Document:

Exhibit 4.11

 

Vodafone Group Plc

 

RULES OF THE VODAFONE

SHARESAVE PLAN

 

	
 
    	
·                           Shareholders’ Approval
    	
·                           29 July 2008
    
	
 
    	
·                           Directors’ Adoption
    	
·                           20 May 2008
    
	
 
    	
·                           Updated:
    	
·                           27 July 2018
    
	
 
    	
·                           HMRC Approval:
    	
·                           30 June 2008
    
	
 
    	
·                           HMRC Ref:
    	
·                           SRS102785/IDA
    
	
 
    	
·                           Expiry Date:
    	
·                           29 July 2028
    

 

 

Table of Contents

 

	
Contents
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1
    	
Interpretation
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
2
    	
Invitations
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
3
    	
Applications for   Options
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
4
    	
Scaling down
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
5
    	
Option Price
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
6
    	
Grant of Options
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
7
    	
Rights issues and   variations in share capital
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
8
    	
Stopping contributions
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
9
    	
When Options can be   exercised
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
10
    	
Leaving employment
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
11
    	
Death
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
12
    	
Takeovers and other   transactions
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
13
    	
Plan limit
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
14
    	
General rules on   exercise of Options
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
15
    	
General
    	
 
    	
14
    
	
 
    	
 
    	
 
    	
 
    
	
16
    	
Changing the Plan and   termination
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    
	
17
    	
Governing law
    	
 
    	
17
    

 

i

 

Vodafone Sharesave Plan

 

1                                         Interpretation

 

1.1                               Definitions

 

In these Rules:

 

“Acquiring Company” is any company which has obtained Control of the Company or has become entitled and bound as mentioned in rule 12.1 as a result of a Takeover;

 

“Associated Company” has the meaning given to it by paragraph 47(1) of Schedule 3 to ITEPA;

 

“Bonus Date” means the date on which the bonus becomes payable under the terms of the relevant Savings Contract;

 

“Business Day” means a day on which the London Stock Exchange is open for the transaction of business;

 

“Company” means Vodafone Group Plc;

 

“Contribution” means a contribution under a Savings Contract;

 

“Control” has the meaning given to it by Section 995 (Meaning of “control”) of the Income Tax Act 2007;

 

“Date of Grant” means the date on which an Option is granted;

 

“Directors” means the board of directors of the Company or a duly authorised committee of the board or any other duly authorised person;

 

“Eligible Employee” means any person who satisfies the conditions set out below. The conditions are that the person:

 

(i)            either is an employee (but not a director) of a Participating Company, or is an executive director of a Participating Company who is required to work for the Company for at least 25 hours a week (excluding meal breaks); and

 

(ii)           has earnings in respect of his office or employment within paragraph (i) above which are general earnings (or would be if there were any) to which Section 15 or Section 21 of ITEPA applies; and

 

(iii)          has such qualifying period (if any) of continuous service (not exceeding five years prior to the Date of Grant) as the Directors may from time to time determine.

 

In addition, it means any person who is an executive director or employee of a Participating Company who is nominated by the Directors (or is nominated as a member of a category of such executive directors or employees);

 

“HMRC” means Her Majesty’s Revenue and Customs;

 

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

 

“London Stock Exchange” means London Stock Exchange plc or its successor;

 

“Official List” means the list maintained by the Financial Services Authority for the purpose of Section 74(1) Financial Services and Markets Act 2000;

 

1

 

“Option” means a right to acquire Shares granted under the Plan which is subject to the Rules;

 

“Optionholder” means a person holding an Option, including his personal representatives;

 

“Option Price” means the amount payable for each Share on the exercise of an Option calculated as described in rule 5 (Option Price);

 

“Participating Company” means:

 

(i)            the Company; and

 

(ii)           any Subsidiary designated by the Directors; and

 

(iii)          any jointly-owned company (within the meaning of paragraph 46 of Schedule 3 to ITEPA) designated by the Directors.

 

“Plan” means this plan known as “The Vodafone Sharesave Plan” as changed from time to time;

 

“Rules” means the rules of the Plan as changed from time to time;

 

“Savings Contract” means a contract under a certified SAYE savings arrangement within the meaning of section 703(1) of the Income Tax (Trading and Other Income) Act 2005, which has been approved by HMRC for the purposes of Schedule 3 to ITEPA and the expression related Savings Contract means, in relation to an Option, the Savings Contract taken out in connection with that Option;

 

“Savings Authority” means the person chosen by the Directors to whom contributions are payable under the terms of a Savings Contract;

 

“Schedule 3 SAYE Option Scheme” has the meaning given in paragraph 1(A1) of Schedule 3 to ITEPA;

 

“Shares” means, subject to rule 1.2, fully paid ordinary shares in the capital for the time being of the Company which satisfy paragraphs 18 to 20 and 22 of Schedule 3 to ITEPA;

 

“Subsidiary” means a company which is:

 

(i)            a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006; and

 

(ii)           under the Control of the Company.

 

“Takeover” means a transaction of the sort described in rule 12.1;

 

“Taxable Year” means the calendar year or, if it would result in a longer period for the exercise of an Option, the 12 month period in respect of which the Optionholder’s employing company is obliged to pay tax;

 

“US Taxpayer” means a person who is subject to US Tax;

 

“US Tax” means taxation under the tax rules of the United States of America.

 

1.2                               Purpose of the Plan

 

The purpose of the Plan is to provide, in accordance with the Schedule, benefits for employees and directors of any Participating Company in the form of share options. The Plan does not provide benefits to employees or directors otherwise than in accordance with

 

2

 

the Schedule (for example, cash will not be provided as an alternative to share options or shares which might otherwise be acquired by the exercise of share options).

 

1.3                               Shares

 

If any Shares which are subject to an Option cease to satisfy paragraphs 18 to 20 and 22 of Schedule 3 to ITEPA and the Directors resolve that they wish the Plan to cease to be a Schedule 3 SAYE Option Scheme then the definition of “Shares” in rule 1.1 (Definitions) is automatically changed to “fully paid ordinary shares in the capital of the Company”.

 

1.4                               Priority of lapse provisions

 

If there is any conflict between any two or more rules about the date on which an Option lapses or ceases to be exercisable the provision which results in the shortest exercise period or the earliest lapse will prevail.

 

1.5                               US Taxpayers

 

Notwithstanding rule 1.4 (Priority of lapse provisions), a US Taxpayer may only exercise an Option within the shorter of any exercise period specified in these Rules and the expiry of 2.5 calendar months after the end of the Taxable Year in which the Option first became exercisable.

 

2                                         Invitations

 

2.1                               Operation

 

The Directors can decide whether the Plan will be operated and, if so, when. When they operate the Plan they must invite all Eligible Employees to apply for an Option.

 

2.2                               Time when invitations may be made

 

Invitations may only be made within 42 days, starting on any of the following:

 

2.2.1                     the day after the announcement of the Company’s results through a Regulatory Information Service for any period;

 

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

 

2.2.3                     any day on which changes to the legislation or regulations affecting share plans are announced, effected or made;

 

2.2.4                     the date on which any new Savings Contract prospectus is issued or takes effect;

 

2.2.5                     the lifting of any restrictions (whether imposed by statute, order, regulation or Government directive, or any code adopted by the Company based on it which prevented the granting of Options during any period specified above

 

No invitations may be made after the twentieth anniversary of shareholder approval of the Plan.

 

2.3                               Form of invitations

 

The invitation will specify:

 

2.3.1                     the requirements a person must satisfy in order to be eligible to participate;

 

3

 

2.3.2                     the Option Price or how it is to be calculated. Alternatively, if the Option Price is not known when the invitations are issued, the Eligible Employees must be told of it before the closing date for the receipt of applications;

 

2.3.3                     the form of application and the date by which applications must be received. This date must be not less than 14 days after the date of the invitation;

 

2.3.4                     the length of the Savings Contract and the date of start of the savings;

 

2.3.5                     the maximum number, if any, of Shares over which Options may be granted;

 

2.3.6                     the maximum permitted Contribution in each month which must not be more than the maximum specified by paragraph 25 of Schedule 3 to ITEPA and if the Directors decide including when calculating the maximum any Contribution which was being made under Savings Contracts under the Plan which have been cancelled by the Eligible Employee;

 

2.3.7                     any minimum permitted Contribution in each month (which must be between £5 and £10);

 

2.3.8                     whether or not the Shares subject to the Option are subject to any restriction (as defined in paragraph 48(3) of Schedule 3) (and, if so, the details of the restriction must also be stated);

 

2.3.9                     whether any bonus or interest payable under the Savings Contract may be used on the exercise of the Option; and

 

2.3.10              any minimum qualifying period of service which applies for the purpose of determining who is an Eligible Employee.

 

3                                         Applications for Options

 

3.1                               Form of application

 

An application for an Option must include an application for a Savings Contract with a savings carrier nominated by the Directors. The application will be made in writing, or electronically, in a form specified by the Directors and will require the Eligible Employee to state:

 

3.1.1                     the Contribution he wishes to make;

 

3.1.2                     that his proposed Contribution, when added to any Contributions he makes (or if relevant has made) under any other Savings Contract, will not exceed the maximum permitted under ITEPA;

 

3.1.3                     the length of the Savings Contract, if relevant, and whether he wishes to defer receipt of his bonus at the end of the savings period in order to receive an increased bonus;

 

3.1.4                     that he authorises his employer to deduct the savings contributions from his pay and to pay them to the Savings Authority; and

 

3.1.5                     that he authorises the forms to be amended if applications have to be scaled down (in accordance with Rule 4).

 

4

 

3.2                               Number of Shares

 

Each Eligible Employee’s application will be for an Option over the largest whole number of Shares which he can acquire at the Option Price with the expected repayment under the related Savings Contract. The “expected repayment” in this rule 3.2 does not include any bonus or interest excluded under rule 2.3.9.

 

3.3                               Modification of application and proposals

 

3.3.1                     If there are applications for Options over more Shares than the maximum specified in the invitation, each application and proposal for a Savings Contract will be deemed to have been modified or withdrawn as described in rule 4 (Scaling down).

 

3.3.2                     If an application for a Savings Contract specifies a Contribution which, when added to any other Contributions already being made by the Eligible Employee, exceeds the maximum permitted (whether under ITEPA, the Savings Contract or any limit specified in the invitation), the Directors can modify it by reducing the Contribution to the maximum possible amount. Any such modification must be made before the Option is granted and before the application for the Savings Contract is accepted.

 

4                                         Scaling down

 

4.1                               Method

 

If valid applications are received for a total number of Shares in excess of any maximum number specified in the invitation under rule 2.3.5 or any limit under rule 13 (Plan limit), the Directors will scale down applications by choosing one or more of the following methods:

 

4.1.1                     reducing the proposed Contributions by the same proportion to an amount not less than the minimum amount permitted under the Savings Contract; or

 

4.1.2                     reducing the proposed Contributions in excess of an amount chosen by the Directors, which must not be less than the minimum amount permitted under the Savings Contract, by the same proportion to an amount not less than the amount chosen by the Directors; or

 

4.1.3                     treating any elections for the maximum bonus as elections for the standard bonus; or

 

4.1.4                     treating bonuses as wholly or partly excluded from the expected repayment amount.

 

The Directors may use other methods as may satisfy the similar terms requirements of paragraph 7 of Schedule 3 to ITEPA.

 

4.2                               Insufficient Shares

 

If, having scaled down as described in rule 4.1 (Method), the number of Shares available is insufficient to enable Options to be granted to all Eligible Employees making valid applications, the Directors may either select by lot, or decide not to grant any Options.

 

5                                         Option Price

 

5.1                               Setting the price

 

The Directors will set the Option Price which must be:

 

5

 

5.1.1                     not manifestly less than 80 per cent of the Market Value of a Share either on the date on which invitations are sent to Eligible Employees or at such earlier time as may be determined in accordance with guidance issued by HMRC; and

 

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

 

5.2                               Market Value

 

“Market Value” on any particular day means:

 

5.2.1                     where Shares of the same class are admitted to the Official List and traded on the London Stock Exchange:

 

(i)            their price for the immediately preceding Business Day; or

 

(ii)           if the Directors decide, the average price for the 3 immediately preceding Business Days; or

 

(iii)          such other price as Shares and Assets Valuation at HMRC may agree.

 

The “price” is the middle market quotation taken from the Daily Official List of the London Stock Exchange;

 

5.2.2                     where rule 5.2.1 does not apply, the market value of a Share calculated as described in Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance with Shares and Assets Valuation at HMRC.

 

Any restriction referred to in rule 2.3.8 will be ignored when determining Market Value.

 

6                                         Grant of Options

 

6.1                               Time of grant

 

Subject to rule 4.2 (Insufficient Shares), the Directors must grant an Option to each Eligible Employee who has submitted and not withdrawn a valid application. The Option is to acquire, at the Option Price, the number of Shares for which the Eligible Employee has applied (or is deemed to have applied). The grant must be made within 30 days (or 42 days if applications are scaled down) of the first day by reference to which the Option Price was set.

 

6.2                               Restrictions on grant

 

6.2.1                     A grant of an Option to a person who is not an Eligible Employee on the Date of Grant is void.

 

6.2.2                     A grant of an Option in excess of the Plan limit in rule 13 (Plan limit) will take effect as a grant of an Option which would not exceed those limits.

 

6.3                               Option certificates

 

6.3.1                     The Directors will send to each Optionholder an option certificate as soon as practicable after the Date of Grant. The Directors will set the form of the certificate, but the certificate must be consistent with these Rules.

 

6.3.2                     If any option certificate is lost or damaged, the Directors may replace it on such conditions as they wish to set.

 

6

 

6.4                               No payment

 

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

 

6.5                               Disposal restrictions

 

An Optionholder must not transfer, assign or otherwise dispose of an Option or any rights in respect of it. If, in breach of this rule, an Optionholder transfers, assigns or disposes of an Option or rights, whether voluntarily or involuntarily, then the relevant Option will immediately lapse. This rule 6.5 does not apply to the transmission of an Option on the death of an Optionholder to his personal representatives.

 

7                                         Rights issues and variations in share capital

 

7.1                               Adjustment of Options

 

If there is a rights issue or a variation in the equity share capital of the Company, including a capitalisation, sub-division, consolidation or reduction of share capital:

 

7.1.1                     the number of Shares comprised in each Option; and

 

7.1.2                     the Option Price,

 

may be adjusted in any way (including retrospective adjustments) which the Directors consider appropriate. For the avoidance of doubt, the Committee may adjust an Option which has been exercised but in respect of which Shares have not yet been either allotted and issued or transferred.

 

The adjusted total Option Price must be as near as possible to, and must not exceed, the expected proceeds of the related Savings Contract at the Bonus Date.

 

7.2                               Adjustment of exercise price below nominal value

 

7.2.1                     The Committee may not reduce the Option Price of an unissued Share to below its nominal value unless and to the extent permitted under the Companies Act 2006 and the Company’s articles of association. Where Shares are to be subscribed, rule 7.2.2 must be followed.

 

7.2.2                     Where Shares are to be subscribed, the Option Price may only be adjusted to a price less than nominal value if the Directors resolve to capitalise the reserves of the Company, subject to any necessary conditions. This capitalisation will be of an amount equal to the difference between the adjusted Option Price payable for the Shares to be issued on exercise and the nominal value of such Shares on the date of allotment of the Shares. If, at the time of exercise, the Directors do not resolve to capitalise the reserves of the Company for this purpose then the adjustment under this rule 7 will be deemed not to have taken place.

 

7.3                               Any variation(s) made under this rule 7 shall only be permitted if:

 

7.3.1                     the total Market Value of the Shares subject to the Option immediately after the variation(s) is substantially the same as what it was immediately before the variation(s); and

 

7.3.2                     the total price at which those Shares may be acquired immediately after the variation(s) is substantially the same as what it was immediately before the variation(s).

 

7

 

7.4                               This rule 7 does not authorise any variation which would result in the requirements of Schedule 3 to ITEPA not being met in relation to the Option.

 

7.5                               Notice

 

The Directors may notify Optionholders of any adjustment made under this rule 7.

 

8                                         Stopping contributions

 

An Option will lapse on the earliest of:

 

(a)                                 the date on which the Optionholder gives or is deemed to give notice under the Savings Contract that he intends to stop paying contributions under his Savings Contract; and

 

(b)                                 the date on which the Optionholder applies for repayment under his Savings Contract except where exercising an Option in accordance with these rules.

 

9                                         When Options can be exercised

 

An Option can normally only be exercised:

 

(a)                                 during the period of six months after the Bonus Date; and

 

(b)                                 so long as the Optionholder is a director or employee of a Participating Company, an Associated Company or a company of which the Company has Control; or

 

Unless rule 11 (death) applies, the Option will lapse, at the latest, six months after the Bonus Date.

 

However, Options may be exercised and may lapse at other times where rule 10 (leaving employment), rule 11 (death), or rule 12 (Takeovers and other transactions) applies.

 

10                                  Leaving employment

 

10.1                        Normal rule on leaving

 

Unless rule 10.2 or 10.3 applies, an Option which has not already become exercisable will lapse on the date the Optionholder ceases to be an employee of a Participating Company.

 

10.2                        Leaving in special circumstances

 

If an Optionholder ceases to be an employee of a Participating Company for one of the reasons set out below, he may exercise his Option for six months from the date of cessation, after which the Option will lapse. The reasons are:

 

10.2.1              injury, disability, redundancy within the meaning of the Employment Rights Act 1996

 

10.2.2              retirement;

 

10.2.3              ceasing to be a director or employee of any Participating Company by reason only that that office or employment relates to a business or part of a business which is transferred to a person other than a Participating Company and/or an Associated Company of the Company where the transfer is not a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006;;

 

8

 

10.2.4              a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006; or

 

10.2.5              if the Optionholder holds office or is employed by an Associated Company which ceases to be an Associated Company by reason of a change of control (as determined in accordance with Section 450 and 451 of the Corporation Tax Act 2010).

 

10.3                        Leaving more than three years after the Date of Grant

 

If the Optionholder ceases to be an employee of a Participating Company more than three years after the Date of Grant by reason of retirement with the agreement of the Optionholders’ employer he may exercise his option for six months from the date of cessation after which the Option will lapse.

 

10.4                        Meaning of ceasing to be an employee

 

For the purposes of this rule 10, an Optionholder will not be treated as ceasing to be an employee of a Participating Company until he has ceased to be a director or employee of:

 

10.4.1              the Company;

 

10.4.2              an Associated Company; and

 

10.4.3              a company under the Control of the Company.

 

10.5                        Ceasing to be employed by an Associated Company

 

This rule applies if an Optionholder:

 

10.5.1              ceases to be an employee of a Participating Company but on or immediately after the date of cessation is a director or employee of an Associated Company; and

 

10.5.2              subsequently ceases to be a director or employee of the Associated Company.

 

When this rule applies, the Optionholder can exercise his Option within six months of ceasing to be an employee of the Associated Company, if the reason for him ceasing to be a director or employee of the Participating Company (not the Associated Company) was one of the reasons set out in rule 10.2.

 

For these purposes, an Associated Company has the same meaning as in paragraph 35 (Time when scheme-related employment ends) of Schedule 3 to ITEPA.

 

11                                  Death

 

If an Optionholder dies, his Option may be exercised by his personal representatives within one year of:

 

(a)                                 the date of his death he died before the relevant Bonus Date; or

 

(b)                                 the Bonus Date if the death occurred on or within six months of the relevant Bonus Date.

 

The Option will lapse at the end of that period.

 

9

 

12                                  Takeovers and other transactions

 

12.1                        Meaning of “Takeover”

 

There is a “Takeover” for the purposes of these rules when:

 

12.1.1              a person (either alone or together with any person acting in concert with him) obtains Control of the Company as a result of making a general offer to buy all of the issued ordinary share capital (as defined in section 989 of the Income Tax Act 2007) of the Company made on condition such that if it is satisfied the offeror (together with any persons acting in concert with him) will have Control of the Company;

 

12.1.2              any person (either along or together with any person acting in concert with him) obtains Control of the Company as a result of making a general offer to buy all of the Shares;

 

12.1.3              a Court approves a compromise or arrangement between the Company and its members under section 899 (Court sanction for compromise or arrangement) of the Companies Act 2006 applicable to or affecting: (a) all the ordinary share capital of the Company or all the Shares; or (b) all the shares or all the shares of the same class, which are held by a class of shareholders identified otherwise than by reference to their employment or directorships or their participation in a Schedule 3 SAYE Option Scheme;

 

12.1.4              any person gives a notice under section 979 (Right of offeror to buy out minority shareholder) of the Companies Act 2006 to the Company’s shareholders; or

 

12.1.5              a resolution is passed for the voluntary winding-up of the Company,

 

and the date on which any of these events happens is called for the purposes of Rule 9 the relevant date.

 

12.2                        Options exercisable following Takeover

 

Subject to rule 12.3 (Shares no longer meeting the requirements of Schedule 3) and rule 12.4 (Reorganisation or merger), Options may be exercised:

 

12.2.1              in the case of a Takeover within rule 12.1.1 or 12.1.2, during the period of six months starting on the later of the relevant date and the date on which any conditions subject to which the offer is made are met or waived; or

 

12.2.2.           in the case of a Takeover within rule 12.1.3, during the period starting on the date on which the compromise or arrangement is sanctioned by the court and ending six months after that date; or

 

12.2.3              in the case of a Takeover within rule 12.1.4, at any time when any person is bound or entitled to acquire shares in the Company under Section 979 to 982 or 983 to 985 of the Companies Act 2006; or

 

12.2.4              in the case of a Takeover within rule 12.1.5, during the 6 months after the date on which the Company passes a resolution for voluntary winding-up.

 

The Options will lapse at the end of the relevant period unless the Directors give written notice to all the Optionholders before then that the Options will not lapse;

 

10

 

12.3                        Shares no longer meeting the requirements of Schedule 3

 

If as a result of a Takeover within rules 12.1.1 to 12.1.3 (inclusive), the Shares under Option no longer meet the requirements of paragraph 17 to 20 (inclusive) and paragraph 22 of Schedule 3 to ITEPA, each Optionholder may exercise his Options within the period of 20 days following the day on which the Takeover occurs, notwithstanding that the Shares no longer meet the relevant requirements PROVIDED THAT an Option may not be exercised more than six months after the relevant Bonus Date.

 

12.4                        Reorganisation or merger

 

Where there is a Takeover and:

 

12.4.1              the shareholders of the Acquiring Company, immediately after it has obtained Control, are substantially the same as the shareholders of the Company immediately before then; or

 

12.4.2              the obtaining of Control amounts to a merger with the Company; and

 

12.4.3              the Acquiring Company consents to the exchange of Options under this rule

 

Options will not be exercisable. Instead, all Options will be exchanged in accordance with rule 12.5.

 

12.5                        Exchange of Options

 

12.5.1              The Optionholder may, with the agreement of the Acquiring Company, exchange his Options if the Acquiring Company:

 

(i)            obtains Control of the Company as a result of making a general offer falling within paragraph 38(2) of Schedule 3 to ITEPA;

 

(ii)           obtains Control of the Company under a scheme of arrangement sanctioned by the court under Section 899 of the Companies Act 2006 ; or

 

(iii)          becomes bound or entitled to acquire Shares in the scheme company under Sections 979 to 982 of the Companies Act 2006 (“Squeeze-out”) or Sections 983 to 985 (“Sell-out”)..

 

12.5.2              Where Options are exchanged, the Acquiring Company will grant the Optionholder a new option to replace the Option being exchanged during the period set out in paragraph 38(3) or (4) of Schedule 3 to ITEPA. The following terms will apply to the new option:

 

(i)            The new option will be in respect of shares which satisfy the conditions of paragraph 39 of Schedule 3 to ITEPA in any body corporate (falling within paragraph 18(b) or (c) of Schedule 3 to ITEPA) determined by the Acquiring Company.

 

(ii)           The new option will be equivalent to the Option that was exchanged.

 

(iii)          The new option will be treated as having been acquired at the same time as the Option that was exchanged and be exercisable in the same manner and at the same time.

 

(iv)          The new option will be subject to the Rules as they last had effect in relation to the Option that was exchanged.

 

11

 

(v)           With effect from the exchange, the Rules will be construed in relation to the new option as if references to Shares were references to the shares over which the new option is granted and references to the Company were (except for the purposes of the definition of Participating Company) references to the body corporate determined by the Directors under rule 12.5.2(i).

 

12.6                        Winding-up

 

If the Company passes a resolution for its voluntary winding-up, Options may be exercised within six months of the date of the resolution. However, the issue of Shares after such exercise has to be authorised by the liquidator or the court (if appropriate), and the Optionholder must apply for this authority and pay his application cost. Any Options not exercised during that period will lapse at the end of the period.

 

13                                  Plan limit

 

Options must not be granted if the number of Shares committed to be issued under them exceeds 10 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued or committed to be issued to satisfy other Options or options or awards under any other employee share plan operated by the Company, granted in the previous 10 years.

 

Where the right to acquire Shares is released or lapses, the Shares concerned are ignored when calculating the limit in this rule 13. Shares transferred from treasury will be counted as newly issued Shares for so long as the Directors regard it as best practice to do so.

 

14                                  General rules on exercise of Options

 

14.1                        Limit on exercise

 

An Optionholder may exercise his Option using funds equal to or less than the amount repayable under his Savings Contract, including any bonus or interest. An Optionholder can only use Contributions made before the date of exercise of the Option, and any bonus or interest on them.

 

14.2                        Manner of exercise

 

Exercise of an Option must be communicated by the Optionholder or by his agent to the Company or its agent or in writing or in any other manner specified by the Company. The Optionholder must also send:

 

14.2.1              if the Company so requires, the relevant option certificate; and either

 

14.2.2              payment in full of the Option Price and evidence of the termination of the Savings Contract; or

 

14.2.3              authority to terminate the Savings Contract and use the amount needed to acquire the number of Shares over which the Option is being exercised.

 

The exercise of the Option is effective on the date of receipt by the Company or its agent of the communication, the option certificate (if required) and the relevant payment or authority.

 

12

 

14.3                        Part exercise

 

14.3.1              Subject to any other restriction in the Rules, Options may be exercised in respect of all the Shares under the Option or only some of the Shares. However, Options must be exercised for at least 100 Shares each and may be exercised only in multiples of 100 Shares. These restrictions do not apply where an Option is exercised to the full extent possible at the time.

 

14.3.2              If an Option is exercised in part, and the balance remains exercisable, the Directors may on the surrender of the relevant certificate issue a balance certificate.

 

14.4                        Issue or transfer

 

Subject to rule 14.6 (Consents):

 

14.4.1              Shares to be issued following the exercise of an Option must be issued within 30 days of the date of exercise; and

 

14.4.2              if Shares are to be transferred following the exercise of an Option, the Directors must procure this transfer within 30 days of the date of exercise.

 

14.5                        Rights

 

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

 

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

 

No Shares will be issued or treasury shares transferred in respect of the Plan unless the Plan has been approved by the Company in general meeting.

 

14.6                        Consents

 

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

 

14.7                        Articles of association

 

Any Shares acquired on the exercise of Options are subject to the Articles of Association of the Company from time to time in force.

 

14.8                        Listing

 

If and so long as the Shares are listed on the Official List or of any other stock exchange where Shares are traded, the Company must apply for listing of any Shares issued pursuant to the Plan as soon as practicable after their allotment.

 

13

 

15                                  General

 

15.1                        Notices

 

15.1.1              Any notice or other document which has to be given to an Eligible Employee or Optionholder under or in connection with the Plan may be:

 

(i)            delivered or sent by post to him at his home address according to the records of his employing company; or

 

(ii)           sent by e-mail or fax to any e-mail address or fax number which, according to the records of his employing company, is used by him,

 

or in either case such other address which the Company considers appropriate.

 

15.1.2              Any notice or other document which has to be given to the Company or other duly appointed agent under or in connection with the Plan may be delivered or sent by post to it at its respective registered office (or such other place as the Directors or the duly appointed agent may from time to time decide and notify to Optionholders) or (subject to rule 14 (Exercise of Options)) sent by e-mail or fax to any e-mail address or fax number notified to the sender.

 

15.1.3              Notices sent by post will be deemed to have been given on the earlier of the date of actual receipt and the second day after the date of posting. However, notices sent by or to an Optionholder who is working overseas will be deemed to have been given on the earlier of the date of actual receipt and the seventh day after the date of posting.

 

15.1.4              Notices sent by e-mail or fax, in the absence of evidence of non-delivery, will be deemed to have been received on the day after sending.

 

15.2                        Documents sent to shareholders

 

The Company may send to Optionholders copies of any documents or notices normally sent to the holders of its Shares.

 

15.3                        Directors’ decisions final and binding

 

The decision of the Directors on the interpretation of the Rules or in any dispute relating to an Option or matter relating to the Plan is conclusive.

 

15.4                        Administration

 

The Directors have the power from time to time to make or vary regulations for the administration and operation of the Plan.

 

15.5                        Terms of employment

 

15.5.1              For the purposes of this rule, “Employee” means any employee of the Company or an Associated Company.

 

15.5.2              This rule applies during an Employee’s employment and after the termination of an Employee’s employment, whether or not the termination is lawful.

 

15.5.3              Nothing in the Rules or the operation of the Plan forms part of the contract of employment of an Employee. The rights and obligations arising from the employment relationship between the Employee and his employer are separate from, and are not

 

14

 

affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.

 

15.5.4              No Employee has a right to participate in the Plan. Participation in the Plan or the grant of Options on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Options on the same basis, or at all, in any future year.

 

15.5.5              The terms of the Plan do not entitle the Employee to the exercise of any discretion under the Rules in his favour.

 

15.5.6              The Employee will have no claim or right of action in respect of any decision, omission or discretion under the Rules, not relating to a subsisting option, which may operate to the disadvantage of the Employee even if it is unreasonable, irrational or might otherwise be regarded as being in breach of the duty of trust and confidence (and/or any other implied duty) between the Employee and his employer.

 

15.5.7              The Employee will have no claim or right of action in respect of any decision, omission or discretion under the Rules relating to a subsisting option which may operate to the disadvantage of the Employee.

 

15.5.8              No Employee has any right to compensation for any loss in relation to the Plan, including any loss in relation to:

 

(i)            any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or unlawful termination of employment);

 

(ii)           any exercise of a discretion or a decision taken under the Rules in relation to an Option or to the Plan, or any failure to exercise a discretion or take a decision; or

 

(iii)          the operation, suspension, termination or amendment of the Plan.

 

15.5.9              Participation in the Plan is permitted only on the basis that the Participant accepts all the provisions of the Rules, including this rule. By participating in the Plan, an Employee waives all rights under the Plan, other than the right to exercise an Option subject to and in accordance with the express terms of the Rules and the Performance Condition, in consideration for, and as a condition of, the grant of an Option under the Plan.

 

15.5.10       Nothing in this Plan confers any benefit, right or expectation on a person who is not an Employee. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any other right or remedy of a third party which may exist.

 

15.6                        Employee trust

 

The Company and any Subsidiary of the Company may provide money to the trustee of any trust or any other person to enable the trust or him to acquire Shares for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by Section 678 of the Companies Act 2006.

 

15.7                        Data protection

 

By participating in the Plan the Optionholder consents to the holding and processing of personal data provided by the Optionholder to the Company, any Associated Company,

 

15

 

Trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

 

15.7.1              administering and maintaining Optionholder records;

 

15.7.2              providing information to an Associated Company, trustees of any employee benefit trust, registrars, brokers savings carrier or other third party administrators of the Plan;

 

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

 

15.7.4              transferring information about the Optionholder to a country or territory outside the European Economic Area that may not provide the same statutory protection for the information as the Optionholder’s home country.

 

16                                  Changing the Plan and termination

 

16.1                        Directors’ powers

 

Except as described in the rest of this rule 16, the Directors may at any time change the Plan in any way.

 

16.2                        Shareholders’ approval

 

16.2.1              Except as described in rule 16.2.2, the Company in general meeting must approve in advance by ordinary resolution any proposed change to the Rules to the advantage of present or future Optionholders which relates to the following:

 

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

 

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

 

(iii)          the maximum Contribution which may be made under the Plan;

 

(iv)          the basis for determining an Eligible Employee’s or Optionholder’s entitlement to, and the terms of, an Option and the Shares subject to it;

 

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

 

(vi)          the terms of this rule 16.2.1.

 

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

 

(i)            to benefit the administration of the Plan;

 

(ii)           which are necessary or desirable in order to obtain or maintain status as a Schedule 3 SAYE Option Scheme;

 

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

 

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

 

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

 

16

 

16.3                        Notice

 

The Directors may give written notice of any changes made to any Optionholder affected.

 

16.4                        Termination of the Plan

 

The Plan will terminate on the twentieth anniversary of shareholder approval of the Plan, but the Directors may terminate the Plan at any time before that date. However, Options granted before such termination will continue to be valid and exercisable as described in these Rules.

 

17                                  Governing law

 

English law governs the Plan and all Options and their construction. The English courts have non-exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Option.

 

17Exhibit 4.25

 

Dated: 26 July 2018

 

VODAFONE GROUP PUBLIC LIMITED COMPANY

 

and

 

Nicholas Jonathan Read

 

SERVICE AGREEMENT

 

 

Table of Contents

 

	
Contents
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1
    	
Interpretation
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
2
    	
Term of Employment
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
3
    	
Appointment and Duties   of the Executive
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    
	
4
    	
Hours
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    
	
5
    	
Interests of the   Executive
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
6
    	
Location
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
7
    	
Salary and Benefits
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
8
    	
Expenses
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
9
    	
Confidentiality
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
10
    	
Intellectual Property   Rights
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
11
    	
Termination and   Suspension
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
12
    	
Garden Leave
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
13
    	
Restrictions after   Termination of Employment
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
14
    	
Offers on Liquidation
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
15
    	
Return of Company   Property
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
16
    	
Directorships
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
17
    	
Notices
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
18
    	
Statutory Particulars
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
19
    	
The General Data   Protection Regulation and the Data Protection Act 2018
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
20
    	
Contracts (Rights of   Third Parties) Act 1999
    	
 
    	
14
    
	
 
    	
 
    	
 
    	
 
    
	
21
    	
Indemnification and   Insurance
    	
 
    	
14
    
	
 
    	
 
    	
 
    	
 
    
	
22
    	
Miscellaneous
    	
 
    	
15
    

 

 

This agreement is made on 26 July 2018 between

 

(1)                              VODAFONE GROUP PUBLIC LIMITED COMPANY incorporated in the UK with registered number 3802001 whose registered office is at Vodafone House, The Connection, Newbury, Berkshire RG14 2FN (the “Company”); and

 

(2)                              Nicholas Jonathan Read (the “Executive”).

 

This agreement records the terms on which the Executive will continue to serve the Company.

 

1                                      Interpretation

 

In this agreement (and any schedules to it):

 

1.1                            Definitions

 

“Board” means the board of directors of the Company from time to time or any person or committee nominated by the board of directors as its representative for the purposes of this agreement;

 

“Employment” means the employment governed by this agreement;

 

“Group” means the Company and any other company which is its subsidiary or in which the Company or any subsidiary of the Company controls not less than 20% of the voting shares (where “subsidiary” has the meaning given to it by Section 1159 of the Companies Act 2006);

 

“Group Company” means a member of the Group and “Group Companies” will be interpreted accordingly;

 

“Listing Rules” means the Listing Rules made by the UK Listing Authority under section 73A of the Financial Services and Markets Act 2000 as amended.;

 

“Remuneration Committee” means the Remuneration Committee of the Board from time to time;

 

“Termination Date” means the date on which the Employment terminates; and

 

“UK Listing Authority” means the Financial Conduct Authority in its capacity as competent authority under the Financial Services and Markets Act 2000.

 

2                                      Term of Employment

 

2.1                            The Employment will commence on 27 July 2018 (the “Commencement Date”) until termination in accordance with the provisions of this agreement.

 

2.2                            The Executive warrants that they are not prevented from undertaking the Employment or from performing their duties in accordance with the terms of this agreement by any obligation or duty owed to any other party, whether contractual or otherwise.

 

2.3                            The Executive is required, as a condition of employment under this agreement, to have (and continue to have) permission to work in the UK (or such other country in which the Executive is required to work in accordance with clause 6.1 below).  The Executive shall provide on request proof of continued eligibility to work in the UK (or such other jurisdiction) at any time during the course of their employment under this agreement. The Executive must inform the

 

1

 

Company’s Human Resources department as soon as they become aware of any change in their status in regard to eligibility to work in the UK (or such other jurisdiction).

 

3                                      Appointment and Duties of the Executive

 

3.1                            From the Commencement Date the Executive will serve the Company as Chief Executive Officer Delegate and then as Chief Executive from 1 October 2018 or such other position as may be agreed from time to time.

 

3.2                            The Executive will:

 

3.2.1                  devote the whole of their working time, attention and skill to the Employment;

 

3.2.2                  fulfil with due diligence and to the best of their ability the obligations incumbent upon them pursuant to their appointment;

 

3.2.3                  accept any offices or directorships as reasonably required by the Board;

 

3.2.4                  comply with all rules and regulations issued by the Company or any relevant Group Company;

 

3.2.5                  obey the lawful directions of the Board; and

 

3.2.6                  promote the interests and reputation of the Group.

 

3.3                            The Executive accepts that, subject always to their consent (which they will not unreasonably withhold or delay), the Company may:

 

3.3.1                  require them to perform duties for any other Group Company whether for the whole or part of their working time.  The Company will remain responsible for the payments and benefits they are entitled to receive under this agreement;

 

3.3.2                  appoint any other person to act jointly with them; and

 

3.3.3                  transfer the Employment to any other Group Company.

 

3.4                            The Executive will promptly disclose to the Board (and where appropriate the board of directors of any other Group Company) full details of any wrongdoing of which they are or become aware by any employee of any Group Company where that wrongdoing is material to that employee’s employment by the relevant company or to the interests or reputation of any Group Company.

 

3.5                            At any time during the Employment the Company may require the Executive to undergo a medical examination, related to the performance of the Executive’s role, by a medical practitioner appointed by the Company. The Executive authorises that medical practitioner to disclose to the Company any report or test results prepared or obtained as a result of that examination which are relevant to the Employment and to discuss with it any matters arising out of the examination which are relevant to the Employment or which might prevent the Executive properly performing the duties of the Employment.

 

4                                      Hours

 

4.1                            The Executive and the Company agree that the Executive is a managing executive for the purposes of the Working Time Regulations 1998 (the “Regulations”) and is able to determine the duration of the Executive’s working time themselves. As such, the exemptions in Regulation 20 of the Regulations will apply to the Employment.

 

2

 

5                                      Interests of the Executive

 

5.1                            The Executive will disclose promptly in writing to the Board all interests (for example, shareholdings or directorships) in any businesses whether or not of a commercial or business nature except their interests in any Group Company. The Executive has disclosed their interests at the date of this agreement to the Corporate Secretariat.

 

5.2                            Subject to clause 5.3, during the Employment the Executive will not be directly or indirectly engaged or concerned in the conduct of any activity which is similar to or competes with any activity carried on by any Group Company except as a representative of the Company or with the written consent of the Board.

 

5.3                            The Executive may not hold or be interested in investments which amount to more than five per cent of the issued investments of any class of any one company whose investments are listed or quoted on any recognised Stock Exchange or dealt in on the Alternative Investments Market.

 

5.4                            The Executive may serve as a non-executive director of not more than one non-Group company quoted on a recognised Stock Exchange provided they have prior Board approval to do so.

 

5.5                            The Executive will (and will procure that their “connected persons”, including partner and dependent children) comply with all rules of law, including the Criminal Justice Act 1993, the Financial Services and Markets Act 2000, the Financial Services Act 2012 and the listing rules of the Financial Conduct Authority as amended from time to time in relation to the holding or trading of securities.

 

6                                      Location

 

6.1                            The Executive will work at the principal office of the Company or anywhere else within the United Kingdom as required by the Board. They may be required to travel and work outside the United Kingdom from time to time.

 

7                                      Salary and Benefits

 

7.1                            From the Commencement Date the Company will pay the Executive a salary of £1,050,000 per annum.  Salary will be paid monthly in arrears by bank credit transfer on or about the 28th day of each month. Salary will be reviewed annually (the first such review to take place in 2019) and the revised salary, if different, will normally take effect from 1 July.

 

7.2                            The salary referred to in clause 7.1 includes director’s fees from the Group Companies and any other companies in which the Executive is required to accept a directorship under the terms of this Employment. To achieve this:

 

7.2.1                  the Executive will repay any fees the Executive receives to the Company; or

 

7.2.2                  the Executive’s salary will be reduced by the amount of those fees; or

 

7.2.3                  a combination of the methods set out in clauses 7.2.1 and 7.2.2 will be applied.  References to fees in clause 7.2 exclude any fees received as a result of a directorship held in accordance with clause 5.4.

 

7.3                            In addition to the remuneration referred to in clause 7.1 above, the Executive will be entitled to participate in short-term and long-term incentive plans in accordance with the rules of those plans from time to time in force and subject to the Company’s executive remuneration

 

3

 

policy as determined by the Remuneration Committee and approved by the Company’s shareholders in general meeting from time to time. Participation in any such plans will be subject to the terms of any malus and clawback policy adopted by the Company from time to time. The Company reserves the right to withhold or require repayment of all or part of any payment or benefit under the plans if and to the extent that it is necessary to do so in order to comply with regulatory or legal requirements.

 

7.4                            To assist in the performance of their duties under this agreement the Executive will, during the continuance of the Employment be entitled to the benefits of the UK car policy as applicable to directors of the Company from time to time.

 

7.5                            The Executive may join the Vodafone UK Defined Contribution Pension Plan (the Plan) at any time. The Executive will be eligible for an allowance of 10% of salary which can be taken as an employer pension contribution or taxable cash allowance. The maximum Company contribution to the Plan will be £10,000 per annum. The Executive may elect not to join the Plan and instead the Company will pay the entire allowance as a taxable cash sum.

 

7.6                            If the Executive joins the Plan and subsequently decides to cease membership of the Plan then the Company may be obliged to re-enrol the Executive back into the Plan on a regular basis, expected to be every 3 years.

 

7.7                            Participation in the Plan and the extent to which the Executive is entitled to benefits under it are subject always to the rules of the Plan. The Company expressly reserves the right to discontinue or modify the Plan from time to time.

 

7.8                            The Executive will automatically be covered for life assurance at four times salary and receive long-term disability insurance regardless of whether or not they remain in the Plan.  This cover will be effective from the Commencement Date.

 

7.9                            Without prejudice to the Company’s right to terminate the Employment at any time in accordance with clause 11 if the Executive complies with any eligibility or other conditions set by the Company and any insurer appointed by the Company from time to time (the “Insurer”), the Executive will be provided with long-term disability insurance. The terms upon which this insurance is provided and the level of cover will be in accordance with Company policy from time to time but currently an income of two thirds of basic salary (capped at a maximum of £650,000 per annum) is provided up to retirement on long-term total disability. The Executive understands and agrees that if the Insurer fails or refuses to provide them with any benefit under the insurance arrangement provided by the Company, the Executive will have no right of action against the Company in respect of such failure or refusal.

 

7.10                     If the Executive complies with any eligibility requirements or other conditions set by the Company and any insurer appointed by the Company, the Executive and their partner and children under 18 years of age (or children under 21 years of age if in full time education) may participate in the Company’s private health insurance arrangements at the Company’s expense and subject to the terms of those arrangements from time to time. The Company reserves the right at any time to withdraw this benefit or to amend the terms upon which it is provided.

 

7.11                     The Executive is entitled to 28 days’ paid holiday each year (in addition to English Bank and other public holidays).  In addition the Executive shall be entitled to an additional day’s holiday for each five years of continuous service up to a maximum of 3 days.  The leave year runs from 1 January to 31 December.  The Executive agrees that the provisions of

 

4

 

Regulations 15(1)-(4) inclusive of the Regulations (dates on which leave is taken) do not apply to the Employment.

 

Holiday entitlement will be calculated on a monthly basis and accrue on the basis of completed whole calendar months of Employment. The Company may require the Executive to take accrued holiday during any notice period. If on the Termination Date the Executive has exceeded their accrued holiday entitlement, the excess may be deducted from any sums due to the Executive. The formula for calculating the amount of holiday due to the Executive and any payments or repayments to be made is 1/260 of the Executive’s annual basic salary.

 

7.12                     Subject to the rights of the Company under clause 11.6 of this agreement, if the Executive during this agreement is incapacitated by ill health or accident from performing their duties under this agreement they will, during the period of any such incapacity be entitled to Company Sick Pay Scheme subject to and in accordance with the terms of the Scheme — (full details of which have been supplied to the Executive) if and for so long as such Scheme remains in force but they shall not be entitled to receive any other remuneration under clause 7.1.

 

7.13                     If the Executive is absent from work due to sickness or injury which is caused by the fault of another person, and as a consequence recovers from that person or another person any sum representing compensation for loss of salary under this agreement, the Executive will repay to the Company any money it has paid to the Executive as salary in respect of the same period of absence.

 

8                                      Expenses

 

8.1                            The Company will refund to the Executive all reasonable expenses properly incurred by them in performing their duties under this agreement, provided that these are incurred in accordance with Company policy from time to time. The Company will require the Executive to produce receipts or other documents as proof that they have incurred any expenses they claim.

 

9                                      Confidentiality

 

9.1                            Without prejudice to the common law duties which they owe to the Company, the Executive agrees that they will not, except in the proper performance of their duties, copy, use or disclose to any person any of the Company’s trade secrets or confidential information. This restriction will continue to apply after the termination of the Employment without limit in time but will not apply to trade secrets or confidential information which become public other than through unauthorised disclosure by the Executive. The Executive will use their best endeavours to prevent the unauthorised copying use or disclosure of such information.

 

For the purposes of this agreement trade secrets and confidential information include but will not be limited to names of clients, suppliers, reports, papers, data and other confidential information in any form prepared by the Company or acquired by it and any other information in whatever form (written, oral, visual and electronic) concerning the confidential affairs of the Company.

 

9.2                            In the course of the Employment the Executive is likely to obtain trade secrets and confidential information belonging or relating to other Group Companies and other persons. They will treat such information as if it falls within the terms of clause 9.1 and clause 9.1 will apply with any necessary amendments to such information. If requested to do so by the Company the Executive will enter into an agreement with other Group Companies and any

 

5

 

other persons in the same terms as clause 9.1 with any amendments necessary to give effect to this provision.

 

9.3                            Nothing in this agreement will prevent the Executive from:

 

9.3.1                  making a “protected disclosure” in accordance with the provisions of the Employment Rights Act 1996;

 

9.3.2                  reporting an offence to a law enforcement agency;

 

9.3.3                  co-operating with a criminal investigation or prosecution;

 

9.3.4                  complying with an order of a court or tribunal of competent jurisdiction;

 

9.3.5                  disclosing information for the purpose of seeking legal, medical or professional advice (provided that those professional advisers are and remain subject to a duty of confidentiality as regards that disclosure);

 

9.3.6                  disclosing information to the relevant tax authorities in respect of the Employee’s personal tax affairs; or

 

9.3.7                  making any disclosures which are required by law or regulatory requirements.

 

10                               Intellectual Property Rights

 

10.1                     The Executive will promptly inform the Company if they make, create or are involved in making or generating an Invention, Work or Information during the Employment and will give the Company sufficient details of it to allow the Company to assess the Invention, Work or Information and to decide whether the Invention, Work or Information belongs to the Company. The Company will treat any Invention, Work or Information which does not belong to it as confidential.

 

“Invention” means any invention (whether patentable or not within the meaning of the Patents Act 1977 or other applicable legislation in any other country) relating to or capable of being used in the business of the Company.

 

“Work” means any discovery, design, database or other work (whether registrable or not and whether a copyright work or not) which is not an Invention and which the Executive creates or is involved in creating:

 

10.1.1           in connection with or in the course of their Employment; or

 

10.1.2           relating to or capable of being used in those aspects of the businesses of the Group Companies in which the Executive is involved.

 

“Information” means any idea, method or information which is not an Invention or Work generated by the Executive either:

 

10.1.3           in connection with or in the course of the Employment, or

 

10.1.4           outside the course of the Employment, but relating to the business, finance or affairs of any Group Company.

 

10.2                     The Executive is not entitled to any additional compensation for any Invention, Work or Information; such achievements are compensated by base salary.

 

10.3                     The Executive shall not make copies of any computer files belonging to any Group Company or their service providers and shall not introduce any of the Executive’s own computer files

 

6

 

into any computer used by a Group Company in breach of any Group Company policy, unless they have obtained the consent of the Company.

 

11                               Termination and Suspension

 

11.1                     The Employment will continue until terminated by either party giving written notice as set out in clause 11.2.

 

11.2                     Either party may terminate the Employment by giving not less than twelve months’ written notice to the other.

 

11.3                     The Company reserves the right, exercisable at any time and in its absolute discretion, to terminate the Executive’s employment with immediate effect by notice in writing that it is exercising its right to pay the Executive in lieu of the Executive’s notice period (or the remainder of such notice period). In such event, the Company shall pay the Executive the sums or sum calculated and payable in accordance with clause 11.4 (the Post-Employment Notice Pay). Such Post-Employment Notice Pay shall not constitute a debt payable by the Company. From the Termination Date until the date of expiry of the notice period under 11.2 (if notice had been served),  the Executive shall be obliged to mitigate losses flowing from such termination subject only to abiding by the obligations as set out in clause 13. For the purposes of this clause and clause 11.4, the Executive’s obligation to mitigate shall be to take all reasonable steps to obtain (and commence) an Alternative Executive Position.

 

11.4                     For the purposes of this clause 11, “Alternative Executive Position” shall mean any position under a contract of employment or otherwise whereby the Executive is directly or indirectly remunerated, whether by way of salary, bonus, pension, fees, equity or otherwise, save it shall not include any: (a) non-executive directorship(s), (b) employment in a role below board level (other than on an executive committee or top management team or similar body), (c) employment, engagement or trusteeship with or in respect of any charity, (d) engagement pursuant to which the Executive provides his services on a limited consultancy basis only, and (e) income derived from the proceeds of sale of any items or products designed and produced directly by the Executive.

 

11.5                     The amount of the Post-Employment Notice Pay shall be such sum as the Executive would have received in base salary (at the rate in force at the Termination Date) throughout the remainder of the notice period (if it had been served) less the aggregate of (a) any sums earned or received by the Executive from the Alternative Executive Position during the remainder of the notice period (if it had been served) and (b) deductions for income tax and employee’s national insurance contributions. The Post-Employment Notice Pay shall be payable in installments at the same intervals and on the same dates as salary payments would have been made to the Executive had the employment continued. The Executive shall provide to the Company a statement of all sums earned on a monthly basis from any Alternative Executive Position and such other information as the Company may reasonably request in relation to the Executive’s search for an Alternative Executive Position.

 

11.6                     The Company may terminate the Employment with immediate effect by giving written notice if the Executive does not perform the duties of the Employment for a period of 130 days (whether or not consecutive) in any period of 365 days because of sickness, injury or other incapacity. This notice can be given whilst the Executive continues not to perform their duties or on expiry of the 130-day period. In this clause, ‘days’ includes Saturdays, Sundays and public holidays.

 

7

 

11.7                     The Company may terminate the Employment with immediate effect by giving written notice if the Executive:

 

11.7.1           After due notice, has not performed their duties under this agreement to the standard required by the Board or does not comply with any lawful order or direction given by the Board; or

 

11.7.2           commits any serious or persistent breach of their obligations under or does not comply with any material term of this agreement; or

 

11.7.3           is guilty of any gross misconduct or conducts themselves (whether in connection with the Employment or not) in a way which is harmful to any Group Company; or

 

11.7.4           is guilty of dishonesty or is convicted of a criminal offence (other than a motoring offence which does not result in imprisonment) whether in connection with the Employment or not; or

 

11.7.5           commits (or is reasonably believed by the Board to have committed) a breach of any legislation in force which may affect or relate to the business of any Group Company; or

 

11.7.6           becomes of unsound mind, is bankrupted or has a receiving order made against them or makes any general composition with their creditors or takes advantage of any statute affording relief for insolvent debtors; or

 

11.7.7           becomes disqualified from being a director of a company.

 

11.8                     When the Company terminates the Employment by giving written notice to take immediate effect in accordance with either clause 11.6 or 11.7, for the avoidance of doubt there is no obligation to give notice as set out in clause 11.1 or any other period of notice to make any payment in lieu of notice.

 

11.9                     The Executive will have no claim for damages or any other remedy against the Company if the Employment is terminated for any of the reasons set out in clause 11.6 or 11.7.

 

11.10              When the Employment terminates the Company may deduct from any money due to the Executive (including remuneration) any amount which the Executive owes to any Group Company.

 

11.11              The Company may suspend the Executive from the Employment on full salary at any time, and for any reason for a reasonable period to investigate any matter in which the Executive is implicated or involved (whether directly or indirectly) and to conduct any related disciplinary proceedings (including any appeals).

 

12                               Garden Leave

 

12.1                     Neither the Company nor any Group Company is under any obligation to provide the Executive with any work. At any time after notice to terminate the Employment is given by either party under clause 11 above, or if the Executive resigns without giving due notice and the Company does not accept the resignation, the Company may require the Executive to comply with any or all of the provisions in clauses 12.2 and 12.3 for a maximum period of six months (the “Garden Leave Period”).

 

12.2                     The Executive will not, without prior written consent of the Board, be employed or otherwise engaged in the conduct of any activity, whether or not of a business nature during the Garden Leave Period. Further, the Executive will not, unless requested by the Company:

 

8

 

12.2.1           enter or attend the premises of the Company or any other Group Company; or

 

12.2.2           contact or have any communication with any customer or client of the Company or any other Group Company in relation to the business of the Company or any other Group Company; or

 

12.2.3           contact or have any communication with any employee, officer, director, agent or consultant of the Company or any other Group Company in relation to the business of the Company or any other Group Company; or

 

12.2.4           remain or become involved in any aspect of the business of the Company or any other Group Company except as required by such companies.

 

12.3                     The Company may require the Executive:

 

12.3.1           to comply with the provisions of clause 15, save that the Executive will not be required to return the Company car until the termination date; and

 

12.3.2           to immediately resign from any directorship which they hold in the Company, any other Group Company or any other company where such directorship is held as a consequence or requirement of the Employment, unless they are required to perform duties to which any such directorship relates in which case they may retain such directorships while those duties are ongoing. The Executive hereby irrevocably appoints the Company to be the Executive’s attorney to execute any instrument and do anything in the Executive’s name and on the Executive’s behalf to effect their resignation if they fail to do so in accordance with this clause 12.3.2.

 

12.4                     During the Garden Leave Period:

 

12.4.1           the Executive shall provide such assistance as the Company or any Group Company may require to effect an orderly handover of the Executive’s responsibilities to any individual or individuals appointed by the Company or any Group Company to take over their roles or responsibilities;

 

12.4.2           the Executive shall make themselves available to deal with requests for information, provide assistance, be available for meetings and to advise on matters relating to work (unless the Company has agreed the Executive may be unavailable for a period, for example during any period expressly booked and taken as holiday in accordance with the Company’s annual leave policy from time to time); and

 

12.4.3           the Company may appoint another person to carry out their duties in substitution for the Executive.

 

12.5                     During the Garden Leave Period, the Executive will be entitled to receive their salary and all contractual benefits (for example, Company car, if any) in accordance with the terms of this agreement. Any unused holiday accrued at the commencement of the Garden Leave Period and any holiday accrued during any such Garden Leave Period will be deemed to be taken by the Executive during the Garden Leave Period. If the amount of accrued holiday exceeds the length of the Garden Leave Period, the amount of accrued holiday shall be reduced by the length of the Garden Leave Period.

 

12.6                     At the end of the Garden Leave Period, the Company may, but shall not in any way be obliged, to exercise its rights under clause 11.4 and clause 11.5 to pay the Executive the pay for any unexpired period of notice in lieu of the balance of any period of notice given by the Company or the Executive, less any deductions the Company is required by law to make.

 

9

 

12.7                     All duties of the Employment (whether express or implied), including without limitation the Executive’s duties of fidelity, good faith and exclusive service, shall continue throughout the Garden Leave Period save as expressly varied by this clause.

 

13                               Restrictions after Termination of Employment

 

13.1                     In this clause:

 

“Relevant Date” means the Termination Date or, if earlier, the date on which the Executive commences any Garden Leave Period; and

 

“Restricted Period” means the period of 12 months commencing on the Relevant Date.

 

13.2                     The Executive is likely to obtain trade secrets and confidential information and personal knowledge of and influence over customers and employees of the Group during the course of the Employment. To protect these interests of the Company, the Executive agrees with the Company that they will be bound by the following covenants:

 

13.2.1           during the Restricted Period they will not be employed in, or carry on for their own account or for any other person, whether directly or indirectly, (or be a director of any company engaged in) any business which is or is about to be in competition with any business of the Company or any other Group Company being carried on by such company at the Relevant Date provided they were concerned or involved with that business to a material extent at any time during the 12 months prior to the Relevant Date;

 

13.2.2           during the Restricted Period they will not (either on their own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company or any other Group Company the custom of any person who at any time during the 12 months prior to the Relevant Date was a customer  of, or in the habit of dealing with, the Company or (as the case may be) any other Group Company and in respect of whom the Executive had access to confidential information or with whose custom or business the Executive was personally concerned or employees reporting directly to them were personally concerned;

 

13.2.3           during the Restricted Period they will not (either on their own behalf or for or with any other person, whether directly or indirectly,) deal with or otherwise accept in competition with the Company or any Group Company the custom of any person who was at any time during the 12 months prior to the Relevant Date a customer of, or in the habit of dealing with, the Company or (as the case may be) any Group Company and in respect of whom the Executive had access to confidential information or with whose custom or business the Executive was personally concerned;

 

13.2.4           during the Restricted Period they will not (either on their own behalf or for or with any other person, whether directly or indirectly) canvass or solicit in competition with the Company or any other Group Company the custom of any person who was negotiating with the Company or any other Group Company for the supply of goods or services (whether as customer, client, supplier, agent or distributor of the Company) during the six months prior to the Relevant Date or who was a potential customer to whom the Executive had made a presentation or a pitch and in respect of whom the Executive had access to confidential information or with whose custom or business the Executive was personally concerned; and

 

10

 

13.2.5           during the Restricted Period they will not (either on their own behalf or for or with any other person, whether directly or indirectly,) entice or try to entice away from the Company or any other Group Company any person who was an F band employee or higher employee (or equivalent) of such a company at the Termination Date and who had been such an employee at any time during the six months prior to the Relevant Date and with whom they had worked closely at any time during that period.

 

13.3                     Each of the paragraphs contained in clause 13.2 constitutes an entirely separate and independent covenant. If any covenant is found to be invalid this will not affect the validity or enforceability of any of the other covenants.

 

13.4                     Following the Termination Date, the Executive will not represent themselves as being in any way connected with the businesses of the Company or of any other Group Company (except to the extent agreed by such a company).

 

13.5                     Any benefit given or deemed to be given by the Executive to any Group Company under the terms of clause 13 is received and held on trust by the Company for the relevant Group Company. The Executive will enter into appropriate restrictive covenants directly with other Group Companies if asked to do so by the Company.

 

14                               Offers on Liquidation

 

The Executive will have no claim against the Company if the Employment is terminated by reason of liquidation in order to reconstruct or amalgamate the Company or by reason of any reorganisation of the Company and the Executive is offered employment with the company succeeding to the Company upon such liquidation or reorganisation and the new terms of employment offered to the Executive are no less favourable to them than the terms of this agreement.

 

15                               Return of Company Property

 

15.1                     At any time during the Employment (at the request of the Company) and in any event when the Employment terminates, the Executive will immediately return to the Company:

 

15.1.1           all documents and other materials (whether originals or copies) made or compiled by or delivered to the Executive during the Employment and concerning all the Group Companies. The Executive will not retain any copies of any materials or other information; and

 

15.1.2           all other property belonging or relating to any of the Group Companies.

 

15.2                     When the Employment terminates the Executive will immediately return to the Company any car provided to the Executive which is in the possession or under the control of the Executive.

 

15.3                     If the Executive commences Garden Leave in accordance with clause 12 they may be required to comply with the provisions of clause 15.1.

 

16                               Directorships

 

16.1                     The Executive’s office as a director of the Company or any other Group Company is subject to the Articles of Association of the relevant company (as amended from time to time). If the provisions of this agreement conflict with the provisions of the Articles of Association, the Articles of Association will prevail.

 

11

 

16.2                     The Executive must resign from any office held in any Group Company if they are asked to do so by the Company.

 

16.3                     If the Executive does not resign as an officer of a Group Company, having been requested to do so in accordance with clause 16.2, the Company will be appointed as their attorney to effect their resignation. By entering into this agreement, the Executive irrevocably appoints the Company as their attorney to act on their behalf to execute any document or do anything in the Executive’s name necessary to effect their resignation in accordance with clause 16.2. If there is any doubt as to whether such a document (or other thing) has been carried out within the authority conferred by this clause 16.3, a certificate in writing (signed by any director or the secretary of the Company) will be sufficient to prove that the act or thing falls within that authority.

 

16.4                     The termination of any directorship or other office held by the Executive will not terminate the Executive’s employment or amount to a breach of terms of this agreement by the Company.

 

16.5                     During the Employment the Executive will not do anything which could cause them to be disqualified from continuing to act as a director of any Group Company.

 

16.6                     The Executive must not resign their office as a director of any Group Company without the agreement of the Company.

 

17                               Notices

 

17.1                     Any notices given under this agreement must be given by email or letter. Notice to the Company must be addressed to its registered office at the time the notice is given. Notice to the Executive must be given to them personally or sent to the last known address.

 

17.2                     Except for notices given by hand or email, notices given by post will be deemed to have been given on the next working day after the day of posting and notices given by hand or email will be deemed to have been given in the ordinary course of transmission.

 

18                               Statutory Particulars

 

18.1                     The written particulars of employment which the Executive is entitled to receive under the provisions of Part I of the Employment Rights Act 1996 are set out below, insofar as they are not set out elsewhere in this agreement or in any other documents provided with this agreement.

 

18.1.1           The Company’s disciplinary rules and disciplinary and grievance procedures as set out in the Employee Handbook from time to time are applicable to the Executive.

 

18.1.2           The Company’s normal hours of work are 8.30am to 5.15pm Monday to Thursday and 8.30am to 4.00pm on Friday.

 

18.1.3           There are no terms and conditions relating to collective agreements or to the requirement to work outside the United Kingdom.

 

18.2                     The authorisation of the Company to request a medical examination is governed under the Access to Medical Reports Act (1988).

 

12

 

19                               The General Data Protection Regulation and the Data Protection Act 2018

 

19.1                     The Group Companies and its or their employees and agents may from time to time hold, process and disclose the Executive’s personal data (including sensitive personal data) within the meaning of the General Data Protection Regulation and the Data Protection Act 2018 (together, the “Data Protection Laws”) in accordance with the terms of the Company’s (or any other relevant Group Company’s) Employee Privacy Statement and Retention Policy in force from time to time (and available on the ‘Data Privacy’ pages on myHR), any other relevant data protection policy and/or the Employee Handbook in force from time to time. For the avoidance of doubt, processing of the Executive’s personal data shall be necessary for the performance of this agreement, for compliance with the Company’s (or any other relevant Group Company’s) legal obligations and/or for the purposes of the legitimate interests of the Company or any other relevant Group Company. Such processing may include, but is not limited to:

 

19.1.1           administering and maintaining personnel records;

 

19.1.2           paying and reviewing salary and other remuneration and benefits;

 

19.1.3           providing and administering benefits (including if relevant, pension, life assurance, permanent health insurance and medical insurance);

 

19.1.4           undertaking performance appraisals and reviews;

 

19.1.5           maintaining sickness and other absence records;

 

19.1.6           taking decisions as to the Executive’s fitness for work;

 

19.1.7           providing references and information to future employers, and if necessary, governmental and quasi-governmental bodies for social security and other purposes, the Inland Revenue and the Contributions Agency;

 

19.1.8           providing information to future purchasers of the Company or of the business in which the Executive works; and

 

19.1.9           transferring information concerning the Executive to relevant Group functions and the central Group processing centres which may not be located in the same country as the Executive’s employment and may be outside of the European Economic Area.

 

19.2                     The Executive acknowledges that during their Employment they will have access to and process, or authorise the processing of, personal data and sensitive personal data relating to employees, customers and other individuals held and controlled by the Company or Group Companies. The Executive agrees to comply with the terms of the Data Protection Laws in relation to such data and to abide by the Company’s Privacy Management Policy and any other data protection policy in force from time to time. This shall include, for the avoidance of doubt, compliance with any Vodafone policies relevant to systems access and use, data retention and social media and instant messaging use.

 

19.3                     Vodafone understands the importance that employees place on their personal information. As an employer, the Company (and any other relevant Group Companies) collects, processes and stores employee personal information as described above. Understanding and respecting employees’ individual rights over their personal information is a key part of Vodafone’s passion for its people.

 

19.4                     You agree that you will tell us of any change to your personal information held by the Group including but not limited to any change to your contact details and home address, or request

 

13

 

any amendment of the information without delay. Please refer to our Employee Privacy Statement issued from time to time for further details.

 

20                               Contracts (Rights of Third Parties) Act 1999

 

20.1                     To the extent permitted by law, no person other than the parties to this agreement and the Group Companies shall have the right to enforce any term of this agreement under the Contracts (Rights of Third Parties) Act 1999. For the avoidance of doubt, save as expressly provided in this clause the application of the Contracts (Rights of Third Parties) Act 1999 is specifically excluded from this agreement, although this does not affect any other right or remedy of any third party which exists or is available other than under this Act.

 

21                               Indemnification and Insurance

 

21.1                     The Executive will have the benefit of the following indemnity in relation to liability incurred in their capacity as a Director of the Company. This indemnity is as wide as English law currently permits

 

21.1.1           The Company will provide funds to cover the costs as incurred by the Executive in defending legal proceedings brought against them in their capacity as, or as a result of them being or having been, a Director of the Company including criminal proceedings and proceedings brought by the Company itself or an Associated Company;

 

21.1.2           The Company will indemnify the Executive in respect of any proceedings brought by third parties, including both legal and financial costs of an adverse judgement brought against them in their capacity as, or as a result of them being or having been, a Director of the Company; and

 

21.1.3           The Company will indemnify the Executive for liability incurred in connection with any application made to a court for relief from liability, where the court grants such relief.

 

For the avoidance of any doubt, the indemnity granted does not cover:

 

21.1.4           Unsuccessful defence of criminal proceeding, in which instance the company would seek reimbursement for any funds advanced;

 

21.1.5           Unsuccessful defence of an action brought by the Company itself or an associated Company, in which instance the Company would seek reimbursement for any funds advanced;

 

21.1.6           Fines imposed by the regulatory bodies;

 

21.1.7           Fines imposed in criminal proceedings; and

 

21.1.8           Liability incurred in connection with any application under Section 661(3) or (4) of the Companies Act 2006 (acquisition of shares by innocent nominee) or section 1157 of the Companies Act 2006 (general power to grant relief in case of honest and reasonable conduct) where the court refuses to grant the Executive relief, and such refusal is final

 

21.2                     It is a condition of the provision of this indemnity that the Executive shall notify the Company without delay upon becoming aware of any claim or potential claim against them and that the Executive shall have a duty to mitigate any loss incurred.

 

14

 

21.3                     The Company maintains Directors and Officers insurance as additional cover for Directors which, if the insurance policy so permits, may provide such funds in circumstances where the law prohibits the Company from indemnifying Directors. The Executive shall have the benefit of the insurance to the extent applicable.

 

22                               Miscellaneous

 

22.1                     This agreement may only be modified by the written agreement of the parties.

 

22.2                     The Executive cannot assign this agreement to anyone else.

 

22.3                     References in this agreement to rules, regulations, policies, handbooks or other similar documents which supplement it, are referred to in it or describe any pensions or other benefits arrangement are references to the versions or forms of the relevant documents as amended or updated from time to time.

 

22.4                     This agreement supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in it. It contains the whole agreement between the parties relating to the Employment at the date the agreement was entered into (except for those terms implied by law which cannot be excluded by the agreement of the parties). The Executive acknowledges that they have not been induced to enter into this agreement by any representation, warranty or undertaking not expressly incorporated into it. The Executive agrees and acknowledges that their only rights and remedies in relation to any representation, warranty or undertaking made or given in connection with this agreement (unless such representation, warranty or undertaking was made fraudulently) will be for breach of the terms of this agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statute).

 

22.5                     Neither party’s rights or powers under this agreement will be affected if:

 

22.5.1           one party delays in enforcing any provision of this agreement; or

 

22.5.2           one party grants time to the other party.

 

22.6                     The Interpretation Act 1978 shall apply to this agreement in the same way as it applies to an enactment.

 

22.7                     References to any statutory provisions include any modifications or re-enactments of those provisions.

 

22.8                     Headings will be ignored in construing this agreement.

 

22.9                     If either party agrees to waive their rights under a provision of this agreement, that waiver will only be effective if it is in writing and it is signed by them. A party’s agreement to waive any breach of any term or condition of this agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition.

 

22.10              This agreement is governed by and will be interpreted in accordance with the laws of England and Wales. Each of the parties submits to the exclusive jurisdiction of the English Courts as regards any claim or matter arising under this agreement.

 

15

 

EXECUTED as a DEED on behalf of VODAFONE GROUP PUBLIC LIMITED COMPANY

 

 

	
/s/ Ronald Schellekens
    	
 
    
	
 
    	
 
    
	
Ronald Schellekens
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Adrian Jackson
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name: Adrian Jackson
    	
 
    
	
 
    	
 
    
	
Occupation: HR Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
EXECUTED as a   DEED by
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Nicholas Read
    	
 
    
	
 
    	
 
    
	
Nicholas Johnathan Read
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
In the presence of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Geraldine McTaggart
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name: Geraldine McTaggart
    	
 
    
	
 
    	
 
    
	
Occupation: Personal Assistant
    	
 
    

 

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]