Document:

Eros International Media Pvt. Ltd ESOP 2009

 Exhibit 10.12 

 
 

 
 EROS International Media Pvt. Ltd 
 ESOP 2009 
  
 

 
  
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	

 

 
  

 Contents 
  

							
	 PART A
	    	STATEMENT OF RISKS	  	 	1	  
			
	 PART B
	    	INFORMATION ABOUT THE COMPANY	  	 	2	  
			
	 PART C
	    	SALIENT FEATURES OF THE SCHEME	  	 	8	  

  
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	

 

 
  

 PART A: STATEMENT OF RISKS 
 All investments in shares or options on shares are subject to risk as the value of shares may go down or go up. In addition, employee stock options are subject to the following additional risks:

  

	1	Concentration 

 The risk
arising out of any fall in value of shares is aggravated if the employee’s holding is concentrated in the shares of a single company. 
  

	2	Leverage 

 Any change in
the value of the share can lead to a significantly larger change in the value of the option as an option amounts to a levered position in the share. 
  

	3	Illiquidity 

 The options
cannot be transferred to anybody, and therefore the employees cannot mitigate their risks by selling the whole or part of their options before they are exercised. 
  

	4	Vesting 

 The options will
lapse if the employment is terminated prior to vesting. Even after the options are vested, the unexercised options may be forfeited if the employee is terminated for gross misconduct. 

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	1

 

 
  

 PART B: INFORMATION ABOUT THE COMPANY 

 

	5	Business of the company 

  

	5.1	Profile of the company 

Eros International Media Private Limited (‘Eros India’ or ‘the Company’), formerly known as Eros Multimedia Private
Limited, was formerly incorporated in India on 19 August 1994 as a private limited company under the name of Rishima International Private Limited. Mr. Arjan G. Lulla and Mr. Sunil A. Lulla are the promoters of the Company
with a share holding in the ratio of 1:1. The Company changed its name to Eros International Media Private Limited on 25 July 2000. Thereafter the Company changed its name again to Eros International Media Private Limited on 17 December
2009. The registered office of the Company is located at: 
 201, Kailash Plaza, 
 Plot no A-12, Link Road, 
 Andheri (West), 
 Mumbai: 400 053, 
 India 
 Eros Worldwide FZ LLC acquired 69.61% holding in the Company on 05 September 2003. Eros Digital Private Limited acquired the remaining shareholding from the then existing shareholders on
31 March 2006. 
 The total authorized of the Company is Rs.60,000 Thousand (Face Value: Rs. 10 each) and paid up share
capital aggregates to Rs.51,000 Thousand, which is held as follows: 
  

									
	 Shareholders
	  	31 March, 2009	 	  	% Holding	 
	 Eros Worldwide – Dubai
	  	 	35,000,000	  	  	 	69.61	% 
	 Eros Digital Private Limited
	  	 	15,500,000	  	  	 	30.39	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	51,000,000	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

  
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	2

 

 
  

	5.2	Nature of business 

 The
business of the Company comprises of trading and exploitation of film rights acquired from the producers of the films. The Company is also engaged in production of films from the current year. The exploitation of film rights is done through sale of
rights to theatres on minimum guarantee basis or commission basis, sale of the film rights to the airlines, radio channels, sale of DVD’s, VCD’s, ACD’s and cassettes in the local market, sale of overseas rights, etc. 

 
  
  

 
  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	3

 

 
  

	6	Abridged financial information 

 Abridged financial information for the last two five in respect of the company: 
  

	6.1	Balance Sheet 

  

																					
	 	 	BALANCE SHEET	 
	 	 	As at March 31, 2008	 	 	As at March 31, 2007	 	 	As at March 31, 2006	 	 	As at March 31, 2005	 	 	As at March 31, 2004	 
	 	 	(Rs)	 	 	(Rs)	 	 	(Rs)	 	 	(Rs)	 	 	(Rs)	 
	 SOURCES OF FUNDS
	 				 				 				 				 			
	 Shareholder’s funds:
	 				 				 				 				 			
	 Share capital
	 	 	51,000,000	  	 	 	51,000,000	  	 	 	51,000,000	  	 	 	51,000,000	  	 	 	51,000,000	  
	 Reserves and surplus
	 	 	577,584,205	  	 	 	232,855,914	  	 	 	210,058,443	  	 	 	195,611,540	  	 	 	190,576,108	  
		 	 	628,584,205	  	 	 	283,855,914	  	 	 	261,058,443	  	 	 	246,611,540	  	 	 	241,576,108	  
	 Loan funds:
	 				 				 				 				 			
	 Secured loans
	 	 	1,183,158,515	  	 	 	655,596,535	  	 	 	790,358,036	  	 	 	484,869,472	  	 	 	436,134,459	  
	 Unsecured loans
	 	 	1,175,141	  	 	 	431,959	  	 	 	2,118,089	  	 	 	30,242,803	  	 	 	30,415,055	  
		 	 	1,184,333,656	  	 	 	656,028,494	  	 	 	792,476,125	  	 	 	515,112,275	  	 	 	466,549,514	  
	 Deferred tax liability
	 	 	85,570,999	  	 	 	14,278,857	  	 	 	2,127,186	  	 	 	2,529,625	  	 	 	4,625,970	  
		 	 	1,898,488,860	  	 	 	925,605,551	  	 	 	1,051,407,382	  	 	 	764,253,440	  	 	 	712,751,592	  
						
	 APPLICATION OF FUNDS
	 				 				 				 				 			
	 Fixed Assets:
	 				 				 				 				 			
	 Gross block
	 	 	3,372,049,761	  	 	 	988,319,783	  	 	 	243,845,162	  	 	 	229,193,019	  	 	 	181,845,521	  
	 Less: Depreciation/amortization
	 	 	2,447,315,691	  	 	 	684,722,041	  	 	 	137,152,839	  	 	 	121,178,869	  	 	 	88,043,232	  
	 Net block
	 	 	924,734,070	  	 	 	303,597,742	  	 	 	106,692,323	  	 	 	108,014,150	  	 	 	93,802,289	  
	 Investments
	 	 	9,458,990	  	 	 	9,359,000	  	 	 	9,295,000	  	 	 	9,295,000	  	 	 	9,295,000	  
						
	 Current assets, loans and advances:
	 				 				 				 				 			
	 Interest accrued
	 				 	 	3,365,994	  	 	 	3,529,590	  	 				 			
	 Inventories
	 	 	397,483,427	  	 	 	13,510,359	  	 	 	16,413,546	  	 	 	21,933,464	  	 	 	63,214,037	  
	 Sundry debtors
	 	 	775,169,799	  	 	 	592,843,743	  	 	 	619,724,728	  	 	 	481,294,351	  	 	 	356,295,664	  
	 Cash and bank balances
	 	 	1,100,480,898	  	 	 	234,909,386	  	 	 	117,330,023	  	 	 	93,416,568	  	 	 	53,555,559	  
	 Loans and advances
	 	 	3,333,855,132	  	 	 	1,663,825,935	  	 	 	340,391,859	  	 	 	265,999,368	  	 	 	258,698,585	  
		 	 	5,606,989,256	  	 	 	2,508,455,417	  	 	 	1,097,389,746	  	 	 	862,643,751	  	 	 	731,763,845	  
	 Less: current liabilities and provisions:
	 				 				 				 				 			
	 Current liabilities
	 	 	4,634,151,370	  	 	 	1,870,897,577	  	 	 	148,541,073	  	 	 	200,159,663	  	 	 	111,257,590	  
	 Provisions
	 	 	8,542,086	  	 	 	24,909,031	  	 	 	13,428,856	  	 	 	15,543,548	  	 	 	10,859,210	  
		 	 	4,642,693,456	  	 	 	1,895,806,608	  	 	 	161,969,929	  	 	 	215,703,211	  	 	 	122,116,800	  
	 Net current assets
	 	 	964,295,800	  	 	 	612,648,809	  	 	 	935,419,817	  	 	 	646,940,540	  	 	 	609,647,045	  
	 Miscellaneous expenditure
	 				 				 				 				 			
	 (to the extent not written off or adjusted)
	 				 				 				 				 			
	 Preliminary expenses
	 				 				 	 	242	  	 	 	3,750	  	 	 	7,258	  
		 	 	1,898,488,860	  	 	 	925,605,551	  	 	 	1,051,407,382	  	 	 	764,253,440	  	 	 	712,751,592	  

  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	4

 

 
  

	6.2	Profit and Loss Statement 

  

																					
	 	  	PROFIT AND LOSS	 
	 	  	As at March 31, 2008	 	  	As at March 31, 2007	 	  	As at March 31, 2006	 	  	As at March 31, 2005	 	  	As at March 31, 2004	 
	 	  	(Rs)	 	  	(Rs)	 	  	(Rs)	 	  	(Rs)	 	  	(Rs)	 
	 INCOME
	  				  				  				  				  			
	 Sales and service income
	  	 	4,234,976,402	  	  	 	1,786,847,911	  	  	 	935,892,991	  	  	 	1,059,668,019	  	  	 	795,263,473	  
	 Other Income
	  	 	152,830,857	  	  	 	56,338,367	  	  	 	13,844,819	  	  	 	1,734,926	  	  	 	12,047,633	  
		  	 	4,387,807,259	  	  	 	1,843,186,278	  	  	 	949,737,810	  	  	 	1,061,402,945	  	  	 	807,311,106	  
	 EXPENDITURE
	  				  				  				  				  			
	 Operating expenses
	  	 	3,349,070,961	  	  	 	974,514,041	  	  	 	732,630,385	  	  	 	936,870,543	  	  	 	676,387,585	  
	 Employee remuneration and Other benefits
	  	 	62,463,128	  	  	 	36,804,774	  	  	 	17,259,402	  	  	 	19,521,786	  	  	 	20,251,187	  
	 Administrative and other expenses
	  	 	398,336,377	  	  	 	187,891,278	  	  	 	92,873,200	  	  	 	35,714,965	  	  	 	39,420,836	  
	 Finance Costs
	  	 	23,951,056	  	  	 	47,686,183	  	  	 	38,919,868	  	  	 	26,220,927	  	  	 	32,285,721	  
	 Depreciation/amortisation
	  	 	14,807,590	  	  	 	547,569,202	  	  	 	41,664,863	  	  	 	33,135,637	  	  	 	23,053,311	  
		  	 	3,848,629,112	  	  	 	1,794,465,478	  	  	 	923,347,718	  	  	 	1,051,463,858	  	  	 	791,398,640	  
						
	 Profit before tax for the year
	  	 	539,178,147	  	  	 	48,720,800	  	  	 	26,390,092	  	  	 	9,939,087	  	  	 	15,912,466	  
	 [Illegible]
	  	 	91,000,000	  	  	 	32,500,000	  	  	 	15,855,000	  	  	 	7,000,000	  	  	 	6,650,000	  
	 [Illegible]
	  	 	2,600,000	  	  	 	1,200,000	  	  	 	765,000	  	  				  			
	 [Illegible]
	  	 	99,849,956	  	  	 	12,151,671	  	  	 	4,656,811	  	  	 	2,096,345	  	  	 	485,704	  
	 [Illegible]
	  	 	—  	  	  	 	50,000	  	  	 	—  	  	  				  			
	 [Illegible]
	  	 	—  	  	  	 	4,325,000	  	  	 	—  	  	  				  			
	 Profit after tax for the year
	  	 	344,728,291	  	  	 	22,797,471	  	  	 	14,446,903	  	  	 	5,035,432	  	  	 	9,748,170	  
	 Tax adjustment for earlier years
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,167,027	  
	 Balance of the Profit
	  	 	344,728,291	  	  	 	22,797,471	  	  	 	14,446,903	  	  	 	5,035,432	  	  	 	10,915,197	  
	 Balance of profit brought forward from prev year
	  	 	231,855,914	  	  	 	210,058,443	  	  	 	195,611,540	  	  	 	190,576,108	  	  	 	179,660,911	  
	 Balance carried forward to balance sheet
	  	 	577,584,205	  	  	 	232,855,914	  	  	 	210,058,443	  	  	 	195,611,540	  	  	 	190,576,108	  

  
  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	5

 

 
  

	7	Risk factors 

 The risks
and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in earnings rates, our ability to manage growth, intense competition in our areas of services including those factors which may affect our cost
advantage, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price contracts, client concentration, our ability to manage our marketing & sales operations, reduced demand for our key focus
areas, liability for damages on our products and services, the success of the companies in which the Company has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions and general economic
conditions affecting our industry. 
 Management Perception: Some of the risks are normal to the nature of industry in
which the Company operates and some others are beyond the control of the Company. 
  
  

 
  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	6

 

 
  

	8	Continuing disclosure requirement 

 The option grantee would be entitled to receive copies of all documents that are sent to the members of the Company. This shall include the annual accounts of the company as well as notices of meetings
and the accompanying explanatory statements. However, the option grantee will not be entitled to attend and vote in the meeting. 
  

 
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	7

 

 
  

 PART C: SALIENT FEATURES OF THE SCHEME 

This part contains the salient features of the employee stock option scheme of the company including the conditions regarding vesting,
exercise, adjustment for corporate actions, and forfeiture of vested options. 
  

	9	Section 1: Plan objectives 

 The objectives of ESOP 2009 (or the “Plan” or “Scheme”) are as follows: 
  

	•	 	 Introduce a long term incentive tool to attract, motivate and retain talent 

 

	•	 	 Align employee’s interest with that of the shareholders 

 

	•	 	 Provide wealth creation opportunities to critical employees 

 

	•	 	 Reward loyalty 

  

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	8

 

 
  

	10	Section 2: Definitions and Interpretations 

  

	10.1	Definitions 

 In this
document, the following expressions including their grammatical variations or cognate expressions shall, where the context so admits, have the following meaning: 
  

	•	 	 Applicable Law means the legal requirements relating and as applicable to Employee Stock Options, including, without limitation, the
Companies Act, 1956, SEBI Act, the SEBI Guidelines and all relevant tax, securities, exchange control or corporate laws of India or any relevant jurisdiction or of any stock exchange on which the shares are listed or quoted.

  

	•	 	 Board/ Board of Directors means the Board of Directors of the Company for the time being and re-constituted and/or re-structured from
time to time during the existence of this Plan. 

  

	•	 	 Change in Capital Structure means a change in the capital structure of the company as a result of reclassification of shares,
splitting up of the face value of shares, sub-division of shares, issue of bonus shares, issue of rights shares, conversion of shares into other shares or securities and any other change in the rights or obligations in respect of shares.

  

	•	 	 Closing Date of a grant shall mean ten years from date of grant or finishing of all stocks allocated for employee stock options,
whichever is earlier. 

  

	•	 	 Common Stock means the equity shares of the Company and includes any securities convertible into equity shares.

  

	•	 	 The Act means the Companies Act, 1956 for the time being in force and as amended from time to time. 

 

	•	 	 Company means Eros International Media Private Limited, incorporated in India having its registered office at 201, Kailash Plaza, Plot
no A-12, Link Road, Andheri (West), Mumbai: 400 053, India, its successors and assigns. 

  

	•	 	 Company Policy/ Terms of Employment means the Company’s policies for employees and the terms of employment as contained in the
employment letter and the company handbook, which includes provisions for securing confidentiality, non-compete and non-poaching of other employees and customers. 

 

	•	 	 Compensation Committee shall mean the ‘Compensation Committee’ constituted and set up by the Company under Section 5 of
this Plan. 

  

	•	 	 Corporate Action means and includes one of the following actions: 

 

	 	•	 	 the merger, de-merger, spin-off, consolidation, amalgamation, sale of business or other reorganization of the company (except to a subsidiary) in
which all the shares are converted into or exchanged for: 

  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	9

 

 
  

	 	•	 	 a different class of securities of the company ; or 

 

	 	•	 	 any securities of any other issuer ; or 

  

	 	•	 	 Cash ; or 

  

	 	•	 	 Other property 

  

	 	•	 	 The sale, lease or exchange of all or substantially whole of the assets/ undertaking of the company to any other Company or entity (except the
subsidiary) 

  

	 	•	 	 The adoption by the shareholders of the Company of a scheme of liquidation, dissolution or winding up. 

 

	•	 	 Director means a member of the Board of the Company. 

 

	•	 	 Disability shall mean “Disability” as defined in any applicable agreement between the grantee and the Company or if there is
no such agreement or Disability is not defined therein, then a grantee’s becoming physically or mentally incapacitated so that he is therefore reasonably expected to be unable for a period of three (3) consecutive months or for an
aggregate of six (6) months in any twelve (12) month period to perform his duties to the Company. 

  

	•	 	 Eligibility criteria means the criteria as may be determined from time to time by the Board for granting the employee stock options to
the employees. 

  

	•	 	 Employee means: 

  

	 	•	 	 a permanent employee of the company working in India or out of India; and 

 

	 	•	 	 a director of the company, whether a whole time director or not; 

 

	 	•	 	 an employee as defined in sub-clauses (a) or (b) of a subsidiary, in India or out of India, or of a holding company of the company.

 However, it shall not include any employee who is a promoter or belongs to the promoter
group or a Director who either by himself or through his relatives or through any body corporate, directly or indirectly, holds more than 10% of the outstanding equity shares of the Company. 

 

	•	 	 Employer Company means the Company. 

  

	•	 	 Exercise in relation to options means, the tendering by an employee, of an application for the issue of shares, pursuant to the
options vested in him under the Grant and the Plan accompanied by the Exercise Price payable for the shares. 

  

	•	 	 Exercise Date means the date on which an employee of the Company elects to exercise the options. 

 

	•	 	 Exercise Period in relations to the Options means the period commencing from the date of Vesting of Options and ending on the date
after which Options cannot be exercised. 

  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	10

 

 
  

	•	 	 Exercise Price means the price payable by the employee for exercising the Option granted to him in pursuance of this Plan.

  

	•	 	 Fair Market Value means, as of any specified date, means the latest available closing price, prior to the date of the
meeting of the Board of Directors in which options are granted/ shares are issued, on the stock exchange on which the shares of the company are listed. If the shares are listed on more than one stock exchange, then the stock exchange where there is
highest trading volume during the aforesaid period should be considered. If the Common Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its Fair Market Value shall be made
by the Compensation Committee based on the advice of an independent appraiser. 

  

	•	 	 Grant means, individually or collectively, issue of Options to employees under the Plan. 

 

	•	 	 Grantee means an Employee who has been granted Stock Options pursuant to the Plan where the context so requires includes his/her legal
heirs and/or designated beneficiary. 

  

	•	 	 Grant Date means the date on which Stock Options are granted to an eligible Employee pursuant to the Plan.

  

	•	 	 Holding Company means a Holding company as defined under the Companies Act, 1956 and as altered from time to time.

  

	•	 	 IPO means Initial Public Offer of the Company’s shares resulting in listing of the shares on any recognised stock exchange.

  

	•	 	 Option or Stock Option means a right but not an obligation granted to an Employee to subscribe for shares or any Resultant Shares in
pursuance of the Plan to apply for shares of the company at a pre- determined price and upon such terms and conditions as may be specified. 

  

	•	 	 Option Agreement means a written agreement entered into between the Company and an Employee with respect to an Option, a Grant to such
employee, and on such terms and conditions as stipulated in this Plan and as may be suggested/ recommended by the Compensation Committee from time to time. 

 

	•	 	 Permanent Disability means any disability of whatsoever nature be it physical, mental or otherwise, which incapacitates or prevents or
handicaps an Employee for a continuous period of six months from performing any specific job, work or task which the said Employee was capable of performing immediately before such disablement, as determined by the Compensation/Remuneration
Committee based on a certificate of a medical expert identified by such Committee. 

  

	•	 	 Plan means the ESOP 2009 as set out herein and as amended or modified from time to time. 

 

	•	 	 Promoter means: 

  

	 	•	 	 The person or persons who are in overall control of the company. 

 
  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	11

 

 
  

	 	•	 	 The person or persons who are instrumental in the formation of the company [or program pursuant to which the shares are offered to the public]

  

	 	•	 	 The person or persons named in the offer document as promoter(s). Provided that a director or officer of the company if he is acting as such only in
the professional capacity will not be deemed to be a promoter. 

 Explanation: Where the promoter of a company
is a body corporate, the promoter of that body corporate shall also be deemed to be a promoter of the company. 
  

	•	 	 Promoter Group means: 

  

	 	•	 	 an immediate relative of the promoter (i.e., spouse of that person, or any parent, brother sister or child of that person or of the spouse) ;

  

	 	•	 	 Persons whose shareholding is aggregated for the purpose of disclosing in the offer document “shareholding of the promoter group”.

  

	•	 	 Recognized Stock Exchange means stock exchange in India recognized by Securities Board and Exchange Board of India or stock exchange
outside India recognized by similar regulatory authorities of the countries outside India. 

  

	•	 	 Resultant shares means the equity shares issued in lieu of shares of the Company on any Change in Capital Structure or on any
Corporate Action as mentioned in this Plan. 

  

	•	 	 Retirement means retirement as per the rules of the Company 

 

	•	 	 Share means the equity shares of the company and the securities convertible into equity shares and shall include American Depository
Receipts (ADR), Global Depository Receipts (GDR), or other depository receipts representing underlying equity shares or securities convertible into equity shares and where the context so requires shall include the Resultant shares.

  

	•	 	 Strategic Sale refers to the sale of hundred percent of the equity of the company in its entirety and/or any event resulting from
Corporate Action undertaken by the Company. 

  

	•	 	 Subsidiary means a Subsidiary company as defined under the Companies Act, 1956 and as altered from time to time.

  

	•	 	 Tenure or Grant Tenure means the period from approval of grant to Closing Date, during which the Grant is effective.

  

	•	 	 Trust means the trust created and established by the Board of Directors of the Company to promote participation in
management and prosperity of the company by employees pursuant to this Plan. 

  

	•	 	 Trustees mean the trustees of the Trust for the time being and persons nominated/appointed as such from time to time by the Board of
Directors of the company and to perform such actions and deeds as stipulated in the Trust Deed. 

  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	12

 

 
  

	•	 	 Unvested Option means an option in respect of which the relevant vesting conditions have not been satisfied and as such, the option
grantee has not become eligible to exercise the option. 

  

	•	 	 Vested Option means an option in respect of which the relevant vesting conditions have been satisfied and the option
grantee has become eligible to exercise the option. 

  

	•	 	 Vesting means the process by which the employee is given the right to apply for shares of the Company against the option granted to
him in pursuance of the Plan. 

  

	•	 	 Vesting Conditions means the conditions subject to which the option granted would vest in an option grantee.

  

	•	 	 Vesting period means the period during which the vesting of the option granted to the employee in pursuance of the Plan takes place.

 The definitions as given in this Section are for the purposes of interpretation of this Plan only and
should not be used for any other purpose. 
  

	10.2	 Interpretations 

 In this document, unless otherwise stated or intention appears: 
  

	•	 	 The singular includes the plural and vice versa 

  

	•	 	 The word person includes an individual, a firm, a body corporate or any other authority 

 

	•	 	 Any word or expression importing the masculine or feminine genders only shall be taken to include all these genders. 

 

	10.3	 Section Headings 

 The section headings are for information only and shall not affect the construction of this document. 
  

	10.4	 References 

  

	•	 	 A reference to a clause or schedule is respectively a reference to a clause or schedule of this document. The Schedules, if any, to this document
shall for all purposes form part of this document. 

  

	•	 	 Reference to any Act, Rules, Regulations, Statutes or Notifications/Circulars/ Press Notes shall include any statutory modification, substitution or
re-enactment thereof. 

  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	13

 

 
  

	11	Section 3: Implementation 

 The Plan shall be implemented by the Compensation Committee under the policy and framework laid down by the Company and/or Board of Directors of the Company, in accordance with the authority delegated to
the Compensation Committee in this regard from time to time and subject to the amendments, modifications and alterations to the Plan made by the Company and/or Board of Directors in this connection. 

The issuance of shares will be under the guidance, advice and direction of the Compensation Committee constituted under this Plan.

  
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	14

 

 
  

	12	Section 4: Effective date of the plan and tenure of Grant 

  

	12.1	Effective dates 

 The Plan
shall be deemed to have come into force on the 26th day of November, 2009 or on such other date as may be decided by the Board of Directors of the Company subject to the approval of shareholders of the company in general meeting. 

 

	12.2	Termination 

 If any Stock
Options granted under the Plan are terminated under the provisions of Section 18, such options shall be available for further award under the Plan. 
  

	12.3	Tenure 

 The tenure of
each grant shall include the period from the date of approval of the grant to the closing date of the grant. Any stock options, which remain unexercised after the tenure of the grant, would automatically be deemed to be lapsed and/or ineffective.

  
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	15

 

 
  

	13	Section 5: Administration and Compensation Committee 

  

	13.1	Administration of plan 

The ESOP 2009 shall be administered by the Compensation/Remuneration Committee. All questions of interpretation of the ESOP 2009 or any
Employee Stock Option shall be determined by the Compensation/Remuneration Committee and such determination shall be final and binding upon all persons having an interest in the ESOP 2009 or such Employee Stock Option. 

 

	13.2	 Constitution of the Compensation Committee 

 The Board of Directors, subject to the approval of shareholders in general meeting, constitute a separate Committee by the name of ‘Compensation Committee’. 

The Compensation Committee shall consist of such number of persons not less than three, as the Board of Director shall deem fit. The
Compensation Committee, in exercise of its powers, may require any information from the Board/Company and/or seek any assistance from the Board/ Company and/or any employee of the Company as it may deem fit to, fully and effectively discharge its
duties and responsibilities. 
  

	13.3	 Powers 

 The Powers of, the Compensation Committee, inter alia, include the power to: 
  

	•	 	 frame ESOP plans, get the same approved from Board and implement them 

 

	•	 	 the quantum of option to be granted under an ESOP per employee and in aggregate; 

 

	•	 	 the conditions under which option vested in employees may lapse in case of termination of employment for misconduct; 

 

	•	 	 the exercise period within which the employee should exercise the option and that option would lapse on failure to exercise the option within the
exercise period; 

  

	•	 	 the specified time period within which the employee shall exercise the vested options in the event of termination or resignation of an employee;

  

	•	 	 the right of an employee to exercise all the options vested in him at one time or at various points of time within the exercise period;

  

	•	 	 the procedure for making a fair and reasonable adjustment to the number of options and to the exercise price in case of corporate actions such as
rights issues, bonus issues, merger, sale of division and others. In this regard following shall be taken into consideration by the Compensation Committee: 

 

	 	•	 	 the number and the price of ESOP shall be adjusted in a manner such that total value of the ESOP remains the same after the corporate action;

  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	16

 

 
  

	 	•	 	 for this purpose global best practices in this area including the procedures followed by the derivative markets in India and abroad shall be
considered; 

  

	 	•	 	 the vesting period and the life of the options shall be left unaltered as far as possible to protect the rights of the option holders.

  

	•	 	 the grant, vest and exercise of option in case of employees who are on long leave; and 

 

	•	 	 the procedure for cashless exercise of options, if applicable 

 

	•	 	 the Compensation Committee shall frame suitable policies and systems to ensure that there is no violation of: 

 

	 	•	 	 Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 

 

	 	•	 	 Securities and Exchange Board of India (Insider Trading) Regulations, 1992; and 

 

	 	•	 	 Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 1995, by
any employee. 

 The members of the Compensation Committee and their powers and functions can be specified,
varied, altered or modified from time to time by the Board of Directors subject to such rules and regulations as may be in force. The Board may further provide that the Compensation Committee shall exercise certain powers only after consulting the
Trust and/ or Board of Directors of the Company, as the case may be. 
  

	13.4	 Liability of Members of the Compensation Committee 

 No member of the Compensation Committee shall be personally liable for any decision or action made in good faith with respect to the Plan. 

The Compensation Committee members shall, however, abstain from participating in and deciding matters that directly affect their
individual ownership interests under the Plan. 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	17

 

 
  

	14	Section 6: Grant of Options 

  

	14.1	Grant Limits 

  

	•	 	 Compensation Committee may from time to time make Grants to one or more Employees, determined by it to be eligible for participation in the Plan in
accordance with the provisions of Section 15 of the Plan. Shares shall be deemed to have been issued under the Plan only to the extent actually issued and delivered pursuant to a Grant. To the extent that a Giant lapses or the rights of its
Grantee terminate, any shares of Common Stock subject to such Grant shall again be available for the making of a Grant. The aggregate number of shares which may be issued under the Plan shall be subject to adjustment in the same manner as provided
in this Plan with respect to shares of Common Stock subject to Options then outstanding. 

  

	•	 	 The Grant shall be at such price as may be determined by the Compensation Committee and shall be specified in the Grant.

  

	•	 	 The Grant shall be in writing and shall specify the number of options granted, the price payable for exercising the options, the earlier date on
which some or all of the Options and the shares acquired under the Grant shall be eligible for vesting, fulfilment of the performance and other conditions, etc, if any, subject to which vesting shall take place and other terms and conditions
thereto. 

  

	•	 	 The option shall not be transferable and can be exercised only by the employees of the Company. 

 

	14.2	Stock offered 

 The shares
to be offered pursuant to a Grant shall be from the authorized share capital of the Company or Common Stock previously issued and outstanding and reacquired by the Company. Shares subsequently purchased by the Company from Grantees would be
available for grant of further Stock Options within the Plan tenure. 
  

	14.3	Structure of the plan 

The Company has set aside 5% of the issued and paid up capital as on the Grant Date for the purpose of this Plan. Each Option entitles the
Grantee thereof to apply for and be allotted one equity share of the Company at the Exercise Price. 
  

	14.4	Grant Plan 

 All employees
who are eligible as per Section 15 of the Plan shall be granted options the date they become eligible under the Plan. However, the Compensation Committee has the sole discretion in granting options prior to the employees meeting all the
eligibility criteria given in Section 15. 
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	18

 

 
  

	14.5	Grant Criteria 

 All
eligible employees will be granted options by the Compensation committee on the basis of some or all of the following criteria, as and when they apply: 
  

	•	 	 Level and role of the employee; 

  

	•	 	 Performance of the employee; 

  

	•	 	 Tenure with the organization; 

  

	•	 	 Such other factors as Compensation Committee may decide from time to time 

 
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	19

 

 
  

	15	Section 7: Vesting of Options 

  

	15.1	Vesting plan 

 The vesting
period for the grant shall be as follows: 
 For eligible employees as identified by the Compensation Committee and at their
sole discretion: 
  

	•	 	 20% of the options shall vest on the completion of 12 months from the grant date 

 

	•	 	 20% of the options shall vest on the completion of 24 months from the grant date 

 

	•	 	 30% of the options shall vest on the completion of 36 months from the grant date 

 

	•	 	 30% of the options shall vest on the completion of 48 months from the grant date 

Notwithstanding anything to the contrary in this plan, the Compensation Committee may be entitled to in its absolute discretion, to vary
or alter the Vesting Date from employee to employee or class there, as it may deem fit. 
  

	15.2	 Exercise of unvested options 

 The Compensation Committee in its absolute discretion may permit the Options granted, including Options, which have not vested to be exercised within such time and on such terms and conditions as it may
determine. 
  
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	20

 

 
  

	16	Section 8: Exercise of Options 

  

	16.1	Exercise plan 

 There
shall be no lock-in after the options have vested. The Vested options would be eligible to be exercised on the Vesting Date itself. Notwithstanding any provisions to the contrary in this Plan the options must be exercised before the end of the
tenure of the plan. Also, the options can be exercised only before the end of tenure of the plan. The shares arising out of exercise of Vested Options would not be subject to any lock-in-period after such exercise, except as required by underwriters
in the event of an Initial Public Offering of the Company’s Shares. 
  

	16.2	 Exercise price/ Grant Price 

 The Exercise Price would be decided at the Compensation Committee’s sole discretion. Such exercise price will be intimated to the eligible employee at the time of grant of options to them.

  

	16.3	 Other aspects 

 Notwithstanding anything contained elsewhere in the Plan, the Compensation Committee and/or the Board may if the Exercise of Options within the Exercise period, is prevented by any law or regulation in
force the Compensation Committee or the Board, defer or refuse to permit the Exercise of Options till such time as it is prohibited by the applicable laws or regulations and in such an event, the Company shall not be liable to pay any Compensation
or similar payment to the Employee for any loss suffered due to such refusal. 
 Provided further, that the Board shall have the
power and be and is hereby authorized to cancel all or any of the Options granted under the Plan if so required under any law for the time being in force. 
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	21

 

 
  

	17	Section 9: Purchase plan 

  

	17.1	Whilst in employment 

 In
event of an IPO, the employee will be free to sell his shares in the open market, subject to any holding restrictions by SEBI, if any, at the time of the then applicable law. 
 In event of a strategic sale, all vested options of the employee will be exited in the currency of the transaction (cash or equity swap, as the case may be). With respect to unvested options, they will be
traded with options under the new entity or they will be deemed as vested and will be treated in the same manner as all other vested options. 
 In event of absence of the above two exit options, an employee can exit by selling his shares to a third party subject to the following order of right to refusals: 

 

	•	 	 First right of refusal will remain with the Company 

 

	•	 	 Second right of refusal lies with Promoter Group 

  

	•	 	 Third right of refusal lies with other employees 

  

	•	 	 In case of refusal from all the above parties the employee can sell the shares to any third party 

 

	17.2	 Whilst not in employment 

 Until IPO, the ex-employee who has exercised his Options shall be free to sell his shares to a third party subject to the right of first refusal lying with the Trust and/or the Compensation Committee
and/or the Promoters and/or any other employee of the Company at the price offered by the third party and exercise of right for first refusal shall not exceed a period of 30 days. 

In event of an IPO, the ex-employee will be free to sell his shares in the open market, subject to any holding restrictions by SEBI, if
any, at the time of the then applicable law. 
 In event of a strategic sale, all exercised options of the ex-employee will be
eligible for exit in the currency of the transaction (cash or equity swap) as for existing employees of the Company. 
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	22

 

 
  

	18	Section 10: Termination of employment 

 If a Grantee’s employment (or other service) with the Company terminates: 
  

	•	 	 For Cause, then the Options, to the extent previously vested, shall be exercised by the employee within one month from the date of such termination

 Cause shall mean, as determined by the Compensation Committee, which include
but not limited to, (i) the failure of the Employee, as judged by the Management / disciplinary committee or any other such committee constituted for the purpose, to achieve assigned performance targets and objectives, (other than any such
failure resulting from retirement, death or disability as defined below), (ii) the engaging by the Employee in wilful, reckless or grossly negligent misconduct which is determined by the Compensation Committee to be detrimental to the interest
of the Company or any of its affiliates, monetarily or otherwise, or (iii) the Employee’s pleading guilty to or conviction of a felony (iv) fraud, misfeasance, breach of trust or wrongful disclosure of any secret or confidential
information about the Company to any third party , or (v) employment of the Employee in any other organisation or provision of services by the Employee for any other organisation. 

 

	•	 	 Due to voluntary resignation on the part of the Grantee, vested but unexercised options would need to be exercised within one month from the date of
resignation by the employee, else they would lapse on completion of one month. All unvested options would be forfeited by the Company. 

  

	•	 	 On completion of his/ her employment (or other service) due to retirement, superannuation or otherwise, then the Grantee shall have right to
exercise the Options that have vested prior to separation from the Company. The employee must exercise the vested options within one year in case of completion of the period of contract of his employment (or other service). All unvested options will
stand cancelled as on the date of such retirement, unless otherwise determined by the Compensation Committee whose decision will be final and binding. 

  

	•	 	 In the event of abandonment by an employee, all options, vested (but not exercised) or unvested, stand cancelled. 

 

	•	 	 In case of duly approved long leave of the Participant, the Vesting Period shall be increased by the period of such long leave taken by the
Participant. 

  

	•	 	 In event of termination of employment without a cause, all vested options have to be exercised by the employee within one month from the date of
such termination 

  

	•	 	 For reasons other than those referred above in Section 10 or Section 11, the Compensation Committee will decide whether the vested options
on the date of separation can be exercised by the employee or not, and such decision shall be final. 

  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	23

 

 
  

	19	Section 11: Death and Total & Permanent Disability 

 If a Grantee should die or become totally and permanently disabled while an employee of the Company, the Granted Stock Options shall vest and exercise as below: 

 

	•	 	 In the event of death of a Participant while in employment with the Company, all the Options granted to him till such date and lying unvested shall
vest in the Beneficiary of the deceased Participant immediately on that day. All the Vested Options shall be permitted to be exercised within a period of 365 days from the date of death of the Participant or the expiry of the Exercise Period,
whichever is earlier. Any Vested Options not exercised within this aforesaid period shall lapse and stand forfeited and cancelled at the end of the aforesaid period. 

 

	•	 	 In the event the termination of a Participant’s employment with the Company, is as a result of total or permanent incapacity (i.e., incapacity
to engage in work as a result of sickness, mental disability or otherwise or by reason of accident), all the Options granted to him till such date of permanent incapacitation and lying unvested, shall vest in him on that day. All the Vested Options
shall be permitted to be exercised within a period of 365 days from the date of permanent incapacitation or the expiry of the Exercise Period, whichever is earlier. Any Vested Options not exercised within this aforesaid period shall lapse and stand
forfeited and cancelled at the end of the aforesaid period. 

  
  

 
  
  

 

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	24

 

 
  

	20	Section 12: Non Assignability 

 The Option shall not be transferable or assignable by the Employee, otherwise than by will or the laws of descent and distribution and the Option shall be exercisable, during the Employee’s lifetime,
only by him or, during periods of legal disability, by his legal representative. No Option shall be subject to execution, attachment or similar process. The Options granted shall not be pledged, hypothecated, mortgaged or otherwise alienated in any
other manner. 
  
  
  

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	25

 

 
  

	21	Section 13: Rights of an employee in stock 

  

	21.1	Shareholder rights 

Neither Employee, nor his successor in interest, shall have any of the rights of a shareholder of the Company with respect to the shares
for which the Option is exercised until such shares are issued by the Company. 
  

	21.2	 Change of Employment within Company 

 Except as may be otherwise provided in this Plan, the Option granted hereunder shall not be affected by any change of employment so long as employee continues to be employed by the Company. 

 
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	26

 

 
  

	22	Section 14: Terms and conditions of shares 

 All Shares acquired under the Plan will rank pari passu with all other Shares of the Company for the time being in issue, save as regards any right attached to any such Shares by reference to a record
date prior to the date of allotment. Dividend in respect of Shares allotted on exercise of the Options shall be payable pro-rata from the date of allotment. 
  

 
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	27

 

 
  

	23	Section 15: Eligibility 

A Stock Option Grant made pursuant to the Plan may be Granted only to an individual who, at the time of Grant, 

 

	•	 	 Is an employee of the Company and/or, 

  

	•	 	 Has been identified as key resource by the Compensation committee, at the time of hiring, [in order to attract and/or bridge gap from market in
terms of Compensation, if any.] 

  

	•	 	 Any other employee who has been identified by compensation committee at its sole discretion subject to conditions mentioned above

 The Compensation committee however is authorized to change the eligibility criteria from time to time,
subject to approval of the Board. 
 Each Grant shall be evidenced by a written instrument duly executed by or on behalf of the
Company. 
  
  
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	28

 

 
  

	24	 Section 16: Stock Option/ Grants 

  

	24.1	Stock Option Agreement 

Each Option shall be evidenced by an Agreement between the Company and the Grantee, which shall contain such terms, and conditions as may
be approved by the Compensation Committee. Each Agreement shall specify the effect of termination of employment, total and permanent disability, retirement or death on the exercisability of the Option and such other terms and conditions as the
Compensation Committee may deem necessary. 
 Under each Agreement, a Grantee shall have the right to appoint any individual or
legal entity in writing as his nominee under the Plan in the event of his death / total and permanent disability. Such designation may be revoked in writing by the Grantee at any time during the time of employment and a new nominee may be appointed
in writing on the form provided by the Compensation Committee for such purpose. Such nominee shall be the only legal representative recognised by the Company/ Compensation Committee as the inheritor of the Grantees option to the exclusion of all
others. 
  

	24.2	Option period 

 The term
of each Option shall be as specified by the Compensation Committee at the Grant Date and shall be stated in the Agreement; provided, however, that an Option may not be exercised after the end of the tenure of the grant. 

 

	24.3	Limitations on Exercise of Option 

 Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Compensation Committee and as permissible under the terms of the Plan, which shall be
specified in the Agreement evidencing the Option. An Option shall not, however, be exercised for fractional shares. 
  

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	29

 

 
  

	25	 Section 17: Change in Capital Structure or Corporate Action 

Except as hereinafter provided, a Grant made shall be subject to adjustment, by the Compensation Committee, at its discretion as to number
and price of Options or Shares, as the case may be, in the event of ‘Change in Capital Structure’ or a ‘Corporate Action’ as defined in this Plan. 
 The existence of the Plan and the Grants made hereunder shall not in any way affect the right or the power of the Board of Directors or the shareholders or the Company to make or authorize any
‘Change in Capital Structure’ or any ‘Corporate Action’ including any issue of shares, debt or other securities having any priority or preference with respect to the Shares or the rights thereof, and with respect to pricing of
the shares (shares may be issued at par or at any price as may be decided by the Board of Directors or the Company which may be lower than the price at which stock option is / will be granted to the Employees, from time to time). 

If there is a ‘Change in the Capital Structure of the Company’ before the Options granted under this Plan are exercised, the
Employee shall be entitled on exercise of the Options, to such number of Resultant Shares to which he would have been entitled as if all the Options not exercised by him had been exercised by him before such ‘Change in the Capital
Structure’ of the Company had taken place and the rights under the Options shall stand correspondingly adjusted. 
 The
Shares in respect of which the Options are granted, are Shares as presently constituted. But if and when, prior to the expiry of the Exercise Period there is a ‘Change in the Capital Structure’ of the Company, the number of Shares with
respect to which the Options may thereafter be exercised shall, in the event of: 
  

	•	 	 An increase in the number or Resultant Shares, be proportionately increased, and the Exercise Price, be proportionately reduced.

  

	•	 	 A reduction in the number of Resultant Shares, be proportionately reduced, and the Exercise Price, be proportionately increased.

 Provided further that in case the provisions of applicable law restrict/prohibit the issue of shares at a
discount to its par value, the Exercise Price shall not be less than the amount as prescribed under such law. 
 In the event of
‘Corporate Action’, the Compensation Committee, at least seven days prior to any ‘Corporate Action’ or thirty days thereafter, acting in its absolute discretion with or without the consent or approval of the Employee, as it may
deem fit, shall in respect of the outstanding Options act on any of the following alternatives: 
  

	•	 	 Provide that on any exercise of Options hereafter, the Employee shall be entitled to the Shares and / or Resultant Shares as if the Employee had
been a Holder of the Shares on exercise of the Options. 

  

	•	 	 Make such adjustments to the Options outstanding to reflect the ‘Corporate Action’, as may be necessary, 

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	30

 

 
  

	•	 	 Require the mandatory surrender to the Company, by all or some of the Employees, of all or some of the outstanding Options, irrespective of whether,
the Options, have vested or not, as on that date, and in such an event the Compensation Committee shall pay such Employees an amount in cash or otherwise, per Option, as the case may be, of the ‘Change in Control Value’ after deducting the
balance Exercise Price payable, if any. 

  
  

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	31

 

 
  

	26	 Section 18: Amendment or Termination of Plan 

 The Board of Directors in its absolute discretion may from time to time amend, alter or terminate the Plan or any Grant or the terms and conditions thereof provided, that no amendment, alteration or
termination in any Grant previously made may be carried out, to the extent possible, which would impair or prejudice the rights of the Employee without the consent of the concerned Employee. 

Provided further, that the Board may not, without the approval of the shareholders, amend the Plan: 

 

	•	 	 To increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan on exercise or surrender of Options or upon
Grants; 

  

	•	 	 To change the Option exercise price; 

  

	•	 	 To extend the maximum period during which Grants may be made under the Plan 

Without prejudice to the above, the Board of Directors, without any reference to or consent of the Employee concerned, amend the Plan or
Grant or any Agreement to comply with any laws, regulations or guidelines, which is or may hereinafter, become applicable to this Plan. 
  

 
  
  

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	32

 

 
  

	27	Section 19: Others 

  

	27.1	No right to a Grant 

Neither the adoption of the Plan nor any action of the Compensation Committee shall be deemed to give an Employee any right to be granted
an Option to purchase Common Stock, to receive a Grant or to any other rights hereunder except as may be evidenced by an Option Agreement duly executed on behalf of the Company, and then only to the extent of and on the terms and conditions
expressly set forth therein. 
  

	27.2	No Employment Rights Conferred 

 Nothing contained in the Plan or in any Grant made hereunder shall (i) confer upon any Employee any right with respect to continuation of employment with the Company, or (ii) interfere in any
way with the right of the Company to terminate his or her employment at any time. 
  

	27.3	No Restriction of Corporate Action 

 Nothing contained in the Plan shall be construed to prevent the Company from taking any corporate action which is deemed by the Company to be appropriate or in its best interest, whether or not such
action would have an adverse effect on the Plan or any future Grant under the Plan. No Employee, beneficiary or other person shall have any claim against the Company as a result of such action. 

 

	27.4	Tax deduction at source 

The Company shall have the right to deduct, in connection with all Grants, any taxes, if any, required by law to be deducted at source and
to require any payments necessary to enable it to satisfy such obligations. 
 Upon giving not less than 07 days notice to the
employee to the amount of tax, the Company shall be empowered to sell such number of Shares or deduct an amount from his/ her salary as would be necessary to discharge the obligation in the respect of tax deduction at source and appropriate the
proceeds thereof on behalf of the employee. 
  

	27.5	Confidentiality 

 The
Employee shall ensure complete confidentiality in respect of all documents, matters and discussions in relation to the Plan, Grant, the Option Agreement or any connected matter. Any violation may result in cancellation of Grant or compulsory
retransfer of Shares to a nominee as the Compensation Committee may deem fit without prejudice to the other action which may be taken in this regard. 
  

 
  
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	33

 

 
  

	27.6	Insider Trading 

 The
Employee shall ensure that there is no violation of: 
  

	•	 	 Insider Trading Regulations of the Country and/or the recognized stock exchange on which the shares of the Company are listed.

  

	•	 	 Other applicable restrictions for prevention of Fraudulent and/or Unfair Trade Practices relating to the Securities Market.

 The Employee shall keep the Company, the Board and the Compensation Committee, fully indemnified in respect
of any liability arising for violation of the above provisions. 
  

	27.7	 New Plans 

 Nothing contained in the Plan shall be construed to prevent the company directly or through any trust settled by Company, from implementing any other new Employee Ownership Plan which is deemed by the
Company to be appropriate or in its best interest, whether or not such other action would have any adverse impact on the Plan or any Grant made under the Plan. No Employee or other person shall have any claim against the Company and/or trust as a
result of such action. 
  

	27.8	 Issues 

 In respect of any issues arising in respect of the Plan, the decision of the Board and/or Compensation Committee shall be final and binding on all concerned. 

 

	27.9	 Information to Employees 

 Grantees under the Plan shall receive financial statements annually regarding the Company during the period the Options are outstanding. 

 

	27.10	 Any outflow under ESOP scheme 

 Any outflow for the company on any account including but not limited to any tax, cess, duty or levy [including Perquisite Value Tax] etc, as applicable from time to time at present or in future due
to/under this ESOP scheme shall be recoverable from the concerned employee. 
  

	27.11	 Governing Law 

 The Plan shall by construed in accordance with and subject to the laws of Republic of India and other applicable laws. The shares issued pursuant to this plan shall be governed by the Corporate and
Securities Laws of the India and in a case where the Shares are listed on a stock exchange in a country other than India, the laws of the country / stock exchange in which the Shares are listed shall also apply. 

The courts at New Delhi shall have the exclusive jurisdiction. 
 AS ADOPTED BY THE SHAREHOLDERS AS OF 4th December, 2009. 
  
 

 
  

  

			
	 EROS INTERNATIONAL MEDIA LIMITED

(Formerly known as Eros International Media Private Ltd.)
 Corporate Office: Second Floor, Satyadev Building, Off New Link Road, Andheri (W), Mumbai - 400 053.
 Tel.: +91-22-4053 8500    Fax: +91-22-4053 8540    E-mail:
eros@erosintl.com    —    www.erosentertainment.com
 Regd. Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Ind. Estate, Link Road, Andheri (W), Mumbai - 400 053.
	 	34Form of Joint Share Ownership Deed Measured by Total Share Return

 Exhibit 10.13 
 DATED APRIL 2012 
 [PARTICIPANT] (1) 

- and – 
 ARDEL TRUST COMPANY (GUERNSEY) LIMITED (2) 
 - and – 

EROS INTERNATIONAL PLC (3) 
  

 
 JOINT SHARE
OWNERSHIP DEED 
  
  

 

					
	1.	 	DEFINITIONS AND INTERPRETATION	  	1
			
	2.	 	[PURPOSEFULLY LEFT BLANK]	  	5
			
	3.	 	OWNERSHIP OF SHARES	  	5
			
	4.	 	PAYMENT OF DIVIDENDS AND OTHER DISTRIBUTIONS	  	6
			
	5.	 	VOTING AND OTHER RIGHTS ATTACHING TO THE SHARES	  	7
			
	6.	 	EFFECT OF CERTAIN EVENTS ON THIS DEED	  	8
			
	7.	 	EFFECT OF THE OCCURRENCE OF A TRIGGER EVENT	  	9
			
	8.	 	EMPLOYMENT RIGHTS AND INDEMNITY	  	10
			
	9.	 	DEALING RESTRICTIONS	  	11
			
	10.	 	ENTIRE AGREEMENT	  	11
			
	11.	 	WAIVER	  	12
			
	12.	 	SEVERABILITY OF PROVISIONS	  	12
			
	13.	 	NO ASSIGNMENT	  	12
			
	14.	 	COUNTERPARTS	  	12
			
	15.	 	THIRD PARTY RIGHTS	  	12
			
	16.	 	DATA PROTECTION	  	12
			
	17.	 	GOVERNING LAW	  	12
			
	18.	 	AMENDMENTS	  	13
			
	19.	 	ADMINISTRATION	  	13
			
	20.	 	NOTICES	  	13
		
	SCHEDULE 1 Form of Written Notice	  	15
		
	SCHEDULE 2 Vesting and the Performance Condition	  	16

 THIS DEED is dated the      day of April 2012 

BETWEEN: 
  

	(1)	[PARTICIPANT] of [                    ] (“the
Participant”); 

  

	(2)	ARDEL TRUST COMPANY (GUERNSEY) LIMITED whose registered address is at PO Box 175, Frances House, Sir William Place, St Peter Port, Guernsey GY1 4HQ (“the
Trustee”); and 

  

	(3)	EROS INTERNATIONAL PLC (registered in the Isle of Man with company number 007466V) whose registered office is at Fort Anne, Douglas, Isle of Man IM1 5PD
(“the Company”). 

 BACKGROUND 

 

	A.	The Trustee is the trustee of the Eros International plc Employee Benefit Trust (“EBT”) established by the Company and reference to the Trustee shall
include reference to the trustee from time to time of the EBT. 

  

	B.	The Participant is an employee/director of a Group Company. 

  

	C.	The Trustee is the legal and beneficial owner of ordinary shares of £0.10 each in the capital of the Company (“Shares”).

  

	D.	The Participant and the Trustee have agreed that the Trustee shall declare a trust in respect of [        ] Shares so that the
Shares are held by the Trustee and the Employee together beneficially on a joint basis as tenants in common subject to the terms and conditions set out below. 

 

	E.	The unrestricted market value (for tax purposes) of the Participant’s interest in the Shares so acquired has been estimated by Grant Thornton UK LLP as £10
and agreed by the Company and the Participant. 

 TERMS AGREED: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Deed (including the Background) unless the contrary intention appears, the following definitions and rules of construction apply: 

 

			
	“AIM”	  	the AIM market of London Stock Exchange plc;
		
	“as Adjusted”	  	as defined in the definition of “JSOP Shares” below;
		
	“Board”	  	the Board of Directors for the time being of the Company or a committee of it duly authorised for the purposes of this Deed (which, as at today’s date, is the remuneration
committee of the Company);

  
 -1-

			
		
	“Business Day”	  	a day (excluding Saturdays, Sundays and public holidays) on which banks in the City of London are generally open for business;
		
	“Control”	  	means the power of a person to secure by means of the holding of shares or the possession of voting power in relation to the Company or any other body corporate, or as a result
of any powers conferred by the articles of association or any other document regulating the Company or any other body corporate, that the affairs of the Company are conducted in accordance with that person’s wishes;
		
	“Change of Control”	  	 (a)     any person or group of persons acting in concert within the
meaning of the City Code on Takeovers or Mergers (or similar provisions in respect of any other Recognised Investment Exchange) obtaining unconditional Control of the Company other than pursuant to an Internal Reorganisation; or

 
 (b)     the first
date when none of the Company’s shares (or any holding company’s shares of the Company) are admitted to trading on any market for listed securities (and such a market includes the Alternative Investment Market of London Stock Exchange plc
or any other Recognised Investment Exchange), save where this is due to the Company (or holding company) moving from one such exchange to another such exchange as determined by the Board;

		
	“Group” or “Group Company”	  	the Company and all subsidiaries and any holding company of the Company and any subsidiaries of any such holding company from time to time where subsidiaries has the meaning
given in the Companies Act 2006 (or any local companies law if different) but a company shall be treated for the purposes of the membership requirement contained in sub-sections 1159(1)(b) and (c), as a member of another company, even if its shares
in that other company are registered in the name of (a) another person (or its nominee) whether by way of security or in connection with taking security or (b) its nominee;
		
	“Internal Reorganisation”	  	any compromise, arrangement or offer which, in the reasonable opinion of the Board, having regard to the shareholdings in the Company and any acquiring company before and after
the compromise, arrangement or offer and/or the consideration given for

  
 -2-

			
		  	the acquisition of the JSOP Shares and/or any other matter which it considers relevant, is in the nature of an internal reorganisation or reconstruction of the
Company;
		
	“JSOP Shares”	  	 [        ] Shares including:

 
 (a)     any other
shares or securities that may be acquired in addition to or in place of such Shares being derived from this original holding as a result of any variation of share capital of the Company or Internal Reorganisation of the Company (including but not
limited to the proposed redesignation of the JSOP Shares into “A Ordinary Shares” and the proposed 1 for 3 share consolidation, together with any other reconstruction, amalgamation or merger or the sub-division, consolidation or division
of shares), but not as a result of a rights issue (in which case clause 5.2 shall apply); and
  

(b)     bonus shares and dividend reinvestments relating to the Shares which are the
subject matter of this Deed and any other property representing the same,
  

and any reference in this Deed to “the original number of JSOP Shares” shall take into account the effect of (a) and (b) above to determine that
original number and likewise any reference to an amount or value being “as Adjusted” shall take into account the effect of (a) and (b) above;

		
	“Leaver”	  	 an individual ceasing to be a director and/or employee of the Group where that individual does not continue (or is not immediately
re-employed) as an employee or director of any member of the Group,
  
 and
where an individual’s contract of employment or service contract with the Group Company is terminated with or without notice the individual’s employment or service shall be deemed to cease on the date on which the termination takes
effect;

		
	“Listing Price”	  	the price per listed share of the Company at which the Company’s shares are initially admitted to trading upon the proposed
Relisting;

  
 -3-

			
	“Market Value”	  	 in respect of a JSOP Share
  

(a)     save where (c) applies, on any date when Shares are admitted to the Official
List of the London Stock Exchange plc (and have not been suspended) or any other Recognised Investment Exchange or are admitted to trading on AIM, being a market operated by the London Stock Exchange plc, the average of the closing middle market
quotations (expressed in £) for a JSOP Share for the preceding 5 days that the Recognised Investment Exchange or market in question is open for business provided always that (i) if there is no such price for a Share on any day the last
available price for the Shares shall be used instead (ii) if in the reasonable opinion of the Board on any one or more of those days there is insufficient trading volume in the Shares for such quotation(s) to be a proper determination of market
value, the Board shall choose one or more other preceding days for the determination of Market Value;
  

(b)     where (a) or (c) do not apply, the market value of a JSOP Share determined by
the Board in accordance with the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992; or
  

(c)     on any sale or transfer of a JSOP Share pursuant to clause 7.4, the Net Proceeds
of Sale as defined in that clause;

		
	“Performance Condition”	  	as defined in Schedule 2;
		
	“Recognised Investment Exchange”	  	the meaning given to that term in section 285 of the Financial Services and Markets Act 2000 (and including, for the avoidance of doubt, any designated or recognised overseas
investment exchange);
		
	“Relisting”	  	the proposed move by the Company from AIM to admission to trading on the New York Stock Exchange (or any other Recognised Investment Exchange);
		
	“Share Price Condition”	  	on the relevant day the Market Value of a JSOP Share (as Adjusted) equals or exceeds £3.38, and where as a consequence of a Relisting or otherwise the market quotation’s
currency changes for a JSOP Share, the sterling figure above shall be rebased to the new currency at the closing spot exchange rate on the day before the date of the currency change (being, in the case of a Relisting, the day before admission to
trading on the Relisting);

  
 -4-

			
	“Share”	  	an ordinary share in issue in the capital of the Company;
		
	“Trigger Event”	  	the meaning given in clause;
		
	“Unvested”	  	as defined in Schedule 2;
		
	“Vested”	  	as defined in Schedule 2;
		
	“Vesting Date”	  	31 May 2015, subject to clauses 6.4, 6.5 and 6.6.

  

	1.2	references to clauses are to clauses of this Deed; 

  

	1.3	words importing gender include each gender; 

  

	1.4	references to persons include bodies corporate, firms and unincorporated associations and that person’s legal representatives and successors;

  

	1.5	the singular includes the plural and vice versa; 

  

	1.6	headings are for convenience only and do not affect the interpretation of this Deed; 

 

	1.7	references to any enactment, statutory provision or regulation shall be deemed to include references to such enactment, provision or regulation as extended, re-enacted,
modified or amended; 

  

	1.8	references to parties are to parties to this Deed and party means any one of them; and 

 

	1.9	references to this Deed include this Deed as amended or varied in accordance with its terms. 

 

	2.	[PURPOSEFULLY LEFT BLANK] 

  

	3.	OWNERSHIP OF SHARES 

  

	3.1	The Participant has paid the sum of £10 (the “Consideration”) to the Trustee as consideration for the Trustee hereby declaring a trust pursuant
to which the Participant is beneficially entitled to a proportion of each JSOP Share. The purpose of this clause 3 is to describe and calculate the respective interests of the Participant and the Trustee in the JSOP Shares. The formula calculates
the beneficial interest in each JSOP Share owned by the Participant and the Trustee from time to time, the effect being that, subject to the Share Price Condition and the Performance Condition, the Participant’s interest in the JSOP Shares
increases as the JSOP Shares increase in value from the Listing Price (or, before the Relisting, £2.64) (as Adjusted) per JSOP Share. 

  

	3.2	The Participant and the Trustee hereby agree that they own the unencumbered beneficial interest in the JSOP Shares for themselves as tenants in common so that the
beneficial entitlement to the JSOP Shares belonging to each of the Participant and the Trustee on any date may be determined in accordance with the following method: 

 

	 	(a)	the Market Value shall be determined: 

  
 -5-

	 	(i)	on the date of this Deed (in accordance with clause 3.1 above); 

  

	 	(ii)	on the date of any sale or transfer of some or all of the JSOP Shares or any interest in the JSOP Shares following a Trigger Date in the circumstances set out in clause
7.3; 

  

	 	(iii)	on the record date in respect of any dividend as set out in clause 4; and 

  

	 	(iv)	on any other date on which the parties shall agree that the Market Value shall be determined, 

(each a “Relevant Date”); 
  

	 	(b)	on any Relevant Date and provided that the Share Price Condition is satisfied, the Trustee shall be beneficially entitled to such proportion of each JSOP Share as shall
be calculated as a percentage (to two decimal places) with reference to the Relevant Date according to the following formula: 

  

											
		 	 IMV
	  	×	  	 	100	  	  	
		 	 MV 2
	  	  	  

 Where: 

IMV is the Listing Price (or, before the Relisting, £2.64) (as Adjusted); and 

MV2 is the Market Value of each JSOP Share at the Relevant Date; 

 

	 	(c)	on the Relevant Date, the Participant shall be beneficially entitled to such proportion calculated as a percentage (to two decimal places) of each of the JSOP Shares as
shall not belong to the Trustee; 

  

	 	(d)	if the Share Price Condition has not been satisfied or if on any Relevant Date the percentage calculated in accordance with (b) above is equal to or more than
99.99 then the Trustee shall be beneficially entitled to 99.99% of the JSOP Shares and the Participant shall be entitled to 0.01% of each of the JSOP Shares provided that in these circumstances where the value of 0.01% of the beneficial entitlement
is more than £10, the Participant shall only be beneficially entitled to such percentage of the JSOP Shares as shall be equal in value to £10 and the Trustee shall be beneficially entitled to the remainder. 

 

	3.3	Subject to clauses 6 and 7 of this Deed, neither the Participant nor the Trustee shall transfer or create any rights in or over their interest in the JSOP Shares
without the prior or contemporaneous written consent of the other. The JSOP Shares or any interest in the JSOP Shares can otherwise only be transferred or disposed of or otherwise dealt with pursuant to clauses 6 and 7 of this Deed.

  

	4.	PAYMENT OF DIVIDENDS AND OTHER DISTRIBUTIONS 

  

	4.1	At all times before the Vesting Date while Shares remain jointly held pursuant to this Deed, all distributions, dividends and other capital or income derived from the
JSOP Shares, including on any liquidation or winding up of the Company, shall be paid to and shall belong to the Trustee who will be entitled to receive and retain such sums absolutely for its own benefit (notwithstanding any relevant beneficial
interest in the JSOP Shares that the Participant may hold at the time and, for the avoidance of doubt, the Trustee may agree with the Company to waive any such dividends). 

  
 -6-

	4.2	At all times on or after the Vesting Date while JSOP Shares remain jointly held pursuant to this Deed: 

 

	 	(a)	subject to the Share Price Condition having been met on the relevant record date in respect of the Vested JSOP Shares (rounding down to the nearest whole number of JSOP
Shares), all distributions, dividends and other capital or income derived from the JSOP Shares, including on any liquidation or winding up of the Company, shall be paid to the Trustee who will hold such sums for and on behalf of and upon bare trust
for the Trustee and the Participant in the same proportions as the JSOP Shares are held on the relevant record date (being the Relevant Date) in accordance with clause 3.2; and 

 

	 	(b)	in respect of the remaining Unvested JSOP Shares (or all JSOP Shares where the Share Price Condition has not been met), all distributions, dividends and other capital
or income derived from the JSOP Shares, including on any liquidation or winding up of the Company, shall be paid to and shall belong to the Trustee who will be entitled to receive and retain such sums absolutely for its own benefit (notwithstanding
any relevant beneficial interest in those JSOP Shares that the Participant may hold at the time and, for the avoidance of doubt, the Trustee may agree with the Company to waive any such dividends). 

 

	4.3	Where clause 4.2(a) applies, the Trustee shall notify the Participant of the receipt of such sums (together with the details of any tax credits applicable thereto). The
Participant authorises the Trustee to retain such sums held for the Participant until the accumulated sums held for the Participant exceed £250 at which point the Trustee shall transfer such sums held to the Participant.

  

	5.	VOTING AND OTHER RIGHTS ATTACHING TO THE SHARES 

  

	5.1	Subject to clause 5.3, at all times before the Vesting Date while JSOP Shares remain jointly held pursuant to this Deed, if the Trustee receives notification of any
voting at any meeting of the Company or otherwise, the Trustee shall be entitled to exercise all votes attaching to the JSOP Shares and the Participant shall have no such rights. 

 

	5.2	At all times on or after the Vesting Date while JSOP shares remain jointly held pursuant to this Deed: 

 

	 	(a)	subject to the Share Price Condition having been met on the relevant notice date in respect of the Vested JSOP Shares (rounding down to the nearest whole number of JSOP
Shares), if the Trustee receives notification of any voting at any meeting of the Company or otherwise, the Trustee shall notify the Participant as soon as reasonably practicable and the Participant shall be entitled to exercise all votes attaching
to the JSOP Shares and the Trustee shall have no such rights; and 

  

	 	(b)	in respect of the remaining Unvested JSOP Shares (or all JSOP Shares where the Share Price Condition has not been met), if the Trustee receives notification of any
voting at any meeting of the Company or otherwise, the Trustee shall be entitled to exercise all votes attaching to the JSOP Shares and the participant shall have no such rights. 

  
 -7-

	5.3	If, while JSOP Shares remain jointly held pursuant to this Deed, the Trustee receives notification of a rights issue in respect of the JSOP Shares, the Trustee shall
notify the Participant and they may agree between themselves, such agreement to be confirmed in writing, that the Trustee shall be put in funds (some or all of which may be provided by the Participant) sufficient to take up the rights to the extent
agreed and the shares received shall not form part of the JSOP Shares but shall be held by the Trustee for the Trustee and the Participant as nearly as may be in proportion to the proportion of the funds contributed by the Trustee and the
Participant to fund the take up of the rights. In the absence of any such agreement by the date the Trustee considers it appropriate to respond to the rights issue, the Trustee shall sell sufficient of the rights (nil paid) to fund the exercise of
the balance of the rights. For the avoidance of doubt, the Trustee shall have the right, but shall never be required, to fund the take up of any such rights issues out of the assets of the EBT. 

 

	6.	EFFECT OF CERTAIN EVENTS ON THIS DEED 

  

	6.1	The purpose of this clause 6 and clause 7 is to define certain events which bring to an end (in whole or in part) the joint ownership arrangement with the Trustee.
Clause 6 defines these events and clause 7 details the consequences of each event. 

  

	6.2	Clause 7 shall apply on the occurrence (“Trigger Event”) of any of the following events (an earlier event taking precedence over a later event):

  

	 	(a)	the Participant becomes a Leaver before the Vesting Date; 

  

	 	(b)	30 Business Days after the Vesting Date in respect of some or all of the JSOP Shares that are Unvested (in accordance with Schedule 2 or clause 6.5 or 6.6 below);

  

	 	(c)	in respect of any JSOP Shares that are Vested (in accordance with Schedule 2 or clause 6.5 or 6.6 below), and on or after 30 Business Days after the Vesting Date, and
subject to the Share Price Condition being met at that time, the Participant gives to the Company and the Trustee a written notice in the form of Schedule 1 hereto in respect of at least one third of the original number of JSOP Shares or if less the
whole of them which remain jointly held pursuant to this Deed that have Vested; 

  

	 	(d)	on a Change of Control, in which case clause 6.4 shall apply; 

  

	 	(e)	ten years from the date of this Deed. 

  

	6.3	The Participant shall give the Trustee notice of the occurrence of any event in 6.2(a) above as soon as reasonably practicable after becoming aware of it.

  

	6.4	 Where this clause applies the date of the Change of Control shall be deemed to be the Vesting Date for the purposes of Schedule 2 which shall be used
to determine which JSOP Shares are Vested and which are Unvested as at the Change of Control. For those JSOP Shares which are Vested, and where the Share Price Condition is met immediately before the date of the Change of Control, the Participant is
deemed to give notice pursuant to clause 6.2(c) above in respect of all of his Vested JSOP Shares. For those JSOP Shares which are Unvested or for all JSOP Shares where the 

  
 -8-

	 	
Share Price Condition has not been met clause 6.2(b) shall apply. The effect is that clause 7 may apply twice on a Change of Control, once in relation to any Vested JSOP Shares where the Share
Price Condition has been met and once in relation to all other JSOP Shares (if any). 

  

	6.5	On or after 31 May 2013, the Board may, in its absolute discretion, determine that a number of JSOP Shares of up to 10% of the original number of JSOP Shares shall
be deemed for all purposes of this Deed to be Vested (whether or not the performance condition in Schedule 2 shall have been satisfied) and for those JSOP Shares (only) the Vesting Date shall be deemed to have occurred. 

 

	6.6	On or after 31 May 2014, the Board may, in its absolute discretion, determine that a number of JSOP Shares of up to 20% of the original number of JSOP Shares
(minus any JSOP Shares already deemed Vested pursuant to clause 6.5) shall be deemed for all purposes of this Deed to be Vested (whether or not the performance condition in Schedule 2 shall have been satisfied) and for those JSOP Shares (only) the
Vesting Date shall be deemed to have occurred. 

  

	6.7	Where the Board determines that JSOP Shares shall be Vested pursuant to clauses 6.5 or 6.6, the Board shall give notice of that determination to the Participant as soon
as reasonably practicable. 

  

	7.	EFFECT OF THE OCCURRENCE OF A TRIGGER EVENT 

  

	7.1	Subject to clause 9, on the date of any Trigger Event the Trustee shall have the option to acquire the beneficial interest belonging to the Participant in the Relevant
Percentage of the total, or total remaining, JSOP Shares as Adjusted (rounding down to the nearest whole number of JSOP Shares), which option may be exercised by giving notice of the desire to exercise the option to the Participant at any time from
the date of the Trigger Event. Subject to the provisions of this clause 7, the Trustee shall pay to the Participant the option price (“Option Price”) (as soon as reasonably practicable after it is possible to determine the Option
Price) calculated in accordance with clause 7.2 below. 

  

	7.2	The Option Price shall be as follows: 

  

	 	(a)	if the Trigger Event shall arise as a result of an event specified in clause 6.2(a) (excluding, for the avoidance of doubt, those JSOP Shares within clauses 6.5
and/or 6.6 which have Vested) or 6.2(b) (including as a consequence of clause 6.4) or 6.2(e), the Option Price shall be £10, receipt of which is hereby acknowledged by the Participant. 

 

	 	(b)	if the Trigger Event shall arise as a result of an event specified in clause 6.2(c), the Option Price shall be such proportion of the Market Value at the date of the
Trigger Event of the Relevant Percentage of the JSOP Shares to which the Participant is beneficially entitled calculated using the method set out in clause 3.2 above. 

 

	7.3	For the purposes of clause 7.1 and 7.2, where the Trigger Date arises from an event specified in clause 6.2(a) or 6.2(e), the “Relevant Percentage”
shall be 100%. Where the Trigger Date arises from an event specified in clause 6.2(b), the Relevant Percentage shall be the Unvested Percentage. Where the Trigger Date arises from an event specified in clause 6.2(c), the Relevant Percentage shall be
the number of JSOP Shares set out in the written notice as a percentage of the total, or total remaining, JSOP Shares. In each case the number of JSOP Shares representing the Relevant Percentage shall be rounded down to the nearest whole number.

  
 -9-

	7.4	On and from the date of any Trigger Event, and if and for so long as the Trustee shall not have exercised the option referred to in clause 7.1, the Trustee shall use
reasonable endeavours (subject always to clause 9) to make such arrangements to sell the Relevant Percentage of JSOP Shares as soon as reasonably practicable (subject, in all cases, to the Trustee having regard to (including advice received in
relation to) the orderly marketing and disposal of such JSOP Shares and the Participant and the Company agree that there shall be no obligation on the Trustee to sell within a specific time frame where the Trustee has regard to such matters , other
than (for the avoidance of doubt) in a case where there has been a Change of Control and the Trustee is selling the JSOP Shares in connection with that Change of Control). The net proceeds of sale, after the deduction of all expenses and any taxes
directly relating to that sale (which shall not, for the avoidance of doubt, include any capital gains tax or other tax on profit arising from such sale) (“Net Proceeds of Sale”) shall be held and distributed by the Trustee for the
Trustee and the Participant (as soon as reasonably practicable after it is possible to determine how such proceeds should be distributed in accordance with this clause) as follows: 

 

	 	(a)	if the Trigger Event shall arise as a result of the events described in sub-clauses 6.2(c) then the Net Proceeds of Sale shall be held and distributed in the
proportions to which the Participant and Trustee are beneficially entitled calculated using the method set out in clause 3.2(b) above; 

  

	 	(b)	if the Trigger Event shall arise as a result of an event specified in sub-clause 6.2(a), 6.2(b) or 6.2(e) then the Net Proceeds of Sale shall be held as to £10
for the Participant and the remainder for the Trustee. 

  

	7.5	If any dispute arises from the operation of this Deed the matter shall be decided by the Board whose decision shall be final and binding on the parties hereto.

  

	7.6	In any case where the Trustee becomes entitled under the terms of this Deed to acquire the Participant’s interest in a JSOP Share from the Participant, the
Participant hereby irrevocably appoints the Trustee as his attorney with power on his behalf to do all things and sign all documents to ensure that the transfer is completed. 

 

	7.7	Where the Trustee exercises its option over JSOP Shares under clause 7.1 or there is a sale of JSOP Shares pursuant to clause 7.4 this Deed (other than the indemnity in
clause 8.5) shall terminate in respect of the Relevant Percentage of the JSOP Shares which are the subject matter of the exercised option or sale on the date of completion of the sale (but for the avoidance of doubt this Deed shall not otherwise
terminate). Where the Relevant Percentage of such JSOP Shares is less than 100%, this Deed shall continue in respect of any remaining JSOP Shares including clauses 6 and 7 as regards any subsequent Trigger Date. 

 

	8.	EMPLOYMENT RIGHTS AND INDEMNITY 

  

	8.1	This Deed shall not form part of the Participant’s entitlement to remuneration or benefits pursuant to his contract of employment. 

 

	8.2	The rights and obligations of the Participant under the terms of his contract of employment with any Group Company (present or past) shall not be affected by this Deed.

  
 -10-

	8.3	The rights or opportunity given to the Participant under this Deed shall not give the Participant any rights or additional rights to compensation or damages in
consequence of the loss or termination of his office or employment with any present or former Group Company for any reason whatsoever (whether or not the termination is ultimately held to be wrongful or unfair). 

 

	8.4	The Participant shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by reason of being unable to acquire or retain
the JSOP Shares, or any interest in the JSOP Shares pursuant to this Deed in consequence of the loss or termination of his office or employment with any present or former member of the Group for any reason whatsoever (whether or not the termination
is ultimately held to be wrongful or unfair). 

  

	8.5	If the Participant shall have any tax, national insurance contribution or other fiscal liability arising in respect of the operation of any part of this Deed, including
any payment made pursuant to it or its termination or the acquisition, the holding or disposal of any interest in JSOP Shares (“Tax Liability”), the Participant shall submit such returns or other notification as may be required by
HM Revenue and Customs or the relevant taxing authorities and shall duly pay such Tax Liability. If the Trustee or any Group Company shall be required at any time or times (whether during the term of this Deed or after the Termination Date) to
operate PAYE or to make any payments in respect of all or any part of any Tax Liability (excluding any employer’s national insurance contribution liability) the Participant hereby indemnifies the Trustee or the Company (on behalf of the Group)
on an after-tax basis in respect of such PAYE or Tax Liability and hereby authorises the Trustee or any member of the Group to sell such number of JSOP Shares and to make such deductions from such proceeds of sale or to make deductions from any
other amounts due or payable to the Participant whether under this Deed or otherwise. 

  

	8.6	The Participant and the Company agree to enter into an election under section 431 Income Tax (Earnings and Pensions) Act 2003 in relation to the JSOP Shares forthwith
after execution of this Deed. 

  

	8.7	No participation in, or rights or benefits from, this Deed shall be taken into account for the purposes of the calculation of any amount payable to any pension fund or
for the purposes of calculating any pensionable salary or other earnings related benefit of the Participant. 

  

	9.	DEALING RESTRICTIONS 

 If the Participant or the Trustee or both are restricted from transferring, procuring the transfer, issuing, receiving or dealing in JSOP Shares or any interest therein by reason of any statutory,
regulatory or other legal provision or rule, the Articles of Association of the Company, or any other requirement or guidance issued by the UK Listing Authority or any share dealing code operated by or binding on the Company or on behalf of any
other body relating to such dealings, the Participant or Trustee shall not be obliged to sell, transfer, procure the transfer of, or otherwise deal in the JSOP Shares until after such restrictions are lifted. 

 

	10.	ENTIRE AGREEMENT 

  

	10.1	This Deed and the documents referred to in it constitute the entire agreement and understanding between the parties hereto and supersede any previous Deed or agreement
between them in relation to its subject matter. 

  
 -11-

	10.2	Except as otherwise permitted by this Deed (including but not limited to clause 18), no change to its terms shall be effective unless it is in writing and signed by or
on behalf of all parties. 

  

	11.	WAIVER 

 No failure
or delay by any Group Company or the Company in exercising any right, power or privilege under this Deed shall operate as a waiver nor shall any single or partial exercise preclude any further exercise of any right, power or privilege under this
Deed or otherwise. 
  

	12.	SEVERABILITY OF PROVISIONS 

 If any provision of this Deed shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall not
affect the other part of that provision or the other provisions of this Deed which shall remain in full force and effect. 
  

	13.	NO ASSIGNMENT 

This Deed is personal to the parties and may not be assigned except in respect of the Participant to his personal representatives or in
respect of the Trustee who may appoint additional or successor trustees of the EBT to act jointly with the Trustee or in place of the Trustee. 
  

	14.	COUNTERPARTS 

 This
Deed may be executed as two or more documents in the same form and execution by all of the parties of at least one of such documents will constitute due execution of this Deed. All counterparts when executed and delivered will be an original, but
all counterparts will together constitute one and the same Deed. 
  

	15.	THIRD PARTY RIGHTS 

A person, other than a Group Company, who is not a party to this Deed shall have no right under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this Deed. This clause does not affect any right or remedy of any person that exists or is available otherwise than pursuant to the Contracts (Rights of Third Parties) Act 1999. 

 

	16.	DATA PROTECTION 

The Participant agrees with and grants his consent to the Company and the Trustee to the collection, use, retention and processing of any
personal data for all purposes connected with the operation of this Deed, including but not limited to the Participant’s date of birth, home address, telephone number, e-mail address and National Insurance number (or equivalent). The Company
and the Trustee agree to use such personal data in accordance with the data protection principles set out in the Data Protection Act 1998. 
  

	17.	GOVERNING LAW 

This Deed will be governed by and in accordance with English law. Each party irrevocably agrees to submit to the non-exclusive
jurisdiction of the courts of England in relation to any claim or matter arising out of or in connection with this Deed. 

  
 -12-

	18.	AMENDMENTS 

 The
Board, with the consent of the Trustee, may at anytime and from time to time make any minor amendments to this Deed which it thinks necessary or appropriate if they are to benefit the administration of this Deed or are amendments to take account of
a change in legislation or regulatory law or relevant accounting practice or principles or are to obtain or maintain favourable tax, exchange, control or regulatory treatment for the Participant, the Trustee or any member of the Group. No alteration
may be made under this clause 18 which would materially increase the liability of the Participant or the Company or the Trustee which would materially increase or decrease the value of the Participant’s subsisting rights under this Deed
(including, but not limited to, the basis for adjusting the Participant’s interest in JSOP Shares following any variation, reorganisation or sale referred to in the definition of that term) without the approval of the person concerned.

  

	19.	ADMINISTRATION 

  

	19.1	The Company hereby appoints the Trustee as agent for PAYE purposes (the Company agreeing to indemnify and hold harmless the Trustee in respect thereof) in relation to
the administration or collection of any PAYE arising from any matter or transaction contemplated by this Deed. Any PAYE so collected or withheld by the Trustee shall be remitted to the relevant employing Group Company (as directed by the Company to
the Trustee) as soon as reasonably practicable. For the avoidance of doubt, the Trustee shall not be obliged to set up or operate any payroll or other similar procedures in connection with its appointment as agent under this clause and the Company
and any other employing Group Company will provide to the Trustee such information as the Trustee may reasonably require in relation to such administration or collection of any PAYE. 

 

	19.2	If any dispute arises from the operation of this Deed the matter shall be decided by the Board whose decision shall be final and binding on the parties hereto.

  

	20.	NOTICES 

  

	20.1	Any notice or other communication under or in connection with this Deed may be given: 

 

	 	(a)	by personal delivery; or 

  

	 	(b)	by sending by post and if by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and stamped; or

  

	 	(c)	 by electronic transmission, which shall include but not be limited to email and fax, and shall be treated as duly given when actually received (or in
the case of an email, opened, save that an email shall not be treated as received if the recipient notifies the sender that it has not been opened because it contains a warning or caution that it could contain or be subject to, a virus or other
computer programme which could alter, damage or interfere with any computer software or email) 

  
 -13-

	 	
in the case of a company to its registered office or to the Company Secretary and in the case of an individual to the last known address, or where the individual is a current director or employee
of a Group Company, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment. 

  
 -14-

 SCHEDULE 1 
 Form of Written Notice 
  

			
	To:	  	ARDEL TRUST COMPANY (GUERNSEY) LIMITED
		
		  	EROS INTERNATIONAL PLC
		
	Re:	  	JSOP SHARES
		
	From:	  	[PARTICIPANT]
		
	Dated:	  	

 I hereby give you notice pursuant to clause 6.2(c) of the Joint Share Ownership Deed between us dated
[            ] (“the Deed”) in respect of [insert relevant number of JSOP Shares] JSOP Shares (as such term is defined in the Deed). 

I note that I am not entitled to serve this notice: 
  

	 	•	 	 before 30 Business Days after the Vesting Date; 

  

	 	•	 	 where on the date of this notice the Share Price Condition is not satisfied; 

 

	 	•	 	 in respect of any Unvested JSOP Shares; or 

  

	 	•	 	 in respect of less than one third of the original number of JSOP Shares, or if less the remainder of them which remain jointly held pursuant to the
Deed that have Vested, 

 and if I fail to comply with these conditions then this notice is not valid.

  

			
	Signed                           
                                 	 	
		
	Full name and contact details:	 	
		
	  
	 	
		
	  
	 	
		
	  
	 	

  
 -15-

 SCHEDULE 2 
 Vesting and the Performance Condition 
 Whether the JSOP Shares are “Vested” or
“Unvested” will depend on whether and to what extent the Performance Condition shall have been satisfied 30 Business Days after the Vesting Date (or on the Vesting Date where clause 6.4 applies). 

The Performance Condition is a measure of Total Shareholder Return or “TSR”. 
 TSR shall be a percentage calculated as follows: 
 ((SPend – SPstart + Dividends)/SPstart
× 100)% 
 Where: 
  

					
	SPend	  	=	  	the market value of a JSOP Share 30 Business Days after the Vesting Date (or on the Vesting Date where clause 6.4 applies), with market value here being determined as the average
of the closing middle market quotations for a JSOP Share for the preceding 20 Business Days, after first removing the five highest and five lowest quotations (and so averaging the remaining ten)
			
	SPstart	  	=	  	£2.64
			
	Dividends	  	=	  	the total cash value of any dividends or other distributions in respect of a JSOP Share where declared on or after the date of this Deed and on or before the Vesting Date, and
any bonus shares and dividend reinvestments relating to a JSOP Share over the same period

 And the calculation of TSR above shall be as Adjusted, and where a market quotation’s currency changes over the
course of the vesting period the calculations and determinations above shall be rebased at that point into the new currency at the closing spot rate on the day before the currency change. 
 The JSOP Shares shall be Vested or Unvested as follows 30 Business Days after the Vesting Date (or on the Vesting Date where clause 6.4 applies). The percentages below shall be a percentage of the
original number of JSOP Shares, and if TSR>30%, the total number of JSOP Shares calculated as Vested pursuant to the table below shall be reduced by the aggregate of any JSOP Shares already deemed Vested pursuant to clauses 6.5 or 6.6.

  

					
	 TSR (%)
	  	 JSOP Shares Vested

(being the Vested
 Percentage) (%)
	  	 JSOP Shares

Unvested (being the
Unvested Percentage) (%)

	 Less than 30
	  	0	  	100
	 Equal to or more than 30 but less than 32.5
	  	20	  	80
	 Equal to or more than 32.5 but less than 35
	  	40	  	60
	 Equal to or more than 35 but less than 37.5
	  	60	  	40
	 Equal to or more than 37.5 but less than 40
	  	80	  	20
	 Equal to or more than 40
	  	100	  	0

  
 -16-

 IN WITNESS whereof the parties have executed this instrument as a deed on the date specified above.

  

			
	SIGNED as a Deed	  	)
	by [PARTICIPANT]	  	)                            
                                        

	in the presence of:	  	)

  

					
	 Witness signature
	  	  
	  	
			
	 Witness name
	  	  
	  	
			
	 Witness address
	  	  
	  	
		  	  
	  	
			
	 Witness occupation
	  	  
	  	

 EXECUTED above on behalf of 
  

			
	ARDEL TRUST COMPANY (GUERNSEY) LIMITED
	acting by a director,	  	)
	in the presence of:	  	)                             
                                       

		  	) Director

  

					
	 Witness signature
	  	  
	  	
			
	 Witness name
	  	  
	  	
			
	 Witness address
	  	  
	  	
		  	  
	  	
			
	 Witness occupation
	  	  
	  	

  
 -17-

			
	EXECUTED above on behalf of
	
	 EROS INTERNATIONAL PLC

	acting by a director,	  	)
	in the presence of:	  	)                             
                                       

		  	) Director

  

					
	 Witness signature
	  	  
	  	
			
	 Witness name
	  	  
	  	
			
	 Witness address
	  	  
	  	
		  	  
	  	
			
	 Witness occupation
	  	  
	  	

  
 -18-

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