Document:

WPP Group plc Performance Share Plan

 Exhibit 4.37 
 WPP GROUP PLC 
  

 PERFORMANCE SHARE PLAN 
 (as amended by Resolutions of the 
 Compensation Committee passed on 
 21 July
1995, 17 January 1996, [· ] 
 December 1999, 25 February 2003 6 August 2003 
 and 18 August 2005) 
  

 WPP GROUP PLC 
 Performance Share Plan 
 (As amended by Resolutions of the Compensation Committee 
 passed on 21 July 1995, 17 January 1996, [·     ] December 1999, 25 February 2003, 
 6 August 2003 and
[        ] 2005) 
  

	1	PURPOSE 

 The Performance Share Plan (the
“Plan”) of WPP Group plc is part of a continuing program of key executive incentive compensation authorised by the Directors of the Company on 21 June 1993. The Plan is intended to benefit the Company by motivating senior executives
who are materially important to the development of the Company’s businesses by creating an incentive for them to remain in the employment of the Company and/or as Directors and to work to the best of their abilities for the achievement of the
Company’s strategic growth objectives. This purpose is intended to be accomplished under the Plan by notionally allocating Performance Shares representing shares or bonus units under the Plan to such key personnel (in addition to their annual
cash compensation and share options) which, if performance objectives and service requirements with the Company are achieved, will permit them to share in the Company’s success. 
  

	2	PARTICIPANTS 

 Participants in the Plan shall be
executive directors or full-time employees of the Company or its subsidiary companies (or any company which is contracted to provide the services of an executive director to any such company) who are determined by the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company, in its discretion, to be senior management personnel important to the growth of the Company, and to whom the Committee shall make any award in writing under the
Plan provided that, in relation to decisions of the Committee or the exercise of any discretion by the Committee in either case after the Scheme, the Committee shall be the Compensation Committee of the Board of Directors of New WPP. 
  

	3	PERFORMANCE PERIOD 

 Except as provided in
Section 5, the Performance Period over which the achievement of any performance objectives shall be determined, shall not be less than three years. 
  

	4	PERFORMANCE SHARE AWARDS 

 Performance Share Awards
shall be made pursuant to the following guidelines: 
  

	 	(a)	Initial Grants. After the approval of this Plan by the Board, the Committee shall establish a specified performance period over which a specified performance objective is targeted
for achievement. Initial awards shall be made to such number of Participants as then determined by the Committee. In making its determination of who shall be Participants the Committee shall take into account such factors as the Participants level
of responsibility, potential to the impact the achievement of the performance objective(s), job performance, level and types of compensation and such other factors as the Committee deems relevant; 

  

 1 

	 	(b)	Notwithstanding the provisions of paragraph (a) the Committee in its discretion may establish at the time it establishes the targeted performance objective, a minimum
performance target and may provide for payment on a reduced scale if the targeted performance objective is not achieved but the minimum performance target is met or exceeded. Similarly, the Committee in its discretion may allow a greater payment if
any targeted performance objective is exceeded; 

  

	 	(c)	Subsequent Awards. During the term of the Plan additional Performance Shares may be awarded in the discretion of the Committee, either (i) to new participants in the Plan or
(ii) to any one or more of the initial Participants in the Plan in respect of Subsequent Performance Periods; 

  

	 	(d)	Notice of Awards. Upon the making of any award by the Committee the Participant shall be advised of the number of Performance Shares awarded to him (or her) and of the terms of the
award; 

  

	 	(e)	Form of Awards. The Committee may, at its absolute discretion, determine that an Award be made in the following forms: 

  

	 	(i)	as two separate awards, including either or both of: 

  

	 	(A)	a bonus award payable at the end of the Performance Period, for an amount equal to the fair market value of the Performance Shares subject to the award at the time the award is made
(as determined by the Compensation Committee); and 

  

	 	(B)	an award of an option to acquire Shares in the Company equivalent to the Performance Shares subject to the award, normally exercisable, subject to the other provisions of the Rules,
no sooner than one month after the end of the Performance Period, for a consideration equal to the fair market value of the Performance Shares subject to the award at the time the award is made (as determined by the Compensation Committee);

  

	 	(ii)	an option to acquire the Performance Shares exercisable for a nil or a nominal consideration; 

  

	 	(iii)	an award of Performance Shares, subject to restrictions, or a promise to receive Performance Shares; and 

  

	 	(iv)	such other form which the Compensation Committee considers has a substantially similar purpose or effect. 

 In the case of an award consisting of or including an option element granted in accordance with the requirements of fixed plan accounting under US
generally accepted accounting principles, the option so granted so far as it relates to the acquisition of Shares (but not any cash amount) shall be exercisable, with no 
  

 2 

 restriction other than that the Participant is in employment with New WPP or its subsidiary companies,
for a short period determined by the Committee immediately prior to the expiry of the option by effluxion of time, notwithstanding that the performance objective has not been met. 
  

	5	PERFORMANCE SHARES 

 For the purposes of this Plan,
the term Performance Shares shall be a reference to units of bonus or Shares and the award thereof shall represent the contingent right to received a sum of money per unit held or a transfer of Shares, subject to the form of the award under section
4(e) if specified performance objectives are achieved. The amount of money contingently payable per Performance Share or the number of Shares to be transferred shall be determined in accordance with Section 7 or otherwise as the Company may
choose. The performance objectives will be established for each Performance Period by the Committee. Performance Objectives need not be the same in respect of all Participants and may be established separately for the Company as a whole [or for its
various groups, divisions and subsidiaries], all as the Committee may determine, in its discretion. The performance objectives may be defined in terms of the comparative total shareholder return performance within a comparator group
selected by the Committee. 
 Awards of Performance Shares may be conditional on the Participants’ continued employment in the Group, or
continuing to be a Director of New WPP or a Subsidiary (or contracted to provide the services of any executive director to the Group) over the Performance Period or in any other manner the Committee may determine. In the event of a public tender for
all or any part of the ordinary shares of New WPP or in the event of any proposal to merge or consolidate New WPP with another company or to liquidate or sell substantially all of the assets for New WPP, the Committee may, in its discretion, change
or eliminate any Performance Period relating to any performance objective. 
  

	6	PERFORMANCE MEASUREMENT 

 The determination of
Performance Share Payments shall be made for the Committee on the basis of performance over the applicable Performance Period. 
  

	7	PERFORMANCE SHARE PAYMENT 

  

	 	(a)	The payment amount which a holder of Performance Shares shall be entitled to receive if the applicable targeted performance objective is met shall be an amount equal to the market
value of one ordinary share of New WPP’s stock on [6th March in the year following the end of the Performance
Period or such other date at which the Committee determines whether (or to what extent) the specified performance objectives have been achieved]1 multiplied by the number of Performance Shares held; 

  

	 	(b)	For the purposes hereof market value as of any date shall be the value as of said date as reasonably determined by the Committee; 

	1	Amended by Resolution of the Compensation Committee dated 6 August 2003 

  

 3 

	 	(c)	Following the determination by the Committee of the level of payment to which a holder of Performance Shares has become entitled, the Committee may in its absolute discretion decide
to procure the transfer to the individual of a number of ordinary shares of the Company’s stock in lieu of such payment save that where the individuals are directors of WPP Group plc, the Committee may only exercise this discretion on or after
1 January 1996. Subject to section 7(d) below, the number of shares transferred would be the largest whole number being not greater than the number calculated by the equation: 

  
  

			
	A ÷ B
		
	 Where A =
	 	the payment amount calculated under Section 7 (a)
		
	 B = 
	 	the market value of one ordinary share of New WPP’s stock on [6th March in the year following the end of the Performance Period or such other date at which the Committee determines whether (or to what extent) the specified performance objectives have been achieved]2

  

	 	(d)	As an alternative to the calculation set out in section 7 (c) above the Committee may decide that the number of shares transferred shall be determined by the actual acquisition
of shares using an amount of cash equivalent in the value to the relevant level of Performance Share value (as calculated under section 7 (a)), such acquisition being made at the best price reasonably available at the acquisition date.

  

	8	PERFORMANCE THRESHOLD 

 Notwithstanding Sections 3,
4 and 5 above, the Committee may set a performance threshold for any Performance Period. If the performance threshold is not satisfied for any Performance Period no payments or transfer of shares will be made to any participant on account of that
Performance Period. 
  

	9	OPTIONAL DEFERRED PAYMENTS 

 Subject to the
provisions of the following paragraphs of this Section, distribution of amounts or transfer of shares to which a Participant is entitled in respect of the Performance Shares shall be made as soon as practicable after the holder of such Performance
Shares becomes entitled thereto. 
 [Prior to the end of the Performance Period the Participant may make an election to have distribution of
any amount he may be entitled to receive in respect to such Performance Shares (whether in cash, in ordinary shares if the Committee decides, or a combination thereof as determined by the Committee) deferred until such year as he may elect
(“the Deferred Distribution Year”), after the year in which the amount would otherwise be paid or shares transferred to him, up to and including the year of his retirement, and at the same time (prior to the time the award is made to him
and prior to the date he becomes entitled to such award) may elect to have such amount paid to him in such deferred annual instalments 

	2	 Amended by Resolution of the Compensation Committee dated 6 August 2003 

  

 4 

 
over such years as he shall then specify. Prior to the last date of any Deferred Distribution Year a Participant may make a further election or elections to
have distribution of any amount he may be entitled to receive deferred until such later year as he may elect, after the year in which the amount would otherwise be paid or shares transferred to him, up to and including his year of retirement in
which case such later year specified in such further election shall constitute the Deferred Distribution Year. For the avoidance of doubt, any Participants who have, before the date on which this Paragraph was amended by resolution of the Committee,
elected to make further elections to defer payment in the manner envisaged by this Paragraph are to be deemed as having made valid elections in accordance with the rules and provisions of this Plan. If a Participant elects any such deferral the
following rules shall apply to the deferred payment:3] 
  

	 	(a)	Such election shall be irrevocable; 

  

	 	(b)	The right to such deferred payment shall be nonassignable, and any attempted transfer or assignment, or any pledge or other hypothecation of such right, shall be void and of no
effect; 

  

	 	(c)	Except in the case of a Participant who also participates in the Company’s Leadership Equity Acquisition Plan (“LEAP”), in the event of death during the deferral
period of a Participant who has elected a deferred payment the unpaid balance of the deferred amount owing to him at the time of his death shall be distributed to his estate within six months of the date of his death, irrespective of whether or not
the deferral period elected has expired. In the case of a Participant who also participates in LEAP and whose unpaid balance is represented by Shares and being used towards the Participant’s Investment Shares in LEAP, the unpaid balance shall
be retained until the end of the relevant investment period in LEAP; 

  

	 	(d)	Until payment is made to a Participant of the full deferred payment (or transfer of shares) to which he is entitled New WPP will accrue for the account of the Participant during the
period of deferral an amount equal to the dividends paid on New WPP’s ordinary shares during such period adjusted by the change in the capital value of the shares multiplied by the number of Performance Shares still unpaid and held for his
account in accordance with his deferred payment election. At the time the Participant is entitled to receive any amount due him under the Plan, in accordance with his election, there shall also be paid to such participant the accrued dividend
equivalent amount, plus or minus the adjusted capital value of the shares, either in a lump sum or in deferred annual instalments as specified by him at the time of this original election. 

 [In the event of an election to defer distribution of any amount to which a Participant is entitled to receive, the date for payment of the amount
deferred will be the anniversary of the end of the Performance Period in the year which the Participants elects to be the year in which he wishes to receive distribution of the amount to which he is entitled.4] 

	3	Adopted by Resolution of the Compensation Committee dated 25 February 2003 

	4	Adopted by Resolution of the Compensation Committee dated 25 February 2003 

  

 5 

 Notwithstanding any election of any Participant to receive payment under the Plan on a deferred basis as
provided above, the Committee in its sole discretion may, at any time, in respect of all or any one or more Participants who have made such election, terminate such election and make immediate distribution of the amount to which the Participant is
then entitled; and the Committee, in its discretion, may amend the forgoing provisions hereof relating to the election of deferred payments and the rules applicable thereto if, in its judgement, the tax benefits intended by such provisions and rules
will not be adversely affected. An election may not be terminated or amended by the Committee in the case of a Participant who also participates in LEAP in respect of any deferral if the shares underlying the deferral are committed to LEAP (unless
the Participant gives his consent to the termination or amendment). 
  

	10	CONDITIONS TO PAYMENTS 

 Except as otherwise herein
provided or determined by the Committee, a Participant, in order to be entitled to receive any payment or the transfer of Company shares in respect of Performance Shares awarded to him must be a Director of New WPP or in the employ of New WPP or a
subsidiary of New WPP (or any company which is contracted to provide the services of an executive director to any such company) on the expiration of the relevant performance period [or, if the Committee determine, on the date referred to in Rule
7(a) being the date for valuation of New WPP’s shares]5 and must have been such continuously from the time of
the award of the Performance Shares except for leaves of absence which may be approved by the Committee. No vested interest in any payment under the Plan shall accrue during the term of the Performance Period and no payment nor transfer of the
Company shares in respect of Performance Shares shall be required to be made to any Participant whose employment with New WPP or a subsidiary is terminated (or the relevant services contract is terminated), with or without cause, prior to the time
he is entitled to receive a distribution hereunder; provided, however, (a) that if a participant in the Plan retires upon the attainment of age 55 prior to the time he is entitled to receive distribution of any Performance Shares awarded to
him, the amount of payment to him shall be pro-rated in such manner as the Committee shall reasonably determined, and (b) that the Committee, in its absolute discretion, may make such pro-rate or other payment (or no payment), as it may
determine, to a Participant whose employment terminates (on account of death, disability or otherwise) prior to the time he is entitled to receive distribution on his Performance Shares and prior to his retirement at age 55. If termination is on
account of death the Committee may make payment of any distribution it authorises to the Participant’s surviving spouse, heirs or estate, as the Committee may determine. If a participant elects under section 9 to defer distribution of the
amount to which he may be entitled until a later year and the deferring participant’s employment with New WPP or another WPP group company terminates for any reason other than Voluntary Resignation or Termination for Cause prior to the end of
the deferral period but after the end of the performance period, then at the end of the deferral period the participant will be entitled to receive the full distribution of the amount (or transfer of shares) to which he would have otherwise been
entitled had his employment not terminated. If a participant so elects and his employment with New WPP or another WPP group company terminates by reason of Voluntary Resignation or Termination for Cause prior to the end of the deferral period but
after the end of the performance period, then distribution to which the participant would otherwise have been entitled had his 

	5	 Amended by Resolution of the Compensation Committee dated 6 August 2003 

  

 6 

 
employment not terminated shall be forfeited. In this section “Voluntary Resignation” and “Termination for Cause” have the same meanings
as in LEAP. The foregoing provisions of this section shall apply on a like basis to a Participant which is a company supplying the services of an executive director to the Group as the Committee reasonably determines, except that any transfer of
shares shall be subject to compliance with applicable law. 
  

	11	COMMITTEE MEMBERSHIP; AUTHORITY 

 The Plan shall be
administered by the members of the Compensation Committee of the Board so long as it shall consist solely of members of the Board who are not Participants in the Plan and who shall not be, and have not been at any time during the prior year,
eligible to become Participants therein, and who have not been at any time during the prior year eligible for selection as a person to whom shares may be allocated or to whom share options may be granted pursuant to any other plan of the Company or
any of its affiliates entitling the participants therein to acquire shares or share options of the Company or any of its affiliates. In the event said Committee, by reason of changes in its membership, shall no longer be so qualified, the Board
shall appoint a new Committee to administer the Plan, which shall consist solely of not less than three (3) members of the Board who are so qualified. The said Committee shall have plenary authority to interpret the Plan, to establish any rules
or regulations relating to the Plan which it determines to be appropriate, and to make any other determination which it believes necessary or advisable for the proper administration of the Plan [(including, for the avoidance of doubt, the date on
which restrictions which attach to Performance Shares are lifted)]6. Its decisions in matters relating to the Plan
shall be final and conclusive on the Company and all Participants. 
  

	12	DETERMINATION OF ACHIEVEMENT OF OBJECTIVES 

 Not in
limitation of its authority as provided for in the preceding section, the Committee in regard to any performance award authorised by it, may thereafter change or modify the terms of the award and the Committee may determine reasonably whether any
performance objective of any award has been met. 
  

	13	PAYMENTS IN ORDINARY SHARES; SOURCE OF SHARES 

  

	 	(a)	Subject to 13(b) it is anticipated that if the Company chooses to exercise its discretion contained within Section 7(c) or 7(d) any Company shares delivered pursuant to the
terms of the Plan will be ordinary shares or American Depository Receipts representing an interest in the Company’s ordinary shares acquired by the WPP Group plc UK ESOP or the WPP Group plc ROW ESOP or the WPP Group plc Grantor Trust (as
appropriate) prior to or during the term of the Plan. Shares delivered to Participants hereunder in satisfaction of Performance Share rights after release of any conditions applicable thereto may nonetheless thereafter be restricted stock under the
Securities Act of 1933, as presently amended, and the certificates for such Shares may have a legend imprinted thereon restricting the resale of said shares except in a registered offering or pursuant to an available exemption from registration.

	6	Amended by Resolution of the Compensation Committee on 6 August 2003 

  

 7 

	 	(b)	If the Company chooses to exercise the discretion contained within Section 7(c) or 7(d) in respect of Awards issued before the Effective Date, the shares delivered may be
Company shares issued by Old WPP for that purpose. 

  

	14	AMENDMENT OF PLAN 

 The Committee shall have the
authority to make amendments and revisions to this Plan provided that no alteration or addition may be made to this Plan without the approval of the Shareholders of New WPP in a general meeting other than a minor amendment to benefit the
administrator of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax exchange control or regulatory treatment for Participants, potential participants or New WPP. 
  

	15	ADDITIONAL PROVISIONS 

 The following additional
terms and provision apply to the Plan: 
  

	 	(a)	The award of Performance Shares to a Participant in the Plan shall create no rights in such participant as a shareholder of the Company; 

  

	 	(b)	No adjustment shall be made in the number of Performance Shares awarded on account of cash dividends which may be paid, or other rights which may be issued to, the Company’s
ordinary shareholders during the term of the Plan except as stated in subparagraph (c) below; 

  

	 	(c)	In the event of stock dividends, stock splits or reverse stock splits, affecting the number of Company shares during the term of the Plan, appropriate revision shall be made by the
Committee (i) in the targeted performance objectives, and (ii) in the number of Performance Shares awarded to reflect the effect of such stock dividend, stock split or reverse stock split on the interests of the Participants in the Plan;

  

	 	(d)	No Participant in the Plan shall have any right because he is a Participant in the Plan to continue in the employ of New WPP or of any of its subsidiaries for any period of time, or
any right to a continuation of his present or any other rate of compensation, and such rights and powers as New WPP or any of such subsidiaries now has or which it may have in the future to dismiss or discharge any Participant from his employment or
to change the assignments of any Participant are expressly reserved to New WPP nor shall he have any right to claim compensation for the cancellation of his Performance Shares as a result of termination of his employment for any reason;

  

	 	(e)	The Company at the time any payment is made under the Plan is authorised to withhold from such payment any amount necessary to satisfy income tax withholding requirements in respect
of such payment. Alternatively, and if the Company chooses to exercise its discretion contained within Section 7(c) or 7(d) if the Participant shall pay to the Company such cash amount or additional cash amount as may be necessary to satisfy
withholding requirements he shall be entitled to receive delivery of all shares due to him hereunder if the Company elects to satisfy his entitlement in Company shares. 

  

 8 

	16	NON-ASSIGNABILITY 

 Rights under the Plan and in
respect of Shares granted under the Plan are not transferable and may not be assigned or pledged by any Participant at any time, and no recognition shall be required to be given by the Company to any attempted assignment of Performance Shares. This
non-assignability shall not apply to any shares of the Company delivered to Participants hereunder after such Performance Shares shall be fully vested in the holder thereof. 
  

	17	PLAN A PART OF CONTINUING COMPENSATION PROGRAM 

 This Plan is part of a continuing program of incentive compensation for senior management of the Company and is expected to be supplemented or continued in effect after the term hereof by an additional plan or plans as approved by the Board
of Directors. 
  

	18	INTERPRETATION 

 The following words and expressions
shall have the following meanings in the rules of this Plan: 
 “Company” means: 
  

	 	(a)	in relation to awards granted under this Plan before the Effective Date, Old WPP; and 

  

	 	(b)	in relation to awards granted under this Plan on or after the Effective Date, New WPP 

 “Effective Date” means the date on which the Scheme becomes effective in accordance with Clause 7 of the Scheme, expected to be 25 October 2005. 
 “New WPP” means WPP 2005 plc a public limited company incorporated in England and Wales with registered number 5537577, which conditional
on the Scheme becoming effective will be renamed WPP Group plc. 
 “Old WPP” WPP Group plc a public limited company
incorporated in England and Wales with registered number 01003653, which conditional on the Scheme becoming effective will be renamed WPP 2005 plc. 
 “Scheme” means the scheme of arrangement set out in part 4 of the circular to shareholders relating to the recommended proposals for the introduction of a new parent company by means of a scheme of arrangement under section
425 of the Companies Act 1985 or with or subject to any modification, addition or condition approved or imposed by the High Court of Justice in England and Wales. 
  

 9Restricted Stock Plan

 Exhibit 4.38 
  

			
	WPP GROUP PLC	  	
		
	                                       
                                        
                                 
  
 RESTRICTED STOCK PLAN
 Approved by the Board of Directors of WPP Group plc on
 30th August 2005 and amended by resolution of the
 Compensation Committee on 27th October 2005 and
 amended by written resolution on 11th November 2005
 and amended by resolution of the Compensation
 Committee on 21st February 2006
                                       
                                        
                                 
	  	

 CONTENTS 
  

					
	 1
	  	PURPOSE	  	1
			
	 2
	  	INTERPRETATION	  	1
			
	 3
	  	ELIGIBILITY	  	4
			
	 4
	  	AWARDS	  	4
			
	 5
	  	CESSATION OF EMPLOYMENT	  	5
			
	 6
	  	VARIATION OF CAPITAL	  	6
			
	 7
	  	CHANGE OF CONTROL	  	6
			
	 8
	  	DISCHARGE OF AWARDS	  	8
			
	 9
	  	MISCELLANEOUS	  	9
			
	 10
	  	AMENDMENT	  	11
		
	 APPENDIX
	  	12

  

 i 

	1	PURPOSE 

 The purpose of the Plan is to motivate and
reward selected employees of the Group. 
  

	2	INTERPRETATION 

  

	2.1	The following words and expressions have the following meanings in the Rules of the Plan and in the Schedule: 

 “Act” means the Companies Act 1985 as amended. 
 “ADR” means an American Depository Receipt representing, for the time being, 5 ordinary shares in the capital of the Company deposited with Citibank NA as depository under the Deposit Agreement
between the Company and Citibank NA as of 27th October September 2005 or any other American depository receipt arrangement sponsored by the Company. 
 “Award” means an award or grant made to an Eligible Person subject to and on the terms of the Plan. 
 “Award Period” means the period of 42 days commencing on: 
  

	 	(a)	the date of adoption of the Plan by the board of directors of the Company; 

  

	 	(b)	any day on which the Company releases its results for any period; or 

  

	 	(c)	the date of commencement of Employment of an Eligible Person (but only in respect of that Eligible Person). 

 “Bad Leaver” means a Participant whose Employment terminates as a result of the proper termination by a Group Company of his Employment
(which shall include a termination which is not a proper termination only by virtue of a procedural error in the termination) where that Participant: 
  

	 	(a)	shall have committed any act or omission which entitles a Group Company to terminate his contract of employment without notice; or 

  

	 	(b)	shall have committed any serious breach or repeated or continued breach (after warning in writing) of his obligations under his contract of employment including, without limitation,
ceasing to work full time for the Group without the prior consent of the relevant Group Company except in circumstances where the Participant retires (but does not take early retirement other than with the prior consent of the Company); or

  

	 	(c)	shall have become prohibited by law from being a director or employee of a Group Company as a result of his own act, omission or misfeasance; or 

  

	 	(d)	shall have been convicted of any criminal offence which is punishable by a custodial sentence or involves dishonesty or violence, 

  

 1 

 provided that a Participant shall not be a Bad Leaver if he shall have been found to have been
constructively dismissed by the Group (in which case the Participant shall be regarded as an Other Leaver). 
 “Basic Salary”
means an Eligible Person’s basic annual salary for a particular year. In the event of any dispute, such basic annual salary will be as determined by the Compensation Committee. 
 “Change of Control Date” means the date on which a person or persons obtains Control of the Company as described in Rule 7.1(a) or
7.1(b). 
 “Company” means WPP 2005 plc, company number 5537577 which will be renamed WPP Group plc. 
 “Company Secretary” means the company secretary of the Company from time to time. 
 “Compensation Committee” means the compensation committee for the time being of the board of directors of the Company. 
 “Control” has the same meaning as in section 840 of the Income and Corporation Taxes Act 1988. 
 “Eligible Person” means any employee (including an executive director) of a Group Company. 
 “Employment” means employment as a director or employee of any Group Company. 
 “ESOP” means any of the WPP Group plc Grantor Trust, the WPP Group plc ROW ESOP, the WPP Group plc UK ESOP and any other employee benefit
trust in existence at the date of adoption of the Plan or as may otherwise be nominated from time to time by the Compensation Committee to operate in conjunction with the Plan. 
 “Financial Year” means a financial year of the Company within the meaning of section 223 of the Companies Act 1985. 
 “Good Leaver” means a Participant whose termination of Employment is as a result of: 
  

	 	(a)	death; 

  

	 	(b)	permanent disability; 

  

	 	(c)	serious long-term illness preventing the Participant from carrying out his duties of employment; or 

  

	 	(d)	retirement on a basis agreed with the Company. 

 “Group” means the Company and all of its subsidiaries (as defined in section 736 of the Act). 
  

 2 

 “Group Company” means any member of the Group. 
 “Other Leaver” means a Participant whose Employment terminates as a result of: 
  

	 	(a)	the voluntary leaving or giving notice voluntarily to leave Employment with the Group or voluntarily resigning as a director of any Group Company including, for the avoidance of
doubt, taking early retirement without the prior consent of the relevant Group Company; 

  

	 	(b)	the wrongful termination by that Participant of his contract of employment with any Group Company; 

  

	 	(c)	any other reason not referred to in the definition of Good Leaver or Bad Leaver. 

 “Participant” means a person who holds an Award including, if relevant, his legal personal representatives. 
 “Plan” means the WPP Group plc Restricted Stock Plan as from time to time amended in accordance with the provisions of the Rules. 
 “Share” means an ordinary share in the capital of the Company and includes ADRs. 
 “Trading Day” means a day (excluding Saturdays, Sundays and Bank Holidays) on which clearing banks are generally open for business in the
City of London and in New York. 
 “Treasury Shares” means qualifying shares (within the meaning of Section 162(4) of
the Act) of the Company which are purchased by the Company out of distributable profits in accordance with section 162 of the Act and held by the Company as treasury shares and which, pursuant to the Act, can be sold for cash, transferred for the
purpose of or pursuant to an employees’ share scheme (within the meaning of Section 743 of the Act) or cancelled. 
 “UK
Listing Authority” means the United Kingdom Listing Authority, a division of the Financial Services Authority. 
 “Vesting
Date” means the day after the end of the Vesting Period unless the Company is prohibited from discharging the Award on that date in which case the Vesting Date will be the first available Trading Day when the Company is no longer prohibited
from discharging that Award. 
 “Vesting Period” means the period of two calendar years commencing on the date on which an
Award is granted or such other period as may be specified by the Compensation Committee at the time an Award is granted. 
  

	2.2	Words importing the singular shall include the plural and vice versa and words importing the masculine shall include the feminine. 

  

 3 

	2.3	Any reference, express or implied, to an enactment includes references to: 

  

	 	(a)	that enactment as amended, extended or applied by or under any other enactment; and 

  

	 	(b)	any enactment which that enactment re-enacts (with or without modification). 

  

	2.4	Any reference to a Rule is a reference to one of these Rules. 

  

	3	ELIGIBILITY 

  

	3.1	No person is entitled, by virtue of the provisions of the Plan or any other means, to participate as of right in the Plan through the grant of an Award and consequently the receipt
of an Award shall in no circumstances give or imply any right to received any further award and any further right that is in fact granted to the same Participant may be on the same or on different terms. 

  

	3.2	The Compensation Committee will decide from time to time when to grant Awards under the Plan and which Eligible Persons may participate and the extent of their participation in the
Plan. 

  

	4	AWARDS 

  

	4.1	The Compensation Committee may decide, following the end of a Financial Year, or at such other time as the Compensation Committee may determine, to grant an Award to an Eligible
Person, that the grant of an Award may be subject to such terms (including performance conditions) as it determines provided that no such terms may be applied to any Award that is or is to be granted to a director of the Company that would result in
the Plan being a Long Term Incentive Scheme for the purposes of the Listing Rules of the UK Listing Authority or which could result in the issue of new Shares by the Company or to the transfer of Treasury Shares by the Company. Where such terms are
inconsistent with the other terms of the Plan, the terms specified by the Compensation Committee shall take precedence. For the avoidance of doubt, there is no restriction on the grant of Awards to Participants who are not directors of the Company
relating to whether the Award is in the form of a deferred bonus. 

  

	4.2	The maximum Award to any Participant in respect of a particular Financial Year shall be 200% (two hundred per cent) of that Participant’s Basic Salary or such other percentage
as the Compensation Committee may from time to time determine. 

  

	4.3	Awards will normally be made during an Award Period, but exceptionally may be made at other times. 

  

	4.4	The Compensation Committee may determine that an Award may be satisfied by the trustees of an ESOP (with the agreement of the trustees) or otherwise as it considers appropriate,
provided that in no circumstances shall an Award be satisfied through the issue of new Shares or the transfer of Treasury Shares. 

  

	4.5	Subject to Rule 5 a Participant shall become entitled to receive the number of Shares comprised in an Award on the Vesting Date only if the Participant continues in Employment
throughout the Vesting Period until the Vesting Date. 

  

 4 

	4.6	An Award is personal to a Participant and cannot be transferred, assigned, used as security or otherwise charged or turned to account. Any breach of the terms of this Rule 4.6 shall
result in the immediate lapse of the Award. 

  

	4.7	An Award shall lapse if the Participant commits an act of bankruptcy or enters into any arrangement with his creditors under any formal insolvency procedure.

  

	4.8	The receipt of an Award shall not confer on the Participant (unless otherwise provided in the terms of the Award) any right to the transfer of a specified number of Shares from any
particular transferor. The discharge of the Award shall be in accordance with Rule 8. 

  

	4.9	When an Award is granted the Compensation Committee may determine that the Participant shall, subject to Rule 4.10, be entitled to receive at the time of the discharge of the Award
a transfer of that number of Shares which could have been purchased if: 

  

	 	(a)	the dividends which would have been paid on such Shares during the Vesting Period had been reinvested in Shares on the date each dividend is paid after the date that the Award is
made; and 

  

	 	(b)	the dividends which would have been paid on Shares which would have been held pursuant to that reinvestment in Shares had those dividends been further reinvested in Shares, again on
the date each dividend is paid during the Vesting Period. 

  

	4.10	If a Participant is a Bad Leaver any right to receive additional Shares under 4.9 shall, unless the Compensation Committee determines otherwise, lapse on the date of termination of
Employment. 

  

	4.11	For the avoidance of doubt a Participant shall not be entitled to any voting rights in respect of Shares to be transferred in respect of an Award until those Shares are actually
transferred to the Participant. 

  

	5	CESSATION OF EMPLOYMENT 

  

	5.1	Subject to Rules 5.2 and 5.4, if a Participant ceases to be in Employment prior to the Vesting Date of an Award, that Award shall lapse except to the extent that the Compensation
Committee determines otherwise. 

  

	5.2	If a Participant ceases to be in Employment during the Vesting Period and is a Good Leaver then except to the extent that the Compensation Committee determines otherwise the Award
applicable to that Vesting Period shall not lapse and shall (subject to Rule 5.7) be discharged within a reasonable time of the cessation except that (subject to the exercise of the discretion of the Compensation Committee to determine otherwise)
the number of Shares comprised in an Award shall be reduced on a pro-rata basis to reflect the proportion of the Vesting Period between the grant of an Award and the date of cessation of employment. Where the grant of an Award was preceded by a
period during which performance targets were measured as a pre-cursor to the granting of the Award, then the Vesting Period (subject to the exercise of the discretion of the Compensation Committee to determine otherwise) shall be taken for the
purpose of the time pro-rata calculation referred to in this Rule 5.2 only as beginning at the start of the earlier period during which the performance target was measured. 

  

 5 

	5.3	If a Participant ceases to be in Employment during the Vesting Period and is a Bad Leaver the Award applicable to that Vesting Period shall lapse immediately.

  

	5.4	If a Participant ceases to be in Employment during the Vesting Period and is an Other Leaver the Award applicable to that Vesting Period shall lapse immediately unless the
Compensation Committee determines that the Award shall not lapse and/or shall be discharged early and/or shall be reduced in such manner as the Compensation Committee determines. 

  

	5.5	Subject to any relevant legal or regulatory requirements prevailing in any relevant jurisdiction, for the purposes of this Rule a woman who ceases to be in Employment due to
pregnancy or confinement will be regarded as having ceased Employment on the date on which she indicates that she does not intend to return to work. In the absence of such indication and if she has not already returned to work she will be regarded
as having ceased Employment on the last day on which she is entitled to return to work. A woman who exercises her statutory right or any equivalent contractual right to return to work following pregnancy or confinement shall not be treated as having
ceased to be in Employment. 

  

	5.6	If a Participant who has ceased to be in Employment breaches any contractual obligation owed to any Group Company relating to restrictions on that Participant following the
termination of his Employment the Participant’s Award shall be forfeited unless the Compensation Committee determines otherwise. 

  

	5.7	If a Participant ceases to be in Employment during the Vesting Period and is a Good Leaver due to leaving by reason of retirement, then the provisions of Rule 5.2 shall apply except
that the discharge of the Award shall (except to the extent that the Compensation Committee determines otherwise) take place at the time that the Award would have been discharged but for the cessation of Employment, being the original Vesting Date.

  

	6	VARIATION OF CAPITAL 

  

	6.1	In the event of any increase or variation in the capital of the Company arising out of or in connection with a capitalisation issue, an offer to the holders of Shares, a rights
issue, a subdivision, consolidation or reduction of capital, special dividend, demerger, or other variation of capital, the terms of outstanding Awards may be adjusted in such manner and on such terms as the Compensation Committee considers
appropriate. An adjustment shall not have effect unless the auditors or other advisers appointed by the Compensation Committee acting as experts and not arbitrators confirm that in their opinion the adjustment is fair and reasonable and such
confirmation shall be final and binding. 

  

	6.2	Participants shall be notified of any adjustment made under this Rule. 

  

	7	CHANGE OF CONTROL 

  

	7.1	Subject to Rule 7.3: 

  

	 	(a)	if any person (and/or persons acting in concert) obtains Control of the Company as a result or in consequence of making a general offer to acquire the whole of the issued

  

 6 

 share capital of the Company which is made subject to a condition such that if satisfied the person
making the offer will have Control of the Company, or 
  

	 	(b)	if any person (and/or persons acting in concert) obtains Control of the Company other than as a result of or in consequence of making such general offer but the offeror is bound by
Rule 5 of the City Code on Takeovers and Mergers to make a general offer for the minority, 

 then in relation to all
outstanding Awards the Vesting Period shall be deemed to end on the Change of Control Date. 
  

	7.2	If: 

  

	 	(a)	under section 425 of the Act the Court sanctions a compromise or arrangement for the purposes of or in connection with a scheme for the reconstruction of the Company or its
amalgamation with any other company or companies; or 

  

	 	(b)	a resolution is passed for the voluntary winding up of the Company for the purposes of or in connection with a reconstruction or division of the Company or its business,

 the terms of outstanding Awards will be varied in such manner as the Compensation Committee considers appropriate. A
variation shall not have effect unless the auditors or other advisers appointed by the Compensation Committee acting as experts and not as arbitrators confirm that in their opinion the variation is fair and reasonable and such confirmation shall be
final and binding. 
  

	7.3	If any company (the “Acquiring Company”) obtains Control of the Company in accordance with Rule 7.1 and: 

  

	 	(a)	the Acquiring Company also obtains Control of another company (the “Target Company”) within such period as the Compensation Committee may determine and, as a consequence
of obtaining such Control, the Company and the Target Company become subsidiaries of the Acquiring Company; and 

  

	 	(b)	the shareholders of the Company and the Target Company before the Acquiring Company obtained Control of the Company and the Target Company are the same persons who substantially
comprise the shareholders of the Acquiring Company after the Acquiring Company obtained such Control, 

 then in relation any
outstanding Awards the Compensation Committee may determine that the Vesting Period shall not be deemed to end on the Change of Control Date under Rule 7.1 and it may determine (with the agreement of the Acquiring Company) that a Participant is
required to release any outstanding Awards in consideration of the grant to the Participant by the Acquiring Company of an equivalent award. 
  

	7.4	For the purpose of Rule 7.3 an award granted pursuant to Rule 7.3 is an equivalent award to an Award if, but only if: 

  

	 	(a)	the shares to which it relates are in the Acquiring Company, and it is subject to the provisions of the Plan in the same manner as the Award immediately prior to its release;

  

 7 

	 	(b)	the shares to which it relates are of an equivalent value to the value of the Shares which were subject to the Award immediately prior to the release, and for this purpose the
Compensation Committee shall determine such equivalent value provided that the release of an Award and the grant of an equivalent award under Rule 7.3 shall not have effect unless the auditors or other advisers appointed by the Compensation
Committee acting as experts and not arbitrators confirm that in their opinion the equivalent value is fair and reasonable and such confirmation shall be final and binding; and 

  

	 	(c)	such Award is subject to the performance conditions as the original Award (if any) or such other performance conditions that the Compensation Committee determines are substantially
no more and no less onerous than those performance conditions. 

  

	7.5	With effect from the release of an Award and the grant of an equivalent award pursuant to Rule 7.3 the Plan will be construed as if: 

  

	 	(a)	the equivalent award had been granted at the same time as the Award it replaces; 

  

	 	(b)	references to the Company in the Rules were references to the Acquiring Company; and 

  

	 	(c)	references to Shares were references to shares in the Acquiring Company, 

 and the Compensation Committee may make such amendments as may be necessary to give effect to Rule 7.3. 
  

	7.6	Notwithstanding the other provisions of this Rule 7, in any circumstances where Awards (other than Awards made to directors of the Company) would otherwise have been receivable
before the end of the Vesting Period by reason this Rule 7, the Compensation Committee may determine (the determination to apply equally to all such Awards outstanding at the time) that the provisions of the Rule 7 will neither cause such Awards to
become receivable nor to lapse at different times than would otherwise be the case, if the Compensation Committee considers that the Awards will continue to be appropriate notwithstanding the changed circumstances, or that the position of
Participants can and will be adequately preserved by the grant to them of some other right or rights in substitution for or addition to the existing rights. The Compensation Committee may alternatively specify that such Awards may become receivable
before the end of the Vesting Period on the basis of being reduced on pro-rata time basis to take account of the reduced part of the Vesting Period that has elapsed. 

  

	8	DISCHARGE OF AWARDS 

  

	8.1	Subject to Rule 8.3 Awards will be discharged by the transfer of Shares to the Participant (or as he may direct, or to a depository in the case of ADRs) from an ESOP or otherwise as
the Company may determine. 

  

 8 

	8.2	Any transfer of Shares to a Participant (or as he may direct or to a depository in the case of ADRs) in respect of an Award is subject to the Compensation Committee being satisfied
that the transfer would be lawful in any relevant jurisdiction. 

  

	8.3	The transfer of Shares under the Plan is subject to obtaining any approval or consent required under the Listing Rules published by the UK Listing Authority, the Rules of the London
Stock Exchange, the Admission and Disclosure Standards of the London Stock Exchange, and otherwise complying with the provision of City Code on Take-overs and Mergers and any other applicable regulations or enactment (whether in the United Kingdom
or overseas). The Participant shall do all things necessary to obtain, or obviate the need for, such approval or consent. 

  

	9	MISCELLANEOUS 

  

	9.1	The Plan shall be administered by the Compensation Committee whose decision on any matter concerning the Plan shall be final and binding unless it is a matter in respect of which
the Rules provide that the decision of the auditors or any other adviser is final and binding. In particular the Compensation Committee may establish such procedures and regulations for the administration and implementation of the Plan as it thinks
fit. Notwithstanding the provisions of Rule 10.3 and without prejudice to the generality of the other provisions of this Rule 9.1, such procedures and regulations that relate to securities laws and exchange control compliance may affect the
operation of Awards granted before the establishment of such procedures and regulations. 

  

	9.2	The Compensation Committee or any committee or agent that they may from time to time delegate authority to, shall approve all documents required in connection with Awards.

  

	9.3	The Compensation Committee may establish arrangements under which the cash value of an Award may be paid to an Eligible Person in lieu of the discharge of the Award under Rule 8.

  

	9.4	The cost of establishing and operating the Plan (including but not limited to stamp duty and stamp duty reserve tax arising on a transfer of Shares pursuant to Rule 8) shall be
borne by the Company but may be recharged to the relevant Group Companies on such arm’s length basis as is considered appropriate from time to time. 

  

	9.5	Any notice given under the Plan may be given by personal delivery, delivery by email or by sending the same by post in the case of the Company to its registered office from time to
time marked for the attention of the Company Secretary (or to such other address and person as may be specified by the Company from time to time) and in the case of a Participant, the address which he shall have given to the Company for the purpose
or which shall be known to the Company to be his address from time to time. 

  

	9.6	Any notice served shall be deemed to have been received: 

  

	 	(a)	at the time of delivery if delivery is by hand; or 

  

	 	(b)	at the time the email is sent, if delivery is by email; or 

  

 9 

	 	(c)	in the case of pre-paid post, on the fifth Trading Day after the date of posting. 

  

	9.7	Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 

  

	9.8	Participation in the Plan is a matter separate from any contract of employment or other agreement and any benefit conferred by the Plan shall not be regarded as salary or counted
for pension or any other purpose. Participation in the Plan by any individual is entirely at the discretion of the Board and in no circumstances shall the fact that an individual has received an Award or Awards in the past give that individual any
right to receive a further Award or Awards. 

  

	9.9	The rights and obligations of any individual under the terms of his office or employment with any Group Company will not be affected by his participation in the Plan and the Plan
does not form part of any contract of employment between any individual and any Group Company. 

  

	9.10	A Participant shall have no entitlement by way of compensation or damages resulting from the termination of the office or employment (for any reason and whether lawful or not) by
virtue of which he is or may be eligible to participate in the Plan or for the loss or reduction of any right or benefit or prospective right or benefit under the Plan which he might otherwise have enjoyed whether the compensation is claimed for
wrongful dismissal or otherwise. 

  

	9.11	The Plan is intended to operate on a worldwide basis and, accordingly, the Compensation Committee may adopt any rate of exchange for converting any currency into any other currency
as it decides at any time and from time to time for any purpose in connection with the Plan. 

  

	9.12	No obligation to transfer Shares shall arise, nor shall there be any obligation to do any other thing in relation to a Participant under or in connection with the Plan or the making
or vesting of any Award unless and until the Compensation Committee is satisfied in its discretion that either: 

  

	 	(a)	the Participant has made payment or has made arrangements (which may include where specified at the date of grant of an Award by the Compensation Committee, validly electing for the
Participant to be liable directly for any employer’s National Insurance contributions) satisfactory to the Compensation Committee for the payment to the relevant Group Company or other person of such sum as is, in the sole discretion of the
Compensation Committee, sufficient to settle any liability for any tax and/or, unless the Compensation Committee otherwise determines, social security contributions (which, within the UK shall include employees’ National Insurance
contributions, and where determined by the Compensation Committee at the time of the grant of the Award, employer’s National Insurance contributions and which outside the UK shall only include taxes which are equivalent to UK employer’s
National Insurance Contributions where determined by the Compensation Committee at the time of the grant of the Award) or the like (in any jurisdiction) which are or may be recovered from such person in connection with the Plan or any Award and in
respect of which the relevant Group Company or other person is or may be liable to account for or pay in any jurisdiction; or 

  

 10 

	 	(b)	the Participant has entered into an agreement satisfactory to the Compensation Committee to ensure that such a payment will be made by the Participant. 

  

	9.13	Receipt of an Award shall authorise the Company or any person nominated by the Company at its sole discretion to sell such number of Shares due to be transferred to a Participant as
it may estimate as being necessary to produce a cash sum sufficient to meet the liabilities referred to in Rule 9.12 and account to the relevant Group Company or other person and/or the relevant authorities in respect of such tax and/or social
security liabilities (in any jurisdiction) at the appropriate time provided that any excess sum generated by such sale that is not required shall be accounted for to the Participant. 

  

	9.14	If a Participant owes a debt or other monetary obligation to a Group Company, the relevant Group Company has a charge over the Participant’s interest in the Plan. Satisfaction
of an Award may be withheld until the Participant has discharged, to the satisfaction of the Compensation Committee, the debt or other monetary obligation. 

  

	9.15	The Plan and any Award shall be governed by and construed in accordance with the laws of England and Wales and the Company and the Participants (together with any Eligible Persons
who do not become Participants) shall submit to the exclusive jurisdiction of the Courts of England and Wales. 

  

	10	AMENDMENT 

  

	10.1	Subject to Rules 10.2 and 10.3, the Compensation Committee may at any time alter or add to all or any provisions of the Plan, or the terms of all or any Awards made under it, in any
respect. 

  

	10.2	No alteration or addition shall be made under Rule 10.1 that would or might result in new Shares being issued in respect of the Plan or that would or might result in Treasury Shares
being transferred in respect of the Plan or which would result in the Plan becoming a Long Term Incentive Scheme as defined in the Listing Rules of the UK Listing Authority, in each case without the prior approval of the Company in general meeting.

  

	10.3	No alteration or addition shall be made to the terms of any Award made prior to the date of the alteration or addition which would adversely affect a Participant’s interest in
that Award in any material respect without the consent of the relevant Participant. 

  

 11 

 APPENDIX 
 The Plan will apply to Awards granted to residents of France subject to the modifications set out in this Appendix. 
  

	1	The grant of an Award to Eligible Persons is made under the same conditions as those set forth by Articles L225-197-1 to L225-197-5 of the French Commercial Code. The grant of an
Award is notably authorised by the corporate structure, which is qualified to make decisions regarding Company share capital. 

  

	2	Notwithstanding any other provision of the Plan: 

  

	2.1	the Company may only offer Awards to employees of its French subsidiaries whose share capital (or voting rights) are held as to at least 10% directly or indirectly by Company;

  

	2.2	no Award may be granted to any Eligible Person who owns more than 10% of the issued ordinary share capital of the Company for the time being; 

  

	2.3	the number of Shares comprised in Awards under the Plan cannot exceed 10% of issued ordinary share capital of Company from time to time; 

  

	2.4	subject to paragraph 2.6 below, the Vesting Period must not be less than two years; 

  

	2.5	the Participant must hold the Shares received on the Vesting Date for at least two years; 

  

	2.6	if a Participant’s employment terminates as a result of death, he shall be treated as a Good Leaver provided that his heirs formally request distribution of the Shares under
the Award within six months of the death of the Participant. 

  

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]