Document:

EX-4.1

 Exhibit 4.1 

 
  

COCA- COLA EUROPEAN PARTNERS PLC 

LONG-TERM INCENTIVE PLAN 2016 
  

 
 dated 

[•] 2016 

Adoption Date [2016] 

Expiry Date [2026] 

 Table of contents 
  

							
			
	 1.
	 	Definitions and Interpretation	  	 	1	  
			
	 2.
	 	Grant of Awards	  	 	5	  
			
	 3.
	 	Limits	  	 	6	  
			
	 4.
	 	Terms of the Awards	  	 	7	  
			
	 5.
	 	Lapse and cancellation	  	 	10	  
			
	 6.
	 	Vesting of Awards	  	 	11	  
			
	 7.
	 	Restrictions on Vesting, Malus and Clawback	  	 	12	  
			
	 8.
	 	Vested Awards	  	 	13	  
			
	 9.
	 	Change Of Control and other Corporate Events	  	 	15	  
			
	 10.
	 	Priority	  	 	18	  
			
	 11.
	 	Rights of Shares acquired under the Plan	  	 	18	  
			
	 12.
	 	Variation of Share Capital	  	 	18	  
			
	 13.
	 	Tax withholding and payment provisions	  	 	19	  
			
	 14.
	 	Data protection	  	 	20	  
			
	 15.
	 	Administration and amendment	  	 	21	  
			
	 16.
	 	Award Holder change of residence	  	 	22	  
			
	 17.
	 	Shareholder notices	  	 	22	  
			
	 18.
	 	Unfunded Status of Awards/ Employee Trust	  	 	22	  
			
	 19.
	 	Costs of Plan	  	 	23	  
			
	 20.
	 	Termination of the Plan	  	 	23	  
			
	 21.
	 	Terms of Employment	  	 	23	  
			
	 22.
	 	Other Award Holder Acknowledgements	  	 	24	  
			
	 23.
	 	Notices	  	 	24	  
			
	 24.
	 	Governing Law	  	 	24	  
			
	 25.
	 	Third Party Rights	  	 	24	  

  
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	1.	Definitions and Interpretation 

  

	1.1	This Plan is intended to be an Employees’ Share Scheme. 

  

	1.2	In this Plan the following words and expressions shall, unless the context otherwise requires, have the following respective meanings: 

“Acquiring Company” means any company which obtains Control of the Company as described in Rule 9.5, or which serves a
Section 979 notice as described in Rule 9.6, or which obtains Control of the Company pursuant to a compromise or arrangement as described in Rule 9.7; 

“Adoption Date” means the date on which this Plan is adopted by the Board; 

“Award” means a Conditional Share Award, a Performance Award or an Option; 

“Award Agreement” means an award agreement in such form as the Board determines an Eligible Employee must accept in order for
that Eligible Employee’s Award to become effective pursuant to Rule 2.9; 
 “Award Holder” means an individual to whom
an Award has been granted or his or her personal representatives (as the context requires); 
 “Beneficiary” means the
person, persons, trust or trusts which have been designated by an Award Holder in his or her most recent written beneficiary designation filed with the Board to receive the benefits specified under the Plan upon such Award Holder’s death or to
which Awards or other rights are transferred if and to the extent permitted under Rule 4.1. If, upon an Award Holder’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person,
persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits; 
 “Board”
means: 
 (a) the Board of Directors of the Company; or 

(b) if and to the extent that the Board of Directors of the Company has expressly delegated its authority to take actions with respect to the
Plan to the Remuneration Committee, the Remuneration Committee acting in respect of such actions in accordance with the terms of such delegation; 

“Cause” means: 

(a) wilful or gross misconduct by an Award Holder that is materially detrimental to the Company or a Subsidiary; 

(b) acts of personal dishonesty or fraud by an Award Holder toward the Company or a Subsidiary; or 

(c) the Award Holder’s conviction of a criminal offence, except for (a) a conviction related to vicarious liability based solely on
his or her position with the Company or a Subsidiary, provided that the Award Holder had no involvement in actions leading to such liability or had acted upon the advice of the Company’s or a Subsidiary’s counsel; or (b) a conviction
of a criminal offence which is an offence under road traffic legislation for which a non- custodial penalty is imposed, in each case whether or not other action is taken with respect to the same, and whether or not any termination of that Award
Holder’s employment cites the same; 

  
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 “Clawback Period” has the meaning given in Rule 7.4; 

“Companies Act” means the Companies Act 2006; 

“the Company” means Coca-Cola European Partners plc, incorporated and registered in England and Wales with registered number
09717350; 
 “Conditional Share Award” means a conditional right to receive Shares in accordance with, and subject to the
terms of, these Rules; 
 “Control” has the same meaning as in Section 995 of the Income Tax Act 2007; 

“Data” has the meaning given in Rule 14.1; 

“Date of Grant” means in relation to any Award the date on which the Award is, was or is to be granted; 

“Disability” means the inability of the Award Holder, by reason of a medically determinable physical or mental impairment or
injury, to engage in any substantially gainful activity, which condition, in the opinion of a qualified physician appointed or approved by the Company, is expected to have a duration of not less than one year, unless otherwise defined in the Award
Holder’s contract of employment; 
 “Dividend Equivalent” has the meaning given in Rule 4.9; 

“Eligible Employee” means any employee (including an employed director) of the Company or any Subsidiary, other than an
employee or director who is under notice (given or received), subject to the discretion of the Board; 
 “Employees’ Share
Scheme” means a scheme for encouraging or facilitating the holding of shares in or debentures of a company, as defined in Section 1166 of the Companies Act 2006; 

“Financial Year” means the financial year of the Company; 

“Group” and “Group Company” means: 
  

	 	(a)	for the purposes of Rules 5 and 6 (Lapse and cancellation and Vesting of Awards), the Company and its Subsidiaries together with any other company of which not less than 20% of its equity share capital
(within the meaning of Section 548 of the Companies Act 2006) is beneficially owned, either directly or indirectly, by the Company and its Subsidiaries and which the Board has resolved for the time being should be treated for the purposes of
those Rules as a Group Company; and 

  

	 	(b)	for all other purposes, the Company and its Subsidiaries; 

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

(a) dismissal of the Award Holder for Cause and/or facts or circumstances arising that constitute Cause; 

(b) reasonable evidence of misbehaviour or material error by the Award Holder; 

  
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 (c) circumstances where the Award Holder participated in or was responsible for conduct which
resulted in significant losses to the Company and/ or a Subsidiary, or where the Award Holder failed to meet appropriate standards of fitness and propriety; 

(d) a material failure of management or risk management in the Company or the business unit in which the Award Holder is employed; 

(e) a discovery of a material misstatement in the audited consolidated accounts of the Company or the audited accounts of any Subsidiary; and/
or 
 (f) reputational damage where the behaviour of an Award Holder or Award Holders has a significant detrimental impact on the reputation
of the Company or any Subsidiary provided that the Board is satisfied that the relevant Award Holder or Award Holders materially contributed to the reputational damage, 

in each case whether or not other action is taken with respect to the same; 

“Market Value” means the fair market value of a Share as determined by the Board or under procedures established by the Board.
Unless otherwise determined by the Board, the Market Value of a Share shall be the closing price of a Share on the date for which the determination is made, or on the next preceding day if such date was not a trading day, as reported on the New York
Stock Exchange Composite Listing reflecting composite trading as of 4:00 p.m., Eastern Time on the trading day; 
 “New Holding
Company” means a company: 
 (a) which obtains Control of the Company; and 

(b) at least 90% of the ordinary shares in which are held in substantially the same proportions by substantially the same persons who held the
Company’s ordinary shares immediately prior to it obtaining Control of the Company; 
 “Notice of Grant” means the
Notice of Grant of a Conditional Share Award, Performance Award or an Option referred to in Rule 2.8; 
 “Option” means
a right to acquire Shares on payment of the Option Price in accordance with, and subject to the terms of, these Rules; 
 “Option
Price” means the amount per Share payable on the exercise of an Option; 
 “Performance Award” means a Conditional
Share Award which has Performance Conditions attached to it; 
 “Performance Conditions” means any performance condition or
conditions attached to an Award, as determined by the Board; 
 “Performance Period” means the period over which the
Performance Conditions are to be measured, as determined by the Board pursuant to Rule 4.12; 
 “the Plan” means the Coca-
Cola European Partners plc Long-Term Incentive Plan 2016, as from time to time amended; 
 “Remuneration Committee” means
the remuneration committee of the Board of Directors of the Company; 
 “Rules” means the Rules of this Plan; 

  
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 “Shares” means ordinary shares in the capital of the Company; 

“Subsidiary” means any company which is directly or indirectly Controlled by the Company; 

“Subsisting Award” means any Award which has not been released, lapsed or otherwise become incapable of Vesting; 

“Treasury Shares” means Shares retained in the Company’s treasury, whether directly or by holding of an interest through
a clearing system or depository; 
 “Trustee” means the trustee or trustees for the time being of any employee benefit trust
established by any Group Company from time to time for the benefit of employees of the Group; 
 “US Code” means the U.S.
Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and regulations thereto; 

“Vest” means: 
  

	 	(a)	in relation to a Conditional Share Award and a Performance Award, the Award Holder becoming entitled to have the Shares subject to that Conditional Share Award or Performance Award transferred to him or her (or his or
her nominee) subject to the Rules, the Notice of Grant and/ or the Award Agreement; and 

  

	 	(b)	in relation to an Option, it becoming exercisable subject to the Rules, the Notice of Grant and/ or the Award Agreement on payment of the Option Price, 

and “Vested Award”, “Unvested Award”, “Vested”, “Vesting”,
“Unvested” and “Vesting Date” shall be construed accordingly. 
  

	1.3	Rule headings have no legal effect and shall not affect the interpretation of the Rules. 

  

	1.4	A person includes a natural person and a corporate or unincorporated body (whether or not having separate legal personality). 

  

	1.5	References to Rules are to rules of the Plan. 

  

	1.6	Any words following the terms “including”, “include”, “in particular”, “for example” or any similar expression shall be construed as illustrative and shall not limit the sense of
the words, description, definition, phrase or term preceding those terms. 

  

	1.7	Except insofar as the context otherwise requires: 

  

	 	(a)	words denoting the singular shall include the plural and vice versa; 

  

	 	(b)	words denoting one gender shall include all other genders; 

  

	 	(c)	a reference to any enactment shall be construed as a reference to that enactment as from time to time amended, extended or re-enacted; and 

 

	 	(d)	a reference to the Plan or to any agreement or document referred to herein is to the Plan or such agreement or document as amended, restated or novated (in each case other than in breach of the provisions of the Plan)
from time to time. 

  
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	2.	Grant of Awards 

 Provisions Applicable to all Types of Awards 

 

	2.1	Whenever it decides to operate this Plan, the Board must decide: 

  

	 	(a)	which Eligible Employee(s) are to be granted Awards; 

  

	 	(b)	what type(s) of Awards are to be granted; and 

  

	 	(c)	the number of Shares that will be subject to the Awards. 

  

	2.2	The Board may at its discretion authorise the grant to any Eligible Employee of a Conditional Share Award, a Performance Award, an Option, or any combination thereof, over such whole number of Shares as the Board shall
recommend. Unless otherwise determined by the Board, no payment from an Eligible Employee will be required for the grant of an Award. 

  

	2.3	Awards may not be granted to Eligible Employees: 

  

	 	(a)	if the grant would cause any of the limits in Rule 3 (Limits) to be breached; or 

  

	 	(b)	when to do so would breach any applicable laws, rules or regulations or any policy the Company may have from time to time (including a policy on dealing in shares and securities). 

 

	2.4	Unless specified to the contrary by the Board at the Date of Grant, an Award may be satisfied: 

  

	 	(a)	by the issue of new Shares; and/or 

  

	 	(b)	by the transfer of Treasury Shares; and/or 

  

	 	(c)	by the transfer of Shares (other than the transfer of Treasury Shares). 

 Where the Board has
specified how a Conditional Share Award, a Performance Award or an Option will be satisfied at the Date of Grant, the Board may change that specification after the Award has been granted, subject always to the limits in Rule 3. 

 

	2.5	Shares issued pursuant to the Plan shall be fully paid and shall rank equally in all respects and as one class with the other issued shares of the same class. 

 

	2.6	An Award Holder may renounce any Award granted to him or her within 30 days after the Date of Grant by notice in writing to the Company. If an Award is so renounced, it will be deemed never to have been granted.

 Process for granting Awards 
  

	2.7	The Board may adopt such procedure as it thinks fit for granting Awards. 

  

	2.8	Unless the Board determines otherwise, and subject to Rule 2.9, Awards shall be granted by deed and shall be evidenced by a Notice of Grant and/ or, separately or in combination, an Award Agreement containing details of
the Award. The Notice of Grant and/ or Award Agreement shall include the following: 

  

	 	(a)	the Date of Grant; 

  

	 	(b)	the number of Shares subject to the Award or the method by which such number shall be determined; 

  
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	 	(c)	the type of Award granted; 

  

	 	(d)	the date or dates on which the Award (or any part of the Award) shall normally Vest; 

  

	 	(e)	any Performance Conditions and any other terms not inconsistent with these Rules which the Board chooses in its discretion to attach to the Award; 

 

	 	(f)	any applicable Clawback Period; 

  

	 	(g)	any entitlement to receive Dividend Equivalents; 

  

	 	(h)	provisions reflecting the tax withholding and payment provisions set out in Rule 13; and 

  

	 	(i)	a statement that the Award is subject to the Rules, which are incorporated in the Notice of Grant by reference. 

  

	2.9	Notwithstanding Rule 2.8, the Board may also determine that an Award shall only become effective if the Eligible Employee to whom the Award is to be made enters into an Award Agreement in such form as the Board shall
determine. 

  

	2.10	The Company will provide to each Award Holder (or will procure that each Award Holder is provided with) a copy of the Notice of Grant and/ or Award Agreement as the case may be. 

 

	3.	Limits 

 Plan limit 
  

	3.1	The number of Shares which may be allocated under this Plan on any day, when added to the total number of Shares which have been allocated in the previous 10 years under this Plan and any other share-based incentive
scheme or arrangement adopted by the Company or by any of its Subsidiaries (but not, for the avoidance of doubt, awards described in Rule 3.5(d)), must not exceed 10% of the ordinary share capital of the Company in issue immediately before that day.

  

	3.2	The number of Shares which may be allocated under this Plan on any day, when added to the total number of Shares which have been allocated in the previous 10 years under this Plan and any other share-based incentive
scheme or arrangement adopted by the Company or by any of its Subsidiaries under which awards are made at the discretion of the Board or other grantor and do not have to be offered to all or substantially all persons who are eligible to participate
(but not, for the avoidance of doubt, awards described in Rule 3.5(d)), must not exceed 5% of the ordinary share capital of the Company in issue immediately before that day. 

 

	3.3	References in this Rule 3 to the “allocation” of Shares means, in the case of Options, Conditional Share Awards and Performance Awards and similar awards under other Employees’ Share Schemes, the granting
of Awards to acquire: 

  

	 	(a)	newly issued Shares or Treasury Shares; or 

  

	 	(b)	Shares which have been or may be issued (or Treasury Shares which have been or may be transferred) to satisfy the grant, Vesting or exercise of any Award under this Plan, including to any trustees. 

 

	3.4	For the avoidance of doubt: (i) Shares or Treasury Shares shall not be counted twice for purposes of determining the number of Shares or Treasury Shares that have been allocated, and (ii) existing Shares other
than Treasury Shares over which Awards are granted shall not count as allocated for purposes of this Rule 3. 

  
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	3.5	In calculating the number of Shares allocated under this Plan, no account shall be taken of: 

  

	 	(a)	Shares or Treasury Shares allocated under Awards which have been renounced by the Award Holder; or 

  

	 	(b)	any Awards or parts of Awards, or rights to acquire Shares or Treasury Shares, or Shares or Treasury Shares which have expired, been released or forfeited, or which have lapsed or been cancelled or otherwise terminated
or satisfied by payment in cash (whether in whole or in part); or 

  

	 	(c)	Awards that the Board determines after grant shall be satisfied by the transfer of existing Shares (other than Treasury Shares); or 

  

	 	(d)	awards assumed by the Company in connection with the merger pursuant to the agreement and plan of merger dated as of August 6, 2015, providing for the combination of CCE, Coca-Cola Iberian Partners SA and Coca-Cola
Erfrischungsgetränke GmbH. 

 Individual Limits 
  

	3.6	In any Financial Year any Award granted under this Plan to an Eligible Employee shall be limited and take effect so that immediately after such Award is granted, the aggregate Market Value of the Shares comprised in
such Award, when added to the aggregate Market Value of Shares comprised in any other Awards made to that Eligible Employee under this Plan, or rights to acquire Shares or actual Shares provided to the Eligible Employee under any other plan or
arrangement, in that Financial Year (with Market Value being determined as at the Date of Grant of the Award) shall not exceed £8 million. 

  

	3.7	The limit in Rule 3.6 may be exceeded if the Board (and in this Rule 3.7 “the Board” shall mean at all times the Board of Directors of the Company) determines that exceptional circumstances, such as the
recruitment or retention of an Eligible Employee, make it desirable that Awards should be granted in excess of the limit. 

  

	3.8	If the Board attempts to grant Awards which would exceed any of the limits in Rule 3, the Awards will be limited and will take effect so as to comply with the limits. 

 

	4.	Terms of the Awards 

 Terms applicable to all Awards 

 

	4.1	Except as otherwise provided in this Rule 4.1, no Award or other right or interest of an Award Holder under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability
of such Award Holder to any party (other than the Company or a Subsidiary or the Trustees), or assigned or transferred by such Award Holder, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Award Holder
only by the Award Holder or his or her guardian or legal representative, and following the Award Holder’s death, only by his or her legal representative or, if the Board agrees for Award Holders resident in the Award Holder’s jurisdiction,
duly appointed Beneficiary. 

  
 7 

	 	(a)	Transferability of Options. Unless otherwise specified in the Award Agreement and/or Notice of Grant, an Option may be transferred pursuant to a domestic relations order issued by a court of competent
jurisdiction. With respect to any Option transferred pursuant to this Rule 4.1(a), any such Option shall be exercisable only by the designated transferee or the designated transferee’s legal representative. 

 

	 	(b)	Transferability of Conditional Share Awards and Performance Awards. If the Board agrees for Award Holders resident in the Award Holder’s jurisdiction, an Award Holder may designate one or more Beneficiaries
to receive his or her interest under the Plan that is related to Conditional Share Awards or Performance Awards in the event of his or her death. 

  

	 	(c)	Beneficiaries and Transferees Subject to Terms of Award. Any Beneficiary or transferee, or other person claiming any rights under the Plan from or through any Award Holder, shall be subject to all terms and
conditions of the Plan and any Notice of Grant and/ or Award Agreement applicable to such Award Holder, except as otherwise determined by the Board, and to any additional terms and conditions deemed necessary or appropriate by the Board.

  

	 	(d)	Resolution of Claims. The Board may decline to deal with, or settle any Award to, a person claiming to be a transferee or Beneficiary of an Award pursuant to this Rule 4.1 pending final resolution in full of any
possible claims (under laws of inheritance, taxation or otherwise) to such Award. 

  

	4.2	No part of an Award or Vested Award shall be pensionable. 

  

	4.3	The Board may impose on any Award or the exercise of an Option such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine, including terms requiring forfeiture
of Awards in the event of termination or cessation of employment by the Award Holder and terms requiring an Award Holder to enter into and, as applicable, file elections, in the form and during the period prescribed by the relevant tax authority, in
respect of liabilities to tax and social security contributions that may arise in respect of his or her Award. 

  

	4.4	Subject to Rules 4.5 and 4.15, the Board shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is contained in a Notice of Grant and/ or the Award
Agreement, provided, however, that the Board shall not have the discretion to accelerate or defer payment with respect to any Award that is subject to US Code Section 409A if the exercise of such discretion would violate US Code
Section 409A. 

 Repricing 
  

	4.5	The Board will not take any action that constitutes “repricing” for purposes of the shareholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company
are listed or quoted unless such action is approved by a majority of the shareholders of the Company. 

 Conditional Share Awards 

 

	4.6	The Board is authorized to grant Conditional Share Awards to Eligible Employees, subject to the terms and conditions set out in Rules 4.7 to 4.10 below. 

 

	4.7	A Conditional Share Award shall be an unfunded Award under the terms of which one unit shall be the equivalent to one Share at Vesting of the Award, less any nominal value payment for the Share as required, unless
otherwise determined by the Company. 

  

	4.8	A Conditional Share Award shall be subject to such Vesting conditions and such risk of forfeiture and other conditions as the Board may impose, which conditions may lapse or be satisfied, separately or in combination at
such times, under such circumstances (including based on achievement of Performance Conditions and/or future service requirements), and in such instalments or otherwise, as the Board may determine at the Date of Grant. 

  
 8 

	4.9	The Board may decide on or before the grant of a Conditional Share Award (including a Performance Award) that an Award Holder (or his or her nominee) will be entitled to receive a benefit (“the Dividend
Equivalent”) at the Vesting Date calculated by reference to the value of the dividends that would have been payable on the Shares subject to the Award during the period between the Date of Grant and the Vesting Date. The Board may, but is
not obliged to, assume the reinvestment of dividends for purposes of calculating the Dividend Equivalent. The Board may also decide whether the Dividend Equivalent is to be provided to an Award Holder in the form of cash and/or Shares. The Board may
determine at any time that no Dividend Equivalent will be payable in respect of all or part of a special dividend or dividend in specie. 

  

	4.10	An Award Holder shall have no voting rights, or rights to receive dividends or Dividend Equivalents, in respect of a Conditional Share Award before such Award becomes a Vested Award. 

Performance Awards 
  

	4.11	The Board is authorized to grant Performance Awards to Eligible Employees. The provisions of the Rules applicable to Conditional Share Awards shall also apply to Performance Awards, subject to Rules 4.12 to 4.15 below.

  

	4.12	The Board must make the Vesting of a Performance Award conditional upon the satisfaction of one or more objective Performance Conditions imposed by the Board at the Date of Grant. The Board must also determine at the
Date of Grant the Performance Period in which the Performance Conditions will be measured. 

  

	4.13	The Board may use such business criteria and other measures of performance as it may deem appropriate in establishing any Performance Conditions, and may exercise its discretion to reduce or increase the number of
Shares under any Performance Award. 

  

	4.14	The Board shall determine whether or not and the extent to which any Performance Conditions have been met. In no event, shall the Performance Conditions be capable of being retested. 

 

	4.15	The Board may in its discretion alter, but not waive, the Performance Conditions contained in a Performance Award without prior shareholder approval if an event has occurred which causes the Board (acting fairly or
reasonably) to consider that it would be appropriate to amend the Performance Condition. Where the Board considers that it would be appropriate for the Performance Condition to be altered, the altered Performance Condition will, in the reasonable
opinion of the Board, be not materially less difficult to satisfy than the unaltered Performance Condition would have been but for the event in question (unless the Board decides it is not feasible or practicable). The Board shall notify all
relevant Award Holders in writing of any amendment to existing Performance Conditions made pursuant to this Rule 4.15. 

 Options 

 

	4.16	The Board is authorized to grant Options to Eligible Employees, subject to Rules 4.17 to 4.21 below. 

  
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	4.17	Notwithstanding anything in this Plan to the contrary, an Option shall not be granted to an Eligible Employee unless the Shares would constitute “service recipient stock” within the meaning of Treasury
Regulation §1.409A-1(b)(5)(iii) with respect to such Eligible Employee. 

  

	4.18	The Board must determine an Option Price in relation to each Option, on or before the Date of Grant. The Option Price must be the higher of: 

 

	 	(a)	the Market Value of a Share on the Date of Grant; and 

  

	 	(b)	the nominal value of a Share. 

  

	4.19	Awards of Options may contain such provisions as the Board shall determine appropriate, including provisions related to the Vesting of the Option, the times at which, or the circumstances under which, an Option may be
exercised, and the methods by which the Option Price may be paid or deemed to be paid. 

  

	4.20	Awards will contain a provision stating the duration of an Option, which may not exceed 10 years from the Date of Grant. 

  

	4.21	An Award Holder shall have no voting rights, or rights to receive dividends or Dividend Equivalents, in respect of an Option before the Option is exercised. 

 

	5.	Lapse and cancellation 

  

	5.1	An Award shall lapse immediately and be automatically forfeited, if the Award Holder is declared bankrupt. 

Lapse of Unvested Awards on cessation of employment 
  

	5.2	Unvested Awards will lapse in full immediately upon the date on which the Award Holder: 

  

	 	(a)	voluntarily terminates his or her employment; or 

  

	 	(b)	commits any breach which would entitle any Group Company to terminate the Award Holder’s employment or remove the Award Holder from his or her office as a director of any Group Company without notice, whether under
the terms of that Award Holder’s employment contract or otherwise; or 

  

	 	(c)	is dismissed by a Group Company for Cause or otherwise ceases employment with a Group Company in circumstances where the Award Holder could have been dismissed for Cause. 

Further provisions relating to the lapse of Unvested Awards 
  

	5.3	An Unvested Award will be taken to have lapsed upon the cessation of employment of the Award Holder or, following a transfer permitted under Rule 4.1(a), the original transferor with a Group Company, unless one of the
events described in Rule 6.2 or Rule 6.3 (Vesting) below occurs. 

  

	5.4	Unvested Awards will lapse if they do not Vest by the tenth anniversary of the Date of Grant. 

  

	5.5	Unvested Awards will lapse in whole or in part immediately upon the date on which the Board determines that any Performance Conditions have not been satisfied and are no longer capable of being satisfied, unless such
Performance Conditions are amended pursuant to Rule 4.15 or otherwise in accordance with the Rules. 

  
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	5.6	If all or part of an Unvested Award lapses under any Rule, any entitlement of the Award Holder in relation to such Unvested Award shall cease and the Shares subject to it (or, as the case may be, the relevant part of
it) may not be released to that Award Holder subsequently under any other Rule. 

 Cancellation of Awards 

 

	5.7	Notwithstanding any provision of these Rules, unless the Notice of Grant and/ or the Award Agreement specifies otherwise, the Board may cancel without compensation any unexpired, unpaid, or deferred Awards at any time,
if the Award Holder is not in compliance with all applicable provisions of the Notice of Grant, the Award Agreement and the Rules of the Plan. 

  

	6.	Vesting of Awards 

 Normal Vesting 

 

	6.1	Subject to Rules 5 (Lapse and cancellation), 6.2 (Vesting in other Circumstances), 7.1 (Restrictions on Vesting) and 9 (Change of Control and Other Corporate Events), subsisting Awards shall
become Vested Awards on the later of: 

  

	 	(a)	the date on which the Board determines that any Performance Conditions and any other terms imposed on the Vesting of the Award have been satisfied; and 

 

	 	(b)	the date(s) on which an Award Vests, as set out in the Award Holder’s Notice of Grant and/ or Award Agreement. 

Vesting in other Circumstances 
  

	6.2	Except as otherwise provided in the Award Holder’s Notice of Grant or Award Agreement, on the death of the Award Holder or the cessation of the Award Holder’s employment with the Group by reason of Disability,
the Award Holder’s Unvested Subsisting Awards shall become Vested Awards as at the date of such event without applying a pro rata reduction pursuant to Rule 6.7 and without the need for any Performance Conditions to have been met.

  

	6.3	If any of the following events occur before an Award has Vested pursuant to Rule 6.1 (Normal Vesting), an Award Holder’s Unvested Subsisting Awards shall become Vested Awards on the date when they would
otherwise Vest (if at all) pursuant to Rule 6.1, subject to Rule 6.1(a) (Normal Vesting) and subject to a reduction in accordance with Rule 6.7: 

  

	 	(a)	the cessation of the Award Holder’s employment by any Group Company by reason of redundancy as defined in the Employment Rights Act 1996 or any other involuntary termination without Cause; 

 

	 	(b)	the company by which the Award Holder is employed ceasing to be a Group Company; 

  

	 	(c)	the transfer of the undertaking or part of the undertaking in which the Award Holder is employed to a person other than a Group Company; and 

 

	 	(d)	such other event as the Board may determine appropriate from time to time. 

  

	6.4	If an Award Holder ceases to be employed by a Group Company for any reason other than the reasons specified in Rules 6.2 and 6.3 (a) to (d) above, the Unvested Subsisting Awards of that Award Holder which have
not previously lapsed will lapse immediately on the date of cessation of employment. 

  
 11 

	6.5	An Award Holder will be treated as having ceased employment with a Group Company as of the date the Award Holder is no longer actively providing services to a Group Company regardless of the reason for such cessation
and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Award Holder was employed or the terms of the Award Holder’s employment agreement (if any). Unless otherwise expressly provided in these
Rules, the Notice of Grant or the Award Agreement or otherwise determined by the Company, the Award Holder’s right to Vest in the Award under the Plan, if any, will terminate as of such date and will not be extended by any notice period
(e.g., the Award Holder’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Award Holder is employed
or the terms of the Award Holder’s employment agreement, if any). The Board shall have the exclusive discretion to determine when the Award Holder is no longer actively providing services for purposes of an Award (including whether the
Award Holder may still be considered to be providing services while on a leave of absence). 

  

	6.6	Subject to Rule 6.5, no person shall be treated for the purposes of this Plan as ceasing to be an Eligible Employee or Award Holder of the Company or any Group Company until he ceases to be an employee or employed
director of the Company or all other Group Companies. 

  

	6.7	If an Award becomes a Vested Award pursuant to Rule 6.3, the number of Shares in relation to which the Award has Vested will be reduced by applying a pro rata reduction based on the period of time which commences on the
date of the event and ends on the normal Vesting date(s) of the Award, as a proportion of the original Vesting period of the Award. 

  

	6.8	If and to the extent that an Unvested Award does not become a Vested Award pursuant to this Rule 6 or Rule 9, it will lapse. 

  

	7.	Restrictions on Vesting, Malus and Clawback 

 Restrictions on Vesting 

 

	7.1	Conditional Share Awards and Performance Awards shall not become Vested Awards in whole or in part, unless the following conditions are satisfied: 

 

	 	(a)	such Vesting, and the issue or transfer of Shares after such Vesting, would not be in breach of the requirements of, any rule or regulation of any stock exchange on which Shares are listed, any relevant share dealing
code of the Company, the City Code on Takeovers and Mergers and any other applicable UK or overseas laws, codes or regulations relating to the acquisition of securities; and 

 

	 	(b)	satisfactory arrangements are in place, whether pursuant to Rule 13 (Tax withholding and payment provisions) below or otherwise, to enable any Group Company, former Group Company or Trustee to obtain the funds
needed to meet any tax and employee social security liabilities in respect of the Vesting of the Award, whether by deduction from payments due to the Award Holder, by the sale of Shares, by direct collection from an Award Holder, net withholding or
otherwise. 

 Further, and to the extent legally permissible, the Board may determine that an Award Holder’s Award will
not Vest if, at the time it would otherwise have Vested, the Participant has been suspended from employment for actions constituting Malus pending an investigation under the disciplinary procedures applicable to the Award Holder. The Award may Vest,
subject to the Rules, following the resolution and dependent on the outcome of the disciplinary procedures. 

  
 12 

 Malus 
  

	7.2	The Board may, at or before the Vesting of an Award, determine that the number of Shares subject to the Award shall be reduced in whole or in part (including for the avoidance of doubt to nil) in a circumstance or
circumstances where there is Malus. 

 Clawback. 
  

	7.3	An Award may be granted subject to clawback, as described in Rules 7.4 to 7.6 below. 

  

	7.4	At any time within a clawback period specified by the Board at the Date of Grant of an Award (the “Clawback Period”), where the Board determines in its absolute discretion that (1) there is Malus,
or (2) there has been an error in the determination of the extent to which an Award should have Vested or (3) Shares have been transferred to the Award Holder in error, it may require an Award Holder to transfer to a person designated by
the Board, for no or minimal consideration, such number of Shares received in respect of an Award (or, in the discretion of the Board, pay such cash amount representing the value of the Shares) as the Board considers appropriate. 

 

	7.5	The Board will determine the terms on which, and the processes by which, the Award Holder has to transfer any Shares or pay any cash amount pursuant to this Rule. The Board may determine that any cash amount is to be
deducted from an Award Holder’s salary or from any other payment to be made to the Award Holder by the Company or a Subsidiary. At any time before the expiry of the Clawback Period, the Board may, by giving written notice to the Award Holder,
extend the Clawback Period. 

  

	7.6	In addition, all Awards granted under the Plan shall be subject to any recovery and repayment requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other “clawback” provision
required by applicable law or regulation, or by the listing standards of the New York Stock Exchange and/or any other stock exchange on which the Shares may be traded. 

 

	8.	Vested Awards 

 Conditional Share Awards and Performance Awards 

 

	8.1	As soon as practicable after a Conditional Share Award (including a Performance Award) becomes a Vested Award, the Company will procure the issue or transfer to the Award Holder of such number of Shares in respect of
which the Conditional Share Award has become a Vested Award. 

 Options 

 

	8.2	An Option may be exercised only on or after the date when it becomes a Vested Award, but in any event not later than the tenth anniversary of the Date of Grant. 

 

	8.3	A Vested Option may not be exercised unless the following conditions are satisfied: 

  

	 	(a)	the exercise, and the issue or transfer of Shares after such exercise, would not be in breach of the requirements of, any rule or regulation of any stock exchange on which Shares are listed, any relevant share dealing
code of the Company, the City Code on Takeovers and Mergers and any other applicable UK or overseas laws, codes or regulations relating to the acquisition of securities; 

  
 13 

	 	(b)	satisfactory arrangements are in place, whether pursuant to Rule 13 (Tax withholding and payment provisions) below or otherwise, to enable any Group Company, former Group Company or Trustee to obtain the funds
needed to meet any tax and employee social security liabilities in respect of the exercise of the Award, whether by deduction from payments due to the Award Holder, by the sale of Share, by direct collection from an Award Holder or otherwise.

  

	8.4	If a Vested Option cannot be exercised during the 30 days ending on the tenth anniversary of the Date of Grant (or such earlier date as the Option would cease to be exercisable pursuant to these Rules), because of any
restriction referred to in Rule 8.3(a) above, the Board may extend the period during which the Option may be exercised so that the Option may be exercised as soon as the relevant restriction ceases to apply. 

 

	8.5	A Vested Option may be exercised in whole or in part. If exercised in part, the unexercised part of the Vested Option will not lapse but will remain exercisable. 

 

	8.6	The Award Holder may exercise a Vested Option only by notifying the Company, or, if so directed by the Company, the Company’s third party administrator, of the number of Shares in respect of which the Vested Option
is being exercised, in such manner, and with such arrangements for the payment of the Option Price, as required by the Company from time to time. 

  

	8.7	Subject to any necessary consents, and to compliance by the Award Holder with the Rules, the Company will, as soon as reasonably practicable after the date of exercise of a Vested Option, issue or transfer to the Award
Holder, or procure the issue or transfer to the Award Holder, of the number of Shares over which the Vested Option has been exercised. 

  

	8.8	If an Option Vests pursuant to Rule 6.2, the Award Holder or his or her personal representatives (as the case may be) will be entitled to exercise his Option at any time during the twelve month period following the
Award Holder’s death or cessation of employment due to Disability (as applicable), or, if earlier, at any time before the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate
Events) below. If not so exercised, the Option will lapse on the last day of such twelve month period or, if earlier, on the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate
Events) below. 

  

	8.9	If an Award Holder dies after an Option has Vested, but before it has been exercised, his or her personal representatives will be entitled to exercise the Option at any time during the twelve month period following the
Award Holder’s death, or, if earlier, at any time before the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate Events) below. If not so exercised, the Option will lapse on the
last day of such twelve month period or, if earlier, on the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate Events) below. 

 

	8.10	If any of the events referred to in Rule 6.3 occurs after the Option has Vested, the Award Holder will be entitled to exercise his or her Option at any time during the period ending six months after the date of that
event or, if earlier, at any time before the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate Events) below. If it is not so exercised, the Option will lapse immediately at the
end of such period or, if earlier, on the tenth anniversary of the Date of Grant or any date referred to in Rule 9 (Change of Control and other Corporate Events) below. 

  
 14 

	8.11	If the Award Holder voluntarily terminates his or her employment or commits any breach of a type referred to in Rule 5.2 (Lapse of Unvested Awards on cessation of employment) after an Option has Vested but before
it has been exercised in full, the Vested Award will lapse immediately to the extent it has not been exercised. 

  

	9.	Change Of Control and other Corporate Events 

 Exchange of Awards on a Change of Control and Other
Corporate Events 
  

	9.1	In the event that any person (or group of persons acting in concert) obtains Control of the Company as described in Rule 9.5, or serves a Section 979 notice as described in Rule 9.6, or a court sanctions a
compromise or arrangement as described in Rule 9.7 or a New Holding Company obtains Control of the Company, the Board may, with the consent of the Acquiring Company or New Holding Company (as appropriate), determine that each Award Holder is deemed
to have agreed to release all Subsisting Awards, whether Vested or Unvested, in exchange for the grant of replacement awards and procure such steps as are necessary or desirable to ensure the valid grant of replacement awards. Rules 9.5 to 9.11 do
not apply if and to the extent that Awards are to be replaced by replacement awards pursuant to Rules 9.1 or 9.2 or where a New Holding Company obtains Control of the Company. 

 

	9.2	In the event that an Acquiring Company obtains Control of the Company as described in Rule 9.5, or serves a Section 979 notice as described in Rule 9.6, or obtains Control of the Company pursuant to a court
sanctioned compromise or arrangement as described in Rule 9.7 or a New Holding Company obtains Control of the Company, Award Holders may release Subsisting Awards, whether Vested or Unvested, during the period of six months after the relevant event
with the consent of the Acquiring Company or New Holding Company (as appropriate) for replacement awards over shares in the Acquiring Company or another company specified by the Acquiring Company or the New Holding Company (as appropriate).

  

	9.3	If an Award Holder is granted a replacement award pursuant to Rules 9.1 or 9.2: 

  

	 	(a)	the replacement award will Vest in the same way as the old Award, except that the Board may determine that any Performance Conditions are varied in such manner as the Board considers appropriate; 

 

	 	(b)	the replacement award will be subject to the provisions of the Plan as they had effect in relation to the old Award immediately before its release, except that, if the Award Holder’s employment with a Group Company
is terminated without Cause within 24 months of the change in Control of the Company, the service of a section 979 notice or court sanction of a compromise or arrangement, the Award will Vest in full; 

 

	 	(c)	the Rules will apply to the replacement award as if references to Shares were references to the shares in respect of which the replacement award is granted and as if references to the Company were references to the
company in respect of whose shares the replacement award is granted; and 

  

	 	(d)	the Rules will apply with such adjustments as the Board may decide. 

  

	9.4	Unless it is exchanged (whether before or after the date on which it would otherwise lapse) for a replacement award under Rule 9.1 or Rule 9.2, an Award will lapse if and to the extent that it does not become a Vested
Award in accordance with this Rule 9. 

  
 15 

 Change of Control as a result of offer 

 

	9.5	Subject to Rules 9.1 and 9.2, if any person (or group of persons acting in concert) obtains Control of the Company as a result of making an offer to acquire Shares in the Company, or having obtained such Control makes
such an offer and such offer becomes unconditional in all respects, or if there is otherwise a change in Control of the Company, then, as the Board may determine, Unvested Awards will Vest immediately or, in the case of Unvested Options, will Vest
and may be exercised within the six month period after the person (or group of persons acting in concert), has obtained Control of the Company or the offer becomes unconditional or there has otherwise been a change in Control of the Company. Options
which are not exercised during this six month period, whether they were Vested or Unvested at the beginning of the period, will lapse at the end of the period. 

Service of Section 979 notice 
  

	9.6	Subject to Rules 9.1 and 9.2, if any person (or group of persons acting in concert) serves a notice to acquire Shares under Section 979 of the Companies Act 2006 or any other substantially equivalent local
legislation, then, as the Board may determine, Unvested Awards will Vest immediately or, in the case of Unvested Options, will Vest and may be exercised up to the end of the shorter of: 

 

	 	(a)	the period during which that person is entitled and bound to acquire the Shares to which the Section 979 notice relates; and 

  

	 	(b)	the period during which that person is entitled to serve a Section 979 notice. 

 Options
which are not so exercised, whether they were Vested or Unvested at the beginning of the period, will lapse at the end of the shorter of the above periods. 

Court sanctioned compromise or arrangement 
  

	9.7	Subject to Rules 9.1 and 9.2, if, under Sections 899 to 900 of the Companies Act 2006 or any other substantially equivalent local legislation, a court sanctions a compromise or arrangement proposed for the purposes of
or in connection with a scheme for the reconstruction of the Company or its amalgamation with any other company or companies, or the local substantial equivalent of such compromise or arrangement, then, as the Board may determine, Unvested Awards
will Vest immediately or, in the case of Unvested Options, will Vest and may be exercised within six months after the date of the sanction. Options which are not exercised during this six month period, whether they were Vested or Unvested at the
beginning of the period, will lapse at the end of the six month period. 

 Resolution for winding up 

 

	9.8	Subject to Rules 9.1 and 9.2, the following provisions will apply in connection with winding-up resolutions: 

  

	 	(a)	If notice is duly given of a meeting to consider a resolution for the voluntary winding-up of the Company, then, as the Board may determine, Unvested Awards will Vest immediately or, in the case of Unvested Options,
will Vest and may be exercised until the commencement of the winding-up within the meaning of the Insolvency Act 1986 (but the Vesting of any Conditional Share Award and the exercise of any Option will be of no effect if the resolution is not
passed). Options which are not so exercised, whether they were Vested or Unvested at the time when notice of the meeting was given, will lapse at the commencement of the winding-up. 

  
 16 

	 	(b)	If the Company is wound-up by the court, then, as the Board may determine, Unvested Awards will Vest immediately or, in the case of Unvested Options, will Vest and may be exercised within the two month period after the
date of the winding-up order. However, the liquidator of the court (if appropriate), must authorise the issue or transfer of Shares on the Vesting of Unvested Awards or after the exercise of Vested Options, and the Award Holder must apply for this
authority and pay the application costs. Options which are not exercised during this two month period, whether they were Vested or Unvested at the beginning of the period, will lapse at the end of the two month period. 

Demerger or similar distributions 
  

	9.9	Subject to Rules 9.1 and 9.2, if the Board becomes aware that the Company is or is expected to be affected by any demerger (in whatever form), dividend in specie, a special dividend, or any other transaction not covered
by Rules 9 and 12 which, in the reasonable opinion of the Board, would have a material effect on the value of any Award, the Board may in its discretion allow some or all Unvested Awards to Vest, and some or all Unvested Options to Vest and become
exercisable. The Board will specify the period of exercise of any Options, whether already Vested or newly Vested and whether the Vested Options will lapse at the end of the period. Any Unvested Awards (including Unvested Options) that the Board
determines should not Vest in such circumstances, shall lapse immediately. 

 Administration order 

 

	9.10	Subject to Rules 9.1 and 9.2, if an administration order, or any substantially equivalent order under local legislation, is made in relation to the Company, then, as the Board may determine, Unvested Awards will Vest
immediately or, in the case of Unvested Options, will Vest and may be exercised within six weeks after the date of the administration order. Such determination shall be subject to the administrator or the court authorising the issue or transfer of
Shares after the Vesting of Awards and, in the case of Options, the exercise of such Options. Options which are not exercised during this six week period, whether they were Vested or Unvested at the beginning of the period, will lapse at the end of
the period. 

 Voluntary arrangement 
  

	9.11	Subject to Rules 9.1 and 9.2, if a voluntary arrangement is proposed in relation to the Company under Part I of the Insolvency Act 1986, then, as the Board may determine, Unvested Awards will Vest immediately or, in the
case of Unvested Options, will Vest and may be exercised within 14 days after the date of sending out any notices of a meeting called under Section 3 of the Insolvency Act 1986 in relation to such a proposal. Options which are not exercised
during this 14 day period, whether they were Vested or Unvested at the beginning of the period, will lapse at the end of the period. 

Treatment of Performance Conditions in connection with a change of Control or other corporate event 

 

	9.12	If an Award becomes a Vested Award pursuant to Rules 9.5 to 9.11, the number of Shares in relation to which the Award Vests will Vest only to the extent that the Board reasonably considers that any applicable
Performance Conditions and any other terms attaching to the Award have been satisfied on the date of such event or are likely to have been satisfied as at the end of the relevant Performance Period, and having regard to the underlying financial
performance of the Company up to the date of that event. 

  
 17 

 Pro Rata Reduction in Vesting 
  

	9.13	If an Award becomes a Vested Award pursuant to Rules 9.5 to 9.11, the number of Shares in relation to which the Award Vests will be reduced by applying a pro rata reduction based on the period of time which commences on
the on the date of the event and ends on the normal Vesting date(s) of the Award, as a proportion of the original Vesting period of the Award. The Board may, in its discretion, decide that this reduction is not appropriate in any particular case and
increase or reduce the number of Shares in relation to which the Award Vests to such higher or lower number as it decides, provided that number does not exceed the number determined pursuant to Rules 9.5 to 9.11. 

 

	10.	Priority 

 If there is any conflict between any of the provisions of Rules 6
(Vesting), 8 (Procedure on Vesting) and 9 (Change of Control and Other Corporate Events), the provision which results in the earliest Vesting Date will prevail. An Option will lapse at the expiry of the exercise period
(specified for that Option in the relevant Award Agreement and/or Notice of Grant) following that Vesting Date. 
  

	11.	Rights of Shares acquired under the Plan 

 Save for any rights determined by reference to
a date on or before the date of issue or transfer, any Shares which are issued or transferred under this Plan shall rank equally in all respects and as one class with the other issued shares of the same class. 

 

	12.	Variation of Share Capital 

  

	12.1	In the event of any variation in the share capital of the Company (whenever effected) by way of capitalisation or rights issue, sub-division, consolidation, reduction or other variation of the Company’s share
capital or the implementation of a demerger (in whatever form), or an exempt distribution within the meaning of Section 1075 of the Corporation Tax Act 2009, or the payment by the Company of a dividend in specie or a special dividend which
would materially affect the value of an Award, the Board may make such adjustments, including retrospective adjustments, as it considers appropriate to: 

  

	 	(a)	the number of Shares in respect of which an Unvested Conditional Share Award, Performance Award or Option may Vest; 

  

	 	(b)	the Option Price applicable to an unexercised Option; 

  

	 	(c)	where any Conditional Share Award, Performance Award or Option has become a Vested Award but no Shares have been issued or transferred pursuant to such Vesting, the number of Shares which may be so issued or
transferred; 

  

	 	(d)	the number of Shares over which Awards may be granted as set out in Rule 3 (Limits). 

  

	12.2	Subject to Rule 12.3, the Option Price of an Option to acquire existing Shares may not be adjusted to a price less than nominal value. 

 

	12.3	The Option Price of an Option to subscribe for Shares may be adjusted to a price less than nominal value only if the Directors resolve to capitalise sufficient reserves of the Company, subject to any necessary
conditions. The capitalisation must be of an amount equal to the difference between the adjusted aggregate Option Price payable for the Shares to be issued on exercise, and the aggregate nominal value of such Shares on the date of allotment of the
Shares. To the extent that, at the time of exercise, the Directors do not resolve to capitalise sufficient reserves of the Company for this purpose, the adjustment under this Rule 12.3 will be deemed not to have taken place. 

  
 18 

	12.4	As soon as reasonably practicable after making any adjustments under Rules 12.1 to 12.3 above, the Board shall give notice in writing thereof to any Award Holder affected by such adjustments. 

 

	13.	Tax withholding and payment provisions 

  

	13.1	Any Group Company, former Group Company or Trustee shall be entitled to withhold, and the Award Holder shall be obliged to pay, the amount of any income tax and/or employee social insurance contributions and/ or
employee social security contributions and/ or payroll, fringe benefit or other taxes attributable to or payable in connection with or pursuant to the grant, holding, or any Vesting, exercise, release, sale or assignment of any Award or otherwise in
connection with the acquisition, holding, sale or Vesting of Shares pursuant to an Award. 

  

	13.2	The Board may establish appropriate procedures to provide for any such payments, including but not limited to: 

  

	 	(a)	the deduction of such payment from the salary or bonuses or any other amounts due to an Award Holder by the Company or any other Group Company at any time; 

 

	 	(b)	the sale of any number of Shares acquired or to be acquired pursuant to the Vesting or exercise of an Award and the forwarding of the proceeds of any such sale to any appropriate revenue authority; 

 

	 	(c)	by indemnification or other direct collection from an Award Holder at any time; and 

  

	 	(d)	by net withholding. 

  

	13.3	Without prejudice to the generality of Rule 13.2, each Award Holder authorises the Company, any other Group Company or Trustee to sell or procure the sale of sufficient Shares acquired following the Vesting or exercise
of his or her Award on his or her behalf to obtain sufficient funds to enable a Group Company, former Group Company or Trustee to discharge any obligation it may have to pay tax or employee social security contributions arising in respect of the
Vesting or exercise of the Award to the relevant tax authorities or otherwise arising in any of the circumstances set out in Rule 13.1. 

US Code Section 409A. 
  

	13.4	This Plan and the Awards are generally not intended to be subject to US Code Section 409A. To the extent this Plan or the Awards are subject to US Code Section 409A, the Plan and Awards are intended to comply
with US Code Section 409A and shall be interpreted and operated accordingly. Notwithstanding any provision of Section 10(e), if this Plan or any Award is subject to US Code Section 409A, the Board reserves the authority to amend this
Plan or any Award as necessary to comply with US Code Section 409A or to ensure that US Code Section 409A does not apply to the Plan or the Award. 

US Code Section 457A. 
  

	13.5	This Plan and the Awards are not intended to be subject to US Code Section 457A. Notwithstanding any provisions of Section 10(e), if this Plan or any Award is subject to US Code Section 457A, the Board
reserves the authority to amend this Plan or any Award or adopt other policies or procedures or take any other actions, including amendments or actions that would result in a reduction to the benefits payable under an Award that the Board deems
necessary or appropriate to exempt the Award from US Code Section 457A and/or preserve the intended tax treatment of the benefits provided with respect to the Award or mitigate any additional tax, interest and/or penalties or other adverse tax
consequences that may apply under US Code Section 457A if an exemption is not available. 

  
 19 

 No Representations or Covenants with respect to Tax Qualification. 

 

	13.6	Although the Company may endeavour to (1) qualify an Award for favourable or specific tax treatment under the laws of certain jurisdictions (e.g., UK tax advantaged Company Share Option Plan Options or
French-qualified stock options) or (2) avoid adverse tax treatment (e.g., under US Code Section 409A or Section 457A), the Company makes no representation to that effect and expressly disavows any covenant to maintain favourable or
avoid unfavourable tax treatment, notwithstanding anything to the contrary in this Plan. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. Nothing
in this Plan or in an Award Agreement shall provide a basis for any person to take any action against the Company or any Subsidiary based on matters covered by US Code Section 409A or Section 457A, including the tax treatment of any
Awards, and neither the Company nor any Subsidiary will have any liability under any circumstances to any Award Holder or any other party if the Award that is intended to be exempt from, or compliant with, US Code Section 409A or
Section 457A, is not so exempt or compliant or for any action taken by the Board with respect thereto. 

 Transfer taxes 

 

	13.7	The Company or, if the Board decides, another Group Company will bear the cost of any stamp duty or stamp duty reserve tax (or equivalent transfer taxes imposed in jurisdictions outside of the United Kingdom) payable as
a result of the settlement of an Award by transfer of Shares. 

  

	14.	Data protection 

  

	14.1	In consideration of receiving Awards under this Plan, by accepting the grant of an Award, Award Holders consent to the collection, use and transfer of personal data for all purposes in connection with the operation of
the Plan as described in this Rule 14. Each Award Holder understands that the Company and other Group Companies hold certain personal information about him or her, including his or her name, home address and telephone number, date of birth, national
insurance/social security number, salary, nationality, job title, any shares or directorships held in the Company, details of all rights to Shares awarded, cancelled, exercised, Vested, Unvested, or outstanding in his or her favour under this Plan
or any other Employees’ Share Scheme operated at any time by the Company or other Group Companies (“Data”). 

  

	14.2	Each Award Holder further understands that the Company and other Group Companies will transfer Data as necessary for the purposes of granting and administering their Awards and may further transfer Data to third parties
assisting the Company and/or other Group Companies in relation to this Plan, or to future purchasers of the Company or of the Group Company or the business in which the Award Holder works. 

 

	14.3	Each Award Holder understands that recipients of Data may be located in the European Economic Area or elsewhere. Award Holders authorise recipients (including the Company) to receive, possess, use, retain and transfer
the Data (including any requisite transfer to a broker or other third party with whom they may elect to deposit any Shares acquired pursuant to an Award) as may be required in connection with the operation of the Plan, including without limitation
in connection with the subsequent holding of Shares on their behalf, in electronic or other form, for the purposes of implementing, administering and managing participation in this Plan. 

  
 20 

	15.	Administration and amendment 

  

	15.1	The Board will oversee the administration of the Plan and will determine all administrative procedures in connection with the Plan. 

  

	15.2	The Board will have power from time to time to make and vary such regulations (not being inconsistent with this Plan) for the implementation and administration of this Plan as it thinks fit, including termination of the
Plan. 

  

	15.3	The decision of the Board shall be final and binding on the interpretation of the Rules or in any dispute relating to an Award or in any other matter relating to this Plan. 

 

	15.4	Without limitation to the above, the Board shall have full and final authority, in each case subject to and consistent with the provisions of the Plan, to interpret the provisions of the Plan, select Eligible Employees
to become Award Holders, grant Awards, determine the type, number and other terms and conditions of, and all other matters relating to, Awards, interpret the Plan, Award Notices of Grant and Award Agreements and correct defects, supply omissions or
reconcile inconsistencies therein, and make all other decisions and determinations as the Board may deem necessary or advisable for the administration of the Plan. Any action of the Board shall be final, conclusive and binding on all persons,
including the Company, its Subsidiaries, its shareholders, Award Holders, Beneficiaries, transferees and any other persons claiming rights from or through an Award Holder. 

 

	15.5	The Board may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Notice of Grant and/ or Award Agreement relating thereto, except as otherwise
provided in the Plan; provided that, subject to Rule 15.8, without the consent of an affected Award Holder, no such Board action may materially and adversely affect the rights of such Award Holder under such Award. 

 

	15.6	In addition to such other rights of indemnification as they have as directors or as members of the Board, the members of the Board shall be indemnified by the Company against reasonable expenses (including, without
limitation, attorneys’ fees) incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal, to which they or any of them may be a party by reason of any action taken or failure to act in connection
with the Plan or awards granted thereunder, and against all amounts paid by them in settlement (provided such settlement is approved to the extent required by the Company relating to indemnification of directors) or paid by them in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding. 

  

	15.7	The Rules may be amended from time to time by the Board (for the purposes of this Rule 15.7 the “Board” means the Board of Directors of the Company), save that (subject to Rule 15.9) no amendment may be made
to: 

  

	 	(a)	the definition of “Eligible Employee”; 

  

	 	(b)	Rule 4.18 (Determination of the Option Price); 

  

	 	(c)	Rule 3 (Limits); 

  

	 	(d)	any rights attaching to Awards and/or the Shares; 

  
 21 

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

 

	 	(f)	this Rule 15.7 

 to the advantage of Award Holders without the approval of the Company in
general meeting unless it is a minor amendment to benefit the administration of the Plan, in which case the approval of the Company in general meeting is not necessary. 
  

	15.8	No amendment shall be made which would adversely affect any of the subsisting rights of Award Holders without the written consent of Award Holders who, if all Subsisting Awards were to Vest in full, would become
entitled to not less than three-quarters of all the Shares which would fall to be transferred and/or issued. No amendment may be made which affects the subsisting obligations of any trustees without the prior written consent of such trustees.

  

	15.9	Notwithstanding the above, the Board may amend the Rules or adopt appendices for Eligible Employees in any jurisdiction without the approval of the Company in general meeting if it considers it necessary or desirable to
take account of or mitigate or comply with taxation, securities or exchange control laws or to improve the tax, social security, exchange control and/or securities law treatment of the Eligible Employees, Award Holders, the Company or any other
Group Companies. The Board may also create additional sub-plans for any of these purposes. Without limitation to the above, Awards granted to an Eligible Employee who is subject to the laws of a country other than the United Kingdom may contain
different terms and conditions or may be granted under such supplemental documents, as required or appropriate under such country’s laws. 

  

	16.	Award Holder change of residence 

 If an Award Holder moves out of the jurisdiction in
which the Award Holder is resident at the time when an Award is made, the Board may (but will not be obliged to) amend, delete from or add to the provisions of the Plan, the Award Agreement and/ or Notice of Grant as they consider necessary or
desirable to take account of, or to mitigate or to comply with relevant tax, securities or exchange control laws in the country to which the Award Holder has moved, provided that Subsisting Awards following such amendments are not more favourable
overall than they were prior to such amendments. 
  

	17.	Shareholder notices 

 The Company will not be obliged to provide Eligible Employees or
Award Holders with copies of any notices, circulars or other documents sent to shareholders of the Company. 
  

	18.	Unfunded Status of Awards/ Employee Trust 

  

	18.1	The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to an Award Holder or obligation to deliver Shares pursuant to an Award, nothing
contained in the Plan or any Award shall give any such Award Holder any rights that are greater than those of a general creditor of the Company; provided that the Board may authorize the creation of trusts and deposit therein cash, Shares, other
Awards or other property, or make other arrangements to meet the Company’s obligations under the Plan. Such trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Board otherwise determines.
The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Board may specify and in accordance with applicable law. 

  
 22 

	18.2	The Company and any other Group Company may (to the extent permitted by Section 682 of the Companies Act 2006) provide monies to Trustees to enable them to acquire Shares for the purposes of this Plan, or enter
into any guarantee or indemnity for such purposes. 

  

	19.	Costs of Plan 

 The Company will pay all costs incurred in introducing and operating the
Plan. Any Group Company whose employees receive Awards will, if requested, reimburse the Company for costs incurred in connection with granting and administering such Awards. 
  

	20.	Termination of the Plan 

  

	20.1	This Plan shall commence on the Adoption Date and shall (unless previously terminated by a resolution of the Board or a resolution of the Company in general meeting) terminate upon the expiry of a period of 10 years
from such date. 

  

	20.2	Upon termination (however it occurs) no further Awards shall be granted, but termination shall be without prejudice to any accrued rights in existence at the date of termination. The Board shall continue to exercise its
powers in accordance with the Rules in respect of any Awards that have not lapsed or are not Vested as at the date of termination. 

  

	21.	Terms of Employment 

  

	21.1	Notwithstanding any provision of any other Rules of this Plan, the rights and obligations of any individual under the terms of his or her office or employment with the Company or any other Group Company shall not be
affected by his or her participation in this Plan or any right which he may have to participate in the Plan or acquire Shares under it. 

  

	21.2	The grant of Awards shall not confer on the Award Holder any right with respect to continuance of employment by the Company or any other Group Company, nor will it interfere in any way with the right of the Company or
any other Group Company to terminate the Award Holder’s employment at any time. 

  

	21.3	The grant of Awards to an individual on one occasion does not entitle that individual to any further grants of Awards on any future occasion. 

 

	21.4	An individual who is granted any Awards pursuant to this Plan shall have no rights to compensation or damages in consequence of the cessation of his office or employment with the Company or any other Group Company for
any reason whatsoever, whether or not in breach of contract, insofar as those rights arise or may arise from the Award Holder ceasing to have rights under any Awards under this Plan as a result of such cessation or from the loss or diminution in
value of such rights or entitlements. 

  

	21.5	An individual will also have no right to compensation for any loss of rights or expectations under the Plan for any reason, for any exercise, or failure to exercise, any discretionary power under the Plan (including
without limitation any alleged arbitrary or irrational exercise of a discretionary power), or for any decision to amend or terminate the Plan. If an individual did acquire any such rights, he would be deemed to have waived them irrevocably by not
renouncing the Award pursuant to Rule 2.6 (Grant of Awards). 

  
 23 

	22.	Other Award Holder Acknowledgements 

 Each Award Holder acknowledges and agrees, and by
acceptance of any Award shall be deemed to acknowledge and agree, that: (i) he or she has read, understood and accepted these Rules (including those provisions regarding the Board’s ability to amend such Rules and the terms of an Award);
(ii) all actions, decisions, determinations and interpretations of the Board in respect of the Rules and any Award shall be final and conclusive; (iii) all risks relating to the Award and any Shares issued or transferred in connection
therewith are the Award Holder’s alone, and no member of the Group shall at any time be under any obligation whatsoever to purchase or otherwise make a market for the same or to assume any responsibility to the Award Holder in respect thereof;
(iv) he or she remains subject to (and shall comply with) the Group’s securities trading policies and applicable law, and such policies and law may restrict certain actions in respect of the Awards; and (v) he or she shall have no
(and shall assert no, and take no action to claim or enforce any purported) rights or recourse, as shareholder or otherwise, as a result of the Award save as expressly set out herein, in any documentation issued by the Group in respect of an Award,
or (only after issuance or transfer of Shares in settlement of an Award, and only in respect of such Shares) as set out in the Company’s constitutional documents or provided for in applicable law. 

 

	23.	Notices 

  

	23.1	Any notice to be given to the Company or the Trustee may be personally delivered or sent by e-mail, fax or other electronic means or by ordinary post to the Company or the Trustee at its registered office (or at such
other address as the Board or Trustee or a duly appointed agent may decide and notify to Award Holders). 

  

	23.2	Where a notice is sent by post it will be deemed to have been received 72 hours after the same was put into the post properly addressed and stamped, or seven days thereafter if the recipient and sender are resident in
different countries. Notices sent by e-mail, fax or other electronic means will be deemed to have been received 24 hours after sending, in the absence of evidence of non-delivery. 

 

	23.3	Share certificates and other communications sent by post will be sent at the risk of the recipient concerned and the Company or Trustee will have no liability to any such persons in respect of any notification,
document, share certificate or other communication so given, sent or made. 

  

	24.	Governing Law 

  

	24.1	The Rules of this Plan, all Awards granted under this Plan, and any claim or dispute arising out of or in connection with the Plan, whether contractual or non-contractual, shall be governed by and construed in
accordance with the laws of England and Wales. 

  

	24.2	The English courts will have exclusive jurisdiction in respect of all disputes, whether contractual or non-contractual, arising under or in connection with the Plan or any Award. 

 

	25.	Third Party Rights 

  

	25.1	Except as provided expressly in these Rules, a person who is not a party to the grant of an Award under this Plan will have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

  
 24 

	25.2	The rights of the parties to an Award to surrender, terminate or rescind it, or agree any variation, waiver or settlement of it, are not subject to the consent of any person that is not a party to the Award as a result
of the Contracts (Rights of Third Parties) Act 1999. 

  
 25EX-4.2

 Exhibit 4.2 

BOTTLING GREAT BRITAIN LIMITED 

and 
 COCA-COLA
ENTERPRISES EUROPE LIMITED 
 and 

COCA-COLA ENTERPRISES LIMITED 

and 
 CAPITA IRG
TRUSTEES LIMITED 
  
  

TRUST DEED AND RULES 

of the 
 COCA-COLA
ENTERPRISES UK EMPLOYEE 
 SHARE PLAN (Effective 2010) 
  

 
 Adopted by the Board of
Directors of Bottling Great Britain Limited 
 on 19 August 2010 

Originally approved under Schedule 2 of the Income Tax (Earnings and Pensions) 

Act 2003 by HM Revenue and Customs on 4th November 2010 under Reference 

A105827 
 New
HMRC reference number: [ ] 
 Amended by the Board on [ ] 

 THE COCA-COLA ENTERPRISES UK 

EMPLOYEE SHARE PLAN (Effective 2010) 
  

			
	1.	  	PURPOSE
		
	2.	  	STATUS
		
	3.	  	DECLARATION OF TRUST
		
	4.	  	NUMBER OF TRUSTEES
		
	5.	  	INFORMATION
		
	6.	  	RESIDENCE OF TRUSTEES
		
	7.	  	CHANGE OF TRUSTEES
		
	8.	  	INVESTMENT AND DEALING WITH TRUST ASSETS
		
	9.	  	LOANS TO TRUSTEES
		
	10.	  	TRUSTEES’ OBLIGATIONS UNDER THE PLAN
		
	11.	  	POWER OF TRUSTEES TO RAISE FUNDS TO SUBSCRIBE FOR A RIGHTS ISSUE
		
	12.	  	POWER TO AGREE MARKET VALUE OF SHARES
		
	13.	  	PERSONAL INTEREST OF TRUSTEES
		
	14.	  	TRUSTEES’ MEETINGS
		
	15.	  	SUBSIDIARY COMPANIES
		
	16.	  	EXPENSES OF PLAN
		
	17.	  	TRUSTEES’ LIABILITY AND INDEMNITY
		
	18.	  	COVENANT BY THE PARTICIPATING COMPANIES
		
	19.	  	ACCEPTANCE OF GIFTS
		
	20.	  	TRUSTEES’ LIEN
		
	21.	  	AMENDMENTS TO THE PLAN
		
	22.	  	TERMINATION OF THE PLAN
		
	23.	  	NOTICES
		
	24.	  	PROPER LAW

  
 1 

 THIS DEED made on 1 November 2010 

BETWEEN 
  

	(1)	BOTTLING GREAT BRITAIN LIMITED whose registered office is situated at Charter Place, Uxbridge, Middlesex UB8 1EZ (hereinafter called “the Company”) 

and 
  

	(2)	COCA-COLA ENTERPRISES EUROPE LIMITED (whose registered office is at Charter Place, Uxbridge, Middlesex UB8 1EZ and 

COCA-COLA ENTERPRISES LIMITED (whose registered office is at Charter Place, Uxbridge, Middlesex UB8 1EZ (hereinafter together with the
Company called “the Participating Companies”) 
 and 
  

	(3)	CAPITA IRG TRUSTEES LIMITED whose registered office is at The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU (hereinafter called “the Trustees”). 

 

	1.	PURPOSE 

 The purpose of this Deed is to establish a trust for the employee share
ownership plan known as the Coca-Cola Enterprises UK Employee Share Plan (Effective 2010) (“the Plan”) which satisfies Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003. 

The Plan is intended to constitute an employee benefit trust in accordance with section 86 of the Inheritance Act 1984. 

 

	2.	STATUS 

 The Plan consists of this Deed and the attached Rules and Appendices. The
definitions in the Rules apply to this Deed. The Company shall from time to time determine which of parts A to D of the Rules shall have effect. Where the Company determines that part B shall have effect it shall also specify whether there is to be
an Accumulation Period of up to 12 months, which shall apply equally to all Qualifying Employees in the Plan. 

  
 2 

	3.	DECLARATION OF TRUST 

  

	3.1	The Participating Companies and the Trustees have agreed that all the Shares and other assets which are issued to or transferred to the Trustees are to be held on the trusts declared by this Deed, and subject to the
terms of the Rules. When Shares or assets are transferred to the Trustees by the Participating Companies with the intention of being held as part of the Plan they shall be held upon the trusts and provisions of this Deed and the Rules.

  

	3.2	The Trustees shall hold the Trust Fund upon the following trusts namely: 

  

	 	(a)	as to Shares which have not been awarded to Participants (“Unawarded Shares”) upon trust during the Trust Period to allocate those Shares in accordance with the terms of this Deed and the Rules;

  

	 	(b)	as to Shares which have been awarded to a Participant (“Plan Shares”) upon trust for the benefit of that Participant on the terms and conditions set out in the Rules; 

 

	 	(c)	as to Partnership Share Money upon trust to purchase Shares for the benefit of the contributing Qualifying Employee in accordance with the Rules; and 

 

	 	(d)	as to other assets (“Surplus Assets”) upon trust to use them to purchase further Shares to be held on the trusts declared in (a) above, at such time during the Trust Period and on such terms as the
Trustees in their absolute discretion think fit 

  

	3.3	The income of Unawarded Shares and Surplus Assets shall be accumulated by the Trustees and added to, and held upon the trusts applying to, Surplus Assets. 

 

	3.4	The income of Plan Shares and Partnership Share Money shall be dealt with in accordance with the Rules. 

  

	3.5	The perpetuity period in respect of the trusts and powers declared by this Deed and the Rules shall be the period of 125 years from the date of this Deed. 

 

	4.	NUMBER OF TRUSTEES 

 Unless a corporate Trustee is appointed, there shall always be at
least two Trustees. Where there is no corporate Trustee, and the number of Trustees falls below two, the continuing Trustee has the power to act only to achieve the appointment of a new Trustee. 

  
 3 

	5.	INFORMATION 

  

	5.1	The Trustees shall be entitled to rely without further enquiry on all information supplied to them by the Participating Companies with regard to their duties as trustees and in particular, but without prejudice to the
generality of the foregoing, any notice given by a Participating Company to the Trustees in respect of the eligibility of any person to become or remain a Participant shall be conclusive in favour of the Trustees. 

 

	5.2	Except as otherwise provided, the Trustees may in their discretion agree with the Company or any of the Participating Companies matters relating to the operation and administration of the Trust as they may consider
advisable in the interest of the Trust and so that no person claiming an interest under this Trust shall be entitled to question the legality or correctness of any arrangement or agreement made between the Company or any of the Participating
Companies and the Trustees in relation to such operation or administration. 

  

	5.3	The decision of the board of directors of the Company in any dispute affecting Participants or Participating Companies shall be final and conclusive. 

 

	5.4	The Trustees may employ on such terms as the Company may agree as to remuneration, any agent or agents to transact all or any business of whatsoever nature required to be done in the proper administration of the Trust.

  

	6.	RESIDENCE OF TRUSTEES 

 Every Trustee shall be resident in the United Kingdom. The
Company shall immediately remove any Trustee who ceases to be so resident and, if necessary, appoint a replacement. 
  

	7.	CHANGE OF TRUSTEES 

 The Company has the power to appoint or remove any Trustee for any
reason. The change of Trustee shall be effected by resolution of the board of directors of the Company and shall take effect from the date that written notice of such removal is delivered to the Trustees, or such later date as the Company and the
Trustees shall agree. Any Trustee may resign on three month’s notice given in writing to the Participating Companies, provided that there will be at least two Trustees or a corporate Trustee immediately after the retirement (and so that if
after such removal or retirement there shall be no continuing trustee of this Deed the Company shall immediately appoint a new trustee of this Deed in place of such removed or retired trustee). 

  
 4 

	8.	INVESTMENT AND DEALING WITH TRUST ASSETS 

  

	8.1	Save as otherwise provided for by the Plan the Trustees shall not sell or otherwise dispose of Plan Shares. 

  

	8.2	The Trustees shall obey any directions given by a Participant in accordance with the Rules in relation to his Plan Shares and any rights and income relating to those Shares. In the absence of any such direction, or
provision by the Plan, the Trustees shall take no action. If no directions are received from Participants in relation to the action they wish the Trustees to take in voting their Plan Shares, those shares will be not be voted. 

 

	8.3	The Participating Companies shall, as soon as practicable after deduction from Salary, pass the Partnership Share Money to the Trustees who will put the money into an account with: 

 

	 	(a)	a person falling within section 991(2)(b) of the Income Tax Act 2007 (institutions authorised to accept deposits); 

  

	 	(b)	a building society; or 

  

	 	(c)	a firm falling within section 991(2)(c) of the Income Tax Act 2007 (EEA firms permitted to accept deposits), 

until it is either used to acquire Partnership Shares on the Acquisition Date, or, in accordance with the Plan, returned to the individual from
whose Salary the Partnership Share Money has been deducted. 
 The Trustees shall pass on any interest arising on this invested money to the
individual from whose Salary the Partnership Share Money has been deducted at least once in each calendar year. The Trustees are, however, not obliged to keep monies in an interest bearing account. 

 

	8.4	The Trustees may either retain or sell Unawarded Shares at their absolute discretion provided that they shall sell any Unawarded Shares which they have held for one year and eleven months. The proceeds of any sale of
Unawarded Shares shall form part of Surplus Assets. 

  

	8.5	The Trustees shall have all the powers of investment of a beneficial owner in relation to Surplus Assets. 

  
 5 

	8.6	The Trustees shall not be under any liability to the Participating Companies or to current or former Qualifying Employees by reason of a failure to diversify investments, which results from the retention of Plan Shares
or Unawarded Shares. 

  

	8.7	The Trustees are not required to interfere in the management or conduct of the business of the Company regardless of the size of the Trustees’ holding of Shares, and will not be obliged to seek information about
the affairs of the Company and may leave the conduct of the Company’s business wholly to the directors or management of the Company. 

  

	8.8	The Trustees may delegate powers, duties or discretions to any persons and on any terms. No delegation made under this Clause shall divest the Trustees of their responsibilities under this Deed or under the Schedule.

 The Trustees may allow any Shares to be registered in the name of an appointed nominee provided that such Shares shall be
registered in a designated account. Such registration shall not divest the Trustees of their responsibilities under this Deed or the Schedule. 

The Trustees may at any time, and shall if the Participating Companies so direct, revoke any delegation made under this Clause or require any
Plan assets held by another person to be returned to the Trustees, or both. 
  

	9.	LOANS TO TRUSTEES 

 The Trustees shall have the power to borrow money for the purpose of:

  

	 	(a)	acquiring Shares; and 

  

	 	(b)	paying any other expenses properly incurred by the Trustees in administering the Plan. 

  
 6 

	10.	TRUSTEES’ OBLIGATIONS UNDER THE PLAN 

 Notice of Award of Free Shares and Matching Shares

  

	10.1	As soon as practicable after Free Shares and Matching Shares have been awarded to a Participant, the Trustees shall give the Participant a notice stating: 

 

	 	(a)	the number and description of those Shares; 

  

	 	(b)	whether those Shares are subject to any restrictions within the meaning of paragraph 99(4) of the Schedule and, if so, the details of those restrictions; 

 

	 	(c)	their Initial Market Value on the date of Award; and 

  

	 	(c)	the Holding Period applicable to them and any applicable Forfeiture Period. 

 Notice of Award of Partnership
Shares 
  

	10.2	As soon as practicable after any Partnership Shares have been acquired for a Participant and at least once in every six months, the Trustees shall give the Participant a notice stating: 

 

	 	(a)	the number and description of those Shares; 

  

	 	(b)	whether those Shares are subject to any restrictions within the meaning of paragraph 99(4) of the Schedule and, if so, the details of those restrictions; 

 

	 	(b)	the amount of money applied by the Trustees in acquiring those Shares on behalf of the Participant; and 

  

	 	(c)	the Market Value used to determine the number of Shares awarded, in accordance with Rule 6.14. 

 Notice of
acquisition of Dividend Shares 
  

	10.3	As soon as practicable after Dividend Shares have been acquired on behalf of a Participant, the Trustees shall give the Participant a notice stating: 

 

	 	(a)	the number and description of those Shares; 

  

	 	(b)	their Market Value on the Acquisition Date; 

  
 7 

	 	(c)	the Holding Period applicable to them; and 

  

	 	(d)	any amount not reinvested and carried forward for acquisition of further Dividend Shares. 

 Notice of any
foreign tax deducted before dividend paid 
  

	10.4	Where any foreign cash dividend is received in respect of Plan Shares held on behalf of a Participant, the Trustees shall give the Participant notice of the amount of any foreign tax deducted from the dividend before it
was paid. 

 Restrictions during the Holding Period 
  

	10.5	During the Holding Period the Trustees shall not dispose of any Free Shares, Matching Shares or Dividend Shares (whether by transfer to the employee or otherwise) except as allowed by the following paragraphs of the
Schedule: 

  

	 	(a)	paragraph 37 (power of Trustees to accept general offers); 

  

	 	(b)	paragraph 77 (power of Trustees to raise funds to subscribe for rights issue); 

  

	 	(c)	paragraph 79 (meeting PAYE obligations); and 

  

	 	(d)	paragraph 90(5) (termination of plan: early removal of shares with participant’s consent). 

 PAYE
Liability etc. 
  

	10.6	The Trustees may dispose of a Participant’s Shares or accept a sum from the Participant in order to meet any stamp duty, Stamp Duty Reserve Tax (SDRT) or other tax liability or to meet any PAYE liability in the
circumstances provided in paragraph 79 of the Schedule (PAYE: shares ceasing to be subject to the plan) and any NICs liability. 

The Trustees shall maintain the records necessary to enable them to carry out their PAYE and NICs obligations, and the PAYE and NICs
obligations of the employer company so far as they relate to the Plan. 
 Where the Participant becomes liable to income tax under ITEPA 2003
or Chapters 3 or 4 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (dividends etc), the Trustees shall inform the Participant of any facts which are relevant to determining that liability. 

  
 8 

 Money’s worth received by Trustees 

 

	10.7	The Trustees shall pay over to the Participant as soon as is practicable, any money or money’s worth received by them in respect of or by reference to any Shares, other than new shares within paragraph 87 of the
Schedule (company reconstructions). 

 This is subject to: 

 

	 	(a)	the provisions of paragraphs 62 to 69 of the Schedule (dividend reinvestment); 

  

	 	(b)	the Trustees obligations under sections 510 to 514 of ITEPA 2003 (PAYE: shares ceasing to be subject to the plan; capital receipts); and 

 

	 	(c)	the Trustees’ PAYE obligations. 

 General offers 

 

	10.8	If any offer, compromise, arrangement or scheme is made which affects the Plan Shares the Trustees shall notify Participants. Each Participant may direct how the Trustees shall act in relation to that Participant’s
Plan Shares. In the absence of any direction, the Trustees shall take no action. 

 Duty to monitor Participants in connected schemes

  

	10.9	The Trustees shall maintain records of Participants who have participated in one or more other plans established by the Company or a Connected Company and approved under the Schedule or which qualifies as a Schedule 2
SIP. 

  

	11.	POWER OF TRUSTEES TO RAISE FUNDS TO SUBSCRIBE FOR A RIGHTS ISSUE 

 If instructed by
Participants in respect of their Plan Shares the Trustees may dispose of some of the rights under a rights issue arising from those Shares to obtain enough funds to exercise the remaining rights. 

The rights referred to are the rights to buy additional shares or rights in the same company. 

  
 9 

	12.	POWER TO AGREE MARKET VALUE OF SHARES 

 Where the Market Value of Shares is to be
determined for the purposes of the Schedule, the Trustees may agree with HMRC that it shall be determined by reference to such date or dates, or to an average of the values on a number of dates, as specified in the agreement. 

 

	13.	PERSONAL INTEREST OF TRUSTEES 

 Trustees, and directors, officers or employees of a
corporate Trustee, shall not be liable to account for any benefit accruing to them by virtue of their: 
  

	 	(a)	participation in the Plan as a Qualifying Employee; 

  

	 	(b)	ownership, in a beneficial or fiduciary capacity, of any shares or other securities in any Participating Company; 

  

	 	(c)	being a director or employee of any Participating Company, being a creditor, or being in any other contractual relationship with any such company. 

 

	14.	TRUSTEES’ MEETINGS 

 If and so long as there is more than one Trustee, the Trustees
shall hold meetings as often as is necessary for the administration of the Plan. There shall be at least two Trustees present at a meeting and the Trustees shall give due notice to all the Trustees of such a meeting. Decisions made at such a meeting
by a majority of the Trustees present shall be binding on all the Trustees. A written resolution signed by all the Trustees shall have the same effect as a resolution passed at a meeting. 

 

	15.	SUBSIDIARY COMPANIES 

 Any Subsidiary (in addition to those Subsidiaries which are
parties to this Deed) may with the agreement of the Company become a party to this Deed and the Plan by executing a deed of adherence agreeing to be bound by the Deed and Rules. 

Any company which ceases to be a Subsidiary shall cease to be a Participating Company. 

  
 10 

	16.	EXPENSES OF PLAN 

 The Participating Companies shall meet the costs of the preparation
and administration of this Plan. 

  
 11 

	17.	TRUSTEES’ LIABILITY AND INDEMNITY 

  

	17.1	The Participating Companies shall jointly and severally indemnify each of the Trustees, and the directors, officers and employees of a corporate Trustee, against any expenses and liabilities which are incurred through
acting as a Trustee of the Plan and which cannot be recovered from the Trust Fund. This does not apply to expenses and liabilities which are incurred through fraud, wilful wrongdoing or negligence or are covered by insurance under Clause 17.3 below.

  

	17.2	No Trustee shall be personally liable for any breach of trust (other than through fraud, wilful wrongdoing or negligence) over and above the extent to which the Trustee, and the directors, officers and employees of a
corporate Trustee, are indemnified by the Participating Companies in accordance with Clause 17.1 above. 

  

	17.3	A non-remunerated Trustee may insure the Plan against any loss caused by him or any of his employees, officers, agents or delegates. A non-remunerated Trustee may also insure himself and any of these persons against
liability for breach of trust not involving fraud or wilful wrongdoing or negligence of the Trustee or the person concerned. 

  

	17.4	A Trustee who carries on a profession or business may charge for services rendered on a basis agreed with the Participating Companies. A firm or company in which a Trustee is interested or by which he is employed may
also charge for services rendered on this basis and may, unless otherwise agreed, act in accordance with its general terms and conditions from time to time in force. 

 

	18.	COVENANT BY THE PARTICIPATING COMPANIES 

 The Participating Companies hereby jointly and
severally covenant with the Trustees that they shall pay to the Trustees all sums which they are required to pay under the Rules and shall at all times comply with the Rules. 
  

	19.	ACCEPTANCE OF GIFTS 

 The Trustees may accept gifts of Shares and other assets which
shall be held upon the trusts declared by Clause 3(1) or 3(2) as the case may be. 

  
 12 

	20.	TRUSTEES’ LIEN 

 The Trustees’ lien over the Trust Fund in respect of
liabilities incurred by them in the performance of their duties (including the repayment of borrowed money and tax liabilities) shall be enforceable subject to the following restrictions: 

 

	 	(a)	the Trustees shall not be entitled to resort to Partnership Share Money for the satisfaction of any of their liabilities; and 

  

	 	(b)	the Trustees shall not be entitled to resort to Plan Shares for the satisfaction of their liabilities except to the extent that this is permitted by the Plan. 

 

	21.	AMENDMENTS TO THE PLAN 

 The Company may, with the Trustees’ written consent, from
time to time amend the Plan provided that no amendment which would adversely prejudice to a material extent the rights attaching to any Plan Shares awarded to or acquired by Participants may be made nor may any alteration be made giving to
Participating Companies a beneficial interest in Plan Shares. 
  

	22.	TERMINATION OF THE PLAN 

  

	22.1	The Plan shall terminate: 

  

	 	(a)	in accordance with a Plan Termination Notice issued by the Company to the Trustees under paragraph 89 of the Schedule; or 

  

	 	(b)	if earlier, on the expiry of the Trust Period. 

  

	22.2	The Company shall immediately upon executing a Plan Termination Notice provide a copy of the notice to the Trustees and each individual for whom the Trustees hold Plan Shares or who has entered into a Partnership Share
Agreement which was in force immediately before the Plan Termination Notice was issued. 

  

	22.3	Upon the issue of a Plan Termination Notice or upon the expiry of the Trust Period paragraph 90 of the Schedule shall have effect. 

  

	22.4	Any Shares or other assets which remain undisposed of after the requirements of paragraph 90 of the Schedule have been complied with shall be held by the Trustees upon trust to pay or apply them to or for the benefit of
the Participating Companies as at the termination date in such proportion, having regard to their respective contributions, as the Trustees shall in their absolute discretion think appropriate. 

  
 13 

	22.5	No further Awards will be made after 1 October 2020 unless shareholder approval is obtained to offer Awards after that date. 

  

	23.	NOTICES 

 Subject to Clause 10.8, each advice, request, or other communication to be
given or made under the Plan shall be in writing and either (i) delivered or sent to the relevant party at its address as notified to the other party or (ii) provided to the relevant party in an electronic format. 

 

	24.	PROPER LAW 

 This Deed and the Rules of the Plan shall be governed by and construed in
accordance with the laws of England and Wales. 

  
 14 

 IN WITNESS whereof this deed has been executed and delivered the day and year first above
written. 

  
 15 

 RULES OF THE COCA-COLA ENTERPRISES UK EMPLOYEE 

SHARE PLAN (Effective 2010) 
  

			
	1.	  	DEFINITIONS
		
	2.	  	PURPOSE OF THE PLAN
		
	3.	  	ELIGIBILITY OF INDIVIDUALS
		
	4.	  	PARTICIPATION ON SAME TERMS
		
	5.	  	FREE SHARES (PART A)
		
	6.	  	PARTNERSHIP SHARES (PART B)
		
	7.	  	MATCHING SHARES (PART C)
		
	8.	  	DIVIDEND SHARES (PART D)
		
	9.	  	ACQUISITION OF SHARES
		
	10.	  	COMPANY RECONSTRUCTIONS
		
	11.	  	RIGHTS ISSUES
		
	12.	  	LEAVERS
		
	13.	  	FORFEITURE
		
	14.	  	ADMINISTRATION
	
	APPENDIX A. FREE SHARE AGREEMENT
	
	APPENDIX B. PARTNERSHIP SHARE AGREEMENT

  
 16 

 RULES OF THE COCA-COLA ENTERPRISES UK EMPLOYEE SHARE PLAN (Effective 2010) 

 

	1.	DEFINITIONS 

 1.1 The following words and expressions have the following meanings: 

 

			
	“Accumulation Period”	  	in relation to Partnership Shares, the period during which the Trustees accumulate a Qualifying Employee’s Partnership Share Money before acquiring Partnership Shares or repaying it to the employee
		
	“Acquisition Date”	  	(a) in relation to Partnership Shares, where there is no Accumulation Period, the meaning given by paragraph 50(4) of the Schedule
		
		  	(b) in relation to Partnership Shares, where there is an Accumulation Period, the meaning given by paragraph 52(5) of the Schedule; and
		
		  	(c) in relation to Dividend Shares, the meaning given by paragraph 66(4) of the Schedule
		
	“Associated Company”	  	the same meaning as in paragraph 94 of the Schedule
		
	“Award Date”	  	in relation to Free Shares or Matching Shares, the date on which such Shares are awarded
		
	“Award”	  	(a) in relation to Free Shares and Matching Shares, the appropriation of Free Shares and Matching Shares in accordance with the Plan; and
		
		  	(b) in relation to Partnership Shares, the acquisition of Partnership Shares on behalf of Qualifying Employees in accordance with the Plan

  
 17 

			
		
	“Close Company”	  	the same meaning as in section 989 of the Income Tax Act 2007 as extended by paragraph 20(4) of the Schedule
		
	“Company”	  	Bottling Great Britain Limited
		
	“Connected Company”	  	the same meaning as in paragraph 18(3) of the Schedule
		
	“Control”	  	the same meaning as in section 719 of ITEPA 2003 or, for the purposes of Rules 5.13(c), 7.7 and 8.11, the same meaning as in section 450 of the Corporation Tax Act 2010
		
	“Deed”	  	the trust deed constituting the Plan with any subsequent amendment thereto
		
	“Dividend Shares”	  	Shares acquired on behalf of a Participant from reinvestment of dividends under Part D of the Plan and which are subject to the Plan
		
	“Free Share Agreement”	  	an agreement in the terms set out in Appendix A
		
	“Forfeiture Period”	  	in relation to the Free Shares and Matching Shares, the period of up to three years from the Award Date determined by the Company and specified in the Free Share Agreement or Partnership Share Agreement (as applicable)
		
	“Free Shares”	  	Shares awarded under Part A of the Plan which are subject to the Plan
		
	“Holding Period”	  	(a) in relation to Free Shares, the period specified by the Company as mentioned in Rule 5.11;
		
		  	(b) in relation to Matching Shares, the period specified by the Company as mentioned in Rule 7.5; and

  
 18 

			
		
		  	(c) in relation to Dividend Shares, the period of 3 years from the Acquisition Date
		
	“HMRC”	  	HM Revenue and Customs
		
	“Initial Market Value”	  	the Market Value of a Share on an Award Date. Where the Share is subject to a restriction or risk of forfeiture, the market value shall be determined without reference to that restriction or risk
		
	“ITEPA 2003”	  	the Income Tax (Earnings and Pensions) Act 2003
		
	“Market Value”	  	in relation to Shares to be awarded under the Plan on any date
		
		  	(a) the closing price of a Share on the New York Stock Exchange Composite Transactions Index or on the Euronext Amsterdam Exchange Index (as applicable); or
		
		  	(b) on any day the Market Value of a Share determined in accordance with the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed for the purposes of the Plan with HMRC’s Shares and Assets Valuation
on or before that day
		
	“Matching Shares”	  	Shares awarded under Part C of the Plan and which are subject to the Plan
		
	“NICs”	  	National Insurance Contributions
		
	“Parent Company”	  	Coca-Cola European Partners Plc
		
	“Participant”	  	an individual who has received under the Plan an Award of Free Shares, Matching Shares or Partnership Shares, or on whose behalf Dividend Shares have been acquired

  
 19 

			
		
	“Participating Company”	  	the Company and such of its Subsidiaries as are parties to this Deed or have executed deeds of adherence to the Plan under Clause 15 of the Trust Deed
		
	“Partnership Share Agreement”	  	an agreement in the terms set out in Appendix B or as specified by the Company with the agreement of the Trustee from time to time and which meets the requirements of the Schedule
		
	“Partnership Shares”	  	Shares awarded under Part B of the Plan and which are subject to the Plan
		
	“Partnership Share Money”	  	money deducted from a Qualifying Employee’s Salary pursuant to a Partnership Share Agreement and held by the Trustees to acquire Partnership Shares or to be returned to such a person
		
	“Performance Allowances”	  	the criteria for an Award of Free Shares where:
		
		  	(a) whether Shares are awarded; or
		
		  	(b) the number or value of Shares awarded
		
		  	is conditional on performance targets being met
		
	“Plan”	  	Coca-Cola Enterprises UK Employee Share Plan (Effective 2010)
		
	“Plan Shares”	  	(a) Free Shares, Matching Shares or Partnership Shares awarded to Participants;
		
		  	(b) Dividend Shares acquired on behalf of Participants; and
		
		  	(c) shares in relation to which paragraph 87(7) (company reconstructions: new shares) of the Schedule applies
		
		  	that remain subject to the Plan

  
 20 

			
		
	“Plan Termination Notice”	  	a notice issued under paragraph 89 of the Schedule
		
	“Qualifying Corporate Bond”	  	the same meaning as in section 117 of the Taxation of Chargeable Gains Act 1992
		
	“Qualifying Employee”	  	an employee who must be invited to participate in an award in accordance with Rule 3.5 and any employee who the Company has invited in accordance with Rule 3.6
		
	“Qualifying Period”	  	a period as the board of directors of the Company shall in their absolute discretion so decide being:
		
		  	(a) in the case of Free Shares a period not exceeding 18 months before the Award is made;
		
		  	(b) in the case of Partnership Shares and Matching Shares where there is an Accumulation Period a period not exceeding six months before the start of the Accumulation Period; and
		
		  	(c) in the case of Partnership Shares and Matching Shares where there is no Accumulation Period a period not exceeding 18 months before the deduction of Partnership Share Money relating to the Award
		
	“Redundancy”	  	the same meaning as in the Employment Rights Act 1996
		
	“Relevant Employment”	  	employment by the Company or any Associated Company

  
 21 

			
		
	“Rules”	  	these Rules together with any amendments thereto effected in accordance with Clause 21 of the Deed
		
	“Salary”	  	the same meaning as in paragraph 43(4) of the Schedule
		
	“Schedule”	  	Schedule 2 to ITEPA 2003
		
	“Schedule 2 SIP”	  	a share incentive plan that meets the requirements of Parts 2 to 9 of the Schedule (as defined in paragraph 1(A1) of the Schedule)
		
	“Shares”	  	ordinary shares in the capital of the Parent Company which comply with the conditions set out in Part 4 of the Schedule (or such other shares, securities or interests as may represent the Shares from time to time and which comply
with the conditions set out in Part 4 of the Schedule)
		
	“Subsidiary”	  	any company which is for the time being under the Control of the Company
		
	“Tax Year”	  	a year beginning on 6 April and ending on the following 5 April
		
	“Trustees”	  	the trustees or trustee for the time being of the Plan or any subsequent trustee or trustees as provided for in accordance with Clause 7 of the Deed
		
	“Trust Fund”	  	all assets transferred to the Trustees to be held on the terms of the Deed and the assets from time to time representing such assets, including any accumulations of income
		
	“Trust Period”	  	the period of 125 years beginning with the date of the Deed or (if shorter) the period beginning with the date of the Deed and expiring pursuant to the provisions of Clause 22 of the Deed

  
 22 

	1.2	References to any Act, or Part, Chapter, or section shall include any statutory modification, amendment or re-enactment of that Act, for the time being in force. 

 

	1.3	Words of the feminine gender shall include the masculine and vice versa and words in the singular shall include the plural and vice versa unless, in either case, the context otherwise requires or it is otherwise stated.

  

	2.	PURPOSE OF THE PLAN 

 The purpose of the Plan is as described by paragraph 7 of the Schedule and is to
enable eligible employees of Participating Companies to acquire Shares in the Parent Company which give them a continuing stake in that Parent Company. 
  

	3.	ELIGIBILITY OF INDIVIDUALS 

  

	3.1	Subject to Rule 3.2, individuals are eligible to participate in an Award only if: 

  

	 	(a)	they are employees of a Participating Company; 

  

	 	(b)	they have been such employees at all times during any Qualifying Period; 

  

	 	(c)	they are eligible on the date(s) set out in paragraph 14 of the Schedule; and 

  

	 	(d)	they do not fail to be eligible under Rule 3.3. 

  

	3.2	If a Participant receives an Award of Shares under the Plan in a Tax Year in which they have already received an award of shares under one or more other plans established by the Company or a Connected Company and
approved under the Schedule or qualifying as a Schedule 2 SIP, the following shall apply as if the Plan and the other plan or plans were a single plan: 

  

	 	(a)	Rule 5.4 (maximum annual award in respect of Free Shares); and 

  

	 	(b)	Rules 6.3 and 6.4 (maximum amount of deductions in respect of Partnership Shares). 

  

	3.3	 Individuals are not eligible to participate in an Award of Free Shares, Partnership Shares or Matching Shares in
any Tax Year if in that Tax Year they are to receive at the same time an Award 

  
 23 

	 	
under another plan established by the Company or a Connected Company and approved under the Schedule or qualifying as a Schedule 2 SIP, or if they would have received such an Award but for their
failure to meet a performance target (see Rule 5.5). 

  

	3.4	Notwithstanding any provision of any other of these Rules whatsoever: 

  

	 	(a)	the Plan shall not form part of any contract of employment between the Company, the Parent Company, a Subsidiary or any Associated Company and any Participant and it shall not confer on any Participant any legal or
equitable rights (other than those constituted by the Awards themselves) whatsoever against the Company, the Parent Company, a Subsidiary or an Associated Company directly or indirectly or give rise to any cause of action at law or in equity against
the Company, the Parent Company, a Subsidiary or any Associated Company; 

  

	 	(b)	Participation in an Award is a matter entirely separate from any pension right or entitlement a Participant may have and from his terms or conditions of employment and participation in the Plan shall in no respect
whatever affect his pension rights or entitlements or terms or conditions of employment and in particular (but without limiting the generality of the foregoing) any Participant who ceases to be an employee of any Company, Subsidiary or Associated
Company shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal
or other breach of contract or by way of compensation for loss of office or otherwise howsoever and notwithstanding that he may have been dismissed wrongfully or unfairly (within the meaning of the Employment Rights Act 1996). 

Employees who must be invited to participate in Awards 
  

	3.5	Individuals shall be eligible to receive an Award of shares under the Plan if they meet the requirements in Rule 3.1 and are UK resident taxpayers within the meaning of paragraph 8(2) of the Schedule. 

In this case they shall be invited to participate in any Awards of Free Shares, Partnership Shares or Matching Shares, and acquisitions of
Dividend Shares, as are set out in the Plan. 

  
 24 

 Employees who may be invited to participate in Awards 

 

	3.6	The Company may also invite, at its discretion, any employee who meets the requirements in Rule 3.1 to participate in any Award of Free Shares, Partnership Shares or Matching Shares, and acquisitions of Dividend Shares,
as are set out in the Plan. 

  

	4.	PARTICIPATION ON SAME TERMS 

  

	4.1	Every Qualifying Employee shall be invited to participate in an Award on the same terms. All who do participate in an Award shall do so on the same terms. 

 

	4.2	The Company may make an Award of Free Shares to Qualifying Employees by reference to their remuneration, length of service or hours worked. 

 

	4.3	The Company may make an Award of Free Shares to Qualifying Employees by reference to their performance as set out in Rule 5.5. 

  

	4.4	The Participating Companies shall make contributions to the Trustees to finance any purchase by the Trustees of Free and/or Matching Shares for award on an Award Date. 

PART A 
  

	5.	FREE SHARES 

  

	5.1	Every Qualifying Employee who is awarded Free Shares shall enter into a Free Share Agreement with the Company. The Free Share Agreement may be entered into using an electronic acceptance procedure authorised by the
Company. 

  

	5.2	The Trustees, acting with the prior consent of the Company, or the Company may from time to time award Free Shares. 

  

	5.3	The number of Free Shares to be awarded by the Trustees to each Qualifying Employee on an Award Date shall be determined by the Company in accordance with this Rule. 

Maximum annual Award 
  

	5.4	The Initial Market Value of the Shares awarded to a Qualifying Employee in any Tax Year shall not exceed £3,600 (or such higher amount as may be permitted under paragraph 35 of the Schedule). 

  
 25 

 Allocation of Free Shares by reference to performance 

 

	5.5	The Company may stipulate that the number of Free Shares (if any) to be awarded to each Qualifying Employee on a given Award Date shall be determined by reference to Performance Allowances. 

 

	5.6	If Performance Allowances are used, they shall apply to all Qualifying Employees. 

  

	 	(a)	Performance Allowances shall be determined by reference to such fair and objective criteria (performance targets) relating to business results as the Company shall determine over such period as the Company shall
specify; 

  

	 	(b)	performance targets must be set for performance units of one or more employees; and 

  

	 	(c)	for the purposes of an Award of Free Shares an employee must not be a member of more than one performance unit. 

  

	5.7	Where the Company decides to use Performance Allowances it shall, as soon as reasonably practicable: 

  

	 	(a)	notify each employee participating in the Award of the performance targets and measures which, under the Plan, shall be used to determine the number or value of Free Shares awarded to him; and 

 

	 	(b)	notify all Qualifying Employees of any Participating Company, in general terms, of the performance targets and measures to be used to determine the number or value of Free Shares to be awarded to each Participant in the
Award. 

  

	5.8	The Company shall determine the number of Free Shares (if any) to be awarded to each Qualifying Employee by reference to performance using method 1 or method 2. The same method shall be used for all Qualifying Employees
for each Award. 

 Performance Allowances: method 1 
  

	5.9	By this method: 

  

	 	(a)	at least 20% of Free Shares awarded in any performance period shall be awarded without reference to performance; 

  
 26 

	 	(b)	the remaining Free Shares shall be awarded by reference to performance; and 

  

	 	(c)	the highest Award made to an individual by reference to performance in any period shall be no more than four times the highest Award to an individual without reference to performance. 

If this method is used: 
  

	 	•	 	the Free Shares awarded without reference to performance (paragraph (a) above) shall be awarded on the same terms mentioned in Rule 4; and 

 

	 	•	 	the Free Shares awarded by reference to performance (paragraph (b) above) need not be allocated on the same terms mentioned in Rule 4. 

Performance Allowances: method 2 
  

	5.10	By this method: 

  

	 	(a)	some or all Free Shares shall be awarded by reference to performance; 

  

	 	(b)	the Award of Free Shares to Qualifying Employees who are members of the same performance unit shall be made on the same terms, as mentioned in Rule 4; and 

 

	 	(c)	Free Shares awarded for each performance unit shall be treated as separate Awards. 

 Holding Period for Free
Shares 
  

	5.11	The Company shall, in relation to each Award Date, specify a Holding Period throughout which a Participant shall be bound by the terms of the Free Share Agreement. 

 

	5.12	The Holding Period shall, in relation to each Award, be a specified period of not less than 3 years nor more than 5 years (or such other periods as may from time to time be specified under paragraph 36(2) of the
Schedule and approved by the Company and notified by the Company to the Trustee in writing), beginning with the Award Date and shall be the same for all Participants who receive an Award at the same time. The Holding Period shall not be increased in
respect of Free Shares already awarded under the Plan. 

  
 27 

	5.13	A Participant may during the Holding Period direct the Trustees: 

  

	 	(a)	to accept an offer for any of their Free Shares if the acceptance or agreement shall result in a new holding being equated with those Shares for the purposes of capital gains tax; or 

 

	 	(b)	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for their Free Shares if the offer forms part of such a general offer as is mentioned in paragraph (c) below;
or 

  

	 	(c)	to accept an offer of cash, with or without other assets, for their Free Shares if the offer forms part of a general offer (which can be made to different shareholders by different means) which is made to holders of
shares of the same class as their Shares, or to holders of shares in the same company and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have Control of that company; or

  

	 	(d)	to exercise a right arising under section 983 of the Companies Act 2006 to require the offeror to acquire their Free Shares, in the case of a takeover offer (as defined in section 974 of the Companies Act 2006) that
relates to the Parent Company and where the class or classes of shares to which the takeover offer relates includes the class of their Shares; or 

  

	 	(e)	to agree to a transaction affecting their Free Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting:

  

	 	(i)	all of the ordinary share capital of the Parent Company or, as the case may be, all the shares of the class in question; or 

  

	 	(ii)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan approved under the
Schedule or which qualifies as a Schedule 2 SIP. 

  
 28 

	5.14	The performance targets and measures referred to in this Rule 5 may be relaxed, waived, or amended if an event occurs which causes the Company to consider that any of the existing targets or measures have become unfair
or impractical. Provided that any such amendment shall be fair and reasonable and shall not be any more difficult or any less difficult to satisfy than the original target or measure. 

PART B 
  

	6.	PARTNERSHIP SHARES 

  

	6.1	The Company may at any time invite every Qualifying Employee to enter into a Partnership Share Agreement. The Partnership Share Agreement may be entered into using an electronic acceptance procedure authorised by the
Company. 

  

	6.2	Partnership Shares shall not be subject to any provision under which they may be forfeit. 

 Maximum amount of
deductions 
  

	6.3	The amount of Partnership Share Money deducted from an employee’s Salary shall not exceed £1,800 in any Tax Year (or such other amount or period as may be permitted from time to time under paragraph 46(1) of
the Schedule), and the Company may set a lower limit. If the Salary is not paid monthly, the applicable limit shall be calculated proportionately. 

  

	6.4	The amount of Partnership Share Money deducted in a Tax Year must not exceed 10% of the employee’s Salary for that Tax Year (or such other percentage as may from time to time be permitted under paragraph 46(2) of
the Schedule and approved by the Company and notified by the Company to the Trustee in writing). The Company may set a lower annual limit, which may be framed in accordance with paragraph 46(4A) of the Schedule. 

 

	6.5	Any amount deducted in excess of that allowed by Rule 6.3 or Rule 6.4 shall be paid over to the employee, subject to both deduction of income tax under PAYE and NICs, as soon as practicable. 

Minimum amount of deductions 
  

	6.6	The minimum amount to be deducted under the Partnership Share Agreement in any month shall be the same in relation to all Partnership Share Agreements entered into in response to invitations issued on the same occasion.
It shall not be greater than £10 or such other limit as may be stipulated by the Schedule. 

  
 29 

 Notice of possible effect of deductions on benefit entitlement 

 

	6.7	Every Partnership Share Agreement shall contain a notice under paragraph 48 of the Schedule. 

 Restriction
imposed on number of Shares awarded 
  

	6.8	The Company may specify the maximum number of Shares to be included in an Award of Partnership Shares. 

  

	6.9	The Partnership Share Agreement shall contain an undertaking by the Company to notify each Qualifying Employee of any restriction on the number of Shares to be included in an Award. 

 

	6.10	The notification in Rule 6.9 above shall be given: 

  

	 	(a)	if there is no Accumulation Period, before the deduction of the Partnership Share Money relating to the Award; and 

  

	 	(b)	if there is an Accumulation Period, before the beginning of the Accumulation Period relating to the Award. 

Plan with no Accumulation Period 
  

	6.11	The Trustees shall acquire Shares on behalf of the Qualifying Employee using the Partnership Share Money. They shall acquire the Shares on the Acquisition Date. The number of Shares awarded to each employee shall be
determined in accordance with the Market Value of the Shares on that date. 

 Plan with Accumulation Period 

 

	6.12	If there is an Accumulation Period, the Trustees shall acquire Shares on behalf of the Qualifying Employee, on the Acquisition Date, using the Partnership Share Money. Any Accumulation Period must not exceed 12 months
and must be the same for all Participants in a particular Award. 

  

	6.13	The Partnership Share Agreement must specify when each Accumulation Period begins and ends, and may specify that an Accumulation Period comes to an end on the occurrence of a specified event. The beginning of the first
Accumulation Period must not be later than the date on which the first deduction of Partnership Share Money is made. 

  
 30 

	6.14	The number of Shares acquired on behalf of each Participant shall be determined by reference to one of the following methods: 

  

	 	(a)	the lower of the Market Value of the Shares at the beginning of the Accumulation Period and the Market Value of the Shares on the Acquisition Date; 

 

	 	(b)	the Market Value of the Shares at the beginning of the Accumulation Period; and 

  

	 	(c)	the Market Value of the Shares on the Acquisition Date, 

 and the method to be used shall be
specified in the Partnership Share Agreement. 
  

	6.15	If a transaction occurs during an Accumulation Period which results in a new holding of Shares being equated for the purposes of capital gains tax with any of the Shares to be acquired under the Partnership Share
Agreement, the employee may agree that the Partnership Share Agreement shall have effect after the time of that transaction as if it were an agreement for the purchase of shares comprised in the new holding. 

Surplus Partnership Share Money 
  

	6.16	Any surplus Partnership Share Money remaining after the acquisition of Shares by the Trustees: 

  

	 	(a)	may, with the agreement of the Participant, be carried forward to the next Accumulation Period or (where there is no Accumulation Period) the next deduction date; and 

 

	 	(b)	in any other case, shall be paid over to the Participant, subject to both deduction of income tax under PAYE and NICs, as soon as practicable. 

 

	6.17	Where the Participant ceases to be in Relevant Employment during an Accumulation Period, the Trustees shall repay all surplus Partnership Share Money to the Participant as soon as practicable. 

Scaling down 
  

	6.18	If the Company receives applications for Partnership Shares exceeding the Award maximum determined in accordance with Rule 6.8 then the following steps shall be taken in sequence until the excess is eliminated:

  
 31 

 
			
	Step 1.	  	the excess of the monthly deduction chosen by each applicant over £10 shall be reduced pro rata;
		
	Step 2.	  	all monthly deductions shall be reduced to £10;
		
	Step 3.	  	applications shall be selected by lot, each based on a monthly deduction of £10.

 Each application shall be deemed to have been modified or withdrawn in accordance with the foregoing
provisions, and each employee who has applied for Partnership Shares shall be notified of the change. 
 Stopping and starting deductions 

 

	6.19	An employee may stop, re-start or vary deductions under a Partnership Share Agreement at any time by notice in writing to their employing company, provided that if the Company so determines (in respect of all
Participants), deductions may not be re-started more than once in any Accumulation Period. Unless a later date is specified in the notice, such notice shall take effect as soon as practicable but in any event no later than 30 days after their
employing company receives it. A Participant may not make up deductions that have been missed. 

 Withdrawal from Partnership Share
Agreement 
  

	6.20	An employee may withdraw from a Partnership Share Agreement at any time by notice in writing to the Company. Unless a later date is specified in the notice, such a notice shall take effect 30 days after the Company
receives it. Any Partnership Share Money then held on behalf of an employee shall be paid over to that employee as soon as practicable. This payment shall be subject to income tax under PAYE and NICs. 

Repayment of Partnership Share Money on or Termination 
  

	6.21	If a Plan Termination Notice is issued in respect of the Plan, any Partnership Share Money held on behalf of employees shall be repaid to them as soon as practicable, subject to deduction of income tax under PAYE, and
NICs. 

  
 32 

 Repayment of Partnership Share Money on Plan ceasing to be a Schedule 2 SIP 

 

	6.22	If the Plan ceases to be a Schedule 2 SIP by virtue of paragraph 81H or 81I of the Schedule, any Partnership Share Money held on behalf of Participants shall be repaid to them as soon as practicable after the relevant
day (as defined in paragraph 56(2A) of the Schedule, if the Plan ceases to be a Schedule 2 SIP by virtue of paragraph 81H of the Schedule, or as defined in paragraph 56(2B) of the Schedule, if the Plan ceases to be a Schedule 2 SIP by virtue of
paragraph 81I of the Schedule), subject to deduction of income tax under PAYE, and NICs. 

 PART C 

 

	7.	MATCHING SHARES 

  

	7.1	The Partnership Share Agreement sets out the basis on which a Participant is entitled to Matching Shares in accordance with this Part of the Rules. 

General requirements for Matching Shares 
  

	7.2	Matching Shares shall: 

  

	 	(a)	be Shares of the same class and carrying the same rights as the Partnership Shares to which they relate; 

  

	 	(b)	subject to Rule 7.4, be awarded on the same day as the Partnership Shares to which they relate are acquired on behalf of the Participant; and 

 

	 	(c)	be awarded to all Participants on exactly the same basis. 

 Ratio of Matching Shares to Partnership Shares

  

	7.3	The Partnership Share Agreement shall specify the ratio of Matching Shares to Partnership Shares for the time being offered by the Company and that ratio shall not exceed 2:1 (or such higher ratio as may be permitted
under paragraph 60(2) of the Schedule). The Company may vary the ratio before Partnership Shares are acquired. Employees shall be notified of the terms of any such variation before the Partnership Shares are awarded under the Partnership Share
Agreement. 

  

	7.4	If the Partnership Shares on the day referred to in Rule 7.2(b) above are not sufficient to produce a Matching Share, the match shall be made when sufficient Partnership Shares have been acquired to allow at least one
Matching Share to be appropriated. 

  
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 Holding Period for Matching Shares 

 

	7.5	The Company shall, in relation to each Award Date, specify a Holding Period throughout which a Participant shall be bound by the terms of the Partnership Share Agreement to permit the Matching Shares awarded to the
Participant to remain in the hands of the Trustees and not to assign, charge or otherwise dispose of the beneficial interest in the Shares. If, at any time during the Holding Period, the Participant ceases to be in Relevant Employment, the
Participant’s obligations with respect to that period come to an end. 

  

	7.6	The Holding Period shall, in relation to each Award, be a specified period of not less than 3 years nor more than 5 years (or such other periods as may be from time to time be specified under paragraph 61 of the
Schedule and approved by the Company and notified by the Company to the Trustee in writing), beginning with the Award Date and shall be the same for all Participants who receive an Award at the same time. The Holding Period shall not be increased in
respect of Matching Shares awarded under the Plan. 

  

	7.7	A Participant may during the Holding Period direct the Trustees: 

  

	 	(a)	to accept an offer for any of their Matching Shares if the acceptance or agreement shall result in a new holding being equated with those original Shares for the purposes of capital gains tax; or 

 

	 	(b)	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for their Matching Shares if the offer forms part of such a general offer as is mentioned in paragraph
(c) below; or 

  

	 	(c)	to accept an offer of cash, with or without other assets, for their Matching Shares if the offer forms part of a general offer (which can be made to different shareholders by different means) which is made to holders of
shares of the same class as their Shares or to the holders of shares in the same company, and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have Control of that company; or

  

	 	(d)	to exercise a right arising under section 983 of the Companies Act 2006 to require the offeror to acquire their Matching Shares, in the case of a takeover offer (as defined in section 974 of the Companies Act 2006) that
relates to the Parent Company and where the class or classes of shares to which the takeover offer relates includes the class of their Matching Shares; or 

  
 34 

	 	(e)	to agree to a transaction affecting their Matching Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or
affecting; 

  

	 	(i)	all of the ordinary share capital of the Parent Company or, as the case may be, all the shares of the class in question; or 

  

	 	(ii)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan approved under the
Schedule or which qualifies as a Schedule 2 SIP. 

 PART D 

 

	8.	DIVIDEND SHARES 

 Reinvestment of cash dividends 

 

	8.1	The Free Share Agreement or Partnership Share Agreement, as appropriate, shall set out the rights and obligations of Participants receiving Dividend Shares under the Plan. 

 

	8.2	The Company may direct that any cash dividend in respect of Plan Shares held on behalf of Participants may be applied in acquiring further Plan Shares on their behalf. 

 

	8.3	Dividend Shares shall be Shares: 

  

	 	(a)	of the same class and carrying the same rights as the Shares in respect of which the dividend is paid; and 

  

	 	(b)	which are not subject to any provision for forfeiture. 

  

	8.4	The Company may decide to direct the Trustees to: 

  

	 	(a)	apply some or all of Participants’ dividends, up to any limit specified by the Company, to acquire Dividend Shares; 

  

	 	(b)	to pay all dividends in cash to all Participants; or 

  
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	 	(c)	to offer Participants the choice of either paragraph (a) or (b) above. 

 If only some
of the Participants’ dividends are to be used to acquire Dividend Shares, the Company must direct how that amount is to be determined. 
  

	8.5	The Company may revoke or modify any direction for reinvestment of cash dividends. 

  

	8.6	If the amounts received by the Trustees exceed any limit specified by the Company, the balance shall be paid to the Participant as soon as practicable. 

 

	8.7	If dividends are to be reinvested, the Trustees shall apply the cash dividends to acquire Shares on behalf of the Participant on the Acquisition Date. The number of Dividend Shares acquired on behalf of each Participant
shall be determined by the Market Value of the Shares on the Acquisition Date. 

 Certain amounts not reinvested to be carried forward

  

	8.8	Any amount that is not reinvested because the amount of the cash dividend is insufficient to acquire a Share may be retained by the Trustees and carried forward to be added to the amount of the next cash dividend to be
reinvested. Any amounts so carried forward must be separately identifiable. 

  

	8.9	If the dividend: 

  

	 	(a)	it is not reinvested in accordance with the above provisions of this Rule 8; or 

  

	 	(b)	the Participant ceases to be in Relevant Employment; or 

  

	 	(c)	a Plan Termination Notice is issued, 

 the amount shall be repaid to the Participant as soon as
practicable. On making such a payment, the Participant shall be provided with the information specified in paragraph 80(4) of the Schedule. 

  
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 Holding Period for Dividend Shares 

 

	8.10	The Holding Period shall be a period of 3 years (or such other period as may from time to time be specified under paragraph 67 of the Schedule), beginning with the Acquisition Date. If, at any time during the Holding
Period, the Participant ceases to be in Relevant Employment, the Participant’s obligations with respect to that period come to an end. 

  

	8.11	A Participant may during the Holding Period direct the Trustees: 

  

	 	(a)	to accept an offer for any of their Dividend Shares if the acceptance or agreement shall result in a new holding being equated with those Shares for the purposes of capital gains tax; or 

 

	 	(b)	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for their Dividend Shares if the offer forms part of such a general offer as is mentioned in paragraph
(c) below; or 

  

	 	(c)	to accept an offer of cash, with or without other assets, for their Dividend Shares if the offer forms part of a general offer (which can be made to different shareholders by different means) which is made to holders of
shares of the same class as their Shares or to holders of shares in the same company, and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have Control of that company; or

  

	 	(d)	to exercise a right arising under section 983 of the Companies Act 2006 to require the offeror to acquire their Matching Shares, in the case of a takeover offer (as defined in section 974 of the Companies Act 2006) that
relates to the Parent Company and where the class or classes of shares to which the takeover offer relates includes the class of their Shares; or 

  

	 	(e)	to agree to a transaction affecting their Dividend Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or
affecting: 

  

	 	(i)	all of the ordinary share capital of the Parent Company or, as the case may be, all the shares of the class in question; or 

  

	 	(ii)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan approved under the
Schedule or which qualifies as a Schedule 2 SIP. 

  
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	8.12	Where a Participant is charged to tax in the event of their Dividend Shares ceasing to be subject to the Plan, they shall be provided with the information specified in paragraph 80(4) of the Schedule. 

  
 38 

	9.	ACQUISITION OF SHARES 

 All Awards under the Plan shall be satisfied by existing Shares which are
purchased by the Trustees on the open market. The Trustees shall not have the right to subscribe to the Parent Company for newly issued Shares in order to satisfy an Award. 
  

	10.	COMPANY RECONSTRUCTIONS 

  

	10.1	The following provisions of this Rule apply if there occurs in relation to any of a Participant’s Plan Shares (referred to in this Rule as “the Original Holding”): 

 

	 	(a)	a transaction which results in a new holding (referred to in this Rule as “the New Holding”) being equated with the Original Holding for the purposes of capital gains tax; or 

 

	 	(b)	a transaction which would have that result but for the fact that what would be the new holding consists of or includes a Qualifying Corporate Bond. 

 

	10.2	If an issue of Shares of any of the following description (in respect of which a charge to income tax arises) is made as part of a company reconstruction, those Shares shall be treated for the purposes of this Rule as
not forming part of the New Holding: 

  

	 	(a)	redeemable shares or securities issued as mentioned in paragraph C or D of section 1000(1) of the Corporation Tax Act 2010; 

  

	 	(b)	share capital issued in circumstances such that section 1022(3) of the Corporation Tax Act 2010 applies; or 

  

	 	(c)	share capital to which section 410 of the Income Tax (Trading and Other Income) Act 2005 applies that is issued in a case where subsection (2) or (3) of that section applies. 

 

	10.3	In this Rule: 

 “Corresponding Shares” in relation to any New Shares, means the Shares
in respect of which the New Shares are issued or which the New Shares otherwise represent; 
 “New Shares” means shares comprised
in the New Holding which were issued in respect of, or otherwise represent, shares comprised in the Original Holding. 

  
 39 

	10.4	Subject to the following provisions of this Rule, references in this Plan to a Participant’s Plan Shares shall be respectively construed, after the time of the company reconstruction, as being or, as the case may
be, as including references to any New Shares. 

  

	10.5	For the purposes of the Plan: 

  

	 	(a)	a company reconstruction shall be treated as not involving a disposal of Shares comprised in the Original Holding; and 

  

	 	(b)	the date on which any New Shares are to be treated as having been appropriated to or acquired on behalf of the Participant 

shall be that on which Corresponding Shares were so appropriated or acquired. 

 

	10.6	In the context of a New Holding, any reference in this Rule to shares includes securities and rights of any description which form part of the New Holding for the purposes of Chapter II of Part IV of the Taxation of
Chargeable Gains Act 1992. 

  

	11.	RIGHTS ISSUES 

  

	11.1	Any shares or securities allotted under Clause 11 of the Deed shall be treated as Plan Shares identical to the shares in respect of which the rights were conferred. They shall be treated as if they were awarded to or
acquired on behalf of the Participant under the Plan in the same way and at the same time as those Plan Shares in respect of which they are allotted. 

  

	11.2	Rule 11.1 does not apply: 

  

	 	(a)	to shares and securities allotted as the result of taking up a rights issue where the funds to exercise those rights were obtained otherwise than by virtue of the Trustees disposing of rights in accordance with this
Rule; or 

  

	 	(b)	where the rights to a share issue attributed to Plan Shares are different from the rights attributed to other ordinary shares of the Company. 

 

	12.	LEAVERS 

  

	12.1	 Subject to the forfeiture of a Participant’s Shares in accordance with Rule 13, if a Participant ceases to
hold Relevant Employment, his Plan Shares shall immediately cease to be subject to the Plan. 

  
 40 

	 	
Subject to Rule 12.2, the Trustees must within 90 days after such cessation sell or transfer the legal title to any Plan Shares awarded to the Participant or acquired on the Participant’s
behalf under the Plan. If and for so long as the Trustees retain any title to or interest in such Shares, the Trustee shall hold such title or interest on bare trust for the Participant otherwise than in the Plan. 

 

	12.2	If, in consequence of a Participant’s Plan Shares ceasing to be subject to the Plan, the Participant is chargeable to income tax in accordance with Chapter 6 of Part 7 of ITEPA 2003 and employee’s NICs and an
obligation to make a deduction under PAYE arises in respect of that charge or any stamp duty, SDRT or other tax is payable, the Trustees may: 

  

	 	(a)	accept a sum from the Participant; and/or 

  

	 	(b)	dispose of sufficient of the Participant’s Shares to meet such liabilities on behalf of the Participant (including but not limited to a purchase by the Trustees of the beneficial interest in such Shares).

  

	12.3	The Trustees shall pay to the Participant’s employer a sum which is sufficient to discharge its liability to account for income tax and NICs under PAYE in respect of the Participant in a timely manner. If there is
no employer to which PAYE then applies or HM Revenue & Customs is of the opinion that it is impracticable for the Participant’s employer to account for the relevant amounts under PAYE, then the Trustees shall account for the same as if
the Participant were a former employee of the Trustee. 

  

	12.4	For the purposes of this Rule 12, in the event of a Participant’s death, references to a Participant shall include references to his personal representatives. 

 

	13.	FORFEITURE 

 The Company may determine that Participants shall, during the Forfeiture
Period, forfeit all beneficial entitlement (or such proportion as the Company shall from time to time determine in respect of all Participants) to Free Shares and/or Matching Shares awarded to them and such beneficial entitlement shall become vested
in the Trustees for no consideration, provided that: 
  

	 	(a)	prior to the Award Date, the Company notify Qualifying Employees of the basis on which the Matching Shares and/or Free Shares shall be capable of forfeiture; and 

  
 41 

	 	(b)	the Participant’s Free Share Agreement or Partnership Share Agreement pursuant to which Free Shares or Matching Shares are awarded provides that such Free Shares or Matching Shares are subject to forfeiture and the
circumstances in which those Shares will be forfeited. 

  

	14.	Administration 

  

	14.1	Except as otherwise specifically provided, the Plan shall be administered by the Company in accordance with its terms and applicable law. The Company shall have full and complete authority to interpret the Plan, to
prescribe such rules and regulations and to make such other determinations as it deems necessary or desirable for the administration for the Plan. The Company may from time to time, subject to the terms of the Plan, delegate to officers or employees
of the Company or to third parties, the whole or any part of the administration of Plan and shall determine the scope and terms and conditions of such delegation, including the authority to prescribe rules and regulations. Any interpretation, rule
regulation or determination made or other act of the Company shall be final and binding on the Participants and their beneficiaries and legal representatives. 

  

	14.2	The Trustees shall maintain such records as may be necessary to comply with the Schedule and any other applicable legislation and shall at all times and from time to time give to each Participant such information as
shall be in their possession to enable him to determine and quantify any liability he may have to income tax and NICs pursuant to the Schedule. 

  
 42 

 APPENDIX A 

FREE SHARE AGREEMENT 
 [To be
prepared if the Company decides to award Free Shares.] 

  
 43 

 APPENDIX B 

PARTNERSHIP SHARE AGREEMENT 

  
 44

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