Document:

Exhibit 4.1

PRUDENTIAL PLC
RULES OF THE PRUDENTIAL DEFERRED ANNUAL INCENTIVE
PLAN
2013
As approved by the Remuneration Committee of the board of directors of the Company on 30
September 2013 and as amended by the Remuneration Committee on 27 June 2017, 26 June 2018
14 May 2019, 27 February 2020 and 28 February 2022
560325860
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Table of Contents
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	Contents
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	1
	Interpretation and definitions
	2

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	2
	Eligibility
	3

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	3
	Terms of Awards
	4

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	4
	Granting Awards
	4

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	5
	No transfer of Awards and Awards not pensionable
	5

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	6
	Rights issues and variations of capital
	5

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	7
	Vesting
	5

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	8
	Adjustment and Clawback of Awards
	6

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	9
	Exercise and lapse of Nil-Cost Options
	8

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	10
	Leaving employment, death and other lapse
	8

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	11
	Sale of employer and takeover of Prudential
	9

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	12
	Demergers and significant distributions
	10

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	13
	Tax
	10

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	14
	General
	11

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	15
	Changing the Plan
	14

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	16
	Governing law and jurisdiction
	14

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	SCHEDULE 1
	15

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	SCHEDULE 2 United States
	17

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	1
	Interpretation and definitions

	1.1
	Definitions

In these rules (including in any Schedule to these rules, unless the same term is defined in the Schedule):
“Award” means a right to acquire Shares (which can take the form of a Conditional Award or a Nil-Cost Option or a Restricted Share Award) granted under the Plan;
“Bonus” means in respect of an Award, the amount of a Participant’s annual bonus for the financial year by reference to which the Award is granted;
“Cause” means termination of employment in circumstances which entitle a Participant’s employer to dismiss him summarily under the terms of his employment contract or under the law of the jurisdiction applicable to the Participant’s employment at the time of such termination;
“Company” means Prudential plc;
“Conditional Award’ means a right to acquire Shares for free on Vesting;
“Control” means, in relation to a body corporate, the power of a person to secure:
		(a)
	by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate; or

		(b)
	by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate

that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person and Controlled will be construed accordingly;
“Date of Grant” means, in respect of an Award, the date confirmed as the date of grant in accordance with rule 3.1 of the Plan;
“Dealing Restrictions” means any restrictions imposed by statute, order, regulation or Government directive, or by any code adopted by the Company based on the Model Code of the UK Listing Authority for transactions in securities by directors, certain employees and persons connected with them;
“Dividend Equivalent” means a right to have the number of Shares subject to an Award increased on Vesting as described in rule 7.5;
“Exchange Rate” means, for any day, the average exchange rate between any two currencies quoted in the Financial Times for the period of 30 consecutive days ending with the day before that day;
“Grantor” means the Member of the Group or the trustee of any employee trust who has agreed before the Date of Grant to be the Grantor in relation to an Award or, if no company or trust has so agreed, the Company;
“Group Remuneration Committee” or “Remuneration Committee” means the Remuneration Committee of the board of directors of the Company or any other duly authorised committee or other body of persons to whom the Group Remuneration Committee delegates some or all of its functions or, where a discretion is to be exercised
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under rule 11, those people who were the Group Remuneration Committee immediately before the event by virtue of which that rule applies or will apply;
“Hong Kong Stock Exchange” means the Stock Exchange of Hong Kong Limited or any successor entity;
“London Stock Exchange” means London Stock Exchange plc;
“Market Value” means, on any day, the average of the middle market closing quotation of a Share as derived from the Daily Official List of the London Stock Exchange (or from any other stock exchange on which Shares are listed) over the period of 3 consecutive trading days immediately preceding that day or, at the discretion of the Remuneration Committee, either (a) the middle market quotation of the closing price for a Share as so derived for the immediately preceding day or on the day itself or (b) any such quotation or price on such other trading day or trading days as the Remuneration Committee considers to be appropriate in the circumstances;
“Member of the Group” means:
		(i)
	the Company; and

		(ii)
	its Subsidiaries from time to time; and

“Nil-Cost Option” means a right to acquire Shares at the option price specified at the Date of Grant (which could be a nominal price);
“Participant” means a person holding an Award or his personal representatives;
“Plan” means these rules known as the “Prudential Group Deferred Annual Incentive Plan 2013” as changed from time to time;
“Release Date” is the date or dates on which Shares are transferred to a Participant in satisfaction of an Award;
“Relevant Employee Share Plan” means an employee share plan operated by a Member of the Group, other than an employee share plan which has been registered with HM Revenue & Customs for the purposes of the Income Tax (Earnings and Pensions) Act 2003;
“Restricted Share Award” means a right to Restricted Shares;
“Restricted Shares” means Shares granted under Schedule 1 to the Plan;
“Shares” means fully paid ordinary shares in the capital of the Company or American Depositary Receipts in respect of one or more such shares;
“Subsidiary” means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006;
“Vesting” means, in the case of a Conditional Award, a Participant’s right to Shares becoming unconditional and, in the case, of a Nil-Cost Option, the Nil-Cost Option becoming exercisable, each as described in rule 7;
“Vesting Date” is the date or dates on which an Award will normally Vest which will be determined for each Award as described in rule 3.1.2.
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	1.2
	Schedules

In the event of any conflict between a Schedule to these rules applicable to any Award and the rest of these rules, the Schedule will prevail.
	2
	Eligibility

The Remuneration Committee may select any employee of a Member of the Group who has been awarded a Bonus to participate in the Plan.
	3
	Terms of Awards

	3.1
	Terms to be set at grant

On or before the grant of an Award or the payment of a Bonus, the Remuneration Committee will determine:
		3.1.1
	the amount or percentage of the Bonus which would otherwise be payable to the Participant which will be paid to him in the form of an Award;

		3.1.2
	the Vesting Date or Vesting Dates of the Award to be made;

		3.1.3
	whether the Award will take the form of a Nil-Cost Option or a Conditional Award or a Restricted Share Award (and, if it does not, the Award will take the form of a Conditional Award) provided that the form which the Award takes may be changed prior to its Vesting, if the Company and the Participant agree, to be a Nil-Cost Option, a Conditional Award or a Restricted Share Award, as the case may be;

		3.1.4
	whether the Award will carry Dividend Equivalents in accordance with rule 7.5 (and it will, unless the Remuneration Committee decides otherwise);

		3.1.5
	the Date of Grant (or if it does not, the Date of Grant will be confirmed when the Award is communicated to the Participant);

		3.1.6
	whether the Award is subject to clawback provisions in accordance with Rule 8.4;

		3.1.7
	which Schedules will apply to the Award (in addition to any which apply by virtue of rule 3.2); and

		3.1.8
	any other terms or conditions to be applicable to the Award, at the discretion of the Remuneration Committee.

	3.2
	Application of Schedules

Schedule 1 will apply to Awards which take the form of Restricted Shares. Schedule 2 will apply to Awards made to a Participant who is subject to taxation under the laws of the United States of America.
	3.3
	Number of Shares subject to Award

The number of Shares subject to each Award will be the amount of the Bonus which would otherwise be payable to the Participant which is to be paid in the form of an Award (see rule 3.1.1) divided by the Market Value of a Share on the Date of Grant, rounded down to the nearest whole Share.
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The Bonus shall be converted into the currency in which Shares are traded (if different to that in which the Bonus is to be paid) using the Exchange Rate.
	4
	Granting Awards

	4.1
	Documentation of Awards

Awards will be granted by deed. Each Participant will be sent an award certificate and/or an award letter on or as soon as practicable after the Date of Grant (and the award certificate may be the deed granting the Award or another document). The certificate and/or the award letter will summarise the terms which have been set in relation to the Award under rule 3.1.
The deed and certificate will be sent on such basis as may be determined by the Share Plan Committee (not inconsistent with these rules and the decisions made under rule 3) and will be issued in relation to any Award, only with the approval of that committee. The ‘Share Plan Committee’ is the committee established by the board of the Company to administer the Plan.
	4.2
	Time when Awards may be granted

As soon as reasonably practicable after the announcement of the Group’s annual results for the financial year when the number of Shares subject to the Award can be determined (having regard to any Dealing Restrictions), the Company will grant to each Participant an Award over the number of Shares determined under rule 3.3. An Award may be granted at any other time, subject to any Dealing Restrictions, if the Remuneration Committee determines that this is appropriate.
	5
	No transfer of Awards and Awards not pensionable

A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If, in breach of this rule, a Participant transfers, assigns or disposes of an Award or rights, whether voluntarily or involuntarily, the relevant Award will immediately lapse. This rule 5 does not apply to the transmission of an Award on the death of a Participant to his personal representatives.
Neither an Award nor any benefit in respect of the Plan is pensionable.
	6
	Rights issues and variations of capital

If there is a variation in the equity share capital of the Company, including a capitalisation, sub-division, consolidation or reduction of share capital or if there is a rights issue, demerger (in whatever form), special dividend or exempt distribution for tax purposes or other distribution in specie, the number of Shares and/or the kind of securities comprised in each Award may be adjusted in any way (including retrospective adjustments) which the Group Remuneration Committee considers appropriate to take account of the effect of the transaction on the value of Awards.
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	7
	Vesting

	7.1
	Normal Vesting

Subject to the rest of these rules, an Award will Vest on each Vesting Date as to the relevant number of Shares (increased as described in rule 7.5 if applicable).
Unless the Vesting of an Award on each Vesting Date and the subsequent delivery of Shares in respect of it do not give rise to any dealing which would be a Dealing Restriction, the Award will Vest as soon as is practicable after the Dealing Restriction no longer applies.
	7.2
	Consequences of Vesting for Conditional Awards

Subject to the rest of this rule 7 and to rule 13, to the extent a Conditional Award Vests, the Grantor will procure that the relevant number of Shares is transferred to or to the order of the Participant within 30 calendar days of the date on which it Vests.
	7.3
	Consequences of Vesting for Nil-Cost Options

		7.3.1
	Subject to Rule 7.1 and Rule 8, the Participant may exercise a Nil-Cost Option from the date on which it Vests. He may exercise it only in respect of the number of Shares in respect of which it has Vested.

		7.3.2
	Subject to the rest of this rule 7 and to rule 13, the Grantor will procure that the relevant number of Shares are transferred to or to the order of the Participant within 30 calendar days of the date on which it is validly exercised.

	7.4
	Cash equivalent

The Remuneration Committee may decide, if it is appropriate for legal, regulatory or tax reasons, to make a cash payment to a Participant, in lieu of delivering Shares, of an equivalent value to the Shares on the date of Vesting (or the date of exercise in the case of a Nil-Cost Option), including any additional Shares under rule 7.5.but subject to any necessary deductions required by law.
	7.5
	Dividend equivalents

If an Award carries Dividend Equivalents, the number of Shares subject to it will be enhanced on the basis determined by the Remuneration Committee, which may be by increasing the number of Shares comprised in the Award (including any additional Shares previously added to it under this rule 7.5) by an additional number of Shares having a Market Value on the record date of the dividend or when it is paid (or on such other date as the Remuneration Committee may determine) equivalent to the gross or net amount of the dividend to take account of all dividends the record date for which falls between the Date of Grant and the Release Date.
The number shall be rounded down to the nearest whole Share and for the purpose of this rule 7.5, dividends means ordinary dividends paid in respect of Shares, unless the Remuneration Committee determines otherwise in any particular case. It will not include any distribution in respect of which an adjustment is made under rule 6.
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The Participant’s entitlement to an increased number of Shares under his Award under this rule 7.5 may, at the Remuneration Committee’s discretion, be satisfied with a cash payment of an equivalent value to those additional Shares but subject to any necessary deductions required by law, notwithstanding that the remainder of the Award is satisfied with Shares.
	8
	Adjustment and Clawback of Awards

	8.1
	Review of Awards

		8.1.1
	Prior to an Award Vesting, the Group Remuneration Committee may, in its absolute discretion, determine that an Award should be adjusted if it decides that:

		(i)
	a business decision taken after the start of the financial year to which the Bonus relates by the business unit in which the Participant works at the time of the decision has resulted in a material breach of any law, regulation, code of practice or other instrument which applies to companies or individuals within the business unit;

		(ii)
	there is a materially adverse restatement of the accounts for the year to which the Bonus relates:

		(a)
	of the business unit in which the Participant worked at any time in that year; and/or

		(b)
	of any Member of the Group which is attributable to incorrect information about the affairs of that business;

		(iii)
	in respect of any Award granted on or after 27 February 2020, the calculation of the Bonus in respect of which an Award was granted or of the number of Shares subject to an Award was based on erroneous or misleading data or was otherwise incorrect; or

		(iv)
	in respect of any Award granted on or after 27 February 2020, the Participant's personal conduct during either such years or the period between the Date of Grant and the Vesting Date has:

		(a)
	resulted in the Company, or any Member of the Group, suffering significant reputational or financial damage;

		(b)
	the potential to cause significant reputational or financial damage to the Company or any Member of the Group; and/or

		(c)
	resulted in the material breach of a Member of the Group's business code of conduct or law.

		8.1.2
	If rule 8.1.1 applies, the Group Remuneration Committee will make the same decision in respect of all Participants who work for the same business unit at the time of the decision.

	8.2
	Postponement of Vesting Date

Where the Committee considers that there are circumstances that require further investigation or review which may, following such investigation or review, lead to a
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determination that an Award should be adjusted under Rule 8.1, the Committee may postpone the Vesting Date applicable to the whole or part of that Award (at its discretion) to such later date as the Committee determines. If the Committee determines to postpone the Vesting Date of an Award then the Committee will notify the affected Participant(s) of that postponement and of the estimated date by which such further investigation or review will be concluded. Following completion of such further investigation or review the Committee will, subject to any adjustment to be made under Rule 8.1, determine the revised Vesting Date for that Award.
	8.3
	Adjustment of Awards

Following any review under Rule 8.1, the Group Remuneration Committee may determine that any Award which has not yet Vested be adjusted, by reducing the number of Shares in respect of that Award as the Group Remuneration Committee believes to be appropriate (including to zero). The Shares which may be adjusted may include any Shares which represent any dividends in accordance with Rule 7.5. Any Participant affected by an adjustment will be notified of this in writing as soon as practicable.
	8.4
	Clawback

Unless the Remuneration Committee determines otherwise at the time an Award is made, the Remuneration Committee may exercise its powers under this Rule 8.4 in respect of any Award made on or after 1 January 2015 to a Participant who is a member of the Group Executive Committee.
This Rule 8.4 applies in circumstances where at any time before the fifth anniversary of the end of the relevant financial year or other period in respect of which the relevant Bonus was payable the Remuneration Committee determines in its absolute discretion that:
		(i)
	there is a materially adverse restatement of the Company’s published accounts in respect of any financial year by reference to which (in whole or part) the Bonus was calculated;

		(ii)
	it becomes apparent that a material breach of a law or regulation took place during either such years or the period between the Date of Grant and the Vesting Date which resulted in significant harm to the Company or its reputation;

		(iii)
	in respect of any Award granted on or after 27 February 2020, the calculation of the Bonus in respect of which an Award was granted or of the number of Shares subject to an Award was based on erroneous or misleading data or was otherwise incorrect; or

		(iv)
	in respect of any Award granted on or after 27 February 2020, the Participant’s personal conduct during either such years or the period between the Date of Grant and the Vesting Date has:

		(a)
	resulted in the Company, or any Member of the Group, suffering significant reputational or financial damage;

		(b)
	the potential to cause significant reputational or financial damage to the Company or any Member of the Group; and/or

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		(c)
	resulted in the material breach of a Member of the Group’s business code of conduct or law.

If, in respect of any Award granted on or after 27 February 2020, an investigation into the conduct or actions of any Participant or any Member of the Group has started before, but has not been completed by, the fifth anniversary of the end of the relevant financial year or other period in respect of which the relevant Bonus was payable, the Remuneration Committee may, in its absolute discretion, determine that the provisions of this Rule 8.4 may be applied to that Award until such later date as the Remuneration Committee may determine to allow that investigation to be completed and the Remuneration Committee to consider the outcome of the investigation.
If this Rule 8.4 applies then the Remuneration Committee may, to the extent that it considers appropriate, taking account (in the case of (i) and (ii) above) of the extent of each Participants’ responsibility for the relevant restatement or breach, determine in its absolute discretion:
		(a)
	in respect of Awards granted prior to 27 February 2020:

		(i)
	in respect of any Conditional Awards which have vested or Nil-Cost Options that have been exercised that the relevant Participant must repay to the Company by way of clawback an amount in cash up to the net value of the Shares he received at the date the Award vested or was exercised (as the case may be) (based on the share price at that date) after deductions were made for tax and employee social security contributions. Following any such determination the Participant shall make payment of the relevant amount within 28 days of the Participant being given notice of such determination.

If a Participant should fail to make payment within that period then, without prejudice to any other remedies which the Company may have, the Remuneration Committee may make a reduction of an equivalent amount to (i) any unvested Awards which the Participant may have under the Plan or any other employee share scheme operated by the Company and/or (ii) any future bonus payment which would otherwise have been payable, and/or (iii) any salary payments or other remuneration which are due or would otherwise have been payable, in each case, to the extent permitted under applicable law; and
		(iii)
	in respect of any Nil-Cost Options that have not been exercised, to reduce the number of Shares subject to the Nil-Cost Option or to cancel the Nil-Cost Option in its entirety; or

		(b)
	in respect of Awards granted on or after 27 February 2020, in place of requiring the Participant to take the action referred to in the first paragraph of (a)(i) above (which it may still do, in its discretion):

		(i)
	reduce the amount of any future payments made on or after 27 February 2020 in connection with the Plan or under any other discretionary bonus or incentive arrangements;

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		(ii)
	reduce the number of Shares that would become available to the Participant upon the vesting of any unvested share award granted under any Relevant Employee Share Plan on or after 27 February 2020 and held by the Participant; and/or

		(iii)
	reduce the number of shares over which a vested but unexercised share award granted under any Relevant Employee Share Plan on or after 27 February 2020 and held by the relevant Participant may be exercised

on such basis that the Remuneration Committee considers in its absolute discretion to be fair, reasonable and proportionate (which may include the recovery of the pre-tax value of the Shares that the Remuneration Committee determines should be recovered).
The Remuneration Committee may take any action referred to in paragraphs (b)(i) to (iii) above to give effect to the operation of any withholding or recovery provisions similar to this rule 8.4 in any Relevant Employee Share Plan, discretionary bonus plan or other incentive arrangement operated by a Member of the Group.
	9
	Exercise and lapse of Nil-Cost Options

A Nil-Cost Option can be exercised for the period of six months from the date it Vests at the end of which it will lapse.
A Nil-Cost Option can only be exercised by written notice to the Company or the Grantor in such form (including electronic form) as the Share Plan Committee or the Remuneration Committee may specify and on payment of the specified option price (if any). The date of exercise of the Nil-Cost Option will be the date of actual receipt of the notice.
	10
	Leaving employment, death and other lapse

	10.1
	Ceasing to be an employee other than as set out in Rule 10.2 and Rule 10.3

Except where rule 10.2 or rule 10.3 applies or where the Participant’s employer is sold (see rule 11), if a Participant ceases to be an employee of a Member of the Group, his Award will continue in effect, subject to the rules of the Plan, unless the Remuneration Committee determines that it may Vest on or soon after the date the employment ceases, on such basis as the Remuneration Committee may specify. If, in accordance with Rule 3.1.7, an Award was granted on the basis that it will lapse on specified cessation of employment circumstances, it shall lapse in accordance with those circumstances.
	10.2
	Cause

An Award which has not Vested will immediately lapse if:
		10.2.1
	the Participant ceases to be an employee for Cause; or

		10.2.2
	after he has ceased to be an employee, facts emerge which, if known at the time of cessation, would have amounted to Cause.

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	10.3
	Death

If a Participant dies, the Award will Vest in full on the date of death.
	11
	Sale of employer and takeover of Prudential

	11.1
	Exchange or Vesting on a Takeover or sale of employer

If there is a Takeover or if the Participant’s employer is sold, the Group Remuneration Committee, in its absolute discretion, will decide whether an Award will:
		11.1.1
	Vest in part or in full on the Takeover or sale becoming effective (and if the Award is a Nil-Cost Option, when it will lapse to the extent not exercised); and/or

		11.1.2
	continue in accordance with the rules of the Plan; and/or

		11.1.3
	lapse and, in exchange, the Participant will be granted an award under any other share or cash incentive plan which the Group Remuneration Committee, in its absolute discretion, considers to be broadly equivalent to the Award; and/or

		11.1.4
	be exchanged in accordance with rule 11.2.

Alternatively, the Group Remuneration Committee may allow the Participant to choose from two or more of the choices above.
For the avoidance of doubt, the Group Remuneration Committee need not make the same decision in relation to all affected Awards.
There is a “Takeover” if:
		11.1.5
	a person (or a group of persons acting in concert) obtains Control of the Company as a result of making an offer to acquire Shares; or

		11.1.6
	a court sanctions a compromise or arrangement under section 895 of the Companies Act 2006 in connection with the acquisition of Shares.

A Participant’s employer is sold if:
		11.1.7
	the Participant’s employing company ceases to be under the Control of the Company;

		11.1.8
	there is a transfer of the undertaking, or the part of the undertaking, in which the Participant works to a person which is neither under the Control of the Company nor a Member of the Group nor any other company which is designated by the Group Remuneration Committee to be an associated company.

	11.2
	Exchange of Awards

If an Award is to be exchanged, the following provisions will apply:
		11.2.1
	The new award will be in respect of shares in any body corporate determined by the company offering the exchange.

		11.2.2
	The new award shall have equivalent terms as the Award that was exchanged.

		11.2.3
	The new award will be treated as having been acquired at the same time as the Award that was exchanged and will Vest in the same manner and at the same time.

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		11.2.4
	The new award will be subject to the rules as they last had effect in relation to the Award that was exchanged.

		11.2.5
	With effect from the exchange, the rules will be construed in relation to the new award as if references to Shares were references to the shares over which the new award is granted and references to the Company were references to the body corporate determined under rule 11.2.1.

	12
	Demergers and significant distributions

If the Group Remuneration Committee becomes aware that the Company is or is expected to be affected by any demerger, dividend in specie, super dividend or other transaction not falling within rule 11 (takeovers) which, in the opinion of the Group Remuneration Committee, would affect the current or future value of any Award, the Group Remuneration Committee, may, acting fairly, reasonably and objectively, in their discretion, allow some or all Awards to Vest wholly or in part.
The Group Remuneration Committee will notify any Participant who is affected by its exercising its discretion under this rule.
	13
	Tax

The Participant will be responsible for all taxes, social security contributions or other levies arising in connection with the grant, Vesting, exercise, surrender or transfer of any Award and the transfer of Shares in connection with it or the payment or deferral of any Bonus. Notwithstanding anything else in these rules, the Company, any employing company or the trustee of any employee benefit trust from which Shares may be provided may make such arrangements as it considers necessary to recover the amount of any such liability from the Participant. These arrangements may include:
		(i)	selling sufficient Shares on behalf of the Participant and retaining the proceeds; or (ii) reducing the number of Shares to be transferred to the Participant under the Plan; or

		(iii)
	deducting any amount from any cash payment due to the Participant under the Plan or otherwise.

	14
	General

	14.1
	Rights attaching to Shares

The Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the date of transfer. He will not be entitled to rights before that date.
	14.2
	Shares to be listed

If and so long as Shares are listed on the Official List of the UK Listing Authority and traded on the London Stock Exchange (or, if the Remuneration Committee so determines, the Hong Kong Stock Exchange), the Company will apply for listing of any Shares issued (on the London Stock Exchange or, if the Remuneration Committee so determines, the Hong Kong Stock Exchange) under the Plan as soon as practicable after their allotment.
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	14.3
	Consents

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force anywhere in the world. The Participant will be responsible for complying with any requirements he needs to fulfil in order to obtain or avoid the necessity for any such consent.
	14.4
	Articles of association

Any Shares acquired pursuant to Awards are subject to the articles of association of the Company from time to time in force.
	14.5
	Documents sent to shareholders

The Company need not send to Participants copies of any documents or notices normally sent to the holders of its Shares.
	14.6
	Committee’s decisions final and binding

The decision of the Group Remuneration Committee on the interpretation of the rules or in any dispute relating to Bonuses or Awards or any other matter relating to the Plan will be final and conclusive.
	14.7
	Costs

Each employing company will, if requested by the Company, reimburse the Company for any costs incurred in connection with Bonuses or Awards made to employees of that company.
	14.8
	Relationship of the Plan to the Participant’s employment

		14.8.1
	For the purposes of this rule, “Employee” means any Participant, any person who is eligible to become a Participant or any other person.

		14.8.2
	This rule applies:

		(i)
	whether the Company has full discretion in the operation of the Plan, or whether the Company could be regarded as being subject to any obligations in the operation of the Plan;

		(ii)
	during an Employee’s employment or employment relationship; and

		(iii)
	after the termination of an Employee’s employment or employment relationship, whether the termination is lawful or unlawful.

		14.8.3
	Nothing in the rules or the operation of the Plan forms part of the contract of employment or employment relationship of an Employee. The rights and obligations arising from the employment relationship between the Employee and his employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment or a continued employment relationship.

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		14.8.4
	The grant of Bonuses or Awards on a particular basis in any year does not imply any right to or expectation of the grant of Bonuses or Awards on the same basis, or at all, in any future year.

		14.8.5
	No Employee is entitled to participate in the Plan, or be considered for participation in it, at a particular level or at all.

		14.8.6
	Without prejudice to an Employee’s right to acquire Shares on the Vesting of an Award and subject to and in accordance with the express terms of the rules and any performance condition, no Employee has any rights in respect of the exercise or omission to exercise any discretion, or the making or omission to make any decision, relating to a Bonus or an Award. Any and all discretions, decisions or omissions relating to the Award may operate to the disadvantage of the Employee, even if this could be regarded as capricious or unreasonable, or could be regarded as in breach of any implied term between the Employee and his employer, including any implied duty of trust and confidence. Any such implied term is excluded and overridden by this rule.

		14.8.7
	No Employee has any right to compensation for any loss in relation to the Plan, including:

		(i)
	any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason (including lawful or unlawful termination of employment or the employment relationship);

		(ii)
	any exercise of a discretion or a decision taken in relation to a Bonus Award or an Award or to the Plan, or any failure to exercise a discretion or take a decision;

		(iii)
	the operation, suspension, termination or amendment of the Plan.

		14.8.8
	The grant or Vesting of an Award is permitted only on the basis that the Participant accepts all the provisions of the rules, including in particular this rule. By participating in the Plan, an Employee waives all rights in relation to the Award, other than the right to acquire Shares on the Vesting of the Award subject to and in accordance with the express terms of the rules and any performance condition, in consideration for, and as a condition of, the grant of a Bonus or an Award under the Plan.

		14.8.9
	Nothing in this Plan confers any benefit, right or expectation on a person who is not an Employee. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any other right or remedy of a third party.

		14.8.10
	Each of the provisions of this rule 14.8 is entirely separate and independent from each of the other provisions. If any provision is found to be invalid then it will be deemed never to have been part of these rules and to the extent that it is possible to do so, this will not affect the validity or enforceability of any of the remaining provisions.

	14.9
	Employee trust

The Company and any Member of the Group may provide money to the trustee of any trust or any other person to enable them or him to acquire shares to be held for the purposes of
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the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by Section 682 of the Companies Act 2006.
	14.10
	Data protection

By participating in the Plan, the Participant consents to the holding and processing of personal data provided by the Participant to the Company for all purposes relating to the operation of the Plan. These include, but are not limited to:
		14.10.1
	administering and maintaining Participant records;

		14.10.2
	providing information to trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan;

		14.10.3
	providing information to future purchasers of the Company or the business in which the Participant works;

		14.10.4
	transferring information about the Participant to any country.

	14.11
	Notices

Any notice or other document which has to be given to a Participant or prospective Participant under or in connection with the Plan may be:
		14.11.1
	delivered or sent by post to him at his home address according to the records of his employing company; or

		14.11.2
	sent by e-mail or fax to any e-mail address or fax number which according to the records of his employing company is used by him;

or in either case such other address which the Company considers appropriate.
Any notice or other document which has to be given to the Company or other duly appointed agent under or in connection with the Plan may be delivered or sent by post to it at its respective registered office (or such other place as the Remuneration Committee or duly appointed agent may from time to time decide and notify to Participants) sent by e-mail or fax to any e-mail address or fax number notified to the sender.
Notices sent by post will be deemed to have been given on the second day after the date of posting. However, notices sent by or to a Participant in a different country to that from which the notice was sent will be deemed to have been given on the seventh day after the date of posting.
Notices sent by e-mail or fax, in the absence of evidence of non-delivery, will be deemed to have been received on the day after sending.
	15
	Changing the Plan

The Group Remuneration Committee may at any time change the Plan in any way (including changes to Awards already granted) and may add new Schedules to the rules.
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	16
	Governing law and jurisdiction

English law governs the Plan and all Awards and their construction. The English Courts have non-exclusive jurisdiction in respect of disputes arising under or in connection with the Plan, or any Bonus or any Award.
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SCHEDULE 1
Restricted Share Awards
This Schedule 1 shall apply to any Award which takes the form of Restricted Shares. Restricted Shares may be granted to a Participant who has elected to pay income tax in respect of their Awards prior to the date of Vesting.
	1
	Definitions

	1.1
	The meaning of words used for Awards will apply to Restricted Share Awards unless stated otherwise and unless the context otherwise requires.

	1.2
	The rules applying to Awards will apply to Restricted Share Awards, except as set out below or as the context requires, as if references to Awards were references to Restricted Share Awards.

	1.3
	Restricted Shares are the Shares comprised in a Restricted Share Award.

	2
	Restricted Share Agreement

A Participant who is to be made a Restricted Share Award must enter into an agreement prior to the Restricted Share Award being made (“Restricted Share Agreement”) which provides that:
	2.1
	The Participant will waive any rights to dividends and voting rights until the date of Vesting;

	2.2
	The Participant will enter into a tax election under Section 431 of the Income Tax (Earnings and Pensions) Act 2003 no later than 14 days after the date of grant of the Restricted Share Award;

	2.3
	The Participant will not (except for transfer on death to their personal representatives or the sale of Shares to pay tax or the sale of some rights under a rights issue or similar transaction to enable the balance of such rights to be exercised) transfer or assign his Restricted Share Award or any Restricted Shares comprised in it before the Vesting Date and if he does the Restricted Share Award will lapse and the Restricted Shares will immediately be forfeit (meaning that the Restricted Shares will be transferred, with no consideration or compensation payable to the Participant, as the Company may direct);

	2.4
	The Participant will sign any document requested by Company to enforce these rules and any terms of the Restricted Share Agreement;

	3
	Award

As soon as practicable after a Restricted Share Award has been made, the Company will procure that the relevant number of Restricted Shares are transferred to the Participant or another person to be held for the benefit of the Participant.
	4
	Tax

The Company may arrange for the sale of such number of Restricted Shares to meet any income tax or social security charges of the Participant. Such sale may take place prior to the date of Vesting.
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	5
	Rights in respect of Restricted Shares

	5.1
	Except to the extent set out in the Restricted Share Agreement, a Participant shall have all the same rights as any other shareholder from the date of grant of the Restricted Share Award in respect of the Restricted Shares until the date the Restricted Share Award lapses and the Restricted Shares are forfeit, including any rights arising in the event of a variation in share capital.

	5.2
	Any shares, securities, cash or other rights allotted to Participants in respect of Restricted Shares for no consideration, or with the proceeds of sale of such shares, securities, cash or rights (but not new consideration provided by the Participant) as a result of a variation in share capital, demerger, rights issue, special dividend or similar transaction shall be treated as if they were awarded to the Participant at the same time as the Restricted Shares in respect of which such shares, securities or rights were conferred and subject to the rules of the Plan and the terms of the Restricted Share Agreement as if they were Restricted Shares. The Company may require any cash held on this basis to be used to acquire other shares or securities which will be held on the same basis.

	6
	Date of Vesting

On the date of Vesting the restrictions set out in these rules and the Restricted Share Agreement shall cease to apply to the Restricted Shares. If the Restricted Shares are held by a person for the benefit of the Participant (for example by the trustees of an employee benefit trust) then that person shall transfer the Restricted Shares to the Participant or as they may order.
	7
	Dividend Equivalents

As soon as practicable after the date of Vesting the Participant will receive additional Shares equivalent in value to dividends otherwise payable between the Date of Grant and the date of Vesting of the Restricted Share Award on the number of Shares released but for the avoidance of doubt not in respect of any Shares sold to pay income tax on the making of the Restricted Share Award. Any fractions will be aggregated and rounded down to the nearest whole Share.
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SCHEDULE 2 United States
This Schedule 2 shall apply to an Award to the extent that it is (to such extent, a “US Award”): (i) subject to the tax laws of the United States of America (the “US”), or (ii) reasonably expected to become or becomes subject to the tax laws of the US. To take account of the tax laws of the US, the rules of this Schedule 2 shall override the rules of the Plan and any other Schedule to the extent that they are inconsistent with the rules of this Schedule 2, except that the rules of this Schedule shall not override any requirement under UK company law or the rules of the London or Hong Kong Stock Exchanges necessary for the lawful operation of the Plan in accordance with such law or rules. For the avoidance of doubt, this Schedule 2 only applies to US Awards, and rule 8 of the Plan as modified by this Schedule 2 applies to all US Awards.
		1
	Intention of this Schedule 2

This Schedule 2 is intended to ensure that each US Award to which it applies complies with the requirements of Section 409A of the Internal Revenue Code, as amended from time to time and including regulations and other guidance that are issued with respect thereto (“Section 409A”), and shall override the rules of the Plan and any other Schedule. The rules of the Plan and this Schedule 2 shall, with respect to a US Award, be interpreted and administered in a manner that complies with the Internal Revenue Code, as amended from time to time (the “Code”), including Section 409A, and the other applicable laws of the United States of America.
		2
	Granting of US Awards

Section 409A requires that deferrals of compensation, including a grant of a US Award that defers a Bonus, be made in advance pursuant to certain rules and exceptions. Therefore, notwithstanding any other rules of the Plan, the following rules apply to the granting of US Awards.
		2.1
	In General

All US Awards will be Conditional Awards. The trustee of any employee trust shall not be the Grantor of a US Award, nor shall a US taxpayer have any interest whatsoever with respect to a US Award in any Shares or cash held by such a trustee or any such trust involved in the administration of the Plan.
		2.2
	New Participant

For the year in which a Participant is first selected to participate in the Plan pursuant to rule 2 of the Plan, the Participant will be granted a US Award in accordance with the terms of an Award certificate that is provided to the Participant not later than thirty calendar days following the date on which the Participant is first selected to participate in the Plan. That Award certificate must set forth at least the Date of Grant and the other terms described in rule 3.1 of the Plan, as well as any other terms required by this Schedule or Section 409A. A US Award granted under this paragraph 2.2 shall not be in respect of any Bonus earned for services performed prior to the date on which the relevant Award certificate becomes irrevocable pursuant to paragraph 2.5 of this Schedule 2.
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		2.3
	US Awards Relating to Performance Pay

Except as provided in paragraph 2.2 of this Schedule 2, the Participant will be granted a US Award with respect to a Bonus that qualifies as Performance Pay, as defined below, in accordance with the terms of an Award certificate provided to the Participant not later than June 30th of the calendar year during which the Participant performs the services that earn such Bonus. That Award certificate must set forth at least the Date of Grant and the other terms described in rule 3.1 of the Plan, as well as any other terms required by this Schedule or Section 409A. To be granted a US Award under this paragraph 2.3, the Participant must have performed services continuously from the later of the beginning of the applicable performance period or the date the performance criteria were established, through to the date on which the relevant Award certificate becomes irrevocable pursuant to paragraph 2.5 of this Schedule 2. Notwithstanding the foregoing, in no event may a US Award be granted under this paragraph 2.3 to defer a Bonus the amount of which becomes readily ascertainable, (within the meaning of US Treasury Regulation Section 1.409A-2(a)(8)) on or before June 30th of the calendar year during which the Participant performs the services that earn such Bonus.
For purposes of this Schedule 2, "Performance Pay" means compensation the amount of which, or the entitlement to which, is contingent on the satisfaction of pre-established organisational or individual performance criteria relating to a performance period of at least twelve consecutive months. Performance criteria shall be considered "pre-established" only if they are irrevocably established in writing not later than ninety days after the commencement of the period of service to which the criteria relate and the outcome is substantially uncertain at the time the criteria are established. Performance criteria may be subjective criteria, as opposed to objective criteria, if:
		(i)
	the subjective performance criteria are bona fide and relate to the performance of the Participant, a group of employees that includes the Participant, or a business unit for which the Participant provides services; and

		(ii)
	the determination that any subjective performance criteria have been met is not made by the Participant or a family member of the Participant (within the meaning of Section 267(c)(4) of the Code, applied as if the family of an individual includes the spouse of any member of the family), or a person under the effective control of the Participant or such a family member, and no amount of compensation of the person making such determination is effectively controlled in whole or in part by the Participant or such a family member.

In all respects, the term Performance Pay as used herein shall be interpreted in accordance with US Treasury Regulation Section 1.409A-1(e).
		2.4
	US Awards Relating to Non-Performance Pay

Except as provided in paragraph 2.2 of this Schedule 2, the Participant will be granted a US Award with respect to a Bonus that does not qualify as Performance Pay, as defined above, in accordance with the terms of an Award certificate provided
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to the Participant not later than December 31st of the calendar year that immediately precedes the calendar year during which the Participant will perform the services that earn such Bonus. That Award certificate must set forth at least the Date of Grant and the other terms described in rule 3.1 of the Plan, as well as any other terms required by this Schedule or Section 409A.
		2.5
	Irrevocability

As required by Section 409A, the terms set forth in a US Award certificate shall become irrevocable as of the last day on which the US Award certificate is required to be provided to the Participant pursuant to this paragraph 2; provided, however, that if a Participant is not entitled to receive the Bonus to which a US Award relates, the Participant shall not be entitled to receive the US Award to the same extent.
The terms set forth in a US Award certificate shall not set forth any provision that grants any Member of the Group or the Participant the ability to affect the time or form of payment of the US Award, or the amount of the US Award, except to the extent specifically permitted under Section 409A.
The Group Remuneration Committee's authority to amend the Plan or to change a US Award already granted pursuant to rule 15 of the Plan or otherwise shall not be exercised in a manner that would cause the Plan to fail to comply with the requirements of Section 409A with respect to the US Award.
		2.6
	Form of US Award

A US Award that is granted to a Participant shall take the form of a Conditional Award and shall not take the form of a Nil-Cost Option or a Restricted Share Award.
		3
	Variations

If a US Award is to be adjusted pursuant to Rule 6 of the Plan, such adjustment shall be made in a manner that results in the US Award, as adjusted, complying with Section 409A.
		4
	Dealing Restriction

A Dealing Restriction will postpone the Vesting of a US Award under rule 7.1 of the Plan only to the extent that the postponement is permitted by Section 409A and, to the extent that rule 7.1 of the Plan would postpone Vesting beyond the date permitted by Section 409A, such US Award will lapse and be forfeited.
		5
	Review of US Awards

A US Award’s Vesting Date shall be postponed under rule 8.2 of the Plan only to the extent that the postponement is permitted by Section 409A and, to the extent that rule 8.2 of the Plan would postpone the Vesting Date beyond the date permitted by Section 409A, such US Award will lapse and be forfeited.
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		6
	Ceasing to be an Employee

The Remuneration Committee will not exercise its discretion under rule 10.1 of the Plan to Vest a US Award in connection with the cessation of the Participant’s employment, unless the Remuneration Committee does so on or before the last day on which the US Award’s certificate is required to be provided to the Participant pursuant to paragraph 2 of this Schedule 2. A US Award may not be released, transferred or paid on account of the cessation of employment of the Participant unless (1) the cessation qualifies as a “separation from service” (within the meaning that such phrase has for the purposes of Section 409A), and (2) if the Participant is a “specified employee” (within the meaning that such phrase has for the purposes of Section 409A), until six months after the specified employee’s separation from service or, if earlier, death. The rules of 10.1 of the Plan will otherwise apply to a US Award.
		7
	Change in Control

		7.1
	A US Award shall not be subject to rules 11 or 12 of the Plan. Instead, the US Award shall Vest automatically in full upon a Change in Control, as defined below, that affects:

(i)the company for whom the Participant is performing services at the time of the Change in Control;
(ii)a company that is liable for the payment of the US Award, but only if the US Award is attributable to services performed for such company or there is a bona fide business purpose for such liability and, in either case, no significant purpose of making such company liable for such payment is the avoidance of US income tax;
(iii)a Member of the Group that owns more than fifty percent of a company described in (i) or (ii) above; or
(iv)a Member of the Group that is in a chain of companies in which each company owns more than fifty percent of another company in the chain, ending in a company described in (i) or (ii) above (companies described in (i) through (iv) shall be referred to as an "Affected Company").
For purposes of this Schedule 2, a "Change in Control" means a change in the ownership or effective control of an Affected Company, or in the ownership of a substantial portion of the assets of an Affected Company, as those respective changes are defined in Code Section 409A(a)(2)(A)(v) and US Treasury Regulation 1.409A-3(i)(5).
		7.2
	This paragraph 7 of this Schedule 2 shall apply to determine the extent to which a US Award granted to a Participant Vests upon any event that affects the ownership or control of any company or its assets, notwithstanding any plan, policy or other arrangement the rules of which would require the Vesting of a US Award upon terms other than those described in this paragraph 7. A Participant's right to a US Award and the Bonus to which it relates shall, in accordance with rule 14.8.8 of the Plan, be conditioned on the Participant consenting to the application of this paragraph 7 and the

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other provisions of this Schedule, notwithstanding the terms of any other plan, policy or other arrangement, which consent is deemed to have been given by the Participant accepting such right and not objecting in advance and in writing.
		8
	Tax

Any deduction from or disposal of a US Award or related Shares under rule 13 of the Plan is permitted only to the extent that the deduction or disposal is permitted under Section 409A.
NEITHER THE COMPANY NOR ANY OTHER MEMBER OF THE GROUP MAKES REPRESENTATIONS OR WARRANTIES REGARDING THE TAXATION OF US AWARDS, BONUSES, SHARES OR ANY OTHER BENEFITS UNDER THE PLAN, INCLUDING THEIR TAX-DEFERRED NATURE OR COMPLIANCE WITH SECTION 409A OR ANY OTHER APPLICABLE LAW. NEITHER THE COMPANY NOR ANY OTHER MEMBER OF THE GROUP IS LIABLE TO A PARTICIPANT OR ANY OTHER PERSON FOR ANY TAXES, PENALTIES, INTEREST OR OTHER DAMAGES INCURRED AS A RESULT OF ANY FAILURE TO COMPLY WITH ANY APPLICABLE TAX OR OTHER LAW, INCLUDING SECTION 409A, REGARDLESS OF WHETHER THE FAILURE WAS INADVERTENT OR INTENTIONAL.
		9
	Trust

		9.1
	Nothing in the Plan or this Schedule 2 requires the Company or any other Member of the Group to make any contributions or create any fund, or to otherwise segregate assets, with respect to a US Award. A Participant’s interest in a US Award shall be notional only, and without limiting the generality of the foregoing, a Participant shall have no interest whatsoever in any Shares or cash held by any trust involved in the administration of the Plan. US Awards, Shares, and cash amounts shall be and remain subject to the claims of the Grantor’s general creditors until the settlement of the US Award.

		9.2
	Any money, shares or other assets that are held in trust pursuant to rule 14.9 of the Plan shall not be used to satisfy the obligations of the Company or any Member of the Group to a Participant with respect to a US Award, except to the extent that:

		(i)
	such trust and such money, shares or other assets held by such trust are located within the jurisdiction of the United States of America, and

		(ii)
	the assets of the trust remain subject to the claims of the Company's and the Members of the Group's creditors in the event of insolvency.

		10
	Discretion

The Remuneration Committee shall not exercise any discretion under the Plan with respect to a US Award without determining that such exercise of discretion is permitted under Section 409A. In no event will a Participant have the right to designate the year in which Shares are transferred to the Participant in satisfaction of any US Award.
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		11
	Claims Procedure

Claims with respect to US Awards shall be submitted to the Remuneration Committee. The Remuneration Committee shall make each claim determination with respect to a US Award in a uniform and non-discriminatory manner within 90 days (in the case of a claim for disability benefits, within 45 days) after the Remuneration Committee receives the claim for benefits. The Remuneration Committee shall during that period grant the claim, deny the claim, or notify the claimant that special circumstances require an extension of time for the processing of the claim and the extended date by which a decision will be rendered. Any such extension shall not exceed 180 days from the original notice; provided that, in the case of a claim for disability benefits, any such extension shall not exceed 75 days from the original notice and must be necessary due to matters beyond the Remuneration Committee’s control. The Remuneration Committee may further extend the time for the processing of a claim for disability benefits for up to an additional 30 days, provided that (a) due to matters beyond the Remuneration Committee’s control a decision cannot be rendered during such 75-day period, and (b) the Remuneration Committee notifies the claimant, prior to the expiration of such 75-day period, that special circumstances require such an extension of time for the processing of the claim and of the extended date by which a decision will be rendered. A notice of the extension of time for the processing of a claim for disability benefits shall specifically explain the standard on which entitlement to the benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues, and the claimant shall be afforded at least 45 days within which to provide the specified information.
During the applicable claims review period (including permitted extensions), the Remuneration Committee shall give the claimant notice of any whole or partial denial of the claimant’s claim for benefits, as well as of any other adverse benefit determination. The notice shall set forth the specific reasons for the adverse benefit determination, shall reference to the specific Plan provisions on which the determination is based, shall describe any additional material or information necessary for the claimant to perfect his or her claim and why such material or information is necessary, shall advise the claimant that he or she may submit an appeal of the determination to the Remuneration Committee within 180 days after receipt of such notice, and shall include a statement of any right that the claimant has to bring a civil action under Section 502 of the Employee Retirement Income Security Act of 1974, as amended, following an adverse benefit determination on review. In addition, a notice of an adverse determination with respect to a claim for disability benefits shall be provided in a culturally and linguistically appropriate manner and shall set forth: (1) a discussion of the decision, including an explanation of the basis for disagreeing with or not following (a) the views presented by the claimant of health care professionals treating the claimant and vocational professionals who evaluated the claimant, (b) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination, and (c) a disability determination regarding the claimant presented by the claimant to the plan made by the Social Security Administration; (2) if the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the plan to the claimant's medical circumstances, or a statement that such explanation will be provided free of change upon request; (3) either the specific internal
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rules, guidelines, protocols, standards or other similar criteria of the plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the plan do not exist; and (4) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant's claim for benefits.
The claimant may submit an appeal of a benefit claim determination to the Remuneration Committee within 180 days after the claimant’s receipt of the notice of the determination. Failure of the individual to file an appeal with the Remuneration Committee within the allowable 180-day period will constitute an irrevocable consent by the individual to the Remuneration Committee’s decision, and the Remuneration Committee’s notice described above shall so state.
The appeal shall provide a full and fair review of the claimant’s claim for benefits and the adverse benefit determination that takes into account all comments, documents , records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The claimant may submit written comments, documents, records, and other information relating to the claim for benefits in connection with the appeal. The claimant will also be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits, both in connection with the appeal and any adverse benefit determination. The appeal shall be reviewed by an individual who was not a party who made the initial adverse benefit determination nor a subordinate of such a party. The review will not afford deference to the initial adverse benefit determination and shall take into account all comments, documents, records and other information submitted by the claimant, without regard to whether such information was previously submitted or relied upon in the initial determination. The determination on appeal shall identify the medical or vocational experts whose advice was obtained on behalf of the plan in connection with any adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination.
Before issuing an adverse benefit determination on appeal relating to a disability benefit claim, the Remuneration Committee shall provide the claimant, free of charge, with any new or additional evidence considered, relied upon, or generated on behalf of or at the direction of the individual making the benefit determination in connection with the claim. Such evidence must be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on appeal is required to be provided to give the claimant a reasonable opportunity to respond prior to that date. In addition, before issuing an adverse benefit determination on appeal relating to a disability benefit claim based on a new or additional rationale, the Remuneration Committee shall provide the claimant, free of charge, with the new or additional rationale as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the claimant a reasonable opportunity to respond prior to that date.
Within 60 days (in the case of a claim for disability benefits, within 45 days) after receipt of the request for review, the Remuneration Committee shall notify the claimant either as to
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the decision on the appeal or that special circumstances require an extension of time for processing the claim. If the Remuneration Committee determines that an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 60-day (in the case of a claim for disability benefits, 45-day) period. In no event shall such extension exceed a period of 60 days (in the case of a claim for disability benefits, 45 days) from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the plan expects to render the determination on review.
Notwithstanding the prior paragraph, if the Remuneration Committee holds regularly scheduled meetings at least quarterly, then with respect to benefit claims other than claims for disability benefits: (a) the notice required by the prior paragraph shall instead be provided no later than the date of the meeting of the Remuneration Committee that immediately follows the receipt of a request for review, unless the request for review is filed within 30 days preceding the date of such meeting; (b) if the request for review is filed within 30 days preceding the date of such meeting, such notice may be provided by no later than the date of the second meeting following the receipt of the request for review; and (c) if special circumstances require a further extension of time for processing such a claim, the notice shall be provided not later than the third meeting following receipt of the request for review. If such an extension of time for review is required because of special circumstances, the Remuneration Committee shall provide the claimant with written notice of the extension, describing the special circumstances and the date as of which the benefit determination will be made, prior to the commencement of the extension.
During the applicable review period on appeal (including permitted extensions), the Remuneration Committee shall give the claimant notice of the benefit determination on review. The notice shall set forth the specific reasons for the determination, shall reference to the specific Plan provisions on which the determination is based, shall state that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, and shall include a statement of any right that the claimant has to bring a civil action under Section 502 of the Employee Retirement Income Security Act of 1974, as amended. In addition, a notice of an adverse determination with respect to a claim for disability benefits shall be provided in a culturally and linguistically appropriate manner and shall set forth: (1) a discussion of the decision, including an explanation of the basis for disagreeing with or not following (a) the views presented by the claimant of health care professionals treating the claimant and vocational professionals who evaluated the claimant, (b) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination, and (c) a disability determination regarding the claimant presented by the claimant to the plan made by the Social Security Administration; (2) if the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the plan to the claimant's medical circumstances, or a statement that such explanation will be provided free of change upon request; and (3) either the specific internal rules, guidelines, protocols, standards or other similar criteria of the plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the plan do not exist.
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A notice of benefit determination, whether initial or on review, shall in any event be provided as soon as possible, but not later than the date required by this claims procedure.
​
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PRUDENTIAL PLC
THE PRUDENTIAL LONG TERM INCENTIVE PLAN
​
Approved by the Company in general
meeting on 16 May 2013 and adopted by the
Remuneration Committee on 16 May 2013.
​
As amended 27 June 2017, 26 June 2018, 14 May 2019, 27 February 2020 and
28 February 2022
560575272
​
​

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	CONTENTS
	​

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	​

	CLAUSE
	PAGE

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	1.
	DEFINITIONS
	3

	​
	​
	​

	2.
	GRANT OF AWARDS
	6

	​
	​
	​

	3.
	PERFORMANCE AND OTHER CONDITIONS
	7

	​
	​
	​

	4.
	PLAN LIMITS
	8

	​
	​
	​

	5.
	INDIVIDUAL LIMITS
	9

	​
	​
	​

	6.
	REPLACEMENT AWARDS ON RECRUITMENT
	9

	​
	​
	​

	7.
	DIVIDEND EQUIVALENTS
	10

	​
	​
	​

	8.
	ADJUSTMENT AND CLAWBACK OF AWARDS
	10

	​
	​
	​

	9.
	VESTING OF AWARDS
	12

	​
	​
	​

	10.
	CESSATION OF EMPLOYMENT
	13

	​
	​
	​

	11.
	VESTING OF AN AWARD: GENERALLY
	15

	​
	​
	​

	12.
	LAPSE OF AWARDS
	17

	​
	​
	​

	13.
	CORPORATE TRANSACTIONS
	17

	​
	​
	​

	14.
	DETERMINATION OF VESTING LEVEL
	18

	​
	​
	​

	15.
	EXCHANGE OF AWARDS
	19

	​
	​
	​

	16.
	ADJUSTMENT OF AN AWARD ON A VARIATION
	19

	​
	​
	​

	17.
	RIGHTS ATTACHING TO SHARES ISSUED OR TRANSFERRED PURSUANT TO AWARDS
	19

	​
	​
	​

	18.
	AVAILABILITY OF SHARES AND LISTING
	19

	​
	​
	​

	19.
	ADMINISTRATION AND AMENDMENT
	20

	​
	​
	​

	20.
	GENERAL
	21

	​
	​
	​

	SCHEDULE 1 United States
	23

​
​

2

​

THE PRUDENTIAL LONG TERM INCENTIVE PLAN
	1.
	DEFINITIONS

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

Approval Date means the date of the approval of the Plan by the Company in general meeting;
Award means a Conditional Award or a Restricted Award granted under the Plan;
Award Letter means, in respect of an Award, the document setting out the rights and obligations attaching to the Award subject to the Rules;
Cause means termination of employment in circumstances which entitle a Participant’s employer to dismiss him summarily under the terms of his employment contract or under the law of the jurisdiction applicable to the Participant’s employment at the time of such termination;
Close Period means, in relation to a Participant, a period when dealings in Shares are prohibited under any applicable statute, regulation, or order to which the Company is subject;
the Committee means the remuneration committee of the board of directors of the Company or any other duly authorised committee;
the Company means Prudential pIc;
Conditional Award means a conditional right to acquire Shares under the Plan;
Control means, in relation to a body corporate, the power of a person to secure:
		(a)
	by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate; or

		(b)
	by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate

that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person and Controlled will be construed accordingly;
Date of Grant means, in respect of an Award, the date on which it is granted;
Dealing Day means any day on which the London Stock Exchange (or, if the Committee so determines, the Hong Kong Stock Exchange) is open for business;
Eligible Employee means any person who, at the Date of Grant, is an employee of the Group (including any executive director of the Company);
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Employees’ Share Plan means any employee share scheme of the Company as defined in section 1166 Companies Act 2006;
Financial Year means the financial year of the Company from time to time;
Grant Period means the period of 42 days commencing on any of the following:
		(a)
	the day immediately following the Approval Date;

		(b)
	the day after the date on which the Company makes an announcement of its results for the last preceding Financial Year, half year, quarter or other period;

		(c)
	any day on which the Committee resolves that exceptional circumstances exist which justify the grant of Awards and for the avoidance of doubt the hire of a new Eligible Employee may fall to be treated as such an exceptional circumstance; or

		(d)
	the day following the lifting of any applicable restrictions imposed by statute, order or regulation.

the Group means the Company and the Subsidiaries and member of the Group shall be construed accordingly;
Holding Period means in relation to an Award or any part of it, such period (if any) starting on the Vesting Date as the Committee may, in accordance with Rule 3.3, specify when the Award is granted during which, subject to Rules 8, 10, 11 and 13, the Participant is not entitled to dispose of the Shares subject to his Award. The Committee may specify different periods in relation to different parts of an Award.
ITEPA means the Income Tax (Earnings and Pensions) Act 2003;
Market Value means, in relation to a Share on any Dealing Day, the average of the middle market closing quotation of a Share as derived from the Daily Official List of the London Stock Exchange (or from any other stock exchange on which Shares are listed) over the period of three consecutive Dealing Days immediately preceding that Dealing Day or, at the discretion of the Committee, either (a) the middle market quotation or the closing price for a Share as so derived for the immediately preceding Dealing Day or on the day itself or (b) any such quotation or price on such other Dealing Day or Dealing Days as the Committee considers to be appropriate in the circumstances;
Participant means any individual who holds a subsisting Award (including, where the context permits, the legal personal representative of a deceased Participant);
Performance Conditions mean, in respect of an Award, the conditions specified by the Committee at the Date of Grant in relation to the Award, as amended from time to time;
Performance Period means, in respect of an Award, unless foreshortened in accordance with the Rules, a period of three years commencing on the Start Date (or such other period in accordance with Rule 6.3) during which the Performance Condition
​

4

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is to be satisfied or such longer period as the Committee may specify for specific Participants;
the Plan means the Prudential Long Term Incentive Plan, as may be amended from time to time in accordance with the Rules;
Relevant Employee Share Plan means an employee share plan operated by a member of the Group, other than an employee share plan which has been registered with HM Revenue & Customs for the purposes of the Income Tax (Earnings and Pensions) Act 2003;
Restricted Award means an appropriation of Shares to a Participant subject to such restrictions as shall be specified at the Date of Grant but which shall be consistent with the conditions applicable to a Conditional Award in accordance with the Rules;
Rules means the rules of the Plan as may be amended from time to time;
Share Plan Committee means the committee established by the board of directors of the Company to administer the Plan;
Shares means fully paid ordinary shares in the capital of the Company or American Depositary Receipts (or shares or American Depositary Receipts representing either of these following any reorganisation of the share capital of the Company);
Start Date means, in respect of an Award, the beginning of the Financial Year in which the Award is granted or such later date as may be specified by the Committee on the Date of Grant;
Subsidiary means any subsidiary of the Company within the meaning of section 1159 Companies Act 2006 over which the Company has Control;
Trustee means the trustee from time to time of any employee trust which the Committee selects to grant and/or satisfy Awards;
Variation means in relation to the equity share capital of the Company, a capitalisation issue, an offer or invitation made by way of rights, a sub-division, a consolidation or reduction or any other variation in the equity share capital of the Company;
Vesting means in relation to a Conditional Award, a Participant becoming entitled to have the Shares transferred to him and in relation to a Restricted Award, means the Shares in respect of these ceasing to be subject to the restrictions specified at the Date of Grant, in each case in accordance with the Rules and to the extent determined by the Committee in accordance with the Rules and Vest shall be construed accordingly.
Vesting Date means, in respect of an Award, the date on which the Award will normally Vest being the third anniversary of the Date of Grant (or such other anniversary in accordance with Rule 6.3), or such later anniversary as may be specified by the Committee at the Date of Grant or such other date as determined in accordance with the Rules, provided that any such anniversary or other date cannot be later than the tenth anniversary of the Date of Grant of the Award.
​

5

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

	1.3
	References to any act of Parliament shall include any statutory modification, amendment or re-enactment thereof.

	2.
	GRANT OF AWARDS

	2.1
	Eligible Employee

An Eligible Employee may be recommended from time to time for the grant of an Award and the Committee will determine whether or not an Eligible Employee should be granted an Award and if so, on what basis. The grant of an Award to an Eligible Employee on a particular basis does not create the right or expectation of the grant of an Award on the same basis, or at all, in the future.
	2.2
	How Awards are granted

The Committee may, in its absolute discretion, determine that an Award be granted as a Conditional Award or a Restricted Award. An Award may be granted either by the Company, or the Company may request the Trustee to grant the Award, in accordance with the Rules. An Award shall be granted so that it constitutes a binding agreement between the Company or the Trustee (as the case may be) and the Participant. A single deed of grant may be executed in favour of any number of Participants. There will be no payment for the grant of an Award.
	2.3
	When Awards can be granted

Awards may only be granted during a Grant Period. No Award may be granted after the tenth anniversary of the Approval Date.
	2.4
	Approvals, consents and conditions

The grant of an Award will be subject to obtaining any necessary approval or consent required under any applicable regulations or legislation. The grant of an Award and/or the delivery of Shares in respect of a Vested Award shall also be conditional on:
		(a)
	any arrangements specified by the Company for the payment of taxation and any social security contributions in respect of the Award (including without limitation the right of the Company to arrange the sale on his behalf of sufficient Shares to satisfy any taxation or social security liability on his part which the Company or his employing company may be liable to withhold); and

		(b)
	any other terms specified by the Company in the Award Letter.

	2.5
	Notification of the grant of an Award

​

6

​

As soon as practicable after the Date of Grant, the Company shall procure the issue to a Participant of an Award Letter in respect of the Award. The Award Letter shall include the following information:
		(a)
	whether the Award is a Conditional Award or a Restricted Award;

		(b)
	the dates on which the relevant Performance Period shall start and end and the Date of Grant;

		(c)
	the details of the Performance Conditions imposed in accordance with Rule 3.1 and the extent to which the Performance Conditions will determine the number of Shares that may be acquired on Vesting of the Award;

		(d)
	whether an Award shall be enhanced in accordance with Rule 7;

		(e)
	whether the Award, or any part of the Award, is subject to one or more Holding Periods and, if so, the length of such Holding Period(s) in accordance with Rule 3.3;

		(f)
	whether the Award is subject to any other condition imposed in accordance with Rule 2.4(b); and

		(g)
	whether the Award is subject to clawback provisions in accordance with Rule 8.4.

	2.6
	Awards personal to Participants

An Award may not, nor may any rights in respect of it, be transferred, assigned, charged or otherwise disposed of to any person except that, on the death of a Participant, an Award may be transmitted to the Participant’s personal representatives. Any transfer or exercise otherwise than as permitted under this Rule 2.6 shall cause the Award to lapse.
	2.7
	Beneficial rights

To the extent that an Award is not granted as a Restricted Award, a Participant shall not have any beneficial ownership of the Shares which are the subject of an Award granted to him, and accordingly shall not have any right to any dividends or voting rights attaching to the Shares. To the extent that an Award is granted as a Restricted Award, any voting or dividend rights will be specified to the Participant in the Award Letter.
	2.8
	Awards not pensionable

Neither an Award nor any benefit in respect of the Plan shall be pensionable.
	3.
	PERFORMANCE AND OTHER CONDITIONS

	3.1
	Each Award shall be subject to one or more Performance Conditions which will determine the number of Shares which the Participant will be entitled to acquire following the Vesting of the Award, subject to any other adjustments which may be

​

7

​

made in accordance with the Rules. The Committee may impose different Performance Conditions for Awards granted to different Participants in the same Financial Year and to Awards granted in different Financial Years.
	3.2
	The Performance Conditions may be amended after the Date of Grant at the discretion of the Committee if:

		(a)
	those circumstances which prevailed at the Date of Grant and which were relevant to the Performance Conditions when they were originally imposed have subsequently changed; and

		(b)
	the Committee is satisfied that any such amended Performance Conditions would be a fairer measure of performance and the Committee reasonably considers that such amended Performance Conditions are consistent with and no more or less demanding to satisfy than the original Performance Conditions.

	3.3
	The Committee may, on the Date of Grant, determine that an Award, or one or more parts of an Award, will be subject to one or more Holding Periods.

	4.
	PLAN LIMITS

	4.1
	The 10 per cent. limit over 10 years

The number of Shares that may be allocated under the Plan on any day cannot, when added to the aggregate of the number of Shares allocated in the previous 10 years under the Plan and any other Employees' Share Plan adopted by the Company, exceed the number of Shares that is equal to 10 per cent. of the ordinary share capital of the Company in issue on the last Dealing Day before that day.
	4.2
	The 5 per cent. limit over 10 years

The number of Shares that may be allocated under the Plan on any day cannot, when added to the aggregate of the number of Shares allocated in the previous 10 years under the Plan and any other discretionary share plan adopted by the Company, exceed the number of Shares that is equal to 5 per cent. of the ordinary share capital of the Company in issue on the last Dealing Day before that day.
	4.3
	Exclusions from the limits in Rules 4.1and 4.2

In calculating the limits in Rules 4.1and 4.2, any Shares where the right to acquire them was released or lapsed without Vesting or being exercised will be disregarded. Partnership shares under any Share Incentive Plan operated by the Company will also be disregarded.
	4.4
	Meaning of allocation

References in Rules 4.1and 4.2 to the allocation of Shares mean, in the case of a share award or option plan, the placing of unissued Shares or treasury Shares under award or option and, in relation to other types of Employees' Share Plan, mean the issue and allotment of Shares or the transfer of Shares out of treasury.
​

8

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	4.5
	Adjustment to Shares to be taken into account

Where Shares issued under the Plan or any other Employees' Share Plan of the Company are to be taken into account for the purposes of the limits in this Rule 4 and a Variation has taken place between the date of issue of those Shares and the date on which the limit is to be calculated, then the number of Shares taken into account for the purposes of the limit will be adjusted in the manner the Board considers appropriate to take account of the Variation.
	5.
	INDIVIDUAL LIMITS

	5.1
	Subject to Rule 5.3, an Award shall not be granted to an Eligible Employee if such grant would cause the total Market Value of the maximum number of Shares that may be acquired following the Vesting of the Award (as measured at the Date of Grant) when aggregated with the total Market Value of the maximum number of Shares that may be acquired pursuant to any other Award granted to the Eligible Employee under the Plan (as measured at the Date of Grant of that Award) in the same Financial Year, to exceed 4 times the Eligible Employee's annual basic salary in respect of his employment with the Group as at the Date of Grant.

	5.2
	Subject to Rule 5.3, in the case of an Eligible Employee who is working and based in the United States or such other jurisdiction as the Committee determines at the Date of Grant, the limit referred to in Rule 5.1 above shall be 5.5 times the Eligible Employee's annual basic salary in respect of his employment with the Group as at the Date of Grant.

	5.3
	For the avoidance of doubt, the individual limit in respect of Rule 5 cannot exceed the individual limit specified from time to time in the listing rules of the Hong Kong Stock Exchange, for as long as the Shares are listed on that exchange.

	6.
	REPLACEMENT AWARDS ON RECRUITMENT

	6.1
	Forfeited incentive awards

Where an Eligible Employee has, as a result of accepting employment with a member of the Group, forfeited incentive awards made by his previous employer, the Committee will have the discretion to grant an Award to that Eligible Employee subject to Rule 6.2, to replicate, as far as possible, the terms of any forfeited incentive award (the "Forfeited Award").
	6.2
	Individual limit

The Market Value of the Shares the subject of an Award granted in accordance with Rule 6 shall not exceed:
		(a)
	the value of the Forfeited Award as determined by the Committee on the appointment of the Eligible Employee; nor

​

9

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		(b)
	the applicable limit in Rule 5 (taking into account the aggregate Market Value of Shares the subject of any other Award granted in the same Financial Year as the Award replacing the Forfeited Award).

	6.3
	Performance Conditions and Vesting Date

The Committee will determine in respect of any Award granted in accordance with Rule 6:
		(a)
	the Performance Condition by reference to performance indicators appropriate to the Group and referable over such Performance Period as the Committee may determine, having regard to the performance period applicable to the Forfeited Award;

		(b)
	the Vesting Date, having regard to the vesting date applicable to the Forfeited Award;

		(c)
	any Holding Period(s) to which the Award, or part of the Award, may be subject, having regard to any holding period applicable to the Forfeited Award in accordance with Rule 3.3; and

		(c)
	the period for which any clawback in accordance with Rule 8.4 will apply.

	7.
	DIVIDEND EQUIVALENTS

	7.1
	If a dividend is payable on Shares between the Date of Grant and the Vesting Date and the Committee has so determined at the Date of Grant of an Award, the Award shall be enhanced by increasing the number of Shares comprised in the Award by an additional number of Shares having a Market Value at the time the dividend is paid or declared equivalent to the gross or net of tax value of the dividend. The number shall be rounded down to the nearest whole Share and for the purpose of this Rule 6, dividends means ordinary dividends paid in respect of Shares, unless the Committee determines otherwise in any particular case. It will not include any distribution in respect of which an adjustment is made under Rule 16. The enhanced Award shall be subject to the Rules on the same basis as the original Award, unless the Committee has determined otherwise at the Date of Grant. Any such enhancement shall not be effected until the Award Vests. For the avoidance of doubt, if the Award, or part of the Award, is subject to one or more Holding Period(s), the additional Shares representing such enhancement will similarly be subject to one or more Holding Period(s) determined by the Committee, unless the Committee determines otherwise.

	7.2
	The Participant’s entitlement to an increased number of Shares under his Award under this Rule 7 may, at the Committee’s discretion, be satisfied with a cash payment of an equivalent value to the Shares but subject to any necessary deductions required by law, notwithstanding that the remainder of the Award is satisfied with Shares.

	8.
	ADJUSTMENT AND CLAWBACK OF AWARDS

	8.1
	Review of Awards

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10

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		8.1.1
	Prior to an Award Vesting, the Committee may, in its absolute discretion, determine that an Award should be adjusted if it decides that:

		(i)
	a business decision taken during the Performance Period in respect of that Award by the business in which the Participant works at the time of the decision has resulted in a material breach of any law, regulation, code of practice or other instrument which applies to companies or individuals within the business;

		(ii)
	there is a materially adverse restatement of the accounts for any year during the Performance Period in respect of that Award:

		(a)
	of the business unit in which the Participant worked at any time in that year; and/or

		(b)
	of any member of the Group which is attributable to incorrect information about the affairs of that business unit;

		(iii)
	any matter arises which the Committee believes affects or may affect the reputation of the Company or any member of the Group;

		(iv)
	in respect of any Award granted on or after 27 February 2020, the Participant’s personal conduct during the relevant Performance Period in respect of that Award has:

		(a)
	resulted in the Company, or any member of the Group, suffering significant reputational or financial damage;

		(b)
	the potential to cause significant reputational or financial damage to the Company or any member of the Group; and/or

		(c)
	resulted in the material breach of the Group’s business code of conduct or law; and/or

		(v)
	in respect of any Award granted on or after 27 February 2020, it becomes apparent that the calculation of the number of Shares subject to an Award or of the extent to which any Performance Conditions imposed under Rule 3 or Rule 6 have been satisfied or the Committee‘s determination of the extent to which an Award Vests was based on erroneous or misleading data or otherwise incorrect.

		8.1.2
	If rule 8.1.1 applies, the Committee will make the same decision in respect of all Participants who work for the same business unit at the time of the decision.

	8.2
	Postponement of Vesting Date

Where the Committee considers that there are circumstances that require further investigation or review which may, following such investigation or review, lead to a determination that an Award should be adjusted under Rule 8.1, the Committee may postpone the Vesting Date applicable to the whole or part of that Award (at its
​

11

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discretion) to such later date as the Committee determines. If the Committee determines to postpone the Vesting Date of an Award then the Committee will notify the affected Participant(s) of that postponement and of the estimated date by which such further investigation or review will be concluded. Following completion of such further investigation or review the Committee will, subject to any adjustment to be made under Rule 8.1, determine the revised Vesting Date for that Award.
	8.3
	Adjustment of Awards

Following any review under Rule 8.1, the Committee may determine that any Award which has not yet Vested be adjusted, by reducing the number of Shares in respect of that Award as the Committee believes to be appropriate (including to zero). The Shares which may be adjusted may include any Shares which represent any dividends in accordance with Rule 7. Any Participant affected by an adjustment will be notified of this in writing as soon as practicable.
	8.4
	Clawback

Unless the Committee determines otherwise at the time an Award is made, the Committee may exercise its powers under this Rule 8.4 in respect of any Award made on or after 1 January 2015 to a Participant who is a member of the Group Executive Committee.
This Rule 8.4 applies in circumstances where at any time before the fifth anniversary of the start of the Performance Period applicable to the Award (or, in respect of any Award granted on or after 27 February 2020, the fifth anniversary of the Date of Grant), the Committee determines in its absolute discretion that:
		(i)
	there is a materially adverse restatement of the Company’s published accounts in respect of any Financial Year which (in whole or part) comprised part of the Performance Period;

		(ii)
	it becomes apparent that a material breach of a law or regulation took place during the Performance Period which resulted in significant harm to the Company or its reputation;

		(iii)
	in respect of any Award granted on or after 27 February 2020, the calculation of the number of Shares subject to an Award or of the extent to which any Performance Conditions imposed under Rule 3 or Rule 6 have been satisfied or the Committee‘s determination of the extent to which an Award Vests was based on erroneous or misleading data or was otherwise incorrect; or

		(iv)
	in respect of any Award granted on or after 27 February 2020, the Participant’s personal conduct during the relevant Performance Period in respect of that Award has:

		(a)
	resulted in the Company, or any member of the Group, suffering significant reputational or financial damage;

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		(b)
	the potential to cause significant reputational or financial damage to the Company or any member of the Group; and/or

		(c)
	resulted in the material breach of the Group’s business code of conduct or law.

If, in respect of any Award granted on or after 27 February 2020, an investigation into the conduct or actions of any Participant or any member of the Group has started before, but has not been completed by, the fifth anniversary of the Date of Grant, the Committee may, in its absolute discretion, determine that the provisions of this Rule 8.4 may be applied to that Award until such later date as the Committee may determine to allow that investigation to be completed and the Committee to consider the outcome of the investigation.
If this Rule 8.4 applies then the Committee may, to the extent that it considers appropriate, taking account (in the case of (i) and (ii) above) of the extent of each Participant’s responsibility for the relevant restatement or breach, determine in its absolute discretion in respect of any Awards which have vested that:
		(A)
	in respect of Awards granted prior to 27 February 2020, the relevant Participant must repay to the Company by way of clawback an amount in cash up to the net value of the Shares he received at the date the Award vested (based on the share price at that date) after deductions were made for tax and employee social security contributions; or

		(B)
	in respect of Awards granted on or after 27 February 2020, in place of requiring the Participant to take the action referred to in paragraph (A) above (which it may still do, in its discretion):

		(i)
	reduce the amount of any future payments made on or after 27 February 2020 in connection with the Plan or under any other discretionary bonus or incentive arrangements;

		(ii)
	reduce the number of Shares that would become available to the Participant upon the vesting of any unvested share award granted under any Relevant Employee Share Plan on or after 27 February 2020 and held by the Participant; and/or

		(iii)
	reduce the number of shares over which a vested but unexercised share award granted under any Relevant Employee Share Plan on or after 27 February 2020 and held by the relevant Participant may be exercised

on such basis that the Committee considers in its absolute discretion to be fair, reasonable and proportionate (which may include the recovery of the pre-tax value of the Shares that the Committee determines should be recovered).
The Committee may take any action referred to in paragraphs (B)(i) to (iii) above to give effect to the operation of any withholding or recovery provisions
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similar to this rule 8.4 in any Relevant Employee Share Plan, discretionary bonus plan or other incentive arrangement operated by a member of the Group.
Following any such determination under paragraphs (A) or (B) above the Participant shall make payment of the relevant amount within 28 days of the Participant being given notice of such determination.
If a Participant should fail to make payment within that period then, without prejudice to any other remedies which the Company may have (including any remedies set out under (B) above in respect of Awards granted on or after 27 February 2020), the Committee may make a reduction of an equivalent amount to (i) any unvested Awards which the Participant may have under the Plan or any other employee share scheme operated by the Company and/or (ii) any future bonus payment which would otherwise have been payable, and/or (iii) any salary payments or other remuneration which are due or would otherwise have been payable, in each case, to the extent permitted under applicable law.
	9.
	VESTING OF AWARDS

	9.1
	General Rule for Vesting

Except as otherwise provided in the Rules, an Award shall not Vest prior to the Vesting Date specified at the Date of Grant and shall Vest only:
		(i)
	if the Participant remains an employee of a member of the Group until the Vesting Date;

		(ii)
	in respect of any Award granted before 27 February 2020, to the extent that the Committee is satisfied that the Performance Conditions imposed under Rule 3.1 or Rule 6 have been satisfied;

		(iii)
	in respect of any Award granted before 27 February 2020, if the Committee is satisfied that the underlying financial performance of the Company during the Performance Period is such as to justify the Vesting of the Award, to the extent that the Committee determines that it is necessary to take the underlying financial performance into account;

		(iv)
	in respect of any Award granted on or after 27 February 2020, to the extent determined by the Committee, having regard to: (1) the extent to which the Committee is satisfied that the Performance Conditions imposed under Rule 3 or Rule 6 have been satisfied, (2) the underlying financial or non-financial performance of the Company or any member of the Group during the Performance Period and (3) any other matter the Committee considers relevant and appropriate (including, without limitation, the personal conduct and performance of the Participant, or circumstances that were unexpected or unforeseen at the Date of Grant); and

		(v)
	where the Committee requires, if the Participant has entered into or agreed to enter into, on or before the Vesting Date, a valid election under Part 7 of ITEPA (Employment income: income and exemptions relating to securities) in respect

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of any Shares he may acquire pursuant to an Award, or any similar arrangement in any overseas jurisdiction.
	9.2
	Vesting in a Close Period

Unless the Vesting of an Award and the subsequent delivery of Shares in respect of it do not give rise to any dealings which would be prohibited under any applicable statute, order or regulation, an Award shall not Vest on any day which is a Close Period. If an Award would, but for this Rule 9.2, have Vested on a day which is in a Close Period, the day on which the Award Vests will be the first Dealing Day following the end of the Close Period.
	10.
	CESSATION OF EMPLOYMENT

	10.1
	Cessation before the Vesting Date: general provision

Except as otherwise provided below in this Rule 10, if a Participant ceases to be an Eligible Employee before the Vesting Date, the Award shall lapse on the date of such cessation.
	10.2
	Cessation before the Vesting Date of an Award: good leavers

If a Participant ceases to be an Eligible Employee before the Vesting Date by reason of:
		(a)
	injury or disability (as determined by the Committee);

		(b)
	retirement with the approval of his employing company;

		(c)
	his employing company ceasing to be a member of the Group; or

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

the relevant Award shall, subject to Rule 10.3, not lapse but shall continue to be subject to the Rules and will only Vest on its Vesting Date to the extent determined:
		(i)
	in accordance with Rules 9.1(ii), (iii) and (iv) (as appropriate); and

		(ii)
	by applying a pro rata reduction to reflect the number of complete months that have elapsed between the Date of Grant and the date of the cessation of employment as a proportion of the Performance Period

unless the Committee determines otherwise. If the Committee does determine otherwise and determines that the Award should Vest on or sometime after the date of the cessation of employment but before its Vesting Date, it shall have discretion to determine at the relevant time the extent to which it shall Vest and have regard to:
		(i)
	the extent to which, at the relevant time, it determines that the relevant Performance Conditions and/or, as the Committee considers appropriate, the performance of the Company have been satisfied;

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		(ii)
	the number of complete months that have elapsed between the Date of Grant and the date of cessation of employment as a proportion of the Performance Period; and

		(iii)
	in respect of any Awards granted on or after 27 February 2020, any other matter which the Committee considers relevant and appropriate (including, without limitation, the personal conduct and performance of the Participant).

In respect of any Award granted on or after 27 February 2020, if a Participant ceases to be an Eligible Employee before the Vesting Date, and the relevant Award does not lapse by the operation of this Rule 10.2, on the basis that the Committee has judged that the Participant is retiring from their professional executive career, the Committee may, in its absolute discretion, determine that any relevant Award which has not yet Vested be adjusted by reducing the number of Shares in respect of that Award to zero, if the Committee determines that the Participant has, within five years of ceasing to be an Eligible Employee, secured paid executive employment with a company outside of the Group.
	10.3
	Substitution of Award

Where the cessation of employment falls under Rule 10.2(c) or (d), the Company may determine that the Award (the Original Award) will be substituted for another award (the Substituted Award). The Substituted Award shall have such value at the date of the sale or transfer as is equal to the Market Value of the Shares the subject of the Original Award on that date. The Substituted Award shall be subject to the same terms as the Original Award as set out in the Rules, except as regards references to the Company (which shall be substituted by references to the company over whose shares the Substituted Award is made) and the applicable Performance Conditions, which may be amended by such company as is appropriate.
	10.4
	Cessation before the Vesting Date of an Award: reason other than one in Rule 10.2

If a Participant ceases to be an Eligible Employee before the Vesting Date for any other reason (other than death or Cause), the Committee may determine in its discretion that it shall not lapse on the cessation of employment. If it does so determine, it shall determine when and the extent to which the Award may Vest, having regard to the same matters as in Rule 9.1(ii), (iii) and (iv) (as appropriate) or Rule 10.2 (as applicable).
In respect of any Award granted on or after 27 February 2020, if a Participant ceases to be an Eligible Employee before the Vesting Date, and the relevant Award does not lapse by the operation of this Rule 10.4, on the basis that the Committee has judged that the Participant will not be seeking to secure alternative employment with a company outside of the Group (i) which has, in the Committee’s opinion, a size comparable to that of the Company, or (ii) which operates within the financial services sector, as determined the Committee, the Committee may, in its absolute discretion, determine that any relevant Award which has not yet Vested be adjusted by reducing the number of Shares in respect of that Award to zero, if the Committee determines that
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the Participant has, within five years of ceasing to be an Eligible Employee, secured paid employment with such a company.
	10.5
	Cessation before the Vesting Date of an Award: death

If a Participant ceases to be an Eligible Employee because of his death before the Vesting Date, the Award shall Vest on the date on which the Committee has been notified of the death and determined the extent to which the Award should Vest, having regard to:
		(i)
	the extent to which, at the relevant time, it determines that the Performance Conditions and/or, as the Committee considers appropriate, the performance of the Company have been satisfied;

		(ii)
	the number of complete months that have elapsed between the Date of Grant and the date of death as a proportion of the Performance Period; and

		(iii)
	in respect of any Award granted on or after 27 February 2020, any other matter the Committee considers relevant and appropriate (including, without limitation, the personal conduct and performance of the Participant).

Any Holding Period(s) applicable to any part of the Award shall cease to apply on such date.
	10.6
	Cessation before or after the Vesting Date: Cause

If a Participant ceases to be an Eligible Employee for Cause, his Awards shall lapse on the date of such cessation.
	10.7
	Cessation after Award has Vested but before end of Holding Period

		(i)
	If a Participant holds an Award that has Vested and such Participant dies before the end of a Holding Period applicable to his Award (or the relevant part of it), then notwithstanding anything to the contrary in the Rules, the Holding Period shall be deemed to have ended on the date on which the Committee has been notified of the death.

		(ii)
	If a Participant holds an Award that has Vested and such Participant ceases to be an employee of the Group before the end of a Holding Period applicable to his Award (or the relevant part of it) for any reason other than death, the Holding Period shall continue in force as though the Participant remained an Eligible Employee unless the Committee decides otherwise.

	11.
	VESTING OF AN AWARD: GENERALLY

	11.1
	Timing of transfer of Shares

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Except as otherwise provided in the Rules, and subject to any necessary consents and to compliance by the Participant with the terms of this Plan, the Award shall Vest on the Vesting Date in respect of such number of Shares as determined in accordance with the Rules. The Participant shall be entitled to and the Company shall procure within 30 days after the Vesting of the Award the issue or transfer to the Participant (or to his nominee) of the full legal and beneficial ownership of the Shares to which he is entitled free from any liens, charges or encumbrances. The Company shall (unless the Shares are to be issued in uncertificated form) as soon as practicable deliver or procure the delivery to the Participant (or his nominee) of a definitive share certificate or other evidence of title in respect of such Shares.
	11.2
	Legal and other requirements

Notwithstanding any other provision of this Plan, the Participant shall not be entitled and the Company shall not be obliged to issue or procure the transfer of Shares in connection with a Award or take any other action under the Plan unless and until the Company is satisfied that any applicable securities law, any requirement under any listing agreement between the Company and any securities exchange, automated quotation system or any regulatory body or any other law, regulation or contractual obligation of the Company can be and have been complied with in full. The Company may require any Participant to make such representations and furnish such information as it may consider appropriate in connection with the issue or transfer of Shares under this Plan. Certificates representing Shares will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations and other obligations of the Company, and a legend or legends may be placed thereon to reflect such restrictions.
	11.3
	Cash payments

The Company may decide, if it is appropriate for legal, regulatory or tax reasons, to make a cash payment to a Participant, in lieu of delivering Shares, of an equivalent value to the Shares but subject to any necessary deductions required by law. If the Company does so decide, the Company shall notify the Participant on or as soon as reasonably practicable following the Vesting Date that it has made such determination. The Company will not be required to pay the cash to the Participant until the end of the Holding Period(s) that would have applied to the Shares had the Award been satisfied in Shares (or on such earlier date as it may determine).
	11.4
	Tax

Notwithstanding the application of any Holding Period, any member of the Group, the employing company of the Participant or the Trustee may withhold such amounts and/or make such arrangements as it considers necessary to meet any liability to taxation or social security contributions for which it or any member of the Group or the Trustee is liable to account for in connection with the Vesting or exercise of an Award, including:
		(i)
	the sale of Shares on behalf of a Participant, unless the Participant discharges the liability; or

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		(ii)
	reducing the number of Shares to be issued or transferred to the Participant under the Plan; or

		(iii)
	deducting any amount from any cash payment due to the Participant under the Plan or otherwise.

	11.5
	Holding Period

Following the Vesting of an Award, during any Holding Period, the Participant may not transfer, assign, charge or otherwise dispose of the beneficial interest in the Shares resulting from the Vesting of the part of the Award applicable to that Holding Period except:
		(i)
	with the permission of the Committee;

		(ii)
	in order to raise sufficient funds to pay any liability to taxation or social security contributions for which the Participant or any member of the Group is liable to account for in connection with the Vesting of an Award;

		(iii)
	if the Remuneration Committee so determines in accordance with Rule 13.4, on and from the date the Remuneration Committee determines that any Holding Period(s) will end following the occurrence of any event set out in Rule 13.1 or Rule 13.3.

	12.
	LAPSE OF AWARDS

For the avoidance of doubt, an Award shall lapse automatically on the earliest of:
		(a)
	the Participant being declared bankrupt or entering into any general composition with or for the benefit of his creditors, including any voluntary arrangement;

		(b)
	the date on which the Participant is dismissed for Cause;

		(c)
	the date on which the Participant ceases to be an Eligible Employee for any reason where the Committee has not exercised its discretion under Rule 9 to allow the Award to Vest or to continue subject to the Rules, unless and to the extent that the Award does not lapse on the Participant ceasing to be an Eligible Employee, in accordance with Rule 10;

		(d)
	the date on which the Committee has made any adjustment to an Award under Rule 8.1, to the extent of such adjustment;

		(e)
	the date on which the Committee determines, in accordance with the Rules, that an Award will not Vest in accordance with any of Rules 9, 10 and 14, to the extent of that determination; and

		(f)
	at the end of any period specified in Rule 13.

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	13.
	CORPORATE TRANSACTIONS

	13.1
	Subject to Rule 12, Rule 13.2, Rule 14 and Rule 15, an Award will Vest on the date:

		(a)
	Takeover: on which an offeror (together with others, if any, acting in concert with the offeror) obtains Control of the Company as a result of making a general offer to acquire all of the issued ordinary shares of the Company or all of the shares of the Company which are of the same class as the Shares and which, in either case, are not at the time owned by the offeror or any company Controlled by the offeror and/or persons acting in concert with the offeror;

		(b)
	Section 979 notice: a person first becomes bound or entitled to acquire Shares under sections 979 to 982 of the Companies Act 2006, or would be so entitled but for the fact that there were no dissenting shareholders; and

		(c)
	Compromise or arrangement under section 899: when the court sanctions a compromise or arrangement between the Company and its shareholders under section 899 of the Companies Act 2006.

	13.2
	Reorganisation or merger

If a company (the Successor Company) has obtained Control of the Company, and either (i) the shareholders of the Successor Company immediately after it has obtained Control are substantially the same as the shareholders of the Company immediately before that event; or (ii) the remuneration committee of the board of directors of the Company (the Remuneration Committee) (as constituted before the relevant event) decides and the Successor Company consents to the exchange of Awards under this Rule, Awards will not Vest pursuant to Rule 13.1 but will be exchanged for equivalent Awards (as determined by the Remuneration Committee as constituted before the relevant event) in respect of shares in the Successor Company or another company within the Successor Company's group.
	13.3
	Winding up

Subject to Rule 12, Rule 14 and Rule 15, an Award will Vest:
		(a)
	immediately before the passing of a resolution for the voluntary winding-up of the Company; or

		(b)
	on the Court making an order for the winding-up of the Company.

	13.4
	To the extent an Award Vests under this Rule 13, notwithstanding any other provision in these Rules, the Remuneration Committee may, in its discretion, determine that any Holding Period(s) applicable to such Award or any part of that Award shall cease to apply on the date the Award Vests or on such later date as it may decide.

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	14.
	DETERMINATION OF VESTING LEVEL

Where an Award Vests before the expiry of the relevant Performance Period under Rule 13, the number of Shares in respect of which the Award shall Vest shall be such number as is determined by the Remuneration Committee (as defined in Rule 13) in its discretion having regard to: (i) the performance of the Company (including, without limitation, the extent to which the Performance Conditions have been or are likely to be achieved as at the date of the relevant event to which Rule 13 refers) and (ii) the time elapsed between the Date of Grant and the relevant event to which Rule 13 refers, and (iii) any other matter which the Remuneration Committee considers relevant or appropriate (including, without limitation, the personal conduct and performance of the Participant).
	15.
	EXCHANGE OF AWARDS

Where an Award is to be exchanged under this Rule, any Award (the Old Right) may (if, under the Rules, the exchange is voluntary) or shall if, under the Rules, the exchange is automatic) be surrendered by the Participant in consideration of the grant to the Participant of a new award (the New Right) which, in the opinion of the Committee, is equivalent to the Old Right but relates to shares in a different company. The provisions of the Plan shall be construed in relation to the New Right as if:
		(a)
	the New Right were a Award granted under the Plan at the same time as the Old Right;

		(b)
	references to the Performance Conditions were references to such new performance conditions relating to the business or shares of the company whose shares are subject to the New Right (or any member of its group) as the Committee may consider appropriate in the circumstances;

		(c)
	references to the Company and the Group were references to the company whose shares are subject to the New Right and its group; and

		(d)
	references to Shares were references to shares in the new grantor.

	16.
	ADJUSTMENT OF AN AWARD ON A VARIATION

If there is a Variation, the number and/or the class of the Shares over which an Award has been granted may be adjusted in such manner as the remuneration committee of the board of directors of the Company determines to be appropriate taking into account any economic impact of the Variation on the Award. Any adjustment under this Rule shall be notified to the affected Participants as soon as reasonably practicable.
	17.
	RIGHTS ATTACHING TO SHARES ISSUED OR TRANSFERRED PURSUANT TO AWARDS

Subject to Rule 11.5 above, all Shares issued or transferred pursuant to a Award shall be of equal rank in all respects with the Shares in issue at the date of transfer or issue except as regards any rights attaching to such Shares by reference to a record date
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prior to the date of transfer or issue. Any Shares acquired pursuant to a Award shall be subject to the articles of association of the Company from time to time.
	18.
	AVAILABILITY OF SHARES AND LISTING

The Company shall at all times keep available for issue sufficient authorised but unissued Shares to satisfy all Awards under which Shares may be allotted or shall otherwise procure that Shares or Treasury Shares are available for transfer in satisfaction of Awards. If and so long as the Shares are listed on The Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange, the Company shall either:
		(a)
	make application to the UK Listing Authority and to the London Stock Exchange for any Shares allotted pursuant to an Award to become admitted to such listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange; or

		(b)
	if and so long as the Shares are listed on the Hong Kong Stock Exchange, make an application to the Hong Kong Stock Exchange for the listing of, and permission to deal in, any Shares allotted pursuant to an Award.

	19.
	ADMINISTRATION AND AMENDMENT

	19.1
	Committee approval

The policies in respect of which Awards may be granted in accordance with the Rules shall be determined by the remuneration committee of the board of directors of the Company (the Remuneration Committee). Subject to Rules 19.2 and 19.3, the decision of the Remuneration Committee shall be final and binding in all matters relating to the Plan including any interpretation of the Rules and whether references to Committee in the Rules are to the Remuneration Committee. The Remuneration Committee may at any time discontinue the grant of further Awards or amend any of the provisions of the Plan in any way it thinks fit. Any reference in the Rules to the exercise of any discretion shall mean the absolute discretion of the Committee.
	19.2
	Shareholder approval

Subject to Rule 19.4, no amendment can be made to the advantage of Participants or Eligible Employees to the:
		(a)
	persons to whom Awards may be granted;

		(b)
	limit on the number of Shares which may be allocated under the Plan;

		(c)
	maximum entitlement for individual Participants;

		(d)
	rights attaching to Awards and Shares;

		(e)
	rights of Participants in the event of a Variation; or

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		(f)
	terms of this Rule 19.2,

without prior approval by ordinary resolution of the members of the Company in general meeting.
	19.3
	Participants' approval

No amendment will be made under Rule 19.1 which would abrogate or materially affect adversely the subsisting rights of a Participant unless it is made:
		(a)
	with the written consent of Participants who hold Awards under the Plan to acquire 75 per cent. of the Shares which would be delivered if all of the Awards granted and subsisting under the Plan vested and/or were exercised; or

		(b)
	by a resolution of 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 purposes of this Rule 19.3, the provisions of the articles of association of the Company and of the Companies Act 2006 relating to shareholder meetings will apply with the necessary changes.
	19.4
	Permitted amendments

Rule 19.2 will not apply to any amendment which is:
		(a)
	minor and to benefit the administration of the Plan;

		(b)
	to take account of any changes in legislation; or

		(c)
	to obtain or maintain favourable tax, exchange control or regulatory treatment for the Company, any member of the Group or any present or future Participant.

	19.5
	Notice of amendments

Participants will be given written notice of any material amendments to the Plan made under Rule 19 which affect them as soon as reasonably practicable after they have been made.
	20.
	GENERAL

	20.1
	The Plan is an employees’ share scheme

The Plan constitutes an employees’ share scheme for the purposes of section 1166 of the Companies Act 2006 (being a scheme for encouraging or facilitating the holding of Shares). Any member of the Group may provide money to the Trustee or any other person to enable them or him to acquire Shares to be held for the purposes of the Plan.
	20.2
	Rights of Participants and Eligible Employees

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Nothing in the Plan will give any officer or employee of any member of the Group any right to participate in the Plan. Participation in one grant does not imply a right to participate or be considered for participation in a later grant. The rights and obligations of any individual under the terms of his office or employment with a member of the Group will not be affected by his participation in the Plan nor any right which he may have to participate under it. A Participant holding an Award will not have any rights of a shareholder of the Company with respect to that Award or the Shares subject to it, unless specified in the case of a Restricted Award.
	20.3
	No rights to compensation or damages

A Participant waives all and any rights to compensation or damages for the termination of his office or employment with a member of the Group for any reason whatsoever (including unlawful termination of employment) insofar as those rights arise or may arise from his ceasing to have rights under the Plan as a result of that termination or from the loss or diminution in value of such rights or entitlements. Nothing in the Plan or in any document executed under it will give any person any right to continue in employment or will affect the right of any member of the Group to terminate the employment of any Participant or Eligible Employee or any other person without liability at any time, with or without Cause, or will impose on the Company, any member of the Group, the Board or the Trustee or their respective agents and employees any liability in connection with the loss of a Participant's benefits or rights under the Plan or as a result of the exercise of a discretion under the Plan for any reason as a result of the termination of his employment.
	20.4
	The benefits of Rules 20.2 and 20.3

The benefit of Rules 20.2 and 20.3 is given for the Company, for itself and as trustee and agent of all the members of the Group. The Company will hold the benefit of these Rules on trust and as agent for each of them and may assign the benefit of this Rule 20.4 to any of them.
	20.5
	Notices

Any notice or other document required to be given under or in connection with the Plan may be given to a Participant electronically, delivered to a Participant or sent by post to him at his home address according to the records of his employing company or such other address as may appear to the Company to be appropriate. Any notice or other document required to be given to the Company under or in connection with the Plan may be given to the Company electronically, delivered or sent by post to it at its registered office (or such other place or places as the Committee may from time to time determine and notify to Participants). Notices sent by post shall be deemed to have been given on the day following the date of posting.
	20.6
	Stamp duty

The Company, or where the Committee so directs any Subsidiary, shall pay the appropriate stamp duty on behalf of Participants in respect of any transfer of Shares on the exercise of Awards.
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	20.7
	Severability

The invalidity or non-enforceability of one or more provisions of the Plan will not affect the validity or enforceability of the other provisions of the Plan.
	20.8
	Third parties

The Plan confers no benefit, right or expectation on an individual who is not a Participant. No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Plan. Any other right or remedy which a third party may have is unaffected by this Rule 20.8.
	20.9
	Data protection

All Eligible Employees agree, as a condition of their participation in the Plan, that any personal data in relation to them may be held by a member of the Group and/or the Trustee and passed on to a third party broker, registrar, administrator and/or future purchaser of the Company for all purposes relating to the operation or administration of the Plan, including to countries or territories outside the European Economic Area.
	20.10
	Governing Law

These Rules will be governed by and construed in accordance with the laws of England. All Participants, the Company and any other member of the Group will submit to the jurisdiction of the English courts in relation to any dispute arising under the Plan.
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SCHEDULE 1
United States
This Schedule 1 shall apply to an Award to the extent that it is (to such extent, a “US Award”):
(i) subject to the tax laws of the United States of America (the “US”), or (ii) reasonably expected to become or becomes subject to the tax laws of the US. To take account of the tax laws of the US, the Rules of this Schedule 1 shall override the Rules of the Plan and any other Schedule to the extent that they are inconsistent with the Rules of this Schedule 1, except that the Rules of this Schedule 1 shall not override the provisions of Rule 4 and Rule 5 of the Plan nor any requirement under UK company law or the rules of the London or Hong Kong Stock Exchanges necessary for the lawful operation of the Plan in accordance with such law or rules. US Awards made under this US Schedule will be treated as counting against the limits under Rules 4 and 5 of the Plan. For the avoidance of doubt, this Schedule 1 only applies to US Awards, and Rule 8 of the Plan as modified by this Schedule 1 applies to all US Awards.
	1
	US Awards that are Conditional Awards are intended to be exempt from Section 409A of the Code, as amended from time to time and including regulations and other guidance that is issued with respect thereto (“Section 409A”), pursuant to the “short term deferral” exemption that is set forth in US Treasury Regulation Section 1.409A-1(b)(4). US Awards that are Restricted Awards are intended to be exempt from Section 409A pursuant to the exemption for “restricted property” that is set forth in US Treasury Regulation Section 1.409A-1(b)(6). The Plan and the terms of US Awards shall be interpreted and administered in a manner that ensures that they are exempt from Section 409A, except as otherwise expressly determined by the Committee. Notwithstanding the foregoing, the value of a Deferred US Award will become subject to Section 409A to the extent of a deferral election that is made pursuant to Section 12 of this Schedule 1. Therefore, Section 2 of this Schedule 1 shall apply to the value of such a Deferred US Award in connection with and after such a deferral election.

	2
	To the extent that the Plan, a US Award, or the settlement or deferral of a US Award is subject to Section 409A notwithstanding Section 1 of this Schedule 1, the Plan, that US Award, and the settlement or deferral of that US Award shall be interpreted and administered in a manner that ensures that each complies with Section 409A. In particular, a US Award that is subject to Section 409A may not be settled on account of the “separation from service” of a “specified employee” (each within the meaning of Section 409A) until six months after the specified employee’s separation from service or, if earlier, death. To the extent necessary to comply with Section 409A, the Committee shall timely amend the Plan and the terms of an affected US Award to the maximum extent permissible under Section 409A. Such an amendment shall be deemed to be a permitted amendment under Rule 19.4 of the Plan and as a consequence the shareholder approval requirements of Rule 19.2 of the Plan shall not apply. Rule 19.3 of the Plan is amended so far as it applies to US Awards so that no Participant consent shall be required for any such amendment. Any such amendment may be made on a retroactive basis to the extent that such retroactive amendment does not itself cause a violation of Section 409A. The Committee may seek safe harbour relief for a failure to comply with Section 409A pursuant to guidance that is issued by the US Internal Revenue Service from time to time.

	3
	US Awards that are Restricted Awards are generally exempt from Section 409A pursuant to the “restricted property” exemption, and are generally subject to the rules of Section 83 of the Internal Revenue Code, as amended from time to time and including

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regulations and other guidance that is issued with respect thereto (“Section 83”). Accordingly, US Awards that are Restricted Awards are generally taxable to the Participant upon becoming transferable or upon the lapse of the US Award’s “substantial risk of forfeiture” within the meaning of Section 83, and a Participant may generally make an election under Section 83(b) to be taxed with respect to a US Award that is a Restricted Award as of the Date of Grant of the Restricted Award. US Awards that are Restricted Awards shall be interpreted and administered in a manner that ensures that they comply with Section 83. In particular, the Vesting provisions of the Plan and of each US Award that is a Restricted Award are intended to subject such a US Award to a “substantial risk of forfeiture” within the meaning of Section 83 until the US Award Vests on the Vesting Date. The application of a Holding Period to such a US Award is intended to delay the transferability of the Shares subject to the US Award, as provided in the Plan, but is not intended to delay the US Award's Vesting or Vesting Date. The Plan and each US Award that is a Restricted Award shall be interpreted and administered accordingly, except as otherwise expressly determined by the Committee or provided in the US Award.
	4
	The Vesting provisions of the Plan and of each US Award are intended to subject US Awards to a “substantial risk of forfeiture” within the meaning of US Treasury Regulation Section 1.409A-1(d) until Vesting on the Vesting Date. The application of a Holding Period to such a US Award is intended to delay the transferability of the Shares subject to the US Award, as provided in the Plan, but is not intended to delay the US Award's Vesting or Vesting Date. The Plan and each US Award shall be interpreted and administered accordingly, except as otherwise expressly determined by the Committee or provided in the US Award. The Committee shall not exercise any discretion under the Plan, including under Rules 3.2, 8.2, 8.4, 9.1(iv), 10.2, 10.3, 10.4, 10.5, 10.7, 11.5, 13, 14, 15, 16, or 17 of the Plan, with respect to a US Award without either: (i) determining that such exercise of discretion will not cause the US Award to cease to be subject to such a “substantial risk of forfeiture”; or (ii) expressly determining to exercise such discretion notwithstanding that it will cause the US Award to cease to be subject to such a “substantial risk of forfeiture,”. and expressly determining that such exercise of discretion does not and will not result in a failure to comply with the requirements of Section 409A.

	5
	If a US Award is to be granted in exchange for another award, whether pursuant to Rules 6, 10.3, or 15 of the Plan or otherwise, the Committee shall ensure that the grant is either exempt from Section 409A or complies with the requirements of Section 409A, including the substitution rules at US Treasury Regulation Section 1.409A-3(f).

	6
	An enhancement of a US Award pursuant to Rule 7 of the Plan shall be deemed to be the grant of a new “legally binding right” (within the meaning of Section 409A) to a US Award, to the extent of the enhancement.

	7
	If (i) a US Award that is a Conditional Award is otherwise exempt from Section 409A; (ii) the Committee determines that it is necessary to delay the issuance or transfer of Shares with respect to that US Award pursuant to Rule 11.2 of the Plan or otherwise until after two and one half months after the end of the calendar year in which the relevant US Award Vests (the “Short-Term Deferral Date”); and (iii) such delay would cause the US Award to become subject to Section 409A, then on or before the Short-Term Deferral Date the Company shall (except as prohibited by Section 8 of this Schedule 1 or as otherwise expressly determined by the Committee) make a cash payment to the Participant pursuant to Rule 11.3 of the Plan (in lieu of delivering Shares)

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of an equivalent value to the Shares but subject to any necessary deductions required by law. If (i) a US Award that is a Conditional Award is or becomes subject to Section 409A (including because a cash payment is not made according to the first sentence of this Section 7), and (ii) the Committee determines that it is necessary to delay the issuance or transfer of Shares with respect to that US Award pursuant to Rule 11.2 of the Plan or otherwise, then any such delay shall comply with the requirements of Section 409A.
	8
	The cash payment of a US Award that is subject to a Holding Period may be delayed under Rule 11.3 of the Plan only if such delay complies with the requirements of Section 409A.

	9
	To the extent that a US Award is subject to, and not exempt from, Section 409A, the occurrence of an event that is described in Rule 13 of the Plan shall not accelerate the time of settlement of such US Award unless either: (i) such event is also a “change in ownership”, a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A, or (ii) the Committee determines that any such acceleration otherwise complies with Section 409A.

	10
	If a US Award is adjusted as a result of a Variation pursuant to Rule 16 of the Plan, such adjustment shall be made in a manner that either: (i) results in the US Award, as adjusted, continuing to be exempt from Section 409A, or (ii) results in the US Award, as adjusted, complying with Section 409A.

	11
	In no event will a Participant have the right to designate the year of settlement of any US Award.

	12
	DEFERRAL OF US AWARDS

	12.1
	The Committee may, in its sole discretion, allow a Participant to defer voluntarily the settlement of a US Award that is a Conditional Award in accordance with the terms and conditions of a deferred compensation plan in which the Participant participates that is maintained by the Company or any member of the Group (a “Deferred Compensation Plan”), subject to the conditions of this Section 12.

		12.1.1
	The settlement of a US Award may be deferred only to the extent that the US Award is Vested as of the date on which the deferral is to occur, which is the date on which the Company would have settled the US Award had the Participant not elected to defer its settlement (the “Deferral Date”).

		12.1.2
	If the US Award is a Performance Award (as defined in Section 12.2 of this Schedule 1), then:

		(i)
	the Participant must submit an irrevocable, written election to defer the settlement of the US Award pursuant to this Section 12 on or before the date that is six months before the end of the Performance Period;

		(ii)
	the Participant must have performed services continuously from the later of the beginning of the Performance Period or the date the Performance Conditions were established, through the date the election is made pursuant to this Section 12; and

		(iii)
	in no event may an election be made pursuant to this Section 12 with respect to the US Award that is a Performance Award after the amount

​

28

​

that is payable upon the settlement of the US Award becomes readily ascertainable, within the meaning of Treasury Regulation Section 1.409A-2(b)(8).
		12.1.3
	If the US Award is not a Performance Award but is exempt from Section 409A pursuant to the “short term deferral” exemption that is set forth in US Treasury

Regulation Section 1.409A-1(b)(4), then:
		(i)
	the Participant must submit an irrevocable, written election to defer the settlement of the US Award pursuant to this Section 12 at least 12 months before the Vesting Date;

		(ii)
	the election may not take effect until at least 12 months after the date on which the election is made; and

		(iii)
	the settlement of the US Award must be deferred for a period of at least 5 years from the Vesting Date; provided that the 5-year mandatory deferral period in this Section 12.1.3(iii) shall not apply to the extent that the deferred US Award is settled upon a “change in ownership”, a “change in effective control,” or a “change in the ownership of a substantial portion of the assets” of the Company, each within the meaning of Section 409A.

		12.1.4
	If the US Award is not a Performance Award and is not exempt from Section 409A pursuant to the “short term deferral” exemption that is set forth in US Treasury Regulation Section 1.409A-1(b)(4), then the Participant must submit an irrevocable, written election to defer the settlement of the US Award pursuant to this Section 12 not later than December 31 of the year preceding the year that includes the first day of the Performance Period.

		12.1.5
	Notwithstanding the foregoing, if any deferral election pursuant to this Section 12 is a subsequent deferral election within the meaning of Section 409A, then such subsequent deferral election must: (a) be made at least 12 months prior to the earliest settlement date under the Plan; (b) must not take effect until at least 12 months after the date on which the election is made; and (c) must postpone the settlement date for a period of not less than five years from the date settlement would otherwise have occurred (except as otherwise permitted by Section 409A).

		12.1.6
	A Participant may not make a deferral election pursuant to this Section 12 to defer the settlement of a US Award to a Deferred Compensation Plan unless the election complies with the rules of this Section 12, the rules of that Deferred Compensation Plan, and the rules of Section 409A.

		12.1.7
	Notwithstanding the foregoing, a Participant may not defer voluntarily the settlement of an Award that is subject to a Holding Period.

	12.2
	A US Award is a “Performance Award” for purposes of this Schedule 1 if the Performance Conditions cause the US Award to qualify as “performance-based compensation” within the meaning of US Treasury Regulation 1.409A-1(e).

	12.3
	A Participant who has deferred the settlement of a US Award pursuant to this Section 12 (to the extent of the deferral, a “Deferred US Award”) shall, after the end of the relevant Performance Period, receive notice of the number of Shares or cash amount that would

​

29

​

have been released to him or her had he or she not deferred receipt of the Shares or cash amounts with respect to the Deferred US Award.
	12.4
	A Deferred US Award will remain subject to the Rules of the Plan, including this Schedule 1, through to the Deferred US Award’s Deferral Date. A Participant’s election to defer the settlement of a Deferred US Award pursuant to this Section 12 constitutes the Participant’s irrevocable waiver and release of all of the Participant’s rights under the Plan with respect to the Deferred US Award, effective as of the Deferral Date. In lieu of releasing the deferred Shares or cash under this Plan with respect to a Deferred US Award, the Committee will inform the sponsor of the Deferred Compensation Plan to which settlement of the Deferred US Award is deferred of the deferred value of the Deferred US Award, and the sponsor of the Deferred Compensation Plan will be responsible for crediting such deferred value to that Deferred Compensation Plan on the Participant’s behalf, subject to applicable law (including Section 409A) and any applicable payroll and other tax withholding. After the Deferral Date, the Company will have no liability to the Participant with respect to the Deferred US Award, and the sponsor of the Deferred Compensation Plan to which settlement of the Deferred US Award is deferred will be exclusively liable to the Participant with respect to the deferred value of such Deferred US Award, in accordance with the rules of that Deferred Compensation Plan.

	12.5
	After the Deferral Date, a Deferred US Award and all of the Participant’s rights with respect thereto will be governed exclusively by the rules of the Deferred Compensation Plan to which settlement is deferred, except that:

		12.5.1
	Rule 8.4 of the Plan is deemed to be incorporated into that Deferred Compensation Plan with respect to, and will continue to apply to, the Deferred US Award after its deferral; and

		12.5.2
	the Committee may, in its sole discretion, implement a clawback under Rule 8.4 with respect to the Deferred US Award by requiring that the sponsor of that Deferred Compensation Plan effect a forfeiture of the Participant’s unpaid benefits under the Deferred Compensation Plan to the extent that such benefits derive from the Deferred US Award that is subject to the clawback, after adjustment for any deemed investment earnings and losses thereon under the rules of the Deferred Compensation Plan. The Participant will remain liable for the cash repayment of any deficiency remaining with respect to a clawback amount after offset by the amount of such forfeited benefits.

	13
	Nothing in the Plan or this Schedule 1 requires the Company to make any contributions or create any fund, or to otherwise segregate assets, with respect to a US Award, including a Deferred US Award. A Participant’s interest in a US Award shall be notional only, and without limiting the generality of the foregoing, a US Participant shall have no interest whatsoever in any Shares or cash held by any trust involved in the administration of the Plan. US Awards, Shares, and cash amounts shall be and remain subject to the claims of the Company’s general creditors until the settlement of the US Award or deferral of the Deferred US Award. A Participant’s rights under a Deferred Compensation Plan shall be and remain subject to the general creditors of the member of the Group that sponsors the Deferred Compensation Plan, except as that Deferred Compensation Plan otherwise provides.

	14
	NEITHER THE COMPANY NOR ANY OTHER MEMBER OF THE GROUP MAKES REPRESENTATIONS OR WARRANTIES REGARDING THE TAXATION OF US

​

30

​

AWARDS, SHARES OR ANY OTHER BENEFITS UNDER THE PLAN, INCLUDING THEIR TAX-DEFERRED NATURE OR COMPLIANCE WITH SECTION 83, SECTION 409A OR ANY OTHER APPLICABLE LAW. NEITHER THE COMPANY NOR ANY OTHER MEMBER OF THE GROUP IS LIABLE TO A PARTICIPANT OR ANY OTHER PERSON FOR ANY TAXES, PENALTIES, INTEREST OR OTHER DAMAGES INCURRED AS A RESULT OF ANY FAILURE TO COMPLY WITH ANY APPLICABLE TAX OR OTHER LAW, INCLUDING SECTION 83 OR SECTION 409A, REGARDLESS OF WHETHER THE FAILURE WAS INADVERTENT OR INTENTIONAL.
	15
	Claims with respect to US Awards shall be submitted to the Committee . The Committee shall make each claim determination with respect to a benefit in a uniform and non-discriminatory manner within 90 days (in the case of a claim for disability benefits, within 45 days) after the Committee receives the claim for benefits. The Committee shall during that period grant the claim, deny the claim, or notify the claimant that special circumstances require an extension of time for the processing of the claim and the extended date by which a decision will be rendered. Any such extension shall not exceed 180 days from the initial notice; provided that, in the case of a claim for disability benefits, any such extension shall not exceed 75 days from the initial notice and must be necessary due to matters beyond the Committee’s control. The Committee may further extend the time for the processing of a claim for disability benefits for up to an additional 30 days, provided that: (a) due to matters beyond the Committee’s control a decision cannot be rendered during such 75-day period, and (b) the Committee notifies the claimant, prior to the expiration of such 75-day period, that special circumstances require such an extension of time for the processing of the claim and of the extended date by which a decision will be rendered. A notice of the extension of time for the processing of a claim for disability benefits shall specifically explain the standard on which entitlement to the benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues. The claimant shall be afforded at least 45 days within which to provide the specified information. 

During the applicable claims review period (including permitted extensions), the Committee shall give the claimant notice of any whole or partial denial of the claimant’s claim for benefits, as well as of any other adverse benefit determination. The notice shall set forth the specific reasons for the adverse benefit determination, shall reference to the specific Plan provisions on which the determination is based, shall describe any additional material or information necessary for the claimant to perfect his claim and why such material or information is necessary, shall advise the claimant that he may submit an appeal of the determination to the Committee within 180 days after receipt of such notice, and shall include a statement of any right that the claimant has to bring a civil action under Section 502 of the Employee Retirement Income Security Act of 1974, as amended, following an adverse benefit determination on review. In addition, a notice of an adverse determination with respect to a claim for disability benefits shall be provided in a culturally and linguistically appropriate manner and shall set forth: (a) a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (i) the views presented by the claimant of health care professionals treating the claimant and vocational professionals who evaluated the claimant, (ii) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination, and (iii) a disability determination regarding the claimant presented by the claimant to the plan made by the
​

31

​

Social Security Administration; (b) if the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the plan to the claimant's medical circumstances, or a statement that such explanation will be provided free of change upon request; (c) either the specific internal rules, guidelines, protocols, standards, or other similar criteria of the plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards, or other similar criteria of the plan do not exist; and (d) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant's claim for benefits.
The claimant may submit an appeal of a benefit claim determination to the Committee within 180 days after the claimant’s receipt of the notice of the determination. Failure of the individual to file an appeal with the Committee within the allowable 180-day period will constitute an irrevocable consent by the individual to the Committee’s decision, and the Committee’s notice described above shall so state.
The appeal shall provide a full and fair review of the claimant’s claim for benefits and the adverse benefit determination that takes into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The claimant may submit written comments, documents, records, and other information relating to the claim for benefits in connection with the appeal. The claimant will also be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, both in connection with the appeal and any adverse benefit determination. The appeal shall be reviewed by an individual who was neither a party who made the initial adverse benefit determination nor a subordinate of such a party. The review will not afford deference to the initial adverse benefit determination and shall take into account all comments, documents, records, and other information submitted by the claimant, without regard to whether such information was previously submitted or relied upon in the initial determination. The determination on appeal shall identify the medical or vocational experts whose advice was obtained on behalf of the plan in connection with any adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination.
Before issuing an adverse benefit determination on appeal relating to a disability benefit claim, the Committee shall provide the claimant, free of charge, with any new or additional evidence considered, relied upon, or generated on behalf of or at the direction of the individual making the benefit determination in connection with the claim. Such evidence must be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on appeal is required to be provided to give the claimant a reasonable opportunity to respond prior to that date. In addition, before issuing an adverse benefit determination on appeal relating to a disability benefit claim based on a new or additional rationale, the Committee shall provide the claimant, free of charge, with the new or additional rationale as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided to give the claimant a reasonable opportunity to respond prior to that date.
​

32

​

Within 60 days (in the case of a claim for disability benefits, within 45 days) after receipt of the request for review, the Committee shall notify the claimant either as to the decision on the appeal or that special circumstances require an extension of time for processing the claim. If the Committee determines that an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 60-day (in the case of a claim for disability benefits, 45-day) period. In no event shall such extension exceed a period of 60 days (in the case of a claim for disability benefits, 45 days) from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the plan expects to render the determination on review.
Notwithstanding the prior paragraph, if the Committee holds regularly scheduled meetings at least quarterly, then with respect to benefit claims other than claims for disability benefits: (a) the notice required by the prior paragraph shall instead be provided no later than the date of the meeting of the Committee that immediately follows the receipt of a request for review, unless the request for review is filed within 30 days preceding the date of such meeting; (b) if the request for review is filed within 30 days preceding the date of such meeting, such notice may be provided by no later than the date of the second meeting following the receipt of the request for review; and (c) if special circumstances require a further extension of time for processing such a claim, the notice shall be provided not later than the third meeting following receipt of the request for review. If such an extension of time for review is required because of special circumstances, the Committee shall provide the claimant with written notice of the extension, describing the special circumstances and the date as of which the benefit determination will be made, prior to the commencement of the extension.
During the applicable review period on appeal (including permitted extensions), the Committee shall give the claimant notice of the benefit determination on review. The notice shall set forth the specific reasons for the determination, shall reference to the specific Plan provisions on which the determination is based, shall state that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, and shall include a statement of any right that the claimant has to bring a civil action under Section 502 of the Employee Retirement Income Security Act of 1974, as amended. In addition, a notice of an adverse determination with respect to a claim for disability benefits shall be provided in a culturally and linguistically appropriate manner and shall set forth: (a) a discussion of the decision, including an explanation of the basis for disagreeing with or not following: (i) the views presented by the claimant of health care professionals treating the claimant and vocational professionals who evaluated the claimant, (ii) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination, and (iii) a disability determination regarding the claimant presented by the claimant made by the Social Security Administration; (b) if the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the claimant's medical circumstances, or a statement that such explanation will be provided free of change upon request; and (c) either the specific internal rules, guidelines, protocols, standards, or other similar criteria of the Plan relied upon in making the adverse determination or,
​

33

​

alternatively, a statement that such rules, guidelines, protocols, standards, or other similar criteria of the Plan do not exist.
A notice of benefit determination, whether initial or on review, shall in any event be provided as soon as possible, but not later than the date required by this claims procedure.

34​

Exhibit 4.6
Execution version
Dated    6    August 2021
​
​
​
PRUDENTIAL PLC
and
JACKSON FINANCIAL INC.
​
​
​

DEMERGER AGREEMENT

​
​
​
Slaughter and May
One Bunhill Row
London EC1Y 8YY
(RJYT/NLZC/RQD/OXH)
​

​

​

	Contents
	Page

	1.
	Interpretation
	4

	2.
	Conditions Precedent
	14

	3.
	Pre-Completion Obligations
	15

	4.
	Transfer of Relevant Jackson Shares
	17

	5.
	Completion Obligations
	17

	6.
	Separation Committee
	18

	7.
	Separation of Businesses
	19

	8.
	Guarantees and Undertakings
	19

	9.
	Contractual Arrangements and Dealings with Third Parties
	20

	10.
	Access to Corporate Data or corporate personal data
	23

	11.
	Access to Personal Data
	25

	12.
	Deletion of Confidential Data
	27

	13.
	Pre-Completion Reorganisation
	28

	14.
	Share Schemes
	29

	15.
	Insurance
	29

	16.
	Wrong Pockets
	30

	17.
	Dispute Resolution
	31

	18.
	Costs and Expenses
	32

	19.
	Confidentiality
	32

	20.
	Announcements
	34

	21.
	Payments
	34

	22.
	Tax Matters
	34

	23.
	Intellectual Property
	35

	24.
	Further Assurance and Cooperation
	35

​
​

​

​

	​

	​

	​

	25.
	Notices
	36

	26.
	Entire Agreement
	37

	27.
	Contracts (Rights of Third Parties) Act 1999
	38

	28.
	Miscellaneous
	38

	29.
	Governing Law and Service of Process
	39

​
	Schedule 1 Costs
	41

	 Schedule 2 Mutual Indemnities
	42

	 Schedule 3 Provisions on Claims under the Mutual Indemnities
	45

	 Schedule 4 Access to Personal Data
	51

	 Schedule 5 Employee Share Schemes
	64

	 Schedule 6 Insurance
	64

	 Schedule 7 Tax Matters
	71

​
​

3

​

This Agreement is made as a deed on    6    August 2021:
BETWEEN:
1.PRUDENTIAL PLC, a company incorporated in England with number 1397169, having its registered office at 1 Angel Court, London EC2R 7AG (“Prudential”); and
2.JACKSON FINANCIAL INC., a Delaware corporation having its registered office at 1 Corporate Way, Lansing, Michigan, United States (“Jackson”).
WHEREAS:
(A)Jackson is currently an indirect majority-owned subsidiary of Prudential and the holding company of the Jackson Business and the Jackson Group Companies. PUSH holds 90.1 per cent. of the combined voting power of Jackson’s common stock. Athene holds the remaining 9.9 per cent. of the combined voting power.
(B)Prudential intends to demerge approximately 69.2 per cent. of Jackson’s total common stock and approximately 70.1 per cent. of the combined voting power of Jackson’s common stock, on a pro rata basis to shareholders of Prudential on the record date for the distribution by way of a direct dividend demerger. Following the completion of the Demerger, Prudential intends to retain outstanding Jackson Shares representing approximately 19.7 per cent. of Jackson’s total common stock and approximately 19.9 per cent. of the combined voting power of Jackson’s common stock.
(C)Prudential and Jackson have conditionally agreed on the terms of this Agreement that Prudential will, pursuant to the Demerger Resolution, pay the Demerger Dividend to Qualifying Prudential Shareholders. The Demerger is expected to be implemented on 13 September 2021.
(D)Prudential intends to implement a Pre-Completion Reorganisation whereby all of the shares in Jackson currently held by PUSH will be transferred to PCAL, and then distributed from PCAL to Prudential to ensure that, immediately prior to Completion, Jackson is a direct majority-owned subsidiary of Prudential.
(E)This Agreement, which is a deed, sets out the terms on which the Demerger is intended to be effected and certain terms on which the relations between Prudential and Jackson will be governed following Completion.
THIS DEED PROVIDES as follows:
1.INTERPRETATION
1.1In this Agreement and the schedules:
	“Athene”
	means Athene Life Re Ltd or its successors or assigns;

​
​

4

​

	“Business Day”
	means a day (other than a Saturday or Sunday) on which banks are open for general business in London, UK and New York, United States;

	​
	​

	“Business Information”
	means all information in whatever form held, including (without limitation) all:

	​
	​

	​
	(i)
formulas, designs, specifications, drawings, know-how, manuals and instructions;

	​
	​

	​
	(ii)
customer lists, sales, marketing and promotional information;

	​
	​

	​
	(iii)
business plans and forecasts;

	​
	​

	​
	(iv)
technical or other expertise; and

	​
	​

	​
	(v)
all accounting and Tax records, correspondence, orders and inquiries;

	​
	​

	“CDIs”
	has the meaning given to that term in clause 5.2;

	​
	​

	“Change of Control”
	means a change in the direct or indirect ownership of a party which results in a person (and/or its affiliates and/or persons acting in concert with it) acquiring Control of such party;

	​
	​

	“Circular”
	means the circular to be dated with the Posting Date and to be sent to the shareholders of Prudential in connection with the Demerger, including a notice of general meeting of Prudential;

	​
	​

	“Class B Shares”
	means the shares of Class B common stock in Jackson of par value $0.01 each in issue immediately prior to Completion;

	​
	​

	“CoC Party”
	has the meaning given to that term in clause 12.1;

	​
	​

	“Completion”
	means completion of the Demerger by way of implementation of the Completion Steps;

	​
	​

	“Completion Steps”
	means the steps set out in clause 5.2;

	​
	​

	“Conditions Precedent”
	means the conditions set out in clause 2.1;

	​
	​

	“Confidential Data”
	means any confidential data relating to the Non-CoC Party held by the CoC Party as notified by the Non-CoC Party in a request made pursuant to clause 12.1;

​
​

5

​

	“Control”
	means, in relation to a company, the ability of a person to ensure that the activities and business of that company are conducted in accordance with the wishes of that person, and a person shall be deemed to have control of a company if it possesses or is entitled to acquire the majority of the issued share capital or the voting rights in that company, has the right to appoint or remove the majority of the directors of the company or has the right to receive the majority of the income of that company on any distribution by it of all of its income or the majority of its assets on a winding up, and “Controlled” shall be construed accordingly;

	​
	​

	“Corporate Data”
	means any data under the control of a Providing Party or any of its subsidiaries, other than Corporate Personal Data and Personal Data;

	​
	​

	“Corporate Personal Data”
	means any:

	​
	​

	​
	(i)
employee names;

	​
	​

	​
	(ii)
corporate email addresses;

	​
	​

	​
	(iii)
corporate phone numbers and dial-in details;

	​
	​

	​
	(iv)
corporate work addresses;

	​
	​

	​
	(v)
job titles; or

	​
	​

	​
	(vi)
Personal Data contained in signature blocks of contracts,

	​
	​

	​
	obtained, or to be obtained, by a Requesting Party from a Providing Party solely as a consequence of a request for Corporate Personal Data (or incidentally as a consequence of a request for Corporate Data pursuant to clause 10.1);

	​
	​

	“Costs”
	means charges and reasonable costs (including legal costs) and expenses, which are properly incurred and of an out-of-pocket nature, together with any amounts in respect of VAT comprised in such charges, costs and expenses but only to the extent not recoverable;

	​
	​

	“D&O Policy”
	has the meaning given to it in clause 15.2;

	​
	​

	“Demerger”
	means the proposed demerger of Jackson pursuant to the Demerger Dividend;

	​
	​

	“Demerger Dividend”
	means the proposed interim in-specie dividend of Jackson Shares representing 70.1 per cent. of the combined voting

​
​

6

​

	​
	power of Jackson by Prudential to Qualifying Prudential Shareholders;

	​
	​

	“Demerger Record Time”
	means 6.00 p.m. London time on 2 September 2021, or such other time and/or date as the Prudential Board may, in its absolute discretion, determine;

	​
	​

	“Demerger Resolution”
	means the resolution set out in the notice of general meeting of Prudential included in the Circular;

	​
	​

	“Excluded Jackson Business Liability”
	has the meaning given to that term in Schedule 2 (Mutual Indemnities);

	​
	​

	“Excluded Prudential Business Liability”
	has the meaning given to that term in Schedule 2 ( Mutual Indemnities);

	​
	​

	“Face of Prudence Device”
	means the device designated as such in Schedule 8 (Face of Prudence Device) in any colour;

	​
	​

	“FCA”
	means the Financial Conduct Authority acting in its capacity as the competent authority under Part VI of FSMA;

	​
	​

	“Form 10”
	the registration statement on Form 10 that has been filed with, and declared effective by, the SEC in respect of Jackson Shares;

	​
	​

	“FSMA”
	means the Financial Services and Markets Act 2000;

	​
	​

	“GDPR”
	means the UK version of the General Data Protection Regulation (EU) No 2016/679 (“EU GDPR”), which came into effect on 1 January 2021 when the EU GDPR was incorporated into UK domestic law by the European Union (Withdrawal) Act 2018, with certain modifications;

	​
	​

	“Group”
	means the Prudential Group or the Jackson Group, as the context requires;

	​
	​

	“Group Company”
	means a Prudential Group Company or a Jackson Group Company, as the context requires;

	​
	​

	“Group RemCo Deliverables”
	means the financial and reporting deliverables, and related disclosures for the period from 1 January 2021 up to and including the date of the Demerger, that are required by Prudential’s Group Remuneration Committee, as agreed between Prudential and Jackson prior to completion of the Demerger;

	​
	​

	“HKEx”
	means the Stock Exchange of Hong Kong Limited;

​
​

7

​

	“HMRC”
	means HM Revenue & Customs;

	​
	​

	“Indemnified Party”
	has the meaning given to that term in Schedule 3 (Provisions on Claims under the Mutual Indemnities);

	​
	​

	“Indemnifying Party”
	has the meaning given to that term in Schedule 3 (Provisions on Claims under the Mutual Indemnities);

	​
	​

	“Insurance Date”
	has the meaning given to that term in Schedule 3 (Provisions on Claims under the Mutual Indemnities);

	​
	​

	“Intellectual Property Rights”
	means all patents, trade and service marks, trade and service names, logos, copyrights (including, without limitation, rights in computer software), rights in designs and rights in databases (whether or not any of these is registered and including any applications for registration of any such thing) and all other intellectual property rights or forms of protection of a similar nature or having equivalent or similar effect to any of the foregoing, which subsist anywhere in the world;

	​
	​

	“Long Stop Date”
	has the meaning given to that term in clause 2.1;

	​
	​

	“Jackson Board”
	means the board of Jackson Directors and any duly authorised committee of that board, from time to time;

	​
	​

	“Jackson Business”
	means the business operated from time to time by the Jackson Group, which is described in the Form 10;

	​
	​

	“Jackson Business Liabilities”
	has the meaning given to that term in Schedule 2 ( Mutual Indemnities);

	​
	​

	“Jackson Directors”
	means the directors of Jackson, from time to time;

	​
	​

	“Jackson Group”
	means Jackson and its subsidiaries from Completion;

	​
	​

	“Jackson Group Companies”
	means any member of the Jackson Group from time to time, and “Jackson Group Company” shall be construed accordingly;

	​
	​

	“Jackson Group Company Guarantee”
	means any guarantee, indemnity, bond, warranty, covenant, security or collateral obligations given by any Jackson Group Company in respect of any Prudential Group Company or any liabilities or obligations of any Prudential Group Company or the Prudential Business;

	​
	​

	“Jackson Transfer Agent”
	means Equiniti Limited;

​
​

8

​

	“Jackson Shares”
	means the shares of Class A common stock in Jackson of par value $0.01 each in issue immediately prior to Completion;

	​
	​

	“Jackson Stock Split”
	means the recapitalisation of the issued and outstanding shares of common stock in Jackson;

	​
	​

	“Marks”
	means any trade mark or service mark (whether registered or unregistered);

	​
	​

	“Mutual Indemnities”
	means the indemnities given by Prudential to Jackson, or by Jackson to Prudential, which are contained in clause 8 ( Guarantees and Undertakings) and Schedule 2 ( Mutual Indemnities);

	​
	 ​

	“Names”
	means any company name, business name, trading name or service name (whether registered or unregistered);

	​
	​

	“NYSE”
	means the New York Stock Exchange;

	​
	​

	“Non-CoC Party”
	has the meaning given to that term in clause 12.1;

	​
	​

	“Other Group”
	means, in relation to a Prudential Group Company, the Jackson Group and, in relation to a Jackson Group Company, the Prudential Group;

	​
	​

	“PCAL”
	means Prudential Corporation Asia Limited;

	​
	​

	“Personal Data”
	means any information relating to an identified or identifiable natural person, where an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person and excludes Corporate Personal Data;

	​
	​

	“Personal Data Provider”
	has the meaning given to that term in clause 11.1;

	​
	​

	“Personal Data Requester”
	has the meaning given to that term in clause 11.1;

	​
	​

	“Posting Date”
	means the date of this Agreement (or such other date as may be agreed by Prudential and Jackson as the date for the issue and dispatch of the Circular and the effectiveness of the Form 10);

​
​

9

​

	“Pre-Completion Reorganisation”
	has the meaning given to that term in clause 13.1;

	​
	​

	“Pre-Demerger Group”
	means, together, the Prudential Group and the Jackson Group;

	​
	​

	“Providing Party”
	has the meaning given to that term in clause 10.1;

	​
	​

	“Prudential Board”
	means the board of Prudential Directors and any duly authorised committee of that board, from time to time;

	​
	​

	“Prudential Business”
	means the business operated from time to time by the Prudential Group, which is described in the Circular;

	​
	​

	“Prudential Business Liabilities”
	has the meaning given to that term in Schedule 2 ( Mutual Indemnities);

	 ​
	​

	“Prudential Directors”
	means the directors of Prudential from time to time;

	​
	​

	“Prudential Group”
	means Prudential and its subsidiary companies from Completion;

	​
	​

	“Prudential Group Companies”
	means any member of the Prudential Group from time to time, and “Prudential Group Company” shall be construed accordingly;

	​
	​

	“Prudential Group Company Guarantee”
	means any guarantee, indemnity, bond, warranty, covenant, security or collateral obligations given by any Prudential Group Company in respect of any Jackson Group Company or any liabilities or obligations of any Jackson Group Company or the Jackson Business;

	​
	​

	“Prudential Incentive Plans”
	means any or all of the Prudential Savings-Related Share Option Scheme, the Prudential Group Share Incentive Plan, the PPMA Performance Incentive Award Plan, the Prudential Group Deferred Bonus Plan 2010, the Prudential Deferred Annual Incentive Plan 2013, the Prudential Long- Term Incentive Plan and the Prudential Restricted Stock Plan 2015;

	​
	​

	“Prudential JGC Directors”
	has the meaning given to it in clause 15.2;

	​
	​

	“Prudential Shareholders”
	means holders of the Prudential Shares on the register of members of Prudential from time to time;

	​
	​

	“Prudential Shares”
	means the fully paid ordinary shares in the capital of Prudential;

​
​

10

​

	“Prudential Sponsor’s Agreement”
	means the sponsor’s agreement entered into between Goldman Sachs International and Prudential dated on or about the date of this Agreement in connection with the Circular;

	​
	​

	“PRUDENTIAL/PRU Names and Marks”
	means any Name or Mark consisting of or including the elements “PRUDENTIAL”, “PRUDENCE” and/or “PRU” and the Face of Prudence Device;

	​
	​

	“PUSH”
	means Prudential (US Holdco 1) Limited;

	​
	​

	“Qualifying Prudential Shareholders”
	means the Prudential Shareholders on the register of members of Prudential at the Demerger Record Time;

	​
	​

	“Relevant Jackson Shares”
	means such number of Jackson Shares held by Prudential representing approximately 70.1 per cent. of the total voting interests in Jackson;

	​
	​

	“Relief”
	means any loss, relief, allowance or credit in respect of any Tax and any deduction in computing income, profits or gains for the purposes of any Tax, and any repayment of Tax;

	​
	​

	“Requesting Party”
	has the meaning given to that term in clause 10.1;

	​
	​

	“SEC”
	means the US Securities and Exchange Commission;

	​
	​

	“SGX”
	means the Singapore Exchange Limited;

	​
	​

	“Share Sale Option”
	has the meaning given to it in the Circular;

	​
	​

	“Small Shareholders”
	has the meaning given to it in the Circular;

	​
	​

	“Stockholders’ Agreement”
	has the meaning given to that term in clause 13.1;

	​
	​

	“Tax”
	means all taxes, levies, duties and imposts and any charges, deductions or withholdings in the nature of tax, including taxes on gross or net income, profits or gains and taxes on receipts, sales, use, occupation, development, franchise, employment, value added and personal property, whether of the United Kingdom, the United States or elsewhere, together with all penalties, charges and interest relating to any of them or to any failure to file any return required for the purposes of any of them, but not including rates in respect of business premises or utilities, or other items generally treated as revenue expenditure;

​
​

11

​

	“Tax Authority”
	means any authority responsible for the collection or management of any Tax;

	​
	​

	“Third Party Consents”
	means all consents, licences, permits, approvals or any agreements of third party providers as are required for the performance of the obligations of the parties under clause 9 ( Contractual Arrangements and Dealings with Third Parties);

	​
	​

	“VAT”
	means:

	​
	​

	​
	
(i)
any Tax imposed in compliance with the council directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112);

	​
	​

	​
	
(ii)
to the extent not included in paragraph (i) above, any value added tax imposed by the Value Added Tax Act 1994 and legislation and regulations supplemental thereto; and

	​
	​

	​
	
(iii)
any other Tax of a similar nature to the Taxes referred to in paragraph  (i) or paragraph (ii) above, whether imposed in a member state of the EU in substitution for, or levied in addition to, the Taxes referred to in paragraph (i) or paragraph (ii) above or imposed elsewhere; and

	​
	​

	“Working Hours”
	means 9.00 a.m. to 5.00 p.m. on a Business Day.

​
	1.2
	In this Agreement, unless otherwise specified:

		(A)
	references to clauses, sub-clauses, paragraphs, sub-paragraphs, and schedules are to clauses, sub-clauses, paragraphs, sub-paragraphs of, and schedules to, this Agreement;

		(B)
	use of any gender includes the other genders;

		(C)
	references to a “company” shall be construed so as to include any corporation or other body corporate, wherever and however incorporated or established;

		(D)
	references to a “person” shall be construed so as to include any individual, firm, company, corporation, body corporate, government, state or agency of a state, local or municipal authority or government body or any joint venture, association or partnership (whether or not having separate legal personality);

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12

​

		(E)
	references to a “holding company” or a “subsidiary” shall be construed as a holding company or subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006;

		(F)
	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted and shall include any subordinate legislation made from time to time under that statute or statutory provision, except to the extent that any amendment or modification made after the date of this Agreement would increase or alter the liability of Prudential or Jackson under this Agreement;

		(G)
	any reference to a “day” (including within the phrase “Business Day”) shall mean a period of 24 hours running from midnight to midnight;

		(H)
	references to “indemnify” and “indemnifying” any person against any circumstance include indemnifying and keeping the person harmless on an after-Tax basis from all actions, claims and proceedings from time to time made against that person and all loss or damage and all payments, costs or expenses made or incurred by that person as a consequence of or which would not have arisen but for that circumstance;

		(I)
	any indemnity or obligation to pay (the “Payment Obligation”) being given or assumed on an “after-Tax basis” or expressed to be “calculated on an after-Tax basis” means that the amount payable pursuant to such Payment Obligation (the “Payment”) shall be calculated in such a manner as will ensure that, after taking into account:

		(i)
	any Tax required to be deducted or withheld from the Payment;

		(ii)
	the amount and timing of any additional Tax which becomes payable as a result of the Payment’s being subject to Tax; and

		(iii)
	the amount and timing of any Tax benefit which is obtained, to the extent that such Tax benefit is attributable to the matter giving rise to the Payment Obligation,

the recipient of the Payment is in the same position as that in which it would have been if the matter giving rise to the Payment Obligation had not occurred (or, in the case of a Payment Obligation arising by reference to a matter affecting a person other than the recipient of the Payment, the recipient of the Payment and that other person are, taken together, in the same position as that in which they would have been had the matter giving rise to the Payment Obligation not occurred), provided that the amount of the Payment shall not exceed that which it would have been if it had been regarded for all Tax purposes as received solely by the recipient and not any other person;
		(J)
	the formulation “to the extent that” shall be read as meaning “if, but only to the extent that”; and

​

13

​

		(K)
	the rule known as the ejusdem generis rule shall not apply and accordingly:

		(i)
	general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things; and

		(ii)
	general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words.

	1.3
	In this Agreement, unless otherwise specified:

		(A)
	all headings and titles are inserted for convenience only and are to be ignored in the interpretation of this Agreement; and

		(B)
	the schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this Agreement shall include the schedules.

	2.
	CONDITIONS PRECEDENT

	2.1
	The provisions of this Agreement, other than those arising under clause 1 (Interpretation), clause  2 ( Conditions Precedent), clause  3 ( Pre-Completion  Obligations), clause  4 ( Transfer of Relevant Jackson Shares), clause  19 ( Confidentiality), clause  24 ( Further Assurance and Cooperation) and clause  25 ( Notices) to clause  29 ( Governing Law and Service of Process) (inclusive), shall be conditional upon all of the following:

		(A)
	the approval of the Demerger Resolution by a majority of Prudential Shareholders at the general meeting of Prudential Shareholders;

		(B)
	completion of the Pre-Completion Reorganisation, as contemplated in clause  13  (Pre-Completion Reorganisation);

		(C)
	completion of the Jackson Stock Split;

		(D)
	the approval of the Demerger Dividend by the Prudential Board;

		(E)
	the Form 10 being declared effective by the SEC, with no stop order in effect with respect thereto;

		(F)
	the Prudential Sponsor’s Agreement not having terminated in accordance with its terms;

		(G)
	acceptance of Jackson’s common stock for listing on the NYSE, subject to official notice of issuance (and such acceptance not having been withdrawn);

		(H)
	any regulatory approvals that have been obtained and which are required for the implementation of the Demerger not having been withdrawn, revoked or rescinded (and such regulatory approvals not having lapsed); and

​

14

​

		(I)
	the no-objection confirmation letter issued by the HKEx in relation to the Demerger pursuant to Practice Note 15 of the Hong Kong Listing Rules not having been withdrawn.

Subject to clause  2.2 each of Prudential and Jackson shall use reasonable endeavours to ensure fulfilment of the Conditions Precedent. Prudential may waive in writing in whole or in part the Conditions Precedent in sub-clauses  2.1(A) and  2.1(B).
	2.2
	If the Conditions Precedent are not satisfied or, where permissible, waived by 8.00 a.m. on 7 February 2022 (or such other time and/or date as Prudential and Jackson may agree) (the “Long Stop Date”), this Agreement shall automatically terminate and neither Prudential nor Jackson shall have any claim of any nature whatsoever against the other under this Agreement. Each of Prudential and Jackson undertakes to the other to disclose anything which will or may prevent or delay any of the Conditions Precedent from being satisfied immediately after it comes to the notice of that party.

	2.3
	Each of Prudential and Jackson will procure, to the extent it is able, that, between the time of this Agreement and Completion, the Jackson Business will be carried on in the ordinary course subject only to:

		(A)
	implementation of any remaining steps to be undertaken pursuant to the Demerger or this Agreement, or any further steps required to be taken in consequence of taking such remaining steps;

		(B)
	actions undertaken in the course of implementing operational separation of the Jackson Business from the Prudential Business in preparation for the Demerger;

		(C)
	any matter undertaken as a requirement of law or applicable regulation or as a requirement of any contract, arrangement or commitment relating to the Jackson Business in place prior to the date of this Agreement; and

		(D)
	immediate or prompt steps undertaken to the extent required to prevent (so far as possible) or remedy or limit the consequences of any matter having a material and adverse effect on the ongoing operations of the Jackson Business (which matter shall be promptly notified by the discovering party to the other party if reasonably practicable prior to taking such steps (and if not, as soon as reasonably practicable thereafter)). The discovering party shall consult with and give reasonable consideration to any reasonable corrective or remedial action proposed by the other party in respect of such matter.

	3.
	PRE-COMPLETION OBLIGATIONS

	3.1
	On the Posting Date:

		(A)
	subject to the prior approval of the Circular by the Prudential Board, the FCA and the HKEx, Prudential shall procure the despatch or publication of the Circular to all of the Prudential Shareholders; and

​

15

​

		(B)
	Jackson shall procure that the Form 10 is declared effective by the SEC, and Prudential shall procure that the Notice of Internet Availability is mailed to all Prudential Shareholders and that the Form 10 is made available to all Prudential Shareholders in accordance with the Notice of Internet Availability.

	3.2
	Each of Prudential and Jackson undertakes to the other that if, at any time after the Posting Date and before the commencement of regular-way trading in the Jackson Shares, it comes to the notice of either of them that:

		(A)
	any statement contained in the Circular or the Form 10 has become or been discovered to be untrue, incorrect or misleading in any material respect;

		(B)
	either the Circular or the Form 10 does not contain a statement that it should contain in order to comply with any applicable law or the rules of any relevant regulatory authority and that omission is or may be material;

		(C)
	there has been a significant change affecting any matter contained in the Circular or the Form 10 which would have been required to be disclosed in any such document had it occurred before the Posting Date; or

		(D)
	a significant new matter has arisen, the inclusion of information in respect of which would have been required in the Circular or in the Form 10 had it arisen before the Posting Date,

then that party shall immediately notify the other party of the same in writing, save that no such obligation shall arise where sub-clauses (A) – (D) are true by reason of the release of Prudential’s half-year interim results for the six month period ended 30 June 2021.
	3.3
	Each of Prudential and Jackson undertakes:

		(A)
	to procure that, prior to Completion, except as required by law, the FCA, the SEC, the NYSE, the HKEx or the SGX and without prejudice to clause 28.9, no action will be taken by it which is inconsistent with the provisions of this Agreement or Completion;

		(B)
	that it will comply with applicable legal and regulatory requirements in relation to the Demerger, the Circular and the Form 10 and the matters and transactions contemplated thereby and by this Agreement;

		(C)
	to consult with the other party before taking any action as a consequence of any matter referred to in clause 3.2, except to the extent that this undertaking to consult with the other party inhibits either party from complying with any of its legal, regulatory or fiduciary obligations;

		(D)
	that, prior to Completion, it shall take all necessary actions to effect the Jackson Stock Split, including the passing (or procuring the passing) of any required consents of the Jackson Board and the stockholders of Jackson and filing an amendment or amendment and restatement to Jackson’s Certificate of Incorporation; and

​
​

16

​

		(E)
	that, at or prior to Completion, it shall take all necessary actions to cause the individuals identified in the Form 10 as Jackson Directors to be appointed to the Jackson Board.

	4.
	TRANSFER OF RELEVANT JACKSON SHARES

	4.1
	Subject to the passing of the Demerger Resolution and the Prudential Board determining, in its absolute discretion, that the Demerger continues to be in the best interests of Prudential and the Prudential Shareholders, Prudential agrees to declare the Demerger Dividend in accordance with the Demerger Resolution and resolve to transfer, with full title guarantee and free from all security interests, options, claims, or encumbrances whatsoever, the Relevant Jackson Shares to the Qualifying Prudential Shareholders on the basis of one Jackson Share per 40 Prudential Shares held by such Qualifying Prudential Shareholder.

	4.2
	Prudential shall make available to Jackson and Equiniti Trust Company the registered names, addresses and shareholdings of the Qualifying Prudential Shareholders.

	5.
	COMPLETION OBLIGATIONS

	5.1
	Subject to the satisfaction or waiver of the Conditions Precedent (except for any Condition Precedent which will be satisfied only upon Completion), Completion of this Agreement shall take place on 13 September 2021, or on such other date as Prudential and Jackson shall agree.

	5.2
	At Completion, the following business shall be transacted:

		(A)
	Prudential shall deliver to the Jackson Transfer Agent duly executed transfers of the Relevant Jackson Shares in favour of the Qualifying Prudential Shareholders; and

		(B)
	Jackson shall procure that, except for Relevant Jackson Shares in respect of which Qualifying Prudential Shareholders elected to exercise the Share Sale Option, the names of the Qualifying Prudential Shareholders or Cede & Co, for delivery in DTCC to the relevant Euroclear UK & Ireland DTC account delivery of CREST Depository Interests (“CDIs”) to CREST shareholders and relevant eligible holders who are to have their entitlement to Jackson shares held through Equiniti Corporate Nominees Limited in such form, to whom the Relevant Jackson Shares have been transferred are recorded in the register of stockholders of Jackson as the holders of such Relevant Jackson Shares.

	5.3
	Any amounts outstanding at Completion between any Prudential Group Company and any Jackson Group Company shall, to the extent not already settled (and unless otherwise agreed between Prudential and Jackson):

		(A)
	be settled by payment to the relevant Prudential Group Company or Jackson Group Company (as appropriate) in the normal course in accordance with this Agreement or any other pre-existing arrangements; or

​

17

​

		(B)
	in the case of amounts which relate to intra-group financing or similar arrangements, or in respect of which no payment terms have previously been agreed, be repaid or settled on or as soon as reasonably practicable after Completion or on such date as the parties may agree,

and each of Prudential and Jackson agree to procure compliance by members of their respective Groups with the provisions of this clause 5.
	5.4
	Prudential undertakes with effect from Completion:

		(A)
	to hold the Relevant Jackson Shares upon trust for the Qualifying Prudential Shareholders as beneficial owners;

		(B)
	to account to the Qualifying Prudential Shareholders for any dividends, interest, bonuses, in specie or other distributions or payments of whatever nature paid or made to Prudential in respect of the Relevant Jackson Shares;

		(C)
	not to exercise any rights, powers or privileges attaching to the Relevant Jackson Shares or exercisable in the capacity of registered holder of the Relevant Jackson Shares without the prior written consent of the relevant Qualifying Prudential Shareholders; and

		(D)
	promptly on receipt to deliver to the Qualifying Prudential Shareholders any notice, letter or other document of any nature relating to the Relevant Jackson Shares which Prudential receives after the date of this Agreement.

	5.5
	The undertakings given in clause 5.4 above shall be irrevocable but shall automatically terminate on the date on which the Qualifying Prudential Shareholders are entered in the register of stockholders of Jackson as the holder of the Relevant Jackson Shares.

	5.6
	Following Completion, Prudential and Jackson each undertake to co-operate and use, and to procure that each Group Company shall use, reasonable endeavours to obtain or renew (as the case may be) any regulatory approvals or consents required in respect of any disposal, sale or transfer of Jackson Shares by any Prudential Group Company in connection with the Demerger Dividend, including without limitation promptly making all necessary applications, notifications, submissions and filings required, promptly informing the other of the status thereof.

	6.
	SEPARATION COMMITTEE

	6.1
	Prudential and Jackson shall establish a separation committee to review and assist in the implementation of this Agreement after Completion, to consider any additional issues arising from the implementation of the Demerger and to determine any disputes which may arise between members of the Prudential Group and of the Jackson Group (“Separation Committee”).

	6.2
	The Separation Committee shall meet from time to time as agreed by Prudential and Jackson.

​

18

​

	6.3
	The members of the Separation Committee shall be the Chief Financial Officer and Chief Operating Officer of Prudential and the Chief Financial Officer of Jackson and any other person of senior management of each of Prudential and Jackson as their respective Chief Financial Officer and Chief Financial Officer and Chief Operating Officer (as the case may be) shall nominate. The members of the Separation Committee shall be entitled to invite such other persons as they may determine to attend particular meetings of the Separation Committee.

	6.4
	Subject to clause 17.2, the Separation Committee shall determine its own remit and procedures.

	7.
	SEPARATION OF BUSINESSES

	7.1
	It is the intention of Prudential and Jackson that, as between Prudential and Jackson, and save as specifically provided in this Agreement, Prudential shall be responsible for all matters relating to the Prudential Business and Jackson shall be responsible for all matters relating to the Jackson Business. Accordingly, without prejudice to the specific provisions of this Agreement, Prudential and Jackson have agreed to the undertakings set out in Schedule 2 (Mutual Indemnities).

	7.2
	The provisions of Schedule 3 ( Provisions on Claims under the Mutual Indemnities) shall apply in relation to the making of any claim under Schedule 2 (Mutual Indemnities).

	8.
	GUARANTEES AND UNDERTAKINGS

	8.1
	Jackson undertakes to Prudential at any time and from time to time on or after Completion to execute and deliver (or procure the execution and delivery by another Jackson Group Company of) all such instruments of assumption and acknowledgement or take such other action as Prudential may reasonably request in order to effect the release and discharge in full of each Prudential Group Company from any Prudential Group Company Guarantee to which it is a party.

	8.2
	For so long as and to the extent that any release from a Prudential Group Company Guarantee has not been obtained, Jackson shall:

		(A)
	ensure that no Jackson Group Company shall enter into any further commitment or obligation, other than in respect of existing contractual arrangements or pursuant to applicable law, which would increase any Prudential Group Company’s actual or contingent liability under any such Prudential Group Company Guarantee without the consent of Prudential;

		(B)
	use all reasonable endeavours to ensure that no third party or Jackson Group Company shall have recourse to any such Prudential Group Company Guarantee; and

		(C)
	indemnify any Prudential Group Company on an after-Tax basis from and against any and all liabilities and Costs arising in respect of any event or circumstance either before, on or after Completion under or by reason of that Prudential Group Company Guarantee (whether as a result of any breach by

​

19

​

any Jackson Group Company of its obligations to which such Prudential Group Company Guarantee relates or otherwise).
	8.3
	Prudential undertakes to Jackson at any time and from time to time on or after Completion to execute and deliver (or procure the execution and delivery by another Prudential Group Company of) all such instruments of assumption and acknowledgement or take such other action as Jackson may reasonably request in order to effect the release and discharge in full of each Jackson Group Company from any Jackson Group Company Guarantee to which it is a party.

	8.4
	For so long as and to the extent that any release from a Jackson Group Company Guarantee has not been obtained, Prudential shall:

		(A)
	ensure that no Prudential Group Company shall enter into any further commitment or obligation, other than in respect of existing contractual arrangements or pursuant to applicable law, which would increase any Jackson Group Company’s actual or contingent liability under any such Jackson Group Company Guarantee without the consent of Jackson;

		(B)
	use all reasonable endeavours to ensure that no third party or Prudential Group Company shall have recourse to any such Jackson Group Company Guarantee; and

		(C)
	indemnify any Jackson Group Company on an after-Tax basis from and against any and all liabilities and Costs arising in respect of any event or circumstance either before, on or after Completion under or by reason of that Jackson Group Company Guarantee (whether as a result of any breach by any Prudential Group Company of its obligations to which such Jackson Group Company Guarantee relates or otherwise).

	8.5
	The provisions of Schedule 3 ( Provisions on Claims under the Mutual Indemnities) shall apply in relation to the making of any claim under clause 8.2(C) and clause 8.4(C).

	9.
	CONTRACTUAL ARRANGEMENTS AND DEALINGS WITH THIRD PARTIES

	9.1
	In relation to any existing intra-group agreement between any Prudential Group Company and any Jackson Group Company which has not been taken into account within the provisions of this Agreement (including pursuant to clause 23.3) or otherwise prior to Completion, Prudential and Jackson agree to use the Separation Committee to consult one another about the relevant actions to take in relation to such agreements.

	9.2
	If, following Completion, there are any agreements or contractual arrangements with third parties which, prior to the Demerger, have been entered into: (i) by any Prudential Group Company in relation to matters exclusively relating to the Jackson Business or the business of any Jackson Group Company; or (ii) by any Jackson Group Company in relation to matters exclusively relating to the Prudential Business or the business of any Prudential Group Company, and which in either case remain wholly or partly unperformed (“Outstanding Agreements”), Prudential and Jackson will use all reasonable endeavours to procure the entering into of a novation agreement on terms to be agreed with the relevant third party in relation to each of the Outstanding

​

20

​

Agreements, and each of Prudential and Jackson shall procure that any of their respective Group Companies which is a party to any such Outstanding Agreement will join the relevant novation agreement, provided that such reasonable endeavours:
		(A)
	on the part of the transferring company, shall in no event require it to do more than:

		(i)
	agreeing (acting reasonably) and entering into the novation agreement;

		(ii)
	procuring that any relevant Group Company does likewise; and

		(iii)
	bearing its own Costs and the Costs of any Group Company in connection with such novation; and

		(B)
	on the part of the receiving company, shall in no event require it to do more than:

		(i)
	paying or performing any accrued liability or obligation which is properly required to be paid or performed as a condition of such novation / under the Outstanding Agreement;

		(ii)
	agreeing (acting reasonably) and entering into the novation agreement (including giving any new guarantee reasonably required in respect thereof);

		(iii)
	procuring that any relevant Group Company does likewise; and

		(iv)
	bearing its own Costs and the Costs of any Group Company, and the reasonable Costs of any relevant third party, in connection with such novation.

	9.3
	In relation to each Outstanding Agreement, pending the entering into of a novation agreement in respect of it:

		(A)
	the transferring company shall hold the benefit of such Outstanding Agreement (excluding Outstanding Agreements relating to Intellectual Property Rights or know-how) on trust for the receiving company absolutely;

		(B)
	the transferring company shall, if so required by the receiving company in writing, assign the benefit of the Outstanding Agreement to the receiving company in so far as it is able to do so;

		(C)
	to the extent the transferring company is not able to assign the benefit of an Outstanding Agreement under clause 9.3(B) and such Outstanding Agreement is a licence of Intellectual Property Rights or know-how pursuant to which the transferring company is entitled to sub-license to the receiving company, the transferring company shall, if so required by the receiving company in writing, sub-license to the receiving company under that Outstanding Agreement to the extent it is able so to do;

​
​

21

​

		(D)
	unless and until any assignment or sub-licence pursuant to clause 9.3(B) or clause 9.3(C) above has taken place, the transferring company shall take such action as the receiving company may reasonably require in writing to enforce for the benefit of the receiving company such Outstanding Agreement against the other parties to it or to defend or settle for the benefit of the receiving company any action or claim brought or made by any person entitled to the benefit of such Outstanding Agreement; and

		(E)
	save as is otherwise specifically provided in this Agreement in relation to Costs, Prudential or Jackson (as the case may be, being either itself, or the parent of, the receiving company) covenants to pay the other party or the relevant member of that party’s Group on an after-Tax basis an amount equal to any losses, liabilities and Costs suffered or incurred by the transferring company or any other member of that party’s Group in pursuance of this clause 9.3 or otherwise in relation to such Outstanding Agreement.

	9.4
	If following Completion there are any agreements or contractual arrangements with third parties which have been entered into by any Prudential Group Company or by any Jackson Group Company in relation to matters which relate to both the Prudential Business and the Jackson Business, then Prudential and Jackson shall use all reasonable endeavours to procure, so far as is practicable or desirable to both, either that:

		(A)
	subject to clause 15 ( Insurance), such agreements or contractual arrangements are terminated as soon as possible and replaced by such separate agreements or contractual arrangements as may be considered necessary or appropriate between such third parties on the one hand and the relevant Prudential Group Company and Jackson Group Company on the other hand; or

		(B)
	to the extent possible, appropriate sharing arrangements are entered into between the relevant Prudential Group Company and the relevant Jackson Group Company in relation to such agreements or contractual arrangements.

	9.5
	Save as is otherwise specifically provided in this Agreement in relation to Costs, each of Prudential and Jackson (as the case may be) shall pay to and indemnify the other, on an after-Tax basis, against all claims, demands, actions, losses, Costs and liabilities which that other company or any Prudential Group Company or Jackson Group Company (as the case may be) suffers or incurs in relation to those agreements or contractual arrangements referred to in clause 9.4 which properly relate to the business of the other company or to any other Prudential Group Company or Jackson Group Company (as the case may be). Pending the replacement of any such agreements or contractual arrangements by separate agreements or contractual arrangements, the relevant Prudential Group Company or Jackson Group Company (as the case may be) shall hold the benefit of such agreements or contractual arrangements on trust for itself (and any other Prudential Group Company or any other Jackson Group Company as the case may be) and (except to the extent that such benefit comprises a licence of any Intellectual Property Rights or know-how) for the other company (and any other Jackson Group Company or any other Prudential Group Company as the case may be).

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	9.6
	For the avoidance of doubt, clause 9.2 to clause 9.5 (inclusive) shall not apply to matters in connection with clause 8 ( Guarantees and Undertakings), which shall be dealt with in accordance with Schedule 3 ( Provisions on Claims under the Mutual Indemnities).

	9.7
	Each of Prudential and Jackson shall use their reasonable endeavours in co-operation with each other to obtain all Third Party Consents on or prior to Completion and to ensure that the Costs associated with the acquisition of any such Third Party Consents (including, without limitation, any sums paid or payable to third parties in connection therewith) are minimised to the fullest extent practicable.

	9.8
	Each party shall bear its own internal Costs, and any Costs incurred by such party to third parties, in the performance of clause 9.

	10.
	ACCESS TO CORPORATE DATA OR CORPORATE PERSONAL DATA

	10.1
	Subject to the other provisions of this clause 10 (Access to Corporate Data or Corporate Personal Data) each party (the “Providing Party”) shall, for a period of 7 years from Completion in respect of Corporate Data, and for a period of 5 years from Completion in respect of Corporate Personal Data, provide reasonable access (or procure the provision of) to the other party (the “Requesting Party”) and, to the extent reasonably necessary, the Requesting Party’s professional advisers, auditors and bankers (provided, in each case, that they have a duty to keep such information confidential), upon reasonable request (which shall include specifying the purpose of such request):

		(A)
	Corporate Data or Corporate Personal Data; or

		(B)
	reasonable access during the normal business hours in the time zone of the Providing Party (unless otherwise agreed) to, and the right to copy, Corporate Data or Corporate Personal Data and the right to make reasonable enquiries of employees of the Providing Party in relation to such Corporate Data or Corporate Personal Data.

	10.2
	A Providing Party shall only be required to comply with a request for Corporate Data or Corporate Personal Data pursuant to clause 10.1, if such Corporate Data or Corporate Personal Data is being requested:

		(A)
	for the purpose of complying with statutory obligations, an order of any court of competent jurisdiction binding on the Requesting Party or a member of its Group or any requirement or request of a regulator to which a member of its group is subject;

		(B)
	for the purpose of defending legal proceedings brought against any member of the Requesting Party’s Group, except for legal proceedings brought by Prudential, Jackson or a member of its Group, on one hand, against Jackson, Prudential or a member of its Group, on the other, in which case any data shall be requested through that legal proceeding;

		(C)
	for the purpose of responding to any request from any insurance regulatory authority;

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		(D)
	for the purpose of preparing the Requesting Party’s financial reports and accounts or its management or regulatory accounts;

		(E)
	for the purpose of preparing the Requesting Party’s non-financial reporting disclosures and reports, including, without limitation, the environment, social and governance report;

		(F)
	for the purpose of preparing any information or documentation reasonably required pursuant to applicable law and regulation in connection with or otherwise reasonably necessary or desirable for the purposes of a proposed corporate action, or equity or debt transaction of the Requesting Party or its respective Group;

		(G)
	for the purpose of making any insurance claims under any insurance arrangements in place before Completion;

		(H)
	for the purpose of preparing the Group RemCo Deliverables;

		(I)
	for the purpose of complying with any Tax related obligations; or

		(J)
	for any other purpose, to the extent the Requesting Party has a reasonable requirement for such access or questioning and the Providing Party gives its consent to such access or questioning (such consent not to be unreasonably withheld or delayed),

except to the extent such access or questioning:
		(K)
	is restricted by any applicable law (including for the avoidance of doubt any DP Laws as defined in Schedule 4) or the terms of any agreement or subject to a claim for legal privilege pursuant to the governing law of the applicable jurisdiction; and in all events, the production of Corporate Data and Corporate Personal Data under this clause 10 shall not be deemed a waiver of any attorney-client privilege or other legal protections that may exist with respect to the information and documents and Providing Party retains ownership of and the sole right and discretion to waive such privilege or protection. Further, to the extent privileged or protected Corporate Data or Corporate Personal Data of Jackson, Prudential or their respective Group Companies exists in the Other Group’s possession post Completion, each Party agrees that such information shall be afforded the highest level of confidentiality to preserve the privilege, including without limitation, information maintained from the Legal Tracker and Navex reporting systems; or

		(L)
	is in respect of information which relates to the period after Completion (save to the extent that the information directly relates to the Prudential Group’s retained shareholding in Jackson).

	10.3
	The Providing Party shall provide any such Corporate Data or Corporate Personal Data to the Requesting Party pursuant to a request under clause 10.1 in a manner consistent with, and to a standard, scope and timescale which are in all material respects

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equivalent to, those which the Providing Party would apply to an equivalent request from its own Group.
	10.4
	The Requesting Party shall reimburse to the Providing Party such reasonable Costs as the Providing Party may incur in relation to the exercise of the rights in clause 10.1 by the Requesting Party.

	10.5
	The Providing Party shall provide the Requesting Party with a written estimate of any such Costs where these Costs are likely to be substantial and/or the Providing Party is likely to incur substantial Costs to any third party in fulfilling the request made pursuant to clause 10.1. Notwithstanding the foregoing, at the same time as it submits a request pursuant to clause 10.1 a Requesting Party may reasonably request that the Providing Party provide it with a written estimate of any such Costs, in which case the Providing Party shall provide such estimate prior to fulfilling the request. The Requesting Party’s failure to object to such estimate within five (5) Business Days of the written estimate being sent shall constitute a waiver of any objection to such Costs.

	10.6
	The Requesting Party shall not use any Corporate Data or Corporate Personal Data for any purpose (including, but not limited to, any competitive or commercial purpose) other than in connection with the purpose for which it was requested pursuant to clause 10.1.

	10.7
	Notwithstanding clause 10.1, each party is only required to retain Corporate Data or Corporate Personal Data as required pursuant to the governing law of its applicable jurisdiction or as otherwise required under any applicable law (including for the avoidance of doubt any DP Laws as defined in Schedule 4) and in compliance with the terms of its own Group’s data retention policies, as compliant with applicable laws and regulations and as amended from time to time.

	10.8
	Any request made pursuant to clause 10.1 shall be submitted by the Requesting Party, and handled and processed by the Providing Party, in compliance with processes and procedures as may be agreed between the parties from time to time.

	10.9
	Each party acknowledges that no responsibility is accepted, and no representation, undertaking or warranty is made or given, in either case expressly or impliedly, by the other party as to the accuracy or completeness of the Corporate Data, Corporate Personal Data or any other information supplied by it or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same.

	10.10
	Each party shall consider in good faith any request for Corporate Data or Corporate Personal Data which would have fallen within the scope of clause 10.1 but for the fact that the request was made more than 7 years after Completion, in the case of Corporate Data, or more than 5 years after Completion, in the case of Corporate Personal Data.

	11.
	ACCESS TO PERSONAL DATA

	11.1
	Subject to the other provisions of this clause 11 ( Access to Personal Data), each party (the “Personal Data Provider”) shall, for a period of 5 years from Completion, provide (or procure the provision of) to the other party (the “Personal Data Requester”), upon reasonable request (which shall include specifying the purpose of such request), reasonable access during the normal business hours in the time zone of the Personal

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Data Provider (unless otherwise agreed) to, and the right to copy, such Personal Data as may reasonably be required by the Personal Data Requester, in accordance with the provisions of Schedule 4 ( Access to Personal Data). A request shall be deemed to be reasonable to the extent it is made for purposes including (but not limited to) the following:
		(A)
	for the purpose of complying with statutory obligations, an order of any court of competent jurisdiction binding on the Personal Data Requester or a member of its Group or any requirement or request of a regulator to which a member of its Group is subject;

		(B)
	for the purpose of defending legal proceedings brought against any member of the Personal Data Requester’s Group, except for legal proceedings brought by Prudential, Jackson or a member of its Group, on one hand, against Jackson, Prudential or a member of its Group, on the other, in which case any data shall be requested through that legal proceeding; or

		(C)
	for the purpose of responding to any request from any insurance regulatory authority.

	11.2
	The Personal Data Provider shall provide any such Personal Data to the Personal Data Requester pursuant to a request under clause 11.1 in a manner consistent with, and to a standard, scope and timescale which are in all material respects equivalent to, those which the Personal Data Provider would apply to an equivalent request from its own Group.

	11.3
	The Personal Data Requester shall reimburse to the Personal Data Provider such reasonable Costs as the Personal Data Provider may incur in relation to the exercise of the rights in clause 11.1 by the Personal Data Requester.

	11.4
	The Personal Data Provider shall provide the Personal Data Requester with a written estimate of any such Costs where these Costs are likely to be substantial and/or the Personal Data Provider is likely to incur substantial Costs to any third party in fulfilling the request made pursuant to clause 11.1. Notwithstanding the foregoing, at the same time as it submits a request pursuant to clause 11.1 a Personal Data Requester may reasonably request that the Personal Data Provider provide it with a written estimate of any such Costs, in which case the Personal Data Provider shall provide such estimate prior to fulfilling the request. The Personal Data Requester’s failure to object to such estimate within five (5) Business Days of the written estimate being sent shall constitute a waiver of any objection to such Costs.

	11.5
	From Completion, each party shall, and shall procure that each Group Company shall, to the extent compliant with applicable law (including for the avoidance of doubt any DP Laws as defined in Schedule 4): (i) take reasonable steps to locate any Personal Data relating to the Other Group in its possession; and, (ii) where such Personal Data of the Other Group is in the possession of a party, (y) cease to use the Personal Data and return the Personal Data to the Other Group or (z) if a party is not able to return such Personal Data to the Other Party, delete or destroy such Personal Data, save in either case that any Personal Data held as part of routine electronic back up procedures

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(provided that such Personal Data is not accessible in day to day business) may be retained in accordance with clause 11.7.
	11.6
	The Personal Data Requester shall not retain, use, or disclose any Personal Data for any purpose (including, but not limited to, any competitive or commercial purpose) other than in connection with the purpose for which it was requested pursuant to clause 11.1.

	11.7
	Notwithstanding clause 11.1, each party is only required to retain Personal Data as required pursuant to the governing law of its applicable jurisdiction or as otherwise required under any applicable law (including for the avoidance of doubt any DP Laws as defined in Schedule 4) and in compliance with the terms of its own Group’s data retention policies, as compliant with applicable laws and regulations and as amended from time to time.

	11.8
	Any request made pursuant to clause 11.1 shall be submitted by the Personal Data Requester, and handled and processed by the Personal Data Provider, in compliance with processes and procedures as may be agreed between the parties from time to time.

	12.
	DELETION OF CONFIDENTIAL DATA

	12.1
	Subject to the other provisions of this clause 12 ( Deletion of Confidential Data), for a period of two years from Completion, if a Change of Control of either party (the “CoC Party”) is announced, the other party (the “Non-CoC Party”) may request, by written notice, that:

		(A)
	the CoC Party delete any Confidential Data in accordance with the provisions of this clause 12 (such request not to be unreasonably denied by the CoC Party); and

		(B)
	the CoC Party certify the same in writing.

	12.2
	Any request by the Non-CoC Party pursuant to clause 12.1 shall contain specific details of the Confidential Data that the CoC Party is being requested to delete.

	12.3
	Subject to clause 12.1, the CoC Party shall use all reasonable endeavours to keep the Confidential Data confidential prior to deletion and to delete the Confidential Data as soon as reasonably practical, and in any event prior to the Change of Control becoming effective.

	12.4
	Notwithstanding clause 12.1 and other relevant clauses of the Agreement, in the event the CoC Party is not technically able to delete the Confidential Information due to system restraints for whatever reason, the CoC Party shall (i) delete as much of the Confidential Information as it is able, (ii) notify the Non-CoC party as soon as practicable that it is unable to delete all Confidential Information (including identification of what cannot be deleted), and (iii) shall continue to be bound by its obligations of confidentiality with regard to the Confidential Information it is not able to delete (including ensuring that its new controlling party is bound by such obligations of

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confidentiality and does not share such Confidential Information with its affiliates or otherwise in violation of such obligations of confidentiality).
	12.5
	Notwithstanding clause 12.1, each party is only required to retain Confidential Information as required under any law applicable to it and in compliance with the terms of its own Group’s data retention policies, as compliant with applicable laws and regulations and as amended from time to time.

	12.6
	The Non-CoC Party shall reimburse to the CoC Party such reasonable Costs as the CoC Party may incur in relation to the exercise of the rights in clause 12.1 by the Non-CoC Party.

	12.7
	The CoC Party shall provide the Non-CoC Party with a written estimate of any such Costs where these Costs are likely to be substantial and/or the Non-CoC Party is likely to incur substantial Costs in fulfilling the request made pursuant to clause 12.1. Notwithstanding the foregoing, at the same time as it submits a request pursuant to clause 12.1 a Non-CoC Party may reasonably request that the CoC Party provide it with a written estimate of any such Costs, in which case the CoC Party shall provide such estimate prior to fulfilling the request. The Non-CoC Party’s failure to object to such estimate within five (5) Business Days of the written estimate being sent shall constitute a waiver of any objection to such Costs.

	12.8
	Subject to clause 12.1, each party shall consider in good faith any request for the deletion of Confidential Data which falls outside the scope of clause 12.1.

	13.
	PRE-COMPLETION REORGANISATION

	13.1
	Each of Prudential and Jackson shall use reasonable endeavours to effect, or procure that members of their Group effect, the following steps prior to Completion (the “Pre-Completion Reorganisation”):

		(A)
	the transfer from PUSH to PCAL of the Jackson Shares, by way of a declaration by the board of directors of PUSH of an interim distribution in specie of certain Jackson Shares with a carrying value approximately equal to PUSH’s current distributable profits, and the sale of the remaining Jackson Shares currently held by PUSH from PUSH to PCAL, the consideration in respect of such sale being left outstanding as an intercompany receivable owing from PCAL to PUSH;

		(B)
	the transfer of the Jackson Shares referred to in step (A) above from PUSH to PCAL pursuant to a valid instrument of transfer and the entry of PCAL into Jackson’s register of stockholders as holder of those Jackson Shares which transfer shall be of Jackson Shares in uncertificated form;

		(C)
	to the extent required, the entry by PCAL into a joinder agreement to the Stockholders Agreement dated 17 July 2020 between PUSH and Athene (the “Stockholders Agreement”), in form and substance reasonably acceptable to Jackson, in which PCAL agrees to be subject to all covenants and agreements of PUSH under the Stockholders Agreement, and the execution of all other

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agreements in effect immediately prior to step (A) above which are binding on PUSH in its capacity as stockholder of Jackson;
		(D)
	the declaration by the board of directors of PCAL of an interim distribution in specie of 800 Jackson Shares to Prudential;

		(E)
	the transfer of the Jackson Shares referred to in step (D) above from PCAL to Prudential pursuant to a valid instrument of transfer and the entry of Prudential into Jackson’s register of stockholders as holder of those Jackson Shares, which transfer shall be of Jackson Shares in uncertificated form;

		(F)
	the entry by Prudential into a joinder agreement to the Stockholders Agreement, in form and substance reasonably acceptable to Jackson, in which Prudential agrees to be subject to all covenants and agreements of PCAL under the Stockholders Agreement, and the execution of all other agreements in effect immediately prior to step (D) above which are binding on PCAL in its capacity as stockholder of Jackson;

		(G)
	the obtaining of any relevant corporate authorisations in order to effect the steps completed by the Pre-Completion Reorganisation (including any required board or shareholder resolutions); and

		(H)
	any other steps as Prudential and Jackson agree are reasonably required to be taken.

	14.
	SHARE SCHEMES

The provisions of Schedule 5 ( Employee Share Schemes) set out the arrangements proposed in relation to the Prudential Incentive Plans.
	15.
	INSURANCE

	15.1
	Without prejudice to any entitlement of a Jackson Group Company arising under insurance arrangements in place before Completion, each of Jackson and Prudential confirms to the other that it shall put in place or maintain (as applicable) separate arrangements for the insurance that such Group deems appropriate, with effect as of the date of Completion.

	15.2
	Jackson shall ensure that:

		(A)
	a customary directors’ and officers’ insurance policy (“D&O Policy”) is in place and shall be maintained with the effect that any directors or officers that have been at any point before Completion appointed onto the board of a Jackson Group Company by a Prudential Group Company (or who are otherwise employees of a Prudential Group Company during their time in office) (“Prudential JGC Directors”) shall be adequately covered for any liabilities incurred in their capacity as a director or officer of a Jackson Group Company (including in respect of any claims arising after they cease to be a director or officer) for a minimum of 6 years following the date of Completion; and

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		(B)
	such D&O Policy shall, in addition, also include adequate insurance coverage for any liabilities incurred by each of the Prudential JGC Directors in relation to or arising out of the Demerger.

	15.3
	The provisions in Schedule 6 ( Insurance) set out the arrangements in relation to insurance claims notified in respect of:

		(A)
	insurance policies issued to the Pre-Demerger Group up to but excluding the date of Completion; and

		(B)
	occurrence or discovery insurance policies issued to the benefit of Prudential or Jackson in respect of claims arising from pre-Completion events.

	15.4
	Promptly upon Completion, Prudential shall use all reasonable endeavours to obtain from its insurance providers an amount equal to the proportion of the annual premium paid in advance by the Jackson Group Companies for the insurance arrangements existing prior to Completion where the Jackson Group Companies will, following Completion, lose the benefit of those insurance arrangements in respect of any occurrence, claim or circumstance that arises in part or in whole after Completion. Prudential will reimburse any such amount received from its insurance providers, less any Tax thereon (or any Tax which would have been chargeable but for a Relief), to Jackson within 30 days of Prudential’s receipt thereof.

	15.5
	Any steps that the parties take under clause 9.4(A) shall be without prejudice to any rights arising, or which may arise under insurance arrangements with third parties in place before the date of Completion in respect of any occurrence, claim or circumstance that arises in part or in whole before the date of Completion.

	16.
	WRONG POCKETS

	16.1
	Subject to clauses 9 and 23.3 after Completion, if a party notifies the other party that any property, business or other asset (whether tangible or intangible, and including rights pursuant to any contracts, arrangements and undertakings, but excluding rights to PRUDENTIAL/PRU Names and Marks) or rights in Business Information, which were either: (i) used prior to Completion exclusively by any Jackson Group Company in the Jackson Business; or (ii) properly should be regarded as part of the Jackson Business, are owned or possessed by any Prudential Group Company, then:

		(A)
	Prudential or such other Prudential Group Company shall immediately procure that the relevant interest in such property, business, asset or right in Business Information is preserved and not exploited pending transfer pursuant to sub-clause (B); and

		(B)
	Prudential shall transfer or assign, or procure that any other Prudential Group Company shall transfer or assign, its interest in such property, business, asset or right in Business Information to Jackson, or such other Jackson Group Company as Jackson shall nominate, for no consideration. 

If the relevant property, business, asset or right in Business Information was not used prior to Completion exclusively by a Jackson Group Company in the Jackson Business
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but was also used in part by a Prudential Group Company in the Prudential Business, then this clause 16.1 shall apply but shall be modified as appropriate so as to transfer and assign only the relevant part of the property, business, asset or right in Business Information to the relevant Jackson Group Company by severance or some other appropriate means (including, without limitation, by way of a licence).
	16.2
	Subject to clauses 9 and 23.3, if after Completion, a party notifies the other party that any property, business or other asset (whether tangible or intangible, and including rights pursuant to any contracts, arrangements and undertakings) or rights in Business Information, which were either: (i) used prior to Completion exclusively by any Prudential Group Company in the Prudential Business; or (ii) properly should be regarded as part of the Prudential Business (which shall include all rights to PRUDENTIAL/PRU Names and Marks), are owned or possessed by any Jackson Group Company, then:

		(A)
	Jackson or such other Jackson Group Company shall immediately procure that the relevant interest in such property, business, asset or right in Business Information is preserved and not exploited pending transfer pursuant to sub-clause (B); and

		(B)
	Jackson shall transfer or assign, or procure that any other Jackson Group Company shall transfer or assign, its interest in such property, business, asset or right in Business Information to Prudential, or such other Prudential Group Company as Prudential shall nominate, for no consideration.

Save with respect to any rights in the PRUDENTIAL/PRU Names and Marks, if the relevant property, business, asset or right in Business Information was not used prior to Completion exclusively by a Prudential Group Company in the Prudential Business but was also used in part by a Jackson Group Company in the Jackson Business, then this clause 16.2 shall apply but shall be modified as appropriate so as to transfer and assign only the relevant part of the property, business, asset or right in Business Information to the relevant Prudential Group Company by severance or some other appropriate means (including, without limitation, by way of a licence).
17.DISPUTE RESOLUTION
	17.1
	When either party considers that a dispute arising in connection with this Agreement (“Dispute”) has arisen, it may give a dispute notice to the other party (a “Dispute Notice”). The Dispute Notice must be in writing and must set out reasonable particulars of the matter in Dispute, including all relief sought.

	17.2
	Upon a Dispute Notice being given, the Dispute shall be resolved as follows:

		(A)
	the other party shall within 20 days of its receipt of the Dispute Notice provide a notice in writing to the Separation Committee setting out its response to the Dispute Notice, including reasonable particulars of any objections to the Dispute Notice (the “Response Notice”). The Separation Committee shall consider the Dispute Notice and the Response Notice reasonably and in good faith in order to seek to resolve the Dispute;

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		(B)
	if the Dispute remains unresolved within 40 days of the Response Notice having been received by the Separation Committee (or, in the event that no Response Notice is received, within 60 days of the Dispute Notice being given), or such other period as the parties may mutually agree in writing, then the parties shall refer the Dispute to the CEO of each of Prudential and Jackson, who shall each use their respective best endeavours to resolve the Dispute in accordance with the intentions behind this Agreement; and

		(C)
	if after the expiry of 30 days, or such other period as the parties may mutually agree in writing, from such referral under sub-clause (B) the Dispute remains unresolved, the relevant party shall then be entitled to bring legal proceedings.

	18.
	COSTS AND EXPENSES

	18.1
	Each of Prudential and Jackson agree that (i) they are responsible for their own Costs in relation to the Demerger and (ii) they are estimated to incur the Costs as set out in Schedule 1 (Costs) as a result of, or incidental to the Demerger.

	18.2
	In relation to any Costs not addressed by clause 18.1, except as otherwise set out in this Agreement or agreed in writing between the parties, each party shall pay its own Costs incurred in relation to the negotiation, preparation, execution and carrying into effect of this Agreement and all other agreements forming part of the Demerger.

	19.
	CONFIDENTIALITY

	19.1
	Subject to clause 19.2, each party shall treat as confidential all information (i) shared by the Other Group prior to Completion for the purpose of providing groupwide services or aggregating groupwide information and retained after Completion, (ii) obtained as a result of entering into or performing this Agreement, or (iii) obtained pursuant to this Agreement, and which relates to:

		(A)
	the provisions of this Agreement, any of the other documents referred to herein as being entered into pursuant to this Agreement and the terms of the Demerger;

		(B)
	the negotiations relating to this Agreement, any of the other documents referred to herein as being entered into pursuant to this Agreement and the Demerger; and

		(C)
	the other party or members of their respective Groups and the business carried on by such parties and other member of their Groups,

in each case including for the avoidance of doubt any information that is subject to a claim for legal privilege pursuant to the governing law of the applicable jurisdiction.
	19.2
	Each party acknowledges that this Agreement and its terms are required to be disclosed as part of the Form 10 and the Circular, and agrees that such disclosure shall not constitute a breach of clause 19.1.

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	19.3
	Without limiting clause 19.1, on and from Completion, Prudential shall treat as confidential all information relating to the Jackson Group and Jackson shall treat as confidential all information relating to the Prudential Group.

	19.4
	Each party shall:

		(A)
	not disclose any such confidential information to any person other than any of its directors or employees who need to know such information in order to discharge his or her duties; and

		(B)
	procure that any person to whom any such confidential information is disclosed by it complies with the restrictions contained in this clause 19 as if such person were a party to this Agreement.

	19.5
	Notwithstanding the other provisions of this clause 19 either party may disclose any such confidential information:

		(A)
	to the extent required by law or for the purpose of any judicial proceedings, suits or actions arising out of or in connection with this Agreement;

		(B)
	to the extent requested and/or required by any securities exchange or regulatory or governmental body or any Tax Authority to which that party or another member of its group is subject, wherever situated, including as required under the listing rules of any securities exchange of a jurisdiction in which either party has or will have a listing on, whether or not the requirement for information has the force of law;

		(C)
	to the extent required to vest the full benefit of this Agreement in that party;

		(D)
	to its professional advisers, auditors and bankers to the extent necessary to provide these services, and provided they have a duty to keep such information confidential (with the disclosing party being responsible for any breach of confidentiality by them);

		(E)
	for the purpose of complying with any Tax related obligations;

		(F)
	to the extent the information has come into the public domain through no fault of that party; or

		(G)
	to the extent the other party has given prior written consent to the disclosure, such consent not to be unreasonably withheld or delayed (for the avoidance of doubt, it being reasonable to withhold consent where the disclosure of such information would or would be reasonably likely to constitute a waiver of legal privilege in respect of such information).

The parties shall use reasonable endeavours to resist the disclosure of any information to be disclosed pursuant to sub-clauses (A) and (B). Any information to be disclosed pursuant to sub-clauses (A), (B), (C) or (E) shall be disclosed only after, to the extent permitted by law, consultation with the other party and reasonable endeavours are made to protect the confidential nature of the information upon production to the
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receiving party including, but not limited to, seeking a protective order that limits the use and review of the confidential information to only those who have a need to review the confidential information (e.g. in camera review or attorneys-eyes-only) or otherwise ensuring that the person to whom any such confidential information is disclosed complies with the restrictions contained in this clause 19 as if such person were a party to this Agreement.
	19.6
	The restrictions contained in this clause 19 shall continue to apply after Completion or the termination of this Agreement without limit in time.

	20.
	ANNOUNCEMENTS

	20.1
	Subject to clause 20.2, no announcement concerning the transaction contemplated by this Agreement or any ancillary matter shall be made by either party without the prior written approval of the other.

	20.2
	Either party may make an announcement concerning the transaction contemplated by this Agreement or any ancillary matter if required by:

		(A)
	any applicable law or regulation; or

		(B)
	any securities exchange or regulatory or governmental body or any Tax Authority to which that party is subject, wherever situated, including as required under the listing rules of any securities exchange of a jurisdiction in which either party has or will have a listing on, whether or not the requirement has the force of law,

provided that, unless consultation is prohibited by applicable law or regulation, or is not reasonably practicable in the circumstances, it is made by the party only after consultation with the other party.
	20.3
	For the avoidance of doubt, neither party shall breach clause 20.2 by the disclosure of any information contained in the Circular or the Form 10.

	20.4
	The restrictions contained in this clause 20 shall continue to apply after Completion or the termination of this Agreement without limit in time.

	21.
	PAYMENTS

Payment due to be made under this Agreement shall be free and clear of all deductions, withholdings, set-offs, or counterclaims whatsoever, except as may be required by law. If any deductions or withholdings are required by law, the paying party shall be obliged to pay such sum as will, after such deductions or withholdings have been made, leave the receiving party with the same amount as it would have been entitled to receive in the absence of any such requirement to make such deductions or withholdings.
	22.
	TAX MATTERS

The provisions of Schedule 7 ( Tax Matters) shall apply in relation to certain arrangements between the parties in respect of Tax.
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23.INTELLECTUAL PROPERTY
	23.1
	As between the Parties, the Prudential Group Companies shall retain ownership of and the exclusive worldwide right to the use and registration of the PRUDENTIAL/PRU Names and Marks and all rights that flow therefrom (including all associated goodwill). Subject to clause 23.2, without prejudice to or any limitation on the trade mark rights of the Prudential Group Companies, Jackson shall not (and shall procure that no Jackson Group Company shall) for:

		(A)
	a minimum period of five (5) years following Completion; and

		(B)
	thereafter for so long as any Prudential Group Company continues to retain an interest in the Prudential PRU/Names and Marks,

use or register any PRUDENTIAL/PRU Names and Marks or any confusingly similar Names or Marks in relation to the foregoing, in any territory.
	23.2
	To the extent relevant, Jackson shall, and shall procure that the Jackson Group Companies shall, as soon as reasonably practicable following Completion, destroy or delete from existing stocks, sales literature, stationery, buildings, signage and vehicles of Jackson, any PRUDENTIAL/PRU Names and Marks and any confusingly similar Names or Marks in relation to the foregoing.

	23.3
	Each of (i) Prudential and (ii) Jackson shall procure the termination (effective from Completion) of all licences of any Intellectual Property Rights or rights in Business Information between (A) any Prudential Group Company and (B) any Jackson Group Company, save as expressly permitted by the terms of this Agreement.

	23.4
	The Parties acknowledge that certain registered Marks consisting of or including the elements “PPM” or “PPM Worldwide” that are owned or possessed by a Prudential Group Company are used exclusively by Jackson Group Companies in the Jackson Business or should be properly regarded as part of the Jackson Business (the “PPM Marks”). Prudential shall assign, or procure that any other Prudential Group Company shall assign, all of its rights, title, property and interests in the relevant PPM Mark to Jackson, or such other Jackson Group Company as Jackson nominate, such assignment to be in a form agreed between the Parties. If, for whatever reason, a PPM Mark is not assigned to Jackson or a Jackson Group Company pursuant to this Clause 23.4, Prudential shall: (i) procure that no Prudential Group Company uses the relevant PPM Mark until expiry of the relevant registration of the PPM Mark; and (ii) shall not renew the registration of the relevant PPM Mark following its expiry.

	24.
	FURTHER ASSURANCE AND COOPERATION

	24.1
	Prudential and Jackson shall each act in good faith to procure the due performance of the obligations of the members of their respective Groups under any agreements entered into or to be entered into by them in connection with the Demerger.

	24.2
	From the date of this Agreement, the parties undertake to co-operate in good faith to:

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		(A)
	ensure they and their respective Groups do such acts and things as may be required; and

		(B)
	take immediate or prompt steps to the extent required to prevent (so far as possible) or remedy or limit the consequences of any matter having a material and adverse effect,

for the purpose of giving to Prudential and Jackson and their respective Groups the full benefit of the provisions of, and to implement all actions required by, this Agreement and all other agreements entered into in connection with the Demerger.
	24.3
	From the date of this Agreement:

		(A)
	the parties shall use all reasonable endeavours to procure that, and to procure that the members of their respective Groups use all reasonable endeavours to procure that, any necessary third party execute such documents and do such acts and things as may be reasonably required for the purpose of giving to Prudential and Jackson the full benefit of all relevant provisions of this Agreement; and

		(B)
	without prejudice to any other provision of this Agreement, Prudential and Jackson undertake to use all reasonable endeavours to co-operate and to ensure their respective Groups co-operate with each other in relation to the conduct of litigation, inquiries from government or regulatory bodies (including any Tax Authority), investigations or other proceedings of a like nature (each an “Investigation”) where:

		(i)
	they have a mutual interest in the Investigation; and

		(ii)
	co-operating in such manner would not materially adversely affect any material interest of either of them (with each party bearing its own Costs in respect of such co-operation, save as otherwise agreed).

25.NOTICES
	25.1
	A notice under this Agreement shall be given or made in writing in the English language. The use of e-mail is permitted.

	25.2
	Notices under this Agreement shall be sent to a party at its address and for the attention of the individual set out below (or to such other address or for the attention of such other individual as a party may have notified to the other party):

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	Prudential
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	Address:
	1 Angel Court, London EC2R 7AG

	​
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	For the attention of:
	Company Secretary

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	Jackson
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	Address:
	1 Corporate Way, Lansing, Michigan 48951

	​
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	For the attention of:
	General Counsel

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	25.3
	Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been duly given as follows:

		(A)
	if delivered personally, on delivery;

		(B)
	if sent by first class inland post, two clear Business Days after the date of posting;

		(C)
	if sent by airmail, six clear Business Days after the date of posting; and

		(D)
	if sent by e-mail, when the communication enters the relevant information system.

	25.4
	Any notice given under this Agreement outside Working Hours in the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

	25.5
	A notice under or in connection with this Agreement shall not be invalid by reason of any mistake or typographical error or if the contents are incomplete, provided it should have been reasonably clear to the recipient what the correct or missing particulars should have been.

	25.6
	The provisions of this clause 25 shall not apply in relation to the service of any proceedings or other documents in any legal action nor, for the avoidance of doubt, communications relating to day-to-day business necessary between the parties in performance of their obligations under this Agreement.

26.ENTIRE AGREEMENT
	26.1
	This Agreement and the other documents referred to herein as being entered into pursuant to this Agreement constitute the entire agreement and understanding between the parties relating to the subject matter of this Agreement (“Entire Agreement Documents”) and supersede any prior drafts, agreements, undertakings, representations, warranties and arrangements of any kind, whether or not in writing, regarding the same.

	26.2
	Each party acknowledges that in entering into the Entire Agreement Documents, it is not relying upon, and has not been induced to enter into the Entire Agreement Documents by, any pre-contractual statement other than as expressly set out in the Entire Agreement Documents.

	26.3
	Except in the case of fraud, no party shall have any right of action against any other party to this Agreement arising out of or in connection with any pre-contractual statement except to the extent that it is repeated in the Entire Agreement Documents.

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	26.4
	For the purposes of this clause, “pre-contractual statement” means any draft, agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior to this Agreement becoming legally binding.

	26.5
	This Agreement may only be varied in writing signed by each of the parties.

27.CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	27.1
	This Agreement confers a benefit on the Prudential Group Companies and the Jackson Group Companies (each for the purposes of this clause a “Group Third Party”) and, subject to the remaining provisions of this clause, is intended to be enforceable by each Group Third Party by virtue of the Contracts (Rights of Third Parties) Act 1999.

	27.2
	Save as provided in sub-clause 27.1, the parties to this Agreement do not intend that any term of this Agreement should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this Agreement.

	27.3
	Notwithstanding the provisions of sub-clause 27.1, this Agreement may be varied in any way and at any time by the parties to this Agreement without the consent of any Group Third Party.

	28.
	MISCELLANEOUS

Assignment
	28.1
	No party shall assign or purport to assign all or any part of the benefit of, or its rights or benefits under, this Agreement without the prior written consent of the other party.

No waiver
	28.2
	No failure or delay on the part of any person in exercising any right or remedy provided by law or under this Agreement (and any other agreement referred to herein) shall operate as a waiver or variation of it, or preclude its exercise at any subsequent time.

	28.3
	No clause or right under the Agreement may be waived except by written instrument signed by the party against which the waiver is to be effective.

	28.4
	A waiver by any person of a breach of or default under this Agreement (and any other agreement referred to herein) shall not constitute a waiver of any other breach or default and shall not affect the other terms of this Agreement (and any other agreement referred to herein) or the rights of any other person thereto.

Variation
	28.5
	No variation of this Agreement shall be valid unless it is agreed in writing and signed by or on behalf of each of the parties.

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No partnership or agency
	28.6
	Nothing in this Agreement (or in any other arrangements contemplated hereby) shall constitute a partnership between the parties or any of them, nor constitute any party the agent of any other party for any purpose.

Severance
	28.7
	If any term or provision of this Agreement is or becomes invalid, unenforceable or illegal, in whole or in part, under the laws of any jurisdiction, such term or provision shall to that extent be deemed not to form part of this Agreement, but the validity, enforceability or legality of the remaining provisions of this Agreement shall not be impaired.

Continuing effect
	28.8
	Each provision of this Agreement shall continue in full force and effect after Completion, unless such provision has been fully performed on or before Completion.

Rights not exclusive
	28.9
	The rights and remedies of each party under this Agreement are cumulative and not exclusive of any rights or remedies of that party under the general law. Each party may exercise each of its rights as often as it thinks necessary.

Termination
	28.10
	Notwithstanding any other provision of this Agreement, Prudential may in its absolute discretion by notice in writing to Jackson at any time prior to Completion terminate this Agreement, whereupon no party shall have any claim against any other party for compensation, Costs, damages or otherwise, except as otherwise provided for herein, and this Agreement shall be of no further force or effect.

	28.11
	Subject to clause 28.10, no party shall be entitled to rescind or terminate this Agreement or any part of this Agreement after Completion for any reason whatsoever, and the rights and obligations of the parties hereunder shall continue notwithstanding Completion.

Counterparts
	28.12
	This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart.

	28.13
	Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.

29.GOVERNING LAW AND SERVICE OF PROCESS
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	29.1
	Except as expressly set forth herein, this Agreement is to be governed by and construed in accordance with English law. Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual, is to be governed by and determined in accordance with English law, except as expressly set forth herein.

	29.2
	Without limiting clause 17 ( Dispute Resolution), the courts of England are to have exclusive jurisdiction to settle any dispute, whether contractual or non-contractual, arising out of or in connection with this Agreement. Any proceedings, suits or actions arising out of or in connection with this Agreement may be brought in English courts.

	29.3
	Jackson irrevocably appoints CT Corporation c/o TRIDENT COMPANY SERVICES (UK) LIMITED of 54 Portland Place, London, W1B 1DY to be its agent for service of process and agrees that any document may be effectively served on it in connection with proceedings in England and Wales by service on its agent effected in any manner permitted by the Civil Procedure Rules. A copy will be delivered to Jackson in accordance with clause 25 ( Notices), provided that this requirement does not affect the validity of the appointment of Jackson’s agent for service of process or the validity of service on that agent.

	29.4
	If the agent at any time ceases for any reason to act as such, Jackson shall appoint a replacement agent having an address for service in England or Wales and shall notify Prudential of the name and address of the replacement agent. Failing such appointment and notification, Prudential shall be entitled by notice to Jackson to appoint a replacement agent to act on behalf of Jackson. The provisions of this clause 29 applying to service on an agent apply equally to service on a replacement agent.

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SCHEDULE 1
COSTS
The parties agree that the following principles shall be adhered to in respect of payment of certain Costs.
	1.
	Prudential estimates that it shall incur $50 million of Costs (including VAT) as a result of, or incidental to, the Demerger. Jackson estimates that it shall incur $75 million of Costs (including VAT) as a result of, or incidental to, the Demerger.

	2.
	No member of the Jackson Group may seek reimbursement from Prudential (or any Prudential Group Company) in respect of any Costs attributable to work commissioned by any Jackson Group Company (or director or officer thereof) in connection with the Demerger except as agreed in writing between the parties. Any such Costs will remain the responsibility of the relevant Jackson Group Company (even if the relevant invoice is addressed to a Prudential Group Company) unless agreed in writing with Prudential prior to the date of this Agreement or agreed by the Separation Committee subsequently to the date of this Agreement.

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SCHEDULE 2
MUTUAL INDEMNITIES
	1.
	Subject to paragraph 5, Prudential covenants to pay any Jackson Group Company on an after-Tax basis an amount equal to any losses, Costs, damages and expenses whatsoever, suffered or arising directly or indirectly from or in consequence of any of the Prudential Business Liabilities.

	2.
	Subject to paragraph 6, Jackson covenants to pay any Prudential Group Company on an after-Tax basis an amount equal to any losses, Costs, damages and expenses whatsoever, suffered or arising directly or indirectly from or in consequence of any of the Jackson Business Liabilities.

	3.
	For the purpose of this Schedule 2 ( Mutual Indemnities), the following are “Prudential Business Liabilities”:

		(A)
	any and all obligations, claims, liabilities and expenses of or incurred by any Jackson Group Company to the extent relating to the Prudential Business or a breach of clause 19 of this Agreement by a Prudential Group Company, whether or not in the ordinary course of business, matured or unmatured, liquidated or unliquidated, fixed, known or unknown, and whether arising out of circumstances existing prior to, on or subsequent to Completion, regardless of where or against whom such obligations, claims, liabilities and expenses are asserted or determined or whether asserted or determined prior to, on or subsequent to Completion (but excluding any obligation, claim, liability and expense which has been met, settled or paid on or before Completion with evidence of the same provided in writing to Jackson); and

		(B)
	any and all obligations, claims, liabilities and expenses of or incurred by any Jackson Group Company arising:

		(i)
	under any agreement for the acquisition, sale or other disposal of any company, business or asset where such agreement was entered into prior to Completion and such company, business or asset related to or formed part of the Prudential Business and/or such obligation, claim, liability or expense was assumed prior to the date hereof by a Prudential Group Company; and

		(ii)
	under any agreements containing covenants to pay amounts in respect of Tax or Tax indemnities required to be entered into pursuant to any agreement within sub-paragraph (i),

and, for the avoidance of doubt, where such agreement or deed relates to a number of companies, businesses and/or assets some of which related to the Prudential Business and others of which related to the Jackson Business, includes only those obligations, claims, liabilities and expenses so arising which related to the Prudential Business.
	4.
	For the purpose of this Schedule 2 ( Mutual Indemnities), the following are “Jackson Business Liabilities”:

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		(A)
	any and all obligations, claims, liabilities and expenses of or incurred by any Prudential Group Company to the extent relating to the Jackson Business or a breach of clause 19 of this Agreement by a Jackson Group Company, whether or not in the ordinary course of business, matured or unmatured, liquidated or unliquidated, fixed, known or unknown, and whether arising out of circumstances existing prior to, on or subsequent to Completion, regardless of where or against whom such obligations, claims, liabilities and expenses are asserted or determined or whether asserted or determined prior to, on or subsequent to Completion (but excluding any obligation, claim, liability and expense which has been met, settled or paid on or before Completion with evidence of the same provided in writing to Prudential); and

		(B)
	any and all obligations, claims, liabilities and expenses of or incurred by any Prudential Group Company arising:

		(i)
	under any agreement for the acquisition, sale or other disposal of any company, business or asset where such agreement was entered into prior to Completion and such company, business or asset related to or formed part of the Jackson Business and/or such obligation, claim, liability or expense was assumed prior to the date hereof by a Jackson Group Company; and

		(ii)
	under any agreements containing covenants to pay amounts in respect of Tax or Tax indemnities required to be entered into pursuant to any agreement within sub-paragraph (i),

and, for the avoidance of doubt, where such agreement or deed relates to a number of companies, businesses and/or assets some of which related to the Jackson Business and others of which related to the Prudential Business, includes only those obligations, claims, liabilities and expenses so arising which related to the Jackson Business.
	5.
	The Prudential Business Liabilities shall not include:

		(A)
	such other obligations, claims, liabilities or expenses of or incurred by a Jackson Group Company as may be agreed in writing between Prudential and Jackson (each such obligation, claim, liability or expense, an “Excluded Prudential Business Liability”); or

		(B)
	such other obligation, claim, liability or expense of or incurred by a Jackson Group Company which is provided for under any written agreement between a Jackson Group Company and a Prudential Group Company or which otherwise arises from any such agreement.

	6.
	The Jackson Business Liabilities shall not include:

		(A)
	such other obligations, claims, liabilities or expenses of or incurred by a Prudential Group Company as may be agreed in writing between Prudential and Jackson (each such obligation, claim, liability or expense, an “Excluded Jackson Business Liability”); or

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		(B)
	such other obligation, claim, liability or expense of or incurred by a Prudential Group Company which is provided for under any written agreement between a Jackson Group Company and a Prudential Group Company or which otherwise arises from any such agreement.

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SCHEDULE 3
PROVISIONS ON CLAIMS UNDER THE MUTUAL INDEMNITIES
It is agreed between Prudential and Jackson that, if either Prudential or Jackson (or any of their respective Group Companies) (each, an “Indemnified Party”) gives notice to another such party (the “Indemnifying Party”) of any claim against the Indemnifying Party under the Mutual Indemnities or any Indemnified Party becomes aware of any claim against it or any other fact or circumstance which, if substantiated, will or might give rise to a claim against the Indemnifying Party under the Mutual Indemnities, then the following provisions of this Schedule 3 shall apply:
	1.
	The Indemnified Party shall as soon as reasonably practicable (and in any event within 20 Business Days of the Indemnified Party first becoming aware that a matter constitutes a claim against the Indemnifying Party) give notice and available details thereof to the Indemnifying Party and shall consult with the Indemnifying Party with respect thereto. If any Indemnified Party fails to give notice promptly as required, any claim by the Indemnified Party hereunder shall be reduced to the extent that such failure can be shown to have increased the liability of the Indemnifying Party to the Indemnified Party or to any other person.

	2.
	Any notice given by an Indemnified Party pursuant to paragraph 1 shall be in writing and shall specify in reasonable detail:

		(A)
	the basis upon which it is considered there is an entitlement to indemnification;

		(B)
	the members of the Indemnified Party’s Group considered to have suffered or incurred losses;

		(C)
	the identity of any third parties involved; and

		(D)
	insofar as it is reasonably practicable to determine the same (but without prejudice to the final determination of the amount to be indemnified in respect thereof), an estimate of the monetary amount of the losses which the Indemnified Party reasonably expects to be suffered or incurred by such Indemnified Party or any member of its Group and in respect of which it is considered such Indemnified Party is or will be entitled to indemnification.

	3.
	Prudential and Jackson shall endeavour to agree within 60 days of receipt of a notice pursuant to paragraph 1:

		(A)
	the basis upon which there is or may be an entitlement to indemnification; and

		(B)
	to the extent practicable the quantification or the basis of quantification of the indemnification in respect of losses identified in the notice referred to in paragraphs 1 and 2;

and if they cannot so agree any entitlement to indemnification shall be determined pursuant to clause 17 (Dispute Resolution).
	4.
	Notwithstanding the provisions of this Schedule 3, the Indemnified Party shall provide and shall procure that each of its subsidiary undertakings shall provide to the Indemnifying Party

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and its professional advisers and agents reasonable access to premises and personnel and to any relevant documents and records within its possession or control (with the right to copy the same at the Indemnifying Party’s own expense) save for any documents or records which are the subject of legal or professional privilege, for the purpose of investigating such claim or potential claim or enabling the Indemnifying Party to remedy or avert such breach or matter or to avoid, dispute, resist, appeal, compromise, defend, mitigate or determine the amount of any such claim, subject to the Indemnifying Party procuring that it and its professional advisers and agents keep such information confidential and subject to applicable DP Laws (save for the purposes of, and to the extent necessary for, defending or contesting the matter which is the subject of the relevant indemnity claim).
	5.
	The Indemnified Party shall and shall procure that each of its subsidiary undertakings shall take such action as the Indemnifying Party may reasonably request to allow the Indemnifying Party the opportunity to remedy or avert such breach or matter or to avoid, dispute, resist, appeal, compromise, defend or mitigate any claim which would or might give rise to a claim against the Indemnifying Party under the relevant Mutual Indemnities or any matter which would or might give rise to such a claim or matter and shall, in connection with any proceedings related to any such claim or matter, use professional advisers nominated by the Indemnifying Party in relation thereto or, if the Indemnifying Party so requests, allow the Indemnifying Party the exclusive conduct thereof, in each case on the basis that the Indemnified Party shall be fully indemnified by the Indemnifying Party for all liabilities, obligations and Costs reasonably incurred as a result of any such request by the Indemnifying Party and on the basis that the Indemnifying Party shall keep the Indemnified Party reasonably informed on matters relating to the proceedings.

	6.
	The Indemnified Party shall not, and shall procure that none of its subsidiary undertakings shall, make an admission of liability, agreement, compromise or settle any claim or matter which would or might give rise to a claim against the Indemnifying Party under the Mutual Indemnities without the prior written consent of the Indemnifying Party.

	7.
	Prudential and Jackson may enter into agreements or other arrangements providing for the set-off of payments due to be made by way of indemnification by both Prudential and Jackson. The obligations of either party in respect of any particular losses indemnified under the Mutual Indemnities shall be deemed to have been fully discharged where the amount agreed by the parties to be payable in respect of such loss is paid or taken into account in arriving at any net amount payable by or on behalf of one to the other. For the purpose of this paragraph 7, the amount payable in respect of a loss under the Mutual Indemnities shall be taken to be agreed if it has been determined in accordance with the provisions of clause 17 (Dispute Resolution).

	8.
	Without prejudice to the provisions of any applicable insurance policies, Prudential and Jackson shall each take all reasonable steps to mitigate any losses of any of the members of their respective Group which might give rise to a claim to be entitled to indemnification under the Mutual Indemnities.

	9.
	Without prejudice to any recourse which either party may have against any member of the Other Group (including without limitation any entitlement it may have to be indemnified under the Mutual Indemnities), each of the parties hereby waives any claim (arising before Completion) which it may have against any employee or former employee who is or was

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employed by any company in the Other Group or who is or was employed by a body corporate which is not a member of the Other Group but who is or was employed in the conduct of the Prudential Business or the Jackson Business (as applicable) arising out of their employment save insofar as such claim relates to allegations of fraud on the part of such employee or former employee and save in the context of a claim by or on behalf of that employee against that party (or a member of that party’s Group) or the trustees or managers of a retirement benefits scheme of that party (or of a member of that party’s Group).
	10.
	Limitations on liability

	10.1
	Time limits

No liability shall arise in respect of any claim or claims under this Schedule 3 unless the Indemnified Party has notified the Indemnifying Party of the relevant claim, stating in reasonable detail the nature of the claim and, so far as reasonably practicable, an estimate of the amount claimed:
		(A)
	in respect of any claim or claims related to Tax, on or before the date falling 7 years after the date of Completion; and

		(B)
	in respect of any other claim or claims, on or before the date falling 6 years after the date of Completion.

		(C)
	Monetary limits

		(D)
	No liability shall arise in respect of any claim or claims under this Schedule 3:

		(i)
	in respect of any individual claim (or series of related claims with respect to related facts or circumstances) for less than $100,000; and

		(ii)
	unless and until the aggregate of all claims (disregarding any claims excluded by paragraph 10.1(D)(i) above) for which the Indemnifying Party is liable under this Schedule 3 exceed $1,000,000, but once the aggregate amount of all such claims has exceeded such sum, the Indemnifying Party shall be liable in respect of the full amount of such claims and not the amount by which such sum is exceeded.

		(E)
	Any amounts for which a party is liable to the other party under this Schedule 3 shall be recorded under the name of the claiming party on a list agreed between Prudential and Jackson. At the end of each six month period, the aggregate amounts for which the respective parties are liable shall be set off against each other and an adjusting payment shall be made to the party who retains a positive balance of losses. Each of Prudential and Jackson shall then begin the next six month period with a zero balance of losses for the purposes of the above procedure.

	10.2
	Insured claims

		(A)
	Notwithstanding any other provisions of this Agreement (but subject to sub-paragraph (B) below), where any Indemnified Party or any member of such Indemnified Party’s

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Group has insurance cover in respect of any losses it may suffer or incur, the Mutual Indemnities shall apply only to the extent that the losses so suffered or incurred exceed, and shall not include, the amount which the relevant Indemnified Party or any member of such Indemnified Party’s Group is entitled to recover from the relevant insurer or insurers. However, notwithstanding the foregoing provisions of this sub-paragraph (A), any losses recovered or recoverable from the relevant insurer or insurers shall count towards the calculation of the amounts referred to in sub-paragraph (B).
		(B)
	Notwithstanding sub-paragraph (A), if the relevant Indemnified Party or any member of such Indemnified Party’s Group has not actually received from the relevant insurer or insurers the full amount of its losses, or such part thereof as is within the limits of the relevant insurances, within 12 months of the Insurance Date, the Mutual Indemnities will extend to cover indemnification in respect of the losses in question or such part thereof as is within the limits of the relevant insurances. Such extension of the Mutual Indemnities is conditional on that Indemnified Party, at the option of the Indemnifying Party, either (a) diligently undertaking and pursuing proceedings against the relevant insurer or insurers at the reasonable direction and expense of the Indemnifying Party and accounting to the Indemnifying Party for the net amount recovered, after deducting reasonable Costs of recovery, or (b) assigning or causing there to be assigned to the Indemnifying Party all the rights and claims against the relevant insurer or insurers of the Indemnified Party and the members of its Group.

In this sub-paragraph (B), “Insurance Date” means the later of (i) the giving of a claims notice relating to the relevant losses, (ii) the final calculation of the amount of the relevant losses or part thereof, and (iii) the date of payment to a third party by an Indemnified Party.
	11.
	Recovery from third parties

		(A)
	Without prejudice to the provisions of sub-paragraphs (B) and (C), but subject to sub-paragraphs (D) and (E) of this paragraph 11, where an Indemnified Party has, or in the reasonable opinion of the Indemnifying Party may have, any claim against any third party in relation to any matter in respect of which it is or may be entitled to indemnification under the Mutual Indemnities, such Indemnified Party agrees, at the option of the Indemnifying Party, either:

		(i)
	to assign to the Indemnifying Party the conduct of such claim; or

		(ii)
	to:

		(a)
	take all reasonable steps to enforce such claim against such third party; and

		(b)
	reimburse to the Indemnifying Party the net amount, after deducting Costs of recovery and any Tax thereon (or any Tax which would have been chargeable thereon but for a Relief), recovered from such third party in respect of such claim to the extent that such Indemnifying

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Party has paid an amount in relation to such indemnity to such Indemnified Party in respect of the matters the subject of such claim.
		(B)
	The Costs of the Indemnified Party incurred in enforcing any claim against any third party as is referred to in sub-paragraph (A) shall form a part of the entitlement to be indemnified.

		(C)
	In any event, the Indemnifying Party shall be entitled at any stage and at its sole discretion to settle any such third party assessment or claim. The Parties agree to take into consideration the terms and conditions of any relevant insurance policy.

		(D)
	The provisions of this paragraph 11 shall only apply in respect of a claim or series of connected claims if the aggregate amount claimed by the Indemnified Party in respect of such claim or series of connected claims is greater than $1,000,000.

		(E)
	Neither Prudential nor Jackson shall be required under this paragraph 11 to take any steps in relation to any claim or possible claim against any third party if it reasonably considers that the taking of such steps would or would be reasonably likely to cause material damage to any business relationship it has with that third party or with any other person.

	12.
	Effect of waiver, release, etc.

Any obligation or liability of an Indemnifying Party in respect of any claim of an Indemnified Party to be entitled to indemnification under this Agreement may in whole or in part be released, compounded or compromised, by time or indulgence given by an Indemnified Party in its absolute discretion without in any way prejudicing or affecting its rights under this Agreement in relation to any other claim or matter or any other rights it may have.
	13.
	No liability if loss is otherwise compensated for

		(A)
	The Indemnified Party and those deriving title from the Indemnified Party on or after Completion shall not be entitled to recover damages or otherwise obtain reimbursement or restitution more than once between them in respect of any individual claim under the Mutual Indemnities.

		(B)
	The Indemnifying Party shall not be liable for any claim under the Mutual Indemnities to the extent that the subject of the claim has been or is made good or is otherwise compensated for without cost to the Indemnified Party.

	14.
	Acts of the Indemnified Party

		(A)
	No claim shall lie against the Indemnifying Party under the Mutual Indemnities to the extent that such claim is wholly or partly attributable to:

		(i)
	any voluntary act, omission, transaction or arrangement carried out by the Indemnified Party or on its behalf or by persons deriving title from the Indemnified Party on or after Completion; or

​

​

​

		(ii)
	any admission of liability made after the date hereof by the Indemnified Party or on its behalf or by persons deriving title from the Indemnified party on or after Completion.

		(B)
	The Indemnifying Party shall not be liable for any claims under the Mutual Indemnities which would not have arisen but for any reorganisation or change in ownership of the Indemnified Party’s Group after Completion or any changes in the accounting basis on which any of the companies in the Indemnified Party’s Group values its assets or any other change in accounting policy or practice of any member of the Indemnified Party’s Group after Completion.

	15.
	Allowance, provision or reserve in the accounts

No matter shall be the subject of a claim under the Mutual Indemnities by Prudential or Jackson (as the case may be) to the extent that allowance, provision or reserve in respect of such matter shall have been made in the accounts of a company within the Group of the claiming party as at the date of this Agreement or has been included in calculating creditors or deducted in calculating debtors in the accounts of a company within the Group of the claiming party and (in the case of creditors or debtors) is identified in the records of the relevant Group or shall have been otherwise taken account of or reflected in the financial information contained in the Form 10 or the Circular, as the case may be.
	16.
	Future legislation

Save in the case of any legislation having retrospective effect to a date prior to the date of this Agreement, no liability shall arise in respect of any claim under the Mutual Indemnities if and to the extent that liability occurs or is increased wholly or partly as a result of any legislation not in force at the date of this Agreement.
	17.
	Loss of goodwill or business

No claim shall lie against the Indemnified Party under the Mutual Indemnities to the extent that the subject of the claim relates to the fact that the relevant Group has lost goodwill or possible business.
	18.
	Fraud

No liability shall attach to the Indemnifying Party in respect of claims under the Mutual Indemnities in the case of any fraud or dishonesty on the part of the Indemnified Party.
​

​

​

SCHEDULE 4
ACCESS TO PERSONAL DATA
1.Definitions
	​

	​

	​

	“Adequacy Decision”
	    
	means an adequacy decision (in whatever form that may take, including the statement regarding transfers to the EEA in the “Using Personal Data After Brexit” guidance issued by the UK Government on 6 February 2019 and the “Guidance on Amendments to UK Data Protection Law in the Event the UK Leaves the EU Without a Deal”, as updated by the UK Government on 23 April 2019) covering an International Transfer issued by the UK government in relation to the data protection regime of one or more specified non-UK countries or territories;

	​
	​
	​

	“Applicable Law”
	​
	means any and all:

	​
	​
	​

	​
	​
	(i)
legislation (including statutes, statutory instruments, treaties, regulations, orders, directives, by-laws, and decrees); and

	​
	​
	​

	​
	​
	(ii)
judgments, resolutions, decisions, orders, notices or demands of a competent court, tribunal, regulatory body or governmental authority in each case having the force of binding law or by which either party is bound,

	​
	​
	​

	​
	​
	in each case in any jurisdiction relevant to either party;

	​
	​
	​

	“Binding Corporate Rules”
	​
	means personal data protection policies adhered to by a Controller or Processor for transfers or a set of transfers of personal data to a controller or processor as approved by the relevant data protection authority in accordance with DP Law;

	​
	​
	​

	“Controller”
	​
	means Jackson or Prudential acting as an independent controller (the term “controller” being as defined under the GDPR);

	​
	​
	​

	“Data Breach”
	​
	means any accidental or unlawful destruction, loss (including any temporary or permanent loss of access), alteration, unauthorised disclosure of, or access to the Personal Data or any unauthorised or unlawful processing of the Personal Data;

	​
	​
	​

	“DP Law”
	​
	means all Applicable Law from time to time relating to the processing of Personal Data and privacy including (where applicable) including:

	​
	​
	​

	​
	​
	(i)
the GDPR;

	​
	​
	​

	​
	​
	(ii)
any other data protection and privacy laws, regulations and other similar instruments in any other jurisdiction to which it is subject; and

	​
	​
	​

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​

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	​

	​

	​

	​
	​
	(iii)
any judicial or administrative interpretation of any of the above, and any mandatory guidance, guidelines, codes of practice, approved codes of conduct or approved certification mechanisms issued by any relevant data protection supervisory authority;

	​
	​
	​

	“Data Subject”
	​
	has the meaning given in the GDPR;

	​
	​
	​

	“EEA”
	​
	means the European Economic Area;

	​
	​
	​

	“International Transfer”
	​
	means (i) a transfer of, or access to, Personal Data from one party in the UK to or by the other party  in any country or territory outside the UK; and (ii) any onward  transfer  from, or access to, a  country or territory outside the UK;

	​
	​
	​

	“Notify”
	​
	means sending a notice, notification or other written communication via email (a “Notice” or “Notification”) in accordance with paragraph 3.11 and/or paragraph 3.12 to SIRT@jackson.com for Notices sent to Jackson acting as Controller and to GHO.dataprotection@prudentialplc.com for Notices sent to Prudential acting as Controller;

	​
	​
	​

	“Objection Notice”
	​
	has the meaning given to that term in paragraph 3.6;

	​
	​
	​

	“Personnel”
	​
	means all or any of:

	​
	​
	​

	​
	​
	(i)

directors, officers, employees and/or agents of a party;

	​
	​
	​

	​
	​
	(ii)

the directors, officers, employees and/or agents of any sub-contractors; and

	​
	​
	​

	​
	​
	(iii)

any other individuals engaged by or on behalf of a party or any sub-contractor in the performance of any part of the party’s obligations under this Agreement;

	​
	​
	​

	“processing”
	​
	has the meaning given to that term in the GDPR, and “process” and “processed” shall have a corresponding meaning;

	​
	​
	​

	“Processor”
	​
	means Prudential or Jackson acting as a separate processor (as defined under the GDPR);

	​
	​
	​

	“Regulator”
	​
	means any regulatory, administrative, supervisory or governmental agency, body or authority (whether regional, national or supranational) to whose rules, regulations or guidance any party (or any assets, resources or business of such party) is, from time to time, subject or submits, or which otherwise relate to the processing under this Agreement;

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	​
	​

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	​

	​

	​

	“Standard Contractual Controller Clauses” “SCCCs”
	or
	means the standard contractual clauses for the transfer of  such Personal Data from a controller in the UK to a controller outside of the UK as approved by the UK government and/or the UK Regulator for data protection (or such other relevant authority of the UK);

	​
	​
	​

	“Standard Contractual Processor Clauses” “SCPCs”
	or
	means the standard contractual clauses for the transfer of such Personal Data from a controller in the UK to a processor outside of the UK as approved by the UK government and/or the UK Regulator for data protection (or such other relevant authority of the UK); and

	​
	​
	​

	“Sub-Processor”
	​
	has the meaning given to that term in paragraph 3.5

​
	2.
	Interpretation

	2.1
	Terms and expressions used in the Agreement shall have the same meaning in this  Schedule  4, unless otherwise defined herein, and terms and expressions used in this  Schedule 4 and not defined in the Agreement and this  Schedule 4 shall have the meaning assigned to them in DP Law.

	3.
	Controller to Processor Provisions

	3.1
	The parties acknowledge and agree that in respect of the processing described in:

		(A)
	Appendix 1 and in accordance with clause  11 of the Agreement, Prudential appoints Jackson as Processor and Jackson shall process the Personal Data described in Appendix 1 on behalf of Prudential only for the purposes of performing its obligations under the Agreement (which includes the purposes described in Appendix 1); and

		(B)
	Appendix 2 and in accordance with clause  11 of the Agreement, Jackson appoints Prudential as Processor and Prudential shall process the Personal Data described in Appendix 2 on behalf of Jackson only for the purposes of performing its obligations under the Agreement (which includes the purposes described in Appendix 2).

	3.2
	Jackson and Prudential each shall, when acting as a Processor, comply with the terms of this paragraph  3.

	3.3
	A description of the duration, nature and purpose of the processing carried out by each Processor under this Schedule, and the type of Personal Data and categories of Data Subjects contained in the Personal Data is set out in Appendix 1 and Appendix 2. The parties shall keep this information up-to-date during the term of the Agreement and shall agree any necessary variations in accordance with clause  28.5 of the Agreement.

General obligations of a Processor
	3.4
	A Processor shall:

​

​

​

		(A)
	comply with its obligations under DP Law;

		(B)
	process the Personal Data only on documented instructions from a Controller, unless the Processor is legally required to process the Personal Data for another purpose by UK law to which the Processor is subject and provided it informs the Controller of that legal requirement and the proposed processing before such processing takes place (unless that law prohibits such information being disclosed on important grounds of public interest);

		(C)
	ensure that the Personal Data shall only be accessible by its Personnel to the extent necessary to properly perform their duties in relation to this Agreement, who are informed of its confidential nature and the security procedures relating to it, and who are contractually bound to maintain its confidentiality; and

		(D)
	take all measures required by DP Law, including implementing appropriate technical and organisational measures to ensure a level of security appropriate to the risk (taking into account the state of the art, the costs of implementation and the nature, scope, context and purposes of processing as well as the risks for the rights and freedoms of natural persons) presented by processing, in particular from accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to Personal Data transmitted, stored or otherwise processed. Such measures shall include (as appropriate):

		(i)
	pseudonymising and encrypting Personal Data;

		(ii)
	ensuring the ongoing confidentiality, integrity, availability and resilience of processing systems and services;

		(iii)
	restoring the availability and access to Personal Data in a timely manner in the event of a physical or technical incident;

		(iv)
	regularly testing, assessing and evaluating the effectiveness of technical and organisational measures for ensuring the security of the processing (and having suitable process to do so);

		(v)
	complying with any security provisions in this Schedule; and

		(vi)
	putting in place processes to be able to:

		(a)
	detect and promptly contain a Data Breach; and

		(b)
	reasonably assist the Controller (following a Data Breach) to assess the risk to individuals and determine whether Data Breach notifications and/or breach communications are required.

Sub-Processing
	3.5
	Subject to paragraph 3.7, a Processor shall have general authorisation to engage another data processor to process Personal Data (a “Sub-Processor”) provided that it:

​
​

​

​

		(A)
	notifies the Controller 30 Business Days in advance of any new or replacement Sub-Processor it wishes to engage and such Notice shall include documentation that will allow the Controller to understand the security profile of the proposed Sub-Processor, including the results of any due diligence that the Processor has undertaken in relation to the proposed Sub-Processor’s procedures and mechanisms in accordance with Article 32 of the GDPR (or the equivalent provision of any other piece of Applicable Law); and

		(B)
	complies with its obligations in paragraph 3.6, paragraph 3.7 and paragraphs 3.10 to 3.18.

	3.6
	Within 10 Business Days of having been Notified of the addition or replacement of any Sub-Processor, the Controller shall Notify the Processor either: (i) of its acceptance of the addition or replacement; or (ii) of its objections to the addition or replacement (an “Objection Notice”) and such Objection Notice shall contain clear supporting reasons and/or supporting evidence explaining why the appointment has been objected to. The parties agree they shall have discussions in good faith to try to resolve the issue or concerns identified by the Controller in its Objection Notice. If the objections are not withdrawn or if no agreement is reached on this within 10 Business Days, either Party shall have the right to terminate the provisions of this  Schedule 4 (to the extent that those provisions relate to Personal Data that is the subject of an objection) before the Personal Data is communicated to the new Sub-Processor.

	3.7
	Notwithstanding paragraphs  3.5 and  3.6 above, a Processor shall hereby have general authorisation to appoint any member of its Group as Sub-Processor.

	3.8
	If, at any time, a Sub-Processor is engaged, the Processor shall ensure that such Sub-Processor is bound by the terms of a contract which imposes on such Sub-Processor data protection obligations that are similar and no less onerous that those set out in this  Schedule  4 and, in particular, the Processor shall obtain sufficient guarantees from the Sub-Processor that it shall implement appropriate technical and organisational measures in such a manner that the processing shall meet the requirements of DP Law.

	3.9
	A Processor shall not be relieved of any of its obligations under this  Schedule 4, and shall remain fully liable to the Controller for the performance of the Sub-Processor’s obligations and for its acts and omissions.

Assistance by the Processor
	3.10
	A Processor shall:

		(A)
	taking into account the nature of the processing assist (at the Controller’s cost) the Controller by appropriate technical and organisational measures as far as this is reasonably possible for the fulfilment of the Controller’s obligation to respond to requests for exercising the Data Subject’s rights under DP Law;

		(B)
	promptly provide to the Controller (at the Controller’s cost) such assistance as the Controller may from time to time reasonably require to enable it to comply with its security, data breach notification, impact assessment, prior consultation, record keeping and audit responsibilities under DP Law,

​

​

​

and each party shall be permitted, for the purposes of this paragraph 3.10, to act in accordance with its own relevant internal policies, which shall include for the avoidance of doubt any “data request process document” (however so called) drafted jointly by the parties to govern the sharing of Personal Data pursuant to this Agreement, in each case as amended from time-to-time and solely to the extent that any such policies are compliant with DP Law.
Processor Data Breaches and interactions with Regulators
	3.11
	In the event of a Data Breach, a Processor shall Notify the Controller promptly (and in any event within 36 hours) of identifying such Data Breach, and together with such notice, provide:

		(A)
	a point of contact within the Processor who shall liaise with and, as soon as it becomes available, provide further information to, the Controller;

		(B)
	a written description of the nature of, and facts known relating to, the Data Breach, including details of the:

		(i)
	categories and approximate numbers of the Data Subjects (and identities of Data Subjects if known), categories of Personal Data and Personal Data records concerned;

		(ii)
	likely causes, effects and consequences of the Data Breach and details of whether any Personal Data was encrypted; and

		(iii)
	measures taken or proposed to be taken to address the Data Breach including any measures to mitigate any possible adverse effects;

and where, but only in so far as, it is not possible to provide the information referred to in this sub-paragraph (B) at the same time as the Notification, such information shall be provided as soon as that information becomes available (and in such a manner as to enable the Controller to make any Data Breach notification and to meet its documentation obligations).
	3.12
	Following the Processor becoming aware of any Data Breach it shall:

		(A)
	take such steps, on an ongoing basis, as are reasonably necessary to provide the Controller with the information necessary for it to comply with its Data Breach notification, data communication and documentation obligations;

		(B)
	not disclose any information about the Data Breach (including to any Regulator or to any of the Controller’s affected Data Subjects) without the Controller’s prior written consent, except:

		(i)
	where it is required to do so by Applicable Law but always subject to Notifying the Controller in advance and taking on board reasonable requests from the Controller, unless that Applicable Law prohibits such notification on important grounds of public interest); or

		(ii)
	to its own customers to the extent the Data Breach affects them.

​
​

​

​

		(C)
	provide reasonable assistance to the Controller with the implementation of its contingency plans and other mitigation activities relating to such Data Breach and (unless otherwise agreed with Controller) take prompt action to stop the Data Breach, recover any Personal Data or other information and fix any vulnerabilities to prevent further Data Breaches.

	3.13
	The Processor shall provide reasonable assistance to the Controller with making any mandatory notifications to Regulators and/or affected Data Subjects in the event of a Data Breach.

Data retention, compliance and audits of a Processor
	3.14
	A Processor shall:

		(A)
	following the termination or expiry of the Agreement (or relevant part thereof), at the Controller’s discretion, either promptly return to the Controller all of the Personal Data (or relevant part thereof, including all existing copies), delete all of the Personal Data (or relevant part thereof, including all existing copies), or put beyond use all of the Personal Data (or relevant part thereof, including all existing copies) and certify the same in writing, unless such Personal Data is required to be retained by the Processor under any applicable law or in compliance with the terms of the Processor’s own data retention policies;

		(B)
	make available to the Controller all reasonable information necessary to demonstrate compliance with this paragraph 3;

		(C)
	subject to paragraph 3.15, allow for and contribute to audits and inspections conducted by the Controller, its representatives or other auditors mandated by the Controller, during Working Hours in the place of the Processor and no more than once per calendar year, and subject to compliance with all the Processor’s reasonable requests in relation to security and confidentiality, with any such audit or inspection being carried out at the sole expense of the Controller and conducted remotely unless absolutely necessary, and only on providing four weeks’ prior Notice to the Processor; and

		(D)
	with regard to sub-paragraph (B) and (C), promptly inform the Controller if, in its opinion, an instruction from the Controller infringes DP Law.

	3.15
	The Processor shall allow for and contribute to audits and inspections more frequently than once per calendar year if requested by the Controller in connection with a:

		(A)
	Data Breach affecting Personal Data held by the Processor;

		(B)
	breach of this  Schedule 4 by the Processor;

		(C)
	requirement from a Regulator; or

		(D)
	requirement under the terms of any other Applicable Law,

​
​

​

​

and, in any such circumstance, the audit shall be carried out at the sole expense of the Processor for an audit under paragraph 3.15(A) (which the Data Breach is attributable to the Processor) or 3.15(B), and at the sole expense of the Controller for an audit under paragraph 3.15(A) (where the Data Breach is attributable to the Controller), 3.15(C) or 3.15(D).
International transfers by a Processor
	3.16
	A Processor shall only make an onward International Transfer in compliance with:

		(A)
	the Controller’s documented instructions, unless the transfer is required by UK law to which the Processor is subject and provided it Notifies the Controller of that legal requirement and the proposed transfer before such transfer takes place (unless that law prohibits such information being disclosed on important grounds of public interest);

		(B)
	the provisions of this Schedule, including in relation to sub-processing; and

		(C)
	DP Law.

	3.17
	Prior to an International Transfer, unless a relevant Adequacy Decision or Binding Corporate Rules are in place, the relevant party agrees to enter into appropriate SCPCs to ensure the relevant International Transfer is permitted under the GDPR, and that party will review the contents of the Annex to all relevant SCPCs to ensure that they remain correct (and otherwise update the Annex to those SCPCs in accordance with clause  28.5 of the Agreement).

	3.18
	The parties agree to annually review the Annex of the relevant SCPCs to ensure their contents remain correct and otherwise ensure the Annexes are kept up to date in accordance with clause  28.5 of the Agreement.

	3.19
	To the extent there is a conflict between the terms of the relevant SCPCs and any other terms of this Agreement, the terms of the relevant SCPCs shall prevail.

	4.
	Controller to Controller Provisions

	4.1
	The parties agree that the terms of this paragraph  4 shall apply to any processing undertaken by either party as described in sub-paragraph  4.2, below.

	4.2
	Each party acknowledges and agrees that any Personal Data it holds which relates to the other party, which is required by that other party (the “Receiving Controller”) for the purposes of its legal or regulatory obligations, shall be provided by the party holding the Personal Data (the “Providing Controller”) on the basis of a controller to controller transfer, and each party shall act as an independent Controller of the relevant Personal Data.

	4.3
	A Receiving Controller shall:

		(A)
	comply with its obligations under DP Law;

		(B)
	ensure that Personal Data it receives shall only be accessible by its Personnel to the extent necessary to properly perform their duties in relation to this Agreement, who

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​

​

are informed of its confidential nature and the security procedures relating to it, and who are contractually bound to maintain its confidentiality; and
		(C)
	take all measures required by DP Law, including implementing appropriate technical and organisational measures to ensure a level of security appropriate to the risk (taking into account the state of the art, the costs of implementation and the nature, scope, context and purposes of processing as well as the risks for the rights and freedoms of natural persons) presented by processing, in particular from accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to Personal Data transmitted, stored or otherwise processed. Such measures shall include (as appropriate):

		(i)
	pseudonymising and encrypting Personal Data;

		(ii)
	ensuring the ongoing confidentiality, integrity, availability and resilience of processing systems and services;

		(iii)
	restoring the availability and access to Personal Data in a timely manner in the event of a physical or technical incident;

		(iv)
	regularly testing, assessing and evaluating the effectiveness of technical and organisational measures for ensuring the security of the processing (and having suitable process to do so);

		(v)
	complying with any security provisions in this Schedule; and

		(vi)
	putting in place processes to be able to:

		(a)
	detect and promptly contain a Data Breach; and

		(b)
	reasonably assist the other Controller (following a Data Breach) to assess the risk to individuals and determine whether Data Breach notifications and/or breach communications are required.

Assistance and data access rights
	4.4
	If either party receives a request from an individual regarding the Personal Data it holds about that individual in connection with the Agreement or to otherwise exercise their Data Subject rights under DP Law, it shall promptly provide to the other party (at that party’s cost) such assistance as that party may from time to time reasonably require to enable it to comply with its obligations and responsibilities under DP Law.

Data Breaches and interactions with Regulators
	4.5
	The Receiving Controller will notify the other party, without undue delay (and in any event within 36 hours), if it becomes aware of any unauthorised or unlawful processing, loss, corruption or destruction of, or damage to, a material amount of the Personal Data it processes in connection with the Agreement that, in its view, may result in a risk to the rights and freedoms of individuals.

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​

​

	4.6
	If either party receives any complaint, notice or communication from a Regulator which relates directly or indirectly to the other party’s: (i) processing of Personal Data; or (ii) a potential failure to comply with DP Law, the recipient of such complaint, notice or communication shall, to the extent permitted by law, promptly forward the complaint, notice or communication to the other party and provide the other party with reasonable co-operation and assistance in relation to the same.

Data retention and audits
	4.7
	The Receiving Controller shall retain Personal Data received from the Providing Controller for a period which is no longer than it is reasonably required to hold such data, having regard to the purposes for which such data is processed or to be processed.

	4.8
	Subject to sub-paragraph  4.9, the Receiving Controller shall allow for and contribute to audits and inspections conducted by the Providing Controller, its representatives or other auditors mandated by the Providing Controller, during Working Hours in the place of the Receiving Controller and no more than once per calendar year, and subject to compliance with all the Receiving Controller’s reasonable requests in relation to security and confidentiality, with any such audit or inspection being carried out at the sole expense of the Providing Controller and conducted remotely unless absolutely necessary, and only on providing four weeks’ prior Notice to the Receiving Controller.

	4.9
	The Receiving Controller shall allow for and contribute to audits and inspections more frequently than once per calendar year if requested by the Providing Controller in connection with a:

		(A)
	Data Breach affecting Personal Data held by the Receiving Controller;

		(B)
	breach of this  Schedule 4 by the Receiving Controller;

		(C)
	requirement from a Regulator; or

		(D)
	requirement under the terms of any other Applicable Law,

and, in any such circumstance, the audit shall be carried out at the sole expense of the Receiving Controller for an audit under paragraph 4.9(A) (where the Data Breach is attributable to the Receiving Controller) or  4.9(B), and at the sole expense of the Providing Controller for an audit under paragraph  4.9(A) (where the Data Breach is attributable to the Providing Controller),  4.9(C) or  4.9(D)
International transfers by a Controller
	4.10
	Prior to an International Transfer, unless a relevant Adequacy Decision exists or Binding Corporate Rules are in place, the transferring Controller agrees to enter into appropriate SCCCs or SCPCs (as applicable) to ensure that the International Transfer is permitted under DP Law, and that party will review the contents of the Annex to all relevant SCCCs or SCPCs (as applicable) to ensure that they remain correct (and otherwise update the Annex to those SCCCs or SCPCs in accordance with clause  28.5 of the Agreement).

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​

​

	4.11
	The parties agree to annually review the Annex of the relevant SCCCs or SCPCs (as applicable) to ensure that their contents remain correct and otherwise ensure the Annexes are kept up to date in accordance with clause  28.4 of the Agreement.

	4.12
	To the extent there is a conflict between the terms of the relevant SCCCs or SCPCs (as applicable) and any other terms of the Agreement, the terms of the relevant SCCCs or SCPCs shall prevail.

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​

​

Appendix 1
​
	​

	​

	​

	​

	​

	Types of Personal Data to
	Nature and purpose
	Categories of data
	Subject matter
	Duration of

	be processed
	of processing
	subjects
	of processing
	processing

	The Personal Data processed comprises the following categories of data:
●
Names

●
Title (including job title)

●
Contact details (telephone numbers and email addresses)

●
Location

●
Addresses

●
Date of Birth

●
ID documentation

●
Details of Shares or Units held

●
Banking information

●
IP addresses

●
Family and dependant information

●
Employment records

●
Health and bio-metric information

●
Photographs and image data

●
KYC and due diligence related information

	In order to give effect to the agreed data-sharing arrangements, Jackson may act in the capacity of data processor for Prudential.
The parties may in addition, from time to time, also act in the capacity of as data controllers.
	The Personal Data processed relates to the following categories of Data Subjects:
●
Directors, agents, contractors, employees and prospective employees of the parties;

●
Customers, clients and third-party contacts of the parties (including investors); and

●
Prospective customers, clients and third-party contacts of the parties (including investors)

	Pursuant to clause 11 of the Agreement, Jackson will continue to hold co-mingled Personal Data. relating to both parties. Personal Data processing arrangements to allow, amongst other things, access to the co-mingled Personal Data,
of the parties are required.
Jackson will
retain and allow access to Personal Data residing within certain electronic, hard copy, archive, file stores and applications.
	The parties will continue to process the Personal Data for as long as the agreed data-sharing arrangement is required or until deletion of Personal Data is possible in accordance with the relevant data retention policies.

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​

Appendix 2
​
	​

	​

	​

	​

	​

	Types of Personal Data to
	Nature and purpose
	Categories of data
	Subject matter
	Duration of

	be processed
	of processing
	subjects
	of processing
	processing

	The Personal Data processed comprises the following categories of data:
●
Names

●
Title (including job title)

●
Contact details (telephone numbers and email addresses)

●
Location

●
Addresses

●
Date of Birth

●
ID documentation

●
National Insurance details

●
Details of Shares or Units held

●
Banking information

●
IP addresses

●
Family and dependant information

●
Employment records

●
Health and bio-metric information

●
Photographs and image data

●
KYC and due diligence related information

	In order to give effect to the agreed data-sharing arrangements, Prudential may act in the capacity of data processor for Jackson.
The parties may in addition, from time to time, also act in the capacity of data controllers.
	The Personal Data processed relates to the following categories of Data Subjects:
●
Directors, agents, contractors, employees and prospective employees of the parties;

●
Customers, clients and third-party contacts of the parties (including investors); and

●
Prospective customers, clients and third-party contacts of the parties (including investors)

	Pursuant to clause 11 of the Agreement, Prudential will continue to hold co-mingled Personal Data relating to both parties.
Personal Data processing arrangements to allow, amongst other things, access to the co-mingled Personal Data,
of the parties are required.
Prudential will
retain and allow access to Personal Data residing within certain electronic, hard copy, archive, file stores and applications.
	The parties will continue to process the Personal Data for as long as the agreed data-sharing arrangement is required or until deletion of Personal Data is possible in accordance with the relevant data retention policies.

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SCHEDULE 5
EMPLOYEE SHARE SCHEMES
Prudential and Jackson agree that, as a consequence of the Demerger, participants in the Prudential Incentive Plans who are employed by the Jackson Group as at Completion (or previous employees of the Jackson Group who retain rights under the Prudential Incentive Plans at this date) will, with effect from and conditional upon completion of the Demerger, be entitled to receive the rights granted under the relevant Prudential Incentive Plan in accordance with the rules of the relevant Prudential Incentive Plan. These rights can be summarised as follows:
	1.
	General

For the purposes of this Schedule 5:
“ADR” means an American depositary share representing two Prudential Shares, evidenced by an American depositary receipt; and
“NYSE” means the New York Stock Exchange.
	2.
	Prudential Incentive Plans

Awards held by any current or past employees of the Jackson Group under the following Prudential Incentive Plans will not vest on the Demerger but will be automatically exchanged for an equivalent award granted by Jackson:
		(A)
	Prudential Long Term Incentive Plan 2013 (the “PLTIP”)

		(B)
	Prudential Group Deferred Bonus Plan 2010 (the “GDBP”)

		(C)
	Prudential Deferred Annual Incentive Plan 2013 (the “DAIP”) and

		(D)
	Prudential Restricted Stock Plan 2015 (the “RSP”).

Jackson Group employees participating in the Prudential Group Share Incentive Plan (the “Group SIP”) will be treated as good leavers under the Group SIP rules and their Prudential Shares will be transferred to them following Demerger. Jackson Group employees will not be able to acquire any further Prudential Shares under the Group SIP following Demerger.
Jackson employees participating in the Prudential Savings-Related Share Option Scheme (the “SAYE”) will be treated as good leavers and may exercise their option(s) until the end of their original exercise period. To the extent not exercised at the end of that period, options will lapse.
Where any current or former employee of the Jackson Group is or becomes entitled to receive a cash amount on a deferred basis (whether from a member of the Prudential Group or from a member of the Jackson Group) (a “Deferred Cash Award”) which is outstanding on, or relates to service before, the Demerger, that Deferred Cash Award will continue to subsist on its original terms and will be settled by Jackson on the original payment timetable. Where an award was originally granted subject to malus and clawback provisions, it will continue to be
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subject to those malus and clawback provisions, except that any post-demerger exercise of those malus and clawback provisions will fall exclusively in the authority of the Compensation Committee of Jackson.
	3.
	Exchange ratios

Where in this Schedule 5 reference is made to a current or past employee of the Jackson Group (a “Jackson Participant”) being granted an equivalent award over Jackson Shares (the “New Award”) in exchange for an existing award over Prudential Shares or ADRs (the “Old Award”):
		(A)
	the number of Jackson Shares over which a New Award is granted in respect of any Old Award granted under the PLTIP will be calculated by reference to the average mid-market closing prices over:

		(i)
	in relation to a Prudential ADR, the last ten dealing days when the Prudential ADR retained the right to receive the Demerger Dividend; and

		(ii)
	in relation to a Jackson Share, the first ten dealing days following the start of regular trading of the Jackson Shares on the NYSE,

or on such other basis as is permitted by the PLTIP rules;
		(B)
	any New Award calculated in accordance with (A) will be granted subject to the terms of the PLTIP rules, except that references in those terms to the “Company” will be to Jackson and references to “Shares” will be to Jackson Shares (meaning that, following the Demerger, references to the “Committee” and the “Share Plan Committee” will be construed as references to the Compensation Committee of Jackson);

		(C)
	the number of Jackson Shares over which a New Award is granted in respect of any Old Award granted under the GDBP, DAIP or RSP will be calculated as the sum of:

		(i)
	the number of Jackson Shares which the Jackson Participant would have received if the Jackson Participant had been the beneficial owner of the Prudential ADRs subject to the Jackson Participant’s Old Award at the Demerger Record Time; and

		(ii)
	an additional number of Jackson Shares calculated by dividing (a) the total value of the Prudential ADRs subject to the Old Award (measured as the number of such ADRs multiplied by the mean of the mid-market closing values of a Prudential ADR for the first 10 dealing days following the start of regular trading of the Jackson Shares on the NYSE), divided by (b) the mean mid-market closing value of a Jackson Share for the same period or

on such other basis as is permitted by the rules of the relevant plan(s);
		(D)
	Jackson will take appropriate steps to give legal effect to the New Awards as soon as reasonably practicable following the Demerger;

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		(E)
	New Awards will, so far as practicable, be granted on the same terms as, (in the case of Old Awards granted under the PLTIP) and on broadly equivalent terms to, (in the case of Old Awards granted under the GDBP, DAIP or RSP) the Old Award, including the terms relating to vesting and holding periods and the application of malus and/or clawback.

		(F)
	Where performance conditions apply to the Old Award, the performance conditions applied to the New Award will be such as to be, in the reasonable opinion of the Compensation Committee of Jackson, no more and no less difficult to achieve than those applicable to the Old Award would have been, had the Demerger not taken place.

	4.
	Jackson Share Scheme

Jackson Group employees will not be eligible to be granted any further share options or awards under the Prudential Incentive Plans. The Compensation Committee of Jackson may determine future eligibility for Jackson Group employees under any Jackson incentive plans including share schemes and may delegate authority to others for these purposes.
Awards granted under the PPM America, Inc. Performance Incentive Award Plan (the “PIAP”) will not vest on the Demerger, will not be exchanged and will continue on their original terms including the terms relating to performance conditions, vesting and holding periods and the application of malus and/or clawback.
	5.
	Conduct issues

In the event that a party to this Agreement becomes aware after the Demerger but before the fifth anniversary of the grant date of an Old Award by reference to which a New Award was granted of:
		(i)
	a significant conduct/culture/governance issue that results in a significant capital add-on or material fine or similar sanction; or

		(ii)
	any circumstances which the board of directors of that party reasonably believes might give rise to the malus or clawback provisions of any outstanding New Award being invoked;

which occurred before the Demerger (a “Conduct Issue”), then:
		(A)
	that party will, within 14 days of becoming aware of the Conduct Issue, notify the other party to this Agreement of the nature of the Conduct Issue;

		(B)
	The Remuneration Committee of Prudential and the Compensation Committee of Jackson will share such information in a timely fashion in good faith as might be required by the other to make decisions about the implications of the Conduct Issue for the relevant award(s) held by the employees of the Prudential Group and the employees of the Jackson Group respectively. Specifically, this flow of information will facilitate decisions in relation to:

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		(i)
	the assessment of conduct performance targets attached to the Old Award and the New Award made in place of the Old Award;

		(ii)
	the operation of malus and clawback powers; and

		(iii)
	any other use of discretion which either Committee deems appropriate.

Notwithstanding any provision to the contrary, any post-demerger exercise of malus and/or clawback powers or any other use of discretion that may impact the outstanding New Awards and entitlements of employees of the Jackson Group will fall exclusively in the authority of the Compensation Committee of Jackson.
	6.
	Dividend equivalent payment

Awards held by any current or former employees of the Jackson Group under the Prudential Incentive Plans which are released before Completion may attract a dividend equivalent payment payable after Completion. In this circumstance:
		(i)
	the trustee (Sanne Group) will receive the dividend equivalent payment on behalf of current or former employees of the Jackson Group, in the normal way;

		(ii)
	the trustee will remit these funds in US dollars to the Jackson Group within three days of receipt;

		(iii)
	the trustee will provide the Jackson Group with details of the amounts payable to each current or former employee of the Jackson Group; and

		(iv)
	the Jackson Group will transfer the funds to current or former employee of the Jackson Group within 30 days of receipt, in line with the information provided by the trustee.

	7.
	Tax

The Prudential Group and the Jackson Group will respond in good faith and share information as might be required by the other in order to comply with specific requests or enquiries made by relevant Tax Authorities in relation to awards or compensation delivered via any Prudential Incentive Plan or Jackson Share Scheme and received by Jackson Group employees or current or former Prudential employees within the scope of U.S. income tax and/or social security regulations.
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SCHEDULE 6
INSURANCE
	1.
	Each party shall provide to the other party, upon reasonable request, access to all insurance policies that have:

		(A)
	been issued to the Pre-Demerger Group, up to but excluding the date of Completion; and

		(B)
	been issued on an occurrence or discovery basis to the benefit of Prudential and Jackson in respect of claims arising from pre-Completion events.

	2.
	Subject to paragraph  3, Prudential and Jackson shall, from Completion, provide such reasonable assistance for the purpose of making and pursuing claims under any such policies as any member of the Other Group may reasonably request (the “Insurance Administration Services”) in respect of any occurrence, claim or circumstance that:

		(A)
	arises in part or in whole prior to the date of Completion; and/or

		(B)
	falls within the scope of cover of any relevant policy in place in respect of such period; and

		(i)
	in relation to occurrence-based policies, was notified prior to the date of Completion (under any relevant policy) or was incurred, in part or in whole, prior to the date of Completion but not reported prior to the date of Completion; or

		(ii)
	in relation to claims-made policies, was notified, or any circumstances which, in the liable party’s reasonable discretion, may lead to a claim, were notified, prior to the date of Completion or, where relevant, within any discovery period applicable to such claims-made policies,

provided whichever party is making the claim shall have responsibility for pursuing any such claim.
	3.
	Prudential and Jackson shall only provide assistance to any Other Group company in respect of making any claim referred in paragraph  2 to the extent that such assistance from such party would not, in the reasonable opinion of such party, constitute a regulated activity for the purposes of FSMA and any related legislation or would otherwise constitute a regulated or unlawful activity under applicable law.

	4.
	Prudential shall bear or shall procure that the relevant Prudential Group Company shall bear the excess of the amount insured in respect of any such claim of a Prudential Group Company as referred to in paragraph  2, and Jackson shall bear or shall procure that the relevant Jackson Group Company shall bear the excess of the amount insured in respect of any such claim of a Jackson Group Company as referred to in paragraph  2.

	5.
	Prudential and Jackson shall from Completion cooperate and use reasonable endeavours to procure that the proceeds payable with respect to a claim covered by this Schedule 6 be paid

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directly to the relevant Group Company that incurred the loss or liability, unless doing so would adversely affect any Prudential Group Company or Jackson Group Company. In the event such direct payment cannot be made, (i) Prudential shall procure that the proceeds which it receives (less an amount equal to any Tax thereon (or any Tax which would have been chargeable thereon but for a Relief)) in connection with a claim covered by this Schedule 6 brought by or relating to any Jackson Group Company shall be paid promptly to the relevant Jackson Group Company that suffered the loss or liability underlying such proceeds and, pending such payment, such proceeds shall be held on trust for the relevant Jackson Group Company and (ii) Jackson shall procure that the proceeds which it receives (less an amount equal to any Tax thereon (or any Tax which would have been chargeable thereon but for a Relief)) in connection with a claim covered by this Schedule 6 brought by or relating to any Prudential Group Company shall be paid promptly to the relevant Prudential Group Company that suffered the loss or liability underlying such proceeds and, pending such payment, such proceeds shall be held on trust for the relevant Prudential Group Company.
	6.
	Prudential and Jackson will consult each other where access to the other party’s knowledge and resource is reasonably necessary for the proper operation of the Insurance Administration Services.

	7.
	Where a director or officer of the Prudential Group or the Jackson Group has a deed poll of indemnity, Prudential agrees that it will comply with its obligations to indemnify those persons who were directors and officers of the Jackson Group Companies immediately prior to Completion in accordance with the terms of any such deed poll of indemnity.

	8.
	Prudential and Jackson shall procure that all claims and known incidents occurring prior to the date of Completion which could result in a claim after Completion have been or will be notified to the relevant insurers prior to the date of Completion, pursuant to the notice requirements of the applicable insurance policies, and each party shall promptly notify the other party of any claim so notified, in the case of a notification made to Jackson, to the attention of Corporate Insurance and, in the case of a notification made to Prudential, in accordance with clause  25  (Notices) of the Agreement.

	9.
	Where an insurance policy is insufficient to pay all covered liabilities of the Jackson Group and the Prudential Group, the provisions of the relevant insurance policies control. Both Jackson and Prudential undertake not to take any act or make any omission with the intention of altering the order and amounts in which insurers make pay-outs which would unfairly prejudice the ability of the other party to receive payments under the relevant policies.

	10.
	Without prejudice to paragraph  8 above, each party agrees that following Completion it will notify the other party of any claims made by any Group Company under policies that, prior to Completion, covered both Prudential and Jackson and their respective Group Companies. Such notifications shall be made within a reasonable time period of that party making the claim with the relevant insurer and in any event within 40 Business Days. Each party further agrees that following a claim, it shall: (i) keep the other party promptly informed of any material changes in relation to that claim; and (ii) update the other party as to the progress of any such claim(s) when requested, on at least a bi-annual basis. Responses to requests for information will be sent within 30 Business Days from the initial request. Notifications and requests for information under this paragraph 10 shall be sent, in the case of notifications sent

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to Jackson, to the attention of Corporate Insurance and, in the case of notifications sent to Prudential, in accordance with clause  25 (Notices) of the Agreement.
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SCHEDULE 7
TAX MATTERS
	1.
	INTERPRETATION

In this Schedule:
	1.1
	the following expressions shall have the following meanings:

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	​

	“Joint Issue”
	means any matter or issue which is likely to affect the Tax position of both a Jackson Demerging Company and a Prudential Demerging Company;

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	​

	“Jackson Demerging Companies”
	means Jackson and its subsidiary undertakings immediately after Completion and “Jackson Demerging Company” means any of them;

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	“Prudential Demerging Companies”
	means Prudential and its subsidiary undertakings immediately after Completion and “Prudential Demerging Company” means any of them;

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	“Tax”
	means all taxes, levies, duties and imposts and any charges, deductions or withholdings in the nature of tax, including taxes on gross or net income, profits or gains and taxes on receipts, sales, use, occupation, development, franchise, employment, value added and personal property, whether of the United Kingdom, the United States or elsewhere, together with all penalties, charges and interest relating to any of them or to any failure to file any return required for the purposes of any of them;

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	“Tax Authority”
	means any authority responsible for the collection or management of any Tax;

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	“Tax Counsel”
	means a senior Tax barrister of at least fifteen years’ standing with the relevant expertise to advise or make a determination (as applicable) on the relevant matter; and

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	“Tax Period”
	means an accounting period or any other period in respect of which a Tax return is required to be submitted to any Tax Authority; and

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	1.2
	unless otherwise specified, references to “period” are to a period of time and not to an accounting period unless the phrase “accounting period” is used.

	2.
	TAX RETURNS, TAX DISPUTES AND JOINT ISSUES

	2.1
	Prudential shall prepare the Tax returns of the Prudential Demerging Companies for all Tax Periods.

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	2.2
	Jackson shall prepare the Tax returns of the Jackson Demerging Companies for all Tax Periods.

	2.3
	Prudential shall procure that the Prudential Demerging Companies shall afford such access to their books, accounts and records as is necessary and reasonable to enable Jackson to exercise its rights and obligations under this paragraph  2.

	2.4
	Jackson shall procure that the Jackson Demerging Companies shall afford such access to their books, accounts and records as is necessary and reasonable to enable Prudential to exercise its rights and obligations under this paragraph  2.

	2.5
	Prudential shall, in addition to complying with its obligations pursuant to sub-paragraph  2.3, at the request of Jackson, co-operate with Jackson in the preparation of Tax returns in respect of any Tax Period beginning on or before Completion (and, in particular, provide any information reasonably requested by Jackson in respect of the preparation of Tax returns that must be filed on an annual basis at least 30 Business Days before the relevant filing date for such returns) except (where the matter in question is not a Joint Issue) to the extent that such co-operation might prejudice the interests of a Prudential Demerging Company or would otherwise be onerous or unreasonable.

	2.6
	Jackson shall, in addition to complying with its obligations pursuant to sub-paragraph  2.4 at the request of Prudential, co-operate with Prudential in the preparation of Tax returns in respect of any Tax Period beginning on or before Completion (and, in particular, provide any information reasonably requested by Prudential in respect of the preparation of Tax returns that must be filed on an annual basis at least 30 Business Days before the relevant filing date for such returns) except (where the matter in question is not a Joint Issue) to the extent that such co-operation might prejudice the interests of a Jackson Demerging Company or would otherwise be onerous or unreasonable.

	2.7
	To the extent that a Prudential Demerging Company comes into possession of any notice, letter or other document (by or on behalf of any Tax Authority or otherwise) which is addressed to, or otherwise solely relates to the Tax affairs of a Jackson Demerging Company, Prudential shall, or shall procure, that such notice, letter or document is sent as soon as practicably possible to the relevant Jackson Demerging Company.

	2.8
	To the extent that a Jackson Demerging Company comes into possession of any notice, letter or other document (by or on behalf of any Tax Authority or otherwise) which is addressed to, or otherwise solely relates to the Tax affairs of a Prudential Demerging Company, Jackson shall, or shall procure, that such notice, letter or document is sent as soon as practicably possible to the relevant Prudential Demerging Company.

	2.9
	Prudential shall, at the request of Jackson, co-operate with Jackson in connection with the determination of any liability to Tax or other matter relating to a Jackson Demerging Company which is disputed by any Tax Authority where the liability to Tax or other matter relates to a period before Completion or to assets which were owned by a Jackson Demerging Company at Completion except (where the matter in question is not a Joint Issue) to the extent that such co-operation might prejudice the interests of a Prudential Demerging Company or would otherwise be onerous or unreasonable.

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	2.10
	Jackson shall, at the request of Prudential, co-operate with Prudential in connection with the determination of any liability to Tax or other matter relating to a Prudential Demerging Company which is disputed by any Tax Authority where the liability to Tax or other matter relates to a period before Completion or to assets which were owned by an Prudential Demerging Company at Completion except (where the matter in question is not a Joint Issue) to the extent that such co-operation might prejudice the interests of a Jackson Demerging Company or would otherwise be onerous or unreasonable.

	2.11
	Where the matter referred to at  2.5, 2.6, 2.9 or  2.10 above is a Joint Issue, each party shall keep the other party fully informed and the party shall co-operate (including as to how any associated costs should be borne by the parties) with the aim of ensuring that a coherent approach is taken by them in respect of the Joint Issue and it is resolved in a manner which strikes a fair and reasonable balance between the legitimate interests of the two parties.

	3.
	TRANSFER PRICING INCLUDING TRANSFER PRICING DOCUMENTATION

Prudential plc Group Master File for 2021 Accounting Period
	3.1
	The parties agree and acknowledge that:

		(A)
	a transfer pricing master file in respect of the Prudential group for the accounting period year ended 31 December 2021 (the “Master File”) needs to be completed by 31 March 2022; and

		(B)
	Prudential shall be responsible for preparing the Master File but Jackson shall be responsible for preparing any country appendices to the extent that they relate to any Jackson Business.

	3.2
	Jackson shall co-operate with Prudential in the preparation of the Master File and, in particular, promptly provide any information reasonably requested by Prudential (including the country appendices to the extent that they relate to any Jackson Business as referred to in sub-paragraph  3.1(B)) in sufficient time to enable the Master File to be completed before the relevant deadline.

	3.3
	Nothing in this Schedule or in the Agreement shall be construed as preventing or otherwise restricting either party from disclosing the Master File:

		(A)
	to its subsidiaries, associates, and other persons with which it has a relevant connection for the purposes of applicable transfer pricing legislation where such persons are legally required to retain the Master File or information contained therein or to provide it to any Tax Authority; and

		(B)
	to its professional advisors provided that, prior to receipt of the Master File, such advisors have entered into a non-disclosure agreement with Prudential restricting them from disclosing the contents of the Master File to any person other than the relevant Tax Authority or otherwise as required by law.

Prudential plc CbCR for 2020 Accounting Period
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	3.4
	The parties agree and acknowledge that:

		(A)
	a country-by-country report in respect of the Prudential group for the accounting period year ended 31 December 2020 (the “2020 CbCR”) is required to be submitted to HMRC on or before 31 December 2021; and

		(B)
	Prudential shall be responsible for preparing the 2020 CbCR.

	3.5
	Jackson shall co-operate with Prudential in the preparation of the 2020 CbCR and, in particular, promptly provide any information reasonably requested by Prudential in sufficient time to enable the 2020 CbCR to be filed before the relevant deadline.

Prudential plc CbCR for 2021 Accounting Period
	3.6
	The parties agree and acknowledge that:

		(A)
	a country-by-country report in respect of the Prudential group for the accounting period year ended 31 December 2021 (the “2021 CbCR”) is required to be submitted to HMRC on or before 31 December 2022; and

		(B)
	Prudential shall be responsible for preparing the 2021 CbCR.

	3.7
	Jackson shall co-operate with Prudential in the preparation of the 2021 CbCR and, in particular, promptly provide any information reasonably requested by Prudential in sufficient time to enable the 2021 CbCR to be filed before the relevant deadline.

CbCR local notifications
	3.8
	Subject to sub-paragraph  3.9, the parties agree and acknowledge that Prudential is responsible for preparing and filing all local notifications in respect of country-by-country-reporting for the Prudential Demerging Companies and Jackson is responsible for preparing and filing all local notifications in respect of country-by-country-reporting for the Jackson Demerging Companies.

	3.9
	Where a notification in respect of country-by-country-reporting is required to be filed in a jurisdiction other than the UK or the US and such notification covers both Prudential Demerging  Companies  and  Jackson  Demerging  Companies  (a  “Single  Notification”), Prudential shall be responsible for preparing and filing the Single Notification. Jackson shall provide any information reasonably requested by Prudential in respect of the preparation of the Single Notification in sufficient time to enable the Single Notification to be filed before the relevant deadline.

	4.
	WITHHOLDING TAX

In the event that the US Internal Revenue Service (“IRS”) asserts that US withholding tax was required to have been accounted to the IRS but was not so accounted (or that the amount accounted was incorrect) with respect to any dividends paid by a Jackson Demerging Company to the Prudential Demerging Companies (or amounts treated as dividends under US tax law) in Tax Periods preceding Completion, Prudential shall reimburse Jackson for an amount equal to the amount which the
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Jackson Demerging Company was required to account to the IRS as a result of such assertion, together with any applicable interest and penalties. The parties shall discuss in good faith how to deal with the IRS’s assertion (including whether it should be appealed) and Jackson shall ensure that Prudential is promptly and fully informed of any correspondence or communication from the IRS in respect of such assertion (including by providing copies of any correspondence or communication to Prudential where relevant). The management and conduct of any proceeding in connection with the foregoing shall be controlled by Prudential.
	5.
	COMPETENT AUTHORITY CLAIM

	5.1
	The parties note that Prudential has made a request, on behalf of PUSH, for a discretionary limitation of benefits determination with respect to paragraph 3(a)(iii) of Article 10 of the UK-US Double Tax Convention (the “Competent Authority Claim”).

	5.2
	Notwithstanding any other provisions of this Schedule, the parties agree and acknowledge that:

		(A)
	the management and conduct of the Competent Authority Claim, and all matters in respect of the Competent Authority Claim, remains the sole responsibility of Prudential (including any correspondence with the IRS and HMRC in respect of the Competent Authority Claim), save that Prudential shall keep Jackson informed of any material developments in respect of the Competent Authority Claim; and

		(B)
	Jackson shall promptly provide such access to information and personnel and such other documents or assistance as is reasonably requested by Prudential in respect of the Competent Authority Claim.

	6.
	DISPUTE RESOLUTION

	6.1
	All claims, disputes and differences between the parties arising in connection with this Schedule shall be governed by the provisions of clause  17 of the Agreement subject as set out above.

	6.2
	Failing resolution of any such claims, disputes and differences between the parties arising in connection with this Schedule in accordance with clause  17.2(A) and  17.2(B) of the Agreement as an alternative to bringing legal proceedings pursuant to clause  17.2(B) of the Agreement, either party may refer the matter to an Independent Expert.

	6.3
	For the purposes of this paragraph  6, “Independent Expert” shall mean a Tax Counsel or any other third party as is agreed between the parties or, failing agreement within 14 days, as chosen by the President of the Chartered Institute of Taxation on the application of either party.

	6.4
	The Independent Expert shall be and remain independent and impartial of each party, and shall have experience relevant to the matter in dispute. The Independent Expert shall determine the resolution of any matter which the parties are unable to resolve. The parties shall co-operate in providing such information and assistance as the Independent Expert may reasonably request in order to make such determination and shall share the costs of the reference equally unless the Independent Expert directs otherwise. The Independent Expert

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shall be deemed to act as expert and not as arbitrator in determining the claims, disputes and differences between the parties arising in connection with this Schedule. In the absence of manifest error or bad faith, the Independent Expert’s determination shall be conclusive and binding.
	7.
	COMPLIANCE

Without prejudice to any other remedy available pursuant to this Schedule or otherwise, if:
		(A)
	there is a requirement on one party (the “first party”) under this Schedule to provide information or assistance to the other party (the “second party”); and

		(B)
	the first party fails to provide such information or assistance to the second party in accordance with the terms of this Schedule or provides inaccurate or false information to the second party;

the first party shall indemnify the second party on an after-Tax basis for any losses suffered by the second party (including any interest or penalties imposed by a Tax Authority) which would not have arisen but for such failure or the provision of such inaccurate or false information.
	8.
	NOTICES

Any communications or notices to be sent by a party pursuant to this Schedule shall only be effective if in writing (including e-mail) and shall be sent to the other party at both its physical address(es) and e-mail address(es) and for the attention of the individuals set out below:
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	Party
	    
	Physical Address
	    
	For the attention of
	    
	E-mail address

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	Prudential
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	Its registered office from time to time
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	Kieran Devlin,
	​
	kieran.devlin@prudentialplc.com

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	Group Tax
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	Jackson
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	Its registered office from time to time
	​
	Aaron Maguire,
	​
	aaron.maguire@jackson.com

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	Jackson Tax
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provided that a party may change the above details by giving notice to the other party of the change in accordance with this paragraph  8.
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SCHEDULE 8
FACE OF PRUDENCE DEVICE
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IN WITNESS of which this document has been executed as a deed on the date which appears on page 1 above.
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	Executed as a deed by
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	PRUDENTIAL PLC acting by:
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	Director

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	Director / Company Secretary

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	Executed as a deed by
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	JACKSON FINANCIAL INC. acting by:
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	Authorised signatory

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	Authorised signatory

	who, in accordance with the laws of the territory
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	in which JACKSON FINANCIAL INC. is
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	incorporated, are acting under the authority of
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	JACKSON FINANCIAL INC.
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