Document:

Exhibit 4.29

          

        

      EXECUTION VERSION

      

      ATM PLAN LETTER AGREEMENT

      

      

      August 3, 2021

      

      

      Algonquin Power & Utilities Corp. (“AQN”)

      354 Davis Road, Suite 100

      Oakville, Ontario, L6J 2X1

      Canada

      

      

      	
              Attention:

            	
              Arun Banskota

            
	 	
              Chief Executive Officer

            
	 	 
	
              CC:

            	
              Jennifer Tindale

            
	 	
              Chief Legal Officer

            
	 	 
	 	
              Michael J. Aiello

            
	 	
              David Avery-Gee

            
	 	
              Matthew Gilroy

            
	 	
              Weil, Gotshal & Manges LLP

            

      

      

      Dear Mr. Banskota:

      

      

      Atlantica Sustainable Infrastructure plc (the “Company”) intends to establish an “at-the-market program” for an aggregate
        offering size of up to $150,000,000 (the “ATM Program”), by which the Company may offer and sell its ordinary shares at any time and from time to time through one or more designated sales agents (the “Agent”), through ordinary brokers’ transactions through the NASDAQ Global Select Market (“NASDAQ”) at market prices, in block transactions or as otherwise agreed between
        the Company and the Agent (each an “ATM Sale”), pursuant to (i) a Distribution Agreement to be entered into with the Agent (the “Distribution Agreement”), (ii) the
        Company's registration statement on Form F-3 (the “Registration Statement”) and (iii) a related base prospectus and prospectus supplement to be filed with the U.S. Securities and Exchange Commission (together
        the “Prospectus”).

      

      

      In connection with the establishment of the above referenced ATM Program, the parties to this letter (this "letter agreement")
        agree as follows:

      

      

      	

            	1.	
              AQN acknowledges and agrees to the

            

      

      

      	

            	a.	
              establishment of the ATM Program,

            

      

      

      	

            	b.	
              each ATM Sale,

            

      

      

      	

            	c.	
              any related actions in furtherance of the foregoing, and

            

      

      

      	

            	d.	
              the filing of the Registration Statement and Prospectus, in each case for so long as the ATM Program is in full force and effect,

            

      

      

      
        
          

      

      on condition that the Company agrees that, each of AQN or one or more of its subsidiaries designated by AQN (one or more entities, the “Investor”) collectively (in such proportions or other
          allocation as determined by AQN) shall have and are hereby granted the right (but not the obligation) (the “ATM Preemptive Right”), to subscribe in cash, in each case
          at the per Equity Security subscription price equal to the Catch-up Exercise Price (as defined below), for Equity Securities of the Company up to the amount equal to (i) the total amount of Equity Securities sold in each respective ATM Sale
          during the Catch-up Period (as defined below) divided by (ii) 1 minus its Percentage Interest as of the Catch-Up Date (as defined below) immediately prior to such Catch-up Period and multiplied by (iii) its Percentage Interest as of the Catch-up
          Date immediately prior to such Catch-up Period (such number of Equity Securities, the “Maximum Shares”), as set forth below.  For purposes of calculating the Investor’s Percentage Interest under this letter
          agreement, there shall be added to the numerator and the denominator any Subscribed Catch-up Shares (as defined below) which the Investor has the right to acquire in respect of previous Catch-up Periods for which the Closing (as defined in the
          subscription agreement to be executed pursuant to this letter agreement) has not yet occurred (including any Subscribed Catch-up Shares which were not previously acquired in accordance with Section 5).  To the extent any Subscribed Catch-up
          Shares relating to a subscription agreement pursuant to this letter agreement (x) fail to settle by the closing date in the relevant subscription agreement or (y) such subscription agreement is otherwise terminated, in each case, due to a breach
          by the Investor, the Investor’s Percentage Interest under this letter agreement shall be adjusted to remove any such shares for the purposes of calculating the Investor’s Percentage Interest and the number of Subscribed Catch-up Shares shall be
          reduced so that the Investor is entitled to subscribe for a number of shares resulting in a Percentage Interest no greater than if such shares had not been subscribed for.

      

      

      	

            	2.	
              In connection with the ATM Preemptive Right, the Company shall:

            

      

      

      	

            	a.	
              on the earlier of: (i) the date the Company furnishes or files its quarterly or, in the case of the period ending December 31, annual financial statements, on Form 6-K or Form 20-F with the U.S. Securities and Exchange Commission, but
                excluding the financial statements relating to the quarter ended June 30, 2021 (each a “Cleansing Date”) and (ii) 3 Business Days prior to the relevant Meeting Date (the earlier of (i) and (ii) in
                each case, a “Catch-up Date”) give the Investor, written notice (the “Catch-up Notice”) of all ATM Sales made since the later of the prior Catch-up Date and the
                date of this letter agreement up to but excluding the relevant Catch-up Date (each such period a “Catch-up Period”). To the extent that no ATM Sales pursuant to the Distribution Agreement are made
                during the Catch-up Period for any reason, then the Company shall not have any obligation to provide such written notice to the Investor.  “Meeting Dates” are the dates listed on Schedule I hereto
                (subject to changes to the Meeting Dates which are notified in writing by AQN to the Company no less than 5 Business Days prior to the relevant date listed on Schedule I provided that such dates shall be no more than 14 calendar days before
                or after the corresponding month and day listed on Schedule I) and such additional dates provided by AQN to the Company with respect to any period after December 31, 2022 provided that such dates provided by AQN to the Company with respect
                to any period after December 31, 2022 shall be no more than 14 calendar days before or after the corresponding month and day from the corresponding meeting for the year ended December 31, 2022;

            

      

      

      	

            	b.	
              include in each Catch-up Notice (i) the total number of ordinary shares sold pursuant to the ATM Program during the Catch-up Period (“Total Catch-up Shares”), (ii) the total number of issued and
                outstanding ordinary shares of the Company immediately prior to, and at the end of, the relevant Catch-Up Period; (iii) the total amount in U.S. dollars for which the Total Catch-up Shares were sold, before applying any bank or other fees,
                (“Total Catch-up Amount”), (iv) the average price which shall be calculated by dividing (A) the Total Catch-up Amount by (B) the Total Catch-up Shares (“Catch-up
                  Exercise Price”), (v) details of any events referred to in Section 2.f. during the relevant Catch-up Period (including the record date) and any adjustments required pursuant to Section 2.f. with respect to any such event and (vi)
                bank account details into which the Investor shall pay the subscription price for the  Subscribed Catch-up Shares (as defined below);

            

      

      

      
        
          

      

      	

            	c.	
              include in each Catch-up Notice the date by which the Investor must give the Company written notice of its election to subscribe for all or some of such Equity Shares, which shall be no earlier than the day which is the latest of: (i)
                seven (7) Business Days from the delivery of the Catch-up Notice, (ii) four (4) Business Days after the Meeting Date which follows the Catch-up Period which is the subject of the Catch-up Notice and (iii) the relevant Cleansing Date (the
                latest date, the “Exercise Deadline”);

            

      

      

      	

            	d.	
              countersign any executed subscription agreement, in the form attached hereto as Exhibit A, delivered in accordance with this letter agreement;

            

      

      

      	

            	e.	
              ensure that it has sufficient shareholder authority to allot the Maximum Shares to the Investor (in the event the Investor exercises their ATM Preemptive Right), and not issue any Equity Securities unless, following such issuance, the
                Company will continue to have sufficient shareholder authority to allot the Maximum Shares to the Investor; and

            

      

      

      	

            	f.	
              not (i) declare or pay any dividends or distributions, (ii) effect any stock splits, reclassifications, reorganizations, mergers, business combinations, or similar transactions relating to the Equity Securities of the Company or (iii)
                issue any ordinary shares pursuant to a rights issue or other pre-emptive offering by the Company at a discount to the market price, in each case, between the beginning of any Catch-up Period and the relevant Closing, unless the Catch-up
                Exercise Price and the Subscribed Catch-up Shares are adjusted appropriately to provide the Investor with the same effects and benefits (including economic benefits) as if the portion of the Subscribed Catch-up Shares which is equivalent to
                the portion of Catch-up Shares issued prior to the record date with respect to such event had been issued prior to the record date with respect to such event.

            

       

        

      	

            	3.	
              Upon receipt of a Catch-up Notice, the Investor shall provide written notice to the Company if it intends to exercise its ATM Preemptive Right (the “Investor Notice”) and an executed subscription
                agreement in the form attached hereto as Exhibit A.

            

      

      

      	

            	a.	
              The Investor Notice shall include (a) the Investor’s Percentage Interest as of immediately prior to the relevant Catch-up Period, (b) the number of ordinary shares (if any) the Investor will purchase at the Catch-up Exercise Price
                (subject to Section 2.f.) (“Subscribed Catch-up Shares”), which shall not exceed a number of ordinary shares equal to the number of Maximum Shares, (c) the name of the Investor subscribing for such
                shares, and (d) the date for the Closing for the Subscribed Catch-up Shares which shall be no earlier than the third Business Day following the Investor Notice and no later than the later of (x) 180 calendar days following the date the
                Investor Notice is delivered provided that such delivery date is prior to January 1, 2023, and (y) the twelfth Business Day following the Investor Notice.

            

      

      

      	

            	b.	
              For the avoidance of doubt, if an Investor does not provide an Investor Notice prior to the relevant Exercise Deadline or otherwise declines to exercise their ATM Preemptive Right, their ATM Preemptive Right with respect to the relevant
                Total Catch-up Shares for the relevant Catch-up Period will be immediately terminated.

            

      

      

      	

            	4.	
              Each party represents and warrants to the other party that:

            

      

      

      	

            	a.	
              Such party is a company validly existing and duly incorporated, organized and registered under the laws of its jurisdiction of incorporation;

            

      

      

      
        
          

      

      	

            	b.	
              This letter agreement has been duly authorized and executed by it and constitutes a valid and legally binding obligation of it;

            

      

      

      	

            	c.	
              All necessary consents, authorisations, notifications, actions or other things required to be taken, fulfilled or done by it in accordance with applicable law (including, without limitation: (i) the obtaining of any consent, approval or
                license, (ii) the making of any filing or registration; or (iii) the obtaining of any shareholder approval) for the carrying out of the transactions contemplated by this letter agreement or the performance by it of the terms of this letter
                agreement, have been obtained or made and are, or will on Closing (as defined in the subscription agreement to be executed pursuant to this letter agreement) be, in full force and effect;

            

      

      

      	

            	5.	
              The Company represents and warrants to AQN that as of each Catch-up Date, it is not aware of any material, non-public information with respect to the Company and its subsidiaries that has not been disclosed to AQN. To the extent the
                Company is unable to make the representations and warranties in this Section 5, the Company shall notify the Investor in the relevant Catch-up Notice and it shall not be considered a breach of this letter agreement.  If the Company notifies
                the Investor in the Catch-up Notice that it is unable to make the representations and warranties in this Section 5 (such notice, the “Original Catch-up Notice”), the Investor may, in its sole
                discretion, elect to (a) subscribe for the Subscribed Catch-up Shares for the applicable Catch-up Period by the Exercise Deadline in the Catch-up Notice provided that the Investor will make the representations in paragraphs 1 and 2 in
                Schedule 3 of the subscription agreement appended hereto to the Company and acknowledge that the Company has advised it that the Company is in possession of material, non-public information with respect to the Company that has not been
                disclosed to AQN or (b) have the option of subscribing for the Subscribed Catch-up Shares for the applicable Catch-up Period either (i) following the next Catch-up Date on which the representations and warranties in this Section 5 can be
                made by the Company, or (ii) following any Catch-up Date relating to a later Catch-up Period (provided that the Investor will make the representations in paragraphs 1 and 2 in Schedule 3 of the subscription agreement appended hereto to the
                Company and acknowledge that the Company has advised it that the Company is in possession of material, non-public information with respect to the Company that has not been disclosed to AQN), in each case, at the Catch-up Exercise Price in
                the Original Catch-up Notice (i.e., for the Catch-up Period immediately preceding such notice).

            

      

      

      	

            	6.	
              The parties to this letter agreement agree that this letter agreement is not in breach of the Shareholders Agreement, dated as of 5 March 2018, by and among AQN and Abengoa-Algonquin Global Energy Solution B.V. (“AAGES”) and the Company, as amended from time to time (the “Shareholders Agreement").   Further, the parties to this letter agreement acknowledge that for the
                purpose of determining any pre-emptive rights of AQN and AAGES under the Shareholders Agreement, the calculation of Percentage Interest in connection with such pre-emptive rights shall be adjusted as follows: (a) the denominator shall be
                decreased by the number of shares issued under the ATM Program with respect to which the Investor has not yet had the opportunity to deliver an Investor Notice, and (b) the numerator and the denominator shall be increased by any Subscribed
                Catch-up Shares for which the Closing has not yet occurred.  AQN further agrees that it will not directly or indirectly take action, nor entice AAGES, to assert a breach of the Shareholders Agreement by the Company with respect to the ATM
                Program subject to the Company’s compliance with the terms of this letter agreement. AQN shall use best efforts to cause AAGES to sign a joinder to Section 6 of this letter agreement prior to the delivery of any Investor Notice.  The
                parties agree that the second sentence of this paragraph 6 is for the benefit of the parties and AAGES and is enforceable by AAGES in accordance with the Contracts (Rights of Third Parties) Act 1999.

            

      

      

      
        
          

      

      	

            	7.	
              Except as otherwise provided in this letter agreement, any notice, demand or other communication to be served under this letter agreement shall be in writing and shall be served upon any party hereto only by email.

            

      

      

      A notice or demand served by email shall be deemed to have been given two hours following dispatch unless evidence of receipt is received earlier
        (other than by an automated reply generated in response to such e-mail), save that if it is delivered later than 5.00 p.m. Eastern Time on a Business Day or at any time on a day which is not a Business Day, it shall be deemed to have been given at
        8.00 a.m. Eastern Time on the next Business Day, provided in each case that no undeliverable or e-mail bounce back message is received.

      

      

      All notices, demands or other communications given under this letter agreement shall be given to the following email addresses:

      

      

      If to the Company:

      

      

      For the attention of: Francisco Martinez-Davis

      Email: francisco.martinezdavis@atlantica.com

      

      

      If to AQN:

      

      

      For the attention of: Chief Legal Officer

      Email: jennifer.tindale@APUCorp.com

      

      

      with copies to: notices@APUCorp.com

      

      

      and copies (which shall not constitute notice) to: david.avery-gee@weil.com and matthew.gilroy@weil.com

      

      

      	

            	8.	
              The provisions of Article 10 (other than Sections 10.1 and 10.10) of the Shareholders Agreement shall apply to this letter agreement mutatis mutandis. Capitalized terms used but not defined
                herein have the meanings set forth in the Shareholders Agreement.

            

      

      

      (signatures follow)

       

        

      
        
          

      

      	

            	
              Very truly yours,

            
	

            	

            
	

            	
              ATLANTICA SUSTAINABLE

              INFRASTRUCTURE PLC

            
	

            	

            
	

            	
              By:

            	/s/ Santiago Seage

            	 
	

            	 	
              Name: Santiago Seage

            
	

            	 	
              Title:   Director and CEO

              

            

      

      

      	
              Acknowledged and Agreed:

            	

            
	 	

            
	
              ALGONQUIN POWER & UTILITIES CORP.

            	

            
	 	

            
	
              By:

            	/s/ Arun Banskota 	

            

      	
              Name:

            	Arun Banskota	

            
	
              Title: 

              

            	President & CEO

            	

            
	

            	

            

      	
              By:

            	/s/ Arthur Kacprzak

            	

            

      	
              Name:

            	Arthur Kacprzak	

            
	
              Title:

            	Chief Financial Officer

            	

            

      

      

      
        
          

      

      Schedule I

       

      MEETING DATES

       

      	•	
              Third Quarter 2021

            

       

      	

            	•	
              November 11

            

       

      	•	
              Fourth Quarter 2021

            

       

      	

            	•	
              March 3

            

       

      	•	
              First Quarter 2022

            

       

      	

            	•	
              May 12

            

       

      	•	
              Second Quarter 2022

            

       

      	

            	•	
              August 11

            

       

      	•	
              Third Quarter 2022

            

       

      	

            	•	
              November 10

            

       

      
        
          

      

      EXHIBIT A

       

      ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC

      as the Company

       

      and

       

      [●]

      

      

      	 	
              SUBSCRIPTION AGREEMENT

              RELATING TO ORDINARY SHARES IN ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC

            	 

      

      

      
        
          

      

      THIS AGREEMENT is made on [●]

       

      BETWEEN:

       

      	(1)	
              ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC, a company incorporated under the laws of England and Wales with registered number 08818211, whose registered office is at Great West House (Gw1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF,
                  United Kingdom (the “Company”); and

            

       

      	(2)	
              [●] (the “Investor”).

            

       

      The parties sub (1) and (2) above are hereinafter referred to as the “Parties” and each individually as a
        “Party”.

       

      WHEREAS:

       

      	(A)	
              Algonquin Power & Utilities Corp. (“AQN”), an affiliate of the Investor has acknowledged and agreed to the terms of the ATM Plan Letter Agreement dated [●], 2021
                (the “ATM Plan Letter Agreement”).

            

       

      	(B)	
              Pursuant to the ATM Plan Letter Agreement, on [●], the Company delivered a Catch-up Notice (as defined in the ATM Plan Letter Agreement) to the Investor in relation to the applicable Catch-up Period (as
                defined in the ATM Plan Letter Agreement).

            

       

      	(C)	
              The Investor has expressed its intention to exercise its ATM Preemptive Right (as defined in the ATM Plan Letter Agreement) by written notice delivered to the Company on [●] (the “Investor Notice”). Consequently, the Investor wishes to subscribe for the Subscribed Catch-up Shares (as defined below) for an aggregate amount of US$ [●], subject to adjustment as set forth in this Agreement.

            

       

      	(D)	
              The Company will issue the Subscribed Catch-up Shares to a nominee (the “Computershare Nominee”) of the Company’s depositary, Computershare Trustees (Jersey) Limited
                (the “Depositary”), which will issue depositary receipts to the Investor on the terms and subject to the conditions set forth in this Agreement.

            

       

      NOW IT IS AGREED as follows:

       

      	1.	
              DEFINITIONS AND INTERPRETATION

            

       

      	1.1	
              Definitions

            

       

      “AAGES” shall mean AAGES (AY Holdings) B.V.

       

      “Account” has the meaning given to it in Section 2.3.2(i).

       

      “Affiliate” shall have the same meaning as in the Shareholders
        Agreement.

       

      “Agent” has the meaning given to it in Section 11.3.1.

       

      “Agreement” shall mean this subscription agreement.

       

      “AQN” has the meaning given to it in Recital (A) of this Agreement.

       

      
        
          

      

      “AQN Parties” has the meaning given to it in Section 5.1.2.

       

      “ATM Plan Letter Agreement” has the meaning given to it in Recital (A) of this Agreement.

       

      “Business Day” shall mean a day which is not a Saturday, a Sunday or
        bank or other official public holiday in Toronto, Canada, New York, United States, Madrid, Spain or London, United Kingdom.

       

      “Catch-up Notice” has the meaning given to it in Recital (B) of this Agreement.

       

      “Catch-up Period” has the meaning given to it in Recital (B) of this Agreement.

       

      “Catch-up Price” shall mean the amount set forth in Recital (C) of
        this Agreement and shall be calculated as follows, subject to adjustment in accordance with Section 2.7: (a) the Catch-up Exercise Price (as defined in the ATM Plan Letter Agreement as may be adjusted pursuant to Section 2(f) therein) multiplied by
        (b) the Subscribed Catch-up Shares, in each case, as indicated in the Catch-up Notice.

       

      “Closing” shall mean the closing of the transactions contemplated by
        this Agreement.

       

      “Closing Date” shall mean following satisfaction of the conditions
        set forth in Section 3, the date on which the Company is in receipt of the Catch-up Price from the Investor and issues the Subscribed Catch-up Shares to the Investor, such date being [●], unless otherwise mutually agreed to in writing by the
        Parties.

       

      “Computershare Nominee” has the meaning given to it in Recital (D) of this Agreement.

       

      “Depositary” has the meaning given to it in Recital (D) of this Agreement.

       

      “Depositary Receipts” has the meaning given to it in Section 2.2.

       

      “Depositary Services Agreement” shall mean the depositary services agreement dated 22 May 2019, as amended
        on December 11, 2020, between the Company, AAGES and the Depositary.

       

      “Depositary Trust Instrument” shall mean the trust instrument in respect of the Company’s depositary receipts dated 12 June 2014.

       

      “DSA Amendment Agreement” means an amendment agreement to the Depositary Services Agreement, in a form
        agreed between the Company, AQN and the Depositary, proposed to be entered into by the Company, AAGES and the Depositary prior to the Closing Date which amends the Depositary Services Agreement; provided that if the Investor is not AAGES, the DSA
        Amendment Agreement shall be an agreement between the Company, the Investor and the Depositary to be entered into prior to the Closing Date, amending the Depositary Services Agreement or another agreement appropriate for the transactions
        contemplated by this Agreement and on similar terms to the Depositary Services Agreement.

       

      “Encumbrance” means any security interest, mortgage, charge (fixed or floating), pledge, lien, option, right
        to acquire, right of pre-emption, “put” or “call” rights, exchangeable or convertible securities, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any
        retention arrangement), or any agreement to create any of the foregoing.

       

      
        
          

      

      “Material Adverse Effect” shall mean any change, effect, event, occurrence, state of facts, circumstance or
        development that, individually or in the aggregate, has had or will have a material adverse effect on the business, financial condition or results of operations of the Company and its subsidiaries, taken as a whole; provided, however, that any such
        change or effect caused by or resulting from any of the following shall not be considered, and shall not be taken into account in determining the existence of, a “Material Adverse Effect”: (i) conditions affecting the global economy or the
        financial, geopolitical, credit, commodities or capital markets as a whole, or generally affecting the industries in which the Company and its subsidiaries conducts its business; (ii) any change in or adoption of, any applicable laws, IFRS or GAAP;
        (iii) the occurrence or the escalation of any hostilities, military or terrorist attack (other than a cyberattack) or other force majeure events; (iv) earthquakes, hurricanes, tornadoes, floods or other natural disasters; (v) any actions of or
        incidents resulting from the actions of AQN or affiliates (other than the Company and its subsidiaries); or (vi) the effect of any epidemic, pandemic or disease outbreak (including the COVID-19 pandemic or any measures taken by governmental
        agencies in response thereto), which occurs after the date of this Agreement.

       

      “Ordinary Shares” shall mean ordinary shares with a par value of US$
        0.10 each in the capital of the Company.

       

      “Shareholders Agreement” shall mean the Shareholders Agreement by
        and among AQN, Abengoa-Algonquin Global Energy Solutions B.V. and the Company, dated as of 5 March 2018, as supplemented and amended from time to time.

       

      “Subscribed Catch-up Shares” has the meaning given to it in Article
        2.1 of this Agreement and as specified in the Investor Notice.

      

      

      “Transfer Taxes” has the meaning given to it in Section 5.1.2.

       

      	1.2	
              Interpretation

            

       

      	1.2.1	
              The titles and headings included in this Agreement are for convenience only and shall not be taken into account in the interpretation of the provisions of this Agreement.

            

       

      	1.2.2	
              The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “herewith” and words of similar import shall refer to this Agreement as a whole and not to any particular Article, paragraph or other
                subdivision.

            

       

      	1.2.3	
              All periods of time set out in this Agreement shall be calculated from midnight to midnight. They shall start on the day following the day on which the event triggering the relevant period of time has
                occurred. The expiration date shall be included in the period of time. If the expiration date is not a Business Day, it shall be postponed until the next Business Day. Unless otherwise provided herein, all periods of time shall be
                calculated in calendar days. All periods of time consisting of a number of months (or years) shall be calculated from the day in the month (or year) when the triggering event has occurred until the eve of the same day in the following
                month(s) (or year(s)).

            

       

      	1.2.4	
              “after-tax basis” means that where a payment (or any part thereof) is chargeable to any tax, a basis such that the amount so payable shall be increased as to ensure that after taking into account:

            

       

      	

            	a.	
              any tax chargeable (or which would be chargeable but for the availability of any relief) on such amount; and

            

       

      	

            	b.	
              any relief which is available to the recipient of the indemnity payment in respect of the loss, damage, cost, charge, expense or liability in respect of which the payment is made to such person,

            

       

      
        
          

      

      the recipient of the payment is in the same position as they would have been if the matter giving rise to the payment obligation had not occurred.

       

      	2.	
              SHARE SUBSCRIPTION

            

       

      	2.1	
              The Investor hereby applies for the issue to the Computershare Nominee at Closing
                  of [●] Ordinary Shares (the “Subscribed Catch-up Shares”),
                  to be credited as fully paid, in consideration of the payment by the Investor to the Company of the Catch-up Price, and the Company agrees to allot and issue the Subscribed

                  Catch-up Shares in accordance with the terms of this Agreement.

            

       

      	2.2	
              As soon as practicable after the date of this Agreement and in any event prior to Closing, the Investor and the Company shall enter into the DSA Amendment Agreement providing for the issue of depositary
                receipts representing the Subscribed Catch-Up Shares (the “Depositary Receipts”) to Investor's broker(s) (such broker(s) as designated by the Investor to the Company in writing at least three (3)
                Business Days prior to the Closing, the “Brokers”) in their capacity as custodian(s) for the Investor.

            

       

      	2.3	
              The Parties will work together to seek to ensure that the allotment and issuance of the Subscribed Catch-Up Shares are structured in a manner intended to ensure that neither (a) the issue of the Subscribed Catch-Up Shares to the
                Computershare Nominee as custodian, nor (b) any subsequent transfer of those shares from the Computershare Nominee to Cede & Co, as nominee of The Depositary Trust Company, are subject to stamp duty or stamp duty reserve tax in the
                United Kingdom.

            

       

      	2.4	
              The Investor shall deliver to the Company a duly executed copy of the voting power of attorney in the form attached as Schedule 2 hereto (for the total number of shares of the Company in excess of the 41.5%
                being held in aggregate by AQN and its affiliates) prior to the Closing Date.

            

       

      	2.5	
              Rights attaching to the ordinary shares

            

       

      The Subscribed Catch-Up Shares shall be identical and rank pari passu in all respects with the existing
        issued Ordinary Shares including, without limitation, the right to receive any dividend whose record date falls at or after the Closing Date.

       

      	2.6	
              Closing

            

       

      	

            	2.3.1	
              The Closing shall occur on the Closing Date.

            

       

      	

            	2.3.2	
              On the Closing Date:

            

       

      	

            	(i)	
              the Investor shall pay the full Catch-up Price in U.S. dollars to the U.S. dollar-denominated bank account in the Company’s name with the bank account information communicated by the Company to the Investor
                at least three (3) Business Days prior to Closing (the “Account”). Any bank charges, costs and expenses relating to this payment shall be borne by the Investor; and

            

       

      	

            	(ii)	
              promptly following receipt of the Catch-Up Price:

            

       

      
        
          

      

      	

            	(a)	
              the Company will allot and issue the Subscribed Catch-up Shares to the Computershare Nominee, on behalf of the Investor, credited as fully paid;

            

       

      	

            	(b)	
              the Company will instruct, and the Investor will cause the Broker(s) to instruct, the Depositary to issue the Depositary Receipts to the Broker(s) in their capacity as custodian(s) for the Investor; and

            

       

      	

            	(c)	
              the Investor shall cause the Brokers to accept the Depositary Receipts.

            

       

      	2.7	
              The Company acknowledges and agrees that the acquisition of Subscribed Catch-up Shares and/or Depositary Receipts pursuant to this Agreement is permitted pursuant to clause 2.1(a)(iii) of the Enhanced
                Cooperation Agreement and, accordingly, shall not be a breach of clause 4.1 of the Shareholders Agreement.

            

       

      	2.8	
              If between the date of this Agreement and the Closing, (i) the Company declares or pays any dividends or distributions, (ii) there are any stock splits, reclassifications, reorganizations, mergers, business combinations, or similar
                transactions relating to the Equity Securities of the Company or (iii) the Company issues any ordinary shares pursuant to a rights issue or other pre-emptive offering by the Company at a discount to the market price, the Catch-up Price and
                the Subscribed Catch-up Shares shall be adjusted appropriately to provide the Investor with the same effects and benefits (including economic benefits) as if the Subscribed Catch-up Shares had been issued prior to the record date with
                respect to such event.

            

       

      	3.	
              CONDITIONS PRECEDENT

            

       

      	3.1	
              The mutual obligations of the Company and the Investor under this Agreement are conditional upon the DSA Amendment Agreement having been entered into by the parties thereto prior to the Closing Date; provided
                that the Company and the Investor shall use their best efforts to satisfy this condition.

            

       

      	3.2	
              The obligations of the Company under this Agreement are conditional upon the satisfaction by the Investor or waiver by the Company of the following conditions:

            

       

      	

            	(a)	
              the representations and warranties of the Investor set forth in Section 4 being true and accurate in all material respects as of the date of this Agreement and the Closing Date (by reference to the facts and
                circumstances then subsisting) and the Company shall have received a certificate signed by an authorized officer of the Investor in the form set out in Schedule 1 hereto, certifying as to the satisfaction of such condition; and

            

       

      	

            	(b)	
              the Investor having delivered to the Company a duly executed copy of the voting power of attorney in the form attached as Schedule 2 hereto (for the total number of shares of the Company in excess of 41.5%
                being held in aggregate by AQN and its Affiliates) prior to the Closing Date.

            

       

      	3.3	
              The obligations of the Investor under this Agreement are conditional upon the satisfaction by the Company or waiver by the Investor of the following condition: the representations and warranties of the
                Company set forth in Section 4 being true and accurate in all material respects as of the date of this Agreement and the Closing Date (by reference to the facts and circumstances then subsisting) and the Investor shall have received a
                certificate signed by an authorized officer of the Company in the form set out in Schedule 1 hereto, certifying as to the satisfaction of such condition.

            

       

      
        
          

      

      	4.	
              REPRESENTATIONS AND WARRANTIES

            

       

      	4.1	
              Each Party represents and warrants to the other on the date of this Agreement and at the Closing that:

            

       

      	4.1.1	
              Existence.  Such Party is a company validly existing and duly incorporated, organised and registered under the law of its jurisdiction of incorporation.

            

       

      	4.1.2	
              Validity of the Agreement. This Agreement has been duly authorized and executed by it and constitutes a valid and legally binding obligation of it.

            

       

      	4.1.3	
              Consents. All necessary consents, authorisations, notifications, actions or other things required to be taken, fulfilled or done by it in accordance with applicable law (including without limitation: (i) the obtaining of any
                  consent or license, (ii) the making of any filing or registration; or (iii) the obtaining of any shareholder approval) for: (1) the subscription of the Subscribed Catch-Up Shares pursuant to this Agreement, (2) the carrying out of the
                  other transactions contemplated by this Agreement or the performance by it of the terms of this Agreement, have been obtained or made and are, or will on Closing be, in full force and effect.

            

       

      	4.2	
              The Investor represents, warrants, agrees and acknowledges to the Company the representations and warranties set out in Schedule 3, as of the date of this Agreement and as of the Closing Date, by reference to
                the facts and circumstances then subsisting.

            

       

      	4.3	
              The Company represents and warrants, agrees and acknowledges to the Investor the following as at of the date of this Agreement and as of the Closing Date, by reference to the facts and circumstances then
                subsisting:

            

       

      	4.3.1	
              The Subscribed Catch-Up Shares shall be identical and rank pari passu in all respects with the existing issued Ordinary Shares including, without limitation, the right to receive any dividend whose record
                date falls at or after the Closing Date.

            

       

      	4.3.2	
              The Subscribed Catch-Up Shares on the Closing Date shall be free from any Encumbrance, fully paid up and shall have been validly authorised and issued and shall not be subject to pre-emptive or other similar
                rights of any securityholder of the Company, in each case in accordance with applicable laws and the Company’s articles.

            

       

      	4.3.3	
              The Ordinary Shares and, as of the Closing Date, the Subscribed Catch-up Shares, are listed on the Nasdaq National Market.

            

       

      	4.3.4	
              (a) From the date of the ATM Plan Letter Agreement through the date of this Agreement, there has not been any Material Adverse Effect, other than as publicly disclosed and (b) since the date of this
                Agreement, there has not been any Material Adverse Effect.

            

       

      	4.3.5	
              The Company is not aware of any material, non-public information with respect to the Company and its subsidiaries that has not been disclosed to the Investor.

            

       

      	5.	
              COSTS – EXPENSES

            

       

      	5.1.1	
              Each Party shall bear its own costs and expenses (including legal and other advisory fees) incurred in connection with the preparation of this Agreement, and all related agreements and transactions. The
                Investor shall bear the costs and expenses of Computershare and its legal counsel, in connection with the subscription for, and issuance of, the Subscribed Catch-up Shares pursuant to this Agreement, to the extent the Company is liable for
                such costs and expenses.

            

       

      
        
          

      

      	5.1.2	
              Subject to clause 5.1.3 below, the Company shall be solely responsible for, and shall indemnify each of AQN and any of its Affiliates (the “AQN Parties”) on an
                after-tax basis against all United Kingdom stamp duty and/or stamp duty reserve tax, or amounts in respect of United Kingdom stamp duty and/or stamp duty reserve tax, which is required to be paid by any of the AQN Parties to any person
                (including, for the avoidance of doubt, under the Depositary Services Agreement or the Depositary Trust Instrument) in connection with the execution, performance or enforcement of this Agreement and transactions contemplated hereunder,
                including, without limitation, the grant of any rights under this Agreement, the issue and allotment of the Subscribed Catch-Up Shares and/or the issue and acceptance of Depositary Receipts to/by the Investor pursuant to, or contemplated
                by, this Agreement; and any related interest, penalties, surcharges, fines and additions in respect thereof (“Transfer Taxes”), provided that the Company shall not be liable under this clause 5.1.2
                for any Transfer Taxes:

            

       

      	5.1.2.1	
              if and to the extent that they arise as a result of any transfers of, or agreements to transfer, the Subscribed Catch-Up Shares;

            

       

      	5.1.2.2	
              payable under sections 67, 70, 93 or 96 of the Finance Act 1986 save in relation to:

            

       

      	

            	(a)	
              the allotment and issue of the Subscribed Catch-Up Shares; or

            

       

      	

            	(b)	
              in respect of section 93 only, the issue of the Depositary Receipts to the Investor,

            

       

      in each case pursuant to, or contemplated by, this Agreement;

       

      	5.1.2.3	
              to the extent they consist of any interest, penalties, surcharges, fines or additions that are attributable to the unreasonable delay by the AQN Parties or their agents; or

            

       

      	5.1.2.4	
              to the extent the AQN Parties have already been paid or reimbursed for such Transfer Taxes.

            

       

      	5.1.3	
              The Company shall have no greater liability under Clause 5.1.2 above in indemnifying any Affiliate of AQN than it would have if it were liable to indemnify AQN or AAGES for the relevant Transfer Taxes.

            

       

      	6.	
              NO ASSIGNMENT

            

      

      

      Except with the prior written consent of the other Party, neither of the Parties hereto shall be entitled to transfer or assign any of its rights
        or obligations under this Agreement, provided, however, that the Investor may freely assign and novate its rights and obligations to any of its Affiliates.

       

      	7.	
              SPECIFIC PERFORMANCE

            

       

      The Parties acknowledge and agree that damages would not be an adequate remedy for any breach of the provisions of this Agreement and accordingly
        each Party shall, without prejudice to any other rights or remedies which it may have, be entitled without proof of special damage to the remedies of injunction, specific performance and other equitable relief, or any combination of these remedies,
        for any threatened or actual breach of the provisions of this Agreement.

       

      	8.	
              SEVERABILITY

            

       

      	8.1	
              If any provision in this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable law, then such provision or part of it shall be deemed not to form part of this
                Agreement, and the legality, validity or enforceability of the remainder of this Agreement shall not be affected.

            

       

      
        
          

      

      	8.2	
              In such case, each Party shall use its best efforts to immediately negotiate in good faith a valid replacement provision that is as close as possible to the original intention of the Parties and has the same
                or as similar as possible economic effect.

            

       

      	9.	
              NOTICES

            

       

      	9.1	
              Except as otherwise provided in this Agreement, any notice, demand or other communication to be served under this Agreement shall be in writing and shall be served upon any Party only by email.

            

       

      	9.2	
              A notice or demand served by email shall be deemed to have been given two hours following dispatch unless evidence of receipt is received earlier (other than by an automated reply generated in response to
                such e-mail), save that if it is delivered later than 5.00 p.m. Eastern Time on a Business Day or at any time on a day which is not a Business Day, it shall be deemed to have been given at 8.00 a.m. Eastern Time on the next Business Day,
                provided in each case that no undeliverable or e-mail bounce back message is received.

            

       

      	9.3	
              All notices, demands or other communications given under this letter agreement shall be given to the following email addresses:

            

       

      If to the Company:

      

      

      For the attention of: Francisco Martinez-Davis

      Email: francisco.martinezdavis@atlantica.com

      

      

      If to the Investor:

      

      

      For the attention of: Chief Legal Officer

      Email: jennifer.tindale@APUCorp.com

      

      

      with copies to: notices@APUCorp.com

      

      

      and copies (which shall not constitute notice) to: david.avery-gee@weil.com and matthew.gilroy@weil.com

       

      	10.	
              MISCELLANEOUS

            

       

      Sections 10.3 to 10.5 and 10.12 of the Shareholders Agreement shall apply to this Agreement, mutatis mutandis, as if they had
        been fully set forth herein.

       

      	11.	
              GOVERNING LAW AND JURISDICTION

            

       

      	11.1	
              Governing Law

            

       

      Section 10.13 of the
          Shareholders Agreement shall apply to this Agreement, mutatis, mutandis, as if it had been fully set forth herein.

       

      	11.2	
              Jurisdiction

            

       

      Section 10.14 of the Shareholders Agreement shall apply to this Agreement, mutatis mutandis, as if it had been fully set forth herein.

       

      

      
        
          

      

      	11.3	
              Process Agent

            

       

      	11.3.1	
              The Investor shall appoint an agent in England for seven (7) years following the Closing Date for service of process and any other documents in proceedings in connection with this Agreement (the “Agent”), whether the proceedings are in England or elsewhere, within fourteen (14) Business Days following the date of this Agreement.

            

       

      	11.3.2	
              The Investor shall notify the Company in writing as soon as reasonably practicable once the Agent is appointed as well as any change thereof.

            

       

      	11.3.3	
              Any claim form, judgment or other notice of legal process shall be sufficiently served on the Investor if delivered to the Agent at the address notified to the Company pursuant to Section 11.3.2 above.

            

       

      	11.3.4	
              If for any reason the Agent appointed by the Investor at any time ceases to act as such prior to the end of the 7th year following the Closing Date, the Investor shall promptly appoint another such Agent and
                promptly notify the Company of the appointment and the new Agent’s name and address.

            

       

      	11.3.5	
              If the Investor does not appoint an Agent within fourteen (14) Business Days following the date of this Agreement or does not appoint a replacement Agent pursuant to Section 11.3.4 above within seven (7)
                Business Days of such cessation, then the Company can make such appointment on behalf of, and at the expense of, the Investor and if it does so, it shall promptly notify the Investor of the new Agent’s name and address.

            

       

      [Signature Page to Subscription Agreement]

       

      
        
          

      

      IN WITNESS WHEREOF this Subscription Agreement has been duly executed under hand by the Company and the Investor or its duly authorised attorney the day and the year first written above.

      

      

      	
              SIGNED by

            	
              )

            	 
	 	
              )

            	 
	
              for and on behalf of

            	
              )

            	 
	
              ATLANTICA SUSTAINABLE

            	
              )

            	

            
	
              INFRASTRUCTURE PLC

            	
              )

            	 

      

      

      	
              SIGNED by

            	
              )

            	 
	 	
              )

            	

            
	
              for and on behalf of

            	
              )

            	 
	
              [●]

            	
              )

            	

            

       

      
        
          

      

      SCHEDULE 1

       

      FORM OF CERTIFICATE

      

      

      [Date]

      

      

      This officer’s certificate is being delivered by [the Company][AQN party] pursuant to Section [3.2(a)][3.3] of that certain Subscription Agreement (the “Agreement”),
        dated as of [●], 2021, by and between Atlantica Sustainable Infrastructure plc (“the Company”) and [●] (“AQN party”). Capitalized terms used herein but not otherwise defined shall have the meanings attributed to them in the Agreement.

       

      The undersigned, as a duly authorized officer of [the Company][AQN party], solely in his or her capacity as such, hereby certifies to [the Company][AQN party] that the
        representations and warranties of [the Company][ AQN party] set forth in Section 4 of the Agreement are true and correct in all material respects as of as of the date of the Agreement and on the Closing Date (by reference to the facts and
        circumstances then subsisting) (other than representations and warranties that are made as of a specific date which representations and warranties are true and correct as of such date).

       

      The undersigned has executed this certificate solely in his or her capacity as a duly authorized officer of [the Company][AQN party] as of the date set forth above.

       

      
        
          

      

      SCHEDULE 2

       

      VOTING POWER OF ATTORNEY

       

      ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC

      (the “Company”)

       

      VOTING POWER OF ATTORNEY

      [Insert date]

       

      We hereby appoint the Chairman of the Related Party Committee as our true and lawful attorney (the “Attorney”) pursuant to the
        Powers of Attorney Act 1971 (the “Act”) with authority on our behalf and in our name to do each of the following things in respect of [total number of shares in excess of 41.5%] ordinary shares in the Company of which we are, or we (or any of our affiliates) agreed to become, the beneficial owner (the “Designated

          Shares”):

       

      	(i)	
              to the extent that we are the registered holder of the Designated Shares, to irrevocably appoint the person acting as chairman of any general meeting of the Company as our proxy to exercise our rights to attend, speak and vote as set out
                below at each general meeting of the Company in respect of the Designated Shares; and

            

       

      	(ii)	
              to the extent that we are not the registered holder of the Designated Shares, to instruct the registered holder of such Designated Shares and, if applicable, to instruct the broker in whose account such Designated Shares are held to
                require such registered holder, to irrevocably appoint the person acting as chairman of any general meeting of the Company as its proxy to exercise its rights to attend, speak and vote as set out below at each general meeting of the Company
                in respect of the Designated Shares.

            

       

      The Attorney shall direct, or, if applicable, shall instruct the broker in whose account the Designated Shares are held to direct, the registered holder of the
        Designated Shares to instruct the person acting as chairman of any general meeting of the Company (using a form of proxy approved by the Board of Directors of the Company for such purpose) to vote all Designated Shares on the resolutions proposed
        at each general meeting of the Company (and any other business which may properly come before the meeting) “For” or “Against” in a manner which reflects the proportion of “For” and “Against” votes cast on each resolution proposed at that general
        meeting (other than the votes cast in respect of ordinary shares in the Company beneficially owned by us or any of our affiliates).

       

      This power of attorney may only be revoked upon written notice to this effect delivered to the Attorney by us and the Company, but is otherwise irrevocable. However,
        in accordance with section 5 of the Act, if this power of attorney is revoked and a person, without knowledge of the revocation, deals with the Attorney, the transaction between them shall, in favour of that person, be as valid as if the power had
        then been in existence. We and the Company hereby agree and hereby notify you that the Power of Attorney dated [date of most recent Power of Attorney] granted to the Attorney with respect to [number of shares subject to most recent Power of Attorney] ordinary shares in the capital of the Company is hereby revoked (the “Revocation”).

       

      We agree and acknowledge that no person or corporation having dealings with the Attorney under this power of attorney shall be under any obligation to make any
        enquiries as to whether the power to act hereunder has arisen and all voting of Designated Shares done in the lawful and proper exercise of any power conferred by this deed shall be valid and binding upon it.

       

      
        
          

      

      This power of attorney shall be enforceable by the Attorney pursuant to the Contracts (Rights of Third Parties) Act 1999. Except as set out in the preceding sentence,
        we do not intend that any term of this power of attorney should be enforceable by any person who is not the Attorney by virtue of the Contracts (Rights of Third Parties) Act 1999 or otherwise.

       

      This power of attorney and any claim, dispute or difference (including non-contractual claims, disputes or differences) arising out of or in connection with it or its
        subject matter shall be governed by, and construed in accordance with, English law. We irrevocably agree to submit to the exclusive jurisdiction of the courts of England to settle any claim, dispute or difference (including non-contractual claims,
        disputes or differences) arising out of or in connection with this power of attorney or its subject matter (including a dispute regarding the existence, validity, formation, effect, interpretation, performance or termination of this power of
        attorney) and that accordingly any proceedings be brought in such courts.

       

      IN WITNESS WHEREOF this document has been executed as a deed and is delivered and takes effect on the date first above written.

       

      	
              EXECUTED as a DEED by

              AAGES (AY Holdings) B.V., a private company with

              limited liability incorporated under the laws of the

              Netherlands, acting by:

            	 
	 	

            
	 	
              Authorised signatory

            
	 	 
	

            	
              and

            	 
	 	

            
	 	
              Authorised signatory

            
	

            	
              ,

            	 
	 	 
	
              being persons who, in accordance with the

              laws of that territory are acting under the

              authority of the company

            	 

      

      

      Executed on behalf of the Company for the purposes of notifying the Revocation only:

      

      

      	
              By:

            	

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      
        
          

      

      SCHEDULE 3

       

      INVESTOR WARRANTIES

       

      	1.	
              The Investor and any accounts for which it is acting are each able to fend for itself or themselves, as applicable, in the transactions contemplated herein; have such knowledge and experience in financial and
                business matters as to be capable of evaluating the merits and risks of its prospective investment in the Subscribed Catch-up Shares; and has the ability to bear the economic risks of its prospective investment and can afford the complete
                loss of such investment.

            

       

      	2.	
              (a) The Investor has conducted such investigation as it deems necessary to making its investment decision in the Company and the Subscribed Catch-up Shares and it has not relied on any statements or
                information provided by the Company concerning the Company or the Subscribed Catch-up Shares or the offer and sale of the Subscribed Catch-up Shares, (b) the Investor has received a copy of the preliminary prospectus supplement dated 3
                August 2021, as supplemented and amended from time to time, including the information incorporated by reference thereto, (c) it has been offered the opportunity to ask questions of the Company and received answers thereto, as it deemed
                necessary in connection with its decision to purchase the Subscribed Catch-up Shares, and (d) it has made its own assessment and has satisfied itself concerning the relevant tax, legal, regulatory, financial, economic and other
                considerations relevant to its investment in the Subscribed Catch-up Shares.

            

       

      	3.	
              The Investor is not a “U.S. person” as defined in Regulation S under the U.S. Securities Act of 1933, as amended (a “U.S. person”) or acquiring the Subscribed Catch-up
                Shares for the account or benefit of a U.S. person.

            

       

      	4.	
              The Investor (and any person acting on its behalf) has all necessary capacity and has obtained all necessary consents and authorities to enable it to acquire the Subscribed Catch-up Shares and to perform its
                obligations in relation thereto (including, without limitation, in the case of any person on whose behalf it is are acting, all necessary consents and authorities to agree to the terms set out or referred to in this Agreement).

            

       

      	5.	
              The Investor is in compliance with all applicable laws (including, to the extent applicable, all relevant provisions of the Financial Services and Markets Act 2000 in the UK) with respect to the acquisition
                of the Subscribed Catch-up Shares.mime-ex1039_302.htm

 

Exhibit 10.39

Mimecast Limited

2015 Employee Share Purchase Plan

Additional Terms and Conditions

1.Terms. By electing to participate in the Mimecast Limited (the “Company”) 2015 Employee Share Purchase Plan (the “Plan”) and completing the online enrollment process required by the Company, Participant hereby agrees to these Additional Terms and Conditions, including any special terms for Participant’s country set forth in the attached appendix (the “Appendix,” and together with these Additional Terms and Conditions, the “Agreement”). Participant understands, acknowledges and agrees that this Agreement, together with the Plan, the terms of which are incorporated herein by reference, govern Participant’s participation in the Plan. Capitalized terms used but not defined herein shall have the same meaning as in the Plan.

2.Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (the “Tax-Related Items”) is and remains Participant’s responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Plan, including, but not limited to, the grant of the Option, the purchase of ordinary shares of the Company (the “Ordinary Shares”), the sale of Ordinary Shares purchased under the Plan or the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the Option or any aspect of the Plan to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the purchase of Ordinary Shares under the Plan, Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer, as applicable, to satisfy all obligations for Tax-Related Items. In this regard, Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable withholding obligation with regard to all Tax-Related Items by (i) requiring Participant to make a payment in a form acceptable to the Company; (ii) withholding from Participant’s wages or other cash compensation payable to Participant by the Company and/or the Employer; (iii) withholding from proceeds of the sale of Ordinary Shares acquired upon purchase, either through a voluntary sale, or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization without further consent); and/or (iv) any other arrangement approved by the Board and/or the Administrator and to the extent required under applicable law or the Plan.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering statutory withholding rates or other applicable withholding rates, including maximum rates applicable in Participant’s jurisdiction(s).  In the event of over-withholding, Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Ordinary Shares or, if not refunded, Participant may seek a refund from the local tax authorities.  In the event of under-withholding, Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer.  The Company may refuse to purchase or 

6737452-v2\GESDMS1

 

deliver Ordinary Shares or the proceeds from the sale of Ordinary Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items.

3.Nature of Grant. By participating in the Plan, Participant acknowledges, understands and agrees that:

a)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

b)the grant of the Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past;

c)all decisions with respect to future grants, if any, will be at the sole discretion of the Company;

d)the grant of the Option and Participant’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with the Company or the Employer and shall not interfere with the ability of the Company, the Employer or any Subsidiary, as applicable, to terminate Participant’s employment relationship;

e)Participant is voluntarily participating in the Plan;

f)the Option and the Ordinary Shares purchased under the Plan, and the income from and value of same, are not intended to replace any pension rights or compensation;

g)the Option and the Ordinary Shares purchased under the Plan, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar payments;

h)unless otherwise agreed with the Company in writing, the Option and the Ordinary Shares purchased under the Plan, and the income from and value of same, are not granted as consideration for, or in connection with, the services Participant may provide as a director of any parent or Subsidiary of the Company;

i)the future value of the underlying Ordinary Shares is unknown, indeterminable and cannot be predicted with certainty and the value of the Ordinary Shares purchased under the Plan may increase or decrease in the future, even below the Option Price;

j)no claim or entitlement to compensation or damages shall arise from forfeiture of any Option resulting from the termination of Participant’s employment (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any);

k)in the event Participant’s employment is terminated (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), Participant’s Option 

6737452-v2\GESDMS2

 

under the Plan, if any, will terminate effective as of Participant’s last day of active employment. The Board and/or the Administrator shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of participating in the Plan (including whether Participant is actively employed while on a leave of absence);

l)unless otherwise agreed with the Company, the Option and the Ordinary Shares purchased under the Plan, and the income from and value of same, are not granted as consideration for, or in connection with, the services Participant may provide as a director of any parent or subsidiary of the Company; and

m)neither the Company, the Employer nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the purchase of Ordinary Shares or the subsequent sale of any Ordinary Shares purchased under the Plan.

4.Data Privacy

a)Controller and European Union Representative.  The Company, located at 1 Finsbury Avenue, London, EC2M 2PF United Kingdom, is the controller responsible for the processing of Participant’s personal data in connection with the Plan. The Company’s representative in the European Union is Mimecast Netherlands B.V., Stationsplein, 12-2 1211 EX, Hilversum, The Netherlands.

b)Personal Data Subject to Processing.  The personal data to be processed by the Company in the context of the Plan includes Participant’s name, home address and telephone number, email address, hire date, date of birth, social insurance number or other identification number, tax residency, salary, salary grade, citizenship, nationality, passport number, job title, payroll tax withholding rates and/or deductions as applicable to Participant, any Company shares held by Participant, and details of all Options or any other entitlement to Ordinary Shares or equivalent benefits awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, which the Company may receive from Participant or the Subsidiary employing Participant (“Personal Data”). 

c)Purposes and Legal Basis of the Processing.  The Company processes the Personal Data for the purposes of allocating Ordinary Shares and implementing, administering and managing Participant’s participation in the Plan.  For those jurisdictions requiring a legal basis for processing such Personal Data, the legal basis for the processing of Personal Data by the Company, including by its Subsidiaries that assist in the administration of the Plan, its third-party service providers, and the Subsidiary employing Participant is Participant’s declaration of consent provided by electronically accepting this Agreement as part of the online enrollment process required by the Company.

d)Share Plan Administration Service Providers and Other Data Recipients.  The Company transfers Personal Data, or parts thereof, to E*TRADE Securities LLC (and its affiliated companies), the brokerage firm engaged by the Company to hold Ordinary Shares and other amounts acquired under the Plan, and to Computershare Limited (and its affiliated companies),  the financial institution engaged by the Company to monitor and maintain shareholder records, independent service providers based in the United States (in the case of E*TRADE Securities LLC) and the United States and Jersey, Channel Islands (in the case of Computershare Limited), which assist the Company with the implementation, administration and management of the Plan.  In the future, the Company may select different or additional service providers to assist with the implementation, administration and 

6737452-v2\GESDMS3

 

management of the Plan and share Personal Data with such different or additional service providers.  The service provider will open an account for Participant to receive and trade Ordinary Shares acquired under the Plan.  Participant will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Participant’s ability to participate in the Plan.  In addition, certain of the Company’s operations, including its internal stock plan administration, are based in the United States, which means that it will be necessary to transfer and process Personal Data in, the United States. Participants may, at any time, request a list with the names and addresses of any recipients of the Personal Data by sending the request to the Company’s Data Protection Officer by email at dpo@mimecast.com. 

e)International Data Transfers.  The Company is located in the United Kingdom.  Certain of the Company’s Subsidiaries and the Company’s service providers are located in the United States.  Similarly, future service providers might be located in the United States or elsewhere outside of the European Union.  Participant understands and acknowledges that the United States is not, and any other jurisdictions Personal Data might be transferred to and processed in may not be, subject to an unlimited adequacy finding by the European Commission and might apply laws not providing a level of protection of Personal Data equivalent to the level of protection in Participant’s country of residence.

As a result, in the absence of appropriate safeguards such as standard data protection clauses, the processing of Personal Data in the United States or, as the case may be, other jurisdictions outside the European Union might not be subject to substantive data processing principles or supervision by data protection authorities.  In addition, Participant might not have enforceable rights regarding the processing of Personal Data in such jurisdictions.  The transfer of Personal Data is exclusively based on Participant’s consent provided by electronically accepting this Agreement as part of the online enrollment process required by the Company. 

f)Data Retention.  The Company, including the Company’s Subsidiary that administers the Plan,  and the Subsidiary of the Company that may employ Participant may use Personal Data only as long as is necessary to implement, administer and manage Participant’s participation in the Plan, or to comply with legal or regulatory obligations, including under tax and securities laws.  This period may extend beyond Participant’s period of employment with the Company group.  To the extent that the Company or one of its Subsidiaries uses Personal Data to comply with legal or regulatory obligations, the legal basis, where required, for the processing of Personal Data would be compliance with the relevant laws or regulations or the pursuit of respective legitimate interests not outweighed by Participant’s interests, rights or freedoms.  When the Company, including the Company’s Subsidiary that administers the Plan, or the Subsidiary of the Company that may employ Participant no longer need Personal Data for any of the above purposes, it will cease processing it in this context and remove it from all of its systems used for such purposes, to the fullest extent practicable.  

g)Data Subject Rights.  Subject to the conditions set out in the applicable law, Participant may, without limitation, have the right to (i) request access or copies of Personal Data that the Company processes, (ii) rectification of incorrect Personal Data, (iii) deletion of Personal Data, (iv) restrictions on processing of Personal Data, (v) portability of Personal Data, (vi) lodge complaints with competent authorities in Participant’s jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Personal Data.  To receive clarification regarding these rights or to exercise these rights, Participant can the Company’s Data Protection Officer by email at dpo@mimecast.com. 

6737452-v2\GESDMS4

 

 

h)Voluntariness and Consequences of Denial or Withdrawal of Consent.  Participant’s participation in the Plan and the provision of consent is purely voluntary.  Participant may deny or later withdraw consent at any time, with future effect and for any or no reason.  If Participant does not consent, or if Participant later withdraws consent, Participant’s employment status, salary or service and career with Participant’s employer will not be affected.  The only consequence of denying or withdrawing consent is that the Company will not or will no longer be able to grant Options to Participant or administer or maintain such awards.  Therefore, denial or withdrawal of consent may affect Participant’s ability to realize benefits from the Options and otherwise participate in the Plan. 

i)Declaration of Consent.  In order to grant Options and to implement, administer and manage the Plan, the Company needs to collect, use and otherwise process Participant’s Personal Data.  By electronically accepting this Agreement as part of the online enrollment process required by the Company, Participant explicitly declares his or her consent to the data processing operations described above.  This includes, without limitation, the transfer of Participant’s Personal Data to, and the processing of such data by certain of the Company’s subsidiaries, E*TRADE Securities LLC (and its affiliated companies), and Computershare Limited (and its affiliated subsidiaries, or any additional service provider.  Participant may withdraw his or her consent at any time, with future effect and for any or no reason described in Section (h) above.

5.Compliance with Law.  Notwithstanding any other provision of the Plan or this Agreement, unless there is an exemption from any registration, qualification or other legal requirement applicable to the Ordinary Shares, the Company shall not be required to deliver any Ordinary Shares issuable upon exercise of the Option prior to the completion of any registration or qualification of the Ordinary Shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable.  Participant understands that the Company is under no obligation to register or qualify the Ordinary Shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Ordinary Shares.  Further, the Company shall have unilateral authority to amend the Agreement without Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Ordinary Shares.

6.Insider Trading/Market Abuse Restrictions. Participants are at all times subject to the Company’s Insider Trading Policy, as such policy may be amended from time to time at the discretion of the Company. Depending on Participant’s country or his or her broker’s country or where Ordinary Shares are listed, Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect Participant’s ability to accept, acquire, sell or otherwise dispose of Ordinary Shares or rights to Ordinary Shares (e.g., the Option) or rights linked to the value of Ordinary Shares during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions). Participant further understands that he or she may be prohibited from (i) disclosing inside information to any third party, including fellow employees (other than on a “need to know” basis) and (ii) “tipping” third parties by sharing inside information with them, or otherwise causing third parties to buy or sell Company securities. In addition, local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before possessing the inside information. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Participant is responsible for ensuring Participant’s compliance with any applicable restrictions and Participant should speak with his or her personal legal advisor on this matter.

6737452-v2\GESDMS5

 

7.Exchange Control, Foreign Asset/Account and/or Tax Requirements. Participant acknowledges that there may be certain exchange control, foreign asset/account and/or tax requirements which may affect Participant’s ability to acquire or hold Ordinary Shares purchased under the Plan or cash received from participating in the Plan (including from any dividends paid on Ordinary Shares purchased under the Plan) in a brokerage or bank account outside Participant’s country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant’s participation in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Finally, Participant may be responsible for paying and/or reporting taxes due with respect to his or her participation in the Plan.  Participant acknowledges that it is Participant’s responsibility to be compliant with such requirements, and Participant should consult his or her personal legal and tax advisors to ensure compliance.

8.Country-Specific Provisions. Notwithstanding any provisions in this Agreement, the Option shall be subject to any special terms and conditions set forth in the attached Appendix for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Appendix constitutes part of this Agreement.

9.Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the Option and on any Ordinary Shares purchased under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

10.Electronic Delivery and Participation. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

11.Language. Participant acknowledges that he or she is sufficiently proficient in the English language, or has consulted with an advisor who is sufficiently proficient in English, so as to allow Participant to understand the provisions in this Agreement and the Plan. If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

12.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of Ordinary Shares. Participant understands and agrees that Participant should consult with Participant’s own personal tax, legal and financial advisors regarding Participant’s participation in the Plan before taking any action related to the Plan.

13.Governing Law and Venue. The Option and the provisions of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware USA without regard to that state’s conflicts of laws rules. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of the State of Delaware, or the federal courts for the United States for the District of Delaware, and no other courts, where this grant is made and/or to be performed.

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14.Waiver. Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach by Participant.

15.Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

6737452-v2\GESDMS7

 

 

Mimecast Limited

2015 Employee Share Purchase Plan

Appendix to the Additional Terms and Conditions

Terms and Conditions

This Appendix includes special terms and conditions applicable in the countries set forth below. These terms and conditions are in addition to or, if so indicated, in place of, the terms and conditions set forth in the Additional Terms and Conditions. If Participant is a citizen or resident of a country other than the one in which Participant is currently residing and/or working, transfers residency and/or employment after Participant enrolls in the Plan, or is considered resident of another country for local law purposes, the Board and/or the Administrator shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to Participant. 

Capitalized terms used but not defined herein shall have the same meaning as in the Additional Terms and Conditions and the Plan.

Notifications

This Appendix also includes information regarding securities law, exchange controls and certain other issues of which Participant should be aware with respect to Participant’s participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the countries listed below as of May 2021. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information noted herein as the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time Participant either purchases or sells Ordinary Shares.

In addition, the information is general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s situation. 

Finally, if Participant is a citizen or resident of a country other than the one in which Participant is currently residing and/or working, transfers residency and/or employment after Participant enrolls in the Plan, or is considered resident of another country for local law purposes, the information contained herein may not be applicable to Participant in the same manner.

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Australia

Terms and Conditions

Securities Law.  

Offer Document

The Company is pleased to provide Participant with this offer to participate in the Plan. This offer document sets out information regarding the offer of Options to purchase ordinary shares of the Company to Australian resident employees of the Company and its Subsidiaries. The Company is providing this information to ensure the Plan’s compliance with Australian Securities and Investments Commission (“ASIC”) Class Order 14/1000 and relevant provisions of the Corporations Act 2001. 

Capitalized terms used but not defined herein shall have the same meaning as in the Additional Terms and Conditions and the Plan.

Additional Documents

In addition to the information set out in the Agreement, including this Appendix, Participant is also being provided with copies of the following documents:

	
 
	
(a)
	
the Plan;

	
 
	
(b)
	
the Plan Summary and Prospectus; and

	
 
	
(c)
	
the Employee Information Supplement for Australia, which is set forth in Exhibit A to this offer document (attached at the end of the Appendix)

(collectively, the “Additional Documents”). 

The Additional Documents provide further information to help Participant to make an informed investment decision about participating in the Plan.  Neither the Plan nor the Agreement is a prospectus for the purposes of the Australian Corporations Act 2001. 

Participant should not rely upon any oral statements made in relation to this offer. Participant should rely only upon the statements contained in the Agreement, including this Appendix, and the Additional Documents when considering participation in the Plan. 

General Information Only

The information herein is general information only. It is not advice or information that takes into account Participant’s objectives, financial situation and needs. Participant should consider obtaining his or her own financial product advice from a person who is licensed by ASIC to give such advice.

Risk Factors

Investment in shares involves a degree of risk. Participant should monitor his or her participation and consider all risk factors relevant to the acquisition of Ordinary Shares under the Plan as set forth below and in the Additional Documents.

Participant should have regard to risk factors relevant to investment in securities generally and, in particular, to holding Ordinary Shares. For example, the price at which an individual Ordinary Share is quoted on the 

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Nasdaq Global Select Market (“Nasdaq”) may increase or decrease due to a number of factors. There is no guarantee that the price of an Ordinary Share will increase. Factors that may affect the price of an individual share include fluctuations in the domestic and international market for listed stocks, general economic conditions, including interest rates, inflation rates, commodity and oil prices, changes to government fiscal, monetary or regulatory policies, legislation or regulation, the nature of the markets in which the Company operates and general operational and business risks.

More information about potential factors that could affect the Company’s business and financial results will be included in the Company’s most recent Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q.  Copies of these reports are available at http://www.sec.gov/, on the Company’s “Investor Relations” page at https://investors.mimecast.com/, and upon request to the Company.

In addition, the participant should be aware that the Australian dollar (“AUD”) value of any Ordinary Shares acquired under the Plan will be affected by the USD/AUD exchange rate. Participation in the Plan involves certain risks related to fluctuations in this rate of exchange.

Ordinary Shares in a Jersey, Channel Islands Corporation

Ordinary shares of a Jersey, Channel Islands corporation are analogous to ordinary shares of an Australian corporation. Each holder of an ordinary share of the Company is entitled to one vote. Further, Ordinary Shares are not liable to any further calls for payment of capital or for other assessment by the Company and have no sinking fund provisions, pre-emptive rights, conversion rights or redemption provisions.

Ascertaining the Market Price of a Share

The participant may ascertain the current market price of an individual Ordinary Share as traded on the Nasdaq under the symbol “MIME” at: https://www.nasdaq.com/market-activity/stocks/mime. The AUD equivalent of that price can be obtained at: https://www.rba.gov.au/statistics/frequency/exchange-rates.html.

This will not be a prediction of the market price of an individual Ordinary Share when such Ordinary Shares are acquired under the Plan or of the applicable exchange rate on the date of acquisition.

Ascertaining the Option Price of an Ordinary Share

Unless otherwise determined by the Company, the applicable Option Price for an Ordinary Share will be 85% of the lesser of the Fair Market Value (as defined in the Plan) of the Ordinary Shares on (a) the first day of the applicable Offering, and (b) the last trading day of the applicable Offering (i.e., the Exercise Date).

The Option Price is denominated in USD. The AUD equivalent of the Option Price will change with fluctuations in the USD/AUD exchange rate.

By way of example only, if the date of this offer was the first day of the Offering, and assuming that the Fair Market Value of an Ordinary Share on the date of this offer is lower than on the Exercise Date, then the AUD equivalent of the Option Price would be 85% of the closing price of an Ordinary Share on Nasdaq on the date of this offer, divided by the applicable USD/AUD exchange rate.

As noted in above, indicative USD/AUD exchange rates can be obtained at: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.

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Please note that this is only an indicative example of how the AUD equivalent of the Option Price may be calculated based on the assumption that the date of this offer is the relevant date for purposes of this calculation. The actual Option Price of an Ordinary Share under the Plan will depend on the closing price of an Ordinary Share on Nasdaq on both the first date of the Offering and the last trading day of the Offering--whichever is lower, and the AUD equivalent of the Option Price will depend on the actual exchange rate applied when converting contributions for purposes of purchasing Ordinary Shares on the date of acquisition.

Notifications

Exchange Control Information.  Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers.  The Australian bank assisting with the transaction may file the report for Participant.  If there is no Australian bank involved in the transfer, Participant will have to file the report.  Participant should consult with a personal advisor to ensure that Participant is properly complying with applicable reporting requirements in Australia.

Canada

 

Terms and Conditions

Nature of Grant.  The following provision replaces Section 3(k) of the Additional Terms and Conditions:

k)in the event Participant’s employment is terminated (for any reason

whatsoever whether or not later found to be invalid, unlawful or in breach of employment laws in the

jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if

any), Participant’s Option under the Plan, if any, will terminate effective as of the earliest of: (i) the

date Participant’s employment with the Company or one of its Subsidiaries is terminated, (ii) the date

that Participant receives notice of termination of Participant’s employment, and (c) Participant’s last

day of active employment, and may be extended by any period during which notice, pay in lieu

of notice or related payments or damages are provided or mandated under employment laws in the

jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any,

unless the Board and/or the Administrator, in its sole discretion, otherwise determines that such notice

or other pay in lieu of notice will not be included in Participant’s period of service. Unless applicable

employment standards legislation specifically requires, Participant will not earn or be entitled to any

pro-rata purchase for that portion of time before the date on which Participant’s employment is

terminated, nor will Participant be entitled to any compensation for the lost ability to purchase

Ordinary Shares. The Board and/or the Administrator shall have the exclusive discretion to determine

when Participant is no longer actively employed for purposes of participating in the Plan (including whether Participant is actively employed while on a leave of absence);

 

The following provision applies if Participant resides in Quebec:  

Language Consent.  The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Consentement Relatif à la Langue.  Les parties reconnaissent avoir expressement souhaité que la convention «Agreement » ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.

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Notifications

Securities Law Information.  Ordinary Shares acquired under the Plan may not be sold or otherwise disposed of within Canada.  Participant may sell the Ordinary Shares acquired under the Plan only through any third party stock plan service provider selected by the Company either now or in the future, provided the sale of Ordinary Shares takes place outside of Canada through the facilities of a stock exchange on which the Ordinary Shares are traded.  The Ordinary Shares are currently traded on the Nasdaq Global Select Market.

 

Germany

 

Notifications

 

Exchange Control Information.  Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank.  In case of payments in connection with securities (including proceeds realized upon the sale of Ordinary Shares or the receipt of dividends), the report must be made electronically by the 5th day of the month following the month in which the payment was received.  The form of report (“Allgemeine Meldeportal Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English.  Participant is responsible for making this report.

 

Netherlands

Notifications

South Africa

Notifications

Securities Law Information.  In compliance with South African Securities Law, the documents listed below are available for Participant’s review either on the Company’s public site or in the Participant’s account in www.etrade.com under the “My Account/Company Information” section, as applicable, as listed below: 

	
 
	
1.
	
The Company’s most recent Annual Report (Form 10-K): from the investor relations section of the Company’s website at https://investors.mimecast.com/investor-relations/company-overview. 

	
 
	
2.
	
The Company’s most recent Plan prospectus: a copy of which can be found in the Participant’s account in www.etrade.com under the “My Account/Company Information” section.

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Participant acknowledges that a copy Company’s most recent Annual Report (Form 10-K) may be sent to Participants, at no charge, on written request by filling out the form available on the Company’s website at https://investors.mimecast.com/investor-resources/information-request.

Fund Remittance Procedures.  Participant understands that to participate in the Plan, Participant may be required to obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to foreign investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”) (this Tax Clearance Certificate may need to be renewed each twelve (12) months or such other period as may be required by the SARS), and/or (ii) a Transfer of Funds Application (with respect to Foreign Investments), and/or (iii) a power of attorney allowing the Employer to transfer funds and/or submit applicable documentation to the remitting bank on Participant’s behalf.  Participant acknowledges that if Participant does not provide a valid Tax Clearance Certificate, Transfer of Funds Application and/or any requested power of attorney by the deadline provided by the Employer or the Company, the Company may not be able to purchase Ordinary Shares on Participant’s behalf.

Holding of Ordinary Shares.  South African residents are subject to an annual foreign investment allowance. Participant is responsible for ensuring that this limit is not exceeded and should be aware that Participant’s ability to hold Ordinary Shares after purchase may be reduced if the foreign investment limit is utilized to make a transfer of funds offshore that is unrelated to the Plan.

United Kingdom

Terms and Conditions

Securities Law Information.  The Company has prepared and made available an Information Document in reliance on an exemption from prospectus requirements that may otherwise apply to the offer of the Plan in the United Kingdom.  The Information Document is available in the Participant’s account in www.etrade.com under the “My Account/Company Information” section or in hard copy upon request to shares@mimecast.com. 

Responsibility for Taxes.  The following provision supplements Section 2 of the Additional Terms and Conditions:

Participant agrees to indemnify the Company and/or the Employer for all Tax-Related Items that they are required to pay or withhold or have paid or will pay to Her Majesty’s Revenue & Customs (“HMRC”) (or any other tax or relevant authority) on Participant’s behalf and authorizes the Company and/or the Employer to recover such amounts by any of the means set out in Section 2 of the Additional Terms and Conditions.  Participant also agrees to be liable for any Tax-Related Items related to the Plan and legally applicable to Participant, and hereby covenants to pay any such Tax-Related items as and when requested by the Company, the Employer or by HMRC (or any other tax or relevant authority).  

Notwithstanding the foregoing, if Participant is an executive officer or director (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply.  In the event that Participant is an executive officer or director and the income tax is not collected from or paid by Participant within ninety (90) days of the end of the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected income tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable.  Participant acknowledges that Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to the HMRC under the self-

6737452-v2\GESDMS13

 

assessment regime and for paying the Company or the Employer, as applicable, for the value of any employee national insurance contributions due on this additional benefit.

 

United Arab Emirates

Notifications

Securities Law Information.  The ordinary shares are available only for employees of the Company and its subsidiaries and are in the nature of providing employee incentives in the United Arab Emirates.  The Agreement, the Plan and other incidental communication materials are intended for distribution only to eligible employees for the purposes of an employee incentive scheme, and must not be delivered to, or relied on, by any other person.

The Dubai Creative Clusters Authority, Emirates Securities and Commodities Authority and/or the Central Bank of the United Arab Emirates have no responsibility for reviewing or verifying any documents in connection with the ordinary shares.  Further, neither the Ministry of Economy nor the Dubai Department of Economic Development have approved this Agreement nor taken steps to verify the information set out in it, and have no responsibility for it.

The securities to which this Agreement relate may be illiquid and/or subject to restrictions on their resale.  Individuals should conduct their own due diligence on the securities.

Residents of the United Arab Emirates who do not understand or have questions regarding this Agreement or the Plan should consult an authorized financial adviser.

 

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Exhibit A

 

Employee Information Supplement 

for Participants in Australia

	
	
Overview

	
This supplement has been prepared to provide you with a summary of the tax consequences and certain other issues associated with the offering of and your participation in the 2015 Employee Share Purchase Plan (the “Plan”) by Mimecast limited (the “Company”).

This supplement is based on tax laws in effect in your country as of May 2021. 

Tax laws often are complex and can change frequently. As a result, you should consult with your personal tax advisor for current information and further guidance regarding your personal tax liabilities and responsibilities associated with your enrollment in the Plan, the purchase of Company ordinary shares, and the sale of Company ordinary shares acquired under the Plan.

Please note that this supplement is general in nature and does not discuss all of the various laws, rules and regulations that may apply. It may not apply to your particular tax or financial situation, and the Company is not in a position to assure you of any particular tax result. You should consult with an appropriate professional advisor as to how the tax or other laws in your country apply to your specific situation.

If you are a citizen or resident of another country or transfer employment and/or residency after you enroll in the Plan or if you are no longer actively employed at the time of the taxable event, the information contained in this supplement may not be applicable to you.

Finally, the information in this supplement assumes that you are not a U.S. tax resident and that you have completed a Form W-8BEN to certify your status as a non-U.S. person.  

 

	
tax

	
Enrollment
	
Equity awards granted under the Plan are regarded as an Employee Share Scheme (“ESS”) interest. In general, as it is understood that your equity award will be subject to a real risk of forfeiture at the time of grant, your award will not be subject to tax at grant, but when an “ESS deferred taxing point” occurs, as described below. 

	
Purchase 
	
Your ESS deferred taxing point will be on the date(s) shares are purchased on your behalf under the Plan.1 

Note that if you sell the underlying shares within 30 days of the original ESS deferred taxing point, the ESS deferred taxing point will shift to the date you sell the shares (the “30-day rule”).

	
Taxable Amount  
	
The difference between the fair market value of the shares at purchase (the ESS deferred taxing point) and the purchase price (the “discount”).

 

	
	 

	
1 
	
 This supplement assumes the shares are not subject to any genuine restrictions on disposal.

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tax

	
 
	
The difference between the fair market value of the shares at purchase (the ESS deferred taxing point) and the purchase price (the “discount”).

However, if the 30-day rule applies, the taxable amount will equal the difference between the sale proceeds and the purchase price plus any incidental costs of disposal.

	
Nature of Taxable Amount  
	
Employment compensation.

	
Is Income Tax Payable? 
	
Yes. 

	
Are Employee Social Insurance Contributions Payable? 
	
Yes. 

	
Are Other Taxes Payable? 
	
No. 

 

	
company/employer tax withholding and reporting 

	
Withholding

	
Is Income Tax Withheld? 
	
No, assuming you provided your tax file number to your employer. You personally will be responsible for paying the applicable taxes directly to the Australian Tax Office (“ATO”).

	
Are Employee Social Insurance Contributions Withheld?
	
No, assuming you provided your tax file number to your employer. You personally will be responsible for paying the applicable taxes directly to the ATO.

	
Are Other Taxes Withheld? 
	
Not applicable. 

	
Reporting

	
Does the Taxable Amount Need to be Reported?
	
The Company will provide you (no later than July 14 after the relevant tax year ending June 30) and the Commissioner of Taxation (no later than August 14 after the end of the tax year) with a statement containing certain information about your award for the income tax year when the ESS deferred taxing point occurs (typically, the tax year in which you purchase Company ordinary shares), including an estimate of the market value of the shares less the purchase price.

Note that if you sell the ordinary shares within 30 days of the original ESS deferred taxing point, as described above, the taxable amount will not be based on the market value of the shares on the date of purchase less the purchase price (as reported by your employer), but on the sale proceeds less the purchase price plus any incidental costs of disposal. Thus, it will be your responsibility to calculate the taxable amount at sale in order to remit applicable taxes due.  

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SALE OF SHARES

	
Taxation in Your Country
	
When you subsequently sell Company ordinary shares acquired under the Plan, you may be subject to additional taxation on any gain you realize, unless you dispose of the shares within 30 days after the original ESS deferred taxing point (in which case your tax treatment will be limited to the tax consequences described above). 

If you dispose of the shares more than 30 days after the original ESS deferred taxing point, you will be subject to capital gains tax to the extent that the sale proceeds (or market value if you do not dispose of the ordinary shares in an arm’s length transaction2) exceed your cost basis in the ordinary shares. Your cost basis in the shares will generally be equal to the market value of the ordinary shares at the ESS deferred taxing point (which will usually be the purchase date) plus any incidental costs of disposal. 

The amount of any capital gain you realize must be included in your assessable income for the year in which the ordinary shares are sold. However, if you hold the ordinary shares for at least one (1) year prior to selling (excluding the dates you acquired and sold the ordinary shares), you may discount the capital gain to be included in your assessable income by fifty-percent (50%). If the sale proceeds (or market value if you do not dispose of the ordinary shares in an arm’s length transaction) are lower than your cost basis in the ordinary shares sold, you will realize a capital loss. Capital losses may be used to offset capital gains realized in the current tax year or in any subsequent tax year, but may not be used to offset other types of income (e.g., salary or wage income).

You will be responsible for reporting any capital gains (losses) you recognize from the sale of ordinary shares and paying any applicable taxes due on such gains. 

The calculation of capital gains (losses) at the time of sale is complex and you should consult with your personal tax advisor. 

	
Taxation in the U.S.
	
Assuming you are not a U.S. tax resident and have provided the Company and/or the broker with a Form W-8BEN to certify your status as a non-U.S. person, you will not be subject to tax in the U.S. on any gain you realize when ordinary shares acquired under the Plan are sold. If you have not provided a Form W-8BEN, the broker will perform U.S. back-up withholding on the gain at a rate of 24%.

	
	 

	
2 
	
 If you sell your shares on a recognized stock exchange, this will generally be considered an arm’s length transaction.

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ADDITIONAL DETAILS ON YOUR tax REPORTING OBLIGATIONS 

	
Purchase
	
You will receive an ESS Statement by July 14 after the end of the tax year (ending June 30) in which the ESS deferred taxing point happens. The Company will also lodge an ESS Annual Report with the ATO by August 14 of that year.  

The assessable amount should be included in Box F of the ESS Statement. Once the Company lodges the ESS Annual Report, the amount shown in Box F of your ESS Statement may be pre-filled into Box F of item 12 of your Tax Return for Individuals.

You should ensure that the amount included in Box F of Item 12 of your tax return is correct based on your personal circumstances.  

Your tax return is generally due by October 31. However, if you appoint a tax agent prior to that date, you may be entitled to an extension in line with the tax agent's lodgment program.

	
Sale of Ordinary Shares
	
You should include the correct amount of any capital gains in item 18 of your tax return.

Your tax return is generally due by October 31. However, if you appoint a tax agent prior to that date, you may be entitled to an extension in line with the tax agent's lodgment program.

 

 

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