Document:

Exhibit 4.9

 

Execution Version

 

To:                                                                                                                             Vodafone Group plc (registered number 1833679) (Vodafone)

 

For the attention of:                                   Group Treasury Director

 

11 January 2018

 

Dear Sir or Madam,

 

USD3,935,000,000 (as increased to USD4,090,000,000) facility agreement dated 27 February 2015 between, among others, Vodafone, the Mandated Lead Arrangers as listed therein and The Royal Bank of Scotland plc as Agent (the Credit Agreement)

 

1.                                      Background

 

(a)                                 This letter is supplemental to and amends the Credit Agreement.

 

(b)                                 Pursuant to clause 26.1 (Procedure) of the Credit Agreement, the Majority Lenders have consented to the amendments to the Credit Agreement contemplated by this letter. Accordingly, we are authorised to execute this letter on behalf of the Finance Parties.

 

2.                                      Interpretation

 

(a)                                 Capitalised terms defined in the Credit Agreement have the same meaning when used in this letter unless expressly defined in this letter.

 

(b)                                 The provisions of clause 1.2 (Construction) and clause 35 (Jurisdiction) of the Credit Agreement apply to this letter as though they were set out in full in this letter except that references to the Credit Agreement and to the Finance Documents are to be construed as references to this letter.

 

(c)                                  Effective Date means the date on which the Agent gives the notification to Vodafone and the Lenders under paragraph 3(b) (Amendments) below or such other date as Vodafone and the Agent agree.

 

(d)                                 Supplemental Fee Letter means any fee letter dated on or around the date of this letter between, among others, Vodafone and the Mandated Lead Arrangers in connection with this letter and the amendments contemplated herein.

 

3.                                      Amendments

 

(a)                                 Subject to paragraph (b) below, the Credit Agreement will be amended from the Effective Date in accordance with paragraph (c) below.

 

(b)                                 The Credit Agreement will not be amended by this letter unless the Agent notifies Vodafone and the Lenders that it has received:

 

(i)                                     a copy of this letter countersigned by Vodafone; and

 

(ii)                                  all of the documents set out in paragraph 4 (Conditions precedent) in form and substance satisfactory to the Agent.

 

The Agent must give this notification as soon as reasonably practicable. If the Agent does not notify Vodafone and the Lenders that it has received a copy of this letter countersigned by Vodafone by the

 

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date falling ten Business Days after the date of this letter, this letter will not have force and effect and the Credit Agreement will not be amended by this letter.

 

(c)                                  The Credit Agreement will be amended as follows:

 

(i)                                     the following new definitions shall be included in clause 1.1 (Definitions):

 

“Amendment Agreement” means the amendment agreement relating to this Agreement dated 11 January 2018 and entered into between, among others, Vodafone and the Agent.

 

“Effective Date” has the meaning given to it in the Amendment Agreement.

 

“New Commitments” means commitments which have refinanced Permitted Indebtedness (or New Commitments) in whole or in part, provided that the aggregate principal amount of the New Commitments for such member of the Restricted Group is not at any time more than 120% of the aggregate principal amount of such Permitted Indebtedness (or New Commitments) for such member of the Restricted Group (measured in the same currency) immediately prior to such refinancing, and provided further that to the extent that any New Commitment is to be guaranteed by an Obligor, the obligors under the New Commitments will have validly and legally acceded as Additional Guarantors in accordance with Clauses 27.7(a) and 27.7(b) (Additional Guarantors)) prior to any Obligor providing a guarantee of the New Commitments prior to any Obligor providing a guarantee of the New Commitments.”;

 

(ii)                                  the definitions of “Adjusted Group Operating Cash Flow”, “Net Debt”, “Ratio Period” and “Total Gross Borrowings” in clause 1.1 (Definitions) shall be deleted;

 

(iii)                               the definition of “Core Jurisdiction” shall be deleted and replaced by:

 

““Core Jurisdictions” are member states of the European Union as at the Effective Date (being Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK), Japan, United States, Australia, New Zealand, Canada and Switzerland and any other states which become members of the European Union after the Effective Date provided that Vodafone has notified the Agent in writing of its agreement to their inclusion in this definition of Core Jurisdictions.”;

 

(iv)                              paragraph (b) of the definition of “Permitted Security Interest” shall be deleted and replaced by:

 

“(b)                           any Security Interest over any assets acquired by a member of the Restricted Group after the Effective Date (and/or over the assets of any person that becomes a member of the Restricted Group after the Effective Date) provided that:

 

(i)                                                                                     any such Security Interest is either (i) in existence before such acquisition or before such person becomes a member of the Restricted Group and is not created in contemplation of such acquisition or such person becoming a member of the Restricted Group (the “Initial Security”) or (ii) created following such acquisition or following such person becoming a member of the Restricted Group in connection with a refinancing of the indebtedness secured by the Initial Security solely in accordance with the terms of Clause 17.8(a) (Priority Borrowing) and such Security Interest is in respect of the same assets (or, in the case, of a Security Interest created in respect of a

 

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changing class of assets, the same class of assets) as were subject to the Initial Security; and

 

(ii)                                                                                  the indebtedness secured by such Security Interest is not prohibited by Clause 17.8 (Priority Borrowing) and, to the extent that at any time the aggregate principal amount secured by such Security Interest thereafter exceeds (measured in the same currency) the higher of (i) the aggregate of the amounts drawn and available to be drawn (assuming all drawdown conditions will be met) under the relevant commitment existing at the time of such acquisition or such person becoming a member of the Restricted Group or, if applicable, (ii) the relevant amount otherwise permitted for that member of the Restricted Group pursuant to Clause 17.8(a) (Priority Borrowing), such Security Interest shall not fall within this paragraph (b);

 

for the purpose of this paragraph (b) Restricted Group shall not include any companies which have become members of the Restricted Group due to the expansion of the definition of Core Jurisdiction to include any other states which become members of the European Union after the Effective Date; or”;

 

(v)                                 the following paragraph shall be inserted in Clause 1.2:

 

““Bank of America Merrill Lynch International Limited” is a reference to its successor in title Bank of America Merrill Lynch International Designated Activity Company (including, without limitation, its branches) pursuant to and with effect from the merger between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch International Designated Activity Company that takes effect in accordance with the Cross-Border Mergers Directive (2005/56/EC) (as codified) as implemented in the United Kingdom and Ireland. Notwithstanding anything to the contrary in any Finance Document, a transfer of rights and obligations from Bank of America Merrill Lynch International Limited to Bank of America Merrill Lynch International Designated Activity Company pursuant to such merger shall be permitted;”;

 

(vi)                              Clause 5.3(d)(ii) shall be deleted and replaced by:

 

“(ii)                            is a period not exceeding 1 week; and”;

 

(vii)                           Clause 16.13 (Sanctions) shall be deleted and replaced by:

 

“To the best of its and its Subsidiaries’ knowledge, neither it nor any of its Subsidiaries, nor, to the best of its knowledge, any director, officer, agent employee or affiliate of it or any of its Subsidiaries are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) or any equivalent sanctions administered or enforced by the United Nations Security Council, the European Union, Her Majesty’s Treasury, the State Secretariat for Economic Affairs or other relevant sanctions authority.”;

 

(viii)                        a new Clause 16.14 shall be inserted:

 

“16.14 Anti-money laundering

 

To the best of its and its Subsidiaries’ knowledge, the operations of each Obligor and its Subsidiaries are and have been in all material respects conducted in compliance with applicable financial record keeping and reporting requirements and money laundering statutes in the United Kingdom and in all jurisdictions in which each Obligor and its

 

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Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, Money Laundering Laws), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any Obligor or any of its Subsidiaries with respect to Money Laundering Laws is, to the best of each Obligor’s and its Subsidiaries’ knowledge, pending and, to the best of each Obligor’s knowledge, no such actions, suits or proceedings are threatened or contemplated.”;

 

(ix)                              a new Clause 16.15 shall be inserted:

 

“16.15 Anti-corruption law

 

To the best of its and its Subsidiaries’ knowledge:

 

(a)                                 each Obligor and its respective Subsidiaries, directors, officers and employees conducts its business in compliance with applicable anti-bribery and anti-corruption laws and regulations, including the UK Bribery Act 2010; and

 

(b)                                 each Obligor and its respective Subsidiaries maintains an effective anti-bribery compliance programme which monitors compliance and detects violations.”;

 

(x)                                 Clause 16.14 shall be re-numbered as Clause 16.16.

 

(xi)                              a new Clause 16.17 shall be inserted:

 

“16.17 Anti-boycott statutes

 

In relation to each Finance Party that notifies the Agent to such effect (each a “Restricted Finance Party”), Clause 16.12 (Anti-Terrorism Laws) and Clause 16.13 (Sanctions) shall only apply for the benefit of that Restricted Finance Party to the extent that the relevant representations do not result in any violation of, conflict with or liability under (i) Council Regulation (EC) 2271/96, (ii) section 7 of the German Foreign Trade Rules (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 of the German Foreign Trade Act (Außenwirtschaftsgesetz)) or (iii) a similar anti-boycott statute.”;

 

(xii)                           Clause 17.2(c) (Financial information) shall be deleted and replaced by:

 

“within 20 days of the day on which the accounts referred to in paragraph (a)(i) above or (b) above are posted on Vodafone’s website in accordance with paragraph (e) below (provided that it shall not be a Default under this Clause 17.2 unless Vodafone fails to so supply within 10 days of written request by the Agent (on its own accord or at the request of a Lender) made at any time following the date of such posting) a certificate signed by a Vodafone authorised officer (or following a Hive Up, a NewTopco authorised officer), or in their absence any director of Vodafone or NewTopco, as the case may be, establishing (in reasonable detail) compliance with Clause 17.8 (Priority borrowing) as at the date to which those accounts were drawn up and identifying the Principal Subsidiaries and the operating Subsidiaries which are Controlled Subsidiaries; and”;

 

(xiii)                        Clause 17.8(a) (Priority Borrowing) shall be deleted and replaced by:

 

“(a)                           Financial Indebtedness of any Subsidiary which became a member of the Restricted Group after the Effective Date (unless it became a member of the Restricted Group due to the expansion of the definition of Core Jurisdiction to include members of the European Union after the Effective Date) provided that:

 

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(i)                                     any such Financial Indebtedness is either (A) outstanding before that Subsidiary becomes a member of the Restricted Group and was not created in contemplation of that Subsidiary becoming a member of the Restricted Group and/or (B) drawn at any time under commitments in existence before that Subsidiary becomes a member of the Restricted Group and that commitment was not created in contemplation of that Subsidiary becoming a member of the Restricted Group (together with Financial Indebtedness permitted pursuant to sub-paragraph (A), “Permitted Indebtedness”) and/or (C) drawn at any time under New Commitments, provided that such Financial Indebtedness may not be refinanced more than once in each successive four year period (with the first such period commencing on the Effective Date); and

 

(ii)                                  to the extent that at any time the aggregate principal amount of such Financial Indebtedness exceeds the amounts permitted under this paragraph (a) (measured in the same currency) for such member of the Restricted Group, the excess amount of such Financial Indebtedness shall not fall within this paragraph (a); or”;

 

(xiv)                       a new Clause 17.14 shall be inserted as follows:

 

“17.14 Anti-corruption law

 

Each Obligor and its Subsidiaries, directors, officers and employees shall:

 

(a)                                 conduct its business in compliance with applicable anti-bribery and anti-corruption laws and regulations, including the UK Bribery Act 2010;

 

(b)                                 maintain an effective anti-bribery compliance programme which monitors compliance and detects violations; and

 

(c)                                  not give or receive any bribes, including in relation to any public official.”;

 

(xv)                          a new Clause 17.15 shall be inserted as follows:

 

“17.15 Anti-boycott statutes

 

In relation to each Restricted Finance Party, Clause 17.12 (Sanctions) shall only apply for the benefit of that Restricted Finance Party to the extent that the relevant undertaking does not result in any violation of, conflict with or liability under (i) Council Regulation (EC) 2271/96, (ii) section 7 of the German Foreign Trade Rules (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 of the German Foreign Trade Act (Außenwirtschaftsgesetz)) or (iii) a similar anti-boycott statute.”;

 

(xvi)                       Clauses 18.1 (Financial ratio), 18.2 (Calculation times and periods) and 18.3 (Information sources) shall be deleted and replaced with the words “[Clause intentionally not used]”;

 

(xvii)                    Clause 18.4 (Know Your Customer) shall be deleted and inserted as a new Clause 17.13 (Know Your Customer);

 

(xviii)                 Clause 19.3 (Breach of other obligations) shall be deleted and replaced by:

 

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“19.3 Breach of other obligations

 

An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 19.2 (Non-payment)) and such failure (if capable of remedy before the expiry of such period) continues unremedied for a period of 21 days from the earlier of the date on which (i) such Obligor has become aware of the failure to comply or (ii) the Agent gives notice to Vodafone requiring the same to be remedied.”; and

 

(xix)                       Clause 19.5(a)(ii) (Cross default) shall be deleted and subsequent clauses shall be renumbered accordingly.

 

(xx)                          A new paragraph shall be inserted at the end of Clause 26.2 as follows:

 

“In connection with any amendment, waiver, determination, declaration, decision (including a decision to accelerate) or direction (each a “Relevant Measure”) relating to any part of Clause 16.12 (Anti-Terrorism Laws) and Clause 16.13 (Sanctions or Clause 17.12 (Sanctions) of which a Restricted Finance Party does not have the benefit, the Commitments of that Restricted Finance Party will be excluded for the purpose of determining whether the requisite level of consent of the Lenders to approve such Relevant Measure has been obtained.”.

 

4.                                      Conditions precedent

 

The conditions precedent to be delivered to the Agent by Vodafone in accordance with paragraph 3(b) (Amendments) above are:

 

(a)                                 a copy of the memorandum and articles of association and certificate of incorporation of Vodafone or, a certificate of an authorised signatory of Vodafone confirming that the copy in the Agent’s possession is still correct, complete and in full force and effect as at a date no earlier than the date of this letter;

 

(b)                                 a copy of a resolution of the board of directors of Vodafone (or, if applicable, a committee of its board of directors):

 

(i)                                     approving the terms of, and the transactions contemplated by, this letter and each Supplemental Fee Letter and resolving that it execute this letter and any such Supplemental Fee Letter;

 

(ii)                                  authorising a specified person or persons to execute this letter and each Supplemental Fee Letter on its behalf; and

 

(iii)                               authorising a specified person or persons, on its behalf, to sign and/or despatch all documents, certificates and notices to be signed and/or despatched by it under or in connection with this letter and each Supplemental Fee Letter (as applicable);

 

(c)                                  if applicable, a copy of a resolution of the board of directors of Vodafone establishing the committee referred to in paragraph (b) above;

 

(d)                                 a specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above;

 

(e)                                  a certificate of an authorised signatory of Vodafone certifying that each copy document specified in this paragraph 4 is correct, complete and in full force and effect as at a date no earlier than the date of this letter;

 

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(f)                                   a copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified Vodafone accordingly) in connection with the entry into and performance of the transactions contemplated by this letter or for the validity and enforceability of this letter;

 

(g)                                  each duly executed Supplemental Fee Letter; and

 

(h)                                 a legal opinion of Allen & Overy LLP, legal advisers to the Agent in England, addressed to the Finance Parties.

 

5.                                      Representations

 

Vodafone (for itself and, where relevant, its Controlled Subsidiaries) makes the representations and warranties set out in clause 16.2 (Status) to clause 16.9 (No Event of Default) (inclusive) and clauses 16.13 (Sanctions), 16.14 (Anti-money laundering) and 16.15 (Anti-corruption law) of the Credit Agreement on the date of this letter and on the Effective Date, in each case by reference to the facts and circumstances then existing and as if references to “the Finance Documents” include this Agreement and, on the Effective Date, the Credit Agreement as amended by this letter and, as if references to “the Agreement” are references to, on the Effective Date, the Credit Agreement as amended by this letter.

 

6.                                      Fees

 

Vodafone must pay arrangement and other fees in relation to this letter in the amount and at the time set out in each Supplemental Fee Letter.

 

7.                                      Consents

 

Vodafone:

 

(a)                                 agrees to the amendment of the Credit Agreement as contemplated by this letter and agrees to be bound by the Credit Agreement as amended by this letter; and

 

(b)                                 with effect from the Effective Date, confirms that any guarantee created or given by it under the Credit Agreement as amended by this letter will:

 

(i)                                     continue in full force and effect on the terms of the Credit Agreement as amended by this letter; and

 

(ii)                                  extend to its obligations under the Finance Documents (including the Credit Agreement as amended by this letter).

 

8.                                      Miscellaneous

 

(a)                                 Each of this letter, the Credit Agreement as amended by this letter and each Supplemental Fee Letter is a Finance Document.

 

(b)                                 Subject to the terms of this letter, the Credit Agreement will remain in full force and effect and, from the Effective Date, the Credit Agreement and this letter will be read and construed as one document.

 

(c)                                  The provisions of clauses 31 (Severability), 32 (Counterparts) and 33 (Notices) shall apply to this letter as though they were set out in full in this letter, except that references to “this Agreement” or “the Finance Documents” shall be deemed to be references to “this letter”.

 

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(d)                                 Vodafone must, at its own expense, take such action and do such other things as the Agent may reasonably require to carry out and give effect to the transactions contemplated in this letter.

 

(e)                                  Each Finance Party reserves any other right it may have now or subsequently. Except to the extent expressly waived in this letter, no waiver of any provision of any Finance Document is given by the terms of this letter and the Finance Parties expressly reserve all their rights and remedies in respect of any breach of, or other Default under, the Finance Documents.

 

9.                                      Governing law

 

This letter and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

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If you agree to the terms of this letter, please sign where indicated below.

 

	
Yours faithfully,
    	
 
    
	
 
    	
 
    
	

    	
 
    
	
For
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
 
    
	
as Agent for and on behalf of the other Finance Parties
    	
 
    

 

[Signature Page to Amendment Letter]

 

 

FORM OF ACKNOWLEDGEMENT

 

We agree to the terms of this letter.

 

	

    	
 
    	
/s/ Nick Read
    
	
For
    	
 
    	
NICK READ
    
	
VODAFONE GROUP PLC
    	
 
    	
 
    
	
for itself and as agent for the other Obligors
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:                  11 January 2018
    	
 
    	
 
    

 

[Signature Page to Amendment Letter]Exhibit 4.24

Certain information redacted pursuant to Rule 15 under Regulation S-T.

 

Gerard   Kleisterlee Chairman 23 January 2018 STRICTLY PRIVATE & CONFIDENTIDAL Mr   Michel Demaré Hurdnerwäldlistrasse 69 8808 Pfäffikon SZ Switzerland Dear   Michel, NON-EXECUTIVE DIRECTORSHIP OF VODAFONE GROUP PUBLIC LIMITED COMPANY   Further to our discussions, this letter is to confirm the terms of your   appointment as a non-executive director of Vodafone Group Public Limited   Company (the “Company”). 1 Role Your obligations and responsibilities as a   non-executive director are to the Company and, like all directors, you should   act at all times in the best interests of the Company, exercising your   independent judgment on all matters. Non-executive directors have the same general   legal responsibilities to the Company as any other director. The Board as a   whole is collectively responsible for promoting the success of the Company by   directing and supervising the Company’s affairs. Your appointment as a non­-executive   director of the Company is subject to the Company’s Articles of Association   (the “Articles”) and the latter will prevail in the event of any conflict   between them and the terms of this letter. A copy of the current version of   the Articles is available on the Company’s website at www.vodafone.com. In my   view, the role of the non-executive director has a number of key elements and   I look forward to your contribution in these areas: Strategy: you should   constructively challenge and contribute to the development of strategy;  Performance: you should scrutinise the   performance of management in meeting agreed goals and objectives and monitor   the reporting of performance; Risk: you should satisfy yourself that   financial information is accurate and that financial controls and systems of   risk management are robust and defensible; and People: non-executive   directors are responsible for determining appropriate levels of remuneration   of executive directors and have a prime role in appointing, and where   necessary removing, senior management and in succession planning. Vodafone   Group Plc Vodafone House, The Connection, Newbury, Berkshire RG14 2FN,   England T +44 (0)1635 33251 F +44 (0)1635 580857 www.vodafone.com [ILLEGIBLE]   [ILLEGIBLE] 

    

 

Culture:   non-executive directors are responsible for ensuring that the purpose and   values of the Company are unambiguous and embody the behaviours required to   deliver the Company’s strategic goals. You should satisfy yourself that   management are taking the appropriate action to achieve and maintain the   desired culture. 2 Appointment and Term Subject to the terms of this letter,   your appointment as a director will commence on the commencement date set out   in the announcement of your appointment (“the Effective Date”). The Articles   require that directors submit themselves for re-election by shareholders   periodically and as a Board we have resolved that all the Directors will   submit themselves for re-election every year. The Nominations and Governance   Committee each year reviews and considers the submission of the directors for   re-election and considers the membership of the Board committees. In the   event that when you submit yourself for re-election you are not elected, your   appointment as director will automatically terminate. You will not be   entitled to receive any compensation from the Company in respect of the   termination of your directorship. In accordance with the recommendations of   the UK Corporate Governance Code, after nine years’ service on the Board, a   director may not be considered independent. Overall, we anticipate a time   commitment from you involving attendance at all Board meetings (the Company   currently has eight each year), the Annual General Meeting (usually held in   July each year) and at least one Company/site visit per year. You will be   expected to devote appropriate preparation time ahead of each meeting. In   addition, each of the principal Board Committees meets about four or five   times a year (and in some cases more frequently) and you are expected to   attend all the meetings of the Committee(s) of which you are member. You   should anticipate being a member of at least one of these Committees   beginning on a date to be agreed between us. By accepting this appointment,   you have confirmed that you are able to allocate sufficient time to meet the   expectations of your role. If you are unable to attend a Board meeting or   Committee meeting in person, I hope, nevertheless, that you will be able to   join those meetings either by videoconference or teleconference facilities. I   would be grateful if, before accepting additional commitments that might   affect the time you are able to devote to your role as a non-executive   director of the Company, you would seek my agreement. 3 Fees As you will be a   non-executive director of the Company, the Board as a whole will determine   your remuneration in accordance with the requirements of good corporate   governance, and the Financial Conduct Authority’s Listing Rules. The fee for   your services is €115,000.00 per annum and it is paid in equal instalments   monthly in arrears. No separate fee is payable for membership of a Board   Committee (unless you are the Chair of the Committee). You may elect to be   paid either in cash or in the Company’s shares. Please let me know if you may   prefer to receive shares. You will also be entitled to be repaid all   travelling and other expenses properly incurred in performing your duties in   accordance with the Articles. Payment of all fees will cease immediately   after your appointment as a non-executive director of the Company terminates   for any reason. 4 Dealing in the Company’s shares You shall (and you shall   ensure that your “closely associated persons”, including your spouse, any   dependent children and associated legal entities shall) comply with the   provisions of the Market Abuse Regime (MAP), Criminal Justice Act 1993, the   Financial Services and Markets Act 2000 and rules and 2 [ILLEGIBLE] 

    

 

regulations   laid down by the Company from time to time in relation to dealing in the   Company’s shares. Further guidance is provided in your director information   pack. 5 Competitive Businesses In view of the sensitive and confidential   nature of the Company’s business you agree that for so long as you arc a   non-executive director of the Company you will not, without the consent of   the Board, which shall not be withheld unreasonably, be engaged or interested   in any capacity in any business or with any company which is, in the   reasonable opinion of the Board, competitive with the business of any company   in the Group. In the event that you become aware of any potential conflicts   of interest, these should be disclosed to me and to the Company Secretary as   soon as possible. 6 Confidentiality You agree that you will not make use of,   divulge or communicate to any person (except in the proper performance of   your duties) any of the trade secrets or other confidential information of or   relating to any company in the Group which you have received or obtained from   or through the Company. This restriction shall continue to apply after the   termination of your appointment without limit in point of time but shall   cease to apply to information or knowledge which comes into the public domain   otherwise than through your default or which shall have been received by you   from a third party entitled to disclose the same to you. Your attention is   also drawn to the requirements under both legislation and regulation as to   the disclosure of inside information. Consequently, you should avoid making   any statements that might risk a breach of these requirements without prior   clearance from me or from the Company Secretary. Please note that all media   enquiries concerning the Company must be referred immediately to the Group   External Affairs Director. 7 Illness or Incapacity If you are prevented by illness   or incapacity from carrying out your duties for a period exceeding three   consecutive calendar months or at different times for a period exceeding in   aggregate three calendar months in any one period of twelve calendar months   or if you become prohibited by law or under the Articles from being a   non-executive director of the Company, then the Company may terminate your   appointment immediately. 8 Effect of Termination Upon termination of your   appointment howsoever arising, you shall immediately or upon request of the   Company, resign from office as a non-executive director of the Company and   all other offices held by you in any other companies in the Group and your   membership of any organisation acquired by virtue of your tenure of any such   office, and should you fail to do so, the Company is hereby irrevocably   authorised to appoint some person in your name and on your behalf to sign any   documents and do anything necessary or requisite to give effect thereto. 9   Return of Company Property You agree that upon termination of your   appointment as a non-executive director, you will immediately deliver to the   Company all property belonging to the Company or any member of its Group,   including all 3 [ILLEGIBLE] 

    

 

documents or   other records made or compiled or acquired by you during your appointment   concerning the business, finances or affairs of the Group. 10 Independent   Professional Advice In accordance with the UK Corporate Governance Code, the   Board has agreed procedures for directors in the furtherance of their duties   to take independent professional advice if necessary, at the Company’s   expense. A copy of the relevant Board resolution is enclosed in your director   information pack. Naturally, if you have any queries or difficulties at any time   please feel free to discuss them with me. I am also available at all times to   provide you with information and advice you may need. 11 Indemnification and   Insurance You will have the benefit of the following indemnity in relation to   liability incurred in your capacity as a Director of the Company. This   indemnity is as wide as English law currently permits: (i) The Company will   provide funds to cover costs as incurred by you in defending legal   proceedings brought against you in your capacity as, or as a result of your   being or having been, a Director of the Company including criminal   proceedings and proceedings brought by the Company itself or an Associated   Company; (ii) The Company will indemnify you in respect of any proceedings   brought by third parties, including both legal and financial costs of an   adverse judgment brought against you in your capacity as, or as a result of   your being or having been, a Director of the Company; and (iii) The Company   will indemnify you for liability incurred in connection with any application   made to a court for relief from liability, where the court grants such   relief. For the avoidance of doubt, the indemnity granted does not cover: (i)   Unsuccessful defence of criminal proceedings, in which instance the Company   would seek reimbursement for any funds advanced; (ii) Unsuccessful defence of   an action brought by the Company itself or an Associated Company, in which   instance the Company would seek reimbursement for any funds advanced; (iii)   Fines imposed by regulatory bodies; (iv) Fines imposed in criminal   proceedings; and (v) Liability incurred in connection with any application   under Section 144(3) or (4) of the Companies Act 1985 (acquisition of shares   by innocent nominee) or section 1157 of the Companies Act 2006 (general power   to grant relief in case of honest and reasonable conduct), where the court   refuses to grant you relief, and such refusal is final. You will notify the   Company as soon as reasonably practicable upon becoming aware of any claim or   potential claim against you. The Company maintains Directors and Officers   insurance as additional cover for directors which, if the insurance policy so   permits, may provide funds in circumstances where the law prohibits the   Company from indemnifying directors. Further information will be provided by   the Company Secretary. 4 [ILLEGIBLE] 

    

 

12 Review   Process The performance of individual directors and the whole Board and its   committees is evaluated annually. If, in the interim, there are any matters   which cause you concern about your role, please discuss them with me as soon   as is appropriate. 13 Contract for Services It is agreed that you will not be   an employee of the Company or any of its subsidiaries and that this letter   shall not constitute a contract of employment. In this letter: “Board” means   the board of directors of the Company from time to time or any person or   committee nominated by the board of directors as its representative or to   whom (and to that extent) it has delegated powers for the purposes of this   letter. “Group” means the Company and any other company which is its subsidiary   or in which the Company or any subsidiary of the Company controls not less   than 25% of the voting shares (where “subsidiary” has the meaning given to it   by section 736 of the Companies Act 1985). This letter shall be governed by   and construed in accordance with English Law. Both parties submit to the   exclusive jurisdiction of the English Courts as regards any claim or matter   arising in connection with the terms of this letter. Please acknowledge   receipt and acceptance of the terms of this letter by signing the enclosed   copy and returning it to the Company Secretary. I am greatly looking forward   to working with you. Kind regards. Yours sincerely [ILLEGIBLE] I hereby   accept that the terms of this letter constitute the terms of my appointment   as a non-executive director of the Company. Signed: /s/ Michel Demare Date:   23/1/2018 Michel Demare 5

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