Document:

Exhibit 10.12

	
 
    	
 
    	
 
    

 

THE HENDERSON GROUP PLC

 

COMPANY SHARE OPTION PLAN

	
 
    	
 
    	
 
    

 

Adopted by the Board on 26 February 2008

 

HM Revenue & Customs Approval — 17 December 2008

 

HM Revenue & Customs Reference — X102597

 

Approved by the shareholders of the Company in general meeting (as amended) on

4 May 2011

 

Approved by the shareholders of the Company in general meeting (as amended) on

1 May 2013

 

Amended by the Finance Act 2013 with effect from 6 April 2013

 

Amended by Finance Act 2014 with effect from 6 April 2014

 

Approved by the shareholders or the Company in general meeting (as amended) on

1 May 2014

 

Amended by the Board on 23 February 2015

 

Prepared from the original from Freshfields Bruckhaus Deringer

Their reference: LON450/900100/

 

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Contents

 

THE HENDERSON GROUP PLC

COMPANY SHARE OPTION PLAN

 

	
RULE
    	
 
    	
PAGE
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS
    	
 
    	
1
    
	
2.
    	
GRANT OF OPTIONS
    	
 
    	
3
    
	
3.
    	
INDIVIDUAL LIMITS
    	
 
    	
5
    
	
4.
    	
PLAN LIMIT
    	
 
    	
5
    
	
5.
    	
EXERCISE AND LAPSE OF   OPTIONS - NORMAL CIRCUMSTANCES
    	
 
    	
6
    
	
6.
    	
EXERCISE AND LAPSE OF   OPTIONS - CESSATION OF EMPLOYMENT
    	
 
    	
6
    
	
7.
    	
METHOD AND EXTENT OF   EXERCISE
    	
 
    	
7
    
	
8.
    	
ALLOTMENT OR TRANSFER   OF SHARES ON EXERCISE OF OPTIONS
    	
 
    	
8
    
	
9.
    	
GENERAL OFFER FOR THE   SCHEME ORGANISER ETC.
    	
 
    	
8
    
	
10.
    	
OPTION ROLLOVER
    	
 
    	
10
    
	
11.
    	
ADJUSTMENT OF OPTIONS
    	
 
    	
11
    
	
12.
    	
RIGHTS ATTACHING TO   SHARES ALLOTTED OR TRANSFERRED PURSUANT TO OPTIONS
    	
 
    	
12
    
	
13.
    	
AVAILABILITY OF SHARES
    	
 
    	
12
    
	
14.
    	
ADMINISTRATION AND   AMENDMENT
    	
 
    	
12
    
	
15.
    	
GENERAL
    	
 
    	
14
    
	
US   SCHEDULE
    	
15
    
	
NON   TAX-ADVANTAGED SCHEDULE
    	
19
    

 

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1.                                      DEFINITIONS

 

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

 

A company is an Associated Company of another company if it has Control or is under the Control of that other company or is under the Control of the same person or persons as that other company;

 

Associated Plan means any CSOP Scheme (other than the Plan and excluding any Schedule 4 CSOP) established by the Scheme Organiser or any Associated Company of the Scheme Organiser within the meaning of paragraph 35 of Schedule 4;

 

ASX means ASX Limited (ABN 98 008 624 691) or any successor body to it;

 

the Board means the board of directors of the Scheme Organiser or where appropriate a duly authorised committee thereof or, following a change of Control, the Board or duly authorised committee as constituted immediately prior to the change of Control;

 

Capital Reorganisation means any variation in the share capital of the Scheme Organiser (including, without limitation, by way of capitalisation issue, rights issue, sub-division, consolidation, or reduction);

 

Constituent Company means the Scheme Organiser or any other company under the Control of the Scheme Organiser to which for the time being the Plan is expressed to extend;

 

Control has the meaning given to that word by section 995 of the Income Tax Act 2007;

 

CSOP Scheme means any company share option plan established by the Scheme Organiser or Old Henderson;

 

Date of Grant means the date on which an Option is granted;

 

Dealing Day means any day on which the London Stock Exchange is open for the transaction of business;

 

Employees’ Share Scheme has the meaning given by section 1166 of the Companies Act 2006;

 

Executive means any bona fide employee or executive director of any member of the Group (but excluding executive directors of the Scheme Organiser):

 

(a)                                 who is required to devote substantially the whole of his working time to the affairs of the Group being in the case of a director not less than 25 hours per week (excluding meal breaks); and

 

(b)                                 who is not excluded from participation by paragraph 9 of Schedule 4;

 

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Exercise Price means the price per Share payable on the exercise of an Option as determined by the Board (subject to adjustment under rule 11) but which shall not be less than the greater of:

 

(a)                                 the average middle market quotation for a Share as derived from the Daily Official List of the London Stock Exchange for the five Dealing Days immediately preceding the Date of Grant(1);

 

(b)                                 if the Shares are not fully quoted on the London Stock Exchange, the market value of a Share determined in accordance with part VIII of the Taxation of Chargeable Gains Act 1992 (but, when Shares are subject to a Restriction, determined on the basis that no such Restriction applies) and agreed on or before that date with HM Revenue & Customs; or

 

(c)                                  in the case of any Option under which Shares are to be issued, the nominal value of a Share,

 

and which shall be stated at the Date of Grant;

 

Grant Period means the period of 42 days commencing on any of the following:

 

(a)                                 the day of HM Revenue & Customs approval of the Plan;

 

(b)                                 the day immediately following the day on which the Scheme Organiser makes an announcement of its results for the last preceding financial year, half year or other period;

 

(c)                                  any day on which the Board resolves that exceptional circumstances exist which justify the grant of Options; or

 

(d)                                 any day on which any change to the legislation affecting Schedule 4 CSOPs is proposed or made;

 

the Group means the Scheme Organiser and any other company under the Control of the Scheme Organiser to which for the time being the Plan is expressed to extend;

 

ITEPA means the Income Tax (Earnings and Pensions) Act 2003;

 

Key Feature means any provision of the Plan that is necessary in order to meet the requirements of Schedule 4;

 

the London Stock Exchange means London Stock Exchange plc or any successor body thereto;

 

Old Henderson means Henderson Group Plc incorporated in England and Wales with registered number 02072534 by whatever name from time to time;

 

(1) Prior to amendment by the Board on 25 February 2009, the preceding words read: “the middle market quotation for a Share as derived from the Daily Official List of the London Stock Exchange for the Dealing Day immediately preceding the Date of Grant”

 

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Old Henderson Shares means fully paid and irredeemable ordinary shares in the capital of Old Henderson;

 

Option means a right granted under the Plan to acquire Shares;

 

Option Holder means any individual who holds a subsisting Option (including, where the context permits, the legal personal representatives of a deceased Option Holder);

 

Option Period means the period commencing on the third anniversary of the Date of Grant of the Option and expiring on the fifth anniversary of the Date of Grant (or such date thereafter as the Board shall determine at the Date of Grant not being later than the tenth anniversary of the Date of Grant);

 

the Plan means this Henderson Group plc Company Share Option Plan as amended from time to time;

 

Restriction has the meaning given to it by paragraph 36(3) of Schedule 4;

 

Retirement Age means age 55 for the purposes of paragraph 35A of Schedule 4;

 

Schedule 4 means Schedule 4 to ITEPA;

 

Schedule 4 CSOP means any share option scheme that meets the requirements in force from time to time of Schedule 4;

 

the Scheme Organiser means Henderson Group plc incorporated in Jersey with registered number 101484 by whatever name known from time to time;

 

Shares means fully paid and irredeemable ordinary shares in the capital of the Scheme Organiser which comply with the conditions in paragraphs 16 to 18 and 20 of Schedule 4 or shares representing those shares following any Capital Reorganisation;

 

UKLA means the United Kingdom Listing Authority.

 

1.2                               Where the context permits the singular shall include the plural and vice versa and the masculine shall include the feminine. Headings shall be ignored in construing the Plan.

 

1.3                               References to any legislation, regulation, enactment or similar shall include any statutory modification, amendment or re-enactment thereof.

 

1.4                               The rules of the Plan refer to the Companies (Jersey) Law 1991. Such references must have the prior agreement of HM Revenue & Customs as being “closely comparable” to the Companies Acts of England and Wales.

 

2.                                      GRANT OF OPTIONS

 

2.1                               The Board may, during a Grant Period, grant Options at the Exercise Price to any Executives selected by the Board. No Option may be granted before the date of approval by HM Revenue & Customs.

 

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2.2                               The grant of Options shall be evidenced by Option certificates. Unless these Option certificates are executed as deeds, the Board shall, no later than the Date of Grant, grant Options by deed poll. An option certificate shall be issued to each Executive to whom an Option has been granted as soon as practicable after the Date of Grant. No consideration will be payable by the Executive on the grant of an Option.

 

2.2A                      Subject to the specific provisions contained in the Scheme, the Option certificates shall specify the Exercise Price; the number and description of Shares which may be acquired by the exercise of the Option, the times at which the Option may be exercised (in whole or in part); the circumstances under which the Option will lapse or be cancelled (in whole or in part) including any conditions to which the exercise of the Option is subject; whether the Shares over which the Option is granted are subject to a Restriction and, if so, the details of such Restriction (or information as to where such details are set out in an accessible format); and any other information required by paragraph 21A of Schedule 4.

 

2.3                               An Option may be granted subject to such conditions for payment of taxation, employees’ National Insurance contributions (or the equivalent in any other jurisdiction) and employer’s National Insurance contributions (or the equivalent in any other jurisdiction) liability as the Board may determine (including without limitation the right to sell on an Option Holder’s behalf sufficient shares to satisfy any taxation or National Insurance contributions (or the equivalent in any other jurisdiction)) and if any condition is imposed relating to the assumption, payment or reimbursement by the Option Holder of any employer’s National Insurance contributions liability (or the equivalent in any other jurisdiction), such conditions shall comply with any applicable legislation or regulations and the Board shall be entitled to waive in whole or in part the Option Holder’s obligation in respect of such liability. The Company shall afford the Option Holder the opportunity to pay such liabilities from personal resources or by way of deduction from salary.

 

2.4                               Any Executive to whom an Option is granted may, by notice in writing to the Scheme Organiser given within 30 days after the Date of Grant, renounce in whole or in part his rights under the Option. In such a case, the Option shall, to the extent renounced, be treated as never having been granted and (if already issued) the Option certificate shall be returned to the Scheme Organiser for cancellation or (in the case of renunciation in part) for amendment. No consideration shall be payable by the Scheme Organiser for any such renunciation.

 

2.5                               No Option shall be granted under the Plan after 1 May 2024.

 

2.6                               Every Option granted hereunder shall be personal to the Option Holder and, except to the extent necessary to enable a personal representative to exercise the Option following the death of an Option Holder, neither the Option nor the benefit thereof may be transferred, assigned, charged or otherwise alienated. Any transfer of an Option otherwise than as permitted in this rule 2.6 shall cause the Option to lapse.

 

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3.                                      INDIVIDUAL LIMITS

 

3.1                               No Executive shall be granted an Option which would, at the proposed Date of Grant, cause the aggregate Exercise Price of subsisting Options held by him pursuant to a grant under the Plan and the exercise prices of subsisting options held by him under any Associated Plan, to exceed £30,000 (or such other amount as shall be specified under paragraph 6(1) of Schedule 4 from time to time).

 

3.2                               If the grant of any Option would have the result of breaching the limit in rule 3.1 that Option shall be treated as taking effect over the maximum number of Shares over which it could have been granted without breaching such limit.

 

4.                                      PLAN LIMIT

 

4.1                               The maximum number of Shares which may be allocated under the Plan on any day shall not, when added to the aggregate of the number of Shares and Old Henderson Shares which have been allocated in the previous 10 years under the Plan and under any other Employees’ Share Scheme adopted by the Company or Old Henderson, exceed such number as represents 10 per cent of the ordinary share capital of the Company in issue immediately prior to that day.

 

4.2                               References in this Rule 4 to the “allocation” of Shares shall mean:

 

(a)                                 in the case of any option, conditional share award or other similar award pursuant to which Shares may be acquired:

 

(i)                     the grant of the option, conditional share award or other similar award to acquire Shares, pursuant to which Shares may be issued; and

 

(ii)                  in so far as not previously taken into account under (i) above from the date of grant, any subscription for Shares which are issued for the purpose of satisfying any option, conditional share award or other similar award to acquire Shares; and

 

(b)                                 in relation to other types of Employees’ Share Scheme, the issue and allotment of Shares,

 

and references to “allocated” in this Rule 4 shall be construed accordingly.

 

4.3                               In determining the above limits no account shall be taken of

 

(a)                                 any allocation (or part thereof) where the option, conditional share award or other similar award to acquire Shares was released, lapsed or otherwise became incapable of vesting;

 

(b)                                 any allocation (or part thereof) in respect of which the Board has determined shall be satisfied otherwise than by the issue of Shares; and

 

(c)                                  such number of additional Shares as would otherwise have been issued on the exercise of an option for monetary consideration (the exercise price) but in respect of which the exercise price is not paid, in substitution for the issue of

 

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such lesser number of shares as have a market value equal only to the gain which the optionholder would have made on exercise (equity-settled SAR alternative).

 

4.4                               References to the issue and allotment of Shares shall include the transfer of treasury shares, but only until such time as the guidelines issued by institutional investor bodies cease to provide that they need to be so included.

 

5.                                      EXERCISE AND LAPSE OF OPTIONS - NORMAL CIRCUMSTANCES

 

5.1                               Save as otherwise permitted in these rules, an Option may only be exercised during the relevant Option Period.

 

5.2                               No option may be exercised by an individual at any time when he is precluded by paragraph 9 of Schedule 4 from participating in the Plan.

 

5.3                               Notwithstanding any other provision in these rules, an Option shall lapse automatically on the earlier of:

 

(a)                                 the expiry of the Option Period; and

 

(b)                                 the Option Holder being declared bankrupt or entering into any general composition with or for the benefit of his creditors including a voluntary arrangement under the Insolvency Act 1986.

 

6.                                      EXERCISE AND LAPSE OF OPTIONS - CESSATION OF EMPLOYMENT

 

6.1                               Save as otherwise provided in these rules, an Option shall lapse automatically on the Option Holder ceasing to be an employee of a member of the Group (whether lawfully or unlawfully).

 

6.2                               Where an Option Holder whose Option was granted before 1 March 2009 ceases to be an employee of a member of the Group by reason of:

 

(a)                                 death;

 

(b)                                 injury, disability or ill-health;

 

(c)                                  redundancy (within the meaning of the Employment Rights Act 1996);

 

(d)                                 retirement;

 

(e)                                  his employing company ceasing to be a member of the Group

 

(f)                                   the business (or part of a business) in which he is employed being transferred to a transferee which is not a member of the Group; or

 

(g)                                  any other reason the Board so decides in its absolute discretion (acting fairly and reasonably),

 

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his Option shall be capable of exercise for a period of six months following such cessation (or twelve months in the event of his death).

 

6.3                               Where an Option Holder whose Option was granted on or after 1 March 2009 ceases to be an employee of a member of the Group for one of the reasons referred to in rule 6.2 (a)—(g), his Option shall be capable of exercise for a period of six months following such cessation (or twelve months in the event of his death) PROVIDED THAT (unless the Option was exercised prior to cessation) the number of Shares over which an Option may be exercised shall be the number of Shares under Option multiplied by the fraction N / 36 (where N is the period measured in complete months from the Date of Grant to the date of cessation of employment). In no event shall N exceed 36(2).

 

6.3A                      In respect of an Option granted on or after 6 April 2014, where an Option Holder dies during the six month exercise period under rule 6.2 and 6.3 after having ceased employment for one of the reasons referred to in rule 6.2 (b)-(g), the Option should be capable of exercise for a period of 12 months following his death.

 

6.4                               For the purposes of rules 6.1, 6.2 and 6.3, a female Option Holder shall not be treated as ceasing to be an employee of a member of the Group if absent from work wholly or partly because of pregnancy or confinement until she ceases to be entitled to exercise any statutory or contractual right to return to work.

 

6.5                               Where any exercise of an Option under rule 6.2 or 6.3 would be prohibited by law or the UKLA’s Model Code (or the Scheme Organiser’s dealing rules) the period during which the Option Holder may exercise his Options shall be extended by the period of the prohibition.

 

6.6                               For the purposes of rules 6.1, 6.2 and 6.3, following an Option rollover pursuant to rule 10.1, an Option Holder shall not be treated as ceasing to be employed by a member of the Group until he ceases to be employed by a company which is either (i) the Acquiring Company (as defined in rule 10.1) or (ii) a subsidiary of the Acquiring Company (within the meaning of section 1159 of the Companies Act 2006).

 

7.                                      METHOD AND EXTENT OF EXERCISE

 

7.1                               An Option Holder may exercise his Option in whole or in part by giving notice in writing to the Scheme Organiser in the form prescribed by the Scheme Organiser specifying the number of Shares in respect of which the Option is being exercised and enclosing or arranging to provide payment in full of the aggregate Exercise Price to acquire those Shares. Notice must be delivered to or sent by pre-paid post to the registered office of the Scheme Organiser or at such other place as the Scheme Organiser may prescribe. Exercise of Options shall be deemed to occur on the day following the day of a receipt by the Scheme Organiser of the notice of exercise. If the Option is exercised in respect of some only of the Shares comprised in the Option, the Scheme Organiser shall procure the issue of an Option certificate to the Option

 

(2) This rule 6.3 was inserted by resolution of the Board on 25 February 2009.

 

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Holder in respect of the balance or the re-issue of the original Option certificate after endorsement.

 

7.2                               The exercise of an Option shall be conditional on the Option Holder complying with any such arrangements specified by the Board pursuant to rule 2.3 for the payment of any taxation, employees’ National Insurance contributions (or the equivalent in any other jurisdiction) or employer’s National Insurance contributions (or the equivalent in any other jurisdiction) liability.

 

7.3                               Where any exercise would be prohibited by law or the UKLA’s Model Code (or the Scheme Organiser’s dealing rules) the period during which the Option Holder may exercise his Options shall be extended by the length of any such period of prohibition PROVIDED THAT an Option may not be exercised after the expiry of the Option Period.

 

8.                                      ALLOTMENT OR TRANSFER OF SHARES ON EXERCISE OF OPTIONS

 

8.1                               Subject to any necessary consents, to payment being made for the Shares, and to compliance by the Option Holder with the terms of the Plan, not later than 30 days after receipt of any notice of exercise in accordance with rule 7, the Scheme Organiser shall either allot and issue, or procure the transfer of, Shares to the Option Holder (or to his nominee). The Scheme Organiser may also use treasury Shares for this purpose. The Scheme Organiser shall (unless the Shares are to be issued in uncertificated form) as soon as practicable deliver to the Option Holder (or his nominee) a definitive share certificate or other evidence of title in respect of such Shares. Where the Shares are issued or transferred to a nominee of the Option Holder, the Option Holder shall remain the beneficial owner of the Shares. The Scheme Organiser may, in its discretion, require that particular Options be satisfied by the transfer of existing Shares purchased in the market.

 

9.                                      GENERAL OFFER FOR THE SCHEME ORGANISER ETC.

 

General Offer

 

9.1                               If any person (either alone or together with any person acting in concert with him) makes a general offer to acquire the whole of the share capital of the Scheme Organiser (other than those shares which are already owned by him and/or any person acting in concert with him), the Scheme Organiser shall, as soon as reasonably practicable thereafter, give notice to each Option Holder of such general or other offer and prior to the date on which the offer becomes or is declared unconditional in all respects each Option Holder may exercise his Options within the period of six months following the date on which the offer becomes or is declared unconditional in all respects whether or not the Option Period has commenced.

 

Failing any permitted exercise, the Options shall, without prejudice to the operation of rule 10, subject to rule 9.5 lapse automatically upon the expiry of the six month period PROVIDED THAT, if an event as described in rule 9.2 occurs during the six month period, the period during which the Options may be exercised shall be the shorter of the periods specified under this rule 9.1 and rule 9.2.

 

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Compulsory Acquisition

 

9.2                               If any person becomes bound or entitled to give a notice under Part 18 of the Companies (Jersey) Law 1991 to acquire Shares, and the circumstances mentioned in rule 9.1 apply, each Option Holder may exercise his Options at any time during the period of 30 days from the date on which such a notice is first issued (whether or not the Option Period has commenced.

 

Failing any permitted exercise the Options (or such part thereof as the Board may specify acting fairly and reasonably) shall, without prejudice to the operation of rule 10, subject to rule 9.5 lapse automatically upon the expiry of the 30 day period.

 

Scheme of Arrangement

 

9.2.1                                                  If a court shall direct that a meeting of the holders of Shares be convened pursuant to Article 125 of the Companies (Jersey) Law 1991 for the purposes of considering a scheme of arrangement, each Option Holder may exercise his Options conditionally on either the scheme of arrangement being approved by the shareholders’ meeting or sanctioned by the court (as determined by the Board in its absolute discretion acting fairly and reasonably) (the Relevant Condition), between the date of the court’s direction and twelve noon on the day immediately preceding the date for which the shareholders’ meeting is convened (whether or not the Option Period has commenced).

 

9.2.2                     Failing any permitted exercise, the Options (or such part thereof as the Board may specify acting fairly and reasonably) shall subject to rule 9.5 cease to be exercisable between the last time upon which permitted exercises may occur and the first date on which it can be determined whether or not the Relevant Condition is satisfied. If the Relevant Condition is not satisfied, the Options shall continue. If the Relevant Condition is satisfied, the Options (or such part thereof as the Board may specify acting fairly and reasonably) shall, without prejudice to the operation of rule 10, lapse automatically on the date on which the scheme of arrangement is sanctioned by the court.

 

9.2.3                     The Board shall endeavour to procure that, where an Option Holder has conditionally exercised his Options in accordance with 9.2.1 above prior to twelve noon on the day immediately preceding the date for which the shareholders’ meeting is initially convened, the scheme of arrangement shall, so far as it relates to Shares, be extended to such Option Holder as if each Share in respect of which the Option was conditionally exercised had been allotted and issued, or transferred, to him by that time.

 

9.2.4                     Without prejudice to the operation of rule 10.1(b), Options shall not be exercisable without the consent of the Board (acting fairly and reasonably) under the foregoing provisions of this rule 9 if the purpose and effect of the scheme of arrangement is to create a new holding company for the Scheme Organiser, such company having substantially the same shareholders and proportionate shareholdings as those of the Scheme Organiser immediately prior to the scheme of arrangement.

 

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Demerger

 

9.3                               If the Board becomes aware that the Scheme Organiser is or is expected to be affected by any demerger, dividend in specie, super-dividend or other transaction which, in the opinion of the Board, would affect the current or future value of any Options, the Board (acting fairly, reasonably and objectively and taking account of the period of time which has elapsed since the Date of Grant and any other criteria they may consider to be relevant) may, in its absolute discretion, allow Options to be exercised (whether or not the Option Period has commenced). The Board shall specify the period in which such Options shall be exercisable and whether such Options shall, subject to rule 9.5, lapse at the end of the specified period. The Board shall notify any Option Holder who is affected by the discretion exercised under this rule.

 

Voluntary Winding-up

 

9.4                               If notice is duly given of a resolution for a voluntary winding-up of the Scheme Organiser then an Option Holder may exercise his Options (whether or not the Option Period has commenced) within the period of two months from the date of the resolution, failing which exercise the Options shall lapse automatically.

 

9.5                               In respect of Options granted on or after 6 April 2014, if at the expiry of any permitted period of exercise under rule 9.1, 9.2, 9.2.1 to 9.2.4 or 9.3 time is running under the twelve month exercise period following the Option Holder’s death, the lapse of the Options pursuant to rule 9.1, 9.2, 9.2.1 to 9.2.4 or 9.3 shall be delayed until the expiry of such twelve month period.

 

10.                               OPTION ROLLOVER

 

10.1                        If any company (the Acquiring Company):

 

(a)                                 obtains Control of the Scheme Organiser as a result of making:

 

(i)                     a general offer to acquire the whole of the issued ordinary share capital of the Scheme Organiser which is made on a condition such that if it is satisfied the Acquiring Company will have Control of the Scheme Organiser; or

 

(ii)                  a general offer to acquire all the Shares; or

 

(b)                                 obtains Control of the Scheme Organiser in pursuance of a compromise or arrangement sanctioned by the Court under Article 125 of the Companies (Jersey) Law 1991; or

 

(c)                                  becomes bound or entitled to acquire shares in the Scheme Organiser under Part 18 of the Companies (Jersey) Law 1991,

 

each Option Holder may at any time within the appropriate period (which expression shall be construed in accordance with paragraph 26(3) of Schedule 4), by agreement with the Acquiring Company, release any Option which has not lapsed (the Old

 

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Option) in consideration of the grant to him of an option (the New Option) which (in accordance with rule 10.2 below) is equivalent to the Old Option but relates to shares in a different company (whether the Acquiring Company itself or another company falling within paragraph 27(2)(b) of Schedule 4) (the New Grantor).

 

10.2                        The New Option shall not be regarded for the purposes of rule 10.1 as equivalent to the Old Option unless the conditions set out in paragraph 27(4) of Schedule 4 are satisfied and, in relation to the New Option, the provisions of the Scheme shall be construed as if:

 

(a)                                 the New Option were an option granted under the Plan at the same time as the Old Option;

 

(b)                                 references to the Scheme Organiser in rules 6 to 15 were references to the new grantor;

 

(c)                                  references to the Board were references to the board of directors of the new grantor or where appropriate a duly authorised committee thereof; and

 

(d)                                 references to Shares were references to shares in the New Grantor.

 

11.                               ADJUSTMENT OF OPTIONS

 

In the event of any Capital Reorganisation, the Exercise Price and the number of Shares comprised in an Option may be adjusted in such manner as the Board may determine PROVIDED THAT:

 

(a)                                 in respect of an Option under which Shares are to be transferred, prior notification shall be given to the person holding the Shares to which the Option relates;

 

(b)                                 no adjustment shall be made pursuant to this rule which would decrease the aggregate Exercise Price of any Option;

 

(c)                                  except as provided in this subparagraph 11(c), no adjustment may have the effect of reducing the Exercise Price to less than the nominal value of a Share. Where an Option subsists over both issued or unissued Shares, any such adjustment may only be made if the reduction of the Exercise Price of Options over both issued and unissued Shares can be made to the same extent. Any adjustment to the Exercise Price of Options over unissued Shares shall only be made if and to the extent that the Board shall be authorised to capitalise from the reserves of the Scheme Organiser a sum equal to the amount by which the nominal value of the Shares in respect of which the Option is exercisable exceeds the adjusted Exercise Price. The Board may apply such sum in paying up such amount on such Shares and so that, on exercise of any Option in respect of which such reduction shall have been made, the Board shall capitalise such sum (if any) and apply the same in paying up such amount as aforesaid; and

 

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(d)                                 if any adjustment is made under Rule 11 at a time when the Scheme Organiser is included in the official list of the ASX, such adjustment shall comply with the ASX Listing Rules in force at the time of the Capital Reorganisation; and

 

(e)                                  any adjustment to an Option granted under Part A must secure that:

 

(i)                             the total Market Value of the Shares which may be acquired by the exercise of the Option is immediately after the variation substantially the same as it was immediately before the variation or variations;

 

(ii)                          the total price at which those Shares may be acquired is immediately after the variation substantially the same as it was immediately before the variation or variations; and

 

(iii)                       following such variation the requirements of Schedule 4 continue to be met.

 

For the avoidance of doubt, any adjustment made to an Option granted under Part A pursuant to this rule 11 shall be notified to HM Revenue & Customs in accordance with Paragraph 28B (6) of Schedule 4.

 

12.                               RIGHTS ATTACHING TO SHARES ALLOTTED OR TRANSFERRED PURSUANT TO OPTIONS

 

12.1                        All Shares allotted or transferred upon the exercise of an Option shall rank pari passu in all respects with the Shares in issue at the date of exercise save as regards any rights attaching to such Shares by reference to a record date prior to the date of issue or transfer.

 

12.2                        Any Shares acquired on exercise of Options shall be subject to the articles of association of the Scheme Organiser from time to time.

 

12.3                        Options do not confer any rights upon an Option Holder to participate in new issues of Shares prior to the exercise of the Options.

 

13.                               AVAILABILITY OF SHARES

 

13.1                        The Scheme Organiser shall keep available for issue sufficient authorised but unissued Shares to permit the exercise of all unexercised Options under which Shares may be allotted or shall otherwise procure that Shares are available for transfer in satisfaction of the exercise of Options.

 

13.2                        If and so long as the Shares are admitted to listing by the UKLA and admitted to trading by the London Stock Exchange, the Scheme Organiser will, at its expense, make application to the UKLA and the London Stock Exchange for Shares allotted on the exercise of any Option to be admitted to such listing and trading respectively.

 

14.                               ADMINISTRATION AND AMENDMENT

 

14.1                        The decision of the Board shall be final and binding in all matters relating to the Plan and it may at any time discontinue the grant of further Options.

 

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14.2                        The Board may amend any of the provisions of the Plan in any way it thinks fit, provided that:

 

(a)                                 the Board shall not make any amendment that would materially prejudice the interests of existing Option Holders except with the prior consent or sanction of Option Holders who, if they exercised their Options in full, would thereby become entitled to not less than three-quarters of all the Shares which would fall to be allotted or transferred upon exercise in full of all outstanding Options;

 

(b)                                 without prejudice to any provision of the Plan which provides for the lapse of an Option, the Board may not cancel an Option unless the Option Holder agrees in writing to such cancellation; and

 

(c)                                  an amendment to a Key Feature of the Scheme shall be notified to HM Revenue & Customs in accordance with paragraph 28B(6) of Schedule 4;

 

(d)                                 following the Shareholder Resolution Date, no amendment to the advantage of Executives or Option Holders may be made to:

 

(i)             the definition of Executive in rule 1.1;

 

(ii)          the limitations on the number of Shares subject to the Plan;

 

(iii)       the maximum entitlement of an Executive under the Plan;

 

(iv)      the basis for determining an Executive’s entitlement to Shares under the Plan;

 

(v)         the terms of Shares to be provided under the Plan; and

 

(vi)      the adjustment provisions of rule 11 of the Plan;

 

without the prior approval of the Company in general meeting except in the case of minor amendments to benefit the administration of the Scheme, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Executives and Option Holders or for any member of the Group;

 

14.3                        Notwithstanding any other provision of the Plan, the Board may establish appendices to the Plan for the purpose of granting Options to Executives who are or may become primarily liable to tax outside the United Kingdom on their remuneration, subject to such modifications as may be necessary or desirable to take account of overseas tax, exchange control or securities laws provided that the individual limit in rule 3.1 is complied with and any Shares made available under such appendices shall count towards the limit set out in rule 4 hereof. Any such appendix shall not form part of the Plan for the purposes of Schedule 4.

 

13

 

15.                               GENERAL

 

15.1                        Any member of the Group may provide money to the trustees of any trust or any other person to enable them or him to acquire Shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes.

 

15.2                        The rights and obligations of an Option Holder under the terms and conditions of his office or employment shall not be affected by his participation in the Plan or any right he may have to participate in the Plan. An individual who participates in the Plan waives all and any rights to compensation or damages in consequence of the termination of his office or employment with any company for any reason whatsoever (whether lawfully or unlawfully) insofar as those rights arise, or may arise, from his ceasing to have rights under or be entitled to exercise any Option under the Plan as a result of such termination or from the loss or diminution in value of such rights or entitlements. In the event of any conflict between the terms of this rule 15.2 and the Option Holder’s terms of employment, this rule will take precedence.

 

15.3                        The existence of any Option shall not affect in any way the right or power of the Scheme Organiser or its shareholders to make or authorise any or all adjustments, recapitalisations, reorganisations or other changes in the Scheme Organiser’s capital structure, or any merger or consolidation of the Scheme Organiser, or any issue of shares, bonds, debentures, preferred or prior preference stocks ahead of, or convertible into, or otherwise affecting the Shares or the rights thereof, or the dissolution or liquidation of the Scheme Organiser or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

15.4                        Any notice or other document required to be given under or in connection with the Plan may be delivered to an Option Holder or sent by post to him at his home address according to the records of his employing company or such other address as may appear to the Scheme Organiser to be appropriate including any electronic address. Notices sent by post shall be deemed to have been given on the day following the date of posting and notices sent by electronic means shall be deemed to have been given twelve hours after the time of despatch or at such earlier time as receipt is acknowledged. Any notice or other document required to be given to the Scheme Organiser under or in connection with the Plan may be delivered or sent by post to it at its registered office (or such other place or places as the Scheme Organiser may from time to time determine and notify to Option Holders).

 

15.5                        Benefits under the Plan shall not be pensionable.

 

15.6                        The Scheme Organiser, or where the Board so directs any Constituent Company, shall pay the appropriate stamp duty on behalf of Option Holders in respect of any transfer of Shares on the exercise of Options.

 

15.7                        These rules shall be governed by, and construed in accordance with, the laws of England.

 

14

 

US SCHEDULE

 

United States — tax-favoured options

 

The Board may, on the Date of Grant, designate any Option as an Incentive Stock Option within the meaning of Section 422 of the Code. If it does so, the provisions of the rules of the Plan will apply to the Incentive Stock Option, subject to the amendments set out in this Schedule.

 

This schedule does not form part of the Schedule 4 CSOP, but is a non tax-advantaged schedule to the Plan.

 

1.                                      DEFINITIONS

 

Definitions set out in the rules of the Plan apply equally to this Schedule with the addition of the definitions set out below.

 

“Code” means the United States of America Internal Revenue Code of 1986, as amended;

 

“Disability” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months;

 

“Incentive Stock Option” (“ISO”) means a stock option that is intended to qualify for special federal income tax treatment pursuant to Sections 421 and 422 of the Code (or a successor provision thereof) and which is so designated by the Board on the Date of Grant. Under no circumstances shall any Option that is not specifically designated as an Incentive Stock Option be considered an Incentive Stock Option.

 

“Leave of Absence” means a leave of absence authorised by the Option Holder’s employer for any reason;

 

“Market Value” means;

 

1.1                               The middle market quotation for a Share as derived from the Daily Official List of the London Stock Exchange for the Dealing Day immediately preceding the Date of Grant; or

 

1.2                               If the Shares are not fully quoted on the London Stock Exchange, the market value of a Share determined in accordance with part VIII of the Taxation of Chargeable Gains Act 1992 and agreed on or before that date with HM Revenue & Customs;

 

“Subsidiary Corporation” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of the granting of the Option, each of the corporations other than the last corporation in the

 

15

 

unbroken chain owns stock possessing 50 per cent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

2.                                      ELIGIBILITY TO BE GRANTED ISOS

 

An ISO may only be granted to an Executive who is an employee of the Company or a Subsidiary Corporation.

 

Notwithstanding the foregoing, to the extent required under Section 422 of the Code, an ISO may not be granted to an individual who, at the time the Option is granted, owns stock possessing more than 10% of the total combined voting power of all classes or stock of his or her employer corporation or of its parent or Subsidiary Corporations (as such ownership may be determined for purposes of Section 422(b)(6) of the Code) unless (i) at the time such ISO is granted the Exercise Price is at least 110% of the Market Value of the Shares subject thereto and (ii) the ISO by its terms is not exercisable after the expiration of five (5) years from the date granted.

 

3.                                      EXERCISE PERIOD FOR ISOS

 

Notwithstanding anything in the rules of the Plan, an ISO will lapse, at the latest, 10 years (or five years, in the case of an individual described in Section 422(b) (6) of the Code (relating to certain 10% owners)) after the Date of Grant.

 

4.                                      INDIVIDUAL LIMIT ON ISOS

 

To the extent that the aggregate Market Value of the Shares subject to ISOs held by any Option Holder (determined as of the Date of Grant) which first become exercisable during any calendar year under the Plan (or any of the stock option plans required to be taken into account under Section 422(d) of the Code) exceeds US$100,000, the portion of such grant that exceeds US$100,000 shall not be an ISO but shall continue in effect as an Option governed by the rules of the Plan, not including this Schedule.

 

5.                                      EXERCISE PRICE FOR AN ISO

 

The Exercise Price of an ISO will not be less than 100% (or 110%, in the case of an individual described in Section 422(b) (6) of the Code (relating to certain 10% owners)) of the Market Value of a Share on the Date of Grant.

 

6.                                      OVERALL LIMIT ON NUMBER OF ISOS

 

The aggregate number of Shares subject to ISOs will not exceed the lower of the limits set out in rule 4 of the Plan and five million (5,000,000) Shares. The Board may make such adjustments as it sees fit to this limit to take account of any transaction in respect of a Capital Reorganisation as set out in rule 11 of the Plan.

 

16

 

7.                                      TRANSFERRING ISOS

 

An ISO may not be transferred, assigned or otherwise disposed of other than by will or the laws of descent and distribution and, during the lifetime of the Option Holder to whom the ISO is granted, must not be exercisable by any person other than such Option Holder.

 

8.                                      HOLDING REQUIREMENT

 

If an Option Holder disposes of Shares acquired upon exercise of an ISO in a “disqualifying disposition” within the meaning of Section 422 of the Code, that is, less than:

 

8.1                               two years after the Date of Grant of the ISO; or

 

8.2                               one year from the issue or transfer of Shares to the Option Holder on exercise of the ISO,

 

or in any other disqualifying disposition within the meaning of Section 422 of the Code, the Option Holder shall notify the Company of the date and terms of such disposition in writing within 15 days therefore. Rule 9 of this Schedule will apply to any resulting federal, state or local tax or social security contributions.

 

9.                                      WITHHOLDING OF TAX

 

Where rule 8 of this Schedule applies, the Company, the Board, any employing company, or the trustee of any benefit trust may withhold such amount and make such arrangement as it considers necessary to meet any liability to federal, state or local tax or social securities contributions in respect of an ISO. These arrangements may include the sale of Shares on behalf of an Option Holder or a reduction in the number of Shares to which the Option Holder would otherwise be entitled, unless, in either case, the Option Holder discharges the liability himself.

 

10.                               CESSATION OF EMPLOYMENT

 

Where rule 6.2 or 6.3 of the Plan applies with respect of an ISO, if such ISO is exercised later than three (3) months after cessation of employment, it shall cease to be treated as an ISO but shall continue in effect as an Option governed by the rules of the Plan, not including this Schedule. Notwithstanding the foregoing, if cessation of employment is by reason of Disability, such ISO shall continue to be treated as an ISO it if is exercised within one (1) year following cessation of employment and shall cease to be treated as an ISO but shall continue in effect as an Option governed by the rules of the Plan, not including this Schedule, if it is exercised later than one (1) year after cessation of employment.

 

10A.                      DEATH

 

Rules 6.3A and 9.5 shall not apply in respect of ISOs.

 

17

 

11.                               LEAVE OF ABSENCE

 

If a Leave of Absence exceeds three (3) months and the Company is required, either by statute or contract, to reemploy the Option Holder upon expiration of such leave, ISOs will continue to be treated as ISOs during such Leave of Absence. If reemployment upon expiration of a Leave of Absence that exceeds three (3) months is not so guaranteed, six (6) months after the first day of such leave any ISOs held by the Option Holder shall cease to be treated as ISOs but shall continue in effect as an Option governed by the rules of the Plan, not including this Schedule.

 

12.                               AMENDMENT

 

Shareholder approval of any amendment made to the Plan or this Schedule shall be obtained to the extent necessary to comply with Section 422 of the Code (relating to ISOs).

 

13.                               OPTION ROLLOVER AND ADJUSTMENT OF OPTIONS

 

If rules 10 or 11 of the Plan apply with respect to ISOs, any rollover or adjustment made shall be made in accordance with Section 424 of the Code.

 

14.                               EFFECTIVE DATE AND TERM OF SCHEDULE

 

Unless sooner terminated by the Board, this Schedule shall terminate the day before the tenth anniversary of the earlier of either the latest adoption of the Plan by the Board or the latest approval of the Plan by the shareholders. All ISOs granted under this Schedule prior to its termination shall remain in effect until such ISOs have been satisfied or terminated in accordance with the terms and provisions of the Plan and this Schedule.

 

15.                               GOVERNING LAW

 

English law governs the ISOs and their construction, however, ISOs will be construed in accordance with the provisions of Section 422 of the Code so as to preserve their status as Incentive Stock Options.

 

16.                               FAILURE TO COMPLY WITH THE CODE IN RELATION TO AN ISO

 

To the extent that an ISO fails to meet any of the requirements of Section 422 of the Code, it shall cease to be an ISO but shall, from the date of the failure, continue in effect as an Option governed by the rules of the Plan, not including this Schedule.

 

18

 

NON TAX-ADVANTAGED SCHEDULE

 

For any Executive who is:

 

1.              not based in the United Kingdom or is not subject to UK taxation and to whom the Board wishes to grant Options which are not tax-advantaged in accordance with Schedule 4 (so for the avoidance of doubt any requirements in Rules 1 to 15 of the Plan to make any notification to HM Revenue and Customs shall not apply to the grant of Options under this Appendix), or

 

2.              not based in the United States or is not subject to US taxation and to whom the Board wishes to grant Options which are not Incentive Stock Options within the meaning of Section 422 of the Code,

 

the following provisions relating to Options shall apply:

 

(A)                               Rules 1 to 15 of the Plan shall apply to the grant of Options under this Appendix subject to the modifications contained in the following paragraphs.

 

(B)                               In Rule 1.1 a new definition shall apply as follows:

 

“Basic Salary” means an Executive’s annual basic salary in respect of his employment with the Group”.

 

(C)                               In rule 1.1 sub paragraph (b) of the definition of “Executive” shall not apply to the grant of Options under this Appendix.

 

(D)                               In Rule 1.1 a new definition shall apply as follows:

 

“Taxation means all forms of taxation or social security contributions whether of the United Kingdom or elsewhere whenever imposed and all other statutory, governmental, state, provincial, local governmental or municipal impositions, duties, rates and levies and all penalties, charges, costs and interest relating to any such matter;”

 

(E)                                Rule 2.3 shall not apply to the grant of Options under this Appendix. In its place a new rule 2.3 shall apply as follows:

 

“2.3 An Option may be granted subject to such conditions for payment of any Taxation as the Board may determine (including without limitation the right to sell on an Option Holder’s behalf sufficient shares to satisfy any such Taxation) and if any condition is imposed relating to the assumption, payment or reimbursement by the Option Holder of any employer’s social security contributions liability, such conditions shall comply with any applicable legislation or regulations and the Board shall be entitled to waive in whole or in part the Option Holder’s obligation in respect of such liability.”

 

(F)                                 Rule 3.1 shall not apply to the grant of Options under this Appendix. In its place a new rule 3.1 shall apply as follows:

 

19

 

“3.1                         INDIVIDUAL LIMITS

 

3.1(a) Subject to rule 3.1(b) below, no Executive shall be granted an Option which would, at the proposed Date of Grant, cause the aggregate of (i) the aggregate Exercise Prices of subsisting Options held by him pursuant to a grant under the Plan and (ii) the aggregate exercise prices of subsisting options held by him under any employer share option plan operated by any member of the Group (excluding any savings related to share option plan) in any financial year of the Company to exceed an amount equal to 300% of his Basic Salary as at the proposed Date of Grant.

 

3.1(b) If the Board considers that exceptional circumstances exist which justify a grant of Options in excess of the amounts prescribed in rule 3.1, the Board may in its absolute discretion grant Options to that Executive in excess of such amounts.”

 

(G)                               Rule 4 shall not apply to options granted under this Appendix and a new Rule 4 shall be inserted as follows:

 

“4.                                PROHIBITION ON ISSUE OF SHARES

 

The Board may not grant any Option under this Appendix which is an Option to subscribe Shares.”

 

(H)                              Rules 5.2, 11(e) and 14.2(c) shall not apply to Options granted under this Appendix.

 

Rules 6.3A and 9.5 shall apply to Options granted under this Appendix on or after 23 February 2015 (but not to Options granted prior to such date).

 

(I)                                   Rule 8 shall not apply to Options granted under this Appendix and a new Rule shall be inserted as follows:

 

“8.                                TRANSFER OF SHARES ON EXERCISE OF OPTIONS

 

8.1                               Subject to any necessary consents, to payment being made for the Shares, and to compliance by the Option Holder with the terms of the Plan, not later than 30 days after receipt of any notice of exercise in accordance with rule 7, the Scheme Organiser shall procure the transfer of Shares to the Option Holder (or to his nominee). The Scheme Organiser shall (unless the Shares are to be held in uncertificated form) as soon as practicable procure the delivery to the Option Holder (or his nominee) of a definitive share certificate or other evidence of title in respect of such Shares. Where the Shares are transferred to a nominee of the Option Holder, the Option Holder shall remain the beneficial owner of the Shares.

 

8.2                               The Scheme Organiser shall not allot and issue and Shares nor use Treasury Shares to satisfy any exercise of Options granted under this Appendix.”

 

20

 

(J)                                   Rule 12 shall not apply to Options granted under this Appendix and a new Rule 12 shall be inserted as follows:

 

“12.                         RIGHTS ATTACHING TO SHARES TRANSFERRED PURSUANT TO OPTIONS

 

12.1                        All Shares transferred upon the exercise of an Option shall rank pari passu in all respects with the Shares in issue at the date of exercise save as regards any rights attaching to such Shares by reference to a record date prior to the date of transfer.

 

12.2                        Any Shares acquired on exercise of Options shall be subject to the articles of association of the Scheme Organiser from time to time.”

 

(K)                               Rule 13 shall not apply to Options granted under this Appendix and a new Rule 13 shall be inserted as follows:

 

“13.                         AVAILABILITY OF SHARES

 

13.1                        The Scheme Organiser shall procure that sufficient Shares are available for transfer in satisfaction of the exercise of Options.”

 

21Exhibit 10.13

 

DATED                                           2010

 

HENDERSON GROUP PLC

 

 

RULES OF THE HENDERSON GROUP PLC

INTERNATIONAL BUY AS YOU EARN PLAN

(INTERNATIONAL BAYE)

 

 

Approved by shareholders in general meeting on 11 May 2010

Re-approved by the shareholders in general meeting (as amended) on 4 May 2011

 

 

CONTENTS

 

	
Clause
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS
    	
 
    	
1
    
	
2.
    	
INVITATIONS TO ACQUIRE   PARTNERSHIP SHARES
    	
 
    	
5
    
	
3.
    	
ACQUISITION OF   PARTNERSHIP SHARES
    	
 
    	
6
    
	
4.
    	
CESSATION OF EMPLOYMENT
    	
 
    	
6
    
	
5.
    	
AWARD OF MATCHING   SHARES
    	
 
    	
7
    
	
6.
    	
MATCHING SHARES HOLDING   PERIOD
    	
 
    	
8
    
	
7.
    	
INVITATIONS TO ACQUIRE   FREE SHARES
    	
 
    	
9
    
	
8.
    	
BASIS OF ALLOCATION OF   FREE SHARES
    	
 
    	
11
    
	
9.
    	
PERFORMANCE TARGETS AND   MEASURES
    	
 
    	
11
    
	
10.
    	
APPROPRIATION OF FREE   SHARES
    	
 
    	
12
    
	
11.
    	
REINVESTMENT OF CASH   DIVIDENDS
    	
 
    	
12
    
	
12.
    	
DIVIDEND SHARE HOLDING   PERIOD
    	
 
    	
13
    
	
13.
    	
SCRIP DIVIDENDS
    	
 
    	
14
    
	
14.
    	
TRANSFER OF DIVIDEND   SHARES
    	
 
    	
14
    
	
15.
    	
WITHDRAWAL OF SHARES   FROM THE INTERNATIONAL PLAN ON CESSATION OF EMPLOYMENT AND WITHDRAWAL OF   DIVIDEND SHARES FROM THE INTERNATIONAL PLAN
    	
 
    	
14
    
	
16.
    	
PLAN SHARES- TAXATION
    	
 
    	
15
    
	
17.
    	
CONTRIBUTIONS TO BE   MADE BY PARTICIPATING COMPANIES
    	
 
    	
15
    
	
18.
    	
ACQUISITION OF SHARES   FOR AWARD
    	
 
    	
15
    
	
19.
    	
SHARES AND DIVIDENDS
    	
 
    	
16
    
	
20.
    	
RECONSTRUCTION AND   TAKEOVER
    	
 
    	
16
    
	
21.
    	
RIGHTS ISSUES
    	
 
    	
16
    
	
22.
    	
CAPITALISATION ISSUES
    	
 
    	
17
    
	
23.
    	
FRACTIONAL ENTITLEMENTS
    	
 
    	
17
    
	
24.
    	
STAMP DUTY
    	
 
    	
17
    
	
25.
    	
DISPUTES
    	
 
    	
18
    
	
26.
    	
TERMINATION OF   EMPLOYMENT
    	
 
    	
18
    
	
27.
    	
ADMINISTRATION AND   ALTERATIONS
    	
 
    	
18
    
	
28.
    	
ERRORS AND OMISSIONS
    	
 
    	
19
    
	
29.
    	
NOTICES
    	
 
    	
19
    
	
30.
    	
THIRD PARTIES
    	
 
    	
20
    
	
31.
    	
DATA PROTECTION
    	
 
    	
20
    
	
32.
    	
GENERAL
    	
 
    	
20
    
	
33.
    	
GOVERNING LAW
    	
 
    	
20
    

 

 

Henderson Group plc International Buy As You Earn Plan

 

This International Plan entitled the “Henderson Group plc International Buy As You Earn Plan” is designed for operation in countries excluding the United Kingdom (“International Jurisdictions”). The Rules of the International Plan are further amended by the schedules attached to the International Plan making variations which apply in particular International Jurisdictions. Where no schedule is attached for a particular International Jurisdiction, the Rules of the International Plan apply without amendments.

 

Offers of participation in the International Plan are limited to Eligible Employees resident in the International Jurisdictions.

 

It is intended that the International Plan shall be treated as being part of the Henderson Buy- As - You- Earn Plan for the purposes of determining the overall limits under the International Plan. Rule 3.1 of the Rules of the Henderson Buy- As - You- Earn Plan shall be taken to be incorporated into the International Plan.

 

1.                                      DEFINITIONS

 

In these Rules the following words and expressions shall, where the context so permits, have the meanings set forth below:

 

	
“Acquisition Date”
    	
 
    	
the date on which Partnership Shares are acquired on   behalf of Participants in accordance with Rule 3 of the International   Plan;
    
	
 
    	
 
    	
 
    
	
“Appropriation Date”
    	
 
    	
a day on which Free Shares or Matching Shares are   appropriated in accordance with the Rules;
    
	
 
    	
 
    	
 
    
	
“Associated Company”
    	
 
    	
has the meaning given by Paragraph 94 of Schedule 2   to the Income Tax (Earnings and Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
“Award Date”
    	
 
    	
(1)                                 in   relation to Matching Shares, the date on which Matching Shares are awarded to   Participants in accordance with Part Two of the International Plan; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(2)                                 in   relation to Free Shares, the date on which the Free Shares are awarded to   Participants in accordance with Part Three of the International Plan;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(3)                                 in   relation to Dividend Shares, the date on which the Dividend Shares are   awarded to Participants in accordance with Part Four of the   International Plan;
    
	
 
    	
 
    	
 
    
	
“Calculation Date”
    	
 
    	
the date of the first monthly acquisition of Partnership   Shares by the Trustee on behalf of a Participant using a Participant’s   Partnership Share Money;
    
	
 
    	
 
    	
 
    
	
“Committee”
    	
 
    	
a duly authorised committee of the board of   directors of the Company;
    
	
 
    	
 
    	
 
    
	
“Company”
    	
 
    	
Henderson Group plc, whose registered office is at   47 Esplanade, St Helier, Jersey, JE1 0BD;
    

 

1

 

	
“Control”
    	
 
    	
in relation to a corporate body, the power of a   person to secure by the holding of shares or the possession of voting power   that the affairs of that corporate body are conducted in accordance with the   wishes of that person;
    
	
 
    	
 
    	
 
    
	
“Dealing Day”
    	
 
    	
a day on which the London Stock Exchange is open for   the transaction of business;
    
	
 
    	
 
    	
 
    
	
“Dividend Share Holding Period”
    	
 
    	
in relation to any appropriation of Dividend Shares,   such period as the Committee may determine in respect of that appropriation   being a period of not more than three years from the date that the Dividend   Shares are appropriated in accordance with Part Four;
    
	
 
    	
 
    	
 
    
	
“Dividend Shares”
    	
 
    	
shares which are awarded to Participants under   Rule 11.1 and held by the Trustee upon the terms of the International   Plan;
    
	
 
    	
 
    	
 
    
	
“Eligible Employee”
    	
 
    	
an individual who:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a) is an employee (and is not under notice) of   a Participating Company; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b) has such Qualifying Period (if any) of   employment with a Participating Company as the Committee may determine;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
provided that such an individual is not a director   of the Company;
    
	
 
    	
 
    	
 
    
	
“Forfeiture Period”
    	
 
    	
in relation to any appropriation of Free Shares,   such period as the Committee may determine in respect of that appropriation   being a period of not more than three years from the date that the Free   Shares are appropriated in accordance with Part Three;
    
	
 
    	
 
    	
 
    
	
“Free Share Agreement”
    	
 
    	
an agreement under which an Eligible Employee agrees   to be bound by the terms of an Award of Free Shares in the form determined by   the Committee from time to time;
    
	
 
    	
 
    	
 
    
	
“Free Share Holding Period”
    	
 
    	
in relation to any appropriation of Free Shares,   such period as the Committee may determine in respect of that appropriation   being a period of not more than three years from the date that the Free   Shares are appropriated in accordance with Part Three;
    
	
 
    	
 
    	
 
    
	
“Free Shares”
    	
 
    	
shares which are, or are to be, appropriated to a   Participant without payment it pursuant to Part Three of these Rules;
    
	
 
    	
 
    	
 
    
	
“Group”
    	
 
    	
the Company and the Subsidiaries of the Company and   “member of the Group” shall be construed accordingly;
    
	
 
    	
 
    	
 
    
	
“Holding Period”
    	
 
    	
in relation to Partnership   Shares, the period of twelve months commencing on the appropriate Calculation   Date;
    
	
 
    	
 
    	
 
    
	
“International Plan”
    	
 
    	
The Henderson International Buy As You Earn Plan in   its present form, or as from time to time altered in accordance with its   Rules;
    

 

2

 

	
“Jointly Owned Company”
    	
 
    	
a company of which 50% of the issued share capital   is owned by the Company and 50% is owned by another company and which is not   under the Control of either company; this expression includes a company which   is controlled by a Jointly Owned Company;
    
	
 
    	
 
    	
 
    
	
“London Stock Exchange”
    	
 
    	
London Stock Exchange plc or any successor body   thereto;
    
	
 
    	
 
    	
 
    
	
“Market Value”
    	
 
    	
so long as the Shares are admitted to listing on the   Official List of the UK Listing Authority and admitted to trading on the   London Stock Exchange, the middle market quotation(s) for shares of that   class (as derived from the Daily Official List of the London Stock Exchange)   for that day;
    
	
 
    	
 
    	
 
    
	
“Matching Share Appropriation Date”
    	
 
    	
the date set by the Committee when Matching Shares   are to be appropriated to a Participant pursuant to Rule 5.5;
    
	
 
    	
 
    	
 
    
	
“Matching Share Holding Period”
    	
 
    	
in relation to any appropriation of Matching Shares,   such period as the Committee may determine in respect of that appropriation   being a period of not more than three years from the date that the Matching   Shares are appropriated in accordance with Part Two;
    
	
 
    	
 
    	
 
    
	
“Matching Shares”
    	
 
    	
shares which are awarded to an Eligible Employee   under Rule 5 and held by the Trustee upon the terms of the International   Plan;
    
	
 
    	
 
    	
 
    
	
“Maximum Monthly Subscription”
    	
 
    	
in relation to any invitation, the local currency   equivalent of £125 (calculated at the closing exchange rate quoted in the   Financial Times on the date of deduction) or such other amount as the   Committee may determine;
    
	
 
    	
 
    	
 
    
	
“Minimum Monthly Subscription”
    	
 
    	
in relation to any invitation, the local currency   equivalent of £10 (calculated at the closing exchange rate quoted in the   Financial Times on the date of deduction) or such other amount as the   Committee may determine;
    
	
 
    	
 
    	
 
    
	
“Notice of Award”
    	
 
    	
a notice of award of Partnership, Matching or   Dividend Shares in such form as determined by the Trustee.
    
	
 
    	
 
    	
 
    
	
“Participant”
    	
 
    	
an Eligible Employee who has entered into a   Partnership Share Agreement to participate in the International Plan;
    
	
 
    	
 
    	
 
    
	
“Participating Company”
    	
 
    	
any Subsidiary or Jointly Owned Company which has   been designated by the Committee as a Participating Company;
    
	
 
    	
 
    	
 
    
	
“Partnership Shares”
    	
 
    	
shares which are acquired by or on behalf of   Eligible Employees under Rule 3 and held by the Trustee on the terms of   the International Plan;
    
	
 
    	
 
    	
 
    
	
“Partnership Share Agreement”
    	
 
    	
an agreement included in the application form for   Partnership Shares in the form determined by the Committee from time to time;
    

 

3

 

	
“Partnership Share Money”
    	
 
    	
the deductions made from a Participant’s Salary in   accordance with the Partnership Share Agreement before it is used to acquire   Partnership Shares on his behalf;
    
	
 
    	
 
    	
 
    
	
“Plan Shares”
    	
 
    	
shares held by the Trustee upon the terms of the   International Plan on behalf of the Participants comprising Partnership   Shares, Matching Shares and Dividend Shares;
    
	
 
    	
 
    	
 
    
	
“Plan Period”
    	
 
    	
such period as the Committee may determine from time   to time which may be an indefinite period, subject to the cessation or   termination of the Plan pursuant to Rule 32;
    
	
 
    	
 
    	
 
    
	
“Qualifying Period”
    	
 
    	
means such period of continuous employment with a Participating   Company or any other company in the Group which the Committee may from time   to time determine;
    
	
 
    	
 
    	
 
    
	
“Reconstruction”
    	
 
    	
means a transaction affecting any Plan Shares   equivalent to a transaction as mentioned in paragraph 86 of Schedule 2 to the   Income Tax (Earnings and Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
“Rules”
    	
 
    	
the rules of the International Plan (and “Rule”   shall be construed accordingly);
    
	
 
    	
 
    	
 
    
	
“Salary”
    	
 
    	
basic pay as defined in the country in which the   Eligible Employee is employed, but excluding bonuses (unless the Committee   determines otherwise) and employee benefits;
    
	
 
    	
 
    	
 
    
	
“Share”
    	
 
    	
an ordinary share in the capital of the Company;
    
	
 
    	
 
    	
 
    
	
“Subsidiary”
    	
 
    	
a subsidiary within the meaning given by section   1159 of the Companies Act 2006;
    
	
 
    	
 
    	
 
    
	
“Takeover”
    	
 
    	
means a transaction affecting any Plan Shares   equivalent to a transaction as mentioned in paragraph 37 of Schedule 2 to the   Income Tax (Earnings and Pensions) Act 2003;
    
	
 
    	
 
    	
 
    
	
“Trust”
    	
 
    	
the Henderson International Employee Share Trust;
    
	
 
    	
 
    	
 
    
	
“Trustee”
    	
 
    	
the Trustees of the Henderson Employee Ownership   Share Trust;
    
	
 
    	
 
    	
 
    
	
“Unit”
    	
 
    	
any individual or group of individuals, business   unit, division, body corporate, or other person within the Company or any   Participating Company to which the Committee shall apply a performance target   or performance measure.
    

 

References to any statutory provision are to that provision as amended or re-enacted from time to time and, unless the context otherwise requires, words in the singular include the plural (and vice versa) and words importing the masculine shall include the feminine (and vice versa).

 

Headings shall be ignored in interpreting the provisions of the International Plan.

 

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PART ONE — PARTNERSHIP SHARES

 

2.                                      INVITATIONS TO ACQUIRE PARTNERSHIP SHARES

 

2.1                               The Committee may in its absolute discretion determine in respect of any Plan Period whether Eligible Employees should be offered the opportunity to acquire Partnership Shares. The Committee may determine that Eligible Employees who are resident in particular International Jurisdictions will be offered the opportunity to acquire Partnership Shares.

 

2.2                               When the Committee have decided to operate the International Plan by inviting Eligible Employees to acquire Partnership Shares, an invitation shall be issued to each Eligible Employee in those International Jurisdictions in which the Committee has determined the International Plan shall be operated inviting him to enter into an agreement with the Company by returning as directed the accompanying Partnership Share Agreement duly completed.

 

The invitation shall specify:

 

2.2.1                     whether the Committee have determined to offer Matching Shares to Eligible Employees who enter into a Partnership Share Agreement; and

 

2.2.2                     the basis on which such Matching Shares will be awarded.

 

2.3                               The Committee may specify the maximum number of Shares to be included in an offer of Partnership Shares.

 

2.3.1                     The Partnership Share Agreement shall contain an undertaking by the Company to notify each Eligible Employee of any restriction on the number of Shares to be included in an offer. This notification shall be given before the deduction of the Partnership Share Money relating to the offer.

 

2.4                               A Partnership Share Agreement entered into in accordance with this Rule 2 shall form the binding agreement between the Eligible Employee and the Company:

 

2.4.1                     to permit the Company to deduct from his net Salary (i.e. after deduction of tax and social security contributions) each month an amount which is not less than the Minimum Monthly Subscription nor more than the Maximum Monthly Subscription;

 

2.4.2                     to permit the Company to transfer to the Trustee the sums deducted under Rule 2.4.1;

 

2.4.3                     to permit the Trustee to use the sums deducted under Rule 2.4.1 to acquire Partnership Shares on behalf of the Eligible Employee and to hold them in accordance with the Rules.

 

2.5                               A Participant may at any time by notice to the Company request that no further deductions be made from his Salary pursuant to a Partnership Share Agreement. The Company shall stop deductions within 30 days of the receipt of any such notice or on such later date as the Participant may specify in the notice.

 

2.6                               A Partnership Share Agreement may provide for Participants to vary the amount deducted from Salary.

 

2.7                               A Participant may at any time give notice to the Company that he wishes to restart deductions from his Salary. The Company must restart deductions under the Partnership Share Agreement no later than the date of the first deduction under the Partnership Share Agreement which is due more than 30 days after the Participant’s notice to restart making deductions. If a Participant stops making deductions from Salary and then restarts, he may not make up any missed deductions from Salary.

 

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3.                                      ACQUISITION OF PARTNERSHIP SHARES

 

3.1                               All Partnership Share Money deducted by the Company in accordance with the Partnership Share Agreement entered into under Rule 2 shall be transferred directly to the Trustee. Within 30 days after the Partnership Share Money was deducted from Participants’ Salaries the Trustee shall use it in the purchase of Partnership Shares on behalf of Participants. The Trustee will send at least once in every calendar year a Notice of Award to each Participant showing the number of Shares acquired for him.

 

3.2                               The number of Partnership Shares to be acquired on behalf of each Participant shall be determined in accordance with the Market Value of the Partnership Shares on the Acquisition Date.

 

3.3                               If any Partnership Share Money remains after the acquisition, it may be retained by the Trustee to the Participant’s account and added to the next amount of Partnership Share Money deducted from his Salary.

 

3.4                               If the Trustee deposits the Partnership Share Money in an interest-bearing account, any interest earned will not become the entitlement of the Participant but will be used to defray the expenses of the Trust.

 

3.5                               A Participant may withdraw any or all of his Partnership Shares from the International Plan at any time. He may direct the Trustee to transfer to him the legal ownership of the Partnership Shares; he may also direct the Trustee to transfer to him any Partnership Share Money held on his behalf. If before the end of the Holding Period he sells the Partnership Shares or withdraws from the International Plan the Partnership Shares, he will lose any entitlement to receive any corresponding Matching Shares.

 

4.                                      CESSATION OF EMPLOYMENT

 

4.1                               In the event of a Participant ceasing to be employed by a member of the Group or any other Associated Company in any circumstances, the Participant shall not be entitled to acquire any future Partnership Shares and any Partnership Share Money held by the Trustee on his behalf will be transferred to him by the Trustee as soon as practicable after such cessation.

 

4.2                               Rule 15 shall apply to any Partnership Shares appropriated to the Participant by the time of the cessation of the Participant’s employment with a member of the Group or any other Associated Company.

 

4.3                               In the event of a Participant ceasing to be employed by a member of the Group or any other Associated Company before the end of the Holding Period, he will lose any entitlement to receive any corresponding Matching Shares except in the circumstances and to the extent set out in Rule 5.12 (Good Leaver).

 

4.4                               No person shall be treated for the purposes of this International Plan as ceasing to be in the employment of a member of the Group or any other Associated Company until he ceases to be in the employment of any member of the Group or any other Associated Company.

 

4.5                               In the event of a Participant ceasing to be employed by a Participating Company in such circumstances that he then commences employment with a member of the Group or any other Associated Company in an International Jurisdiction in which invitations to enter into Partnership Share Agreements are not offered, the Participant will be treated as having ceased employment with all members of the Group and all other Associated Companies.

 

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PART TWO — MATCHING SHARES

 

5.                                      AWARD OF MATCHING SHARES

 

5.1                               The Committee may resolve that Matching Shares may be offered for appropriation to Eligible Employees in accordance with this Part.

 

5.2                               The ratio of Matching Shares to Partnership Shares which shall be offered in respect of any acquisition of Partnership Shares shall be determined by the Committee, offered to all Eligible Employees resident in a particular International Jurisdiction on the same terms and shall be specified in the Partnership Share Agreement governing the acquisition of the relevant Partnership Shares. The ratio shall not be greater than two Matching Shares for every one Partnership Share acquired.

 

5.3                               The Committee may determine that the ratio of Matching Shares to Partnership Shares may be altered by the Company prior to the acquisition of the related Partnership Shares.

 

5.4                               Unless the Committee determines otherwise, where income tax and/ or employee social security contributions and/ or any other form of taxation are required to be accounted to any revenue or other authority on behalf of the Participant by any member of the Group or any Associated Company in connection with the appropriation of the Matching Shares, the Participant shall be treated as receiving a total benefit equal to the Market Value of the Matching Shares to be appropriated, but the number of Matching Shares to be appropriated shall be reduced to take into account the income tax and/ or employee social security contributions that are required to be accounted and an amount in cash equal to such income tax and/ or employee social security contributions will be forwarded to the revenue or other authority.

 

5.5                               The Committee shall set a date or dates when Matching Shares shall be appropriated to a Participant (each, a “Matching Shares Appropriation Date”). Unless the Committee determines otherwise or Rule 5.12 (Good Leaver) applies, the Matching Shares Appropriation Date will (in respect of any 12 month period) be the end of the period of 12 months after a Participant first acquired Partnership Shares in that 12 month period.

 

5.6                               The Matching Shares shall be appropriated to the Participant on at or shortly after the Matching Share Appropriation Date, provided that (on the Matching Share Appropriation Date) the Participant remains in employment within a member of the Group or any other Associated Company and the Participant has not sold the Partnership Shares (to which the Matching Shares relate) or has not otherwise withdrawn from the International Plan.

 

5.7                               Except in the circumstances and to the extent set out in Rule 5.12 (Good Leaver), no Matching Shares shall be appropriated to a Participant if the Participant shall have ceased to be in employment with a member of the Group or any other Associated Company.

 

5.8                               The Committee shall, in respect of each appropriation of Matching Shares, other than those acquired pursuant to Rule 5.12 (Good Leaver), specify a Matching Share Holding Period which shall be stated in the Partnership Share Agreement to which the Matching Shares relate.

 

5.9                               When the Committee have decided to operate the International Plan by offering Matching Shares pursuant to this Rule 5, the invitation issued to each Eligible Employee under Rule 2 shall contain information about such decision, including the ratio of Matching Shares that will be offered for each Partnership Share, the circumstances in which the Matching Shares may be forfeited and any restrictions on the sale of the Matching Shares.

 

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5.10                        On the day following the end of the Holding Period, the Committee will award to Participants on whose behalf the Trustee hold Partnership Shares, Matching Shares on the basis set out in the invitation. The Matching Shares awarded will then form part of the Plan Shares.

 

5.11                        Where Matching Shares are appropriated under this Rule 5 the Trustee will send at least once in every calendar year a Notice of Award to each Participant to whom such Shares have been awarded.

 

5.12                        Where a Participant ceases to be in employment with a member of the Group or any Associated Company in the Holding Period by reason of:

 

(a)                                 injury or disability; or

 

(b)                                 redundancy or its equivalent in accordance with the laws and practices of the jurisdiction in which the Participant is employed; or

 

(c)                                  the sale of a business or part of a business of a Participating Company in such circumstances that employees retain their existing employment rights in accordance with the legislation in their country of residence; or

 

(d)                                 a change of Control or other circumstances resulting in the Participating Company ceasing to be an Associated Company; or

 

(e)                                  retirement in accordance with the laws and practices of the jurisdiction in which the Participant is employed; or

 

(f)                                   death

 

the Participant shall be entitled to an allocation of Matching Shares equal to the number of Matching Shares the Participant would have been entitled to as if he had acquired Partnership Shares at the date of cessation of employment of the Participant using the Partnership Share Money in existence at the date of the cessation of employment, taking (as a reference for the calculation) the Market Value of the Shares on the date of cessation of employment. Any such Matching Shares allocated pursuant to this Rule 5.12 shall be appropriated to the Participant as soon as reasonably practicable after the cessation of employment of the Participant (as determined by the Committee) on terms that the Matching Shares are immediately sold in accordance with Rule 15.1.2.

 

6.                                      MATCHING SHARES HOLDING PERIOD

 

6.1                               The Partnership Share Agreement relating to the Partnership Shares to which the Matching Shares relate shall bind the relevant Eligible Employee in contract with the Company and the Trustee in consideration of the appropriation to him of the Matching Shares:

 

6.1.1                     to permit all Matching Shares appropriated to him to remain in the hands of the Trustee throughout the applicable Matching Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company;

 

6.1.2                     not to assign, charge or otherwise dispose of his beneficial interest in any Matching Shares during the applicable Matching Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company;

 

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PROVIDED THAT no Participant by virtue of the signature or execution of a contract of participation shall be precluded from directing the Trustee to dispose of his Matching Shares in the event of a Reconstruction or a Takeover affecting his Matching Shares.

 

6.2                               In accordance with the Partnership Share Agreement entered into between a Participant and the Company, a Participant may direct the Trustee to transfer the legal ownership of his Matching Shares to him at any time after the end of the Matching Share Holding Period.

 

6.3                               Any direction given by a Participant under Rule 6.2 must be in the form as notified by the Trustee, adapted as appropriate. The Trustee will transfer the relevant Matching Shares as soon as practicable after receipt of the direction.

 

PART THREE: FREE SHARES

 

7.                                      INVITATIONS TO ACQUIRE FREE SHARES

 

7.1                               The Committee may in its absolute discretion determine in respect of any Plan Period whether it will arrange for Eligible Employees to be offered the opportunity to acquire Free Shares. The Committee may determine that Eligible Employees who are resident in particular International Jurisdictions will be offered the opportunity to acquire Free Shares.

 

7.2                               When the Committee have decided to operate the International Plan by inviting Eligible Employees to acquire Free Shares, an invitation shall be issued to each Eligible Employee in those International Jurisdictions in which the Committee has determined the International Plan shall be operated inviting him to enter into an agreement with the Company by signing and returning as directed the accompanying Free Share Agreement duly completed and signed. The invitation shall specify the basis on which such Free Shares will be awarded.

 

7.3                               The Committee may specify the maximum number of Shares to be included in an offer of Free Shares.

 

7.4                               The Free Share Agreement relating to the Free Shares shall bind the relevant Eligible Employee in contract with the Company and the Trustee in consideration of the appropriation to him of the Free Shares:

 

7.4.1                     to permit all Free Shares appropriated to him to remain in the hands of the Trustee throughout the applicable Free Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company;

 

7.4.2                     not to assign, charge or otherwise dispose of his beneficial interest in any Free Shares during the applicable Free Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company; and

 

7.4.3                     to agree to the Trustee to sell any or all such Free Shares in order to enable the Trustee to pay to any Member of the Group or to any revenue authority any amount of income tax and/or employee social security contributions that may be required to be accounted to any revenue authority in respect of the allocation or appropriation of the Shares or otherwise in connection with the Free Shares.

 

PROVIDED THAT no Participant by virtue of the signature or execution of a contract of participation shall be precluded from directing the Trustee to dispose of his Free Shares in the event of a Reconstruction or a Takeover affecting his Free Shares.

 

7.5                               The Committee may in respect of each appropriation of Free Shares specify a Forfeiture Period applicable to those Free Shares which must be the same for all Free Shares

 

9

 

appropriated to Eligible Employees resident in a particular International Jurisdiction on that occasion.

 

7.6                               The Committee shall, in respect of each appropriation of Free Shares, specify a Free Share Holding Period which shall be stated in the Free Share Agreement relating to the Free Shares.

 

7.7                               Free Shares may be appropriated to a Participant on terms that the Participant shall cease to be beneficially entitled to such Free Shares if within the Forfeiture Period applicable to those Free Shares he:

 

7.7.1                     directs the Trustee to transfer the Free Shares to himself or another person; or

 

7.7.1.1           assigns, charges or otherwise disposes of his beneficial interest in the Free Shares; or

 

7.7.1.2           directs the Trustee to dispose of the Free Shares and account to himself or another person for the proceeds of sale; or

 

7.7.1.3           ceases to be in employment with a member of the Group or any Associated Company for any reason other than by reason of:

 

(a)                                 injury or disability; or

 

(b)                                 redundancy or its equivalent in accordance with the laws and practices of the jurisdiction in which the Participant is employed; or

 

(c)                                  the sale of a business or part of a business of a Participating Company in such circumstances that employees retain their existing employment rights in accordance with the legislation in their country of residence; or

 

(d)                                 a change of Control or other circumstances resulting in the Participating Company ceasing to be an Associated Company; or

 

(e)                                  retirement in accordance with the laws and practices of the jurisdiction in which the Participant is employed; or

 

(f)                                   death.

 

7.8                               No person shall be treated for the purposes of this International Plan as ceasing to be in the employment of a member of the Group or any other Associated Company until he ceases to be in the employment of any member of the Group or any other Associated Company.

 

7.9                               In accordance with the Free Share Agreement entered into between a Participant and the Company, a Participant may direct the Trustee to transfer the legal ownership of his Free Shares to him at any time after the end of the Free Share Holding Period.

 

7.10                        Any direction given by a Participant under Rule 7.9 must be in the form as notified by the Trustee, adapted as appropriate. The Trustee will transfer the relevant Free Shares as soon as practicable after receipt of the direction.

 

7.11                        An individual may by notice given to the Company before an Appropriation Day direct that Free Shares shall not be appropriated to him on that Appropriation Day or on each subsequent Appropriation Day. A notice given by an individual under this Rule 7.11 may be revoked by that individual giving the Company a written notice of revocation.

 

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8.                                      BASIS OF ALLOCATION OF FREE SHARES

 

8.1                               The Free Shares to be appropriated to Eligible Employees shall be allocated to such Eligible Employees on the same terms in accordance with one or more of the following formulae to be determined in respect of each appropriation by the Committee:

 

8.1.1                     Eligible Employees shall be appropriated Free Shares the number or value of which shall be determined by reference to their remuneration; or

 

8.1.2                     Eligible Employees shall be appropriated Free Shares the number or value of which shall be determined by reference to their length of service with a Member of the Group or an Associated Company; or

 

8.1.3                     Eligible Employees shall be appropriated Free Shares the number or value of which shall be determined by reference to the number of hours they work for a Member of the Group or an Associated Company; or

 

8.1.4                     Eligible Employees shall be appropriated a fixed number of Free Shares or a number of Free Shares with a Market Value equal to a fixed sum; or

 

8.1.5                     Eligible Employees shall be appropriated Free Shares the number or value of which shall be determined according to the achievement by the Unit in which the Eligible Employee works of performance targets and/or performance measures during a Performance Period which in the case of performance measures shall:

 

8.1.5.1           be based on business results or other objective criteria determined by the Committee; and

 

8.1.5.2           be fair and objective measures of the performance of that Unit,

 

PROVIDED THAT where an appropriation of Free Shares is based upon more than one of the factors mentioned in Rules 8.1.1, 8.1.2 or 8.1.3 each factor shall give rise to a separate entitlement to Free Shares related to the level of remuneration, length of service or hours worked (as the case may be) and the total entitlements shall be the sum of those separate entitlements.

 

9.                                      PERFORMANCE TARGETS AND MEASURES

 

9.1                               Any appropriation of Free Shares which is made by reference to a performance measure or performance target pursuant to Rule 8 must comply either with the requirements of Rule 9.2 (Method One) or the requirements of Rule 9.3 (Method Two).

 

9.2                               The requirements of this Rule 9.2 (Method One) are that:

 

9.2.1                     at least twenty per cent (20%) of the Free Shares of any class appropriated to an Eligible Employee on any occasion shall be appropriated without reference to performance and in accordance with the requirements of Paragraphs 9 and 41(3) and (4) of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (same terms) (deeming those provisions to apply); or

 

9.2.2                     the Free Shares which are not appropriated in accordance with Rule 9.2.1 shall be appropriated by reference to performance; and

 

9.2.3                     the greatest number of Free Shares appropriated to any Eligible Employee on any occasion by reference to performance shall not be more than four times greater than the greatest number of Free Shares of the same class appropriated to any Eligible Employee on that occasion by reference to factors which are not performance related.

 

9.3                               The requirements of this Rule 9.3 (Method Two) are that:

 

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9.3.1                     some or all of the Free Shares must be appropriated by reference to performance; and

 

9.3.2                     the appropriation of Free Shares to Eligible Employees within a Unit shall be in accordance with the requirements of Paragraphs 9 and 42(4) of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (same terms) (deeming those provisions to apply).

 

9.4                               An Eligible Employee may not be a member of more than one Unit in any Participating Company in respect of any Plan Period.

 

9.5                               The Company must notify as soon as reasonably practicable:

 

9.5.1                     each Eligible Employee to whom Free Shares may be appropriated in respect of a Performance Period of any performance targets and measures which will be used to determine the number or value of Free Shares appropriated to him in respect of that Performance Period; and

 

9.5.2                     all Eligible Employees of the Company and of any Participating Company in general terms of the performance measures to be used to determine the number or value of Free Shares to be appropriated to each individual,

 

PROVIDED THAT in respect of Rule 9.5.2 above the Company shall not be required to include in such notification any information which the Committee reasonably considers would prejudice the confidentiality of commercially sensitive information.

 

10.                               APPROPRIATION OF FREE SHARES

 

10.1                        An individual shall not be eligible to have an appropriation of Free Shares if at the date of such appropriation he is not an Eligible Employee.

 

10.2                        The aggregate of the appropriation values of all Free Shares which may be allocated to any Participant in any period of twelve months shall not exceed £3,000 or such other amount as may from time to time be determined by the Committee.

 

10.3                        Where the Trustee appropriate Free Shares a proportion of which rank for any dividend or other distribution or other rights attaching to Shares by reference to a record date preceding the relevant Appropriation Day and a proportion of which do not, then the Free Shares to be appropriated to each Eligible Employee shall as far as practicable be in the same proportions thereto.

 

PART FOUR — DIVIDEND SHARES

 

11.                               REINVESTMENT OF CASH DIVIDENDS

 

11.1                        Subject as hereinafter provided any cash dividends paid in respect of Plan Shares held on behalf of a Participant shall unless otherwise directed by the Committee be applied by the Trustee in acquiring Dividend Shares subject to any limit set by the Committee pursuant to Rule 11.2 to be held on behalf of a Participant. The Committee may determine at any time that cash dividends shall cease to be applied in acquiring Dividend Shares and/or can determine that any cash dividends can start to be applied by the Trustee in acquiring Dividend Shares. The Committee may make a different determination as to whether cash dividends are to be applied to acquire Dividend Shares for Participants in different jurisdictions.

 

11.2                        The Committee may set a maximum aggregate amount of any cash dividend paid in respect of Plan Shares that may be reinvested by or on behalf of a Participant in Dividend Shares under the Plan in any calendar year (or such other period as the Committee may determine).

 

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11.3                        The Trustee shall pay to the Participant such amount of any cash dividend which is in excess of the limit referred to in Rule 11.2 as soon as practicable.

 

11.4                        The Trustee may retain and carry forward to be added to the amount of the next cash dividend to be reinvested the amount of any cash dividend which is insufficient to acquire one or more Dividend Shares.

 

11.5                        The Trustee shall as soon as practicable pay to the Participant any amount retained in accordance with Rule 11.4:

 

11.5.1              if or to the extent that such amount is not reinvested within the period of three years beginning with the date on which the dividend was paid; or

 

11.5.2              if the Participant ceases to be in the employment of a Member of the Group or any other Associated Company; or

 

11.5.3              if during the three year period mentioned in Rule 11.5.1, the Committee resolves that the International Plan should cease operation; or

 

11.5.4              if the Committee resolves that cash dividends should cease to be applied to acquire Dividend Shares

 

and for the purposes of this Rule 11.5, amounts carried forward which arise from earlier cash dividends are treated as reinvested before amounts which arise from later cash dividends.

 

11.6                        The Trustee shall apply any cash dividend in acquiring Dividend Shares on a date set by the Trustee in relation to the acquisition of Dividend Shares which shall be within 30 days of the date on which they receive the dividend.

 

11.7                        The Trustee may treat a cash dividend as applied in acquiring Dividend Shares if they appropriate Shares already held by them.

 

11.8                        The number of Dividend Shares appropriated to a Participant on any occasion by the Trustee shall be such number as can be acquired at the Market Value of the Shares on the date referred to in Rule 11.6 above with the cash dividend received in respect of the Participant’s Plan Shares on that occasion.

 

11.9                        If Dividends are not required to be reinvested, they shall be paid to the Participant as soon as practicable after they are received by the Trustee.

 

12.                               DIVIDEND SHARE HOLDING PERIOD

 

12.1                        The Committee shall, in respect of each appropriation of Dividend Shares, specify a Dividend Share Holding Period which shall be communicated to the Participants.

 

12.2                        By agreeing to participate in the International Plan, the relevant Participant shall be taken to have agreed with the Company and Trustee:

 

12.2.1              to permit all Dividend Shares appropriated to him to remain in the hands of the Trustee throughout the applicable Dividend Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company;

 

12.2.2              not to assign, charge or otherwise dispose of his beneficial interest in any Dividend Shares during the applicable Dividend Share Holding Period or, if earlier, until he ceases to be in employment with any member of the Group or any other Associated Company;

 

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PROVIDED THAT no Participant by virtue of the signature or execution of a contract of participation shall be precluded from directing the Trustee to dispose of his Dividend Shares in the event of a Reconstruction or a Takeover affecting his Dividend Shares.

 

12.3                        In accordance with the Partnership Share Agreement entered into between a Participant and the Company, a Participant may direct the Trustee to transfer the legal ownership of his Dividend Shares to him at any time after the end of the Dividend Share Holding Period.

 

12.4                        Any direction given by a Participant under Rule 12.3 must be in the form as notified by the Trustee, adapted as appropriate. The Trustee will transfer the relevant Dividend Shares as soon as practicable after receipt of the direction.

 

13.                               SCRIP DIVIDENDS

 

13.1                        This Rule applies where the holders of any class of shares of which some are Plan Shares are offered the right to elect to receive shares, credited as fully paid in whole or in part, in lieu of a cash dividend. Unless otherwise determined by the Committee, in such circumstances, the Trustee will be taken to have been directed by each Participant before the closing of the offer to elect to receive Shares and to hold such Shares as Dividend Shares.

 

13.2                        Rule 12 shall apply to any part of the dividends receivable in cash.

 

14.                               TRANSFER OF DIVIDEND SHARES

 

14.1                        In accordance with the Partnership Share Agreement or, as the case may be, the Free Share Agreement entered into between a Participant and the Company, a Participant may direct the Trustee to transfer the legal ownership of his Dividend Shares to him at any time.

 

14.2                        Any direction given by a Participant under Rule 14.1 must be in the form as notified by the Trustee, adapted as appropriate. The Trustee will transfer the relevant Dividend Shares as soon as practicable after receipt of the direction.

 

PART FIVE - CESSATION OF EMPLOYMENT

 

15.                               WITHDRAWAL OF SHARES FROM THE INTERNATIONAL PLAN ON CESSATION OF EMPLOYMENT AND WITHDRAWAL OF DIVIDEND SHARES FROM THE INTERNATIONAL PLAN

 

15.1                        Subject to any terms for forfeiture of a Participant’s Free Shares, if a Participant ceases to be employed by a member of the Group or any other Associated Company, the Trustee shall, if the Participant so directs:

 

15.1.1              transfer to the Participant or any other person to whom the Participant so directs all the Participant’s Plan Shares held by the Trustee; or

 

15.1.2              dispose of all the Participant’s Plan Shares held by the Trustee and account (or hold themselves ready to account) for the proceeds of sale to the Participant or any other person whom the Participant so directs less any amounts deducted under Rule 16 (Plan Shares-Taxation) and after deducting the expenses of sale.

 

15.2                        Unless the Participant directs that his or her Plan Shares (which have not been subject to forfeiture) should be transferred in accordance with Rule 15.1.1 or does not give complete instructions for the transfer within one month of the Participant ceasing to be employed by a member of the Group or any other Associated Company, the Committee shall be entitled to sell any remaining Plan Shares in accordance with Rule 15.1.2.

 

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15.3                        No person shall be treated for the purposes of this Rule 15 as ceasing to be in the employment of a member of the Group or any other Associated Company until he ceases to be in the employment of any member of the Group or any other Associated Company.

 

PART SIX — GENERAL

 

16.                               PLAN SHARES- TAXATION

 

The Participating Company will be entitled to withhold and the Participant will be obligated to pay, the amount of tax or any employee social security contributions or other regulatory payments which may be payable by or on behalf of such Participant in connection with the appropriation, acquisition or transfer of Plan Shares. Without limitation, any member of the Group or any other associated Company may withhold any such tax or any employee social security contributions or other regulatory payments from the Participant’s Salary, bonus payments or any other payments otherwise due to him. The Trustee may establish appropriate procedures to provide for any such payment including, in lieu of transferring some or all of the Shares to which a Participant is entitled, the sale of such proportion thereof as shall equate to the amount of the liability, the payment of such amount to the relevant authority and the transfer of the resulting number of Shares to the Participant.

 

17.                               CONTRIBUTIONS TO BE MADE BY PARTICIPATING COMPANIES

 

17.1                        Contributions to be made by the Company and each Participating Company to the Trustee to support any acquisition of Free Shares or Matching Shares by the Trustee for appropriation on any Appropriation Day shall be paid not later than the fifth Dealing Day immediately prior to the relevant Appropriation Day.

 

17.2                        A Participating Company shall only contribute to the Trustee such sums as are required in connection with the acquisition of Shares by the Trustee for appropriation to Eligible Employees who are for the time being employees of that Participating Company.

 

18.                               ACQUISITION OF SHARES FOR AWARD

 

18.1                        The Trustee may upon the direction of the Committee, purchase Shares on the Acquisition Date or such other date as the Trustee or the Committee considers appropriate. Such Shares may be purchased on the London Stock Exchange.

 

18.2                        No Shares may be issued for the purposes of any appropriation of Free Shares, Matching Shares or Dividend Shares to, or purchase of Partnership Shares on behalf of, a Participant who is a director of the Company.

 

18.3                        Unless and until approved by the shareholders in a general meeting of the Company, the Trustee may not subscribe for Shares for the purposes of any appropriation of Free Shares or Matching Shares or purchase of Partnership Shares.

 

18.4                        The Trustee, if so directed by the Committee, shall not later than 3 days prior to the relevant Appropriation Day (which day the Company shall notify to the Trustee in advance), acquire Shares for appropriation under the Plan on that Appropriation Day as Free Shares or Matching Shares by purchase on the London Stock Exchange or privately (provided that any private purchase made at a time when shares in the Company are listed is made at a price not materially more or less than their Market Value on the day on which they are acquired).

 

18.5                        Contributions to be made by the Company and each Participating Company to the Trustee to support any purchase of Shares to be made by the Trustee for award on any Award Date shall be paid not later than the Dealing Day immediately prior to the relevant Award Date.

 

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19.                               SHARES AND DIVIDENDS

 

19.1                        Subject to the Rules of the International Plan, all Shares acquired under the International Plan shall as to voting, dividend, transfer and other rights (including those arising on a liquidation) rank equally in all respects with the Shares then in issue.

 

19.2                        Subject to the Rules of the International Plan, the Participant will receive all rights as to voting, dividend transfer and other rights in respect of Partnership Shares from the Acquisition Date and in respect of Matching Shares, Free Shares and Dividend Shares on the respective Award Date.

 

19.3                        If the Trustee receives any foreign cash dividend in respect of Plan Shares, they shall give the Participant notice of the amount of any foreign tax already deducted.

 

19.4                        The Company shall procure that the registrar will send or make available to the Participants copies of all documents normally issued by the Company and sent to the holders of Shares.

 

20.                               RECONSTRUCTION AND TAKEOVER

 

20.1                        If there is a Reconstruction or Takeover affecting Plan Shares, the Participants shall be notified of such event and any Participant may give notice in writing to the Trustee instructing them on the action to be taken (and, where appropriate, exercise any right to elect to receive any particular form of consideration available thereunder) in respect of any of his Plan Shares.

 

20.2                        If there is a Reconstruction or Takeover affecting Plan Shares, the consideration received thereunder shall (so far as it consists of cash or securities which cannot be held under the International Plan) be treated as being disposed of (and so far as it consists of New Shares) be held by the Trustee as Plan Shares subject to the Rules of the International Plan mutatis mutandis as if the same were the Shares in respect of which they are issued, or which they otherwise represent.

 

20.3                        In the event of any Plan Shares being compulsorily acquired under Part 18 of the Companies (Jersey) Law 1991, or if under any scheme of arrangement sanctioned by the Court pursuant to Article 125 of the Companies (Jersey) Law 1991, Plan Shares are transferred to another company or cancelled for a consideration consisting of cash and/ or securities or shares, the Participants concerned shall be entitled to receive notification thereof from the Trustee as soon as practicable after such acquisition, transfer or cancellation, and to give instructions to the Trustee in relation to such consideration, and the provisions of Rules 20.1, 20.2 and 20.3 shall apply mutatis mutandis so far as relevant.

 

21.                               RIGHTS ISSUES

 

21.1                        Whenever a company grants to the holders of any class of shares of which some are Plan Shares any rights to acquire other shares, securities or rights of any description in that company (a “Rights Issue”) each Participant shall be notified by the Trustee of the rights relating to his Plan Shares and he may instruct the Trustee to do one or more of the following:

 

21.1.1              subject to the provision by him of any necessary funds, to take up or sell all or any of the rights or allow them to lapse;

 

21.1.2              to sell rights nil paid to the extent necessary to enable the Trustee to subscribe in full for the balance of any unsold rights,

 

which instructions may be particular or of general application and relate to Plan Shares appropriated before and after the date of the relevant Rights Issue.

 

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21.2                        The Trustee shall act upon any such instruction received by them not less than five Dealing Days before the expiry of the period allowed for the exercise of any rights pursuant to the relevant Rights Issue. If any Participant has not prior to five Dealing Days before the expiry of the period allowed for the exercise of any such rights given instructions to the Trustee with regard thereto and provided any funds necessary for the purpose, the Trustee shall allow such rights to lapse. The Trustee shall deal with any capital received in consequence of the non-exercise or sale of any rights in compliance with the processing of sections 513 (1) to 513 (4) of the Income Tax (Earnings and Pensions) Act 2003.

 

21.3                        Any shares, securities or rights taken up by the Trustee on behalf of any Participant under this Rule shall, subject to fractional entitlement, form part of the Participant’s Plan Shares and shall be deemed to have been appropriated at the same time as the Participant’s Plan Shares to which they relate.

 

21.4                        Nothing in this Rule shall require the Trustee to act in any manner whereby they would incur any liability unless indemnified to their satisfaction by the Participant against such liability.

 

22.                               CAPITALISATION ISSUES

 

Where a company allots any new Shares by way of capitalisation to the Trustee in respect of any Participant’s Plan Shares, such new Shares shall form part of that Participant’s Plan Shares and shall be deemed to have been appropriated at the same time as the Participant’s Plan shares in respect of which they are allotted.

 

23.                               FRACTIONAL ENTITLEMENTS

 

23.1                        Where a company makes an offer or invitation conferring any rights upon its members to acquire against payment additional shares, securities or rights of any description in that company or where that company allots any new securities by way of capitalisation, the Trustee shall allocate such rights or securities amongst the Participants concerned on a proportionate basis and, if such allocation shall give rise to a fraction of a security or a transferable unit thereof (in this Rule “unit”), shall round such allocation down to the next whole unit and the Trustee shall aggregate the fractions not allocated and use their best endeavours to sell any rights or units which are not allocated and distribute the net proceeds of sale (after deducting therefrom any expenses of sale and any taxation which may be payable in respect thereof) proportionately among the Participants whose allocation was rounded down, provided that any sum of less than £3 otherwise distributable to a particular Participant may be retained by the Trustee to apply the same in or towards the future purchase of shares for the purposes of the Plan and all the Trustee’ expenses of administering the same.

 

23.2                        In any circumstances in which the Trustee receive new Shares which form part of a Participant’s Plan Shares the Trustee shall allocate the new Shares to the Participant by reference to the relative times of appropriation of his Plan Shares to which they relate and, if any such allocation should give rise to a fraction of a New Share, the Trustee shall, subject to Income Tax (Earnings and Pensions) Act 2003 a round such allocation up or down to the next whole unit as they in their discretion think fit. New Shares shall have the same meaning as in Paragraph 87 (7) of Schedule 2 to the Income Tax (Earnings & Pensions) Act 2003.

 

24.                               STAMP DUTY

 

24.1                        Any stamp duty or other expenses involved in any transfer of Shares by the Trustee shall be payable:

 

24.1.1              in the case of a transfer into the name of the Participant concerned, by the Trustee (and reimbursed by the Company);

 

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24.1.2              in any other case, by the transferee concerned.

 

25.                               DISPUTES

 

The decision of the Committee in the event of any dispute, disagreement or question affecting any Eligible Employee or Participant under the International Plan shall be final and conclusive and binding upon all persons.

 

26.                               TERMINATION OF EMPLOYMENT

 

Nothing in this Plan shall in any way be construed as imposing upon a Participating Company a contractual obligation as between the Participating Company and an employee to contribute or continue to contribute to the Plan.

 

In no circumstances shall any person who has ceased to be an employee of the Company or any Subsidiary or any member of the Group by reason of dismissal or otherwise howsoever or who is under notice of termination of his employment be entitled to claim as against any Participating Company or Subsidiary or the Group or the Trustee any compensation for or in respect of any consequential loss he may suffer by reason of the operation of the terms of the International Plan.

 

27.                               ADMINISTRATION AND ALTERATIONS

 

27.1                        The Committee shall have power from time to time to make and vary such regulations (not being inconsistent with the International Plan) for the implementation and administration of the International Plan as it thinks fit.

 

27.2                        The Committee shall have power from time to time exercisable by resolution of the Board to agree that any Subsidiary and any Jointly Owned Company shall become a Participating Company for the purposes of the International Plan. Any such member of the Group shall cease to be a Participating Company as from such date as the Committee may by resolution determine and shall be deemed not to be a Participating Company as from the date on which it ceases to be a Subsidiary or Jointly Owned Company.

 

27.3                        In the event of any dispute as to whether a person is or is not an Eligible Employee or as to any rights or obligations of any person hereunder or any question concerning the construction or effect hereto or any other question in connection with the International Plan, the Committee shall determine the same (other than in the case of a matter to be certified by the auditors in accordance with these Rules) and such determination shall be final and binding on all persons.

 

27.4                        The Committee may resolve to alter the Rules, provided that (unless Rule 27.5 applies) no alteration to the advantage of an individual to whom Plan Shares have been or may be awarded shall be made to provisions concerning:

 

(a)                                 eligibility;

 

(b)                                 the individual limits on participation

 

(c)                                  the overall limits on the issue of Shares or the transfer of treasury Shares

 

(d)                                 the basis for determining a Participant’s entitlement to, and the terms of, Shares or cash provided under the Plan;

 

(e)                                  the adjustments that may be made in the event of any variation of capital; and

 

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(f)                                   the terms of this Rule 27.4

 

without the prior approval by ordinary resolution of the members of the company in general meeting.

 

27.5                        Rule 27.4 shall not apply to any minor alteration to benefit the administration of the International Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants or any Group member.

 

27.6                        No alteration to the Rules of the International Share Plan that would adversely affect the rights of any Participant in respect of Plan Shares already awarded to him or acquired on his behalf shall be effective without his consent.

 

27.7                        Without limitation to Rule 27.4 and 27.5, the Committee may resolve to alter the Rules of the International Plan to add additional sub- plans to allow for participation in the International Plan on modified terms in particular jurisdictions to take account of relevant overseas legislation and/ or to acquire or maintain beneficial tax treatment for Participants or any Participating Company, provided that no alteration may be made which would alter the fundamental purpose of the International Plan or extend the overall limits on the issue of Shares or the transfer of treasury Shares.

 

28.                               ERRORS AND OMISSIONS

 

The Company, the relevant Participating Company and where appropriate the Trustee may do all such acts and things as they may agree to rectify any error or omission, including any error or omission as a result of which any Eligible Employee is not accounted for on the award of Plan Shares notwithstanding that such action may fall outside the time limits or otherwise conflict with the provisions of the Rules.

 

29.                               NOTICES

 

29.1                        Save as otherwise provided herein, any notice or other communication under or in connection with the Plan may be given:

 

29.1.1              By personal delivery or by post, in the case of a notice or communication given by an Eligible Employee or a Participant to the Company or the Trustee shall be delivered or sent to the Company or the Trustee at its registered office (or at such other place or places as the Board or the Trustee may from time to time determine and notify to Eligible Employees and Participants); or

 

29.1.2              in an electronic communication to their usual business address or such other address for the time being notified for that purpose to the person giving the notice; or

 

29.1.3              by such other method as the Committee determines.

 

29.2                        Where a notice or communication is sent by post it shall be deemed to have been received 72 hours after the same was put into the post properly addressed and stamped.

 

29.3                        All notifications, documents, and other communications sent by post will be sent at the risk of the Eligible Employee or Participant concerned and the Company, its Subsidiaries, any Jointly Owned Company, any other employing company and the Trustee shall have no liability whatsoever to any Eligible Employee or Participant in respect of any notification, document, option or share certificate or other communication so given, sent or made and nor shall the Company, any of its Subsidiaries any other employing company or the Trustee be concerned to see that any Eligible Employee or Participant actually receives it.

 

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30.                               THIRD PARTIES

 

No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan.

 

31.                               DATA PROTECTION

 

31.1                        By agreeing to participate in the Plan, each Participant consents to the collection, processing and transfer of his personal data for any purpose relating to the operation of the Plan. This includes:

 

31.1.1              providing personal data to any member of the Group member and any third party such as the Trustee, administrators of the Plan, registrars, brokers and any of their respective agents;

 

31.1.2              processing of personal data by any such member of the Group or third party;

 

31.1.3              transferring personal data to a country outside the European Economic Area (including a country which does not have data protection laws equivalent to those prevailing in the European Economic Area); and

 

31.1.4              providing personal data to potential purchasers of the Company, the Participant’s employer or the business in which the Participant works.

 

32.                               GENERAL

 

32.1                        The Committee may decide from time to time to suspend or cease operation of the International Plan. Benefits awarded under the International Plan do not constitute remuneration or an entitlement to future participation in the International Plan.

 

32.2                        The International Plan shall continue until 4 May 2021 unless terminated earlier by resolution of the Committee.

 

33.                               GOVERNING LAW

 

33.1                        The International Plan is governed by and shall be construed in accordance with the laws of England and Wales.

 

33.2                        The courts of England and Wales shall be the sole jurisdiction for the adjudication of disputes relating to the Plan.

 

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