Document:

Exhibit 10.11

 

RENTOKIL INITIAL PLC

 

 

PERFORMANCE SHARE PLAN

 

 

As amended by shareholders in general
meeting on 9 May 2018 and 12 May 2021

 

Approved by shareholders in general meeting on 11 May 2016

 

and adopted by the Board of Directors on 11 May 2016

 

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Contents

 

	1.	Definitions and Interpretation	Page 3
	2.	Eligibility	Page 5
	3.	Grant of awards	Page 5
	4.	Limits	Page 6
	5.	Exercise of Award	Page 8
	6.	Takeover, reconstruction and winding-up	Page 13
	7.	Variation of share capital	Page 15
	8.	Amendments	Page 15
	9.	Miscellaneous	Page 16
	10. 	Appendix 1	Page 18
	11. 	Appendix 2	Page 24
	12. 	Appendix 3	Page 27

 

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1.        Definitions
and Interpretation

 

		1.1.	In this Plan, unless the context otherwise requires:

 

Associated Company means a Group
Company or a company in which the Company holds either directly or indirectly an interest in no less than twenty per cent of the equity;

 

Award means a right to acquire
Shares for nil payment or upon such nominal payment as specified by the Committee on the Grant Date (being, in the case of an Award satisfied
by the issue of new Shares, an amount not less than the aggregate nominal value of the Shares to be issued) or a right to receive Shares
(or an award of Shares or cash in such other legal form as may be determined by the Committee which is intended to deliver the same economic
benefit to a Participant) subject to the terms and conditions of the Plan;

 

Board means the board of directors
for the time being of the Company or a duly authorised committee of the board and if any of the events envisaged in Rule 6 occurs, the
board of directors as constituted immediately before the event occurred;

 

Committee means the remuneration
committee of the Board and, if any of the events envisaged in Rule 6 occurs, the remuneration committee as constituted immediately before
the event occurred;

 

Company means Rentokil Initial
plc (registered number 5393279);

 

Control means control within the
meaning of section 995 of the Income Tax Act 2007;

 

Dealing Day means any day on which
the London Stock Exchange is open for the transaction of business;

 

Employees' Share Plan has the
meaning set out in section 1166 Companies Act 2006;

 

Exercise Period means the period
starting on the Vesting Date and ending on the tenth anniversary of the Grant Date (unless the Board determines that a shorter period
will apply);

 

Financial Year means a financial
year (within the meaning of section 390 of the Companies Act 2006) of the Company, which may be the standard 52 week period or a longer
or shorter period in respect of which the annual accounts of the Company are prepared;

 

Grant Date in relation to an Award,
means the date on which the Award was granted under Rule 3;

 

Group Company means:

 

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

 

		b)	a Subsidiary or a company which is under the Control of the Company;

 

Holding Period means in relation
to an Award, a period starting at the end of the third anniversary of the Grant Date and ending on the fifth anniversary of the Grant
Date, unless the Committee sets a different period prior to the Grant Date;

 

London Stock Exchange means the
London Stock Exchange plc or any successor body carrying on the business of the London Stock Exchange plc;

 

Participant means a person who holds an Award;

 

Plan means the Rentokil Initial
plc Performance Share Plan as amended from time to time under these Rules;

 

Performance Condition means such objective
term(s) and/or requirement(s) that the Committee applies to an Award and notifies to a Participant at the Grant Date (in addition to
the terms set out in these Rules), the satisfaction of which shall determine the extent to which (if at all) an Award Vests and
where relevant is capable of exercise;

 

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Performance Period means the originally
intended period in respect of which the Performance Conditions (if any) are to be satisfied, communicated to Participants at grant;

 

Policy means the Company’s
Directors’ Remuneration Policy (as approved by the Company’s shareholders);

 

Prohibited Period means any time
when dealing or transactions in Shares or other securities is prevented or restricted by:

 

		a)	any rules, statutory requirements, orders, legal or regulatory code, regulation, provision or other requirement
or guidance; and/or

 

		b)	any code adopted or established by the Company in addition or replacement to (a) above,

 

in each case in force, and as amended
or replaced, from time to time;

 

Retirement means a Participant ceasing to be employed
by any Associated Company by reason of retirement with the consent of that Associated Company;

 

Redundancy means termination of employment by reason
of redundancy in accordance with the definition contained in the Employment Rights Act 1996;

 

Rules means the rules of the Plan as amended from time
to time under their terms;

 

Salary means:

 

		a)	a person's salary before tax (excluding benefits in kind), expressed as an annual rate, payable or to
be paid by all Group Companies to him; and

 

		b)	where a payment of salary is made otherwise than in sterling, the payment shall be treated as being of
the amount of sterling ascertained by applying the rate of exchange the Committee reasonably determines;

 

Share means a fully paid ordinary share in the capital
of the Company;

 

Subsidiary means a company which
for the time being is a subsidiary of the Company within the meaning of section 1159 of the Companies Act 2006;

 

Taxation means any tax and employee
social security charges (and/or any similar charges or liabilities), wherever arising, in respect of a Participant’s Award or otherwise
arising in connection with that Participant’s participation in the Plan;

 

Tax Election means a joint election
in respect of any Shares that the Participant may acquire pursuant to an Award under section 431(1) or section 431(2) of the Income Tax
(Earnings and Pensions) Act 2003 (or such other tax legislation that may be applicable to Participants situated in jurisdictions other
than the UK);

 

Trustee means the trustee or trustees
for the time being of any employee trust established for the benefit of all or most of the employees of Group Companies;

 

Vesting Date means the date on
which an Award Vests which, subject to Rule 3.3 and unless prior to the Grant Date the Committee determines another date to be appropriate,
shall not be earlier than the third anniversary of the Grant Date; and

 

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An Award Vests when the Participant
becomes entitled to the issue or transfer of Shares under an Award or to exercise an Award (as appropriate) and the terms Vested
and Vesting shall have corresponding meanings.

 

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

 

		1.3.	Where the context permits the singular includes the plural and vice versa and the masculine includes the
feminine.

 

		1.4.	Headings and words in italics are for guidance only and do not form part of the Plan.

 

2.        Eligibility

 

		2.1.	A person is eligible to be granted an Award provided that he is an employee of a Group Company.

 

 

		2.2.	The Committee shall be responsible for determining whether the Plan will be operated in any particular
Financial Year, whether an employee will receive an Award and for determining the number of Shares comprised in any such Award.

 

3.        Grant
of Awards

 

		3.1.	Grant procedure 

 

Awards may be granted by the Committee
on behalf of the Company to any person who is eligible to be granted an Award under Rule 2, subject to such Performance Conditions or
other conditions as the Committee determines at the Grant Date.

 

		3.2.	Timing of grant 

 

An Award may only be granted:

 

		a)	within the period of six weeks beginning with:

 

		i.	the Dealing Day next following the date on which the Plan is adopted;

 

		ii.	the Dealing Day next following the date on which the Company announces its results for any period;

 

		iii.	any day when the circumstances are considered by the Committee in its absolute discretion to be sufficiently
exceptional to justify its grant (and for these purposes, such circumstances may include, without limitation, the incentivisation of a
new employee or executive director or special need to take action to retain an employee or executive director, the acquisition of a new
business or new Group Company, and cases where an award to an employee or executive director was omitted through manifest error);

 

		iv.	the Dealing Day next following the date on which a Prohibited Period ends which prevented the granting
of an Award during the periods specified above; and

 

in each case within the period of 10 years beginning with
the date on which this Plan is approved by the Company in general meeting.

 

		3.3.	Holding period 

 

At the discretion of the Committee,
an Award may at the Grant Date be made subject to a Holding Period. Subject to Rule 5.4 and Rule 6 and to any additional terms and
conditions that apply to the Award, if an Award is made subject to a Holding Period, that Award will Vest at the end of the Holding
Period to the extent that the Committee determines that the Performance Condition was satisfied following the end of any applicable
Performance Period and the Award has not otherwise lapsed. Where there is a Holding Period, to the extent required by the Company,
the Participant will, as a condition of accepting the grant of an Award agree to enter into a Tax Election.

 

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		3.4.	Non-transferability and bankruptcy 

 

Save on the death of a Participant, an
Award shall not be capable of being transferred or assigned. If a Participant does or suffers any act which would or might deprive him
of the legal or beneficial ownership of an Award and/or a Participant is adjudged bankrupt, the Participant's Award shall lapse immediately.

 

		3.5.	Method of grant 

 

There shall be no payment for the grant
of an Award. Awards shall be granted by way of deed.

 

		3.6.	Renunciation of an Award 

 

A Participant may waive or renounce an
Award granted to him by giving written notice to the Company at any time before it is exercised. A waiver of any particular Award shall
not constitute a waiver of any other Award unless the notice of waiver expressly provides otherwise.

 

		3.7.	Approvals and consents 

 

Notwithstanding any other provision of
the Rules, the grant of an Award, its exercise and the delivery of Shares under it shall not occur during a Prohibited Period and shall
be subject to obtaining any approval or consent required under any applicable regulations or enactments.

 

		3.8.	Employer’s social security 

 

The Company may require a Participant
to:

 

		a)	enter into an agreement under paragraph 3A of schedule 1 to the Social Security contributions and Benefits
Act 1992 in relation to any secondary Class 1 National Insurance contributions arising on the exercise of an award; or

 

		b)	make an election under paragraph 3B of Schedule 1 to that Act in relation to any secondary Class 1 National
Insurance contributions arising on the exercise of an award; or

 

		c)	enter into any other equivalent agreement, election or other arrangement under the laws of any relevant
jurisdiction to allow the Company to pass the cost of employers’ social security contributions arising in relation to the Award
to the Participant.

 

4.        Limits

 

		4.1.	5 per cent in 10 year limit 

 

No Award shall be granted which would,
at the time it is granted, cause the number of Shares allocated under the Plan or under any other executive (discretionary) share scheme
adopted by the Company in the period of 10 years ending with the proposed Grant Date to exceed the number of Shares that represents 5
per cent of the ordinary share capital of the Company in issue at that time (as adjusted for scrip, bonus and rights issues). For the
purpose of calculating the number of Shares so allocated, any additional shares representing accrued dividends as described in Rule 5.9
shall be excluded.

 

		4.2.	10 per cent in 10 year limit 

 

No Award shall be granted which
would, at the time it is granted, cause the number of Shares allocated under the Plan or under any other Employees’ Share Plan
adopted by the Company in the period of 10 years ending with the proposed Grant Date to exceed the number of shares that represents
10 per cent of the ordinary share capital of the Company in issue at that time (as adjusted for scrip, bonus and rights issues). For
the purpose of calculating the number of Shares so allocated, any additional shares representing accrued dividends as described in
Rule 5.9 shall be excluded.

 

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		4.3.	Individual limit 

 

No person shall be granted an Award if
the grant of that Award would result in the aggregate market value of all the Shares over which Awards have been made to that individual
in respect of a Financial Year exceeding 375% of the Salary of that individual, subject to any other
limits, where applicable, set out in the prevailing Policy. For the purpose of calculating this limit any additional shares representing
accrued dividends as described in Rule 5.9 shall be excluded.

 

		4.4.	Value of shares 

 

For the purpose of Rule 4.3, the market
value of each Share over which an Award is made shall be determined by the Board and will normally be taken to be the amount equal to
the closing price of a Share on the London Stock Exchange on the Dealing Day immediately preceding the Grant Date.

 

		4.5.	Meaning of "allocated" 

 

For the purposes of this Rule 4, Shares
are "allocated":

 

		a)	at the time of grant of an Award (where such Award may be satisfied by the issue of new Shares or by the
transfer of treasury Shares); and

 

		b)	at the time of issue or transfer (where Shares are issued or treasury Shares are transferred otherwise
than pursuant to an option or other type of award to acquire Shares).

 

		4.6.	Release or lapse of award 

 

Where an Award, share option or other
right to acquire unissued or treasury shares is released or lapses without being exercised (or the Board makes arrangements for it to
be satisfied by the transfer of existing Shares), the Shares concerned shall be ignored when calculating the limit in Rules 4.1 and 4.2.

 

		4.7.	Effect of limits 

 

Any Award granted under the Plan shall
be limited and take effect so that the above limits are complied with.

 

		4.8.	Clawback and reduction for malus 

 

Notwithstanding any other Rule of the
Plan, the Board may, in its absolute discretion:

 

		a)	determine at any time prior to the date on which an Award Vests to reduce the number of Shares to which
an Award relates; cancel an Award; or impose further conditions on an Award (malus), in circumstances in which the Board considers such
action is appropriate;

 

		b)	determine that there are circumstances that justify a reduction in respect of one or more Awards that
have Vested and that the Participant should repay to the Company (whether by re-transfer of Shares, payment of cash proceeds or deductions
from or set offs against any amounts owed to the Participant by the Company or any Group Company) (clawback) an amount equal to the benefit,
calculated on an after-tax basis, received by the Participant from such Award, provided that the Board may, at its discretion, determine
that a lesser amount should be repaid.

 

The Board may not exercise its discretion
under Rule 4.8(b) more than five years after the Grant Date or such longer period as the Committee considers is appropriate and has been
notified to the Participant.

 

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The circumstances referred to in this Rule 4.8 include, but
are not limited to:

 

		i.	A material misstatement of the Company’s audited results; or

 

		ii.	Serious reputational damage or loss to the Company, any Group Company or a relevant business unit as a
result of the Participant’s serious misconduct or otherwise.

 

		5.	Exercise of Award 

 

		5.1.	Manner of exercise 

 

The exercise of an Award shall be effected
in the form and manner prescribed by the Committee.

 

		5.2.	General exercise period 

 

Subject to the rest of this Rule 5 and
to Rule 6, an Award may be exercised within the period beginning with the Vesting Date and ending on the tenth anniversary of the Grant
Date or such earlier date as may be specified in the Award certificate, provided that, if a notice of exercise is delivered during a Prohibited
Period which would prohibit:

 

		(a)	the exercise of the Award; and/or

 

		(b)	the delivery, or procurement of the delivery, of Shares or cash (as the case may be) to the Participant;

 

the Award will be exercised and/or the
delivery or procurement of the delivery of Shares or cash to the Participant will take place on the first Dealing Day on which the Prohibited
Period ceases to apply.

 

To the extent that an Award that is otherwise
exercisable under these Rules remains unexercised on the last day (or the last Dealing Day if different) before the expiry of such tenth
anniversary, the Company will be deemed to have received a valid notice of exercise for such Award with authority to sell some or all
of the resulting Shares on the Participant's behalf to satisfy the amount of any Tax Liability arising in connection with such exercise.

 

		5.3.	Performance condition 

 

Subject to Rule 5.6, an Award shall become
exercisable only to the extent that the Performance Condition is determined to be satisfied by the Committee. An Award shall lapse if
and to the extent that it does not become exercisable in respect of some or all of the Shares comprised in it in accordance with the applicable
Performance Condition.

 

		5.4.	Good Leavers 

 

If a Participant ceases to be employed
by an Associated Company:

 

		a)	as a result of his disability, ill-health or death;

		b)	as a result of his Retirement;

		c)	as a result of his Redundancy;

		d)	because his employment is in a company which ceases to be an Associated Company, or relates to a business
or part of a business which is transferred to a person who is not an Associated Company; or

		e)	for any other reason that the Committee so decides in its absolute discretion,

 

his Award may, subject to Rule 6, be
exercised to the extent specified in Rule 5.5:

 

		i.	during the period ending on the date which is twelve months following the cessation of employment (or
any longer period, not exceeding twenty four months, as may be determined by the Committee) in the case of cessation of employment
by reason of death; and

 

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		ii.	during the period ending on the date which is six months following the end of any Holding Period that
applies to the Award in the case of cessation for any other reason listed in this Rule 5.4 (or, if the Award is not subject to a Holding
Period, during the period ending on the date which is six months following cessation of employment, unless Rule 5.5.2(ii) applies, in
which case, during the period ending on the date which is six months following the date on which the Performance Condition is measured)

 

and shall lapse if not exercised during
such period.

 

		5.5.	Extent of exercise for good leavers 

 

5.5.1. Cessation of employment after
end of Performance Period 

 

If a Participant ceases to be employed
by an Associated Company on or after the Vesting Date (or, in the case of an Award that is subject to a Holding Period, during or following
such Holding Period), in circumstances where Rule 5.4 applies, he (or his personal representatives) may exercise his Award to the extent
that the Committee has determined that the Performance Condition has been satisfied (but only after the expiry of any Holding Period that
applies to the Award).

 

		5.5.2.	Cessation of employment before end of Performance Period 

 

		(i)	Death, ill-health, disability and other exceptional circumstance 

 

If a Participant ceases to be an employee
of an Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of
such Holding Period), in circumstances where Rule 5.4 applies by reason of disability, ill-health, death or any other exceptional circumstance
that the Committee so decides in its absolute discretion (together Early Vesting Events) the extent to which an Award shall be
exercisable (if at all) shall be determined by the Committee acting in its absolute discretion and in such circumstances the Committee
may have regard to the following formula:

 

A = B x the fraction C/D 

 

Where

 

A is the percentage of the Shares
comprised in the Award in respect of which the Award becomes exercisable as a result of the Early Vesting Event;

 

B is the number of Shares comprised
in the Award in respect of which the Award would otherwise have become exercisable, but for the operation of this Rule 5.5.2(i), following
a review by the Committee of the Company's performance under the terms of the Performance Condition during the period ending with the
date on which the Company's preliminary, interim or final results which most closely precede or follow the Early Vesting Event are available;

 

C shall be the period measured
in complete months from the Grant Date to date of cessation of employment by reason of an Early Vesting Event; and

 

D shall be the number of months
in the Performance Period,

 

but the Committee may, in its absolute
discretion, determine that such Award shall not be subject to the adjustment pursuant to the formula above or that the number of Shares
in respect of which it shall become exercisable shall be reduced on such other basis as the Committee considers appropriate in the circumstances.
In any event, if the Award is subject to a Holding Period, the Award shall only become exercisable at the end of the Holding Period applicable
to the Award unless the Committee in its absolute discretion determines otherwise.

 

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		(ii)	Retirement, redundancy, sale of a company or a business or any other reason that the Company so decides
in its absolute discretion 

 

If a Participant ceases to be an employee
of an Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of
such Holding Period) (other than by reason of disability, ill-health, death or any other exceptional circumstance that the Committee so
decides in its absolute discretion) but the Award remains capable of exercise under Rule 5.4, the extent to which an Award will become
exercisable (if at all) shall be determined in accordance with the following formula:

 

A = B x the fraction C/D 

 

Where

 

A is the percentage of the Shares
comprised in the Award in respect of which the Award becomes exercisable;

 

B is the number of shares in respect
of which the Award would otherwise have become exercisable, but for the operation of this Rule 5.5.2 (ii) judged by reference to be the
extent to which the Performance Condition is met over the relevant Performance Period; and

 

C shall be the period measured
in complete months from the Grant Date to date of cessation of employment; and

 

D shall be the number of months
in the Performance Period,

 

but the Committee may, in its absolute
discretion, determine that such Award shall not be subject to the adjustment pursuant to the formula above or that the number of Shares
in respect of which it shall become exercisable shall be reduced on such other basis as the Committee considers appropriate in the circumstances.
In any event, if the Award is subject to a Holding Period, the Award shall only become exercisable at the end of the Holding Period applicable
to such Award unless the Committee in its absolute discretion determines otherwise.

 

		5.6.	Other leavers 

 

		5.6.1.	Cessation of employment after end of Performance Period where no Holding Period applies 

 

If a Participant ceases to be
employed by an Associated Company on or after the Vesting Date for any reason other than the reasons set out in Rule 5.4 (where Rule
5.5.1 set out above shall apply), he may exercise his Award during the period of six months following his cessation of employment,
to the extent that the Committee has determined that the Award has become exercisable in accordance with the Performance Condition.
At the end of such six month period the Award shall lapse.

 

		5.6.2.	Cessation of employment after end of Performance Period where a Holding Period applies 

 

If a Participant ceases to be employed
by an Associated Company for any reason other than the reasons set out in Rule 5.4 (where Rule 5.5.1 set out above shall apply) and during
a Holding Period that applies to his Award, his Award shall not lapse but shall become exercisable at the end of the Holding Period for
a period of six months following the end of the Holding Period, to the extent that the Committee has determined that the Performance Condition
has been satisfied. At the end of such six month period the Award shall lapse.

 

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		5.6.3.	Cessation of employment before end of Performance Period 

 

If a Participant ceases to be employed
by an Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of
such Holding Period), for any reason other than those set out in Rules 5.4 and 5.5, (where the rules set out above shall apply), his Award
shall lapse immediately on the date of such cessation.

 

		5.7.	Satisfaction of Awards 

 

		5.7.1.	Settlement in Shares 

 

The Board shall procure the delivery
or issue to a Participant (or his nominee) of the number of Shares in respect of which the Award has been exercised as soon as reasonably
practicable of that exercise.

 

		5.7.2.	Settlement in cash 

 

The Committee shall however have discretion
to decide that instead of the Award being satisfied wholly by the issue or transfer of Shares, the exercise of an Award shall be satisfied
in whole or in part by the payment to the Participant of a cash amount equal to the market value of some or all of the Shares in respect
of which the Award is exercised. For the purposes of this Rule, the market value of the Shares over which an Award is exercised shall
be calculated by reference to the closing price of a Share on the London Stock Exchange on the Dealing Day most immediately preceding
the date on which the cash payment is made to the Participant. A cash payment made to the Participant under this Rule shall be made subject
to:

 

		a)	such withholdings on account of tax, national insurance contributions and social security contributions
as may be required by law in any applicable jurisdiction; and

 

		b)	any withholding which the Company may make or require to be made to satisfy any financial liability owed
by the Participant to the Company, another Group Company, Associated Company or the Trustee.

 

To the extent that an Award is not so satisfied by a cash
payment, it shall be satisfied by the issue or transfer of Shares.

 

		5.7.3.	Transfer of Shares to a Pension Plan 

 

Notwithstanding any other provision of
the Plan the Committee may in its discretion determine at any time prior to the Vesting Date of a Participant's Award that all or any
of the Shares comprised in the Award and in respect of which the Award becomes exercisable in accordance with Rule 5.3 shall be transferred
to a pension plan for the benefit of the Participant and not to the Participant.

 

If the Committee makes such a determination,
the Participant shall not thereafter be entitled to exercise the Award and shall have no claim against the Company or his employer for
or in relation to the Award or the Shares comprised in the Award or the loss of any right in respect of the Award or the Shares and for
this purpose where the context requires references to the Participant in the Plan shall be construed as if they were references to the
pension plan or the trustees of the pension plan as the case may be.

 

If the Committee makes such a determination,
the transfer of the relevant Shares to a pension plan for the benefit of the Participant shall be a full and proper discharge of any obligations
that the Company may have to the Participant under the Plan.

 

By participating in the Plan a
Participant agrees that he will keep the Company, his employing company and any Group Company indemnified on a continuing basis in
respect of any tax (including pay as you earn) and/or employee's social security contributions together with all fines, penalties
and interest of whatever nature relating thereto that may be payable by or assessable on the Participant, the Company, his employing
company or any Group Company in respect of any Shares transferred to a pension plan for his benefit or otherwise in connection with
the Award or the Shares (the Indemnity Amount) and he agrees that the Indemnity Amount may be set off against or deducted from any
amounts owed to him by the Company, his employing company or any Group Company and a Participant shall enter into such arrangements
as the Committee may prescribe to give effect to the terms of this paragraph.

 

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		5.8.	Meaning of ceasing employment 

 

A Participant shall not be treated for
the purposes of Rule 5 as ceasing to be an employee of an Associated Company until he is no longer an employee of any Associated Company.

 

		5.9.	Dividend Shares 

 

At the discretion of the Committee, the
number of Shares in respect of which an Award is exercisable may be increased by such additional number of Shares as may be determined
by the Committee to reflect the value of dividends which have been received by the Participant, had the Participant held the number of
Shares in respect of which his award would otherwise be exercisable, during the period beginning with the Grant Date and ending either
(i) on the date the Award is exercised or (ii) on the Vesting Date (as determined by the Committee in its discretion.) If the Committee
exercises its discretion to award further Shares pursuant to this Rule, the number of Shares so awarded shall be calculated by the Committee
in its discretion having regard to the following formula:

 

A = B

C

 

where:

 

A is the additional number of
Shares in respect of which an Award will be exercisable pursuant to this Rule;

 

B is the total value of dividends
which would have been payable on X number of Shares during the period beginning with the Grant Date and ending either (i) on
the date the Award is exercised or (ii) on the Vesting Date (as determined by the Committee in its discretion)

 

C is the closing middle market
quotation for a Share on the London Stock Exchange on the date on which the dividend was paid (or if such dividend was not paid on a Dealing
Day, the Dealing Day which most immediately precedes it); and

 

X is the number of Shares in respect
of which the Award would otherwise be exercisable (according to the extent to which the Performance Condition is satisfied) which may,
at the discretion of the Committee, be adjusted incrementally to reflect notional additional Shares which could have been acquired with
each dividend payable on X on the Dealing Day most immediately preceding the day on which the dividend was paid.

 

The Committee may in its absolute discretion
decide that instead of increasing the number of shares comprised in the Award to reflect the value of dividends, such value may be reflected
by means of a cash payment equalling the value of A either on the Vesting Date or on the date on which the Award is exercised (as determined
by the Committee in its discretion). Such cash payment shall be made to the Participant as soon as reasonably practicable after the Vesting
Date or the date on which the Award is exercised (as determined by the Committee in its discretion) and shall be subject to:

 

		a)	appropriate deductions on account of income tax, national insurance contributions or any other tax and
social security contributions required to be withheld by law in any applicable jurisdiction; and

 

		b)	any withholding which the Company may make or require to be made to satisfy any financial liability owed by the Participant to the Company,
another Group Company, Associated Company or the Trustee.

 

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		5.10.	Employee tax liabilities where the exercise of an Award is satisfied by the issue or transfer of shares
(withholding tax and employee's social security) 

 

It is a condition of exercise of any
Award that where and to the extent that the Award is to be satisfied by the issue or transfer of Shares and a Group Company (or former
Group Company) is obliged to (or would suffer a disadvantage if they were not to) account for any tax or social security contributions
(in any jurisdiction) arising in connection with the Award whether payable by or assessable on the Participant or on any Group Company
(or former Group Company) which, unless the Committee determines otherwise at the Grant Date or unless the Participant has entered into
an agreement, election or other arrangement referred to in Rule 3.8, shall not include secondary Class 1 national insurance contributions
in the UK or their equivalent in any other jurisdiction (together, the Tax Liability), the Participant must:

 

		a)	pay the relevant Group Company (or former Group Company) an amount equal to the Tax Liability; or

 

		b)	enter into arrangements acceptable to the Group Company (or former Group Company) (and in accordance with
any election or agreement made pursuant to Rule 3.8) to ensure that payment of the Tax Liability is made (whether by authorising the sale
of some or all of the Shares on the Participant's behalf and the payment to the tax authority of the amount of the Tax Liability out of
the proceeds of sale, or otherwise),

 

and a Participant shall do anything a
Group Company (or former Group Company) may reasonably require in connection with the satisfaction by the Participant of his or her obligations
pursuant to this Rule.

 

		5.11.	General Right of Set Off 

 

Where an Award is to be satisfied by
the issue or transfer of Shares and the Participant has a financial liability to the Company, another Group Company, or an Associated
Company the Company shall have the right to authorise, on the Participant's behalf, the sale of some or all of the Shares issued or transferred
to the Participant, in order to raise sufficient funds to discharge, in whole or in part, such financial liability.

 

		5.12.	Share rights 

 

All Shares allotted under the Plan shall
rank equally in all respects with Shares of the same class then in issue except for any rights attaching to the Shares by reference to
a record date preceding the day on which the Participant is entered on the Company's register of shareholders in respect of those Shares.
The Company shall apply for the listing of any Shares issued under the Plan on the London Stock Exchange as soon as practicable after
their allotment.

 

6.       Takeover,
reconstruction and winding-up

 

		6.1.	General offers 

 

Subject to Rules 6.3, 6.4 and 6.5, if
any person obtains Control of the Company as a result of making a general offer to acquire Shares in the Company, or having obtained Control
makes such an offer, the Board shall notify every Participant of the change of Control and an outstanding Award may be exercised to the
extent prescribed by Rule 6.2 within six months (or any longer period the Committee permits) of the notification. All outstanding Awards
shall lapse to the extent not exercised on the expiry of that period.

 

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		6.2.	Pro-Rating for Performance and Time 

 

If there occurs one of the events described
in this Rule 6 (a Change in Control), the extent to which an Award shall become exercisable (if at all) shall be determined by the Committee
in accordance with the following formula:

 

A = B x the fraction C/D

 

where

 

A is the percentage of the Shares
comprised in the Award in respect of which the Award becomes exercisable as a result of the Change of Control;

 

B is the number of Shares comprised
in the Award in respect of which the Award would otherwise have become exercisable, but for the operation of this Rule 6.2, following
a review by the Committee of the Company's performance under the terms of the Performance Condition during the period ending with the
Change of Control; and

 

C shall be the period measured
in complete months from the Grant Date to date of the relevant event; and

 

D shall be the number of months in the Performance
Period),

 

but the Committee may, in its absolute
discretion and having regard to the financial performance of the Company and the circumstances of the relevant event, determine that such
Award shall not be subject to the adjustment pursuant to the formula above or that the number of Shares in respect of which it shall become
exercisable shall be reduced on such other basis as the Committee considers appropriate in the circumstances.

 

		6.3.	Meaning of control 

 

For the purposes of Rule 6.1, a person
shall be deemed to have obtained Control of the Company if he and others acting in concert with him (as defined in the City Code on Takeovers
and Mergers) have together obtained Control of the Company.

 

		6.4.	Compulsory acquisition, schemes of arrangement and winding up 

 

Subject to Rules 6.4 and 6.5, if any
person becomes bound or entitled to acquire shares in the Company under sections 979 to 989 of the Companies Act 2006, or if under section
899 of that Act the Court sanctions a compromise or arrangement, or if the Company passes a resolution for voluntary winding up, or if
an order is made for the compulsory winding up of the Company, the Board shall notify every Participant of the occurrence of the event
and an outstanding Award may be exercised to the extent prescribed by Rule 6.2 within one month (or any longer period the Committee permits)
of the notification. All outstanding Awards shall lapse to the extent not exercised on the expiry of that period.

 

		6.5.	Replacement Awards 

 

		6.5.1.	If any person obtains Control of the Company as described in Rule 6.1, or as a result of a compromise
or arrangement sanctioned by the Court under section 899 Companies Act 2006, or becomes bound or entitled to acquire shares in the Company
under sections 979 to 989 Companies Act 2006, a Participant may by agreement with such person release his Award (the Old Award) in consideration
of the grant of a new award (the New Award) over shares of equivalent value in a different company, such New Award to be subject to Rules
of the Plan and to such performance conditions (if any) as may be agreed between the Participant and such person and failing such agreement,
the New Award shall be subject to the Performance Condition to which the Old Award was subject.

 

		6.5.2.	A New Award granted under Rule 6.5.1 shall, for the purposes of the Plan, be treated as having been acquired
at the same time as the Old Award.

 

    14 

     

    

 

		6.5.3.	Where any New Award is granted pursuant to Rule 6.5.1, Rules 3.4, 3.6, 5, 6, 7, 8 and 9 shall be construed
as if references to the Company and to Shares were references to the other company to which the shares
comprised in the New Award relate and to shares in that company but references to a Group Company shall continue to be construed as if
references to the Company were references to Rentokil Initial plc.

 

		6.6.	Internal reorganisation 

 

If:

 

		a)	the events referred to in this Rule 6 are part of an arrangement (a Reorganisation) as a result of which
the Company will be under the Control of another company or the business of the Company will be carried on by another company; and

 

		b)	the persons who owned the shares in the Company immediately before the change of Control will immediately
afterwards own more than 75% of the shares in that other company,

 

then an Award shall not become exercisable
or lapse as a result of that Reorganisation, but shall, unless the Committee determines otherwise, cease to relate to Shares and will
instead relate to the number of shares in the other company that have a market value equivalent to the Shares in the Company subject to
the Award immediately before the Reorganisation (the respective market values to be determined by the Committee acting reasonably). The
Rules and the applicable Performance Conditions shall continue to apply to the Award with the necessary changes to take account of this
alteration.

 

		7.	Variation of share capital 

 

If there is any variation of the share
capital of the Company, a demerger, a special dividend, or a similar event involving the Company, the Committee may make any adjustment
to the number of Shares subject to an Award and to the Performance Condition to which an Award is subject that it reasonably and fairly
considers appropriate.

 

		8.	Amendments 

 

		8.1.	General rule on alterations 

 

Subject to Rules 8.2, 8.4 and 8.5, the
Committee may at any time amend the Rules.

 

		8.2.	Shareholder approval 

 

Subject to rule 8.3 and 8.5, no amendment
to the advantage of the persons to whom Awards have been granted or may be rented shall be made to any of the provisions concerning eligibility
to participate in the Plan, the limits on individual participation, the terms of vesting and the number of Shares which may be issued
under the Plan and the adjustment of Awards on a variation of share capital under Rule 7, without the prior approval by ordinary resolution
of the members of the Company in general meeting.

 

		8.3.	Exceptions to shareholder approval 

 

Rule 8.2 shall not apply to any amendment
which is minor and to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable
tax, exchange control or regulatory treatment for Participants or any Group Company. Without prejudice to the generality of the foregoing,
alterations may be made and appendices added to the Rules in order to change the legal form or structure of Awards which may be granted
(while preserving their economic substance as envisaged in the existing Rules) to benefit the administration of the Plan, to take account
of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants or any
Group Company.

 

    15 

     

    

 

 

		8.4.	Alterations to disadvantage of participants 

 

Subject to Rule 8.5, no amendment to the Plan shall be made
to the material disadvantage of any Participant in respect of any subsisting Award unless:

 

		a)	the Board has invited every Participant who may be disadvantaged to indicate whether or not he approves
the amendment, and

 

		b)	the amendment is approved by more than three quarters of such number of Participants who respond to such
invitation.

 

		8.5.	Alterations to the performance condition 

 

The Committee may amend the Performance
Condition that applies to an Award if:

 

		a)	an event occurs which causes the Committee reasonably to consider that the Performance Condition that
then applies to the Award would not, without alteration, achieve its original purpose;

 

		b)	the Committee acts fairly and reasonably in making the amendment; and

 

		c)	the amended Performance Condition will in the opinion of the Committee be materially no less challenging
than would have been had the event not occurred.

 

		8.6.	Alteration notices 

 

The Company shall give written notice
to any Participant affected by an amendment under this Rule 8 as soon as practicable after it is made.

 

		9.	Miscellaneous

 

		9.1.	Employment 

 

The rights and obligations of any individual
under the terms of his office or employment with any Group company, including but not limited to an employment contract, are entirely
separate from and shall not be affected by his participation in the Plan. By participating in the Plan a Participant waives any and all
rights to compensation or damages in consequence of the termination of his office or employment for any reason whatsoever insofar as those
rights arise or may arise from his ceasing to have rights under or be entitled to exercise any Award as a result of such termination.
A Participant shall not have any rights of a shareholder of the Company with respect to his Award or the Shares subject to it.

 

		9.2.	Participation in the Plan 

 

Nothing in the Plan shall give any employee
of a Group Company any right to participate in the Plan. Participation in the Plan in one year does not confer any right to participate
in any future year.

 

		9.3.	Administration 

 

The Plan shall be administered by the
Committee or by such persons to whom the Committee has duly delegated its authority to administer the Plan (including, without limitation,
the company secretary of the Company). The Committee has full authority, consistent with the Rules, to administer the Plan, including
authority to interpret and construe any provision of the Plan and to adopt any regulations for administering the Plan and any documents
it thinks necessary or appropriate. The decision of the Committee on any matter concerning the Plan shall be final and binding on all
persons.

 

		9.4.	Notices 

 

Any notice or other communication
under or in connection with the Plan may be given by personal delivery, by electronic communication or by post, in the case of a
company to its registered office, and in the case of an individual to his last known address, or, where he is a director or employee
of a Group Company, to his last known postal address, or to the postal address of the place of business at which he performs the
whole or substantially the whole of the duties of his office or employment, or to his allocated corporate e-mail address.

 

    16

     

    

 

		9.5.	Costs of Plan 

 

The cost of introducing and administering
the Plan shall be borne by the Company. The Company may require any other Group Company to enter into an agreement which obliges that
company to reimburse the Company for any costs borne by the Company, directly or indirectly, in respect of that Group Company's offices
or employees. A Group Company may provide money to the Trustee or to any other person to enable that person to acquire Shares to be held
for the purposes of this Plan, or enter into any guarantee or indemnity for these purposes, to the extent permitted by law.

 

		9.6.	Benefits of pensionable 

 

No benefit received by a Participant
under the Plan shall be pensionable.

 

		9.7.	Prohibited Periods 

 

Each relevant person will have regard
to any Prohibited Period when operating, interpreting, administering, participating in and/or taking any other action in relation to the
Plan.

 

		9.8.	Governing law 

 

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

 

		9.9.	Shares to satisfy awards 

 

The Company shall ensure that sufficient
Shares are available (whether from existing Shares held in trust or in treasury or otherwise or from unissued Shares) to satisfy all outstanding
Awards. Any Shares acquired under an Award shall be subject to the articles of association of the Company.

 

		9.10.	Third parties 

 

The Plan confers no benefit, right or
expectation on a person who is not a Participant. No third party has any rights under the Contracts (Rights of Third Parties) Act 1999
to enforce any term of this Plan. Any other right or remedy which a third party may have is unaffected by this Rule.

 

		9.11.	Personal data 

 

Personal data will be processed in accordance
with the Company Data Privacy Notice available on the Company’s website at www.rentokil-initial.com or as otherwise advised by the
Company.

 

    17

     

    

 

Appendix 1 to Rentokil Initial
plc Performance Share Plan for Grant of Free Performance Shares

 

		1	Awards in the form of Free Performance Shares 

 

Where the Committee considers it appropriate,
(whether for tax, regulatory or other reasons), an Award may be granted pursuant to the Plan in the form of a promise from the Company
to deliver Shares for no consideration (Free Performance Shares) to a Participant rather than as a right of the Participant to
acquire Shares. Where an Award takes the form of a promise of Free Performance Shares, the Rules of the Plan (and where relevant Appendix
2) shall apply to that Award mutatis mutandis save only where specified otherwise in this Appendix.

 

		2	Performance Condition 

 

The following definition of Performance
Condition shall apply for the purposes of the Rules when applied to Awards of Free Performance Shares:

 

Performance Condition means such
objective term(s) and/or requirements that the Committee applies to an Award and notifies to a Participant at the Grant Date (in addition
to the terms set out in these Rules), the satisfaction of which shall determine the number (if any) of Free Performance Shares to be delivered
to a Participant;

 

		3	In Rule 3.7 (Approvals and Consents), the words "its exercise" shall be omitted when
applied to Awards of Free Performance Shares.

 

		4	Rule 3.8 (Employer's Social Security) shall be replaced by the following rule:

 

"The Company may require a Participant
to enter into an agreement, election or other arrangement so far as permitted by law to allow the Company to pass the cost of employers'
social security contributions, arising in relation to an Award, to the Participant."

 

		5	Rules 5.1 to 5.9 (Exercise of an Award) shall be replaced by the following rule:

 

I             Delivery of Free Performance Shares 

 

		(i)	Performance Condition 

 

The Company shall issue or procure the
transfer of Shares pursuant to a Free Performance Share Award only to the extent that the Performance Condition is determined to be satisfied
by the Committee as soon as reasonably practicable following the later of (a) the Committee's determination as to whether the Performance
Condition has been satisfied and (b) the end of any Holding Period. The Company shall not be obliged to issue or procure the transfer
of Shares pursuant to a Free Performance Share Award if and to the extent that the Committee determines that the Performance Condition
has not been satisfied.

 

		(ii)	Vesting in a Prohibited Period 

 

	 	 	If a Prohibited Period prohibits:

 

		a)	the delivery, or the procurement of the delivery, of Shares or cash (as the case may be) to the Participant;
and/ or

 

		b)	the Participant from selling Shares to discharge any liability
for Taxation, such Award will only Vest when such Prohibited Period ceases to apply.

 

		(iii)	Leavers leaving after end of Performance Period where no Holding Period applies 

 

If a Participant ceases to be
employed by an Associated Company on or after the Vesting Date but before his Free Performance Shares have been delivered to him,
the Company shall nonetheless issue or procure the transfer of Free Performance Shares to that Participant to the extent that the
Committee have determined or determines that the Performance Condition has been satisfied. In such circumstances, the Company shall
not be obliged to issue or procure the transfer of Free Performance Shares if and to the extent that the Committee determines that
the Performance Condition has not been satisfied.

 

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		(iv)	Leavers leaving after end of Performance Period where a Holding Period applies 

 

If a Participant ceases to be employed
by an Associated Company for any reason during or following a Holding Period that applies to his Award, his Free Performance Shares shall
not lapse but shall be issued or transferred to him as soon as reasonably practicable following the end of the Holding Period (unless,
in case of a Participant who leaves for any of the reasons set out in (I)(v)(a) or (I)(v)(b) below, the Committee determines that they
shall be issued or transferred earlier), to the extent that the Committee has determined that the Performance Condition was satisfied
at the end of the relevant Performance Period.

 

The Company shall not be obliged to
issue or procure the transfer of Free Performance Shares if and to the extent that the Committee determines that the Performance Condition
was not satisfied.

 

		(v)	Good leavers leaving before end of Performance Period 

 

		(a)	Death, ill-health, disability and other exceptional circumstance

 

If a Participant ceases to be an employee of an
Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of such
Holding Period) by reason of death, ill-health, disability or any other exceptional circumstance that the Committee so decides in its
absolute discretion, the Company may issue or procure the transfer of Free Performance Shares to the Participant if, and to the extent
that, the Committee acting in its absolute discretion, so determines it appropriate and in such circumstances, the Committee may have
regard to the following formula:

 

A = B x the fraction C/D

 

where:

 

A is the percentage of the Shares to be
issued or transferred to the Participant or his personal representative following the cessation of employment by reason of disability,
ill-health, death or any other exceptional circumstance that the Committee so decides in its absolute discretion;

 

B is the number of Free Performance Shares
which would otherwise have been delivered to the Participant, but for the operation of this Rule, following a review by the Committee
of the Company's performance under the terms of the Performance Condition during the period ending with the date on which the Company's
preliminary, interim or final results, which most closely precede or follow the cessation of employment or death, are available; and

 

C shall be the period measured
in complete months from the Grant Date to date of cessation of employment; and

 

D shall be the number of months in the Performance Period ,

 

but the Committee may, in its absolute discretion,
determine that such Free Performance Shares shall not be subject to the adjustment pursuant to the formula above or that the number of
Free Performance Shares in respect of which the Participant becomes entitled shall be reduced on such other basis as the Committee considers
appropriate in the circumstances.

 

    19

     

    

 

Shares shall be delivered in these circumstances
as soon as reasonably practicable following the determination of the entitlement of the Participant or his personal representatives. In
any event, if the Award is subject to a Holding Period, the underlying Shares shall only be delivered following the end of the Holding
Period unless the Committee in its absolute discretion determines otherwise.

 

		(b)	Retirement, redundancy, sale of a company or business or any other reason that the Committee so decides
in its absolute discretion 

 

If a Participant ceases to be an employee
of an Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of
such Holding Period) as a result of his Retirement, Redundancy, because his employment is in a company which ceases to be an Associated
Company or relates to a business or part of a business which is transferred to a person who is not an Associated Company or for any other
reason that the Committee so decides in its absolute discretion, the Company shall issue or procure the transfer to the Participant of
the number of Free Performance Shares determined in accordance with the following formula:

 

A = B x the fraction C/D

 

where:

 

A is the number of Free Performance
Shares to be issued or transferred to the Participant;

 

B is the number of Free Performance
Shares which would otherwise have been issued or transferred to the Participant but for the operation of this Rule judged by reference
to the extent to which the Performance Condition is met over the relevant Performance Period; and

 

C shall be the period measured
in complete months from the Grant Date to date of cessation of employment; and

 

D shall be the number of months in the Performance
Period,

 

but the Committee may, in its absolute
discretion, determine that such Free Performance Shares shall not be subject to the adjustment pursuant to the formula above or that the
number of Free Performance Shares in respect of which the Participant becomes entitled shall be reduced on such other basis as the Committee
considers appropriate in the circumstances.

 

Shares shall be delivered in these circumstances
as soon as reasonably practicable following the determination of the entitlement of the Participant. In any event, if the Award is subject
to a Holding Period, the underlying Shares shall only be delivered following the end of the Holding Period unless the Committee in its
absolute discretion determines otherwise.

 

		(vi)	Other leavers leaving before end of Performance Period 

 

If a Participant ceases to be employed
by an Associated Company before the Vesting Date (or, in the case of an Award that is subject to a Holding Period, before the start of
such Holding Period), for any reason other than those set out in paragraph (iv) above (Death, ill-health, disability, retirement, redundancy,
sale of a company or business), no Free Performance Shares shall be delivered to him.

 

		(vii)	Cash alternative 

 

The Committee may decide that
instead of issuing or procuring the transfer of some or all of the Free Performance Shares of an Award of a Participant, the Company
shall pay or procure the payment of a cash amount equal to the market value of the Free Performance Shares which would otherwise
have been issued or transferred to such Participant.

 

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A cash payment to a Participant under this Rule shall be
made subject to:

 

		(a)	such withholdings on account of tax, national insurance contributions and social security contributions
as may be required by law in any applicable jurisdiction; and

 

		(b)	any withholding which the Company may make or require to be made to satisfy any financial liability owed
by the Participant to the Company, another Group Company or the Trustee.

 

		(viii)	Meaning of ceasing employment 

 

A Participant shall not be treated for
the purposes of this Rule as ceasing to be an employee of an Associated Company until he is no longer an employee of any Associated Company.

 

		(ix)	Dividend Shares 

 

At the discretion of the Committee,
the number of Free Performance Shares to be issued or transferred to a Participant may be increased by such additional number of Shares
as may be determined by the Committee to reflect the value of dividends which would have been received by the Participant had the Participant
held the number of Free Performance Shares to be delivered to the Participant in accordance with the Performance Condition during the
period beginning with the Grant Date and ending either on (i) the date on which the Free Performance Shares are to be delivered to the
Participant or (ii) on the Vesting Date (as determined by the Committee in its discretion). If the Committee exercises its discretion
to award further Shares pursuant to this Rule, the number of Shares so awarded shall be calculated by the Committee in its discretion
having regard to the following formula:

 

		A = 	 B 
  C 

 

where:

 

A is the additional number of
Shares which will be awarded to a Participant pursuant to this Rule;

 

B is the total value of dividends
which would have been payable on X number of Shares during the period beginning with the Grant Date and ending either (i) on the date
the Free Performance Shares are to be issued or transferred to the Participant or (ii) on the Vesting Date (as determined by the Committee
in its discretion);

 

C is the closing middle market
quotation for a Share on the London Stock Exchange on the date on which the dividend was paid (or if such dividend was not paid on a Dealing
Day, the Dealing Day which most immediately precedes it); and

 

X is the number of Free Performance
Shares which would otherwise have been issued or transferred to the Participant (according to the extent to which the Performance Condition
is satisfied) which may, at the discretion of the Committee, be adjusted incrementally to reflect notional additional Shares which could
have been acquired with each dividend payable on X on the Dealing Day most immediately preceding the day on which the dividend was paid.

 

The Committee may in its absolute
discretion decide that instead of increasing the number of Free Performance Shares to be awarded to a Participant to reflect the
value of dividends, such value may be reflected by means of a cash payment, equalling the value of A either on the Vesting Date or
on the date on which the Free Performance Shares are to be delivered (as determined by the Committee in its discretion). Such cash
payment shall be made to the Participant at the same time as his Free Performance Shares are delivered and shall be subject to:

 

    21

     

    

 

		(a)	appropriate deductions on account of income tax, national insurance contributions or any other tax or
social security contributions required to be withheld by law in any applicable jurisdiction; and

 

		(b)	any withholding which the Company may make or require to be made to satisfy any financial liability owed
by the Participant to the Company, another Group Company, Associated Company or the Trustee.

 

		6	In Rule 5.10 (Employee tax liabilities where the exercise of an Award is satisfied by the issue or
transfer of Shares (withholding tax and employee's social security) the words "It is a condition of exercise of any Award that"
shall be omitted when applied to Awards of Free Performance Shares.

 

		7	Rule 6 (Takeover, reconstruction and writing-up) shall be replaced by the following rule:

 

		I	General offers

 

Subject to Rules III, IV and V, if any
person obtains Control of the Company as a result of making a general offer to acquire Shares in the Company, or having obtained Control
makes such an offer, the Board shall notify every Participant of the change of Control and Free Performance Shares shall be issued or
transferred to each Participant to the extent prescribed by Rule II within six months (or any longer period the Committee permits) of
the notification. All outstanding Awards shall lapse on the expiry of that period.

 

		II	Pro-Rating for Performance and Time 

 

If there occurs one of the events described
in this Rule (a Change of Control), the number of Free Performance Shares which shall be issued or transferred (if any) shall be
determined by the Committee in accordance with the following formula:

 

A = B x the fraction C/D

 

where

 

A is the percentage of the Free
Performance Shares comprised in the Award which will be issued or transferred to a Participant as a result of the Change of Control;

 

B is the number of Free Performance
Shares comprised in the Award which would otherwise be issued or transferred to the Participant, but for the operation of this Rule 6.2,
following a review by the Committee of the Company's performance under the terms of the Performance Condition during the period ending
with the Change of Control; and

 

C shall be the period measured
in complete months from the Grant Date to date of the relevant event; and

 

D shall be the number of months
in the Performance Period,

 

but the Committee
may, in its absolute discretion, determine that such Free Performance Shares shall not be subject to the adjustment pursuant to the formula
above or that the number of Free Performance Shares in respect of which the Participant becomes entitled shall be reduced on such other
basis as the Committee considers appropriate in the circumstances.

 

    22

     

    

 

		III	Meaning of control

 

For the purposes of paragraph I, a person
shall be deemed to have obtained Control of the Company if he and others acting in concert with him (as defined in the City Code on Takeovers
and Mergers) have together obtained Control of the Company.

 

		IV	Compulsory acquisition, schemes of arrangement and winding
up

 

Subject to paragraphs V and VI, if any
person becomes bound or entitled to acquire shares in the Company under sections 979 to 989 of the Companies Act 2006, or if under section
899 of that Act the Court sanctions a compromise or arrangement, or if the Company passes a resolution for voluntary winding up, or if
an order is made for the compulsory winding up of the Company, the Board shall notify every Participant of the occurrence of the event
and Free Performance Shares shall be issued or transferred to holders of outstanding Awards to the extent prescribed by Rule II (Pro-Rating
for performance and time) within one month (or any longer period the Committee permits) of the notification. All outstanding Awards
shall lapse on the expiry of that period.

 

		V	Replacement Awards 

 

		(i)	If any person obtains Control of the Company as described in paragraph I, or as a result of a compromise
or arrangement sanctioned by the Court under section 899 Companies Act 2006, or becomes bound or entitled to acquire shares in the Company
under sections 979 to 989 Companies Act 2006, a Participant may by agreement with such person release his Award (the Old Award)
in consideration of the grant of a new award (the New Award) over shares of equivalent value in a different company, such New Award
to be subject to Rules of the Plan and to such performance conditions (if any) as may be agreed between the Participant and such person
and failing such agreement, the New Award shall be subject to the Performance Condition to which the Old Award was subject.

 

		(ii)	A New Award granted under paragraph V(i) shall, for the purposes of the Plan, be treated as having been
acquired at the same time as the Old Award.

 

		(iii)	Where any New Award is granted pursuant to Rule V(i), paragraph 5 of this Appendix and Rules 3.4, 3.6,
5.10, 5.11, 5.12, 6, 7, 8 and 9 of the Plan shall be construed as if references to the Company and to Shares were references to the other
company to which the shares comprised in the New Award relate and to shares in that company but references to a Group Company shall continue
to be construed as if references to the Company were references to Rentokil Initial plc.

 

		VI	Internal reorganisation

 

If:

 

		(a)	the events referred to in this Rule 6 (Takeover, reconstruction and writing-up) are part of an
arrangement (a Reorganisation) as a result of which the Company will be under the Control of another company or the business of
the Company will be carried on by another company; and

 

		(b)	the persons who owned the shares in the Company immediately before the change of Control will immediately
afterwards own more than 75% of the shares in that other company;

 

then Free Performance Shares shall not
be issued or transferred as a result of that Reorganisation, but each Award shall, unless the Committee determines otherwise, cease to
relate to Shares and will instead relate to the number of shares in the other company that have a market value equivalent to the Shares
in the Company subject to the Award immediately before the Reorganisation (the respective market values to be determined by the Committee
acting reasonably). The Rules and the applicable Performance Conditions shall continue to apply to the Award with the necessary changes
to take account of this alteration.

 

    23

     

    

 

Appendix 2 to Rentokil Initial
plc Performance Share Plan for Grant of Awards in the US

 

		1.	GENERAL

 

		1.1.	This Appendix 2 shall apply to all US Taxpayers. In the event that a Participant becomes a US Taxpayer
subsequent to the Grant Date of an Award, then, pursuant to Rule 8 (Amendments) of the Plan, such Award shall immediately be amended
in a manner consistent with this Appendix 2. Awards shall be granted to US Taxpayers only in the form of Free Performance Shares, as provided
under Appendix 1 to the Plan.

 

		1.2.	In
this Appendix 2, the following expressions shall have the following meanings respectively: 

 

California Participant means a Participant who is a resident of the State of California;

 

California Securities Law means,
collectively, Section 25102(o) of the California Corporate Securities Law of 1968, as amended, and the regulations issued thereunder by
the California Commissioner of Corporations, including Section 260.140.42 relating to compensatory purchase plans;

 

Code means the US Internal Revenue
Code of 1986, as it may be amended from time to time, and all US Treasury Regulations, interpretations and administrative guidance issued
thereunder;

 

Rule 701 means Rule 701 of the
US Securities Act of 1933, as it may be amended from time to time;

 

Section 409A means Section 409A
of the Code and all regulations, interpretations and administrative guidance issued thereunder;

 

Short-Term Deferral Exemption means
the short-term deferral exemption from Section 409A described in Section 1.409A-1(b)(4) of the treasury regulations issued under the Code;

 

Short-Term Deferral Period means
the period commencing on the date that an Award first is no longer subject to a substantial risk of forfeiture for US federal income tax
purposes and ending upon the fifteenth day of the third month following the end of the Taxable Year in which such Award first is no longer
subject to a substantial risk of forfeiture;

 

Taxable Year means the calendar
year, or, if later, the end of the taxable year of the Company, in which the Award is no longer subject to a substantial risk of forfeiture;

 

US means the United States of
America;

 

US Tax means applicable US federal,
state and local income taxes and employment taxes; and

 

US Taxpayer means a Participant
who is subject to US Tax at the Grant Date, is expected to become subject to US Tax following the Grant Date or does become subject to
US Tax following the Grant Date but while the Award remains outstanding.

 

US Treasury Regulations mean the
regulations promulgated under the Code.

 

References to a “Rule” in
this Appendix 2 shall be to the Rules of the Plan, except as otherwise expressly provided herein.

 

		2.	PROVISIONS APPLICABLE TO US TAXPAYERS 

 

		2.1.	Awards granted to US Taxpayers are intended to be exempt from the requirements of Section 409A pursuant
to the Short-Term Deferral Exemption, and the Plan and any Award granted to a US Taxpayer shall be interpreted, operated and administered
in a manner consistent with such intention. Notwithstanding anything contrary contained in the Plan or any Award certificate, payment
in respect of any Award hereunder, including the payment of a cash equivalent under Rule I(vi) in Section 5 of Appendix 1 or issuance
of Shares upon the Vesting of a Free Performance Share Award shall be paid or transferred, if at all, to a US Taxpayer within the Short-Term
Deferral Period.

 

    24

     

    

 

		2.2.	Unless otherwise determined by the Committee, a Free Performance Share Award granted under the Plan to
a US Taxpayer shall become Vested (to the extent that the Committee determines that the Performance Condition has been satisfied, or otherwise
so determines in its absolute discretion, all as provided under Rule I in Section 5 of Appendix 1) and payable on the earliest to occur
of the following events:

 

2.2.1. the Vesting
Date, subject to the US Taxpayer’s continued employment with an Associated Company on such date;

 

2.2.2. the termination
of the US Taxpayer’s employment with each Associated Company due to the US Taxpayer’s death, incapacity or any other exceptional
circumstance that the Committee so decides in its absolute discretion;

 

2.2.3. the termination
of the US Taxpayer’s employment with each Associated Company due to the US Taxpayer’s Retirement or Redundancy;

 

2.2.4. the termination
of the US Taxpayer’s employment with each Associated Company resulting because the US Taxpayer’s employment is with a company
which ceases to be an Associated Company or relates to a business or part of a business which is transferred to a person who is not an
Associated Company, subject to the US Taxpayer’s continued employment with an Associated Company on the date of such cessation or
transfer; and

 

2.2.5. a Change
of Control or winding up of the Company under Section 7 of Appendix 1, subject to the US Taxpayer’s continued employment with an
Associated Company on such date.

 

Once (and to the extent) Vested, subject
to any applicable dealing or other securities law restrictions, Shares shall be delivered, or a cash equivalent shall be paid, in respect
of an Award on or before the expiration of the Short-Term Deferral Period.

 

		2.3.	In the event that the Vesting of a Free Performance Share Award granted to a US Taxpayer or the issuance
of Shares, has not been made by the end of the Short-Term Deferral Period due to the circumstances described in Rule I(ii) in Section
5 of Appendix 1 (Vesting in a Prohibited Period) applying to the Free Performance Share Award, then to the extent permissible under Section 1.409A-1(b)(4)(ii) of the proposed US Treasury Regulations (regarding the delay permitted
if Vesting or payment would violate applicable law), such Vesting and issuance of Shares or cash in the settlement of the Free Performance
Share Award may be delayed so long as the Free Performance Share Award is then satisfied as soon as reasonably practicable after the date
on which such satisfaction would no longer cause a violation of applicable law.

 

		2.4.	In the event that the Vesting of a Free Performance Share Award granted to a US Taxpayer or the issuance
of Shares before the end of the applicable Short-Term Deferral Period, but before the end of an applicable Holding Period, the US Taxpayer
may not transfer, assign, charge or create any other security interest over or otherwise dispose of the Shares or cash received from the
settlement of the Free Performance Share Award or any rights in respect thereof. If the US Taxpayer attempts to transfer, assign, charge
or create any other security interest over or otherwise dispose of the Shares or cash received from the settlement of the Free Performance
Share Award or any rights in respect thereof, whether voluntarily or involuntarily, before the end of an applicable Holding Period, then
the Shares or cash received from the settlement of the Free Performance Share Award will be immediately forfeited, and returned to the
Company.

 

		2.5.	To the extent of any replacement under Rule 6.5 (Replacement Awards) of the Plan or under Rule
V in Section 7 of Appendix 1 or adjustment under Rule 6.6 (Internal Reorganisation) of the Plan or under Rule VI in Section 7 of
Appendix 1 of any Award, the terms and conditions of any New Award (or any adjusted Award, as applicable) shall not modify the payment
timing of the corresponding original Award prior to such replacement or adjustment requiring the issuance of Shares or other payment prior
to the expiration of the Short-Term Deferral Period, or otherwise result in any change to the terms and conditions of such original Award
prior to such replacement or adjustment if such change would result in adverse tax consequences to a US Taxpayer under Section 409A.

 

		2.6.	No
                                            setoffs or deductions against any amounts owed to a US Taxpayer by a Group Member may be
                                            made hereunder to satisfy the clawback contemplated by Rule 4.8 (Clawback and reduction
                                            for malus) or pursuant to Rule 5.11 (General Right Set-off) to the extent that
                                            such setoff or deduction would result in adverse tax consequences to the US Taxpayer under
                                            Section 409A.

 

    25 

     

    

 

		2.7.	Notwithstanding any provision of the Plan or any Award certificate to the contrary, the Committee, to
the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend
or modify the Plan, its appendices and any Award granted to a US Taxpayer so that such Award qualifies for the Short-Term Deferral Exemption.
No amendment may be made to the Plan, its appendices or any Award certificate, or otherwise apply to an Award, if and to the extent that
the amendment would cause any Award granted to a US Taxpayer to violate Section 409A. An Associated Company shall have no liability to
a US Taxpayer, or any other party, if an Award that is intended to be exempt from Section 409A is not so exempt or for any action taken
by the Committee or the Associated Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under
Section 409A, responsibility for payment of such penalties shall rest solely with the affected US Taxpayer and not with the Associated
Company.

 

3.       SECURITIES LAW
COMPLIANCE

 

		3.1.	Notwithstanding any provision of the Plan or any Award certificate to the contrary, (i) no Award shall
be granted and no Share shall be delivered or sold to a US Taxpayer unless such grant, delivery and sale is in compliance with US federal
securities laws and any applicable US state securities laws, and (ii) Shares acquired by a US Taxpayer pursuant to the settlement of Free
Performance Share Awards may only be resold in compliance with the registration requirements or an applicable exemption from the registration
requirements of the US Securities Act of 1933, as it may be amended from time to time.

 

		3.2.	Notwithstanding any provision of the Plan or any Award certificate to the contrary, Free Performance Share
Awards granted to a Participant who is a California Participant on the Grant Date shall be subject to the following additional limitations,
terms, and conditions, which for purposes of compliance with California Securities Law only shall be deemed to be a separate plan maintained
solely for California Participants:

 

3.2.1. except
to the extent otherwise provided under Rule 3.3 of this Appendix 2, each Award shall be granted in accordance with Rule 701;

 

3.2.2. Awards
may not be granted more than ten (10) years after the date on which the Plan is adopted or the date on which the Plan is approved by the
issuer’s security holders, whichever is earlier;

 

3.2.3. the
rights of a California Participant to acquire Shares under the Plan shall be non-transferable except to the extent of a transfer by will,
laws of descent and distribution, to a revocable trust, or as permitted by Rule 701;

 

3.2.4. the
number of Shares issuable under an Award shall be proportionately adjusted in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination, reclassification or other distribution of an Associated Company’s equity securities without the receipt
of consideration by the Associated Company of or on the Shares; and

 

3.2.5. the
number of California Participants may not exceed 35 unless the Plan is approved by holders of a majority of the outstanding securities
of the Company entitled to vote by the later of (i) within twelve (12) months before or after the date the Plan is adopted or (ii) prior
to or within twelve (12) months of the issuance of any security under the Plan in California.

 

		3.3.	Notwithstanding Rule 3.2 of this Appendix 2, Free Performance Share Awards may be granted under the Plan
to any California Participant in accordance with any other registration exemption permitted under California Securities Law or by qualification
under such law, subject to such conditions as required by such law.

 

		4.	AMENDMENT AND ADMINISTRATION

 

For the avoidance of doubt, the Committee has
the full authority, consistent with the Rules, to administer this Appendix 2, including authority to interpret and construe any provision
of this Appendix 2, to identify eligible employees and Participants with respect to whom the provisions of this Appendix 2 may apply,
and to adopt any regulations for administering this Appendix 2 and any documents it thinks necessary or appropriate. The decision of
the Committee on any matter concerning this Appendix 2 will be final and binding on all parties, notwithstanding any delegation of authority
to a sub-committee.

 

    26

     

    

 

Appendix 3 to Rentokil Initial Plc Performance Share Plan

For Grant of Awards in France

 

		1.	PURPOSES OF THIS APPENDIX

 

		1.1.	This Appendix 3 sets out the terms and conditions applicable to the Plan whereby Awards will be granted
to individuals who, at the Grant Date, are employed by a Group Company whose registered office is in France (the “French Group
Member”), (the “French Participants”).

 

		1.2.	The purpose of this Appendix 3 is to amend the terms of the Plan only to the extent necessary in order
to satisfy French securities, exchange control, corporate and tax laws and requirements in order for the Awards granted to the French
Participants pursuant to the Plan and this Appendix 3 to benefit from the specific French income tax and social security treatment (the
 “Qualified Awards”).

 

		2.	GENERAL – DEFINITIONS – INTERPRETATIONS

 

		2.1.	Definitions stated in the Plan apply to this Appendix 3.

 

		2.2.	Additional definitions are as follows

 

French Group Member shall have
the meaning set forth in Rule 1.1 of this Appendix 3

 

French Participant shall have the meaning set forth in Rule 1.1 of this Appendix
3

 

French Prohibited Period is
a Dealing Day restriction as set forth in Rule 4.1 of this Appendix 3 

 

Qualified Awards shall have the meaning set forth in Rule
1.2 of this Appendix 3

 

		2.3.	The rules of the Plan will apply to Qualified Awards made under this Appendix 3, and as amended by the
terms thereof.

 

This Appendix 3 does not amend, add or
otherwise alter the Plan as it applies to Awards other than the Qualified Awards.

 

References to “rules” in
this Appendix 3 are deemed references to the main Rules of the Plan.

 

In the event of any conflict, whether
explicit or implied, between the provisions of this Appendix 3 and the rules of the Plan, the provisions of this Appendix 3 shall override
the rules of the Plan.

 

		3.	QUALIFIED AWARDS

 

		3.1.	Grant of Awards 

 

The rules of the Plan, the terms of this
Appendix 3 and the terms and conditions applicable to Qualified Awards shall be interpreted and, where necessary, deemed to be modified
in order for Awards granted to French Participants to satisfy the relevant provisions of French laws to qualify for the French specific
income tax and social security treatment.

 

		3.2.	No liability 

 

No Group Company shall be liable for
any adverse consequence, whether legal, tax or otherwise, if and to the extent the Qualified Awards do not qualify for such specific French
income tax and social security treatment.

 

		4.	GRANT OF QUALIFIED AWARDS

 

    27

     

    

 

		4.1.	French Prohibited Period 

 

French Prohibited Period is a Prohibited
Period applicable in France as defined by Article L. 225-197-1 of the French Commercial Code as:

 

		(i)	ten quotation days preceding and three quotation days following the disclosure to the public of the consolidated
financial statements or the annual statements of the Company; or

 

		(ii)	any period during which the corporate management of the Company possesses material information which could,
if disclosed to the public, significantly impact the quotation of the Company, until ten quotation days after the day such information
is disclosed to the public.

 

		4.2.	In addition to Rule 3.7 (Approvals and consents) of the Plan, a Qualified Award shall not be granted,
exercised or delivered during a French Prohibited Period.

 

		4.3.	A French Participant’s Award shall not lapse where that French Participant becomes bankrupt. Rule
3.4 (Non-transferability and bankruptcy) of the Plan does not apply to French Participants.

 

		4.4.	Rule 3.8 (Employer’s social security) of the Plan shall not apply to French Participants.

 

		5.	EXERCISE OF AWARDS 

 

		5.1.	Rule 5.2 (General exercise period) of the Plan whereby the Company will be deemed to have received
valid notice of exercise of an Award that has not been exercised until the last day before the expiry of the 10th anniversary
of the Grant Date is not applicable to French Participants.

 

Under these circumstances, the Qualified
Award will lapse on the 10th anniversary of the Grant Date and the French Participant will not be eligible to any compensation
as a result thereof.

 

		5.2.	In the event of death of a French Participant before the Qualified Award’s exercise date, the French
Participant’s heirs may ask to receive Shares, should they notify the French Group Member or the Company within 6 months following
the French Participant’s death. No Performance Condition shall apply in this situation. Rules 5.4 (Good Leavers) and 5.5
(Extent of exercise for good leavers) of the Plan are amended accordingly for French Participants.

 

		5.3.	Rule 5.6.2 (Cessation of employment after end of Performance Period where a Holding Period applies)
is applicable to French Participants only to the extent that the Award has been granted to the French Participant at a minimum of 2 years
prior to the cessation of employment.

 

		5.4.	A Qualified Award cannot be settled in cash. Rule 5.7.2 (Settlement in cash) of the Plan cannot
apply to Qualified Awards.

 

		5.5.	The total value of gross dividends which would have been payable to the French Participant had he/she
held the number of Shares in respect of which this Qualified Award would have been exercisable until the exercise can only be paid in
cash. Rule 5.9 (Dividend Shares) of the Plan is therefore amended accordingly.

 

		5.6.	The exercise of Qualified Awards by a French Participant and the subsequent sale of the Shares should
not give rise to any Tax Liability. Rule 5.10 (Employee tax liabilities where the exercise of an Award is satisfied by the issue or
transfer of shares (withholding tax and employee’s social security)) should therefore not apply to Qualified Awards.

 

		5.7.	Rule 5.11 (General Right of Set Off) of the Plan shall not apply to Qualified Awards.

 

		6.	TAKEOVER, RECONSTRUCTION AND WINDING-UP 

 

		6.1.	The accelerated Vesting set forth in Rule 6 (Takeover, reconstruction and winding-up) of the Plan
in the case of a general offer to acquire Shares cannot lead to a Vesting Date that would be less than 2 years from the Grant Date.

 

Notwithstanding the foregoing, should
the Vesting Date be between 1 and 2 years from the Grant Date, the Holding Period applicable to the Shares held as a consequence thereof
will be of 1 year.

 

		7.	MISCELLANEOUS 

 

		7.1.	When exercising his/her Qualified Awards pursuant to the Plan and this Appendix 3, a French Participant
becomes a Company shareholder. He thus has all and the same rights as other Company shareholder.

 

    28Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
 

 

PROMISSORY NOTE

 

	Principal Amount:  Not to Exceed $2,760,000	
    Dated as of June 7, 2022

    New York, NY

 

Concord Acquisition Corp, a
Delaware corporation (“Maker”), promises to pay to the order of Circle Internet Financial Limited, a private company
limited by shares incorporated in Ireland, or its registered assigns or successors in interest (“Payee”),
the principal sum of Two Million Seven Hundred and Sixty Thousand Dollars ($2,760,000) (this “Note”), in lawful
money of the United States of America, on the terms and conditions described below.  All payments on this Note shall be made
by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from
time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal. 
The principal balance of this Note shall be payable on the date on which the Transactions (as such term is defined in that certain Transaction
Agreement, dated February 16, 2022, to which Maker and Payee are parties) are consummated (the “Maturity Date”). The
principal balance may be prepaid at any time.

 

2. Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally
to the reduction of the unpaid principal balance of this Note.

 

4. Form
of Repayment. All amounts due under this Note shall be repaid in cash. In the event that the Transactions are not consummated
for any reason, no payment shall be due hereunder and the principal balance of this Note shall be forgiven. Under no circumstances shall
any individual, including but not limited to, any officer, director, employee or stockholder of Maker, be obligated personally for any
obligations or liabilities of Maker hereunder.

 

5. Use
of Proceeds. On the date of this Note, Payee shall remit the full principal amount to Maker in accordance with the wiring instructions
attached here to as Exhibit A. Maker hereby represents, warrants and covenants to Payee that the entire principal amount will
be used by Maker solely for purposes of making a payment to Continental Stock Transfer & Trust Company, a New York limited liability
trust company, pursuant to an Extension Election (as defined in Section 9.8 of Maker’s Amended and Restated Certificate of Incorporation).

 

6. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the date specified above.

 

     

    

    

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

7. Remedies.

 

(a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

8. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

9. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

10. Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party
or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

    2

    

    

 

11. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

12. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

13. Trust
Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account in which a portion of the proceeds of
Maker’s initial public offering (the “IPO”) were deposited, as described in greater detail in the prospectus
filed with the SEC in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the trust account for any reason whatsoever.

 

14. Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee.

 

15. Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

 

[Signature Page Follows]

 

    3

    

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	Maker:
	 	 
	 	CONCORD ACQUISITION CORP
	 	 	 	 
	 	By: 	/s/ Jeff Tuder
	 	 	Name:  	Jeff Tuder
	 	 	Title:  	Chief Executive Officer

 

 

[Signature Page to Promissory Note]

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