Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

  Exhibit 4.10    
    

  

   

DIAGEO PLC LONG TERM INCENTIVE PLAN 

   

Amended by the Remuneration Committee on 5 December 2006, 5 December 2007 & 26 August 2008 

 
 

  CONTENTS    
    

					
	Clause

 
	 	Page 
	 1.
	 	 Definitions
	 	1
	 2.
	 	 Grant Of Awards
	 	

3
	 3.
	 	 Individual Limits
	 	

4
	 4.
	 	 Plan Limits
	 	

4
	 5.
	 	 Performance Requirement
	 	

4
	 6.
	 	 Forfeiture Of Awards
	 	

5
	 7.
	 	 Rights During The Restricted Period
	 	

5
	 8.
	 	 Release Of Awards
	 	

5
	 9.
	 	 Adjustments
	 	

6
	 10.
	 	 Change Of Control
	 	

6
	 11.
	 	 Merger And Demerger
	 	

8
	 12.
	 	 Allotment, Transfer, Listing And The Cost Of The Plan
	 	

9
	 13.
	 	 Employee Rights
	 	

9
	 14.
	 	 Taxation And Other Regulatory Requirements
	 	

9
	 15.
	 	 Administration And Amendment Of The Plan
	 	

10
	 16.
	 	 Notice
	 	

11
	 17.
	 	 Termination
	 	

11
	 18.
	 	 Governing Law
	 	

11

 

 1.     DEFINITIONS  

	1.1
	In
these Rules and Schedules the following words and expressions shall have the following meanings: 

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

"Adoption Date" means the date that the Board adopts the Plan; 

"Award" means a Restricted Share Award or a Deferred Right granted in accordance with these Rules; 

"Award Certificate" means a certificate confirming an Award made to a Participant; 

"Award Value" means for the purposes of Rule 3, the number of Shares the subject of the Award multiplied by: 

	(a)
	the
average of the middle market quotation of a Share as derived from the Daily Official list of the London Stock Exchange or such other exchange as may be
specified by the Committee on which the Shares are listed on the last dealing day immediately prior to the Date of Grant; or

	(b)
	the
average of the middle market quotation of a Share as derived from the Daily Official List of the London Stock Exchange or such other exchange on which
Shares are listed over a period not exceeding the base period for the Performance Requirement as determined by the Committee from time to time; 

and,
for the avoidance of doubt, the Committee shall in its discretion determine whether to use (a) or (b) above to calculate the price of a Share for the purpose of determining the
Award Value; 

"Basic Salary" means an Eligible Employee's base salary (which, for the avoidance of doubt, does not include the value of any bonuses, benefits in kind
or employer's pension contributions) at the Date of grant or such other sum that the Committee may in its discretion determine; 

"Board" means the board of directors of the Company or the directors present at a duly convened meeting of the directors of the Company at which a
quorum is present or a duly authorised committee thereof; 

"Close Period" means any period during which certain persons are prohibited from dealing in Shares, for whatever reason, in accordance with the Model
Code contained in the appendix to chapter 16 of the Listing Rules of the London Stock Exchange (as replaced, amended or re-enacted from time to time) and/or such code as the Company
may have established from time to time or such other statutory, regulatory or other prohibition from dealing in Shares or rights over Shares; 

"Committee" means the Remuneration Committee of the Company and any duly appointed individual or committee appointed by the Remuneration Committee from
time to time; 

"Company" means Diageo plc registered in England number 23307; 

"Continuous Employment" in relation to an Eligible Employee and/or a Participant continuous employment of the Participant or, in the case of an Eligible
Employee and/or a Participant who is a trustee, of the employee or executive for whom he is acting, with a Group Company. An Eligible
Employee and/or a Participant shall not be treated as ceasing to be in continuous employment until he ceases to hold any office or employment in any Group Company; 

"Control" has the same meaning given in section 840 of the Act; 

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

1

 

"Deferred Right" means a right to acquire Shares pursuant to the Rules upon the payment of such consideration, if any, as may be determined by the
Committee at the Date of Grant in accordance with Rule 2.2.2; 

"Eligible Employee" means any bona fide employee or executive director of the Group, or where appropriate a trustee acting on behalf of such employee or
executive director. The Committee may in its discretion determine that such employee or executive director of the Group shall have a period of Continuous Employment to be an eligible employee, such
period to be determined by the Committee in its discretion; 

"Executive Share Plan" means any share plan operated mainly for the benefit of executives of the group selected at the discretion of the Board or
Committee; 

"External Auditors" means external auditors appointed by the Company from time to time; 

"Group" means the Company and any Holding Company and Subsidiaries and the expression "Group Company" shall be construed accordingly; 

"Holding Company" has the meaning given in section 736 of the Companies Act 1985; 

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

"Participant" means any Eligible Employee to whom a subsisting Award has been granted. Reference to a Participant shall include, where the context so
admits or requires, trustees of a trust of which he is a potential beneficiary or other personal representatives; 

"Performance Requirement" means the requirement as may be determined by the Committee from time to time in accordance with Rule 2.2.4 subject to
amendments, if any, made in accordance with Rule 5.2; 

"Plan" means the Diageo Long Term Incentive Plan constituted by these Rules; 

"Plan Year" means the calendar year from 1 January to 31 December or, for Awards granted on or after 1 July 2005, the Company's
financial year from 1 July to 30 June; 

"Release" means the dealing date immediately following the last day of the Restricted Period when, in relation to a Restricted Share Award, a
Participant becomes absolutely entitled to receive beneficial ownership of the Shares the subject of such Award in accordance with Rule 8 and, in relation to a Deferred Right the date upon
which such Award becomes exercisable, unless Awards are Released on an earlier date pursuant to Rules 8.5, 10, 11.1.3 or any other Rule, and "Released" shall be construed accordingly; 

"Restricted Period" means a period of not less than three years from the Date of grant or such other period as may be determined by the Committee in its
discretion in relation to each Award in accordance with Rule 2.2.5 or, in relation to Awards made within 3 months of the Adoption Date, a period of not less than 2 years from the
Date of Grant; 

"Restricted Share Award" means a contingent right to acquire Shares the subject of an Award; 

"Rules" means the rules of this Plan as amended from time to time; 

"Shares" means fully paid ordinary shares of the Company; 

"Subsidiary" has the meaning given in section 736 of the Companies Act 1985; 

"Tax" includes any present or future tax, levy, social charge, impost, duty, charge, fee, deduction or withholding of any nature, made by any competent
authority in any jurisdiction and interest or penalties in respect thereof; and 

2

 

"Trustees" means the trustees of the Diageo Employee Benefit Trust or such other person as may be appointed by the Committee to hold Shares for the
purposes of the Plan.  

	1.2
	Words
and expressions defined in the Act and in the Companies Act 1985 and the Companies Act 1989 shall bear the same meanings in these Rules except as
otherwise provided for in these Rules.

	1.3
	Where
the context so admits or requires, words importing the singular shall include the plural and vice versa, and words importing the masculine shall
include the feminine.

	1.4
	Any
reference to a statute or statutory provision shall be construed as if it referred also to that statute or provision as the same may from time to time
be consolidated, replaced, amended or re-enacted and to any related statutory instrument or other subordinate legislation in force from time to time.

	1.5
	Wherever
the Rules refer to the Committee or the Trustees having the ability to determine, decide or change matters howsoever, this will mean that the
Committee shall be entitled to do so in its absolute and unfettered discretion and no person shall have any right to challenge, dispute or appeal whatsoever against the Committee's determined,
decision or change howsoever made.

	1.6
	Headings,
notes and footnotes to these Rules are included for convenience only and shall not affect the interpretation or construction of these Rules.

	1.7
	Reference
to a "company" shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or
established.

	1.8
	References
to a "person" shall be construed so as to include any individual, firm, company, government, state or agency of a state, local or municipal
authority or government body or any joint venture, association or partnership (whether or not having a separate legal personality).

	1.9
	References
to Shares shall, where appropriate, be construed as references to American Depository Shares ("ADSs"). 

2.     GRANT OF AWARDS  

	2.1
	Subject
to Rule 3 and Rule 17, the Committee or the Trustees may grant Awards at any time other than during a Close Period. The Committee may
make recommendations to the Trustees in respect of the Awards to be granted by the Trustees pursuant to this Rule 2.1 which the Trustees may or may not, in their absolute discretion, determine
to follow. References in these Rules to the Committee making determinations or decisions in respect of Awards shall be deemed to be references to the Trustees making such determinations or decisions
in respect of Awards granted by the Trustees pursuant to this Rule 2.1, taking account of the recommendations of the Committee.

	2.2
	The
Committee shall determine in respect of each Award:

	2.2.1
	whether
the Award is a Restricted Share Award or a Deferred Right;

	2.2.2
	in
respect of any Deferred Right the payment, if any, due upon the exercise of the Award and the period after Release when the Award will lapse;

	2.2.3
	the
maximum number of Shares the subject of an Award;

	2.2.4
	the
Performance Requirement that must be satisfied prior to Release;

	2.2.5
	the
Restricted Period applicable to such Award; and

	2.2.6
	any
other conditions, restrictions, prohibitions or requirements that the Committee shall determine as appropriate that must be satisfied prior to
Release. 

3

 

	2.3
	The
Committee may in its discretion determine that it shall be a condition of the grant of an Award in any Plan Year that an Eligible Employee (including
his spouse and infant children) and/or Participant shall have held beneficially for such period or periods of time as the Committee shall decide a certain number of Shares provided that such
determination is made and notified to the Eligible Employee and/or Participant no later than 3 calendar months before the commencement of any Plan Year.

	2.4
	An
Award Certificate shall be issued to an Eligible Employee in respect of whom the Committee has determined that an Award shall be granted as soon as
reasonably practicable following the Date of Grant containing the information required in accordance with Rule 2.2. Such Award Certificate shall be issued as a deed executed by the Company (or,
in respect of Awards made by the Trustees, a deed executed by the Trustees) or as otherwise determined by the Committee.

	2.5
	A
Participant may at any time prior to the Release of an Award renounce the Award (in whole, but not in part), by serving notice in writing on the Company
or Trustees of his intention to renounce such Award. The renunciation shall be effective from the date of receipt of such notice by the Company or Trustees. 

3.     INDIVIDUAL LIMITS  

	3.1
	An
Award shall not normally be granted to an Eligible Employee and/or Participant if the Award Value when aggregated with the Award Values of other Awards
granted to him in the same Plan Year would exceed 250% of his Basic Salary at the Date of Grant. 

4.     PLAN LIMITS  

	4.1
	Subject
to sub-rules 4.2 to 4.3, the Company may transfer shares held as treasury shares to Participants on the Release of any Award. No
shares may be issued under the Plan.

	4.2
	No
options shall be granted, or shares issued otherwise than pursuant to the exercise of an option, in any year which would, at the time of the grant or
issue, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the period of 10 calendar years ending with that year, or shall have been
issued in that period otherwise than in pursuance of options, under this Plan or under any other executive share scheme adopted by the Company to exceed such number as represents 5 per cent of
the ordinary share capital of the Company in issue at that time.

	4.3
	No
options shall be granted, or shares issued otherwise than pursuant to the exercise of an option, in any year which would, at the time of the grant or
issue, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the period of 10 calendar years ending with that year, or been issued in that
period otherwise than in pursuance of options, under this Plan or under any other employees' share scheme adopted by the Company to exceed such number as represents 10 per cent of the ordinary
share capital of the Company in issue at that time. 

5.     PERFORMANCE REQUIREMENT  

	5.1
	The
Committee shall determine for each Award the applicable Performance Requirement in accordance with the provisions of Rule 2.2.4.

	5.2
	If
events occur which cause the Committee to consider that the existing Performance Requirement has become inappropriate (for whatever reason), it may, in
its discretion (provided such discretion is exercised fairly and reasonably and after consultation with the principal shareholders of the Company) determine to amend or replace the relevant
Performance Requirement so that in the reasonable opinion of the Committee it will not be materially more or less difficult to satisfy than was originally intended. 

4

 

6.     FORFEITURE OF AWARDS  

	6.1
	An
Award shall be personal to a Participant and neither Awards, nor any rights granted in relation thereto, may be transferred, assigned, pledged, charged
or otherwise disposed of by a Participant (save for disposals of such rights granted in relation to an Award between the Participant and any trustee as provided in the definition of Eligible Employee)
and if a Participant shall do, suffer or permit any such act or thing whereby he would or might be deprived of any rights received or granted in relation to an Award (save in respect of disposals
between the Participant and any such trustee), the Award shall forthwith lapse. 

7.     RIGHTS DURING THE RESTRICTED PERIOD  

	7.1
	A
Participant shall not be entitled to any beneficial interest in or any dividend or other distribution paid in respect of Shares subject to Awards prior to
their Release or by reference to a record date falling prior to their Release but, at the discretion of the Committee, may receive a discretionary bonus calculated by reference to such dividend or
distribution, such value being of such amount and provided in such form at such time as the Committee shall, in its discretion, determine and subject to any deductions required by law. Subject to the
provisions of Rule 9.1 if the Company declares a special dividend prior to their Release the Committee may determine to adjust the number of Shares subject to Awards to take such special
dividend into account.

	7.2
	A
Participant shall not be entitled to direct the Trustees to vote in respect of any Shares the subject of Awards prior to their Release or to exercise any
other right in relation to such Shares. 

8.     RELEASE OF AWARDS  

	8.1
	Subject
to Rule 8.2, Rule 8.5, Rule 10 and Rule 11 Awards shall be Released subject to the achievement of the Performance
Requirement and provided that the Participant has been in Continuous Employment from the Date of Grant until the end of such applicable Restricted Period on the dealing day immediately following the
last day of the Restricted period.

	8.2
	Release
of Awards shall also be subject to:

	8.2.1
	the
satisfaction of any additional conditions, restrictions or requirements set out in the Award Certificate in accordance with the provisions of
Rule 2.2.6; and

	8.2.2
	the
consent of the Trustees;

	8.2.3
	the
requirements of Rule 14; and

	8.2.4
	any
applicable provisions of the Memorandum and Articles of Association of the Company.

	8.3
	If
a prospective date of Release in a Close Period, such Release may be deferred until the end of the Close Period, subject to Rule 8.7.4.

	8.4
	Except
as prescribed in Rule 8.5, if the Participant ceases to be employed by the Group during the Restricted Period his subsisting Awards shall
lapse forthwith upon such cessation.

	8.5
	If
a Participant ceases to be employed by the Group before the end of the applicable Restricted Period, the Committee may in its discretion determine that a
proportion or all of the Award shall be Released at the end of the such applicable Restricted Period or at such other time as the Committee shall determine. Release in such circumstances may be
subject to such Performance Requirement or other conditions, if any, as the Committee may in its discretion determine.

	8.6
	The
Committee may in its discretion determine that a Participant shall retain after the Release of such Award some or all of the Shares comprising his Award
for such period or periods and subject to such terms and conditions as the Committee shall determine provided that such determination 

5

 

is
made at the Date of Grant in respect of each Award in accordance with the provisions of Rule 2.2.6.  

	8.7
	Each
subsisting Award shall lapse on the earliest of the following events:

	8.7.1
	the
date on which it is determined that any Performance Requirement imposed pursuant to Rule 2.2.4 cannot be satisfied; or

	8.7.2
	the
date on which the Award lapses pursuant to Rule 2.2.2, Rule 6, Rule 8.4, Rule 10 or Rule 11; or

	8.7.3
	the
date upon which an Award is deemed to lapse pursuant to any other Rule; or

	8.7.4
	the
tenth anniversary of the Date of Grant; or

	8.7.5
	the
date on which the Participant is adjudicated bankrupt.

	8.8
	After
Release of an Award in the form of a Deferred Right, such Deferred Right may be exercised in whole (or in part if the Company permits) by the
Participant giving notice to the Company in such form as the Committee shall prescribe accompanied by the payment, if any, for the Shares. The date of receipt of such notice shall be the date of
exercise of the Deferred Right. Within 30 days after a Deferred Right has been exercised, the Committee shall transfer or procure the transfer to the Participant (or his nominee) of the number
of Shares in respect of which the Deferred Right has been exercised. Deferred Rights exercised on the same day shall be deemed to be exercised simultaneously. When a Deferred Right is exercised only
in part, the balance shall remain exercisable on the same terms as originally applied to the whole Deferred Right and a new Award Certificate shall be issued as soon as reasonably practicable for the
balance of the Deferred Right remaining. Deferred Rights that have not been exercised within 30 days of Release will lapse.

	8.9
	After
Release of an Award in the form of a Restricted Share Award the Committee shall in its discretion either:

	8.9.1
	transfer
or procure the transfer to the Participant (or his nominee), within 30 days of the Release of such Award, of the Shares subject to such
Award; or

	8.9.2
	procure
the transfer to the Participant, within 30 days of the Release of such Award, of an amount in cash equal to the aggregate market value of
the Shares subject to such Award on the last dealing day immediately prior to the Release of such Award. 

9.     ADJUSTMENTS  

	9.1
	If
a variation of the issued share capital of the Company by way of a capitalisation or rights issue, sub-division, consolidation, reduction or
otherwise shall take place then the number of Shares subject to an Award may be adjusted in such manner and with effect from such date, as the Committee may determine to be appropriate and as the
External Auditors shall have confirmed in writing to be, in their opinion, fair and reasonable.

	9.2
	Notice
of any such adjustment made under Rule 9.1 be given to Participants by the Committee who may call in Award Certificates for endorsement or
replacement. 

10.   CHANGE OF CONTROL  

 Change of Control  

	10.1
	If
any company or person acting alone or in concert with another or others obtains Control of the Company the Committee shall forthwith upon the date of
such change of Control notify every Participant and Participants shall be entitled on such date to the Release of all Awards provided that or to the extent that the Performance Requirement is
satisfied on the occurrence of such 

6

 

event.
If Awards are made in the form of Deferred Rights Participants may exercise such Deferred Rights within one month of the date of Release, after which period such Deferred Rights will lapse. 

 Scheme of Arrangement  

	10.2
	If
under section 425 of the Companies Act 1985 the court sanctions a compromise or arrangements between the Company and its creditors or members
proposed for the purpose of, or in connection with, a scheme for the reconstruction of the Company or its amalgamation with any other company or companies, all Awards shall be Released to Participants
forthwith on the date upon which the compromise or arrangement is sanctioned by the court provided that or to the extent that the Performance Requirement is satisfied on the occurrence of such event.
If Awards are made in the form of Deferred Rights Participants may exercise such Deferred Rights within one month of the date of Release, after which period such Deferred Rights will lapse.

	10.3
	If
any company or person becomes bound or entitled to acquire Shares under sections 428 to 430F of the Companies Act 1985, the Committee shall
forthwith notify every Participant and Participants shall be entitled on the date such company or person becomes bound or entitled to the Release of all Shares the subject of subsisting Awards
provided that or to the extent that the Performance Requirement is satisfied on the occurrence of such event. If Awards are made in the form of Deferred Rights Participants may exercise such Deferred
Rights within one month of the date of Release, after which period such Deferred Rights will lapse. 

 Liquidation  

	10.4
	If
a voluntary winding up of the Company is proposed to shareholders or if an order is made for the compulsory winding up of the Company, the Committee
shall notify each Participant. On receipt of such notification all a Participant's Awards will be Released provided that or to the extent that the Performance Requirement is satisfied on the
occurrence of such event. After such Release if Awards have been made in the form of Deferred Rights the Participant may then in the case of a voluntary winding up of the Company exercise any Released
Deferred Right during the period between the proposal and a resolution being passed (provided that any exercise is conditional upon the resolution being passed) or, in the case of an order for the
compulsory winding up of the Company, exercise any Released Deferred Right within one month from the date of such notification. For the avoidance of doubt, a Participant who has exercised a Released
Deferred Right under this provision shall be entitled to an equal distribution of the assets of the Company with existing shareholders in the same manner as he would have been entitled had he been the
registered owner of the relevant Shares when the resolution was passed or order made. 

 Replacement of Awards  

	10.5
	If,
as a result of the events specified in Rule 10.1 or Rule 10.2, a company has obtained Control of the Company or if a company has become
bound or entitled as stated in Rule 10.3 (such company referred to as the "Acquiring Company"), the Participant may, by agreement with the Acquiring Company, release each subsisting Award (the
"Old Award") in exchange for an Award (the "New Award") provided that the New Award:

	10.5.1
	is
over shares of the Acquiring Company or some company which has Control of the Acquiring Company or is a member of a consortium owning either the
Acquiring Company or having Control of the Acquiring Company;

	10.5.2
	is
a right over such number of shares as have an aggregate market value of those Shares subject to the Old Award on the last dealing day immediately
prior to the date of exchange on which the Shares were quoted; 

7

 

	10.5.3
	if
the Old Award was a Deferred right (the "Old Deferred Right") that the New Award is a Deferred right (the "New Deferred Right") and has a subscription
price per share such that the aggregate price payable on the complete exercise of the New Deferred Right equals the aggregate price which would have been paid on the complete exercise of the Old
Deferred Right; and

	10.5.4
	is
otherwise, so far as the Committee determines it to be appropriate, upon identical terms to the Old Award.

	10.6
	The
New Award shall for all purposes be treated as having been acquired on the same Date of Grant as the Old Award and thereafter references in these Rules
to the Company, Deferred Rights, Shares and Awards shall, where appropriate, be construed as references to the Acquiring Company and its shares, deferred rights and the New Award. 

 Internal reorganisations  

	10.7
	For
Awards granted after 26 August 2008, in the event that:

	10.7.1
	a
new company (the "New Company") is expected to obtain Control of the Company as a result of an offer referred to in Rule 10.1 or a compromise or
arrangement referred to in Rule 10.2; and

	10.7.2
	at
least 75% of the shares in the New Company are expected to be held by substantially the same persons who immediately before the obtaining of Control
of the Company were shareholders in the Company 

then
the Committee, with the consent of the New Company, may decide before the obtaining of such Control that an Award shall not be Released under Rule 10.1 or Rule 10.2 but shall be
automatically released in consideration for the grant of a new Award under Rule 10.5. 

11.   MERGER AND DEMERGER  

	11.1
	In
the event that the Company merges with another company, or any one or more of the businesses of the Group are demerged (whether such merger or demerger
is effected by way of sale, distribution or in any other manner) the Committee shall notify each Participant and shall have the discretion to determine whether:

	11.1.1
	all
subsisting Awards are voided and replaced with awards of an equivalent value as determined by the Committee in its discretion and as the External
Auditors shall have confirmed in writing to be, in their option, fair and reasonable; or

	11.1.2
	the
number of Shares subject to subsisting Awards be adjusted to reflect any change in value due to the merger or demerger or in the case of Awards in
the form of Deferred Rights the exercise price of the Shares subject to Awards be adjusted, any such adjustment to be determined by the Committee in its discretion and as the External Auditors shall
have confirmed in writing to be, in their opinion, fair and reasonable; or

	11.1.3
	all
Awards are Released provided that or to the extent that the Performance Requirement on the occurrence of such event is satisfied and in the case of
Awards in the form of Deferred Rights Participants may exercise their Deferred Rights within a period of one month (or such other period as the Committee may determine) beginning with the date of
notification of the demerger to Participants, and after the end of such period such Deferred Rights will lapse.

	11.2
	The
Committee shall notify Participants as soon as reasonably practicable of any replacement, adjustment or Release in accordance with the provisions of
Rule 11.1 and may call in Award Certificates for endorsement or replacement. 

8

 

12.   ALLOTMENT, TRANSFER, LISTING AND THE COST OF THE PLAN  

	12.1
	Any
Shares to be transferred pursuant to the Release of an Award shall be transferred to the relevant Participant or a nominee nominated by a Participant
not later than 30 days after the date of Release of the Award and/or exercise of the Deferred Right. Such Shares shall rank pari passu in all respects with other Shares, as the case may be, of
the same class as issued at that time, provided that the Participant shall have no entitlement in relation to rights attaching to the Shares prior to the date of Release.

	12.2
	Awards
may only be satisfied by the transfer of Shares.

	12.3
	The
obligation to provide a benefit under an Award may be undertaken by the Company or the Trustees as the Committee shall determine from time to time and
subject, where required, to the appropriate agreement and exercise by the Trustees of their discretion.

	12.4
	The
Company shall ensure when necessary that it is in a position to satisfy or procure the satisfaction of all rights to acquire Shares from time to time
subsisting under the Plan, taking account of other obligations of the Company in relation to the provision of Shares.

	12.5
	The
Company shall bear the costs of establishing and administering the Plan.

	12.6
	The
Company shall maintain or cause to be maintained all necessary accounts and records relating to the Plan. 

13.   EMPLOYEE RIGHTS  

	13.1
	No
account shall be taken of actual or prospective grants of Awards or rights in prospect under them for the purpose of any redundancy payments or
severance scheme operating within the Group or for the purpose of a Participant's right under any pension scheme or arrangement.

	13.2
	Nothing
in this Plan or in any document issued pursuant to the Plan shall confer upon any person any right to continue in the employ of any Group Company
or shall affect the right of any Group Company to terminate the employment of any person, or shall impose upon any Group Company, the Committee, Trustee or their respective agents and employees any
liability for the loss of any rights under the Plan which may result if that person's employment is so terminated. In no circumstances shall any Participant, by reason of ceasing to be employed by any
Group Company, or any part of the Plan ceasing or failing to have a particular tax treatment or to be approved by the Inland Revenue or any other revenue authority, be entitled to any compensation for
any loss of any actual or prospective right or benefit under the Plan which he might otherwise have enjoyed, whether such compensation is claimed by way of damages for wrongful or unfair dismissal or
other breach of contract or by way of compensation for loss of office or otherwise. 

14.   TAXATION AND OTHER REGULATORY REQUIREMENTS  

	14.1
	The
grant of an Award to an Eligible Employee and/or Participant under the Plan shall be conditional upon the agreement of that Eligible Employee and/or
Participant to indemnify the Company or Group Company for any:

	14.1.1
	tax
payable in respect of the grant of such Award, Release or exercise pursuant to the Income Tax (Employments) (Notional Payments)
Regulations 1996 or otherwise; and

	14.1.2
	employee's
National Insurance contributions or other social charges in respect of the grant of such Award, Release or exercise or otherwise (the payments
together referred to as the "Tax Payment"); 

such
agreement to be deemed by such Eligible Employee and/or Participant not renouncing an Award within 15 days of the Date of Grant pursuant to Rule 2.5. Without prejudice to the
foregoing in a case where the Company or Group Company by virtue of the Release of an Award 

9

 

or
in the case of a Deferred Right, its exercise, will be obliged to make a Tax Payment, the Release, unless the Company or Group Company has received payment prior to the Release from the Participant
of an amount not less than the Tax Payment and/or an authority to deduct the same from such Participant's Basic Salary and/or that Participant gives irrevocable instructions to the Company's brokers
(or any person acceptable to the Company or the Trustees in the case of Awards granted by the Trustees) for the sale of sufficient Shares to realise an amount equal to the Tax Payment and authority to
pay the proceeds of such sale to the Company or Group Company, shall not take place.  

	14.2
	The
Participant shall pay all expenses and taxes which arise or result from the Release of an Award and/or the exercise of a Deferred Right or the transfer
of Shares, provided that the Company in its absolute discretion may meet any stamp duty or liability for any other taxes or expenses arising from the Release of an Award or the exercise of a Deferred
Right which it deems appropriate.

	14.3
	The
Committee may determine that any Award granted under the Plan shall be subject to additional and/or modified terms and conditions relating to the
grant, Release or exercise as may be necessary to comply with or take account of any securities, exchange control or taxation laws, regulations, practice or other laws of any territory which may apply
to the relevant Eligible Employee, Participant or Group Company.

	14.4
	In
exercising its discretion under Rule 14.3 the Committee may:

	14.4.1
	require
a Participant to make such declarations or take such other action as may be required for the purpose of any securities, exchange control or
taxation laws, regulations, practice or other laws of any territory which may be applicable to him at the Date of Grant, Release or on exercise; and

	14.4.2
	adopt
any supplemental rules or procedures governing the grant, Release or exercise of an Award as may be required for the purpose of any securities,
exchange control or taxation laws, regulations, practice or other laws of any territory which may be applicable to an Eligible Employee or Participant, provided that such rules or procedures may not
be adopted to the extent that they require the approval of the Company in general meeting in accordance with Rule 15.1.1 of the Plan, unless such approval has been obtained previously. 

15.   ADMINISTRATION AND AMENDMENT OF THE PLAN  

	15.1
	The
Committee shall have the power from time to time to make and amend such regulations for the implementation and administration of the Plan in a manner
consistent with the Plan as it thinks fit and to make any amendments to these Rules provided that:

	15.1.1
	the
provisions governing eligibility requirements, equity dilution, share utilisation and individual participation limits and the adjustments that may be
made following a rights issue or any other variation of capital cannot be altered to the advantage of Participants without the prior approval of shareholders in general meeting (except for minor
amendments to benefit the administration of the Plan, or amendments to take account of a change of legislation or to obtain or maintain favourable Tax, exchange control or regulatory treatment for
Participants in the Plan or for any Group Company); and

	15.1.2
	no
alteration may be made which would materially adversely affect any subsisting rights of Participants granted prior to the date of the alteration
without the prior consent or sanction of the majority of that number of Participants who responded to the notification by the Company of such proposed alteration.

	15.2
	Any
matters pertaining or pursuant to the Plan which are not dealt with by these Rules and any uncertainty or dispute as to the meaning of these Rules
shall be determined or resolved by 

10

 

decision
of the Committee which shall be binding on the Company and all Participants and/or Eligible Employees or, in relation to Awards granted by the Trustees, determined or resolved by the
Trustees.  

	15.3
	Any
amendments to these Rules relating to the operation of the Plan in a particular jurisdiction shall be set out in a separate schedule to these Rules. 

16.   NOTICE  

	16.1
	The
provisions of the Company's Articles of Association from time to time with regard to the service of notices on members shall apply mutatis mutandis to
any notice to be given under the Plan to a Participant or Eligible Employee.

	16.2
	Notices
or documents under the Plan required to be given by the Company to an Eligible Employee or Participant shall be properly given if delivered to him
at his normal place of work or sent to him by first class post at his last known address and any notice or document required to be given to the Company shall be properly given if delivered or sent by
first class to the registered office of the Company from time to time addressed to the Company Secretary.

	16.3
	Participation
in the Plan shall not entitle a Participant to receive copies of any notice or other document sent by the Company to its shareholders prior
to the Release of Awards. 

17.   TERMINATION  

	17.1
	Subject
to Rule 17.2, the Plan shall terminate on the earlier of the following dates:

	17.1.1
	any
date determined by the Committee to be the date of termination of the Plan; and

	17.1.2
	the
tenth anniversary of the Adoption Date.

	17.2
	The
Company in general meeting may at any time resolve to extend the Plan up to a further 10 years.

	17.3
	Following
termination of the Plan pursuant to this Rule no further Awards shall be granted, but the subsisting rights and obligations of Participants at
that time shall continue in force as if the Plan had not been terminated. 

18.   GOVERNING LAW  

	18.1
	The
Rules and the operation of the Plan shall be governed and construed in accordance with English Law. 

11

QuickLinks

Exhibit 4.10

CONTENTSQuickLinks
 -- Click here to rapidly navigate through this document

 
 

  Exhibit 4.11    
    

  

   

THE DISCRETIONARY INCENTIVE PLAN 

   

Date adopted by the Board: 9 November 1999

Amended by the Routine Business Committee: 7 February 2007

and 21 January 2008

Amended by the Remuneration Committee: 26 August 2008 

 
 

  CONTENTS    
    

					
	Clause

 
	 	Page 
	1.	 	Definitions And Interpretation	 	1
	2.	 	Grant Of Awards	 	2
	3.	 	Individual Limit	 	2
	4.	 	Plan Limits	 	3
	5.	 	Exercise And Transfer Of Shares	 	3
	6.	 	Cash Equivalent	 	5
	7.	 	Takeover, Reconstruction And Winding-Up	 	6
	8.	 	Variation Of Capital	 	7
	9.	 	Alterations	 	8
	10.	 	Miscellaneous	 	8

 

 
 

  THE DISCRETIONARY INCENTIVE PLAN    
    

1.     DEFINITIONS AND INTERPRETATION  

	1.1
	In
this Plan, unless the context otherwise requires: 

"American Depositary Share" means an authorised depositary security representing for the time being four ordinary shares in the Company and being
evidenced by an authorised depositary receipt issued by the Bank; 

"Allocation" means a conditional promise to transfer either ordinary shares in the Company or American Depositary Shares as determined by the Board for
no payment upon the terms and restrictions set out in the Plan; 

"Allocated Shares" means the number of shares in the Company or American Depositary Shares subject to an Allocation; 

"Award" means an Allocation or Option as determined by the Board on the date of grant; 

"the Award Date" in relation to an Award means the date on which the Award was granted or such earlier date as the Board may on the date on which the
Award was granted deem to be the date of grant; 

"the Bank" means The Bank of New York or such other bank as the Company may from time to time appoint to issue authorised depositary receipts; 

"the Board" means the board of directors of the Company or a committee appointed by such board of directors; 

"the Company" means Diageo plc (registered in England and Wales No. 23307); 

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

"the New York Stock Exchange" means The New York Stock Exchange, Inc; 

"Option" means a right to purchase either ordinary shares in the Company or American Depositary Shares as determined by the Board upon the terms and
restrictions set out in the Plan; 

"Participant" means a person who holds an Award granted under the Plan; 

"Participating Company" means the Company or any Subsidiary; 

"the Plan" means the Discretionary Incentive Plan as herein set out but subject to any alterations or additions made under Rule 8 below; 

"Subsidiary" means a body corporate which is a subsidiary of the Company within the meaning of section 736 of the Companies Act l985; 

"the No. 1 Trust" means the Diageo Employee Benefit Trust established by deed dated 14 September 1998 between the Company and
Mourant & Co. Trustees Limited; 

"the No. 2 Trust" means the Diageo No. 2 Employees' Benefit Trust established by deed dated 27th May 1999 between the
Company and Hill Street Trustees Limited; 

"the No.3 Trust" means the Diageo No.3 Employees' Benefit Trust established by deed dated 10th November 1999 between Diageo Inc and
Hill Street Trustees Limited; 

"US Participant" means a Participant who is resident in the United States of America at the date of the Award to that Participant. 

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

1

 

2.     GRANT OF AWARDS  

	2.1
	Subject
to sub-rules 2.2, 2.3, 2.4, 2.5 and 2.6 below and to Rule 3 below, the Board may grant an Award to any employee or
director of a Participating Company (excluding any person who is a director of the Company) who is required to devote the whole or substantially the whole of his working time to the service of any
Participating Company upon the terms set out in the Plan and upon such other terms as the Board may specify. Such other terms may include any personal performance or business performance targets set
by the Board and notified to the Participant prior to the Award Date.

	2.2
	An
Award may only be granted under the Plan:

	2.2.1
	within
the period of 6 weeks beginning with the date on which the Plan is adopted by the Company or the dealing day next following the date on
which the Company announces its results for any period, or at any other time when the circumstances are considered by the Board to be sufficiently exceptional to justify the grant thereof; and

	2.2.2
	within
the period of 10 years beginning with the date on which the Plan is established 

PROVIDED
that no option may be granted under the Plan during the "close period" as defined in the Model Code in the London Stock Exchange's "The Listing Rules".  

	2.3
	In
the case of Awards granted prior to 22 October 2003, before granting an Award, the Company shall have entered into an agreement with the trustees
of the No.1 Trust, the trustees of the No.2 Trust or the trustees of the No.3 Trust whereby the trustees agree to satisfy any Awards granted under the Plan. The Company is not required to enter into
such agreement (but may, in its absolute discretion, choose to do so) in relation to Awards granted on or after 22 October 2003.

	2.4
	There
shall be no monetary consideration for the grant of any Award under the Plan, and accordingly any such Award shall be granted by deed.

	2.5
	The
price payable by the Participant on the acquisition of shares pursuant to the exercise of an Option shall be in aggregate £1 (or in the case
of American Depositary Shares $1), and, in the case of an Allocation, the Participant shall not have to pay anything to receive the Allocated Shares.

	2.6
	The
grant of any Award under the Plan shall be subject to obtaining any approval or consent required under the provisions of the document "The Listing
Rules" published by The London Stock Exchange, of The City Code on Take-overs and Mergers, of the listing rules of the New York Stock Exchange or of any regulation or enactment.

	2.7
	For
the purposes of an Award made to a US Participant, such an Award shall consist of an Allocation in respect of American Depositary Shares.

	2.8
	Subject
to Rule 4.4 below, an Award granted under the Plan to any person shall not be capable of being transferred by him and shall lapse forthwith
if it is so transferred or if he is adjudged bankrupt. 

3.     INDIVIDUAL LIMIT

	3.1
	The
Board may from time to time set a limit on the number of shares and/or the value of shares that a Participant may acquire in pursuance of Awards granted
to him under the Plan. In determining the value of shares that a Participant may acquire, the shares shall be valued by reference, in the case of ordinary shares in the Company, to the average of the
middle-market quotation of shares (as derived from the London Stock Exchange Daily Official List) for the three dealing days immediately preceding the Award Date, and in the case of American
Depositary Shares, to the average of the closing prices of the American Depositary Shares on the New York 

2

 

Stock
Exchange for the three New York Stock Exchange trading days immediately preceding the Award Date.  

	3.2
	No
shares may be issued upon the exercise of an Option or upon transfer of Allocated Shares since a Participant may acquire only existing shares in the
Company pursuant to an Award. 

4.     PLAN LIMITS  

	4.1
	Subject
to sub-rules 4.2 to 4.4, the Company may transfer shares held as treasury shares to Participants when any Option is exercised or
Allocated Shares transferred. No shares may be issued under the Plan.

	4.2
	No
options shall be granted, or shares issued otherwise than pursuant to the exercise of an option, in any year which would, at the time of the grant or
issue, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the period of 10 calendar years ending with that year, or shall have been
issued in that period otherwise than in pursuance of options, under this Plan or under any other executive share scheme adopted by the Company to exceed such number as represents 5 per cent of
the ordinary share capital of the Company in issue at that time.

	4.3
	No
options shall be granted, or shares issued otherwise than pursuant to the exercise of an option, in any year which would, at the time of the grant or
issue, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the period of 10 calendar years ending with that year, or been issued in that
period otherwise than in pursuance of options, under this Plan or under any other employees' share scheme adopted by the Company to exceed such number as represents 10 per cent of the ordinary
share capital of the Company in issue at that time.

	4.4
	Any
treasury shares held by the Company which are transferred to Participants in satisfaction of Awards shall be treated as issued for the purposes of
Rules 4.2 and 4.3 above. 

5.     EXERCISE AND TRANSFER OF SHARES  

	5.1
	The
exercise of any Option granted under the Plan and transfer of Allocated Shares to a Participant shall be effected in such form and manner as the Board
may from time to time prescribe.

	5.2
	Subject
to sub-rules 5.4 and 5.5 below and to Rule 7 below, an Award granted under the Plan may not be exercised nor may Allocated
Shares be transferred before the third anniversary of the Award Date, and the number of shares in respect of which an Option may be exercised at any time shall not, when added to the number of shares
in respect of which the Option has previously been exercised:

	5.2.1
	where
the Option is exercised prior to the fourth anniversary of the Award Date, exceed one-third of the number of shares originally subject
to the Option or such larger number as the Board may determine on the Award Date; and

	5.2.2
	when
the Option is exercised prior to the fifth anniversary of the Award Date, exceed two-thirds of the number of shares originally subject to
the Option or such larger number as the Board may determine on the Award Date 

and
in the case of Allocated Shares, not more than one third of the Allocated Shares (or such larger number as the Board may determine on the Award Date) may be transferred on or shortly after the
third anniversary of the Award Date, not more than a further third of the Allocated Shares (or such other number as the Board may determine on the Award Date) may be transferred on or shortly after
the fourth anniversary of the Award Date, and the final one third of 

3

 

the
Allocated Shares (or such other number as the Board may determine on the Award Date) may not be transferred until the fifth anniversary of the Award Date 

Provided
that where any adjustment has been made under sub-rule 8.2 below to the number of shares subject to the Option or the number of Allocated Shares, a corresponding adjustment
shall be assumed for this purpose to have been made to the number of shares originally subject to the
Option, the number of shares in respect of which the Option has been exercised and to the number of Allocated Shares which may be transferred.  

	5.3
	If
the Board specified other terms as mentioned in sub-rule 2.1 above ("the relevant condition"), an Option may not be exercised nor may
Allocated Shares be transferred if the relevant condition is not satisfied, subject to sub-rule 5.4, 5.5(a), 5.5(b), 5.5(c), 5.5(d) and 7.4 below.

	5.4
	If
any Participant dies before exercising an Option or before Allocated Shares are transferred to him and at a time when he is either a director or employee
of a Participating Company or entitled to exercise the Award or have the Allocated Shares transferred to him by virtue of sub-rule 5.5 below, the Option may (and must, if at all) be
exercised by his personal representatives within 12 months after the date of his death, and Allocated Shares shall be transferred to his personal representatives within 30 days following
his death.

	5.5
	If
any Participant ceases to be a director or employee of a Participating Company (otherwise than by reason of his death), the following provisions apply in
relation to any Award granted to him under the Plan (unless the Board at any time decides otherwise):
        

	(a)
	if
he so ceases by reason of injury or disability, the Option may (and subject to sub-rule 5.4 above must, if at all) be exercised within
the period which shall expire 6 months after his so ceasing and Allocated Shares shall be transferred within 30 days following the date of cessation;

	(b)
	if
he so ceases by reason of redundancy (within the meaning of the Employment Rights Act 1996) or by reason only that his office or employment is in a
company which ceases to be a Participating Company, or relates to a business or part of a business which is transferred to a person who is not a Participating Company, the Option may (and subject to
sub-rule 5.4 above must if at all) be exercised within the period which shall expire 6 months after his so ceasing, but if he so ceases before the third anniversary of the
Award Date the Option may be exercised only in respect of the number of shares which he could have acquired on the third anniversary of the Award Date in accordance with
sub-rule 5.2.1 above, and if he ceases on or after the third anniversary of the Award Date and before the fourth anniversary, the Option may be exercised only in respect of an
aggregate of the number of shares which he could have acquired on the third anniversary of the Award Date and a time-apportioned proportion of the additional number of shares which he
could have otherwise acquired on the fourth anniversary of the Award Date (based on the proportion of time he has spent in employment during the further year), and if he ceases on or after the fourth
anniversary of the Award Date and before the fifth anniversary, the Option may be exercised only in respect of an aggregate of the number of shares which he could have otherwise acquired on the fourth
anniversary of the Award Date and a time-apportioned proportion of the additional number of shares which he could have otherwise acquired on the fifth anniversary of the Award Date (based
on the proportion of time he has spent in employment during the further year), and the number of Allocated Shares which may be transferred shall be calculated in the same way as the number of shares
in respect of which an Option may be exercised and shall be transferred within 30 days following the date of cessation;

	(c)
	for
Awards granted before 7 February 2007, if he so ceases by reason of retirement on reaching the age at which he is bound to retire in accordance
with the terms of his contract of 

4

 

employment
or by reason of early retirement with the consent of the Company, the Option may not be exercised and Allocated Shares may not be transferred;  

	(d)
	if
he so ceases for any other reason, the Award may not be exercised unless the Board shall so permit, in which event the Option may (and subject to
sub-rule 5.4 above must, if at all) be exercised and Allocated Shares may be transferred to the extent permitted by the Board within such period as the Board may decide, provided
that such Allocated Shares shall be transferred within 30 days following the date of cessation.

	5.6
	A
Participant shall not be treated for the purposes of sub-rule 5.5 above as ceasing to be a director or employee of a Participating
Company until such time as he is no longer a director or employee of any of the Participating Companies, and a female Participant who ceases to be such a director or employee by reason of pregnancy or
confinement and who exercises her right to return to work under the Employment Rights Act 1996 before exercising an Award under the Plan shall be treated for those purposes as not having ceased to be
such a director or employee.

	5.7
	Notwithstanding
any other provision of the Plan, an Option may not be exercised after the expiration of the period of 10 years beginning with the
date on which it is granted.

	5.8
	Subject
to sub-rule 5.9 below, within 30 days after an Option has been exercised by any person or a person has become entitled to
have Allocated Shares transferred to him, the Board shall procure the transfer to him (or his nominee) of the required number of shares, provided that:

	(a)
	the
Board considers that the transfer thereof would be lawful in all relevant jurisdictions; and

	(b)
	in
a case where a Participating Company is obliged to account for any tax (in any jurisdiction) for which the person in question is liable by virtue of the
exercise of the Option or transfer of Allocated Shares and/or any social security contributions recoverable from the person in question (together, the "Tax Liability"), that person has
either:

	(i)
	made
a payment to the Participating Company of an amount equal to the Tax Liability; or

	(ii)
	entered
into arrangements acceptable to that or another Participating Company to secure that such a payment is made (whether by authorising the sale of
some or all of the shares on his behalf and the payment to the Participating Company of the relevant amount out of the proceeds of sale or otherwise).

	5.9
	The
transfer of any shares under the Plan shall be subject to obtaining any such approval or consent as is mentioned in Rule 2.6 above.

	5.10
	Notwithstanding
anything to the contrary contained herein, Allocated Shares may not be sold, transferred, encumbered, lodged or otherwise disposed of
unless so disposed of in a transaction registered under the United States Securities Act of 1933 (the "Securities Act") or in a transaction in compliance with Rule 144 under the Securities Act
or in a transaction exempt from registration under the Securities Act. 

6.     CASH EQUIVALENT  

	6.1
	Where
an option granted under the Plan has been exercised by any person in respect of any number of shares, or where a person has become entitled to have
any number of Allocated Shares transferred to him, and those shares have not yet been transferred to him in accordance with sub-rule 5.8 above, the Board may determine that, in
substitution for his right to acquire such number of those shares as the Board may decide (but in full and final satisfaction of his said right), he shall be paid by way of additional emoluments a sum
equal to the cash equivalent of that number of shares or, in the case of a US Participant, if he elects to defer receipt of the sum pursuant to his employer's deferred compensation plan or in
accordance with rules established by 

5

 

the
Board, an amount equal to such sum shall be credited to his account under his employer's deferred compensation plan.  

	6.2
	For
the purposes of this Rule:

	6.2.1
	the
cash equivalent of any shares to be transferred pursuant to the exercise of an option is the amount by
which, in the Board's opinion, the market value of those shares on the day last preceding the date on which the option was exercised (or, if at the relevant time shares of the same class as those
shares were listed in The Stock Exchange Daily Official List, the middle-market quotation of shares of that class, as derived from that List, on the dealing day last preceding that date or, in the
case of American Depositary Shares, the closing price of such shares on the New York Stock Exchange on the dealing day last preceding that date) exceeds the price at which those shares may be acquired
by the exercise of the option;

	6.2.2
	the
cash equivalent of any Allocated Shares to be transferred is the amount which, in the Board's opinion,
is the market value of those shares on the day last preceding the date on which the person entitled to have such Allocated Shares transferred to him became so entitled (or, if at the relevant time
shares of the same class as those shares were listed in The Stock Exchange Daily Official List, the middle-market quotation of shares of that class, as derived from that List, on the dealing day last
preceding that date or, in the case of American Depositary Shares, the closing price of such shares on the New York Stock Exchange on the dealing day last preceding that date);

	6.3
	Subject
to sub-rule 6.4 below, as soon as reasonably practicable after a determination has been made under
sub-rule 6.1 above that a person shall be paid a sum in substitution for his right to acquire any number of shares:

	6.3.1
	the
Company shall pay to him or procure the payment to him of that sum in cash; and

	6.3.2
	if
he has already paid the Company for those shares, the Company shall return to him the amount so paid by him.

	6.4
	If
the Board in its discretion so decides:

	6.4.1
	the
whole or part of the sum payable under sub-rule 6.3.1 above shall, instead of being paid to the person in question in cash, be
applied on his behalf in purchasing shares in the Company at a price equal to the market value (or, as the case may be, the middle-market quotation) by reference to which the cash equivalent is
calculated, and

	6.4.2
	the
Company shall procure the transfer to him (or his nominee) of the shares so purchased.

	6.5
	There
shall be made from any payment under this Rule such deductions (on account of tax or similar liabilities) as may be required by law or as the Board
may reasonably consider to be necessary or desirable. 

7.     TAKEOVER, RECONSTRUCTION AND WINDING-UP  

	7.1
	If
any person obtains control of the Company (within the meaning of section 840 of the Income and Corporation Taxes Act 1988) as a result of making a
general offer to acquire shares in the Company, or having obtained such control makes such an offer, the Board shall within 7 days of becoming aware thereof notify every Participant thereof
and, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, an Option may be exercised within one month (or such longer period as the Board may permit) of such notification and Allocated
Shares shall be transferred as soon as reasonably practicable after notification.

	7.2
	For
the purposes of sub-rule 7.1 above, a person shall be deemed to have obtained control of the Company if he and others acting in
concert with him have together obtained control of it. 

6

 
	7.3
	If
any person becomes bound or entitled to acquire shares in the Company under sections 428 to 430F of the Companies Act 1985, or if under
section 425 of that Act the Court sanctions a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction of the Company or its amalgamation
with any other company or companies, or if the Company passes a resolution for voluntary winding up, or if an order is made for the compulsory winding up of the Company, the Board shall forthwith
notify every Participant thereof and any Award granted under the Plan may, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, be exercised within one month of such notification, but
to the extent that it is not exercised within that period shall (notwithstanding any other provision of the Plan) lapse on the expiration thereof and Allocated Shares shall be transferred as soon as
reasonably practicable after such notification.

	7.4
	In
relation to an Award which would but for sub-rule 5.3 above be exercisable (or would permit Allocated Shares to be transferred) by
virtue of an event mentioned in sub-rule 7.1 or 7.3 above, the Board may, at its discretion and acting fairly and reasonably, treat the relevant condition as satisfied if, at the
time of the event, the Board cannot determine whether the relevant condition is in fact satisfied.

	7.5
	For
Awards granted after 26 August 2008, in the event that:

	7.5.1
	a
new company (the "New Company") is expected to obtain control of the Company as a result of an offer referred to in Rule 7.1 or a compromise or
arrangement referred to in Rule 7.3; and

	7.5.2
	at
least 75% of the shares in the New Company are expected to be held by substantially the same persons who immediately before the obtaining of control of
the Company were shareholders in the Company 

then
the Board, with the consent of the New Company, may decide before the obtaining of such control that Allocated Shares shall not be transferred and Options shall not become exercisable but shall
be automatically surrendered in consideration for the grant of a new Allocation or Option (respectively) which the Board determines is equivalent to the Allocation or Option it replaces except that it
will be over shares in the Acquiring Company or some other company. 

The
rules will apply to any new Award granted under this Rule 7.5 as if references to shares were references to shares over which the new Award is granted and references to the Company were
references to the company whose shares are subject to the new Award. 

8.     VARIATION OF CAPITAL  

	8.1
	In
the event of any increase or variation of the share capital of the Company (whenever effected) (including any change in the number of ordinary shares
underlying an American Depositary Share) or in the event the Company makes a demerger by way of exempt distribution under section 213 of the Taxes Act 1988 or pays a special dividend or
repurchases its share capital, the Board may make such adjustments as it considers appropriate under sub-rule 8.2 below.

	8.2
	An
adjustment made under this sub-rule shall be to one or more of the following:

	8.2.1
	the
number of shares in respect of which any Option may be exercised;

	8.2.2
	the
number of American Depositary Shares in respect of which any Option may be exercised;

	8.2.3
	where
any such Option has been exercised but no shares have been transferred pursuant to such exercise, the number of shares which may be so transferred
and the price at which they may be purchased;

	8.2.4
	the
number of Allocated Shares. 

7

 

	8.3
	As
soon as reasonably practicable after making any adjustment under sub-rule 8.2 above, the Board shall give notice in writing thereof to
any Participant affected thereby. 

9.     ALTERATIONS  

	9.1
	Subject
to sub-rule 9.2 below, the Board may at any time alter or add to all or any of the provisions of the Plan, or the terms of any
Award granted under it, in any respect.

	9.2
	No
alteration to the advantage of Participants shall be made under Rule 9.1 to any of Rules 2, 4.1 to 4.4 inclusive, 5.2 to 5.5 inclusive,
5.7, 7.1 to 7.4 inclusive, 8.1 and 8.2 without the prior approval by ordinary resolution of the members of the Company in general meeting.

	9.3
	Rule 9.2
shall not apply to:

	9.3.1
	any
minor alteration to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax,
exchange control or regulatory treatment for Participants or any Group Member; or

	9.3.2
	any
alteration solely relating to a special term.

	9.4
	No
alteration or addition to the disadvantage of any Participant shall be made under sub-rule 9.1 above
unless:

	9.4.1
	the
Board shall have invited every such Participant to give an indication as to whether or not he approves the alteration or addition, and

	9.4.2
	the
alteration or addition is approved by a majority of those Participants who have given such an indication.

	9.5
	As
soon as reasonably practicable after making any alteration or addition under sub-rule 9.1 above, the Board shall give notice in
writing thereof to any Participant affected thereby. 

10.   MISCELLANEOUS  

	10.1
	The
rights and obligations of any individual under the terms of his office or employment with any Participating Company shall not be affected by his
participation in the Plan or any right which he may have to participate therein, and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of
the termination of his office or employment for any reason whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or be entitled to exercise any Award under the
Plan as a result of such termination.

	10.2
	In
the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question or right arising from or related to the Plan, the
decision of the Board shall be final and binding upon all persons.

	10.3
	The
Company and any Subsidiary may provide money to the No. 1 Trust, the No. 2 Trust, the No. 3 Trust or any other person to enable
them or him to acquire shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by section 153(4) of the Companies
Act 1985 and, where applicable, section 154 of that Act.

	10.4
	Where
an Award is granted under the Plan to a person who is not chargeable to tax under Case I of Schedule E in respect of the office or employment
by virtue of which it is granted to him, the provisions of the Plan shall apply thereto subject to such alterations or additions as the Board shall before the grant thereof have determined having
regard to any securities, exchange control or taxation laws or regulations or similar factors which may have application to him or to any Participating Company in relation to the option. 

8

 
	10.5
	Any
notice or other communication under or in connection with the Plan may be given by personal delivery or by sending the same by post, in the case of a
company to its registered office marked for the attention of the Company Secretary, and in the case of an individual to his last known address, or, where he is a director or employee of a
Participating Company, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment,
and where a notice or other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and stamped.

	10.6
	The
rules of the Plan and the rights and obligations of any individual thereunder shall be governed by and construed in accordance with the law of England. 

9

QuickLinks

Exhibit 4.11

CONTENTS

THE DISCRETIONARY INCENTIVE PLAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]