injury, ill health, retirement, redundancy,
      or the disposal of the Participating Company or part of the business for
      which he works, he is unconditionally entitled to receive a proportion of
      his Matching Shares, calculated by expressing the number of whole months
      remaining after the termination of employment before the

                                       6
<PAGE>

      Release Date as a percentage of the number of whole months between the end
      of the financial year and the Release Date, and by reducing the total
      number of Matching Shares by that percentage. However, the Committee may
      in its discretion decide that he shall be entitled to a greater number of
      Matching Shares.

6.3   Misconduct:

      If a Participant's employment with any Participating Company is terminated
      before the Release Date in circumstances in which the Participant is (or
      may be) in breach of his contract of employment or if a Participant's
      employment with any Participating Company is terminated before the Release
      Date by reason of gross or persistent misconduct, then unless the
      Committee decides otherwise he shall not be entitled to receive any
      Matching Shares and Shares comprised in his Bonus Award shall be
      forfeited.

6.4   Other terminations:

      If the Participant's employment with any Participating Company terminates
      before the Release Date for any other reason, the Committee may make such
      determination as it considers appropriate in relation to the number of
      Matching Shares which are released to the Participant (if any), and the
      time of the release.

7.    Release Date

7.1   Transfer of Shares:

      Subject to Rule 6.1, the full legal title to the Shares comprised in his
      Bonus Award (and any Matching Shares) shall be transferred to the
      Participant on the Release Date, or on such earlier date as may apply
      under Rule 6.

7.2   Early Release:

      If special circumstances exist, the Committee may determine that all or
      any of the Shares comprised in a Bonus Award (including Matching Shares)
      should be transferred to the Participant before the Release Date.

7.3   Rights in respect of Shares transferred:

      The Participant shall be entitled to all rights in respect of Matching
      Shares transferred to him with effect from the date of transfer, except
      rights in respect of which the record date was before the date of
      transfer.

7.4   Articles of Association:

      Any Shares acquired on the Release Date will be subject to the Articles of
      Association of the Company from time to time in force. Any ADSs acquired
      on the Release Date will, in addition, be subject to the terms of the
      deposit agreement between the Company and the depository.

7.5   Cash equivalent:

      The Committee may decide that any entitlement to Matching Shares may be
      satisfied by the transfer of an equivalent amount in cash, subject to
      deduction of tax and social security contributions as may be required by
      law.

                                       7
<PAGE>

8.    General

8.1   Documents sent to shareholders:

      The Company is not obliged to send to Participants copies of any documents
      or notices sent to the holders of its Shares. The Company may send to
      Participants copies of any documents or notices normally sent to the
      holder of its Shares (including such notices or documents required to be
      sent to Participants resident in the United States in accordance with the
      rules and regulations under the US Securities Exchange Act 1934 as
      amended).

8.2   Reimbursement:

      Each relevant Participating Company shall reimburse the Company for any
      costs incurred in connection with the Bonus Awards to Participants who are
      employed by them.

8.3   Withholding:

      The Company, and any relevant Participating Company, may withhold any
      amounts or make such arrangements, including the sale of any Shares on
      behalf of any Participant, as may be necessary or desirable to meet any
      liability to taxation or social security contributions in respect of any
      Participant's benefit under the Plan.

8.4   Committee's decisions final and binding:

      The decision of the Committee in connection with any interpretation of the
      Plan Rules or in any dispute relating to any matter relating to the Plan
      shall be final and conclusive.

8.5   Regulations:

      The Committee may from time to time make or vary regulations for the
      administration and operation of the Plan, provided that they are not
      inconsistent with these Rules.

8.6   Operation of the Plan:

      8.6.1 Whether or not the Plan is operated is at the discretion of the
            Committee. Nothing in these Plan rules or the operation of the Plan
            will form part of the contract of employment or employment
            relationship of a Participant, employee or executive director or any
            other person (together, "Employees"). The rights and obligations of
            an Employee are separate from, and are not affected by, the Plan.

      8.6.2 No Employee is entitled to participate in, or be considered for
            participation in, the Plan at all or at a particular level and
            participation in one operation of the Plan does not imply
            participation, or consideration for participation, in the next or
            any subsequent operation. Operation of the Plan or participation in
            it shall not create any right to, or expectation of, continued
            employment.

      8.6.3 An Employee has no rights in respect of the operation of the Plan or
            the exercise of any discretion or the taking of any decision which
            relates to, or affects, the Plan. Any, and all, discretions and
            decisions whatsoever in respect of, or which affect, the Plan may be
            exercised or taken in a manner which is detrimental to the Employee,
            even if such exercise or decision could be regarded as being
            capricious or unreasonable or in breach of any implied term between
            the Employee and his employer, including the implied duty of trust
            and confidence. Any such implied term is expressly excluded and
            overridden by this Rule 8.6.

                                       8
<PAGE>

      8.6.4 No Employee will have any right to compensation or damages or any
            other sum or benefit whatsoever in respect of the Plan, including:

            (i)   in respect of eligibility to participate, or ceasing to be
                  eligible to participate, or ceasing to participate in the
                  Plan;

            (ii)  any exercise of a discretion or decision taken in relation to
                  the Plan;

            (iii) any loss or reduction of any rights or expectation under the
                  Plan in any circumstances or for any reason (including lawful
                  or unlawful termination of employment or the employment
                  relationship);

            (iv)  the operation or amendment of the Plan (whether to the
                  detriment of the Employee or otherwise); and

            (v)   any other decision taken which affects the Plan or its
                  operation (whether to the detriment of the Employee or
                  otherwise).

      8.6.5 Participation in the Plan is permitted only on the basis that any
            rights as might otherwise arise are excluded and, in consideration
            for, and as a condition to, participating in the Plan, the Employee
            waives all and any such rights.

      8.6.6 Nothing in this Plan confers any benefit, right or expectation on a
            person who is not an Employee and no such third party will have any
            rights under the Contracts (Rights of Third Parties) Act 1999 to
            enforce any term of this Plan, but this does not affect any right or
            remedy of a third party which exists or is available other than
            those available under that Act.

      8.6.7 For the avoidance of doubt, this rule will apply throughout any
            Employee's employment and will continue to apply even where an
            Employee has given or received notice to terminate his employment
            (whether such termination is lawful or unlawful) and following the
            termination of his employment (whether such termination is lawful or
            unlawful).

8.7   Approvals in the United States:

      This Rule 8.7 shall apply to participants in the United States. The
      obligation of the Company to award Shares and Matching Shares under the
      Plan shall be subject to all applicable laws, rules and regulations,
      including all applicable federal and state securities laws, and the
      obtaining of all such approvals by governmental agencies as may be deemed
      necessary or appropriate by the Committee.

      Each credit of Shares or Matching Shares is subject to the requirement
      that, if at any time the Committee determines, in its discretion, that the
      listing, registration or qualification of Shares issuable pursuant to the
      Plan is required by any securities exchange or under any state or federal
      law, or the consent or approval of any governmental regulatory body is
      necessary or desirable as a condition of, or in connection with, the
      issuance of Shares or Matching Shares, no payment shall be made, or Shares
      or Matching Shares issued, in whole or in part, unless listing,
      registration, qualification, consent or approval has been effected or
      obtained free of any conditions in a manner acceptable to the Committee.

      In the event that the disposition of Shares acquired pursuant to the Plan
      is not covered by a then current registration statement under the
      Securities Act, and is not otherwise exempt from such registration, such
      Shares shall be restricted against transfer to the extent required under
      the Securities Act, and the Committee may require any individual receiving
      Shares pursuant to the Plan, as a condition precedent to receipt of such
      Shares, to represent to the Company in writing that such Shares will be
      disposed of only if registered

                                       9
<PAGE>

      for sale under the Securities Act or if there is an available exemption
      for such disposition, and, without limitation may provide for a legending
      of such Shares to that effect.

8.8   Unfunded Nature of Matching Shares:

      Matching Shares is solely a device for the measurement and determination
      of the amounts to be paid to a Participant under the Plan. Each
      Participant's right in the Matching Shares is limited to the right to
      receive payment, if any, as may herein be provided. The award of Matching
      Shares does not constitute Shares and shall not be treated as (or as
      giving rise to) property or as a trust fund of any kind. The right of any
      Participant to receive payments, with respect to Matching Shares, by
      virtue of participation in the Plan shall be no greater than the right of
      any unsecured general creditor of the Company. Nothing contained in the
      Plan shall be construed to give any Participant any rights with respect to
      Matching Shares or any ownership interest in the Company, except to
      receive Matching Shares as expressly provided for herein and in Rule 2.6.

9.    Amendment and Termination

9.1   Power of amendment:

      Subject to the following provisions of this Rule, the Committee may at any
      time alter or add to the provisions of the Plan in any respect.

9.2   Participants' consent:

      No amendment shall be made which would have the effect of abrogating or
      altering adversely in any material respect any of the subsisting rights of
      Participants, except with the consent of a majority of the Participants.

9.3   Notice:

      As soon as reasonably practicable after making any alteration to the Plan,
      the Committee will give written notice to any Participant materially
      affected by the alteration.

9.4   Data protection:

      By participating in the Plan the Participant consents to the holding and
      processing of personal data provided by the Participant to the Company for
      all purposes relating to the operation of the Plan. These include, but are
      not limited to:

      9.4.1 administering and maintaining Participant records;

      9.4.2 providing information to trustees of any employee benefit trust,
            registrars, brokers or third party administrators of the Plan;

      9.4.3 providing information to future purchasers of the Company or the
            business in which the Participant works;

      9.4.4 transferring information about the Participant to a country or
            territory outside the European Economic Area.

9.5   Termination of the Plan:

      The Committee may terminate the Plan at any time, without prejudice to any
      rights subsisting under it at the time of termination.

                                       10
<PAGE>

10.   Governing Law

      The Plan is governed by and construed in accordance with English law. Any
      Participating Company and all Participants shall submit to the
      jurisdiction of the English Courts as regards any matter arising under the
      Plan.

                    The Allied Domecq PLC Deferred Bonus Plan

                                    Schedule

                            Conditional Share Awards

The rules of the Allied Domecq PLC Deferred Bonus Plan will apply to Bonus
Awards made under this Schedule, subject to the alterations set out below:

1.    Definitions

      "Bonus Award" means an award of cash or, upon the satisfaction of certain
      conditions, the future right to receive Shares made to a Participant in
      accordance with the Plan;

      "Dividend Shares" means the additional Shares calculated as set out in
      Paragraph 4.3 of this Schedule, to be awarded to Participants on the
      Release Date;

      "Release Date" means the date or dates on which a Participant becomes
      entitled to receive the Shares comprised in his Bonus Award and any
      Matching Shares as determined under Rule 2.7.

2.    Operation of the Plan

2.1   The word "forfeitable" shall be deleted in Rule 2.5 and the following
      sentence shall be added to the end of Rule 2.5 (as amended):

      "A Bonus Award of Shares shall be conditional on continued employment
      until the Release Date in accordance with Rule 6";

2.2   The last sentence of Rule 2.7 shall be deleted;

2.3   The words "the forfeiture provisions" shall be deleted in Rule 2.11.

3.    Making of Bonus Awards

3.1   Rule 4.4 shall be deleted and replaced with the following wording:

      "4.4 The Company shall grant to each Participant the right to receive the
      number of Shares comprised in the Bonus Award together with the
      appropriate ratio of Matching Shares, on the Release Date, conditional on
      the Participant remaining in the employment of a Participating Company
      until the Release Date, in accordance with Rule 6.";

3.2   Rule 4.5 shall be deleted.

4.    Participants' Rights before the Release Date

4.1   Rule 5.1 shall be deleted and replaced by the following wording:

                                       11
<PAGE>

      "5.1 No Shareholder rights: Before the Release Date the Participant has no
      rights to dividends, voting or otherwise in respect of any Shares
      comprised in a Bonus Award or in respect of any Matching Shares.

      5.2 Variation of share capital etc.: The Committee may vary the number of
      Shares comprised in a Bonus Award (including the Matching Shares) to take
      account of any variation of the share capital of the Company, or any
      special dividend or other transaction which might adversely affect the
      value of the Shares, to ensure that the Participant is not disadvantaged.

      5.3 Takeover: In the event of a Takeover, the Shares comprised in a Bonus
      Award and the Matching Shares, or cash of equivalent value, shall be
      transferred to the Participant as soon as practicable.

      5.4 Reconstruction: In the event of a Reconstruction, the Participant's
      right to the Shares comprised in a Bonus Award (including the Matching
      Shares) is replaced by a right to the appropriate number of shares in the
      new parent company.

      5.5 Other events: The Committee has discretion to take such action as it
      may think appropriate if other events happen which may have an effect on
      Bonus Awards."

4.2   Rule 5.2 shall be deleted;

4.3   The following new Rule 5.3 shall be inserted:

      "5.3 Dividend Re-Investment

      Prior to the Release Date, the Committee shall, within 14 days following
      the payment of any dividend in respect of Shares:

      5.3.1 calculate the amount of the net dividend for the number of Shares
            comprised in the Bonus Award, but not Matching Shares (the "dividend
            amount"); and

      5.3.2 calculate the number of Shares which can be bought with the dividend
            amount at Market Value over the five dealing days immediately
            preceding the date the dividend was paid; and

      5.3.3 increase the number of Shares comprised in a Bonus Award (but not
            Matching Shares) by that number.

5.    Termination of employment before the Release Date

5.1   Rule 6.1 shall be deleted and replaced with the following wording:

"6.1  General rule: Subject to Rule 6.3 if a Participant's employment with any
      Participating Company terminates before the Release Date, he shall be
      entitled to the Shares comprised in his Bonus Award but not to any
      Matching Shares. This general rule is subject to the following
      exceptions:"

5.2   The word "Matching" and the phrase "Shares Comprised in his Bonus Award
      shall be forfeit" shall be deleted in Rule 6.3;

6.    Release Date

6.1   The words "full legal title to the" shall be deleted in Rule 7.1;

6.2   The word "Matching" shall be deleted in Rule 7.3 and 7.4.

                                       12

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