Document:

EX-10.9 WHOLESALE REPRESENTATIVES DEFERRAL PLAN

 

EXHIBIT 10.9

 

WHOLESALE REPRESENTATIVES DEFERRAL PLAN

Amended and Restated Effective as of December 10, 2002

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I PURPOSES OF THE PLAN
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE III EFFECTIVE DATE AND TERM
	 	 	6	 
	 
	 	 	 	 
	ARTICLE IV ADMINISTRATION OF THE PLAN
	 	 	7	 
	 
	 	 	 	 
	ARTICLE V ELIGIBILITY
	 	 	8	 
	Section 5.1 In General
	 	 	8	 
	Section 5.2 Investment Company Act Limitation
	 	 	8	 
	 
	 	 	 	 
	ARTICLE VI AWARDS
	 	 	8	 
	Section 6.1 Grant of Awards and Contributions to the Trust
	 	 	8	 
	Section 6.2 Accounts
	 	 	9	 
	Section 6.3 Vesting of Awards
	 	 	9	 
	Section 6.4 Forfeited Awards
	 	 	9	 
	Section 6.5 Date of Termination
	 	 	10	 
	Section 6.6 Acceleration of Vesting
	 	 	10	 
	Section 6.7 Dividends
	 	 	10	 
	Section 6.8 Voting of Shares
	 	 	10	 
	Section 6.9 Tender of Shares
	 	 	11	 
	Section 6.10 Forfeiture of Awards for Gross Malfeasance
	 	 	12	 
	 
	 	 	 	 
	ARTICLE VII DISTRIBUTIONS UNDER THE PLAN
	 	 	12	 
	Section 7.1 In General
	 	 	12	 
	Section 7.2 Deferral Election
	 	 	13	 
	Section 7.3 Distribution Upon the Death of a Participant
	 	 	13	 
	Section 7.4 Distribution Upon Disability
	 	 	13	 
	Section 7.5 Termination of Trust or Court-Ordered Distribution
	 	 	13	 
	Section 7.6 Acceleration of Distribution
	 	 	14	 
	Section 7.7 Distributions to Insiders
	 	 	14	 
	Section 7.8 Transitional Provisions
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VIII FUNDING OF THE PLAN
	 	 	15	 
	Section 8.1 Unfunded Plan
	 	 	15	 
	Section 8.2 Trust
	 	 	16	 
	Section 8.3 Internal Funding
	 	 	16	 
	 
	 	 	 	 
	ARTICLE IX SECURITIES MATTERS
	 	 	17	 

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	 	 	Page
	ARTICLE X MISCELLANEOUS PROVISIONS
	 	 	17	 
	Section 10.1 Taxes
	 	 	17	 
	Section 10.2 No Special Employment Rights
	 	 	18	 
	Section 10.3 Expenses
	 	 	18	 
	Section 10.4 Titles and Headings Not to Control
	 	 	18	 
	Section 10.5 Amendment or Termination of Plan
	 	 	18	 
	Section 10.6 Governing Law
	 	 	19	 
	Section 10.7 Waiver of Punitive Damages
	 	 	19	 
	Section 10.8 Restrictions on Transfer
	 	 	19	 
	Section 10.9 Change in Control
	 	 	19	 
	Section 10.10 Consolidation or Merger of AMVESCAP
	 	 	19	 
	Section 10.11 Set-off
	 	 	20	 
	Section 10.12 Special Rules Regarding Administration Committee and
Management Committee
	 	 	20	 

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WHOLESALE REPRESENTATIVES DEFERRAL PLAN

(Amended and Restated Effective as of December 10, 2002)

ARTICLE I

PURPOSES OF THE PLAN

     The main purposes of the Wholesale Representatives Deferral Plan are (i) to provide additional
incentives to key employees of A I M Management Group Inc. (“AIM”) and its subsidiaries in the form
of contingent awards of ordinary shares of AMVESCAP PLC, the indirect parent corporation of AIM
(including American depositary shares representing such ordinary shares), (ii) to seek to retain
key employees of AIM and its subsidiaries by making a portion of their compensation contingent upon
the satisfaction of certain vesting requirements, and (iii) to enhance a long-term mutuality of
interest between Plan participants and shareholders of AMVESCAP PLC. This Plan is intended to be an
unfunded plan for the purpose of providing deferred compensation for a select group of management
or highly compensated employees for the purposes of Title I of ERISA and is intended to be part of
an employees’ share scheme (within the meaning of section 743 of the Companies Act).

ARTICLE II

DEFINITIONS

     As used in the Plan, the terms set forth below shall have the meanings indicated unless the
context clearly indicates to the contrary. Where the context so admits or requires, the singular
shall include the plural and the masculine shall include the feminine and vice versa.

     Account. “Account” shall mean a book account maintained by a Participant’s employer
(AIM or one of its Subsidiaries, as the case may be) reflecting the Shares, cash and other
property, together with earnings and distributions thereon, credited to a Participant with respect
to his Award(s) under the Plan.

     Additional Shares. “Additional Shares” shall mean Shares purchased with
reinvested dividends or dividend equivalent contributions pursuant to Section 6.7.

     Administration Committee. “Administration Committee” shall mean the administration
committee, or any successor committee, comprised solely of United States persons within the meaning
of section 7701(a)(30) of the Code and appointed by the board of directors of AIM from time to time
to administer the Plan in accordance with the terms hereof and serving at the pleasure of the board
of directors of AIM. To the extent that (i) Section 16 of the Exchange Act is applicable to any
equity securities of the Company and (ii) Rule 16b-3, as promulgated under the Exchange Act, or any
successor

 

 

rule is applicable to the composition of the Administration Committee, the composition of the
Administration Committee shall comply with the terms of Rule 16b-3 or such successor rule.

     AIM. “AIM” shall mean A I M Management Group Inc. and any successor thereto.

     AMVESCAP. “AMVESCAP” shall mean AMVESCAP PLC and any successor corporation which
continues the Plan pursuant to Section 10.10.

     Average Cost Per Share. “Average Cost Per Share,” with respect to an Award and with respect
to the reinvestment of dividends or dividend equivalent contributions pursuant to Section 6.7
(“Reinvestment”), shall mean (i) with respect to ordinary shares of AMVESCAP, the average
cost per share purchased with respect to such Award or Reinvestment, as the case may be, as
determined in any reasonable manner by the Management Committee and (ii) with respect to American
depositary shares (“ADSs”) representing ordinary shares of AMVESCAP, the average cost per ADS purchased with respect to such Award or Reinvestment, as the case
may be, as determined in any reasonable manner by the Management Committee.

     Award. “Award” shall mean, with respect to each Participant, the right to receive
Shares, cash or other property (or a combination of the foregoing) equal to the amount initially
awarded to such Participant under the Plan by the Administration Committee pursuant to Section 6.1
and as adjusted for earnings, distributions and gains and losses on such Shares, cash and/or other
property.

     Award Date. “Award Date” shall mean, with respect to an Award, the date
specified by the Administration Committee with respect to the grant of such Award.

     Beneficiary. “Beneficiary” shall mean the person or persons determined to be a
Participant’s beneficiary pursuant to Section 7.3.

     Board of Directors. “Board of Directors” shall mean the Board of Directors of
AMVESCAP.

     Business Day. “Business Day” shall mean a day on which The Stock Exchange is open for
the transaction of business.

     Cause. “Cause” shall mean, when used in connection with the termination of a
Participant’s employment, the termination of the Participant’s employment by AMVESCAP, AIM or any
of their respective Subsidiaries on account of (i) the willful violation by the
Participant of (x) any law, (y) any rule of AMVESCAP, AIM or such Subsidiary or
(z) any rule or regulation of any regulatory body to which AMVESCAP, AIM or such
Subsidiary is subject, including, without limitation, The Stock Exchange or

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any other exchange or contract market of which AMVESCAP, AIM or such Subsidiary is a member, which
violation would materially reflect on the Participant’s character, competence or integrity, (ii) a
breach by a Participant of the Participant’s duty of loyalty to AMVESCAP, AIM and/or their
respective Subsidiaries in contemplation of the Participant’s termination of employment with
AMVESCAP, AIM or any such Subsidiary, such as the Participant’s solicitation of customers or
employees of AMVESCAP, AIM or any of their respective Subsidiaries prior to the termination of his
employment or (iii) the Participant’s unauthorized removal from the premises of AMVESCAP, AIM or
any of their respective Subsidiaries of any records, files, memoranda, data in machine readable
form, reports, fee lists, customer lists, drawings, plans, sketches, or other documents (in any
medium or form) relating to the business of AMVESCAP, AIM or any of their respective Subsidiaries
or the customers of AMVESCAP, AIM or any of their respective Subsidiaries, including, but not
limited to, all intellectual property and proprietary research which the Participant uses, develops
or comes in contact with in the course of or as the result of his employment with AMVESCAP, AIM or
any of their respective Subsidiaries, as the case may be. Any rights AMVESCAP, AIM or any of their
respective Subsidiaries may have hereunder in respect of the events giving rise to Cause shall be
in addition to the rights AMVESCAP, AIM or any such Subsidiary may have under any other agreement
with the employee or at law or in equity. If, subsequent to a Participant’s voluntary termination
of employment or involuntary termination of employment without Cause, it is discovered that the
Participant’s employment could have been terminated for Cause, such Participant’s employment shall,
at the election of the Administration Committee in its sole discretion, be deemed for the purposes
of this Plan to have been terminated for Cause.

     Change in Control. “Change in Control” shall mean (x) with respect to
AMVESCAP, the occurrence of any of the following events:

     (i) the stockholders of AMVESCAP shall approve a definitive agreement (a) for
the merger or other business combination of AMVESCAP with or into another corporation, and
with respect to the surviving public company, a majority of the directors of which were not
directors of AMVESCAP immediately prior to such merger or combination and in which the
stockholders of AMVESCAP immediately prior to the effective date of such merger or
combination directly or indirectly own less than a majority of the voting power in such
corporation or (b) for the direct or indirect sale or other disposition of all or
substantially all of the assets of AMVESCAP;

     (ii) (a) the acquisition by purchase, subscription or otherwise (including
pursuant to a reconstruction or scheme of arrangement) by any person (or persons acting
together, meaning persons party to an agreement to which section 204 of the Companies Act
applies) of 20 percent or more of the relevant share capital of AMVESCAP (or any successor
company to which all or the majority of the assets

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of AMVESCAP are transferred pursuant to any such reconstruction or scheme of arrangement);
(b) the giving of notice of any general meeting of AMVESCAP at which a resolution
will be proposed for the winding-up of AMVESCAP; (c) if under section 425 of the
Companies Act, the court sanctions a compromise or arrangement proposed for the purposes of
or in connection with a scheme for the reconstruction of AMVESCAP or its amalgamation with
any other company or companies; or (d) any scheme of arrangement involving the
reconstruction of AMVESCAP or the amalgamation of AMVESCAP with any other entity that is
approved by the holders of Shares;

     (iii) any person obtains Control of AMVESCAP as a result of making an offer to acquire
Shares which is either unconditional or is made on a condition such that, if it is
satisfied, the person making the offer will have Control of AMVESCAP; or

     (iv) a change in the composition of the Board of Directors such that individuals who,
as of December 10, 2002, constituted the Board of Directors (generally the
“Directors” and as of December 10, 2002, the “Continuing Directors”) cease
for any reason to constitute at least a majority thereof, provided that any person becoming
a Director subsequent to December 10, 2002 whose nomination for election was approved by a
vote of at least a majority of the Continuing Directors (other than a nomination of an
individual whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the Directors) shall be deemed to be a
Continuing Director; and

(y) with respect to any Subsidiary of AMVESCAP, including without limitation AIM, the
consummation of the sale of the capital stock or all or substantially all of the assets of such
Subsidiary to, or the merger or other business combination of such Subsidiary with or into, a third
party that is not affiliated with AMVESCAP or any of its Subsidiaries. For the purpose of clause
(x) (iii) above, (A) a person shall be deemed to have obtained “Control of
AMVESCAP” if he and others acting in concert with him have together obtained Control of it and
(B) “Control” shall mean, in relation to AMVESCAP, the power of a person to secure
that the affairs of AMVESCAP are conducted in accordance with the wishes of that person by means of
the holding of shares or the possession of voting power in or in relation to AMVESCAP or by virtue of
any powers conferred by the articles of association of AMVESCAP.

     Code. “Code” shall mean the United States of America Internal Revenue Code of 1986, as
amended from time to time.

     Companies Act. “Companies Act” shall mean the Companies Act 1985 of Great Britain,
as amended from time to time.

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     Disability. “Disability” shall mean any physical or mental condition that would
qualify a Participant for a disability benefit under the long-term disability plan maintained by
AMVESCAP, AIM or any of their respective Subsidiaries and applicable to the Participant.

     Eligible Employee. “Eligible Employee” shall mean the executives, officers and other
key employees, including without limitation wholesale representatives, of AIM and its
Subsidiaries.

     ERISA. “ERISA” shall mean the United States of America Employee Retirement Income
Security Act of 1974, as amended from time to time.

     Exchange Act. “Exchange Act” shall mean the United States of America Securities
Exchange Act of 1934, as amended from time to time.

     Management Committee. “Management Committee” shall mean the Management Committee as
defined in, and appointed in accordance with the terms of, the AMVESCAP Global Stock Plan. The
Management Committee shall hold meetings and make decisions in accordance with the terms and
conditions set forth in the AMVESCAP Global Stock Plan.

     Participant. “Participant” shall mean any current or former Eligible Employee who
has been selected by the Administration Committee to receive an Award under the Plan and with
respect to whom an Award, which has not previously been forfeited, is outstanding.

     Permissive Retirement. “Permissive Retirement” shall mean a Participant’s
termination of employment with AMVESCAP, AIM and their respective Subsidiaries, other than by
reason of death or Disability, on or after the earlier to occur of the following dates:

     (i) the attainment of age 58; or

     (ii) retirement with the approval of the Administration Committee.

     Plan. “Plan” shall mean the Wholesale Representatives Deferral Plan, as
constituted by these rules and as amended from time to time.

     Remuneration Committee. “Remuneration Committee” shall mean the
Remuneration Committee as defined in the AMVESCAP Global Stock Plan. Except as otherwise provided
herein, any decisions required or permitted to be made by the Remuneration Committee hereunder
shall be made in accordance with the rules specified in the AMVESCAP Global Stock Plan.

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     Shares. “Shares” shall mean the ordinary shares of AMVESCAP, or any other shares
and/or other property into which the ordinary shares of AMVESCAP are converted pursuant to a
stock split, reverse split, subdivision, reconstruction, amalgamation, scheme of arrangement,
recapitalization, reorganization, merger, combination, consolidation, split-up or other similar
corporate event and shall include American depositary shares representing such ordinary shares.

     Subsidiary. “Subsidiary”, with respect to an entity, shall mean a corporation with
respect to which such entity, directly or indirectly, has the power, whether through the ownership
of voting securities, by contract or otherwise, to elect at least a majority of the members of
such corporation’s board of directors.

     The Stock Exchange. “The Stock Exchange” shall mean The International Stock Exchange
of the United Kingdom and Republic of Ireland Limited.

     Trust. “Trust” shall mean the grantor trust of the AMVESCAP from time to time to
which contributions are made in respect of the Plan and, in the case of any Subsidiary, the term
“Trust” shall be limited to such Subsidiary’s Sub-Trust as described in Section 1.3 of the Trust
Agreement. The Company and the Subsidiaries intend that, in the event of the insolvency or
bankruptcy of the Company or any Subsidiary, only the assets of the Trust which are attributable
to the aggregate Account Balances of the Company or such Subsidiary’s Participants be available to
pay the claims of the Company’s or such Subsidiary’s creditors.

     Trust Agreement. “Trust Agreement” shall mean the trust agreement between AMVESCAP
and the Trustee as amended from time to time with respect to the Trust.

     Trustee. “Trustee” shall mean the entity from time to time serving as trustee
under the Trust Agreement.

ARTICLE III

EFFECTIVE DATE AND TERM

     The Plan was adopted effective as of July 1, 1998, was amended by (i) the First Amendment to
the Plan effective as of January 1, 2001, and (ii) the Second Amendment to the Plan effective as of
February 1, 2002, and has been amended and restated as set forth herein effective as of December
10, 2002 unless otherwise indicated. The Plan shall continue in effect, as amended from time to
time, in accordance with its terms until terminated by the Remuneration Committee or the Board of
Directors. The Plan is a plan of AMVESCAP and a plan of each of its Subsidiaries that is the
employer of a Participant, including without limitation AIM.

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ARTICLE IV

ADMINISTRATION OF THE PLAN

     (a) In General. The Plan shall be administered by the Administration Committee,
provided that the Management Committee and the Remuneration Committee shall have the duties and
powers specified herein and in the Trust Agreement. The Administration Committee shall have full
authority, consistent with the Plan, to administer the Plan, including authority to interpret and
construe any provision of the Plan and to adopt such rules and regulations for administering the
Plan and such forms of election as it may deem necessary or appropriate. Any person making a claim
for any distribution under the Plan shall file a written claim with the Administration Committee.
Decisions of the Administration Committee regarding any matter connected with the Plan shall be
final and binding on all parties. Administration Committee decisions shall be made by a majority of
its members at a meeting (which meeting may be held by telephone) at which there is a quorum and
which has been duly called by any member on no less than 48 hours written notice; notice may be
transmitted by facsimile, telex, courier, electronic mail or by other reasonable means of
transmission. No notice of any meeting of the Administration Committee need be given to any member
who submits a signed waiver of notice, whether before or after the meeting. Neither the business to
be transacted at, nor the purpose of, any meeting of the Administration Committee need be specified
in a written waiver of notice. The attendance of any member at a meeting of the Administration Committee shall constitute a
waiver of notice of such meeting, except when the member attends a meeting for the express purpose
of objecting, at the beginning of the meeting, to the transaction of any business on the ground
that the meeting is not lawfully called or convened. Any decision reduced to writing and signed by
all of the members of the Administration Committee shall be as fully effective as if it had been
made at a meeting duly held.

     (b) Indemnification. No member of the Administration Committee, the Management
Committee or the Remuneration Committee, as the case may be, shall be liable for any action,
omission or determination relating to the Plan, and AMVESCAP, AIM and their respective Subsidiaries
shall indemnify and hold harmless each member of the Administration Committee, the Management
Committee and the Remuneration Committee, and each other director or employee of AMVESCAP, AIM or
their respective Subsidiaries to whom any duty or power relating to the administration or
interpretation of the Plan has been delegated, against any cost, expense (including counsel fees,
which fees shall be paid as incurred) or liability (including any sum paid in settlement of a claim
with the approval of the Board of Directors) arising out of any action, omission or determination
relating to the Plan, if such action, omission or determination was taken or made by such member,
director or employee in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of AMVESCAP, AIM and their respective Subsidiaries, and with respect to any
criminal action or proceeding, such member had no reasonable cause to believe his conduct was

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unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of AMVESCAP, AIM and their respective
Subsidiaries, and, with respect to any criminal action or proceeding, had reasonable cause to
believe that his conduct was unlawful.

ARTICLE V

ELIGIBILITY

     Section 1.2 In General. The Eligible Employees shall be eligible to participate in the
Plan in accordance with the terms of the Plan and the rules and procedures established by the
Administration Committee. An Eligible Employee shall become a Participant effective as of the date
on which such Eligible Employee is granted an Award hereunder. Participation by Eligible Employees
is mandatory, not elective.

     Section 1.3 Investment Company Act Limitation. With respect to any Participant,
the Administration Committee may, in its sole discretion, use its authority under Section 6.6
to accelerate the vesting of such Participant’s Award(s) and its authority under Section 7.6 to
accelerate the time of distribution with respect to such Award(s) so that neither the Plan nor
the Trust will be required to register as an investment company under the United States of
America Investment Company Act of 1940, as amended from time to time.

ARTICLE VI

AWARDS

     Section 1.4 Grant of Awards and Contributions to the Trust. The Administration
Committee may grant Awards (which may be of differing amounts) to any or all Eligible Employees
employed by AIM or its Subsidiaries. The Administration Committee shall specify
the Award Date with respect to each Award and the year to which such Award relates. Prior to
the grant of an initial Award to an Eligible Employee hereunder, such Eligible Employee shall
execute and deliver a participant consent form covering such initial Award and any future Award(s),
on a form approved by the Administration Committee, acknowledging such Eligible Employee’s
participation subject to the terms of the Plan. AMVESCAP intends to contribute, or procure the
contributions, and transfer to the Trust funds and/or other property equivalent to the sum of the
amounts of all Awards made to Participants. At the direction of the Management Committee, the
Trustee shall use such funds and/or other property to purchase Shares from any person, and to make
such other investments, as the Management Committee shall direct.

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     Each Participant’s Award shall be subject to the terms of the Plan applicable to that
Participant and such additional terms as may be adopted from time to time applicable to particular
jurisdictions. No Participant shall have any right to receive any Shares, cash or other property
under the Plan other than in accordance with the terms of the Plan, including any applicable
additional terms.

     Section 1.5 Accounts. Each Participant’s Account shall be comprised of one or more
sub-accounts where each sub-account relates to a particular Award granted to such Participant and
is initially credited with the amount of such Award. Each sub-account of the Participant’s Account
shall be adjusted to reflect the earnings, distributions, gains and losses with respect to the
Shares, cash and/or other property allocated to the sub-account for each Award. Shares shall be
allocated among a Participant’s Accounts and sub-accounts based upon the Average Cost Per Share.
Fractional Shares may be allocated to a Participant’s Account or sub-account. Cash or other
property remaining after a whole number of Shares has been purchased may be added to any dividend
or dividend equivalent contributions to purchase Additional Shares pursuant to Section 6.7 from
time to time. Each Participant’s Account and sub-accounts shall reflect any securities, cash or
other property received with respect to Shares, cash or other property credited to such
Participant’s Account or sub-account, as the case may be. The Shares, cash or other property,
together with earnings and distributions thereon, allocated to an Award shall be subject to the
same vesting and other restrictions to which such initial Award is subject. Each Participant shall
receive a statement of his Account quarterly.

     Section 1.6 Vesting of Awards. Subject to Sections 6.4, 6.6 and 6.10, an Award shall
fully vest on June 20 of the third year following the year to which such Award relates.
Notwithstanding the foregoing, any Award(s) of a Participant not previously forfeited shall
immediately vest in the event of (i) such Participant’s Permissive Retirement or (ii) such
Participant’s termination of employment with AMVESCAP, AIM or their respective Subsidiaries by
reason of his death or Disability. Prior to vesting, an Award shall be completely unvested. Both
vested and unvested Awards shall be subject to the terms of the Plan including, without limitation,
Article VII regarding distributions under the Plan. A Participant shall have no rights with respect
to the Shares, cash or other property underlying his vested and unvested Awards until such Shares,
cash or other property are distributed pursuant to Article VII.

     Section 1.7 Forfeited Awards. Upon termination of a Participant’s employment with
AMVESCAP, AIM and their respective Subsidiaries, any Award(s) granted to such Participant which
have not vested shall be forfeited unless otherwise determined by the Administration Committee.
The Shares, cash and/or other property underlying forfeited Awards shall revert to the Trust and,
unless otherwise determined by the Management Committee, shall be added to and allocated as part of subsequent Award(s) made under the Plan. Under no circumstances
shall such Shares, cash or other property held in the Trust revert to AMVESCAP or any of its
Subsidiaries; however such Shares, cash or

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other property shall be available to creditors of AMVESCAP or any Subsidiary in the event of
AMVESCAP’s or such Subsidiary’s insolvency in accordance with the terms and conditions of
Section 8.2 and the Trust Agreement.

     Section 1.8 Date of Termination. The date of a Participant’s termination of
employment shall be determined at the sole discretion of the Administration Committee.

     Section 1.9 Acceleration of Vesting. The Administration Committee may
accelerate the vesting of any Award at any time at its sole discretion.

     Section 1.10 Dividends. The Management Committee shall direct the Trustee to reinvest
the full amount of any dividends paid on Shares held in the Trust in Additional Shares and shall
direct such purchase of Additional Shares. Participants’ Accounts (and the underlying sub-accounts)
shall be credited with the appropriate number of Additional Shares based upon the Average Cost Per
Share. Additional Shares shall be subject to the same vesting requirements and other restrictions
as are the Award to which such Additional Shares relate. The Management Committee may direct the
Trustee to waive dividends on Shares held in the Trust; in such event, AMVESCAP may make, or cause
to be made, contributions to the Trust equivalent to the dividends waived in respect of such
Shares. Such dividend equivalent contributions shall be used to purchase Additional Shares as
described in this Section 6.7.

     Section 1.11 Voting of Shares.

     ( ) The Management Committee shall direct the Trustee, and the Trustee shall have no
discretion, as to the manner in which the voting rights attaching to Shares that are allocated to
unvested Awards are to be voted.

     (a) The Management Committee shall direct the Trustee, and the Trustee shall have no
discretion, as to the manner in which the voting rights attaching to Shares that are allocated to
vested Awards are to be voted; provided that, the Management Committee may, in its sole discretion,
direct the Trustee to take direction from any or all Participants as to the manner in which the
Shares subject to the relevant Participant’s vested Awards are to be voted. If the Management
Committee directs the Trustee to take voting directions from any Participant(s), (i) the Trustee
shall vote combined fractional Shares, to the extent possible, to reflect the directions of the
Participant(s) holding such Shares and (ii) if the Trustee does not receive valid Participant
voting directions with respect to the Shares allocated to a Participant’s vested Award(s), the
Trustee shall have no discretion as to the voting of such Shares but shall vote such Shares in the
manner directed by the Management Committee.

     ( ) Notwithstanding any other provision of this Section 6.8, the Shares allocated to a
Participant’s Awards shall be voted by the Trustee, at the direction of the

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Management Committee, with respect to any Participant(s) with respect to whom counsel to AMVESCAP
advises that the Participant might be taxed on the value of the Participant’s Awards if the
Participant(s) were permitted to direct the voting of such Shares.

     Section 1.12 Tender of Shares.

     ( ) If any person shall commence a tender or exchange offer or any similar transaction with
respect to Shares, the Management Committee shall be entitled to direct the Trustee, and the
Trustee shall have no discretion, as to whether the Shares underlying unvested Awards allocated to
Participants’ Accounts are to be tendered and whether such tender is to be revoked (to the extent
such a revocation is permitted by the terms of such tender or exchange offer or applicable law).

     (a) If any person shall commence a tender or exchange offer or any similar transaction with
respect to Shares, the Management Committee shall be entitled to direct the Trustee, and the
Trustee shall have no discretion, as to whether the Shares underlying vested Awards allocated to
Participants’ Accounts are to be tendered and whether such tender is to be revoked (to the extent
such a revocation is permitted by the terms of such tender or exchange offer or applicable law);
provided that, the Management Committee may, in its sole discretion, direct the Trustee to take
direction from any or all Participant(s) as to whether such Shares are to be tendered and whether
such tender is to be revoked (to the extent such a revocation is permitted by the terms of such
tender or exchange offer or applicable law). If the Management Committee directs the Trustee to
take tender directions from any Participant(s), (i) the Trustee shall tender Shares underlying
vested Awards allocated to any Participants’ Accounts for which the Trustee shall have received
affirmative and valid Participant directions to tender (except to the extent such directions are
revoked prior to such tender); (ii) the Trustee shall revoke the tender of Shares allocated to any
Participants’ Accounts underlying vested Awards for which the Trustee shall have received
affirmative and valid Participant directions to revoke such tender; and (iii) the Trustee shall not
tender, or revoke the tender of, Shares allocated to Participants’ Accounts for which the Trustee
does not receive affirmative and valid Participant directions.

     ( ) To the extent that a Participant or the Management Committee elects to tender Shares
allocated to a Participant’s Account, the Trustee shall transfer the consideration the Trustee
receives as a result of such tender into the Trust and the Participant’s Account shall reflect
the transfer.

     ( ) Notwithstanding any other provision of this Section 6.9, the Management Committee, in its
sole discretion, shall make tender decisions with respect to Shares held in the Accounts of
Participants with respect to whom counsel to AMVESCAP advises

11

 

that the Participant(s) might be taxed on the value of the Participant’s Account if the
Participant(s) were permitted to direct the tender of Shares.

     Section 1.13 Forfeiture of Awards for Gross Malfeasance. Notwithstanding any other
provision of the Plan, Awards (whether vested or unvested) will be forfeited in their entirety by a
Participant and the Participant will retain no right whatsoever in relation to any Award in the
event that the Participant commits an act of gross malfeasance, such as theft of corporate property
or client funds, against AMVESCAP, AIM or any of their respective Subsidiaries which act results in
the termination of that Participant’s employment by AMVESCAP, AIM or any of their respective
Subsidiaries, as appropriate.

ARTICLE VII

DISTRIBUTIONS UNDER THE PLAN

     Section 1.14 In General. Subject to any applicable withholding obligations and
Sections 5.2, 6.4, 6.10, 7.2 through 7.7 (inclusive) and 10.1, the Administration Committee shall
advise the Management Committee of distributions to be made hereunder and the Management
Committee shall direct the Trustee to deliver or cause to be delivered to a Participant
certificates for Shares, cash or other property equivalent to the amount credited to such
Participant’s Account in respect of vested Awards, no later than one year and thirty-five days
after such Participant becomes vested in his Award(s). The Management Committee may, in its sole
discretion and at any time, direct the Trustee to sell any securities or other property that would
have been received in respect of Shares or other property credited to a Participant’s Account for
cash or other property of equivalent value. Upon termination of a Participant’s employment with
AMVESCAP, AIM and their respective Subsidiaries, the Shares, cash or other property credited to
such Participant’s Account in respect of vested Awards shall continue to be invested in Shares,
cash or other property until a complete distribution of the value of the vested Awards credited to
such Account is made to such Participant; provided, however, that (i) during the period prior to a
Participant’s Permissive Retirement as determined by the Management Committee or (ii) upon a
Participant’s attainment of age 58, a Participant may request and, if such a request is made, the
Management Committee, in its sole discretion, may (but need not) direct the Trustee to sell any
Shares or other property credited to such Participant’s Account in respect of vested Awards for
cash or other property and direct the investment of such proceeds in such manner as the Management
Committee may approve until a complete distribution of the value of the vested Awards credited to
such Account is made to such Participant. The Management Committee (or its delegate) may, in its
sole discretion, consult with the Participant as to the investment of, or the timing of the
distribution or sale of, Shares, cash or other property credited to a Participant’s Account in
respect of vested Awards.

12

 

     Section 1.15 Deferral Election. A Participant may voluntarily elect to defer receipt
of distribution of his Awards under this Plan upon such terms and conditions as the Administration
Committee may prescribe. The Administration Committee, at its sole discretion, may approve or
disapprove any such deferral election.

     Section 1.16 Distribution Upon the Death of a Participant. Each Participant shall have
the right to designate in writing from time to time a Beneficiary by filing a written notice of
such designation with the Administration Committee. A Participant’s designation of a Beneficiary
may be revoked by filing with the Administration Committee an instrument of revocation or a later
designation. Any designation or revocation shall be effective when received by the Administration
Committee. In the event of the death of a Participant, certificates for Shares, cash or other
property equivalent to the amount remaining in such Participant’s Account in respect of vested
Awards may, at the discretion of the Management Committee, be distributed to the Participant’s
Beneficiary as soon as reasonably practicable. Unless the Participant’s Beneficiary designation
provides otherwise, no person shall be entitled to benefits upon the death of the Participant
unless such person survives the Participant. If the Beneficiary designated by a Participant does
not survive the Participant or if the Participant has not made a valid Beneficiary designation,
such Participant’s Beneficiary shall be such Participant’s estate.

     Section 1.17 Distribution Upon Disability. In the event of the termination of a
Participant’s employment by reason of Disability, certificates for Shares, cash or other property
equivalent to the amount credited to such Participant’s Account in respect of vested Awards shall
be distributed as soon as reasonably practicable to the Participant or such other representative
of the Participant as the Management Committee in its sole discretion shall determine.

     Section 1.18 Termination of Trust or Court-Ordered Distribution. In the event that the
Trust is terminated prior to the vesting of an Award or in the event that a court of competent
jurisdiction finally determines that AMVESCAP, AIM or any of their respective Subsidiaries is
obligated to distribute to a Participant, Beneficiary or any other person certificates representing
any Shares credited to a Participant’s Account prior to the time of distribution otherwise provided
for in this Article VII, the Share certificates so distributed to such Participant, Beneficiary or
other person shall, in the sole discretion of the Management Committee, be restricted as to
transferability until the date that the Shares would otherwise have been distributed to the
Participant or a Beneficiary under the terms of the Plan had they not been distributed to the
Participant, Beneficiary or other person and had remained subject to the Plan, and each such stock
certificate shall bear the following (or similar) legend:

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS
(INCLUDING FORFEITURE)

13

 

CONTAINED IN THE WHOLERSALE REPRESENTATIVES DEFERREAL PLAN AND NEITHER THIS CERTIFICATE
OR THE SHARES
REPRESENTED BY IT ARE ASSIGNABLE OR OTHERWISE
TRANSFERABLE EXCEPT IN ACCORDANCE WITH SUCH PLAN, A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF THE COMPANY.”

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION IS PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, (B) SUCH
DISPOSITION IS EFFECTED ON THE LONDON STOCK EXCHANGE IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, AND THE HOLDER SHALL HAVE DELIVERED TO THE COMPANY EVIDENCE REASONABLY
SATISFACTORY TO THE COMPANY TO SUCH EFFECT, (C) THE HOLDER HEREOF SHALL HAVE DELIVERED TO
THE COMPANY AN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL SHALL BE REASONABLY
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE
PROVISIONS OF SECTION 5 OF SUCH ACT OR (D) A NO-ACTION LETTER FROM THE U.S. SECURITIES AND
EXCHANGE
COMMISSION, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, SHALL HAVE BEEN OBTAINED
WITH RESPECT TO SUCH DISPOSITION AND (ii) SUCH DISPOSITION IS PURSUANT TO
REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.”

     Section 1.19 Acceleration of Distribution. The Administration Committee may, in its
sole discretion, accelerate the time of distribution with respect to any or all of a
Participant’s Awards.

     Section 1.20 Distributions to Insiders. With respect to any Award made to a
Participant who is subject to the reporting requirements of section 16(a) of the Exchange Act (an
“insider”), distributions with respect to such Awards shall be made only in the form of Shares and
in the form of cash or other property for any fractional Shares.

     Section 1.21 Transitional Provisions.

     (a) Vested Awards. Effective as of December 10, 2002, all Awards that have become
vested on or before such date shall be subject to the terms and conditions of the Plan. Subject to
any applicable withholding obligations and Sections 5.2, 6.4, 6.10, 7.2

14

 

through 7.7 (inclusive) and 10.1, the Administration Committee shall advise the Management
Committee of distributions to be made hereunder, and the Management Committee shall direct the
Trustee to deliver or cause to be delivered to a Participant certificates for Shares, cash or
other property equivalent to the amount credited to such Participant’s Account in respect of
such vested Awards on or after June 20, 2003.

     (b) Unvested Awards.

     (i) Awards Granted On or After June 30, 2000. Effective as of December 10,
2002, all Awards granted after June 30, 2000 that have not become vested on or before
December 10, 2002 shall be subject to the terms and conditions of the Plan.

     (ii) Awards Granted During the Period Beginning December 11, 1999 and
Ending June 29, 2000 (inclusive). Effective as of December 10, 2002, all Awards
granted during the period beginning December 11, 1999 and ending June 29, 2000 (inclusive)
that have not become vested on or before December 10, 2002 shall be subject to the terms and
conditions of the Plan; provided that, notwithstanding the timing of distributions of vested
Award(s) under Section 7.1, such Award(s) shall be distributed no later than one year and
thirty-five days after a Participant’s termination of employment with AMVESCAP, AIM and
their respective Subsidiaries.

ARTICLE VIII

FUNDING OF THE PLAN

     Section 1.22 Unfunded Plan. The Plan shall be unfunded, including without limitation
for purposes of the United States of America Department of Labor Regulation § 2520.104-23.
Benefits under the Plan to a Participant shall be the unfunded obligation of such Participant’s
employer or former employer (AIM or its Subsidiary, as the case may be). Notwithstanding the fact
that AMVESCAP established the Trust for the purpose of assisting itself and its Subsidiaries in
meeting their respective compensatory obligations to their employees, AIM and each of its
Subsidiaries, respectively, shall remain obligated to pay the amounts credited to Participant’s
Accounts as a result of Awards under the Plan. In the event that assets of the Trust are used to
satisfy the claims of general creditors of AMVESCAP in accordance with Section 8.2 and the Trust
Agreement, such assets shall be deemed to be sold at their fair market value and the Accounts of
Participants shall be adjusted to reflect such deemed sale. Nothing shall relieve AIM and each of
the Subsidiaries of their respective liabilities under the Plan except to the extent amounts are
paid to Participants or Beneficiaries from the assets of the Trust.

15

 

     Section 1.23 Trust. Effective as of December 24, 1997, AMVESCAP established the Trust,
which is intended to be (i) a “grantor trust” within the meaning of sections 671 et seq. of the Code and (ii) a “United States person” within the meaning of section 7701(a)(30) of the
Code, to assist AMVESCAP and its Subsidiaries in meeting their respective compensatory obligations
to their employees. The Trust is part of an employees’ share scheme as defined in section 743 of
the Companies Act . The Trustee is State Street Bank and Trust Company and the Trust is domiciled
in the State of New York. Pursuant to the Trust Agreement, the Management Committee may remove the
Trustee and appoint a successor Trustee and may change the domicile of the Trust. The Trust can
hold Shares, cash and other property contributed to the Trust by AMVESCAP to provide itself and the
Subsidiaries with a source of funds to assist each of them in meeting their respective compensatory
obligations to their employees. The Management Committee shall direct that the assets of the Trust
be invested and reinvested primarily in Shares.

     The trust agreement creating the Trust contains procedures to the following effect: In the
event of the insolvency of AMVESCAP or any Subsidiary, the assets of the Trust shall be available
to pay the claims of creditors of AMVESCAP or such Subsidiary, as the case may be, as a court of
competent jurisdiction may direct. AMVESCAP or any Subsidiary shall be deemed to be “insolvent” if
AMVESCAP or such Subsidiary is generally unable to pay its debts as they become due or if AMVESCAP
is subject to a pending proceeding under the bankruptcy laws of the United Kingdom, or if such
Subsidiary is subject to a pending proceeding under the bankruptcy laws of the jurisdiction in
which it is organized or incorporated. In the event AMVESCAP or any Subsidiary becomes insolvent,
the Board of Directors and the Chief Executive Officer of AMVESCAP or such Subsidiary, as the case
may be, have a duty to inform the Trustee in writing of AMVESCAP’s or such Subsidiary’s insolvency.
Upon receipt of such notice, or if the Trustee receives written notice from a person claiming to be
a creditor of AMVESCAP or any Subsidiary alleging such insolvency, the Trustee shall cease making
payments from the assets of the Trust on behalf of the Company or such Subsidiary, shall hold such
assets for the benefit of creditors of AMVESCAP or such Subsidiary, as the case may be, and shall
resume payments from the assets of the Trust only after the Trustee has determined that AMVESCAP or
such Subsidiary, as the case may be, is not, or is no longer, insolvent.

     Section 1.24 Internal Funding. AMVESCAP’s Subsidiaries shall have no obligations to
make contributions to the Trust, although such a Subsidiary may reimburse AMVESCAP for
contributions to the Trust made by AMVESCAP on behalf of employees of such Subsidiary. AIM and its
Subsidiaries shall have obligations to make payments under the Plan to the Participants that are
their respective employees. To the extent that the obligations under the Plan of AIM or its
Subsidiaries are satisfied by AMVESCAP or by the distribution of assets from the Trust, such
distribution shall be treated as a capital contribution from AMVESCAP to AIM or such Subsidiary, as
the

16

 

case may be, as of the date on which such obligation is satisfied. To the extent that AIM or its
Subsidiary reimburses AMVESCAP for contributions to the Trust and AMVESCAP then fails to satisfy
the obligation of AIM or such Subsidiary under the Plan (by a distribution from the Trust or
otherwise) and AIM or such Subsidiary pays such obligations, AIM or such Subsidiary shall have the
right to recover such payment from AMVESCAP.

ARTICLE IX

SECURITIES MATTERS

     Subject to Section 7.5, AMVESCAP shall use its best efforts to ensure that any securities
distributed to Participants hereunder are marketable at the time of distribution. Notwithstanding
anything herein to the contrary, AMVESCAP shall not be obliged to cause to be delivered any
certificates evidencing Shares pursuant to the Plan unless and until AMVESCAP is advised by its
counsel that the delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authority and the requirements of The Stock Exchange and any other
securities exchange on which Shares are traded. The Management Committee may require, as a
condition of the delivery of certificates evidencing Shares pursuant to the terms hereof, the
recipient of such Shares to make such covenants, agreements and representations, and that such
certificates bear such legends, as the Management Committee, in its sole discretion, deems
necessary or desirable, provided that any such legends shall not contravene any rules or
regulations of The Stock Exchange or any applicable statute.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 1.25 Taxes. As a condition to the making of any Award, the vesting of any
Award, the lapse of the restrictions pertaining thereto or the distribution of Shares subject to an
Award, AMVESCAP, AIM or any of their respective Subsidiaries may require a Participant to pay such
sum to AMVESCAP, AIM or such Subsidiary as may be necessary to discharge such entity’s obligations
with respect to any taxes, withholding, assessment or other governmental charge imposed on property
or income received by the Participant pursuant to the Plan. In accordance with the rules and
procedures established by the Management Committee and in the discretion of the Management
Committee, such payment may be in the form of cash or other property. AMVESCAP, AIM and their
respective Subsidiaries shall have the right to withhold from any cash or property payable to a
Participant (including any salary, bonus or any other amount payable from AMVESCAP, AIM or any such
Subsidiary to the Participant) an amount sufficient to satisfy applicable withholding tax
requirements, prior to a distribution of Share certificates or other property under the Plan or to
direct the Trustee to sell any Shares or

17

 

other property credited to a Participant’s Account in respect of vested Awards to satisfy
applicable withholding tax requirements. In order to satisfy such taxes, assessments or other
governmental charges, the Management Committee may direct the Trustee to pay to AMVESCAP, AIM or
any of their respective Subsidiaries an amount to satisfy such obligation and to pay the balance to
the Participant. At the direction of the Participant and subject to the approval of the Management
Committee, AMVESCAP, AIM and their respective Subsidiaries may deduct or withhold from any payment
or distribution to a Participant whether or not pursuant to the Plan in order to satisfy required
withholding obligations under the Plan.

     Section 1.26 No Special Employment Rights. Nothing contained in the Plan shall confer
upon any Participant any right with respect to the continuation of the Participant’s employment by
AMVESCAP, AIM or any of their respective Subsidiaries or interfere in any way with the right of
AMVESCAP, AIM or any such Subsidiary at any time to terminate such employment without prior notice
at any time for any or no reason. Each Participant shall, by participating in the Plan, waive all
and any right to compensation or damages in consequence of the termination of his office or
employment with AMVESCAP, AIM or any of their respective Subsidiaries for any reason whatsoever in
so far as these rights arise or may arise from his ceasing to have rights under the Plan as a
result of such termination. Nothing in the Plan shall be deemed to give any employee of AMVESCAP,
AIM or any of their respective Subsidiaries any right to participate in the Plan.

     Section 1.27 Expenses. Subject to the Trust Agreement, all expenses and costs in
connection with the administration of the Plan shall be borne by AMVESCAP, AIM and their respective
Subsidiaries.

     Section 1.28 Titles and Headings Not to Control. The titles to Articles and headings
of Sections in the Plan are placed herein for convenience of reference only and shall not affect
the meaning of any of the provisions of the Plan.

     Section 1.29 Amendment or Termination of Plan. The Remuneration Committee may modify,
amend, suspend or terminate this Plan in whole or in part at any time, provided that, such
modification, amendment, suspension or termination shall not, without a Participant’s consent,
affect adversely the rights of a Participant with respect to outstanding Awards that have not
previously been forfeited; provided further, that the Remuneration Committee may, without a
Participant’s consent, amend the Plan from time to time in such a manner as may be necessary to
avoid having the Plan, the Trust Agreement or the Trust being subject to ERISA and to avoid the
current taxation of the assets held in the Trust. In this regard, neither a Participant’s incurring
tax liability nor the loss of an investment opportunity as a result of the termination of the Plan
shall be considered an impairment of the rights of a Participant.

18

 

     Upon termination of the Plan or the Trust, unvested Awards of each Participant shall
immediately vest and the Shares, cash or other property, or the equivalent thereof, credited to
the Account of each Participant in respect of vested Awards shall be distributed to each such
Participant in order to meet the payment obligations under the Plan with respect to each such
Participant. In the event that Shares or other property allocated to unvested Awards have been
previously forfeited, the Management Committee shall determine how such Shares and other property
shall be applied to provide compensation and benefits to employees of AMVESCAP and its
Subsidiaries. No portion of the assets held in the Trust shall revert to AMVESCAP or the
Subsidiaries at any time except for the reimbursement of taxes pursuant to Section 10.1 and the
Trust Agreement; provided that, in the event of the insolvency of AMVESCAP or any Subsidiary, the
assets of the Trust shall be available to pay the claims of creditors of AMVESCAP or such
Subsidiary, as the case may be, as provided in Section 8.2 and the Trust Agreement.

     Section 1.30 Governing Law. The Plan, as amended from time to time, and all rights
hereunder shall be governed by, administered and enforced in accordance with the laws of the State
of New York (without reference to the choice of law doctrine).

     Section 1.31 Waiver of Punitive Damages. There is no right to punitive, exemplary or
similar damages as a result of any controversy or claim arising out of, relating to or in
connection with the Plan, or the breach, termination or validity thereof, and each Participant
shall, by participating in the Plan, waive all and any of such rights.

     Section 1.32 Restrictions on Transfer. No transfer (other than any transfer made by
will or by the laws of descent and distribution), charge or encumbrance by a Participant of any
right to any payment hereunder, whether voluntary or involuntary, by operation of law or otherwise,
shall vest the transferee with any interest or right in or with respect to such payment, and the
transfer, charge or encumbrance shall be of no force and effect.

     Section 1.33 Change in Control. In the event of a Change in Control of AMVESCAP or a
Participant’s employer, all of a Participant’s unvested Award(s) shall immediately vest if (i) the
Participant’s employment with AMVESCAP and its Subsidiaries is involuntarily terminated
other than for Cause or (ii) the Participant voluntarily terminates employment with AMVESCAP
and its Subsidiaries for “good reason” which shall mean (a) reduction in compensation following the
Change in Control or (b) reduction in responsibilities or position following the Change in Control.

     Section 1.34 Consolidation or Merger of AMVESCAP. In the event of the consolidation,
amalgamation, combination or merger of AMVESCAP with or into any other corporation, or the sale by
AMVESCAP of substantially all of its assets, the resulting successor may continue the Plan by
adopting the same by resolution of its board

19

 

of directors and by executing a proper supplemental agreement to the Trust Agreement with the
Trustee. If within ninety days from the effective date of such consolidation, amalgamation,
combination, merger or sale of assets, such new corporation does not adopt the Plan, the rights of
all affected Participants to their respective benefits with respect to vested and unvested Awards
shall be non-forfeitable as of the effective date of such consolidation, amalgamation,
combination, merger or sale of assets.

     Section 1.35 Set-off. In the event that AMVESCAP, AIM or any of their respective
Subsidiaries has any claims against a Participant, AMVESCAP, AIM or such Subsidiary (as the case
may be) may, in its discretion, offset such claims against its obligations to such Participant
under the Plan. AMVESCAP, AIM or the applicable Subsidiary, as the case may be, shall give notice
to the Participant of any set-off effected under this Section 10.11.

     Section 1.36 Special Rules Regarding Administration Committee and 
Management Committee. Notwithstanding any other provision of the Plan, with respect to any
power of the Administration Committee or the Management Committee described herein that is
exercised with respect to a Participant who is a member of such Committee and the exercise of such
power does not affect all Participants relatively equally, such power shall be exercised with
respect to such Participant by the non-Participant members of such Committee who are United States
persons within the meaning of section 7701(a)(30) of the Code, if any; provided that, if all
members of such Committee are Participants or none of the non-Participant members of such Committee
are United States persons within the meaning of section 7701(a)(30) of the Code, then such powers
shall be exercised with respect to such Participants by the members of the Remuneration Committee
who are United States persons within the meaning of section 7701(a)(30) of the Code.

20EX-10.10 2003 SHARE OPTION PLAN (CANADA)

 

EXHIBIT 10.10

2003 Share Option Plan (Canada)

AMVESCAP PLC

June 2003

 

 

	 	 	 	 	 	 	 
	1.
	 	DEFINITIONS	 	 	1	 
	2.
	 	EFFECTIVE DATE AND TERM	 	 	4	 
	3.
	 	ADMINISTRATION OF THE PLAN	 	 	4	 
	4.
	 	ELIGIBILITY	 	 	4	 
	5.
	 	GRANT, VESTING AND LAPSE OF AWARDS	 	 	4	 
	6.
	 	EXERCISE OF AWARDS	 	 	5	 
	7.
	 	SECURITIES MATTERS	 	 	7	 
	8.
	 	TAXES AND WITHHOLDING	 	 	7	 
	9.
	 	EMPLOYMENT RIGHTS	 	 	7	 
	10.
	 	RESTRICTIONS ON TRANSFER	 	 	8	 
	11.
	 	CHANGE IN CONTROL	 	 	8	 
	12.
	 	SET-OFF	 	 	8	 
	13.
	 	VARIATION OF CAPITAL	 	 	8	 
	14.
	 	EXPENSES	 	 	9	 
	15.
	 	TITLES AND HEADINGS NOT TO CONTROL	 	 	9	 
	16.
	 	AMENDMENT AND TERMINATION OF PLAN	 	 	9	 
	17.
	 	GOVERNING LAW	 	 	9	 

 

 

THE AMVESCAP 2003

SHARE OPTION PLAN (CANADA)

	1.	 	DEFINITIONS
	 
	 	 	As used in the Plan, the terms set forth below shall have the meanings indicated unless
the context clearly indicates to the contrary. Where the context so admits or requires,
the singular shall include the plural and the masculine shall include the feminine and
vice versa.
	 
	 	 	Award. “Award” shall mean, with respect to each Global Partner, the right to
acquire Shares at their nominal value from the Trustee or to elect to receive a cash sum
from the Subsidiary that then may employ or in the past had employed such Global Partner
in lieu of such acquisition (or a combination of the foregoing);
	 
	 	 	Board of Directors. “Board of Directors” shall mean the Board of Directors of
AMVESCAP plc;
	 
	 	 	Business Day. “Business Day” shall mean a day on which the Stock Exchange is open
for the transaction of business.
	 
	 	 	Cause. “Cause” shall mean, when used in connection with the termination of a
Participant’s employment, the termination of the Participant’s employment by the Company or
a Subsidiary on account of (i) the willful violation by the Participant of (a) any law, (b)
any rule of the Company or such Subsidiary or (c) any rule or regulation of any regulatory
body to which the Company or such Subsidiary is subject, including, without limitation, the
Stock Exchange or any other exchange or contract market of which the Company or such
Subsidiary is a member, which violation would materially reflect on the Participant’s
character, competence or integrity, (ii) a breach by a Participant of the Participant’s
duty of loyalty to the Company and/or its Subsidiaries in contemplation of the
Participant’s termination of employment with the Company or a Subsidiary, such as the
Participant’s solicitation of customers or employees of the Company or any Subsidiary prior
to the termination of his employment or (iii) the Participant’s unauthorized removal from
the premises of the Company or a Subsidiary of any records, files, memoranda, data in
machine readable form, reports, fee lists, customer lists, drawings, plans, sketches, or
other documents (in any medium or form) relating to the business of the Company or a
Subsidiary or the customers of the Company or a Subsidiary, including, but not limited to,
all intellectual property and proprietary research which the Participant uses, develops or
comes in contact with in the course of or as the result of his employment with the Company
or a Subsidiary, as the case may be. Any rights the Company or a Subsidiary may have
hereunder in respect of the events giving rise to Cause shall be in addition to the rights
the Company or such Subsidiary may have under any other agreement with the employee or at
law or in equity. If, subsequent to a Participant’s voluntary termination of employment or
involuntary termination of employment without Cause, it is discovered that the
Participant’s employment could have been terminated for Cause, such Participant’s
employment shall, at the election of the Remuneration Committee in its sole discretion, be
deemed for the purposes of this Plan to have been terminated for Cause.

- 1 -

 

	 	 	Change in Control. “Change in Control” shall mean, with respect to the Company, the
occurrence of any of the following events:

	 	(a)	 	the stockholders of the Company shall approve a definitive agreement (i) for the merger or
other business combination of the Company with or into another corporation, and with respect
to the surviving public company, a majority of the directors of which were not directors of
the Company immediately prior to such merger or combination and in which the stockholders of
the Company immediately prior to the effective date of such merger or combination directly or
indirectly own less than a majority of the voting power in such corporation or (ii) for the
direct or indirect sale or other disposition of all or substantially all of the assets of the
Company;
	 
	 	(b)	 	the acquisition by purchase, subscription or otherwise (including pursuant to a
reconstruction or scheme of arrangement) by any person (or persons acting together, meaning
persons party to an agreement to which section 204 of the Companies Act applies) of 20
percent or more of the relevant share capital of the Company (or any successor company to
which all or the majority of the assets of the Company are transferred pursuant to any such
reconstruction or scheme of arrangement);
	 
	 	(c)	 	the giving of notice of any general meeting of the Company at which a resolution will be
proposed for the winding-up of the Company;
	 
	 	(d)	 	if under section 425 of the Companies 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;
	 
	 	(e)	 	any scheme of arrangement involving the reconstruction of the Company or the amalgamation of
the Company with any other entity that is approved by the holders of Shares;
	 
	 	(f)	 	any person obtains Control of the Company as a result of making an offer to acquire Shares
which is either unconditional or is made on a condition such that, if it is satisfied, the
person making the offer will have Control of the Company; or
	 
	 	(g)	 	a change in the composition of the Board of Directors such that individuals who, as of
December 1, 2002, constituted the Board of Directors (generally the “Directors” and as of
December 1, 2002, the “Continuing Directors”) cease for any reason to constitute at least a
majority thereof, provided that any person becoming a Director subsequent to December 1, 2002
whose nomination for election was approved by a vote of at least a majority of the Continuing
Directors (other than a nomination of an individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the
Directors) shall be deemed to be a Continuing Director; and,

	 	 	with respect to a Subsidiary, the consummation of the sale of the capital stock or all or
substantially all of the assets of such Subsidiary to, or the merger or other business combination
of such Subsidiary with or into, a third party that is not affiliated with the Company or any
Subsidiary.

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	 	 	For the purpose of sub-clause (f) 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 and
“Control” shall mean, in relation to the Company, the power of a person to secure that the affairs
of the Company are conducted in accordance with the wishes of that person by means of the holding
of shares or the possession of voting power in or in relation to the Company or by virtue of any
powers conferred by the articles of association of the Company;
	 
	 	 	Companies Act. “Companies Act” shall mean the Companies Act 1985 of Great Britain, as
amended from time to time;
	 
	 	 	Company. “Company” shall mean AMVESCAP plc and any successor corporation which continues
the Plan pursuant to Rule 8.6;
	 
	 	 	Demotion. “Demotion” shall mean, in relation to a Participant, his ceasing to be a Global
Partner other than by reason of the termination of his employment with the Company or a
Subsidiary;
	 
	 	 	Disability. “Disability” shall mean any physical or mental condition that would qualify a
Participant for a disability benefit under the long-term disability plan maintained by the Company
or a Subsidiary and applicable to the Participant;
	 
	 	 	Global Partner. “Global Partner” shall mean an employee of the Company or a Subsidiary,
designated as such by the Company, who is resident for tax or securities law purposes at the time
an Award is granted in a Province of Canada;
	 
	 	 	Participant. “Participant” shall mean any Global Partner or former Global Partner with
respect to whom an Award, which has not previously lapsed, is outstanding;
	 
	 	 	Plan. “Plan” shall mean The AMVESCAP 2003 Share Option Plan (Canada), as constituted by
these rules and as amended from time to time;
	 
	 	 	Remuneration Committee. “Remuneration Committee” shall mean the duly appointed
Remuneration Committee, or any successor thereto, of the Board of Directors;
	 
	 	 	Shares. “Shares” shall mean the ordinary shares of the Company, or any other shares and/or
other property into which the ordinary shares of the Company are converted pursuant to a stock
split, reverse split, subdivision, reconstruction, amalgamation, scheme of arrangement,
recapitalization, reorganization, merger, combination, consolidation, split-up or other similar
corporate event;
	 
	 	 	Subsidiary. “Subsidiary” shall mean a corporation with respect to which the Company,
directly or indirectly, has the power, whether through the ownership of voting securities, by
contract or otherwise, to elect at least a majority of the members of such corporation’s board of
directors;
	 
	 	 	Stock Exchange. “Stock Exchange” shall mean London Stock Exchange plc;

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	 	 	Trust. “Trust” shall mean any trust established for the purpose of acquiring
Shares by way of subscription from the Company and selling such Shares to Participants
upon the exercise of Awards;
	 
	 	 	Trustee. “Trustee” shall mean the entity from time to time serving as trustee of
the Trust.
	 
	2.	 	EFFECTIVE DATE AND TERM
	 
	 	 	The Plan commenced on November 11, 2002 and shall continue in effect, as amended from time
to time, in accordance with its terms until terminated by the Remuneration Committee or
the Board of Directors. The Plan is a plan of the Company and a plan of each Subsidiary
that is the employer of a Global Partner.
	 
	3.	 	ADMINISTRATION OF THE PLAN
	 
	 	 	The Trustee may from time to time make and vary such rules and regulations not
inconsistent herewith and establish such procedures for administration and implementation
of the Plan as it thinks fit. In the event of any dispute or disagreement as to the
interpretation of the Plan, or of any such rule, regulation or procedure, or as to any
question or right arising from or related to the Plan, the decision of the Remuneration
Committee shall be final and binding upon all persons.
	 
	4.	 	ELIGIBILITY
	 
	 	 	All Global Partners shall be eligible to participate in the Plan in accordance with the
terms of the Plan and the rules and procedures established by the Trustee. Subject to the
definition of “Participant,” a Global Partner shall become a Participant effective as of
the date on which such Global Partner is granted an Award hereunder.
	 
	5.	 	GRANT, VESTING AND LAPSE OF AWARDS
	 
	5.1	 	Grant of Awards. The Trustee may, on the basis of recommendations received from the
Remuneration Committee, grant Awards (which may be of differing
amounts) to any or all Global Partners. The Award shall specify the year to which it relates.
	 
	 	 	Each Participant’s Award shall be subject to the terms of the Plan applicable to that
Participant and to such additional terms, if any, as may be adopted from time to time
applicable to particular jurisdictions. No Participant shall have any right to receive
any Award, Shares, cash or other property under the Plan other than in accordance with
the terms of the Plan, including any applicable additional terms.
	 
	5.2	 	Vesting of Awards. Subject to the provisions as to lapse contained in this Rule 5
and Rule 6,
an Award shall vest:

	 	(a)	 	as to one third on the fifth anniversary of its date of grant;
	 
	 	(b)	 	as to one third on the sixth anniversary of its date of grant; and,

	 
	 	(c)	 	as to one third on the seventh anniversary of its date of grant;

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	 	 	the first Awards having been granted effective as of
December 31, 2002.
	 
	 	 	Notwithstanding the foregoing, any Award(s) of a Participant which have not previously
lapsed shall immediately vest in the event of such Participant’s termination of employment
with the Company or a Subsidiary by reason of his death or Disability. Prior to vesting,
an Award shall be completely unvested. Both vested and unvested Awards shall be subject to
the terms of the Plan. A Participant shall have no rights with respect to the Shares
underlying his vested and unvested Awards until such Award shall have been exercised.
	 
	5.3	 	Lapse of Awards. Upon termination of a
Participant’s employment with the Company and its Subsidiaries or, at the discretion of the Remuneration Committee, upon Demotion of a
Participant, any Award(s) granted to such Participant which have not vested shall lapse
unless otherwise determined by the Remuneration Committee.
	 
	5.4	 	Date of Termination or Demotion. The date of a Participant’s termination of
employment or Demotion shall be determined at the sole discretion of the Remuneration
Committee. For purposes of the Plan, and unless otherwise determined by the Remuneration
Committee, a Participant’s employment with the Company and any Subsidiary shall be considered
to have terminated effective on the last day of his actual and active employment with the
Company or Subsidiary, whether such day is selected by agreement or unilaterally by the
Company or Subsidiary and whether with or without advance notice to the Participant. For
greater certainty, unless otherwise determined by the Remuneration Committee acting in its
sole discretion, no period of notice that is or ought to have been given under applicable law
in respect of such termination of employment will be considered in determining entitlement
under the Plan.
	 
	5.5	 	Acceleration of Vesting. The Remuneration Committee may, with the agreement of the
Trustee, accelerate the vesting of any Award at any time at its sole discretion, provided
that no such accelerated vesting shall take effect unless and until communicated to the
Participant holding such Award.
	 
	5.6	 	Lapse of Awards for Gross Malfeasance. Notwithstanding any other provision of the
Plan, Awards (whether vested or unvested) shall lapse in their entirety in the event that the
Participant commits an act of gross malfeasance, such as theft of corporate property or
client funds, against the Company or any Subsidiary, which act results in the termination of
that Participant’s employment by the Company or Subsidiary, as appropriate.
	 
	5.7	 	Limits. The number of Shares which may be acquired on the exercise of an Award shall
be determined on or before its grant at the discretion of the Remuneration Committee. The
Trustee may grant Awards over a maximum of 3,500,000 Shares, or such greater number as may at
any time and from time to time be agreed with the Company.
	 
	6.	 	EXERCISE OF AWARDS
	 
	6.1	 	Form. The exercise of any Award granted under the Plan shall be effected in such form
and manner as the Trustee may from time to time prescribe and shall provide the Participant
with an opportunity to elect to receive a cash sum in lieu of all or any of the Shares in
respect of which the Award is exercised on any occasion in accordance with Rule 6.8 below.

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	6.2	 	Timing. Subject to the lapsing provisions of the Plan, an Award shall become
exercisable, to
the extent that it vests in accordance with Rules 5.2 or 5.5 above, and may be exercised
to
that extent at any time during the period of thirty days commencing on the later of:

	 	(a)	 	the relevant vesting date; and,
	 
	 	(b)	 	the expiry of any prohibited period for dealings in the Company’s shares
which shall be in force at any time during the thirty days immediately following the
relevant vesting date.

	 	 	To the extent that an Award shall not be exercised within such period, it shall, to that
extent, lapse.
	 
	6.3	 	Death. Subject to Rule 5.6, if any Participant shall die before exercising an Award
and at a time when he is either a Global Partner or entitled to exercise the Award by virtue
of sub-clause 6.4 below, the Award may (and must, if at all) be exercised by his personal
representatives within 12 months after the date of his death.
	 
	6.4	 	Leaving service. Subject to Rule 5.6, if any Participant shall cease to be a Global
Partner (otherwise than by reason of his death or Demotion), the following provisions shall
apply in relation to any Award held by him, whether or not vested:

	 	(a)	 	if he so ceases by reason of Disability or the disposal of any company,
business or part of a business to which his office or employment relates, the Award
may (and subject to sub-clause 6.3 must, if at all) be exercised within six months
of his so ceasing; and,
	 
	 	(b)	 	if he so ceases for any other reason, the Award may not be exercised at
all unless and to the extent that the Remuneration Committee shall so
permit.

	6.5	 	Overriding lapse. Notwithstanding any other provision of the Plan, an Award granted
under
the Plan may not be exercised after the expiration of the period of ten years beginning
with
its date of grant.
	 
	6.6	 	Acquisition and Sale of Shares. Subject to obtaining any such approval or consent as
may be required, within thirty days after an Award under the Plan has been exercised by any
person, the Trustee shall sell to him the number of Shares in respect of which the Award has
been exercised. The Trustee shall acquire such Shares only by
subscription from the Company.
	 
	6.7	 	Dividends and other distributions. Shares transferred pursuant to the Plan will not
entitle the Participant to any dividend or other distribution of the Company paid or made by
reference to a record date falling prior to the date of their transfer to the Participant.
	 
	6.8	 	Cash election. If and to the extent that a Participant shall on the exercise of an
Award elect to receive a cash sum in lieu of shares, the Company shall cause any Subsidiary
which may then employ or previously have employed the Participant to make a cash payment to
such Participant within 30 days of such exercise, and these Rules (including, without
prejudice to the generality of the foregoing, Rule 8) shall apply to such exercise, with any
necessary modifications.

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	7.	 	SECURITIES MATTERS
	 
	 	 	The Company shall use its best efforts to ensure that any securities distributed to
Participants hereunder are marketable at the time of distribution. Notwithstanding
anything herein to the contrary, the Company shall not be obliged to cause to be delivered
any certificates evidencing Shares pursuant to the Plan unless and until the Company is
advised by its counsel that the delivery of such certificates is in compliance with all
applicable laws, regulations of governmental authority and the requirements of the Stock
Exchange and any other securities exchange on which Shares are traded. The Trustee or the
Remuneration Committee may require, as a condition of the delivery of certificates
evidencing Shares pursuant to the terms hereof, the recipient of such Shares to make such
covenants, agreements and representations, and that such certificates bear such legends,
as the Trustee or the Remuneration Committee, in its discretion, deems necessary or
desirable, provided that any such legends shall not contravene any rules or regulations of
the Stock Exchange or any applicable statute.
	 
	8.	 	TAXES AND WITHHOLDING
	 
	8.1	 	Taxes. As a condition of the making, vesting and/or exercise of any Award, or the
lapse of the restrictions pertaining thereto, the Company or a Subsidiary may require a
Participant to pay such sum to the Company or such Subsidiary as may be necessary to discharge
the Company’s or such Subsidiary’s obligations with respect to any taxes, withholding,
assessment or other governmental charge imposed on property or income received by the
Participant pursuant to the Plan. In accordance with the rules and procedures established by
the Trustee, and in the discretion of the Remuneration Committee, such payment may be in the
form of cash or other property.
	 
	8.2	 	Withholding. The Company and the Subsidiaries shall have the right to withhold from
any cash or property payable to a Participant (including any salary, bonus or any other
amount payable from the Company or a Subsidiary to the Participant) an amount sufficient to
satisfy applicable withholding tax requirements, prior to a distribution of Share
certificates or other property under the Plan or to direct the Trustee to sell any Shares or
other property credited to a Participant’s Account in respect of vested Awards to satisfy
applicable withholding tax requirements. In order to satisfy such taxes, assessments or other
governmental charges, the Remuneration Committee may direct the Trustee to pay to the Company
or a Subsidiary an amount to satisfy such obligation and to pay the balance to the
Participant. At the direction of the Participant and subject to the approval of the
Remuneration Committee, the Trustee, the Company and its Subsidiaries may deduct or withhold
from any payment or distribution to a Participant whether or not pursuant to the Plan in
order to satisfy required withholding obligations under the Plan.
	 
	9.	 	EMPLOYMENT RIGHTS
	 
	 	 	Nothing contained in the Plan shall confer upon any Participant any right with respect to
the continuation of the Participant’s employment by the Company or a Subsidiary or
interfere in any way with the right of the Company or a Subsidiary at any time to
terminate such employment or demote such Participant from the status of “Global Partner”
without prior notice at any time for any or no reason. Each Participant shall, by
participating in the Plan, waive all and any right to compensation or damages in
consequence of the termination of his office or employment with the Company or a
Subsidiary for any reason whatsoever in so far

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	 	 	as these rights arise or may arise from his ceasing to have rights under the Plan as a
result of such termination. Nothing in the Plan shall be deemed to give any employee of
the Company or a Subsidiary any right to participate in the Plan.
	 
	10.	 	RESTRICTIONS ON TRANSFER
	 
	 	 	No transfer (other than any transfer made by will or by the laws of descent and
distribution), charge or encumbrance by a Participant of any Award, whether voluntary or
involuntary, by operation of law or otherwise, shall vest the transferee with any interest
or right in or with respect to such Award, and the transfer, charge or encumbrance shall
be of no force and effect.
	 
	11.	 	CHANGE IN CONTROL
	 
	11.1	 	Change in Control. In the event of a Change in Control of the Company or a
Participant’s employer, all of a Participant’s unvested Award(s) shall immediately vest if
(i) the Participant’s employment with the Company and its Subsidiaries is involuntarily
terminated other than for Cause or (ii) the Participant voluntarily terminates employment
with the Company and its Subsidiaries for “good reason” which shall mean (a) reduction in
compensation following the Change in Control or (b) reduction in responsibilities or position
following the Change in Control.
	 
	11.2	 	Consolidation or Merger of the Company. In the event of the consolidation,
amalgamation, combination or merger of the Company with or into any other corporation, or the
sale by the Company of substantially all of its assets, the resulting successor may continue
the Plan by adopting the same by resolution of its board of directors and by executing a
proper supplemental agreement to the Trust Agreement with the Trustee. If within ninety days
from the effective date of such consolidation, amalgamation, combination, merger or sale of
assets, such new corporation does not adopt the Plan, the rights of all affected participants
to their respective benefits with respect to vested and unvested Awards shall vest as of the
effective date of such consolidation, amalgamation, combination, merger or sale of assets.
	 
	12.	 	SET-OFF
	 
	 	 	In the event that the Company or a Subsidiary has any claims against a Participant, the
Company or Subsidiary (as the case may be) may, in its discretion, offset such claims
against its obligations to such Participant under the Plan. The Company or Subsidiary, as
the case may be, shall give notice to the Participant of any set-off effected under this
Rule.
	 
	13.	 	VARIATION OF CAPITAL
	 
	 	 	In the event of any variation of the share capital of the Company (whenever effected)
whether by way of capitalisation or rights issue, or sub-division, consolidation or
reduction or otherwise, the Board may determine that such adjustments as it considers
appropriate shall be made, and the terms of any Award in respect of which an adjustment is
so determined to be made shall be deemed to be adjusted accordingly.
	 
	 	 	An adjustment made under this sub-clause may be to one or more of the following:-

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	 	(a)	 	the number of shares in respect of which any Award granted under the Plan may
be exercised;
	 
	 	(b)	 	the price at which shares may be acquired by the exercise of any such Award;
	 
	 	(c)	 	where any such Award has been exercised but no share has been transferred
pursuant to such exercise, the number of shares which may be so transferred and the
price at which they may be acquired.

	 	 	As soon as reasonably practicable after any adjustment shall have been deemed to be made
under this Rule, the Board shall give notice in writing thereof to any Participant
affected thereby.
	 
	14.	 	EXPENSES
	 
	 	 	Subject to the Trust Agreement, all expenses and costs in connection with the
administration of the Plan shall be borne by the Company and the
Subsidiaries.
	 
	15.	 	TITLES AND HEADINGS NOT TO CONTROL
	 
	 	 	The titles and headings of the Plan are placed herein for convenience of reference only
and shall not affect the meaning of any of the provisions of the Plan.
	 
	16.	 	AMENDMENT AND TERMINATION OF PLAN
	 
	 	 	The Remuneration Committee may modify, amend, suspend or terminate this Plan in whole or in
part at any time, provided that, such modification, amendment, suspension or
termination shall not, without a Participant’s consent, affect adversely the rights of a
Participant with respect to outstanding Awards that have not previously lapsed;
provided further, that the Remuneration Committee may, without a Participant’s
consent, amend the Plan from time to time in such a manner as may be necessary to avoid the
current taxation of the assets held in the Trust. In this regard, neither a Participant’s
incurring a tax liability nor the loss of an investment opportunity as a result of the
termination of the Plan shall be considered an impairment of the rights of a Participant.
	 
	 	 	Upon termination of the Plan or the Trust, unvested Awards of each Participant shall
immediately vest.
	 
	17.	 	GOVERNING LAW
	 
	 	 	The Plan, as amended from time to time, and all rights hereunder shall be governed by,
administered and enforced in accordance with the laws of England.

- 9 -

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