Document:

EX-4.7

 Exhibit 4.7 
  

 
 BRITISH AMERICAN TOBACCO P.L.C. 

 
  

 

	
	 RULES
  

of the
  

BRITISH AMERICAN TOBACCO
  

2019 DEFERRED ANNUAL SHARE BONUS

SCHEME

  
  

Adopted by the Board on 10 December 2018 
  

 
 Herbert Smith Freehills LLP 

HSF Ref: 30889176 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 CONTENTS 

 

							
	Clause	 	Heading	  	Page	 
			
	1.	 	 INTERPRETATION AND CONSTRUCTION
	  	 	2	 
	2.	 	 SCHEME LIMITS
	  	 	3	 
	3.	 	 AWARDS
	  	 	3	 
	4.	 	 AWARDS ARE NON-TRANSFERABLE
	  	 	4	 
	5.	 	 ADDITIONAL VESTING CONDITION
	  	 	4	 
	6.	 	 VESTING
	  	 	5	 
	7.	 	 CESSATION OF OFFICE OR EMPLOYMENT
	  	 	6	 
	8.	 	 CORPORATE ACTIONS
	  	 	7	 
	9.	 	 DIVIDEND EQUIVALENT
	  	 	8	 
	10.	 	 CASH ALTERNATIVE
	  	 	8	 
	11.	 	 TAX LIABILITY
	  	 	9	 
	12.	 	 VESTED SHARE ACCOUNTS
	  	 	10	 
	13.	 	 CLAW-BACK
	  	 	10	 
	14.	 	 VARIATION OF CAPITAL
	  	 	11	 
	15.	 	 ADMINISTRATION
	  	 	11	 
	16.	 	 AMENDMENTS
	  	 	12	 
	17.	 	 DATA PROTECTION
	  	 	12	 
	18.	 	 GENERAL
	  	 	13	 
	APPENDIX 1 : OPERATION OF CLAW-BACK	  	 	15	 
	APPENDIX 2 : AWARDS GRANTED TO U.S. TAXPAYERS	  	 	17	 
	1.	 	 INTERPRETATION
	  	 	17	 
	2.	 	 APPLICATION
	  	 	17	 
	3.	 	 TERMS OF AWARD
	  	 	17	 
	4.	 	 DELIVERY OF SHARES
	  	 	17	 
	5.	 	 DIVIDEND EQUIVALENT
	  	 	18	 
	6.	 	 CASH ALTERNATIVE
	  	 	18	 
	7.	 	 CLAWBACK
	  	 	18	 
	8.	 	 CODE SECTION 409A
	  	 	18	 
	ADDENDUM I: AWARDS GRANTED TO RAI PARTICIPANTS	  	 	19	 
	1.	 	 APPLICATION
	  	 	19	 
	2.	 	 MODIFICATION
	  	 	19	 
	3.	 	 RETIREMENT PLAN
	  	 	19	 
	4.	 	 TERMS
	  	 	19	 
	5.	 	 SETTLEMENT
	  	 	19	 

  
 1 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 RULES OF THE BRITISH AMERICAN TOBACCO P.L.C. DEFERRED ANNUAL SHARE BONUS SCHEME 

 

	1.	 INTERPRETATION AND CONSTRUCTION 

 

	1.1	 For the purposes of the Scheme, the following terms shall have the meaning indicated below unless the context
clearly indicates otherwise: 

 “Additional Vesting Condition” means any additional condition
determined by the Board under Rule 5 (Vesting Condition) to which the vesting of any Award is subject. 
 “Award”
means a right to receive a transfer of Shares following vesting of the Award; 
 “Board” means the board of directors of the
Company or a committee duly authorised by the board of directors or, following any Corporate Action, the Board or duly authorised committee as constituted immediately prior to the Corporate Action; 

“Claw-back” means a recovery of value by the Company from a Participant in accordance with the provisions of Rule 13
(Claw-back) and Appendix 1 (Operation of Claw-back); 
 “Company” means British American Tobacco p.l.c.
(registered in England and Wales under No. 3407696); 
 “Control” has the meaning given by Section 995 of the
Income Tax Act 2007; 
 “Corporate Action” means any of the events referred to in: 

 

	 	(A)	 Rules 8.1 to 8.5 (but excluding a Reorganisation as defined in Rule 8.7); or 

 

	 	(B)	 if the Board determines that Awards will vest pursuant to such Rule, Rule 8.6; 

“Cross-Border Merger” means a merger pursuant to the implementation in any relevant jurisdiction of Directive 2005/56/EC (on
cross-border mergers of limited liability companies); 
 “Dealing Day” means any day on which the London Stock Exchange is
open for trading; 
 “Dealing Restriction” means any restriction on the dealing in shares, whether direct or indirect,
pursuant to any law, regulation, code or enactment in England and Wales and/or the jurisdiction in which the Participant is resident, or any share dealing code of the Company; 

“Eligible Employee” means an employee or former employee (including an executive director) of any Group Company; 

“Employees’ Share Scheme” has the meaning given by Section 1166 of the Companies Act 2006; 

“Financial Year” means the financial year of the Company within the meaning of Section 390 of the Companies Act 2006;

 “Grant Date” means the date on which an Award is granted; 

“Group” means the Company and any company which from time to time is a subsidiary of the Company, within the meaning of
section 1159 of the Companies Act 2006 (each a “Group Company”); 
 “Market Value” means, in relation to a
Share on any day, the mid-closing price of a Share on such day (as derived from the Daily Official List of the London Stock Exchange); 

“Normal Vesting Date” means the third anniversary of the Grant Date or any later date determined by the Board; 

“Participant” means an Eligible Employee who has received an Award to the extent it has not been released and has not lapsed
(or, following his death, his Personal Representatives); 
 “Personal Representatives” means, following his death, the
Participant’s personal representatives, or a person fulfilling a similar function in any jurisdiction; 

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	 	 “Rule” means a rule of this Scheme; 

 

	 	 “Scheme” means this British American Tobacco 2019 Deferred Annual Share Bonus Scheme, as
amended from time to time; 

  

	 	 “Share” means a fully paid ordinary share in the capital of the Company;

  

	 	 “Treasury Shares” means Shares to which Sections 724 to 732 of the Companies Act 2006 apply;

  

	 	 “Trust” means any employee benefit trust from time to time established by the Company;

  

	 	 “U.S. Taxpayer” has the meaning given in Rule 3.10 (U.S. Taxpayers); and

  

	 	 “vesting” means Shares subject to an Award becoming due to be transferred to the Participant
(and “vest” shall be construed accordingly). 

  

	1.2	 In this Scheme unless the context requires otherwise: 

 

	 	1.2.1	 the headings are inserted for convenience only and do not affect the interpretation of any Rule;

  

	 	1.2.2	 a reference to a statute or statutory provision includes a reference: 

 

	 	(A)	 to that statute or statutory provision as from time to time consolidated, modified, re-enacted or replaced by any statute or statutory provision; 

  

	 	(B)	 to any repealed statute or statutory provision which it re-enacts (with
or without modification); and 

  

	 	(C)	 to any subordinate legislation made under it; 

 

	 	1.2.3	 words in the singular include the plural, and vice versa; 

 

	 	1.2.4	 a reference to the masculine shall be treated as a reference to the feminine and vice versa;

  

	 	1.2.5	 a reference to a person shall include a reference to a body corporate; and 

 

	 	1.2.6	 a reference to writing or written form shall include any legible format capable of being reproduced on paper,
irrespective of the medium used. 

  

	1.3	 In this Scheme: 

  

	 	1.3.1	 a provision obliging, or permitting, any company to do any thing shall be read as obliging, or permitting, such
company to do that thing, or procure that thing to be done; and 

  

	 	1.3.2	 the use of the word “including” shall mean including without limitation and without prejudice to the
generality of the foregoing. 

  

	2.	 SCHEME LIMITS 

 

	2.1	 No Shares may be issued and no Treasury Shares may be transferred for the purposes of the Scheme.

  

	3.	 AWARDS 

  

	 	 Eligibility 

  

	3.1	 The Scheme shall operate in connection with the award of annual bonuses to such Eligible Employees as may be
determined by the Board. 

  

	 	 Bonus deferral 

 

	3.2	 Prior to the amount of an Eligible Employee’s annual bonus being determined, the Board may specify a
proportion of the Eligible Employee’s annual bonus that shall be deferred. An Eligible Employee shall have no entitlement to receive the proportion of the annual bonus that is deferred under this Rule 3.2. 

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	3.3	 The Board shall grant to an Eligible Employee whose annual bonus is subject to deferral under Rule 3.2 an Award
over such number of Shares as have an aggregate Relevant Value on the Grant Date equal to the proportion of the Eligible Employee’s annual bonus that is deferred under Rule 3.2. 

In this Rule 3.3, the “Relevant Value” of a Share subject to an Award means either (as determined by the Board): (i) the Market Value
of a Share on the Dealing Day immediately preceding the Grant Date; or (ii) the average of the Market Values of a Share over such number of Dealing Days preceding the Grant Date as the Board may determine. 

 

	3.4	 Where an Eligible Employee’s annual bonus is denominated in a currency other than pounds sterling, for the
purposes of Rule 3.3 above such annual bonus amount shall be converted into pounds sterling on such basis as the Board may reasonably determine. 

  

	 	 Method of grant 

 

	3.5	 An Award shall be granted by the Board. 

 

	3.6	 An Award shall be granted by deed. 

 

	3.7	 No payment for the grant of an Award shall be made by the Participant. 

 

	3.8	 A Participant may within 30 days of the Grant Date release an Award (in full but not in part) by written notice
to the Company. Where a Participant does not release an Award within such period, the Participant shall be deemed to have accepted the Award on the terms set out in the Rules. 

 

	 	 Award notification 

 

	3.9	 As soon as practicable following the Grant Date the Company shall notify a Participant of the grant of an
Award. Such notification shall specify: 

  

	 	3.9.1	 the Grant Date; 

  

	 	3.9.2	 the Normal Vesting Date; 

 

	 	3.9.3	 the number of Shares in respect of which the Award is granted; 

 

	 	3.9.4	 if applicable, details of any Additional Vesting Condition; 

 

	 	3.9.5	 if applicable, that the dividend equivalent provisions of Rule 9 (Dividend equivalent) shall apply; and

  

	 	3.9.6	 that the Award is subject to the claw-back provisions of Rule 13 (Claw-back) and Appendix 1
(Operation of Claw-back). 

  

	 	 U.S. Taxpayers 

 

	3.10	 The provisions of Appendix 2 (Awards Granted to U.S. Taxpayers) shall apply to an Award that is held by
any Participant while he or she is subject to taxation under the U.S. Internal Revenue Code of 1986, as amended (“U.S. Taxpayers”). 

  

	4.	 AWARDS ARE NON-TRANSFERABLE 

 

	4.1	 A Participant may not transfer, assign, pledge, charge or otherwise dispose of, or grant any form of security
or other interest over, any part of his interest in an Award. An Award shall (unless the Board determines otherwise) lapse on the Participant doing so (whether voluntarily or involuntarily), being deprived of the beneficial ownership of an Award by
operation of law, or becoming bankrupt. 

  

	4.2	 Rule 4.1 does not restrict the transmission of an Award to the Participant’s Personal Representatives
following his death. 

  

	5.	 ADDITIONAL VESTING CONDITION 

 

	 	 The vesting of an Award shall be subject to such additional condition as the Board may determine.

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	6.	 VESTING 

  

	 	 Normal vesting 

 

	6.1	 An Award shall vest on the Normal Vesting Date. 

 

	 	 Vesting subject to Dealing Restrictions 

 

	6.2	 An Award shall not vest unless, and vesting shall be delayed until, the Board is satisfied that at that time:

  

	 	6.2.1	 such vesting; 

  

	 	6.2.2	 the transfer of Shares to the Participant and the sale of Shares pursuant to Rule 11 (Tax Liability);
and 

  

	 	6.2.3	 any action needed to be taken by the Company to give effect to such vesting 

 

	 	 is not contrary to any Dealing Restriction. 

 

	 	 Extent of vesting 

 

	6.3	 Where an Award vests it shall vest in full, save that the extent to which an Award which is subject to an
Additional Vesting Condition shall be capable of vesting (if at all) shall, unless the Board determines otherwise, be determined by reference to the extent to which such Additional Vesting Condition is satisfied, and at the end of any period over
which an Additional Vesting Condition is assessed the Award shall lapse to the extent that such Additional Vesting Condition is not met. 

  

	6.4	 Where an Award which is subject to an Additional Vesting Condition becomes capable of vesting (pursuant to Rule
6.7 (International transfers), 7 (Cessation of employment) or 8 (Corporate Actions) prior to the end of the period over which any element of the Additional Vesting Condition is assessed, such element may be assessed on such
basis as the Board shall determine. 

  

	 	 Effect of vesting 

 

	6.5	 The effect of the vesting of an Award is that the Shares in respect of which an Award vests shall be
transferred to the Participant as soon as is reasonably practicable (which may include transferring the Shares on more than one consecutive Dealing Day on such basis as the Board may determine). 

 

	 	 Disciplinary proceedings 

 

	6.6	 Unless the Board determines otherwise, an Award shall not vest while a Participant is subject to an
investigation process and/or formal disciplinary process (or similar), or where a Participant has been served with notice that such a process may be instigated without such notice having been rescinded, and vesting shall (subject to the Award
lapsing to any extent prior to or as a result of the conclusion of such process pursuant to Rule 7 (Cessation of office or employment) or 13 (Claw-back)) be delayed until the conclusion of such process. 

 

	 	 International transfers 

 

	6.7	 Where a Participant, whilst continuing to hold an office or employment with a Group Company, is to be
transferred to work in another country, and as a result the Board considers that following such transfer either he or a Group Company is likely to suffer a tax disadvantage in respect of an Award or, due to securities or exchange control laws, the
Participant is likely to be restricted in his ability to receive Shares pursuant to an Award and/or to hold or deal in Shares, the Board may decide that an Award shall vest on such date as it may determine, in which case the proportion of the Award
which may vest shall be limited (unless the Board determines otherwise) to a pro rata proportion on the basis of the number of months (rounded up to the nearest whole month) which have elapsed from the Grant Date to such vesting date, as compared to
the number of whole months within the period from the Grant Date to the Normal Vesting Date. Any remainder of the Award shall lapse. 

  

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	7.	 CESSATION OF OFFICE OR EMPLOYMENT 

 

	 	 Cessation where Awards lapse 

 

	7.1	 An Award shall lapse: 

 

	 	7.1.1	 on the Participant ceasing to hold office or employment with any Group Company; or 

 

	 	7.1.2	 if the Participant gives or receives notice of such cessation, on such earlier date as may be determined by the
Board, 

 save in each case where Rule 7.2 or Rule 7.4 applies. 

 

	 	 Reasons for cessation where Awards remain capable of vesting 

 

	7.2	 An Award shall not lapse pursuant to Rule 7.1 where the reason for the cessation or notice is:

  

	 	7.2.1	 disability, ill-health or injury (as evidenced to the satisfaction of
the Board); 

  

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

 

	 	7.2.3	 the transfer of the Participant’s employment in connection with the disposal of a business or undertaking,
or a part- business or part-undertaking; 

  

	 	7.2.4	 the company with which the Participant holds office or employment ceasing to be a Group Company; or

  

	 	7.2.5	 any other reason, if the Board so determines. 

Where the Board exercises its discretion under Rule 7.2.5 the Board may impose additional conditions on the Award (including as to when the
Award may vest). 
  

	 	 Cessation prior to the Normal Vesting Date 

 

	7.3	 Where prior to the Normal Vesting Date a Participant ceases to hold office or employment with any Group Company
for any of the reasons specified in Rule 7.2 an Award shall vest on the date of such cessation, unless the Board determines that the Award shall not vest at such time and shall instead continue to be capable of vesting in accordance with the Rules.

 For the avoidance of doubt, the Board may make the determination in this Rule 7.3 on a standing basis (subject to
revocation of such determination at any time) in respect of all Awards to be granted to a specified Eligible Employee or Eligible Employees. 
  

	 	 Death 

  

	7.4	 An Award shall vest on the Participant’s death. 

 

	 	 Meaning of cessation of office or employment 

 

	7.5	 No provision of this Rule 7 shall apply in respect of any cessation of office or employment if immediately
following the cessation the Participant holds an office or employment with any Group Company, or in respect of any notice of cessation if arrangements are in place that mean immediately following the notice becoming effective the Participant will
hold an office or employment with any Group Company. 

  
 6 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	 	 Cessation of office or employment prior to grant 

 

	7.6	 The provisions of Rules 6.6, 6.7, 7.1, 7.2 and 7.3 shall not apply to Awards granted to a Participant following
the date on which the Participant ceased to hold office or employment with any Group Company. 

  

	8.	 CORPORATE ACTIONS 

 

	 	 General offers 

 

	8.1	 Awards shall vest: 

  

	 	8.1.1	 upon a person obtaining Control of the Company as a result of making a general offer to acquire Shares;

  

	 	8.1.2	 upon a person, having obtained Control of the Company, making a general offer to acquire Shares; or

  

	 	8.1.3	 if a person makes a general offer to acquire Shares that would result in that person obtaining Control of the
Company and the Board so determines, on the date which the Board determines to be the last practicable date prior to the date on which it expects such person to obtain Control of the Company, 

in each case being a general offer to acquire all of the Shares (other than Shares held by the person making the offer and any person connected
to that person). 
  

	 	 Compulsory acquisition 

 

	8.2	 Awards shall vest upon a person becoming entitled to acquire Shares under Sections 979 to 982 of the Companies
Act 2006. 

  

	 	 Scheme of compromise or arrangement 

 

	8.3	 Awards shall vest upon a Court sanctioning a compromise or arrangement which, on becoming effective, would
result in: 

  

	 	8.3.1	 any person obtaining Control of the Company; 

 

	 	8.3.2	 the undertaking, property and liabilities of the Company being transferred to another existing or new company;
or 

  

	 	8.3.3	 the undertaking, property and liabilities of the Company being divided among and transferred to two or more
companies, whether existing or new. 

  

	 	 Merger 

  

	8.4	 Awards shall vest upon a competent authority approving a Cross-Border Merger, pursuant to which the Company
shall cease to exist. 

  

	 	 Voluntary winding-up 

 

	8.5	 Awards shall vest in the event of a notice being given of a resolution for the voluntary winding-up of the Company. 

  

	 	 Demerger or special dividend 

 

	8.6	 If the Board so determines, Awards may vest following the announcement of a demerger of a substantial part of
the Group’s business, a special dividend or a similar event affecting the value of Shares to a material extent on such date specified by the Board. 

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	 	 Roll-over of Award on a Reorganisation or takeover 

 

	8.7	 Unless the Board determines otherwise, an Award shall not vest pursuant to this Rule 8 if, as a result of any
event that would otherwise be a Corporate Action, a company will obtain Control of the Company or will obtain substantially all of the assets of the Company (the “Acquiring Company”), and either: 

 

	 	8.7.1	 the Acquiring Company will immediately following such event have (either directly or indirectly) substantially
the same shareholders and approximate shareholdings as those of the Company prior to such event (a “Reorganisation”); or 

  

	 	8.7.2	 the Board, with the agreement of the Acquiring Company, determines that the Award shall not vest as a result of
such event and so notifies the Participant prior to the occurrence of the date on which the Award would otherwise vest. 

In such case the existing Award (the “Old Award”) shall lapse on the occurrence of the relevant event, provided that the New Parent
Company shall grant a replacement right to receive shares (the “New Award”) over such number of shares in the New Parent Company which are of equivalent value to the number of Shares in respect of which the Old Award was outstanding. The
New Award shall be granted on the terms of the Scheme, but as if the New Award had been granted at the same time as the Old Award. 
 For the
purposes of this Rule 8.7: 
  

	 	8.7.3	 the “New Parent Company” shall be the Acquiring Company, or, if different the company that is the
ultimate parent company of the Acquiring Company within the meaning of section 1159 of the Companies Act 2006; and 

  

	 	8.7.4	 the terms of the Scheme shall following the date of the relevant event be construed as if the reference to
“British American Tobacco p.l.c.” in the definition of “Company” in Rule 1 (Interpretation and construction) were a reference to the company which is the New Parent Company. 

 

	 	 Compulsory winding-up 

 

	8.8	 An Award shall lapse on the passing of an effective resolution, or the making of a Court order, for the
compulsory winding-up of the Company. 

  

	 	 Concert parties 

 

	8.9	 For the purposes of this Rule 8, a person shall be deemed to have Control of the Company where he and any
others acting in concert with him together have Control of the Company. 

  

	9.	 DIVIDEND EQUIVALENT 

 

	9.1	 If at any time in the period between the Grant Date and the date on which the Award vests a dividend is
declared on Shares, the Company shall, unless the Board determines otherwise, make a cash payment to the Participant equal to the amount of such dividend the Participant would have received in respect of the number of Shares which are subject to the
Award had the Participant been the full legal and beneficial owner of such Shares on the record date of such dividend. 

  

	9.2	 Any cash payment under Rule 9.1 will be made by the Company to the Participant as soon as reasonably
practicable following the date on which the relevant dividend is paid, unless the Board determines that such amount shall instead be payable when (and to the extent that) the Award vests. 

 

	9.3	 A cash payment under Rule 9.1 may be made in a currency other than pounds sterling, in which case the amount of
such payment shall be converted into such other currency on such basis as is determined by the Board. 

  

	10.	 CASH ALTERNATIVE 

 

	10.1	 This Rule 10 shall not apply in respect of any Award granted to a Participant resident in any jurisdiction
where the grant of an Award which provides for a cash alternative would be unlawful, fall outside any applicable exemption under securities, exchange control or similar regulations, or would cause adverse tax or social security (or similar)
contribution consequences for the Company or the Participant (in each case as determined by the Board) or where the Board determines prior to the Grant Date that this Rule 10 shall not apply. 

  
 8 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	10.2	 The Board may determine prior to the Grant Date that an Award shall only be satisfied in cash, in which case
the Award shall not be a right to acquire Shares, and the vesting of the Award shall be satisfied in full by the payment of a cash equivalent amount, in substitution for the transfer of Shares. 

 

	10.3	 Where the Board has made no determination pursuant to Rule 10.1 or 10.2 in respect of any Award the Board may
determine at any time prior to the transfer of Shares pursuant to such Award that the vesting of the Award (or a part thereof) shall be satisfied by the payment of a cash equivalent amount, in substitution for the transfer of Shares.

  

	10.4	 A “cash equivalent amount” shall be calculated as the number of Shares which would otherwise
be transferred in respect of the relevant vesting but which are being substituted for the cash equivalent amount, multiplied by the Market Value of a Share on the date on which the Award vests (or, where only a part of the Award is to be satisfied
with payment of a cash equivalent amount, on the date on which Shares are transferred to the Participant pursuant to the Award). 

  

	10.5	 A cash equivalent amount shall be paid as soon as reasonably practicable following the relevant vesting.

  

	10.6	 A cash equivalent amount may be paid in a currency other than pounds sterling, in which case the cash
equivalent amount shall be converted into such other currency on such basis as is determined by the Board. 

  

	11.	 TAX LIABILITY 

 

	11.1	 When any Tax Liability arises in respect of an Award, the Participant authorises any Group Company:

  

	 	11.1.1	 to retain and sell legal title to such number of the Shares which would otherwise have been transferred to the
Participant on vesting of the Award, or any part thereof, (notwithstanding that beneficial title shall pass) as may be sold for aggregate proceeds equal to the Group Company’s estimate of the amount of the Tax Liability; 

 

	 	11.1.2	 to deduct an amount equal to the Group Company’s estimate of the Tax Liability from any cash payment made
under the Scheme; and/or 

  

	 	11.1.3	 where the amount realised under Rule 11.1.1 or deducted under Rule 11.1.2 is insufficient to cover the full
amount of the Tax Liability, to deduct any further amount as is necessary through payroll, 

 and in each case to apply
such amount in paying the amount of the Tax Liability to the relevant revenue authority or in reimbursing the relevant Group Company for any such payment, provided that, where the amount realised under Rule 11.1.1 or deducted under Rule 11.1.2 is
greater than the actual Tax Liability, the Group Company shall repay the excess to the Participant as soon as reasonably practicable. 
 The
Group Company shall be entitled to make the estimates referred to in this Rule 11.1 on the basis of the highest rates of tax and/or social security applicable at the relevant time in the jurisdiction in which the Group Company is liable to account
for the Tax Liability, notwithstanding that the Tax Liability may not arise at such rates. 
  

	11.2	 “Tax Liability” shall mean any amount of tax and/or social security (or similar)
contributions which any Group Company becomes liable to pay on behalf of the Participant to the revenue authorities in any jurisdiction, together with all or such proportion (if any) of employer’s social security contributions which would
otherwise be payable by any Group Company as is determined to be recoverable from the Participant (to the extent permitted by law) by the Board, or which the Participant has agreed to pay or which are subject to recovery pursuant to an election to
which paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992 applies. 

  
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 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	12.	 VESTED SHARE ACCOUNTS 

 

	12.1	 Legal title to any Shares which are due to be transferred to the Participant pursuant to the Scheme may be
transferred to a person (the “Vested Share Account Provider”) appointed by the Company from time to time to hold legal title to such Shares on behalf of the Participant. 

 

	12.2	 The Vested Share Account Provider shall receive and hold Shares on behalf of the Participant in accordance with
such terms and conditions as are agreed by the Company from time to time, and by participating in the Scheme the Participant irrevocably agrees to those terms and conditions (which shall be available to the Participant on request to the Company).

  

	12.3	 The transfer of any Shares to the Vested Share Account Provider shall satisfy any obligation of the Company
under the Scheme to transfer Shares to the Participant (and references in the Scheme to Shares (or legal title thereof) having been transferred to the Participant shall be read accordingly). 

 

	13.	 CLAW-BACK 

  

	 	 Claw-back events 

 

	13.1	 The Board may at any time prior to the third anniversary of the Grant Date of an Award determine that a
Claw-back shall apply in respect of the Award, if the Board determines that: 

  

	 	13.1.1	 there has been a material misrepresentation in relation to the performance of any Group Company, relevant
business unit and/or the Participant on the basis of which the extent to which the annual bonus in respect of which the Award was granted was determined (which may include, but shall not be limited to: (i) a misstatement of the financial
results and/or health of any Group Company; (ii) an erroneous calculation in relation to any Group Company’s results or other performance benchmark; (iii) errors in any Group Company’s financial statements; or
(iv) discrepancies in the financial accounts, and, for the avoidance of doubt, notwithstanding that such misrepresentation may not arise from fraud or reckless behaviour); or 

 

	 	13.1.2	 an erroneous calculation was made in assessing the amount of such annual bonus or the number of Shares over
which the Award was granted, 

 and, in either case the annual bonus was awarded and/or the Award was granted to a
greater extent than would have been the case had there not been such a misrepresentation or had such error not been made. 
  

	13.2	 The Board may at any time prior to legal title to Shares having been transferred to the Participant pursuant to
an Award determine that a Claw-back shall apply in respect of the Award if the Board determines that any event has occurred which justifies such application of Claw-back. 

 

	13.3	 The Board may at any time (whether before or after vesting) determine that a Claw-back shall apply in respect
of an Award where the Participant is found to have committed at any time prior to the vesting of the Award, including prior to grant, an act or omission which justifies, or in the opinion of the Board would have justified, summary dismissal or
service of notice of termination of office or employment on the grounds of misconduct. 

  

	 	 Applying Claw-back 

 

	13.4	 A Claw-back shall be applied in accordance with the provisions of Appendix 1 (Operation of Claw-back).

  
 10 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	 	 Lapse of Awards to give effect to claw-back of other awards 

 

	13.5	 By participating in the Scheme, the Participant acknowledges that the Board may lapse any Award to such extent
as it determines to be necessary (including in full) in order to give effect to a claw-back under the terms of the Scheme or any other Employees’ Share Scheme or bonus scheme operated from time to time by any Group Company.

  

	 	 No Claw-back following Corporate Action 

 

	13.6	 No Claw-back shall be capable of being applied at any time following any Corporate Action, save where the
determination that the Claw-back shall apply was made prior to such event (and, for the avoidance of doubt, a Corporate Action does not include a Reorganisation). 

 

	 	 Interaction with the cash bonus schemes 

 

	13.7	 No provision of the rules of this Scheme relating Claw-back shall in any way limit or restrict, or be limited
or restricted by, the operation of any provision of any cash bonus scheme or similar operated by any Group Company from time to time. 

  

	14.	 VARIATION OF CAPITAL 

 

	14.1	 In the event of any variation of the share capital of the Company, or in the event of the demerger of a
substantial part of the Group’s business, a special dividend or similar event affecting the value of Shares to a material extent (which shall not include the payment of any ordinary dividend) the Board may make such adjustments to Awards as it
may determine to be appropriate. 

  

	14.2	 For the avoidance of doubt Rule 14.1 shall not apply in respect of any Awards pursuant to which legal title to
Shares has been transferred prior to the date of the relevant event (such that the recipient of such legal title shall participate in such event as a holder of Shares) including pursuant to the vesting of an Award under Rule 8.6 (Demerger or
special dividend). 

  

	15.	 ADMINISTRATION 

 

	15.1	 Any notice or other communication under or in connection with this Scheme may be given by the Company (or its
agents) to a Participant personally, by email or by post, or by a Participant to the Company or any Group Company either personally or by post to the Secretary of the Company. Items sent by post shall be
pre-paid and shall be deemed to have been received 48 hours after posting. Items sent by email shall be deemed to have been received immediately. 

 

	15.2	 A Participant shall not be entitled to: 

 

	 	15.2.1	 receive copies of accounts or notices sent to holders of Shares; 

 

	 	15.2.2	 exercise voting rights; or 

 

	 	15.2.3	 receive dividends, 

in respect of Shares subject to an Award legal title to which has not been transferred to the Participant. 

 

	15.3	 Any discretion (including the power to make any determination) of the Board under or in connection with the
Scheme may be exercised by the Board in its absolute discretion. 

  

	15.4	 Any exercise of discretion (including the making of any determination) by the Board under or in connection with
the Scheme shall be final and binding. 

  

	15.5	 Any disputes regarding the interpretation of the Rules or the terms of any Award shall be determined by the
Board (upon such advice as the Board determines to be necessary) and any decision in relation thereto shall be final and binding. 

  
 11 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	16.	 AMENDMENTS 

  

	16.1	 Subject to Rule 16.2, the Board may at any time add to or alter the Scheme or any Award made thereunder in any
respect. 

  

	16.2	 No alteration or addition shall be made under Rule 16.1 which would abrogate or adversely affect the subsisting
rights of a Participant unless it is made: 

  

	 	16.2.1	 with the consent in writing of the Participant; 

 

	 	16.2.2	 with the consent in writing of such number of Participants as hold Awards under the Scheme in relation to
75 per cent. of the Shares subject to all Awards under the Scheme; or 

  

	 	16.2.3	 by a resolution at a meeting of Participants passed by not less than 75 per cent. of the Participants who
attend and vote either in person or by proxy, 

 and for the purpose of Rule 16.2.2 or 16.2.3 the Participants shall be
treated as the holders of a separate class of share capital and the provisions of the Articles of Association of the Company relating to class meetings shall apply mutatis mutandis. 

 

	17.	 DATA PROTECTION 

 

	17.1	 From time to time the personal data of the Participant will be collected, used, stored, transferred and
otherwise processed for the purposes described in Rule 17.2 and 17.3. The legal grounds for this processing will (depending on the nature and purpose of any specific instance of processing) be one of: (i) such processing being necessary for the
purposes of the legitimate interests of the Company and each other Group Company in incentivising their officers and employees and operating the Scheme; (ii) such processing being necessary for the purposes of any relevant data controller in
respect of such personal data complying with its legal obligations; and (iii) such processing being necessary for the performance of the contractual obligations arising under the Scheme. The collection and processing of such personal data for
such purposes is a contractual requirement of participation in the Scheme. 

  

	17.2	 The purposes for which personal data shall be processed as referred to in this Rule 17 shall be in order to
allow the Company and any other relevant Group Companies to incentivise their officers and employees and to operate the Scheme and to fulfil its or their obligations to the Participant under the Scheme, and for other purposes relating to or which
may become related to the Participant’s office or employment, the operation of the Scheme or the business of the Group or to comply with legal obligations. Such processing will principally be for, but will not be limited to, personnel,
administrative, financial, regulatory or payroll purposes as well as for the purposes of introducing and administering the Scheme. 

  

	17.3	 The personal data to be processed as referred to in this Rule 17 may be disclosed or transferred to,
and/or processed by: 

  

	 	17.3.1	 any professional advisors of any Group Company, HM Revenue & Customs or any other revenue, regulatory
or governmental authorities; 

  

	 	17.3.2	 a trustee of a Trust; any registrars, brokers, payroll provider or other third party administrator appointed in
connection with any employee share or incentive plans operated by any Group Company; or any person appointed (whether by the Participant or any Group Company) to act as nominee on behalf of (or provide a similar service to) the Participant;

  

	 	17.3.3	 subject to appropriate confidentiality undertakings, any prospective purchasers of, and/or any person who
obtains control of or acquires, the Company or the whole or part of the business of the Group; or 

  

	 	17.3.4	 any Group Company and officers, employees or agents of such Group Company. 

 

	17.4	 Further information in relation to the processing of personal data referred to in this Rule 17, including the
details and identity of the data controller and of the Participant’s rights in respect of such personal data, is available in the Employee Data Protection Policy (or otherwise on request to the Company Secretary). 

  
 12 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	17.5	 To the extent that the processing of personal data of a Participant referred to in this Rule 17 is subject to
the laws or regulations of any jurisdiction that is not an EU member state and under which the legal grounds for processing described in Rule 17.1 do not provide a sufficient legal basis under such other laws or regulations for the processing
referred to in Rule 17.1 to 17.3, by participating in the Scheme such Participant consents to such processing for the purposes of such other laws or regulations (but shall not be deemed to consent to such processing for the purposes of EU Regulation
2016/679). 

  

	17.6	 In this Rule 17, “personal data” and “data controller” each have the meaning given in EU
Regulation 2016/679 and “Employee Data Protection Policy” means such privacy policy or similar operated by any Group Company in relation to the processing of personal data as amended from time to time and as is applicable to the
Participant. 

  

	18.	 GENERAL 

  

	18.1	 In the event of any discrepancy between these Rules in English and (i) any copy of these Rules translated
into any other language; or (ii) any communications, notices or materials issued in connection with this Scheme, these Rules in English shall prevail. 

  

	18.2	 The Board may at any time, and without notice to any person, discontinue and terminate the Scheme, provided
that such termination shall be without prejudice to any subsisting rights of Participants. 

  

	18.3	 Save as otherwise provided under the Scheme Shares to be transferred pursuant to the Scheme will be transferred
free of all liens, charges and encumbrances and together with all rights attaching thereto, except they will not rank for any rights attaching to Shares by reference to a record date preceding the date of transfer. 

 

	18.4	 Any transfer of Shares under the Scheme is subject to such consent, if any, of any authorities in any
jurisdiction as may be required, and the Participant shall be responsible for complying with the requirements to obtain or obviate the necessity for such consents. 

 

	18.5	 The terms of any individual’s office or employment with any past or present Group Company, and the rights
and obligations of the individual thereunder, shall not be affected by his participation in the Scheme and the Scheme shall not form part of any contract of employment between the individual and any such company. 

 

	18.6	 An Eligible Employee shall have no right to participate in the Scheme and participation in the Scheme is at the
discretion of the Company. 

  

	18.7	 Participation in the Scheme by, or any Award under it to, a Participant in any year does not create any right
to or expectation of participation in the Scheme or the grant of any award in any future year, even if the Participant has previously participated in the Scheme (or any similar scheme) over a long period of time and/or if participation in the Scheme
and/or an Award under it (or any similar scheme) has been granted (including repeatedly) without the relevant Group Company specifically expressing the voluntary and discretionary nature at the time of each such participation or award.

  

	18.8	 By participating in the Scheme, the Participant waives all and any rights to compensation or damages in
consequence of the termination of his office or employment with any past or present Group Company for any reason whatsoever, whether lawfully or otherwise, insofar as those rights arise or may arise from his ceasing to have rights under the Scheme
(including ceasing to be entitled to exercise any Option) as a result of such termination, or from the loss or diminution in value of such rights or entitlements, including by reason of the operation of the terms of the Scheme, any determination by
the Board pursuant to a discretion contained in the Scheme or the provisions of any statute or law relating to taxation. 

  

	18.9	 Benefits under the Scheme shall not form part of a Participant’s remuneration for any purpose and shall
not be pensionable. 

  

	18.10	 The invalidity or non-enforceability of any provision or Rule of the
Scheme shall not affect the validity or enforceability of the remaining provisions and Rules of the Scheme which shall continue in full force and effect. 

  
 13 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	18.11	 These Rules shall be governed by and construed in accordance with English Law. 

 

	18.12	 The English courts shall have exclusive jurisdiction to determine any dispute which may arise out of, or in
connection with, the Scheme. 

  
 14 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 APPENDIX 1: OPERATION OF CLAW-BACK 

Claw-back prior to the transfer of Shares in respect of an Award (or “malus”) 

 

	1.	 Where the Board determines (pursuant to Rule 13.1, 13.2 or 13.3 (Claw-back events)) that a Claw-back
shall apply in respect of an Award prior to legal title to Shares having been transferred to the Participant pursuant to the Award (whether before or after vesting), the Claw-back shall be applied by the Board reducing the number of Shares in
respect of which the Award may vest (or after vesting by reducing the number of Shares legal title to which may be transferred pursuant to the Award) by up to the number of Shares determined by the Board to be the excess number of Shares in respect
of which the Award was granted and/or is outstanding (and the Award shall lapse to the extent so reduced, which may be in full). 

Claw-back following the transfer of Shares in respect of an Award 
  

	2.	 Where the Board determines (pursuant to Rule 13.1 or 13.3 (Claw-back events)) that a Claw-back shall
apply in respect of an Award following legal title to Shares having been transferred to the Participant pursuant to the Award (a “Post-Transfer Claw-back”), the Board shall determine: 

 

	 	a.	 the excess number of Shares in respect of which the Award vested (the “Excess Shares”); and

  

	 	b.	 the aggregate Market Value of such Excess Shares (as determined by the Board) on the date on which the Award
vested (the “Equivalent Value”). 

  

	3.	 In the case of a Post-Transfer Claw-back any cash payment made pursuant to Rule 9 (Dividend equivalent)
in respect of such Award shall be subject to the Claw-back to the extent that the Board determines that such cash payment or Shares relate to the Excess Shares. 

 

	4.	 A Post-Transfer Claw-back may be effected in such manner as may be determined by the Board, and notified to the
Participant, including by any one or more of the following: 

  

	 	a.	 by reducing the number of Shares and/or amount of cash in respect of which an Outstanding Award vests or may
vest (or has vested, but in respect of which no Shares have yet been transferred or cash payment made), whether before or after the assessment of performance conditions in respect of such Outstanding Award, by the number of Excess Shares and/or the
Equivalent Value (and such Outstanding Award shall lapse to the extent so reduced); 

  

	 	b.	 by setting-off against any amounts payable by any Group Company to the
Participant an amount up to the Equivalent Value (including from any bonus payment which may otherwise become payable to the Participant); and/or 

  

	 	c.	 by requiring the Participant to immediately transfer to the Company a number of Shares equal to the Excess
Shares or a cash amount equal to the Equivalent Value (which shall be an immediately payable debt due to the Company), provided that the Board may reduce the number of Excess Shares or the amount of the Equivalent Value subject to the Claw-back in
order to take account of any Tax Liability (as defined in Rule 11 (Tax Liability)) which arose on the Excess Shares (howsoever delivered to the Participant). 

 

	5.	 For the avoidance of doubt, nothing in Rule 13 (Clawback) or this Appendix shall in any way restrict a
Participant from being able to transfer or otherwise deal in Shares acquired on vesting of an Award. 

  

	6.	 In paragraph 4 above: 

“Outstanding Award” means any other Award under the Scheme, any award or option under any other Employees’ Share Scheme
operated from time to time by any Group Company (other than any award or option granted under any arrangement which satisfies the provisions of Schedules 2 or 3, or (unless the terms of such arrangement state that shares acquired thereunder are
subject to claw-back) 4 or 5, of the Income Tax (Earnings and Pensions) Act 2003), or any bonus award under any bonus scheme operated from time to time by any Group Company, in each case which is either held by the Participant at the time of a
determination that a Claw-back shall be applied or which are granted to the Participant following such a determination; and 

  
 15 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 “vests” shall include shares or cash subject to an award becoming due to be
transferred or paid, and in the case of an option, the option becoming exercisable. 

  
 16 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 APPENDIX 2: AWARDS GRANTED TO U.S. TAXPAYERS 

 

	1.	 INTERPRETATION 

 

	1.1	 This Appendix shall form part of the Rules of the Scheme. 

 

	1.2	 In this Appendix a reference to a “Paragraph” is to a paragraph of this Appendix.

  

	1.3	 Capitalized terms used in this Appendix that are not otherwise defined in this Appendix shall have the meanings
set forth in the Scheme. 

  

	2.	 APPLICATION 

  

	2.1	 This Appendix contains provisions that modify certain terms of the Scheme in relation to Participants who are
U.S. Taxpayers with respect to an Award that is held by any such Participant while he or she is a U.S. Taxpayer. 

  

	2.2	 To the extent that any provision of this Appendix is inconsistent with any Rule of the Scheme, such provision
of this Appendix shall take precedence. 

  

	3.	 TERMS OF AWARD 

 

	3.1	 In the case of a Participant who is a U.S. Taxpayer on the relevant “Determination Date” (as such
term is defined in Appendix 4 of the British American Tobacco P.L.C. International Executive Incentive Scheme (the “IEIS”)) or becomes a U.S. Taxpayer after such Determination Date but during the relevant “Performance
Period” (as defined in the IEIS), the terms of such U.S. Taxpayer’s Award shall be established in accordance with Paragraph 3 of Appendix 4 of the IEIS. Any award notification made to a U.S. Taxpayer pursuant to Rule 3.9 shall reflect the
Award terms previously established in accordance with Paragraph 3 of Appendix 4 of the IEIS. 

  

	3.2	 In the case of a Participant who becomes a U.S. Taxpayer after the end of the relevant Performance Period but
prior to the date on which Shares subject to the applicable Award are delivered, the Board shall, prior to the end of the calendar year in which such Participant becomes a U.S. Taxpayer, establish such terms that are described in Paragraph 3.1 of
Appendix 4 of the IEIS in respect of such U.S. Taxpayer’s Award as are necessary to achieve compliance with Section 409A of the U.S. Internal Revenue Code of 1986, as amended (for purposes of this Appendix, “Code
Section 409A”) (and in the absence of such action by the Board, the terms set forth in clauses (i) through (iv) of Paragraph 3.1 of Appendix 4 of the IEIS that would apply in the absence of Board action as described
therein shall apply). 

  

	4.	 DELIVERY OF SHARES 

 

	4.1	 Notwithstanding anything in the Scheme to the contrary, if a U.S. Taxpayer becomes entitled to receive Shares
subject to an Award, such Shares shall, in all events, be paid to the U.S. Taxpayer during the 60-day period (90-day period in the case of (e) below) following the
first to occur of the following events (provided that the U.S. Taxpayer shall not have the right to designate the payment date): (a) the Normal Vesting Date; (b) the U.S. Taxpayer’s “separation from service” (as such term is
defined in Code Section 409A); (c) the U.S. Taxpayer ceases to hold office or employment with any Group Company where the reason for the cessation is (1) the transfer of the U.S. Taxpayer’s employment in connection with the disposal
of a business or undertaking or a part-business or part-undertaking or (2) the company with which the U.S. Taxpayer holds office or employment ceases to be a Group Company, as described in Rules 7.2.3 and 7.2.4, but only if the event described
in (1) or (2) of this Paragraph 4.1 constitutes a “change in control event” under Code Section 409A; (d) an event described in Rule 8 that constitutes a “change in control event” under Code Section 409A; or
(e) the U.S. Taxpayer’s death. 

  

	4.2	 If Shares cannot be delivered in accordance with Paragraph 4.1 because of the application of Rule 6.2, such
Award shall instead be satisfied by the payment of a cash equivalent amount pursuant to Rule 10 (as such Rule is amended by Paragraph 6) and shall be paid at the applicable time set forth in Paragraph 4.1. 

  
 17 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

	5.	 DIVIDEND EQUIVALENT 

Any payment to which a U.S. Taxpayer may become entitled under Rule 9 with respect to an Award shall be paid to such U.S. Taxpayer within sixty
(60) days following the date on which the applicable dividends are paid on the Shares underlying the U.S. Taxpayer’s Award. 
  

	6.	 CASH ALTERNATIVE 

Any cash payment to which a U.S. Taxpayer may become entitled under Rule 10 with respect to an Award shall be paid to such U.S. Taxpayer at the
same time as the Shares would have been paid to such U.S. Taxpayer, as set forth in Paragraph 4.1. 
  

	7.	 CLAWBACK 

The Board may not exercise its authority under Rule 13 or under Appendix 1 of the Scheme to the extent that the exercise of such authority
would cause a U.S. Taxpayer to have an amount includible in the U.S. Taxpayer’s gross income for U.S. federal income tax purposes under Code Section 409A. 
  

	8.	 CODE SECTION 409A 

To the extent applicable, it is intended that the Scheme, and all amounts payable in cash or Shares in respect of Awards thereunder, shall
comply with the provisions of Code Section 409A so that the income inclusion provisions of Code Section 409A(a)(1) do not apply to any U.S. Taxpayer. The Scheme and the Awards paid thereunder will be interpreted and administered in a
manner consistent with this intent. A U.S. Taxpayer shall not have the right to designate any payment date with respect to his or her Award. 

Notwithstanding anything in the Scheme to the contrary, in the event that a U.S. Taxpayer is deemed to be a “specified employee” on
the date of his or her “separation from service,” as such term is defined in Code Section 409A (other than by reason of death), determined pursuant to identification methodology adopted by a Group Company in compliance with Code
Section 409A, and if any portion of the Shares or other payments to be received by such U.S. Taxpayer in respect of an Award upon separation from service would constitute a “deferral of compensation” subject to Code Section 409A,
then to the extent necessary to comply with Code Section 409A, Shares or amounts that would otherwise be delivered or payable pursuant to this Scheme, as amended by this Appendix, during the six (6) month period immediately following the
date of such U.S. Taxpayer’s separation from service shall instead be delivered or paid, as applicable, either (a) during the period commencing on the date that is six (6) months and one (1) day following the date of such U.S.
Taxpayer’s separation from service and ending fifteen (15) days following the first business day of the seventh month after the date of such separation from service, provided that the U.S. Taxpayer shall not have the right to designate the
delivery or payment date, or (b) if earlier, as soon as practicable (and in any event within ninety (90) days) after the U.S. Taxpayer’s death. 

Notwithstanding any provision of the Scheme to the contrary, the Company reserves the right to make amendments to the Scheme as the Company
deems necessary or desirable to avoid the imposition of taxes or penalties under Code Section 409A. In any case, a U.S. Taxpayer shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on such
U.S. Taxpayer in connection with the Scheme (including any taxes and penalties under Code Section 409A), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold a U.S. Taxpayer harmless from
any or all of such taxes or penalties. 

  
 18 

 British American Tobacco 2019 Deferred Annual Share Bonus Scheme 

 

 ADDENDUM I: AWARDS GRANTED TO RAI PARTICIPANTS 

 

	1.	 APPLICATION 

This Addendum applies to Participants who are employees of Reynolds American Inc. or a subsidiary of Reynolds American Inc. (collectively,
“RAI” and such Participants, “RAI Participants”). 
 This Addendum sets out certain additional terms which
currently apply in respect of Awards granted under the Scheme to RAI Participants. 
 References in this Addendum to a “Rule” is to
the Rule of the Scheme. Capitalized terms used in this Addendum shall, save where otherwise defined herein, have the meaning given in the Rules. To the extent that any provision of this Addendum is inconsistent with any Rule of the Scheme, such
provision of this Addendum shall take precedence. 
  

	2.	 MODIFICATION 

The Board may at any time, and without notice to any person, add or alter or discontinue the terms of this Addendum in any respect without
prior notice to any Participant. 
  

	3.	 RETIREMENT PLAN 

Notwithstanding Rule 18.9, the amount payable to a RAI Participant in respect of any Award under the Scheme shall be treated as compensation
under the RAI Non-Qualified Retirement Plan to the extent provided therein and subject to the provisions thereof. Notwithstanding, for the avoidance of doubt, the terms of the RAI Non-Qualified Retirement Plan shall not, in any way, be amended by the preceding sentence. 
  

	4.	 TERMS 

  

	 	 Retirement 

  

	1.1	 Pursuant to Rule 7.2.5 (Reasons for cessation where Award remain capable of vesting) it has been
determined that Rule 7.1 (Cessation where Awards lapse) shall not apply in respect of an RAI Participant who ceases to hold office or employment with any Group Company (within the meaning of Rule 7.5 (Meaning of cessation of office or
employment)) in circumstances where the RAI Participant meets the criteria set out below (provided that this provision shall not apply where, in the opinion of the Board, the RAI Participant has committed an act or omission which justifies, or
in the opinion of the Board would have justified, summary dismissal of service or notice of cessation of employment on the grounds of misconduct). The criteria referred to are: a RAI Participant’s voluntary termination of his or her employment
with RAI (i) on or after his or her 65th birthday, (ii) on or after his or her 55th birthday with 10 or more years of service with RAI, or (iii) on or after his or her 50th birthday with 20 or more years of service with RAI. RAI shall
establish such policies, procedures, rules and guidelines as it determines to be appropriate to administer the preceding sentence, including the form and timing of the RAI Participant’s notice of the RAI Participant’s intent to retire.

  

	 	 Disability 

  

	1.2	 With respect to RAI Participants, the reference to “disability” in Rule 7.2.1 (Reasons for
cessation where Awards remain capable of vesting) shall mean that the RAI Participant has become eligible for and is in receipt of benefits under RAI’s Long-Term Disability Plan. RAI shall establish such policies, procedures, rules and
guidelines as it determines to be appropriate to administer the preceding sentence. 

  

	5.	 SETTLEMENT 

Awards granted to RAI Participants may, at the discretion of the Board, be satisfied by the transfer of British American Tobacco p.l.c.
American Depositary Shares, and references in the Plan (including any Appendix or Addendum thereto) to “Shares” shall be read accordingly. 

  
 19EX-4.11

 Exhibit 4.11 

Effective from 1 November 2018 

BRITISH AMERICAN TOBACCO p.l.c. 

and 
 JACK BOWLES 

 
  

 

	
	SERVICE CONTRACT

  
  

 TABLE OF CONTENTS 

 

							
	Clause	 	Headings	  	Page	 
			
	1.	 	 DEFINITIONS
	  	 	1	 
	2.	 	 APPOINTMENT
	  	 	1	 
	3.	 	 DUTIES
	  	 	1	 
	4.	 	 OTHER INTERESTS
	  	 	2	 
	5.	 	 INDEMNITIES
	  	 	3	 
	6.	 	 REMUNERATION
	  	 	5	 
	7.	 	 EXPENSES AND INDEPENDENT PROFESSIONAL ADVICE
	  	 	6	 
	8.	 	 DEDUCTIONS
	  	 	6	 
	9.	 	 MOTOR CAR
	  	 	6	 
	10.	 	 PENSION AND OTHER BENEFITS
	  	 	7	 
	11.	 	 SICKNESS BENEFIT
	  	 	7	 
	12.	 	 HOLIDAYS
	  	 	8	 
	13.	 	 REASONABLENESS OF RESTRICTIONS
	  	 	8	 
	14.	 	 CONFIDENTIALITY
	  	 	9	 
	15.	 	 COPYRIGHT, INVENTIONS AND PATENTS
	  	 	9	 
	16.	 	 POST-TERMINATION COVENANTS
	  	 	11	 
	17.	 	 TERMINATION
	  	 	11	 
	18.	 	 DIRECTORSHIPS
	  	 	14	 
	19.	 	 WAIVER OF RIGHTS
	  	 	14	 
	20.	 	 GRIEVANCE AND DISCIPLINARY PROCEDURES
	  	 	14	 
	21.	 	 MISCELLANEOUS
	  	 	14	 
	22.	 	 CONSTRUCTION
	  	 	15	 
	23.	 	 PRIOR AGREEMENTS
	  	 	15	 
	24.	 	 ENFORCEMENT AND GOVERNING LAW
	  	 	15	 
	25.	 	 DATA PROTECTION
	  	 	15	 
	26.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	16	 
	27.	 	 REFERENCES
	  	 	16	 
	28.	 	 COUNTERPARTS
	  	 	17	 
	SCHEDULE 1	  	 	18	 
	DEFINITIONS	  	 	18	 
	SCHEDULE 2 POST TERMINATION COVENANTS	  	 	22	 

 THIS AGREEMENT is effective from 1 November 2018 

BETWEEN: 
  

	(1)	 BRITISH AMERICAN TOBACCO p.l.c., a company incorporated in England and Wales with registered number
03407696 whose registered office is at Globe House, 4 Temple Place, London WC2R 2PG (the “Company”); and 

  

	(2)	 JACK BOWLES of [ADDRESS] (the “Executive”). 

WHEREAS: 
  

	(A)	 The Board has approved the terms of this Agreement under which the Executive is to be employed.

 IT IS AGREED THAT: 
  

	1.	 DEFINITIONS 

Schedule 1 contains the definitions for words and phrases for the purposes of this Agreement. 

 

	2.	 APPOINTMENT 

  

	2.1	 The Company shall employ the Executive and the Executive shall serve the Company as the CEO Designate and Chief
Operating Officer with effect from the Effective Date subject to the terms and conditions specified herein. 

  

	2.2	 The Executive shall be appointed to the Board on 1 January 2019 (the “Executive Director
Appointment Date”) and the terms of Clause 6.2 shall apply with effect from the Executive Director Appointment Date. 

  

	2.3	 The Executive shall be employed by the Company as Chief Executive Officer of the Company with effect from
1 April 2019 (the “CEO Appointment Date”), and on such date will cease to hold the position of Chief Operating Officer. 

  

	2.4	 The Employment commenced on the Effective Date and, subject to Clause 17 below, shall continue thereafter until
termination by not less than 12 months’ prior written notice given by either party to the other. 

  

	2.5	 The Executive’s period of continuous employment with a Group Company began on 15 January 2004. No
previous employment with any other employer shall be treated as continuous with the Employment. 

  

	3.	 DUTIES 

  

	3.1	 The Executive shall during the continuance of his employment devote all such time, attention and skill as may
be required for the proper performance of his duties hereunder, and shall at all times promote the success of the Company for the benefit of its members as a whole and, save where there is any conflict with the success of the Company, the success of
its Group Companies and he shall comply with the directors’ duties set out in the Companies Act 2006, and shall also faithfully and diligently perform such duties and exercise such powers consistent therewith as may from time to time be
assigned to or vested in him by the Board or the Company. 

  

	3.2	 The Company reserves the right to assign to the Executive duties of a different nature either additional to or
instead of those referred to in Clause 3.1 above on terms and conditions no less favourable than the terms and conditions set out herein, it being understood that he will not be assigned duties which he cannot reasonably perform or which are
inconsistent with his status and subject always to the directors’ duties set out in the Companies Act 2006. 

  
 1 

	3.3	 The Executive shall obey the reasonable and lawful orders of the Board, given by or with the authority of the
Board, and shall comply with all the Company’s rules, regulations, policies and procedures from time to time in force, unless any of the foregoing are inconsistent with this Agreement, and all laws, codes of conduct, rules and regulations, in
all relevant jurisdictions, relevant to the Company or to any Group Company or to him as a director of the Company or as an office-holder of any Group Company, including, without limitation, pursuant to MAR, the LPDT Rules, the City Code on
Take-Overs and Mergers, the JSE Listings Requirements, the UK Corporate Governance Code and all applicable US SEC rules and regulations. 

  

	3.4	 The Executive shall promptly provide the Board with all such information as it may require in connection with
the business or affairs of the Company and of any other Group Company for which he is required to perform duties. 

  

	3.5	 The Executive may be required in pursuance of his duties to perform services not only for the Company but also
for any Group Company and, without further remuneration (except as otherwise agreed), to accept any such office or position with the Company, as the Board or the Company may from time to time reasonably require. The Company may at its sole
discretion assign the Executive’s employment to any Group Company on the same terms and conditions as set out herein. 

  

	3.6	 The Executive shall promptly disclose to the Board full details of any knowledge or suspicion he has that any
employee or officer of the Company or any Group Company has or plans to commit any serious wrongdoing or serious breach of duty or other act which might materially damage the interests of the Company or its Group Companies or if any such employee or
officer, or the Executive himself, plans to leave their employment or to join or establish a business in competition with the Company or any of its Group Companies (including details of any steps taken to implement any such plan).

  

	3.7	 The Executive shall work such hours as are necessary for the proper performance of his duties of employment,
which shall as a minimum include 35.5 hours per week from Monday to Friday in accordance with the policy set out from time to time in the Company’s HR Policies and Procedures on Interact. 

 

	3.8	 The parties agree that the nature of the Executive’s position is such that his Employment is not and
cannot be measured and so the Employment falls within the scope of regulation 20 Working Time Regulations 1998 (as amended). 

  

	3.9	 The Executive’s normal place of work shall be the Company’s principal United Kingdom office from time
to time or such other location at which the Company may from time to time require the Executive to base himself. The Executive agrees to travel (both within and outside of the United Kingdom) as may be required for the proper performance of his
duties and of the Employment. It is a fundamental condition of the Employment that the Executive will at all times be fully mobile throughout the United Kingdom and the world and can be required by the Company at any time to relocate to any other
location in the world. 

  

	4.	 OTHER INTERESTS 

 

	4.1	 During the period of the Employment the Executive shall devote his full time and attention to his duties
hereunder and shall not without the prior written consent of the Board (such consent not to be unreasonably refused) directly or indirectly either on his own account or on behalf of any other person, company, business entity or other organisation:

  

	 	4.1.1	 (i) engage in, or (ii) be concerned with, or (iii) provide services to, (whether as an employee,
officer, director, agent, partner, consultant or otherwise), or (iv) have any financial or other interest in, or (v) make preparations to be engaged or interested in or concerned with or to provide services to, any other business; or

  

	 	4.1.2	 accept any other engagement or public office which may adversely affect the proper and efficient performance of
his duties hereunder; or 

  

	 	4.1.3	 have any other personal or financial interest in a business which has transactions or dealings with the Company
or any other Group Company (save for passive investments through any tracker funds or any other passive investment vehicles); 

  
 2 

 PROVIDED THAT: 
  

	 	(A)	 the Executive may not, at any time, hold more than one external mandate as a
Non-Executive Director of a Listed Company; and 

  

	 	(B)	 the Executive may hold for investment purposes an interest (as defined in S.820 - 825 of the Companies Act
2006) of up to 5% in nominal value or (in the case of Securities not having any nominal value) in number or class of Securities, in any class of Securities in a Listed Company and which are not the Securities of any company which competes or
proposes to compete with the business of the Company or any Group Company. For this purpose, the references to Securities held by the Executive includes Securities held or beneficially held by the Executive’s Immediate Family.

  

	4.2	 The Executive confirms that he has disclosed fully to the Company all circumstances in respect of which there
is, or there might be, a direct or indirect conflict of interest between the Company or any Group Company, and the Executive, and he agrees to disclose fully and in writing to the Company any such circumstances which may arise during the Employment
(including, but not limited to, where the holding of Securities by members of his Immediate Family puts, or is likely to put, the Executive in breach of the 5% limit referred to in Clause 4.1 above). 

 

	4.3	 The Executive is required to note the formal procedures established by the Board for managing compliance with
the conflict of interest provisions of the Companies Act 2006. Under these provisions the Executive: 

  

	 	4.3.1	 may not allow any situation to arise in which he will have, or may have, a direct or indirect interest that
conflicts, or possibly may conflict, with the interests of the Company (a situational conflict), unless the matter has been authorised in advance by the Board in accordance with the Articles of Association of the Company; and 

 

	 	4.3.2	 he must declare in advance any interest in a proposed transaction or arrangement with the Company (a
transactional conflict). 

  

	4.4	 The Executive is required to give advance notice of any situational or transactional conflict to the Company
Secretary of the Company and any such matter will be considered either at the next meeting of the Board or, if the conflict or potential conflict is due to arise prior to the next scheduled meeting of the Board, at a meeting of the Conflicts
Committee. Details of the role and responsibilities of the Conflicts Committee are set out in the British American Tobacco Corporate Governance booklet, a copy of which is available from the Company Secretary of the Company from time to time.

  

	4.5	 For the purposes of Clauses 4.1 and 4.3, the provisions of S. 820 - 825 of Companies Act 2006 shall apply for
determining whether the Executive has an interest in any Securities. 

  

	4.6	 The Executive undertakes that he will at all times: 

 

	 	4.6.1	 comply with all rules of law or regulation of any competent authority or of the Company, including the
Company’s Share Dealing Code, from time to time in force in relation to dealing in the Securities of the Company and inside information affecting the Securities of the Company; and 

 

	 	4.6.2	 comply with the Company’s Standards of Business Conduct Policy from time to time in force.

  

	5.	 INDEMNITIES 

  

	5.1	 Subject to Clause 5.2 below, the Company shall, both during the Employment and after its termination, indemnify
the Executive and keep him indemnified against and to pay to him an amount equal to all costs, charges, expenses or liabilities which the Executive may sustain or incur in or about the execution of his duties to the Company or of any associated
company of the Company or as a result of any contract, deed, matter or thing done, entered into or executed himself on behalf of any such company or in relation to the business of any such company. 

  
 3 

	5.2	 The indemnity referred to in Clause 5.1 shall not apply in any of the following circumstances:

  

	 	5.2.1	 where and to the extent that any recovery is made by the Executive under any policy of insurance;

  

	 	5.2.2	 where and to the extent prohibited or rendered unenforceable by the Companies Act 2006 or, in the case of an
associated company which is not subject to the Companies Act 2006, to the extent that it would have been prohibited by the Companies Act 2006 had the Companies Act 2006 applied to it, or as otherwise prohibited by law; 

 

	 	5.2.3	 where the Company considers that the Executive has acted in bad faith, with wilful default or gross negligence,
dishonestly, fraudulently, intentionally not in compliance with the Company’s Standards of Business Conduct Policy (as from time to time in force) or otherwise so as to bring the Company or any of its associated companies into disrepute; and

  

	 	5.2.4	 where and to the extent any claim against the Executive relates to acts (or omissions) of the Executive which,
directly or indirectly, result in the summary dismissal of the Executive by the Company or any associated company of the Company. 

  

	5.3	 The indemnity provided in Clause 5.1 shall take effect notwithstanding that the Company (or any associated
companies) or the Executive may have purchased and maintained insurance cover in respect of any liability, loss or expenditure incurred by any director or officer of the Company and the indemnity provided under Clause 5.1 above shall be enforceable
against the Company regardless of whether a claim may be made or has been pursued under such insurance. 

  

	5.4	 All sums payable by the Company hereunder shall be paid free and without any rights of counterclaim or set-off and without deduction and withholding on any ground whatsoever, save only as may be required by law. If any such deduction or withholding is required by law, the Company shall be obliged to pay to the
Executive such amount as will ensure that, after any such deduction or withholding has been made, the Executive shall have received a sum equal to the amount that he would otherwise have received in the absence of any such deduction or withholding.

  

	5.5	 If the Executive becomes aware of any notice, demand or other document issued, any claim made or action taken
either before or after the date hereof which appears to him, acting reasonably, to be relevant for the purposes of the indemnity provided in Clause 5.1 or likely to give rise to any liability of the Company under that indemnity (hereinafter referred
to as a “Demand”), he shall give notice thereof to the Company as soon as reasonably practicable and in any event within 30 days. 

  

	5.6	 The Executive shall provide the Company as soon as reasonably practicable with all supporting documentation and
information relating to a Demand as the Company may reasonably require. 

  

	5.7	 The Executive shall not take or omit to take any action which the Executive should reasonably be aware would
prejudice the Company’s ability to recover the loss in respect of the Demand under any applicable policy of insurance maintained by the Company, and the Executive shall take such steps as the Company may reasonably require to comply with the
terms of any applicable policy of insurance. 

  

	5.8	 The Executive shall, at the request and at the expense of the Company, do and concur in doing and permit to be
done all such acts and things as the Company may reasonably request to avoid, dispute, resist, appeal or compromise any Demand. The Executive shall further make no settlement or compromise of the subject matter of any Demand, nor agree to any matter
in the conduct of any dispute in relation thereto, nor admit nor assume any liability, nor take any other action or omit to do any other thing in relation to any Demand without the prior written approval of the Company (such approval not to be
unreasonably withheld or delayed). 

  
 4 

	5.9	 The Company may, by written notice to the Executive at any time and without prejudice to the rights of
indemnification of the Executive set out in Clause 5.1 above, forthwith assume (where appropriate, in the Executive’s name) the conduct of any negotiations, settlement or compromise discussions or proceedings in relation to a Demand. The
Company shall have full discretion in the conduct or settlement of any claim or proceedings. The Executive shall take such steps, and provide such information, as the Company may reasonably require to assist in the conduct and settlement of such
claims or proceedings. 

  

	5.10	 The Executive shall provide the Company as soon as reasonably practicable following any request with reasonable
details of all costs and liabilities incurred by the Executive in relation to any Demand. 

  

	5.11	 The rights and obligations set out in this Clause 5 shall not modify or waive any of the duties which the
Executive owes as a director, officer or employee of the Company or any of its associated companies (as the case may be), as a matter of law or under the rules of any relevant stock exchange or regulatory body. 

 

	5.12	 The Company shall, in the event that a payment is made to the Executive under this indemnity in respect of a
particular liability, be entitled to recover from the Executive an amount equal to any payment received by the Executive under any policy of insurance or from any other third party to the extent that such payment relates to the liability, and a
deduction may similarly be made from any payment made by the Company to the extent any such payment has already been received by the Executive. The Executive shall pay any sum owing in accordance with the foregoing forthwith upon the Company’s
request. 

  

	5.13	 To the extent any payment of costs under Clause 5.1 of this indemnity is treated under the Companies Act 2006
as a loan repayable to the Company, subject to the Companies Act 2006 and provided that the requirements for a qualifying third party indemnity provision are met, the Executive shall not be required to repay the loan. 

 

	5.14	 For the purposes of this Clause 5, “associated company” and “qualifying third party
indemnity provision” have the meanings given in Part 10 of the Companies Act 2006. 

  

	6.	 REMUNERATION 

  

	6.1	 With effect from the Effective Date and until the Executive Director Appointment Date whilst the Executive
carries out the role of the CEO Designate and Chief Operating Officer the Executive shall receive a base salary of £950,000 per annum. 

  

	6.2	 With effect from the Executive Director Appointment Date the Executive shall receive a base salary of
£1,175,000 per annum which shall continue in effect without further change upon his appointment as Chief Executive Officer. 

  

	6.3	 The base salary provided for in Clauses 6.1 or 6.2 above, as applicable, shall accrue from day to day and shall
be payable monthly in equal instalments part in arrears and part in advance on or about the 11th of each month by way of credit transfer and shall be paid subject to deduction of income tax and national insurance contributions.

  

	6.4	 The Remuneration Committee shall review the Executive’s salary at least once in each twelve months (with
the first review taking place in 2020) save after notice of termination of this Agreement has been served by either party, but shall not be obliged to make any increase in the salary. 

 

	6.5	 In addition to his salary, the Executive shall be eligible to participate in such annual and/or long-term
incentive arrangements as the Company may determine in its absolute discretion from time to time, on such terms and at such level as the Remuneration Committee may from time to time determine. The Company reserves the right at any time to amend the
terms of or terminate any such incentive schemes and to alter the level of the Executive’s participation therein without reference to or agreement from the Executive. The Executive acknowledges that during the course of his employment and on
its termination he has no right to receive a bonus and/or other incentive award and that the Remuneration Committee is under no obligation to operate a bonus and/or long-term incentive scheme and that he will not acquire such a right, nor shall the
Remuneration Committee come under such an obligation, merely by virtue of the Executive’s having received one or more bonus and/or other incentive award(s) or the Remuneration Committee’s having operated one or more bonus and/or incentive
scheme(s) during the course of the Executive’s employment. 

  

  
 5 

	6.6	 The remuneration specified in Clauses 6.1 and 6.2 above shall be inclusive of all fees and other remuneration
to which the Executive may be entitled as an officer of the Company or of any Group Company. To achieve this, the Executive shall account for any sums he receives to the Company and his salary shall be reduced by the amount of such sums (and the
Executive hereby authorises the Company to make any such reduction(s)). 

  

	6.7	 In accordance with the Companies Act 2006, all remuneration payments (including payments for loss of office and
benefits) due to the Executive (including any such payment due pursuant to this Agreement) will only be payable or provided if and to the extent that they are either consistent with the most recent remuneration policy approved by members of the
Company pursuant to section 439A of the Companies Act 2006 (the “Directors’ Remuneration Policy”) or are separately approved by resolution of the members of the Company, and any provision of this Agreement relation to the
making of any such payment or provision shall only be enforceable to such extent. 

  

	7.	 EXPENSES AND INDEPENDENT PROFESSIONAL ADVICE 

 

	7.1	 The Company shall reimburse (or procure the reimbursement of) to the Executive (against receipts or other
satisfactory evidence) all reasonable business expenses properly and reasonably incurred and defrayed by him in the course of the Employment, subject to the Company’s rules and policies relating to expenses. 

 

	7.2	 The Executive’s expenses may include legal fees if it is necessary in the furtherance of the
Executive’s duties for him to seek independent legal advice (provided that allegations of negligence, breach of duty or bad faith have not been made against the Executive). Accordingly, the Board has approved a procedure for taking independent
advice in such circumstances. Any such payment by the Company is subject to any applicable restriction under company law. 

  

	7.3	 Further to Clause 7.2 above, the advice and services of the Company Secretary of the Company and of the Group
Legal and Security Director and General Counsel of British American Tobacco are available to each director of the Company for guidance on the director’s responsibilities and those of the Board and in relation to any specific activity or
transaction of the Company. It is recognised that there may be occasions when the Executive may need to have independent professional advice in connection with the performance of the Executive’s duties as a director of the Company and that this
should be paid for by the Company. 

  

	7.4	 In such an instance, the Executive should first refer the matter to the Company Secretary of the Company and
confirm with him that it is a matter for which independent professional advice is required in the interests of the Company. Where this requirement arises, the Executive should also consult with the Company Secretary of the Company in order that
regard may be had to any potential conflicts of interest that may arise in such a situation. 

  

	8.	 DEDUCTIONS 

  

	 	 The Company shall be entitled at any time during the Employment, or in any event on its termination, to deduct
from the Executive’s remuneration hereunder any monies due from him to the Company including but not limited to any outstanding loans, advances, relocation expenses, the cost of repairing any damage or loss to the Company’s property caused
by him (and of recovering the same), excess holiday, any sums due from him under Clause 12.2 below and any other monies owed by him to the Company. 

  

	9.	 MOTOR CAR 

  

	 	 During the continuance of his employment, the Executive shall be entitled to the use of a car and a driver, for
personal and/or business use, and shall be paid a company car allowance of £20,000 per annum, in each case subject to and in accordance with any Executive Directors’ car policy from time to time and the Company’s most recent
Directors’ Remuneration Policy. 

  
 6 

	10.	 PENSION AND OTHER BENEFITS 

 

	10.1	 The Executive shall be eligible to participate in such pension arrangements, including the provisions for life
assurance benefits (and on such terms) as the Remuneration Committee may from time to time determine and communicate to the Executive in its absolute discretion, subject to and in accordance with the rules of such arrangements (including those
relating to auto-enrolment and lifetime and annual allowances) and the Company’s most recent Directors’ Remuneration Policy. Further details (including arrangements relating to salary sacrifice) can be obtained from the Company Secretary.

  

	10.2	 The Executive shall be eligible to participate in the following benefits schemes: private medical expenses
scheme and personal accident scheme, subject to the terms and conditions of such schemes from time to time in force. Details of such scheme(s) can be obtained from the Company’s HR Policies and Procedures on Success Factors.

  

	10.3	 The Company reserves the right to terminate or substitute other scheme(s)/pension arrangements for such
scheme(s)/pension arrangements or to amend the scale of benefits of such scheme(s)/pension arrangements including the level of benefits. If any scheme provider (including but not limited to any insurance company) refuses for any reason (whether
based on its own interpretation of the terms of the insurance policy or otherwise) to provide any benefits to the Executive, the Company shall not be liable to provide any such benefits itself or any compensation in lieu thereof.

  

	10.4	 Any actual or prospective loss of entitlement to benefit under any long-term disability or private medical
expenses benefits shall not limit or prevent the Company from exercising its right to terminate the Employment in accordance with Clauses 2 or 17 hereof. 

  

	10.5	 To the extent that any benefit provided to the Executive under this Agreement is taxable, the Company shall, as
appropriate, and if required by law, withhold an amount in respect of income tax and employee’s National Insurance Contributions due on the taxable value of that benefit. 

 

	11.	 SICKNESS BENEFIT 

 

	11.1	 In the event of the Executive being absent from work due to sickness or injury, the Company will continue to
pay his normal salary (inclusive of any Statutory Sick Pay to which he may be entitled) for a period of up to 12 weeks during any rolling period of 12 months (“Company Sick Pay”). Thereafter, the payment of any further sick pay will
be at the discretion of the Company and subject to the Company’s Sick Pay Policy from time to time. Company Sick Pay will be based on the Executive’s normal salary less any State benefits claimable by the Executive on account of his
sickness or injury, less normal deductions. The Executive’s entitlement to Company Sick Pay is subject to his compliance with the sickness notification requirements set out in the Company’s HR Policies and Procedures on Interact.

  

	11.2	 Irrespective of Clause 11.1 above, the Executive will receive Statutory Sick Pay (“SSP”) when
the Executive qualifies for it, although where Company Sick Pay and Statutory Sick Pay are payable for the same day of sickness absence, the Executive will receive the higher of the two sums. Further details on Statutory Sick Pay are set out in the
Company’s HR Policies and Procedures on Interact. 

  

	11.3	 The Company reserves the right to require the Executive to undergo a medical examination by a doctor or
consultant nominated by it, in which event the Company will bear the cost thereof. The Executive shall authorise the doctor to disclose to and discuss with the Board (and, in the first instance, the Chairman) the results of the examination. The
Executive acknowledges that the Company will process his personal data and special categories of personal data disclosed by the doctor in accordance with the Company’s UK Employee Privacy Notice. 

 

	11.4	 The Executive’s entitlement to Company Sick Pay is subject to the Company’s right to terminate the
Employment in accordance with this Agreement. 

  
 7 

	11.5	 If the illness, accident or other incapacity shall be, or appear to be, caused by actionable negligence of a
third party in respect of which damages are or may be recoverable, the Executive shall immediately notify the Board of that fact and of any claim, compromise, settlement or judgment made or awarded in connection with it. The Company in its
discretion may require the Executive to take all reasonable steps to recover from such third party or its insurers compensation including repayment of all sums paid to him by the Company under this Clause in respect of such absence. The Executive
shall also give to the Board all particulars the Board may reasonably require and shall, if required by the Board and to the extent permitted by law, refund all or such part of the sums paid to or for the benefit of him by way of salary, bonus or
benefits during the relevant period as the Board may reasonably determine. The amount to be refunded shall not, however, exceed the amount of damages or compensation and interest thereon recovered by the Executive, less any unrecovered costs borne
by him in connection with the recovery of such damages or compensation, and shall not exceed the total remuneration paid to him by way of salary, bonus and benefits in respect of the period of such illness, accident or other incapacity.

  

	12.	 HOLIDAYS 

  

	12.1	 The Executive shall be entitled to receive his normal remuneration for all Bank and Public holidays normally
observed in England and a further 25 working days’ holiday in each holiday year (the period from 1 January to 31 December). The Executive may only take his holiday at such times as are agreed with the Chief Executive or the Chairman, as
appropriate. The first 28 days of holiday taken in the holiday year including public holidays shall be deemed to be the Executive’s statutory leave entitlement firstly under Regulation 13 and then under Regulation 13A of the Working Time
Regulations 1998. Save to the extent required by the Working Time Regulations 1998, holidays may not be carried forward from one holiday year to the next save with the express permission of the Chairman. No payment shall be made by the Company
(during the continuance or on termination of this Agreement) in lieu of holidays not taken except as required by law or as set out under Clause 12.2 below. Save to the extent required by the Working Time Regulations 1998, the Executive’s
entitlement under this Clause shall not accrue during any period of absence from work due to sickness or injury in excess of 30 continuous Working Days or during any period of unpaid leave (excluding statutory shared parental or adoption leave).

  

	12.2	 In the holiday year when the Employment ceases, the Executive will be treated as having accrued holiday on a
pro rata basis by reference to his last day at work. If on the cessation of his employment the Executive has exceeded his holiday entitlement, this excess of holiday taken will be deducted from any sums due to him. If the Executive has accrued
holiday entitlement which has not been taken prior to any period of notice to terminate, the Company may at its sole discretion either require him to take such holiday during any period of notice or pay him a sum in lieu of it. In either case (and
for the purposes of Regulation 14 of the Working Time Regulations 1998) the payment shall be calculated by multiplying the unused or excess entitlement (as the case may be) taken to the nearest whole day by 1/260 of the Executive’s salary at
that time or, if lower and to the extent permitted by law, the Executive’s salary at the time the relevant leave was accrued and, where the Executive is in receipt of payments under a personal accident insurance scheme, the Executive’s
salary for these purposes shall be deemed to be at the rate of the personal accident insurance payments. If the Executive refuses to work out all or any part of his notice period, he will forfeit any accrued holiday which has not been taken or such
holiday entitlement equal to the number of days which the Executive refuses to work during his notice period. 

  

	12.3	 No holiday entitlement or pay shall be treated as accruing during any period covered by the Compensation
Payment. 

  

	13.	 REASONABLENESS OF RESTRICTIONS 

 

	 	 The Executive recognises that, whilst performing his duties for the Company, he will have access to and come
into contact with trade secrets and Confidential Information belonging to the Company or to Group Companies and will obtain personal knowledge of and influence over its or their customers and/or employees. The Executive therefore agrees that the
restrictions contained or referred to in Clauses 14 and 15 and Schedule 2 are reasonable and necessary to protect the legitimate business interests of the Company and its Group Companies both during and after the termination of his employment.

  
 8 

	14.	 CONFIDENTIALITY 

 

	14.1	 The Executive shall neither during the Employment (except in the proper performance of his duties or if
authorised by the Board or required by law) nor at any time (without limit) after the termination thereof, directly or indirectly: 

  

	 	14.1.1	 use for his own purposes or those of any other person, company, business entity or other organisation
whatsoever; or 

  

	 	14.1.2	 disclose to any person, company, business entity or other organisation whatsoever; or 

 

	 	14.1.3	 through any failure to exercise all due care and diligence cause or permit any unauthorised disclosure of

  

	 	 any Confidential Information. 

 

	14.2	 The Executive shall not at any time during the continuance of his employment with the Company make any notes or
memoranda relating to any matter within the scope of the Company’s business, dealings or affairs otherwise than for the benefit of the Company or any Group Company. 

 

	14.3	 The Executive shall use his best endeavours during the continuance of his employment to prevent the
publication, disclosure or misuse of any Confidential Information and shall not remove (including, for the avoidance of doubt, by emailing any Confidential Information to third parties, any personal email accounts and/or saving any Confidential
Information on any cloud-based storage), nor authorise others to so remove, from the premises of the Company or of any of its Group Companies any records of Confidential Information except to the extent strictly necessary for the proper performance
of his or the other person’s duties to the Company or any of its Group Companies. 

  

	14.4	 The Executive shall promptly disclose to the Company full details of any knowledge or suspicion he has (whether
during or after his employment) of any actual, threatened or pending publication, disclosure or misuse by any person (including the Executive himself) of any Confidential Information and shall provide all reasonable assistance and co-operation (at the Company’s expense) as the Company may request in connection with any action or proceedings it may take or contemplate in respect of any such publication, disclosure or misuse.

  

	14.5	 This Clause 14 is without prejudice to the Executive’s equitable duty of confidence.

  

	14.6	 Nothing in this Agreement shall preclude the Executive from making a protected disclosure within the meaning of
Part IVA (Protected Disclosures) of the Employment Rights Act 1996 (as amended from time to time), reporting an offence to a law enforcement agency, or co-operating with a criminal investigation or
prosecution. This includes protected disclosures or reports made about matters previously disclosed to another recipient. 

  

	14.7	 The Company may at any time during the Employment require the Executive to deliver up to it immediately all
documents (including all notes, original documents, extracts and summaries thereof), discs and other information storing medium relating to the business or affairs of the Company or any Group Company which he obtained or made whilst an employee of
the Company. This obligation shall include all copies and reproductions of the same, however made. 

  

	15.	 COPYRIGHT, INVENTIONS AND PATENTS 

 

	15.1	 All records, documents, papers (including copies and summaries thereof) and Intellectual Property Rights made,
developed or acquired by the Executive in the course of the Employment shall be, and at all times remain, the absolute property of the Company, and the Executive hereby undertakes to keep confidential all information about, and details of, such
records and Intellectual Property Rights (unless otherwise permitted by the Company). 

  
 9 

	15.2	 The Executive hereby assigns, wholly and absolutely and with full title guarantee, including the right to sue
for damages for past infringements, and by way of future assignment, to the Company, all Intellectual Property Rights referred to in Clause 15.1 (including future Intellectual Property Rights), for the full term thereof throughout the world,
including any extensions or renewals arising in respect of such Intellectual Property Rights. The Executive hereby irrevocably and unconditionally waives all moral rights, including rights granted by Chapter IV of Part I of the Copyright, Designs
and Patents Act 1988, that vest in him (whether before, on or after the date hereof) in connection with his authorship of any Intellectual Property Rights in the course of his employment with the Company, wherever in the world enforceable, including
without limitation the right to be identified as the author of any copyright works and the right not to have any such works subjected to derogatory treatment, and hereby waives all similar moral rights in other jurisdictions. 

 

	15.3	 The Company and the Executive acknowledge and accept the provisions of Sections 39 to 42 of the Patents Act
1977 (the “Act”) relating to the ownership of employees’ inventions and the compensation of employees for certain inventions respectively. 

 

	15.4	 The Executive acknowledges and agrees that, by virtue of the nature of his duties and the responsibility
arising, he has a special obligation to further the interests of the Company within the meaning of Section 39(1)(b) of the Act. 

  

	15.5	 Any invention, development, process, plan, design, formula, specification, program or other matter or work
whatsoever, whether or not patentable or capable of registration and whether or not recorded in any medium, (collectively the “Inventions”) made, developed or discovered by the Executive, either alone or in concert, during the
course of the Executive’s duties of employment for the Company shall forthwith be disclosed to the Company and, subject to Section 39 of the Act, shall belong to and be the absolute property of the Company. 

 

	15.6	 With respect to those rights in the Inventions which do not belong to the Company pursuant to Clause 15.5 but
which were made (wholly or partly, either alone or in concert) using the Company’s equipment, or (wholly or partly, either alone or in concert) using information obtained during the course of the Executive’s employment, or else are
Inventions which are or may be relevant to or related to the Company’s existing or future business (collectively “Executive Rights”), the Executive at the request and cost of the Company (and notwithstanding the termination of
his employment) shall forthwith license or assign (as determined by the Company) to the Company the Executive Rights and shall deliver to the Company all documents and other materials relating to the Inventions. The Company shall pay to the
Executive such compensation for the licence or assignment as the Company shall determine in its absolute discretion, subject to Section 40 of the Act. 

  

	15.7	 The Executive shall at the request and cost of the Company (and notwithstanding the termination of his
employment) sign and execute all such documents and do all such acts as the Company may reasonably require: 

  

	 	15.7.1	 to apply for and obtain in the sole name of the Company alone (unless the Company otherwise directs) patent,
registered design, or other protection of any nature whatsoever in respect of the Intellectual Property Rights referred to in Clause 15.1, or the Inventions, in any country throughout the world and, when so obtained or vested, to renew and maintain
the same; 

  

	 	15.7.2	 to resist and defend any objection or opposition to obtaining, and any petitions or applications for revocation
or the invalidity of, and any claims of infringement in respect of, any such Intellectual Property Rights; 

  

	 	15.7.3	 to bring any proceedings for infringement of any such Intellectual Property Rights; and 

 

	 	15.7.4	 otherwise to give effect to the assignments, waivers and licences contemplated under this Clause 15.

  
 10 

	15.8	 The Executive irrevocably appoints the Company to be his attorney and in his name and on his behalf to execute
any documents and generally to act and to use his name for the purpose of giving to the Company (or its nominee) the full benefit this Clause 15. A certificate in writing signed by a director or the secretary of the Company that an instrument or act
falls within the authority conferred by this Clause 15 shall be conclusive evidence in favour of a third party that it is the case. 

  

	15.9	 The Company shall decide, in its sole discretion, whenever to apply for patent, registered design or other
protection in respect of the Intellectual Property Rights referred to in Clause 15.1 and/ or the Inventions and reserves the right to work any of the Inventions as a secret process in which event the Executive shall observe the obligations relating
to Confidential Information which are contained in Clause 14 of this Agreement. 

  

	16.	 POST-TERMINATION COVENANTS 

 

	16.1	 The Executive agrees that he will observe the post-termination obligations set out in Schedule 2 hereto. The
Executive acknowledges that he has had the opportunity to take legal advice in relation to the restrictions contained therein and that he considers them reasonable and necessary for the protection of the legitimate interests of the Company and its
Group Companies. 

  

	16.2	 The Executive agrees that in the event of receiving from any person, company, business entity or other
organisation an offer of employment or engagement either during the continuance of the Agreement or during the continuance in force of any of the restrictions set out in Schedule 2 annexed hereto, he will forthwith provide to such person, company,
business entity or other organisation making such an offer of employment a full and accurate copy of the restrictions set out in Clauses 14 and 15 hereof, and Schedule 2 annexed hereto. In the event that the Executive accepts any such offer, he
shall immediately inform the Board of the identity of the offeror and a description of the principal duties of the position accepted and shall confirm to the Board in writing that he has provided a copy of such restrictions to such offeror.

  

	17.	 TERMINATION 

  

	17.1	 Notwithstanding Clause 2, the Company may terminate the Employment with immediate effect and without any
payment in lieu of notice if, in the Board’s reasonable opinion, any of the events set out below occur or have occurred at any time (whether or not such event would otherwise be a repudiatory breach): 

 

	 	17.1.1	 any of the representations and warranties in Clause 26 are materially inaccurate or untrue or misleading;

  

	 	17.1.2	 the Executive is guilty of dishonesty, or other serious misconduct, or gross incompetence or wilful neglect of
duty, or commits any other serious or persistent breach of this Agreement; 

  

	 	17.1.3	 the Executive refuses or neglects to comply with any lawful directions given to the Executive by the Company;

  

	 	17.1.4	 the Executive acts in any manner (whether in the course of his duties or otherwise) which is likely to bring
him, or the Company or any Group Company into disrepute or prejudice the interests of the Company or any Group Company; 

  

	 	17.1.5	 the Executive is declared bankrupt, applies for or has made against him a receiving order under
Section 286 Insolvency Act 1986, or has any order made against him to reach a voluntary arrangement as defined by Section 253 of that Act or compounded with his creditors; 

 

	 	17.1.6	 the Executive resigns as a director of the Company or any Group Company (without the Board’s written
consent) or fails to offer himself for re-election on his retiring by rotation (unless agreed by the Company); 

  

	 	17.1.7	 the Executive is or becomes of unsound mind; 

 

	 	17.1.8	 the Executive is guilty of continuing unsatisfactory conduct or poor performance of his duties, after having
received a written warning from the Company relating to the same; 

  
 11 

	 	17.1.9	 the Executive is convicted of an indictable offence (excluding offences under road traffic legislation for
which he is not sentenced to a term of imprisonment); or 

  

	 	17.1.10	 the Executive is or becomes prohibited by law from being a director. 

 

	 	 Any delay by the Company in exercising such right to termination shall not constitute a waiver thereof. This
Clause 17.1 shall not restrict any other right the Company may have (whether at common law or otherwise) to terminate the Employment summarily. 

  

	17.2	 On termination of the Employment or on the Executive being placed on garden leave pursuant to Clause 17.3.2 is
so requested by the Company, the Executive shall forthwith return to the Company in accordance with its instructions (and without destruction, deletion or redaction of any data or images) all equipment, correspondence, records, specifications,
software, models, notes, reports, minutes of meetings and other papers of the Board and of any board of directors of any Group Company, and any other documents and any copies thereof and any other property belonging to the Company or its Group
Companies (including but not limited to the Company car, keys, credit cards, samples, equipment and passes) which are in his possession or under his control and shall provide to the Company full details of all then current passwords or other privacy
or security measures used by the Executive in respect of any such equipment. Having forwarded a copy to the Company, the Executive shall irretrievably delete any and all Confidential Information from any laptops, computer drives, computer storage
equipment, mobile telephones, wireless devices (or similar equipment) or other re-usable material and/or from any website and/or email account and/or cloud-based storage in the Executive’s possession or
under his control (but which do not belong to the Company or any of its Group Companies). The Executive shall, if so required by the Company, confirm in writing his compliance with his obligations under this Clause 17.2. 

 

	17.3	 The Executive agrees that the Company may (in its absolute discretion): 

 

	 	17.3.1	 (as an alternative to giving notice to the Executive or requiring the Executive to work out his notice)
terminate the Executive’s employment with immediate effect by giving him written notice that it will give the Executive a Compensation Payment in lieu of all or any part of any notice of termination of employment (whether given by the Executive
or the Company) to which, for the avoidance of doubt, the Executive shall have no entitlement unless and until the Company notifies the Executive in writing of its decision to make the Compensation Payment to him; and/or 

 

	 	17.3.2	 require the Executive not to attend work and/or not to undertake all or any of his duties hereunder during all
or any part of any period of notice (whether given by the Executive or the Company), PROVIDED ALWAYS that the Company shall continue to pay the Executive’s salary and contractual benefits. During any such garden leave period, the Company shall
not be obliged to provide any work for the Executive or to assign or vest in him any powers, duties or functions, and 

  

	 	(A)	 may appoint another person or persons to hold the same or similar job title and carry out all or any of the
Executive’s duties instead of him; 

  

	 	(B)	 may announce externally or internally or both that the Executive has given or been given notice of termination
of his employment or office(s) and been placed on garden leave and (where applicable) that a substitute has been appointed; 

  

	 	(C)	 may exclude the Executive from all or any premises of the Company or any Group Company; 

 

	 	(D)	 may require the Executive to abstain from engaging in any contact (whether or not initiated by him) which
concerns any of the business affairs of the Company or any Group Company with any customer, client, supplier, other business connection, employee, director, officer, consultant or agent of the Company or any Group Company without the prior written
consent of the Board; and 

  
 12 

	 	(E)	 may suspend or limit the Executive’s access to the Company’s IT and communications systems or
databases. 

 During any such garden leave period, the Executive shall (for the avoidance of doubt) continue to be bound
by all terms of this Agreement and the duties of fidelity and good faith and cannot undertake work for any other entity or work in a self employed or contractor capacity and shall hold himself available during normal business hours (other than
agreed holidays or authorised absence for sickness or injury or other authorised leave) to perform such duties as may be assigned to him, if any, and in the event that he fails to make himself available for duties assigned to him, he shall
(notwithstanding any other provision of this Agreement) forfeit his right to salary and contractual benefits in respect of such period of non-availability. The Executive shall have no right to be paid any
bonus during any garden leave period other than at the discretion of the Company. 
  

	17.4	 Notwithstanding Clause 17.3.1, the Executive shall not be entitled to any Compensation Payment pursuant to
Clause 17.3.1 if the Company would otherwise have been entitled to terminate the employment of the Executive without notice in accordance with Clause 17.1. In the event that the Board reasonably considers that any of the events set out in Clause
17.1 has occurred (whether or not such event would otherwise be a repudiatory breach), the Executive shall repay to the Company forthwith on demand by the Company an amount equal to any Compensation Payment made to the Executive pursuant to Clause
17.3.1 and, the Company reserves the right and may in its absolute discretion seek to recover the value of any income tax or National Insurance Contributions deducted from any such Compensation Payment and paid by the Company and the Company shall
be entitled to reduce any Compensation Payment yet to be made pursuant to Clause 17.3.1 to nil or such other amount as the Board in its absolute discretion determines. 

 

	17.5	 In determining any Compensation Payment made to the Executive pursuant to Clause 17.3.1, the Company shall have
regard to the overriding requirements to be fair to both the Company and the Executive. In particular, the Company shall not be required to reward failure on the part of the Executive (which failure may be inferred from the financial performance of
the Company or its Group Companies) and shall have regard to corporate governance standards at the Termination Date. The Company may, without limitation, exercise its reasonable discretion and determine that any Compensation Payment to the Executive
should be phased in monthly or quarterly instalments over a period of no longer than 12 months from the Termination Date and that any Compensation Payment should be reduced in accordance with the duty on the part of the Executive to mitigate his
loss. 

  

	17.6	 Where the Company pays the Compensation Payment to the Executive, (or, where the Compensation Payment as
calculated under Schedule 1 is zero and the Executive is owed, or paid, an amount by any Group Company) the Executive shall be treated as accepting it in full and final settlement of all claims against the Company, all Group Companies and their
respective employees arising in any jurisdiction and arising out of the Executive’s contract of employment or any other employment with any Group Company or any holding of any office with the Company or any Group Company or its/their
termination and, on receipt of such Compensation Payment (or such payment from another Group Company as referred to above), the Executive hereby unconditionally and irrevocably waives all such claims. 

 

	17.7	 The Company shall have the right to suspend the Executive on full pay pending any investigation into any
potential dishonesty, gross misconduct or any other circumstances which may give rise to a right to the Company to terminate pursuant to Clause 17.1 above. During any such period of suspension the Company may exclude the Executive from all or any
premises of the Company or any Group Company, may require the Executive to abstain from engaging in any contact (whether or not initiated by him) which concerns any of the business affairs of the Company or any Group Company with any customer,
client, supplier, other business connection, employee, director, officer, consultant or agent of the Company or any Group Company without the prior written consent of the Board, and may suspend or limit the Executive’s access to the
Company’s IT and communications systems or databases. 

  
 13 

	17.8	 The termination of the Employment shall be without prejudice to any right the Company may have in respect of
any breach by the Executive of any of the provisions of this Agreement which may have occurred prior to such termination. 

  

	17.9	 The Executive agrees that (unless the contrary is agreed by the Company in writing) he will not at any time
after the termination of the Employment represent himself as still having any connection with the Company or any Group Company, save as a former employee for the purpose of communicating with prospective employers or complying with any applicable
statutory requirements. 

  

	18.	 DIRECTORSHIPS 

 

	18.1	 The Executive’s duties as a director of the Company or any other Group Company are subject to the Articles
of Association of the relevant company for the time being. 

  

	18.2	 The Executive shall, if requested by the Company, forthwith resign in writing from all directorships,
trusteeships and other offices he may hold from time to time with the Company or any Group Company without compensation for loss of office in the event of: 

  

	 	18.2.1	 the termination of his employment; or 

 

	 	18.2.2	 either the Company or the Executive serving on the other notice of termination of the Employment; or

  

	 	18.2.3	 the Company exercising its rights under Clause 17.3.2 above. 

 

	18.3	 In the event of the Executive failing to comply with his obligations under Clause 18.2 above, he hereby
irrevocably and unconditionally authorises the Company to appoint some person in his name and on his behalf to sign or execute any documents and/or do all things necessary to requisite to give immediate effect to such resignations as referred to in
Clause 18.2 above. 

  

	19.	 WAIVER OF RIGHTS 

 

	 	 The Executive shall have no claim against the Company or any Group Company if the Employment is terminated by
reason of the liquidation of the Company for the purposes of amalgamation or reconstruction or as part of any arrangement for the amalgamation of the undertaking of the Company not involving liquidation or for the transfer of the whole or part of
the undertaking of the Company to any of its Group Companies provided that he is offered re-employment with any concern or undertaking resulting from such amalgamation or reconstruction or transfer on terms
and conditions which, taken as a whole, are not substantially less favourable than the terms of this Agreement. 

  

	20.	 GRIEVANCE AND DISCIPLINARY PROCEDURES 

 

	20.1	 If the Executive has any grievance relating to the Employment, he should raise it with the Chairman and
thereafter (if the matter is not resolved) with the Board. In such a case the Board will deal with the matter by discussion and majority decision of those present and voting (but without the Executive being entitled to vote on that issue).

  

	20.2	 The Company will follow any appropriate disciplinary procedures as applicable to the level of seniority of the
Executive. If the Executive is dissatisfied with any disciplinary decision taken in relation to him, he may appeal in writing to the Chairman within 7 days of that decision. The Executive is subject to the Company’s disciplinary rules, which
can be found on the Company’s HR Policies and Procedures on Interact. 

  

	21.	 MISCELLANEOUS 

 

	21.1	 The various provisions and sub-provisions of this Agreement and the
Schedules attached hereto are severable and if any provision or sub-provision is held to be unenforceable by any court of competent jurisdiction then such unenforceability shall not affect the enforceability
of the remaining provisions or sub-provisions in this Agreement or Schedules. 

  
 14 

	21.2	 The Executive represents and warrants that he is not prevented by any agreement, arrangement, contract,
understanding, Court Order or otherwise, which in any way directly or indirectly restricts or prohibits him from fully performing the duties of the Employment, or any of them, in accordance with the terms and conditions of this Agreement.

  

	21.3	 Any notice to be given hereunder may be delivered (a) in the case of the Company by first class post
addressed to its Registered Office for the time being and (b) in the case of the Executive, either to him personally or by first class post to his last known address. 

 

	21.4	 Notices served by post shall be deemed served on the second business day after the date of posting. For the
purposes of this Clause 21.4, “business day” means a day on which banks are open for business in the place of both the posting and the address of the notice. 

 

	21.5	 There is no collective agreement applicable to the Employment. 

 

	22.	 CONSTRUCTION 

  

	22.1	 The provisions of Schedule 1 and Schedule 2 hereto and any additional terms endorsed in writing by or on behalf
of the parties hereto shall be read and construed as part of this Agreement and shall be enforceable accordingly. 

  

	22.2	 The benefit of each agreement and obligation of the Executive under Clauses 14, 15 and Schedule 2 hereto of
this Agreement may be assigned to and enforced by all successors and assignees for the time being of the Company and its Group Companies and such agreements and obligations shall operate and remain binding notwithstanding the termination of this
Agreement. 

  

	22.3	 A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Agreement. 

  

	23.	 PRIOR AGREEMENTS 

 

	 	 This Agreement cancels and is in substitution for all previous letters of engagement, agreements and
arrangements (whether oral or in writing) relating to the subject-matter hereof between the Company and the Executive all of which shall be deemed to have been terminated by mutual consent. This Agreement constitutes the entire terms and conditions
of the Executive’s employment and no waiver or modification thereof shall be valid unless in writing, signed by the parties and only to the extent therein set forth. 

 

	24.	 ENFORCEMENT AND GOVERNING LAW 

 

	24.1	 This Agreement is governed by and construed in accordance with the laws of England. 

 

	24.2	 Without prejudice to any rights of either party to seek injunctive or declaratory relief in the Courts, and
without prejudice to the Executive’s statutory rights, the Company and the Executive agree that on the occurrence of any dispute concerning interpretation or application of this Agreement, the help of the Centre for Dispute Resolution (CEDR)
will be sought to resolve the dispute in private by means of alternative dispute resolution (ADR). Either party may refer the matter to CEDR in which event both parties will fully co-operate in the process
which CEDR may propose. There shall be no obligation on either party to continue to participate in the ADR process after 90 days from the date of referral of the dispute to CEDR. 

 

	24.3	 The parties agree that if a dispute cannot be resolved pursuant to Clause 24.2 above, the parties agree to
submit to the exclusive jurisdiction of the English courts. 

  

	25.	 DATA PROTECTION 

 

	25.1	 The Executive acknowledges that the Company and relevant Group Companies will collect, use, store, transfer and
otherwise process the Executive’s personal data (and, where relevant, that of the Executive’s emergency contacts and, where applicable, dependants) including providing personal data to third parties and transferring personal data within
and outside the European Economic Area, in accordance with applicable data protection regulations. Further details relating to the processing of such personal data are set out in the Company’s UK Employee Privacy Notice (which is non-contractual and may be amended from time to time), which is available from the Company Secretary or can be found on the Company’s HR Policies and Procedures on Interact. 

  
 15 

	25.2	 The Executive agrees to use all reasonable endeavours to keep the Company informed and updated of any changes
to the Executive’s personal data, including, for example any change in the Executive’s home address or other contact details. 

  

	25.3	 The Executive agrees to familiarise themselves with the Company’s UK Employee Privacy Notice and General
Data Privacy Policy in force from time to time, which are available from the Company Secretary or can be found on the Company’s HR Policies and Procedures on Interact (and any other relevant policies and procedures relating to data protection
in force from time to time, including any policies that the Company may have in place from time to time relating to its IT systems, use of such systems and data handling (as set out on the Company’s HR Policies and Procedures on Interact)) and
agrees to act at all times in accordance with both the spirit and the letter of such policies and procedures when processing the personal data of others during the course of the Executive’s employment. This includes, without limitation,
personal data relating to any employee or other worker, job candidate, customer, client, supplier or agent of the Company or any Group Company. 

  

	25.4	 Failure to comply with the Company’s policies (including those mentioned above) may lead to disciplinary
action up to and including termination of employment. 

  

	26.	 REPRESENTATIONS AND WARRANTIES 

 

	26.1	 The Executive represents and warrants to the Company that, and acknowledges that in entering into this
Agreement the Company has relied upon prior representations and warranties by the Executive in the following terms: 

  

	 	26.1.1	 he has not (directly or indirectly) misappropriated, or otherwise made any unlawful use or disclosure of, any
Confidential Information and/or intellectual property belonging to or relating to the business of any other person (including, for the avoidance of doubt, his previous employer(s)) and will not do so whether prior to the commencement of his
employment under this Agreement or otherwise; 

  

	 	26.1.2	 he is not prohibited by law from being a director; 

 

	 	26.1.3	 he is and remains legally entitled to work in the United Kingdom without any additional approvals and he will
notify the Company immediately if he ceases to be so entitled at any time during his employment with the Company; 

  

	 	26.1.4	 he is not and has not been subject to any prohibition, censure, criticism or disciplinary sanction by any
professional, regulatory or other body or authority which would prevent him from performing any duties under this Agreement or undermine the confidence of the Board in his employment by the Company; and 

 

	 	26.1.5	 any curriculum vitae and other details provided by the Executive to the Company or a third party in relation to
his appointment to this role by the Company are complete and accurate and the Executive has provided the Company with genuine copies of certificates of all his academic and professional qualifications. 

The Executive shall indemnify the Company against all claims, liabilities, losses, costs, and expenses which the Company may suffer or incur or
which may be made against the Company arising out of, or in respect of, any breach of the warranties and representations in this Clause 26. 
  

	27.	 REFERENCES 

  

	 	 If the Company is asked to provide any reference in respect of the Executive it shall be under no obligation to
do so, save as required by law or by any professional, statutory or regulatory body or authority. If it does agree to provide a reference it shall use reasonable efforts to ensure that any reference is accurate but shall not in the absence of malice
on the part of the Company be liable to the Executive for any error in or omission from any such reference. 

  
 16 

	28.	 COUNTERPARTS 

The Agreement is subject to contract until it is dated and signed by all of the parties, at which point it shall be treated as an agreement
binding on the parties, notwithstanding that it may still be labelled ‘Draft ‘ or ‘Subject to Contract’. This Agreement may be executed in any number of counterparts each in the like form, all of which taken together shall
constitute one and the same document and any party may execute this Agreement by signing and dating any one or more of such counterparts. 
 IN
WITNESS whereof the parties hereto have set their hands the day and year written below. 
  

					
	SIGNED:	 	    	 	 /s/ Richard Burrows

			
		 		 	For and on behalf of British American Tobacco p.l.c.
			
	DATED:	 		 	11 December 2018
			
	SIGNED:	 		 	 /s/ Jack Bowles

			
		 		 	Jack Bowles
			
	DATED:	 		 	10 December 2018

  
 17 

 SCHEDULE 1 

DEFINITIONS 
 In this Agreement, the
following expressions shall have the following meanings: 
  

					
	“Board”	 	the Board of Directors of the Company from time to time or a duly constituted committee of the Board of Directors;
		
	“CEO Appointment Date”	 	shall have the meaning set out in Clause 2.3;
		
	“Companies Act 2006”	 	the Companies Act 2006, as in force from time to time;
		
	“Compensation Payment”	 	means a sum calculated as follows:
			
		 	  
 A × £B

365
	  	  
 minus C (less any deductions which the Company may be

		 	 required to make including in respect of income tax and employee’s National Insurance contributions)

 
 (a)   “A” is the
number of days of the Executive’s notice of termination of employment (i) to which he is entitled under Clause 2.4 above of this Agreement, or (ii) where the notice period has already commenced, the number of days of such notice
period which remain outstanding.
  

(b)   “B” is the aggregate of (i) the Executive’s annual base salary referred to
in Clause 6.1 or Clause 6.2 as applicable on the date when he is notified in writing by the Company that it will be making him a Compensation Payment, (ii) a cash sum equal to the cost to the Company of providing to the Executive the benefits
referred to in Clause 10.2 above provided that the Company shall have the option to continue to provide one or more of such benefits to the Executive in lieu of giving a cash sum in respect of such benefit so provided.

 
 (c)   “C” is any
amount payable to or paid to the Executive on termination of employment with any Group Company;

			
		
	“Confidential Information”	 	 means all and any information, whether or not recorded, of the Company or of any Group Company which the Executive (or, where the context so
requires, another person) has obtained by virtue of his employment or engagement and which the Company or any Group Company regards as confidential or in respect of which the Company or any Group Company is bound by an obligation of confidence to a
third party, including:
  
 (A)  all
and any information relating to business methods, corporate plans, future business strategy, management systems, finances, and maturing new business opportunities;
  

(B)  all and any information relating to research or development projects or both;

 
 (C)  all and any information
concerning the curriculum vitae, remuneration details, work-related experience, attributes and other personal information concerning those employed or engaged by the Company or any Group
Company;

  
 18 

			
		  	 (D)  all and any information relating to marketing or sales of any past present or
future product or service of the Company or any Group Company including sales targets and statistics, market share and pricing statistics, marketing surveys and strategies, marketing research reports, sales techniques, price lists, mark-ups, discounts, rebates, tenders, advertising and promotional material, credit and payment policies and procedures, and lists and details of customers, prospective customers, suppliers and prospective suppliers
including their identities, personnel, business requirements and contractual negotiations and arrangements with the Company or any Group Company;
  

(E)  all and any trade secrets, secret formulae, processes, inventions, design, know-how, technical specification and other technical information in relation to the creation, production or supply of any past, present or future product or service of the Company or any Group Company, including
all and any information relating to the working of any product, process, invention, improvement or development carried on or used by the Company or any Group Company and information concerning the intellectual property portfolio and strategy of the
Company or of any Group Company;
  

(F)  any information which is a trade secret as defined in Regulation 2 of the Trade Secrets (Enforcement,
etc.) Regulations 2018;
  
 (G)  any
inside information (as defined in Article 7 of MAR)
  
 but
excluding any information which:
  

(i)  is part of the Executive’s own stock in trade;

 
 (ii)  is readily ascertainable to
persons not connected with the Company or any Group Company without significant expenditure of labour, skill or money; or
  

(iii)   which becomes available to the public generally other than by reason of a breach by the
Executive of his obligations under this Agreement;

		
	“Effective Date”	  	means 1 November 2018;
		
	“Employment”	  	means the Executive’s employment in accordance with the terms and conditions of this Agreement;
		
	“Executive Director Appointment Date”	  	shall have the meaning set out in Clause 2.2;
		
	“Group Company”	  	means the Company, any holding company of the Company and any subsidiary of the Company or of any such holding company (with holding company and subsidiary having the meanings ascribed to them by the Companies Act 2006);
		
	“Immediate Family”	  	shall include husband, wife, common law spouse, civil partner, children, brothers, sisters, cousins, aunts, uncles, parents, grandparents, and the aforesaid relatives by marriage;

  
 19 

			
	“Intellectual Property Rights”	  	patents, utility models, rights to inventions (other than Inventions), copyright and neighbouring and related rights, moral rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of,
Confidential Information (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply
for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;
		
	“JSE Listings Requirements”	  	the Listings Requirements published by the JSE Limited, as may be applicable from time-to-time in respect of the secondary listing of the Company’s
ordinary shares on the JSE Limited in South Africa;
		
	“Listed Company”	  	any company which is quoted on any Recognised Investment Exchange;
		
	“LPDT Rules”	  	the Listing Rules, Prospectus Rules, Disclosure Guidance and Transparency Rules issued by the UK Listing Authority;
		
	“MAR”	  	the Market Abuse Regulation (2014/596/EU) and its implementing and delegated regulations;
		
	“Persons Closely Associated”	  	has the meaning attributed to it by Article 3(1)(26) of MAR;
		
	“Recognised Investment Exchange”	  	has the meaning given to it by section 285 of the Financial Services and Markets Act 2000;
		
	“Remuneration Committee”	  	the remuneration committee of the Board from time to time;
		
	“Securities”	  	any shares, debentures (whether or not secured), warrants or options to purchase any shares or debentures;
		
	“Termination Date”	  	shall mean the date upon which the Executive’s employment with the Company terminates;
		
	“Working Day”	  	means any day other than a Saturday, Sunday or a day which is generally recognised as a public holiday in England.

 In this Agreement, unless otherwise stated, a reference to the employment of the Executive is to his employment by the Company
under this Agreement and shall include any period of garden leave pursuant to Clause 17.3.2 or suspension pursuant to Clause 17.7. 
 In this Agreement,
unless the context otherwise requires: 
  

	(a)	 the contents page and headings and bold type face inserted in this Agreement are inserted for convenience only
and shall not affect the interpretation of this Agreement; 

  

	(b)	 references to clauses and sub-clauses are to clauses and sub-clauses of this Agreement; 

  

	(c)	 references to this Agreement include this Agreement as amended or supplemented in accordance with its terms;

  

	(d)	 references to writing shall include any modes of reproducing words in any legible form and shall include e-mail except where expressly stated otherwise; 

  
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	(e)	 references to “includes” or “including” shall mean “includes without limitation”
or “including without limitation”; 

  

	(f)	 words in the singular shall include the plural and vice versa, and a reference to any gender includes a
reference to all genders or, where appropriate, is to be read as a reference to the opposite gender; 

  

	(g)	 a reference to a person shall include a reference to a firm, a body corporate, an unincorporated association or
a partnership; 

  

	(h)	 a reference to an enactment, EU instrument or statutory provision shall include a reference to any subordinate
legislation made under the relevant enactment, EU instrument or statutory provision and is a reference to that enactment, EU instrument, statutory provision or subordinate legislation as from time to time amended, modified, incorporated or
reproduced and to any enactment, EU instrument, statutory provision or subordinate legislation that from time to time (with or without modifications) re-enacts, replaces, consolidates, incorporates or
reproduces it. 

  
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 SCHEDULE 2 

POST TERMINATION COVENANTS 
  

	1.	 DEFINITIONS 

For the purposes of this Schedule 2, the following words and cognate expressions shall have the meanings set out below: 

 

	1.1	 “Board” shall have the meaning set out in the Agreement attached hereto, and shall include its
successors in title and assigns (as applicable). 

  

	1.2	 “Company” shall have the meaning set out in the Agreement attached hereto, and shall include
its successors in title and assigns (as applicable). 

  

	1.3	 “Customer” shall mean any person, firm, company or other organisation whatsoever to whom the
Company has supplied goods or services, other than in a retail capacity, during any part of the 12 months immediately preceding the Termination Date. 

  

	1.4	 “Group Company” shall have the meaning set out in the Agreement attached hereto, and shall
include its successors in title and assigns (as applicable). 

  

	1.5	 “Prohibited Area” means: 

 

	 	1.5.1	 England, Wales, Scotland and Northern Ireland; 

 

	 	1.5.2	 any other country in the world where, on the Termination Date, the Company develops, sells, supplies,
manufactures or researches its products or services or where the Company is intending within 3 months following the Termination Date to develop, sell, supply or manufacture its products or services and in respect of which the Executive has been
responsible (whether alone or jointly with others), concerned or active on behalf of the Company during any part of the 12 months immediately preceding the Termination Date. 

 

	1.6	 “Prospective Customer” shall mean any person, firm, company or other organisation with whom
the Company has had any negotiations or material discussions regarding the possible supply of goods or services by the Company other than in a retail capacity during any part of the 12 months immediately preceding the Termination Date.

  

	1.7	 The “Relevant Period” shall mean the lesser of: 

 

	 	1.7.1	 the 12 months immediately following the Termination Date; 

 

	 	1.7.2	 the period specified in paragraph 1.7.1 above less the number of days on which the Executive has been
required by the Company (pursuant to Clause 17.3.2 of the Agreement) both not to attend at work and not to perform any duties of employment. 

  

	1.8	 “Restricted Employee” means any person who was employed by (i) the Company or
(ii) any Group Company, for at least 3 months prior to and on the Termination Date and: 

  

	 	1.8.1	 with whom the Executive had material contact or dealings in performing his duties of his employment; or

  

	 	1.8.2	 who had material contact with customers or suppliers of the Company in performing his or her duties of
employment with the Company or any Group Company (as applicable); and 

  

	 	1.8.3	 who was a member of the management team of the Company or any Group Company (as applicable) or

  

	 	1.8.4	 who was a member of the Research & Development Department of the Company or any Group Company (as
applicable). 

  

	1.9	 “Supplier” means any person, company, business entity or other organisation whatsoever who:

  

	 	1.9.1	 has supplied goods or services to the Company during any part of the 12 months immediately preceding the
Termination Date; or 

  
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	 	1.9.2	 has agreed prior to the Termination Date to supply goods or services to the Company to commence at any time in
the 12 months following the Termination Date; or 

  

	 	1.9.3	 as at the Termination Date, supplies goods or services to the Company under an exclusive contract or
arrangement between that Supplier and the Company. 

  

	1.10	 “Termination Date” shall have the meaning set out in the Agreement hereto.

  

	2.	 NON-COMPETITION 

The Executive hereby agrees that he shall not (without the consent in writing of the Board) for the Relevant Period within the Prohibited Area
and whether on his own behalf or in conjunction with or on behalf or any other person, firm, company or other organisation (and whether as an employee, director, principal, agent, consultant or in any other capacity whatsoever) in competition with
the Company be directly or indirectly (i) employed or engaged in, or (ii) perform services in respect of, or (iii) have any financial interest in, or (iv) be otherwise concerned with:- 

 

	2.1	 the research into, development, manufacture, supply or marketing of any product which is of the same or similar
type to any product researched, or developed, or manufactured, or supplied, or marketed by the Company during the 12 months immediately preceding the Termination Date; 

 

	2.2	 the research into, development, manufacture, supply or marketing of any product which is to the same or a
similar type to any product which the Company was (as at the Termination Date) proposing to launch within 12 months of the Termination Date; 

  

	2.3	 the development or provision of any services (including but not limited to technical and product support, or
consultancy or customer services) which are of the same or similar type to any services provided by the Company during the 12 months immediately preceding the Termination Date; 

 

	2.4	 the development or provision of any services (including but not limited to technical and product support or
consultancy or customer services) which are of the same or similar type to any services which the Company was (as at the Termination Date) proposing to launch within 12 months of the Termination Date. 

PROVIDED ALWAYS that the provision of this paragraph 2 shall apply only in respect of products or services with which the Executive was
either personally concerned or for which he was responsible whilst employed by the Company during the 12 months immediately preceding the Termination Date. 

The provisions of this paragraph 2 shall not, at any time following the Termination Date, prevent the Executive (i) from for investment
purposes an interest (as defined in S.820 – 825 of the Companies Act 2006) of up to 5% in nominal value or (in the case of Securities not having any nominal value) in number or class of Securities, in any class of Securities in a Listed Company
and which are not the Securities of any company which competes or proposes to complete with the business of the Company or any Group Company (and for these purposes, the references to Securities held by the Executive shall include Securities held or
beneficially held by the Executive’s Immediate Family) or (ii) from being employed in, or providing services to, any part of a business (which does not fall within the scope of paragraphs 2.1 to 2.4 above) being operated by another
company, firm of other business entity, even though another part of the business of such company, firm or other business entity (with which the Executive is not directly or indirectly concerned or employed) does fall within the scope of paragraphs
2.1 to 2.4 above. 
  

	3.	 NON-SOLICITATION OF CUSTOMERS 

The Executive hereby agrees that he shall not for the Relevant Period whether on his own behalf or in conjunction with or on behalf of any
person, company, business entity or other organisation (and whether as an employee, director, principal, agent, consultant or in any other capacity whatsoever), directly or indirectly (i) solicit or, (ii) assist in soliciting, or
(iii) accept, or (iv) facilitate the acceptance of, or (v) deal with, in competition with the Company, the custom or business of any Customer or Prospective Customer:- 

  
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	3.1	 with whom the Executive has had material contact or dealings on behalf of the Company during the 12 months
immediately preceding the Termination Date; or 

  

	3.2	 for whom the Executive was, in a client management capacity on behalf of the Company, directly responsible (on
his own or in conjunction with other individuals) during the 12 months immediately preceding the Termination Date. 

  

	4.	 NON-SOLICITATION OF RESTRICTED EMPLOYEES 

The Executive hereby agrees that he will not for the Relevant Period either on his own behalf or in conjunction with or on behalf of any other
person, company, business entity, or other organisation (and whether as an employee, principal, agent, consultant or in any other capacity whatsoever), directly or indirectly: 
  

	4.1	 (i) induce, or (ii) solicit, or (iii) entice or (iv) procure, any person who is a senior
employee to leave the Company’s or any Group Company’s employment (as applicable) where that person is a Restricted Employee on the Termination Date; 

 

	4.2	 be personally involved to a material extent in (i) accepting into employment or (ii) otherwise
engaging or using the services of, any person who is a Restricted Employee on the Termination Date. 

  

	5.	 INTERFERENCE WITH SUPPLIERS 

The Executive hereby agrees that he shall not for the Relevant Period, in relation to any contract or arrangement which the Company has with
any Supplier for the exclusive or preferential supply of goods or services to the Company and/or to its Group Companies, for the duration of such contract or arrangement, whether on his own behalf or in conjunction with or on behalf of any person,
company, business entity or other organisation, (and whether as an employee, director, agent, principal, consultant or in any other capacity whatsoever), directly or indirectly: 

 

	5.1	 interfere with the supply of goods or services to the Company from any Supplier; 

 

	5.2	 induce any Supplier of goods or services to the Company to cease or decline to supply such goods or services in
the future. 

  

	6.	 NON-DISPARAGEMENT 

 

	6.1	 Save for a protected disclosure within the meaning of Part IVA (Protected Disclosures) of the Employment Rights
Act 1996 (as amended from time to time), a report of an offence to a law enforcement agency, as part of co-operating with a criminal investigation or prosecution, or as required by law or the regulations of
any statutory or regulatory authority, the Executive shall not during his employment or after the Termination Date make, publish or cause to be made or published any statement or remark which is likely or intended to harm the business or reputation
of the Company or any of its Group Companies or any current or former officer, employee, consultant or agent of any such company. 

  

	7.	 GROUP COMPANIES 

 

	7.1	 The provisions of paragraphs 7.2 and 7.3 below shall only apply in respect of those Group Companies (i) to
whom the Executive gave his services, or (ii) for whom he was responsible, or (iii) with whom he was otherwise concerned, in the 12 months immediately preceding the Termination Date. 

 

	7.2	 Paragraphs 1, 2, 3, 4 and 5 in this Schedule 2 shall apply as though references to the “Group
Company” were substituted for references to the “Company”. The obligations undertaken by the Executive pursuant to this Schedule 2 shall, with respect to each Group Company, constitute a separate and distinct covenant and the
invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the covenants in favour of the Company or any other Group Company. 

  
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	7.3	 In relation to each Group Company referred to in paragraphs 7.1 and 7.2 above, the Company contracts as trustee
and agent for the benefit of each such Group Company. The Executive agrees that, if required to do so by the Company, he will enter into covenants in the same terms as those set out in paragraphs 1, 2, 3, 4 and 5 hereof directly with all or any of
such Group Companies, mutatis mutandis. If the Executive fails, within 7 days of receiving such a request from the Company, to sign the necessary documents to give effect to the foregoing, the Company shall be entitled, and is hereby irrevocably and
unconditionally authorised by the Executive, to execute all such documents as are required to give effect to the foregoing, on his behalf. 

  
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